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WASHINGTON - Credit unions are well-aware of the abuses and consequences of predatory lending on borrowers. Now, the North Carolina-based Coalition for Responsible Lending has quantified in a report the sobering ramifications of the lending abuse practice - predatory lending costs borrowers an estimated $9.1 billion annually. CRL Spokesman Martin...

WASHINGTON-NAFCU has been busy compiling some pretty impressive speakers for this year's Congressional Caucus, which will take place September 23 through 26. So far, speakers include Senate Banking Chairman Paul Sarbanes (D-Md.); House Domestic Monetary Policy Subcommittee Chairman Peter King (R-N.Y.); House Financial Services Committee Ranking Member John LaFalce (D-N.Y.);...

MADISON, Wis. - CUNA CU President/CEO Mary Cunningham will be stepping down to become president/CEO of the $425 million USA FCU FCU in San Diego. USA FCU Board Chairman Lew Witherspoon said Cunningham will join the CU on September 17. "We're certainly looking forward to her arrival. We know she's...

OAKLAND, Calif. - The City of Oakland has become the first city in California to pass an anti-predatory lending ordinance to protect consumers from deceptive and abusive loan practices. The Oakland City Council unanimously approved an anti-predatory lending ordinance on July 24. The ordinance is scheduled for a second reading...

New rules and regs passed at NCUA's July Board meeting are expected to have a major impact on FCUs. In this issue, Credit Union Times takes a closer look at these regs and other significant events of the July meeting. See pages 19, 20, 21.

I read Mike Welch's column in the July 25 issue, "NAFCU conference almost covers all the bases." It was so timely for my work with the Combined Council of Automotive Credit Unions. Their meeting is in September. I so agree with Mike's perspective in that everyone seems to skirt any...

PHILADELPHIA - Taking a cue from its 98,000 members, Philadelphia Federal Credit Union has formed a CUSO - PFCU Insurance Services, LLC - to offer its members insurance products. The unique aspect about the new CUSO is it's outsourcing the operations to Springfield, Massachusetts-based Banc Insurance Services Inc. to offer...

Over the past 18 months or so, credit unions and the growing number of organizations that represent them, seem to have gone on a binge in creating alliances, partnerships, cooperative ventures, special interest CUSOs, and new entities of all types. The alleged purpose of this organizational frenzy, such as the...