PITTSBURGH -
Six different bills have been introduced in the legislature following a 2005 Department of Banking report on foreclosures that cited abusive lending practices as a significant contributing factor to Pennsylvania's above-average foreclosure rate. The bills would amend state laws to require individual licenses for mortgage professionals.
Currently, the department has the authority to license mortgage companies but not the employees who work there. The legislation would create a new licensing category for individual mortgage loan originators, and would also protect more borrowers under the state interest law and more.
CU Wine Auction Raises $203K For CMN Charity
VANCOUVER, Wash.-The 2007 Oregon and Washington Credit Unions for Kids Wine Auction raised more than $203,000 at an event here. Roger Michaelis, CEO of iQ Credit Union in Vancouver, Wash., and one of the event's co-sponsors, said this year's figure exceeded last year's by some $70,000. Between the California Credit Unions for Kids Wine Auction, the Credit Union Miracle Day events in Washington, and Oregon/Washington auction, the three events have raised close to $1.2 million for children's hospitals around the country.
Sponsors included iQ CU, Financial Service Centers Cooperative, Inc., WesCorp, CO-OP Financial Services, First Tech CU, NW Corporate FCU, BECU, Mountain America CU, Oregon Community CU, Columbia CU, Unitus Community CU, CU Direct Lending, ESI, Autoland, Nies Insurance and Online Resources.
Virginia CUs Salute Memory Of Kathryn Coleman
ALEXANDRIA, Va.-Virginia's credit union community saluted the lifetime achievements of the late Kathryn Coleman during a special presentation at the Virginia Credit Union League's 73rd Annual Meeting. Coleman was one of the credit union movement's foremost leaders, serving at the local, state, national and international levels. Representatives of CommonWealth One Federal Credit Union accepted the Virginia Credit Union League's prestigious James P. Kirsch Lifetime Achievement Award on her behalf.
Coleman started out at as a teller for the Gravelly Point CU in 1956, where she later served for more than 38 years as assistant manager and then CEO for the organization, which would change its name to CommonWealth One FCU.
'Just File It' Generates $1.4M In Tax Refunds
NORTHVILLE TOWNSHIP, Mich.-With the April 15 tax filing deadline having just passed, the Michigan league reported that "Just File It!," a free, web-based income tax filing program offered by Michigan credit unions, generated nearly $1.4 million in tax refunds and credits for low-income working households in the 2006 tax year. The league said that 59 Michigan credit unions and 804 filers participated in the program, resulting in $890,387 in federal refunds, $357,758 in Earned Income Tax Credits, and $126,102 in state refunds. For the 2005 tax filing year approximately $900,000 in credit and refunds was handled by Just File It! The Just File It! program grew out of the MCUL Community Reinvestment Initiative (CRI), an industry-wide effort begun in 2004 to document credit union social mission activities and develop programs that strengthen communities by expanding services to underserved communities and people of modest means.
Desert Schools Reaches $1B In First Mortgages
PHOENIX, Ariz.-Desert Schools Federal Credit Union surpassed the $1 billion mark for total first mortgages serviced.
"We now service more than 7,000 loans. It was September of 1999, when we created our first mortgage servicing department," said Robin O'Rorke, senior vice president. "Since then, we have expanded our product offerings significantly to over 270 products-all of which require servicing."
Desert Schools is one of America's top 10 credit union mortgage lenders and the largest credit union in Arizona. The credit union offers terms up to 40 years, a variety of interest-only options, up to 100% financing and programs for members with less than perfect credit.
Sunmark FCU Acquires Hallmark Services
SCHENECTADY, N.Y.-Sunmark FCU has acquired Colonie, N.Y.-based Hallmark Services, Inc., an independent insurance agency.
As part of the acquisition, Hallmark Services, Inc., will provide Sunmark Federal Credit Union with approximately 1,600 new members and add 2,100 policies to Sunmark's Insurance Services division. In addition, Sunmark Federal Credit Union will add two employees from Hallmark Services, Inc.
For info: www.sunmarkfcu.org
M/A-COM FCU Encourages Its Members To Save
LOWELL, Mass.-M/A-Com has rolled out a new savings programs called "Round Up Savings," which helps members save money by rounding up each purchase made with the CU's MasterMoney debit card to the next whole dollar amount.
The difference is transferred from the member's checking account to a special Round Up Savings account that earns 5.75% annual percentage yield.
First Class American CU Revamps Teen Program
FT. WORTH, Texas-First Class American Credit Union has revamped its CU Succeed Teen program for members age 13 to 17. It now features a CU Succeed Checking account, Visa Check Card and starter credit card. Teens will continue to receive quarterly newsletters and access to the CU Succeed website.
In 2006, teens spent $195 billion of their own money, compared with $94 billion in 1999, according to a Harris Group survey. That's why FCACU reworked its teen program to help teach teens about building good credit, CEO Nancy Croix-Stroud explained.
WCUL Rebuts Banker Claim That CUs Not Serving Poor
PEWAUKEE, Wis.-A report on CUs published by this state's banking industry is "flawed," according to the Wisconsin Credit Union League, which has issued a report of its own in response.
The WCUL report, called "The Truth About Wisconsin Credit Unions," argues the bankers would have lawmakers "heap" taxes on working families. The league shared its report with the state legislature.
The league's study says the state's credit unions provide $157 million in annual savings to CU members via lower rates on loans, higher rates on savings and lower and fewer fees than for-profit banks. It also notes that low-income families save as much as $44 million a year because they have access to low-cost CUs.
"Low income borrowers were almost twice as likely and minorities were two-thirds more likely in 2005 to have their home loan approved by a credit union," the report said, noting that CUs operate 40% of all depository institution branches in the state's low-income census tracts, while 94% of all Wisconsin banks-including 12 of the largest 20 banks-have no branches in low-income census tracts."
'Child Champions' Visit Congress, White House
WASHINGTON-After visiting Senate offices on Capitol Hill, meeting President Bush and touring Orlando's Walt Disney World, the Champions Across America Celebration concluded for 52 "Child Champions," who have overcome severe medical afflictions in their young lives.
The get-together with President Bush was part of a week-long series of events organized by Children's Miracle Network and presented by CO-OP Financial Services, Ontario, Calif.
The 2007 Celebration marks the second year of CO-OP's three-year commitment as the national sponsor of the Champions Across America program. The organization's sponsorship highlights the national and local efforts of the entire credit union industry, which over the last decade has raised over $50 million for Children's Miracle Network.
CU Economists Meet With Federal Reserve In Dallas
DALLAS-Housing and credit quality were among the issues discussed by a group of the credit union economic observers during a meeting with officials of the Federal Reserve Bank of Dallas.
During the informal meeting, members of Credit Union Economists Group (CUEG) also discussed credit union taxation, employment conditions and the group's economic outlook. CUNA Mutual Group's Chief Economist, Dave Colby, told Fed staff, "CUEG forecasters see the economy expanding by 2.6% in 2007 with growth improving to just under 3% through 2008. Inflation is expected to remain stubbornly above the Fed's comfort zone, so CUEG sees little change in interest rates."
Colby also indicated the current CUEG forecast is less optimistic than previous outlooks, and there are sizable variations in forecasts, which reflects the broad geographic dispersion of CUEG members.
Two Large Canadian CUs Announce Intent To Merge
VANCOUVER, B.C.-Two large Canadian credit unions are merging. Abbotsford, B.C.-based Prospera Credit Union said it plans to merge with North Vancouver-based North Shore Credit Union to form what would be a (C)$4-billion operation with 28 branches, 100,000 members and 800 employees.
The two credit unions cited economies of scale and efficiencies in announcing the merger plan. Prospera CU would be the surviving credit union; Chris Catliff, CEO of North Shore Credit Union would be CEO under the plan.
