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Australian CUs have experienced strong growth in retail deposits at the expense of their regional banking rivals. http://ow.ly/goIE 2 days ago

Yakima Valley CUs have benefited from larger banks troubles as membership, deposit growth, and overall presence expand. http://ow.ly/goHD 2 days ago

Florida Central CU names CUNA board member Laida Garcia as president, CEO. Garcia succeeds the late Ed Gallagly. See http://ow.ly/gnw7 2 days ago

WesCorp detailed cost-saving initiatives-- including roughly 90 layoffs--that aim to roll back expenses to 2003 levels. See July 6 NN. 2 days ago

Wash. State CUs have seen a 313% mortgage loan increase over the last 10 years, with lower car loan, savings deposit increases. See Mon. NN. 2 days ago

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Chairman's letter: Banks costing taxpayers

WARMINSTER, Pa. (1/6/09)--Banks are forcing credit unions to spend millions of dollars that could be used to better serve members, according to the chairman of a Pennsylvania credit union.

Joe Yerkes, chairman of Freedom CU in Warminster, recently wrote a letter to the editor of The Intelligencer (Dec. 29) saying banks are misusing government bailout funds and are costing credit unions millions of dollars in litigation.

Bankers' lawsuits against credit unions take away a consumer's right to choose a credit union for financial services, he said. The money credit unions spend defending themselves could be used to offer better rates on deposits and loans, he added.

And while banks accept bailout money, credit unions have never received any type of taxpayer support, Yerkes said.

Freedom CU has more than $350 million in assets.

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