NCUA’s new member business lending rule, effective Jan. 1, is one of the biggest changes to credit union business lending in decades. The agency received hundreds of comments from credit unions supporting the proposal and outlining how it would help them better serve their members.
Our cover story this month explains how used-car lending at credit unions is hot, while new-car lending certainly is not. We also look at some innovative strategies credit unions have come up with to pump up flat auto loan portfolios.
To turn around recession-related increases in repossessions, CUs have beefed up their loan-assessment processes, initiated faster action on collection procedures, and worked diligently to help members avoid repossessions.
For credit unions, the Electronic Signatures in Global and National Commerce Act of 2000 means information required to be made available can be delivered electronically, as long as the credit union complies with its requirements.
While the DOD has affirmed the Military Lending Act’s effective date for credit card accounts of Oct. 3, CUNA is engaged with legislators to build support for efforts to exempt credit unions from the rule.