Credit Union Times Magazine June-28, 2000
In Other News
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SCHOLARSHIPS
Robins Federal Credit Union, Warner Robins, Ga., has awarded five high school students each a four-year, $4,000 scholarship. Named "Most Excellent Senior Team", the five graduating students, who are also credit union members, were selected based on academic performance, community work and extracurricular activities. This year's team consists of the...
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DONATIONS
Xerox Federal Credit Union, El Segundo, Calif., has raised over $4,500 for breast and ovarian cancer research. Over 45 XFCU staff participated in the Revlon Run/Walk for Women event. In addition, XCFCU President/CEO Bill Cheney has been named "Professional of the Year" by the National Association of Federal Credit Unions...
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AWARDS
Pennsylvania Credit Union League, Harrisburg, has awarded Service 1st Federal Credit Union CEO William J. Lavage the 2000 William W. Pratt Professional Lifetime Achievement Award and Norristown Bell Credit Union Treasurer Floyd Gladfleter the 2000 Joseph A. Moore Volunteer Lifetime Achievement Award. In addition, the PCUL has awarded the Dora...
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Credit unions warming up to financial aggregation concept
WORLD WIDE WEB - Keep up or be left in the wake of another financial's Web site. That's the take many credit union leaders are offering on the somewhat controversial tech service of aggregating members' financial data in one place on the Web. Aggregation of consumers' financial data really came...
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CUNA commissions study of NCUA's budget process
WASHINGTON - Show me the money, or in this case, show me where the money is going. That's what CUNA is saying regarding NCUA's budget. CUNA has commissioned a study of the budget and budget process of NCUA. CUNA stresses that while it will assist in the study, the bulk...
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CUNA Mutual dedicates one day of Discovery Conference to small CUs
SEATTLE - CUNA Mutual Group took its annual Discovery Conference down a different path this year with one day dedicated solely to small credit unions. Thus far the four-year old conference has tended to attract larger credit unions, according to CUNA Mutual officials. This year CUNA Mutual wanted to step...
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Community First Credit Union hosts Japanese bankers
SANTA ROSA, Calif. - A cultural bridge was recently built when Community First Credit Union hosted a group of Japanese Shinkin Bank executives representing Kinki Chiku Shinyo Kinko financial. Shinkin Banks are cooperative financial institutions that function similarly to American credit unions and mutual savings banks. There are approximately 400...
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CO-OP Network to offer SafeDebit for enhanced security with e-commerce
ONTARIO, Calif. - E-commerce has taken the credit union industry by storm over the last few years. The CO-OP Network wants to help CUs make sure their members are safe when shopping online. CO-OP Network will soon be able to help credit unions offer their members a more secure way...
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Credit unions can emphasize the value of checking accounts, increase penetration without fees
MOUNDS VIEWS, Minn. - Of the 11,000 credit unions in the U.S., an estimated 6,800 offer checking accounts. But among those CUs offering the product, there's less than 50% member penetration. Why isn't that number higher and is it possible to increase it without attaching fees to checking accounts? Yes,...
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Royce bill would lift H.R. 1151-MBL cap
WASHINGTON - Credit unions that serve non-profit religious organizations will be exempt from the 12.25 percent-of-asset cap on member business loans if Congress passes a bill introduced June 20 by Rep. Ed Royce (R-Calif.), a member of the House Banking Committee. The Faith-Based Lending Protection Act-H.R. 4701-is backed by the...
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Report on predatory lending recommends swift action by Congress, regulators
WASHINGTON-Taking advantage of the poor and uneducated to the point of making them homeless as a standard business practice would seem to be something ethical lenders and investors would avoid. And targeting low-income neighborhoods, especially African-American communities, in order to strip homeowners of the equity in their homes might be...
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Press slights credit union online ventures, consultant charges
ALBUQUERQUE, N.M. - Credit unions need to vigorously step up their public relations when it comes to touting advances in online home banking, a Dallas-based marketing consultant has suggested. Addressing the annual convention of the New Mexico Credit Union League here, Denise Wymore, the top creative executive for Extreme Arts...
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Member loyalty key in online banking
ALBUQUERQUE, N.M. - Whether they realize it or not, credit unions remain "in the driver's seat" when it comes to home banking and bill payment products and they should use their advantage of member loyalty to the ultimate. That's the advice of a Denver technology consultant, Michael Atkins, president of...
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NACHA votes to add credit union seat on board
WASHINGTON - Culminating months of talks, the National Automated Clearing House Association (NACHA) -The Electronic Payments Association voted June 16 to adopt a new reorganization plan that includes, for the first time, a guaranteed seat for a credit union representative on the NACHA Board. NACHA officials said the reorganization will...
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Potential problems of e-signature legislation
WASHINGTON - While members of Congress and the Clinton Administration have been touting the potential boon recently passed e-signature legislation will have on e-commerce, credit union groups and consumer groups say the bill leaves a lot of unanswered questions. The bill, S. 761, the Electronic Signatures in Global and National...
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Financial Network Action Consortium formed by CDCUs
NEW YORK-Where the need is great, so too should be the response, said Peter Bray. "There are an estimated one-million households in the New York metropolitan area that are unbanked," said Bray, a former director of Bethex Federal Credit Union, Bronx, who had just resigned that post to form a...
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Recognizing predatory practices is only the beginning of the fight, say experts
DENVER-A workshop held here during the National Federation of Community Development Credit Unions' 26th annual meeting focused on current trends in the predatory mortgage market and the payday loan business. Tony Hernandez, director of the local office of Fannie Mae, defined predatory practices as standard mortgage practices "taken to an...
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Peoples Credit Union sponsors "pots of gold" contest
MIAMI - Recently, there were "pots of gold" to be found at North Miami High School. In conjunction with the school's Quisqueya Club Haitian Flag Day celebration, Peoples Credit Union sponsored an essay contest. Each grade had to write about different aspects of Haitian history and culture. "In a school...
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MembersResources.com forms CUSO
MILFORD, Conn. - In a move that Members Resources.com CEO Mark Sessel points to as proof of the company's commitment to serving only credit unions' portal needs, the company has formed a CUSO. "We wanted to give credit unions a voice in the direction and policymaking of the company. We've...
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c2Future.com gives away Ford Explorer
DALLAS - Giving away cash and prizes isn't just for game shows. Web firms have been using the give-away concept to try and drum up interest in their Web sites. c2Future.com, the publisher of eMoneyDigest, a Web-based personal financial lifestyle publication specifically for credit unions, recently gave away a fully-equipped...
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CU exec resigns to start e-statement firm
CHANTILLY, Va. - Ron Daly, a former CFO of the $650 million Northwest FCU, Herndon, Va., has retired from the CU to start a new tech firm specializing in electronic statements. The new firm, Digital Mailer, provides credit unions with customizable electronic member statements, with an emphasis on one-to-one marketing....
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Campus Credit Union Council calls for change in FOM proposal
WASHINGTON - The Campus Credit Union Council is requesting that NCUA reconsider a field-of-membership proposal that could have unknown long-term impact on credit unions that serve colleges and universities. The proposed rule states that credit unions could not simply add alumni of a certain college based solely on the fact...
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The aggregation threat from non-financial providers
There are few companies in the world that can rival the aggregation power of an America Online or a Microsoft. Unfortunately for credit unions, both of these tech giants have announced financial aggregation plans. * AmericaOnline will leverage its different brands to bring the service to millions of Web surfers....
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A successful conference? It's all in the details
SAN FRANCISCO - It was a conference planner's nightmare. The event, an Education Credit Union Council annual convention in San Francisco, was running smoothly. Attendees were looking forward to an evening dinner cruise on San Francisco Bay. Then gale force winds hit and the Coast Guard closed the bay to...
News
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New York credit unions score legislative victory
ALBANY, N.Y. - Credit unions in the Empire State scored a major legislative victory June 12 on the final day of the state legislative session. Both the State Senate and Assembly passed the Field-of-Membership Parity bill (S.8061-a and A.7701-c, respectively), which revises the qualifications for membership in state-chartered credit unions...
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Are CUs' auto leasing products biting into their auto loan portfolios?
WASHINGTON - Auto lending has always been a staple of credit unions' loan portfolios, a barometer of the state of the health of credit unions' lending activity. But the lending landscape has changed - there are more non-traditional financial service organizations competing with credit unions for members' loan dollars and...
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CUs tread cautiously into indirect auto lending territory
SAN ANTONIO, Texas - Unamiable, adversarial, mistrustful. Credit unions' relationship with auto dealers has been all of the above adjectives. Even with so much bad blood between them, a growing number of credit unions and auto dealerships have managed to bury the hatchet and cooperate in indirect auto lending relationships....
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CONFERENCE SAVVY
Educational Credit Union Council Executive Director Lorraine Webster reveals her secret to attracting hundreds to the annual conference...............Page 22
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Seven states up for NASCUS re-accreditation
ARLINGTON, Va. - Seven states which originally earned their NASCUS accreditation status in 1995 are up for re-accreditation this year. The states are: Idaho, Tennessee, Connecticut, Indiana, Utah, Kansas and Missouri. The NASCUS accreditation status means that the NASCUS Accreditation Review Team, the Accreditation Audit Committee, and the Performance Standards...
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SAFETY FIRST
The CO-OP Network will soon release a new SafeDebit product for members making purchases on the Web.......Page 4
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Resource One FCU approved to convert to state charter
DALLAS - Resource One FCU has become the eleventh federal credit union in Texas to convert to a state charter since 1997 and the fourth so far this year. The state Credit Union Division approved the $151 million credit union's charter conversion application on May 31. Resource One initially applied...
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Top 25 Credit Unions in Leases Receivable
Top 25 Credit Unions in Leases Receivable As of March 31, 2000 Note: NCUA started collecting lease data in September 1999
News Briefs
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Mellin appointed new president/CEO, NYSCUL
ALBANY, N.Y. - The New York State Credit Union League Board of Directors has appointed William Mellin as the league's new president/CEO. Mellin assumes the position immediately. He replaces R. Wayne Diesel who held the position from 1998 to 2000 and who announced his retirement from the league last month...
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Mazuma Credit Union holds children's safety clinic
KANSAS CITY, Mo. - Mazuma Credit Union recently held a safety clinic where the Kansas City branch of the National Center for Missing and Exploited Children photographed more than 60 children. "According to the United States Department of Justice, over one million children run away or are reported missing or...
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House expected to vote on HUD-VA bill
WASHINGTON - At press time, the House was expected to vote late in the day June 21 on a HUD-VA and Independent Agencies Subcommittee spending bill that would also set a $3 billion cap on the NCUA Central Liquidity Facility's (CLF) borrowing limit in FY2001. The cap was originally recommended...
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Keeler steps down as NAFCU chairman
ARLINGTON, Va. - Ron Keeler, president of Lockheed FCU and chairman of NAFCU has announced his midterm resignation from his position on the association's board. Keeler gave as the reason for his decision his interest in putting more time into planning for his retirement from CU service. Keeler became chairman...
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Nazarene Credit Union merger with Sacramento District FCU complete
LOOMIS, Calif - After six months of working out details, Nazarene Credit Union and Sacramento District Federal Credit Union have merged and opened a new office here. With this merger, NCU has gained an additional $6 million in assets along with over 1,200 members in the Northern California area. "We're...
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Greenspan sworn into 4th term
WASHINGTON - Alan Greenspan was formally sworn into his fourth, four-year term as chairman of the Federal Reserve Board June 20. Greenspan has served as the Fed chairman since Aug. 1987. He was nominated to his latest term Jan. 4 and was confirmed by the Senate Feb. 3
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Ethicon Employees FCU changes name
BRIDGEWATER, N.J. - Ethicon Employees Federal Credit Union has changed its name to Financial Resources Federal Credit Union. Although still serving Johnson & Johnson employees, the name change reflects FRFCU's new Credit Union Service Organization, Financial Resources. The CUSO will offer stock and money market information, as well as mutual...
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Retired WSECU CEO seriously injured in motorcycle accident
SPANAWAY, Wash. - Bill Brandt, former president and CEO of Washington State Employees' CU in Olympia was seriously injured the morning of Saturday June 17 in a motorcycle accident. According to the Washington Credit Union League, Brandt was airlifted to Harborview Hospital in critical condition after his Honda ACE 1100...
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U of C Federal Credit Union names new president
BOULDER, Colo. - University of Colorado Federal Credit Union has named Bill Sterner President/ CEO. Sterner's background in the credit union industry includes management and consulting positions at the local, state, national and international levels. He served as U of C FCU vice president of marketing for three years and...
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Alberta Credit Union System sets milestones
CALGARY, Alberta, Canada - The Alberta Credit Union System's six month results for the period ended April 30 showed the system reached new milestones in assets and net income. Canadian newswire reports indicated there was a 12% increase in assets compared to the same period last year and a 6%...
Briefs
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Gov. Keating signs bill allows CUs to participate in auto brokering
OKLAHOMA CITY - The Oklahoma Credit Union League is hailing the passage of a bill that was among the collection of credit union-sponsored measures passed by the state's 47th Legislature before it adjourned on May 26 and which will allow credit unions in the state to consult with members about...
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Falling car prices, competition between insurers drive auto insurance rates down
NEW YORK - Falling car prices, competition between insurers and safer vehicles are among the factors that drove auto insurance rates down for only the second time since 1973, says the Insurance Information Institute. Auto insurance rates fell by 3.2% in 1999; in 1998 rates fell by 2.8%. Other factors...
Letters to the editor
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The Golden 1 is not the competition
I enjoyed reading the Letters to the Editor ("Better for whom?", "Enough is enough") in the May 3 edition of Credit Union Times. I know Stuart Perlitsh and George Davis to be thoughtful CEOs; therefore, I was a bit surprised that they had joined the chorus of Cassandras who fear...
Opinion
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The sign revolution is now
When John Hancock signed the Declaration of Independence in 1776, he wrote his signature large-so large, the saying goes, "that King George would be able to read it without his spectacles." Under the new E-sign legislation (The Electronic Signatures in Global and National Commerce Act) passed by Congress, John Hancock...
Publisher's Column
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It's time to toss outmoded common bond and FOM
Credit unions people spend a lot of time debating common bond and field-of-membership issues, almost as much time as the banking industry and state and federal credit union regulators. What a colossal waste of time! There is no point in repeating here all the monkey business that credit unions must...
Quotes Worth Quoting
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Quotes Worth Quoting...
"We are talking about something that knows no bounds, and it needs to be cut." -Representative John LaFalce (D-N.Y.) on Internet gambling. LaFalce co-sponsored a bill that would ban the use of credit cards for online gambling. "This legislation takes e-commerce to the next level. Electronic signatures will help grow...
People
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EAST
Credit Union Mortgage Alliance Network, a credit union owned real estate organization, President Ira Oskowsky has been appointed to Fannie Mae's New Jersey Partnership Office Advisory Board. Western Division Credit Union, Williamsville, N.Y., has named the following members to its board: James Smeader, chairman; Leo Bain, vice chairman; David Supon,...
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VENDORS
Alliance Funding, a mortgage provider, has appointed Steven Trow regional loan manager. In addition, Alliance Funding has promoted Judy Macy to assistant vice president regional sales manager of the Midwest area. SensCom,Inc., an application service provider of wireless Internet solutions, has appointed Greg Bjorndahl president and chief operating officer. Card...
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WEST
Cabrillo Credit Union, San Diego, President/CEO Robin Lentz has been appointed to the Western Corporate Federal Credit Union Board of Directors. In addition, Cabrillo Credit Union has received a Diamond Award of Merit from CUNA Marketing Council for its four-color newsletter in the $50 to $149 million assets category. Columbia...
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MIDWEST
Fort Campbell Federal Credit Union, Ky., has elected the following members to its board: Col. Herbert B. Allen, chairman; Sam A. Salerno, vice chairman and supervisory committee chairman; James H. Thompson, secretary; Fred Newton, treasurer; Charles G. Crist, director; John P. Hunt, director; Boyce R. Meers, director; and A. Thelma...
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