CSSI, Strohl Renew Agreement

NEW YORK - Credit rating agency Fitch, Inc. is forecasting that credit card charge-offs will increase by at least 35% during 2008 and that auto loans losses will increase by at least 50%.

MADISON, Wis. - Pet Rock or rocky proposal?

ORLANDO, Fla. - Insight Financial Credit Union has declared a 1% bonus dividend for 2007, returning more than $230,560 to members in good standing.

RALEIGH, N.C. - The crisis in the housing market is far from over, but in many areas of the U.S. a quiet mortgage boom is taking place.

INDIANAPOLIS - "Fired-up” is how the Indiana Credit Union League described the atmosphere at the first gathering of ignite, where 20 credit union professionals from 17 credit unions attended a kick-off meeting.

SEATTLE - Like other areas, Seattle has started to see a significant refi boom.

ORLANDO - How are credit unions going to differentiate themselves from other financial institutions in a way that will boost household and market penetration in 2008?

COLUMBIA, S.C. - The last of four suspects charged in a scheme to plant pipe bombs at a school in order to create a diversion during a robbery of Founders CU has been convicted for his role in the scheme.

DALLAS - To sell or not to sell?

CO-OP Signs Pennsylvania CUs...

TUKWILA, Wash. - While mortgage production nationally was down 15% in 2007, Prime Alliance Solutions Inc. is reporting an increase of 20% in mortgage transactions during 2007 over 2006. Even the last two months of 2007, typically some of the slowest, were strong, with November up 25% over '06, December up 24% (see related stories, page 1, 28 & 29).

OGDEN, Utah - It happens all the time. Two people work together side-by-side every day. A friendship develops. But what happens if it turns into more than a friendship?

PORT NECHES, Texas - Members of MCT CU are voting whether to convert from federal deposit insurance to private insurance under the banner of ASI Inc., of Dublin, Ohio. The $160-million MCTCU would be the first to convert from federal insurance since the reintroduction of the private insurance option last year.

COLORADO SPRINGS, Colo - Ent FCU enjoyed a 165% increase in refinance volume in January over the previous month.

NEW YORK - Some trends are developing in the way the nation’s biggest banks have begun to work out new forbearance and refinance agreements with borrowers facing adjustable-rate mortgage resets that will lead to higher payments many of the borrowers will be unable to make.

TALLAHASSEE, Fla. - Last week, Credit Union 24, the national credit union-owned point-of-sale (POS) network, announced its CU HERE Premium program had expanded to 45,000 ATMs, making it the country’s largest ATM network. Since the program was announced in December 2007, 148 credit unions have chosen to participate in the CU HERE Premium program. Below, CU24 CEO Jim Park talks about the expansion.

This is a true story. I preface it only because if I didn’t have pictures or witnesses I’m certain someone would accuse me of making it up.

In regards to the story about Fitch reaffirming U.S. Central’s long-term Issuer Debt Rating (IDR) at AAA and its short-term IDR at F1+, I was pleased to note the many positive elements the story covered including the low risk profile, solid credit fundamentals, and strong funding and liquidity position that substantiates Fitch’s reaffirmation of U.S. Central’s very high credit ratings. However, the headline, which referenced a downgrade, was misleading and in fact, inaccurate. A downgrade occurs when the credit rating is lowered, which did not happen. The outlook change from stable to negative that Fitch noted means there are some business conditions that have the potential to lead Fitch to downgrade U.S. Central’s long-term rating. The negative outlook is not a downgrade nor is it necessarily a precursor to a rating downgrade.

A billion-dollar credit union, for the first time in its history, was experiencing negative growth. Although management could think of a variety of explanations, they wanted to isolate exactly what had to be done to reverse the trend.