Multi-Featured Open-End Lending: The Past, Present and Future

By Ashley L. Sweeney, Attorney Multi-featured open-end lending (MFOEL) is a practice used for nearly 35 years by over 3,500 credit unions.[1]   However, recent developments and regulations might have credit unions nationwide ushering in a new (and possibly improved) type of lending. Under MFOEL plans, credit unions have a single lending contract with a member…