Shutdown to affect some CU loan programs
Oct. 2, 2013 – Lending through the Federal Housing Administration, Small Business Administration and the federal Farm Service Agency are on hold during the federal government shutdown, the American Bankerreported, which may mean some backlogs in processing for some credit union loans.
NAFCU economists point out that federally insured credit unions issued 11,293 loans totaling $1.7 billion in 2012 through FHA and another 1,746 loans totaling $232 million through the Farm Service Agency. Insured credit unions also issued more than 8,000 loans totaling $920 million through SBA.
NCUA, an independent agency not funded by appropriations, is open and federal share insurance of credit union members’ accounts continues uninterrupted.
American Banker article