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ANN ARBOR, Mich. - Embarking on what it contends is a new direction on shared branching, Service Centers Corp., the Southfield, Mich. network, has developed a model partnership contract with five Ann Arbor CUs to operate and staff a "hybrid" shared branch in Saline, Mich. Depending on how the arrangement...

WASHINGTON-While never tiring of their attack on credit unions' tax-exempt status, the banking trade associations are seeking to expand their own favorable tax treatment. The bankers have been pushing the Subchapter S Modernization Act (S. 1201/H.R. 2576), introduced last year, to broaden the application of subchapter S tax laws. The...

ALEXANDRIA, Va.-In a lengthy open board meeting, the NCUA Board unanimously passed several motions, including an expansive proposed update to the chartering and field of membership (FOM) policies to benefit the credit unions they regulate. Though board member Deborah Matz admitted that she was initially skeptical of the FOM changes,...

WEST PALM BEACH, Fla. - While most of the country saw Democratic supporters with long faces and Republican backers with smiles the morning after Election Day, credit union executives in the Midwest were generally smiling about Democratic wins in their region. Michigan, Wisconsin, Illinois and Kansas all elected new Democratic...

MADISON, Wis. - The Wisconsin Office of Credit Unions will hold a public hearing Dec. 10 to consider creating a rule pertaining to certain loan participation contracts. The proposed rule would amend a rule currently in effect by removing parity provisions and by modifying an originating lender requirement. The rule,...

BIDDEFORD, Me. - The $84 million Ocean Communities Credit Union has sold its 1,200 account credit card portfolio, worth $2.3 million to a buyer the credit union would not officially disclose but whom sources familiar with such credit card portfolio sales said is MBNA. Asset Exchange, based in Portland, Oregon,...

FARMERS BRANCH, Texas - Most loan officers are experienced with using members' pay stubs to verify their income when members apply for loans. But with credit unions increasingly diversifying their membership, more members are using tax returns to verify their income. The Texas Credit Union League will be holding a...

WASHINGTON -In response to the recent passage of terror insurance legislation in both the House and Senate, the Consumer Federation of America has expressed concern that taxpayers will be liable for billions of dollars in losses. "More than a year after Sept. 11, a private market for terror insurance is...