[auntdot]

"Congressman Miller is an extremely funny man and he came to announce the passage of a new bill that makes it OK for Credit Unions to lend past their legal lending limit when lending to a religious institutions."

I'd like to know a bit more about this.

Just because an instituion is religious does not mean it is financially sound.

"Sorry Dad, your pension ain't worth squat, it seems the religious institution went broke."

Something here sounds very strange.

Is there someone here who can enlighten me?

[RUCKUS INC.]

Yeah... basically this has to do with the legal lending limit and not the religious institution. I work for a credit union that frequently does loans to churches (in the interest of full disclosure, that is about all that we do). So right now our legal lending limit is $7,000,000.00 per loan. Frequently we get churches that want to take out loans that are above and beyond this limit.

What we are then forced to do is loan them up to our legal lending limit and aquire the rest of the funds through a network of investors that participate in the loan with us. This new legislation just says that we can lend ALL of the money that we are comfortable lending.

It doesn't make a religious institution more or less credit worthy than they already were, it simply changes the way we can give them money.