Lending

The Federal Reserve’s ability to provide emergency lending to institutions in the event of a crisis must be eliminated in order to end “too big to fail,” said Richmond Fed President Jeffrey Lacker

WASHINGTON — Hundreds of lawmakers from both sides of the political aisle are pushing for the Consumer Financial Protection Bureau to grant a grace period for credit unions. banks and other lenders to comply with a new mortgage disclosure rule.

LAS VEGAS — The oft-repeated complaint by credit unions that members brought in through indirect auto loans are difficult to make "real" members has been addressed by CU Direct's purchase of Intuvo, a marketing automation software company.

For several years, strong borrower demand and low delinquency rates have delivered welcome profits to credit unions and banks that target the farming industry. But commodity prices are falling — depressing farmers' incomes and forcing many financial institutions to increase their monitoring of credit trends.

The regulatory relief package coming before the Senate Banking Committee Thursday would force the Federal Housing Finance Agency to withdraw the contentious proposal within 30 days.

The Department of Education issued a proposal Friday that would tighten restrictions on the types of arrangements that colleges can enter into with financial institutions to disburse federally guaranteed loans to students.

Just two days after Rick Menton became CEO of Cherokee Strip, all but one member of the loan department resigned. Yet just 18 months later, the $88 million CU boasts 100% loan growth, 10% membership growth and a positive ROA for the first time in five years at .88%.

WASHINGTON — The Consumer Financial Protection Bureau is taking a closer look at companies that service student loans to determine whether there are patterns of abuse and misinformation in the $1 trillion industry.

Online lending platform LendKey said MidCap Financial has committed to purchase up to $1 billion of student consolidation loans originated on the LendKey platform.

Contrary to the popular belief that recent college graduates are too mired in student loan debt to be interested in borrowing — and wouldn't be the best of risks for a lender to take on — two new surveys suggest grads not only have an appetite for loans but are also likely to manage their debts well, making them an appealing market for credit unions.

WASHINGTON — A new mortgage disclosure regime due to take effect on Aug. 1 is unlikely to cause closing delays, according to Consumer Financial Protection Bureau Director Richard Cordray.

NOTRE DAME, Ind. — Notre Dame Federal Credit Union has partnered with five regional credit unions to provide Relevant Radio of Green Bay, Wis., a $5.25 million Term Loan Facility.

CFPB and Justice are taking a renewed interest in redlining, the practice of lenders charging more for products or excluding altogether minorities within certain geographic areas — and their findings may be surprising.

Two House Financial Services Committee members introduced a bipartisan bill late last week that is designed to give lenders breathing room when new disclosure rules go into effect on Aug. 1.

The Pentagon will move forward with new restrictions on high-cost loans to soldiers after a Republican-led effort to delay those rules failed early Thursday on Capitol Hill.

ONTARIO, Calif. — CU Direct said it has signed agreements with nine credit unions for them to implement the company's Lending 360 Loan Origination System (LOS).

Strategic Link, a wholly owned subsidiary of the Northwest Credit Union Association, has added Mirador Financial, a small business lending platform for financial institutions, to the list of service providers available to CUs.

MERIDEN, Conn.—Small credit unions in Connecticut are set to receive marketing assistance for the rest of 2015 thanks to a partnership between the Connecticut CU League and a marketing firm specializing in credit union promotions.

FICO recently unveiled a pilot program under which a dozen of the country's largest credit card issuers will use data from "alternative" sources to generate credit scores for an estimated 15 million Americans who are either unbanked or under-banked and, up until now, had no credit score.