CHANTILLY, Va. – Hedge fund Tannenbaum Capital Partners, which has accumulated the largest ownership stake in Online Resources Corp., has initiated a proxy contest for three vacant seats on the board of the e-banking service provider where it will push for the sale or merger of the firm.

SEATTLE – Members of five small credit unions combined into one last month are casting their votes online for a new name for their credit union.

IRONDALE, Ala. – NCUA’s bailout of the corporate network appears to be creating a rift between the beneficiaries of the plan, U.S. Central FCU and seven large corporates, and the other 19 corporates, most of which only have negligible losses on their investments.

RALEIGH, N.C. – Just as the banking regulators are exploring whether to segregate the banks’ illiquid assets into a single entity, one credit union executive is also proposing an initiative to separate out the bad assets from corporate assets; call it a "good corporate, bad corporate" plan.

WACO, Texas – A 15-year-old boy was arrested and charged last week in November’s armed robbery of University CU.

WAYNESBORO, Va. – DuPont Community CU said last week it will award $1,000 scholarships to 19 area high school seniors during its annual meeting April 28.

AUBURN HILLS, Mich. – Genisys CU, the new credit union giant formed by the combination of USA CU and T&C FCU, is planning to add two branches this spring in Commerce Township and Shelby Township.

JACKSONVILLE, Fla. – VyStar CU is the first credit union to adopt Southwest Corporate FCU’s new member capture remote deposit solution, which allows members to deposit checks into their accounts form their home computers.

NEWARK, N.J. – The Federal Home Loan Bank of New York announced Friday it has awarded tiny New Community FCU two grants totaling $1.1 million to help develop affordable housing projects.

TACOMA, Wash. – TAPCO CU announced a program with five local car dealers to cut loan rates to as low as 2.99%.

LONGMONT, Colo. – Two men involved in a robbery at the Elevations CU branch last week left a trail of green that led to their arrest.

WASHINGTON A plan by Senate Republicans aimed at pushing mortgage rates lower went down to defeat last week.

ALEXANDRIA, Va. – NCUA said last week it approved several more mergers of financially ailing credit unions.

WASHINGTON – An outcry over the $5 billion cost of the corporate credit union rescue has prompted the credit union lobby to ask Congress to open up the emergency lending fund, the Central Liquidity Facility, to corporate credit unions in hopes of shifting some of the cost of the huge bailout from the National CU Share Insurance Fund.

NEW ORLEANS-For the first time, the National Credit Union Fundation held its annual meeting here, using the opportunity to get an update on progress in the recovery from 2005's Hurricane Katrina. The NCUF and credit union leagues on the Gulf Coast have made more than $3.6 million in Katrina relief grants. The annual meeting was held at the Jefferson Financial Credit Union, which invested $2 million in the Community Investment Fund, and featured presentations by the Louisiana Credit Union Foundation and New Orleans Firemen's FCU on their experiences in disaster recovery.

LANSING, Mich.-Invest in America keeps rolling along, generating 25,000 car and truck sales for GM and Chrysler in January.

WASHINGTON-House Financial Services Committee Chairman Barney Frank said last week he plans to split reform of financial services regulation into two parts, focusing first on handing systemic risk authority to the Federal Reserve Board.

Teresa Halleck, president and CEO

DUBLIN, Ohio-There is a small group of credit unions that won't take a direct hit from NCUA's proposed Corporate Stabilization Plan: privately insured credit unions.

WASHINGTON-State regulators are scrambling to learn more about NCUA's proposed Corporate Stabilization Plan to determine how it will impact the state-chartered CUs they regulate - and how the regulators will take that impact into consideration come examination time.