March 1 Is HMDA Deadline
ALEXANDRIA, Va.-Credit unions have a March 1 deadline to comply with the Home Mortgage Disclosure Act (HMDA) and report any 2010 loan data. NCUA has also sent a reminder to CUs of their obligations with regulatory alert 11-RA-01. There are civil financial penalties for non-compliance, which is required of CUs with more than $39 million in assets. Those that have processed 26 or more mortgages are required to submit their applications in an automated, machine-readable form.
Rivers Is New CEO At FAMU FCU
TALLAHASSEE, Fla.-Clarence Rivers has been named president/CEO of FAMU FCU, which serves Florida A&M University. Rivers is a FAMU graduate and long-term CU employee who will have to work in part to repair the CU's image, after former CEO Eugene Telfair was sentenced to 30 months in prison for embezzling $130,000 in grant money.
Oldag Named VP At City County
FT. LAUDERDALE, Fla.-Chris Oldag, well known as a speaker at credit union conferences and for his role with the CUNA Lending Council, is moving cross country to become EVP/COO with City County Credit Union here. Oldag was most recently EVP-lending with the $4-billion Patelco Credit Union in Pleasanton, Calif.
NAFCU Award Winners Are Named
ARLINGTON, Va.-NAFCU has named the winners of its 2011 Marketing Awards Competition, which will be formally presented at its Strategic Growth Conference in Ft. Lauderdale, Fla., March 15-17. Awards are presented in two asset categories; below, the first winner is in the asset category of $150 million or less, the second $150 million or more. Winners are: Best Annual Report: Valero FCU in San Antonio, and Hudson Valley FCU in Poughkeepsie, N.Y. Best Promotional Campaign: Coastline FCU in Jacksonville, Fla., and GFA FCU in Gardner, Mass. Best Lending Promotion: Bridgeway FCU in Poughkeepsie, N.Y., and Nassau Educators FCU in Westbury, N.Y. Best Membership Promotion: North Carolina Community FCU in Goldsboro, and Grow Financial FCU in Tampa, Fla. Best Member Newsletter: Fort Lee FCU in Prince George, Va., and Franklin Mint FCU in Broomall, Penn. Best Product or Service Promotion: MAFCU FCU in Brookline, Mass., and First Financial FCU in Wall, N.J. Best Web Site: Fort Lee FCU in Prince George, Va., and Greater TEXAS FCU in Austin, Texas.
For info: www.nafcu.org/awards.
SBA Intro's 2 Advantage Programs
WASHINGTON-The U.S. Small Business Administration (SBA) now has two new "advantage" lending programs up and running. Approved SBA-credit unions can now approve loans through SBA's Small Loan Advantage program and its new Community Advantage program. Under the latter program, SBA has expanded the points of access small business owners have for getting loans by opening SBA's 7(a) loan program to "mission-focused" financial institutions, including Community Development Financial Institutions, SBA's Certified Development Companies and SBA's nonprofit microlending intermediaries.
For info: www.sba.gov.
3 More Calif. CUs In Mergers
SACRAMENTO, Calif.-Three more California credit unions are slated to disappear via merger. Motion Picture FCU, Valley Village, is merging into Musicians' Interguild CU, Hollywood Onized Oakland FCU is merging into Allied Trades CU, Stockton, and Star Energy CU, Bakersfield, is merging into Chevron FCU.
Framingham Municipal Has New Name
FRAMINGHAM, Mass.-Framingham Municipal FCU is changing its name to Metro-West Community FCU to reflect its expanded charter. Simultaneously, the 67-year-old CU is said it has also eliminated fees on just about all of its products.
First Gentleman Joins With SECU
RALEIGH, N.C.-Bob Eaves, the First Gentleman of North Carolina, appeared at State Employees CU branches in Raleigh and Greensboro as part of the N.C. Business Committee for Education's Students@Work Week. Eaves, along with SECU Chairman Jim Barber and branch VP Tim Swinson, spoke to Centennial Middle School about the importance of education in workplace success. Eaves later also met with students from Aycock Middle School at another branch. The goal of the program is to give middle-school students the opportunity to connect classroom learning with real-world workplace experiences.
Filene, Canadian Central To Partner
MADISON, Wis.-The Filene Research Institute is entering into a partnership with Credit Union Central of Canada (Canadian Central). Since 2009 the two organizations have already worked together on research reports and as participants in Filene's i3 team. "Formalizing this new partnership gets Filene's research into the hands of many more credit unions and allows us to focus on more of the challenges that North American credit unions share," said Mark Meyer, CEO of the Filene Research Institute. As part of the agreement, Filene and Canadian Central will produce up to four joint research projects per year, will host joint academic gatherings and appoint a Canadian member to the distinguished Filene Research Fellows panel.