News

SAN FRANCISCO -- The $2 billion Addison Avenue Federal Credit Union, Palo Alto, Calif., has formally shut down its link to the ill-fated Zopa peer-to-peer network.

ALEXANDRIA, Va. -- The NCUA's Share Insurance Fund has $7.8 billion in assets and a strong equity ratio, but the increase in the number of credit unions experiencing difficulties is placing some strains on the fund, NCUA Chief Financial Officer Mary Ann Woodson told the board today.

LAKE JACKSON, Texas -- The president/CEO of Texas Dow Employees Credit Union said Thursday he is "understanding" of the state's scale back this month of the CU's attempt to broaden its field of membership into six Texas counties which included metro Houston's Harris County.

PRINCETON JUNCTION, N.J. -- The Smart Card Alliance, an industry group working to promote and facilitate the adoption of smart card technology has issued a white paper seeking to explain the technology's security.

TAMPA BAY, Fla. -- NAFCU will be offering a seminar on how the mortgage crisis is affecting credit unions at its next hot topic meeting.

BOSTON -- By the end of 2008, 40% of all U.S financial institutions will have adopted remote deposit capture as credit unions continue to use the tool to court the small business market, according to new Celent report.

WASHINGTON -- Senate Banking Chairman Christopher Dodd (D-Conn.) has announced plans to put together a legislative package that will include a temporary moratorium on foreclosures and legislation to stop predatory lending.

WASHINGTON -- Consumer prices fell slightly in September but were 4.9% higher than a year ago, the Labor Department reported today.