Executive Summary 5/3/08-5/5/08

By Christian Mullins

Executive Summary:

Two Michigan credit unions, T&C FCU and USA CU, have announced their intentions to merge. If approved, the equally sized credit unions will have a combined 130,000 members and $1.2 billion in assets. USA CU CEO Mary McDonald will retain her position until the merger is complete, at which time she’ll retire. T&C CEO Dianne Addington has been named the CEO designate. The combined CU will be renamed ‘Genisys’.

As expected, the Federal Reserve approved a proposal that would further regulate the credit card industry, making the rules more transparent to consumers. Already approved by the Office of Thrift Supervision and the National Credit Union Administration, they hope to finalize it by the end of the year. The seven main regulatory adjustments can be found here.

Robbed:

• Community First CU, Jacksonville, Florida, Friday. A man entered the CU around 10am, handed a teller a note demanding money, and fled with an undisclosed amount of cash. No one was injured.

Arrested, Arraigned, Charged, or Sentenced:

• Two men, Jeffrey Monaco and Kevin Maloney, have been arrested for the robbery of Digital CU in Nashua, New Hampshire on Saturday. They were arrested after a hotel employee recognized one of the men and will be arraigned today. No one was injured in the robbery, and no weapon was shown.
• James Canda was arrested in Billings, Montana, about 10 minutes after allegedly robbing Valley FCU. No one was injured during the robbery, and Canda was apprehended without incident.