WASHINGTON – Credit unions called on Congress this morning to water-down the powers of the new Consumer Financial Protection Bureau–even before the new agency has opened its doors. “We believe that if a (consumer protection bureau) is to exist, its primary focus should be on regulating the unregulated in the financial services arena, and not adding new regulatory burdens to those entities that already fall under a functional regulator,” Lynette Smith, president of Washington Gas Light FCU, an $80 million Springfield, Va., credit union, testified this morning before the House Financial Services Committee. The credit union CEO, who was appearing on behalf of NAFCU, urged lawmakers to exempt credit unions from all rulemaking and enforcement powers of the new consumer agency and leave them with NCUA; to prevent the new agency from participating in “ride-along” examinations with credit union regulators; bar the agency from access to confidential credit union financial reports; and exempt the biggest credit unions–those over $10 billion in assets–from the agency’s reach. Under the new consumer protection scheme the agency will develop and enforce consumer regulations for credit unions and banks, while NCUA and state regulators will continue to examine credit unions to monitor for compliance, except for credit unions over $10 billion, which will be examined by the new consumer agency. State Employees CU of Maryland Rod Staatz, appearing for CUNA, told lawmakers credit unions are concerned the new agency will pile on additional regulations, adding to a growing regulatory burden caused by the financial crisis. “These concerns are compounded by the range of upcoming regulations credit unions will face under the Dodd-Frank Act,” said the CEO of the $2 billion credit union, who recommended the new consumer agency create an office solely aimed at reducing regulatory burden on community banks and credit unions. The new assault by credit unions–who opposed their inclusion in the consumer protection scheme–comes amid peace entreaties by presidential advisor Elizabeth Warren, who is creating the new agency. Warren, who met recently with leaders of CUNA and NAFCU and spoke during CUNA’s Governmental Affairs Conference, visited last week with California credit union leaders at San Diego Community CU to try to enlist credit union support for the new agency. Republican leaders in the House–who fought creation of the consumer agency as part of last year’s Wall Street reform bill–have introduced several bills aimed at watering down the agency’s powers. One would expand the oversight of the consumer bureau from a single director, who they fear will be the liberal activist Warren, to a five-member board like the ones that monitor other financial regulators. Another would make it easier to scrap new regulations promulgated by the agency. Another would prevent examiners at the new agency from accompanying examiners at NCUA and the banking agencies to examinations, so-called ride-along examinations. This morning’s hearing was being held to discuss those bills. The credit union representatives appeared along side of representatives from the American Bankers Association, the Independent Community Bankers of America, Consumer Bankers Association and the U.S. Chamber of Commerce, all of which fought creation of the new agency. WASHINGTON – Credit unions called on Congress this morning to water-down the powers of the new Consumer Financial Protection Bureau–even before the new agency has opened its doors.

MECHANICSBURG, Penn. – Members 1st FCU employees and members raised $15,038 for the National Multiple Sclerosis Society-Central Pennsylvania Chapter through its branch-wide Sneaker Campaign, held from Feb. 22 to March 12.

FORT WORTH, Texas – Fort Worth Community CU has acquired a 4,000 square-foot building by a Target-anchored shopping center once occupied by Washington Mutual Bank.

SALT LAKE CITY – Utah Central CU is offering young savers a 3% rate on CDs and other financial incentives as part of its Chill Change Challenge.

ROCHESTER, N.Y. – Empower FCU has implemented Integrated Media Management’s TotaleAtlasWeb solution to allow members to securely access and sign documents remotely, from any location at any time.

GERMANTOWN, Md. – Montgomery County Employees FCU announced yesterday it is now offering members a HarmonyLoan mortgage, which adjusts its interest rate at the member’s call.

SCHAUMBERG, Ill. – Motorola Employees CU has introduced a full suite of mobile banking services, including downloadable apps for iPhone, Android and BlackBerry, SMS Text Banking, and a universal Mobile Browser App, through a partnership between Card Services for CUs and MShift.

LAKELAND, Fla. – Employees of Magnify CU are getting the chance to get leaner and healthier, and get paid for it, with a “Biggest Loser” contest.

WOODLAND, Calif. – The Federal Home Loan bank of San Francisco announced yesterday it awarded a $200,000 grant to Yolo FCU which the credit union can use to help low income people pay down payment and closing costs.

PONTIAC, Mich. – Affinity Group CU said yesterday it hired Glenda West, a vice president of branch operations at Genisys CU, as president and CEO of the $140 million credit union conglomerate.

JEFFERSON CITY, Mo. – One of 10 small credit unions that serve the Missouri Department of Transportation’s 10 districts being expelled from their state offices was granted a big community charter by state regulators as it seeks to remake itself.

WASHINGTON – A subcommittee of the House Financial Services Committee debated yesterday and is expected to vote a handful of bills this morning that would begin the phase-out of Fannie Mae and Freddie Mac, which now finance a staggering 95% of the single-family mortgage market.

HONOLULU – Members of Hawaii’s Hawaii State FCU voted two new faces onto its board of directors and ousted the chairwoman, the center of a recent board scandal over board expenses.

RANCHO CUCAMONGA, Calif. – CO-OP Financial Services announced this morning it is paying its 1,200 credit union owners an annual patronage dividend of $20.2 million. The payout is down some from last year’s dividend of $22.2 million. CO-OP has paid its credit union owners dividends totaling $212.1 million since becoming a cooperative in 1996. Among other 2010 milestones, CO-OP Financial Services processed more than two billion payment transactions via CO-OP Network, third-party ATM, PIN/Signature debit and credit card for its 3,000 credit union customers. RANCHO CUCAMONGA, Calif. – CO-OP Financial Services announced this morning it is paying its 1,200 credit union owners an annual patronage dividend of $20.2 million.

VIENNA, Va. – Navy FCU said this morning it is launching a new effort to attract members and customers from competing lenders by offering a 0% rate for all credit card transfers from other issuers for 12 months. The limited time offer is available on any of Navy Federal's credit card programs and comes with no balance fee transfers. "This is an unprecedented offer in the card industry today," said Randy Hopper, credit card portfolio manager for the $45 billion credit union. "While other issuers have 0% balance transfer rate offerings, they typically include a balance transfer fee of 3% to 7% which can cost cardholders up to $350 on a $5,000 balance, but Navy Federal's offer has no fees." The balance transfer offer is available for new or existing Navy Federal credit cards. Existing credit card account holders may request a credit line increase if it is needed for the balance transfer offer. The offer is only valid for balances transferred from other card issuers.

WASHINGTON – The annual running of the Credit Union Cherry Blossom Ten Mile Run attracted 15,000 runners Sunday and raised $578,000 for the Children’s Miracle Network.

CHICAGO – Eighteen months after the official termination of a joint venture between CUNA Mutual Group and Open Lending, Inc., to sell credit insurance on subprime auto loans, the two companies are still fighting over the terms of the break up.

LAKELAND, Fla. – Publix Employees FCU has renewed a contract for online compliance training with Edcomm Banker’s Academy.

SAN DIEGO – San Diego Medical FCU has renewed the lease on its 4,638-square-foot Mission Valley headquarters in the 29,639-square-foot Rio Vista Plaza II office building.

BETHPAGE, N.Y. – Bethpage FCU paid for a delegation of Long Island nonprofits to travel to Washington, D.C., last week to learn how to strengthen government relations.