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News Now

CU System
Members write Wis. DFI to save CU car-sales operation
RACINE, Wis. (4/22/08)--Members of Educators CU (ECU) in Racine, Wis., are stepping up to help their credit union continue its used-car sales operation after the Wisconsin Office of Credit Unions ruled that the credit union could not sell used cars. “Our members are writing letters to the Wisconsin State Department of Financial Institutions (DFI),” Jim Henderson, ECU senior vice president, told News Now. ECU was ordered to cease its operation several weeks ago. The credit union plans to file an appeal and the regulator has stayed its order. “We’re still in the appeals process,” Henderson added. The office ruled against ECU’s sales operation after the Wisconsin Automobile and Truck Dealers Association filed a complaint, charging that ECU’s used car sales were not a part of its charter. ECU would still be allowed to lease and repossess vehicles. The credit union has placed information on its website regarding the ruling and appeals process. The website, www.ecu.com, also has information about what members can do to voice their opinions on the ruling. Members can help by writing the DFI, or by submitting letters to the editor at the Racine Journal-Times, the website said. The credit union expects a response to its appeal by summer.


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