News

The end of the year may be near, but there are plenty of news stories breaking. Turn to page 3 for two of the biggest. The $4.5 billion Mid-States Corporate and the $3.9 billion Empire Corporate have announced merger plans. And, don't look now, but another billion dollar credit union...

WASHINGTON - The Treasury Department's Community Development Financial Institution's fund survived to make more grants in 2005, mounting an effective lobbying and political effort among its friends in Congress which kept it from being largely shut down and its appropriations divided up among a block grant program that would have...

MADISON, Wis. - Changes continue at CUNA Mutual Group. Credit Union Times has learned that Jim Gowan, former chief officer of sales, and Dan Meylink, former chief officer of lending, will be leaving the company effective at the end of the year to pursue other interests. Both Gowan and Meylink...

ONTARIO, Calif. - As he promised in 2004, Bob Rose, 15-year president of CO-OP Network, stepped down in 2005 as the network board chose Stan Hollen, the former CEO of The Golden 1 Credit Union and Liberty Enterprises, to take his place. Because of the careful work Rose and the...

HOUSTON - The ATM and EFT world lost one of the last networks owned by its financial institution members in 2005 when the banks and credit unions which owned the PULSE EFT Association approved the network's purchase by Discover Financial Services, the card arm of Morgan Stanley. Undoubtedly the prospect...

WASHINGTON-Recent public violations of the Bank Secrecy Act, such as the Riggs Bank incident, have led to increased scrutiny by the federal financial regulators. So far, just one credit union-Suffolk Federal Credit Union in November 2004-has been hit with a Letter of Understanding and Agreement for a BSA violation. However,...