Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Canadian CU leaves native loan program
OTTAWA, Canada (2/7/11)--A credit union in the Canadian province of Manitoba is withdrawing from a federal loan program for aboriginal businesses. In 2008, Indian and Northern Affairs Canada selected Assiniboine CU (ACU) as one of five financial institutions to receive funds as guarantees for loans made to on-reserve businesses (Winnipeg FreePress Feb. 4). To date, the credit union hasn’t provided any loans through the native loan program and is exiting it, ACU CEO Al Morin told the newspaper. In total, two applications were received. One was denied and the other discontinued. “We had virtually no uptake,” Morin told the paper. ACU’s board of directors voted in January to withdraw from the program and notified the government in writing last week, Morin added. Aboriginal financial institutions claim they were unfairly excluded from the program after not being properly consulted about it. A group of four aboriginal financial institutions filed a court challenge against the program in 2010, the paper said.


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
2 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
7 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
7 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
9 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
10 hours ago