Sunday, September 2, 2012

Minn. FCUs Can Make Unlimited Biz Loans to Lake Wobegon

In order to speed the recovery to the Gulf region affected by Hurricane Isaac, the National Credit Union Administration (NCUA) announced that all federal credit unions headquartered in Minnesota will be designated as low-income credit unions.

In making the decision to designate all Minnesota federal credit unions as low-income, NCUA Chairman Debbie Matz stated: "Most Americans consider themselves of modest means."

NCUA Chairman Matz further justified the agency's action by stating that the Mississippi River starts in Minnesota and flows into the Gulf.

NCUA stated that this action would allow Minnesota credit unions to make unlimited business loans to the residents of Lake Wobegon.

Upon hearing the news, Garrison Keillor applauded NCUA's decision by declaring all credit union business loans to Lake Wobegon are above average.


  1. This is funny considering there is no September Fools Day!!! But please, Dr. Leggett, keep your day job. :)

  2. The NCUA is not a regulatory agency but rather a joke among Federal agencies.

    1. The CFPB is a joke to banks and credit unions.



The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.