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WASHINGTON–The Federal Reserve Board has proposed a program to sell term deposits to banks to help mop up some of the $1 trillion in excess reserves in the U.S. banking system.

DUBLIN, Ohio–American Share Insurance, which provides primary deposit insurance to more than 150 credit unions in nine states, said it will charge its insured CUs a 2009 special premium assessment of 15 basis points.

LAS VEGAS–American Share Insurance (ASI), the Nevada Financial Institutions Division, and Silver State Schools CU told Credit Union Journal they will work together this week to develop a plan to turn around the troubled credit union. Over the past week the credit union first announced its CEO, Dave Rhamy, had resigned to pursue his legal practice, and then within days abruptly announced Rhamy had returned to the job.

DUBUQUE, Iowa-To ensure employees are always up to speed on its own products and services, Dupaco Community Credit Union conducts quarterly online educational programs anchored by a year-end test, from which individual scores affect compensation.

BOULDER, Colo.-Acknowledging it had been overly aggressive in forecasting growth, Elevations CU is closing one branch and eliminating 13 positions.

ALEXANDRIA, Va.-NCUA said last week the reserve ratio for the National CU Share Insurance Fund continued to fall again last month, even as the agency was collecting $720 million in a special NCUSIF premium assessment.

MADISON, Wis.-For Dave Colby, chief economist for CUNA Mutual Group, one of the most important lessons credit unions learned from the recession has been this: "Fundamentals are fundamentals for a reason."

MADISON, Wis.-Calling it a "hopeful sign" for the economy, analysis released by CUNA shows that credit unions' savings growth increased to 10.2% during the third quarter.

DUBUQUE, Iowa-At first glance it would seem the 3.9% introductory rate on its money market account would be all that was needed to help Dupaco Community Credit Union attract $200 million in deposits over the last year.

ONTARIO, Calif. – CU Direct Lending announced a deal with GE Capital Fleet last week to in which the fleet management giant will help credit union’s remarket repossessed vehicles.

OGDEN, Utah – Goldenwest CU will pay its members a bonus dividend amounting to a 7% yield, for a total of $640,000 on Dec. 31.

WASHINGTON – The FDIC on Friday took over seven more banks with almost $15 billion in assets, making a total of 140 bank failures so far in 2009.

MANHATTAN BEACH, Calif. – Kinecta FCU said last week its president, Simone Lagomarsino has resigned after the credit union reported huge losses.

LAS VEGAS – The state’s bleak economy claimed another credit union CEO Friday, as David Rhamy, the well-known president of Silver State Schools CU resigned from the financially ailing credit union.

RIVERWOODS, Ill.– Discover Financial Services reported a 19% drop in fourth quarter net income yesterday, as credit card charge-offs continued to rise.

EAST WAREHAM, Mass. – The owner of the East Wareham Maple Park campground and nearby cranberry bogs filed for Chapter 11 bankruptcy protection this week, listing Digital FCU and its $5 million claim as its biggest secured creditor.

PASADENA, Calif. – Wescom Central CU announced Monday it is closing 12 branches early next year as it continues to dig out from large losses.

SAN ANSELMO, Calif. – Deposits rates are expected to continue to decline or stay flat during the first half of 2010, according to a new study issued yesterday by Market Rates Insight, a research firm that tracks rates for deposits, loans and fees.

WASHINGTON – The FDIC yesterday approved a $4 billion budget for 2010–$2.5 billion of it to resolve failing banks–and the number of failures to continue to rise.

PEORIA, Ill. – CEFCU, the state’s second-largest credit union, said yesterday it will be paying members a $7 million dividend this year, up from last year’s $6 million.