Member Charged With Foreclosure Damage
SYRACUSE, N.Y.-An Empower FCU member has been charged with causing tens of thousands of dollars of damages to his home after he was evicted as part of a February foreclosure by the credit union.
Twenty-year-old Justin Guyette was charged in state court with second degree criminal mischief, a felony, for destroying the Volney home that was financed by his credit union.
The credit union claims Guyette smashed windows, removed siding, ripped off doors and removed material and insulation from inside the house after he was evicted. Oswego County Sheriff's say the member left broken furniture and garbage strewn about and poked dozens of holes in the walls before he left.
The case evokes a similar trashing in San Diego where two members of San Diego Metropolitan CU were convicted last month of causing an estimated $200,000 in damages after they were evicted as part of a foreclosure.
The credit union now owns the property.
3Rivers Goes High Tech
At Renovated Branch
FORT WAYNE, Ind.-3Rivers FCU unveiled technology at the former Tower Bank branch it is renovating it said is designed to provide easily accessible information, speed up loan applications and eliminate paper. The credit union has outfitted its new branch in the Shoppes at Scott Road with technology, including a 65-inch touch screen monitor in the lobby. 3Rivers said its members will experience interactive touch monitors, architecturally designed collaboration spaces, digital member signature technology and faster transactions. Additional branch upgrades include private meeting rooms, where members can meet with member service reps while consulting large computer monitors for product information. 3Rivers said its computer system allows members to sign loan forms and other legal documents electronically.
Sparks Members OK Great Basin Merger
RENO, Nev.-Members of Sparks City Employees FCU approved the merger of their ailing one-time $16-million credit union into Great Basin FCU, the state's eighth-largest credit union.
The deal will give Great Basin an additional branch and a total of $116 million in assets and about 16,400 members throughout Washoe County.
Sparks City has reported losses for three straight years and for the first quarter of 2012, though its net worth continues a shade over 6%.
The merger will leave Nevada with just 21 credit unions, down from 27 as recently as 2008.
The three Sparks City employees will stay on after completion of the merger.
Tulsa FCU Wins Best In Show At Marketing Mtg.
SEATTLE-Tulsa Federal Credit Union has won the MACQUEE Best in Show Award from the Marketing Association of Credit Unions.
The credit union's "Nothing Checking" promotion, which used the tagline, "Our new checking account is a big bunch of nothing," took home the award. The promotion sought to highlight the lack of fees on the account. Print, outdoor and TV ads were used to support the effort.
Other finalists for the MACQUEE included Arizona State FCU, BECU, and Ft. Worth Community CU.
"Nothing makes me happier than winning this award," said John Speaker, VP-marketing with Tulsa Federal in accepting the honor during the group's meeting in Seattle.
CU Reports Loan Program Success
NAPERVILLE, Ill.-For the past year, the North Side Community Federal Credit Union (NSCFCU) has been participating with the city treasurer to provide loans via the city's Small Business Development Fund, and reports it has now loaned more than $200,000.
Loans ranging from $5,000 to $35,000 have been granted to businesses registered and located in Chicago for purposes that include working capital, establishment of a new business; expansion of existing business; job creation and more. Start-up businesses may be eligible to receive up to $15,000.
Since program launch, NSCFCU has assisted nine businesses with a total of $218,500 in loans. Businesses that have received loans include a day care center, a hand car wash, a children's retail clothing store, and more.
Loan funds are guaranteed by the City of Chicago, but NSCFCU administers the loan approval process via a dedicated part-time staff person specifically for this program and its small business loan committee.
Bylaws Amendment Expands CU's FOM
WOODBURY, Minn.-The board of Postal CU has approved an amendment to its field of membership bylaws that will allow anyone making a $5 donation to the John D. Miller Scholarship fund anywhere in the country eligible for membership in the $530-million credit union.
Previously, residents from six surrounding counties or donors to the fund from Minnesota and Wisconsin were eligible to join.
Credit unions are increasingly using outside groups to extend their membership eligibility nationwide. More than two-dozen credit unions across the country, for example, allow members of the San Diego-based American Consumer Council to join their credit union.
The John D. Miller Scholarship was named for a former postmaster in Hinckley and Lake City, Minn, and originally opened doors for membership in the credit union in a six-county area. The foundation has awarded $225,000 in grants since its 1980 inception.
Navy Federal Intro's MBL Participations
VIENNA, Va.-Navy Federal Credit Union announced last week it was introducing a commercial loan participation program that will buy member business loans from other credit unions.
Navy Federal's C-Pal will lend both aid and funds to credit unions nationwide looking to continue to grow their business lending.
"We are ready to help credit unions who are nudging close to their commercial loan caps," said Jim Salmon, EVP-business services for the $49-billion credit union. "By partnering with other credit unions, we hope to bring some relief to an ever-increasing problem."
"This is a timely and responsive move," said Salmon. "We're here to help other credit unions continue to serve their members in their business ventures."
Estimate Narrowed For Range of Corp. Losses
ALEXANDRIA, Va.-NCUA has narrowed the estimated range of corporate stabilization expenses. The agency's new analysis indicates the the estimated range of future Stabilization Fund assessments narrowed between June 30, 2011, and Dec. 31, 2011. As a result, updated estimates now project credit unions will pay over the life of the Stabilization Fund (between $2.7 billion and $6.0 billion in future assessments to cover anticipated corporate losses. The Stabilization Fund expires in 2012.
Just six months ago NCUA had projected a net range of future assessments between $1.9 billion and $6.2 billion.
Despite the new forecast, NCUA said the projected range of 2012 Stabilization Fund assessments will not change and remins between eight and 11 basis points of insured shares. The NCUA board is expected to set the assessment at its July 24 meeting.