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Featured Headlines for Monday, February 8, 2010   
Drama Over Failed California CU Moves Off Broadway February 8, 2010 – Credit Union Journal OAKLAND, Calif. – A simmering battle over the one-time headquarters of defunct Kaiperm FCU is shining a rare light on the behind-the-scenes machinations involved in the sale – the so-called purchase and assumption – of failed credit unions. A private real estate investment company called 625 3rd Street Associates LP that bought the 19,000 square-foot office building in the renovated section of this city’s Broadway has filed suit against NCUA and Alliant CU, which bought the remnants of the one-time $150 million credit union in a purchase and assumption deal at the end of 2008. The investors claim the credit union and its former CEO, Stan Abrams, knew when they entered into an $8 million 15-year sale-and-leaseback on the property that the 51-year-old credit union was in poor condition and wouldn’t be able to satisfy the terms of the lease. Alliant CU last week filed suit against CUMIS Insurance Society to recover more than $1.2 million it eventually paid to settle claims by the disgruntled investors. Read full articles on 
Becker writes Obama, Geithner on GSEs February 8, 2010 – NAFCU Today NAFCU President Fred Becker on Friday urged President Obama and Treasury Secretary Tim Geithner to ensure preservation of a housing finance model that continues to provide important liquidity for credit union lending. Becker said the housing-related, government-sponsored enterprises, including Fannie Mae and Freddie Mac, have through their secondary market activities provided vital liquidity to credit unions for meeting their members’ mortgage needs. “The GSEs have served as a valuable resource and partner to credit unions in promoting homeownership to their members, particularly those of low and moderate incomes,” the NAFCU president said. Becker reiterated the association’s concern that the expected transition for Fannie Mae and Freddie Mac from conservatorship be a smooth one and that it not compromise the role these two entities play for credit unions and the secondary market. Read full article on NAFCU Today
Virginia House Panel Scales Back Bank-Buy-CU Bill February 5, 2010 – Credit Union Times In a victory for the Virginia Credit Union League, a House panel voted 20-0 Thursday to pare down a banker-backed bill allowing banks to buy credit unions into a measure enabling state CUs to convert to mutual charter. The substitute bill, drafted by the league, now heads to the House while a similar bank-buy-CUs measure, written by the Virginia Bankers Association is slated for a possible hearing Monday. Citing a vigorous e-mail and phone campaign to amend the VBA bill, Rick Pillow, president/CEO of the league, hailed the unanimous vote by the House Commerce and Labor Committee as vindication of the league stance of “protecting the rights of members” against predatory Virginia banks. Read full article on 
Consumer awareness of card changes revealed in CFA/CUNA study February 5, 2010 – CUNA News Now WASHINGTON - The level of consumer awareness of protections offered by new credit card requirements, mostly going into effect Feb. 22, is revealed in a fresh survey conducted by the Credit Union National Association (CUNA) and the Consumer Federation of America (CFA), the results of which will be released during a press conference Monday, Feb. 8 at 10 a.m. The Credit Union National Association (CUNA), along with the Consumer Federation of America, on Monday will detail just how much consumers know about the protections imposed by the Credit Card Accountability, Responsibility and Disclosure Act, announcing the results of a recently completed survey at 10 A.M. ET at the National Press Club in Washington. CUNA Chief Economist Bill Hampel and Consumer Federation of America Executive Director Stephen Brobeck will disclose the results of the survey and will also offer tips for prudent consumer credit card use. Read full article on CUNA News Now
Local news from around the country on the CU News Page Find out what the CU Community is talking about on the CU Blogs Page. Past featured headlines in the Archives.
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Highlighted Case Study: Voice of Customer Interview: Nutmeg State Federal Credit Union
While NSFCU has been making use of Statement2Web since 2006, they recently began to take advantage of the expanded capabilities available in the new version of the service. “It has been a dramatic change for us,” says Roldan. “We now have the ability to add electronic inserts, add statements, and an electronic newsletter. These were all capabilities that we did not have before with the older version.” Nutmeg relies on Statement2Web to enable their strategy to transition from paper based communications to online presentment where it makes sense. The credit union has enhanced the experience of members and reduced the cost of printing and mailing. “We are definitely sending out less paper,” says Roldan. “And as we continue to offer additional electronic statements – like our mortgage statements or our billing notices – we are definitely going to see those costs drop.” Read the full case study on the Statement 2 Web by OMI page. |
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