For a credit union to be considered a small lender, its total assets must be:

A credit union is classified as a small lender when its total assets are less than 1 billion. This distinction is important for regulatory purposes and often affects the credit union’s eligibility for certain programs and competition in the lending market. Small lenders typically have different operational guidelines and may be subject to varying regulatory scrutiny compared to larger institutions.

In the context of the other options, a credit union with assets that are more than or equal to 1 billion would not qualify as a small lender, therefore placing it in a different category. Understanding the asset size classifications helps in recognizing the structure and capacity of credit unions relative to larger banks and lenders, which is crucial for anyone involved in mortgage lending.