Year-End Rebates Being Paid
SCOTTSDALE, Ariz.-Credit unions have begun announcing their year-end rebates and bonuses. Among the first is the $540-million Motorola Employees CU-West here, which paid $1.5-million in bonus/dividends and interest rebates to members during December. Over the past six years the credit union has refunded $10.5- million to members.
Separately, Jeanne D'Arc CU, Lowell, Mass., said it has distributed more than $1 million in year-end bonus dividends to its members. The dividends were paid in three different ways: with rebates to Visa card holders; $50 credits for mortgage borrowers; and special bonuses on share accounts. This is the eighth straight year it has made a bonus payout and second in a row of more than $1 million.
National 1st Is CU's New Name
SUNNYVALE, Calif.-National Semiconductor FCU has changed its name to National 1st Federal Credit Union. The $145-million National 1st FCU said it made the move to reflect the evolution in its FOM, which remains comprised primarily of National Semiconductor employees, but also includes 70 SEGs.
BELLCO CU Expands Its FOM
DENVER-The $1.1-billion BELLCO Credit Union said state regulators have approved its bid to expand to serve the Denver metropolitan area, and that it has been OK'd to add Lafayette, Colo., along with certain areas of Arvada and Littleton,regardless of employer affiliation.
Bordelon Named To Council
BATON ROUGE, La.-Kenneth P. Bordelon, president of E Federal Credit Union here, has been appointed to the Federal Reserve Board Consumer Advisory Council.
He is the only credit union representative on the Council, which advises the Fed of its responsibilities under the Consumer Credit Protection Act.
Senator Visits Ore. CU Facility
BEAVERTON, Ore.-Oregon Sen. Gordon Smith spent approximately one hour meeting with credit unions during an early-morning event held at the offices of First Technology CU here.
The Oregon Credit Union Association said approximately 50 credit union representatives were on hand for the Jan. 9 event.
MADISON, Wis.-The World Council of Credit Unions (WOCCU) and the North Carolina CU League reported they have been successful in getting the government of the South American country of Suriname to improve its credit union laws, including bringing credit unions under the supervision of the Central Bank of Suriname. The Central Bank has tentatively agreed to send a delegation of its staff to the United States to visit the North Carolina league in February. Suriname's credit unions are not currently authorized to offer transaction accounts, but WOCCU indicated it is hopeful the new law will set the stage for credit unions to enter the market for checking accounts, and in the future, services such as ATMs and credit cards.