Credit Union Journal articles from March 2005

Credit Union Journal archives from March 2005

Bankruptcy Support Grows: Alternative Bill Dropped In Senate.
March 7, 2005... WASHINGTON -- Despite a slight crack last week in the credit union consensus behind bankruptcy reform, there continues to be near unanimity behind the bankruptcy reform bill that is moving again through Congress. That crack appeared when...

Washington's Main Event: CUs Get Advice On Making The Punches Count.
March 7, 2005... WASHINGTON, D.C. -- With a pair of boxing gloves as part of its logo and the tagline "The Main Event," CUNA sought to invoke prize fights at every turn at its annual Governmental Affairs Conference-right down to bringing former World...

Flurry Of CU Bills Debut In Congress.
March 7, 2005... WASHINGTON -- Lawmakers introduced two more credit union bills last week, the latest in an unprecedented two-week flurry of credit union-related legislation proposed in Congress. At the same time, the Senate was debating the credit...

Up To 80 CUs To Offer Am Ex By June.(Credit unions to offer American Express Co. cards)
March 7, 2005... WILMINGTON, Del. -- Some 80 credit unions will soon offer American Express Co. cards in addition to VISA and MasterCard, according to MBNA, which is getting CUs to sign up for the program by offering to share revenue at no cost to the CU. ...

Colo. CU Brings Inside Two 'Staff' Who Aren't 'Staff'.(Ent Federal Credit Union)
March 7, 2005... COLORADO SPRINGS, Colo. -- Rather than add to its own staff in the short term, Ent Federal Credit Union has brought in two employees of a public relations and advertising company to work on-site and report to one of its executives to help it...

On Deadline.(National Credit Union Administration)(Wright-Patt Credit Union)(Security Service Federal Credit Union)
March 7, 2005... NCUA OK's Interest-Only Home Equity Lines ALEXANDRIA, Va.-NCUA approved a proposal last week for a federal credit union to offer its members an interest-only home equity line of credit. In a new legal opinion letter, the federal regulator...

Register Now!: 6th Annual SEG and Business Development Conference.
March 7, 2005... The CU Journal will host its Business Development Conference March 31-April 1 at the Renaissance Hotel SeaWorld, Orlando. For details: www.cujournal.com Copyright 2005 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com...

Thanks To Investments, CUNA Moves Into Black.(Cuna Mutual Group)(Brief Article)
March 7, 2005... WASHINGTON -- CUNA reported a broad increase in net income to $1.4 million for 2004, based on unprojected gains in the association's investment portfolio for the fourth quarter. In his annual report to the CUNA Board during last week's...

Community CU Told It Is Out Of Branch Network If It Converts To Mutual Bank.(Brief Article)
March 7, 2005... FARMERS BRANCH, Texas -- The Texas Credit Union Service Centers has decided that Community Credit Union will no longer participate in its shared branching network if it converts to a mutual savings bank, as it is attempting to do. ...

Pennsylvania CU Assn. Weighs In On FOM Litigation.(Brief Article)
March 7, 2005... HARRISBURG, Penn. -- The Pennsylvania Credit Union Association has entered field of membership litigation in support of the order issued by Secretary of Banking A. William Schenck III approving a community charter for the five-county...

Loan-To-Share Ratio Remains Steady At Credit Unions.(Brief Article)
March 7, 2005... MADISON, Wis. -- The loan-to-savings ratio for credit unions during January remained steady, at 75.1%, according to analysis by CUNA. The trade group's Economics & Statistics department credited certificates and individual retirement accounts...

Worth Noting.(Faith Community United Credit Union)(Cuna Mutual Group)
March 7, 2005... Haynes Winner Of Crear Award WASHINGTON, D.C.-Rita Haynes, CEO of Faith Community United CU in Cleveland, will be presented with the African American Credit Union Coalition's (AACUC) 2005 Pete Crear Lifetime Achievement Award during its...

The Magnificent And The Mundane From CUNA's GAC.(Credit Union National Association)
March 7, 2005... Here's how the trip to Washington for CUNA's GAC began. Arrived at Washington Reagan airport to see the video monitors in the luggage area displaying a teaser for "SEGs In The City." A credit union spin-off from the HBO series? No. It was an ad...

Don't Overlook Internal Factors In Rate Scenarios.
March 7, 2005... During the past 12 months or so, there have been numerous articles dedicated to the topic of rising interest rates. In fact, there have even been entire seminars and webcasts dedicated to this pressing issue. Generally, discussion revolves...

Product & Service.
March 7, 2005... PSB Intros Two Campaigns LAKE FOREST, Calif.-PSB, The Marketing SuperSource, a full-service, end-to-end marketing solutions provider for financial institutions, has introduced two comprehensive marketing campaigns focused on Bump-UP...

Expert Sees Children's Value To CU As More Than Kids Stuff.
March 7, 2005... ST. LOUIS -- Kevin Blair wants to know, "Is your credit union's focus on kids limited to a mascot and some coloring books in the lobby?" If so, you're missing out on tremendous marketing opportunities not only toward the kids, but also...

Register Now!: 6th Annual SEG and Business Development Conference.
March 7, 2005... WHAT: The Credit Union Journal's Sixth Annual SEG & Business Development Conference WHEN: March 31-April 1 WHERE: Renaissance Orlando Resort at SeaWorld HOW: To get more info or sign up? Visit www.cujournal.com. Or see details on...

Pennsylvania CU Assn. Enters Litigation Over FOM.(Brief Article)
March 7, 2005... HARRISBURG, Penn. -- The Pennsylvania Credit Union Association has entered field of membership litigation in support of the order issued by Secretary of Banking A. William Schenck III approving a community charter for the five-county...

Schwarzenegger Backs Off Plan To Cut CU Committee.(Arnold Schwarzenegger)(credit union)(Brief Article)
March 7, 2005... RANCHO CUCUAMONGA, Calif. -- California Gov. Arnold Schwarzenegger's has withdrawn his plan to eliminate 88 regulatory and policy-setting boards and commissions, including the Credit Union Advisory Committee. The Credit Union Advisory Committee...

Product & Service.(Payment Systems for Credit Unions Inc.)(Cuna Mutual Group)(Bluepoint Solutions)
March 7, 2005... PSCU-FS Donates $50K To Victims ST. PETERSBURG, Fla.-PSCU Financial Services donated $50,000 to the World Council of Credit Unions' Tsunami Relief Fund. This donation goes into the Worldwide Foundation of Credit Unions Fund, which provides...

Strategy Behind Tax 'Study' May Have Backfired.
March 7, 2005... WASHINGTON -- If we didn't know better we would have thought the banking lobby was working in concert with CUNA President Dan Mica last week when they introduced their own "independent" study purporting to refute the necessity of the credit...

People.(Citadel Federal Credit Union)(Golden 1 Credit Union)(Houston Texas Fire Fighters Federal Credit Union)
March 7, 2005... Citadel Federal Credit Union, Thorndale, Penn., promoted Tim Gregory, Sr. to facilities manager, and named Michael Haldeman director of finance. MIchigan State University FCU, East Lansing, promoted April Clobes to assistant vice president...

The CU Journal Daily.(credit union)
March 7, 2005... Low-Income CU Is Planned ALBUQUERQUE, N.M.-Organizers of a low-income credit union being planned for the community of Barelas are requesting a $200,000 grant from the state legislature to help it get a charter. The money would help...

Community Page.(Hudson Valley Federal Credit Union)(American Heritage Federal Credit Union)(American Heritage Federal Credit Union)
March 7, 2005... HVFCU Helps Members Shred POUGHKEEPSIE, N.Y.-Hudson Valley FCU arranged for a mobile shredding unit to stop by the credit union's Hyde Park and Dutchess Mall branches for members to shred confidential documents. AHFCU Opens East...

Maine's CUs Trying To Dissuade Lawmaker From Pursuing Bill To Impose Tax.(Brief Article)
March 7, 2005... AUGUSTA, Maine -- Credit unions are waiting for the other shoe to drop. The bill to tax credit unions, being explored by one House member is still dangling but has yet to be formally introduced. Meantime, credit unions are doing their...

Ohio Bill Would Expand CU Powers.(credit unions)
March 7, 2005... COLUMBUS, Ohio -- State-chartered credit unions would obtain expanded powers to offer new services and ease operational restrictions under credit union reform bills introduced in the state legislature last week. The bills would allow...

Chairman of Sri Lanka's CUs Appeals For Aid To Help Rebuild Following Tsunami.(credit unions)
March 7, 2005... WASHINGTON -- In an Italian embassy before an American audience, a Sri Lankan appealed to his fellow credit unions for assistance in the wake of the devastating tsunami. Dr. P.A. Kiriwandeniya, chairman of Sri Lanka's trade association,...

Technology Helps Fuel 28% Increase In Home Equity Loans At Navy Fed.(Navy Federal Credit Union)
March 7, 2005... VIENNA, Va. -- Navy Federal is expecting to close $2.3 billion in home equity loans this year, 28% more than last year. Rising rates for first mortgages are helping to fuel the increase. If the forecast is on target, equity loans will...

GAC Coverage.(Governmental Affairs Conference)
March 7, 2005... WASHINGTON -- Approximately 4,000 people turned out last week for CUNA's Governmental Affairs Conference. On this page in a quick, easy-to-read form, is a summation of much of what went on and was said during the meeting. Additional coverage...

CAPITAL STUFF.(meshed briefs)
March 7, 2005... Dollar Points To An NCUA Irony WASHINGTON-In accepting a Herb Wegner Anchor Award from the National Credit Union Foundation, former NCUA Chairman Dennis Dollar said it was hard not to point out the irony that he would be recognized for his...

What CU CEOs Are Saying About Bankruptcy.(St. Cloud Federal Credit Union)(Pacific Northwest Federal Credit Union)(Zia Credit Union)(Brief Article)
March 7, 2005... "We need that bill to pass. Six out of 10 people who file for bankruptcy with us have some ability to pay. This will go a long way to holding them accountable." -Bill Winter, president of St. Cloud FCU, St. Cloud, Minn. "I think this...

Senate Turns Back Amendments, Passes Bankruptcy.
March 14, 2005... WASHINGTON -- The Senate turned away amendment after amendment last week to the bankruptcy reform bill-including a so-called poison pill amendment that killed the bill in each of the last two congresses-and voted to pass the credit union-backed...

A Marvel Of A Career: CEO Began Career At Credit Union In 1952.(Marvel Ebenhahn of Community Credit Union)(Biography)
March 14, 2005... NEW ROCKFORD, N.D. -- There aren't too many credit union CEOs who can say they've overseen a 624,900% increase in assets. But then when Marvel Ebenhahn took her job, she thought it would last for the summer. After all, the credit union had...

Seeking Its Value Proposition, Ohio CU Dumps 10 Fees.(Wright-Patt Credit Union)
March 14, 2005... FAIRBORN, Ohio -- In a push to rediscover its purpose, Wright-Patt Credit Union, Inc., has eliminated 10 different fees for such services as travelers checks, credit cards, starter checks and account research. "We really have for the last...

CUNA Notes Two Concerns On PCA Plan.(Credit Union National Association)(Prompt Corrective Action plan)(Brief Article)
March 14, 2005... WASHINGTON -- Saying it generally supports a plan by NCUA to seek changes in Prompt Corrective Action (PCA), CUNA last week expressed concerns over two elements of the plan. NCUA has formally proposed changes in PCA that would include a...

FTC Seeking Comment On Private Insurance.
March 14, 2005... WASHINGTON -- After waiting more than 10 years, the Federal Trade Commission last week voted to issue for comment rules regulating disclosures for privately insured credit unions. The rules will require, among other things, that disclosures...

On Deadline.
March 14, 2005... CEO Gone, But Fla. CU Still Plans To Convert TALLAHASSEE, Fla.-Sunshine State CU said it will continue to move forward with its plans to convert to a bank without CEO Mark LeCain, who left the credit union after meeting with the board last...

Register Now!: 6th Annual SEG & Business Development Conference.
March 14, 2005... The CU Journal will host its Business Development Conference March 31-April 1 at the Renaissance Hotel SeaWorld, Orlando. For details: www.cujournal.com Copyright 2005 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com...

The March Challenge For Journal Readers: What Would You Like To Clean Out Of Your Credit Union?
March 14, 2005... March officially marks the beginning of Spring, and with it the ritual Spring cleaning. If you could clean one thing out of your credit union, what (not who!) would it be? Deadline is March 18. Send responses to Lisa Freeman at...

Analysis Says 67 Portfolios Sold.(Brief Article)
March 14, 2005... PETERBOROUGH, N.H. -- A new analysis of credit union credit card portfolios suggests that during 2004 67 credit unions with more than $1 million in credit card balances sold their credit card portfolios. That figure, provided by Brookwood...

CUEG Reps To Meet With Fed.(Credit Union Economics Group)(Federal Reserve Bank of Kansas City)(Brief Article)
March 14, 2005... WASHINGTON -- Members of the Credit Union Economics Group (CUEG) will meet with officials of the Federal Reserve Bank of Kansas City on April 12. The meeting will be attended by Thomas M. Hoenig, president and CEO of the Federal Reserve Bank of...

Baca Reintroduces Lifeline Bill.(Joe Baca)(Brief Article)
March 14, 2005... WASHINGTON -- Rep. Joe Baca (D-CA) has reintroduced legislation in Congress that would allow all U.S. consumers to get lifeline financial services such as check-cashing, money orders and international money remittances from federally chartered...

Returning Reservist Gets Gift.(Jake Gepford)(Brief Article)
March 14, 2005... FLINT, Mich. -- Army Reservist Jake Gepford was greeted with a special credit union gift when he returned home from Iraq last week-a special package with gift cards and other goodies, courtesy of the staff at Security FCU. The credit union...

Texas Branch Network Looks To Fill Void From CCU's Exit.
March 14, 2005... HOUSTON -- Texas Credit Union Service Center Inc., the operator of shared branching in this state, is working fast to fill a void to be left by a Community Credit Union, a credit union trying to convert to a bank and which TCUSC has told must...

Study: Pending Borrower Shortage.(Brief Article)
March 14, 2005... MADISON, Wis. -- More than half of all credit union members have now left their "prime borrowing years," which could lead to a shortage of members to whom to lend, according to new analysis from CUNA. A just-published E-Scan Insights Series...

Worth Noting.
March 14, 2005... Mr. or Ms. 3000 Being Sought MADISON, Wis.-With the combined membership totals for the six CUNA Councils rapidly approaching 3,000, the group announced that it would award its 3,000th member with a $3,000 professional development...

What I Discovered In Credit Unions Twenty-Five Years Ago.(Editorial)(Transcript)
March 14, 2005... Editor's Note: Cliff Rosenthal, executive director of the National Federation of Community Development Credit Unions, recently won the Herb Wegner Individual Achievement Award. Below are excerpts of Mr. Rosenthal's remarks, during which he...

Penn. Regulator Takes Aggressive Stance On Some Lenders.
March 14, 2005... HARRISBURG, Penn. -- Pennsylvania's state regulator is taking a bigger role in putting predatory lenders that break the law in jail or out of business. It would also like to see credit unions expand their services. William Schenck III,...

Bentley Pleads Guilty To Investment Fraud.(Robert Bentley)(Brief Article)
March 14, 2005... PHILADELPHIA -- A former investment advisor who sold phony CDs to hundreds of credit unions and banks has pleaded guilty to one of the biggest Ponzi schemes ever. Robert Bentley, head of the now-defunct Bentley Investment Services, pleaded...

DSFCU Settles Lawsuit With EEOC.(Desert Schools Federal Credit Union and Equal Employment Opportunity Commission)(Brief Article)
March 14, 2005... PHOENIX -- Desert Schools FCU has settled a lawsuit filed by the Equal Employment Opportunity Commission (EEOC) alleging the credit union discriminated by favoring Caucasian, Mormon employees in promotional decisions in the East Valley, to the...

CUNA Mutual Reports $136M In Income.(Brief Article)
March 14, 2005... MADISON, Wis. -- CUNA Mutual Group is reporting $136 million in net income for 2004, a slight increase over the $134 million reported in 2003. Company spokesperson Syd Lindner said the 2004 operating gain of $122 million fell slightly short of...

Product & Service.
March 14, 2005... Online Marketing Support Offered ONTARIO, Calif.-The CO-OP Network has introduced an online service that allows member credit unions to customize and purchase an array of marketing materials. Available on the CO-OP Network Extranet, the...

CUs Get First Look At NCUA's Risk-Based Capital Proposal.(Credit Union Regulatory Improvements Act)(Credit Union)
March 14, 2005... SAN DIMAS, Calif. -- Credit unions got their first look at NCUA's plans for reforming the capital standards under Prompt Corrective Action at a meeting here sponsored by the California league and WesCorp. NCUA is submitting its draft...

What CEOs Said About Summit, Capital & More.(laws and regulations of credit unions)(Brief Article)
March 14, 2005... Ron McDaniel, CEO, California CU "The business lending cap is important, but the current PCA process is very growth-inhibiting. CURIA will help." McDaniel said he and other CU representatives have been working with Rep. Royce for more...

Aid For Airline Workers Is Offered.(Alliant Credit Union is offering a new Member Assistance Program)(Brief Article)
March 14, 2005... CHICAGO -- Seeking to provide financial relief to members who have been involuntarily affected by job loss or have taken pay cuts, Alliant Credit Union is offering a new Member Assistance Program (MAP). Through this program, affected members...

Product & Service.(Brief Article)
March 14, 2005... pmiPAPERLESS Makes Debut SAN FRANCISCO, Calif.-CMG Mortgage Insurance Co. has released pmiPAPERLESS, an electronic document management system that utilizes state-of-the-art technology to underwrite mortgage loans from document images. ...

FEC Clears Utah's CUs Of Election Improprieties.
March 14, 2005... WASHINGTON -- The Federal Election Commission said last week it will not pursue allegations of improprieties by the Utah League of CUs and eight of its credit unions for their unprecedented outpouring of support on behalf of the successful...

Credit Unions Fare Well In Poll Of D.C. Insiders.(Democratic members of Congress)(Brief Article)
March 14, 2005... WASHINGTON -- A poll conducted of about 75 Republican and Democratic members of Congress cited CUNA as one of the most effective lobbies on Capitol Hill, among such perennial powers as the National Rifle Association and the National Federation...

Fannie Mae, OFHEO In Supervisory Agreement.(Federal National Mortgage Association)(United States. Office of Federal Housing Enterprise Oversight)(Brief Article)
March 14, 2005... WASHINGTON -- Fannie Mae and its federal regulator, the Office of Federal Housing Enterprise Oversight, announced a new supervisory agreement for the secondary mortgage market giant last week that will require the company to split its chairman...

People.(CoastHills Federal Credit Union)(United Heritage Credit Union)(Truliant Federal Credit Union)(Brief Article)
March 14, 2005... CoastHills Federal Credit Union, Lompoc, Calif., named Marsha Maloy vice president of business priorities, and Barbara garcia vice president of lending and collections. United Heritage Credit Union, Austin, Texas, promoted Jenny Laudadio...

The CU Journal Daily.(credit unions have joined the Credit Union Shared Service Centers Network)(federal employee crimes)(KO-AM Federal Credit Union closed down)
March 14, 2005... 6 NY CUs In Shared Branch Accord ROCHESTER, N.Y.-Six upstate credit unions have joined the CU Shared Service Centers Network to give their members access to 18 branches in the Rochester area, as well as 1,600 branches nationwide. Local...

GAC 2005 Notes.
March 14, 2005... A Small Loan, A Big Story WASHINGTON-CUNA Secretary and Community CU CEO Don Larsen challenged credit unions to not only tell their stories to lawmakers, regulators and the public but also to live up to those stories. "I remember how we...

Two CUs, Treasury Outline Reasons To Offer Members Health Savings Accounts.
March 14, 2005... WASHINGTON, D.C. -- Credit unions should make the most of these new or improved opportunities to serve members, especially Health Savings Accounts, according to experts and two credit unions that have started offering HSAs. These three...

Montana CU Network Using Grant To Help Low-Income Families Buy Homes.(Montana Credit Union Network)
March 14, 2005... HELENA, Mont. -- A grant from the National Credit Union Foundation (NCUF) to the Montana CU Network will help some poor families in this state save enough to afford buying their own homes. The Montana program is now geared towards...

Sunday Branch Hours Expand In Seattle.(new branches of Alaska USA Federal Credit Union and its marketing)
March 14, 2005... SEATTLE -- The Seattle area is known for coffee, wild salmon, plentiful rain and... credit union branches open on Sundays. At least at Alaska USA Federal Credit Union, that is. The Anchorage, Alaska-based CU has had branches here for more...

Baseball Stadium To Be Named After SSFCU.(Security Service Federal Credit Union)(Brief Article)
March 14, 2005... COLORADO SPRINGS, Colo. -- Security Service FCU has signed an agreement with the Colorado Springs Sky Sox to change the name of Sky Sox Stadium to Security Service Field. The 12-year agreement between the Sky Sox and San Antonio,...

Matz: 'You Could Be Blindsided'.(credit unions and predatory lending)
March 14, 2005... WASHINGTON -- While CUNA's Governmental Affairs Conference was dedicated to delivering a "one-two punch" to the banking industry, NCUA Board Member Debbie Matz urged credit unions not to forget the other heavyweight contenders in the financial...

Recycle Ads Debut; Research Is On.(League of California Cities)(Brief Article)
March 14, 2005... RANCHO CUCAMONGA, Calif. -- The California/Nevada league reported that initial response to the Public Advocacy Program radio advertisements it rolled out in mid-January have been "very positive." That ad debuted Feb. 9 in the Carson City...

When Everybody Knows Your Name, Lobbying On Behalf Of CUs Is Much Easier.(Bill Dawson)
March 14, 2005... RICHMOND, Va. -- If anybody has earned the right to drop names, it's Bill Dawson. One of the founding members of Henrico County Federal Credit Union and its current board chairman, he is on a first-name basis with practically every key...

CUs Continue To Announce Year-End Bonuses.
March 14, 2005... WEST PALM BEACH, Fla. -- Credit unions continue to pay special year-end bonuses to members. Among them: Pittsford Federal Credit Union, New York, declared its first special member dividend, a 3.3% payout. The payment, which totals $500,000,...

Mergers, FOM and Name Changes.
March 14, 2005... TULLAHOMA, Tenn.-The $955-million AEDC FCU is absorbing via merger Maury Progressive Credit Union of Columbia, Tenn. The $6.4-million MPCU served 1,555 members. Its facility is now a branch of AEDC FCU. LA PORTE, Del.-Du Pont La Porte FCU...

Community Page.
March 14, 2005... Workers' CU Holds Hat Drive Workers' Credit Union, Fitchburg, Mass., held a hat and mitten drive to benefit the needy. SECU Donates Mobile Branch BALTIMORE-SECU Credit Union donated a recreational vehicle that had been used as a...

News From The States.(Brief Article)
March 14, 2005... DES MOINES, Iowa -A debt-collection bill before the Iowa legislature would include CUSOs among the entities that are exempt from certain debt-collection disclosure requirements. According to the Iowa league, at present Iowa's Consumer Credit...

Arrowhead CU Signs With IFMG For Brokerage Services.(Brief Article)
March 14, 2005... SAN BERNARDINO, Calif. -- Arrowhead CU said it signed with Independent Financial Marketing Group Inc. to provide its members with investment advisory and brokerage services. The deal will give members of the $850 million credit union the...

Credit Unions Make Pitch With Texas Rangers.(Brief Article)
March 14, 2005... DALLAS -- The DFW Credit Union Awareness Council has partnered with the Texas Rangers and will offer discounted tickets for several games throughout the upcoming baseball season. July 10 will be Credit Union Member Night at the game, and Texas...

Penn. CU Assn. Urges Rejection Of Takeover Plan.(Brief Article)
March 14, 2005... HARRISBURG, Pa. -- The Pennsylvania CU Association urged Gov. Ed Rendell last week to reject a hostile takeover of the state-owned student loan agency by Sallie Mae, saying the state's college students and their families would be better served...

School Superintendent Uses CU Account To Drain Funds.(Brief Article)
March 14, 2005... PATTONSBURG, Mo. -- The former superintendent of a tiny school district here confessed to stealing as much as $845,000 from the school coffers, which he gambled away at riverboat casinos. Ronnie DeShon, 50, who resigned as superintendent in...

WOCCU Reps Visit With Iran's Credit Unions.(World Council of Credit Unions)(Brief Article)
March 14, 2005... MADISON, Wis. -- Two representatives of the World Council of Credit Unions (WOCCU) have met with credit unions in Iran. WOCCU Chairman L.R. (Bobby) McVeigh and Interim CEO Brian Branch visited the country's credit unions as part of a broader...

More CUs Operating Auto Dealerships.(Brief Article)
March 21, 2005... MARGATE, Fla. -- In a number of cities across the country, credit unions have become much more involved in auto lending than just making loans or selling extended warranties-they're operating full-fledged auto dealerships. In separate...

NCUA OK's CUs To Buy Shares In CMG-Created Fund.
March 21, 2005... ALEXANDRIA, Va. -- NCUA last week approved a pilot program allowing CUNA Mutual Group to buy credit union loans, package them into funds and then sell shares in the funds to individual credit unions. "This is something we think is pretty...

Bankruptcy Bill Closer To Passage.
March 21, 2005... WASHINGTON -- The House Judiciary Committee last week approved the bankruptcy reform bill, just days after the Senate approved the package, moving the nine-year-old legislative effort another step closer to the finish line. The bill passed...

Texas CUL Adopts Position On Conversions.
March 21, 2005... FARMERS BRANCH, Texas -- The Texas CU league, faced with two proposed conversions to banks by billion-dollar credit unions, will not formally oppose those moves, but instead said it will seek to tell members that conversions are "not in their...

WesCorp Foresees Coming 'Rate Spike'.
March 21, 2005... ORLANDO -- Despite indications from the Fed that it will carefully and slowly raise interest rates to avoid the dangerous rate surge that occurred in 1994, WesCorp is predicting an interest rate spike in the next three to six months. Even...

On Deadline.(Brief Article)
March 21, 2005... Two CUs In Deal To Serve Toyota Plant SAN ANTONIO, Texas-In an innovative arrangement, San Antonio FCU and Toyota FCU said they have agreed to jointly open a full-service branch to serve employees of the new Toyota manufacturing plant in...