One recent experience with regulators has been:

AUSTIN, Texas - The Texas Sunset Advisory Commission is expected to recommend several reforms to credit union rules to, among things, bring broad disclosures of financial statements, bylaws and executive compensation to the average member.

As I've read the various articles and opinions on the financial state of the corporate credit unions I'm struck by the lack of questions about the quality of the corporates' investment portfolio. As I read the comments of the corporate officials and representatives I get the feeling that there isn't complete transparency in their comments. I hope I'm wrong, but I offer up the following questions that I believe if they were answered fully and completely by the corporate credit unions they would clear the air on what is in the corporates' investment portfolios that could cause risk to the corporates and more importantly to their member credit unions in the future.

On Aug. 11, 2008, Credit Union Journal online reported a story regarding San Diego Metropolitan Credit Union's delay in processing payroll for the City of San Diego, our primary sponsor group. Below is an effort to clarify the day's events and provide what may be helpful advice to other credit unions finding themselves in similar situations.

As we gather for NAFCU's 2008 Congressional Caucus, many of the issues facing credit unions have not changed dramatically since last year-but the market dynamics certainly have.

Credit unions are unique financial entities, which exist to serve the core principles of membership involvement and control. In a post-Bear Stearns world, financial regulations and governance practices of CUs surely come under intense scrutiny as they will for all financial institutions.

ALEXANDRIA, Va. - NCUA told a federal court in Pennsylvania last week it will not object to an order recommended by the American Bankers Association to void a disputed community charter issued to three area credit unions the court found lacking in supporting evidence.

WGME News 13, Portland, Ore., aired a piece in which it extolled Maine credit unions as a "great choice for consumers to receive the best value for savings, loans and other financial transactions." During the piece, Gerard Cassidy of RBC Capital Markets was asked about the state of the nation's financial institutions and responded enthusiastically about "credit unions for better rates and lower fees." Cassidy compared credit unions and other financial institutions and praised Maine's credit unions for "being focused on the consumer and the local community. People should consider credit unions as better safer alternatives to all of the uncertainty going on in the financial services market."

ALEXANDRIA, Va. - NCUA said deposits made by the state of Wisconsin's College Savings Program under its 529 Savings Plans into credit unions are insured up to $100,000 by the National CU Share Insurance Fund.

OAKLAND, Calif. - Alliant CU, the Chicago-based credit union founded by United Airlines, is poised to complete its acquisition of troubled Kaiperm FCU, giving the $5.7-billion credit union a physical presence in the Bay Area where it has more than 25,000 members.

Arizona State Credit Union, Phoenix, elected to its board: Marquetta White, chair; Sam Wheeler, vice chair; Doug Martin, treasurer; Connie Ohanesian, secretary; Frank Felix, Quentin Bogart, Ray O'Connor, Shane Siren and Joseph Smith.

HEARINGS

SAN DIEGO - Financial 21 Community CU, a $140-million CU that broke back into the black in the second quarter after a first quarter loss, has applied to state regulators to merge, one of several ailing California credit unions.

ALEXANDRIA, Va. - NCUA said federal credit unions can collect monthly rent from members; so-called locked box accounting services.

WOODLAND, Calif. - Yolo FCU is offering low-cost loans for home owners who are interested in installing photovoltaic solar systems. The "Go Solar" loans will offer fixed-rate financing up to $25,000 with no application fees or closing costs. Proceeds of the loan must be used to add new or upgrade existing solar systems to homes.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/

GREENEVILLE, Tenn. - A former teller at the Rogersville branch of Appalachian Community FCU has entered a plea agreement to a charge she embezzled $105,900.

WYLIE, Texas - What began as an idea to get his financial institution clients better answers has turned into a mini-phenomenon.

RICHMOND, Va. - Virginia CU officials said about 2,000 of its Visa cardholders have been notified of a data breach that made their cards vulnerable to potential fraud. New cards have been mailed to the affected members and their old accounts have been blocked from further use, the CU said. In a letter to members, the CU said cardholders' existing balances would be transferred to the new cards and that members have zero liability for fraud on their cards. No incidents of fraud have been reported.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/

SCMS Creates Advocacy ROCKS!

KANSAS CITY, Mo. - In the midst of a tough economy, four Kansas City families are showing credit union members how to improve the household bottom line, and in the process, one will win $10,000.