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

Washington
Cheney talks CUs economy on iBloomberg Radioi
WASHINGTON (8/6/12)--With the day's economic news serving as a backdrop, Credit Union National Association (CUNA) President/CEO Bill Cheney discussed the financial state of the credit union system, and the push for job-creating member business lending (MBL)  legislation on Bloomberg Radio's "Taking Stock with Pimm Fox."

Recent data suggest a slow, painful economic recovery for the nation, but Cheney said that credit unions continue to thrive. Credit union lending portfolios are improving, with lower chargeoff rates and steadily declining delinquency rates.

While demand for some loans has slowed, there is still demand for small business loans, and credit unions want to do more to help small business owners, he added. However, the MBL cap, which stands at 12.25% of total assets, remains a barrier to some.

The U.S. Congress could remedy this by approving legislation to increase the MBL cap to 27.5% of assets. Doing so would create 140,000 jobs and inject $13 billion in new funds into the economy in the first year following enactment, at no cost to taxpayers.

Overall, Cheney said, credit unions continue to gain market share because credit unions "are a better deal" for consumers. Credit unions have seen the strongest membership growth rate in 26 years, he said.  Asked about federal deposit insurance for credit unions, Cheney explained that accounts insured by the National Credit Union Share Insurance Fund receive the same level of U.S. government guaranteed insurance backing, $250,000, as the Federal Deposit Insurance Corp. provides to bank accounts.
Other Resources

RSS





print
News Now LiveWire
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
15 hours ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 day ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 day ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
1 day ago