Nevada Federal Credit Union has no use for depositor money. “The depressed economy has dried up lending opportunities that Nevada Federal normally has,” credit union CEO Brad Beal told the Las Vegas Review Journal.
Nevada Federal members who only have CDs with the credit union will not be paid any interest. Those that do have other accounts, their CD rate for 12 months is .30%.
In a related story, Nevada State Treasurer Kate Marshall met with real estate brokers and bankers at the Trump International in Las Vegas. When Marshall asked the assembled what she could do for them.
Participants suggested the FDIC provide relief from low appraisals which were suggested to be based on recent history, rather than prospects for the future.
Brad Bronkowski, a broker with Coldwell Banker Commercial in Carson City, said brokers like him give banks real estate value opinions that are forward looking. “If you want the real value of the asset, you call us,” Bronkowski said.
