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Credit unions could fill "a small piece" of the business lending gap that has been created by the recent bankruptcy filing of CIT Group, CUNA President/CEO Dan Mica said in an appearance on Bloomberg TV. And he stressed credit unions could do even more "if we're just given a little leeway by Congress."
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The National Credit Union Administration will respond with a letter this week to Rep. Barney Frank's (D-Mass.) request that federal regulators "show some temperance" during their examinations of financial institutions, NCUA Director of Public and Congressional Affairs John McKechnie told News Now Friday.
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Credit unions that had losses from the sudden closure of Wisconsin-based Central States Mortgage and Milwaukee-based CU Fleet auto dealership have made an agreement that gives them control of as much as $82 million combined funds in the receiverships.
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Newsweek and Good Morning America recently carried stories highlighting credit unions' services to their members.
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Overall consumer credit decreased 6% during third-quarter 2009, to $2.455 trillion, according to statistics released Friday by the Federal Reserve. Credit unions were a bright spot in the report, with increases in both revolving and nonrevolving credit while commercial banks and finance companies experienced drops in loans.
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Wisconsin credit unions are the first in the nation to offer a certificate of deposit that could lead to up to $3,000 in state tax deductions per child per year for individual contributors, regardless of income.
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An $8,000 federal tax credit to help buyers on the purchase of their first home has been extended until April, and lenders in Vermont, including a credit union, said the tax credit is helping them make more loans.
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CUNA Mutual Group has closed on its purchase agreement with Producers Ag Insurance Group to become sole owner of the crop insurer.
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Student CU Connect CUSO LLC reported that more than 5,400 students have received $40 million in loans to finance their education through a partnership between Student CU Connect and ITT Technical Institutes, a technology post-secondary education program.
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The Virginia Credit Union League reported a record of 24 awards in this year's social responsibility contests, which recognize credit unions' commitment to their community, the "people helping people" credit union philosophy, and youth financial education.
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An amended complaint in a class action lawsuit filed against a Florida credit union over fraudulent investment losses perpetrated by a now-defunct broker dealer has removed from the case four individuals originally cited as defendants.
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Judy Tharp, president/CEO of Piedmont Advantage CU, Winston-Salem, N.C., has been elected to the Carolinas Credit Union Foundation board, which also elected its officers.
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With the gap between the average annual cost of attending a four-year public university ($14,333) and the average annual amount of financial aid ($8,896) topping $5,400 a year, help from family members is becoming increasingly important. In fact, 65% of grandparents told the College Savings Foundation that they intend to chip in for their grandchildren's higher education.
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