Get ready. Approximately six months from now credit unions across the country will eagerly engage in an annual CU tradition: wasting a lot of money, time and opportunity.

My business partner, John Gregoire, thinks that credit unions these days should concentrate on finding NEMO. Not the little fish in the movie. But rather their mostly middle class members who are Nervous, Embarrassed, Mad and Otherwise anxious.

Editor's note: the following letter was written in response to "Will CRA Be Forced On US?" (April 20).

There's been a lot of speculation around our industry that all the chaos in the economy in general, and banking in particular, should be good for credit unions. Confused and frustrated bank customers are looking for financial services options that make them feel secure, and people with good credit histories are looking for institutions willing to lend for necessary expenses such as college, to replace a car, etc.

WEST PALM BEACH, Fla.-Credit Union Journal has entered into a partnership with the American Debt Relief Challenge, a credit union-backed effort to save at least 37,400 consumers more than $300 million. For details, www.adrchallenge.com.

SECU Buys Historic Lowe's Grove Rural CU Site

MIDLAND, Mich. — If financial institutions' phone numbers were on every consumers' speed dial, then Dow Chemical Employees Credit Union would claim the top spot with most of its members.

WASHINGTON — A bill introduced in the House last week would allow credit unions to stretch out the costs of the $6-billion corporate credit union bailout for as long as eight years, adding impetus to the bid to ease the burden on the 7,800 natural person credit unions that are paying the freight.

HIGHTSTOWN, N.J. — A survey of its affiliated credit unions by the New Jersey Credit Union League regarding corporate credit unions and NCUA's Stabilization Plan found:

SANTA BARBARA, Calif. — Seven members of two CUs here were confirmed to have lost their homes to a rare May Southern California wildfire, but credit unions breathed a sigh of relief as the flames spared their branches.

GREEN BAY, Wis. – In a case with national ramifications, a federal judge yesterday ruled the Internal Revenue Service erred when it assessed more than $54,000 of unrelated business income taxes, known as UBIT, against Community First CU.

NEW YORK – The former treasurer of defunct St. Charles Borromeo Church FCU was sentenced yesterday to three years in prison for stealing more than $100,000 from the credit union used by Harlem church members.

SACRAMENTO, Calif. – The Golden 1 CU said yesterday it has reduced its headquarters staff in Sacramento by 25 full-time positions in response to the weak local and national conditions.

PERRY, Ga. – A 29-year-old repeat offender was sentenced yesterday to life in prison for the 2007 armed robbery of Robins FCU, because it was his third felony conviction.

ALEXANDRIA, Va. – A new review of the 2007 failure of Norlarco CU criticizes NCUA’s role in monitoring the multi-billion dollar market for loan syndications, known among credit unions as participations, especially the more than $250 million of loans in speculative south Florida real estate the Fort Collins, Colo., credit union sold off to at least 18 other credit unions.

EUGENE, Ore. SELCO Community CU announced the awarding of almost $20,000 in college scholarships, 13 awards of $1,500 each, to children of members.

McLEAN, Va. – Long-term mortgage rates moved slightly higher this week for the second week in a row, after reaching record lows, according to Freddie Mac.

SAN DIMAS, Calif. – Financial Service Centers Cooperative has unveiled a locator service for shared service centers, identifying the location of 5,700 shared branches nationwide whether it’s traditional branches, self-service kiosks, or 7-Eleven stores.

PHILADELPHIA – Freedom CU offered 7.5% rate on new CDs or IRAs to mark its 75th anniversary.

WHITETOWN, N.Y. – A former teller with AmeriCU FCU was arrested and charged with stealing more than $8,000 from the accounts of credit union members.