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usiness lending had tripled between yearend<br />
2004 and year-end 2014<br />
•The 86 Colorado-headquartered credit<br />
unions’ assets nearly tripled in the two<br />
decades from 1994 to 2014<br />
Colorado’s credit unions are not focused on<br />
low-income borrowers.<br />
•92 percent of credit unions made no<br />
mortgage loans to low-income Colorado<br />
borrowers<br />
•Of all the 2013 Home Mortgage Disclosure<br />
Act-reported mortgages originated by<br />
credit unions in Colorado, 3.3% were made<br />
to lower-income borrowers, 17% were made<br />
to moderate-income borrowers, 41.9% were<br />
made to middle-income borrowers, and 37.7%<br />
were made to upper-income borrowers<br />
•The wide-open fields of membership (FOM)<br />
as well as the highly-desirable upscale<br />
commercial locations of their main offices<br />
and of their branches, suggest the largest<br />
Colorado credit unions have targeted<br />
communities of moderate-income to upperincome<br />
residents as desired members<br />
(customers)<br />
•The seven largest Colorado-headquartered<br />
credit unions did over 75% of the business<br />
lending done by all credit unions in 2014.<br />
Over 92% of those 2014 business loans made<br />
by the largest credit unions were for owner<br />
occupied or non-owner occupied commercial<br />
real estate (CRE)<br />
Credit unions play by their own rules – and<br />
their regulator supports them ignoring<br />
Federal law<br />
•CU regulators too often act as advocates for<br />
tax exemptions and special treatment<br />
•Colorado’s largest credit unions cannot<br />
prove to be Community Reinvestment Act<br />
compliant<br />
•NCUA was under Congressional scrutiny in<br />
20<strong>15</strong> for lack of transparency<br />
•In February, NCUA ignored Congressional<br />
limits and finalized looser MBL limits<br />
Colorado’s largest credit unions are like<br />
banks in nearly every way – they just don’t<br />
pay like them<br />
•The customer products and services offered<br />
by Colorado credit unions are very similar<br />
to those offered by Colorado’s banks. The<br />
larger the credit union, the more likely it<br />
is to offer many bank-like products and<br />
services.<br />
•All 86 Colorado-headquartered credit unions<br />
it would have an estimated tax obligation of<br />
up to $64 million.<br />
QUESTIONS? PLEASE CONTACT US TODAY.<br />
Colorado Bankers Association<br />
One Sherman Place, 140 East 19th Avenue, Suite 400, Denver, CO 80203<br />
P 303.825.<strong>15</strong>75 | info@coloradobankers.org
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