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CU System briefs (09/14/2012)
  • HANSCOM AFB, Mass. (9/17/12)--Hanscom FCU, based in Hanscom AFB, Mass.,  has been named 2011 Air Force Credit Union of the Year. The honor is given annually to the Air Force credit union offering the highest quality of financial products and services, as well as membership growth and support. The award was presented at the Defense Credit Union Council's recent annual meeting in Denver. Hanscom FCU, which has $985 million in assets and serves 47,555 members across the country and overseas, provides comprehensive online services to its members, who can apply for membership, take out a loan and access account information using Web-based tools. Pictured are, from left, William Rone, director of financial management and comptroller, Headquarters Air Force Special Operations Command, who presented the award to Hanscom FCU President/CEO David Sprague.  (Photo provided by the Defense Credit Union Council) …
  • BOSTON, Mass. (9/17/12)--Credit unions from all over Massachusetts will gather Tuesday in Dorchester, Mass., for a dinner honoring U.S. Rep. Barney Frank (D-Mass.). The Metro-Boston chapter will host the event, according to the Massachusetts Credit Union League  (E-Weekly Sept. 14). Frank will retire from the U.S. House of Representatives when his term expires, after 32 years of service. Frank helped credit unions achieve passage of the landmark HR 1151, the Credit Union Membership Access Act. He also played a vital role in making certain that credit unions were not harmed by bills aimed at credit unions by banking trade groups or by overly broad laws that could inadvertently affect credit unions. After the financial crisis, said the league, Frank was known to have said, "If credit unions made all of the mortgage loans, then there would have been no subprime crisis, and therefore no economic crisis." …
  • ANCHORAGE, Alaska (9/17/12)--A real estate developer in Anchorage, Alaska, has pleaded guilty to lying about the progress made on an apartment complex he was building with a $9.4 million loan from a credit union in 2005.  Lee E. Baker Jr., 57, owner and president of Discovery Construction Inc., pleaded guilty to 12 counts of making false statements to Denali Alaska FCU. Baker was required by the terms of the loan to make certified reports on specific work being done before he could withdraw any funds from the account.  He allegedly received about $4.3 million before defaulting on the loan. The apartments were never completed (Anchorage Daily News Sept. 12) …
  • HARRISBURG, Pa. (9/17/12)--The Pennsylvania Credit Union Association (PCUA) raised nearly $43,000 for the Pennsylvania Credit Union Foundation during the fifth annual Viva Las Vegas event held during the PCUA's Fall Leadership Conference.  Foundation board members donated 15 baskets and three prints that were raffled off at the fundraiser (Life is a Highway Sept. 13). Also, prizes were awarded participants, based on the amount of their "winnings" …
  • FARMERS BRANCH, Texas (9/17/12)--Caprock FCU, Lamesa, Texas, has been designated a Juntos Avanzamos--Together We Advance--credit union by the Texas Credit Union League (TCUL). Caprock FCU is the 18th credit union to receive the distinction from the TCUL. To earn the designation, credit unions must go through an application process (LoneStar Leaguer Sept. 14). The Juntos Avanzamos designation is given to credit unions that demonstrate a capacity and the infrastructure to meet the financial needs of Hispanic families. TCUL presented Caprock FCU with the Juntos Avanzamos flag Friday …


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