WEST ALLIS, Wis. – CU Fleet, an automotive leasing dealership co-owned by former Central States Mortgage Co. CEO Dick Jungen filed for Chapter 11 bankruptcy last week, owing almost $3 million to credit unions that were victimized by the closure of the mortgage loan CUSO.

RIVERSIDE, Calif.-Altura CU, which posted a $6.1-million loss in 2008, said it will shutter two branches and convert a third to an electronic branch, in the process cutting 35 jobs, or 15% of its workforce.

ORLANDO, Fla.-During a panel discussion here credit unions were told what to expect for the rest of the year economically, and given some insights into what Washington might have in store.

SAN DIMAS, Calif.-Former members of the board of Western Corporate FCU (WesCorp), who were removed as the result of NCUA's conservatorship of the corporate credit union, have issued a statement saying they have voted unanimously against contesting that decision.

NAFCU Presses NCUA For Accounting Clarification

SAN DIEGO-Credit unions with a goal of growing in 2009 can still register to attend the only conference dedicated solely to growth, Credit Union Journal's Grow Show. Scheduled for April 27-29, the agenda is packed with real-life success stories from credit unions on all aspects of operations. Numerous registration and travel discounts are also available. Visit www.cujournal.com and click on the Grow Show icon.

BEDFORD, Mass.-Offering free credit score counseling does more than help members become better money managers, it has improved Hanscom FCU's share of wallet.

NEW YORK-Representatives of BizKid$, the credit union-sponsored financial literacy TV program aimed at kids, and credit union supporters rang the closing bell last week at the NASDAQ stock exchange. As part of the event, BizKid$ video aired at EST market close for 30 seconds on the NASDAQ Tower in Times Square, as did the America's Credit Unions logo.

ST. LOUIS-The St. Louis Browns haven't taken to the field here since 1953, but they're being kept alive in part by American Eagle Credit Union, a division of Anheuser-Busch Employees Credit Union.

TACOMA, Wash.-Sound CU has received a national Telly Award for a video titled "Life Made Easy." The video was chosen as a winner in the corporate image category and was filmed at Sound Credit Union's downtown Tacoma branch and the Puyallup Farmer's Market. Scenes show Sound employees and CEO Rick Brandsma making life easier for people. The video can be seen at www.soundcu.com.

SAN FRANCISCO-A newly formed organization-the Credit Union Funding Access Team-has one goal in mind: to increase the amount of CDFI-certified credit unions.

WASHINGTON-The Financial Accounting Standards Board's decision to make changes to its mark-to-market rules is receiving mixed reviews from the CUs those revisions were supposed to help.

TAMPA, Fla. — A program called Fresh Start is benefitting the Florida housing market, local consumers, and credit unions, say two CUs that offer the lease-to-own program on foreclosed properties.

Xtend Extends Its Stock Pricing

WALL STREET — Standard & Poors said last week it lowered its ratings on six corporate credit unions in light of the trickle-down effect of the failure of U.S. Central FCU, which forced all corporates to charge-off their capital in U.S. Central.

A Positive Moving Forward, But...BIRMINGHAM, Ala. — Corporate credit union earnings in 2009 will look much better than the previous year thanks to FASB's mark to market ruling, according to a former NCUA chairman.Dennis Dollar, principal at Dollar Associates, said the accounting changes will boost the bottom line at corporates and natural person credit unions with impaired investments going forward, but those institutions will still be forced to write down the actual credit losses on the mortgages that back those securities.

BEDFORD, Mass. — Saving money, suggests one credit union, is like eating spinach- many people don't like to do it but they know it's good for them.

CUNA: Reduction in Corporates, National FOMs, Outside DirectorsWASHINGTON — CUNA said an overhaul of the corporate credit union network would be most effective if it offered limited services (which would result in a reduction in the number of corporates), served a national field of membership, met stronger capital requirements, and included a prescribed number of "outside directors" who could "contribute diverse experiences" to a corporate's board.The letter to NCUA, signed by CUNA CEO Dan Mica, and Terry West, chairman of CUNA's Corporate Task Force, recommended the following changes:

COLUMBUS, Ohio — News over the past year related to corporate credit unions has generally focused on balance sheet challenges and even conservatorships.

PLANO, Texas — The days of "paper hangers" may be drawing to a close, as real-time check fraud detection becomes a reality.