WASHINGTON - The Federal Housing Finance Board said last week it has terminated the rare supervisory agreement it had with the Federal Home Loan Bank of Seattle, which barred the Seattle Bank from paying dividends for three years without regulatory approval, or from approving any stock redemptions before the mandatory five-year period.

Surcharge-Free Deal Expands CU Options

* Co-op Services Credit Union, Livonia, Mich., raised $500 for MCULLAF, the federal PAC.

KENSINGTON, Md. - Lafayette FCU issued this statement in announcing it was withdrawing its conversion proposal.

IOWA CITY - A controversial name change that was approved, then delayed after some members questioned the narrow vote favoring the change, was ratified by the Iowa Division of CUs. The regulator said it has reviewed the issues surrounding the University of Iowa Community CU's change to Optiva CU and has given the go-ahead.

JANUARY

WASHINGTON - Maybe the third time's the charm with CURIA.

WASHINGTON - The credit union community has pledged $2 million to help build and maintain a memorial to the Rev. Martin Luther King that is being built in Washington.

ARLINGTON, Va. - NAFCU has nominated itself and United Nations FCU for membership on the Financial Crimes Enforcement Network's Bank Secrecy Act Advisory Group (BSAAG).

The Credit Union Journal has a very special announcement. Thanks to the support of the CO-OP Network, as part of our Business Development & SEG Conference April 12-13 in Boston, the Journal has arranged for a tour and dinner at America's Credit Union Museum in Manchester, N.H.

READER QUESTION No. 1

ALEXANDRIA, Va. - NCUA posted its 2007 Regulatory Review List of regulations the board has scheduled to review this year.

Federation Hosts Lending Confab

MIRAMAR, Fla. - The information technology team at Eastern Financial Florida CU spends more and more money every year-nearly 20% of its 2006 budget-protecting member information.

I hesitate to re-enter the CU trade press frenzy surrounding CU-to-bank conversions. I've been criticized by both sides for some of my views. The Michigan Credit Union League (MCUL) has not changed its stance one iota on conversions. We think they should be permitted as long as they are done properly. We will continue to weigh in from time to time to make sure the process keeps getting better. That's what trade associations are supposed to do.

ALEXANDRIA, Va. - Can a $1.2-million all-volunteer-run credit union serving low- income members be likened to Navy FCU, the world's larger credit union?

NEW PHILADELPHIA, Pa. - The former CEO of Eastern CU was sentenced last week to 13 months in prison and ordered to pay $98,200 in restitution for stealing from the credit union. Dawn Smith-Wisnieski pleaded guilty to embezzling $106,000 from the $4.5-million credit union between 2003 and 2005. Smith-Wisnieski embezzled the funds by making 10 phony loans in six names. The criminal investigation resulted from her confession in her personal bankruptcy case that she embezzled the money. No member funds were compromised. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

S1 Rebrands 3 Divisions

ALEXANDRIA, Va. - In honor of the recent Martin Luther King, Jr. Holiday, NCUA Chairman JoAnn Johnson was joined by Board Member Gigi Hyland and 17 agency staff members to volunteer at the Carpenter's Shelter, a homeless shelter. "Dr. King truly exemplified the volunteer spirit and it is fitting to honor his legacy by volunteering our time to help make a difference," said Johnson. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

LAHABRA, Calif. - Employees with big flash drives are the worst threat to information security today, but South Western Federal Credit Union (SWFCU) here has shored up the threat with USB security software.