Lending

WASHINGTON – A study released yesterday concluding that credit unions lag banks in serving people of modest means could mean trouble for credit unions as Congress prepares to hold hearings on expanding the Community Reinvestment Act.

GARDNER, Mass. – The Federal Home Loan Bank of Boston has awarded a $10,000 grant to GFA FCU to make grants of up to $10,000 to first-time homebuyers under the FHLB’s "Equity Builder" program.

McLEAN, Va. – Long-term mortgage rates declined last week and moved closer to the 5% mark.

PALO ALTO, Calif. - While the economy here has been anything but sunny, one CU here has seen the light, in the form of loans for residential solar power systems.

ALEXANDRIA, Va. – Pentagon FCU rolled out a new program that is designed to significantly reduce the amount of overdraft fees members of the Active, Reserve and National Guard forces must pay.

ALEXANDRIA, Va. – NCUA said a federal credit union may not service or collect on loans for non-members, either directly or through a CUSO.

ALEXANDRIA, Va.-Recent negative, national publicity surrounding certain credit union lending practices has led to a movement-wide effort to respond.

LIVONIA, Mich.-Invest in America is helping credit union members see more of the USA by adding Thor Industries - the world's largest manufacturer of recreational vehicles-to the CU discount program.

McLEAN, Va. – Long-term mortgage rates moved slightly higher this week, but held close to record lows reached this spring.

DETROIT – The Michigan CU League, which organized the "Invest in America" auto discount purchases for U.S.-made vehicles, announced yesterday it is teaming with Thor Industries to offer discounts of up to $1,000 for the purchases of the company’s recreational vehicles, or RVs.

NEWARK, N.J. – Attorneys representing credit unions and unsecured creditors of U.S. Mortgage Corp. are seeking information the government may have on some $125 million of credit union funds stolen by the owner of the company, but have little hope any of the money is available.

ALEXANDRIA, Va. – NCUA said yesterday the new Credit Card Accountability, Responsibility, and Disclosure Act does not require a credit union to disclose to its members a five-day grace period it affords after the payment due date.

WASHINGTON – The nation’s largest 22 banks boosted mortgage and home equity lending during June, but reduced other types of consumer loans, according to a survey of banks released by the Treasury Dept.

WASHINGTON – The Federal Reserve and Treasury have announced plans to extend the Term Asset-Backed Securities Loan Facility, better known as TALF, for three to six months beyond the scheduled year-end 2009 expiration.

WASHINGTON – Despite some positive economic indicators, a new survey from the Fed finds most major lenders are not planning to make any changes to their underwriting standards for residential real estate, commercial mortgages or credit cards before 2011.

GARFIELD, N.J. – Several former CU National Mortgage executives have created a new company called Clarity Member Services to offer a variety of mortgage lending services to credit unions.

BURBANK, Calif. – A long-time member of Partners FCU is in a dispute with her credit union over four round-trip plane tickets to China that were secretly charged to her Visa card by an unauthorized third party--her ten-year-old son.

LANSING, Mich. — Cash for Clunkers may have temporarily reduced Invest in America activity, but it's likely boosting CU auto loan volume, according to CUcorp.