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.

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.

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.

Two state leagues, Texas and California, have taken to a little Capitol Hill bank bashing this week over business lending in anticipation of stepped up American Bankers Association opposition to pending CUNA bills.

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.

Payday loan shops in Arizona were dealt a blow Tuesday after a state Senate Committee voted down a measure exempting the firms from an existing sunset law forcing the firms to abide by a strict 36% rate limit.

Concerns over the federal charter and field of membership limits stand to play a big part in more voluntary mergers like the First Tech/Addison Avenue FCU combination, according to former NCUA Chairman Dennis Dollar.

Two of the largest and most tech-savvy credit unions on the West Coast, Addison Avenue FCU of Palo Alto,