Credit Union Times Magazine January-02, 2002
Staking Out the Stats
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2% minimum RUDE ratio is ACCU's, NAFCU's main sticking point on proposed revision of corporate reg
By PAUL GENTILE CU Times Editor WASHINGTON - In comment letters to NCUA on its proposed revision of the corporate reg, Part 704, both the Association of Corporate Credit Unions and NAFCU objected to the proposed 2% minimum RUDE ratio. ACCU cited three reasons for its objection: it is inconsistent...
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A bug's life: Creepy, crawly. . . traveling billboard?
JFWrite@aol.com
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BOARD ACTIONS: NCUSIF set at 1.3%; reserve balance at around $53 million
By SARAH SNELL COOKE CU Times Washington Reporter ALEXANDRIA, Va.-In all the talk about the repeal of the Community Action Plan, it was easy to forget that anything else was accomplished at NCUA's December board meeting. In fact, several other items appeared on the agenda. The NCUA Board unanimously approved...
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Bellco CUSO has big investment year, up 38%
By JIM RUBENSTEIN CU Times Southwest Correspondent DENVER - It's been quite a year indeed for the CUSO staff at the $1.1 billion Bellco Credit Union here. For one thing, Bellco First Financial Services, the CUSO, racked up a stunning 38% increase in investment income for the first 11 months...
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Buckham to succeed Schafer in NCUA corporate top spot; U.S. Central granted waiver
ALEXANDRIA,Va. - There were two corporate CU items covered in NCUA's December closed board meeting. NCUA approved a request from U.S. Central to waive certain provisions of Part 704, the corporate reg. The waiver allows U.S. Central to invest in asset-backed commercial paper with a minimum short-term credit rating of...
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CAP dominated, but NCUA Board covered a lot more ground in December meeting
By SARAH SNELL COOKE CU Times Washington Reporter ALEXANDRIA, Va.-In all the talk about the repeal of the Community Action Plan, it was easy to forget that anything else was accomplished at NCUA's December board meeting. In fact, several other items appeared on the agenda. The NCUA Board unanimously approved...
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CCUA Board approves dues refund to member CUs
WALLINGFORD, Conn. - The Connecticut Credit Union Association voted to give a 5% refund of member credit unions' 2001 dues to those credit unions that reaffiliate in 2002. The rebate will be paid in January 2002. This is the fourth consecutive year that CCUA has given affiliated credit unions a...
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CEFCU VP Fager drives into new year a winner
ANAHEIM, Calif. - Talk about a credit union leaving a lasting impression at the BAI Retail Delivery Conference. While over 300 CU attendees were at the conference, the agenda was lacking any real CU presence until FISI-Madison Financial announced its grand prize winner. Citizens Equity First Credit Union Vice President...
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CU rep named to Fed council
WASHINGTON-ESL FCU President and CEO David Vigren, of Rochester, N.Y., was appointed to a two-year term on the Federal Reserve Board's Thrift Institutions Advisory Council (TIAC) starting January 1. Also joining the Council are Capitol Federal Savings Bank President John B. Dicus, Queen City Federal Savings Bank President and CEO...
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CULAC disbursements dip in November
WASHINGTON-According to Federal Election Commission reports, the Credit Union Legislative Action Council of CUNA (CULAC) slowed its outflow of funds to federal candidates for 2002 elections. CULAC only recorded $70,346.65 in disbursements for the month of November, compared with more than $213,000 in October and nearly $112,000 in September in...
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CUNA Brokerage Services fined $100,000 by NASD for variable annuity sales violations
By PAUL GENTILE CU Times Editor WASHINGTON - CUNA Brokerage Services, Inc., (CBSI) the broker/dealer arm of CUNA Mutual Group, was one of two firms issued enforcement actions recently by NASD Regulation, Inc. for practices related to the sale of variable annuity and life insurance contracts. The NASD has been...
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CUNA Mutual Mortgage president shares tips on keeping mortgage process "painless"
ekingoffbarr@cutimes.com
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Credit unions must review and update contingency plans, NCUA instructs
1. Establishing Organizational Planning Guidelines;
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Dollar: Most important accomplishments of NCUA Board during 2001
DANA POINT, Calif. - Speaking to state regulators and state-chartered credit union management and directors attending the NASCUS 36th Annual Conference & Symposium, NCUA Chairman Dennis Dollar shared his thoughts on what he consideres to be the most important accomplishments of the NCUA Board in 2001: Creating the career...
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Former OTS Director to work on the Hill
WASHINGTON-Former Director of the Office of Thrift Supervision Ellen Seidman will be starting full time in January as counsel to House Financial Services Committee Ranking Member John LaFalce (D-N.Y.). "It is an honor and a wonderful opportunity to join Mr. LaFalce and the Committee staff," Seidman said. "After many years...
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GE Mortgage Insurance, Latino CCU partners against predatory lenders
RALEIGH, N.C. - GE Mortgage Insurance and the Latino Community Credit Union have teamed up to fight against predatory lenders by focusing on educating the Hispanic population here. "Predatory lenders often exploit the language and cultural barriers that exist in the Latino community for their own economic gain," said LCCU...
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Johnson addresses PacCorp consolidation offer and specific criticisms of WesCorp in the corporate's latest newsletter
By PAUL GENTILE CU Times Editor SAN DIMAS, Calif. - WesCorp's proposed consolidation offer with PacCorp, a story broken by Credit Union Times in its Nov. 28 issue, was addressed by WesCorp President/CEO Dick Johnson in WesCorp's Dec. 2001 newsletter, Words from WesCorp. In the piece, entitled "What price loyalty?"...
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Lipper ranks two CUNA Mutual affiliate funds as leaders
MADISON, Wis - Two mutual funds managed by MEMBERS Capital Advisors, an affiliate of the CUNA Mutual Group, were cited as "Lipper Leaders for Wealth Preservation." Funds qualifying for Lipper's "wealth preservation" category are the 20% that have best avoided negative monthly returns over the last three years. The two...
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Maslak makes having fun a serious business at billion-dollar North Island Financial Credit Union
By P.J. HELLER CU Times West Coast Correspondent CHULA VISTA, Calif. - Walk into a branch of North Island Financial Credit Union during the Oscar season, and there's a good chance you may be greeted by employees decked out in their Academy-Award finery treating you as if you're Julia Roberts...
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Michigan league inks deal with Centrix Financial to market sub-prime auto loans
PLYMOUTH, Mich. - The Michigan Credit Union League has signed a marketing agreement with Centrix Financial LLC, Englewood, Colo. that enables the league to market non-prime and sub-prime auto loans to the CU members throughout the state who have impaired credit histories. Through the agreement, the league will promote the...
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Money magazine singles out student-run credit union
NEW YORK - In its January issue, Money magazine has named Kent Denver Credit Union, which is a branch of Aurora, Colorado-based Gateway Credit Union, the richest, largest student-run credit union in the country. Operating from the Kent Denver School, a private, college-prep academy of 620 sixth to 12th-graders, the...
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NASCUS Government Relations' Alternative Share Insurance Group instructed to "energize" association's policy on issue
DANA POINT, Calif. - The NASCUS Government Relations' alternative Share Insurance Study Group has been given marching orders by the NASCUS Board and the NASCUS Credit Union Council Board to "energize" the association's alternative insurance policy. The group was also directed to include in its considerations the possible advantages and...
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NASCUS approves alternative capital effort for SCCUs
ekingoffbarr@cutimes.com
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NASCUS supports Federal Home Loan Bank Membership Act of 2001
ARLINGTON, Va. - NASCUS management notified Rep. Robert Ney (R-Ohio) of the association's support of H.R. 2796, the Federal Home Loan Bank Membership Act of 2001, which the congressman introduced. H.R. 2796 would allow state-chartered privately insured credit unions to belong to the Federal Home Loan Bank. "This legislation is...
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NCUA's Baker shows Olympic spirit
ARLINGTON, Va.-NCUA Secretary to the Board Becky Baker, a 1956 Olympic runner, carried the 2002 Olympic torch from the Arlington Court House through part of northern Virginia Friday, December 21 while family, friends, and even strangers looked on and cheered. Because Baker contracted pneumonia just prior to her own Olympic...
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OTR an issue for entire CU system: NASCUS
ekingoffbarr@cutimes.com
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Rise in long-term Treasury rates keep mortgage rates up
ekingoffbarr@cutimes.com
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SunCorp declares bonus dividend
ARVADA, Colo. - The board of the $2 billion SunCorp Corporate CU has declared a bonus dividend. Member CUs will be paid a 6% dividend rate on Membership Shares and a 7% rate on Paid-In Capital for December. "2001 has been a good year for SunCorp. Our recent merger with...
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There is a choice when it comes to share insurance, SCCUs are reminded
ekingoffbarr@cutimes.com
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Three Kansas CUs share new Wichita branch
By JIM RUBENSTEIN CU Times Southwest Correspondent WICHITA, Kan. - With an eye toward cutting brick and mortar costs while offering member convenience, three Wichita credit unions have teamed up to open a stand-alone shared branch, a rare fixture in the state. The new facility, located in southwest Wichita, is...
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"Three" the magic number for NASCUS annual conference
DANA POINT, Calif. - After two false starts, the NASCUS 36th Annual Conference & Symposium was finally held at the Marriott Laguna Cliffs Hotel, Dec. 14-18. The original date of the five-day conference overlapped with CUNA's Annual Symposium, so NASCUS pushed the conference back a week to Sept. 15 -...
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Wheat terminated, making room for Johnson; Bacino's term ends with Congress
By SARAH SNELL COOKE CU Times Washington Reporter ALEXANDRIA, Va.- President George W. Bush has sent a letter to NCUA Board Member Yolanda Wheat informing her that her seat on the board will be terminated as of December 21. Wheat's term officially expired in August, but she has been serving...
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Women head two NASCUS boards for first time in association's history
DANA POINT, Calif. - For the first time in NASCUS' history, the NASCUS Board and the NASCUS Credit Union Council Board are both chaired by women. Jerrie Lattimore, administrator, North Carolina Credit Union Division and Loren Rush, president/CEO, Universal 1 CU, Dayton, Ohio, both assumed their respective leadership responsibilities on...
Events Calendar
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2002 VENDOR MEETINGS & EVENTS CALENDAR
JANUARY JANUARY 7-11 Lending Solutions, Inc. Rex Johnson's University of Lending, Crystal Lake Holiday Inn, Crystal Lake, Ill. For info: Marsha Weider, 888-574-6572. JANUARY 16-18 MyDas Marketing's Annual Client Conference, Hard Rock Hotel & Casino, Las Vegas, Nev. For info: Sandy Wilson, 702-293-4446 or sandy@mudas.com. JANUARY 16-18 TNB Card Services...
In Other News
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AWARDS
Missoula Federal Credit Union, Mont., has been bestowed the Special Contribution to the System Award by the Montana Developmental Disabilities Planning and Advisory Council. The council annually awards individuals and agencies that make a positive impact on the lives of people with developmental disabilities. The credit union was recognized for...
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DONATIONS
Pacific Service CU, Walnut Creek, Calif., has donated $2,500 to sponsor the Fresno Juvenile Diabetes Walk to Cure Diabetes. Staff members also participated in the walk. Approximately 16 million Americans suffer from diabetes and its complications, which include heart disease, stroke, blindness, kidney failure, loss of nerve function and amputation....
News Briefs
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Arizona FCU pays out $2 million
PHOENIX, Ariz. - Arizona Federal Credit Union will issue the largest payout to members in its 65-year history - $2 million. "Our members have continued to show strong support of the credit union by their use of our services throughout the year," said AFCU President/CEO Ron Westad. "While we always...
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Chatfield's American Banker letter addresses Western Union story
NEW YORK - In a letter to the editor published in the Dec. 14 American Banker, California and Nevada CU Leagues President/CEO Dave Chatfield said Western Union may be right that banks aren't entering the international money transfer business any time soon, but credit unions are. Chatfield was reacting to...
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Congress unlikely to adjourn until 2002
WASHINGTON-Congress is unlikely to formally adjourn until it is required to on Jan. 3, 2002, according to NAFCU Associate Director of Legislative Affairs Brad Thaler. Congress will probably remain in a pro forma session until that date, when it must adjourn and begin the second session. The move will make...
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Eastern Financial Florida CU unveils new logo
MIRAMAR, Fla. - It's official: The former Eastern Financial FCU is now called Eastern Financial Florida Credit Union. EFFCU, with assets of more than $1.2 billion, was the third federal credit union in the Sunshine State to convert to a state charter in 2001. The other two were Tropical FCU,...
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Fed Governor Kelley resigns effective end of year
WASHINGTON-Federal Reserve Board Governor Edward W. Kelley, Jr., 69, submitted his resignation recently as a member of the Board of Governors of the Federal Reserve System, effective Dec. 31, 2001. Kelley, who has been a member of the Board since May 26, 1987, submitted his letter of resignation to President...
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PULSE, TYME one step closer to merging
BROWN DEER, Wis. and HOUSTON - TYME Corporation shareholders have recently approved a proposed merger with PULSE EFT Association. The TYME transaction will be the second PULSE expansion within the last year. Both networks signed a merger agreement earlier this year and the TYME shareholder approval was just one of...
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Regulators offer help with financial privacy shortly following workshop
WASHINGTON-NCUA, along with the four other banking regulators, issued guidance December 12 to help financial institutions comply with consumer privacy regulations. The agencies' regulations implementing the privacy provisions of the Gramm-Leach-Bliley Act (GLBA) became effective July 1, 2001. The guidance follows just one week after the GLBA agencies held a...
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Regulators propose common form for charter and federal deposit insurance applications
WASHINGTON-In an effort to promote consistency and reduce regulatory burden, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation have proposed a uniform charter and federal deposit insurance application form. The new "Interagency Charter and Federal Deposit Insurance Application" form...
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Senate OKs education package including financial literacy
WASHINGTON-The Senate gave final approval to the education reform package by an 87-10 vote. The bill includes financial education measures lobbied for by the credit union community. The package passed the House earlier this month and is now awaiting the president's signature. The financial literacy provisions in H.R. 1 will...
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TCU names L'Ecuyer new President/CEO
MANCHESTER, N.H.- Telephone Credit Union of New Hampshire has appointed Michael A. L'Ecuyer President/CEO. L'Ecuyer is filling the void left by the passing of former TCU President/CEO Richard Mahoney last September. Serving as the $192 million credit union's senior vice president for the last four years, L'Ecuyer also has over...
People
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CENTRAL
Seven Seventeen Credit Union, Warren, Ohio, has named Brett Carnahan commercial lending officer. Firestone Office Federal Credit Union, Akron, Ohio, Loan Officer Norma Ploplis has retired after over 28 years of service. Ploplis plans to travel more, spend time working around the house and still help out the credit union...
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EAST
Medical Area Federal Credit Union, Boston, has named Nicole James CEO. Power Federal Credit Union, Syracuse, N.Y., has promoted Brenda Carhart to vice president of lending and Mark Baker to vice president of information technology.
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MIDWEST
CEFCU, Peoria, Ill., has named Mark Spenny to vice president of CEFCU Financial Services, Inc. Affinity Plus Federal Credit Union, St. Paul, Minn., has named Dean B. Kloeckner financial advisor and Craig E. Lindstrom financial advisor.
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VENDORS
Business Lending Group, a CUSO, has named Grace Van Eyck credit administrator. CU Cooperative Branching, has promoted Mary Wolfe to assistant vice president of Service Centers and Sharlene Begnaud to Service Center network director. Corillian Corporation, an eFinance solutions provider, has named Martin Davis executive vice president, international. Countrywide Credit...
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WEST
Washington State Employees Credit Union, Olympia, has named Robyn LaChance marketing manager. In addition, WSECU has promoted three employees to the following positions: Dennis Karras, senior vice president for administration; Will Rance, vice president for volunteer and community relations; and Shirley Ledgerwood administrative assistant for administration. Financial Center Credit Union,...
Letters to the editor
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CUDA wants to help volunteers assume leadership positions
In Mike Welch's column, "Volunteers need more education, not more politics," (CU Times, Nov. 14, 2001), he talked about the Credit Union Directors of America (CUDA). I thought your readers might wish to have some additional information about the group from a volunteer professional's perspective. CUDA does not seek to...
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Split would start damaging slippery slope
In a recent opinion piece, NCUA Board Member Yolanda Wheat hit the mark in asserting that splitting the credit union federal insurer from its regulator would cause much more harm than good ("Splitting NCUA/NCUSIF would create new problems," (CU Times, Dec. 12, 2001). In fact, she observes that if the...
In Memoriam
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Dan Mahoney of Chicago Patrolmen's FCU, passes
CHICAGO - Daniel Mahoney, retired Detective CPD and retired treasurer/manager of the Chicago Patrolmen's FCU died Dec. 12. He was 73. Mahoney took over the reins of CPFCU in 1974 when it was a $5 million credit union. In 1996, he passed the baton to his son, Mark who is...
Tech Bytes
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Digital Dialogue partners with CCCorp
TAYLOR, Mich. - Digital Dialogue a provider of Net-enabled call center services, has partnered with credit union data processor Computer Consultants Corp. CCCorp is now a reseller of Digital Dialogue's products and services. CCCorp and Digital Dialogue have also developed a new product they will co-market. The new Shared Call...
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First tech launches online mortgage advisor
PORTLAND, Ore. - First Tech CU recently launched an online mortgage advisor, which it co-developed with Experion Systems. The technology helps reduce the number of mortgage options for the member down to the two or three best suited to the member's needs. "The trusted advisor model is about consistently delivering...
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Fiserv merges RF/Spectrum into IPS-Sendero unit
BROOKFIELD, Wis. - Fiserv Inc. announced last week it's merging RF/Spectrum Decision Science Corp. into its IPS-Sendero business unit. The new firm will operate under the IPS-Sendero name. RF/Spectrum is well known in credit union land as a provider of mortgage-decision support, and with more than 120 major lenders as...
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Open Solutions acquires imaging solutions provider
GLASTONBURY, Conn. - Open Solutions Inc. has added another core service for credit unions and community financials with the purchase of Imagic Corp., an Atlanta-based provider of item processing and imaging solutions. The deal involved cash and stock but terms weren't announced. Imagic has a client roster of about 200...
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USERS and SensCom hook up
VALLEY FORGE, Pa. - Credit union data processor USERS has formed an agreement with wireless firm SensCom to wireless-enable its PCU Internet Banking home banking piece. About 150 CUs are using USERS' PCU solution. USERS said its Connect-I.T. OFX-enabled middleware solution will simplify the interface process. SensCom has had a...
Opinion
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Fed's amendments of HOEPA requirements bad news for predatory lenders
Sometimes the best settlements are those that neither side likes, the idea being that the best resolution involves substantial compromises from both sides. The same can be said for the current debate surrounding predatory lending and the recent rules that the Federal Reserve Board (Fed) has issued addressing the problem....
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Looking ahead: some predictions for 2002
Since this is the first issue of Credit Union Times for the new year, here are my credit union predictions for 2002. As the overall economy improves throughout the next 12 months, I predict that credit unions will produce some impressive numbers in all key areas. This includes substantial growth...
News
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Maslak makes fun
North Island FCU President/CEO Mike Maslak wants members to have a fun, memorable experience when they visit a North Island FCU facility. Read all about it on page 20.
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NASCUS conference worth the wait
After two reschedulings due to date conflicts and Sept. 11's attacks, the NASCUS 2001 Annual Conference & Symposium got underway in Dana Point, Calif. Dec. 14-18. See pages 17-19.
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