Credit Union Times Magazine August-14, 2002

In Other News

  • BRANCHING OUT

    Maumee Valley Credit Union, Toledo, Ohio, has selected Cincinnati-based design/build financial facilities firm DEI, Inc. for its branch remodel project. Oklahoma Health Services Federal Credit Union, Oklahoma City, has celebrated the grand opening of its renovated headquarters. Festivities were kicked off with radio personalities Lisa and Ron from local station...

News

  • Special Report: CUSOs

    The CUSO community is abuzz with talk about what to do if the SEC decides not to extend financial services CUSOs' broker/dealer license exemption. Some CUSOs have already implemented action plans. Read about what they've done and other CUSO news on pages 18-19 and 22.

  • Callahan releases "2002 National Guide to CUSOs and Investment Program Providers"

    WASHINGTON - Callahan and Associates combined two guides that it's previously published separately into the "2002 National Guide to CUSOs and Investment Program Providers." The 2002 guide features information on more than 550 CUSOs - wholly- and multiple-owned - and their associated credit unions, as well as several listings in...

  • NCUA goes public

    NCUA is hoping some newly created public service announcements will give consumers a little better name recognition with NCUA and the funds it insures. Page 3.

  • SEC: Long-ranging effects of decision not necessarily bad

    TORRANCE, Calif. - If anyone had suggested a few months ago when the SEC first announced it might not extend CUSOs' broker/dealer license exemption, that the agency's decision could actually prove to be an opportunity for credit unions, their opinion probably would have fallen on disbelieving ears. Though still in...

  • SEC still out on CUSO broker/dealer license exemption, CFS prepares just-in-case strategies

    SAN DIEGO - There's still no word from the Securities and Exchange Commission (SEC) on whether the agency will extend the broker-dealer license exemption for CUSOs. But with the ramifications on financial services CUSOs' business models being potentially far reaching, CUSO Financial Services has begun developing strategies to address the...

  • NACUSO publishes its first "CUSO Reference Directory"

    NEWPORT BEACH, Calif. - Copies of The National Association of Credit Union Service Organizations' (NACUSO) first "CUSO Reference Directory" will soon be available for distribution. The 2002 edition of the directory includes a listing of almost 700 CUSOs nationwide and includes data from more than 250 of the 700 CUSOs...

News Briefs

  • CUNA Board shapes up

    MADISON, Wis.-CUNA is welcoming two new board members this year. Mary Shipe, CEO of Alhambra Credit Union in Phoenix, and Richard Ghysels, CEO of First Financial Credit Union in West Covina, Calif., have won seats on CUNA's Board. Shipe will represent credit unions in District 5, Class A (the Southwest...

  • Comments expected soon from OTS on application for CU-owned national trust company

    MADISON, Wis. - CUNA Mutual Group and others expect to hear back from the Office of Thrift Supervision sometime this week for comments on the application that was submitted on July 3 to start a credit union-owned nationally chartered trust company. At a MEMBERS Development Corp., LLC meeting in Chicago...

  • FCUL contract lobbyist appointed Secretary of State

    TALLAHASSEE, Fla. - Jim Smith, contract lobbyist for the Florida Credit Union League, was appointed Secretary of State by Gov. Jeb Bush. He replaces Katherine Harris who resigned the position to seek a congressional seat. Smith will serve until Jan. 7, 2003 when the office becomes a non-elective position under...

  • Credit union officials included in robbery meeting

    WASHINGTON - CUNA has announced that CUNA Mutual's James O'Dell, Navy Federal's Tom Lyons, and State Employees' CU's (North Carolina) Randy Partin have been invited to participate in a meeting bringing together industry and government officials to discuss robbery prevention. The conference is set for Aug. 20-21 at the Bank...

  • Citibank testing card transfer card in Mexico

    NEW York - Citibank has begun testing a card which card users in Mexico will be able to use to access cash in accounts in the United States, according to the American Banker. Cardholders do not even have to have bank accounts in Mexico under the program. The bank is...

  • Electrus FCU's Achtenberg named NYIB chairman

    MADISON, Wis. - LeAnn Achtenberg, director of marketing and business development at Electrus FCU in Brooklyn Center, Minn. was named chairman of the National Youth Involvement Board at the organization's annual meeting held Aug. 1-3. Her term is for one-year, and she replaces John Uchida, president of Space Age FCU...

  • Credit reporting agency ordered to pay woman $5 million for mistaken credit history

    PORTLAND, Ore. - A federal jury has ordered one of the nation's three largest credit reporting agencies to pay a woman $5.3 million for confusing her credit history with that of another woman. An eight-member U.S. District Court jury in Portland found Trans Union willfully violated the law, enacted in...

  • OCC notes low-income credit unions as place for banks to invest

    WASHINGTON-The Office of the Comptroller of the Currency (OCC) has released a newsletter noting community development credit unions as a place for banks to invest their funds. Community Development Financial Institution and Community Development Bank Resource Directory is aimed at providing access to information for various organizations that provide resources...

Tech Bytes

  • CNBS clients take trading into their own hands - online

    OVERLAND PARK, Kansas - CNBS is putting the power to trade in the hands of its clients. On July 29 CNBS launched My CNBS, a revamped version of its Web site (www.cnbsnet.com) with emphasis on functionality. One of the most dramatic changes is online trading. CNBS President/CEO Brian Hague said...

  • ORCC signs reseller agreements with three CU players

    MCLEAN, Va. - Internet banking/bill pay firm Online Resources Corp. has signed three reselling agreements with credit union vendors. The three firms it signed with are eCU Technologies, LLC, Southwest Business Corporation and United Datatronics, Inc. eCU Technologies is a tech CUSO of Pennsylvania State Employees CU. United Datatronics is...

  • Fiserv is one of earliest to file sworn statements with SEC

    BROOKFIELD, Wis. - Fiserv was the first company in Wisconsin and the fourth in the country to file its sworn statements to the SEC certifying the accuracy of its financial reports. On June 27 the SEC issued an order requiring sworn statements from the CEO and CFO. The deadline for...

  • Aurum launches Net banking

    PLANO, Texas - Aurum Technology has launched its version of online banking, known as Aurum Personal eBanking Service. Aurum partnered with Financial Fusion to develop the product. Aurum says the solution is a scalable full-service Internet banking solution that is tightly integrated with its core banking products, meaning information is...

Opinions

Special Report

Letters to the editor

  • Let's be consistent

    I realize that consistency is not always achievable in an imperfect world, but I was struck by the subject of consecutive columns by Mike Welch. In the July 17, 2002 issue, Mr. Welch, under the headline "Sleeping with the enemy is tough decision," commends NAFCU for joining a group of...

  • D'Amours endorsed taking risk in lending

    Mike Welch's comments in his July 24th column "Are CUs judged by the company they keep?" about Norm D'Amours and his record at NCUA were a little off the mark when it came to lending. On many occasions D'Amours actually did suggest that credit unions go out and take more...

Opinion

  • Building business together: Credit unions and CUSOs

    Most CUs spend a lot of energy convincing members of the value of credit union ownership. Isn't there equal value for a credit union in securing ownership in its own strategic partnerships? The benefits of credit union vendor equity are like the benefits of CU membership. A member wants long-term...

Publisher's Column

  • Municipal Credit Union did the right thing

    NYC's Municipal Credit Union members' post-9/11 ATM withdrawal behavior, which put the credit union about $15 million in the hole, is making headlines across the country. Almost a year after the area around the nearly $1 billion credit union's office was turned into a war zone by terrorists, disclosures by...

Publisher's Notebook

  • Accuracy in titles

    On more than one occasion we have been asked how such a small staff of reporters can produce all the stories it takes to publish weekly issues of Credit Union Times ranging in size from 36 to 120 pages. They can't. The five-person editorial staff of Credit Union Times is...

People

  • VENDORS

    Premier Systems, Inc., an online data processing provider, has named Ken Adrian project development manager and Jim Brommel product trainer. In addition, Holly Karns and Chris Wedmore have been named client response center representatives. Irwin Mortgage Corporation, has named Ike Barnes Duke University Federal Credit Union mortgage loan officer. TNB...

  • WEST

    Coast Capital Savings, Victoria B.C., Canada, has appointed Lloyd Craig president/CEO. Washington's Credit Union, Mountlake Terrace, has named Ray Foisy Kent branch manager. MetroPacific Community Credit Union, Seattle, Wash., has appointed David Beckhorn president/CEO.

  • SOUTHWEST

    EECU, Fort Worth, Texas, has elected George Thompson Jr. board chairman. New Mexico Educators Federal Credit Union, Alburquerque, has named Susan Verbeck senior vice president of financial services.

  • EAST

    Vermont Federal Credit Union, Burlington, has promoted Lance Potter to vice president of information systems and Donna Bogue to loan manager. In addition, VFCU has named Hillary LaPointe and Marie E. White tellers and Lisett Comai marketing coordinator. Mid-Atlantic Federal Credit Union, Gaithersburg, Md., has re-elected John Boothe, Barbara Kawamura,...

  • SOUTH

    Arkansas Federal Credit Union, Jacksonville, has named Teri Miessner collections manager.

  • In Memoriam

    Louisiana Credit Union League, Harahan, is very sad to announce that Lafayette District Telephone Credit Union President/CEO Allen Comeaux, has recently passed away at the age of 58. Comeaux, CCUE, served on the credit union's board of directors prior to becoming President/CEO of the credit union in December 1995. A...

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