Avanta Changes Name To Altana To Put Lawsuit To Rest
BILLINGS, Mont.-Avanta FCU here is changing its name to Altana FCU as the result of a lawsuit filed by Utah-based Advanta Bank Corp., which argues the name infringes on its trademark. In its suit the bank had given the credit union one year to find another name. Avanta FCU acknowledged it did not research the trademark at the time it made the name change. This time, AFCU reports it has used a trademark attorney prior to selecting Altana as its new name.
Ent Employees Serve As Experts On TV Program
COLORADO SPRINGS, Colo.-Employees of Ent FCU's mortgage team participated in KKTV Channel 11's "Call the Expert" news segment, during which viewers were able to call and ask Ent representatives their mortgage related questions. The CU reported phones rang throughout the two-hour segment and its reps answered a wide range of questions about the mortgage industry, foreclosure prevention, the first-time homebuyer tax credit, refinancing, and more. Jon Paukovich, Ent's VP-mortgage lending, served as the on-camera spokesperson for Ent during the news segment.
Fair Mortgage Collaborative Includes Some CU Players
WASHINGTON-With support from the Ford Foundation and Calvert Foundation, an initiative was launched to promote fair and safe mortgage lending practices, including a certification program.
The "Fair Mortgage Collaborative" (FMC) is initially also being backed by mortgage lenders and other advocacy organizations, and includes Boeing Employees Credit Union (BECU) and its CUSO, Prime Alliance, and the National Federation of Community Development CUs among its supporters.
At a news event announcing the launch of FMC, lenders in Los Angeles, Northern Virginia, and Seattle, in addition to families that have borrowed from the lenders, told their stories and discussed the new standards.
According to the Fair Mortgage Collaborative, the effort also includes loan counseling and lending networks (including NeighborWorks America) and secondary market intermediaries (such as Neighborhood Housing Services of America).
FMC described its members as people who "individually and collectively committed to providing low and moderate income and minority homeowners and homebuyers access to mortgages with the consumers' best interests at its heart, at a fair rate of compensation."
Gov. Rell Signs Student Lending Bill Into Law
HARTFORD, Conn.-Connecticut Gov. M. Jodi Rell has signed a law that provides for a new student loan program that will be administered by the Credit Union League of Connecticut and the Connecticut Health and Education Facilities Authority (CHEFA). The program will offer low interest rates at no higher than 6% (for loans on which interest payments can be deferred) or 5.75% (for loans on which interest payments cannot). The loans are to be offered to students who may not qualify for traditional loans or already have used all of their resources. In light of taking on this risk, Gov. Rell said the Connecticut Health and Education Facilities Authority (CHEFA) would provide 20% loan guarantees on the loans. League officials said credit unions in the state may be able to pledge as much $17.5 million to the program. The funds will not be pooled and the individual credit unions will allocate their own funds. Credit unions must allocate a minimum of $100,000 of their funds to participate in the loan program, which will run for one-year with the possibility of extending that period, based on demand and available resources. Twenty-one Connecticut CUs have indicated they will participate.
Chicanor Por La Causa Merges Into Marisol FCU
PHOENIX-The $3.7-million Chicanos Por La Causa FCU has been absorbed via merger by MariSol FCU. Chicanos Por La Causa reported a $1.75 million loss over the past four quarters and had written off 18.4% of its loans in the first quarter. Marisol FCU had been operating CPLCFCU since mid-2008. The merger creates a $30-million CU with 8,400 members.
CFOs Share Their Hiring Predictions For Q2 2009
MENLO PARK, Calif.-A net 2% of CFOs interviewed for the Robert Half International Financial Hiring Index predict decreases in accounting and finance personnel in the second quarter of 2009, with most (86%) executives reporting a desire to maintain current staff levels for the next three months. Five percent of respondents indicated they plan to add full-time employees while 7% expect staff reductions.
The Robert Half International Financial Hiring Index is based on telephone interviews with more than 1,400 CFOs across the United States.
"Businesses are increasingly reluctant to hire in the current environment, choosing instead to maintain staff levels until they see definitive signs of an improving economy," said Max Messmer, chairman and CEO of Robert Half International. "Companies that are hiring are more selective because they can be-there is a larger pool of skilled applicants available. As a result, employers are taking extra time to identify and hire the best available person for each open position."
Even with higher unemployment rates, however, some financial executives continue to report difficulty finding highly skilled professionals for certain functional areas. Twenty-five percent of CFOs interviewed cited accounting positions as the most difficult to fill, and 19% said they experience the greatest challenges when hiring for finance roles.
Foundation, Federation Explore Collaboration
WASHINGTON-The National Credit Union Foundation and the National Federation of Community Development CUs, New York, have entered into a Memorandum of Understanding the two groups said "establishes a framework for the Foundation and the Federation to collaborate effectively and make the most efficient use of scarce resources in order to achieve the greatest positive impact in areas of common interest."
The two groups said they have agreed to, among other things: * Seek areas of collaboration through frequent and open communications among officers, program staff and consultants from both parties.
* Identify opportunities and develop joint strategies that capitalize on the specialized resources and capacities of both parties.
* Seek opportunities where collaborative efforts may enable the parties to gain access to financial resources that would otherwise be inaccessible to either party independently.
The next collaboration will take place on July 29 in Milwaukee, Wis., with jointly sponsored training at the REAL Solutions League Liaisons Meeting to explain the mortgage crisis and what leagues and credit unions can do to assist their members and communities.
