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NCUA Unveils Call Report Changes

ALEXANDRIA, Va.-NCUA said it has introduced several changes to its 5300 call reports for the March, first quarter cycle, for both the long forms for credit unions with more than $50 million in assets, and the short forms for those with fewer than $50 million.

The long forms will now require detailed information about both loan participations and brokered CDs, as well as new information about the numbers of branches and shared branches and mortgage servicing rights.

Both forms will split the cash on deposits disclosures to require details of both cash deposited in corporate credit unions and other financial information and contact information for the USA Patriot Act. Both reports are due at NCUA 30 days after the March 31 completion of the first quarter.

Philadelphia Gets New CDCU

HARRISBURG, Penn.-State regulators have approved a charter for a New Life Community CU, a community development credit union that will serve west Philadelphia.

The credit union, the second CDCU chartered here in the past two years, is sponsored by the Sharon Baptist Church in Philadelphia. It is the fifth new credit union sponsored so far this year.

New Space Age Center For CU

MELBOURNE, Fla.-Space Coast CU opened a new pentagon-shaped headquarters that will bring the rapidly- growing credit union's disparate operations under one 80,000-square-foot roof.

The $8.5-million project will consolidate the credit union's various operations, including marketing, mortgage lending, call center, human resources and management, as well a mock branch for employee training, in a single facility. The offices were designed and built by local developer Building Management Systems of Melbourne.

Fannie Mae Securitizes Hybrid ARMs

WALL STREET-Fannie Mae said it will begin offering mortgage-backed securities created from pools of hybrid adjustable-rate mortgages, 5/1 ARMs. Fannie said it launched the new securitizations program because of the growing popularity of such hybrid loans, which combine a fixed-rate mortgage for a period with features of adjustable-rate loans.

The secondary mortgage giant said 5/1 ARMs accounted for half of the $175 billion in hybrid mortgages issued in 2002. Mortgage-backed bonds issued by Fannie and its sister secondary mortgage service provider Freddie Mac are among the most favored investments for credit unions.

Savings Rates Continue Downward

WASHINGTON-Credit unions continued to slash their savings rates to historic lows, according to DataTrac Corp.

The average paid on regular shares fell another couple of basis points during the week to just 1.14%; while the average on share drafts (checking) fell to a paltry 0.68%; and for money market accounts a meager 1.31%.

Still, those rates continue to be 20 bps to 54 bps above the average rates paid by banks, which were paying 0.7%, 0.48% and 0.77%, for those products, respectively, for the same time period. DataTrac follows rates for 8,000 depository institutions, including 1,000 credit unions.

Strike-Threat Brings CU Contract

ASHLAND, Ky.-Members of the United Steelworkers of America, Local 1865, voted to ratify a new contract with Members Choice CU just as a threatened work stoppage was looming at the credit union.

The three-year pact will provide undisclosed pay raises and reduce health care premiums for employees by 4%. The 15,000-member CU was formerly known as Armco Employees CU.

InfiCorp Expands CU Card Holdings

ATLANTA-InfiCorp Holdings, Inc., purchased approximately $5.1 million in credit card loans from two credit unions, establishing a long-term strategic alliance with both CTCE FCU, Reading, Pa., and Westerly Community CU, Westerly, R.I.

As part of the agreement, InfiCorp will market credit union-branded credit card products to members and potential members for both institutions.

Suspect In CU Heist Shows Up During Georgia Hold-Up

UNION CITY, Ga.-A man suspected of robbing First CU, in Gainesville, Ga., two weeks ago with a sawed-off shotgun, was arrested last Wednesday while robbing a bank here. David Schott, 28, of Jacksonville, was identified as the robber in the credit union heist by fingerprints left behind, police said. Schott made off with about $90,000 from the credit union, an unusually large amount for a bank robbery. Police said Schott, who was being held in jail near Atlanta, confessed to a number of armed robberies.

Brothers Jailed For CU Robbery

JACKSONVILLE, Fla.-Two brothers convicted of trying to kill a police officer chsing them after a robbery at Education Community last year were sentenced to long prison sentences Friday. Micah Lamb was sentenced to life in prison and his younger brother Aaron Lamb to 50 years. A pursuing officer was shot in the leg through the door of the police cruiser but recovered from his wounds.

Busted CU Heist

PORTERVILLE, Calif.-Police are searching for a would-be robber who fled El Futuro CU after botching a hold-up last Friday. The man left behind a bag he claimed had a bomb in it after the teller went to the vault, purportedly to get cash for his demands, police said. After the incident police cleared the neighborhood while the worked to ascertain the bomb threat was a fake.

Keep Your Pet Healthy

DENVER-The Colorado CU League said it has signed with the Lockton Co., to help market its program of health insurance and other products for pets through credit unions. T he CU Pet Source will provide credit union members with a broad range of pet-related products and services under the PatCare Pet Insurance name. The program is scheduled to commence this month.

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