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CU Business Group hits 2 billion in MBLs
PORTLAND, Ore. (10/12/09)--CU Business Group (CUBG) announced that it has reached more than $2 billion in member business loans (MBLs) on behalf of credit unions since its inception in 2002.
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“With banks tightening their belts, credit unions are seeing increased volumes in business loan applications, which means a lot of new opportunities,” said Larry Middleman, CUBG president/CEO. Credit union delinquency rates and charge-offs are consistently lower than banks, according to data CUBG compiled from June 30 National Credit Union Administration and Federal Deposit Insurance Corp. data. Credit union delinquencies were 1.15% for credit unions, compared with 5.59% for banks under $1 billion in assets and 5.32% for all banks. Credit union charge-offs were 0.38%, compared with 0.76% for all banks, and 0.43% for banks with less than $1 billion in assets, the company said. CUBG works with 315 credit unions in 40 states and underwrites for 164 credit unions. The company is based in Portland, Ore.


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