Lending

Compliance Q&A: Serving Servicemembers

December 15, 2009
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

Keep a close eye on your business loan portfolio

December 15, 2009
As banks continue to tighten lending standards, many small business owners are turning to credit unions for business loans and other services. As a result, many credit unions have seen strong growth in their business-loan portfolios, according to “Strategies for Monitoring Credit Union Member Business Loans During a Recession,” a... READ MORE

Compliance Q&A: Unlawful Internet Gambling Enforcement Act

November 30, 2009
By Valerie Moss Q How can a credit union comply with Unlawful Internet Gambling Enforcement Act regulations?   A For payment systems (other than card systems), credit unions that are covered by the regulations must have written policies and procedures in place that demonstrate they are performing risk-based due diligence... READ MORE

Special Report: U.S. Economic Outlook

November 20, 2009
CUNA Senior Economist Steve Rick The unthinkable has become routine, Credit Union National Association Senior Economist Steve Rick maintains during a Credit Union Magazine Webinar . Such events have a major impact on the economy and credit unions, he says, namely: The events of Sept. 11; The financial meltdown on... READ MORE

Member Auto Sales Reports Record Performance

November 20, 2009
Member Auto Sales  has logged record sales since June, selling more than 150 vehicles in June, July, and August—due largely to the benefits the company offers consumers in the pre-owned market. Member Auto Sales is a Houston-based, credit union-owned car sales outlet developed to help credit unions decrease loan losses... READ MORE

Tackle the 500-Pound Gorilla That is Compliance

November 09, 2009
By Steve Gibbs Implementing and monitoring compliance programs can be a daunting task—a “500 pound gorilla,” if you will. Some of us have begun to recognize the “gorilla” and look it straight in the eye. However, as any trained animal handler will tell you, once you’ve looked a beast in... READ MORE

SAC FCU's All-Loan Approach

October 27, 2009
By Judy Dahl Rather than investing, $379 million asset SAC Federal Credit Union , Bellevue, Neb., relies solely on loans to maximize income. As a result, the credit union’s loan-to-share ratio is 114%, reports Steve Ames, SAC Federal’s senior vice president of finance. “We have borrowings from the Federal Home... READ MORE

CUs Dodge 'Warning' Bullet

October 23, 2009
Michael McLain The Fed limited a troublesome CARD Act provision to credit cards. Many credit unions have had difficulty complying with the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. The requirement that a periodic statement be provided at least 21 days prior to a loan payment due... READ MORE

Make TNA Part of Training

October 23, 2009
How can credit unions know whether their staff training programs are on the mark? By conducting a training needs analysis (TNA) to determine what employees need to learn to effectively perform their jobs. So says “Conducting a Training Needs Analysis for Your Credit Union,” a new white paper from the... READ MORE

The History of Credit Cards

October 19, 2009
By Bill Hardekopf The credit card industry is undergoing a major transformation in 2009 as a result of the Credit CARD Act and significant policy changes by issuers. This isn’t a new development but part of the evolution of credit cards. It’s interesting to look at the history of credit... READ MORE

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