Wednesday, April 12, 2017

Landmark CU Granted Exception to MBL Cap

The Wisconsin Office of Credit Unions approved a request from Landmark Credit Union (New Berlin, WI) for an exception to the aggregate member business loan (MBL) cap.

The statutory aggregate MBL cap is 12.25 percent of assets.

But according to the Office of Credit Unions' Activity Report, Landmark Credit Union was granted on March 31, 2017 an exception to make member business loans up to 18 percent of its assets.

This is the second exception granted to Landmark Credit Union with regard to the MBL cap.

On April 8, 2015, the Office of Credit Unions approved Landmark's exception. The credit union can grant MBLs up to 15 percent of its assets.

As of December 31, 2016, Landmark Credit Union had an outstanding MBL to asset ratio of 11.92 percent.

An open records request seeking documents related to the approval of the MBL cap exception was denied by the state regulator.

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