News

On a vote of 24-6, the Oregon Senate has adopted a House-passed bill clearing the way for credit unions to offer public funds above $250,000 starting in 2013.

Expanding its Wisconsin footprint, the $1.4 billion Summit Credit Union of Madison, the state's largest, is planning to merge the $68 million State Central CU of Milwaukee.

WASHINGTON - The vast majority of credit unions would have five or six years to make any changes to accounting standards that result from efforts to rewrite parts of the generally accepted accounting procedures.

The Financial Service Centers Cooperative, one of two nationwide shared branching networks, has rolled out an updated logo and streamlined Web site to try to emphasize its broader work with credit unions.

The NCUA will strengthen its regulations to prevent "unintended safety and soundness concerns," if Congress raises or eliminates the cap on member business lending, NCUA Chairman Debbie Matz wrote Treasury Secretary Timothy Geithner.

Geezeo said it has signed $628 million Vantage Credit Union in St. Louis as the fourth credit union customer of its personal finance management service.

Online banking vendor Digital Insight and one of its customers has been sued by MShift Inc., a mobile banking software specialist which says DI is infringing on its patent.

Nearly one in four mortgages nationwide was in negative equity status as Dec. 31, 2009, up 600,000 from third quarter, according to a report released yesterday by First American CoreLogic.