NCUA Extends Guarantee On Investments In NCUF's CIF
MADISON, Wis.-NCUA has extended for another two years the full federal guarantee on investments in the Community Investment Fund, which benefits the National CU Foundation. NCUA had been guaranteeing all principal and quarterly fixed-rate dividend payments on new two-year CDs in the CIF made before Dec. 31 of this year under its Temporary Corporate CU Share Guarantee Program. It has now extended the expiration date to Dec. 31, 2012.
Seattle Metro To Host 'Co-opapalozza' Event
SEATTLE-To mark International Credit Union Week beginning Oct. 17 (and October, which is National Co-op Month), Seattle Metropolitan Credit Union has organized "Co-opapalooza," which it is billing as a "celebration of cooperative businesses." On Oct. 17 in the Capitol Hill neighborhood of Seattle, SMCU said it will bring together co-ops of all kinds from across the country for an event where there will be free food samples, discounted massages, coffee samples and more. Bands will also play at the event, which will be free. "The purpose of the event is show the great things co-ops do for the community and provide an opportunity for consumers to learn more about them," Seattle Metro said.
For info: www.smcu.com/coop.
CU Confidence Index Plunges In Face Of Corporate Failures
DALLAS-The confidence level among credit union CEOs sank back to new lows last quarter, weighed down by new concerns about the soaring cost of the corporate credit union bailout and losses at the National CU Share Insurance Fund, according to Southwest Corporate FCU's CEO Confidence Index for the just-completed third quarter.
The overall index plummeted all the way to 10.97 for the third quarter, down from 20.73 at mid year, and the lowest since it was just 7.90 in the first quarter of 2009-in the middle of the financial crisis.
Police Officer Pleads Not Guilty To Trashing Foreclosed Home
SAN DIEGO-A San Diego police officer and his wife last week pleaded not guilty to charges that they trashed their home after it was foreclosed on by San Diego Metropolitan CU, then stole major appliances and decorative features before vacating. Robert and Monique Acosta have been charged with one count each of damaging or destroying an encumbered property-a felony. A representative of SDMCU called Riverside County Sheriff's deputies on June 15 when she discovered the house had been trashed inside and out, with total damage estimated at $165,000, and an additional $44,000 in property stolen. A neighbor reported he took photos of the couple moving items to storage units.
CUSO Buys Back Failed Development
ROCKWALL, Texas-CU Liquidity Services, a CUSO owned by Texans CU, bought the troubled Harbor on Lake Ray Hubbard mixed-mixed use development for $25 million in a foreclosure auction last week, six months after the owners filed for Chapter 11 bankruptcy. The credit union, which lent $28 million to the developers, Mariah Bay Leasing, plans to operate the troubled property for the near term.
Corrections & Clarifications
WEST PALM BEACH, Fla.-An item in the Sept. 27 issue should have clarified that Christopher Morris, who has been named Director of Communications with the NCUF, was previously Manager of Communications.
