This doesn't necessarily relate to residential real estate, but perhaps to commercial real estate and all business owners, regardless of where they operate their businesses - residential or non-residential locations.
HR 3380 (Promoting Lending to America's Small Businesses Act) proposed that credit unions may double (from 12.5% to 25% of its capital) the amount of funds available to lend to businesses. Credit unions may also be able to provide other services like business checking and business credit cards.
This really ticks off the commercial banks who traditionally lend to businesses….Obviously, it’s competition (duh!).
Side note: Our credit union just went video – the new branch they moved to, with respect to security, has a video screen to chat with teller and air tube system that transports your transaction to another part of the facility…There is no human contact with the teller, just through a video screen an camera…maybe they can offer a video game or cartoon too.
Article on Page 4B of July 7, 2010 of Marietta Daily Journal (MDJ), Sam's Club is now partnering with Superior Financial Group to make loans from $5,000 to $25,000 to small business members. Even with the small dollar amounts involved, I would suspect the Commercial Financial institutions will object to this and lobby against it.
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
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