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
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
1 day ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
1 day ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
1 day 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.
1 day 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.
1 day ago