PEORIA, Ill. - CEFCU has rolled out its own payday loan product, a 31-day loan at 18%.

As if the summer of 1787 were not hot enough in Philadelphia, the men meeting there wore wool clothing, jackets, long sleeves and in some cases, wigs. Simple fans were a century away; the undreamed of air conditioning nearly two centuries. As if to make hot rooms hotter, lighting came from candles and oil lamps, so they would often convene outdoors and under trees. As was the custom if not outright necessity of the times, men wore generous amounts of colognes and powders to, if nothing else, keep the homicide rate down.

WASHINGTON - The IRS has released a new set of Technical Advice Memoranda (TAMs) ruling that credit union interchange fees are not subject to unrelated business income tax (UBIT).

ORLANDO, Fla. - At long last, it's not just about the Baby Boomers anymore.

CRI Teams With Frost Financial

DURHAM, N.C. - The Center for Responsible Lending, a growing consumer lobby created by Self-Help CU, got a boost last week when the Pew Charitable Trusts awarded it a $2 million grant, part of the national foundation's new fight against predatory mortgage lending.

TDECU Loans Surpass $1B Mark

PEORIA, Ill. - CEFCU has rolled out its own payday loan product, a 31-day loan at 18%.

SAN JOSE, Calif. - CommonWealth CU said it has contracted with Lending Solutions Inc. to implement the company's 24/7 call center and Internet lending services.

FT. LAUDERDALE, Fla. - Not all credit unions have "forgotten" about the signature loan.

Editor's Note: This article first appeared in Digest, the magazine of the California/Nevada CU Leagues.

CINCINNATI - The Federal Home Loan Bank of Cincinnati announced last week it is making $250 million in low-cost funds available to its credit union and bank members to help troubled homebuyers refinance their mortgages. Assistance under the FHLB's HomeProtect Program at the FHLB's cost of funds to lenders, and will be available to borrowers whose homes are at risk of foreclosure.

ALBANY, N.Y. - State-chartered credit unions will attain long-sought parity on regulatory allowances under a wild card bill approved by the legislature. The wild card provision will authorize state-chartered credit unions to exercise the same powers as federal credit unions without being authorized to do so by the legislature.

ALBANY, N.Y. - At the top of every hour, listeners of radio station WGY, AM 810 hear, 'Your news. Your talk. From the Capital Communication Federal Credit Union studios.' before every news broadcast. The hourly tout is part of a unique sponsorship deal the credit union struck which gave it the naming rights to the station's studios for one year. The newly named, state-of-the-art Capital Communications Federal Credit Union Studios are located at the WGY broadcast center in Latham.

PHILADELPHIA - The signature loan, the long-time credit union mainstay that has faded to a niche offering for most, may make something of a comeback.

INDIANAPOLIS - A jury convicted William Beeler of robbing a branch of Forum CU of more than $210,000 in June 2006, but none of the money was ever recovered. Beller, 45, of Indianapolis, maintained his innocence, despite the fact that $11,000 of the stolen loot was traced to him, including $4,000 in cash he used to buy a used Cadilac DeVille and $1,060 he used to pay overdue rent and luxury items, including a flat-screen TV, right after the heist. But the rest of the money was never found.

JULY

DURHAM, N.C. - The Center for Responsible Lending, a growing consumer lobby created by Self-Help CU, got a boost last week when the Pew Charitable Trusts awarded it a $2 million grant, part of the national foundation's new fight against predatory mortgage lending.

BOONE, N.C. - State Employees CU said it has contributed $8,500 to start an annual scholarship in healthcare at Appalachian State University in the name of Leigh Ann Cable, a freshman who died last year. The scholarship, which was founded by Cable's parents in her name, was funded through the SECU Foundation, the credit union charity. Income from the endowment, housed in the Appalachian State university Foundation, will fund a scholarship to be awarded each year to a student majoring in healthcare.

NASHVILLE, TN - While the Pension Protection Act of 2006 was enacted to help employees do a better job building their retirement funds, it is also creating new fiduciary responsibilities and opportunities for employers.