Search

The article reports on the details on the shutdown of Vensure Federal Credit Union (FCU) based on the statement of chief executive of the firm in Washington. The CEO insisted on the credit union's (CUs) plan to exit the business of processing online bets and to offer the traditional credit CU. The United States National Credit Union Administration (NCUA) officials doubts on the firm's earnings on the processing of online poker bets which links to the take over of the CU in Mesa, Arizona.

The article reports on the efforts of several credit union executives to convince the lawmakers in Washington to scrap the bank reform legislation that would control prices over debit card interchange.

The article reports on the defense of credit unions (CUs) on the debate pertaining to the amendment of the bank reform bill in Washington. Dan Berger, the chief lobbyist for the National Association of Federal Credit Unions (NAFCU), cites the concern of CUs to the amendments of the bill on the regulation of credit card interchange fees. The debate has been viewed as a success due to the Senate's consent of eliminating the report submitted by CUs to the regulator.

The article focuses on the study "Credit Unions True to their Mission" conducted by the National Community Reinvestment Coalition that Congress is holding hearings on Community Reinvestment Act (CRA) expansion which includes credit unions, insurance companies and mortgage firms in Washington. David Berenbaum, group's executive vice president hopes that the said study will help Congress realize the significant need to expand CRA. The study concludes CUs are behind from banks in serving people.

The article reports on the introduction of a bill which expands the powers of the credit union in Washington. The bill is said to increase the cap of the member business loans (MBLs) to 25%. Moreover, the new provision has been perceived as an opportunity for credit unions because this allows an ease on MBL restrictions.

The article reports on the hearing for National Credit Union Administration (NCUA) nominee Michael Fryzel before the Senate Banking Committee in Washington. The credit union trade associations expressed hope that the Senate will ultimately vote on the nomination of Fryzel. He will be succeeding Republican JoAnn Johnson as chairman of the NCUA Board.

The article reports on the move of credit unions to lobby against a bill to open the market for card interchange fees to more competition in Washington. The credit unions note that the proposal would amount to price caps on the lucrative source of revenue, which is heavily supported by retailers saying that the $36-billion market for interchange fees is controlled by MasterCard and Visa. The credit groups insist that the move would pose the government as the rate-setters.

The article reports that Wal-Mart Stores (WMS) Inc. has sought to pacify growing resistance to its pending application for a bank charter. WMS stressed out that it has no intention of offering retail financial services and will use the proposed Wal-Mart Bank solely to process the 2.6 billion dollar in transactions that flow through its stores every month. Representatives of Washington's banks have expressed their concerns on the reassurance given by WMS.

Reports that two years after a failed attempt to convert Washington-based Columbia Credit Union to a mutual savings bank, the group of dissident members who helped foil the controversial charter switch has won control of the credit union. Additional number of seats on the credit union's board that the group, known as Save Columbia CU, was able to gain in the summer of 2005; Status of a lawsuit filed by the group against the credit union to force the old board to withdraw the conversion initiative.

This article reports that the intense lobbying pressure from the thrift industry has stirred up a hornets' nest on Capitol Hill in Seattle, Washington where members of Congress are buzzing the National Credit Union Association (NCUA) over the agency's actions on credit union (CU) conversions. The thrift lobby, spurred by the America's Community Bankers, its national trade association, succeeded in convincing both Texas senators and 22 of the Lone Star State's 32 House members to call on NCUA to reconsider its stance invalidating the member votes to convert Texas credit union giants Community CU and OmniAmerican CU to mutual saving banks, or thrifts. The increasing pressure on NCUA comes as the agency is preparing to void last months member vote at Community CU, when 71 percent of voting members approved the conversion of the 1.4-billion dollars Piano, Texas, credit union, based on a technical violation of the agency's rules in the mailing of 240,000 member ballots. The federal regulator has also indicated it is prepared to void the still-in-progress balloting at 1.2 billion dollars OmniAmerican CU, based in Fort Worth, for the same technical violation. INSET: Texas OKs Conversion.

The article focuses on the dismissal of Fannie Mae executives. The secondary mortgage markets in Washington were roiled last week when the board of Fannie Mae fired the company's chief executive Franklin Raines and chief financial officer Timothy Howard over the growing accounting scandal at the company. Raines, a well-known political figure as former head of the Bill Clinton White House budget office agreed to take early retirement because of the growing scandal. The firings came less than a week after the U.S. Securities and Exchange Commission ruled that the nation's second largest financial institution, holding more than $1 trillion of the nations home mortgages.

Reports that the board of Columbia Credit Union (CU) has narrowly survived a recall effort in Vancouver, Washington. Failure of the board to convert the CU to a bank; Directors' campaign to retain their positions; CU employees' support to the directors.

Reports on the impact of the special meeting on the recall of the Columbia Credit Union's board of directors in Vancouver, Washington. Plans of the credit union to convert to a mutual savings bank charter; Claims on the eligibility of five incumbent directors because they exceeded their term limits on the board; Enforcement of a credit union-imposed ban on on-site electioneering

Reports on Columbia Credit Union's scheduling of a special meeting for its members after a Washington state court order to allow members to vote on the recall of the credit union's board of directors. Petition filed by members over the credit union's failed bid to convert into a mutual savings bank.

Reports on the ruling of a state court in favor of dissident members of Columbia Credit Union to hold special meeting to vote on the recall of the board of directors in Vancouver, Washington. Enforcement of petition signed by members of the credit union; Scheduling of meeting of the parties to discuss the date, time, location and other details of the special meeting; Initiation of petition drive for special meeting by member Lloyd Marbet.

Reports on the delayed voting of the broad-based regulatory relief package involving the credit unions by the legislators in Washington. Approval of the federal credit unions' conversion to community charters; Amendment of corporate governance rules; Provision of regulatory relief for community banks.

Reports that dissident members of Columbia Credit Union have asked a court in Washington State to enforce their petition seeking a special membership meeting. Purpose of the planned meeting; Issues related to the credit union's vote for a conversion into a mutual savings bank.

Reports on the efforts of Columbia Credit Union to convert to a mutual savings bank in Vancouver, Washington. Working with the credit union industry to gain access to secondary capital.

Reports that members of Vancouver, Washington-based Columbia Credit Union are going to re-vote their controversial ballot to convert to a mutual savings bank. Order by the Washington State Department of Financial Institutions for the credit union officials to resolve the conflict with dissident members seeking to reverse the vote. INSET: Other Conversion News.

Reports on the efforts of a group of Columbia Credit Union members to reverse the credit union's planned conversion to a mutal savings bank in Vancouver, Washington. Establishment of petition drive; Certification of close vote; Regulation of new-chartered bank.

Reports that Columbia Credit Union which is in the process of converting to a mutual savings bank has invoked a loophole in the state credit union statute in Vancouver, Washington. Provision in the Washington CU Statute that allows state-chartered credit unions; Permission of Columbia CU to seek certification by the state's Department of Financial Institutions and the National Credit Union Association requiring a majority of voting members; Review of the close conversion vote caused by complaints from members about the process and the disclosures to members.

Reports on the division of credit union movement according to the General Accounting Office in Washington. Improvement in the financial condition of the credit union movement; Missions of credit unions; Level of service to the underserved.

The article reports that the governors of Washington and Colorado have called on National Credit Union Administration (NCUA) and bank regulators for guidance on their states' newly-legal marijuana trade. The legal drug trade poses a lucrative opportunity for credit unions and banks, as 19 states and the District of Columbia have authorized some use of marijuana and Washington and Colorado as well.

The article presents the report of the Federal Reserve on the small lower interchange profit of credit card issuers from their debit card transactions in Washington. The document details that despite the minimal revenue of credit card issuers, the agency has no plans of changing the regulations associated with the Durbin amendments. Moreover, figures show that the value and volume of interchange fee income decline by 24%.

The article gives information about Prevail Credit Union and Harborstone Credit Union and their merger agreement which will make the combined company Washington state's sixth $1 billion credit union.

The article reports on the effort of the Republican lawmakers to prevent the nomination of consumer advocate Elizabeth Warren to head the Consumer Financial Protection Bureau in Washington.

The article reports on the doubt of Ben Bernanke, the chairman of the Federal Reserve, on the capacity of the Fed to protect the credit unions (CUs) from debit fees in Washington.

The article presents information on a report by the National Credit Union Association (NCUA), according to which NCUA's examiners failed to evaluate the risk of failure of California-based High Desert Federal Credit Union's (FCU) real estate construction loans, known as member business loans (MBL), which accounted for more than 60 percent of the credit union's loans during 2005-2007. Also, a legislation passed in Washington would privatize Fannie Mae and Freddie Mac.

The article offers news briefs related to credit unions (CUs) in Washington. The National Credit Union Association reported the continuous loss of National CU Share Insurance Fund with insurance deposit down by $225 million in a month. CUs such as Central Florida Healthcare Federal CU and Security FCU are forced to enter merger schemes because of their losses. Damon Toey admitted his part in the credit card information theft in retail chains such as TJX Cos. and BJ Wjolesale Club.

The article offers news briefs on credit unions in the U.S. In Washington, the Federal Reserve board is expected to implement some reform by year-end, though the Congress is improbable to pass legislation to reform credit card practices in 2008. In New London, Attorney General Richard Blumenthal was called on National Credit Union Administration (NCUA) to bring out more information about the closure of New London Security Federal Credit Union (FCU).

The article reports that credit union is one of the most avid contributors to congressional campaigns in Washington. According to the author, Credit Union National Association (CUNA) has spent more than $10 million on its political operations. It says that in every election, CUNA can be counted for as much as $2 million in campaign contributions for both parties.

The article reports on the move of Fannie Mae Chief Executive Daniel Mudd to call on credit unions to join his secondary mortgage market giant in helping to correct the foundering mortgage market in Washington. According to Mudd, Fannie Mae has helped refinance 33,000 mortgages since May, as the nation's foreclosure rate increased to new highs. He further called on many credit unions to help out their troubled members with mortgage counseling and refinancing options.

The article reports on developments related to credit unions (CUs) in Washington. The Credit Union National Association (CUNA) has disagreed with the bid of the National Credit Union Association (NCUA) for more increased transparency in CUs. Congress is considering the addition of bills on credit reporting protections.

The article offers news briefs in Washington. It mentions about the following: the approval of Federal Housing Finance Board on Federal Home Loan Bank System (FHLB), Atlanta's new program which will direct credit union and bank members to a conduit to sell their loan on the secondary market; the earned dividend check of National Credit Union Administration (NCUA) from old purchase; and the awards given by NCUA from its community development fund loans.

The article provides update related to credit unions in Washington. A bill introduced in the House would seek broader business loan. A study by the National Community Reinvestment Coalition shows that the drop-off in mainline banking services forced inner-city residents and minority consumers to opt for high-priced check cashiers, payday lenders, and pawn shops for their financial needs. The House Financial Services Committee approved a new regulatory scheme for the secondary mortgage market.

The article reports that beginning in 2008 the Credit Union National Association (CUNA) and Affiliates' Governmental Affairs Conference (GAC) will be held at Washington Convention Center. The event has outgrown the Washington Hilton which has been the venue for the last 33 years. The convention has more capacity and a much larger exhibit hall.

The article offers credit union news briefs. President George W. Bush is opposing a Democrat bill on low interest rates for student loans that affects the banks and credit unions. The Federal Housing Finance Board announced the termination of the supervisory agreement on dividends with the Federal Home Loan Bank of Seattle. NCUA stated that a federal credit union (FCU) may fund employee benefit plan needs with investments that are not allowed for a FCU.

The article reports on the move of the Credit Union National Association (CUNA) to lobby for legislation in Washington to restore the ability of community and single sponsor credit unions to add underserved communities to their fields of membership. According to Dean Sagar, vice president for government relations, CUNA is trying to build interest in the issue in preparation for the congressional session in 2007.

The article presents updates regarding the Columbia Credit Union's withdrawal of application in converting its mutual savings bank in Washington. The said application is still pending in the Washington Court of Appeals for a full financial accounting of the controversy which have started after its members narrowly approved the conversion in November 2003.

The article reports on the financial performance of the Federal Home Loan Bank (FHLB) of Seattle in Washington for the fourth quarter of fiscal 2005. FHLB has been struggling as it closed its annual financial statement. It has reported a 9.1 million dollars loss just for the last quarter, generating a net revenue to just 1.7 million dollars.

The article features the television advertisement produced Seattle firms Fueled Creative LLC and the Steenman Association advertising agency in Washington. The half-minute spot represented a major gamble by the Washington Credit Union League, which coordinated the cooperative advertising campaign in the state.

Reports on the collaboration between the National Credit Union Administration with the Export-Import Bank to increase awareness of Ex-Im's loan guarantees, export credit insurance and direct loans among credit unions in Washington.

Reports on the introduction of a legislation by the members of the U.S. House Financial Services Committee that will provide insurance for credit unions and banks against bad checks or those drawn on insufficient funds during the recovery from hurricanes Katrina and Rita in Washington.

Reports that lawmakers turned back efforts to delay the effective date of the new consumer bankruptcy law despite hurricane victims were expected to be pushed over the financial brink in Washington.

The article brings forth the news from the world of credit unions in Washington. Senator Paul Sarbanes, the ranking Democrat on the Senate Banking Committee and the self-styled conscience of credit unions, announced he would not seek reelection in 2006 when his fifth term expires. State credit union leagues in Delaware, Maryland and Pennsylvania have signed a deal with the Allpoint to provide their member credit unions with access to the surcharge-free ATM network at discounted rates. A new regulatory scheme to oversee the secondary mortgage market and specifically its two biggest players, Fannie Mae and Freddie Mac, will almost certainly include the Federal Home Loan Bank System, a growth source of mortgage funding for credit unions.

Reports on former National Credit Union Association chairman Dennis Dollar's opening of a lobbying shop with his long-time aide Kirk Cuevas in Washington called Dollar Associates LLC. Services offered by the firm; Credit union entities lining up to do business with Dollar Associates.

Reports developments related to the credit union industry in Washington as of March 2004. Financial performance of the Credit Union National Association (CUNA); Implementation of cost cutting strategy; Political contributions of CUNA to the Republican and Democratic parties.

Reports on the approval of mainstrean credit unions to become charter members of the National Federation of Community Development CU's New Community Development Partners Program in Washington. Expansion of the credit unions' reach in undeserved communities; Allotment of resources and information; Extension of service to low-income people.

Reports developments in credit union in Washington as of February 23, 2004. Available cash accumulated by Credit Union National Association; Settlement of the differences of house leaders on key provision in the regulatory relief bill; Difficulty of settling on a candidate for the National Credit Union Association Board.

Reports on the final passage of the American Dream Homeowners Bill to help people buy their first home in Washington.