NAPERVILLE, Ill.-Eight credit unions in Illinois have entered step-two of an expected three-step, $100 million deal with an Illinois state agency that will make $40.5 million in low-interest loans available to Illinois students for the upcoming semester. The partnership between the Illinois Student Assistance Commission (ISAC) and the Illinois Credit Union League (ICUL) involves securities issued by ISAC to finance low-interest, federally-secured loans to Illinois college students and their families. In September, the credit unions made $40 million available. In addition to the $40.5 million deal, another $20 million should be made available in March of 2009 for students attending schools on the quarter system who need loans for the spring quarter, the league reported. The participating credit unions include Alliant Credit Union in Chicago, Baxter Credit Union in Vernon Hill), Citizens Equity First Credit Union in Peoria, Corporate America Family Credit Union in Elgin, Credit Union 1 in Rantoul, I.H. Mississippi Valley Credit Union in Moline, Motorola Employees Credit Union in Schaumburg, and Scott Credit Union in Collinsville.

ARLINGTON, Va.-NASCUS last week said that several state agencies recently signed a Regional Interstate Branching Agreement, enhancing the ability of a state charter in those state to branch and serve members across state lines. Signing the agreement were agencies in Alabama, Georgia, Florida, Missouri, Mississippi, North Carolina and Tennessee, in which the parties agree to promote interstate commerce and cooperation on a reciprocal basis. "The signing of this agreement demonstrates state regulators' commitment to strengthening the state charter and promoting opportunities for state credit union growth," said NASCUS Chairman George Reynolds. "Federally chartered credit unions can branch without limitations so it's important to provide state-chartered credit unions with the parity to do the same."

WASHINGTON-The Fed's new rules for credit cards brought this statement from Ed Yingling, president of the American Bankers Association: "While the new rules are designed to increase protections for consumers, the Fed itself has recognized that they may result in increased costs for most card users and reduced credit availability, particularly for consumers with lower credit scores or limited credit history. With the uncertainty facing our financial system, it's absolutely vital for policymakers to understand the full impact of these regulations on consumers and the economy before judging their success or further restricting the marketplace.

CUNA's PAC Crests $4M For First Time

ORLANDO, Fla.-As overall mortgage market volume has declined 19% in the past year, one company has seen an 18% increase in such applications.

KING OF PRUSSIA, Penn.-An upstart ATM network that essentially re-brands itself as the member's credit union's ATM when being used said it is poised for even greater growth.

ATLANTA-Level 5 has introduced a diagnostic tool to assist financials in making strategic decision about geographic expansion, new business lines and whether or not to make loans in certain markets.

ORLANDO, Fla.-As consumers hunker down and limit their spending, credit unions and other lenders will have to look to small businesses for loan growth, according to one expert.

NCUA Approves Expanded Powers For CUSOs

MADISON, Wis.-With hurricane season over, what should CUs do to prepare for next year, or any potential disaster?

MADISON, Wisc.-With credit union losses from Hurricane Ike totaling $10.2 million to date, 2008 will go down as one of the tougher years for natural disasters in the CU community, CUNA Mutual Group is reporting.

EL SEGUNDO, Calif.-It's been eight months since Xerox FCU became Xceed Financial CU, and what does it have to show for it? Measurable increases in both employee and member satisfaction, lending and new membership, XFCU is reporting.

WesCorp Launches 'CEO Leadership Table'

MEDFORD, Wis.-People's Choice CU's "Payday Alternative Loan," or PAL, has granted 48 members loans since its inception early this year.

MADISON, Wis.-Predictions and models of a soft landing or mild recession were blown apart in 2008, as the confluence of a typical economic slowdown and what Federal Reserve Chairman Ben Bernanke described as a "once in a century" credit crisis pummeled the economy.

BROCKTON, Mass.-In response to a recent hike in the cost of the U.S. citizenship test, HarborOne Credit Union introduced a new loan to help immigrants become citizens earlier this year.

LYODMINSTER, Alberta-The introduction of a program called "Young & Free" has brought more than 1,000 new members to one credit union here.

INDIANAPOLIS-The innovations developed by the working group members of the Indiana Credit Union League's ignite initiative in early 2008 are now ready for credit union implementation.

SEATTLE, Wash.-After months of work, a new program geared toward low-income citizens of King County appears to be well on its way to becoming a reality.

ALEXANDRIA, Va.-The first step on the potential road to supplemental capital: some regulatory soul searching at NCUA.