News

WASHINGTON - Mountain America Credit Union continues to be the top-performing CU 7(a) lender in the nation, according to SBA. The $1.5 billion CU approved 297 7(a) loans in 2005 totaling more than $11 million as of Sept. 30, 2005. The SBA recently requested $17.5 billion for the 7(a) program...

ADELAIDE, Australia and NORTH VANCOUVER, British Columbia, Canada - Two credit unions, a world apart are reporting record profits. Australian Central Credit Union, which has AUS$2.8 (US$2.06) billion in assets and North Shore Credit Union in Canada, with assets of CND$1.8 (US$1.57) billion have released results. ACCU, which like other...

WINNIPEG, Canada - Astra Credit Union took a CND$7.5 (US$6.5) million hit when two of its commercial borrowers with interlocking directorships had major business problems and wrote a number of unauthorized overdrafts aided by an Astra employee. An ongoing audit has resulted in the employee to be first put on...

NAFCU President/CEO Fred Becker believes a tax on credit unions would raise concerns for the three `S's': safety, soundness, and service. "If they taxed income at the corporate [level].it would raise safety and soundness concerns," said Becker. "That's not saying that credit unions would not take some tax avoidance measures,...

"It would probably lead to-over a period of 10 or 20 years or so-the elimination of the credit union movement in the United States," said CUNA President and CEO Dan Mica of taxation. It would change the fiduciary responsibility of the institution from its depositors to its shareholders and, Mica...

BENDIGO and SYDNEY, Australia - When Bendigo Bank of Australia came up with a program marketing a scheme where local communities could invest AUS$400,000 (US$295,000) to have the privilege of designated essential banking services and called the program community banking, Australian credit unions had no problems with the program. In...