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Corrections

Peter Westerman | May 30, 2006

In the story, "IRS: No Further Guidance Expected Soon on 457(b) Treatment at FCUs" in the May 17 issue, it was incorrectly reported that the deadline to establish a 457 plan was Dec. 31, 2006. That date applied to when employers need to amend their plans to comply with the...

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Northeast CU Commits to HLPR Loans

Peter Westerman | May 30, 2006

PORTSMOUTH, N.H. - Northeast Credit Union has joined the growing number of credit unions that are demonstrating their commitment to assisting lower income homebuyers to afford a home of their own by committing to CUNA's Home Loan Payment Relief program.

WEST

Peter Westerman | May 30, 2006

Redwood Credit Union, Santa Rosa, Calif., has added Kristina Derkos as its new senior vice president of human resources. San Diego Metropolitan Credit Union, San Diego, welcomes John Ash, who was recently hired as the lending manager. Woodstone Credit Union, Federal Way, Wash., has named Scott Butterfield, vice president of...

Sometimes Growing Portfolio Still Cannot Prevent Sale

Peter Westerman | May 30, 2006

AUBURN, Calif. - Sometimes even after taking steps to grow a credit card portfolio they are not enough to prevent the sale of the portfolio, according to the CEOs of two CUs which recently made sales.

Short-Term Certificates May Buffer Blow from Declining Fed Rates, Extend Asset Duration

Peter Westerman | May 30, 2006

SAN DIMAS, Calif.- In response to increases in the fed fund rate over the past 18 months, credit unions have been very conservative with rates on their money market accounts, individual retirement accounts, shares and drafts.

May NCUA Board Meeting with Underserved Area Final FOM Rule Canceled

Peter Westerman | May 30, 2006

ALEXANDRIA, Va. - The NCUA Board did not vote on its final field of membership changes banning non-multiple common bond credit unions from adopting underserved areas because there was dissension among the board members, according to knowledgeable sources.

Arizona Becomes Spring Board for Launch of CUSO to Help Credit Unions Transition Investment Programs In-House

Peter Westerman | May 30, 2006

GLENDALE, Ariz. - When the idea to start an investment CUSO for Arizona's credit unions came up, one popular model came to mind.

MIT Professor Warns CUs `Face Trouble' on Technology, Branching Fronts

Peter Westerman | May 30, 2006

LAS VEGAS - In a sobering and oftentimes gloomy message, an MIT professor of management has told credit unions already witnessing shrinking margins and a spate of mergers, they also suffer weak governance and poor product penetration, all factors harboring economic trouble in the future. In a closing day speech...

Glenn Named President/CEO Of Air Force FCU

Peter Westerman | May 30, 2006

SAN ANTONIO - The $230 million Air Force Federal Credit Union announced Robert A. Glenn as the CU's new president/CEO.

Subcommittee Passes Markup of `Saving America's Rural Housing Act of 2006'

Peter Westerman | May 30, 2006

WASHINGTON - The Housing and Community Opportunity Subcommittee chaired by Rep. Robert Ney (R-Ohio) passed by voice vote on May 23 a markup of legislation that would create a revitalization program for the U.S. Department of Agriculture Rural Development Agency's multi-family housing assistance program, Section 515.

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Corrections

Northeast CU Commits to HLPR Loans

WEST

Sometimes Growing Portfolio Still Cannot Prevent Sale

Short-Term Certificates May Buffer Blow from Declining Fed Rates, Extend Asset Duration

May NCUA Board Meeting with Underserved Area Final FOM Rule Canceled

Arizona Becomes Spring Board for Launch of CUSO to Help Credit Unions Transition Investment Programs In-House

MIT Professor Warns CUs `Face Trouble' on Technology, Branching Fronts

Glenn Named President/CEO Of Air Force FCU

Subcommittee Passes Markup of `Saving America's Rural Housing Act of 2006'

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