WASHINGTON - The Federal Reserve chose not to wait for its next scheduled Federal Open Market Committee set for next month to cut interest rates. The Fed moved quickly in wake of the terrorist attacks, reducing rates by 50 basis points on Sept. 17, bringing the target for short-term interest...

In the aftermath of destruction many are driven by the need to help. Given the tremendous work ahead for CUs in New York and Washington, CUNA Mutual field representatives suggest that CUs contact their leagues to coordinate contributions. According to the American Red Cross, monetary donations are the best way...

NASHVILLE, Tenn. - After seven years of making field-of-membership expansion decisions based on policy procedures, the Tennessee Department of Financial Institutions is hopeful it will have a set of codified rules in hand by the end of the year. The state has had a Credit Union Act on its books...

WESTERVILLE, Ohio -The Association of Credit Union Internal Auditors has established a Contribution Relief Fund for the New York Credit Union Foundation. The funds collected will be used to provide financial and emotional support to the credit unions affected by the terrorist attacks that occurred on September 11. Donations can...

JEFFERSON CITY, Mo. - Five months after the Missouri Bankers Association and Century Bank of the Ozarks failed in their first attempt to appeal the Division of Credit Unions director's decision to approve a field-of-membership expansion request from Springfield Telephone Employees Credit Union, the MBA and Springfield-area bank have filed...

NEW YORK-According to reports in the American Banker, Neil Levin, a former New York banking superintendent, was still missing Friday following the terrorist attack on the World Trade Center and presumed dead. Levin, 46, was serving as the executive director of the Port Authority of New York and New Jersey...

SYDNEY, Australia - If the problem is a peanut, don't use a sledgehammer. That's the message that the Credit Union Service Corporation of Australia, Ltd. (CUSCAL) is trying to deliver to the Federal Members of Parliament. The legislative group has proposed a new licensing and disclosure regime for financial services...

ALEXANDRIA, Va.- In a legal opinion letter directly impacting CUNA Mutual's new employees sharing program, NCUA determined that federal credit union employees may work for CUSOs or other third parties selling nondeposit investment products to the federal credit unions' members. Also, if physical separation of the investment sales from the...