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MADISON, Wis. - State Director Ginger Larsen, of the Wisconsin Office of Credit Unions has stipulated in the state's proposed member business lending rule, higher loan-to-value (LTV) rate levels for development and construction lending than NCUA requires for federal credit unons. The LTV for development loans would be 65-70%, and...

MADISON, Wis. - As of year-end 2001, CUNA Mutual said that 13 corporates were participating in its CUNA Mutual Notes program, the company's corporate CU investment line. Launched in October of 2000, corporates have invested about $250 million in Notes so far. CUNA Mutual said a number of enhancements to...

MADISON, Wis. - Mortgage experts are predicting that 2002 will probably not be as stellar a year as 2001 was for mortgage lending, but for now CUNA Mutual Mortgage President/CEO Steve Renock is relishing the two volume records the company has set. In 2001, CUNA Mutual Mortgage provided more than...

ARLINGTON, Va. - NASCUS has recommended that NCUA correct language in its proposed Interpretive Ruling and Policy Statement (IRPS) 01-3 that the association said in its current form would "unnecessarily require state-chartered, federally-insured credit unions to have a supervisory or audit committee." Explaining the association's position, NASCUS President/CEO Doug Duerr...

As almost everyone in the industry knows, Georgia Central recently experienced a challenging year. Early in 2001, the Board decided to consolidate with Southwest Corporate FCU. After extensive legwork to coordinate the merger, it failed to materialize in the final stage of negotiations. You might think we were a bit...

Today, consumers are looking for more efficient and cost-effective ways to manage their time, finances and related bill-payment activities. Increasingly, they are finding what they want at credit unions. More and more, consumers are turning to credit unions for a variety of electronic commerce products and online financial services. That's...

ALEXANDRIA, Va.-In a recent legal opinion letter (01-1176), NCUA's Office of General Counsel told the California Credit Union League that federal credit unions may not conduct a board meeting via e-mail. According to the agency, using e-mail would violate the Model Business Corporation Act, requiring all directors to hear each...

On December 13, the opponents of NCUA's Community Action Plan (CAP) regulation rejoiced over a stunningly quick victory, as the NCUA Board aborted the rule before it became effective. The victory may not come cheaply, however. In our view, the credit union movement may lose credibility and political support as...