QUEENS, N.Y. – Police rounded up and charged 38 suspects last week with participation in a credit card ring that bought personal data from source in China to make bogus cards and used the cards to make purchases in the names of thousands of Americans.

WASHINGTON - NCUA Chairman JoAnn Johnson told Congress last week that credit unions have beefed up their provision for loan losses over the past year and are well positioned to weather the continuing credit storm, even as delinquencies and charge-offs continue to rise.

Pennsylvania Supreme Court Hears FOM Case

CHICAGO - While the federal government’s economic stimulus plan is aimed at boosting consumer spending, more individuals will pay down debt instead of splurging when they get their rebate checks, according to one new analysis.

SAN FRANCISCO - Visa is planning to issue mandatory redemption of as much as two-thirds of the shares being issued to credit unions and banks in its pending initial public offering, limiting the potential gains from the expected run-up of the new shares.

NEW YORK - A community development credit union here is planning to test self-service kiosks in communities with large populations of underserved and unbanked consumers.

MADISON, Wis. - Despite taking a hit from investment losses tied to the subprime market, CUNA Mutual said its 2007 financials show a record year for earnings.

WASHINGTON - After five years of languishing on the congressional back-burner, CURIA, the regulatory relief bill for credit unions, was pushed to the front burner last week by a confluence of incidents–prompted by the gathering of 5,000 credit union executives and directors for their annual Capitol Hill lobbying pilgrimage at CUNA’s Government Affairs Conference.

WASHINGTON - The largest crowd to ever attend CUNA’s Governmental Affairs Conference turned to see a new facility and find out about surprise, new legislation.

MADISON, Wis. - The credit union industry’s loan-to-savings ratio decreased slightly to 84.4% during January from 84.6% in December as savings outpaced loans, according to analysis by CUNA. The liquidity ratio rose to 18% in January from 17% in December.

NCUA Releases Legal Opinions

ALBANY, N.Y. - The New York State Credit Union League was one of several leagues to receive a citation from the United States Treasury Department in recognition of their having sold bonds that financed fighting equipment, including seven bombers and four pursuit ships, for U.S. armed forces during World War II. The North American P-51 fighter bearing the “CUNA New York” inscription was one of a fleet of seven Flying Fortresses and Mustang Fighters to be directly financed by the state Leagues that participated in the fundraising efforts. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

MONTPELIER, Vt. - If you ask Roberta MacDonald what credit unions should do to increase brand visibility she replies with Zen-like wisdom: “Look within,” she says.

At press time, the number of co-sponsors on the CURIA bill. 218 are needed to have a majority. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

Online Consortium Aimed At Saving

WHAT:

They came, they saw, they spent. But what did credit unions get for it?

MEDFORD, Wis. - Peoples Choice Credit Union here has introduced a solution to combat payday lending–Peoples PAL (Payday Alternative Loan).

MARCH

DURAND, Mich. - City officials have agreed to provide incentives to SageLink CU to move the $135-million credit union’s headquarters here from nearby Flint.