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BUSINESS
January 5, 1991 | JAMES BATES, TIMES STAFF WRITER
A banking and credit union debacle similar to Rhode Island's is virtually impossible in California, regulators and industry officials said Friday. That's because strict state rules prohibit credit unions from speculating in risky investments, they said. Credit unions here also are seen as healthier and their insurance methods are considered sounder than those used in many other states.
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BUSINESS
January 5, 1991 | JAMES BATES, TIMES STAFF WRITER
A banking and credit union debacle similar to Rhode Island's is virtually impossible in California, regulators and industry officials said Friday. That's because strict state rules prohibit credit unions from speculating in risky investments, they said. Credit unions here also are seen as healthier and their insurance methods are considered sounder than those used in many other states.
BUSINESS
December 29, 1986
Lawrence J. Saindon, president of Pomona-based Southern California Central Credit Union, has been installed as chairman of the California Credit Union League. Saindon's responsibilities will include directing the activities of the association, which represents more than 900 credit unions in California.
BUSINESS
January 4, 1993
The Irvine law firm of Tredway, Brandmeyer & Lumsdaine has acquired a Downey firm and hired three of its attorneys. The Downey firm, Solton, Jacobs & Castagno, had been in business since 1969. Its partners did not give a reason for the merger, nor did they say how many people will lose their jobs as a result. Solton, Jacobs represents about 70 credit unions across California. Joining Tredway are Donald R. Jacobs, who specializes in representing credit unions; Joseph D.
REAL ESTATE
May 27, 2001 | Inman News Features
A zero-down-payment mortgage program for California's public schoolteachers has topped $140 million in volume in less than a year, according to Freddie Mac and the California State Teachers' Retirement System. Since it was introduced last spring, the CalSTRS Home Loan Program's zero-down mortgage option has enabled about 1,429 teachers and other school employees to buy homes. CalSTRS was one of the nation's first public pension funds to become a Freddie Mac seller/servicer.
BUSINESS
November 5, 1997 | DON LEE, TIMES STAFF WRITER
As thousands of credit unions in the nation await a crucial Supreme Court ruling on their membership eligibility, March Federal Credit Union here isn't just sitting around and praying. In many ways, it has already prepared for the worst. The credit union still looks like a financial outpost in the hinterland of Riverside County. Its sole branch sits outside the main gate at March Air Force Base, where seven enlisted men reached into their pockets to form the credit union in 1953.
BUSINESS
July 4, 1986 | BILL SING, Times Staff Writer
A joint venture including Bank of America and three other businesses is near an agreement to install automatic teller machines in at least 400 7-Eleven convenience stores in Southern California in what would become one of the nation's largest such ATM-retailer arrangements.
BUSINESS
November 25, 2010 | By Richard Verrier, Los Angeles Times
Financial institutions typically don't ask customers to take their money elsewhere. But the AFTRA-SAG Federal Credit Union, which is not affiliated with the actors unions but serves many of their members, took the unusual step this week of asking well-heeled depositors to consider withdrawing some of their funds. "Due to the unusual economic and market conditions, we are asking you, as a select group of our large depositors, to move a portion of your funds to another institution," the credit union said in a letter mailed out this week.
BUSINESS
June 10, 1997 | DAVID REYES, TIMES STAFF WRITER
In a case that could have far-reaching implications, the U.S. Supreme Court on Monday sided with Anaheim in its battle to impose a hotel occupancy tax on guests who are federal credit union employees. The case was brought by the California Credit Union League after 1,500 to 2,000 members attended a convention at the Disneyland Hotel in 1993. The league argued that the Federal Credit Union Act of 1934 exempts federal credit unions from any sales or usage tax in any jurisdiction.
BUSINESS
January 15, 1997 | DON LEE, TIMES STAFF WRITER
Despite huge layoffs at banks and savings and loans, the '90s have been good for many California credit unions, which have grown by broadening their services and membership. But now it's nail-biting time. In the next few days, the Supreme Court is expected to decide whether it will take up a case that ultimately could help credit unions continue to grow or lead to their shrinkage.
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