Pete Cislo’s chance encounter with a family in crisis paved the way for a statewide foreclosure prevention and assistance program—and led to a credit union’s new, personalized approach to debt consolidation and restructuring. CU: Rogue FCU, Medford, Ore. Challenge: Members struggling to make payments Solution: Restructure and refinance debt to... READ MORE
Visitors to creditunionmagazine.com were most interested in regulations, corporate stabilization, and the recession during 2009. The most-read stories on creditunionmagazine.com during 2009 were: 10) Strange-But-True CU Crimes Did you hear about the arrest police made in a 26-year-old credit union embezzlement case? Or about the member who deposited her... READ MORE
Through November 2009, credit union loans outstanding increased an anemic 1.5%, according to the Credit Union National Association’s (CUNA) economics and statistics department . That’s down from 6.8% for the same period in 2008—and the smallest increase since World War II, when credit union loans outstanding fell from $216 million... READ MORE
By Valerie Moss Q Must a credit union set up individual accounts for each Office of Foreign Assets Control (OFAC)-blocked party, or can it set up one account to house funds from all blocked accounts? Next : The answer A OFAC allows a credit union to choose either method.... READ MORE
U.S. Senator Mark Udall (D-Colo.) and a bipartisan group of his colleagues introduced a bill to spur small business growth and create jobs by increasing access to loans from credit unions. The Small Business Lending Enhancement Act of 2009 was co-sponsored by Senators Charles Schumer (D-N.Y.), Joseph Lieberman (I-Conn.), Olympia... READ MORE
Underwriting and monitoring tools ensure a healthy business loan portfolio. When it comes to providing business
capital in a tight economy, credit unions are like the kid who finally gets to sit at the big table at Thanksgiving. That’s
great, except the others at the table—banks and other...
Make sure problems in the commercial real estate market don’t stress your CU’s portfolio. The
U.S. commercial real estate market has been in a three-year freefall. Experts say the market will finally hit bottom this
year. And when it does, market values will be 40% to 50% below...
The Great Recession might be technically over, but lending is still tepid at CUs. Chastened by the economic downturn,
once spend- and borrow-happy consumers have closed their wallets and upped their savings rates—a trend that’s
likely to continue, according to Credit Union National Association economists. “That’s one among...
DealerTrack Inc. , a leading provider of on-demand software and data solutions for the U.S. automotive retail industry, announced that the number of active financing sources connected to the DealerTrack network has reached 800. "We are pleased to reach this milestone of 800 connected financing sources—significantly more than anyone else in... READ MORE
By Valerie Moss Q What must a servicemember do to receive the 6% interest rate required by the Servicemembers Civil Relief Act (SCRA)? A In order to apply for the 6% interest rate, the SCRA requires the servicemember to provide the credit union with a written notice and a... READ MORE