Credit Union Times Magazine November-28, 2001

  • Co-op ads getting Arizona push in 2002

    PHOENIX, Ariz. - Co-op advertising with an emphasis on specific products and services-and away from industry awareness-will get a new push in 2002 from Arizona credit unions, the Arizona Credit Union League has announced. A statewide co-op campaign to debut in January and using all media "is designed to build...

  • CUs getting their 15 minutes

    WEST PALM BEACH, Fla. - From the national media arena, to buses, more credit unions are opting to air the credit union difference in public. Good Day Philadelphia, a morning program which airs daily on the Fox network from 7a.m. to 9a.m. recently featured Philadelphia Federal Credit Union. As part...

  • Faith-based credit unions, advocates converge to explore options on bridging economic divides

    BIRMINGHAM, Ala. - With hopes that an investment in faith-based organizations will help to bridge the economic gap between the poor and rich, more than 130 credit union representatives attended a national conference here that addressed solutions to closing that margin. The National Federation of Community Development Credit Unions (NFCDCU)...

  • Congressman's "worker for a day" delivers for JSC Federal Credit Union

    Clear Lake, Texas - If you've been listenin' to the preachin', you've heard this message before: Establish key contacts with legislators before a need arises, and it will pay big dividends later. In support of this theory, JSC Federal Credit Union recently hosted Congressman Nick Lampson as part of his...

  • Bown's FHFB withdrawal a "practical" decision

    WASHINGTON-In withdrawing her name from the presidential nomination as chair of the Federal Housing Finance Board (FHFB), former NCUA Board member Shirlee Bown said the decision just made sense. Originally, Bown believed that she would be nominated to serve a full seven-year term. She ultimately realized that she would only...

  • Private insurance next on tap for Maryland SCCUs

    BALTIMORE, Md. - Now that the NCUA Board has approved Maryland's member business lending rule, the state Division of Financial Regulation is turning its attention to private insurance for the state's 11 credit unions. Maryland became the fourth state to have an NCUA-approved MBL rule. The agency approved the proposed...

  • Proud to be a career civil servant: NCUA Executive Director Len Skiles

    ALEXANDRIA, Va.-Everything about NCUA Executive Director Len Skiles says U.S. Marine Corps: from the obvious antique, framed Marine Corps poster on the wall of his office and the Marine Corps coasters, to his short, neatly combed hair and finely pressed shirt. His pet bird can even whistle the Marine Corps...

  • PacCorp turns down WesCorp "consolidation" offer; WesCorp set to build "local" infrastructure in Hawaii

    SAN DIMAS, Calif. - WesCorp and PacCorp have agreed to disagree about the need for a "consolidation" between the two corporates, and now WesCorp says it will begin building up its local presence in Hawaii with a Honolulu-based office scheduled to open in the first quarter of 2002. At $15...

  • Fed study: Paper check losing market share to electronic payments

    WASHINGTON - Financial experts have been talking for years about the advent of the checkless society, but despite technological advances paper checks have remained a dominant form of consumer payment. Consumers still haven't entirely gone checkless, but new data collected by the Federal Reserve System suggest that in their effort...

  • MEMBERS Development Corp. approaching two-year mark; aggregation its biggest hit so far

    MADISON, Wis. - Closing in on the two-year mark, MEMBERS Development Corporation is sticking to its mission of conducting the R&D work for a new product or service, and then passing on the servicing to CUNA Mutual or another party. MEMBERS Development Corp. was formed back in early 2000, billed...

  • O'Rourke Sacher & Moulton's 2000-2001 "Best Practice" winners

    BRISBANE, Calif. - It's that time of year again, time for O'Rourke Sacher & Moulton to recognize the "Best Practices" in credit union financial analysis and internal controls. This year's winners span a number of critical areas of credit union operations, said Tom Lent, partner with O'Rourke Sacher & Moulton,...

  • Kanjorski big money winner from CULAC this month

    WASHINGTON-Congressman Paul Kanjorski (D-Pa.), a strong credit union supporter, may be in for a tense race next year, so the Credit Union Legislative Action Committee of CUNA (CULAC) contributed $9,000 to his campaign last month. Pennsylvania is not finished drawing up the redistricting lines, but, according to CUNA Political Director...

  • Pacific Corporate FCU At-a-glance

    FOM: Serves Hawaii and the Guam Territories Member CUs: 103 (as of year-end 2000) Assets: $420 million (as of Sept. 30, 2001) Capital ratio: 9.3% (as of August 30, 2001) President/CEO: Rand Yamasaki Recent news: At NCUA's November Board meeting PacCorp was granted a waiver to Section 704.6(c)(3) of NCUA's...

  • WesCorp At-a-glance

    FOM: National Member CUs: 900+ Assets: $15 billion Capital Ratio: 6.90% President/CEO: Dick Johnson (announced retirement plans earlier this year) Recent news: WesCorp recently completed a live business contingency exercise. All of WesCorp's item processing services from the San Dimas headquarters were sent to its San Leandro processing center. Treasury...

  • ATM National Network- Behind the scenes

    Management Team Ben Psillas - President & Founder of ATM National Steven Karp - Vice President of Strategy & Finance Former Senior Consultant at First Annapolis Consulting, Inc. Karen Adams Horton - Vice President of Marketing Former Director of Marketing at American Express Board of Directors & Advisors John O....

  • FCUs may become licensed insurance agents

    ALEXANDRIA, Va.-Under the NCUA's recently approved incidental powers rule, a federal credit union may provide members with the opportunity to purchase a third party's vendor insurance, which may require the credit union to become a licensed insurance agent under state or local law, according to a recent legal opinion letter....

  • Credit unions' exception to credit insurance rule

    MADISON, Wis.- A Consumer Federation of America and Center for Economic Justice report finds that credit unions are the only financial institutions that consistently meet or surpass the minimum consumer benefit mark for credit insurance. The credit insurance industry minimum recommended by the National Association of Insurance Commissioners is a...

  • ATM National is latest rookie in ATM network game

    WASHINGTON - Amid the growing arguments from the U.S. Public Interest Research Group accusing banks of gouging consumers with ATM fees and consumer concerns over the economy, ATM National President Ben Psillas wants to offer an oasis in the form of a new surcharge-free, deposit-taking national ATM network. Psillas plans...

In Other News

  • DONATIONS

    MSU Federal Credit Union, East Lansing, employees and members have donated their time to raise $455 for Ele's Place, a counseling center for grieving children. Working with the Lansing Chapter of Credit Unions, MSUFCU management volunteered to wash cars as part of the fundraising effort. A fun day was had...

  • AWARDS

    C & O United Credit Union, Edgewood, Ky., President/CEO Alla Holland has received the 2001 Frank Moore Outstanding Credit Union Professional Award by the Kentucky Credit Union League. Holland was recognized for her leadership and commitment to the credit union system for over 15 years on the local, state and...

  • SCHOLARSHIPS

    GHS Federal Credit Union, has awarded SUNY ESF freshman Larissa Perlmutter a $250 scholarship. Entries were judged based on grades, leadership activities and extracurricular interests, teacher recommendations, standardized test scores, and an essay on the subject, "How will your college education help you achieve your career goals?" Credit Union ONE,...

News

  • CUSC recalls making first interstate share draft transaction

    ATLANTA - It's been eight years since Credit Union Service Corporation (CUSC) made the first interstate share draft transaction ever performed by a credit union shared branch network, but CUSC's Chief Operating Officer Scott McCall remembers the details of the historic event as if it happened yesterday. The first transaction...

  • Fed implements check modernization plan

    WASHINGTON - All indicators show e-commerce is gaining in popularity, but don't shred those paper checks yet. Paper checks are likely to continue as a dominant form of consumer payments, says the Fed, and the agency is readying to implement a check modernization initiative to develop more efficient ways to...

  • And the winners are

    O'Rourke Sacher & Moulton's Fifth Annual Best Practice winners are highlighted on page 4.

  • PARADIGM: Members' changing payment habits won't change paradigm

    WASHINGTON - Financial experts have been talking for years about the advent of the checkless society, but despite technological advances paper checks have remained a dominant form of consumer payment. Consumers still haven't entirely gone checkless, but new data collected by the Federal Reserve System suggest that in their effort...

  • Fed announces single standard format for transmitting check detail

    WASHINGTON - Whatever the long-term effects of the Fed's plans to adopt a single standard for MICR detail transmission, the short-term ramifications are sure to include some change in practices by item processors. The Fed's standard will conform to the ANSI ASC X9.37 format. It plans to have the standardization...

  • Special Report: Share Drafts & Item Processing

    It's been eight years since CUSC made the first interstate share draft transaction by a shared branching network. How have things changed the company and the check payment system since then? Find the answers and other information on share drafts on pages 14 and 15.

News Briefs

  • Oakland not deterred by NCUA Board's denial of OTR rulemaking petition

    TUKWILA, Wash. - Gary Oakland, president/CEO, Boeing Employees' Credit Union called the NCUA Board's rejection of the Petition for Rulemaking filed by the credit union "a major disappointment for the dual chartering system." Oakland said the effort by federally insured credit unions to create a more open and accountable system...

  • Texas Credit Union League keeps its name

    FARMERS BRANCH, Texas - The Texas Credit Union League will keep its name. Based on the results of a survey and four focus groups, the League's Board of Directors voted not to change the name of the Texas Credit Union League. "We considered changing the name to something like Texas...

  • A history of the little man under the umbrella

    MADISON, Wis - Googolplex, an online publication for students published by CUNA, has a new feature looking at the history of the Umbrella Man, a symbol used to represent the credit union industry for nearly 40 years. The Umbrella Man was first drawn in 1923 by Boston Globe artist Joseph...

  • Largest Iowa CU to become larger

    WATERLOO, Iowa - The membership of Heritage Credit Union and the board of directors of John Deere Community Credit Union have approved the merger of the two credit unions. JDCCU is the largest credit union in Iowa. It has more than $634 million in assets and 92,000 members. Heritage CU...

  • Congressional session extended until December 7

    WASHINGTON-Last week, Congress approved a continuing resolution to keep the federal government running through December 7. They were originally supposed to recess at the beginning of October. Lawmakers still need to address five of the 13 appropriations bills before they can recess for the session, including the Foreign Operations Appropriations...

  • U.S. Central to host Mexican CU reps

    OVERLAND PARK, Kan. - This week two credit union representatives from Mexico are scheduled to visit U.S. Central Credit Union to learn about the U.S. credit union system and get an overview of U.S. Central and the corporate credit union network. The visit is in response to the Mexican government's...

  • Terrorists as international CU members?

    MANCHESTER, U.K. - Credit unions in the U.S. aren't the only ones being told to comply with the Office of Foreign Assets Control (OFAC) regulations. Credit unions in the United Kingdom have been asked to check their membership against a list of suspected terrorists. The Association of British Credit Unions...

  • First aboriginal credit union opens in Canada

    SAULT STE. MARIE, ONTARIO- The grand opening of the Anishinabek Nation Credit Union is a historic moment that has been seven years in the making. Not only is it the first aboriginal financial institution ever chartered in the province of Ontario, but it is also the only credit union charterd...

Tech Bytes

  • IT execs go right to the top

    MENLO PARK, Calif. - Tech execs have the ear of their CEO. A new study by RHI Management Resources found that 45% of CFOs polled said their firm's most senior IT exec reports directly to the CEO. Fifteen percent of CFOs said they supervise the top IT exec; with 8%...

  • PM Systems offers managed security solution

    CHAPIN, S.C.- PM Systems Corp. is offering a new managed security solution targeted to small to mid-sized credit unions that need robust Internet protection but can't carry the tab for full-time internal protections. Called CU Defense, the program features a monitored, always-on intrusion detection system that is placed outside the...

  • Commonvision's new Intranet portal

    HOUSTON, Texas - CommonVision recently completed the development of VisionMonitor Interactive 2.0, an Intranet portal that it says is well-suited for credit unions. A free product download is available at www.visionmonitor.com. It allows aggregation of information to each user's desktop in a secure environment. Each user, group, or project team...

Briefs

  • Clarke America cited for performance excellence

    SAN ANTONIO, Texas - Clarke American Checks Inc. was awarded the 2001 Texas Award for Performance Excellence by the Quality Texas Foundation. Based on the Malcolm Baldridge National Quality Award criteria and process, the Texas Award for Performance Excellence recognizes Texas-based organizations that excel in the application of quality management...

  • Aboutchecking.com helps consumers manage checking accounts

    SCOTTSDALE, Ariz. - Checking account mismanagement can set off a domino effect of hassles and financial hardship for consumers. eFunds has developed a Web site called "aboutchecking.com" that provides tips and tools on responsible checkbook management. Among the information the Web site provides: choosing the type of checking account that's...

  • TAWPI Remittance

    BOSTON - TAWPI-The Association for Work Process Improvement-has released its 2001 Remittance Processing Study. Conducted by Global Concepts Inc., the report includes benchmarking data from 88 remittance processing sites and critical information in various related areas such as the current use and projections on e-commerce initiatives; image versus non-image; mail...

  • Deluxe reports record third quarter earnings

    ST. PAUL, Minn. - Data shows an increased number of consumers using online banking to make purchases and pay bills, but Deluxe Corp., one of the leading checking print companies in the U.S. still managed to earn a record third quarter net income for the third quarter. The company also...

Letters to the editor

  • What lofty goals?

    In reinforcement of Mike Welch's opinion ("Lofty Renaissance Goals Are Fading Fast", CU Times, Oct. 31), I would ask, "What lofty goals"? It is precisely because the Renaissance Commission's efforts were short on lofty goals while long on current problems that the impact of their effort is fading. Sustained effort...

  • Thanks for the Artemenko tribute

    I was glad to see Frank Wielga's tribute to Gene Artemenko in the Nov. 7 issue of Credit Union Times. Those of us fortunate enough to participate in the candid "exchange of ideas" with Gene at the Aerospace Conference also remember his great sense of humor, his booming voice and...

  • NCUA/NCUSIF is a management issue

    I just opened my November 7th Credit Union Times and flipped to Mike Welch's weekly publisher's column. I didn't even need to read it. The headline, "Bite the bullet and split NCUA/NCUSIF," says it all. I agree with the headline 100%! Conceptually I don't have a problem with the two...

Opinion

  • Your credit card portfolio: build it or sell it?

    We're living in a new world that is changing at a record pace. Business plans that were strategically aligned with the marketplace just a few years ago may now be largely obsolete. Products that once made good business sense to offer are now being challenged by fierce competition and intense...

Quotes Worth Quoting

  • Quotes Worth Quoting

    "What I'd like the (Hawaii CU) CEOs to do is ask the PacCorp Board to get PacCorp into some kind of arrangement with WesCorp." -WesCorp President/CEO Dick Johnson discussing the potential of a WesCorp/PacCorp merger. "The most important point is that this is a real big consumer win." - ATM...

Publisher's Column

  • Predicted demise of credit unions didn't happen

    It seems like someone is forever predicting what will, or won't happen to credit unions, if they do, or don't do certain things. For example, here are just three of many current predictions being made: If credit unions don't serve those of "modest means," they will get taxed. Expanded fields...

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