Lending

TMG Signs On 11 CUs

The Federal Reserve Board recently closed the comment period for its proposed changes to the open-end lending rules under Reg Z. This comprehensive proposal would change the way credit unions currently do business.

BOSTON - Credit unions are being alerted to what some are suggesting could be a significant threat to their debit card portfolios.

DETROIT - More than 300 members of Detroit Municipal Credit Union lined up at the credit union's offices by 4 a.m. for a special loan to help with Christmas expenses.

BOSTON - With fewer home equity loans being written, consumers are spending with plastic instead of cash, allowing credit unions to grow their card portfolios while helping their members avoid some of the sharks lurking in the credit card waters.

ST. PETERSBURG, Fla. - Credit unions may be thinking twice before selling off their credit card portfolios, looking at ways to grow those portfolios first.

SAN ANTONIO -

SAN ANTONIO - Prospera CU is preparing to roll out a turnkey version of its award-winning GoodMoney payday loan program, which it will market to other credit unions.

SAN ANTONIO -

SAN ANTONIO - There was a time, when payday lending was new for credit unions, that credit unions wanted to avoid the tarnish of the payday tag.

SAN ANTONIO - U.S. Central CU has begun marketing a student loan origination program through its Charlie Mac CUSO.

ALEXANDRIA, Va. – the ongoing crisis in the mortgage markets is spreading throughout credit unions, NCUA reported yesterday.

SAN ANTONIO - Increasing numbers of banks are abandoning their antipathy to credit unions and joining them, instead on business lending.

WEST PALM BEACH, Fla. -

BURLINGTON, Vt. - Five years after receiving a micro-business loan from Opportunities Credit Union in 2002 to work on his new invention, Mark Harvie's company has been awarded more than $3 million in contracts from the Department of Defense.

MADISON, Wis. - Growth in both savings and loans declined last month, according to CUNA, adding to fears of a slowdown in the overall economy. Savings actually declined by 0.5%, with $3.3 billion of credit union funds walking out the door. Regular shares, share drafts and money market accounts all fell last month.

PITTSFIELD, Mass. - Greylock FCU introduced a subprime auto loan that will reset to a lower rate if the borrower reestablishes good credit.

WASHINGTON — Congress moved last week to pass a variety of new standards aimed at reining in abuses in the subprime mortgage market-but the standards will, if enacted, affect all mortgage lenders, including credit unions.