Credit Union Times Magazine June-13, 2001

  • Electronic disclosure reg generally supported by credit unions

    WASHINGTON-The national credit union trade associations, in comment letters to the Federal Reserve, wrote that they generally support the electronic disclosures interim rule promulgated by the Fed. The e-disclosure regs became effective March 30 and will become mandatory October 1 under the Electronic Signatures in Global and National (E-Sign) Commerce...

  • CU merger trend continuing for the foreseeable future

    WASHINGTON-According to credit union analysts, the trend toward a more consolidated credit union community will continue well into the future. Smaller credit unions, as well as federally chartered credit unions, are particularly affected by this environment. "This trend is going to continue on for some time," said NAFCU Director of...

  • Extending the NCUA exam schedule from 12 to 18 months may mean quarterly call reports; issue slated for July board meeting

    ALEXANDRIA, Va.-According to a letter from Acting NCUA Chairman Dennis Dollar, the NCUA Board will consider a much talked about proposal to create a more flexible examination schedule for credit unions. The letter, addressed to NAFCU President and CEO Fred Becker, was in response to an earlier correspondence NAFCU had...

  • Living in the past: ABA brief rehashes old issues

    WASHINGTON-As NCUA, CUNA, and NAFCU lawyers settle down for bedtime reading with the American Bankers Association (ABA) appeals brief for their field of membership case, they are not discovering anything new. According to CUNA General Counsel Eric Richard, most of the issues are just a "re-hash of those already considered...

  • Credit unions double up in DeSoto

    DESOTO, Texas - Dallas Telco Federal Credit Union and Texas Federal Credit Union are taking money management principals to heart-doubling the return for their members by halving the cost of doing business-with shared office facilities. Only a fine line, an imaginary one, separates the two credit union branches in this...

  • Cooperative Webcast gives credit unions less travel, more training

    FARMERS BRANCH, Texas - As firsts go, last month's 12-League-sponsored live interactive Webcast on "Understanding Federal Account Insurance" lacked as much in hassle, drama and distraction as it offered in information. Consensus is that it left an inordinate amount of time for training, and provided very little of the traditional...

  • CIF contributions may be included in community charter's documentation

    ALEXANDRIA, Va.-In a legal opinion letter, NCUA stated that if a community chartered federal credit union can demonstrate that the National Credit Union Foundation's (NCUF) Community Investment Fund (CIF) helps the credit union serve the underserved, portions of its community contributions made can be used in documentation of the credit...

  • Corporate credit unions seeing credit unions going longer with investments; inverted yield curve no more on the short-term

    WEST PALM BEACH, Fla. - Corporate credit unions throughout the country - large and small - are reporting that their credit union members are now starting to move money out of overnight accounts and into longer-term corporate investments. With the inverted yield curve present for most of 2001, short-term rates...

  • Use what you've got: credit union small business opportunities

    WASHINGTON-With the number of small businesses growing at a rate of 6%, or 2.4 million a year, credit unions can not afford to miss out on this market, according to a study by CUNA and NFO WorldGroup Financial Services. The 68-page report recommends that credit unions profit from the solid...

  • Turning the page: Walberg puts credit union work behind him, begins a new chapter in his life

    HELENA, Mont. - Herbert Walberg didn't plan on working in the credit union industry, but he wound up spending almost 30 years of his professional career in service to Montana credit unions. He also didn't expect to be involved in any professional credit union activities on a national level, but...

  • Texas CU CEO, CUNA staff brief White House on serving undocumented persons

    EL PASO, Texas - In a White House meeting room late last month, the quiet voice of Harriet May - President and CEO, Government Employees Credit Union - spoke volumes for credit unions across America, echoing their daily challenges of offering and providing financial services to the growing swell of...

  • Washington State MBL rule goes into effect, other state regs line up for MBL rules

    OLYMPIA, Wash. - It's still too soon to tell what longterm effect Washington State's new member business lending rule will have on state-chartered credit unions' MBL loan portfolios. After all, at press time the rule had only been in effect for five days. But that doesn't worry the state's credit...

  • With privacy deadline looming, lots of action by regulators

    WASHINGTON-Regulators and financial institutions are scurrying about in an attempt to get matters in order before the July 1 effective date for the privacy regulations promulgated under the Gramm-Leach-Bliley Act The five federal bank, thrift, and credit union regulators jointly released a legal opinion letter recently stating that a financial...

  • PSCU undergoing strategic realignment

    ST. PETERSBURG - There's a true rags to riches credit union success story playing out in St. Petersburg, Fla., the home of Payment Systems for Credit Unions. Formed back in 1977 by the CEOs of five credit unions - GTE FCU, Suncoast Schools FCU, Pinellas County Teachers CU, Publix Employees...

  • Checking program gives those with mishandled accounts a second chance

    MILWAUKEE - Consumers who have misused their checking accounts or have been reported to ChexSystems for unpaid settlements are getting a second chance to make a fresh start thanks to a money management program. The Get Checking program started three years ago after discussions among Milwaukee's credit unions, banks, rental...

  • Southwest Corporate FCU gets in on the ground floor of NACHA's Project ACTION

    DALLAS - Corporate credit unions are more than just getting their feet wet with technology - they're diving right in. At press time, the $5.6 billion Southwest Corporate FCU was the sole CU representation for NACHA's Project ACTION. NACHA launched Project ACTION (ACH Credit Transactions Initiated Online) back in May...

  • PSCU At-a-glance

    * Established in 1977 by GTE FCU, Suncoast Schools FCU, Pinellas County Teachers CU, Publix Employees FCU, Railroad and Industrial FCU; * PSCU officially becomes a cooperative, owned by its member CUs in 1994; * Employs 750 people; * 510 member CUs; * 6.2 million cardholders; * Formed ePSCU, an...

  • NCUA approves 214 community charters and counting

    ALEXANDRIA, Va.-The NCUA has approved 214 community charter conversions as of March 31, 2001 for federal credit unions under Interpretive Ruling and Policy Statement (IRPS) 99-1, as amended by IRPS 00-1 and 01-1, according to recent information released by the agency. Still this number is relatively small compared to the...

  • Credit unions gobbling up more of the market share

    WASHINGTON-According to data recently collected by CUNA, credit unions are taking over an increasing portion of the financial institutions market share. Of federally insured financial institutions, banks still hold the vast majority of the market with 78.9%. Thrifts represent a distant second with 15.5% of the market. Credit unions, while...

  • Serlo, from NCUA examiner to CEO

    ST. PETERSBURG, Fla. - Dave Serlo's path to the corner office at PSCU started with NCUA. Serlo joined NCUA in 1970 as an examiner in the Pittsburgh office. He then moved to a Harrisburg, Pa. office and eventually to NCUA's headquarters. He did everything from controller, to helping manage the...

  • After last year's tornado damage, Texas CUs add to disaster plans

    ARLINGTON and FORT WORTH, Texas - When the spring sky darkens with boiling thunderheads, the wind picks up and lightning flashes across the horizon, the weather merits more than casual regard by the staffs of three Texas credit unions who remember the tornadoes that hit their offices March 28, 2000....

  • Bacino: We don't run credit unions

    PALM DESERT, Calif. - Geoff Bacino, the newest appointee to the board of the National Credit Union Administration, is promising credit union officials a hands-off approach when it comes to how they run their financial institutions. "One question I've been asked more than anything else is, `What's your vision of...

  • ePSCU holds Internet forum

    ST. PETERSBURG, Fla. - ePSCU, the e-commerce unit of PSCU, a credit/debit/EFT CUSO owned by 510 CUs, held its first-ever Internet Forum recently. Just a year old, ePSCU, which offers e-com products such as electronic bill payment, has 150 CU clients. "ePSCU is very much for real and here to...

In Other News

  • DONATIONS

    First Commonwealth Federal Credit Union, Lehigh Valley, Pa., has raised over $1,000 in sponsorships for the March of Dimes. Fourteen enthusiastic employees and friends participated in the seven-mile walk to help save children from birth defects and infant deaths. This was the first time FCFCU particpated on a team level...

  • AWARDS

    Workers' Credit Union, Fitchburg, Mass., President/CEO Frederick D. Healey has been honored with the Boulder Award for his outstanding contributions to civic life through the use of public communications. The Boulder Award, named after Fichburg's distinctive Rollstone Boulder on the Upper Common, signifies the rock-solid achievement of its recipients. WCU...

News

  • On the scene on the Emerald Isle

    Exclusive coverage of The World Council of Credit Unions' 2001 International Conference and Annual General Meeting held in Ireland recently is found on pages 20-21. Credit Union Times' Overseas Correspondent Donna Lane Nelson was on-hand in Ireland to cover the event.

  • CUs build comfort zones to entice members

    WEST PALM BEACH, Fla. -From the interior design layout to color and textures selected, more credit unions are encouraging members to make themselves at home. This "open house" approach comes equipped to please with large screen televisions tuned to CNN or local/national news; comfortable sofas; Internet access; several interactive centers;...

  • John Hume moves WOCCU delegates with his keynote speech

    KILLARNEY, Ireland - John Hume didn't speak about his role in bringing peace to Ireland, an effort that ultimately earned him the Nobel Prize. Nor did he mention the civil war that cost 3,500 Irish citizens their lives. Instead, he leaned on the podium and talked about starting one of...

  • New WOCCU Chairman gives his first interview to Credit Union Times

    KILLARNEY, Ireland - Newly elected World Council of Credit Unions (WOCCU) Chairmen Gerry Foley, sat down with Credit Union Times in the Great Southern Hotel to discuss his credit union involvement past, present and future. Speaking with a thick brogue, Foley is known for his easy smile, warm touch, ability...

  • The original Ms. Grow, VP of creativity and imagineering for DEI

    CINCINNATI, Ohio - Two people helped nudge DEI Visioneer & Vice President of Creativity and Imagineering Cynthia Grow to where she is today - a nun and a Jeep factory credit union manager . Sister Jacinta probably prevented Grow from making the biggest mistake of her life. "Here I was,...

  • CU Times' Nelson covers WOCCU conference onsite

    Credit Union Times' onsite coverage of the World Council of Credit Unions' 2001 International Conference and Annual General Meeting was provided by our Overseas Correspondent Donna-Lane Nelson. A native Bostonian, Nelson currently lives in Switzerland. Her most recent credit union employment before relocating overseas was with Digital FCU in Maynard,...

  • Credit unions, co-op banks hold historic talks in Killarney

    KILLARNEY, Ireland - A historic moment doesn't always need to be earth-shattering. However, a quiet historic moment took place before the World Council of Credit Unions' 2001 International Conference and Annual General Meeting where 25 representatives from credit unions and co-operative banks sat down to discuss shared values, differences and...

  • Alternative delivery channels: Is a supermarket or storefront branch right for your credit union?

    Credit unions are looking for ways to increase their membership while retaining current members. They are carefully reviewing all delivery channels available to them, whether it is the Internet, ATMs, Voice Response Units, existing branch facilities or the possibility of opening new locations. In order to accomplish these objectives, credit...

  • New design in facilities

    Here is a quick snapshot of different branch and headquarter designs: Pacific North West Federal Credit Union, Portland, Ore., has awarded DEI, Inc. a contract to renovate their main office. Riverside County's Credit Union, Calif., has broken ground on a new Operations and Technology center. The three-story, 62,000 square-foot building...

  • Breaking ground for Fitchburg's first credit union

    MADISON, Wis. - Construction is underway for Fitchburg, Wis.'s first credit union facility. CUNA Credit Union's 13,000 square-foot high-tech branch will open in July. The new credit union will include safe deposit boxes, small business services, a financial resource center for members; bilingual non-surcharging ATMs and an Internet caf with...

  • Think "small town" for next successful call center location

    NEW YORK - Step off the-beaten path when looking for a location to build your next call center and you may be in a position to cultivate a well-qualified workforce pool. A Deloitte & Touche 2000 survey of new call centers confirms that when call centers enter a small market...

  • Mary McAleese is more than the Irish president, she's a credit union member

    KILLARNEY, Ireland - "God must love ordinary people, he made so many of them," Mary McAleese, president of Ireland told the assembled delegates at the World Council of Credit Unions' Conference after greeting the group in both Gaelic and English. McAleese quickly made the audience feel she, too, is an...

News Briefs

  • Democrats, CHARGE!

    WASHINGTON-In the aftermath of Vermont Senator Jim Jeffords' party jump from Republican to Independent, the Senate has been concentrating on reorganizing itself to reflect the new Democratic control. In this effort Senator Tom Daschle (D-S.D.) has become the Senate Majority Leader, replacing Senator Trent Lott (R-Miss.), who is now the...

  • Empire Corporate FCU latest CCUN/400 user

    ALBANY, N.Y. - The $3.8 billion Empire Corporate FCU has joined The Corporate Credit Union Network/400, which is jointly owned by Southwest Corporate and WesCorp. Empire Corporate joins Mid-States Corporate, WesCorp and Southwest Corporate as users on the AS-400 processing platform. Empire Corporate converted to the system and was officially...

  • Nevada legislature gives CU commissioner "wildcard" authority

    CARSON CITY, Nev. - The Nevada legislature passed a bill supported by the Nevada Credit Union League that would give the commissioner of the Financial Institutions Division "wildcard" authority to grant state-chartered credit unions parity with federal credit unions. The commissioner's proposed new authority is included in an amendment to...

  • CU Direct Auto Lending Symposium to focus on best practices

    RANCHO CUCAMONGA, Calif. - Credit union best practices in indirect lending will be the focus of CU Direct's annual Auto Lending Symposium that will be held June 20-21 at the Flamingo Hilton in Las Vegas. At a luncheon on June 21, the company will recognize participating credit unions for having...

  • Foley succeeds Cutter as WOCCU chairman

    KILLARNEY, Ireland - Over 100 Irish credit union leaders who were among the hundreds of delegates attending the World Council of Credit Unions 2001 International Conference and Annual General Meeting watched as one of their own, Gerry Foley, received the jewel of the office as Chairman of WOCCU from out-going...

  • Pentagon FCU hits $4 billion

    ALEXANDRIA, Va. - Pentagon Federal Credit Union's assets just seem to keep on growing. Founded in 1935, PFCU has recently reached the $4 billion milestone. Pentagon Federal CU serves more than 432,000 members worldwide.

  • Two Oklahoma state-chartered CUs convert to community charter under new rules

    OKLAHOMA CITY - WEOKIE Credit Union and Tulsa Federal Employees Credit Union have become the latest state-chartered credit unions in Oklahoma to be approved to convert to a community charter under the state's recently approved community charter rules. The State Credit Union Board at their June 5 meeting, unanimously approved...

  • CO-OP Network to fight check fraud

    ONTARIO, Calif. - To help slow down the upward trend of check fraud, CO-OP Network, the largest credit union electronic funds transfer network, will offer a new fraud detection/prevention product -Deposit Chek. In less than ten seconds, Primary Payment Systems' Deposit Chek dial-up MICR reader can detect everything from lost,...

  • Washington State Division of CUs finalizes rule increasing assessments, fee rates

    OLYMPIA, Wash. - Five months after it began the rulemaking process, the state Division of Credit Unions has finalized its rule increasing the rate of assessments and fees paid to the division by credit unions. The rule takes effect on June 23, 2001. It provides for three successive increases between...

  • Sheshunoff, Hansen to speak at CUNA 2001 symposium

    MADISON, Wis. - Alex Sheshunoff, president of Alex Sheshunoff Management Services and Mark Victor Hansen, Chicken Soup author will be the keynote speakers at the CUNA 2001 Symposium and Annual Meeting, set for September 23 - 25 in San Francisco, California. Sheshunoff will deliver the opening keynote address, and his...

  • Becker joins NCBA

    WASHINGTON-NAFCU President and CEO Fred Becker has been elected to a one-year term on the National Cooperative Business Association (NCBA) board of directors at its recent annual meeting. "I'm proud to be elected to a leadership position at the National Cooperative Business Association," Becker said. "I will be representing the...

  • Nevada legislature approves e-registration bill

    CARSON CITY, Nev. - the state legislature has approved legislation backed by the Nevada Credit Union League that will allow the Nevada Department of Motor Vehicles to accept electronically transmitted documents such as registration and licensing forms. By streamlining the DMV's motor vehicle registration and record keeping system, S.B. 524,...

Tech Bytes

  • Banner FCU goes live with CU Realty

    SCOTTSDALE, Ariz. - CU Realty an online real estate solution for credit union members, has announced that Banner Federal Credit Union, Phoenix, an affiliate of Banner Health America, has signed an agreement with the company to offer its members access to the CU Realty end-to-end online realty buying solution solution...

  • American Airlines FCU buys DI suite of products

    CALABASAS, Calif. -The nearly $3 billion American Airlines Federal Credit Union, Dallas, has signed with Internet solutions firm Digital Insight to offer a number of DI products to its 190,000 members. American Airlines FCU will deploy DI's AXIS platform, which includes Internet banking, bill payment, and access to online statements...

  • Alabama League partners with Financial Marketing Group

    BIRMINGHAM, Ala. - The Alabama CU League and its Financial Marketing Group division have formed an exclusive distribution agreement with Marketing Solutions, Inc., that calls for FMG to be the exclusive distributor of MSI's CONNECTIONS financial management and marketing software. According to the League, CONNECTIONS, will assist CUs in targeting...

  • CUNA Mutual updates loanliner.com

    MADISON, Wis. - CUNA Mutual Group has released the latest version of its online loan origination tool, loanliner.com 3.0. According to CUNA Mutual, the new version makes it easier for CU loan officers to track the progress of electronically-generated loans. The Electronic Loan Folder Manager keeps a loan officer's documents...

  • FedComp releases "The Next Generation"

    FAIRFAX, Va. - Credit union data processor FedComp, Inc. here has launched, The Next Generation, its new Windows-based data processing solution. Pre-release sales launch started on June 1, 2001, and special pre-release pricing will be available for credit unions which sign up for the solution between now and September 1,...

  • Forget e-commerce, m-commerce coming

    NEEDHAM, Mass. - Those credit unions that have jumped to the leading edge and started offering wireless banking services will be pleased with the results of just-released TowerGroup research. The research shows that by 2005 the number of U.S. mobile payments users is expected to rise to 3.5 million and...

  • Navy FCU implements call center staffing solution

    VIENNA, Va. - Navy Federal Credit Union here has implemented a new workforce management solution to make sure call center agents are in the right place at the right time. Navy FCU has installed Pipkins' Maxima Advantage workforce management software, designed to provide sophisticated forecasting and staff scheduling for Navy...

Letters to the editor

  • Nice Job

    I'm not in the practice of writing to reporters about their work, but in this case, congratulations. Sarah Snell Cooke's story on Kathy Thompson, CUNA's senior vice president for compliance and legislative analysis (CU Times, May 23), was well done. I have known and worked with her for some time,...

  • Thanks for recognizing corporates

    Just got through reading Mike Welch's May 23rd publisher's column on corporates. Thanks for the good words. And thanks to Credit Union Times for the excellent special report taking note of corporate credit unions as a player in the industry. Sometimes I think that the corporate network is taken for...

  • The competitive edge

    Glad to see Credit Union Times is planning to spend some time reviewing the competitive landscape credit unions face everyday with their new "News of the Competition" regular feature (CU Times, May 30). Frankly, it's about time. I see a strong need need for credit unions to focus on the...

Opinion

  • Small credit unions need to ask the right questions.

    In her opinion article in the April 18 issue of Credit Union Times, Ann Brinkerhoff suggested that CUNA's small credit union broadcast left her with lots of unanswered questions. Ann is right! Correlating a wide range of characteristics with the degree of a credit union's success is a challenge. However,...

  • A capitol home for credit unions

    In a recent column (CU Times, May 2), publisher Mike Welch invited further explanation of the reasons and purposes behind Credit Union House. I'd like to take Mike up on that invitation and explain a little more about Credit Union House, where it came from, what it is and will...

  • .And choose the right partners, resources

    Ann Brinkerhoff raises some very thoughtful issues. Not all credit unions are in a position to become their members' primary financial institution, nor would they want to be. Some small credit unions may be better off as a kind of corner grocery store - not a financial supermarket - specializing...

Staking Out the Stats

  • When mixed mergers happen, state-charters survive

    As the story on page 1 shows, CU mergers have been plentiful in recent years. Often times when mixed mergers occur (mergers between federal- and state-chartered credit unions), the surviving credit union chooses to maintain the state-charter. Here is a look at the breakdown of state and federal surviving charters...

People

  • SOUTHWEST

    New Mexico Educators Federal Credit Union, has appointed the following employees: Tom Hagan, senior vice president of strategic marketing and development; Art Garcia, financial services district manager; Tony Dees, support services manager; Marlene Morse, training branch manager; and Eileen Fitzpatrick, central services manager. In addition, NMEFCU has promoted Becky White...

  • EAST

    St. Anne's Credit Union, Fall River, Mass., has appointed the following employees: Monique Grace, vice president of lending; Richard Beaulieu, vice president of branch administration; Robert Dumas, vice president of MIS; Janice Barrette, senior loan administrator/secondary market officer; John Mitchell, director of human resources; Darlene Sampson, Somerset branch manager; Deborah...

Publisher's Column

  • Banks define competition on their terms

    There is currently a major disagreement over whether or not bank holding companies should be permitted to engage in the real estate brokerage business as an extension of their incidental powers. Banks say yes, of course. They justify it by saying things such as: It is merely a logical extension...

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