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CU System briefs (02/22/2012)
CU System briefs

  • HARRISBURG, Pa. (2/23/12)--Carrie Wood, left, CEO of DuBois, Pa., celebrated her birthday Tuesday by being honored as winner of the Pennsylvania Credit Union Association's (PCUA) first Paul E. Kanjorski Advocacy Scholarship.  Wood is shown here with former U.S. Rep. Kanjorski at the luncheon, which also included association staff and members of the Awards Committee. The scholarship covers Wood's expenses to attend the Credit Union National Association's 2012 Governmental Affairs Conference Feb. 18-22 in Washington, D.C.  During the luncheon, Kanjorski discussed the current political climate and issues that impact credit unions. "You have to keep cultivating new credit union champions in Congress," he told the group. "You need to make sure your message is heard."  Also at the meeting PCUA President/CEO Jim McCormack recognized Wood and thanked Kanjorski for the work he has done over the years to support the credit union movement while he was in Congress (Photo provided by the Pennsylvania Credit Union Association) …
  • ANTIGO, Wis. (2/23/12)--A $1.5 million grant from the Community Development Financial Institution Fund will help $907 million asset CoVantage CU, Antigo, Wis., expand its Rescue Refinance Program. The grant will be combined with $8.5 million in loan funds set aside by CoVantage's board for the refinance program to help members who cannot afford current mortgage payments but are blocked from refinancing by declining property values, said the Wisconsin Credit Union League (League News Feb. 20). Rescue Refinance enables homeowners to borrow up to 90% of their home's value without private mortgage insurance in an adjustable rate mortgage that carries a fixed rate for its first 10 years. Remaining funds are provided through a second mortgage that is repaid at a later date, with no payments due and no interest charged on the second mortgage ss long as the home is occupied by the owner. The combination allows homeowners to borrow up to 110% loan-to-value to pay existing mortgages, current or past-due property taxes, judgments or other refinancing …
  • HEATH, Ohio (2/23/12)--Police in Heath, Ohio, warned residents about a scam based on text messages that appear to be sent by employees at $72 million asset Hopewell Financial CU. The fraudulent message claims the recipients' credit cards were deactivated and then provides a telephone number for them to call. Police noted the scam's intent is to obtain personal information that can be used to commit fraud (The Advocate Feb. 21). Message recipients were told by police not to respond to the messages. Instead, they should contact the credit union directly …
  • PALO ALTO, Calif. (2/23/12)--Two women who are cousins will serve prison sentences for allegedly stealing more than $256,000 from an elderly couple's account at $4.9 billion asset First Technology CU, Palo Alto, Calif. A Santa Clara County Superior Court judge sentenced Pang Thao to three years in prison for identity theft, computer hacking and elder fraud with an aggravated white-collar crime enhancement, while Nancy Vang was sentenced to one year in county jail for identity theft and grand theft with an aggravated white-collar crime enhancement (Palo Alto Online News Feb. 16). Thao was an employee at Addison Avenue FCU, Palo Alto, which merged with First Tech in 2011. She is accused of creating an unauthorized PIN for online access, which she allegedly used to transfer the account's balance to Vang's account. The cousins apparently spent the funds on shopping sprees and an automobile, although $85,000 was recovered by REACT, a Bay Area high-technology crimes and identity theft task force directed by the Santa Clara County District Attorney's Office ...
  • FARMINGTON HEIGHTS, Mich. (2/23/12)--Community Choice CU, Farmington Heights, Mich., will offer $100,000 in scholarships to high school seniors graduating this spring. The $457 million credit union has awarded $305,000 in scholarships so far ( Feb. 19, 2012). This is the fourth consecutive year that Community CU will award scholarships. Applicants are required to have a 3.0 grade point average, live within the credit union's charter counties, write an essay and be accepted into a Michigan college or university …


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