NCUA Adopts American Bald Eagle As Its Seal
ALEXANDRIA, Va.–NCUA is shedding its long-time seal–the symbol of a house roof and door–and adopting a new one featuring the American bald eagle.
The ubiquitous symbol is affixed to all NCUA documents, as well as at credit unions to illustrate their federally insured status.
The old symbol made it difficult for individuals to ascertain a federal connection with NCUA, while the new seal will better reflect the federal ties of NCUA and its National CU Share Insurance Fund, according to agency sources.
The new full-color seal will show the eagle and a shield featuring “NCUA” on it, with National Credit Union Administration and 1934 circling the eagle.
The new seal is scheduled to become effective on June 26, 2009 around the time of the 75th anniversary of the Federal CU Act.
House Passes Fannie, Freddie Rescue Bill
WASHINGTON–The House of Representatives last week passed a massive housing rescue bill, which now includes bailout provisions for Fannie Mae and Freddie Mac, while the White House dropped a threat to veto it.
The bill now moves to the U.S. Senate, where a vote may take place later this week or early next week.
The bill would provide up to $300 billion in federal guarantees for refinanced subprime mortgages, a $7,500 tax break for first-time home buyers, as well as create a new regulator for the two secondary mortgage market giants. It also includes provisions introduced by the Bush administration to provide a federal backstop for the two troubled government sponsored enterprises. That would include a much bigger guaranteed line of credit with the Treasury for both Fannie and Freddie and power for the Treasury to buy stock in either in times of crises.
SimpliCD: Checks Are In The Mail
WESTERVILLE, Ohio–The FDIC moved swiftly to reimburse credit unions that had invested in IndyMac certificates of deposit through Primary Financial’s SimpliCD program, Credit Union Journal has learned.
Paul Hixon, marketing representative for Primary Financial, based here, said the deposit insurer paid Primary Financial – a CUSO that was founded by Corporate One and currently is owned by all the corporates–last Wednesday. He told Credit Union Journal funds should be disbursed into credit union accounts by last Friday. “I am very pleased it happened so quickly,” Hixon said.
SimpliCD is a brokered certificate of deposit. Each CD is insured by the government up to $100,000, which typically is the amount a credit union will invest. According to Hixon, if a credit union has $1 million to invest, the SimpliCD program places it in 10 financial institutions, and helps it manage the accounts.
There are about 3,800 credit unions that have agreements with Primary Financial to place certificates in their names, and the CUSO has active investments placed on behalf of at least 2,500 of those. Current outstandings are about $6.5 billion.
OnPoint Outsources With Diebold
PORTLAND, Ore.–OnPoint CU has signed an outsourcing deal with Diebold for its ATM fleet. The $2.5-billion CU owns 45 ATMs and plans to buy as many as 30 more by 2011.
As part of the outsourcing partnership, Diebold will provide OnPoint with a variety of services and products, including new Opteva ATMs, maintenance, armored carrier, network monitoring, ATM and debit card processing, Diebold RemoteLink and OpteView services, currency management, client services and help desk support.
Northeast CCU Gives 3 Gas Cards
HAVERHILL, Mass.–Northeast Community CU gave away three gas cards, for $1,000, $500 and $250, in a drawing among its members.
The credit union’s “Summer of Free Gas Giveaway,” open to all residents of Greater Haverhill, was so popular that some participants would visit a teller window or go through the drive-through and submit an entry form without performing a financial transaction. More than 1,200 people entered for an opportunity to win.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
