Anti-CU Bill Making Rounds In Pennsylvania
HARRISBURG, Penn.-The Pennsylvania league said last week it had learned an anti-credit union bill is being circulated in the state's House of Representatives for co-sponsorships.
The league noted that Rep. Doug Reichley (R-Lehigh) had introduced this bill (HB 2240) last session and "due to banker pressure has decided to re-introduce it this session." According to the league, the bill would eliminate the provision for a CU's membership to be established based on residence in a well-defined community or rural district. Meanwhile, the league reported that the Pennsylvania Supreme Court has agreed to hear appeals filed by Harrisburg-based Belco Community CU, Pennsylvania CU Association, and Pennsylvania Department of Banking.
The CU parties and the regulator appealed a Commonwealth Court ruling issued Nov. 13, 2006, that vacated a decision rendered by the Department granting Belco a community charter to serve seven counties in central Pennsylvania. The PCUA said the appeal will address two specific legal issues. The Supreme Court will review whether the confidentiality provision of the Department of Banking Code adequately protects all parties‚ interests in terms of inspecting documents submitted to the Department. The court will address which procedural avenues the Department must apply or follow when it deliberates a credit union's bid to amend its charter, particularly in the case of community charters.
I-C FCU Jacks Up the Rates To Attract Funds
FITCHBURG, Mass.-In an effort to boost lagging savings growth, IC FCU boosted the introductory rates on its new savings and checking accounts to regional highs of 6% and 5%, respectively. The credit union hopes to attract as much as $10 million in new deposits under its IC Direct program. The high rates are available through Sept. 1, when the rates return to 5% for regular savings and 2% for checking accounts.
VyStar CU Sponsors Biz Academy
JACKSONVILLE, Fla.-VyStar CU will take financial literacy training a step further and announced it will invest $100,000 to sponsor an academy of business and finance at the local Bartram Trail High School. The academy, which will provide real-life lessons in business and finance, will be known as the VyStar Academy. The sponsorship will allow the credit union giant to put a branch in the high school and to train students, at $15 an hour, to become student managers during the school year.
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WEST PALM BEACH, Fla.-If you're content in your career at the credit union and even safe in your job, is there any reason to update your resume?
Yes, according to one expert, who believes that even when not searching for a job a resume can "play a key role in all phases of career development." "The self assessment process involved in writing a resume helps you plan and prepare for each job move you might consider," the expert added.
This career advice and others, along with a host of available positions within credit unions, is now available free to Credit Union Journal subscribers by visiting this link: http://news.careerzone.cujournal.com/ITEM-FR/newsItemId-100359.
Citigroup, JC Flowers To Buy Bisys
ROSELAND, N.J.-Financial ailing Bisys Group, a provider of back-office services to credit unions, banks and insurers, said it has agreed to be acquired by Citigroup for $12 a share, or a total of $1.45 billion.
Simultaneously, JC Flowers, a private equity fund in the process of acquiring Sallie Mae, will acquire Bisys' Insurance Services Group and Retirement Services from Citigroup. Bisys, which provides mutual fund and insurance services, has been on the market since it reported a 36% decline in net income for its fiscal second quarter ended Dec. 31.
In October, Bisys agreed to pay shareholders $66 million to settle civil fraud claims over the misstatement of earnings, and in September the company agreed to pay a separate fine to the Securities and Exchange Commission to settle fraud charges that it made illegal kickbacks to brokers that were recommending its mutual funds to customers.
JC Flowers is part of a group that includes bank giants Bank of America and JP Morgan Chase that has agreed to acquire student loan giant Sallie Mae for $25 billion.
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