HARRISBURG, Penn.–The Commonwealth Court here issued a 65-page opinion yesterday affirming the Department of Banking's orders granting broad community charters for Freedom Credit Union and TruMark Financial Credit Union.The Pennsylvania CU Association said its attorneys were still wading through the opinion and were not prepared to make any official statement beyond that it appears to be good for credit unions.Multiple legal battles over field of membership issues have been ongoing in Pennsylvania for several years. Last September, the state's Supreme Court had remanded the suit against the Pennsylvania Department of Banking back to the Commonwealth Court for hearing, finding that the state regulator had not given bankers adequate input when it granted community charters for TruMark and Freedom-the broadest FOMs ever granted by the state.

WASHINGTON–CUNA said yesterday it would join a call by NAFCU to lobby for greater access to alternative capital for credit unions. CUNA reported it will join the federal credit unions’ trade group to push for “member-only alternative capital at this time.”
In a statement, CUNA said it continues to “insist that alternative capital proposals should encompass as many options as possible to help more credit unions,” and that “broader access for credit unions to capital, and the ability of credit unions to determine for themselves, based on their needs and membership, whether that capital should come strictly from membership or other sources.”CUNA made its comments in a memo to NAFCU about alternative capital legislative proposals, stressing that “the need of a number of credit unions for alternative capital is real and immediate.”
CUNA is calling for the legislative proposals on alternative capital to be modified to include a number of additional sources for credit unions, including government assistance, other credit unions, CU sponsors and select employee groups, and others. It also is urging changes be made to Prompt Corrective Action (PCA rules). On Friday, Sept. 25, NAFCU called on CUNA to support draft language for a bill to authorize all credit unions to raise alternative capital from existing members, with several conditions.Over the weekend, NAFCU President Fred Becker told Credit Union Journal the industry is exploring several legislative avenues to boost credit union capital, which could also include enactment of risk-based capital, a solution that has eluded credit unions for the past decade. Becker said at that time that NAFCU was seeking to arrive at a consensus with CUNA, before asking for NCUA’s support.

KEY WEST, Fla. – In an unusual regulatory response, NCUA said Friday it was asked by the board of Keys FCU to take the ailing $180 million credit union under federal conservatorship.

ALEXANDRIA, Va. – NCUA said last week that various stress tests applied to the credit union system supported its decision to assess a $1.1 billion premium on federally insured credit unions this year and points to the potential for additional charges through at least next year.

PORTLAND, Ore. – A man who was on parole for a string of nine credit union robberies is headed back to prison for eight more heists at area credit unions in 2007 after he fled parole.

LEBANON, Ore. – Linn-Co FCU brought out its biggest telescopes for the 10th annual Star Gazing Extravaganza this past weekend.

BIRMINGHAM, Ala. – APCO Employees CU broke ground last week on a new three-story office project that will triple its current office space.

TAMPA, Fla. – Suspects in last Thursday’s armed robbery at Grow Financial CU are believed to be part of a larger robbery ring that hit area financial institutions and pawn shops in recent months, police said.

WASHINGTON – The Treasury Department said last week it has approved fine new lenders, including three new credit unions, as servicers for its Home Affordable Modification Program, or HAMP.

BALTIMORE – Neighborhood Housing Services of Baltimore and seven local lenders kicked off a new program last week offering short-term loans to low-income residents of East Baltimore as an alternative to high-interest-rate "pay-day loans" and cash advances.

RALEIGH, N.C. – State Employees’ CU has expended its ‘green’ program offerings to include a loan designed specifically for energy efficient improvements such as replacement windows, heating/air conditioning systems, insulation, solar water systems and Energy Star appliances.

ATLANTA – The FDIC on Friday seized $2 billion Georgian Bank, the 19th bank to fail in Georgia so far this year.

RENO, Nev. – In a scenario playing itself out across the so-called Sand States, poorly performing real estate loans combined with losses accrued from the corporate credit union system helped push Clearstar Financial CU over the brink last week.

WASHINGTON – Credit union leaders are trying to resolve long-time divisions in the movement over alternative capital sources in order to seek a legislative fix for the diminishing capital in the credit union system.

RENO , Nev. – NCUA took over and liquidated troubled Clearstar Financial CU last night, assigning the remnants of the one-time $175 million credit union to United FCU, of St. Joseph, Mich.

This week's special report takes a look at what's on the radar screen for CUSOs, including how additional due diligence is keeping some member business lending firms busy, investment services, outsourcing.

LENEXA, Kan. – NCUA this afternoon decided to replace James Nance, the former U.S. Central FCU executive brought in to run the one-time $52 billion corporate credit union under conservatorship, and replace him with Francois Henriquez, the corporate’s long-time general counsel.

LENEXA, Kan. – NCUA this afternoon decided to replace James Nance, the former U.S. Central FCU executive brought in to run the one-time $52 billion corporate credit union under conservatorship, and replace him with Francois Henriquez, the corporate’s long-time general counsel.

WASHINGTON — Legislation that would require an 'opt-in' on overdraft protection plans or bring fees charges for the program under the Truth in Lending Act discourage credit unions from offering the popular programs, also known as bounce protection, credit union executives and directors said yesterday.

PORTLAND, Ore. — Extra due-dilegence on commercial loans and lines of credit, once thought to be the next shoe to drop by economists, is largely paying off in the form of fewer problems and delinquencies, according to a number of CUSOs.