PHILADELPHIA-A dozen area credit unions have joined banks and thrifts in a new program, called Bank on Philadelphia, to recruit unbanked people and get them to join a depository institution.

Teachers FCU, Farmingville, N.Y., named Thomas A. Fallon COO.

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WASHINGTON-The Bush administration made clear what had been implied in recent weeks, that debt issued by either Fannie Mae or Freddie Mac is now explicitly guaranteed by the federal government.

ALEXANDRIA, Va.-A Texas savings and loan that had contracted with Norlarco CU to service its millions in Florida mortgages filed suit against NCUA claiming the federal regulator illegally repudiated the servicing contract when it took over and liquidated the one-time $360 million credit union last year.

WASHINGTON-Credit unions were involved in almost every one of the 535 House and Senate races but focued on a handful of races involving incumbent credit union supporters, and helping into new allies.

As the presidential election draws near one thing is clear-this country is desperate for change.

WASHINGTON-With the banking crisis eliminating any chances for regulatory relief legislation this year, credit unions are hoping to get their main reg relief priorities on the final train leaving Congress this year-the economic stimulus package expected to be debated after the congressional elections.

For a lot of credit unions along the Atlantic and Gulf Coast regions, we are (hopefully) nearing the end of another tough hurricane season: Hurricane Dolly, followed by Tropical Storm Fay, then the triple punch of hurricanes Gustav, Hannah and, most especially, Ike.

WASHINGTON-With increasing portions of the $700-billion bailout package being earmarked for banks, credit unions are looking to develop a rescue plan of their own.

The direct and indirect mortgage losses that the financial services industry are experiencing have dominated the news headlines for several months, and recent passage of the $700 billion treasury plan is a testament to the distress that many institutions are facing.

LANCASTER, Penn.-LANCO FCU announced it has formed a new CUSO to offer member business services to other credit unions.

LOS ANGELES-Some of the biggest credit union participants in the failed Centrix Financial subprime auto loan program filed suit in state court against Lyndon Property Insurance recently claiming the insurer has stopped paying millions of dollars in claims on defaulted subprime auto loans.

DENVER-Police are crediting last month's struggle between a robbery suspect and the president of Provenant Federal Credit Union with the capture of the bandit, who is believed to have hit as many as 14 area credit unions and banks since June.

NOVEMBER

Let's get right to it: if you can't tell your credit union's story this year, you have no business telling it. And if you have no business telling it, you have no business.

DALLAS-By the time many Credit Union Journal readers read this, results of the 2008 presidential election will be known. Here's one view of the race that was shared exactly one week before this week's election, during last week's Southwest Corporate Economic Forum.

DALLAS-With credit unions more than ever looking for ways to differentiate themselves from banks, Southwest Corporate said its new remote deposit solution is proving to be one such differentiator that credit unions can play up.

DALLAS-It wasn't hard to find the undercurrent of an Economic Forum here: how bad is it, and how long will the recession last?

WASHINGTON-The corporate credit unions, which are facing growing losses on their mortgage backed securities, are asking regulators to amend the rules for fair value accounting to take into consideration the unprecedented devaluation of the mortgage markets, in order to ease huge losses the corporates' books.