FORT LEONARD WOOD, Mo. — In a follow up to CUNA's Homes for OurTroops project at the presidential party conventions, two creditunions, the $134 million Mid Missouri, and the $985 millionAnheuser-Busch Employees of St. Louis, are leading a Missourirepeat.

Under a planning and fundraising schedule guided by the MissouriCredit Union Association, the two CUs began soliciting industrydonations last week to build two $200,000 specially fitted homesfor wounded Iraqi or Afghanistan war veterans by mid-summer of2009.

“With so many of our members in the military, we could not thinkof a more ideal project to demonstrate support for our troops,”explained Brent Sadler, chief operating officer of Mid Missouri,which hopes to have one of the homes built just outside the U.S.Army base here.

To get the fundraising started, officials of MCUA recentlysigned an agreement with the Massachusetts-based Homes for OurTroops organization, the same group that worked with CUNA thisyear, to help identify and select the neediest war vets for newhomes.

Over the summer at the Democratic convention in Denver and laterat the GOP gathering in St. Paul, league and CUNA executives wereon hand for well-covered media events to mark the dedication of thetwo new vet homes in Golden, Colo. and Woodbury, Minn. Joining asfundraising sponsors of the homes were the Credit Union Associationof Colorado/Wyoming and the Minnesota Credit Union Network,respectively.

Since announcing the Missouri version of Homes for Our Troops atMCUA's annual convention two weeks ago in Lake of the Ozarks, thetwo CUs described industry response as enthusiastic.

Daniel Vogler, executive vice president of Anheuser-Busch CU,said his CU is working with MCUA and the Taunton, Mass., nonprofitorganization. He hopes to erect one of the homes at Scott Air ForceBase in Belleville, Ill., and plans to time its completion to thenational All-Star Baseball game next July in St. Louis.

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Trust Assets Buffered From Markets

MADISON, Wis. — Even as billion-dollar banks continue toconsolidate, members are being reminded that by law, their trustassets are maintained separately from the assets of theinstitutions that manage them.

“Consequently, while trust assets are subject to marketfluctuations, members' trust assets are insulated frominstitutional ups and downs and are safe from corporate falls,”said Neil Archibald, corporate counsel and chief compliance officerat MEMBERS Trust Co.

Credit unions are in an opportune place to provide members withprincipled management built around diversification, Archibald said.As a fiduciary, the philosophy of individualized, monitoredmanagement designed for long-time horizons has aided in helping toinsulate clients from the harsh effects of the current market, headded.

“Everyday yields more sobering news about the economy and whilethese events signal a general slowdown for all financial servicesfirms across the board, the current news underscores the absoluteneed for stable institutions in the eye of the storm,” Archibaldsaid. “And, I am proud to say that many credit unions qualify asstandard bearers of market stability and prudence and stand toserve communities in transition seeking a new home. Consequently,even in a down market, there is opportunity for growth in thecredit union sector.”

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Boulder Valley CU Offers FHA Loans

BOULDER, Colo. — Boulder Valley Credit Union has receivedDepartment of Housing and Urban Development approval to offerFederal Housing Authority mortgage loans. The move makes the creditunion only one of a few credit unions nationwide to offer theincreasingly popular loans.

A spokesman for the credit union said that, with the recenttightening of mortgage loan restrictions imposed by Freddie Mac andFannie Mae, the inclusion of FHA products was needed so that thecredit union could continue to offer loans to first-time andexisting homebuyers.

FHA mortgage loans have fewer credit restrictions, require lessof a down payment, have lower monthly mortgage insurance premiums,do not have prepayment penalties and do not penalize borrowers withlower credit scores, the spokesman said.

Boulder Valley Credit Union started offering the loans earlylast month.

BVCU, which bills itself as an eco-conscious financialcooperative, was founded in 1959 to serve the employees of theBoulder Valley School District and manages over $169 million inassets from nearly 17,500 members. Its present day membershipincludes employees and members from over 400 groups in BoulderCounty and the Estes Park community.