Alt Cap Bill May Debut
WASHINGTON, D.C.- A congressional credit union supporter is expected to introduce a measure during this week's hearing on the regulatory relief bill that would allow credit unions to count alternative capital as net worth under NCUA's minimum capital rules. Rep. Brad Sherman (D-CA) briefly introduced, then withdrew the measure during last month's deliberations over deposit insurance reform. But a source familiar with the congressman's intentions told The Credit Union Journal Sherman has now set his sights on the regulatory relief package as the more appropriate legislative vehicle. Both NAFCU and CUNA are scheduled to testify at this Thursday's hearing before the House Financial Services Subcommittee on Financial Institutions. Current NCUA rules only allow federally insured credit unions to count retained earnings as net worth.
Co-op Plans $3M Div.
ONTARIO, Calif.-The CO-OP Network said last week it will pay its member/owners a patronage dividend of $3 million for 2001. The payout is the highest ever for the credit union-owned network and equals the two dividends paid last year. "Two-thousand-and-one was an amazing year for CO-OP Network, a period that included a merger with the Midwest ATM Company, the addition of 6,500 ATMs through an agreement with Access Cash, first-time entries into seven states and two Canadian provinces and a 33% increase in ATM transactions," said Bob Rose, president of the CO-OP Network. The network now claims 813 credit union members and access to more than 12,000 surcharge-free ATMs in 49 states and Canada.
1,033 SEGS OK'd During Feb.
ALEXANDRIA, Va.-NCUA said it approved 1,033 select group expansions in February and denied just three, an approval ratio of 99.7%. The biggest select groups approved in February were for: Santa Clara County FCU to add 10,000 students at Evergreen Valley College in San Jose; 1st United Labor FCU, Louisville, Ky., to add 4,000 employees and members of the United Food & Commercial Works Union; L&N FCU, Louisville, Ky., to add 3,684 employees of Kindred Healthcare, and Jamaica Hospital Employees FCU, Jamaica, N.Y., to add 3,544 employees of the Brookdale University Hospital and Medical Center.
10 More Add Low-Income Groups
ALEXANDRIA, Va.-NCUA approved another 10 expansions into underserved communities last month encompassing almost 900,000 residents, making a total of 82 low-income expansions approved in the first three months of the year. The biggest underserved expansions approved last month will allow: Vons Employees FCU, El Monte, Calif., to serve 186,00 residents of East San Gabriel Valley; Willamette FCU, Portland, Ore., to add 132,000 residents of the greater Willamette area of Portland, and Red River EFCU, Texarkana, Texas, for 155,000 residents of four Texas and two Arkansas counties.
28 CU Mergers During March
ALEXANDRIA, Va. -NCUA said it approved 28 mergers last month, the most in the first quarter, bringing to 73 the number of CU combinations approved so far this year. Of the mergers approved in March, 19 involved one or more small credit union under $5 million in assets, making a total of 51 small credit unions erased through mergers in the first quarter.
Wash. DFI's Cann To Calif. CU
OLYMPIA, Wash.-Parker Cann, Washington State's well-known Director of Credit Unions, is leaving his post to become executive VP at Arrowhead Credit Union in San Bernardino, Calif., effective may 20. Cann had been Director since 1995, and has been active with NASCUS. "Parker has been one of the most effective state regulators in the national credit union system. His influence, perspective and philosophy will be missed," said John Annaloro, CEO of the Washington league.