Credit Union Times Magazine September-19, 2001

In Other News

  • AWARDS

    North Carolina Credit Union Network, Greensboro, has recognized the efforts of four individuals in the credit union movement. The 2001 Mark of Excellence Award was presented to Members Credit Union Board Chairman John Loftin and United Services Credit Union President/CEO Marsha Honeycutt. The award recognizes those individuals who have a...

  • SCHOLARSHIPS

    Dupaco Community Credit Union, Dubuque, Iowa, has awarded $500 scholarships to five high school seniors. The Tri-State-Area College Scholarship winners are selected based on their academic achievements, extracurricular involvement and interest in the pursuit of an advanced degree. In addition, the graduating seniors must attend any one of seven Tri-state-area...

  • MILESTONE

    Virginia Credit Union League Tidewater Chapter, has held a Legislative Night to honor legislators and educate candidates about credit unions. Held at the Nauticus Pavilion in Norfolk, legislators from all over the Tidewater area were in attendance and several gave rousting speeches about why they work on behalf of credit...

News

  • California state legislature votes on statewide predatory lending bill

    SACRAMENTO, Calif. - The California Senate passed by a vote of 22 to 12 a bill introduced by state Assembly member Carole Migden (D-San Francisco) that would ban predatory lending statewide. At press time, the state Assembly was expected to vote on A.B. 489 on Sept. 11 or 12. A.B....

  • Banks win preliminary round in Iowa surcharge suit

    DES MOINES, Iowa -U.S. District Court Judge Ronald E. Longstaff has denied the state of Iowa's request to dismiss a lawsuit over Iowa's ban on automated teller machine surcharges filed by five national banks - Metrobank, Wells Fargo Bank, Bank of America, Firstar Bank and U.S. Bank. Filed by the...

  • Actors FCU ahead in the ATM game

    NEW YORK - Being aggressive has paid off for Actors Federal Credit Union-it is now the number one credit union deployer of ATMs here. Currently AFCU has over 32 ATMs in place with more than 15 additional on the way. Roughly two-thirds of AFCU ATMs are located in McDonald's restaurants...

  • Terrorists strike; CUs reach out

    The tragic terrorist attacks against the World Trade Center, a pillar of America's economic might, and the Pentagon, a monument to America's military power and the plane crash in Pennsylvania, left a nation stunned and looking for answers. Credit unions throughout the country rallied to help the nation begin the...

  • Los Angeles Firemen's CU sets its own "blaze"

    PASEDENA, Calif. - The Los Angeles Firemen's Credit Union has debuted its Blazing ATM/Check card. With the new program members can withdraw up to $600 cash per day at ATMs; up to $600 per day via POS; and up to an additional $1,500 per day via signature-based transactions. "We are...

  • STAR stock sales benefit members

    SACRAMENTO, Calif. -The Golden 1 Credit Union President/Chief Executive Officer Stanley C. Hollen has announced members will reap the benefits of its sale of STAR ATM Network stock. The $20 Million Member Rewards Program will pass rewards to members in the form of a one-time relationship bonus dividend and a...

  • Michigan regulator approves four-way CU merger

    LANSING, Mich. - The state Office of Finance and Insurance Services has approved the merger of three Grand Rapids credit unions into Grand Rapids Teachers CU, which has been managing the three CUs under a contractual arrangement for several years. Involved in the merger are Alliance CU, $38 million in...

  • Large Connecticut FCU converts to state charter

    WILTON, Conn. - Mutual Security FCU, the sixth largest federal credit union in Connecticut, was approved by the office of the State Banking Commissioner to convert to a state charter. The name of the credit union will be Mutual Security Credit Union. MSCU has $100.8 million in assets and serves...

  • Security Service FCU gets recognized

    SAN ANTONIO, Texas - Security Service Federal Credit Union has been honored by the Professional Teleservice management Association as the winner of its 2001 Call Center of the Year award. The over $2 billion credit union was singled out for its commitment to employees, members quality service and community involvement....

  • Donde esta an ATM?

    CHICAGO - The Member Access Network has launched its first bilingual automated locator system to find ATM machines. Cardholders can now find over 9,800 ATMs in either English or Spanish. Members call a toll free number provided by Jensen Beach, Fla.-based TOUCH-MAP Systems. If there are multiple locations in one...

  • E-monee offers credit card alternative

    FORT LAUDERDALE, Fla. - Imagine converting a personal computer into a personal ATM. E-monee.com, an Internet payment system, is trying to make that a reality by offering consumers an alternative to credit cards. Here is how it works: Consumers link an E-monee account to their personal bank account and can...

News Briefs

  • Large New England CUs look to help New England's smaller CUs

    MAYNARD, Mass. - Large credit unions do care about helping out smaller CUs, says Tom Ryan, senior VP/COO of the $1.4 billion Digital FCU here. "Sometimes I think there's a divide between large and small credit unions. This is an opportunity for us to give back. Quite honestly the biggest...

  • Community bankers unhappy with Wal-Mart entering banking

    WASHINGTON-The Independent Community Bankers of America (ICBA) quickly denounced the news that TD Bank Financial Group and Wal-Mart will work together to provide financial services inside the Wal-Mart stores. ICBA President and CEO Ken Guenther stated that the agreement "flies in the face of congressional determination that banking and commerce...

  • APCI FCU, GMAC Mortgage reach first mortgage products, services agreement

    TREXLERTOWN, Pa. - APCI FCU and GMAC Mortgage Corp have reached an agreement to offer GMAC Mortgage residential first mortgage products and services to APCI members. Under the terms of the alliance, APCI will originate first mortgage loans for members and submit completed applications to GMAC Mortgage locally for loan...

  • Decline in tax rates increases interest in Sub S banks, but significant barriers exist

    CHICAGO-According to a recent study performed by Grant Thornton LLC, banks and thrifts electing to switch to Subchapter S status are increasing for the first time since the 1997 tax year. However, the national study of more than 8,000 banks shows that banks still have several roadblocks to overcome. As...

  • Get your organization's 2002 meetings noticed in Credit Union Times

    Want to get the word out about your organization's 2002 meetings and events? Credit Union Times can help. Credit Union Times' annual Association Meeting & Events Calendar issue has become the industry's guide to credit union meetings and events. Many readers file this issue in a handy place, referring to...

  • Former CU exec convicted in sports agent scandal

    COLUMBIA, S.C. - A former credit union president has been convicted in federal court on eight charges stemming from his involvement with a sports agent accused of stealing hundreds of thousands of dollars from his clients. Andre Lewis, 41, faces up to 20 years on each of the charges when...

  • Cast your vote in Credit Union Times' latest online voting poll

    WEST PALM BEACH, Fla. - Visitors to Credit Union Times' Web site (www.cutimes.com) will find a new voting poll focusing on credit union-to-mutual savings bank mergers. The total number of such mergers is only 15, however activity has picked up in the last few years, with seven currently pending. The...

  • Bream: "An eerie silence"

    CHICAGO -United Airlines Employees CU President/CEO Bob Bream has a bird's-eye view of the O'Hare Airport tarmac from his office at the CU's headquarters, but there wasn't much to see on the day of and the day following the terrorist attacks. "My office really overlooks O'Hare. We're in the flight...

  • NAFCU mulling fate of its Congressional Caucus; Hike the Hills cancelled

    WASHINGTON-While President George W. Bush came across America's television screen on the night of the attack proclaiming that Washington would be business as usual the following day, it wasn't. While the Federal Reserve remained open following the attack on the Pentagon and the World Trade Center offering liquidity through the...

  • NCUA activates disaster relief policy

    ALEXANDRIA, Va. -NCUA activated its disaster relief policy Sept. 12, following the terrorist attacks to assist credit unions and their members in New York City and Arlington County, Va. NCUA reassured federal credit unions that examiners and staff from the affected regions are in close contact with the affected local...

  • CU implications of HP/Compaq merger?

    PALO ALTO, Calif. - The announced merger of Hewlett-Packard and Compaq Computer could have a big impact on the PC market, but there may also be an impact to the credit union industry. HP's credit union, the $1.3 billion HP Employees FCU, Palo Alto, Calif., will be monitoring the deal...

  • Boeing Employees' CU petitions NCUA for OTR rulemaking

    TUKWILA, Wash. - Claiming it had no alternative because of NCUA's lack of response to the findings of an independent study it commissioned and released in June on the overhead transfer rate, Boeing Employees' Credit Union Sept. 7 filed a petition with NCUA proposing that NCUA conduct a notice and...

  • Explosion simply shocking, says one CU marketing professional in New York

    NEW YORK - With the sun shining brightly in Times Square last Tuesday, it was hard to reconcile the devastation that occurred in lower Manhattan earlier that morning when two planes crashed into the World Trade Center. "This is an emotional time and it is almost surreal," said Actors Federal...

  • Tippets: "An act of hate"

    FORT WORTH, Texas - "This is clearly an act of hate and it's sad to see that this is what the world has come to," said John Tippets, president/CEO of American Airlines Employees FCU. Two of the hijacked flights were American Airlines' flights. Tippets vowed that the credit union will...

  • Corporate CUs keep tight grip on business operations during tragic attacks

    ALBANY, N.Y. - Acting as clearinghouses for the nation's credit unions, corporate credit unions were on high alert on the day of the attacks for any shutdowns of the Federal Reserve Banks or the Fedline system that might cause delays in processing wires, funds transfers, item processing, ACH and other...

  • Two credit union facilities destroyed; all credit union employees survive

    MADISON, Wis. - Facilities of two credit unions located at the World Trade Center were completely destroyed by the terrorist attacks involving two hijacked jetliners, but at press time it appears that all credit union employees survived. According to CUNA Mutual, which provides bond and other insurance coverage to the...

  • Texas CUs helping to locate deadbeat parents

    AUSTIN, FARMERS BRANCH, Texas - Texas parents who are delinquent in paying child support should be prepared. Texas is on the move, often seizing the accounts of deadbeat parents with the help of Texas credit unions. A Texas mandate requires all Texas financial institutions to participate in the Financial Institution...

  • Reminders of terrorist attacks at NCUA Board meeting

    ALEXANDRIA, Va.-Just two days following the terrorist attacks, on the World Trade Center and the Pentagon in neighboring Arlington, Va., the NCUA Board meeting went on as scheduled but with a few tweaks to security, according to acting NCUA Chairman Dennis Dollar. He said that around 10 a.m. on the...

  • U.S., world reeling from terrorist attacks; CU movement lending a hand to those in need

    WASHINGTON-Still in shock over the commercial jetliner crashes that eventually toppled the World Trade Center and careened into the west side of the Pentagon building on September 11, at press time the credit union trade associations, leagues, and NCUA scurried about to gather information and offer assistance to those inside...

  • Utah credit unions roll out Olympic `red carpet'

    SALT LAKE CITY - It will be a kind of "credit union welcome mat" that greets the 110,000 visitors who come trouping through the Salt Lake City International Airport next February for the 2002 Winter Olympics. Relying on the notion that `first impressions count,' a CU coalition here, which holds...

  • Issuing a call to credit unions

    ALBANY, N.Y. - The New York CU Foundation has established a fund to help victims of the terrorist attacks on the World Trade Center. According to NYCUF Executive Director Frank Kerbein the fund will provide "whatever financial and emotional support we can for those credit unions including their staff and...

  • Economic impact of attacks still hazy

    NEW YORK - The terrorist attacks on the World Trade Center and the Pentagon have undoubtedly shaken Americans' feeling of security, but what has it done to their economic confidence? Economists have been pointing to strong consumer spending for keeping the shaky U.S. economy afloat, but this attack may have...

  • CU House ready for opening, though delayed

    WASHINGTON-Credit Union House is awaiting its grand entrance-or entrants, from the building's perspective-into the credit union community, according to Credit Union House Manager Kyle Noble. A ribbon cutting ceremony was originally scheduled to take place September 11, but it was postponed due to the bombing of the Pentagon and subsequent...

  • Proposed corporate credit union reg has a lot of what corporates were looking for

    ALEXANDRIA, Va. - Corporate credit unions can't be compared to other financials, that's the message corporate CUs wanted NCUA to get loud and clear when amending the corporate CU reg, Part 704 - it looks like NCUA listened. "It appears that the concept of Reg-Flex has permeated this proposed rule,"...

  • NASCUS' Fortney takes dual chartering message to Capitol Hill, state officials

    ARLINGTON, Va. - Mary Martha Fortney likes to quip that her one claim to fame is that she comes from the same small city in upstate New York - Jamestown - that Lucille Ball was from. Fortney, NASCUS' Vice President of Government Affairs can add to that list of prestigious...

  • First state-chartered CU in Illinois in 10 years belongs to progressive Baptist church

    URBANA, Ill. - When Canaan Missionary Baptist Church opens its new credit union next month, Rev. B.J. Tatum is hoping some parishioners and residents will reconsider how they save money and where they turn to for loans. The 24-year old church has done its best over the years to move...

  • Los Angeles Firemen's Credit Union sets up assistance fund for fallen NYC firefighters

    PASADENA, Calif. - Los Angeles Firemen's Credit Union has established a NYC Fallen Firefighters Fund to assist the families of the firefighters affected by the terrorist attacks on the World Trade Center. The credit union said the fund will help the New York City "fire family" cope with short-term and...

  • NACUSO Fall Leadership Conference still on

    NEWPORT BEACH, Calif. - Even though at presstime airports were still closed for flights and there was no word when planes would fly again, NACUSO announced on Sept. 12 that its Fall Leadership Conference planned for Sept. 19-21 in Kapolei, Hawaii was still on. "Many members of our board including...

  • Event cancellations

    At press time, a number of scheduled credit union events were being cancelled due to the terrorist attacks. This list is by no means complete as information was coming in sporadically at press time. * SCOTTSDALE, Ariz. - The annual meeting of the Combined Council of Automotive Credit Unions, scheduled...

  • Jersey League reaches out to New Yorkers

    HIGHTSTOWN, N.J. - With the attacks on the World Trade Center leaving countless individuals stranded in Manhattan with many of them injured, the New Jersey Credit Union Affiliates and Westwood, N.J. -based Paragon FCU are offering a helping hand. Assistance to credit unions, members and citizens of both New York...

  • Networks still functional

    NEW YORK - Despite overworked phone lines following the tragic events here and in Washington, D.C. many of the networks were still operational. Officials at VISA and MasterCard, which handle much of the nation's credit and debit card traffic, report that the telecommunications congestion did not disrupt ATM or credit...

  • NASCUS annual conference postponed until December

    ARLINGTON, Va. - In the wake of the World Trade Center and Pentagon tragedies, the NASCUS Board decided to postpone its annual conference until December . The conference has been rescheduled for Dec. 14-18. It was supposed to take place Sept. 13-18. NASCUS President/CEO Doug Duerr said the annual conference...

  • Tragedy hits at America's financial nerve center

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  • Appro Systems cuts sales force; president/ COO says move strategic

    BATON ROUGE, La. - A reduction of Internet lending firm Appro Systems' field sales staff by 50% is not the prelude of a company collapse, said Appro President/COO Craig Uffman, but more of a strategic decision about which financials the firm wants to target. Having seen firms such as CUShopper...

  • BECU's petition reflects FISCCUs' frustration with OTR

    ARLINGTON, Va. - NASCUS and Boeing Employees' Credit Union have chosen different tactics to address the issue of federally insured state-chartered credit unions' growing frustration with the overhead transfer rate. Despite their different strategies, NASCUS President/CEO Doug Duerr said, "Boeing Employees' Credit Union's decision to petition the NCUA to introduce...

  • Wheat preparing for departure

    ALEXANDRIA, Va.-In preparation for her departure from the NCUA Board, Board Member Yolanda Wheat has traded in her home in McLean, Va. for a condominium in nearby Crystal City. Wheat has maintained two homes, one in Missouri for the past 11 years and one in the Washington-area, since her husband,...

  • ACUIA offers solace, support on the tragedy

    "Everyone here at the Association of Credit Union Internal Auditors (ACUIA) are experiencing a range of emotions from the tragic events that occurred on September 11th. Some of us have experienced relief, particularly in the New York and Washington D.C. areas, knowing that loved-ones, friends, and colleagues are accounted for....

  • Indiana league also offering support

    INDIANAPOLIS -The Indiana CU League has set aside a section of its Web site for credit unions to report efforts to help those affected by Tuesday's terrorist bombings of the World Trade Center and the Pentagon. In addition, Indiana Carpenters FCU in Hobart is setting up an emergency blood drive...

  • Oklahoma CUs help out

    TULSA, Okla. - Since being given the green light by the NCUA, federally-chartered Oklahoma credit unions have been able to cash nonmember checks for people stuck here due to the terrorist attacks on New York and Washington D.C. Don Klein, director of NCUA's region five supervision division, gave credit unions...

  • Rosenthal: "It felt like night had descended on us"

    NEW YORK - That's how National Federation of Community Development's Executive Director Cliff Rosenthal described the scene outside the windows of the federation's offices on Wall Street, located less than a mile - about a 10-minute walk - from the World Trade Center. Rosenthal had arrived in his office a...

Letters to the editor

  • Socially responsible investments crucial for members

    Michelle Samaad's August 22 article "Do credit unions stand poised to embrace socially responsible investing?" quotes me as saying members of Vermont Development Credit Union "invest $6 million in money market accounts, individual retirement accounts, and certificates of deposit with a heavy emphasis on socially responsible firms." I look forward...

  • An investment in members

    I enjoyed Paul Gentile's article on Tropical Financial CU and their progress with meeting members' investment needs (CU Times, August 22). Providing members investment products and investment management services will be very important in the future. In a few years the Baby Boomers will retire with 401k balances that will...

Opinion

  • Give your members what they want - a debit card

    In today's fast-paced society, writing a check, or standing behind someone who is, has become a frustrating and time-consuming task. More than ever, consumers are turning to debit cards for a wide variety of goods and services that have traditionally been purchased with checks or cash. In fact, debit card...

Publisher's Column

  • There are different ways to define membership

    Despite all the good that came out of the CUNA Renewal Project a few years ago, there still seems to be some confusion and outright disagreement over whether or not individual credit unions are direct members of CUNA, at least in the fullest definition of what membership actually means. In...

Quotes Worth Quoting

  • Quotes worth quoting

    "I don't think this is something that's going to drag us into a recession. I think we're going to come out of this OK." - NAFCU economist Jeff Taylor on the effects the attacks may have on the U.S. economy. "We've been through the bombing of the World Trade Center...

People

  • WEST

    Desert Schools Federal Credit Union, Phoenix, Ariz., has promoted C. Lee Brice to vice president of branch operations, marketing and business development; Carlos Pacheco to vice president of member support services; and John Wright to vice president of finance. U. S. First Federal Credit Union, San Francisco, has appointed the...

  • MIDWEST

    Heartland Credit Union, Madison, Wis., has named Chuck Ingwell chief operating officer. BSE Credit Union, Middleburg Hts, Ohio, CEO Betty Ellis has retired.

  • SOUTHWEST

    San Antonio Federal Credit Union, has appointed Carol Teitz, supervisory board chairperson; John Hayes, director; and David Velasquez, director and Demetrius K. Bivins as supervisory committee director. Shell Federal Credit Union, Deer Park, Texas, has announced that Board Director Johnny Garrison has recently passed away. Garrison was active in political...

  • EAST

    D.C. Credit Union League, Alexandria, Va., has named Edwin B. Wills, vice-president for District of Columbia Credit Union League operations. SSA Baltimore Federal Credit Union, Woodlawn, Md., has appointed the following officers to its board: Bernice Chase, president; Marti Peyton, first vice president; Donna Jackson, second vice president; Stanley Kluckwski,...

  • SOUTH

    Redstone Federal Credit Union, Huntsville, Ala., has promoted Sheree Vaughn Kelley to assistant vice president of finance. Health Services Credit Union, Jacksonville, Fla., has named Keith C. Davis assistant vice president of lending.

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