High Desert To Be Merged By June 30
APPLE VALLEY, Calif.-High Desert FCU, which was placed under conservatorship by NCUA in October 2008 after losing $15.4-million in the first three quarters of the year, is to be merged with another credit union. But which credit union will make the purchase and assumption has yet to be identified, according to High Desert, which announced the pending P&A on its website. High Desert's new management had earlier indicated to Credit Union Journal that it was not looking to merge, even though capital had declined to just 2.3%. The P&A is to be completed by June 30.
CUES Announces 2009 GMA Winners
MADISON, Wis.-The Credit Union Executives Society announced the 2009 Golden Mirror Awards winners. Top honors went to: GMA Best of Show-Sunova Credit Union, Selkirk, Manitoba, Canada; GMA Rookie of the Year - Boulder Valley Credit Union, Boulder, Colo.; GMA Golden Shoestring-Seattle Metropolitan Credit Union, Seattle.
For more info: cues.org/gma
Ala. CUL Pushing Data Security Legislation
BIRMINGHAM, Ala.-The Alabama Credit Union League (ACUL) has helped to introduce a data security bill in to the state legislature, after failing to pass in 2008. ACUL CEO Gary Wolter said the league expected it would require multiple sessions in the legislature to get the measure passed, and that recent data breaches should help the bill gain "momentum." The bill's three major provisions are: A requirement to notify consumers of breaches; a prohibition on the retention of sensitive consumer financial data, and a requirement that any entity that experiences a breach and held such prohibited data reimburse the issuing financial institution for the cost of reissuing cards and/or taking appropriate steps to protect accounts at risk.
REAL Solutions Offers Payday Loan Kit
KANSAS CITY, Mo.-With as many as 20% of credit union members turning to payday lenders, the National Credit Union Foundation is providing a new tool kit to credit unions of payday loan alternatives. The new 121-page kit, called "Payday Lending: A REAL Solutions Implementation Guide," and available at www.realsolutions.coop, is designed to help credit unions build sustainable payday loans as low-cost options for consumers. It was authored by Nancy Pierce, president of Tipton Research Group, a field coach for NCUF's REAL Solutions and a former credit union president.
World (Council) Gets A Little Bit Larger
MADISON, Wis.-Credit union associations of Azerbaijan and Uzbekistan have joined World Council of Credit Unions (WOCCU). The Azerbaijan Credit Union Association (AKIA) represents 56 of the 70 CUs serving the country, and AKIA's member institutions serve 90% of the country's estimated 9,800 credit union members. The Credit Union Association (CUA) of Uzbekistan was formed by 11 credit unions in 2005 as the first phase of WOCCU's development program in the Central Asian nation, and today 78 credit unions serve more than 99,000 members, representing $80 million in assets.
For info: www.woccu.org
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