NCUA Promotes Affordable Loan Program
ALEXANDRIA, Va.-NCUA joined with other federal financial regulators to urge credit unions and other lenders to participate in the "Making Home Affordable" loan modification program. Guidelines for the program were released by the Treasury Department, which said any institutions receiving financial assistance in the future under the Financial Stability Plan established under the Troubled Assets Relief Program will be required to implement loan modification programs in accordance with those guidelines. The goal of the program is to promote sustainable alternatives to foreclosures on owner-occupied residential properties.
For info: www.ustreas.gov
CU Changes Name To Piedmont Advantage
WINSTON-SALEM, N.C.-Piedmont Aviation Credit Union has changed its name to Piedmont Advantage Credit Union. Originally chartered to serve now defunct Piedmont Airlines, the 57,000-member CU now has a community charter.
Belco Continues To Operate Under Charter
HARRISBURG, Penn.-Belco Community Credit Union issued a statement to its members and its community that it will continue to operate under a community charter following a recent Pennsylvania Supreme Court ruling in its favor. BCU serves seven counties and reassured it will continue to do so, but the community may not need to be reassured. Belco reported that during January it added 374 new members and $14.5-million in deposits.
DFCU Financial To Absorb CapCom CU
DEARBORN, Mich.-Members of DFCU Financial have voted to absorb via merger Lansing, Mich.-based CapCom Credit Union. The $203-million Capcom has 35,000 members. DFCU Financial has 200,000 members and $2.4-billion in assets.
CU Journal Follows Mt. Kilmanjaro Climb
MT. KILMANJARO, Tanzania-Ninety-three people, with support in part from United Nations FCU, have begun to climb to the summit of Mt. Kilmanjaro here, Africa's highest mountain. Credit Union Journal will be providing regular updates from the mountain from credit union representatives. Organized by the Kilimanjaro Initiative, a Nairobi-based Non-Governmental Organization, in partnership with the United Nations. 10 underprivileged youth have joined 25 other people from the private and public sectors in a group led by Timothy Challen, the founder of the Kilimanjaro Initiative. This year, the aim of the climb is to raise awareness on the dangers linked to climate change by highlighting the need to protect our environment and the importance of providing greener, safer and better communities for all.
For info: www.kilimanjaroinitiative.org
McCormack Receives Farley Leadership Award
HARRISBURG, Penn.-Jim McCormack, CEO of the Pennsylvania CU Association, was honored with the Eugene H. Farley League Leadership Award, sponsored by the American Association of Credit Union Leagues.
The award recognizes the efforts of credit union leagues or associations that demonstrate the characteristics of Eugene H. Farley, who retired in December 1999 after 40 years of service to the Virginia CU League.
