Credit Union Times Magazine November-14, 2001

News

  • Determined: CU acts quickly, assertively to ensure members are served

    ALEXANDRIA, Va. - Not in her wildest dreams did U.S. Senate FCU President/CEO Jan Roche ever imagine she'd be taking an antibiotic to combat a strain of the deadly anthrax disease, but these are not ordinary times. No credit union has had a more up close and personal view of...

  • Florida League averts $8 million tax on SCCUs

    TALLAHASSEE, Fla. - State-chartered credit unions in the Sunshine State have a tip Florida Credit Union League officials received from a staffer in the Florida Department of Banking & Finance, and some fast action by the FCUL's team of three lobbyists to thank for the League's success in blocking what...

  • Fort Bliss FCU helps put mortgages in low income and military members' hands

    EL PASO, Texas - Home buyers in El Paso and Dona Ana counties who otherwise would be turned down for conventional mortgage financing because of a lack of credit or past credit problems are finding financing assistance these days at Fort Bliss FCU. The $318 million credit union is participating...

  • CU trades like flexible exam schedule with quarterly reporting, but ask for more

    ALEXANDRIA, Va.-While CUNA and NAFCU expressed their support for the flexible examination schedule in conjunction with quarterly 5300 reporting, both wrote in official comment letters that smaller credit unions need additional flexibility. The trade associations pointed out that the new exam schedule would have benefits not only for credit unions,...

  • CU technology gurus share thoughts on spending plans for 2002

    COLUMBIA, S.C. - Autumn is in full swing, and the sound of crunching fills the air - from leaves underfoot and on the desks of IT managers around credit union land as they work the numbers of their 2002 budgets in preparation for approval by their bosses and their boards....

  • `Bank at a credit union, not a bank'

    WASHINGTON-Consumers should "Bank at a credit union, not a bank," according to U.S. Public Interest Research Group (U.S. PIRG) Consumer Advocate Ed Mierzwinski. The consumer advocacy group recently released the results of its 2001 bank fee study in which credit unions come out on top. According to U.S. PIRG, consumers...

  • NCUA chairman visits ground zero

    ALEXANDRIA, Va.-NCUA Chairman Dennis Dollar traveled to New York City Tuesday, November 6 to meet with New York state credit union regulators, leaders of two New York City credit unions impacted by the September 11 events, and visit the site of the former World Trade Center. "These credit unions have...

  • Breaking down NCUA's open budget forum

    ALEXANDRIA, Va.-The NCUA took a `giant step' in the sunshine when the agency held its first ever open budget forum to educate the credit union community on its budget making process and take comments from the public. The board will make its final decision on the budget at its November...

  • Clark County CU creates own brand of art

    LAS VEGAS - Imagine gazing at a 30-foot wide panorama of a Red Rock Canyon sunset while making a teller transaction or walking around a branch where orange Desert Globemallows, bright yellow Desert Marigolds, lavender Asters and other vibrant indigenous desert plants peek out from almost every wall. Not many...

  • CUNA's Hampel: Economics much more than just crunching numbers

    WASHINGTON-Contrary to popular belief, economics is not all about numbers crunching. It's about telling a credit union board how the numbers could affect their credit union. Likewise, economics is not all that economists live for. For CUNA Chief Economist Bill Hampel, it's about the open road. Hampel, an avid cyclist,...

  • Consumer holiday spending not as dreary as expected

    WASHINGTON-Spending less does not mean less holiday cheer. According to the second annual holiday spending survey conducted by CUNA and the Consumer Federation of America (CFA), holiday shoppers will cut back on spending, but not much over last year. Additionally, the study found that consumers were less concerned about debt...

  • Unique recession offers credit unions unique lending opportunities

    MADISON, Wis. - If there were any lingering doubts the U.S. was going through a recession, they were dispelled by some of the latest economic statistics such as those released by the National Association of Purchasing Management which showed its non-manufacturing business activity index fell to its lowest point in...

  • Top 100 Credit Unions in Annual Share Growth for Past 5 Years (As of June 30, 2001)

    WASHINGTON - According to Callahan & Associates, five-year compound share growth at credit unions from June 30, 1996 to June 30, 2001 averaged 7.82%, but some credit unions blew that figure away. In fact, 23 CUs on the list topped 20% share growth. The No. 1 ranked Digital CU, Maynard,...

  • U.S. Senate FCU takes on anthrax attack

    ALEXANDRIA, Va. - Not in her wildest dreams did U.S. Senate FCU President/CEO Jan Roche ever imagine she'd be taking an antibiotic to combat a strain of the deadly anthrax disease, but these are not ordinary times. No credit union has had a more up close and personal view of...

  • The Golden 1 CU shares philosophy of giving

    SACRAMENTO, Calif. - Sometime the old adage "more money, more problems" does not always ring true. For The Golden 1 Credit Union, a $30 million windfall from the sale of its STAR ATM Network stock presented an opportunity to reward members. "We felt an obligation to return it to members,...

  • Visually impaired file complaint against Vermont banks, CU over inaccessible ATMs

    MONTPELIER, Vt. - Several local banks and one credit union here have been charged with not doing enough to accommodate the visually impaired with their usage of automated teller machines, according to a complaint filed with the state's Human Rights Commission. The complaint charges Chittenden Bank, Howard Bank, Northfield Savings...

  • State coins popular as booster of PACs

    INDIANAPOLIS - Collector coins-particularly those commemorative quarters saluting the 50 states-are now a popular new vehicle for raising political action funds for credit unions. In perhaps an unintended offshoot from Sept. 11, underscored by heightened public fervor to demonstrate patriotistism, the market for the coins lately has shown steady growth....

  • NAFCU's chief economist has brush with ground zero; doing what he loves

    ARLINGTON, Va.-Call it fate or destiny, but NAFCU Chief Economist Tun Wai was meant to live to serve credit unions. Wai checked out of the Marriott at the World Trade Center September 10. His flight out of LaGuardia Airport was cancelled due to weather but instead of returning to his...

  • OCC guidance cautions national banks on third-party relationships

    WASHINGTON-The Office of the Comptroller of the Currency (OCC) issued guidance on managing the risks that arise when national banks have business relationships with third parties. The issue has jumped to the forefront after evidence of money laundering and other crimes were committed in financing the terrorist attacks of September...

  • Oklahoma League president calls bankers' criticisms of CUs "old news"

    TULSA, Okla. - Bob Bianchini, president/CEO of the Oklahoma Credit Union League may have called the Oklahoma Bankers Association's criticisms of credit unions "the same old rhetoric" and "old news," but that doesn't mean he's shrugging them off. The OBA's statements, said the League, is a reminder of how important...

  • One corporate wakes up to the importance of marketing

    TALLAHASSEE, Fla. - The old days of a corporate having a guaranteed captive CU audience in the region it serves are over. With most state-chartered corporates having national FOMs and with an increasing number of federal-chartered corporates moving to them, corporate CU competition has gone national. Corporate leaders will point...

  • Members Choice CU earns `best place to work' honor

    HOUSTON, Texas -What defines a great place to work? Attractive benefits? Training opportunities? Esprit de corps? For Members Choice Credit Union, the answer is all of the above. . . and then some! Recently named one of Houston's "Best Places to Work" by the Houston Business Journal, Members Choice lures...

  • Early-bird Hampel on CNBC

    DALLAS - CUNA Chief Economist Bill Hampel made an appearance on MSNBC's Today's Business recently. Hampel, who was on business in Dallas, visited a CNBC satellite office to do the live appearance. It aired at 6:40 a.m. eastern time, meaning for Hampel, being in the central time zone, it was...

  • OmniAmerican CU collects $24,000 for Afghan children

    FORT WORTH, Texas - Heeding President Bush's September call for children to donate $1 to the Afghanistan Children's Relief Fund, the Fort Worth Independent School District students, staff, parents and Parent Teacher Associations collected $24,000 in change. OmniAmerican Credit Union then helped turn that change into a check. "We were...

  • Xerox FCU, MBNA look to 2002 Olympic games

    EL SEGUNDO, Calif. - Xerox Federal Credit Union and MBNA America Bank have launched a new credit card program highlighting Xerox's sponsorship of the 2002 Olympic games. This past summer the $481 million credit union sold its $18 million retail credit card program consisting of more than 15,0000 accounts to...

  • Seidman's last farewell

    NEW ORLEANS-In her farewell address to the thrift industry, Clinton-appointed Office of Thrift Supervision (OTS) Director Ellen Seidman reviewed her four-year tenure as a time of enhanced profitability and stability for both OTS and the thrift industry. President George W. Bush has nominated James Gilleran to serve the remainder of...

  • A new CEO at FISI-Madison

    NEW YORK - FISI-Madison President Dan Tarantin has been named the company's new CEO, replacing Ken Keith, who served as CEO since 1996. Tarantin will be doing doubled duty, as he was also named CEO of Benefit Consultants. The moves were announced by Cendant Corp., parent company of FISI-Madison and...

  • Telesis Partnership sets quarterly record for MBL funding

    CHATSWORTH, Calif. - The U.S. economy may be going through a soft spell, but don't tell that to the 50 credit union partners who participate in Telesis Partnership Inc.'s (TPI) commercial real estate, business loan and participation lending services. TPI, a wholly-owned CUSO of Telesis Community Credit Union, funded more...

  • Michelle delays start of CUNA Attorneys Conference

    NASSAU, Bahamas - Hurricane Michelle reportedly lost some of its strength as it moved off Cuba on Monday, but it still had enough power to wallop the Bahamas capital with 85 mph winds, drench the island with as much as three feet of rain in some places, and force the...

  • Chartway FCU takes a trip down memory lane

    VIRGINIA BEACH, Va. - While some are content to just talk about their days of old, Chartway Federal Credit Union has taken steps to immortalize them in a book- The Story of Chartway Federal Credit Union: From cigar boxes to data chips. "As a SEG-based credit union part of the...

  • CUCorp buys disaster recovery lines of business; will Web-enable

    NORTHVILLE TOWNSHIP, Mich. - CUcorp, the wholly-owned subsidiary of the Michigan CU League, has purchased the Operations Policy Manual and Disaster Recovery Manual lines of business from human resource firm HRN Management Group. CUcorp will assume the operations of these lines for HRN's CU clients. Services include semi-annual operations policy...

  • Study finds shared branches satisfy convenience niche

    CHICAGO - A newly released joint study by Credit Union Service Corporation, Financial Service Centers Cooperative, Inc., and Service Centers Corporation, the three leading shared branch networks, finds that the most likely users of a shared branch are in their thirties with a credit union checking account and direct deposit....

  • U.S. PIRG study not kind to big banks; CUs still shine

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  • Fed trims another 50 bp

    WASHINGTON - In a Federal Open Market Meeting Nov. 6, the Fed cut another 50 basis points off the target for the federal funds rate to 2%. Not only is this number a 40-year low, but it also drops the rate below the rate of inflation. The Federal Reserve Board...

  • Bankruptcy conference to convene this week

    WASHINGTON-The long-awaited bankruptcy conference is expected to begin November 14, according to credit union lobbyists. It was originally scheduled for September 12 and rescheduled for the November 12, after the September 11 attacks, but delayed again. The bill has moved slowly but steadily through Congress this session and was most...

  • Discover a new mall, marketing idea

    ATLANTA - In a co-marketing first, Discover Financial Services and The Mills Corporation have held the grand opening of the Discover Mills shopping center. The 1.3 million square-foot retail and entertainment center located in Gwinnett County is part of a 10-year partnership in which Discover Card is the preferred payment...

News Briefs

  • Illinois CU Foundation creates scholarship in Artemenko's honor

    NAPERVILLE, Ill. - The Illinois Credit Union Foundation has created a scholarship in honor of long time credit union activist Gene Artemenko who died October 15. Recipients of the CU Foundation's assorted scholarships are the staff or volunteers of credit unions in the state. The money can be used to...

  • Fighting for CU right to tax-exemption

    WEST PALM BEACH, Fla. -First Entertainment Credit Union CEO Charles Bruen, who is also chairman of the California Credit Union League's task force on alternative sources of capital, defended credit unions' tax-exempt status in a letter to the editor responding to an October 2001 U.S. Banker article entitled Endangering The...

  • Connecticut CU Association to add CUs to CCUL's match-up Web site

    WALLINGFORD, Conn. - Connecticut consumers interested in learning which of the state's 150 CUs they're eligible to join will soon be able to go online to the California Credit Union League's Match-Up Web site to find out. The Connecticut Credit Union Association has agreed to add its member credit unions...

  • Harney County FCU, O.U.R. FCU awarded $700,000 grant

    BURNS, Ore. and EUGENE, Ore. - Harney County Federal Credit Union and O.U.R. Federal Credit Union will receive nearly $700,000 in grants under the Community Development Financial Institutions Fund offered by the U.S. Department of the Treasury. Awarded to non-governmental organizations whose primary mission is to provide loans or investments...

  • Bunker named CUES chairman

    MADISON, Wis. - Wayne Bunker, CCUE, CCE, president/CEO, Commonwealth CU, San Jose, Calif. was named chairman of the Credit Union Executive Society (CUES) at the organization's annual business meeting held Nov. 5 at CUES' CEO network 2001 in Las Vegas, Nev. In addition, the following other board members were named...

  • MECU CEO named CUES Executive of the Year

    MADISON, Wis.-The Credit Union Executives Society has named Motorola Employees Credit Union President/CEO John C. Fiore the 2001 CUES Executive of the Year. Fiore was presented the honor by last year's winner, retired USA FCU president/CEO Dorothy Nouhan, during a special awards banquet at the CUES' CEO Network held in...

  • House passes anti-fraud network bill

    WASHINGTON-The House passed a bill November 6 to create a computerized network linking the anti-fraud databases of the nation's financial regulators and law enforcement agencies. The Financial Services Antifraud Network Act (H.R. 1408), sponsored by ex-FBI agent and Congressman Mike Rogers (R-Mich.), passed overwhelmingly by a vote of 392 to...

Opinion

  • Avoiding the Technology Trap

    New technologies continue to be released to consumers and businesses at a rapid pace, and as the technologies are adopted and prices fall, credit union executives may find themselves facing what can be called the "technology trap," which is purchasing technology for technology's sake. Conveniences such as online, real-time access...

Publisher's Column

  • Volunteers need more education, not more politics

    One of the biggest challenges facing credit unions today is the desperate need for educated volunteers. It is a topic that is rarely openly discussed. I often ask credit union groups, "What is one of the greatest strengths of credit unions?" Almost always, the reaction is total silence. Surprisingly, even...

People

  • EAST

    Sunmark Federal Credit Union, Schenectady, N.Y., has named Arthur LaFleur dealer relationship specialist and Rachel Zimolka business development representative.

  • VENDORS

    Kessler Financial Services, a sales/marketing firm has named John Zdebski vice president of credit union partnership development. Fagliarone Group CPAs, PC, a regional certified public accounting firm, has named James N. D'Imperio senior auditor; Michelle Taylor, staff accountant; and James Czaplicki staff accountant. HBE Corporation, a design/build firm, has named...

  • SOUTHWEST

    Security Service Federal Credit Union, San Antonio, has named Michael Chapman vice president of its Texas central lending department.

  • MIDWEST

    Iowa Credit Union League, West Des Moines, has promoted Justin Hupfer to director of regulatory compliance and internal counsel. Heritage Credit Union, Rockford, Ill., has elected Jim Jerving, Manager of CUNA & Affiliates Editorial Products, board director. Jerving will replace long-time director, Roger Julseth, who retired in early October.

  • WEST

    SRP Credit Union, Phoenix, has named Harry M. Mateer Jr. chief financial officer. Northwest Corporate Credit Union. Portland, Ore., has promoted Dan Abdill to investment sales representative. SAC Federal Credit Union, Omaha, Neb., has appointed the following officers to its board: Paul E. Norton, chairman; Linda F. Barnes, first vice...

  • IN MEMORIUM

    New York Sate Credit Union League, Latham, regretfully announces the passing of longtime credit union movement member Carl Colucci. Colucci, who served as president of the International Paper Company's credit union, was later employed by the League as a consultant until the mid-1980s. Colucci then served as manager of Kenton...

  • SOUTH

    Tennessee Teachers Credit Union, Nashville, has named Chris J. Becker executive vice president.

Looking Back

  • CREDIT UNION TIMES, Vol. 3, No. 45, November 11, 1992

    Looking back nine years ago finds California credit unions unhappy with the California Franchise Tax Board ruling that state-chartered credit unions must pay the equivalent of a 7% gross income tax retroactive to 1988. However, California League Senior Vice President Laura Porter urged credit unions not to overreact. "I think...

In Other News

  • Branching Out

    Olin Community Credit Union, East Alton, Ill., has awarded HBE Financial Facilities with a design/build contract for its Bethalto branch. The new facility will be a two-story, 22,000 square-foot, steel structure with a brick exterior. The first floor will accommodate a full service branch including mortgage department and the second...

Letters to the editor

  • Not a state's rights issue

    The NCUSIF and NCUA were the subjects of Bucky Sebastian's (CU Times, Oct. 24)comments. I understand the frustration, but I am confused at this being a state's rights issue. As far as I am concerned the right that the states have is to form their own share insurance company and...

  • More to a "split" than meets the eye

    Mike Welch suggests (CU Times Nov. 7) the "only decision" that will put the OTR controversy to rest is splitting NCUA from NCUSIF. Mike goes on to say that opponents of such a move regularly "trot out" the same blue sky argument - splitting the NCUA from NCUSIF will lead...

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