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LAS VEGAS – Clark County CU reported $2.3 million in net income for its second quarter, the latest Nevada credit union to indicate a rebound in the state’s financial fortunes.

VIENNA, Va. – Navy FCU reported this afternoon that net income for the first six months of the year rose 20% over the same period last year to a record $439 million.

ALEXANDRIA, Va. – Credit unions continued to chop loan reserves and to prune their expenses in the first half of the year by slashing cost of funds—the dividends they pay to members—in order to maintain the record net income of the past two years.

OTTAWA, Canada—Canada’s largest faith-based credit union has taken steps to live that faith. Benjamin Jantzen, whose title is Stewardship in Action Advisor with the (CDN) $850-million Mennonite Savings and Credit Union, told the World CU Conference his credit union has for the last four years been working to “change the way we were growing our community.”

LAS VEGAS – One Nevada CU, the state’s largest federally insured credit union that has been battered by the recession, reported a $2.3-million net for the second quarter and a $3.6-million net for the first six months of the year.

CLEVELAND – State regulators this afternoon shuttered Taupa Lithuanian CU, a $23.6 million credit union, and appointed NCUA has liquidating agent for the year’s 12th credit union failure.

Los Angeles Police Federal Credit Union says its hybrid carrot and stick "Member Benefits" program has added $155,023 to its bottom line since it was introduced six months ago.

Since May 1 rates have been rising, but John Worth is advising credit unions not to be "fooled" into inaction against interest rate risk.

A decline in delinquent loans is providing some help for the "Texas ratio," nonperforming assets divided by the sum of total equity and loan loss reserves, at credit unions.

BOSTON – NCUA said this morning it is building a new risk-based capital framework tailored to protect the industry from losses.

MANSFIELD, Texas – Texas Trus CU announced this morning it has agreed to merge into it Arlington-based Security One FCU, the $57 million former General Motors auto workers credit union, which will give the $760 million credit union two additional branches, for a total of 12.

Community First CU here takes relationships seriously-and that means rewarding for them.

Signs that deposit rates have bottomed out and are set to move upward indicate the Federal Reserve may be preparing to hike interest rates within the next 12 months.

Credit unions must now pay attention to an increasingly volatile long end of the yield curve, as well as to the stability of core deposits.

The slight increase in rates should be viewed by credit unions as a remainder to ensure balance sheets are in order, one analyst is reminding.

The gradual rise in interest rates now underway won't have a detrimental effect on most credit unions, predicts one industry expert-and could even be good news for the smallest CUs.

It didn't take long for C. Dana Rawlings to identify a key problem facing Pioneer West Virginia Federal Credit Union. In fact, it led to his first executive decision when he walked through the door of the credit union on his first day as CEO in July 2010.

BALTIMORE, Md. – MECU of Baltimore said today it paid its members, many of whom are teachers, a $1.5 million bonus, half of the annual bonus the $1.2 billion credit union typically pays.

NEW YORK – The credit union movement has apparently recovered from the worst recession in 75 years, but thousands of small credit unions are continually being left behind, with negative growth and negligible or non-existent profitability, CUNA economists explained during America’s CU Conference this afternoon.

The banking industry earned a record $40.3 billion in the first quarter as rising noninterest income and the continued drop in loss provisions made up for declines in interest-related income, according to the Federal Deposit Insurance Corp.