NCUA NIXES TRADITION

Wegner Award Winners Announced

"Did you hear about the airplane that hit the World Trade Center?" I thought it was something of an odd time to tell a joke, because that's precisely what is sounded like the start of. "Hey, did you hear the one about the...?" I didn't respond, still giving most of my attention to the speaker. We were in the second session of the morning at CUJ's Grow Show.

The possible 360-degree review of the tax code by the Super Committee should send a signal to the credit union industry that the next several months may test its political and legislative skills regarding the tax exemption like never before.

Credit unions are beginning to interact with members through a variety of new channels as members demand more easily accessible account details. That especially includes access to mobile devices, which are becoming an increasingly popular method for members.

MANHATTAN BEACH, Calif.-Kinecta Federal Credit Union is one of a handful of lenders in the nation approved to offer the HomePath Mortgage.

GLASGOW, Scotland-During the World Council of Credit Unions' World CU Conference here, CUJ asked former U.K. Prime Minister Gordon Brown the following questions.

ALEXANDRIA, Va.-NCUA Assistant Director of Public Affairs David Small had earlier told Credit Union Journal that if a corporate fails to raise the necessary capital, the agency will begin the process of winding it down.

CU Journal has assembled an overview of new state laws and regulations affecting credit unions.

LENEXA, Kan. – Representatives of 13 corporate credit unions and CO-OP Financial Services said this morning they have abandoned efforts to buy the payments functions from U.S. Central FCU, the latest corporate initiative to fail.

SANTA ROSA, Calif. – Sonoma County Grange CU has signed a card processing deal with Vantiv, formerly Fifth Third Processing Solutions.

TEMPE, Ariz. – TruWest CU has signed an ATM managed services deal with CO-OP Financial Services.

BAKERSFIELD, Calif. – Kern Schools FCU is offering its employees RetireOnTarget, a new online retirement planning platform provided by CUNA Mutual Group.

FORT WORTH, Texas – American Airlines FCU has signed with FamilyMint to provide its young members with financial literacy programs.

ANN ARBOR, Mich. – University of Michigan CU is renovating its new headquarters, a year after buying the 58,000-square-foot building that used to house the Ann Arbor News.

WASHINGTON – Rates for a five-year adjustable-rate mortgage fell for the eighth straight week and hit an all-time low this week, according to Freddie Mac.

ANCHORAGE, Alaska – A woman was sentenced to 16 months in prison Wednesday for engaging in a credit card scheme in which she fraudulently received almost $120,000 in cash advances from local credit unions and banks and used the money for plane tickets, rental cars, hotel rooms and a spending spree at a downtown boutique clothing store.

HONOLULU – Hawaii Central FCU is holding is third annual Fastest Texter of Hawaii contest Sunday, with a $500 award to the winner.

MONTVALE, N.J. – A mortgage broker on Thursday was accused of submitting false information to qualify for 13 real estate loans for 11 multi-family houses with the help of a loan coordinator at Paragon FCU, which bilked the troubled credit union out of an estimated $5 million.

SAN DIMAS, Calif. – NCUA said yesterday after news of the failed recapitalization by WesCorp FCU it has no plans to shutter the failed corporate credit union and is now soliciting acquirers to obtain the WesCorp business in a way that will have minimal disruption of member credit unions.