News

Michael McGrath, the former CEO of CU National Mortgage, was sentenced to 14 years in prison today for his part in a scheme which saw some credit union mortgages fraudulently sold on the secondary market.

This year may be a repeat of 2010's below-trend savings growth for credit unions as members continue to focus on paying down debt.

The Maryland/DC Credit Union Association, which since last year has been scouting for a new president/CEO, has also been looking at a possible merger with one of its Mid-Atlantic neighbor leagues.

New England credit union CEOs James Blake and John Dwyer expect to give the Federal Reserve an earful next week drawn from differing agendas - one on mortgage lending and the other on Fed access.

Bernie Metz, former CEO of Center Valley Federal Credit Union, is ordered to repay the NCUA more than $4.65 million.

CUNA President Bill Cheney and Gerber FCU President/CEO John Buckley are scheduled to discuss the impact of the financial overhaul bill on small financial institutions at a House Financial Services subcommittee hearing next Wednesday.