Summit FCU Absorbs Kenton FCU
ROCHESTER, N.Y.-The $480-million Summit FCU is absorbing the 3,000-member Kenton FCU, Buffalo, via a merger. The credit unions said no layoffs would result from the combination.
Texas CU Veteran Passes Away
BEAUMONT, Texas-Marty Oschner, who was once the CEO of Goodrich Employees FCU and formerly served as the director of the Texas Credit Union League, passed away in the early morning hours of July 14. Oschner put together the Financial Alternatives for Consumers in Today's Society (FACTS) Campaign during the tumultuous time when banks were battling CUs both in the courts and in Congress. "Being a 'people person,' the credit union profession is right for me," she once said of her dedication to the movement. Oschner was laid to rest following a funeral service on July 18.
Canadian Group Supports Filene
MADISON, Wis.-Credit Union Central of Canada, the country's trade association, is the newest Silver Benefactor of Filene Research Institute. In addition to access to research reports and Filene's CU Tomorrow Project, the association will immediately become a part of the i3 group and work closely with the Institute to identify important research topics for Canadian CUs.
Lending Awards Entries Sought
MADISON, Wis.-Entries for the 10th annual Excellence in Lending Awards, which recognize outstanding lending results and practices by credit unions, are due Aug. 7. Award categories include: consumer lending, mortgages, and lending to low/modest means. The awards will be presented at the CUNA Lending Council Conference, Nov. 1-4 in San Diego. Airfare, hotel and conference registration fees for one representative from each winning CU are included with the award.
For info: www.cunalendingcouncil.org
Court Backs Payday Lending License
HARRISBURG, Penn.-The Pennsylvania Credit Union Association applauded a recently decision by a state court that backed up a banking department requirement that payday lenders be licensed. On July 10, the court ruled that Internet payday lenders and other out-of-state companies must be licensed by the Pennsylvania Department of Banking and comply with other state laws when making consumer loans to state residents. "Everyday consumers are charged exorbitant interest rates and fees to borrow money using payday lenders," said Association President/CEO Jim McCormack. "We applaud the Court for upholding the Pennsylvania Department of Banking rules that protect consumers from lenders who take advantage of those most vulnerable."
