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HR 3606 (CARD Act 21-day rule fix) signed into law by president, as was the homebuyer tax credit extension
Scam warning: Kennedy Space Center FCU members being targeted via phony text messages by ID thieves in Florida. http://ow.ly/zWCE
Financial Stability Improvement Act markup, which began today, will continue after Vets. day, Hse. Fin. Svcs. Chair Barney Frank says.
In Mon NN: 24 SE Wisc. CUs will now have control of $71.5M in loans and lender-owned homes after Central States Mtge went into receivership.
Detroit Edison Credit Union and NuUnion Credit Union announce their intent to merge http://tinyurl.com/y8bslvg
Time: Bad times for banks mean boom for CUs
NEW YORK (10/24/08)--Time magazine's website features a positive article on credit unions weathering the financial system crisis. The article is entitled "Bad Times for Banks Mean Boom Times for Credit Unions."
According to the article, business is booming for credit unions, with Texas Dow Employees CU doubling its real estate lending over the past five weeks and tracking a 405 to 605 growth in auto loans (Time.com Oct. 23). The credit union is getting calls from car dealerships who have been jilted by auto companies' financial arms.
Filene Research Institute Chief Research Officer George Hofheimer notes in the article that credit unions typically are conservative in good times --to the point of being boring and old-fashioned--but such practices are "just what the doctor ordered" in bad times.
Credit unions are making sure people are aware they are lending and are taking pre-emptive action to keep delinquencies down. Unitus Community CU in Portland, Ore., hired a work-out specialist to review loan data and make preemptive calls to members who might need help, "the sort of down-home, we-care solution credit unions sell themselves on," said the article.
For the full article, use the link.
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