Credit Union Times Magazine September-20, 2000

  • FLS Services and Eldredge Corporations to merge

    DALLAS and INDIANAPOLIS - Two providers of insurance and financial products to credit unions have announced merger plans. FLS Services, Dallas, and Eldredge Corporations, Indianapolis, said they plan to undergo an equal merger with each company owning 50% of the new company. The company will be named Allied Solutions and...

  • Despite legislation and regulations, banks are still willing to sell consumers' financial information

    WASHINGTON - Despite the passage of legislation and regulations blocking financial institutions from sharing consumers' private financial information, private firms are continuing to promise to obtain private financial information on consumers. This unnerving finding was disclosed Sept. 13 by Rep. Jim Leach (R-Iowa) at a hearing on pretext calling and...

  • Dollar uses opportunity to pump Reg-Flex, blast CAP

    WASHINGTON-Saying that his Reg-Flex proposal would better extend credit union services to people from all walks of life than the CAP, Dollar took the opportunity at the NAFCU Congressional Caucus to show his support for less regulatory burden for federal credit unions. Dollar commented, "Government should regulate only where they...

  • EDS aligns with CheckFree to offer electronic payment services

    PLANO, Texas - What are credit unions going to do next online? That answer is often found by following what the tech vendors serving financials are doing. From Net banking to portal offerings, tech vendors have driven a lot of innovations into credit unions. A major deal coming from two...

  • D'Amours to work the Hill to enhance the federal charter

    WASHINGTON-NCUA Chairman Norman D'Amours has promised the credit union community to address three major credit union issues on the Hill. During NAFCU's Congressional Caucus, D'Amours said he would like to "rectify some serious flaws" accepted by the credit union community with the passage of H.R. 1151, the Credit Union Membership...

  • CU calling on large East Coast CUs to help create the "Credit Union Buying onsortium"

    MECHANICSBURG, Pa. - The $515 million Members 1st FCU here believes large credit unions plus the Internet equals credit unions getting better deals from vendors. The credit union is attempting to form a leveraged buying opportunity for credit unions through what it has dubbed the "Credit Union Buying Consortium." Members...

  • CUNA, NAFCU want Fed to look closely at screen scrapers

    WASHINGTON - In recent comment letters to the Fed on the Fed's proposed revisions to Reg E, both CUNA and NAFCU have taken the opportunity to point out the potential dangers of firms that engage in screen scraping to aggregate consumers' financial account information. In recent months a handful of...

  • Raines urges credit unions to do more mortgage lending

    WASHINGTON-Fannie Mae Chairman and CEO Frank Raines stressed the importance of credit unions and the secondary mortgage lenders working together to expand lending to those of modest means at a speech at NAFCU's Congressional Caucus. "You are very important customers to us. We want to do more business with you,"...

  • South Jersey FCU, Bankshot Basketball shoot for DPAC Scholarship Fund

    DEPTFORD, N.J. - Call it basketball with a twist. Take an ordinary basketball rim, attach a brightly colored angled, curved or twisted backboard, then try to bank shots off the "bankboard" through the nets and you have the new game of Bankshot Basketball." South Jersey Federal Credit Union not only...

  • Large urban area community charter granted to San Francisco FCU

    ALEXANDRIA, Va.-For the first time ever, NCUA granted a request for a community charter for a large urban area, in this case San Francisco Federal Credit Union. The credit union requested the entire population of the city of San Francisco, which now stands at approximately 746,000, be included in its...

  • Property flipping puts credit unions on alert to home appraisal crime rings

    BALTIMORE, Md. and WASHINGTON -Its victims are typically first-time homebuyers with poor credit histories, the elderly and big city dwellers. Their numbers are growing so fast that one trade group is considering requiring criminal background checks on people who do house appraisals. Over the past year, the crime of property...

  • National trade groups work together

    WASHINGTON-The leaders of CUNA and NAFCU met for the third time this year at the NAFCU Congressional Caucus to discuss their common issues important to the credit union community. The National Credit Union Legislative and Regulatory Coordinating Council met to discuss expanding member business loan authority, expanding powers to add...

  • Becker rallies CUs to educate on savings

    WASHINGTON-During NAFCU's Congressional Caucus, NAFCU President Fred Becker noted that while "public" savings are up through reduction of the national debt, "personal" savings are in a severe slump. Financial regulators across the board have issued a similar battle cry. Becker quoted Treasury Secretary Lawrence Summers who stated that savings is...

  • OMEGA FCU's Kids Credit Union week sets sail

    PITTSBURGH - Captain Buck and his parrot Penny have sailed into OMEGA Federal Credit Union to participate in this year's Kids Credit Union week. The OMEGA FCU's Kids Club mascot, developed a year ago to encourage savings among children up to age 16, recently docked his ship, the U.S.S. OMEGA,...

  • Pentagon FCU partners with Military.com

    ALEXANDRIA, Va. - Pentagon FCU is one of five financial services providers who have signed on to a strategic relationship with Military.com, an online service that serves the 80 million Americans in the military community, and offers solutions to consumers and to the government agencies that serve them. The other...

  • Credit union CEO salaries up nearly 6%; still grossly lower than bank CEO salaries

    WASHINGTON - Some findings have become so consistent when comparing banks and credit unions that they're almost automatic each year when annual stats come out-one of these is CEO salary comparisons. According to a CUNA salary survey, the average credit union CEO salary is $59,527, a 5.7% increase over last...

  • Credit unions should reconsider sending uniform financial statements

    WEST PALM BEACH, Fla. - A survey report by Boston research and consulting firm Dalbar, Inc. suggests that when it comes to financial statements the "All for one and one for all" motto doesn't apply. What consumers want from their financial institutions, insurance, and mutual funds statements varies with age...

  • Lawmaker applauds credit unions' lobbying efforts

    WASHINGTON-Congressman George Gekas (R-Pa.) told credit union executives at NAFCU's Congressional Caucus that they "exerted a powerful lobby" regarding bankruptcy reform. "The testimony that was given by your officers resounded and made the difference in what we were hearing in committee," Gekas, author of the bankruptcy reform bill, said. "The...

In Other News

  • Awards

    Fort Campbell Federal Credit Union, Ky., has announced that Remote Services Manager Maria McKee has graduated from the Southeastern Regional Credit Union School. The three-year school is delivered in a concentrated learning environment. Students receive eight days of focused education annually, coupled with extracurricular activities designed to enhance leadership and...

  • Donations

    Army Aviation Center Federal Credit Union, Daleville, Ala., has announced that Johnny Faulk, a long-time member, has won $20,000 during its annual fund raising tournament at Silver Wings golf course at Fort Rucker. Faulk teed off on the 186 yard, eighth hole and scored a hole in one. Bank Building...

  • Branching Out

    Educational Community Credit Union, Jacksonville, Fla., has announced the grand re-opening of its Westside branch. In addition, ECCU has named Trainer Angel Fete Employee of the Quarter. ECCU has $400 million in assets and serves over 70,000 members. Patriot Federal Credit Union, Chambersburg, Pa., has been granted a community charter...

News

  • Illinois DFI holds payday lending public hearings

    CHICAGO - The state Department of Financial Institutions invited credit unions and other consumers to a public hearing Sept. 13 to comment on the department's proposed payday or "short-term" lending rules. Among the provisions of the rules: short-term loans that are not titled cannot exceed $300 and those that are...

  • TAKING A STAND

    Credit Union Affiliates of New Jersey reps testify at state's predatory lending hearings...........................................Page 12

  • Virginia state-chartered CUs add SEGs

    RICHMOND, Va. - More than one year since the legislation allowing credit unions to include groups with multiple common bonds within their field-of-membership went into effect, state-chartered credit unions have added new members and been approved to add select employee groups at a brisk pace. The state Bureau of Financial...

  • CUANJ takes leading stance at predatory lending hearings

    HIGHTSTOWN, NJ - At three recent public hearings aimed at studying the impact of predatory lending practices in the Garden State and deciding if more should be done to protect consumers from the abuse, representatives from Credit Union Affiliates of New Jersey (CUANJ) stressed that financial institutions should adopt self-governing...

  • ANOTHER MERGER

    Credit union insurance providers FLS Services and Eldredge Corporations are merging ............................................Page 3

  • NCUA Board approves Missouri MBL reg

    ARLINGTON, Va. - The three-member NCUA Board at its regular meeting Sept. 7 approved Missouri's member business lending rule. The board tabled consideration of the proposed MBL rule at its regular July 13 regular meeting because of the rule's treatment and definition of what constitutes a member business loan. In...

  • `One-Stop' auto reps in Colorado CUs hike loans

    DENVER - A group of Colorado credit unions are enjoying a jump in auto loans this year thanks to a versatile "one-stop" buying service that puts auto representatives in credit union branches and allows members to make purchases in direct face-to-face contact with them or through Internet vehicle selection. "We...

  • CUs' online playing field for auto loans widens

    SAN DIEGO - As if credit unions didn't have enough competitors vying for members' loan dollars, now there's one more auto lender CUs have to contend with - blank check auto lending. Although virtually unheard of up to only a few years ago, blank check auto lending was pioneered by...

  • Telhio recovers from Credit Union Leasing demise

    COLUMBUS, Ohio - It's been nine months since CU Lease Inc., a CUSO owned and operated by the Ohio Credit Union League to offer members auto leasing benefits, was forced to shut down because of cash flow and managerial problems. After being blindsided as so many credit unions were by...

  • New York burial account bill becomes law

    ALBANY, N.Y. - Gov. George Pataki has signed in to law a New York Credit Union League-sponsored bill that will allow members of state and federal credit unions to offer special accounts dedicated for funeral expenses. A-7248 took effect on Aug. 23 and corrects an oversight that excluded CUs from...

News Briefs

  • Grossklaus re-elected chairman of NASCUS Council

    ARLINGTON, Va. - Charles Grossklaus, president/CEO of Royal Credit Union has been elected to another term as NASCUS Council Chairman. Grossklaus was first elected Chairman of the Board of Directors for the NASCUS Credit Union Council in 1999. He also serves on the CUNA Government Affairs Committee. Grossklaus has been...

  • Roukema reaffirms support of credit unions

    WASHINGTON - Congresswoman Marge Roukema (R-N.J.), chairwoman of the House Banking Subcommittee on Financial Institutions and one of two GOP contenders for the chairmanship of the full Banking Committee for the 107th Congress, reaffirmed her support of credit unions during a meeting with representatives of the Credit Union Affiliates of...

  • New national executive search committee gets first assignment

    LITTLE ROCK, Ark - The National Executive Search Committee, recently jointly formed by the Texas, California, Colorado and Florida Credit Union Leagues has received its first search assignment. The Arkansas Credit Union League has asked the search committee to help the league find a new CEO. The four leagues in...

  • Experian launches national fraud database

    ORANGE, Calif. - Experian, an information solutions provider, announced recently the formation of the National Fraud Database, the first national repository of fraudulent activities. "Fraud loss is an immense problem for businesses," said Kim Cartwright, Experian's senior marketing manager. "In the United States, fraud losses for the mortgage lending industry...

  • Merger between two Canadian CUs would create second largest CU in country

    VANCOUVER, B.C. - Richmond Savings CU and Pacific Coast Savings CU-the country's third and fourth largest CUs-have announced their intention to merge. If the merger goes through, it would create the second largest credit union in Canada. Vancouver City Savings Credit Union is the largest CU. Richmond Savings has 80,000...

  • Companies increasingly offering employees CU membership fringe benefits

    ATLANTA - Fringe and other benefits are continuing to rise in popularity as a method for employers to attract qualified employees. Given the increase in the cost of medical treatments, many employers are enhancing the medical insurance benefits for their members. Credit union membership is also increasingly being dangled in...

  • Poitras celebrates 25th anniversary with Oregon CU League

    BEAVERTON, Ore. - Oregon Credit Union League President/CEO Gene Poitras recently celebrated his 25th anniversary with the OCUL. Prior to Poitras' appointment as president/CEO in 1993, he served as administrator of the OCUL Insurance Trust, and as senior vice president responsible for all fee-generating services offered by OCUL and Affiliates....

Tech Bytes

  • Avolent and CyberBills unite for standards

    SAN FRANCISCO and SAN JOSE, Calif. -Internet billing firms Avolent, Inc. and CyberBills have announced a strategic relationship aimed at increasing the adoption rate of Internet billing. Under this agreement, Avolent and CyberBills also plan to jointly market their software and services to billers and BSPs, in an effort to...

  • USERS' annual conference; aggregation solution coming

    ORLANDO, Fla. - At press time, credit union data processor USERS, Valley Forge, Pa., was holding its 17th annual conference, EdCon 2000, here. The theme for this year's conference is "Sharing Best Practices." "Never before has technology played such a central role in the credit union movement - a fact...

  • Credit Union 24's growth is being noticed

    TALLAHASSEE, Fla. - The Credit Union 24 ATM/POS Network was named the fastest growing regional network in the nation according to Bank Network News' "EFT Network Data Book 2001". Credit Union 24 transactions grew by 104.5% compared with the previous year; the largest increase out of the top 35 reported...

Briefs

  • Payment AdvantageT surveys members on auto loans

    SARASOTA, Fla. - A recently completed survey by Payment AdvantageT has revealed interesting data about credit union members' auto loan habits. Among the survey's findings: * 34% of the members indicated they had previously purchased a vehicle using an alternative finance source instead of a conventional loan; * 71% of...

  • Priceline.com deal puts CU's members in the pricing driver's seat for new car sales

    WHITE PLAINS, N.Y. - Kraft Foods FCU has given its members the best of both worlds when it comes to a car buying service. In addition to providing members with competitive finance rates, the $309-million CU recently sealed a partnership with Priceline.com Automotive Services LLC for the company to provide...

  • Autoland chooses marchFIRST to improve online B2B service offering

    CHICAGO -Autoland, a leading provider of automotive buying services to more than 800 credit unions and affinity groups has signed a multi-million dollar contract with marchFIRST Inc., a leading global services company to help develop and implement a variety of integrated solutions to strengthen Autoland's online and offline market position...

  • Coming down the road, Internet access from cars

    BRANDON, Ore. - Consumers are interested in auto-based Internet service, but whether or not they'd actually pay to have the feature installed in their vehicles depends on the price. That's one of the findings of a story by CNW Marketing Research, a leading research firm on the automotive market. At...

Opinion

Publisher's Column

  • Let members wear logo wear to boost CU image

    Credit unions have found many innovative ways to make their mark in recent years, but one of the most popular ways, especially since the widespread adoption of business casual wear in offices, has been to slap their logo on everything imaginable. Talk about branding initiatives, credit unions have become masters...

People

  • MIDWEST

    Lorain County Credit Union, Elyria, Ohio, has appointed Ernie Jackson president and chief executive officer. Grand Rapids Teachers Credit Union, Mich., has appointed Sandra Burdick Jelinski chief executive officer. DP&L Employees Plus Federal Credit Union, Dayton, Ohio, has named Cheryl L. Roser president/CEO. Ohio Credit Union League, Dublin, has appointed...

  • VENDORS

    Southwest Business Corporation, an insurance and financial services provider, has named Joanna Crespin account executive in the employee benefits division in San Antonio. Countrywide Home Loans, Inc., a provider of residential loans, has appointed Peter Reideler Jacksonville branch manager and Eric Hennon Deerfield Beach branch manager. CUNA Mutual Group, Madison,...

  • SOUTH

    Commonwealth Credit Union, Frankfort, Ky., has promoted Karen Harbin to executive vice president. UT Federal Credit Union, Knoxville, Tenn., has promoted Debbie H. Jones to executive vice president/ chief financial officer and Katy R. Jett to vice president of marketing. Baton Rouge Teachers Federal Credit Union, La., President/CEO Norman Thompson...

  • SOUTHWEST

    Del Norte Credit Union, Santa Fe, N.M., has named Douglas DeGroot CEO.

  • WEST

    California Credit Union League, Rancho Cucamonga, has named Ralph Ramirez interim membership manager and RaAnn Wood research analyst. Cumorah Credit Union, Las Vegas, has named Kim Taufer loan administrator and Karen Hale marketing director.

  • EAST

    Vermont Federal Credit Union, Burlington, has named Lisa M. Daggett controller. Finger Lakes Federal Credit Union, Geneva, N.Y., has named Ann M. Olney manager of loan origination and servicing. Mon-Oc Federal Credit Union, Toms River, N.J., has named Jose A. Garcia, Jr. business development coordinator.

Letters to the editor

  • Shame on him

    I have just finished reading the comments made by Clifford Rosenthal on the subject of CRA and CAP in the Aug. 30 issue of Credit Union Times ("NFCDCU Supports CAP with modifications)." While I have admired Mr. Rosenthal's efforts on behalf of the less fortunate in our society over the...

Quotes Worth Quoting

  • Quotes worth quoting

    "Services and products that may not always be the most financially profitable for the credit union, may still be in the best interest of the credit union member." -NCUA Board Member Yolanda Wheat commenting at NAFCU's Congressional Caucus on how to bridge the "demographic divide" with services, such as money...

Front Page News

  • CEFCU converts to state-charter status; retains NAFCU membership

    PEORIA, Ill. - Citizens Equity Federal Credit Union has become the thirteenth federal credit union to convert to state-charter status so far this year, according to NCUA. It is also one of many federal-to-state-charter CU converts that has chosen to take advantage of a NAFCU "once a member, always a...

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