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CU System Archive

CU System

Plea deals explored in Detroit CU fatal robbery

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DETROIT (10/28/10)--Two men facing a possible federal death sentence for their involvement in the murder of an armored-truck courier during a robbery at DFCU Financial CU in Dearborn Mich., are looking to make plea bargains to avoid the death penalty. Norman Duncan and Kevin Watson are charged with killing guard Norman Stephens in 2001 while committing a $204,000 robbery at the credit union. Federal Judge Victoria Roberts wants an update on negotiations by Dec. 9, according to court filings (Associated Press Oct. 26). Timothy O'Reilly, 37, who was convicted in the killing of the guard got a life sentence, without parole, instead of the rare death penalty sought by prosecutors (News Now Aug. 27). The death penalty would have required a unanimous decision from the 10-woman, two-man jury, but only four jurors voted in favor of the death penalty (The Detroit News Aug. 26). The jury returned its verdict for O’Reilly Aug. 25. The guard, Norman Stephens, 30, was shot twice while restocking ATMs at Dearborn FCU (now DFCU Financial CU) on Dec. 14, 2001. Michigan was the first state to outlaw the death penalty, but the penalty can be used in certain federal cases. The last execution in the state occurred in 1938. The last person sentenced to death under federal law in Michigan is still on federal death row in Terre Haute, Ind., said the Detroit Free Press (Aug. 26).

Husband wife team convicted of 200000 CU theft

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WORCESTER, Mass. (10/28/10)--A husband and wife have be found guilty of stealing more than $200,000 in 2002 from the Wyman-Gordon FCU, now called W-G FCU, in Worcester, Mass., where the woman worked. After being found guilty in Worcester Superior Court Tuesday, George Labadie and Susan Carcieri are scheduled to be sentenced Monday (Associated Press Oct. 27). The couple staged the robbery in August 2002 at the credit union where Carcieri worked as an office manager, prosecutors said. Labadie was convicted of counterfeiting. After the robbery, large amounts of cash were found in the couple’s home, the AP said. The couple robbed the credit union because they had financial difficulties, authorities said. The couple has said they are innocent and that they kept large sums of cash in their home, according to the Worcester Telegram & Gazette (Oct. 20).

N.J. league creates Corporate CU Future State Task Force

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HIGHTSTOWN, N.J. (10/28/10)--The New Jersey Credit Union League (NJCUL) has created an eight-person Corporate Credit Union Future State Task Force to assist its member credit unions in evaluating the current state of the corporate network and future options for corporate services, within the corporate system and beyond. “We think this task force can play an important role in helping our members understand the options they will have going forward,” said NJCUL President Paul Gentile. “So many credit unions are concerned and worried about the future of corporate services they have relied on for decades. The best way to overcome the uncertainty is to get educated on the landscape.” The eight-person task force is made up of leaders from two categories: credit unions with less than $25 million in assets and credit unions with more than $25 million in assets (New Jersey Credit Union League’s Daily Exchange Oct. 22). The scope of the task force is to:
* Provide a baseline on the current state of corporate credit unions that serve the majority of New Jersey credit unions; * Evaluate the business plans of the corporate credit unions that serve most New Jersey credit unions for effectiveness of a sustainable business model; * Identify and evaluate other potential providers of corporate services--including payments, settlement, liquidity, investments--beyond the corporates that serve the majority of New Jersey credit unions; providers will include other corporates and/or like entities and other providers; * Establish principles that guide the future desired model of the corporate credit union system, and/or how credit unions receive traditional corporate services of payments, settlement, liquidity and investments.
The task force will deliver a report of its findings for potential use by NJCUL members to aid in their decision-making process for securing corporate services in the future.

Virginia League announces social responsibility awards

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LYNCHBURG, Va. (10/28/10)--The Virginia Credit Union League announced the winners of its 2010 Social Responsibility Recognition Awards. First-place winners of Desjardins Youth Financial Education Awards were:
* DuPont CCU, Waynesboro, greater than $250 million asset category; * Synergy One FCU, Manassas, $75 million to $250 million; and * Virginia Educators’ CU, Newport News, $35 million to $75 million.
First-place winners of the Dora Maxwell Social Responsibility Recognition Program Awards for outstanding community projects and charitable good works were:
* Bayport FCU, Newport News, $500 million-plus asset category; * NSWC FCU, Dahlgren, $200 million to $500 million;
The Louise Herring Award for Philosophy in Action awarded first places to:
* DuPont CCU, greater than $250 million asset category; and * Bronco FCU, Franklin, $50 million to $250 million.

Bankrate.com CUs offer great rates

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NEW YORK (10/28/10)--Bankrate.com recently highlighted credit unions’ abilities to offer “a great rate” on deposit accounts because they are organized as nonprofit cooperatives. Don Taylor, a financial expert who authors Bankrate’s “Dr. Don” column, responded to a question from a reader who wanted to know how a credit union could afford to offer money market account interest rates of 1.75% on deposits of more than $50,000. Taylor also told readers that people with a common bond originally formed credit unions, but membership at many credit unions is now open to anyone who lives or works in a certain geographic area. Readers were directed to the Credit Union National Association’s online credit union locator to find a local credit union. To read the article, use the link.

Discover CU members more positive about personal finances

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MADISON, Wis. (10/28/10)--Credit union members have a more positive view of their personal finances than nonmembers, according to a Discover Financial Services survey. The U.S. Spending Monitor survey conducted by Discover showed that 38% of members rated personal finances as excellent or good, compared with 30% among the nonmember group (Dow Jones Newswires and WSJ Online Oct. 27). Just 17% of members said their finances were poor, while 29% of nonmembers chose that description for their finances. More than half of members and nonmembers alike shared the perception that the overall economy is worsening. About 2,500 of the more than 8,000 people surveyed were members of U.S. credit unions.