US Federal Credit Union, Burnsville, Minn., promoted Megan Primeau to marketing manager.

TAMPA, Fla. - Dr. Jim Hagerbaumer of Hagerbaumer Economics offered these observations and advice in light of the latest Fed rate cut:

WHAT:

WASHINGTON - It was inevitable that in lifting some of the weight off of consumers last week the Federal Reserve would squeeze credit unions and banks even more with its unexpected 75 basis-point cut in short-term interest rates.

SANTO DOMINGO, Dominican Republic - Still feeling the pain from spiraling inflation here two years ago, the Dominican Republic is looking to expand powers for credit unions as part of the solution to problems in retail finance. Representatives from the World Council of Credit Unions (WOCCU) and and the Asociación de Instituciones Rurales de Ahorro y Crédito (AIRAC) in the Dominican Republic met with the representatives of the country’s government, the Central Bank and the Superintendency of Banks to discuss development of a formal credit union regulatory framework. According to WOCCU, the reforms follow the Dominican Republic’s financial sector crisis of 2003-2004, when inflation rose to 43%.

ALEXANDRIA, Va. - NCUA began the process last week of writing rules to govern new and emerging kinds of credit union transactions, including hostile credit union takeovers and the acquisition of a credit union by a commercial bank or other entity.

WEST PALM BEACH, Fla. - It was 10 years ago President Clinton culminated an extraordinary effort by CUs when he signed HR 1151 into law. We want to know about your memories: meeting with representatives, getting petitions signed, and so much more. You’ve got 200 words to do it. Take a moment and click on the Letters to the Editor tab in the left-hand nav bar on cujournal.com and share your thoughts. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

EVERGREEN PARK, Ill. - South Division CU merged four small area credit unions in 2007, adding three branches and expanding its services into the downtown Chicago area.

HOLLYWOOD - As the writers’ strike drags on and networks are canning entire seasons of programming, some credit unions are offering interim loan products to members struggling to get by while others aren’t feeling any financial effect–yet.

ACCRA, Ghana - The Ghana Co-operative Credit Union Association (CUA) is urging the Bank of Ghana to move more quickly in working with the country’s parliament to create a legal structure for credit unions in the country.

TALLAHASSEE, Fla. - With credit unions likely to increase the dollars they invest through corporates in 2008, Greg Wirthmann, SVP/chief investment officer with Southeast Corporate, had this advice for balance sheet management this year:

WASHINGTON - One possible upside to the recent market turmoil: a shot at getting some or all of the CURIA provisions into an economic stimulus bill Congress hopes to pass in February.

Hackers Scam Thousands Using Ads For Anti-Spyware

DES MOINES - Several CUs have joined a new program by the state treasurer, called Linked Investments for Tomorrow, to help finance small business start-ups. Credit union participation is being organized through Community Business Lenders, a member business lending CUSO. Among the first to sign on are Ace Community CU, in Ames, and Affinity CU, in Des Moines. Several others have also applied to participate. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

ST. LOUIS - Gateway Metro CU, one of Missouri’s largest state-chartered credit unions, said it has fled the state charter in light of a new banker-forced law that restricts community fields of membership.

TRUMBULL, Conn. - Personal Care America Federal Credit Union unveiled three new savings products designed to help its members put money aside for large personal expenses.

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

FITCHBURG, Mass. - IC FCU has introduced a special low-rate loan to help members finance rising heating costs this winter.

Corporate Realigns Management

WARRENVILLE, Ill. - The Federal Reserve may be trying to urge consumers to borrow and spend their way toward a stronger economy, but credit unions shouldn’t expect members to be breaking down the door for loans, some experts suggest.