CHICO, Calif.-Joe Kelly had a rude awakening recently, when his members became targets of a text messaging scam.

LAS VEGAS-During the 1 CU Conference, Credit Union Journal asked international CU representatives: What issues are affecting credit unions in your home countries that Americans might not realize?

LAS VEGAS-At The Members Group's recent client conference, Credit Union Journal asked credit union executives if they were repricing products given the hits to income from the CARD Act, Reg E and the potential loss of debit interchange fees from the Durbin amendment to the bank bill, and whether all these changes could mean the end of free checking as we know it.

KINGSTON, N.Y.-A university business plan competition could pay off nicely for both students and a credit union here.

Financial Professionals Believe Bottom Has Been Hit, Sentiment Improving

ORLANDO, Fla.-As any CEO or CFO knows, there are two basic means to improve the credit union's bottom line: increase revenues or decrease expenses.

ORLANDO, Fla.-In the late 1980s, South Florida Educational FCU used to send a letter to employees who had taken eight days or more of sick leave in a year.

CU Assets Up Around Globe

SAN BERNARDINO, Calif.-NCUA, which took one-time $1.1 billion Arrowhead Central CU under conservatorship last month, last week terminated its long-time CEO Larry Sharp and three other top executives the agency had previously put on an unusual paid administrative leave after the regulatory takeover.

WASHINGTON-Even as federal regulators release final guidelines establishing executive compensation restrictions, they made it clear they were already taking action to target flaws in the pay practices of the largest banking companies.

WASHINGTON-The U.S. Senate turned away the concerns of community banks, credit unions and the vast majority of Republican members last week to vote final passage of the financial reform bill, sending the measure on for President Obama to sign into law.

July

WASHINGTON-New CUNA President Bill Cheney said he doesn't expect his role in the corporate crisis, as a one-time director at both U.S. Central FCU and WesCorp FCU, to limit him in lobbying NCUA, even as the federal regulator mulls claims in both cases against executives and directors of the two failed corporates.

OMAHA, Neb.-To free the compliance officer from staff questions and to improve compliance knowledge throughout the credit union, one CU has placed all of its compliance knowledge online.

LAS VEGAS-Regulation of credit unions is a "work in progress," but Alan Cameron said the real downside is compliance takes away from the focus of serving members.

Mortgage Rates In The Basement

WEST CHESTER, Penn.-If Joe Prunty were a credit union CEO, he'd prefer to retain 15 profitable account holders rather than sign up 100 new members.

WASHINGTON-While corporate credit unoins must accept their share of the blame for blindly investing their funds into US Central, which loaded up a significant portion of its mortgage investment portfolio with certain securities, it should be noted that natural-person CUs did the very same thing, reminded NAFCU President Fred Becker.

Among those who declined comment during the course of assembling interviews for this special report on corporate CUs were CUNA Mutual Group, Madison, Wis., which has built a large investments operation, and NCUA.

NEW YORK-The collapse of the housing market bubble is largely credited with creating most of the losses corporate credit unions, and their natural-person CU investors, have reported.