News

ARLINGTON, Va. - Two court battles over credit cards continued in 2002, leaving it unclear as the year drew to a close how much income credit unions can expect from their credit cards and how much it will cost to offer those cards. The dispute that muddied the waters on...

CORNING, N.Y. - Corning Credit Union didn't have to go far to find the successor to David Bartone, who served as president/CEO of the $465-million CCU for the past 33 years. Although Corning CU's Board did an extensive external search, in October the credit union promoted its vice president Ann...

WASHINGTON-Over the last four years, the bankruptcy abuse reform bill has been introduced in Congress and each year it gets shot down, one way or another. After President Bill Clinton killed the bill with a pocket veto three years ago, a sigh of relief was audible from supporters when the...

ALEXANDRIA, Va.-NCUA employees, for the first time this year, were given half their annual raises up front in March and half spread throughout the year. The total effect was to lower the salary that the following year's pay increase is based on since the lump sum is not included as...

Used auto loans have historically been the core of credit unions' loan portfolios, but record-low mortgage rates throughout the year combined with auto dealers' 0% financing offers, made for a different story in 2002. In October 2001, used cars dominated credit unions' loan portfolios - accounting for 20.64% - but...

NEW YORK - Two credit unions in New York broke new ground in 2002 by starting relationships with Manhattan check cashers. Under the arrangement, which needed approval from the New York State banking authorities, members of the $9.6 million Bethex Federal Credit Union, based in the Bronx, and the $68...

ALEXANDRIA, Va.-NCUA's proposed rule expanding field of membership authorities issued for comment at the November board meeting was the icing on the cake of 2002's credit union regulatory relief advances. Though modifications were made to virtually every portion of the regulation, according to NCUA Senior Staff Attorney and Field of...

ARLINGTON, Va. - Stung by allegations they do not adequately serve lower and middle income members, credit unions around the country began scrambling to point out what they do and started doing more where possible. Coming on the heels of NCUA's abandoning of the controversial Community Action Plan regulation, and...