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CU System
CU System briefs (02/07/2008)
* HARAHAN, La. (2/8/08)--Baton Rouge-based Southern Teachers and Parents FCU received a grant from the National Credit Union Foundation (NCUF) to assist members in buying affordable, reliable, and suitable pre-owned automobiles, reports the Louisiana Credit Union League's eNews (Feb. 6). Members who meet the criteria and complete training will be eligible for down payment assistance up to $1,000. The incentive program will begin this month and end in February 2009 … * MEMPHIS, Tenn. (2/8/08)--To target the unbanked, Memphis Area Teachers’ CU (MATCU) has created the Second Chance checking program. Second Chance accountholders can receive one year of free checking if they complete the Common Cents program, a financial literacy skills course. Those interested in the Second Chance accounts can visit any of MATCU’s branches and bring $100, which will be given back after one year of holding an account in good standing. There are two million families in the U.S. who are unbanked, according to the credit union (Daily News Feb. 6) ... * FORT WORTH, Texas (2/8/08)--American Airlines FCU CEO John M. Tippets, who will retire in mid-year after 17 years as CEO, will share Tuesday the story of his father's 29-day survival of an airplane crash in Alaska at the C.R. Smith Museum in Fort Worth. His father, Joseph H. Tippets, a former CAA/FAA employee, was one of four people who survived the Gillam plane crash in Alaska in January 1943. The four were bruised, shaken up, and injured in the crash landing, which left them with scant food in freezing sub-arctic weather. The story is how the survivors cooperated for the common good … * LONDON (2/8/08)--Britain's Financial Services Compensation Scheme (FSCS) has started processing claims from members of the Caia Park CU in Wrexham and Edmonton CU in north London. The two credit unions became insolvent last month. Of Edmonton's 1,070 members, between 800 and 900 are expected to submit claims. Caia Park had 165 members. FSCS paid the first Edmonton claim one day after the credit union was declared in default and eight days after it closed. The fund gives savers 100% of the first 35,000 pounds they have lost. A Treasury Select Committee report had said the fund was taking too long to compensate members, and a government consultation document said members should be paid within one week. (The Press Association Feb. 6) …


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