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LATEST NEWS

  • April 23, 2008

Family Trust FCU, South Carolina FCU recognized for diversity initiatives

COLUMBIA, S.C. – The South Carolina Credit Union League (SCCUL) presented its first Laura M. Fleming Diversity Awards to Family Trust Federal Credit Union and South Carolina Federal Credit Union during the SCCUL & Affiliates Annual Meeting on April 19, 2008.

The Laura M. Fleming Award was introduced this year by the League’s Diversity Committee, acknowledging a similar statewide effort by the South Carolina Chamber of Commerce and South Carolina Diversity Council. Named in memory of one of the Palmetto State’s extraordinary credit union leaders and an original member of the Diversity Committee, the award recognizes South Carolina credit unions or organizations that exemplify diversity in the workplace.

“Between them, these two credit unions embody the complex nature of diversity as it relates to financial services,” SCCUL President and CEO Garry L. Parks commented. “Family Trust has taken particular interest in recognizing South Carolinians’ diverse needs and conditions, while SC Federal has emphasized the value in having an organization that reflects and identifies with the citizens it serves.”

Family Trust Federal Credit Union, winner among credit unions with $500 million or less in assets, initiated a highly successful payday loan alternative program to assist those in lower socioeconomic situations. Family Trust also partnered with the United Way to host a poverty simulation program in York County at the credit union’s training facility, increasing diversity awareness and cultural sensitivity both within the membership and the community.

Among credit unions with more than $500 million in assets, South Carolina Federal Credit Union was recognized for its efforts in promoting diversity through a cross-cultural job fair, specifically designed to attract a diverse talent pool and create a pipeline of candidates to consider for future employment. More than 55 SC Federal employees were involved in coordinating the career fair, and over 600 job-seekers from surrounding communities attended and met with hiring managers from various departments within the credit union.

SC credit unions elect League board

COLUMBIA, SC (4/23/08)—Palmetto State credit unions have elected four new directors and four incumbents to the South Carolina Credit Union League (SCCUL) Board of Directors. Election results were announced at the April 19 business session of the SCCUL & Affiliates 2008 Annual Meeting in Myrtle Beach, SC.

New to the 2008-2009 SCCUL board of directors are Melynda Ciochetti, president and CEO of Santee Cooper CU (Moncks Corner); Scott Conley, CEO of May Plant Credit Union (Lugoff); Jerry Miller, president and CEO of Carolina Trust Federal Credit Union (Myrtle Beach); and Patti Seymore, vice president of administration at SC Telco Federal Credit Union (Greenville).

Re-elected incumbents are: Bill Love, president and CEO of MTC Federal Credit Union (Greenville); Linda Weatherford, vice president at SPC Cooperative CU (Hartsville); Scott Woods, president and CEO of SC Federal Credit Union (N. Charleston); and Ray Partain, chairman of the board for Anderson Federal Credit Union (Anderson).

The executive committee remains the same as it was in 2007: Love, chairman; Weatherford, first vice chairman; Woods, second vice chairman; Faye Crocker, secretary (Greater Abbeville Federal Credit Union – Abbeville); and Ed Templeton, treasurer (president and CEO of SRP Federal Credit Union – North Augusta). Former Chairman of the Board Lee C. Gardner, Jr., president and CEO of Family Trust Federal Credit Union (Rock Hill), remains an ex officio member of the executive committee, as is SCCUL President and CEO Garry L. Parks.

Of eighty-three League-member credit unions, fifty-one sent ballots to independent accounting firm Cantey, Tiller, Pierce, & Green, LLP of Camden.

 

  • April 2, 2008
Hill covered with CUNA's Treasury blueprint letters

WASHINGTON (4/1/08)—As part of comprehensive actions to alert federal policy- and lawmakers of concerns about the U.S. Treasury's blueprint for regulatory restructuring, Credit Union National Association (CUNA) President Dan Mica Monday sent a letter to every member of Congress.

Mica expressed credit unions' grave concerns regarding the Treasury plan that ultimately would phase out the National Credit Union Administration (NCUA) and place banks and credit unions under one regulator's oversight, as well as merge various charters into a single charter type.

"The strategy regarding credit unions reveals Treasury's apparent total disregard for the uniquely democratic and consumer-owned structure of credit unions and the pocket book benefits from better rates and services their consumer/members are provided," Mica said in the letter sent to each House and Senate member.

He underscored the fact that credit unions have not contributed to the current housing and credit problems the nation is experiencing. Yet the Treasury proposal, he said, "would eliminate one of the few sectors of the financial services industry that has consistently acted in the best interest of consumers."

Mica urged the country's lawmakers to "make a strong statement regarding the important role that credit unions play in helping America's consumers through these difficult economic times by quickly enacting H.R. 1537." He was referring to the Credit Union Regulatory Improvements Act, know as CURIA.

CURIA would provide for a risk-based capital system, raise the ceiling on credit union loans to members for business purposes, and clarify that all federally insured credit unions are eligible to add underserved areas to their field of membership.

The Treasury's strategy regarding credit unions, Mica said, serves to reveal the department's "apparent total disregard for the uniquely democratic and consumer-owned structure of credit unions and the pocket book benefits from better rates and services their consumer/members are provided."

In a related story, NCUA Chairman JoAnn Johnson said in a statement that the Treasury's plan "raises important issues about the optimal structure for governmental oversight of U.S. financial markets.

She said that while the NCUA agrees with safety and soundness objectives, "we have significant concerns that the many consumer benefits of the credit union system would be threatened by any restructuring proposal that may blur the credit union charter and that eliminates the separate regulatory and insurance function for federally insured credit unions."

The NCUA will conduct a detailed review of the Treasury report, Johnson said.

Read CUNA's summary of the plan for more details.

 

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