News

In a changeover with noteworthy symbolism, the $500 million First Citizens' Federal Credit Union of Fairhaven, Mass. has taken over a vacant bank building in Mattapoisett, a coastal community, opening it as a CU branch.

Increasing concentrations of non-agency MBS drove Western Corporate FCU to failure, NCUA said in its amended complaint against former directors and officers yesterday in U.S. District Court.

NCUA used strong words - false, misleading, willful and malicious - to allege a scheme by former Western Corporate FCU officers Robert Siravo and Tom Swedberg to increase their Supplemental Executive Retirement Plan payouts.

Los Angeles credit unions, smarting from a negative article in a local business journal hitting on poor performance, stepped up a quiet media campaign this week countering that "not all credit unions are suffering."

For the second time this month, Connecticut credit union representatives have met with Rep. Jim Himes (D-Conn.) to discuss the proposed member business lending cap.

The President's Economic and Recovery Advisory Board has drawn letters from both CUNA and NAFCU after its Aug. 31 report mentioned taxing credit unions as a potential way of improving the federal tax system.