Consumers Financial Corporation announced the appointment of Nick Muratore as Vice President of Sales. Mr. Muratore was a co-founder of Universal Tracking Technologies Inc., which is now a wholly-owned subsidiary of the company. Mr. Muratore's innovative and visionary approach to providing asset and fleet tracking solutions allowed UTTI to become one of the early pioneers in passive GPS technology with the introduction of one of the first passive GPS systems with automatic download capacity to market 10 years ago. His sales and product knowledge has played a major role in developing the subsidiary's product line, which has generated over $6,000,000 in revenue since its inception in 1999.

In conjunction with September 29 trading suspension, the Securities and Exchange Commission also instituted public administrative proceedings to determine whether to revoke or suspend for a period not exceeding twelve months the registration of each class of the securities of Consumers Financial Corporation (CFC) for failure to make required periodic filings with the Commission. In the Order, the Division of Enforcement (Division) alleges that CFC is delinquent in its required periodic filings with the Commission. In these proceedings, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and CFC to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 there under, are true. The judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of the securities of CFC should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge issue an initial decision not later than 120 days from the date of service of the order instituting proceedings.

Consumers Financial Corporation announced the appointment of Robert Dalton to the board of directors. Robert Dalton is currently serving as president of Universal Tracking Technologies Inc., the company's wholly-owned subsidiary.