PROVO -- Freedom Credit Union, 815 N. Freedom Blvd., was robbed at 9:49 a.m. on Wednesday by a man who entered the credit union and approached the teller with a note demanding money. The man did not display a gun. After being handed an undisclosed amount of money, the man calmly walked out of the building and fled on foot, heading north on Freedom Blvd. and then west on 920 North into a nearby neighborhood.
Hurt Park neighborhood residents, already beneficiaries of a broad revitalization effort, are about to get another community amenity: a bank branch. Freedom First Credit Union was awarded $850,000 by the U.S. Treasury to build a "micro branch" in the Roanoke neighborhood to provide financial services and education for its largely low- income residents.
While 2009 brings a new administration and Congress to Washington, some credit union officials and experts expect the industry will continue to face some of the same political challenges as in the past. Among them: the struggling national economy and the possible steps the federal government could take to help pull the country out of the current recession. One proposed piece of consumer-friendly legislation is the "Credit Cardholders' Bill of Rights" (H.R. 5244), which was introduced by US Rep. Caroline Maloney in the 110th Congress. Among the provisions of H.R. 5244 are requirements that credit card issuers give consumers 45 days notice before any interest rate increase and allow cardholders to determine their own fixed credit limit. Meanwhile, Joseph Yerkes, long-time chairman of $347...
... chairman of $347 million, 53,000-member Freedom Credit Union (www.freedomcu.org), Warminster, Pa.,...
A former credit union employee who in October pleaded guilty to embezzlement drew a 10-day prison sentence Tuesday in Roanoke Circuit Court. Catherine Keith, 35, admitted at her plea hearing that as a branch manager at Freedom First Credit Union, she'd been able to modify existing loans - held by her mother, father-in-law and a friend - to illegally draw money for her own use. Prosecutors have established that she also diverted notifications about the accounts, so they went to her instead of to the named lendees, and that she violated credit union policy when she handled the accounts of relatives.
Credit unions just want a little more credit - or at least more freedom in extending loans to businesses. Bethpage Federal Credit Union has grown its commercial loan portfolio so quickly that it may soon reach its limit. The financial institution, which closed $200 million in commercial loans last year, is on track to do the same this year. If it reaches its limit of $517 million for business lending, Bethpage may be forced to back off over the next few years.
A former credit union employee who pleaded guilty to embezzlement paid $36,000 in restitution this week and must wait until December to find out if she'll go to jail. Catherine Keith, 35, admitted in Roanoke Circuit Court on Wednesday that when she worked at Freedom First Credit Union, she modified existing loans - held by her mother, father-in-law and a friend - to illegally siphon cash, which she reportedly used for vehicles and trips to college and professional football games.
The Federal Housing Finance Agency (FHFA) is announcing the Federal Home Loan Bank (Bank) members it has selected for the 2010 fifth round review cycle under the FHFA's community support requirements regulation. This notice also prescribes the deadline by which Bank members selected for review must submit Community Support Statements to FHFA.
... Windsor....... Connecticut. Down East Credit Union................ Baileyville..... Maine. Oc... Fowler........ Indiana. Freedom Bank..................... Huntingburg..... India...
Suspect arrested in Eaton bank robbery EATON -- An 18-year-old suspect in Saturday's armed robbery of the Freedom First Credit Union was arrested Wednesday in his car, Eaton police said.
CHARLESTON, S.C., August 22 /U.S. Newswire/ -- In remarks today before the 42nd Annual Conference of the Defense Credit Union Council, National Credit Union Administration (NCUA) Chairman JoAnn Johnson commended the vital role of over 270 defense affiliated credit unions in serving as "vital partners to military families at home and serving abroad. Whether it is veterans who have defended America's freedom or armed forces who are advancing freedom, families count on their credit union as a financial partner and to help their families during this time of war on terror," said Chairman Johnson.
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