Ariz. Shoots Down Bill
PHOENIX-The state Senate Wednesday voted down a bill that would have provided among the most liberal field of membership (FOM) rules in the country.
The bill, modeled after California's liberal FOM regulations, would have allowed credit union boards to determine their own FOMs, with the approval of the state supervisor, based only on safety and soundness considerations.
The measure was avidly opposed by the Arizona Bankers Association. Credit unions in Michigan are drafting legislation with a similar FOM allowance.
CO OKs Private Insurance
DENVER-Regulators with the Division of Financial Services have approved a proposal to allow state- chartered credit unions to obtain private deposit insurance. The private insurance bid was prompted by inquiries form several of Colorado's 73 state charters.
CU Granted Extension
SPRINGFIELD, Mass.-A federal court here has extended until today the deadline for directors of D dward Wells FCU to answer NCUA's response to their challenge of the Feb. 21 takeover of the CU.
Directors of the $5-million community development credit union have also asked the court for a public hearing in the case, a rare challenge to an NCUA conservatorship. "We kind of fear that if the judge doesn't carefully consider our response she may grant their (NCUA's) request and there will be no hearing," Mary-Ann Lane, a lawyer representing the directors, told The Journal.
The NCUA takeover came just two days before a scheduled court hearing on the credit union's request for a temporary restraining order barring the conservatorship. In documents submitted to the court, NCUA has charged financial mismanagement and asserts that the credit union, which bills itself as the only African-American credit union in western Massachusetts, is insolvent CUA officials would not comment on the case.
MapQuest Now CUQuest
RANCHO CUCAMONGA, Calif.-The California CU League said it has hooked up its Match Up credit union search to allow potential members to pinpoint branches they may be eligible to join in 21 states.
The new feature is conducted through MapQuest.com, the popular Internet search engine guiding motorists around the country to their destinations.
As a result, potential members can determine which credit unions they are eligible to join and which ones have branches convenient to their homes or workplaces.
CU Gives Away Baseball Tickets
DAYTONA, Fla.-Kennedy Space Center FCU said it has joined with the Daytona Cubs to provide free tickets to the minor league baseball team's games to outstanding teachers.
The credit union's "Teacher Accountability Program" will provide free tickets to faculty and staff at area schools that score an "A" on their school's accountability programs.
Faculty at "A" schools will need to show their school badges at the Cubs ticket office to receive a free ticket to all games for the 2003 season.
Former Sheriff Sentenced
PORTLAND, Ore.-A former Deschutes County Sheriff was sentenced to 33 months in prison and ordered to pay $575,000 in restitution to the sheriff's office and the local fire district for a fraud scheme he laundered through Oregon Telco CU.
Greg Brown has paid restitution of $390,378 to the Sisters-Camp Sherman Rural Fire District and $171,189 to the Deshutes County Sheriff's office, authorities said.
