News

The $1.2 billion Chartway Federal Credit Union of Hampton Roads, Va. merged the troubled $311 million HeritageWest FCU of Tooele, Utah in an agency-approved purchase/assumption deal over the New Year's weekend.

At the end of February, all paper checks will be processed by the Federal Reserve Bank of Cleveland and there will be no such thing as a non-local check, as a result of rules changes approved last week by the Fed's Board of Governors.

Construction spending declined 0.6% in November, according to data released today by the Commerce Department.

With its NCUA Utah merger deal under its belt, the $1.5 billion Chartway Federal Credit Union of Virginia is still bent on scouting out more struggling CUs in the West and Midwest for possible acquisition.

The NCUA filed suit in Los Angeles Superior Court Dec. 30 to replace seven natural person credit unions as plaintiffs in a negligence suit against current and former employees and volunteers of failed Western Corporate Federal Credit Union.

The president/CEO of Chartway Federal Credit Union in Virginia said its New Year's Eve acquisition of a troubled Utah CU underscores the difficulties many CUs have in venturing into big-ticket business lending projects.