Lafayette Hosts Q&A On Conversion Proposal
WASHINGTON-As The Credit Union Journal was going to press Mike Hearne, CEO of Lafayette FCU, which is seeking to convert to a bank, was appearing at a question-and-answer session with members of the credit union, including a group that has been actively opposing the move.
The Q&A, at which Hearne was to speak for approximately 10 minutes before taking questions, took place at the headquarters of the U.S. Agency for International Development, which is the primary field of membership for the $332-million credit union.
The meeting was organized by the group of members who have been in opposition to the proposed charter conversion and who have been collecting signatures to force a special meeting of the membership at which a board recall would be voted upon.
Patent Ruling May Cause Check 21 Free-for-All
WASHINGTON-The U.S. Patent and Trademark Office rejected all claims for a patent on check imaging processing by DataTreasury, potentially opening up the market to competing claims in the critical Check 21 technology. The tiny Plano, Texas, company, which has filed suits against the biggest players in check imaging, vowed to appeal the adverse ruling to the patent office. The ruling comes after several of the targets of litigation brought by DataTreasury, including First Data, requested a patent reexamination. Other litigation targets include SVPCO, Viewpoint Archive Services, Citigroup and Bank of America. Viewpoint, one of four competing electronic check exchanges, applauded the patent ruling. "Although it is not final, the decision is consistent with our position that earlier patents and other publications describing the use of image technology would invalidate the DataTreasury patents," the company said.
Affordable Housing Loans Offered
WINSTON SALEM, N.C.-Allegacy FCU has entered into a partnership with this state's Housing Finance Agency to promote home ownership among consumers who otherwise would not qualify for a home loan. The Mortgage Revenue Bond program seeks to offer affordable housing with below-market interest rates for first-time homebuyers. In addition, the program offers 100% financing. Although Private Mortgage Insurance is required, the premiums are reduced and compare favorably to other standard 100% financing mortgage loan programs, the credit union said. Allegacy's MRB program also offers a Home Protection Plan, which helps borrowers avoid foreclosure on their homes if they have lost their jobs because of plant closings or due to other economic conditions that may come up. Down payment assistance also is available for buyers who qualify and who may need extra help.
Serial Robbery Suspect Caught
EL PASO, Texas-A convicted bank robber wanted for several CU and bank robberies was captured by immigration officials as he tried to re-enter the U.S. Jesus Hernandez, 27, was caught walking across the Paso del Norte bridge as agents with the U.S. Customs and Border Protection Agency checked his name against a computer database of criminal fugitives. Hernandez fled in September, just before he was scheduled to surrender, and is believed responsible for armed hold-ups on Sept. 18 at El Paso Employees FCU and at Mountain Star FCU, the same credit unions he robbed last year. He was convicted of bank robbery charges on Aug. 10 and sentenced to 37 months in federal prison and had agreed to report Nov. 8, when he disappeared.
