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CU System briefs (12/08/2008)
* COLUMBIA HEIGHTS, Minn. (12/9/08)--A former president of First Community CU (now Financial One CU) in Columbia Heights was sentenced last week to 21 months in prison for taking roughly $225,000 from the credit union between 2001 and 2004. Richard Lange, 52, pleaded guilty last year to two of 55 felony charges of embezzlement, money laundering and false income tax returns. Lange accepted a plea agreement under which he admitted to depositing $11,000 into his personal account and one count of filing a false income tax return (Star Tribune Dec. 5) … * PHILADELPHIA (12/9/08)--A man who owned an ATM-servicing company was sentenced to four years in federal prison on a count of bank larceny in the theft of funds from Lock Haven Area FCU. David McGrath, 48, owner of Hook Financial Services, which serviced ATMs, pleaded guilty in April to stealing $487,796 in funds from the credit union. The thefts occurred between April 2002 and August 2005 ( Dec. 5) … * GRAND JUNCTION, Colo. (12/9/08)--A former teller at Colorama FCU has been charged with stealing $24,600 in the past year from the credit union. Diane Marlene Blaylock, 57, told police that she began taking between $50 and $100 and eventually up to $1,000 at a time from her cash drawer several times per month since November 2007. To cover the cash withdrawals, she temporarily moved $47,590 from four members’ accounts to cover the withdrawals (Grand Junction Nov. 26) … * SACRAMENTO (12/9/08)--The California Department of Financial Institutions has received applications for two mergers of credit unions. E1 Financial CU, a $370 million asset credit union based in Monterey Park, has applied to merge with NuVision Financial FCU, an $847.4 million credit union in Huntington Beach. Also, Pacific Coast CU, a $16.5 million asset credit union in Costa Mesa, has applied for a merger into $741.9 million asset Financial Partners CU, based in Downey. The announcements were made in the DFI Monthly Bulletin (November) … * LINCOLN, Neb. (12/9/08)--Aliant CU a $60.1 million asset credit union based in Lincoln, completed its merger last week with $6.5 million asset Southeast Nebraska FCU, Beatrice, after receiving approval from Southeast Nebraska’s members and from state and federal regulators. The merger allows the credit unions to serve all people who live, work, worship or attend school in Gage and Lancaster countries. Southeast Nebraska FCU will continue business from its current location under the name, Southeast Nebraska CU, an affiliate of Aliant CU. Staff at both locations will remain the same. “For the credit union and its members in the Beatrice area, retaining local ownership was key in the decision-making process and no doubt one of the reasons the members were so supportive of the endeavor,” said Deb Meyer, president of Southeast Nebraska CU …


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