On March 25, Summit Credit Union will kick off the Pay It Forward program, where locals will be given $10 with just one request: to help someone else with it.
"This initiative empowers members and nonmembers to do more by having an impact on someone else's well being. People helping people-it's the credit union philosophy," said Summit CU Senior Vice President Marketing Rebecca Gerothanas. "In this challenging time, we're happy to be able to help in some small way, and tap into the generosity of Summit's membership and the community."
Pay It Forward events will be held at Summit CU's 20 branch locations and plans are underway to videotape some 100 consumers describing what they will do to help someone else with their $10. Participants will then be able to share their videos, which will be posted on Summit's Web site (www.summitcreditunion.com) with the community, who will be able to rate their favorite video response over a select period of time. The respondent with the highest rating will receive $500 and Summit will donate $500 to the winner's United Way charity of choice.
SEC to Get 13% Budget Increase
The Securities and Exchange Commission is encouraged by the 13% increase to its budget as proposed by President Barack Obama.
The commission's proposed budget would be 13% higher than its 2008 budget of $906 million. The 2009 budget, proposed by the Bush administration last fall, sought to increase the SEC's budget by 1% to nearly $914 million. That fiscal year budget has yet to be finalized by Congress.
"The president's requested budget increase for the SEC would enable us to increase our staff and use new technology to pursue risk-based approaches that would better detect fraud and ensure stronger oversight of the nation's securities markets," said SEC Chairman Mary Schapiro. "We appreciate these additional resources that would help strengthen and reinvigorate the SEC and rededicate our commitment to the protection of investors."
CMG Mortgage Names Dillon SVP
CMG Mortgage Insurance Co. announced the hiring of a new senior vice president/co-general manager.
Joe Dillon was transferred to the position at the San Francisco-based CMG MI from CUNA Mutual Group. At CUNA Mutual, Dillon was a products executive for the company's credit union protection division. He managed the financial aspects of the company's bond, special insurance package, collateral products and property and liability programs.
"Joe joins CMG MI with significant experience in insurance underwriting and risk management. By naming him to this position, CMG MI affirms its continued commitment to providing mortgage insurance to credit unions," said Jack Goodwin, senior vice president for commercial products at CUNA Mutual.
Prior to coming to CUNA Mutual, Dillon worked as an underwriting executive at two major insurance companies and as an insurance broker.
$28 Billion for SBA Loan Guarantees Included in Administration's Budget
The Small Business Administration would receive 28 billion in loan guarantees and an appropriation of approximately $700 million under President Barack Obama's fiscal year 2010 budget.
The spending cited in the proposal would be in addition to the $730 million funding provided for SBA credit programs in the recently enacted Recovery Act, the agency said. That act, which most spending is targeted for use in 2009 and 2010, authorizes SBA to raise guarantee percentages on some SBA loans to 90%, temporarily reduce fees on loans, expand funding for microloans and raise the maximum size of SBA-guaranteed surety bonds.
The bill also sets a maximum of $17.5 billion for SBA's 7(a) loan program, $7.5 billion for the 504 certified development company loan program, $3 billion for the small business investment company debenture program and $25 million for the microloan program.
The budget overview also includes the Obama administration's Small Business and Community Bank Lending Initiative to expand small business credit availability and affordability by unfreezing secondary markets for small business loans as part of the larger plan to revive the flow of credit in the economy.
CUSO Financial Offers Discounts
CUSO Financial Services LP has introduced discounts and subsidies for several of its products and services.
The broker-dealer and registered investment adviser is offering a $1,000 rebate of the setup fee at the end of the first year for its financial management center. The CUSO is also offering a 50% discount of the setup fee on its Member Portfolio View/Single Sign On platform.
Other discounts are a $200 rebate per licensee on its financial planning software and a $1,000 recruiting credit upon the hiring of an additional full service representative. CUSO Financial has a $100 Superbird discount special for registered representatives, program managers and credit union executives to its annual conference.