Archive for May, 2011
Valued Members FCU of Jackson, Miss., with $9 million in assets and 2,000 members, was liquidated by the National Credit Union Administration Tuesday. Magnolia FCU, also of Jackson, immediately purchased and assumed the closed credit union’s assets, liabilities and members
Fifty-nine percent of parents are financially supporting adult children when they are no longer in school, reports a survey from a partner well-known to credit unions. The statistic reflects how the current economic and job landscape is presenting a bigger challenge than expected–for those who should be leaving the nest as well as their parents.
A Wisconsin budget amendment that aims to make it easier for state-chartered credit unions to convert directly to banks doesn’t mean it will be easier for them to receive approval to convert. Federal law treats a conversion from a federally insured credit union to a mutual savings bank differently from direct conversions to stock issuing banks.
NCUA Chairman Debbie Matz said the “solid financial start to 2011″ reflected by first quarter credit union call report data released on Tuesday “shows the resilience” of the credit union industry.
Corporate America CU, a corporate credit union in Irondale, Ala., has launched a mutual fund for credit unions.
Pennsylvania Credit Union Association board member Paula A. Nihoff advocated for credit unions’ tax-exempt status in a May 26 Readers Forum letter to The Tribune Democrat.
The Tennessee Credit Union League and Volunteer Corporate Credit Union recently inducted four individuals into the Tennessee Credit Union Hall of Fame at the TCUL Annual Convention and Expo in Gatlinburg, Tenn.
Over 80% of credit reports have errors on them, errors which could be lowering your credit score and keeping you from getting credit or paying more for it than you should.
Credit unions must fully understand the current economic environment and various economic trends before they determine whether, and to what degree, to adjust their allowance for loan and lease losses, the National Credit Union Administration recommended.
The president of the Wisconsin Farmers Union has written an op-ed article opposing a measure in a state legislative committee that would make it easier to convert a credit union directly to a bank.