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News Now

CU System
CU System briefs (08/09/2010)
* SACRAMENTO, Calif. (8/10/10)--The California Department of Financial Institutions (DFI) has approved two mergers of credit unions, according to its Monthly Bulletin for July. Palo Alto Community FCU, a $12.8 million asset credit union in Palo Alto, will merge with and into San Mateo CU, a $585 million asset credit union based in Redwood City. Postal Credit Union of Northern California, a $6.8 million asset credit union based in Castro Valley, will merge with and into San Jose-based Pacific Postal CU, a $243 million asset credit union ... * GREENSBORO, N.C. (8/10/10)--The North Carolina Credit Union League has cancelled its credit unions' Hike the Hill scheduled for next month in Washington, D.C., so credit unions can focus on the upcoming elections. Congress has few working days left in its current session and is reluctant to tackle contentious issues before an election, the league said in its Weekly Update Friday. "It is unlikely that issues of major importance to credit unions will be considered, the league said. However, it will continue to monitor events in the nation's capital closely and keep its credit unions informed, the league said. The Credit Union National Association (CUNA) is urging credit unions to keep pushing their position on raising the member business lending cap to 27.5% from 12.25% of assets with their representatives in their districts. CUNA backs adding MBL language to a small business jobs bill currently pending in the U.S. Senate. The Senate returns to session Sept. 13 ...


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