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CREDIT UNION TIMES DAILY NEWS

Credit Union Times will be closed for the remainder of today and all day tomorrow to observe the Fourth of July holiday.
The prospect of big loan demand from state employees resulting from Illinois’ current budget crisis has one credit union prepared with revised procedures “so we don’t waste a lot of staff time with inactive accounts.”
New signage is going up today on multi-state branches of the old American Savings Credit Union of Memphis, which was formally merged this week into Hope Community Credit Union, of Jackson, Miss. now with $117 million in assets.
While the SBA expected a new program offering deferred payments and no fees to be in huge demand, only $4.6 million loans have been funded since the recovery effort was launched on June 15.
Credit union employees interested in learning about how to comply with the recently enacted measure revamping credit card rules can register for NAFCU’s July 15 webcast on the subject.
CUNA Mutual Group said it has signed a letter of intent to sell its individual retirement account services division to Ascensus, a retirement services firm.
The housing market continued to show signs of improvement as pending home sales increased 0.1% in May, the National Association of Realtors reported yesterday. It was the third consecutive monthly rise.
Unemployment rose to 9.5% in June but businesses continued to cut positions, shedding 67,000 non-farm jobs, the Department of Labor reported yesterday.
Citing the “the current stressed environment,” the Federal Financial Institutions Examination Council has made a policy statement on the issue of financial institutions changing their charters.
Western Corporate Federal Credit Union eliminated 30 San Dimas-based employees this week, adding to the 60 branch processing staff the NCUA had previously announced would be let go over the next 12 months.
CUNA is eliminating the jobs of 18 people in its Madison, Wis. office as part of previously announced cost-cutting program, the association announced today.
Beginning today, auto, recreational vehicle and other dealerships can apply for a revolving line of credit financed through the SBA’s 7(a) loan program.
Organizations that provide information about consumers to credit reporting agencies must include information about the individual’s credit limit, under regulations released today by the NCUA and four other regulators.
At year-end 2008, credit unions reported $1.12 billion in investments in CUSOs and 27.8% now participate in at least one CUSO, according to Callahan & Associates.
When Steve White joined Redstone Federal Credit Union in March 1970, one of the first things he did was help flip the switch on the credit union’s new Burroughs computer system.

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Gerber FCU Bowls for Big Brothers Big Sisters
Gerber Federal Credit Union employees participated in a Bowlapalooza to raise funds for Big Brothers Big Sisters...

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