News

Credit cards continued to be solid assets for credit unions in the second quarter of 2009 and about three credit unions sold their credit card portfolios to agent bank issuers, according to an analysis of NCUA data.

Prosecuting Albert Gonzalez, the young and brilliant computer hacker that authorities have alleged was behind many of the major card breaches in the last two years, is bringing up a number of challenges for prosecuting these sort of cases.

The death of Sen. Edward M. Kennedy could have ramifications on the committee that oversees credit unions and will handle President Obama's legislation to restructure the regulation of financial services.

The $627 million-American First Credit Union is suing to recover against at a member who defaulted on a 2008 Lamborghini Gallardo, and owes nearly $226,000 plus interest according to legal documents filed in Orange County, Superior Court.

Reality TV star Simon Barney, who stars along with wife Tamra in the Bravo show The Real Housewives of Orange County, is being sued by the $627 million American First Credit Union to recover against a delinquent exotic car loan.

Since June 2008, the membership growth rate at the $2 billion Wings Financial Federal Credit Union has been on a steady decline providing more possible proof for the financial institution wanting to convert to a state charter.