Credit Union Times Magazine April-30, 2008
In Other News
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Donations
First Future Credit Union, San Diego, announced that credit union employees, volunteers and members raised nearly $220,000 to help credit union members that were affected by the wildfires in Southern California last fall. The first grants from CU Aid, the centralized disaster relief fundraising system activated during the fires by...
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Credit Union Youth Week
Service 1st Federal Credit Union, Danville, Pa., offered several different programs in honor of Credit Union Youth Week and the theme "Got Green? Grow It at Your Credit Union." One program was Service 1st FCUs Green Loan program. Incentives were offered to members who purchased a qualifying hybrid during the...
News
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NACUSO's Web Site Undergoes Overhaul
NEWPORT BEACH, Calif. -- NACUSO has redesigned its Web site and launched a new blog for discussion of regulatory alerts, peer to peer insights and other industry topics.
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Shunned by Banks, Visually Impaired Entrepreneur Gets Bethex FCU Loan
BRONX, N.Y. -- Fitz Octave did not let his visual impairment stop him from launching his own car repair shop.
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CUNA Amps Up Googolplex Offerings
MADISON, Wis. -- Middle-school students will find there's more to do on CUNA's online youth magazine Googolplex.
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Jersey Shore FCU Finds Happiness Is a Warm Server Located in Virginia
NORTHFIELD, N.J. -- When Audrey Gentile sends one of her board members an e-mail showing, say, loan portfolio performance, she opens up her Outlook program, attaches the Excel file and off it goes.
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New Tools Will Help CUs Better Manage Card Fraud Risk, Visa Says
SAN FRANCISCO -- A new bundle of tools that Visa is calling Visa Risk Manager will help credit unions and other issuers better manage their card risk, according to the card brand.
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TIP Charters Are Timely Given Airline Industry Fluctuations
HAWTHORNE, Calif. -- It's been nearly four years since FAA First Federal Credit Union expanded its membership to include the entire air transportation industry, and during that time, a few observations made it clear that members certainly had specific choices about accessibility.
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Checkfree Encourages CU Members to Save Trees Through Online Bill Pay
BROOKFIELD, Wis. -- Internet banking vendor Checkfree, now part of Fiserv, wants CU members to save a few trees by using its service to receive and pay more of their bills.
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FORUM CU to Assist Displaced ATA Airlines Employees
INDIANAPOLIS -- FORUM Credit Union said it will work with members who are now unemployed following the shutdown of ATA Airlines earlier this month.
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A+FCU Gains State Award On Literacy
AUSTIN, Texas -- The Texas Credit Union Foundation has awarded A+ Federal Credit Union the FOCUS Award.
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INOVA Goes With Open Solutions
ELKHART, Ind. -- INOVA Federal Credit Union will be converting its core processing to Open Solutions Inc.'s newest release.
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Passageways Plans Fourth Annual PowWOW User Conference in Chicago
WEST LAFAYETTE, Ind. -- Passageways LLC is going uptown for its fourth-annual users' conference.
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Fairwinds on Best Place To Work List
ORLANDO, Fla. -- Fairwinds Credit Union has been named a finalist for the Orlando Business Journal's 2008 Best Places to Work award.
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Denali Alaskan FCU Sues Builder and Wife, Alleging $16 Million Fraud
ANCHORAGE, Alaska -- Denali Alaskan Federal Credit Union filed a lawsuit last month accusing Lee Baker Jr., a prominent home builder here, his business associates and his wife, Pat Baker, a real estate agent, with fraud.
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North Island CU Green Efforts Will Be Bussed Around San Diego
SAN DIEGO -- North Island Credit Union's go green commitment is making the Metropolitan Transit System's first commercial bus with a compressed natural gas and electric hybrid drive system stand out.
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Poll Finds High Identify Theft Concerns
NEW YORK -- The findings of a recent Bankrate Inc. national poll showed that identity theft is high on the list concerns among Americans.
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Tight Credit Standards Create Ripe Environment for Tech CU's Business Services
SAN JOSE, Calif. -- Building on the 2006 launch of its business services program that included Small Business Administration loans, the $1.3 billion Tech CU has expanded its lineup to include digital bookkeeping, tax preparation and data storage.
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Community Trust Receives Financial Literacy Grant
MODESTO, Calif. -- Community Trust Credit Union recently received a $20,000 grant from the Richard Myles Johnson Foundation to support its financial literacy program for low-income youth in the East Palo Alto area.
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WesCorp Promotes Hayes and Kitt
SAN DIMAS, Calif. -- WesCorp announced a shift in its executive staff April 22, naming Jim Hayes chief financial officer and senior vice president, while promoting Tony Kitt to executive vice president of member services, creating a couple of new positions.
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Generation Y Breaks the News to Texas CU and League Executives: 'You're Boring'
HOUSTON -- The graying elders managing Texas credit unions got an earful last week from three members of Generation Y, with one labeling the industry "boring" and another saying that those in charge of CUs are too content with the status quo.
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House Panel Begins Review Of Housing Relief Measures
WASHINGTON -- A key House panel took the first steps last week toward providing relief to financial institutions and individuals hurt by housing foreclosure crisis.
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Centris FCU Hopeful of Commercial Developer's Reorganization Plans
OMAHA, Neb. -- The $383 million Centris Federal Credit Union said it is optimistic that Kendall Hospitality LLC, a commercial development firm that filed for Chapter 11 bankruptcy on April 8, will be able to put together a reorganization plan that will be satisfactory to the financial institution, which is...
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SBA Administrator Preston Accepts HUD Nomination
WASHINGTON -- After nearly two years at the helm of the Small Business Administration, on April 18 Steve Preston unexpectedly accepted the position of Secretary of the Department of Housing and Urban Development, according to SBA spokesman Mike Stamler.
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California Assembly Approves Bill on Data Breaches
SACRAMENTO, Calif. -- The California Credit Union League scored a significant legislative victory April 22 when the Golden State's Assembly unanimously passed AB 1779, which forces retailers and government to take responsibility for consumer data breaches, by a 75-0 bipartisan vote.
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LPL Financial Quietly Purchases CU-Owned XCU Capital Corp.
SAN DIEGO -- Broker-dealer giant LPL Financial Corp. quietly bought XCU Capital Corp., the credit union-owned broker dealer that served more than 30 credit unions, in August 2007.
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PSCU Meeting Speakers Urge Members to Focus on Growth in Checking Accounts
SAN DIEGO -- Card-issuing credit unions must streamline their operations, cut costs and focus on opening more checking accounts to keep their overall card portfolios performing well in a down economy.
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CO-OP CUs Get Dividend
RANCHO CUCAMONGA, Calif. -- CO-OP Financial Services gave its member credit unions a bit fatter bottom line when it announced another big patronage dividend.
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Credit Union Economists Meet with San Francisco Fed Bank President
SAN FRANCISCO -- Members of the Credit Union Economics Group met with officials of the Federal Reserve Bank of San Francisco on April 14 and shared their views on issues and topics currently affecting credit unions.
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Children, National Guard Team Up To Send Care Packages to Troops
ALBANY, N.Y. -- It was a team effort to assemble care packages for troops overseas for at Capital Communications Federal Credit Union as children who came to work with their parents and the local National Guard Members in Latham's 3rd battalion 142nd Aviation Regiment worked together to put together the...
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Alliant CU Sticks to Diversification as United, Continental Airline Merger Speculation Heats Up
CHICAGO -- Last week's news from United Airlines that soaring fuel costs and a half a billion dollar first quarter loss has forced the carrier to trim 1,100 jobs from its 55,000 employee base is a road Alliant Credit Union has been down before.
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CFE Honored At Onyx Awards
LAKE MARY, Fla. -- CFE Federal Credit Union has been presented the Cultural Diversity Award during the sixth annual Onyx Awards.
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HFS to Offer Andera Online Account Opening and Funding Products
PROVIDENCE, R.I. -- Andera said it has partnered with Harland Financial Solutions to offer the Rhode Island company's online account opening and funding solutions to HFS clients.
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Michigan League Schedules Special Foreclosure Loan Summit for May 2
NORTHVILLE TOWNSHIP, Mich. -- The Michigan Credit Union League is moving once again next month to help its own members and homeowners cope with the state's foreclosure crisis by holding a special MCUL Mortgage Lending Summit here May 3.
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Which Credit Union Stands to Gain More from Delta, Northwest Merger?
FOREST GROVE, Ore. -- It remains to be seen whether Delta Community Credit Union or Wings Financial FCU will have the membership growth advantage should the merger between Delta Air Lines and Northwest Airlines go through.
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Latino Community CU Rounds Out Its Portfolio by Offering Fixed-Rate Mortgages
DURHAM, N.C. -- The $60 million Latino Community Credit Union has taken another step in favor of serving its primarily immigrant membership in the face of a negative economy by offering fixed-rate mortgages.
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Oregon Credit Unions Start Financial Education Task Force
BEAVERTON, Ore. -- Oregon Credit Unions have successfully led a campaign during the 2007 Oregon legislative session to implement a Financial Education Task Force and to secure funding for it through the Department of Education.
Front Page News
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Housing Crisis Bolsters Importance Of ACUMA Spring Conference
John Reed, ACUMA chairman and president for Maine Savings FCU, NCUA Board Member Gigi Hyland and ACUMA President Bob Dorsa take a break from the timely and informative ACUMA Spring Conference in Nashville's Opryland Resort last week to pose for Credit Union Times' camera. See full coverage on pages 37-38.
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Firing the Watchdog? - N.M. CU Expels Supervisory Chairman And State Regulator Attends Board Vote
LOS ALAMOS, N.M. -- One of New Mexico's largest state-chartered credit unions has expelled its supervisory committee chairman in an apparent attempt to end investigations into possible board impropriety and election irregularity.
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CUSO Spawned to Eye Member Loyalty
CHICAGO -- Six credit union have come together to create a CUSO to help measure, detect and take advantage of member loyalty.
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$1B Visterra, CU SoCal Merger Aims To Hit Cost-Reduction Sweet Spot
MORENO VALLEY, Calif. -- The $470 million Visterra Credit Union and $530 million Credit Union of Southern California created an industry stir April 18 with the latest announcement of a megamerger between equal partners.
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After 42 Years, Alabama League's Gary B. Wolter Is Retiring Next Year
BIRMINGHAM, Ala. -- Gary B. Wolter, the uncontested dean of credit union league managers and a pioneering figure, is retiring as president/CEO of the Alabama Credit Union League by mid-summer of next year.
News Briefs
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Security Identity Signs Two for ID Protection
BRENTWOOD, Tenn. -- Security Identity Systems said two credit unions are joining the list of financial institutions offering the company's ID theft protection service to account holders.
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Former Robber Offers Texas CUs Prevention Tips
DALLAS -- The Texas Credit Union League has turned to a former bank robber to help teach member credit unions to avoid becoming robbery victims.
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House Res. Urges Boost in Financial Literacy
WASHINGTON -- A resolution introduced by U.S. Representatives Rub?(C)n Hinojosa (D-Texas), and Judy Biggert (R-Ill.) urges government and private entities to do more to encourage financial literacy.
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Monthly Phishing Report Finds CUs Targeted
BEDFORD, Mass. -- Cybercrooks continue their focus on credit unions, according to a monthly report from a leading Internet security firm.
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CUNA Mutual Senior VP Endorses Proposed Optional Federal Insurance Regulation
WASHINGTON -- Insurance companies should have the option of being regulated by one federal entity rather than on a state-by state basis, CUNA Mutual Group Senior Vice President and Chief Underwriter Alistair Shore told a congressional committee recently.
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Credit Union Times Welcomes D.C. Reporter
HOBOKEN, N.J. -- Credit Union Times last week announced that Claude Marx has joined the publication as its new Washington, D.C., reporter.
Regulatory/Compliance
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NACUSO: Expanded CUSO Power Could Provide CUs More Leverage
NEWPORT BEACH, Calif. -- One sign that CUSOs can be a viable solution for credit unions wanting to gain more muscle in an increasingly competitive marketplace recently came through NCUA's proposal to include two new services for the entities to offer.
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NCUA Highlights Importance of National Small Business Week
ALEXANDRIA, Va. -- NCUA Chairman JoAnn Johnson recognized the importance of the alliances between credit unions, small businesses as the Small Business Administration celebrated National Small Business Week.
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Trade Groups Demonstrate Mixed Reactions to Rule Changes
WASHINGTON -- While CUNA supports the proposed NCUA regulation expanding credit union service organization powers, the group expressed concern about expanding federal oversight of state-chartered CUSOs. NAFCU favors the business expansion but is undecided on the oversight change.
Special Report
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Mortgagebot's Mortgage Marvel Offers Loan Aggregation and Privacy
MEQUON, Wis. -- Mortgagebot is a provider of online mortgage-application technology for nearly 800 banks, thrifts and credit unions across the country, but the company wasn't satisfied that the online channel was doing everything it could have.
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Prime Alliance Recording 20% Annual Growth
TUKWILA, Wash. -- Even as mortgage production has decreased 15% from last year due to the subprime meltdown, Prime Alliance Solutions Inc., the mortgage CUSO here, reported an increase of 20% in mortgage transactions from 2006 to 2007.
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Expansion of FHA Programs Will Make It More Appealing to Credit Unions
FORT WORTH, Texas -- Will the changes made by the Federal Housing Administration and Urban Development Agency cause more credit unions to become FHA lenders?
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Home Buying May Slump Further As Public's Pessimism Grows
WASHINGTON -- A new poll by the Associated Press and AOL Money & Finance offers little hope for a resurgence in the mortgage market as a growing majority say they won't buy a home anytime soon.
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Are We Seeing Bottom of the South Florida Real Estate Fall?
MT. PLEASANT, Pa. -- Default Research, a provider of foreclosure real estate data in South Florida has reported recently that the number of suits pending as a prelude to foreclosure proceedings in Broward, Miami-Dade and Palm Beach saw decreases of 10%, 6% and 3%, respectively. According to Default Research (www.defaultresearch.com)....
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Beware: Reverse Mortgages Can Be Dangerous for You and Your Members
Consumer interest in reverse mortgages is growing, which is good news for the lenders underwriting the loans and for the brokers originating them but not for the seniors targeted or for the credit unions getting aggressively recruited to help market the product.
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Mortgage Builder's Loan Origination System Integrated with Flood Data
SOUTHFIELD, Mich. -- Mortgage Builder Software Inc., a provider of end-to-end mortgage banking software, announced that First American Flood Data Services has integrated its flood certification process into Mortgage Builder's loan origination system, providing an instant response for a flood determination request.
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Dupaco Community CU Ranked No. 1 As FirstHome Lender in Eastern Iowa
DUBUQUE, Iowa -- Dupaco Community Credit Union was recognized by the Iowa Finance Authority as the No. 1 eastern Iowa-based FirstHome lender, and number six in the state, in the 2007 FirstHome program.
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Toolkit Educates Consumers About Mortgage Fraud
WASHINGTON -- Mortgage fraud continues to be of critical concern for both financial institutions and consumers, so BITS, a division of the Financial Services Roundtable, has developed Mortgage Fraud Prevention: An Education and Awareness Toolkit for Consumers to help financial institutions educate consumers about mortgage fraud and protect themselves against...
Letters to the editor
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Salary Disclosure Will Not Boost Safety and Soundness
In her column of April 16 ["See No Evil, Hear No Evil, Speak No Evil"], Sarah Snell Cooke makes some broad assertions about the inevitably of data collection and executive compensation disclosure--two proposals that are contained in the NCUA's recently released Outreach Task Force report. Neither of these recommendations, in...
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Privacy Matters
Your statement that "Credit union executives don't work for private companies" (Credit Union Times, April 16, page 14 column) is as far from the truth as it can be. It is true that credit unions are nonprofit and that most if not all nonprofits' salaries for top executives are available...
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Why Not Tell the Whole Story?
I read in Credit Union Times (and other publications) that credit union net income was down in 2007. What concerns me is that any bonus dividends or loan interest rate refunds paid out during the year are not included in the bottom line figure.
Publisher's Column
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Go Team!
Before I went off to college, my high school volleyball coach asked me to help him with try outs. A few days of drills and playing went by, and he told me, OK, I have two slots left and four girls. You pick. One of the girls was my best...
Quotes Worth Quoting
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Quotes Worth Quoting
"I have often thought something else was funny or phony about that election or that someone had been in cahoots. The fellow who won it, Joe Montoya, told the board only one week later than he couldn't make the commitment to serve on the board and then they put someone...
On-Site Conference Coverage
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Moody's Predicts Short, Mild Recession and a Democratic Presidential Victory
NASHVILLE, Tenn. -- Yes, Virginia, there is a recession, said Moody's Economy.com's Director of Macroeconomics Gus Faucher in an exclusive interview with Credit Union Times prior to his presentation at ACUMA's Annual Spring Conference here. The good news is that it will be short and mild, with gross domestic product...
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FHA Liaison to Credit Unions Falters
NASHVILLE, Tenn. -- The liaison from the FHA to the credit union industry had a difficult turn before an audience of CU mortgage specialists here when she stumbled through a PowerPoint presentation and announced at the end, "I won't take any more questions" as more than a half-dozen hands were...
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Avoiding Foreclosures: Early Action Can Help Borrowers Remain in Their Homes
NASHVILLE, Tenn. -- For those involved in the credit union mortgage business, foreclosures are sad but necessary if all attempts at workouts fail. Sometimes, it's just not possible to keep people in their homes, said CU officials here attending a breakout session on loss mitigation and foreclosure avoidance.
From the Board Room
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Heritage FCU Names New Directors
NEWBURG, Ind. -- During the Heritage Federal Credit Union 43rd annual meeting four members were elected to the board of directors
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Nevada Federal CU Board Results
LAS VEGAS -- Nevada Federal Credit Union has announced the results of its membership election for the board of directors for the upcoming year.
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New Board for Missouri Corporate CU
JEFFERSON CITY, Mo. -- Missouri Corporate Credit Union elected its board of directors during its annual meeting.
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First Class American CU Meeting Tops
FORT WORTH, Texas -- First Class American Credit Union welcomed 275 members and their families to its 79th Annual Meeting.
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PEFCU Elects New Board Members
WEST LAFAYETTE, Ind. -- Some 128 members participate in Purdue Employees Federal Credit Union's 2008 annual meeting.
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