ALEXANDRIA, Va.-NCUA said it has pumped an unprecedented $1.6 billion into credit unions through the Central Liquidity Facility, just as Congress has opened the spigots on the emergency loan fund.

LANSING, Mich.-State regulators reported last week they have approved the merger of DFCU Financial FCU, the state's largest credit union, with Capital Communications CU, the one-time $275-million credit union that reported losses of $11 million over the last six quarters.

There is a retirement crisis in America. Two-thirds of the nation's 79 million baby boomers have less than $100,000 in retirement savings. Only 22% contribute to a 401(k), according to the Employee Benefit Research Institute, and 40% have next to nothing saved for this "third age," according to the National Retirement Planning Coalition.

OCTOBER

You know, now that I come to think of it, the bankers are right: the playing field really isn't level.

SCHENECTADY, N.Y.-Sunmark FCU announced it will begin encouraging its members to take out home equity loans and use the money to pay for energy improvement products.

ARLINGTON, Va.-In response to H.R. 5244, the Credit Cardholders' Bill of Rights of 2008, NAFCU sent a letter to Reps. Nancy Pelosi and John Boehner as well as Barney Frank, Spencer Bachus, Carolyn Maloney and the entire House.

FSCC Hosts BSA Web Seminars

The Clarion-Ledger featured faith-based credit unions in a news story, beginning by telling the story of a local school district employee who was able to move into a new home thanks to Hope Community CU in Jackson, Miss., which helped her obtain a $15,000 grant to use toward a downpayment. "Mississippi often leads the nation in the amount of charitable giving yet typically we don't think of that in terms of where we bank," HCCU CEO Bill Bynum was quoted as saying. "We generally think about it as giving on Sunday morning or supporting a museum or other charities, which is important. But it's also important that people realize they can make a difference when they purchase a CD."

WEST PALM BEACH, Fla.-For credit unions, it's been a September to remember and an October to think over. The crisis in the financial markets, the failure of several large banks, and the resulting federal intervention has made the two months leading up to Halloween one of both tricks and treats for credit unions. In this issue Credit Union Journal profiles how some CUs are reacting.

APPLE VALLEY, Calif. – NCUA said last night it has taken under conservatorship another large California credit union, High Desert FCU, a one-time $185 million credit union that had almost $5 million in losses for the first half of the year.

BROOKFIELD, Wis. – Fiserv said yesterday its CheckFree unit has signed with PayScan to offer the company’s patented bar code bill payment process to billers as part of its CheckFreePay Link platform.

SAN DIEGO – Mission FCU announced yesterday a new program aimed at promoting the positive role played by area teachers.

ORLANDO, Fla. –Fairwinds CU said yesterday it sold charged-off debt to Hudson & Keyse LLC.

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

BROCKTON, Mass. – HarborOne CU was awarded a $100,000 grant from the National CU Foundation to help develop its recently launched multicultural banking center, the Fpundation announced yesterday.

McLEAN, Va. – Long-term mortgage rates surged this week to their highest level in eight months, the result of the ongoing turmoil in the financial markets.

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 last week claiming the insurer has stopped paying millions of dollars in claims on defaulted subprime auto loans.

SPRINGFIELD, Ill. – The state Treasurer announced a plan yesterday to pump $1 billion onto state chartered banks and credit unions to help ease the credit crunch.

WALL STREET – Fitch Ratings, which has kept a close watch on deteriorating mortgage securities at several corporate credit unions, adding ed several more corporates to its "Negative Watch List" last night.