Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Wash. biz journal CUs step into lending void
WASHINGTON (2/16/10)--A banner headline Washington Business Journal article noted that credit unions are working to fill the lending void left by financial institutions that have cut back on loans. The article notes the lending activities of Mid-Atlantic FCU, Germantown, Md.; Apple FCU, Fairfax, Va.; Signal Financial FCU, Kensington, Md.; and Lafayette FCU, also in Kensington (Feb. 12). Apple FCU, for example, made $15 million in business loans in 2009. The credit union is working to double that to $30 million this year and plans to add a fourth employee to its business services department next month, the Journal said. Many bank lenders are “too conservative with SBA lending,” according to Frank Amantia, president of Mid-Atlantic Financial Partners, a credit union service organization affiliated with Mid-Atlantic. “Some lenders say they just won’t lend to any restaurants,” Amantia told the Journal. “Well, some restaurants have been around for 100 years. We take the time to dig down and understand the circumstances.” The newspaper also noted that credit unions are lobbying to increase their business lending cap to 25% of assets from 12.25%. Signal Financial, Mid-Atlantic and Lafayette are close to the cap.
Other Resources

RSS print
News Now LiveWire
Expanded ATM services at branches attractive to members: @CFIGroup. See #NewsNow Friday
9 hours ago
#FinCEN imposes civil money penalty against NJ's BPI money services co. for #BSA violations http://t.co/WnDzOcxdOZ
12 hours ago
.@ABCULCUs give hat tip to America's #100MM #creditunion milestone http://t.co/q8yo6Lx3LM
12 hours ago
The @CFPB has announced new Credit Union Advisory Council members, as well as other senior leaders, advisory board and council members.
13 hours ago
GDP expanded 4.2% on an annualized basis in 2Q according to Bureau of Economic Analysis
14 hours ago