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
Vermont regulator issues revised biz lending reg
SOUTH BURLINGTON, Vt. (1/30/12)--The Vermont credit union regulator entered its rewrite of the state's credit union business lending regulation into the final procedural steps toward adoption.

Regulation B-2012-01 will update Vermont's 11-year-old business lending regulation, which sets guidelines for credit unions to make member business loans (MBL). Changes make the new rule compatible with federal provisions of the National Credit Union Administration and create a more definition of construction and development loans.

The new regulations also increase the limits for qualification of business loans to $50,000 from $15,000, set requirements for the credit unions policy and qualification requirements of underwriters, and update credit union loan limits and accounting limitations.

A public hearing on the revised regulation is scheduled for 10 a.m. ET March in the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISCHA) office. Public comments will be accepted by BISCHA until March 16.

The Credit Union National Association and credit unions have been pressing for Congress to raise the member business lending limit to 27.5% of assets from the current 12.25% of assets. Doing so would provide $13 billion to lend to small business owners. Injecting that amount into the economy would create roughly 140,000  new jobs at no cost to the taxpayer.


RSS





print
News Now LiveWire
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
3 minutes ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
7 minutes ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
26 minutes ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
1 hour ago
~40M tax refunds worth $125B issued as of Feb. 20 @IRSnews reports. Average refund=$3,120 http://t.co/VgcLs6chhq
2 hours ago