The nomination period is now open for NACUSO's 2009 CUSO collaboration and innovation award.The award will be judged on the following criteria: a clear description of how an organization and the collaborative model brought value to the owners, the industry and credit union members; thought leadership and critical thinking; value created through use of collaboration; innovation in organization design; implementation and execution; and results, outcomes and performance.The application deadline is March 27. Winners of a NACUSO award during the previous three years are ineligible (2006-2008). Self-nominations will be accepted. The CUSO that best meets the criteria outlined above will be presented with the award at NACUSO's annual conference May 3-6 at the Encore Las Vegas Resort.Nominations should be sent by e-mail to [email protected] or by mail to: NACUSO, PMB 3419 Via Lido #135, Newport Beach, CA 92663.

NCUA Closes Center Valley Federal CU

The NCUA has placed Center Valley Federal Credit Union of Wheeling, W. Va., into liquidation.The credit union's liabilities increased 82% during the last quarter of 2008, and its assets increased 8.7%. Its investment income fell 15.5%, and its loan income fell 4.4%.The agency concluded that Center Valley FCU was "insolvent and has no prospects for restoring viable operations."At the time of liquidation, the credit union served 3,150 members and had deposits of approximately $8 million. This is the second federally insured credit union to close in 2009.The NCUA asset management and assistance center will issue checks to individuals once they have verified the balances in share accounts in the credit union. Through the NCUSIF, credit union members' deposits are insured to at least $250,000 on regular accounts and $250,000 on certain retirement accounts.