Journal Daily

April 29, 2002, 1:00 a.m. EDT 3 Min Read

NCUA Appointment Stuck In Limbo

WASHINGTON-New NCUA board member Deborah Matz is still awaiting White House approval for a candidate, Dean Sager, aide to Democratic Rep. John LaFalce of New York, as her administrative assistant.

Matz, a Democrat, sent the proposed hire over for White House approval more than two months ago but has yet to receive the necessary final approval for the political appointment.

In contrast, JoAnn Johnson, the Republican named to the NCUA board the same time as Matz, received swift approval for her executive assistant, former Iowa CU League lobbyist Julie Starnes. The White House personnel office did not return telephone calls seeking comment.

Sager is a longtime aide to LaFalce, the ranking Democrat on the House Financial Services Committee. In the interim, Michael McKenna, who served as former NCUA board member Geoff Bacino's executive assistant, has been serving Matz in that role.

2nd-Grader Is Millionaire For A Day

JACKSON, Mich.-A seven-year-old from nearby Blackman Township won a million dollars from CP FCU-but only for a day.

Still, Andrew Lavery, a second-grader at Vinci Institute Primary School, will get to keep the day's interest on that million bucks-a guaranteed $100-as part of the credit union's Millionaire for a Day Contest.

Lavery will get to watch on May 21 when the credit union deposits the $1 million into his share account.

The contest was part of the credit union's 10th anniversary celebration of teaching financial literacy to students in Jackson County under the Partnership in Education program, under which 3,000 students from 28 schools have participated in student-run credit unions. Lavery was one of 28 finalists for the million dollars-all of whom received $10 in gold coins.

CUs Open New Trust Company

GREENWOOD VILLAGE, Colo.-Ent FCU and five Denver-area credit unions began offering trust services earlier this month to members and the public through a CUSO known as Members Trust Co.

The new trust company will be based in Greenwood Village and operate offices in Colorado Springs, home to Ent FCU, the state's largest credit union, and in Boulder.

The company is targeting customers with as little as $150,000 in assets, about a third of the amount bank-owned trusts generally market to, and already claims $5 million under management.

CUs Look Beyond Textile Base

GREENSBORO, S.C.-The continuing decline of the U.S. textile industry has forced several credit unions here to abandon their roots and seek broader horizons.

The latest are Choice FCU, chartered to serve Burlington Industries, and Guilford Mills CU. Choice FCU, which converted to a community charter earlier this month, saw its membership fall almost 47% in recent years to just 18,000, and its loan portfolio fall off 11.5% between 1999 and 2001 to $36.2 million. Guilford Mills CU changed its name to Alpha CU last November after converting to a community charter.

Sponsored by the troubled textile manufacturer, the credit union also saw its loans decline 9% between 1997 and 2001 to just $3.9 million.

The two credit unions are part of a growing trend in South Carolina, where nine credit unions faced with troubled corporate sponsors have converted to community charters over the past two years.

Member Makes Citizens Arrest

MANCHESTER, N.H.-A member of Cathedral Credit Union stood and watched the armed robbery of the credit union last week, then calmly followed the robber into a nearby alley and grabbed the suspect as he attempted a quick- change to foil police.

James Cartmill, who stands six-foot-five and weighs more than 250 pounds, was undeterred by the gun the teller said she saw in the robber's waistband and followed the suspect, identified as Alexander Boyce, into the alley as he shed his green cap and burgundy sweatshirt and discarded them into the dumpster.

Then Cartmill, still grasping two checks he was about to cash in the credit union in his clenched fist, announced he was making a 'citizens arrest,' and ordered the suspect to stop. Cartmill then held the 40-year-old robbery suspect until police arrived.