MEMPHIS - Memphis Area Teachers CU is distributing $52,500 in college scholarships under its Future Teachers program.

Top 10 Credit Unions - Based on Return on Assets (ROA) with assets between $25 and $100 million as of 12/31/06:

Dover, Del. - At the grand opening celebration of its West Dover branch and corporate center, Del-One Federal Credit Union had a prize wheel, hot dogs, fresh-baked pretzels, face painting, balloon animals, a live remote radio broadcast and a money vault for members who took advantage of share certificates and auto loans, to grab cash. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

NEWPORT NEWS, Va. - Langley FCU and Calvary Christian Academy held a ribbon-cutting ceremony for a newly constructed mini branch at Tower Place in Hampton.

BROOKLYN, N.Y. - Robert Nemeroff, director of marketing for Melrose CU in Queens, testified on behalf of the New York State Credit Union League and New York credit unions at a Senate Democratic Conference hearing on subprime lending practices in New York. The hearing was in response to an increasing number of borrowers that took advantage of subprime loans during the recent housing boom and found that as interest rates have risen and property values have decreased, they are unable to afford their mortgages. The problem is predicted to worsen as mortgage rates for subprime borrowers are scheduled to adjust again in October, according to the league. The hearing, scheduled by Sens. Malcolm A. Smith, Velmanette Montgomery, Martin Connor, Jeffrey Klein, Diane Savino and Shirley Huntley, Assembly members Darryl Towns and Annette Robinson, was held at the Bedford Stuyvesant Restoration Corporation in Brooklyn. Nemeroff's testimony provided an overview of what credit unions throughout the state are doing to assist their members that have fallen prey to predatory subprime lenders. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

In the July 16 issue the Credit Union Journal we provided in-depth coverage of whether the future for CUs is reserved for the big dogs. Do you agree? Disagree. Take a minute or two, log onto www.cujournal.com and click Letters to the Editor and start barking. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

WASHINGTON - The House Financial Services Committee last week approved a bill creating a National Affordable Housing Trust Fund, which would provide as much as $1 billion a year to help build affordable homes. But the Fund, which would provide new opportunities for credit unions to finance such projects, has a long way to go because its main source of funding would be the affordable housing funds that would be collected from Fannie Mae and Freddie Mac under the long-stalled secondary market reform bill.

JACKSONVILLE, Fla. - Federal antitrust regulators have cleared the takeover of eFunds Corp. by Fidelity National Information Services for $1.8 billion.

Students at Granger High School will learn to fly-literally-with the help of a $15,000 grant from the Utah CU Association's 100% for Kids CU Education Foundation.

TOLEDO, Ohio - Two more members of a violent robbery ring were sentenced to long prison sentences for their roles in the series of credit union hold-ups that netted almost $1 million.

SAN ANTONIO - As part of a membership drive here, Security Service FCU is offering five members the chance to win not just $5,000 for themselves, but another $5,000 for the school of their choice. The $4-billion Security Service's "It's So Easy" campaign is giving away the five first place awards to any new members who open a checking account with the credit union before year-end. Each winner will also then select a school within SSFCU's field of membership to receive a matching $5,000 donation. To further entice consumers to make the move, a free "SwitchKit" is available online at the credit union's website. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

WASHINGTON - Congressional FCU and Pentagon FCU have agreed to help enroll government employees in a new program that will speed them through airport security lines.

In the days leading up to Congress' August recess, CUNA drew attention to the Credit Union Regulatory Improvement Act by putting actor Wes Johnson, playing a "banker" on the streets of Capitol Hill. In addition to grumbling about CUs live on the street, CUNA also filmed a video of the "banker" on youtube.com and delivered editorial cartoons to key members of Congress. In the first photo the "banker" performs "the money dance." In the second photo, the "banker" chats up a passerby, asking them if she "wants to pay fees for nothing." (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

MAUI, Hawaii - Members of Maui Teacher's FCU were required to elect a new board by special ballot after NCUA ruled that the five-person panel was elected in violation of the credit union's own bylaws for the past 20 years.

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.

Credit unions have been breathing something of a sigh of relief over the bullet that has been dodged to date with subprime mortgages. Most credit unions didn't make the "Easy to Get Into, Bear To Get Out Of" home loans, so while rising rates and payment adjustments have led some companies to shutter operations and some homeowners to sell their shutters, most CU portfolios have not felt the pain-at least directly.

Credit Union Journal Publisher Frank Diekmann's column dated July 23 missed the point about the Coalition for Credit Union Charter Options' lawsuit against NCUA concerning the agency's over-reaching anti-conversion regulations. The point is that NCUA has exceeded its statutory authority by promulgating obstructionist regulations and will soon face the court's scrutiny. The legal complaint clearly outlines what is wrong with NCUA's actions and can be read in its entirety on www.ccuco.org.

Efficiency is a powerful concept for any business, and retail financial services is no exception. Efficient credit union branches are better at winning new members, keeping them happy, serving them quickly, and doing it at a lower cost than the competition. And with the growing adoption of teller cash recycling technologies, branches may have their best opportunity in years to make a dramatic impact on efficiency.

The strength and health of the credit union movement relies in large part on the preservation of the dual chartering system. In fact, the entire American financial services system rests on the foundation of dual chartering for depository institutions: both bank and credit union. That is why a banking case out of Michigan decided by the Supreme Court this past April is so troubling.

OAKBROOK TERRACE, Ill. – Edward Chalifoux, Sr., who helped charter what was then called Master Printers CU in 1964, died last week at 85. Chalifoux, who worked as an executive with his family owned printing company, called Photopress, later served as chairman of the board of the credit union until his retirement in 1988, when it was renamed Oak Trust CU. He helped organize the union-based credit union at a time when the vast majority of print shops were union. The credit union now has almost $65 million in assets and 10,000 members.