News

NCUA announced today that it has assumed control of $51 million Obelisk Federal Credit Union located in New Albany, Ind.

All 10 of the employees who work at Freedom First Federal Credit Union's branch on Virginia Polytechnic Institute's campus are fine and accounted for, according to Paul Phillips, president/CEO.

NCUA said it has reviewed the offer by Wings Federal Credit Union to pay members of Continental Federal Credit Union $200 apiece if Continental merges with Wings, and has informed Wings that the payment is "impermissible" under the provisions of the Federal Credit Union Act.

The $319 million Lafayette Federal Credit Union has denied there was any obstruction of an April on-site audit of the credit union and said that former Chief Compliance Officer Lawrence Hart resigned because he knew he could have been fired.

Credit unions are pricing their auto loans too low, losing out on an opportunity to earn interest income in a difficult yield environment.

By the end of this month, the volume of imaged checks will surpass the volume of paper checks processed by the South Carolina Credit Union League's Palmetto Cooperative Services.