News

SAN FRANCISCO-Patelco Credit Union caught the eyes of the credit union community in 2002 when it announced its plan to convert from federal deposit insurance to a private fund. Patelco's members overwhelmingly passed the measure to convert to the American Share Insurance fund with 40,734 votes in favor out of...

VACAVILLE, Calif. - Yet another billion dollar CU CEO job opened up when Bob Siravo stepped down from the $1.1 billion Travis CU to head up WesCorp. Patsy Van Ouwerkerk, formerly president/CEO of Alliance CU San Jose, was named as the new CEO of Travis. Van Ouwerkerk is one of...

ARLINGTON, Va. - The struggle over credit unions' card portfolios raged onward in 2002 as more institutions sold their portfolios to card specialty banks and credit union card advocates began fighting back. The debate over the reputability of credit unions selling their portfolios seemed partially settled after the Florida based...

OVERLAND PARK, Kan. - The 10-year non-compete between Corporate Network Brokerage Services and a U.S. Central brokerage CUSO (Capital Markets, Inc.) was abolished six years early. The non-compete prohibited CMI from providing brokerage and advisory services to natural person CUs, and prohibited CNBS from providing brokerage and advisory services to...

WEST PALM BEACH, Fla. - State-chartered credit union activity was kicked up several notches in 2002 as NASCUS received signals from Capital Hill that Congress would have its eye on the state-chartered CU system in the 108th session with the possibility of restricting SCCUs' and state regulators authorities. State-chartered credit...

WASHINGTON-Credit union activists in the nation's Capitol have been coming and going throughout 2002, including trade association employees, as well as the federal regulator and key members of Congress. Most notably, the president replaced two-thirds of the NCUA Board in January of this year. NCUA Board Member JoAnn Johnson joined...