Mix-Up Has Workers Worried About Funds
CHICAGO-Chicago Transit Authority workers flocked to 77th St. FCU to get their money out this week after a snafu at the Federal Reserve continued to funnel their direct deposits to the Archer Avenue Depot FCU, which was shut down Dec. 4 and absorbed by 77th St. FCU. Some members worried because their pay had not been deposited into their accounts, while others wondered if their funds were safe.
The problem occurred because the Fed was still routing funds to the old credit union.
None of the 2,500 members of the defunct credit union are expected to lose any funds, which are insured up to $100,000 by NCUA.
Woman Charged With Hit-And-Run After Event
MADISON, Wis.-An elderly Middletown woman was arrested and charged with the Oct. 29 hit-and-run death of a local minister after she left a reunion of former employees of Sears Credit Union. Marjorie Speranza, 75, faces up to six years in prison for the death of the Rev. Susan Quigley, 47, a minister at Columbus Faith Lutheran Church. Quigley was struck by a car that reportedly ran a stop sign, then was hit by a second car. Police found a mirror fragment at the scene which they were able to trace to Speranza's 1998 Toyota Camry. Just before the accident, Speranza had left a party at the Esquire Club, a few blocks south of the accident, where she and eight other former SCU employees had held a reunion.
Speranza's lawyer said his client did not stop at the scene because she hadn't realized there had been an accident.
EasCorp, Charlie Mac Partner
WOBURN, Mass.-Eastern Corporate FCU said it has begun partnering with Charlie Mac, a CUSO owned by corporate credit unions, to offer its member credit unions the ability to sell real estate loans through Charlie Mac's JumboExpress Program.
EasCorp Senior VP Alan Bernstein cited the tradition of New England credit unions in mortgage lending and their high portfolio concentrations of real estate loans and related interest rate risk as reasons for joining up with Charlie Mac.
"Our members have been asking us to introduce a jumbo mortgage loan sale program with versatile and customized features," said Bernstein.
Grant Funds 'Crosswalk' Booklet
RANCHO CUCAMONGA, Calif.-Using a grant from the Richard Myles Johnson Foundation, a group of Southern California educators has produced a "crosswalk" booklet for teachers that demonstrates how the High School Financial Planning Program of the National Endowment for Financial Education meets the state's educational standards for grades nine through 12.
The "California Standards Crosswalk" booklet was developed by a team of teachers from the Montebello School District, the Riverside County Office of Education, and the Los Angeles County Office of Education. All are directly involved in financial education at the secondary level.
The booklet includes 13 pages of matrices which show how each section of each chapter of the NEFE materials meets particular state standards in business, English and language arts, math, science, social science and history, and economics.
TULIP CU Officially Opens Doors
THURSTON COUNTY, Wash.-Seven years after it was first discussed, TULIP Credit Union has officially opened its doors.
TULIP (which stands for Thurston Union of Low-Income People) was chartered because none of this state's numerous credit unions had an FOM specifically for lower-income people on the Olympic peninsula.
A number of credit unions have been active in helping the credit union get started, including Northwest Corporate Credit Union, Washington State Employees Credit Union, and Boeing Employees Credit Union, which have provided support in a number of ways. A formal grand opening is planned for February 2004, when TCU will hold its first-ever annual meeting.