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Credit Unions

BUSINESS
June 26, 1994 | KATHY M. KRISTOF
Credit unions--mini financial institutions that boast lower-than-average loan interest rates and fees--are coming to Main Street. After years of being offered mainly through union, company and specific member groups, the National Credit Union Administration has just approved rules that could potentially open credit union membership to millions of households--particularly low-income households--that don't currently have access.
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BUSINESS
January 4, 1991 | From Reuters
Federal regulators said Thursday that they will insure 22 credit unions in Rhode Island's banking crisis, but refused coverage to 11 larger institutions because they have bad loans on their books. After scrutinizing the institutions' financial data, regulators found that the 11 credit unions, with total assets of $1 billion, had a high proportion of non-performing commercial real estate and other loans.
BUSINESS
March 10, 2007 | Kathy M. Kristof, Times Staff Writer
Wings Financial of Minnesota is attempting to swoop in and nab El Segundo-based Continental Federal Credit Union in what many believe would be the first hostile takeover in credit-union history. "The way they are going about this is unprecedented in our industry," said Tom Glatt, president of Continental Federal. "The offer was unsolicited, unwelcome and unwarranted."
NEWS
March 3, 1995 | SAM JAMESON, TIMES STAFF WRITER
A rebellion in the Tokyo city assembly on Thursday sidetracked a national government plan to rescue two bankrupt credit unions and spurred a new threat to the coalition government of Socialist Prime Minister Tomiichi Murayama. Leaders of the opposition New Frontier Party demanded that Finance Minister Masayoshi Takemura--chief of the New Party Harbinger, one of three parties in the coalition--resign to accept responsibility for Tokyo's rejection of his credit union rescue plan.
BUSINESS
February 26, 1986
The National Credit Union Administration is investigation whether officers of some credit unions have indulged in activities that benefited themselves or other insiders, the head of the federal regulatory agency said. NCUA Chairman Roger W. Jepsen told and industry group that the inquiry into insider dealing is being made because the agency now has no comprehensive policy on alleged conflicts of interest by credit union executives.
NEWS
May 6, 1986 | RONALD L. SOBLE, Times Staff Writer
In bureaucratic lingo, Proposition 45 on the June 3 primary election ballot "levels the playing field" by allowing credit unions to compete with banks and savings and loans for deposits of public funds. Although no one can say with any precision how much cash might be deflected into the state's more than 1,100 credit unions if voters approve the measure, the stakes appear high.
CALIFORNIA | LOCAL
October 17, 2000 | KAREN ROBINSON-JACOBS
Forget about the coupons and free turkeys that some retailers will use to draw in shoppers for the coming holiday season. Glendale-based CUShopper Inc.--part e-tailer, part marketing company--hopes to lure customers to its Web site and telephone call center by tapping into the power of the nation's 10,000 credit unions. Using the slogan "better buying through membership," CUShopper has created a marketplace in which consumers can buy everything from jewelry to computers to exotic cruises.
BUSINESS
July 15, 2000 | LEE ROMNEY, TIMES STAFF WRITER
Southern California Edison's federal credit union has branched into Boyle Heights to serve immigrant Latinos, launching a competitive money transfer program to Mexico, El Salvador and Guatemala on Friday that will be a template for credit unions across the country. The service is expected to help credit unions grow by tapping the vast market of "unbanked" Latino consumers who rely on check cashers, payday loans and higher-cost money transfer services including Western Union and MoneyGram.
CALIFORNIA | LOCAL
September 30, 1997 | GEOFF BOUCHER
A robbery suspect who was shot by an undercover police officer as he ran from a credit union with a cash box was identified Monday as a 20-year-old Los Angeles man with suspected gang ties, police said. Jabar Ferguson was listed in good condition Monday at the jail ward of the UC Irvine Medical Center in Orange. He was scheduled to be transferred by this morning to the Orange County Jail, Police Sgt. Joe Vargas said.
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