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News Now

Washington
Inside Washington (06/07/2010)
* The National Credit Union Administration (NCUA) on Monday reported that Millbury, Ohio-based Woodco FCU ”sustained major damage” due to a weekend tornado touch down. While the $8.9 million in assets, high-school-based credit union was damaged by the storm, the credit union was empty at the time. The NCUA’s Region III staff will assist the credit union, which will temporarily relocate within the week. The NCUA also encouraged the FCU to “make loans with special terms and reduced documentation to affected members,” to “reschedule routine examinations if necessary,” and to use the available NCUA resources to back lines of credit and loans… * The Canadian Government has awarded a bank charter to U.S.-based big box retailer Wal-Mart. The retailer in 2007 withdrew its application for an Industrial Loan Company (ILC) charter, which was filed with the U.S. Federal Deposit Insurance Corporation. The ILC charter, if granted, would have permitted Wal-Mart to open individual branches in its stores. However, Wal-Mart representatives at the time denied that they intended to start their own financial institution, saying that the ILC application was aimed at reducing their overall transaction costs. Wal-Mart currently operates over 8000 stores in 15 countries, and allows financial institutions to provide a number of services through in-store branches…


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