Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Vermont CUs growth includes MBLs
MONTPELIER, Vt. (9/18/12)--Vermont credit unions are growing and are highly ranked in six of eight key financial metrics, as well as seeing growth in member business lending (MBL).

Vermont's federally and state-chartered credit unions ranked in the top 10 in the categories of:
  • Asset growth;
  • Return on average assets;
  • Deposit growth;
  • Loan growth; and
  • Net charge-offs (delinquent loans) as a share of total loans (Times Argus Sept. 17).
Also, with banks--in particular large regional banks--implementing more stringent lending standards, credit unions have seen expansion in MBLs, Joe Bergeron, president of the Association of Vermont Credit Unions, told the newspaper.

Credit unions in the state have remained solid, partly because Vermont was able to avoid "the extremes of the economy" such as larges layoffs and plunging home values that hit other parts of the nation after the financial crisis of 2008, Bergeron told the paper. 

Although many Vermont credit unions rapidly are approaching the federal MBL cap of 12.25% of total assets, they are getting more requests for MBLs, Bergeron added.

Ten of the 26 credit unions in the state make MBL loans, with an average loan amount of $156,402, the paper said.

The Credit Union National Association (CUNA) and credit unions are urging Congress to increase credit unions' MBL cap to 27.5% of assets from 12.25% so that more loans could be made to small businesses, considered a staple in the economy. CUNA and credit unions say that increasing credit unions' MBL cap would open up more opportunity to offer MBLs, inject $13 billion in business loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers.


RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
2 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
4 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
5 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
5 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
5 hours ago