Credit Union Times Magazine May-31, 2000
In Other News
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SCHOLARSHIPS
Community Educators Credit Union, Rockledge, Fla., has awarded 10 high school seniors with scholarships to attend Brevard Community College. Awards are based on the recommendation of the high school principal. Good performance during the initial semester at BCC warrants renewal of the payment during the second semester. CECU has $130...
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MILESTONES
Point Loma Credit Union, San Diego, has recently welcomed its 50,000th member. To thank Benjamin G. Williams for helping PLCU reach this milestone, the credit union presented him with a $500 deposit to his PLCU share savings account. Tennessee Teachers Credit Union, Nashville, has celebrated its 50th anniversary. Among the...
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AWARDS
Texas Credit Union League, Dallas, has named San Antonio Teachers Credit Union President/CEO Leon Ewing Professional of the Year and El Paso Bell Federal Credit Union Director Robert C. Peterson Volunteer of the Year. In addition, 27 year credit union veteran Bessie Heard has been inducted into TCUL's Hall of...
News
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cavion.com's Member Emporium portal
ENGLEWOOD, Colo. - Member Emporium partnered with Myway.com in late February of this year to offer CU members a portal product. Member Emporium is the e-commerce division of credit union Internet solutions provider cavion.com. The Member Emporium Personal Start Page Portal is chock full of news, stock quotes, search engines,...
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Credit Union Village spinning off, looking for credit union investors
PLYMOUTH, Mich. - The Credit Union Village portal (www.cu-village.com) is encouraging leagues and credit unions alike to participate in what it dubs as the first true business-to-consumer and business-to-business portal for credit unions. Credit Union Village was developed by CUCorp., a league service organization of the Michigan Credit Union League....
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Denali Alaskan's SpeedBill.com offers a paperless round-trip
ANCHORAGE, Alaska - Electronic bill payment and presentment is often referred to as the "paperless round-trip" for consumers. Denali Alaskan FCU is trying to ride that round-trip into a successful bill payment/presentment CUSO. Electronic bill payment and presentment hasn't caught on in the financial sector as fast as the other...
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DataMail to help credit unions e-deliver member statements
MADISON HEIGHTS, Mich. - DataMail, a statement processing, fulfillment company serving credit unions, is set to unveil an electronic statement solution. The solution will give DataMail's CU clients the ability to deliver member statements electronically. DataMail CEO William Hayden said DataMail's objective when developing the system was to make the...
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State law allowing bank expansion no worry for Kentucky CU League
LOUISVILLE, Ky. - Banks in the state are applauding a recently enacted law that allows them to open branches anywhere in the U.S. or its territories, but the Kentucky Credit Union League is barely batting a eye over it. H.B. 377 passed both chambers of the General Assembly and was...
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Sullivan named president of Nebraska CU League
OMAHA, Neb. - Scott Sullivan has been named league president by the Nebraska Credit Union League's Board of Directors. Sullivan, former vice president for the league, has been acting president since former-president Dr. Christopher Kennedy was appointed Vice President of Association Services of Credit Union Affiliates of New Jersey in...
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Many consumers not sure if PFI offers Net banking
OAKBROOK TERRACE, Ill. - Internet banking is just one of the high-tech solutions that analysts have described as a "killer app" that is essential for financials to keep customers. But is it? A just-released study by the Raddon Financial Group (RFG) shows that 58% of consumers don't even know if...
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BIGGER UMBRELLA
Washington Credit Union League urges NCUA to raise share insurance coverage............................................Page 7
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CUShopper provided the e-commerce litmus test for credit unions
BURBANK, Calif. - There were major question marks when CUShopper, a credit union member online shopping network, was unveiled last year. CUShopper's online shopping network isn't a portal that features loads of content and just a few shopping features; it is a shopping component only-one of the purest forms of...
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Good2CU.com's portal still on the drawing board, but third-party help coming says CEO
AUSTIN, Texas - It's hard to tell where portal provider Good2CU.com is going because at press time CEO Lee Cooke said the company was still in negotiations to either be bought or receive substantial funding from a third party. So far Good2CU.com has not been able to 100% complete its...
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Hawaii league names Ogata "Professional of the Year"
HONOLULU - The Hawaii Credit Union League has named Ron Ogata, president/CEO of HawaiiUSA Federal Credit Union (formally Oahu Educational Employees FCU), its "Professional of the Year." Ogata received the award at the Hawaii Credit Union League's 62nd Annual Convention held at the Outrigger Waikoloa Beach Hotel on May 5,...
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Governor Bush signs title loan legislation into law at Orlando-area credit union
ORLANDO, Fla. - It took four years of perseverance, but the fifth try was the one that succeeded in getting the state legislature to finally pass a bill that caps interest rates Florida title lenders can charge borrowers. Almost 100 credit union supporters were on hand at Martin FCU May...
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cusuperstore.com reaping the benefits of the cost efficiencies of an e-shop
WORLD WIDE WEB - There are a lot of debates about whether the new business paradigms created by the Web will produce profitable companies or failed start-ups, but one thing few can argue with is the affordability of a Web storefront. Compared to brick and mortar, developing a Web presence...
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MembersResources.com-original content, members only
MILLFORD, Conn. - Members Resources.com President and Chief Operating Officer Mark Sessel said original, member-focused content and a complete menu of e-commerce options puts MembersResources.com ahead of the pack. Sessel said MembersResources.com is currently in the final stages of completing an alliance that will bring an Internet lending piece to...
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AT LONG LAST
After four years of failed attempts at passage, Florida Gov. Bush signed title loan legislation into law..................Page 12
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Callahan unit in deal to bring Web calculators to CUs
WASHINGTON - Callahan Credit Union Financial Services Limited Partnership has formed an alliance with FinanCenter.com to bring Web-based calculators to credit unions. CCUFS said the deal will give credit unions lower prices on Web calculators than they might get on their own. Calculators, although often thought of as a given...
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EPL conference to focus on e-commerce
BIRMINGHAM, Ala. - E-commerce will be one of the focal points of credit union data processor EPL's annual users conference. The conference, entitled "e-IMAGINATION 2000" will look at how credit unions can e-deliver products and services to members and utilize biometrics in unmanned branches. The conference will be held in...
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Harte-Hanks unveils browser-based CRM tool
LAKE MARY, Fla. - Harte-Hanks Data Technologies has introduced Sell@advantage, a browser-based, enterprise-wide Customer Relationship Management (CRM) tool. According to Harte-Hanks, Sell@advantage can help employees cross sell products to members by providing employees with the three most likely products a member will be interested in. After an employee makes a...
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Forbes ranks ShareBuilder.com among Top 10 online brokerages
BELLEVUE, Wash. - ShareBuilder.com has been ranked in the Top 10 of Forbes magazine's listing of leading brokerage sites. ShareBuilder.com is a site offered by Netstock Direct Corp., Bellevue, Washington. Unlike other online investing sites, ShareBuilder.com is designed for dollar-cost averaging investing and users are not faced with any investment...
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The portal to conquer all other portals-is it out there yet?
WORLD WIDE WEB - The race for portal dominance is on. Despite the newness of portals in credit union land, the race has been going on for quite a while. A number of players have either launched or are getting ready to launch a portal product that they hope will...
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E-commerce needs insurance protection
LONDON and SAN FRANCISCO-The "Love Bug" and subsequent, more damaging viruses (CU Times, May 24) that have swept the world's computers is proof, says the insurance giant Lloyds of London here that e-commerce carries with its benefits some grave risks. In fact, e-commerce was identified as the single biggest insurance...
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CUANJ urges NCUA to kill privacy amendment
HIGHTSTOWN, N.J. - Add The Credit Union Affiliates of New Jersey's name to the growing list of credit union leagues and trade associations speaking out against NCUA's controversial privacy amendment. "We strongly oppose this amendment because it will create a major regulatory and financial burden on credit unions unnecessarily," wrote...
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Community charter says Web especially important
THORNDALE, Pa. - One way to build scale with tech services is to give them away. Citadel FCU is using a relationship pricing model to give its members who have either high balances or utilize a lot of CU services free bill payment. It's working. In just one month of...
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Cavion.com, EasCorp test e-delivery capabilities
ENGLEWOOD, Colo. - Cavion.com, an Internet solutions company targeting the credit union industry, said it has successfully completed testing of electronic share draft imaging and statement delivery services to be provided through Eastern Corporate Federal Credit Union. The new electronic services will provide EasCorp's credit union members with the tools...
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E-commerce appointments
As e-commerce has grown, employees specializing in e-commerce have become more common at tech firms serving credit unions. Here are some recent e-commerce/portal provider appointments. * CUShopper, Burbank, Calif., has appointed Sandra Choi vice president of eCommerce. Choi was formerly the director of Electronic Commerce for E! Entertainment where she...
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First digitally signed payment sent over the Net via a U.S. EFT network
HERNDON, Va. - At press time the National Automated Clearing House Association said that the first digitally signed payment sent over the Net via a U.S.-based EFT network has been successfully transmitted. A digitally signed payment was sent from a mock merchant Web site through STAR's EFT network. The system...
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uMember.com's portal goes live after over a year of development
SANTA MONICA, Calif. - uMember.com has spent the last year and a half fine tuning its credit union-only portal product. Ernie Marquez, executive vice president for uMember.com, said the company was set to launch sometime last year, but wanted to reevaluate its branding and product strategy after seeing some of...
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Americans surfing at the office, home
NEW YORK - At home or work, American's are racking up minutes on the Web. Media Metrix has become one of the leading authorities on the Net world and its just-released survey on Web usage finds that Americans spend more time on the Web at work than at home. According...
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Protect the copyright of your e-commerce Web site, says expert
BOCA RATON, Fla., and MADISON, Wis.-Credit unions that outsource the design of their e-commerce Web sites need to know how to protect the ownership rights to that Web site, warned attorney Kenneth Hansen, during a recent Enterprise Development Corporation of South Florida presentation here recently. Hansen, head of the e-commerce...
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FISI-Madison, Funds Xpress team up to launch Portana
NASHVILLE, Tenn. - Portana is in the building. Portana (www.portana.com) is the portal creation of FISI-Madison, a Cendant subsidiary, and FundsXpress, an Internet solutions provider. Some credit unions may already be familiar with FundsXpress' Web solutions. The company has a relationship with CUNA to provide CUs with Internet banking solutions....
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Digital Insight reports one million end users
CALABASAS, Calif. - Internet solutions provider Digital Insight said it has over one million end users on its Internet banking solution. Digital Insight officials believes their company is the first outsourced Internet banking provider to reach the million one end user mark. The following are the most recent monthly stats...
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NCUA sees CUs' service to underserved as critical to predatory lending fight
ALEXANDRIA, Va. -With a May 24 House Banking Committee hearing into proliferating predatory lending practices as a proximate point of reference, NCUA recently told both Senate Banking Committee Chairman Phil Gramm (R-Texas) and the House Financial Institutions Subcommittee Chairperson Marge Roukema (R-N.J.) that credit unions, though statutorily unable to stray...
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NCUA Board amends leasing, share insurance rules; grants community charter
ALEXANDRIA, Va. - In short session May 24 the NCUA Board unanimously passed its final leasing rule, allowing federal credit unions to engage in direct (FCU-owned property) and indirect (third party-owned property), open-ended (lessee pays depreciation costs) and closed-ended (FCU pays normal depreciation costs) leasing of personal property to members,...
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NCUA set to unveil new tech check list for examiners
ALEXANDRIA, Va. - NCUA says it has noticed the explosion of the Web as a delivery channel in the industry and is getting set to unveil some examination guidelines to make sure CUs' Web efforts aren't hurting safety and soundness. NCUA is currently working with Deloitte and Touche to develop...
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Neighborhood Trust FCU plans June opening of its West Harlem branch
NEW YORK-Get ready for a second Harlem Renaissance. In the golden days of Harlem's 1920's shining era, an expanding economy driven by merchants, laborers, artists, writers and others made uptown New York City sizzle, and put Harlem on the international map. While there has been somewhat of a resurgence in...
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Portland Teachers CU partners with Credit Union Direct Lending
PORTLAND, Ore. - It's not the first credit union in the state to partner with Credit Union Direct Lending, but it is the largest. Portland Teachers CU went live on the CUDL system May 16. Prior to shaking hands on its alliance with CUDL, Portland Teachers depended on traditional delivery...
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Payday lending flourishes in credit union-land's own backyard
MADISON, Wis.-Here in the state that is the backyard of the credit union movement, payday lending has blossomed, according to recently released statistics. Wisconsin is one of only 10 states in the country that has no interest rate limit on short-term loans, or what have come to be called payday...
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NASCUS files comment letter on Reg Flex, exemption program ANPR
ARLINGTON, Va. - What's good for the goose, is good for the gander (or what's good for federal credit unions is good for state-chartered CUs.) NASCUS is urging NCUA to extend the regulatory relief benefits included in the "Regulatory Flexibility (`Reg-Flex') and Exemption Program" to state-chartered CUs either through the...
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Privacy Caucus holds net Privacy briefing; National Business Coalition on e-commerce gears up
WASHINGTON-As fast as concerns over financial privacy protections have been gaining attention and momentum in Congress, they have become a focus of the business community as well. On May 18 the Congressional Privacy Caucus conducted its second briefing, geared specifically at Internet privacy and heard testimony from industry representatives. As...
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Trades rally CUs against co-signer amendment to NCUA's privacy rule
WASHINGTON-Credit union trade associations amassed survey and poll numbers disputing the National Credit Union Administration's assertion that sending privacy disclosures to co-borrowers, co-signers and co-guarantors of CU-member loans would not be a burden and force-fed that information to the agency. The flurry of letters, faxes, phone calls and personal visits-all...
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Trades lose first CLF round, but not down for the count
WASHINGTON - It was not the news the credit union trade associations had hoped to hear. Despite intense lobbying efforts with members of a House Appropriations Subcommittee and the House Banking Committee, the House VA-HUD and Independent Agencies Subcommittee May 23 voted to roll-back the Central Liquidity Facility (CLF) appropriations...
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United Railway beats par with golf promotion
FORT WORTH, Texas - This was no slicing shot doomed to land in a sand trap. United Railway Federal Credit Union sunk a hole in one with its "Above Par" golf theme checking account promotion. In an effort to increase its number of checking accounts, the $71 million credit union...
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WCUL seeks increase in share insurance coverage, other savings incentives
FEDERAL WAY, Wash. - With a congressional bill to raise Federal Deposit Insurance Corporation coverage for banks waiting in the wings to be introduced, the Washington Credit Union League has asked NCUA Chairman Norman DAmours to investigate increasing sharedraft insurance for CUs. House Banking Financial Institutions & Consumer Credit Subcommittee...
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Trades deliver Reg-Flex comment letters to NCUA
WASHINGTON - Sixty days almost to the minute since the NCUA Board unanimously gave its approval to put board member Dennis Dollar's "Regulatory Flexibility ("Reg-Flex") and Exemption Program out for a 60-day comment period an advance notice of proposed rulemaking (ANPR) (CU Times, March 29), CUNA and NAFCU both delivered...
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REFORM: Time is ripe for H.R. 10-like legislation for credit unions
WASHINGTON - The groundswell of discontent and controversy among credit unions concerning critical business, charter conversion and field-of-membership issues has been building for more than a year and the noise level is getting louder. The CUNA Board has approved the formation of a credit union commission to create a blueprint...
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Sports proves ATM hit for American Airlines CU
DALLAS - First it's airline terminals and now it's sports arenas. That's what might be called the "futures" market for credit union-run ATMs, according to American Airlines Federal Credit Union. The big Dallas CU-the sixth largest credit union in the U.S.- which landed a city contract last year to service...
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Texas' Elizondos earn NFCDCU's `Helping Hands Award'
WESLACO, Texas - Antonio and Elodia Elizondo won't be at the gala June 9 in Denver, Colorado to receive the 26th Anniversary Annie Vamper Helping Hands Award from the National Federation of Community Development Credit Unions. But building impressive resumes and accumulating honors wasn't what this couple was about anyway....
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CUNA business development series grows
MADISON, Wis. - CUNA's Center for Professional Development, a provider of educational products and services, has released two new handbooks in its business development series. "Electronic Services" and "Select Employee Groups" are the last installments in a three part series designed to help credit unions increase their membership base. "Electronic...
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Fight for privacy is taken to voters
WASHINGTON-Rep. Jay Inslee (D-Wash.) is only one member of Congress to begin writing to constituents about privacy issues in constituent newsletters. Last week, Inslee included this paragraph in his district update: "The Financial Modernization Act enacted into law last year provided some limited privacy protections. Unfortunately, the law contains many...
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CU 1999 mortgage origination numbers possibly understated
SAN FRANCISCO - There's more to published credit union mortgage origination numbers than meets the eye, at least that's what CMG Mortgage Insurance Company says. According to Callahan & Associates data, in 1999 credit union mortgage originations were slightly less than in 1998. In 1998, CUs originated $31.9 billion worth...
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Virginia League "Bonu$ Buck$" offers education to small credit unions
LYNCHBURG, Va.- The Virginia League is offering small credit unions the opportunity to take advantage of more training and education programs. Developed by the League's management team and Small Credit Union Preservation Committee, an association dedicated to creating small credit union initiatives, the Bonu$ Buck$ program addresses the immediate needs...
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CUNA Mutual reference guide targets small credit unions
MADISON, Wis. - CUNA Mutual Group has developed a comprehensive reference guide to help small credit unions build their lending portfolio. The 90-page reference guide entitled "Keys to Successful Lending for Small Credit Unions" includes ideas on member-friendly lending policies, lending operations that move money, managing lending risks, building a...
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CUNA commission to gather info, plan blueprint for CU reform legislation
WASHINGTON - The groundswell of discontent and controversy among credit unions concerning critical business, charter conversion and field-of-membership issues has been building for more than a year and the noise level is getting louder. The CUNA Board has approved the formation of a credit union commission to create a blueprint...
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CUs urged to work with borrowers to beat coming student loan rate hikes
FREDERICKSBURG, Va. - The latest interest rate hike by the Federal Reserve may mean more than a question on an Economics 101 final for many college students and recent graduates. That rate increase is expected to translate into higher student loan costs starting in July. Michael Blattman is vice president...
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Members of the National Coalition on E-Commerce and Privacy
WASHINGTON-While the list of members does not yet include any credit union trade associations, there is no shortage of companies that offer financial products and services to consumers. The current (and continually growing) list of members include: * AFLAC * American Century Investments * American General Financial Group * AMVESCAP...
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Rep. Clay Shaw to offer legislation to protect SSNs
WASHINGTON-Rep E. Clay Shaw (R-Fla.) is primed to put forward legislation to restrict the use of Social Security Numbers, (SSNs) and thereby protect citizens/consumers from potential identity fraud. Shaw, chairman of the House Subcommittee on Social Security of the Ways and Means Committee conducted hearings recently that heard testimony from...
News Briefs
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NYIB conference to help conquer youth crises
MADISON, Wis. - The National Youth Involvement Board 2000 conference will focus on strategies to appeal to younger members. "The need to attract young people into credit unions gets more urgent every day," said Heather Harris, NYIB chairman. "Competition for their business is getting more aggressive." The conference titled "Conquering...
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Dateline Washington
* According to CUNA at press time, an attempt to add CU-supported bankruptcy reform legislation to crop insurance legislation failed because of a dispute over homestead exemptions. * Strong preliminary NCUA first quarter figures for FICUs over $50 million in assets, released May 24, indicated that the number of FICUs...
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New York State CU League President resigns
ALBANY, N.Y. - Wayne Diesel, president/CEO of the New York State Credit Union League and Affiliates since Dec. 1997, has resigned. According to league sources, Diesel's decision was made for "personal and family reasons." No effective date for Diesel's resignation has been announced. William Merlin, senior vice president/COO of League...
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A credit union "E-vent"
FARMERS BRANCH, Texas - E-mail. E-commerce. E-signatures. E-yow! Technology seminars download an abundance of information into people's minds, but attendees often leave with the question, "Now what?" according to Janine McBee, senior training director at the Texas Credit Union League. The Credit Union E-vent, to be presented August 13-15 by...
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Rep. Brown meets with Florida Credit Union League
JACKSONVILLE, Fla.- The Florida Credit Union League recently honored Representative Corrine Brown (D) for her contributions to the credit union movement. Rep. Brown was among the first to sign on to H.R. 1151 in 1998. It was the grassroots support of the bill which was later passed in the Senate...
Tech Bytes
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Syntel, Corillian team up totarget financial sector
TROY, Mich. and BEAVERTON, Ore. - Syntel, an e-business, applications integration and application outsourcing firm, announced that it is now a professional services partner of Corillian, a leading provider of eFinance solutions. Syntel will deliver implementation solutions to financials that deploy Corillian's Voyager eFinance Suite and Corillian OneSource product lines....
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CyberBills, edocs align
SANTA CLARA, Calif. and NATICK, Mass. - CyberBills and edocs today announced a marketing agreement. It will enable bill and statement issuers to leverage edocs BillDirect Internet billing and customer management software to deliver bills, statements, and other customer account data to CyberBills customers. CyberBill's flagship product allows consumers to...
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Callahan's conference looks at the new Net paradigm
WASHINGTON - It's a recurring question these days-"How do credit unions compete and thrive in this Internet era?" Callahan & Associates hopes to shed some light on the subject at its Annual New Horizons: Financial Strategies Conference to be held from July 12-14 in Hilton Head Island, South Carolina. This...
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SCC and Equifax in debit card deal
ATLANTA - Equifax has signed a new contract to provide debit card processing Service Centers Corporation's 110 credit union clients. Equifax will process the nearly 120,000 cardholder accounts of SCC's credit unions. Service Centers Corporation is the only credit-union owned shared branch network in Michigan. "Our member credit unions currently...
Letters to the editor
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For the record
Let's get it straight. The two Letters to the Editor appearing in the May 3rd issue ("Better for whom?," "Enough is enough") were off the mark on the facts. To begin with, California has 58 counties, not 27. We serve 21 of these counties. Further, we have chosen to serve...
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Call a spade a spade
A Credit Union Times "At Press Time" story quotes NCUA Chairman Norm D'Amours as saying the reason that there was an FCU charter erosion "is the result of lowered state charter standards." The quote continues by adding: "The problem's roots are in the NCUA's granting of overlaps and expansions without...
People
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VENDORS
C.U. Processing, Southfield, Mich., a credit union data processor, has named Derek Strate application services manager. Countrywide, Calabasas, Calif., has appointed Mitchell Kofsky branch manager of its Rolling Meadows, Ill. office. Southwest Business Corporation, a provider of insurance and financial services, has appointed David DeWall general counsel for legal affairs...
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MIDWEST
Corporate One Federal Credit Union, Columbus, Ohio, has appointed the following members to its board: Janice L. Thomas, chairman; Steve Halas, vice chairman; Jerome Valco, treasurer; Patricia Hoelscher, secretary; Leslie Bumgarner, director; Patrick Gantt, director; Dick Powell, director, John Shirilla, director; and Pat Taylor, director. USA Federal Credit Union, Troy,...
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SOUTHWEST
DM Federal Credit Union, Tuscon, Ariz., has appointed Robert D. Ramirez president/CEO. Fort Bliss Federal Credit Union, El Paso, Texas, has appointed Nina Torkleson telephone services department vice president. San Antonio City Employees Federal Credit Union, has elected the following officers to its board: Aurora Garza, chairman; Rose Rangel, vice...
Publisher's Column
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Allowing banks to join CU groups is a mistake
Some banks, at least those that were once credit unions, are apparently more acceptable to some credit union organizations than are some credit unions, such as those that have chosen not to affiliate with a state credit union league. That's the inescapable conclusion that must be reached based on action...
Opinion
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Call for entries for the 2000 eAwards
WORLD WIDE WEB - Credit Union Times' third annual credit union Web site contest, the eAwards, is now open for entries.
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Establishing a privacy program in your credit union: how to begin
NCUA has proposed a privacy regulation to implement the privacy provisions of the 1999 Gramm-Leach-Bliley (GLB) Act, and some credit unions have responded by attempting to quickly draft new policies and procedures. Though this anticipatory effort may appear to be productive, we recommend a slower and more thoughtful approach, especially...
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- How Five College Town Credit Unions Keep Members Post-Graduation: Slide Show
- NCUA Issues Cease & Desist Against Montgomery County Teachers FCU
