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CU System Briefs (03/01/2013)
  • LAS VEGAS (3/1/13)--Brent Edward Lovett, 50, of Henderson, Nev., was convicted Wednesday in a jury trial of defrauding Lockheed FCU with a $7.5 million commmercial real estate loan ( Feb. 27). In 2006, Lovett's company, Bay Resorts International, leased two Las Vegas buildings that later were purchased for $6 million. Another company he allegedly controlled, Equity Resource Inc., then purchased the buildings for $10 million with a loan from the credit union. He was charged with providing false information to obtain a loan and skimming $1.3 million of the proceeds. Lovett faces up to 30 years in prison and a $1 million fine. Sentencing is set for May 29 …
  • LANSING, Mich. (3/1/13)--Leaders from Michigan's Grand River Chapter met Feb. 19 at Grand Rapids Family CU with Marliss McManus, legislative director to U.S. Rep. Bill Huizenga (R-Mich.) to discuss several of the Michigan Credit Union League's  legislative issues, said the league (Michigan Monitor Feb. 25).  Huizenga is a majority member on the U.S. House Financial Services Committee. McManus, shown third from left, handles all financial services industry issues for the congressman. The group discussed regulatory relief including several recent Consumer Financial Protection Bureau proposals; legislation to eliminate the annual mailing requirement for privacy notices, raising the member business lending cap to 27.5% of assets from 12.25%;  supplemental capital, examination fairness and preserving the credit union tax exempt status. The Credit Union National Association has named these issues among its priorities list for 2013, with preserving credit unions' tax exemption as the No. 1 priority.  McManus said government-sponsored enterprise reform is one of Huizenga's top priorities for the year. He is an original co-sponsor of the privacy notices legislation and continues to be a strong supporter of credit unions, the league said. MCUL Director of Government Affairs Jordan Kingdon attended the session …
  • RALEIGH, N.C. (3/1/13)--Tony Almeida, senior advisor to North Carolina Gov. Pat McCrory for jobs and the economy, visited Raleigh-based State Employees' CU to show his support of its participation in the North Carolina Business Committee for Education's Students @ Work Week.  Almeida is shown here speaking to students while Jo Anne Sanford,  SECU board member, and Tim Swinson, vice president of SECU's Centennial Parkway Branch, look on from the far left. Seventeen eighth graders from Daniels Middle School learned the importance of staying in school to further their education. Raleigh-NSCU branch staff coordinated the effort and provided a hands on real-world financial education exercise for the students.  (Photo provided by State Employees' CU) …
  • LEBANON, Conn. (3/1/13)--Edgar Roy Colville III of Lebanon, Conn., died Monday in New London at the age of 82. Colville was a member of the board of the Electric Boat CU (now Charter Oak FCU, Groton, Conn.) for 25 years. He served as board secretary for 22 of those years. A designer with Electric Boat, he revolutionized the communication of information from the field to the design department and from the department to the trades with isometric sketches instead of traditional ortho-graphic projection sketches. He also was active in the Marine Draftsmen's Association, the designers' union, where he served as president for 12 years. He is survived by his wife, one son, a grandson, a brother and a sister …


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