WASHINGTON-A federally impaneled committee began a year-long investigation last week into the causes of the banking crisis with two-days of hearings that included representatives of the four big banking companies, JP Morgan Chase, Bank of America, Morgan Stanley and Goldman Sachs and representatives from the FDIC, SEC, U.S. Department of Justice and a variety of Wall Street and mortgage industry experts.

Fund Established To Help Victims Of Haiti Quake

LIVONIA, Mich-Invest in America and CU members helped GM and Chrysler close out the year with positive signs for 2010.

TALLAHASSEE, Fla.-Roy Cromer, who was the founding chairman of the ATM and POS network Credit Union 24, is retiring from the board as he also retires as CEO Envision Credit Union, following a 43-year career in credit unions. "Mr. Cromer has been extremely instrumental in the long-term growth, development and success of the Credit Union 24 network, and he will be sincerely missed," said Jim Park, president and CEO of Credit Union 24. Bob Fisher, president and CEO of Grow Financial Credit Union, has been appointed to fill Cromer's remaining term on the board.

WASHINGTON-Efforts to create a new consumer regulator, develop new rules for operating the financial markets and a host of other responses to the financial crisis will leave credit unions on the defensive this year, the second session of the 111th Congress.

BEAVERTON, Ore.-Several credit unions were among the first last week to warn that scammers were making malware aps available through Google's Android Market. The fake apps mimic those of established financial institutions and if installed and utilized allow the scammers to capture personal financial data. Google has since removed the apps and credit unions across the country were warning members not to use caution. Among the first CUs to raise red flags were First Technology CU, and BayPort CU in Newport News, Va.,in addition to mobile bank provider MShift.

DALLAS-CEOs have not felt so glum about their credit unions' finances and the economy, according to results of Southwest Corporate Federal Credit Union's fourth quarter 2009 CU CEO Confidence Survey, which sunk to a new low.

EL SERENO, Calif.-The match was perfect, according to the owner of a coffee shop that had lost its lease-a credit union looking for a branch location and a charter school seeking an alternative revenue stream.

CU Gives Member $25K Surprise

WEST PALM BEACH, Fla.-The next 12 months will continue to challenge credit unions to devise business development strategies on a shoestring, and look for cost-effective ways to reach out to current and prospective members.

JERSEY CITY, N.J.-Sean McDonald, director of business development and marketing at the $54-million Liberty Savings FCU in Jersey City, N.J., believes that more credit unions will come to understand that they don't have to spend a "ton" of money to develop business.

SAN DIEGO-Anne Legg, VP-marketing at the $190-million Cabrillo CU in San Diego, is another who sees many more credit unions embracing social media.

LONGVIEW, Wash.-Lesley Carrell, SVP-marketing for the $680-million Fibre FCU is forecasting that margin pressures will reduce the number of credit card rewards programs.

ONTARIO, Calif.-Carol Payne, VP-communications and marketing for the California and Nevada Credit Union Leagues, said that whatever CUs do to drive business this year, they will be measured much more closely than in the past.

NORTH RICHLAND HILLS, Texas-A survey conducted during Cypress Software Systems' recent Annual Users' Conference found the company's clientele of credit unions, community banks and other financial institutions expect technology to positively impact productivity and compliance assistance in 2010.

STRONGSVILLE, Ohio-Three credit unions that in recent years moved to American Share Insurance (ASI) for deposit insurance said they have no regrets, despite the recent 15-basis point premium assessment ASI has made.

Radian, Prime Alliance Integrate PHILADELPHIA-Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., announced its integration with the Prime Alliance loan origination platform, an end-to-end, paperless mortgage technology solution for the credit union industry. The companies said the Prime Alliance platform provides an, "anytime, anywhere, anyone" mortgage lending technology specifically tailored for the CUs. Radian is offering its exclusive Free After Five product through the platform, which allows for automatic mortgage insurance termination after five years, provided the borrower has maintained a good payment history.

LIVONIA, Mich.-Since giving away $100 to local residents worked before, Co-op Services CU is opening its wallet again.

GROTON, Conn.-Members who lose their jobs or are facing other certain hardships will have their fees waived when they withdraw funds from their share term certificates at Charter Oak FCU.

January 2010