Credit unions

Community lenders may choose to stop serving small businesses rather than absorb the expense of collecting information on race and ethnicity under a proposal by the Consumer Financial Protection Bureau.

More than 180 community development financial institutions and minority depository institutions will receive the federal funds under a pandemic-era program. “It’s a lifesaver,” a credit union CEO said.

Business and regulatory pressures were already weighing on aging executives before the onset of the pandemic led many to delay retirement plans. Now as the crisis eases, an increasing number are finally stepping down.

Through these partnerships, lenders can diversify their portfolios and even help members recoup their investment by selling or gaining credits for excess energy.

The credit union service organization, which changed its name from CU Realty Services in June, has expanded its service area to cater to more homebuyers and help credit unions secure their mortgage pipeline.

Cannabis, though still illegal at the federal level, continues to inch into the financial mainstream. Small credit unions and lenders as large as Valley National and East West have moved beyond just taking deposits from marijuana companies.

Unify Financial is sponsoring a $300M securitization of prime auto loans. The $3.3 billion-asset institution is only the second CU to sell securities backed by auto loans since the NCUA gave the green light for credit-union securitizations nearly four years ago.

The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur.

Mark Calabria needs to be working to secure a Fed facility for servicer advances and to support, not denigrate, smaller servicers, the Mortgage Bankers Association said.

Though the agency plans to give more credit unions authority to issue subordinated debt, limited investor appetite and other factors could hamper activity.