Pacific NW Storms Close, But Don't Damage CUs
OLYMPIA, Wash.-The strong storms that roared through the Pacific Northwest last week led to the closings of several credit unions in Oregon and Washington, but no reports of damage to facilities. Some of the heaviest damage occurred in Lewis County, Wash., where Interstate 5, the main north-south motor link, was under 10 feet of water in parts. TwinStar CU, headquartered here, has two branches in the Lewis County towns of Centralia and Chehalis that avoided the floodwaters- barely. TwinStar CEO Marshall Ellison told Credit Union Journal the Chehalis branch is at a high point in the city, so it was spared. "In Centralia, at the peak of the flooding, water was right up to the door," Ellison said. A company car in the parking lot was flooded. Three TwinStar branches in Grays Harbor County, along the Pacific Coast of Washington, were struck by fierce winds and were closed for two days due to electricity outages. David Bennett, director of public relations for the Washington league, said the state's Foundation stands ready to provide help if needed. In Oregon, Laura Wieking, director of communications for the CU Association of Oregon, said some CUs have experienced power outages, while others were closed for a time due to local flooding. The CUAO said it was also prepared to provide any assistance if requested.
NCUF Approved To Use BBB's Charity Seal
WASHINGTON-The National Credit Union Foundation (NCUF) has been approved to use a new seal as an "Accredited Charity" of the Better Business Bureau (BBB). The approval follows an in-depth independent evaluation by a watchdog organization affiliated with the Council of Better Business Bureaus. "This seal of approval from a respected affiliate of the Better Business Bureau sends a strong message to Community Investment Fund (CIF) investors and all donors that the National Credit Union Foundation is a charity they can trust," emphasized NCUF Executive Director Steve Delfin. The NCUF was found to exceed the BBB Wise Giving Alliance Standards on several fronts. For example, the standards require that charities spend at least 65% of contributions on programs. In the past year, NCUF spent more than 89% of contributions on programs.
Budgeting Pays Off For 2 Families
EL PASO, Texas-A year of budgeting, paying off debt and overall belt tightening paid off for two families Tuesday who were awarded $10,000 each as winners of GECU's "Savers Challenge."
The winners were judged by a panel of three accountants from a local firm as the best among six participating families in meeting their original goals for the year, not how much they saved.
The winners were the Mares family of three and the Aguilar family, also of three. The four other families participating received $2,500.
Harriet May, president of the $1.2-billion CU, said the purpose of the savers contest was to educate participating families and the community about sound financial practices. The credit union plans another contest for next year. Several other CUs have begun their own savers contests to educate and encourage savings among their members.
Kansas Plans Hearing On FOM
WICHITA-Lawmakers worried about expansive credit union plans to look at clarifying standards for field of membership for state chartered credit unions.
The House's Special Committee on Financial Institutions and Insurance voted last week to hold hearings into the issue, fueled by the growing number of broad community charters-at least five CUs have statewide charters. Lawmakers are looking at explicit limits on community charters, like those passed last year in Missouri that restrict community FOMs to the home county of a CU's main office and contiguous counties.
Corrections And Clarifications
* A report in the Dec. 3 issue should have clarified that Luis Echegoyen, a TV personality with Univision appearing in advertising by Patelco CU, is no longer with the network.
* The first name of Tim Milz, president of Galaxy, appeared incorrectly in the Nov. 26 issue.
* Two charts in the Nov. 26 issue on credit card portfolios and balance trends were not clearly labeled. The chart on the top of page 26 should have been attributed to Brookwood Capital. The bottom two charts should have been attributed to AssetExchange.
