Tower FCU, Laurel, Md., elected Alan P. Smith, Kurt J. Zahnen and Melodye H. Valliere to its board.

HARRISBURG, Penn. - Since the Credit Union Better Choice program's launch last October, 54 CUs have agreed to offer the loans designed to be an alternative to payday lending, and 41 of those CUs have made 1,661 loans-totaling $869,149.

Comment

ABDEREEN, Md. - No sticks. Carrots only.

GERMANTOWN, Md. - The $200-million Mid-Atlantic FCU has issued a statement reinforcing that it not only continues to offer mortgage financing, it is doing jumbo loans at a time others are pulling back. The credit union noted that many members have no choice but to get a jumbo (loans of more than $417,000), as that is the standard price range for a home in its Montgomery County, Md. market. Mid-Atlantic has been in the mortgage business since 1994, and said it has worked to create a niche in the market as a lender without "junk fees."

ALBANY, N.Y. - As its final act before being absorbed in a merger by Capital Communications FCU, the $82-million Excelsior CCU said it will pay a bonus dividend and a refund to those who were members ECU prior to the merger. The $750,000 payout will be divided among borrowers and savers based on interest earned and interest paid from Jan. 1 through Aug. 31 of this year.

MONTPELIER, Vermont - In a move that state officials say is a compromise to minimize regulatory burdens while still protecting consumers, Vermont is proposing a regulation that would permit credit unions to operate with only one staffer licensed to sell insurance.

PHOENIX - Arizona State Credit Union is partnering with a nonprofit healthcare employer to offer its employees an alternative to payday lending.

NEWARK, Ohio - Fred Longstreth is sometimes reluctant to talk about his career at Fiberglas Federal Credit Union, but it's not because the former CEO, who retired July 1, has anything to hide.

RICHARDSON, Texas - A lawsuit filed against Texans Credit Union by three former executives of its CUSO claiming wrongful termination and seeking damages alleges that the credit union also investigated converting to a bank charter in mid-2006.

SEPTEMBER

FORT LAUDERDALE, Fla. - Credit union open-ended loan programs could take a hit if the Federal Reserve Board's proposed changes to Regulation Z take hold.

FT. MYERS, Fla. - Foreclosures in two local real estate developments continued to soar last month, complicating the resolution of three failed credit unions, as well dozens more that participated in loan pools related to the projects.

MADISON, Wis. - Credit union loan quality remains extremely high in spite of problems in the overall credit and mortgage markets, according to analysis of July 2007 data released by CUNA.

WASHINGTON - Lawmakers threw around several proposals last week to help alleviate the ongoing crisis in the mortgage markets, but it was clear any initiatives will take months-if not much longer-to develop.

LAS VEGAS - In an effort to increase its awareness with the public in this rapidly growing city, Nevada Federal Credit Union recently launched a multi-media campaign that includes television commercials.

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MADISON, Wis. - CUNA Mutual Group has reached an agreement to purchase a minority ownership share in Producer's Ag Insurance Group (Pro Ag), an Amarillo, Texas-based crop insurer.

RICHARDSON, Texas - A lawsuit filed against Texans Credit Union by three former executives of its CUSO claiming wrongful termination and seeking damages alleges that the credit union also investigated converting to a bank charter in mid-2006.

It's been a rough few weeks in the financial marketplace. The housing sector seems to be crumbling (especially the subprime market), financial stocks are bouncing around, the bond market has seized up and investors are besieged with fear. With new worries over a coming credit crisis, no wonder it looks to many like we're headed for a complete market meltdown.