News

Taking a cue from the American Bankers Association in attacking credit union loans in the Florida land scandal, the state's banker trade group lobbed a media broadside this month at the $143 million Superior Choice Credit Union for holding faulty participation loans with Norlarco Credit Union of Fort Collins, Colo.

The $1.1 billion Service Credit Union, whose field of membership includes many members of the armed services stationed overseas, has presented $2,000 in prepaid debit cards to military families who are staying at a facility for military families in Germany.

Two more California credit unions have announced merger plans.

Washington Mutual, the nation's largest thrift, has been slapped with a cease and desist order by the Office of Thrift Supervision for Bank Secrecy Act violations.

The 7(a) and 504 loan programs set records with 110,275 loans approved totaling more than $20.6 billion as of Sept. 30, the end of the Small Business Administration's fiscal year.

The only thing that stands between the merger between the American Bankers Association and America's Community Bankers is wading through the legal paperwork.

The lawsuit brought by the $295 million Lafayette Federal Credit Union against a former CEO, Bill Brooks, and his son continues to move slowly through the courts. In the latest twist the Brookses have accused the CU of trying to deliberately slow the litigation to increase legal costs.

As part of its quest to become the premier financial institution in Metro Atlanta, Delta Community Credit Union opened its newest branch in Cobb County here on Oct. 22.