MCUL To Reduce Fees $500K
PLYMOUTH, Mich.-The Michigan Credit Union League (MCUL) approved a one-time $500,000 reduction in membership fees-an estimated 24% reduction for Michigan credit unions in 2005. The MCUL board followed a recommendation from management that the projected year-end excess earnings be returned in a one-time dues reduction.
NCUA Liquidates Brooklyn CU
BROOKLYN, N.Y.-NCUA has placed the $4.3-million Midwood FCU here into liquidation. The agency's Asset Management and Assistance Center will issue checks to each of the 1,110 members within a week of the liquidation. NCUA said it made the move to discontinue operations because the credit union is insolvent and has no prospects of restoring viable operations. NCUA had placed the credit union into conservatorship Nov. 19, 2004.
The credit union was founded in 1981 to serve members and employees of the Congregation Shaarei Zion of Bobov in Brooklyn. Through the years its charter was expanded to serve several refugee assistance organizations located in New York.
Maine League Publishes History
WESTBROOK, Maine-The Maine Credit Union League has published "People Helping People - A History of the Maine Credit Union Movement." Authored by John Zerillo and Ted Desveaux, it takes the reader from the primitive credit union structures formed in 1921 through the growth and advancements of credit unions in Maine today. Zerillo is an Associate Professor and Chair of the Business Department at St. Joseph's College of Maine and chairman of Casco FCU.
Desveaux was formerly president of the Mine league and serves on the board of two credit unions and that of America's Credit Union Museum. To purchase the book: 207-773-5671 or info@mainecul.org
TCUL Staff Meets Iraq Vets
DALLAS-More than a dozen employees of the Texas Credit Union League were on hand at the DFW Airport to greet more than 150 troops who had just returned from Iraq. League staffers distributed gift bags to each member of the military filled with goods that had been donated by a variety of businesses.
Separately the league also delivered 66 gifts and two $100 gift cards-donated by nearly three dozen league employees-to boost the spirits of two needy families who are escaping abusive home lives.
