CO-OP NEWS
A federal agency is accusing two former executives of a giant failed credit union in Los Angeles County of fraud for their roles in adding millions of dollars to retirement payouts for themselves and other top brass at the financial institution.
A lawsuit by the regulators also alleges breach of fiduciary duty and negligence by the two executives and 14 other officers and directors of Western Corporate Federal Credit Union in San Dimas.
View the rest of the article at the Los Angeles Times.
Diana Dykstra has been named the new president/CEO of the California and Nevada Credit Union Leagues, the organizations announced today. She will begin her new role Oct. 18.
Dykstra succeeds Bill Cheney, who was selected in May to become the president/CEO of the Credit Union National Association. Former president/CEO Dave Chatfield has served as the leagues’ interim president/CEO since July 6.
View the rest of the article at the Credit Union Times.
Peter J. Dreher was a rags-to- riches kind of guy - a poor immigrant who worked hard in his adopted land to capture a share of the American Dream.
When 1893 brought lousy economic conditions nationwide, it was hard for anybody to be terribly optimistic, even him.
But that's the time when the German-born Dreher decided to make things happen on his own.
View the rest of the article at the Contra Costa Times.
New approach brings lower-cost solar systems and low interest rates for solar loans to City of San Jose employees and retirees
Members of the San Jose Credit Union, who are also City of San Jose employees and retirees, can now go solar more efficiently and cost effectively thanks to an innovative group buy program that is the first of its kind in the U.S. The San Jose Employee Solar Group Buy program is the result of a partnership between the San Jose Credit Union and San Jose's Solar America City Program. A group of 130 City employees and retirees negotiated the group buy, which allows them to purchase residential solar electric and solar thermal systems at a reduced cost.
The San Jose Credit Union, which serves the banking needs of many of the City's 6,000+ employees and retirees, teamed up with the San Jose Solar America City Program to establish this innovative and replicable organizational model. Both organizations will provide technical and strategic expertise to help group members, no matter where they live, reap the benefits of volume purchasing and low interest loans. The group buy model lowers solar system cost for a large group of homeowners and encourages community participation in achieving San Jose's Green Vision goals, as well as neighboring cities' environmental goals.
View the rest of the article at the PR Newswire.
Digital 395 cable to stretch from Barstow to Carson City, Nev.
A Bishop nonprofit cooperative received $81.1 million in federal stimulus dollars to build a 400-mile-long high speed Internet cable between Barstow and Carson City, Nev.
The National Telecommunications and Information Administration announced its intention Wednesday to provide 80 percent of the funding needed for the California Broadband Cooperative’s Digital 395 project. The California Public Utilities Commission, which granted the project $19 million in December, is funding the remaining 20 percent.
View the rest of the article at the Desert Dispatch.
Governor Arnold Schwarzenegger today issued the following statement after it was announced that California was awarded over $200 million in American Recovery and Reinvestment Act (Recovery Act) grants by the Department of Commerce's National Telecommunications and Information Administration for Broadband Technology Opportunities Program (BTOP) projects across California:...
“The projects awarded to California today stand to create hundreds of jobs for Californians and benefit thousands more. Getting broadband access to those in underserved areas is essential to promoting economic growth and spurring job creation. The grants awarded to California today will supply that foundation.”
View the rest of the article at The PineTree.net.
The Sacramento Natural Foods Co-op is taking a cue from Wall Street.
It will soon start selling shares in the midtown Sacramento business – if members approve a bylaws change later this month.
Only members would be able to buy the two classes of preferred equities – Series B shares that would be sold in $50 increments and Series C, costing $500 each.
View the rest of the article at the Sacramento Bee.
While U.S. Senators spar over a major jobs bill, local credit union leaders are keeping a close watch on a provision in the legislation that would dramatically expand their ability to lend to small businesses.
At the urging of the credit union industry, lawmakers have put forth an amendment that would more than double the cap on business lending for some credit unions to 27.5 percent of their assets – a move expected to be particularly significant in Los Angeles, which is home to many of the country’s largest credit unions. The Senate could vote as early as this week.
View the rest of the article at the Los Angeles Business Journal.
How many ways can a person eat an almond?
Blue Diamond Growers aims to find out. Having sliced, slivered, blanched and flavored the almond in Sacramento for the past century, it is still trying to push the frontier of the brown nut.
Statewide, production of almonds is nearing 2 billion pounds a year. To find a home for them, Blue Diamond needs to keep persuading Americans – and everyone else on the planet – to eat more almonds.
View the rest of the article at the Sacramento Bee.
When David Harde opened Noah's Ark in Placerville in 1993, it was the only place in the area for a good selection of organic produce.
Melisa Clark started shopping there immediately, then worked there as a cashier, and now is the store's general manager. When Harde decided to sell the store, Clark took what she thought was the next logical step.
View the rest of the article at the Sacramento Bee.