WASHINGTON–Credit unions are starting to get a better look at how the incoming Obama Administration will affect their members. David Axelrod, President-elect Barack Obama’s political advisor, said over the weekend that while the exact size of the potential federal stimulus package remains undecided, “We’ve talked about a package from $675 billion to $775 billion.” The members most likely to be affected first are those working in construction related to infrastructure projects, in addition to small business members that serve those industries.

DURHAM, N.C.–Latino Community Credit Union (LCCU) has been awarded a $60,000 Innovation Grant from the National Credit Union Foundation (NCUF) to create a “Culture of Savings” throughout a state that has one of the fastest-growing Latino populations. To create that culture, the credit union will first have to overcome inherent aspects of the Latino culture. “Some of the barriers are cultural,” acknowledged LCCU CEO Luis Pastor. “Many Latin American economies are significantly more cash-based than the United States. Political unrest or a history of currency fluctuations in some countries has created an understandable distrust of banking systems. Most Latin American nations have not created deposit insurance programs, fostering further reluctance to consider a bank or credit union as a location for your family’s life savings.”

WASHINGTON — The Federal Deposit Insurance Corp. is expected to announce the sale of IndyMac Bancorp. soon, possibly as early as Wednesday, sources told American Banker, an affiliate of Credit Union Journal. The agency has run the $32 billion-asset Pasadena, Calif., thrift since it failed July 11. It had planned to sell the company within 90 days, but is now shooting for wrapping up the deal by yearend.

WASHINGTON–The Treasury Department is reporting that another 92 financial institutions have received $4.7 billion through its Capital Purchase Program. Of the 43 investments for which the Treasury provided details, the largest — $968 million — went to Synovus Financial Corp. of Columbus, Ga. With the latest investments, the Treasury has used $162 billion of the $250 billion allotted for the capital program.

McLEAN, Va.–Credit unions should start preparing for some potential big changes in the new year that could affect both indirect loan agreements and auto lending overall. The National Automobile Dealers Association is projecting that about 2,000 new vehicle dealerships in the U.S., about 10% of the overall total, will file for bankruptcy protection during 2009. And that does not take into account whether any of the Big Three manufacturers will do the same. In some states, such as Massachusetts, already approximately one-tenth of dealers have been shuttered during 2008. Expected to be hit hardest are GM dealerships, with the manufacturer considering selling or scaling back four of its brands: Pontiac, Saab, Hummer and Saturn. Dealers overall are being hard hit by an inability to secure financing for the cars and trucks they sell, although credit unions are in the midst of a multi-billion “Invest in America” initiative that is primarily focused on the center of the U.S., but is expected to go national.

WASHINGTON–There was some joy beneath the tree this holiday season, at least for the mortgage markets, as the rate on the fixed-rate, 30-year term continued to fall. Freddie Mac reported the 30-year average declined to 5.14% for the week ended Dec. 24, down more than a point from the 6.17% average one year earlier. The average is the lowest mark since Freddie Mac’s began conducting the survey in 1971. Other mortgage rates are also down, with the 15-year, fixed-rate mortgage at 4.91% (down from 5.79% one year ago), and approaching its all-time low of 4.84%, recorded in April of 1971. Averages on various ARM products were mixed, with some slight declines and some slight increases. Freddie reported the average cost on a 30-year, fixed was 0.8 point, with the average on a 15-year fixed at 0.8.

SAN DIMAS, Calif. – Corporate losses continue to grow at an alarming speed, as WesCorp FCU reported on Christmas eve that unrealized losses on its books surged from a reported $1.7 billion at the end of October to $2.8 billion at November 30.

LIZARD LICK, N.C.–When State Employees’ Credit Union sited its 1,000th Cash Points ATM here, it designed it with the community in mind with a giant lizard perched atop the kiosk. Among the dignitaries on hand to commemorate the opening of the new ATM were Lizard Lick “Mayor” Charles Wood and Wendell Town Commissioner Sid Baynes.

CHANTILLY, Va.–Despite all the news surrounding the skyrocketing number of foreclosures, Americans still rank paying their mortgage as their chief priority every month, according to a new survey of bill payment patterns released by Online Resources Corp. (ORCC).

SAN FRANCISCO–The Federal Home Loan Bank of San Francisco, breaking with its traditional practice, that it will not inform its member banks about fourth-quarter dividends until next year.

SAN FRANCISCO–Visa Inc. said that it has deposited $1.1 billion into the litigation escrow account established under the company’s retrospective responsibility plan.

WARRENVILLE, Ill.–Balance Sheet Solutions, a CUSO of Members United FCU, said it is expanding its “SimpliCD” program beyond credit unions to allow investments by institutional members of credit unions.

WASHINGTON–A new study indicates that mortgage modifications may be likelier to succeed when the servicer holds the loan on its books. Not surprisingly, the report by the Office of the Comptroller of the Currency and the Office of Thrift Supervision also found high failure rates for modifications across the board.

NORTH PALM BEACH, Fla.–Consumers may be relying less on credit cards, according to a survey commissioned by Bankrate.com. The survey, which polled 1,000 consumers about their attitude toward credit cards, found that 40% of respondents “wouldn’t care at all” if their revolving credit lines disappeared. More than a third (34.2%) said they would be “slightly annoyed” in that case.

WALL STREET – Growing losses within the corporate network caused Moody’s Investors Service to cut its ratings yesterday on several of the biggest corporate credit unions, including U.S. Central FCU and WesCorp FCU.

FLINT, Mich. – Two needy families were picked up by limo and dropped off at their new homes yesterday, courtesy of Dort FCU and its Home for the Holidays contest.

WEST PALM BEACH, Fla.–Has your credit union found an effective way to tell your credit union's story this year, or the credit union story itself? The 4th Annual Frankie Awards are now calling for entries.

PITTSBURGH, Penn.– A group of credit unions here have formed formed an indirect auto lending credit union service organization (CUSO). Keystone Lending Alliance was created by CUs that had at one time or another participated in indirect lending with other third parties, but were seeking to create a CUSO in order to have better control, according to organizers.

MARIETTA, Ga.–Members of this community in need are being helped through the holidays by Operation Donation, a fundraiser for needy families operated by employees of LGE Community CU here. At LGE’s annual holiday breakfast, retiring CEO Ed Collins read aloud accounts of the families helped by this year’s 2008 Operation Donation.

ALEXANDRIA, Va.–Federal regulators, including NCUA, adopted rules last week that will change the face of the credit card industry. Now some are suggesting those rules may clash with other government efforts to promote liquidity.