Lending

Subprime auto lending has become a top priority for the CFPB, said Steve Antonakes, the agency's deputy director on Wednesday. He also revealed that it was open to making changes to its complaint portal, which the agency recently said would allow consumers to post detailed narratives of their problems with financial institutions.

BURBANK, Calif. — Three years ago Burbank Community Federal Credit Union rebranded itself as UMe Federal Credit Union. With a mobile-first product strategy, the $165 million CU has realized significant market gains, including a 30% jump in real estate lending.

As banks and alternative lenders start approving more small business loans, credit unions are facing growing competition for marketshare.

WASHINGTON — President Obama has directed the Department of Education and other agencies to institute changes meant to improve student loan servicing in an initiative the White House calls "a student aid bill of rights."

GREENVILLE, S.C. — Faced with soon-to-be non-existent investment income in 2009, Greenville Heritage FCU had two choices: hike fee income, or completely rebuild its loan program.

Home prices have not recovered enough to protect the states with high concentrations of home equity lines of credit whose rates are scheduled to reset in the next few years.

Consumer Financial Protection Bureau Director Richard Cordray said a review of its "qualified mortgage" rule will allow enough time to consider changes if lawmakers fail to make progress on housing finance before a key deadline.

At least one of the major banks appears to be pulling back from auto lending, and credit unions may be well poised to pick up the slack.

WASHINGTON — Two senior members of the House Financial Services Committee on Monday introduced H.R. 1188, the Credit Union Small Business Jobs Creation Act, which would increase the member business lending cap for qualified credit unions to 27.5% from its current 12.25%.

Loan growth at federally insured credit unions reached a nine-year high in the fourth quarter of last year, while membership soared past the 99-million mark, according to a new report from the National Credit Union Administration (NCUA).

WASHINGTON — The Federal Housing Administration's recent premium reduction is undercutting the private sector and expanding the government's role in the housing market, housing finance industry representatives told a House subcommittee on Thursday.

While credit unions have remained a strong player in this arena, bank lending to small businesses, moribund since the financial crisis, is finally starting to gather steam.

NCUA will join the U.S. Small Business Administration to present a webinar focused on small business lending.

Problems related to loan servicing dominate the consumer complaints about mortgage companies made to the Consumer Financial Protection Bureau, but an agency official expressed optimism about the industry's response to these grievances.

SPRINGFIELD, Va. — The U.S. Small Business Administration signed a memorandum of understanding with NAFCU aimed at expanding American entrepreneurs better access to small-dollar business loans.

In a report that was inspired by numerous reports suggesting that a dangerous bubble is forming in the subprime auto loan market similar to the conditions that presaged the mortgage meltdown, Equifax Inc. seeks to debunk those claims.

PHOENIX — As the real estate market rebounds in the Grand Canyon state's capital, once credit union here reports that a new mortgage program is attracting significant new lending business.