By Christian Mullins
Executive Summary:
Lawrence Firefighters Federal Credit Union, of Lawrence, Massachusetts, announced they will merge into NESC Federal Credit Union. The 7,500 member, $40 million asset credit union lost $1.9 million last year, most of it due to losses resulting from an indirect auto loan program. LFFCU CEO Alan Jenne will remain with the credit union as Executive Vice President and Chief Operating Officer. The merger is expected to be finalized by the end of 2008.
On Friday, the U.S. Senate passed a long awaited comprehensive housing and foreclosure bill that would create, among other provisions, a $300 billion foreclosure prevention program. The bill will now head to the House of Representatives, where some fine tuning, and perhaps major overhauls, are expected, meaning the bill is only one step closer, rather than close, to becoming law. Fears over provisions regarding mortgage giants Fannie Mae and Freddie Mac were assuaged when it was announced that the Federal Reserve Bank of New York could lend to the corporations if it were deemed necessary.
International Summary:
- Nothing to report today.
Robbed:
- Nothing to report today.
They Fought The Law, And…
- Carol Aranjo, former CEO of defunct D. Edward Wells Credit Union in Springfield, Massachusetts, faces between 10-12 years in prison after being convicted of 44 charges relating to the embezzlement of $1.5 million from the credit union she ran from 1997 until 2003, when it was shut down by federal regulators. Her sentencing hearing is scheduled for September.
