BISMARCK, N.D.—Credit unions in this state raised a number of issues during a visit here by NCUA Chairman Debbie Matz, particularly problems with making mobile home loans in a state where affordable housing is an issue due to growth by the oil industry.
The meeting took place at Capital Credit Union’s offices.
Local media quoted Darrell Olson, CEO of Town and Country Credit Union in Minot, as saying his CU previously made 20 to 30 mobile home loans annually, but has been forced to discontinue the loans due to regulations. Had it not done so, he told Matz, its portfolio of such loans would be even larger.
Melanie Stillwell of Western Cooperative Credit Union said her credit union’s members have been forced to obtain financing from mobile home dealers, which are unregulated.
Meanwhile, Steve Schmitz of First Community Credit Union, said most regulations are stymying mortgages on manufactured homes, as well as home equity loans.
Dodd-Frank, as well as the member business lending cap for federal credit unions, were cited as reasons for the problems making loans.
The event was organized by Sen. Heidi Heitkamp (D-ND).