Credit Union Times Magazine February-02, 2000
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Federal Trade Commission issues five-year report on progress of protecting online consumers
WASHINGTON-The Federal Trade Commission recently issued its five-year report titled "Protecting Consumers Online," an analysis of how the agency has worked to to stop online fraud, address privacy issues and the challenge of global e-commerce. "I am particularly proud of the work the FTC has done to protect consumers in...
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Federal Reserve cancels fee study after 10 years, despite congressional support
WASHINGTON - The Federal Reserve has seemingly thumbed its nose at consumers and consumer advocates who, year after year, relied upon the agency's annual report about banking fees to make judgments about where to keep their money. The survey, conducted by Mobs $ervices, a Lake Bluff, Ill., company, was the...
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FDI expands electronic vehicle title tracking on Internet nationwide
SACRAMENTO, Calif. - Considering the exponential growth of the Internet as a communications and delivery tool, it was just a matter of time before someone came along and made it possible for lenders to track vehicle titles using the technology. FDI Consulting Inc. has taken that lead and introduced nationwide...
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Harland, nFront to link MCIF with Net banking
ATLANTA-It is the dream of credit union marketers and IT staffers alike-linking Marketing Customer Information File (MCIF) databases with Internet banking systems. While data mining has gotten a lot of attention from financials-and MCIF systems have appeared to have lost some of their luster-MCIF systems that are Net-enabled have marketing...
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A-K Valley FCU squashes Y2K bug with its `End of the Century' certificate
LOWER BURRELL, Pa.-As Y2K loomed closer, A-K Valley Federal Credit Union staff continued to be upbeat and positive about it as they had been all year, but also looked for some last minute way to shore up funds in the FCU just to be on the safe side. What they...
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Budget battle looms over NCUA's Y2K examiners, surplus
ARLINGTON and ALEXANDRIA, Va. - With Freedom of Information Act (FOIA)-gleaned information indicating a suspicious disconnect between NCUA examiner time on task and total work time, and other agency documents showing perennial budget growth and surplus-only part of which gets applied to the following year's costs-NCUA may be hard-pressed to...
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Central Brooklyn FCU celebrates its release from conservatorship
BROOKLYN, N.Y.-Everyone loves a story with a happy ending, including federal regulators, so it shouldn't come as a surprise that two of three members of the NCUA Board braved a sub-zero chill factor to attend a hastily-planned celebration here of the return of Central Brooklyn FCU to member control on...
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DATELINE WASHINGTON
*Year-end, 1999 political action committee (PAC) totals for the two major credit union PACs-CUNA's CULAC and NAFCU's NAFCUPAC-indicate a considerable upswing in political involvement by credit unionists. CULAC reports a 75% increase over 1997 (the last non-election year) receipts at $811,000 ($807,000 was collected in the 1998 election year) and...
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Member segmentation and profitability: Filene Study considers the possibilities
MADISON, Wis.- "That was then, this is now," seems to be the clear message from the Filene Research Institute here in setting up the jumping off point for its new study offering, titled, "Member Segmentation and Profitability: Current Practice and Future Possibilities." Clearly, reason authors Ella Mae Matsumura, associate professor...
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St. Louis, Tennessee CUs make friendly wager in support of their hometown Super Bowl teams
ST. LOUIS, Mo. and NASHVILLE, Tenn. - At press time, it was anyone's guess-although most football fans had strong opinion-who would win Super Bowl XXXIV on Jan. 30 - the St. Louis Rams or the Tennessee Titans. Amid so much speculation and in the spirit of sportsmanship, First Community CU...
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Y2K puts a wrench into tech firms' fourth quarter `99 earnings
PORTLAND, Ore. - For the most part the IT world crushed the Y2K Bug on all fronts. But the Y2K Bug got its shots in too-and they were aimed at the bottom line of most tech firms fourth quarter `99 earnings. Concentrex said its fourth quarter results, as well as...
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NCUA in negotiations with OSC over Foster, White's fate
WASHINGTON - According to Office of Special Counsel (OSC) documents filed with the Merit Systems Protection Board (MSPB) January 19 and 21, NCUA has been trying to save the jobs of two top officials implicated by OSC in the agency's 1996-1997 hiring scandal since shortly after OSC filed complaints for...
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Officials: Low-income may benefit from no-fee ATM federal program, but at what cost?
TALLAHASSEE, Fla.-President Clinton reportedly told a group of Wall Street executives about his desire to expand a program begun last fall, putting no-fee automated teller machines into post offices in several low-income neighborhoods of Tallahassee and Baltimore, Md. To fund what the president calls his "First Accounts Initiative," according to...
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Payday lenders' trade association issues member reforms
WASHINGTON-The Community Financial Services Association of America, the payday advance industry's trade group, released major industry reforms including a "Best Practices" list, on January 24 here in an effort to stem criticism of the check cashing industry. The guidelines, said Joseph Zaniello, CFSA's executive director, are meant to promote the...
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NASCUS, state regulators, leagues fired up over CUNA advocacy of NCUA survey
ARLINGTON, Va. - Even while the jury is still out on the effectiveness, accuracy and representativeness of responses from federal credit unions to NCUA's low-income member survey, CUNA's decision to encourage all credit unions-regardless of their charter-to complete the survey has touched off a firestorm of debate and emotion from...
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"Pyramiding" late charges not permissible, says NCUA
WASHINGTON & LITTLE ROCK, Ark.-What happens if a member of a federal credit union, fed up with fees, refuses to pay late charges after missing a few loan payments and finally pays his loan late? Could the FCU continue to assess more and more late charges? Or could the member...
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Credit unions go high-tech "Hollywood" with digital video
LANCASTER, Pa. - Forget expensive four-color, glossy brochures; buttons; t-shirts; and other old-fashioned credit union marketing weapons, digital video is taking marketing high-tech.
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Tennessee Teachers CU celebrates golden anniversary, introduces new products
NASHVILLE, Tenn.-Tennessee Teachers Credit Union staff, who have been busy marketing several new products including a short-term home equity loan to members, will celebrate their golden anniversary in May.
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CUNA looking for Project Differentiation status report from credit unions
MADISON, Wis. - Four months after launching Project Differentiation during its 1999 Annual Symposium, CUNA & Affiliates wants to learn how many credit unions have participated in the program so far and is asking them to provide the association with feedback on upcoming their initiatives. Specifically, CUNA wants to know...
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Credit union's new ATM recalls horse & buggy days
WELLINGTON, Ohio-When LorMet Allied Credit Union CEO Daniel R. Cwalina moved to small, historic Wellington about 25 miles from LorMet's main office in Lorain several years ago, he was impressed with the old-fashioned look of the town.
In Other News
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AWARDS
Sun Country CU, Sun City West, Ariz., was named 1999 Business of the Year at the Northwest Valley Chamber of Commerce's annual awards banquet. "This year's recipient has long supported the Chamber..." said Chamber President Bret McKeand. "Regardless of the event, he (SCCU President/CEO Tom Shipe) and his staff are...
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DONATIONS
Children's Miracle Network raised $45,000 through ticket sales and with proceeds from more than 30 auctioned items at its recent CMN Charity Ball. More than 60 Pennsylvania State Employees CU, Harrisburg, staff members and friends worked at the ball to help CMN with its fund-raising efforts, officials said. PSECU representatives...
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MILESTONES
East Traverse Catholic FCU, Traverse City, Mich., has scheduled a 50th Anniversary Annual Meeting Dinner & Celebration for Feb. 20. Those who attend will receive CU promotional items such as calendars and mugs, and also will be able to view congratulatory letters sent from those the FCU has done business...
News
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Gov. Engler to combine Michigan FIB with insurance, securities offices
LANSING, Mich. - Five days after signing legislation providing for the modernization of the state's Banking Code, Gov. John Engler has announced his plan to combine credit unions, banks, insurance companies and brokerage firms under the office of one regulator, the Office of Financial and Insurance Services, headed by current...
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ON THE OFFENSE
Eight months after the state's CU bill became law, the Oregon Bankers Association is opposing proposed rules.................Page 14
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Another e-commerce product makes its way to CUs-online auctions
WORLD WIDE WEB- Some credit unions have already pushed their Web sites to the bleeding edge by offering online shopping, instant loan approval, and brokerage services. And yet another new possibility has emerged-online auctions. Online auctions were made popular by the wildly successful online auction company eBay. Who would of...
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New York councilman introduces bill to ban ATM fees in the Big Apple
NEW YORK - Add the Big Apple to the list of cities proposing legislation to ban ATM surcharging. Making good on a promise he made last year (CU Times , Dec. 15), New York City Council speaker Peter Vallone-backed by 17 council co-sponsors-has introduced a bill that would ban banks...
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Oregon Bankers Association wakes up, opposes proposed state credit union rules
SALEM, Ore. - Only three months after state regulators expressed their desire to "get the ball rolling" on regulations relating to H.B. 3151, a credit union bill adopted in May 1999, the Division of Finance and Corporate Security scheduled an administrative hearing on proposed rules Jan. 19 to obtain public...
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Creditunionjobs.com to get boost from new partner, marketing agreement
WORLD WIDE WEB - With a new partnership with O'Rourke Consulting and a marketing agreement with Payment Systems for Credit Unions, Creditunionjobs.com may become the Web-based credit union job posting powerhouse Deedee Myers envisioned when she launched the site back in October.
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Next generation of OFX emerges, IFX coming soon
WORLD WIDE WEB - The financial and IT sectors have been forced to work together in recent years as the Web became a legitimate delivery channel for financials. One thing the two sectors are working on is the standard protocol for communicating between banks, credit unions, brokerage companies, personal financial...
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CU supporter throws his hat in ring for state House
SALEM, Ore. - Continuing a tradition of credit union political activists in the state running for office, Craig Smith, a member of the MaPS Service Agency Board (the Marion and Polk Schools CU's CUSO) for the past several years, has announced his candidacy for the state House Republican seat representing...
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An XML-based standard digital receipt?
DAYTON, Ohio - As the above story shows, e-commerce products continue to penetrate the credit union industry. But the standards for digital receipts for e-commerce purchases are still developing and industry players know that lacking a universal standard is a barrier to full-blown e-commerce
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C.U. Processing crossing borders to serve Canada's largest credit union
SOUTHFIELD, Mich. and VANCOUVER, B.C. - With things like wireless ATMs and a home-built Internet banking system, Vancouver City Savings (VanCity), Canada's largest credit union, has a reputation for being high-tech. So when VanCity came calling on a U.S.-based credit union data processor for its services, technology was the reason....
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TIMES THEY ARE A-CHANGING
Filene Study shows few CUs are using technology-based strategic marketing tools for their products and services...............Page 4
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Technology available to aggregate members' financial data, should CUs embrace it?
WEST PALM BEACH, Fla. - There is a move afoot in the online world to provide consumers with the ultimate financial snapshot by aggregating all of their financial account information in one place on the Web. But do consumers want this holistic picture? And what does it mean for credit...
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Alabama CUL creates new governmental affairs director position
BIRMINGHAM, Ala. - William L. McCarty has been hired by the Alabama Credit Union League for the position of Director of Governmental Affairs, a new position created as a result of the league's restructuring two years ago.
News Briefs
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UNFCU gets go ahead from the Swiss
NEW YORK - United Nations Federal Credit Union has been given permission to open a branch in Geneva by the Swiss Banking Authorities. According to Daniel Ptacek, Vice President Branch Operations, the credit union is now negotiating for space in the UN complex there.
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BankRate Monitor editorial rekindles CU tax debate
NORTH PALM BEACH, Fla. - Any suspicions or misconceptions that banks' efforts to push for the discontinuation of credit unions' tax exempt status is a dead issue during this election year are proving to be nothing more than that, at least according to a recent article in BankRate Monitor. Writer...
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Visa U.S.A. CEO Pascarella to speak at GAC
WASHINGTON - Visa U.S.A. President/CEO Carl F. Pascarella's name has been added to the list of keynote speakers for CUNA's upcoming GAC Feb. 27-March 1. He joins the award-winning McLaughlin Group, along with various congressional representatives and members of the NCUA Board on this year's program.
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Online trading far from being glitch-free
ATLANTA - Online brokerage services are having more success than Web-based banks, but they are far from problem-free. According to a recent study by SYNERGISTICS RESEARCH CORP., Atlanta, entitled, The Online Trading and Investing Wars , online trading is still far from operating like a well-oiled machine. More than half...
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Charlotte County, Fla. becomes 30th county in state to limit title loan interest rates
PORT CHARLOTTE, Fla. - The Charlotte County Commission on Jan. 25, by a vote of 4-1 approved an ordinance that will limit the amount of interest title loan companies can legally charge within the county. Representing the Florida Credit Union League advocating the proposed ordinance was Mark Ivester, vice president...
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Community First CU, MidWest America FCU merge
FORT WAYNE, Ind. - Charles D. Bitler, president/CEO, Midwest America FCU and Linda Smith, president, Community First CU have announced the merger of their credit unions, effective Jan. 1. The new combined credit union is called MidWest America FCU, with the corporate headquarters located here. CU officials said no personnel...
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Knabel to retire after 33 years of service to Wisconsin CUL
PEWAUKEE, Wis. - Wisconsin Credit Union League Vice President Tom Knabel has announced his decision to retire on May 12 after 33 years of service.
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Executive development program enrollment opens
MADISON, Wis.-Enrollment is now open for the Executive Development Program at Stanford University Graduate School of Business in Palo Alto, Calif., which will run from July 23-28.
Tech Bytes
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re:Member Data and Oak Tree renew marketing agreement
INDIANAPOLIS - Credit union data processor re:Member Data Services here has announced a re-marketing agreement with Oak Tree Business Systems to seamlessly incorporate the company's business forms into re:Member's cuStar data processing solution.
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Some wacky facts and figures now available on Callahan's site
WASHINGTON - Callahan & Assoc-iates is bringing a little humor to its Web site (www.creditunions.com).
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WesCorp upgrades site
SAN DIMAS, Calif. - WesCorp recently unveiled its new Web site (www.wescorp.org).
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Lending Solutions announces alliance with eMiser.com
ELGIN, Ill. - It's becoming the war cry for so many companies today-if you're not offering Web services you're going to lose the war. Lending Solutions Inc. (LSI), a provider of call center services to credit unions has teamed with eMiser.com to offer credit unions Web site design, Web hosting,...
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Fiserv's Net bank in a box
BROOKFIELD, Wis.- A new Fiserv product is showing just how easy it is for new Net-based banking competitors to crop up.
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cavion.com teams with Princeton eCom for bill pay services
DENVER -Bill payment is only as good as the bill pay vendor behind the front-end Net banking system. cavion.com believes Princeton eCom can bring efficient bill payment service to its credit union clients.
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Bluebird says the CU of the future is paperless
CARLSBAD, Calif. - It's being seen in more and more areas of credit union operations-paper storage being replaced by electronic storage.
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CUNA's e-commerce deal
MADISON, Wis.- Get ready. The credit union industry will be bombarded with e-commerce related conferences and e-commerce breakout sessions in 2000. CUNA & Affiliates announced that it, together with the presenters of the 6th Annual Internet & Electronic Commerce Conference and Exposition (iEC), are offering a 25% discount for credit...
Letters to the editor
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Secondary capital, not PCA, the issue
Clarification seems necessary for your cover article, "State of Washington delegation makes its PCA pitch to NCUA," in the Jan. 5 issue of Credit Union Times. Representatives from Washington state traveled to Alexandria, Va. to discuss policy issues surrounding secondary capital with members of the NCUA board; not prompt corrective...
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Wheat's small credit union record stands up
I am the CEO of one of those small, hard to run credit unions Carol Aranjo thinks everyone is trying to "buy." I am also the first to tell you if you run your operation with passion, get involved in the movement in every possible way (that means giving a...
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Aranjo attack on Wheat unfair
I just finished reading the front page article in your Dec. 8, 1999 issue, "Aranjo Emerges as Architect of `stop Wheat' Campaign with Black Caucus." Since I don't personally know Ms. Aranjo, I'm uncertain about her motives in being so critical of Ms. Wheat. I have had some dealings with...
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Credit unions' future, not directors', the priority
I enjoyed Mike Welch's publisher's column on credit union volunteers' strengths and weaknesses in the December 8, 1999 issue of Credit Union Times.
Opinion
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How to avoid most common HMDA violations
The Home Mortgage Disclosure Act (HMDA) requires hundreds of credit unions to collect member monitoring information and report the information to the government. The collection and reporting requirements are very specific as to the types of loans that you must report and the manner in which they are to be...
Publisher's Column
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It's hard to be a "truthteller" when misinformed
Over the past several months I have received three interesting letters from a Washington, D.C. reader who has dubbed himself, or herself, as "truthteller." All deal with the letter writer's strong opinions on the "similarities between mutual savings banks and credit unions." Readers won't get to read any of them...
Staking Out the Stats
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Staking Out The Stats
Credit Union Times inadvertently ran incorrect data in this chart in the Jan. 19 issue. Below is the correct information. We regret the error. Rising tide of bankruptcy The extraordinary rise in personal bankruptcy filings has been well-documented in recent years. The chart below is a look at the 10...
People
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SOUTH
AGE CU, Albany, Ga., has named Trent Williams assistant vice president and commercial loan officer. Alabama CU League, Birmingham, has named Mary Wren auditor in its auditing & consulting department. Jax Navy FCU, Jacksonville, Fla., has named Andrea Fritz accounting manager. VISTA FCU, Lake Buena Vista, Fla., has announced that...
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MIDWEST
Alcoa Employees & Community CU, Bettendorf, Iowa, has named R. Dale Owen vice president of lending. City-County FCU, Minneapolis, has promoted Mary Doyle to vice president of finance and information systems. Telco CU, Indianapolis, has announced that CEO Gary Irvin has been elected chairman of the Central Indiana Better Business...
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CENTRAL
Boeing Wichita CU, Wichita, Kansas, has named Stephanie Farber quality assurance director.
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VENDORS
Premier Systems Inc., W. Des Moines, Iowa, a data processing service bureau for CUs, has made the following appointments: Tim Duffey, client response center system specialist ; and Kevin Jackson and Chris Magee, client response center representatives.
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EAST
First Teachers FCU, Schenectady, N.Y., has named Walter E. Everhardt director of marketing. United Teletech FCU, Tinton Falls, N.J., has made the following appointments: Kathleen Wandras, vice president of administration & human resources; Denise Metta, vice president of product development & retail support; Francis James, chief financial officer & vice...
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