Credit Union Times Magazine March-29, 2000
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Former credit union, I.G.A. FCU, feeling the heat of being publicly traded
FEASTERVILLE, Pa. - The trials and tribulations of being a public company. The former I.G.A. FCU here is starting to learn all about them. I.G.A. FCU converted to a mutual savings bank back in 1998. It became the first of the 11 credit unions converting to mutual savings banks to...
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Liberty's Copham accepts well-deserved honor for championing S corporations' ESOP effort
MOUNDS HILL, Minn. - Time has not dulled David Copham's vision of running an employee-owned company where employees are well benefited, treated fairly and with dignity and share in the rewards of the company's prosperity. Neither has it dulled his mission for Liberty to help credit unions be the best...
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NCUA Board sets penalties in hiring scandal, initiates moves; Foster and White punished
WASHINGTON-The NCUA Board in closed session March 17 voted to sustain the salary grade demotions of three regional directors and three other officials, but reduced the forced time of administrative leave for most by half. After voting, the Board worked out a rearrangement of top agency officials and later announced...
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Need for new vision, strategy stressed at CCUL's Big Valley confab
MONTEREY, Calif. - Do credit unions have a vision and strategy as they enter the 21st century? That was the question frequently raised by speakers at the California Credit Union League's Big Valley Educational Conference held here March 16-18. Issues discussed ranged from the importance of building brand recognition for...
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Derkacht leaves top credit union position with Fiserv to join rival Sanchez
BROOKFIELD, Wis. - Greg Derkacht's meandering career through the credit union data processing industry has taken yet another turn. Derkacht, who most recently served as President of Fiserv's Credit Union Systems Division, has left Fiserv to go to rival processor Sanchez Computer Associates, Malvern, Pa. Derkacht will head up Sanchez's...
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CUNA rolls out Project Differentiation kits for credit unions
WASHINGTON-One thing was to be made "perfectly clear," as former President Richard Nixon was wont to say- by CUNA participants in a teleconference call about the trade's mass mailing of Project Differentiation kits to more than five thousand credit unions- this effort has no relation whatsoever to NCUA Chairman Norman...
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School named after Dade County School EFCU CEO Sibley set to open in fall
MIAMI-For almost 50 years, Dade County School Employees Federal Credit Union President/CEO Hubert Sibley Jr. has worked at the federal credit union that has just about doubled its size in that time to its present 47,000 members. As manager of the FCU and later CEO, Sibley put all his energies...
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The Golden 1 CU adds 11 counties with a potential 5.3 million members
SACRAMENTO - Large community expansions in the credit union industry are becoming the norm rather than the exception. The Golden 1 CU, Sacra-mento, California's largest credit union with $2.6 billion in assets, has been given regulatory approval for community charter expansion in 11 California counties. The CU already had community...
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`Reg-Flex' makes its debut, cleared for 60-day public run
ALEXANDRIA, VA. - NCUA Board member Dennis Dollar's much-anticipated Regulatory Flexibility and Exemption Program ("Reg-Flex") opened to a packed house at the board's regular meeting March 16 and-through the advance notice public comment process-was unanimously given a 60-day run before having to return for board review as a proposed rule....
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Providing consumers credit scores online more harmful than helpful, says Fair, Isaac
SAN RAFAEL, Calif. - Should consumers receive their credit scores from lenders whenever they apply for a loan? That question is behind the dissention brewing between Fair, Isaac & Co. and online lender E-Loan. Against the expressed wishes of Fair, Isaac, E-Loan is handing over to consumers their Fair, Isaac...
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Bankers press FOM discovery motion as flurry of court activity cheers trades
WASHINGTON - In separate and seemingly disconnected developments March 14 in the court with jurisdiction over the bankers' chartering manual suit against NCUA, the American Bankers Association (ABA) reiterated its case for extended review of agency historical documents just as the presiding judge provisionally ruled against any further review in...
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Bank earnings soar 16% to $71.7 billion in 1999
WASHINGTON - As the American Bankers Association was busy filing its latest motion in its lawsuit against NCUA that is aimed at protecting banks' marketshare, just-released statistics show the banking industry's earnings hit new stratosphere-like heights in 1999. The banking industry posted a record $71.7 billion in earnings last year-the...
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Dateline Washington
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Software giant Microsoft creates on-line home lending technology CUs can tap into
REDMOND, Wash. - In the second of a two-part announcement that will ultimately benefit credit unions- the first half was made during CUNA's 2000 Governmental Affairs Conference- Microsoft Corp. has announced an on-line mortgage lending venture that leverages Freddie Mac's Loan ProspectorT technology and which credit unions will be able...
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White collars and dirty money?
WASHINGTON-While most of the talk surrounding anti-money laundering efforts seems to center around the drug cartels, there is another aspect of the financial jigsaw puzzle to be considered, said Kenneth Rijock, a financial crime consultant who testified before the House Banking Committee on the subject. Rijock is a former money...
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Guilty pleas entered in scandal that spurred laundering efforts
WASHINGTON-The news story that helped ignite the effort to update and expand money laundering statutes and stress more regulatory supervision of financial accounts has subsided somewhat with the guilty pleas entered by the two principals in the Bank of New York case in early February. But the case of the...
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Congress addresses laundering with legislation
WASHINGTON-House Banking Committee Chairman Jim Leach (R-Iowa) and ranking Democrat John LaFalce (D-N.Y.) announced recently that they will work toward passage of the anti- money laundering bill they introduced last fall, H.R. 2896. The Foreign Money Laundering Deterrence and Anticorruption Act was a "marker for discussion purposes," and incorporated many...
In Other News
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SCHOLARSHIPS
Defense CU Council, Fort Belvoir, Va., has named Jacqueline Connor, marketing director at Fort Belvoir FCU, the 1999 George E. Myers Scholarship recipient. Connor will use the scholarship to attend the Credit Union Executives Society's Executive Marketing Institute, which provides advanced curriculum on CU marketing issues. Connors, FBFCU marketing director...
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MILESTONES
Central Florida Educators FCU, Orlando, has announced the relocation of its real estate lending offices. Assistant V.P. of Real Estate Lending Jeff Peters and other staff has moved from the FCU's main branch to the CFEFCU Member Service Center at 1823 N. Alafaya Trail. Double Eleven CU, Indianapolis, has awarded...
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AWARDS
Wisconsin CU League, Pewaukee, will name a Political Activist of the Year at its May convention to highlight the importance of grassroots activities in pursuit of legislative goals. Eligible for the new award will be CU employees, volunteers, or a CU or group as a whole. Georgia Maxwell, WCUL director...
News
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FEEL THE HEAT
Two years after converting to a mutual savings bank, the former I.G.A. realizing life as a publicly traded company is not all roses.............................................Page 3
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TO TELL OR NOT TO TELL
Fair, Isaac disputes E-Loan's policy to divulge credit scores to consumers..Page 11
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Florida legislature tries again; title loan bills introduced in House, Senate
TALLAHASSEE, Fla. - In May 1999-for the fourth consecutive year-the state legislature adjourned without passing title loan reform legislation (CU Times, May 12). One month into the 2000 session, state legislators are going for a fifth try. Senate Bill 1834c1, creating the `Fair Accountability in Interest Rate Act of 2000"...
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OUT IN THE WASH: Will European CUs become an easy target for money launderers?
WASHINGTON-There's a lot of green in the Black Money Market, judging by the "conservative" estimate of near $600 billion Treasury Deputy Secretary Stuart Eizenstat put on the magnitude of money laundering in testimony before the House Banking Committee on March 9th. Calling it a serious threat to our country because...
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Political `Renaissance' marks Utah convention
SALT LAKE CITY - The grassroots fight to ensure growth of Utah credit unions and to demonstrate new political muscle in state politics was stoked hard March 17 and 18 by the Utah League of Credit Unions at its annual convention here. From keynote speeches to breakout sessions, the theme...
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Treasury and Justice Department issue 2000 money laundering strategy
WASHINGTON-The Departments of Treasury and Justice recently unveiled the Clinton Administration's National Money Laundering Strategy for 2000, a broad approach to reverse and control what they posit as a growing menace to the country's financial system. The plan is a layered comprehensive plan to combat and prevent the huge profits...
News Briefs
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Consumers use ATM/debitcards four times a week
MAITLAND, Fla. - Plastic packing Americans are using their ATM/debit cards approximately four times a week according to a Star Systems survey. The comprehensive survey of 8,486 financial account holders in 21 states showed that each month ATM/debit cardholders use their cards about 16.8 times, or four times a week....
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Florida CU offers reward for missing hospital worker, CU member
JACKSONVILLE, Fla. - Health Services Credit Union has deposited $5,000 in a special reward fund for "information leading to the safe return of Tina McQuaig," a member of the credit union. McQuaig has been missing since leaving work at Shands Jacksonville-one of HSCU's select employee groups-on March 15. Wendi Arthur,...
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World Council receives grant to strengthen Moldavian CU system
MADISON, Wis. - The World Council of Credit Unions (WOCCU) has received a $170,000 (U.S.) grant from the British Know How Fund, a program of the Department for International Development, to enhance the safety and soundness of an emerging Moldavian credit union system in eastern Europe. Over the course of...
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Federal Reserve boosts two key interest rates
WASHINGTON-Federal Reserve officials on March 21, acting on concerns that the nation's ballooning economy and a tight labor market might lead to inflation, raised short-term interest rates as widely predicted, by a quarter-percentage point and indicated that more such moves are likely if growth doesn't slow to more acceptable levels....
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OCC admits limitations dealing with predatory lenders
WASHINGTON - Reaffirming his commitment to cracking down on predatory lending by national banks, Comptroller of the Currency John Hawke Jr. at the same time admitted the agency is limited in what it can do because sub-prime lending to consumers with spotty or poor credit histories is legal, albeit "deceptive...
Briefs
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2000 National Conference on CU Fraud & Loss Prevention
LAS VEGAS-Barbara Loescher & Associate's annual conference on fraud prevention for the credit union industry is scheduled for August 9-12 here in the nation's gambling and family vacation mecca. Caesar's Palace will host the program, meant to educate CU auditors, supervisory committee members and loan and compliance specialists to the...
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Navy Federal CU reacts to MSNBC credit card fraud story
VIENNA, Va.- Navy Federal Credit Union responded with a full-volley against charges that its members credit and debit cards were susceptible to fraud after an Internet Web site (CD Universe) was hacked and card numbers downloaded to another site. Online news service MSNBC accused NFCU of doing nothing to protect...
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Former official of Hughes Aircraft Employees FCU's CUSO is banned
ALEXANDRIA, VA.- The NCUA has issued a prohibition order against William Bruce Kay, former President/CEO of CU Master Insurance Services Inc., the credit union service organization of the Hughes Aircraft Employees Federal Credit Union in Manhatten Beach, California. Kay pleaded nolo contendre (no contest) earlier this month to charges of...
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Treasury Department and IRS to tighten tax shelter rules
WASHINGTON-Money laundering isn't the only thing on Treasury's mind these days, even as the Internal Revenue Service readies for the April 15 filing date for payment of federal income taxes. Targeted are corporate tax shelters that Treasury Secretary Lawrence Summers termed the "most serious compliance issue threatening the American tax...
Letters to the editor
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In defense of D'Amours' speech
I was there and I have to ask, "Was D'Amours' GAC speech really that bad?" As I heard it, he addressed three issues: credit unions' drift away from their original purpose; the need to serve the underserved; and the diminishing role of credit union volunteers. There is no question that...
Looking Back
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Ten years ago this week in credit union history
Credit Union Times Vol. 1, No. 1
Opinion
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Remain vigilant on money laundering
When the Office of Thrift Supervision proposed regulations requiring savings associations to develop and maintain Know Your Customer programs, the intent was to reduce the likelihood that savings associations will become unwitting participants in illicit activities, such as money laundering. The regulations would have required banks and savings associations to...
Publisher's Column
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Loss of Fed charters finally getting attention
The dramatic increase in the number of federally chartered credit unions that have chosen to switch to state charters has finally been moved up on the list of national CU priorities. Both CUNA and NAFCU have concluded that charter switching is a situation that needs to be addressed. Both groups...
People
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EAST
State Employees CU, Baltimore, Md., has named Karen Christian vice president of lending. Empire Corporate FCU, Albany, N.Y. has made the following appointments: Kevin A. Brauer, chief operating officer; Dirck C. Van Deusen, senior vice president, relationship management; and Charles W. White Jr., chief technology officer.
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VENDORS
Consumer Credit Counseling Service of the Florida Gulf Coast Inc. has made the following appointments: Edward Hamp of Tampa Bay FCU, chairman of the board; and L. Neil Timson of GTE FCU, director. NCR Systemedia Group, Dayton, Ohio, which provide "Relationship Technology" for retail, financial, telecommunications, airline and insurance markets,...
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SOUTHWEST
EDS CU, Plano, Texas, has made the following appointments: Shirley Cohen, senior vice president of lending; Phil Craver, senior vice president, CFO; Tom Condos, chief technology officer; Kevin Ericson, senior vice president of branch administration and member services; and Tim McCoy, vice president of marketing/business development. Security Service FCU, San...
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SOUTH
Fairwinds CU, Orlando, Fla., has announced that John Coffey and Richard Leigh have become directors on its Board. Gulf Coast Community FCU, Gulfport, Miss., has made the following appointments: Lisa Lindsey, vice president of sales & services; Dorothy Necaise, assistant vice president of lending services; Debbie Reno vice president of...
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