Executive Summary:
- Following up yesterday’s brief. After a day of testimony, the general consensus on the Unlawful Internet Gambling Enforcement Act (UIGEA), is that it is ambiguous and difficult to implement. Financial institutions expressed concerns that even with substantial cost, any measures taken would not be an effective deterrent against illegal transactions.
- Michigan’s Governor Jennifer Granholm signed into law tools that will allow struggling mortgage holders to ‘Save the Dream’. Supported by the Michigan CU League and the Michigan Bankers Association, the legislature will help qualifying homeowners to convert their ARM into a 30 year fixed mortgage, even if they’re currently delinquent.
- Walla Walla Valley FCU, a $47 million financial institution, will merge into $625 million Gesa CU by September 1 of this year. The move, supported by WWVFCU members in a vote last week, will make Gesa the largest credit union in SE Washington State.
- Continuing the merger theme, Michigan’s Iosco Community CU ($28 million in assets) will merge into Alpena Alcona Area CU ($155 million in assets). Iosco Community had been looking to merge since 2006, when their CEO, Paul Fredenburg, announced plans to retire.
Robbed:
- Mission FCU, Chula Vista, California, Wednesday. With 11 robberies already under his belt, the ‘Scruffy Bandit’ struck again, taking an undisclosed amount of cash. No one has been hurt in any of the robberies.
- State Employees CU, Wilson, North Carolina. A tall, wispy man with a boatload of hair robbed the credit union on Tuesday. No weapon was shown, and no one was injured.
Arrested, Arraigned, Charged, or Sentenced:
- An Oregon man was arrested in connection with a November 23, 2007 robbery of Central Williamette CU in Salem. Ronald Allen Green, while not yet charged, has been connected to 11 total robberies, most recently a Washington Mutual Bank on March 17th.
Posted by christianmullins
