News

Using the conversion ploy, the American Bankers Association appears ready to launch a new legislative attack next January on its favorite target, the so-called "large bank-like credit unions," with a possible bill forcing them to convert to a mutual savings bank charter based on business lending across state lines.

Wholly-owned CUSOs and multi-owned CUSOs focus on different types of services offered. For wholly-owned CUSOs, financial services is the primary service offered, followed by other services, lending services and technology services. In comparison, multi-owned CUSOs' primary service is technology. Lending services rank second, followed by financial services and other services.

CUSOs are playing an increasingly important role in the credit union industry. As of December 2005, credit unions had invested $722.0 million in CUSOs--nearly twice as much as they had five years earlier. In addition, credit unions had loaned more than twice as much to CUSOs as of Dec. 31,...

Coastal Federal Credit Union has partnered with CU Business Capital, LLC to provide additional business banking services to its members.

The FDIC Board voted in favor of a one-time credit totaling $4.7 billion for qualifying banks and thrifts under the Federal Deposit Insurance Reform Act of 2005.

Mountain America Credit Union was profiled in the October edition of Entrepreneur magazine for its financing help to small businesses.

In what might be a first for Canada, Credit Union Central of Ontario and Credit Union Central of British Columbia are in discussions to create a national lending and investment entity that would serve the entire country.

The National Credit Union Foundation has recognized a program presented jointly by the $156 million Prospera Credit Union, headquartered in Appleton, Wis., and charity Goodwill Industries with the Herb Wegner Outstanding Program award. The program, called GoodMoney, offers an alternative to payday loans and check cashing services from the inside...