The political action committees of CUNA and NAFCU won some and lost some in yesterday's primary elections.
Arizona Attorney General Terry Goddard pledged Wednesday to vigorously enforce a crackdown on payday lending three weeks before the June 30 expiration of a sunset law allowing the shops to charge rates up to 400%.
Building relationships with dealers is critical to indirect lending. It's also important to cross sell those new members. But meet and greet is the most vital link in indirect auto lending success.
Crippling budget cuts have left Arizona with just two credit union examiners to handle 22 state-chartered CUs.
Arizona may have a new regulatory team to deal with banks and credit unions but the state has also had to face down a daunting budget crisis, which CU executives claim is hindering the examination process.
One of Arizona's most troubled credit unions, the $370 million AEA Federal of Yuma, has replaced its veteran CEO, Ken Bredemeyer, who is retiring after a 31-year career.
The ailing AEA Federal Credit Union of Yuma, Ariz. has a new interim CEO.
By June 30 Arizona could be joining states banning or restricting payday loan operations with credit unions playing a role in joining the cause.
Southern Arizona's largest credit union, the $1.1 billion Vantage West of Tucson, this month completed the merger of a long-troubled Phoenix CU, and the Vantage management remains at the ready for new Southwest consolidations should they come along.
Barring any last minute switch by Arizona lawmakers, the state's payday lenders will be closed effective June 30.