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WASHINGTON - The SEC has proposed rule amendments intended to encourage mutual fund advertisements to convey more balanced information to prospective investors, particularly with respect to past performance. The Commission's concerns that mutual fund advertising could mislead investors or create unrealistic expectations were heightened when many funds engaged in advertising...

ST. LOUIS - Credit unions in both St. Louis and selected Virginia markets are taking advantage of large television audiences during sweeps month to spread the credit union message. In the past few years, St. Louis-area credit unions have tended to run television spots in both the spring and fall...

HILTON WAIKOLOA VILLAGE, Hawaii - Ken Otsuka's message to Hawaii Credit Union League (HCUL) conventioneers resonated throughout the ballroom May 3: It is imperative that credit union personnel keep abreast of new account fraud, identity theft, kiting, and split deposits that constantly threaten to increase check fraud exposure. Otsuka, senior...

ALEXANDRIA, Va.-NCUA announced the liquidation May 10 of First Hialeah Community Federal Credit Union of Hialeah, Fla. and its combination with Government Employees Credit Union of Florida. First Hialeah re-opened May 14 as Government Employees Credit Union of Florida with full deposit and payment services. The approximately 5,400 First Hialeah...

WASHINGTON-In a recent letter to the Small Business Administration (SBA), CUNA told the agency that notice and comment were unnecessary and a waste of time in allowing credit unions to participate in the SBA's 7(a) loan program. The SBA only permits geographically based credit unions to participate currently due to...

WASHINGTON-Senate Banking Committee Chairman Paul Sarbanes (D-Md.) spoke at the National Press Club last week on the importance of economic and financial literacy. The summit was hosted jointly by the National Council on Economic Education and the Federal Reserve. Sarbanes has been a strong advocate of financial literacy in America,...

WASHINGTON - Eight state supervisory agencies that regulate privately insured credit unions participated in a teleconference with Treasury on May 9 to discuss the development of anti-money laundering rules as stipulated in the USA PATRIOT Act passed last year. The participating regulators were from Alabama, California, Idaho, Illinois, Indiana, Maryland,...

JEFFERSON CITY, Mo. - A bill described by the Missouri Credit Union System as "key" because it staggers the terms of credit union commissioners following the terms of current commissioners and extends the exam cycle from annually to 18 months for some CUs, passed both chambers of the state legislature....