Tech CU Members Hold Rally To Oppose Conversion
SAN JOSE, Calif.-A group of Technology Credit Union members opposed to its proposed charter conversion to a mutual savings bank held a rally last week at the $1.6-billion CU's headquarters here. Carlos Rodriguez, who along with longtime Tech CU member Robert Marinace is spearheading the anti-conversion effort, organized the rally. "We had about 12 to 15 people," Rodriguez said. "We had some picket signs prepared and we handed out leaflets to members as they arrived at the credit union. We had a number of one-on-one conversations with members and answered questions. Some people were not even aware [of the proposed charter change]."
Other rallies were also planned, all timed to coincide with with Tech CU's Aug. 13 mailing of ballots for members to vote for or against the proposed charter change.
CU Loan Volume In First Six Months Sets Record
WASHINGTON-Credit unions recorded their highest loan volume ever during the second quarter of 2012. According to analysis by Callahan & Associates, U.S. CUs reported $84.5 billion in loan originations for the quarter ending June 30. Combined with Q1 originations, activity through the first six months of 2012 totaled $157.0 billion. Credit unions originated more than $56 billion in first mortgages for the first six months of 2012 and captured 7.6% of the market.
CU24 Paying $1.1M Dividend
TALLAHASSEE, Fla.-Credit Union 24 is disbursing $1.1 million in patronage dividends to its shareholding credit unions during Q3 2012. "Credit Union 24, the country's largest credit union-owned ATM and point-of-sale (POS) network, has paid $15 million in such dividends to shareholding participants since the company was established in 1998.
CO-OP Partnering With STAR On POS
RANCHO CUCAMONGA, Calif.--CO-OP Financial Services is significantly expanding its PIN POS presence with a new partnership with First Data's STAR Network. The move will give cardholders of CO-OP CUs access to nearly 2 million STAR Network point-of-sale locations nationally. CO-OP expects to implement the extended PIN POS service with existing clients starting Oct. 15. Creating a large, credit-union-owned PIN POS network is critical post Durbin, given the expectations that PIN networks will eventually give in to merchant pressure and begin to drop debit interchange, according to CO-OP CEO Stan Hollen.
VP Nominee Ryan A CU Supporter
MADISON, Wis.-Regardless of their political persuasion, credit union advocates should be excited about the choice of Wisconsin Rep. Paul Ryan as Mitt Romney's vice presidential running mate, according to credit unions in his home state. Ryan is "one of the most reliable votes we've had in recent years," said Tom Liebe, VP of government affairs for the Wisconsin CU League. "He understands the credit union difference, understands our place in the financial services space, appreciates the value that we bring to consumers and communities, and he's been there for us when we've needed him."
Liebe noted Ryan has stood with credit unions on bankruptcy reform, regulatory reform and upholding CUs' tax-exempt status. "It's noteworthy that he hasn't voted against us," said Liebe. "I can't recall him voting against us on anything."
NCUA Funds $1.4M In Grants
ALEXANDRIA, Va.-NCUA last week approved more than $1.4-million in technical assistance grants to more than 100 credit unions. The regulator said the funds are to be used to improve service, provide training and expand community outreach.
NCUA said it received 331 grant applications with more than $5 million in funding requests, the highest total funding request in the program's history. For 2012, NCUA received nearly $1.25 million in appropriated grant funds from Congress. Combined with remaining 2011 funds, approximately $1.4 million was available for these grants, the agency said.