News

The roiling of the secondary student loan market and a halt to direct funding by a state agency prompted quick action last week by the Pennsylvania Credit Union Association to assist CUs transition to new funding vehicles.

The National Credit Union Administration issued a letter to credit unions, encouraging all who service securitized subprime adjustable-rate mortgages to adopt the HOPE NOW alliance's loan modification standards on reporting foreclosure prevention efforts.

The 2008 inaugural edition of Who's Who in America's Credit Unions will be dedicated to Representatives Paul Kanjorski (D-Pa.) and Steve LaTourette (R-Ohio).

Since joining CUSIG four years ago, Western Corporate Federal Credit Union has saved nearly $750,000 on workers' compensation premiums, according to Tom Swedberg, vice president of strategic planning. This year alone, WesCorp's premiums are $250,000 less than they would have paid for a standard policy.

To offer credit unions revenue building strategies as margins continue to shrink, the Credit Union Executives Society and fi-linx, a technology solutions CUSO, have teamed up to bring deposit reclassification to the industry.

If January's membership gains are any indication, convenient credit union branches and other access channels, product and service selection and competitive pricing may continue to be key drivers of growth within the industry.