Regulators Clear Harland,

ARLINGTON, Va. - The National Association of State Credit Union Supervisors (NASCUS) submitted comments to the SEC and Fed recommending that credit unions be included in their joint proposed rule that grants exemptions for banks for "broker" and "dealer" activities. NASCUS expressed concern that unless state-chartered CUs are afforded the same treatment as commercial banks and savings institutions, the powers granted to credit unions will be unnecessarily preempted or the rule will trigger redundant and costly examination and oversight. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

COLUMBUS, Ohio - If conversions to bank charters, a seemingly endless parade of mergers and even the first "hostile takeover" attempt by one credit union over another have shaken faith in the cooperative nature of the credit union movement, the corporate credit union network offers a preview of how cooperation can survive a shakeup in the landscape.

TAMPA, Fla. - For all the convergence and consolidation in financial services, there is one kind of deal that so rarely gets mentioned even as a possibility that some may wonder if it is even an option: Can a bank or a thrift buy a credit union?

BRONX, N.Y. - U.S. Rep. José Serrano (D-NY) presented Bethex FCU CEO Joy Cousminer with a flag that had flown over the U.S. Capitol. The flag was given to Cousminer to recognize her for efforts to bring mainstream financial services to the underserved. Cousminer recently testified at a hearing of the Subcommittee on Financial Services of the House Appropriations Committee, which is chaired by Serrano. Two other CDCU advocates-Rita L. Haynes of Faith Community United CU (Cleveland) and Ed Jacob of North Side Community FCU (Chicago), recently testified before the Subcommittee on Domestic Policy of the House Oversight and Government Reform Committee. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

ST. PETERSBURG, Fla. - PSCU Financial Services, the credit union-owned provider of payments processing, announced a $25.8-million payout to its member credit unions, the largest dividend payment in credit union history.

BEAVERTON, Ore. - New ads in the Credit Union Association of Oregon's public awareness campaign are featuring "models" who are are connected to the CU movement.

For residents and credit union employees along the Gulf Coast, such as Elizabeth Kommersmith of Keesler FCU, Hurricane Katrina remains very much a part of their lives. They've had to learn to spend hours and hours on the phone with authorities and insurance companies, wade through red tape, learn to deal with emptying portable toilets, and keep swarms of insects off their children. For many, help from other CUs has been the only positive in their lives. Read the fascinating story of the Kommer-smiths online at www.cujournal.com. Just type "Kommersmith" into the search engine in the left navigation bar, and prepare for a fascinating story.

WASHINGTON - The FDIC Advisory Committee On Economic Inclusion (ComE-IN) was given a presentation on the Credit Union Better Choice program, an alternative payday lending program championed by the Pennsylvania CU Association, by Norb Kaczmarek, CEO of Erie FCU and chair of the PCUA.

BEAVERTON, Ore. - Credit unions caused just 1.7% of total consumer complaints in Oregon related to financial institutions, according to the state's Department of Justice 2006 Top 10 Consumer Complaint list.

BEAVERTON, Ore. - New ads in the Credit Union Association of Oregon's public awareness campaign are featuring "models" who are are connected to the CU movement.

WASHINGTON - The FDIC Advisory Committee On Economic Inclusion (ComE-IN) was given a presentation on the Credit Union Better Choice program, an alternative payday lending program championed by the Pennsylvania CU Association, by Norb Kaczmarek, CEO of Erie FCU and chair of the PCUA.

Credit Union Journal encourages reader feedback. Letters to the Editor can be sent to Managing Editor Lisa Freeman at lfreeman cujournal.com. Letters can also be faxed to 561-832-2939 or submitted online at www.cujournal.com.

BRONX, N.Y. - U.S. Rep. José Serrano (D-NY) presented Bethex FCU CEO Joy Cousminer with a flag that had flown over the U.S. Capitol. The flag was given to Cousminer to recognize her for efforts to bring mainstream financial services to the underserved. Cousminer recently testified at a hearing of the Subcommittee on Financial Services of the House Appropriations Committee, which is chaired by Serrano. Two other CDCU advocates-Rita L. Haynes of Faith Community United CU (Cleveland) and Ed Jacob of North Side Community FCU (Chicago), recently testified before the Subcommittee on Domestic Policy of the House Oversight and Government Reform Committee.

Butler To Treasury Position

Events

Family Trust FCU, Rock Hill, S.C., announced that Chip Hutchison was named top investment advisors by INVEST Financial Corporation.

PHOENIX - The $2.9-billion Desert Schools FCU is reporting it has now delivered on $380-million in home loans during the past two years as part of a program aimed at low-income borrowers. At launch, the lending goal was $100 million in total loans through the program, which is called the Community Lending Alliance and in which Fannie Mae is also a partner. "In the wake of recent home mortgage fraud scams, we strive even more to assist low-to moderate-income families to get into their own home with a lender they can trust," said Robin O'Rorke, VP-chief lending officer. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

DULUTH, Ga. - Credit Union Service Corporation (CUSC) and CO-OP Financial Services hope to consummate their merger by June 1 following a vote of CUSC stockholders approving the combination.

PHOENIX - The $2.9-billion Desert Schools FCU is reporting it has now delivered on $380-million in home loans during the past two years as part of a program aimed at low-income borrowers. At launch, the lending goal was $100 million in total loans through the program, which is called the Community Lending Alliance and in which Fannie Mae is also a partner. "In the wake of recent home mortgage fraud scams, we strive even more to assist low-to moderate-income families to get into their own home with a lender they can trust," said Robin O'Rorke, VP-chief lending officer.