NCUA Letter Addresses Board Duties
ALEXANDRIA, Va.-NCUA has sent Letter to Federal Credit Unions (11-FCU-02) in which it discusses the general authorities and duties of directors in new Section 701.4. Among other things, the letter states that an FCU's board can, with some limitations, delegate to its CEO the authority to hire, fire, and compensate subordinate employees, including other management personnel. For info: www.ncua.gov.
Defeat The Bear, Run With Bulls
TAMPA, Fla.-USF FCU has launched a national competition to discover how creative people have become at saving their money during the economic downturn. The "Are You the Best Bull?" competition is running through April 4, with the winner receiving an all-expense paid, four-night, five-day trip to Pamplona, Spain, to witness the legendary running of the bulls. Contestants have 60-seconds or less to show how they have been creative in saving their money in the passing bear market. Once they have created their video, they must post it to YouTube, and fill out the entry form at www.usffcu.org/bestbull.
SECU Cuts Fees, ARM Rate Cap
RALEIGH, N.C.-State Employees' Credit Union said it is now absorbing the cost of an appraisal for home equity lines of credit and closed-end second mortgage loans. SECU said the move should generate $1.2 million in annual savings for members. It has also moved to reduce the lifetime cap to 6% from 8% on its two-year ARM, and increased the maximum loan term for used vehicle loans to 72 months, while also waiving DMV Lien Recording fees for vehicle loans.
ISU FCU Literally On The Field
POCATELLO, Idaho-ISU Credit Union here has partnered with Idaho State University to help the university install new football turf at Holt Arena. The new field, which will be called ISU Credit Union-Caccia Field, will be ready for use during the Fall 2011 season.
Purdue FCU Best Place to Work
WEST LAFAYETTE, Ind.-Purdue FCU has been named one of the 2011 Best Places to Work in Indiana by the Indiana Chamber of Commerce, BizVoice, Inside Indiana Business, the Indiana Economic Development Corporation and Best Companies Group. Companies were selected following a two-part process that included evaluation of each nominated company's workplace policies, practices, and demographics and an employee survey.
CUs Sign Up For Savings Challenge
MADISON, Wis.-CUNA is reporting that the 2011 National Youth Saving Challenge now has more than 130 credit unions participating. The challenge is held in conjunction with National Credit Union Youth Week throughout April. During 2010, nearly 170,000 young members deposited $24.8 million into their savings accounts during the month, and more than 10,000 opened new accounts. For info: http://cuna.org/finlit/saving_challenge_mentor.html.
Two Small CUs Are Liquidated
ALEXANDRIA, Va.-NCUA and state regulators have liquidated two small credit unions. Wisconsin Heights CU of Ogema, Wis., has been shut down, with operations absorbed by CoVantage Credit Union of Antigo, Wis. In Santa Fe, N.M., Land of Enchantment FCU has been shuttered, with accounts assigned to Guadalupe CU. The closures bring to five the number of CUs shut down in 2011.
CU-Themed 'Thrift Rock' Album
MADISON, Wis.-Calling its music "thrift rock," The Disclosures have released an album featuring songs and lyrics that deal with credit union history, financial education and cooperative structure. The band said the album, titled "(Hey, We're) The Disclosures," is its "first attempt at combining their musical abilities with their passion for democratically-controlled, not-for-profit credit unions." The Disclosures are made up of Christopher Morris of the National Credit Union Foundation and Chad Helminak of the Wisconsin CU League. For more info: http://thedisclosuresmusic.com.
CUES Names 3 Scholarship Winners
MADISON, Wis.-The Credit Union Executives Society has announced the winners of three partial scholarships for its 2011 CEO Institute program: Darlene Brown of St. Vrain Valley CU, Longmont, Colo.; Timothy L. Lineberry of GUCO Credit Union, Greenville, N.C., and Erick Orellana, CEO, Nikkei Credit Union, Gardena, Calif. The partial scholarships cover one-third of the registration fee for all three years of the institute. For info: cues.org/ceoinstitute.
