LA DOTD Heads Down To Main Street
DENHAM SPRINGS, La.-The $103-million LA DOTD FCU is changing its name to Main Street Financial FCU. The 70-year-old CU, which was chartered to serve the Louisiana Highway Commission, said its expansion into three parishes and to more than 200 other groups necessitated the change.
OH CUs Report Membership Growth
COLUMBUS, Ohio-For the first time since 2004, Ohio's credit unions are reporting an increase in membership. Buckeye State credit unions grew their membership by more than 20,000 between March 2008 and March 2009 to 2.64 million, according to the Ohio Credit Union Quarterly Performance Summary. Additionally, credit union assets and lending continued steady growth despite the economy, posting gains of 8.11% and 8.26% respectively, during the same 12-month period. "We are excited to see a migration toward our community-based approach to providing financial services," said OCUL President Paul Mercer. Overall, Ohio CUs average 11.7% capital. The state's 407 CUs also reported an increase of 62.6% in first mortgage lending during the first quarter, with auto lending up 18.1%.
Pope 'Loves' Credit Unions
VATICAN CITY-Pope Benedict XVI has compared "love" and "credit unions" in his third encyclical, titled "Charity in Truth." The document offers the pope's thoughts on business, finance and broader economic issues. "If love is wise, it can find ways of working in accordance with provident and just expediency, as is illustrated in significant ways by much of the experience of credit unions," the pope stated, calling for more economic resources to aid the poor and the environment. He released the statement in conjunction with the G-8 meeting that was being held in Italy.
Court Upholds Payday Loan License
HARRISBURG, Penn.-A Commonwealth Court here has upheld a Pennsylvania Department of Banking requirement that payday lenders be licensed, including Internet payday lenders and any other out-of-state company that issues consumer loans to Pennsylvanians. The decision was applauded by the Pennsylvania CU Association, which noted that the Credit Union Better Choice program allows members to obtain short-term loans of $500 or less at an interest rate of 18% or less and an application fee of no more than $25. At the loan's disbursement, an amount equal to 10% of the loan is deposited into a savings account in the borrower's name. Lastly, all borrowers are offered financial counseling. That program is now offered by 82 CUs.
