Credit Union Times Magazine September-06, 2000

In Other News

  • Awards

    Hudson Valley Federal Credit Union, Poughkeepsie, N.Y., has announced that Investment Center representative Jan Paratore has qualified for membership in the Putnam Golden Scale Council. The Council is an elite group of investment professionals who have achieved the highest standards in serving investors during the previous year. Only 1,500 representatives...

  • Milestones

    Arizona State Savings & Credit Union, Phoenix, has announced the attainment of 100,000 members. Gerald Ogden of Flafstaff, Arizona received $500 in American Express Travelers Cheques for his role in helping the credit union reach this milestone. All new members who opened an account during the week of June 26th...

  • Name Changes

    Corporate Credit Union of Arizona, Phoenix, has changed its name to First Corporate Credit Union. "The new name reflects our service to credit unions which now reaches outside of the state of Arizona", said FCCU President/CEO Pete Pritts. FirstCorp is part of the Corporate Network System, which includes U.S. Central...

  • Branching Out

    Printing Industries Credit Union, Commerce, Calif., has announced the opening of its new larger office. The new office is in the same building as its old one but has three times as much space. There is more workspace for the staff and a large comfortable waiting area for members. PICU...

  • Donations

    Affinity Federal Credit Union, Bedminster, N.J. has raised $20,000 for the Adult Day Center of Somerset County. The Adult Day Center, a nonprofit agency dedicated to providing high quality, affordable medical day care and other respite services for disabled and/or elderly residents, was the beneficiary of Affinity's Third Annual Golf...

News

  • Texas CU Department issues guidance rule on CU names

    AUSTIN, Texas - The Texas Credit Union Department issued in its regulatory bulletin (RB) 2000-03 a reminder to credit unions that any CU using an assumed name must first register the designation with the Secretary of State and the appropriate county clerk, as well as receive a certificate of authority...

  • CUANJ denounces predatory lending practices

    HEIGHTSTOWN, N.J. - Less than one week after Sen. Phil Gramm issued the findings of a study on predatory lending practices that he said showed there is no consensus among regulators concerning a definition of predatory lending nor do they have organized data on the practice, representatives from The Credit...

  • Rainier Pacific Credit Union mails conversion ballots to members

    FIFE, Wash. - The board of directors of Rainier Pacific CU mailed out ballots to its more than 30,000 members Aug. 28 for them to use to cast their vote on whether the $372-million CU should convert to a mutual savings bank. The voting is scheduled for Nov. 27. If...

  • Retail delivery systems and the future of CUs

    WEST PALM BEACH, Fla. - Move over McDonald's, Kraft, and Coca-Cola, make way for the new breed of branding giants- Yahoo!, Amazon.com, and Nokia to name a few. The good news is that according to data collected by economists at RFA Dismal Sciences, Inc., consumers are spending more in financial...

  • COMMON DENOMINATOR

    Aggregation could have credit unions competing with Web giants..............Page 5

  • Trends of credit union facilities of the future

    WEST PALM BEACH, Fla. - Deciding to balance new technologies with the physical cost of providing personal service is fast becoming a primary issue for today's credit union. Trend-setting institutions must use strategic marketing to grow their operations, attract and retain skilled employees, and somehow brand personal service and convenience....

  • NO CONSOLATION

    Some CUs aren't appeased by NCUA Chairman Norm D'Amours denial of CU predatory lending.............................Page 4

  • A first: CUNA, NAFCU file joint proposal for briefing format in ABA's appeal hearing

    WASHINGTON - CUNA and NAFCU have complied with a request from the Clerk for the U.S. Appeals Court and filed a `joint response to court's order pertaining to briefing format" for hearing the American Bankers Association's appeal of U.S. District Court Judge Colleen Kollar-Kotelly's ruling which upheld NCUA's chartering and...

  • California Assembly passes credit scoring bill

    SACRAMENTO, Calif. - The state Assembly Aug. 28 passed landmark legislation that will, among other things, require lenders to provide consumers with their credit score, as well as the reasons why their score is not better and the factors that determined the score. S.B. 1607 was introduced by Sen. Liz...

  • Landmark CU raises $6,500 playing volleyball

    WAUKESHA, Wis. - Volleyball may be the sport some people dreaded having to play in high school. But the sport helped Landmark CU, a major sponsor of the New Berlin Lions Club's Spike for SightT tournament raise over $6,500 at their annual volleyball tournament. The co-ed tournament was held July...

  • Canadian IT company to acquire C.U. Processing

    SOUTHFIELD, Mich. and MONTREAL - An old story with new players. The credit union data processor merger/acquisition frenzy continues. This time it's credit union data processor C.U. Processing being acquired by CGI, a Montreal-based IT firm that has about 1,700 Canadian credit union clients. Along with Symitar Systems, which was...

  • Renaissance Commission gets down to business

    WASHINGTON - Three months after the CUNA Board approved the formation of a credit union commission to explore ways to improve the value of federal and state credit union charters and to assess the impact of statutory and regulatory environments on credit unions (CU Times, May 31), the 27-member Renaissance...

  • Study finds big banks will struggle to meet privacy compliance deadline

    NEW YORK - Critics of privacy legislation for the financial services industry have said legislation should be put off so that the privacy requirements of the Gramm-Leach-Bliley Act have a chance to work. So far, big banks aren't complying with those provisions. According to a recently released study by accounting...

  • Oregon Credit Union League looks inward, mulls strategic changes

    PORTLAND, Ore. - In mid-August, the board and senior management team of the Oregon Credit Union League met in Warm Springs, Ore. for a strategic planning session. The purpose of the meeting-how must credit union trade associations adapt to their changing role in the future. "We haven't had a session...

  • OmniAmerican celebrates CU/community collaboration

    FORT WORTH, Texas - A converted diner houses OmniAmerican FCU's Polytechnic Heights branch office. From its multi-colored checkerboard floor tiles to the juke box in the corner, the inside architecture still hints at the building's past. Outside, a towering art deco-style sign draws the attention of passersby, especially at night...

  • Credit unions vs. Yahoo!? Aggregation could be a common denominator

    NEW YORK - With a number of CU vendors recently announcing plans to soon have an account aggregation product ready for credit unions, there may be more urgency in the air with Web giants getting into aggregation. At press time Yahoo! unveiled its new account aggregation service. Yahoo! may present...

  • Lending still solid; savings stagnate

    ALEXANDRIA, Va. - Lending continues to outpace savings at federally insured credit unions, according to NCUA's just-released mid-year 2000 data. In the first six months of 2000, loans increased by 5.9%, up from $271.5 billion to $287.4 billion. During the same period savings increased by just 3.8%, up from $356.9...

  • No predatory lenders here, says D'Amours

    WASHINGTON - NCUA Chairman Norm D'Amours' plan to investigate what role the agency should play in regulating possible predatory lending practices within the federal credit union community stirred up a hornet's nest among the major credit union trade associations. CUNA for one vehemently denied that credit unions were involved in...

  • CNBS to broker credit union loan participation deals

    OVERLAND PARK, Kansas - At press time, Corporate Network Brokerage Services announced a new service where it will act as the broker for credit union-to-credit union loan participation deals. Credit unions, like banks and other financials, are experiencing a liquidity squeeze, forcing them to look at changing their investment and...

  • Zambian legislative environment conducive to credit union growth

    MADISON, Wis. - At a time when so many credit unions in underdeveloped and former Soviet bloc countries are working to remain financially safe and sound, the World Council of Credit Union has delivered good news about credit unions in Zambia. In Zambia, the organization reports, the policy environment is...

  • NCUF issues second quarter CIF disbursements

    MADISON, Wis. - The National Credit Union Foundation issued $52,423 in second quarter disbursements to 24 state credit union leagues and foundations participating in the Community Investment Fund. That's up more than $6,000 from the $46,413 disbursed in first quarter 2000. Second quarter investments pushed the total amount invested in...

  • Leach, Roukema, Santorum, Wheat to speak at NAFCU Congressional Caucus

    ARLINGTON, Va. - The names of three more legislators and one more NCUA Board member have been added to the list of speakers for NAFCU's upcoming Congressional Caucus to be held Sept. 11-13. The newest speakers include: Rep. Jim Leach (R-Iowa), chairman of the House Banking & Financial Services Committee;...

  • Mid-year 2000 call report data

    State CUs

  • Mid-Atlantic FCU works to decrease voter apathy

    GAITHERSBURG, Md. - Mid -Atlantic FCU and the Committee For Citizen Awareness have teamed up to produce and distribute a civic, educational videotape aimed at decreasing voter apathy. The videotape, "The U.S. Congress and You" features U.S. Rep. Constance Morella (R-Md.) and Charles Thomas, president/CEO of Mid-Atlantic FCU. Already many...

  • Fresh ideas for credit unions

    Sometimes taking a peek at what's new in areas outside of credit union-land can lead to fresh new marketing perspectives. Here are a few of the latest offerings: Inspiration 6TInspiration Software, Inc. Geared for education, this software turns an ordinary computer into a brainstorming center. It all starts with a...

  • Keeping score

    WEST PALM BEACH, Fla. -There's been so much consolidation in the credit union data processing industry that it's getting harder to keep up with who owns who. Here is a look at credit union data processors and their parent companies. The chart focuses on DP vendors that have been involved...

  • Big bank mergers of early `90s spurring big bank layoffs of 2000

    NEW YORK - The early `90s were home to a series of mega bank mergers that had everyone asking "Who's next?" after each deal was announced. But the ugly side of mergers is now starting to surface. A number of the country's largest banks have announced steep layoffs. Here's a...

  • Reg requirements of loan participation

    Under Regulation 12 CFR 701.22 credit unions are eligible to buy and sell loan participations. There are some important compliance issues that must be followed. They include the following: * A credit union may not purchase an interest in a participation loan if the borrower's indebtedness exceeds 10% of the...

  • TEAM marketing promotes credit unions' holiday loan options

    MADISON, Wis. - With the holiday season only four months away, it's not too soon for credit unions to promote their account access and holiday loan options to members. CUNA Mutual Business Services latest TEAM marketing campaign is designed for CUs to deliver the message "Come see what's shaking at...

News Briefs

  • Former NCUA director nominated for Fed's Consumer Advisory Council

    WASHINGTON - Dr. Harold Alonza Black, a member of the NCUA Board of Directors in 1980 under the chairmanship of Larry Connell and vice chairman P.A. Mack, has been nominated by Americans for Consumer Education and Competition to fill one of seven open seats of the Federal Reserve Board's Consumer...

  • Halvorsen resigns from Wisconsin CU League

    PEWAUKEE, Wis. - Ron Halvorsen, president/CEO of the Wisconsin Credit Union League resigned his position effective Aug. 25. League Chairman Quirin Braam said he could not discuss any details surrounding Halvorsen's resignation, including the reason for his decision. Halvorsen joined the Wisconsin Credit Union League as its president/CEO in October...

  • Two credit union mergers

    WARREN, Ohio and SCHENECTADY, N.Y. - Credit unions continue to merge at record pace. Two more mergers have been recently announced. Seven Seventeen Credit Union has acquired Eastern Trumbull Credit Union, Inc., in Hubbard Ohio. The Seven Seventeen merger is scheduled to be completed during the fourth quarter. All current...

  • Teach teens to manage credit, Mica says

    WASHINGTON - An article, "Visa woos teen-agers with reloadable card" that ran in the Aug. 25 issue of The Washington Times caught CUNA President/CEO Dan Mica's attention. The Aug. 29 edition of the newspaper featured a Letter to the Editor that Mica wrote to emphasize the point that, "New credit...

  • NCUF gets $300,000 grant from Ford Foundation

    MADISON, Wis. - The National Credit Union Foundation (NCUF) has been granted $300,000 by the Ford Foundation to "explore the creation of a new infrastructure for the delivery of financial services in low and moderate-income communities by exploring and piloting innovative programs that focus on credit unions in a leadership...

  • Mark your calendars, so we can mark ours

    Credit Union Times' annual Association Meeting & Events Calendar issue is always one of the most popular issues of the year. Many credit unions and vendors keep this issue handy throughout the year so they can check to see when and where the big blockbuster meetings are; what new meetings...

  • Large Texas CU applies for FOM expansion

    AUSTIN, Texas - United Heritage Credit Union, one of the largest CUs in the state, has filed an application with the state's Credit Union Department for permission to expand its field-of-membership to include persons who work or live in Smith County. If UHCU's application is approved, it would add a...

  • ARCO Credit Union renamed Pacific Resource Credit Union

    LOS ANGELES - Arco Credit Union has changed its name to Pacific Resource Credit Union. "We are proud of our history of serving Atlantic Richfield Company employees. However, the Credit Union now serves employees of many other California energy companies and hopes to add additional such employer groups," said Pacific...

  • Employees lack retirement planning knowledge

    PALO ALTO, Calif.- According to a new survey of HR and financial managers, employees aren't prepared to make sound retirement decisions. The survey, conducted by Financial Engines and Eager Manager Advisory Services, found that only 8% of all respondents feel that their company's employees are well prepared to make informed...

  • GSE roundtable set

    WASHINGTON - U.S. Rep. Richard Baker (R-La.), Chairman of the House Banking Subcommittee on Capital Markets, announced that a "GSE (Government Subsidized Entities) Roundtable" will be held September 12. Baker's Housing Finance Regulatory Improvement Act of 2000 (H.R. 3703) seeks to establish one regulator for secondary mortgage lenders Fannie Mae,...

Tech Bytes

  • CUNA to hold E-Commerce schools

    MADISON, Wis. - CUNA will hold E-Commerce School Part I & II from Sept. 17-21 at the Hilton Portland in Oregon. The E-Commerce school is geared for those considering or already engaged in e-commerce. The schedule will revolve around trends and patterns emerging in e-commerce and e-commerce practitioners. E-Commerce School-Part...

  • Bell & Howell introduces enhanced Ivory system

    SKOKIE, Ill. - Bell & Howell, a leading imaging provider, has unveiled its new Ivory System. Enhancements are in the areas of scanning, indexing, storing, and retrieval and distribution. The new system doubles the number of checks scanned per minute by using a higher speed scanner, increasing the throughput speeds...

  • First Data expands card presence in Canada

    ATLANTA - First Data Corp announced a new card processing agreement that will expand its e-commerce and payment technology into Canada. First Data will begin processing cards for Toronto-based Home Trust Company, a new federal trust. "Growing our presence in the Canadian card market is a strategic move for First...

  • FundsXpress and FISI-Madison release latest version of Portana

    AUSTIN, Texas - FundsXpress has announced a suite of enhancements for its Portana portal product, which it offers as part of a joint-venture with FISI-Madison. Portana was first released in May of this year. At press time about 150 financials have contracted to purchase the portal. Portana integrates portal capabilities...

  • Jack Henry announces offering; declares dividend

    MONETT, Mo. - Jack Henry & Associates, which purchased credit union data processor Symitar Systems earlier this year, has announced a regular public offering of 3.3 million shares of its common stock priced at $43 a share. The company said the money will be used for repayment of debts, working...

Letters to the editor

  • A worthwhile, well-done effort

    Mike Welch's Aug. 16 column, "CU involvement in political galas a smart move," did a great job of underscoring the importance and benefit of CUNA's and leagues' involvement in the 2000 Democratic and Republican National Presidential Conventions. Knowing Welch's column is widely read by a majority of the credit union...

  • Portal clarity

    I want to thank Jim Hicks for his letter to the editor and thoughtful comments (CU Times, Aug. 10, "Value in Portals") on the opinion piece I wrote in the Aug. 2 issue of Credit Union Times ("Credit union Internet strategy: Pass on the portals!!!"). It sounds as though we...

Briefs

  • San Antonio FCU named "Call Center of the Year"

    SAN ANTONIO - San Antonio Federal Credit Union Member Service Call Center has been named the 2000 "Call Center of the Year" here, for facilities under 60-seat capacity by the Professional Teleservice Management Association. The Association, a non-profit group of professionals involved with call centers, rated the organization on service...

  • Harland and Stategix team up to provide joint software

    ATLANTA - Financial institutions will now be able to link database marketing and compliant account origination with member sales and service thanks to a recent agreement between John H. Harland Company and Strategix Performance, Inc. Harland, a provider of business intelligence software, and Strategix, a provider of employee performance management...

  • Texas Credit Union Marketing Council to start mentoring program

    DALLAS - Identifying a need to assist credit unions with their marketing efforts has prompted the Texas Credit Union Marketing Council to establish a mentoring program. The program will assist credit unions in developing effective marketing strategies. "We strongly encourage credit unions to take advantage of this program because it...

Publisher's Notebook

  • Our own state department

    There is one unique editorial feature in every weekly issue of Credit Union Times that most readers probably take for granted. It's the popular "State News" section. Without Credit Union Times, a lot of important state news and features might never see the light of day on a national basis....

Opinion

  • Unnecessary and unwarranted

    This fall, the NCUA Board is expected to vote on improvements to its chartering and field-of-membership manual that, if adopted, would substantially clarify and ease key aspects of the federal chartering and expansion process. Regrettably, among these welcome changes is one proposal that credit unions universally oppose: a requirement that...

Publisher's Column

  • Make-up of CU boards no longer reflects membership

    Everyone in credit union land knows that credit union boards of directors are supposed to be elected by the membership to represent all members in all matters affecting them regarding their credit union. If it works the way most credit union people think it is working, the make-up of the...

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