Lending

In what would be the first comprehensive rewrite of its member business lending regulation since 2003, the NCUA Board unanimously approved a proposed series of changes that would make it markedly easier for CUs to lend to businesses.

After months of refusing industry and legislative calls to delay combining the requirements of two mortgage disclosure laws, the Consumer Financial Protection Bureau announced a two-month delay.

Six banks including JPMorgan Chase and Wells Fargo have been placed under further business restrictions after the Office of the Comptroller of the Currency determined they had yet to fully meet regulatory orders related to the independent foreclosure review which began in 2011.

Department of Housing and Urban Development Secretary Julian Castro touted the Federal Housing Administration's recent improvement on Thursday, saying it was on a trajectory to hit its statutory capital minimum and had recently seen a "significant uptick in refinancings."

The $65 million-asset ADP Federal Credit Union in Roseland, N.J., and the $28 million-asset Members Credit Union in Cos Cob, Conn., both have implemented the GrooveCar Direct product.

The Spanish-language TV channel Univision has launched a new online small-business lending platform.

More than a dozen housing groups joined with the credit union trade association to urge lawmakers to pass legislation that would grant lenders a formal grace period for implementing new disclosure forms later this summer, arguing that the industry needs greater certainty than the Consumer Financial Protection Bureau has so far provided.

Nearly a year after they first announced their intention to combine, the Home Loan Banks of Des Moines and Seattle completed last week the first voluntary merger in the system's history.

Demand for automobile loans has soared to new levels, Equifax said in a Thursday report. Meanwhile, delinquencies of 60 days or more have hit their lowest point in nearly a decade.

ElecTel Cooperative FCU here celebrated National Donut Day Friday with a "Hot Loans Now" promotion for personal loans that pulled in more than $560,000. Rates started at 1.99% for one year, 2.99% for two years and 3.99% for three years, and the credit union did not put a cap on how much members are eligible for.