Events

BOSTON - Military veterans will have access to as much as $200 million of low- and no-down payment mortgages from 50 credit unions and banks under a new program unveiled by Massachusetts’ governor and the participating institutions. The “Home for the Brave” program will offer vets discounted mortgage rates, mortgage insurance for low down payments, and up to 100% financing through a program organized through MassHousing, the state’s non-profit housing agency.

WASHINGTON - During her six-and-a-half years on the NCUA Board, the low point for JoAnn Johnson was undoubtedly her grilling before the House Ways and Means Committee in November 2005, while she was still getting her sea legs as chairman of the board.

Gas prices are going up. Home sales and new home starts aren’t going anywhere. And grocery prices are starting to make gas look cheap. Yes, if feels like overnight our economy went from busting through the seams to just plain bust. And everyone is being asked to find more business while spending less money.

LUBBOCK, Texas - NCUA approved a program proposed by Texas Tech FCU to allow students, faculty and alumni of Texas Tech University to buy gift cards at the credit union to finance millions of dollars of football tickets, refreshments and booster merchandise.

FORT WORTH, Texas - American Airlines FCU said Angela Owens, its chief operating officer the last two years, has succeeded John Tippets as president and CEO of the $5 billion CU.

TEMPE, Ariz. - Altier CU is offering one lucky member a way to escape the rising cost of gas for one year.

ORLANDO, Fla. - Investing can be tricky business in the current market environment, but fortunately for credit unions, the strategy is simple: the single best investment a credit union can make is a quality loan.

EAST LANSING, Mich. - Option 1 Credit Union here has built a niche in making loans to people with disabilities, helping to boost its loan portfolio and its image in the community.

LAS VEGAS - The skyrocketing price of gasoline has put a serious crimp on credit unions’ traditional bread and butter–car loans–but some are suggesting there are still opportunities for CUs in this market.

LOS ANGELES - CUs have been lauding the fact that many other mortgage lenders have been backing away from the market, leaving the field open–but it turns out they’re not the only ones who noticed that open field.

LAS VEGAS - Credit unions entering into or considering indirect lending relationships with independent auto dealers were cautioned to be aware of the risk of the dealer going out of business before receiving title to the vehicle. It’s a lesson Credit Union Direct Lending has learned as it’s spent much of the past year hammering out a parntership with Manheim Auto Financial Services, which has been piloting just such a program in North Carolina.

EUGENE, Ore. - Oregon Community Credit Union is readying to be a part of the launch of a new initiative designed to mitigate the risk in booking auto loans with independent car dealers.

BRUSSELS, Belgium - A report adopted by the European Parliament promoting the value of volunteerism and designating 2011 as the European Year of Volunteering contained what is thought to be the first formal definition of credit unions to be included in a European Union document, according to WOCCU, which lobbied for the language.

The “tables have turned” against banks and finance companies and in favor of credit unions, meaning CUs stand to benefit in the form of improved auto lending, according to an industry insider.

SAN JOSE, Costa Rica - Representatives of the World Council of Credit Unions (WOCCU) mounted an effort to head off anti-credit union sentiments here calling for revoking the tax exemption.

LOS ANGELES - A delegation of 11 CEOs and board chairmen from state cooperative banks of India visited Nevada’s Community One FCU and California’s Water and Power Community CU, following visits to CUs in New York, Washington and CUNA Mutual in Madison, Wis. According to WOCCU, India’s cooperative banks are structured similarly to credit unions. Currently, the government of India, with support from the World Bank and the Asian Development Bank, is in the process of a $3.4 billion reform and re-capitalization of its financial sector. The delegation participants visited the United States and Canada to learn how they can create autonomous financial cooperatives, as well as learn how credit unions are governed and regulated, among other processes responsibilities, including those of Branch Services, the Call Center, Lending, Marketing, and Accounting.

CASTRIES, St. Lucia - He originally set out for Kenya, but civil strife in that country led him to the island of St. Lucia instead, where his work with credit unions is now being lauded. “He” is Steven Lutz, senior VP/CFO with GECU in El Paso, Texas, who spent a month volunteering on the Caribbean island helping CUs address delinquency issues and adapt to changes in the island’s economy.

DUBLIN, Ireland - The Irish League of Credit Unions has named Kieron Brennan as its new CEO. Brennan had previously headed up the not-for-profit group Pobal, which focuses on the funding of community development projects, and manages projects on behalf of the irish government and the European Union. Brennan, 48, replaces Liam O’Dwyer, who resigned in 2007. The Irish League of Credit Unions represents 521 credit unions.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com

MADISON, Wis. - Certain provisions in the International Accounting Standards Board’s (IASB) proposed accounting standards for small and medium-sized enterprises (SMEs) could be detrimental to credit unions, according to WOCCU. The trade association made its position known to IASB officials in a letter written by Dave Grace, VP- association services.