Search
 

CUs Build Business Alliance

Several credit unions in the Dakotas have the distinction that many of their peers elsewhere probably wished they had: a permanent exemption from the member business lending cap.

By Michelle A. Samaad | Updated on December 21, 2010

Several credit unions in the Dakotas have the distinction that many of their peers elsewhere probably wished they had: a permanent exemption from the member business lending cap.

The clause came about in the late 1990s when the 12.25% of assets MBL cap was put in place, said Jeff Olson, political affairs and public relations director with the Mid-America Credit Union Association, the trade group that represents 78 credit unions in North and South Dakota. The roughly 20 credit unions in North Dakota and at least one in South Dakota were able to get an exemption because their original charters permitted agricultural lending before the MBL cap went into effect.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.