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CU System briefs (04/07/2008)
* SACRAMENTO, Calif. (4/8/08)--The new commissioner of California's Department of Financial Institutions (DFI) took office Monday, according to DFI. William Haraf, Ph.D., was named commissioner last month by Gov. Arnold Schwarzenegger. Since 2005, Haraf has been an independent consultant with the Promontory Financial Group and served as visiting professor of economics and finance at the Graduate School of Management, the University of California, Davis. He also served in positions at Banc of America Securities, Bank of America, Citicorp, and the American Enterprise Institute for Public Policy Research. Haraf was special assistant to the chairman of President Ronald Reagan's Council of Economic Advisors and senior staff economist to the council (Imperial Valley News March 10). One of his priorities: to appoint a deputy commissioner of credit unions … * NORTHVILLE TOWNSHIP, Mich. (4/8/08)--Michigan Credit Union League President/CEO David Adams speaks during a media tour last week with Gov. Jennifer Granholm (right), who signed into law a "Save the Dream" package of bills to help homeowners in danger of losing their homes. The tour made stops in Grand Rapids, Jackson and Detroit (Michigan Monitor April 7 and News Now April 2). Credit unions and other financial institutions will be able to provide mortgage refinancing products to homeowners struggling with payments under a program with the Michigan State Housing and Development Authority. (Photo provided by the Michigan Credit Union League) … * SALT LAKE CITY (4/8/08)--Salt Lake CU members will vote Wednesday on whether to merge the 67-year-old $256.1 million asset credit union with $2.301 billion asset Mountain America CU (The Salt Lake Tribune April 5). The voluntary merger is being proposed because it is increasingly harder to meet members demands for additional branches, services and ATMs, said the credit union. Salt Lake has 10 branches and Mountain America has more than 50 branches … * SAN LEANDRO, Calif.(4/8/08)--Arrow CU, a $2.7 million asset credit union that for years served employees of Oakland's Mother's Cookies before the bakery shut down in 2006, plans to merger into Spectrum FCU, a $136.1 million asset credit union based in San Francisco. The closure of the bakery hurt the smaller credit union, which has 482 members. Before the bakery closed, it had $5 million in assets and 738 members (East Bay Business Times April 4). Arrow CU filed a merger application with the California Department of Financial Institutions on March 14. A merger would need approval from both DFI and the National Credit Union Administration. After regulators approve the proposal, Arrow will take the measure to members for a vote … * HARRISBURG, Pa. (4/8/08)--Kim Neifert, former items processing manager of Mid-Atlantic Corporate FCU, Middletown, Pa., died Thursday at the age of 42. Neifert had worked at Mid-Atlantic for 15 years and was one of Mid-Atlantic's first employees in its share draft processing operation. She left her position in January 2006 after being diagnosed with cancer, according to the Pennsylvania Credit Union Association (Life is a Highway April 7) ...


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