CUs Pledge $50K For Relief Efforts
MADISON, Wis.-Following a mid-August earthquake in coastal Peru, credit unions and individuals have pledged $50,000 for relief efforts. The earthquake killed more than 500 peple and destroyed more than 58,000 homes. Manuel Rabines, CEO of the national credit union association of Peru (FENACREP), said that larger credit unions in Peru have been able to directly distribute aid such as children's clothing, hygienic items, water, food, tents and medicine.
He told the World Council of Credit Unions that the government was ill-prepared for a disaster as large as the 7.9-magnitude earthquake, so credit unions have joined international organizations and citizens in unaffected areas to provide relief for those in need. Luis Jiménez, WOCCU-Peru Program Director, reported that the Ica and Chincha branches of San Cristobal de Huamanga credit union and Santa María Magdalena credit union suffered structural damage.
Mountain America Federal Credit Union in West Jordan, Utah, donated $25,000 through the Worldwide Foundation, while the Ohio Credit Union Foundation, Texas Credit Union Foundation and Washington Credit Union Foundation contributed $5,000 each to disaster relief efforts. Credit unions and individuals may make online credit card donations at www.woccu.org or www.cuaid.coop.
Mo. Operates Under New FOM Law
ST. LOUIS, Mo.-Missouri's credit unions officially began operating under the state's new field-of-membership (FOM) law that is expected to resolve several FOM lawsuits brought by the bankers.
The law clarifies the definition of a credit union and eliminates the words "community" and "local" to describe an FOM, and allows credit unions to expand into counties that are contiguous to its main branch.
Among other changes, the law:
Eliminates the 3,000-potential-member limit on geographic expansions and the requirement that credit union expansions be published in the Missouri Register.
Calls for FOM expansions to be posted on the Missouri Division of Credit Unions' website.
Restricts banks' legal standing in filing suit over FOM expansions.
