In coverage of the problems in the subprime mortgage market, the San Jose Mercury News reported that credit unions are not likely to be dragged down by those problems, noting, "credit unions...hold their own pool of cash and don't rely on Wall Street." The story quoted Ken Burns, president and CEO of Technology CU, who explained the credit union's mortgage program and options, including conventional rates on loans up to $620,000.

LAS VEGAS - The Federal Reserve's decision to cut the Federal Funds rate by 50 basis points was greeted with enthusiasm at WesCorp's Credit Union Outlook conference here last Tuesday.

About a year ago I created a marketing term: Brand Pimp. A Brand Pimp is defined as a person, business and/or organization that will ruin an established brand by cheapening it just to make a buck.

SEATTLE - The PBS series BizKid$ has been pushed back 90 days to air in January 2008 so participating television stations can show the 23 episodes as one season. The show's producers and underwriters are also developing teaching aids for American classrooms to coincide with the topic of each episode.

NEW YORK - New York City officials are teaming with four community development credit unions and four banks to offer no-fee starter accounts as part of a city-wide savings initiative.

DUBUQUE, Iowa - Iowa credit union veteran Tom Sarvis retired May 31 from DuTrac Community Credit Union here after 23 years of service. During his tenure as DuTrac's president/CEO, a position assumed June 1 by Andrew Hawkinson, former president/CEO of Rocky Mountain Credit Union in Helena, Mont., Sarvis spearheaded many changes for the CU, chartered in 1946 to serve the Dubuque Tractor Works division of John Deere Corp. Those changes parallel those experienced by the industry, said the Deep River, Iowa native.

Arrowsmith Retires After 24 Years

WASHINGTON - The merger of two avowed credit union enemies moved forward last week when board of America's Community Bankers voted unanimously to approve a combination with the American Bankers Association.

OCTOBER

WASHINGTON - Ten community development credit unions and support organizations will share $5.3 million in federal funding from the Community Development Financial Institutions program, helping to rebuild capital and expand services, the CDFI Fund announced.

Few people likely noticed, but two pieces of world history and credit unions intersected last week like bookends of the Cold War.

Governor Lauds brass Program

Savings Bank Acquisition of CU Moves Forward

LAS VEGAS - The current mortgage situation is allowing credit unions to come out of hiding and let people know they are still around, and perhaps more importantly, still lending.

Throughout 2007, the Credit Union Journal is profiling the credit unions of each U.S. state and D.C. Rather than appear in alphabetical order, the states are being featured in the order they became states.

WASHINGTON - The Federal Reserve said it won't shorten check-hold times under the Electronic Funds Transfer Act to facilitate the Check 21 law, but a reduction in the Fed's check clearing operations will have the same effect.

Banks generate precious revenues by utilizing call centers that are able to help customers with questions and concerns, while functioning as a means to market and cross-sell. Unfortunately, credit unions tend to lack these call centers due to their smaller sizes, limiting them to websites and face-to-face interaction as a means of member contact.

FORT WORTH, Texas - OmniAmerican Bank, a credit union-turned-bank, said last week it has laid off 35 of its 410 employees, or 8% of its workforce, to right itself after incurring losses following its conversion. Along with positions lost through attrition, the former credit union has cut its workforce by 12.5% in recent months after losing about $1 million last year following its controversial charter switch.

Centennial Releases SAM.Suite

EL PASO, Texas - The FBI will have to return almost $76,000 it confiscated from a local executive as part of a corruption probe if federal prosecutors are unable to convince a federal judge they are entitled to the funds, the judge ruled last week.