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CU System Briefs (01/06/2014)
  • HARRISBURG, Pa. (1/6/14)--Pennsylvania State Employees CU announced recently that it is bestowing a $10 million dividend upon its members this year. The minimum reward is $10, with the maximum determined by the usage of certain products and services combined with a percentage of total dividends earned and interest paid by the entire membership.  This is the second year in a row that the $4.1 billion-asset credit union distributed dividends. "Thanks to our members, we're as strong as ever and as a member-owned financial cooperative, it's only right that we give back to them," said Gregory Smith, president of the Harrisburg, Pa., credit union ...

  • BEAVERTON, Ore. (1/6/14)--Doug Page became Great Northwest FCU's new president/CEO Jan. 1 (Anthem Jan. 2). Page, who has been with the $113 million-asset credit union since 1994, replaced outgoing head Karen Burkhalter. He was previously an executive vice president--a position he had held since 2002. Before joining the Aberdeen, Wash.-based credit union, he worked for a finance company in Spokane, Wash. Page predicted that the credit union's biggest challenges will be "much like those at many other credit unions: shrinking margins, an excessive compliance burden and slow loan demand," but said he expected Great Northwest to manage them ...

  • ARLINGTON HEIGHTS, Ill. (1/6/14)--Community Trust CU, Gurnee, Ill., named Lana Krieps as its new CEO (The Daily Herald Jan. 2). Krieps, who has 29 years of experience working in the financial sector, had previously worked at Pioneer West Virginia FCU, Charleston, W.Va., where she oversaw nine branches as a vice president. She has also been a CEO and a chief financial officer at other credit unions. Community Trust CU has $185 million in assets and membership based in Lake and McHenry counties ...

  • WASHINGTON (1/6/14)--Sandra Braunstein, the Federal Reserve's director of the Division of Consumer and Community Affairs, announced Friday that she will retire April 1. She has led the department since April 2004. Under her administration, the division developed a new regulatory framework for credit cards and used the Truth in Lending Act and Home Ownership and Equity Protection Act to establish consumer protections for residential mortgage borrowers. Braunstein also oversaw the establishment of mortgage foreclosure mitigation and neighborhood stabilization programs after the 2008 financial collapse. From 2010 to 2011, she also helped transition staff and resources to the Consumer Financial Protection Bureau. Braunstein has worked for the Federal Reserve Board for almost 27 years ...

  • NEW YORK (1/6/14)--The deadline for Community Development Investment Program applications has been extended to Jan. 10 from Jan. 6 due to inclement weather. The grants are given out by the National Federation of Community Development Credit Unions to low-income designated credit unions seeking to increase liquidity, boost net worth, mitigate risk, and launch innovative products. (News Now Dec. 20, 2013). CDIP is also accepting applications for predatory relief and intervention deposits and microenterprise deposits ...


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