Around 26 credit unions have applied for funds under the Treasury Department's Community Development Capital Initiative, according to NCUA officials participating in a Web event about the program today. Thirteen credit unions have joined to form the first peer users group for users of the document management solutions from eDoc Innovations and the CU*Answers core processing platform. The Pennsylvania Credit Union Association’s iBelong awareness campaign running on TV and radio stations in four states is getting tweaked next month with new ads taking advantage of the Move Your Money campaign. The Texas Credit Union League warned against complacency in Bank Secrecy Act and Office of Foreign Assets Control compliance following a $160 million money laundering judgment against the old Wachovia Bank, now part of Wells Fargo. Virginia Credit Union members and employees are mourning the loss of retired president Dorothy J. Hall, who died this week at the age of 79. The planned $4.6 billion, mega-merger of First Tech Credit Union and Addison Avenue FCU points to new industry thinking on future combinations of equals, according to Callahan & Associates. If California lawmakers don’t settle their differences before April 15, homeowners who received mortgage modifications or lost their home to short sale or foreclosure, will see their 2009 tax bills increase exponentially. Meriwest Credit Union members can now download an iPhone mobile banking application at the iTunes Store. Bob Miles, PSCU Financial Services’ former director of security, is now chief security officer with the new Financial Services Division of Cyber Operations LLC, an Alabama-based IT security firm with operations in St. Petersburg and Orlando, Fla. As part of its cost-cutting over the last year, ailing Arrowhead Central Credit Union has cut its staff by a fifth to 400 and has shrunk its loan portfolio “way down” in three areas–autos, home equity and RVs, said Larry Sharp, president/CEO. In the wake of a hearing before the House Committee on Financial Services last week, community development financial institutions, including some credit unions, are trying to build legislative support for their agenda. Southeast Corporate Federal Credit Union is among the lucky wholesale credit unions that don’t face an immediate need to recapitalize. The troubled $851 million Arrowhead Credit Union of San Bernardino, Calif. is selling off five of its branches to the $3.9 billion Alaska USA FCU, it was announced Thursday. Consumer prices didn’t move last month, the Labor Department reported today.
The $1.4 billion Summit Credit Union is one of the sponsors of an upcoming forum that will explore why consumers makes choices they later regret and put their families at financial risk. |