Bank-Fund Staff FCU Chief Financial Officer Frank Vassallo has joined the Credit Union Economics Group.
He will work with the group to provide economic forecasts and trend analysis that credit unions can use in their planning process.
Vassallo, who has held his current job for three years, has extensive experience in the credit union movement. Previously, he was CFO of Fort Belvoir FCU for six years and was also an education consultant at CUNA Mutual Group. In that position, he worked with more than 400 clients in the areas of asset-liability management and product pricing and was also a speaker at many regional and national conferences.
He is a member of CUNA's CFO Council and served on its executive committee for four years. He was on CUNA's accounting task force for three years.
Vassallo received a bachelor of arts degree in economics from the State University of New York College at Geneseo, and a master of arts in finance from the Catholic University of America. He was awarded the CFA designation in 2000.
"In the current economic environment, we face some unique and difficult challenges, and I am looking forward to working with CUEG in its efforts to assist credit unions," he said in a statement.
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SBA Surety Bond Amount Doubles

The American Recovery and Reinvestment Act has increased the amount of Small Business Administration-backed surety bonds up to $5 million.
Small businesses use surety bonds to compete for construction and service contracts. The higher amount is more than double the previous $2 million maximum surety bond guaranteed by the SBA, according to the agency. Through SBA's surety bond program, it guarantees bid, payment and performance bonds. Surety bonds protect the project owner against financial loss if contractors default or fail to perform. Under the partnership, the SBA provides a guarantee to a participating surety company of between 70% and 90% of the bond amount. The new $5 million amount went into effect on March 27.
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