Penn. Hearings On CUs' FOM
HARRISBURG, Penn.-The Pennsylvania Department of Banking held a preliminary hearing here regarding community charters approved for credit unions that are being contested by the Pennsylvania Bankers Association and a number of banks. The banks have challenged charter conversions submitted by Freedom CU, TruMark Financial CU and Corry Jamestown CU. "The banks are mounting a lot of pressure for disclosure of the credit union's business and marketing plans," said PCUL SVP/General Counsel Rick Wargo, who is representing Freedom and Corry Jamestown credit unions. "The hearing officer's ruling on confidentiality is extremely important and we have worked very diligently to raise airtight legal arguments to protect the privacy of the credit union's business plans and marketing plans." A ruling is expected in late June or mid-July.
Suspect Turns Himself In
MARINA, Calif.-After three weeks of life on the lamb, Jesus Osorio, a suspect in the robbery of Central Coast Credit Union in early May, has turned himself in. During the robbery the manager of the credit union was shot in the leg and suffered minor injuries. Osorio, 30, turned himself in in Little Rock, Ark., and told authorities that media attention had made it very difficult to hide any longer. He will be extradited back to Marina, Calif. for trial.
NCUA Intro's 'Express' E-Mail
ALEXANDRIA, Va.-NCUA has introduced an "Express" e-mail subscription service. Available through www.ncua.gov, it offers credit unions the option of an expedited, targeted electronic retrieval of the vast majority (18 categories) of NCUA publications. The service was developed by the agency's Office of the CFO, Office of Examination and Insurance, and the Office of the CIO. Among the documents to be made available will be Letters to Credit Unions, or Regulatory Alerts, to which links will be provided. The service will be password protected.
Hearings Expected On Reg Relief
WASHINGTON-When Congress returns after Memorial Day this week the chief bill of interest to credit unions will be regulatory relief. But the trade groups aren't placing many bets on the bill's movement. "While there has been interest in it," said CUNA's Gary Kohn, "it's probably a difficult life before the end of the year." Hearings on reg relief are expected by late June in the House, and in July in the Senate.
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