LAS VEGAS – Freddie Mac and Alaska USA FCU announced a deal yesterday making the $3 billion credit union the secondary mortgage market giant’s first credit union correspondent. Under the deal, Alaska USA FCU will aggregate mortgages from small and mid-sized credit unions for sale on the secondary market through Freddie Mac. Participating credit unions will be provided a one-quarter point (25 basis points) premium for every closed mortgage loan under the program, according to Bob Cejka, spokesman for Alaska USA. “We’ve done this in the past on regional (Alaska) basis, but never on a national basis,” Cejka told the Credit Union Journal, “Because of our size, we have the ability to do this on a national basis.” The announcement was made yesterday at the annual conference and expo for CUNA, which has a four-year-old alliance with Freddie Mac. Alaska USA’s staff, which is experienced in the secondary mortgage market, will provide support and assistance to participating credit unions, many of which do not have the resources to conduct mortgage sales themselves. The program will allow smaller credit unions to sell their loans on the secondary market without having to add staff, build infrastructure or install costly technology. While Freddie Mac has conducted correspondent sales through banks and thrifts, Alaska USA is the first credit union to participate in the program. Alaska USA has long been a credit union pioneer in the mortgage market, having been the first credit union in the nation to issue a 30-year mortgage in 1978.

ONTARIO, Calif. - CO-OP Financial Services launched two new products to ease travelers' worries when they're using the CO-OP-branded debit cards on the road.

WASHINGTON - The Treasury Department conducted its 27th meeting of the Bank Secrecy Act Advisory Group (BSAAG) during which it reviewed a recent Government Accountability Office (GAO) study on Currency Transaction Reports (CTRs). CUNA, which is a member of Treasury's Financial Crimes Enforcement Network, was represented during the meeting by Associate General Counsel Lilly Thomas.

ARLINGTON, Va. - NAFCU has named the winners of its 2007 Awards Competition, which it bills as "A Tribute to Innovation & Inspiration.

LAS VEGAS - CUNA will bring its America's Credit Union Conference here this week in large part because this city is sure to draw a crowd.

MOSS POINT, Miss. - Singing River Federal Credit Union CEO James B. Smith Jr. is both encouraged and worried about the future of credit unions? How the credit union industry operates during the next 10 years will determine how happy or sad Smith will be.

If it weren't for the great admiration of marketers, CEOs would probably ease their stress level and amount of medication just to simply say, "Do as I ask, and don't think."

MADISON, Wis. - The Credit Union Executives Society said its School of Public Policy, formerly the Public Policy Institute, received 100% "excellent/good" ratings from attendees.

JUNE

WASHINGTON, D.C. - Market valuations of smaller, publicly held banks are higher than they would otherwise be due to their investment in relationship lending, according to a study issued recently by the Office of Advocacy of the U.S. Small Business Administration.

ARLINGTON, Va. - NAFCU has named the winners of its 2007 Awards Competition, which it bills as "A Tribute to Innovation & Inspiration.

COLORADO SPRINGS, Colo. - CO-OP Financial Services continued its expansion of its ATM network with an agreement announced last week with Costco, the warehouse retailer that has more than 300 stores nationally.

South Carolina CU Bill Awaits Gov. Approval

A recent CU Journal Online Survey asked readers about the future of credit unions as cooperatives (see chart below). The results of that survey inspired this series in which stakeholders within and outside of the credit union movement share their thoughts on what the future holds for credit unions and what needs to be done to keep that future bright.

WASHINGTON, D.C. - Market valuations of smaller, publicly held banks are higher than they would otherwise be due to their investment in relationship lending, according to a study issued recently by the Office of Advocacy of the U.S. Small Business Administration.

SACRAMENTO, Calif. - Legislation designed to hold retailers responsible for protecting consumer information has made its public debut.

LAS VEGAS - While most associate Vegas with being a Sin City of bright lights along the famous Strip, two decades of rapid population growth have created a more mature city with an increasingly stable population.

PHOENIX - The Arizona CU League announced it has hired Scott Earl, former president of the Utah CU League, as its new CEO. Earl, who has been working as a vice president for special projects for CUNA the past two years, will succeed long-time Arizona League CEO Gary Plank, who is retiring in July. Earl headed the Utah League between 1991 and 2003, after which he served as director of the Credit Unions for Kids Program for Children's Miracle Network. The Arizona League represents 55 federally and state-chartered credit unions.

Events

COLORADO SPRINGS, Colo. - CO-OP Financial Services continued its expansion of its ATM network with an agreement announced last week with Costco, the warehouse retailer that has more than 300 stores nationally.