A glimpse at the cheer worthy, jeer worthy, and tear worthy stories for the week of February 15, 2010.
Holyoke Community Federal Credit Union is one organization that does not believe in one-upping tales of woe. In fact, this Colorado-based credit union is “excited about where things are moving and looks forward to…the future.” The credit union with an asset size of nearly $29M dodged the Corporate Central Credit Union bullet by withdrawing all its funds from Suncorp before Spring 2005. This year, Holyoke and its sister branch in Imperial, NE, posted a net income of $95,000 after dividend and interest refunds were paid to the credit union’s 2,700 members.
In a letter dated February 17, Independent Community Bankers of America President and CEO, Camden Fine, urged Treasury Secretary Timothy Geithner to bar credit unions from participating in a government initiative that would provide capital to community financial institutions with the hopes of spurring investment in small businesses. “Credit unions should not be eligible to participate in the program since they are subject to restrictions on commercial lending and are tax-exempt,” Fine argued.
AND THE UGLY
The United States Court of Appeals settled on Tuesday an ongoing dispute between NCUA and a former credit union examiner at the Region I office in Albany, NY. In the opinion, the court upheld the final decision of the Board to remove Margaret Considine from her position for failing to perform her job. The examiner was removed from Federal Service on November 28, 2008; the Federal Circuit decided the case (No. 2009-3294) on February 16, 2010.