April 14, 2023 — The Texas State Securities Board joined the Alabama Securities Commission and the Montana Securities Commission in filing enforcement actions to stop a fraudulent artificial intelligence investment scheme. The actions accuse YieldTrust.ai and Stefan Ciopraga of illegally soliciting investments tied to a decentralized application (dApp) that purportedly uses quantum artificial intelligence to trade digital assets. The initial scheme recently collapsed, and the respondents are now allegedly perpetrating a Ponzi scheme by raising capital from new investors to cover withdrawals from previous investors. Read more
Courtesy of CUInsight.com/League of Southeastern Credit Unions & Affiliates
Feb. 17, 2023 — The League of Southeastern Credit Unions & Affiliates (LSCU & Affiliates) is excited to share that Alabama credit unions are providing more auto loans to those with low credit scores than other financial institutions do, according to Equifax data that was analyzed by the Credit Union National Association (CUNA). The September 2022 Credit Union Auto Lending Report shows that credit unions continue to fulfill their mission of enhancing the financial well-being of members everywhere, especially those in underserved areas.
When it comes to subprime lending, which is a loan for consumers with credit scores lower than 660, Alabama credit unions own 20.8% of the market share for outstanding loans, compared to banks at just 15%. This data shows that credit unions continue to grow in the automobile lending market, with Alabama credit unions showing a 15% increase in auto loans year over year. Read more
Alabama One’s acquisition of the First Bank of Wadley marks the fourth proposed bank purchase by a credit union in two weeks and the 15th of 2022.
Dec. 21, 2022 — Tuscaloosa-based Alabama One Credit Union said Monday it would acquire First Bank of Wadley, marking the fourth proposed purchase of a bank by a credit union in a two-week span.
The deal would be the 15th of its kind this year — one shy of 2019’s record 16 credit union-bank tie-ups. Financial terms of the transaction, which is set to close by the second quarter of 2023, were not disclosed.
The move would add five branches to Alabama One’s 18-location footprint, expand the credit union’s presence into the eastern part of the state, and push its asset total past $1 billion. Alabama One counts roughly $956 million in assets; First Bank counts $130 million.
December 15, 2021 / BIRMINGHAM, AL – Last week, the League of Southeastern Credit Unions’ (LSCU) Board of Directors approved reinvesting more than $1 million into programs that are paramount to credit unions future success and the communities they serve. This will be the second value transfer in 2021, totaling more than $2 million reinvested in a single calendar year.
“One of the objectives for LSCU’s for-profit holding company, Affiliates Consolidated Services (ACS), is to ‘directly or indirectly provide value back to parent company and its shareholders’”, stated LSCU & Affiliates CEO, Patrick La Pine. “These value transfers provide additional resources targeted at LSCU identified strategic priorities that will fuel future growth for our member credit unions. These allocations will undoubtedly enhance the credit union community as a whole and advance our legislative priorities both at the state and federal level.”
“We are committed to providing resources and programs that provide value back to our credit unions, especially as they continue to navigate the lingering effects of the COVID-19 pandemic,” said Kevin Johnson, LSCU Board Chair and President/CEO of Suncoast Credit Union. “As we transition into 2022, LSCU & Affiliates is proud to share in our financial success with member credit unions to their benefit. We are stronger together.”
League of Southeastern Credit Unions & Affiliates Honors 2 Birmingham Credit Unions with Credit Union National Association’s Statewide Awards
July 28, 2021 – The League of Southeastern Credit Unions & Affiliates (LSCU), through the Credit Union National Association’s (CUNA) award platform, recently recognized two Birmingham-area credit unions for outstanding outreach to their members and communities.
Southeastern credit unions help people afford life in a variety of ways and, each year, CUNA provides LSCU with a way to recognize these efforts with a statewide awards program. The program features four awards, which credit unions compete for within categories based on asset size. The Dora Maxwell Social Responsibility Community Services Award commends a credit union for its outstanding efforts in community projects. The Louise Herring Award for Philosophy in Action honors credit unions that are making exceptional efforts to include credit union philosophy into daily operations.
And the Desjardins Financial Education awards celebrates leadership in both youth and adult financial literacy initiatives.
Author: Lizeth George; Southeastern CU News
BIRMINGHAM, Ala. — On Tuesday, May 18, ēCO Credit Union partnered with the Gardendale Chamber of Commerce to host an Open House and Ribbon Cutting. The branch is located at the same site as the former location: 1233 Pecan Avenue, Gardendale, AL 35071. The full-service location offers lobby and drive-thru service.
From savings accounts to loans, ēCO Credit Union offers a large variety of products and services. Accounts at ēCO Credit Union are available to anyone who lives, works, worships, or attends school in Jefferson, Shelby, Cullman, Walker, or Blount county. With a combined fifty years of service to ēCO Credit Union and its members, the four-person team at the Gardendale branch is experienced and excited to continue providing excellent member service at the new branch.
Alabama credit unions continuously provide financial aid for members during COVID-19 pandemic
February 22, 2021 — Birmingham, AL — Credit unions in Alabama have continued to work tirelessly to help members through the financial realities of the COVID-19 pandemic. The Alabama Credit Union Association (ACUA) – the division of the League of Southeastern Credit Unions & Affiliates (LSCU) representing Georgia credit unions – has surveyed credit unions in the state three times since the onslaught of the COVID-19 pandemic. The results quantify the ways in which the state’s credit unions have helped consumers through this uncertain time. With 24% of credit unions responding, ACUA’s surveys yielded impressive findings.
Bill setting up 18-mo. Exam cycle for well-run CUs heads to governor
May 2, 2017 — Legislation that extends the exam cycle to 18 months for well-run credit unions has been sent to Gov. Kay Ivey (R) for her signature. The measure gives the Alabama Credit Union Administration the ability to exam healthy credit unions on an 18-month cycle as opposed to the current statutory requirement of 12-months (CUToday.info).
Alabama CU Act update heads to governor’s desk
March 24, 2016 — The Alabama House passed the Alabama Credit Union Update (SB 209), March 23 by a unanimous vote of 104-0, clearing the bill’s path for governor’s signature into law (LSCU Blog).
Alabama conserves CU with nearly $600 million
Aug. 27, 2015 — Montgomery, AL — Alabama One Credit Union, with nearly $600 million in assets and more than 60,000 members, was placed in conservatorship today “to enable the credit union to continue regular operations with experienced management” appointed by state regulators (subject to approval), and to “correct previous service and operational weaknesses.,” the Alabama Credit Union Administration (ACUA) announced.
Credit Unions Beat Banks in Customer Satisfaction, Report Says
November 18, 2014 – Credit unions are leading other financial services in customer satisfaction across the nation, according to a report released today by the American Customer Satisfaction Index (ACSI).
Alabama and Washington Earn NASCUS Reaccreditation
July 7, 2014 – The National Association of State Credit Union Supervisors (NASCUS) recently approved the reaccreditation of the Alabama Credit Union Administration (ACUA) and the Washington Department of Financial Institutions (DFI) Division of Credit Unions.
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