New FCU Is Chartered
ALEXANDRIA, Va.-NCUA last week granted a charter for a low-income credit union in Bronx, N.Y., Love Gospel Assembly FCU. The Love Gospel Assembly is a community-based church that has been a leader in providing services to local residents, such as a soup kitchen, legal services, and referrals to various housing and educational institutions. It is the third FCU chartered so far this year.
Chartway Expands In Houston
HOUSTON-Chartway FCU, which is based in Virginia Beach, Va., said it is doubling the number of branches it has in this Texas market. The credit opened four new branches in the city's Southwest Central Business District on one day last week. Chartway said it is already the largest credit union in the Houston metropolitan market with more than 150,000 members in the area. Chartway entered Houston in 1983 when it absorbed InterContinental FCU, which served employees of of Continental Airlines through a merger. It also has 126 SEGs in the area.
Man Pleads Guilty To Robberies
FREDERICKSBURG, Va.-A local man pleaded guilty to four robberies at financial institutions, including two at credit unions, which he said he did to support his cocaine addiction. Ambrose Brown, 36, told police he used the $11,000 he stole in the robberies to buy drugs. Brown was convicted of robbing NSWC FCU last April 28, Virginia CU on May 10.
Calif. Bill Would Permit HSAs
SACRAMENTO-A proposal introduced in the state Assembly last week would allow state-chartered credit unions to offer their members tax-exempt Health Savings Accounts, just like federal credit unions. Health Savings Accounts are tax-exempt savings accounts similar to Individual Retirement Accounts that are especially earmarked for medical expenses. Federal law allows California's 300 federally chartered credit unions to offer the accounts.
Freddie Offers New Product
McLEAN, Va.-Freddie Mac last week introduced a new product aimed at expanding mortgage lending for credit unions and other community borrowers. The secondary market giant said it will now buy loans under its Home Possible Neighborhood Solutions program with 100% loan-to-value ratios and with which the borrower is carrying a debt-to-income ratio of as much as 45%, up from the regular 38% ratio.
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