WesCorp Launches PAC To Beef Up Advocacy
SAN DIMAS, Calif.-WesCorp launched its first employee-based Political Action Committee last week, according to a spokeswoman for the corporate credit union.
Sheri Ledbetter, WesCorp's director of public affairs, said while the corporate "has always placed priority on political action, creating this PAC formalizes that, as well as complements our government relations and advocacy efforts."
The management team and staff at WesCorp believe in the credit union movement, Ledbetter continued, "And know that if credit unions can't grow, corporates can't grow. Our advocacy efforts not only support our own issues, but also those of our credit unions. Forming a PAC is a step further in that direction."
NCUA Dividend Check Is on the Way...Almost
ALEXANDRIA, Va.-NCUA said last week it plans to pay federally insured credit unions their first dividend on the National CU Share Insurance Fund in four years, a payment of as much as $110 million.
The payout will be possible because the credit union deposit insurance fund ended 2006 with excess reserves, an equity ratio of 1.31 (dollars reserved per $100 of insured deposits), higher than the federally mandated 1.25, according to Dennis Winans, chief financial officer for NCUA. As a result, he will propose to the NCUA Board at next month's meeting a dividend of between $90 million and $110 million, he said. That amounts to a 2% return on each federally insured credit union's 1% NCUSIF deposit.
Once the board approves the dividend-as it is expected to do-the checks will be in the mail within 10 days, said Winans.
