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CU System briefs (07/09/2009)
* SACRAMENTO and RANCHO CUCAMONGA, Calif. (7/10/09)--The California Department of Financial Institutions (DFI) issued guidelines after receiving inquiries on whether credit unions and other state-chartered financial institutions are subject to limitations in cashing and holding registered warrants--the IOUs the state has distributed while it deals with its budget crisis. A financial code limit on the amount of obligations one person may owe to a bank at any time is not applicable to the IOUs. Neither are sections of the financial code that limit the amount a bank may invest in the security of one obligor. Credit unions may invest in the IOUS without a specific limitation on the amount, the directive said. Meanwhile more than 63 credit unions in the state are accepting the IOUs. Use the link for a list of the credit unions … * DURHAM SPRINGS, La. (7/10/09)--LA DOTD FCU announced Thursday it is changing its name to Main Street Financial FCU, effective July 20. The change reflects the growing diversity of its membership while honoring its legacy of serving employees of the Louisiana Department of Transportation and Development. The 70-year-old credit union's membership has grown to include several communities as well as LA DOTD contractors and consultants, and more than 200 corporate partners, said President/CEO Cary J. Anderson. The $103 million asset credit union serves anyone who lives, works, worships or attends school in Livingston, Calcasieu and Cameron parishes. "We believe Main Street Financial connotes the strong family and financial values that are at the heart of the credit union," said board Chairman Judy Wascom … * DEER PARK, Texas (7/10/09)--Shell FCU, a $354 million asset credit union based in Deer Park, Texas, announced that its loans during June broke records, with the credit union closing more than $17 million in consumer loans, mortgages and credit cards. Shell attributed the growth to its summer auto loan special with 90-day deferred payments, aggressive marketing efforts and exemplary staff participation. "We're not feeling the credit crunch at Shell FCU, and we're proving it to our members with our latest marketing billboard campaign stating, 'Banks taking all YOUR credit? We give CREDIT where credit is due,'" said D'Anne Turner, vice president of lending … * ANDERSON, S.C. (7/10/09)--Anderson County Educators CU, Anderson, S.C., will merge with S.C. State CU, Columbia, the credit unions announced (The Anderson Independent Mail July 8). Educators, with one branch, has $5.5 million in assets and serves employees and retirees from several area school districts and colleges and Anderson University. State CU has $455 million in assets. Its 17 offices in 12 towns serve employees of city, county and state agencies, those enrolled in the state Retirement Systems, and students and staff of any state-chartered college, university or technical college system … * RANCHO CUCAMONGA, Calif. (7/10/09)--California Center CU (CCCU) has moved to Ontario, Calif., from Rancho Cucamonga to share the property as its sponsors, which include the California Credit Union League and CU Direct Lending (CUDL). According to the $9 million asset credit union's president/CEO, Linda Pettit, "The new location provides California Center not only the ability to be near its sponsors but also enables the credit union to position itself, for the first time in its 41-year history, in a retail center with increased visibility and the opportunity to expand and grow." Its location near the city's airport makes the credit union the first financial institution location for visitors and travelers. The credit union also updated its brand and logo …


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