Credit Union Times Magazine July-17, 2002

  • Who deploys ATMs?

    Most in the credit union industry would not be surprised to learn that credit unions are by far the junior partners in ATM deployment when compared to banks, but many might be surprised to learn that the banks themselves deploy significantly fewer ATMs than do Independent Sales Organizations (ISOs) and...

  • Over 120 exhibitors expected at CUNA Symposium

    MADISON, Wis. - CUNA said there will be a record 120 exhibiting companies at its 2002 Symposium, set for Orlando, September 24-27, 2002. This is surprisingly more exhibitors than it gets even at its Governmental Affairs Conference held in Washington each year, and which is typically its largest meeting. "We...

  • Virginia BFI approves Virginia League Central CU FOM expansion

    RICHMOND, Va. - The Virginia Bureau of Financial Institutions approved an application from Virginia League Central CU, Lynchburg, Va. to expand its field-of-membership to include Amherst County, Appomattox County, Bedford County, Campbell County, City of Lynchburg, City of Bedford, Town of Altavista, and Town of Appomattox. The $28 million CU's...

  • NCUA reminds CUs to take stock of security measures on eve of national holiday

    ALEXANDRIA, Va.-On the eve of Independence Day, NCUA issued a Letter to Credit Unions (02-CU-12) emphasizing the importance of physical security at the nation's credit unions. The letter said it was very important "not to lose sight of physical security considerations" in the aftermath of the September 11 attacks. The...

  • NAFCU Special Issue Guide

    SEATTLE - With 1,956 attendees expected, and a record 220 booths in the exhibit hall, this is set to be one of the most powerful NAFCU Annual Conference & Exhibition's ever. Since this issue ties a Credit Union Times' record for pages at 120, here's a handy guide to navigate...

  • Investors reaching out for a superhero

    PALO ALTO, Calif. - With all the bad corporate news out there it is no wonder investors need a super hero. Enter Kaptain Kelmoore. Created by Kelmoore Investment Company, the blue and yellow clad Kaptain Kelmoore's creed is "Defender of truth, justice and a balanced portfolio." "This is a new...

  • Meriwest CU introduces aggregation

    SAN JOSE, Calif. - Meriwest Credit Union has introduced MyWorth, a free online account aggregation service allowing its members to view, access and manage all of their online accounts in one place, with one password. MyWorth, available through MyMeriwest at www.meriwest.com, provides one-click access to a holistic summary of personal...

  • A Credit Union Times tie to Seattle's most famous building

    SEATTLE - There's one member of the Credit Union Times' team who will always have a soft spot in his heart for Seattle's most famous building, the Space Needle. Credit Union Times' Advertising Representative Jim Oestmann's uncle, John Graham, was one of the lead architects and at one time a...

  • Payday lender applies to buy bank

    ARLINGTON, Va. - In a controversial move, an Ohio-based payday lending firm has formed a subsidiary corporation and applied to buy a $5 million asset national bank, according to a story in the American Banker. CNG Financial, which is the parent of payday lender Check-N-Go, has formed Cincinnati BancGroup Inc...

  • CULAC topping the charts in election cycle

    WASHINGTON-CULAC is outpacing many of its rivals in fundraising and contributions, according to recent data from the Federal Election Commission. However, such furious early spending may leave their coffers dry as the end of the election cycle nears. CULAC, the official political action committee (PAC) of CUNA, was ranked fourth...

  • Member business lending: credit unions need to seize the moment

    MADISON, Wis. - Credit unions are at a crossroads in business lending and face an opportunity as well as a risk. Will they seize the opportunity to offer business credit to their members or walk away from it and hand the market over to banks and investment houses? The latter...

  • NIFCU celebrates San Diego hometown heroes

    CHULA VISTA, Calif. - North Island Financial Credit Union is celebrating San Diego and the people, places and events that make it unique. Each month, one San Diego individual, business, community group or interest will be featured prominently in displays located in NIFCU's 10 branch locations. "NIFCU has been a...

  • NCUA: 9.1 million more in underserved areas potential credit union members

    ARLINGTON, Va. - Multiple common bond credit unions with assets of between $100 and $250 million led the way in adding underserved areas to their fields of membership under NCUA's streamlined process for doing so, the agency has reported. These credit unions added 43 areas with potential membership increase of...

  • Albright, Bhutto, Unger headline CCUL's convention speaker list

    RANCHO CUCAMONGA, Calif. - Madeline Albright, U.S. Secretary of State during the Clinton Administration, Benazir Bhutto, twice-elected prime minister of Pakistan, and Laura Unger, acting SEC chairman under President George W. Bush, will be the major speakers at the California Credit Union League's 2002 annual meeting in Las Vegas, Nov....

  • VolCorp updates Web site

    BRENTWOOD - Volunteer Corporate Credit Union (VolCorp) said it has released a new, more user-friendly and efficient Web site (www.volcorp.org ) VolCorp said the new site features a lot of useful information for credit union staff. There is a public section of the VolCorp site available to everyone and includes...

  • Bank of Hawaii backs promise with cash

    HONOLULU - Bank of Hawaii is putting its money where its promise is regarding timely responses to complaints. Called the Rapid Response Guarantee, the bank pays customers $10 when it fails to responds to a question or concern by 4 p.m. that day. According to Bank of Hawaii Corp. Executive...

  • Desert Schools introduces unique Loan Direct program

    PHOENIX, Ariz. - Desert Schools FCU has introduced a new member service - Loan Direct - that lets members finance their vehicles, motorcycles, pools, watercraft and even homes directly at the dealer or business where they shop and, if they want to, under the "Drive Now" option, drive their vehicle...

  • CNBS reports record quarters

    OVERLAND PARK, Kansas - Corporate Network Brokerage Services, Inc. (CNBS) said that it had record transaction and advisory fee revenue for the first two quarters of 2002, though it would not reveal specific figures. CNBS President/CEO Brian Hague said, "Transaction revenue through the first half of 2002 exceeds total transaction...

  • Business lending seminar to kick off NACCU annual conference

    SANTA FE, N.M. - Attendees at the National Association of Community Credit Unions' Fourth Annual Conference will have the opportunity to hear from two business lending experts at a seminar on the issue that's scheduled to open the four day conference, Oct. 20-23 at the Eldorado Hotel. Jean Faenza, executive...

  • Telecommuting on the rise?

    RESTON, Va. - Want to lure new employees? Consider telecommuting options. A recent survey by TrueCareers, an online job board and Sallie Mae subsidiary, has revealed that 92% of employees say that the ability to work from home would be an important factor in deciding whether to accept a new...

  • Typo causes confusion; FCUs count share-secured loans toward 10% ceiling

    ALEXANDRIA, Va.-NCUA Associate General Counsel Sheila Albin wrote in a recent legal opinion letter that credit unions must apply share-secured loans toward the 10% loans-to-one-borrower ceiling. Albin pointed out that the definition of a loan-to-one-borrower prohibits loans that would cause the member to be indebted to the credit union in...

  • Employee motivation- not just traits make a good exec

    RARITAN, N.J.- Be careful what traits you look for in an executive cautions a recent paper entitled Enron, Worldcom and The Rest: Case Studies In Dysfunctional Strengths. Written by Adrian Savage, president of PNA, a corporate solutions provider, the paper asserts that values are the most important and consistent influences...

  • What makes an Underserved Area?

    * The Internal Revenue Service could designate the area as an empowerment zone or enterprise community. The area could have at least 20% of its population living below the federal poverty line, which is generated by the federal government based on census data. The area could be a metropolitan or...

  • Pioneer Ukraine CU celebrates its 10th anniversary

    OTTAWA, Ontario, Canada - Last month marked a milestone in the rebirth of Ukraine's credit union movement. Vyhoda Credit Union in the Western Ukrainian city of Striy celebrated its first decade of operations on June 16. "We are proud to have built this financial institution that has served our community...

  • Clarke American ends 20-year endorsement agreement with CUNA Strategic Services

    SAN ANTONIO, Texas - After 20 years of being CUNA's endorsed share draft provider, Clarke American and CUNA Strategic Services Inc. (CSSI) have gone their separate ways and not renewed their national endorsement agreement. The endorsement contract expired on June 30, 2002. Don Dolan, vice president and general manager of...

  • Connecticut Banking Commissioner deals stiff penalty at Illinois CU for "illegally" operating in state

    HARTFORD, Conn. - Connecticut Commissioner of Banking John Burke had the power of the Connecticut General Statutes to back him up and he used it in meting out a penalty against Corporate America Family CU, Elgin, Illinois for opening a branch and expanding its field-of-membership in Connecticut without obtaining Burke's...

  • NAFCU awards its 2002 Marketing Awards

    ARLINGTON, Va. -In its second year, the NAFCU Marketing Awards received more than 160 entries in six different award categories, and three asset size groups. Award winners have been named in the following three asset size groups: $0M- $29.9M, $30M - $124.9M, and $125M or more. The winning promotional pieces...

  • NCUA, CUNA, NAFCU say they have the diversity; NCUA even has a culture of the month program

    WASHINGTON-NCUA, CUNA, and NAFCU are fairly diverse employers in relation to the demographics of the country, according to internal tallies. So how is your credit union doing? NCUA Director of Equal Opportunity Programs Marilyn Gannon said that NCUA is aggressive about recruiting employees from all types of backgrounds. "The agency...

  • Michigan CUs applaud regulatory changes but look ahead to legislative revamp

    PLYMOUTH, Mich. - Michigan's credit unions are reacting positively to the changes in field of membership policies announced last month by Office of Financial and Insurance Services Commissioner Frank M. Fitzgerald. But they are only baby steps when compared with the changes the Michigan Credit Union League hopes are in...

  • "Low-income" remains a term with many meanings; it means different things to different people (and regulators)

    ARLINGTON, Va. - The terms "low-income" and "underserved" lack common definition, and confusion about the two may be one of the things most clouding the discussion of how credit unions interact with their lower income members and surrounding economically disadvantaged communities, according to a mix of credit union and other...

  • Like Enron, fallout from WorldCom steps up need for diversification, understanding of who's really accountable

    CLINTON, Miss. - Nearly a month after auditors discovered a $3.8 billion `misstatement' on WorldCom's books, pundits are speculating on how far and how wide this latest corporate debacle will extend to individual investors' portfolios. The fallout is sure to rankle those who rely heavily on professional financial advice for...

  • New Mt. Zion Church CU credits credit union mentors for its success

    DALLAS - People helping people. It's a well-worn slogan, but nothing better explains why two-year-old New Mt. Zion Baptist Church CU has experienced the success it has, according to James McQuirter, credit union president. Since its chartering in June 2000, New Mt. Zion has seen a 48% increase in membership...

  • NLAC nets its first jumbo loan CU participant, and what a jumbo CU it is

    OVERLAND PARK, Kansas - Network Liquidity Acceptance Company, LLC, a CUSO of U.S. Central, has signed on Navy FCU as its first Jumbo Loan Program participant. Navy Federal will sell its jumbo mortgage loans ($300,700 or more) to NLAC, freeing up liquidity to meet loan demand. Navy Federal sold its...

  • The hush is on with super regional Midwest corporate concept

    St. LOUIS - If you're not on the board or one of the leaders of the seven corporate credit unions included in a Midwest regional corporate proposal from Missouri Corporate President/CEO Dennis DeGroodt then don't expect to see or hear any updates on the issue. DeGroodt said confidentiality is now...

  • Valley CU moves ahead on Vision 2005 plan, embraces multi-lingual FOM

    SAN JOSE, Calif. - The grand opening of Valley Credit Union's Mi Pueblo branch in East San Jose is the latest move in the credit union's Vision 2005 plan. That blueprint lays out specific commitments and goals through the middle of the decade. Anthony Jones, VCU president/CEO, explains "part of...

  • Texas Small Business Assistance Task Force examines risks and opportunities

    FARMERS BRANCH, Texas - Texas is following the lead of CUNA, Ohio and other states that have Leagues examining how credit unions can better serve small businesses. Credit Union Resources, Inc., the fee-supported affiliate of Texas Credit Union League, has established a Small Business Assistance Task Force and charged it...

  • Subchapter S banks could soon out-save CUs in tax breaks

    WASHINGTON-If growth rates continue as they are, the total tax revenue lost to banks' Subchapter S election will total $13.5 billion over the next 10 years, according to a recent report by CUNA Economist Mike Schenk. In just seven years, banks' tax savings will outpace credit unions' tax exemption. "Commercial...

  • Predatory lending reform update: New York, Massachusetts among the latest states to pass measures

    ALBANY, N.Y. and BOSTON, Mass. - Even as Congress and the U.S. Senate pursue their own agendas to pass legislation protecting consumers from predatory lending, states continue to advance their own measures. New York and Massachusetts are among the latest to join the club. In New York, predatory lending has...

  • Leon Peace: CUNA's newest legislative gun is a former ABA tax attorney, long-time credit union member

    WASHINGTON-While it may seem a philosophical anomaly, CUNA's new Legislative Manager Leon Peace, formerly with the American Bankers Association (ABA), has been a credit union member since he was in college. He has belonged to several different credit unions since then, but primarily uses Wright Patman Congressional Federal Credit Union....

  • CUSO Financial Services offers credit unions new custom-built 401(k) plan

    SAN DIEGO - Members and employees wanting more mutual fund choices without having to be "locked in" to one family of funds, now have access to a new retirement plan that allows for customization with CUSO Financial Services, L.P.'s latest offering. Through the 401(k) Your Way plan, credit unions can...

  • Despite market saturation, CUs' ATM deployment still expected to grow

    ARLINGTON, Va. - Despite a national market for ATM deployment that industry observers consider saturated, credit union ATM deployment and use has still not matured and credit unions stand poised to experience strong growth in both, according to both credit union and non-credit union executives. Industry sources largely agreed with...

  • CUs' new auto loan portfolios slide to record low, used auto loans remain stable

    WASHINGTON - Are auto dealers' zero percent financing offers and captive finance companies' low rate offerings to blame for credit unions' shrinking new auto loan portfolios? While it's difficult to draw a straight cause and effect line between the two, one thing is certain: credit unions' new auto loan portfolio...

  • Credit unions and how they serve the low-income is once again a hot-button issue, but why?

    ARLINGTON, Va. - After simmering for many years, the question of how credit unions serve low-income communities has received increased interest lately, appearing again on trade association committee agendas and in regulators' remarks. But it would be a misunderstanding to attribute that interest solely to congressional signals or a need...

  • Credit Union Legislative Coalition augments Texas League's efforts

    AUSTIN, Texas - Appreciative and supportive of the Texas Credit Union League's legislative efforts on their behalf, a group of 24 credit unions - representing more than 2 million members and $11 billion in assets - and credit union affiliates is augmenting League efforts with legislative clout of their own....

  • EdCo Community president calls off merger with ISU Community CU

    DES MOINES and AMES, Iowa - It came down to the definition of "strategic business unit." One party considered it as being an independent business unit, while the other argued it didn't mean a standalone operation with no accountability to the parent company. Regardless of who's right, one thing EdCo...

  • Firstel FCU gets charter to woo potential new one million-member base

    MAPLE GROVE, Minn. - With the ongoing layoffs in the telecom industries here, Firstel Federal Credit Union has taken a gigantic step in wooing a larger member base while still remaining loyal to its original founding groups. The credit union received NCUA approval in June to expand is current charter...

  • Las Vegas credit unions tackle challenges of area's rapid growth

    LAS VEGAS - As construction crews and real estate agents hustle to keep pace with this area's rapid growth, credit unions are also implementing strategies to take advantage of the large influx of potential new members. Ask how they're approaching the challenges and opportunities, and you'll hear a different twist...

  • Indiana league establishes foundation to expand credit union and community assistance

    INDIANAPOLIS - Indiana credit unions have established the Indiana Credit Union Foundation to fund credit union development and worthwhile community programs in the state and beyond. The foundation is the legacy to the league of past board chairman Trent Kerr, CEO of the Indiana State University FCU in Terre Haute....

  • Impact of corporate CUs goes far beyond their own balance sheets

    WEST PALM BEACH, Fla. - Assets, assets, assets. That's all some people want to talk about when looking at corporate credit unions, but there are billions of more credit union dollars that corporate credit union investment subsidiaries are trading, managing or advising on that won't show up on any corporate's...

  • Focus groups one way to discover needs of Hispanic market

    WEST PALM BEACH, Fla. - With the U.S. Hispanic market buying power currently representing $428.3 billion, marketing to the Hispanic community is the number one goal of many credit unions, but the question remains how? According to Miami-based Strategy Research Corporation, Hispanics are now the largest "minority" in the United...

  • CUNA to educate CUs on risk-focused examination process

    WASHINGTON-CUNA hosted an audio-conference July 16 to educate credit unions on the finer details of NCUA's new risk-focused examination process. On the call was NCUA Director of Examination and Insurance Dave Marquis, as well as CUNA Examination and Supervision Subcommittee Chairman/South Carolina Credit Union League President John Franklin; Iowa Superintendent...

  • Flashback: NAFCU's 2001 Annual Conference & Exhibition

    Who knows what memories are in store for us at the 2002 meeting, but here's one from last year. NAFCU President/CEO Fred Becker presents Frank DeMita, NAFCU Director-at-large and chairman of Nassau Educators FCU, with NAFCU's "White Hat" award. It goes to the credit union that has done the most...

  • WesCorp gets some air time

    SAN DIMAS, Calif. - WesCorp made its television debut recently. Ms. Ursula Huang, news reporter for the TV program, Money Watch, was joined on the set by WesCorp's Charles Hu, Ph.D. Dr. Hu, an interest-rate analyst at WesCorp. Hu answered questions about the bond market on the Mandarin-language television program....

  • Visions FCU goes international with outreach program

    ENDICOTT, N.Y. - Talk about reaching out to the community. Visions Federal Credit Union has produced three foreign language versions of its membership brochure. The brochure has been translated into Bosnian, Russian and Vietnamese and is being made available to local organizations such as the American Civic Association for distribution...

  • CSSI now has strategic alliances with 10 providers

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  • Second time around for Mills

    This is the second NAFCU Annual Conference & Exhibition that NAFCU Chairman Jim Mills, president/ CEO of Three Rivers FCU, will kick off. Mills has one more year left in his current three-year term as chairman. He will start the meeting after the Color Guard and invocation. Meet the rest...

  • Bell-Tel CU Florida Lottery winner announces retirement

    ORLANDO, Fla. - In answer to the question "What would you do if you won the lottery" that many of us fantasize about - Bell-Tel Credit Union Leesburg Branch Manager Judy Smith says retire! After 17 years of service, Smith is retiring from Bell-Tel Credit Union. Smith and her husband...

  • CNBS and U.S. Central begin seeing some activity as a result of the terminated noncompete

    OVERLAND PARK, Kansas - Both CNBS and U.S. Central have reported some client activity since their 10-year noncompete ended. The noncompete prohibited CNBS from serving corporates and U.S. Central's brokerage CUSO from serving CUs. With those restrictions now off, the two are looking for business and it looks like they're...

  • Get to know the not-so-newcomers

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  • Shapiro Group grants exceed $100,000 to small CUs

    RANCHO CUCAMONGA, Calif. - The California Credit Union League through the Shapiro Group, has topped more than $138,000 in grants for small credit unions under $23 million in assets since the grant program's inception in January 2000. From Jan. 2000 - Jan. 2002, the Shapiro Group awarded 124 grants worth...

  • Denali Alaskan FCU launches commercial lending department

    ANCHORAGE, Alaska - Denali Alaskan FCU has formed a Commercial Lending Department to support, it says, the needs of its many small business members and firms. Art Blickenstaff, senior commercial/mortgage loan officer and senior loan officer at Denali Alaskan for the past five years, has been named business lending manager...

  • Fidelity, IBM to offer benefits outsourcing services

    BOSTON- In an effort to boost revenues, Fidelity Investments and IBM have announced plans to manage the employee benefit plans of other companies. Payroll and benefits services will be offered to large employers, including government agencies and major nonprofit organizations. Fidelity would provide the benefits expertise while IBM would support...

  • Missouri governor signs CU bill

    JEFFERSON CITY, Mo. - Gov. Bob Holden signed into law July 3 a bill that staggers the terms of credit union commissioners and provides that not all credit union commissioners go off the commission at the same time. Effective March 21, 2005, the first three commissioners appointed to the seven-member...

  • E-technology leaves employees feeling exploited

    SAN FRANCISCO - Advances in communication technology have left employees feeling exploited by employers. According to an Employment Law Alliance America At Work survey more Americans who are not in management positions are taking their work home. The national poll of 1,000 men and women conducted by Reed Haldy McIntosh...

  • FMFCU offers Welfare to Work solution

    CHESTER, Pa. - The Franklin Mint Federal Credit Union and Chester Education Foundation have teamed up to help former Welfare to Work recipients manage their personal finances. According to FMFCU business Development Officer Susie Nussear, many Welfare to Work participants have little or no experience in the fundamentals of money...

  • CUNA CPD's September line-up

    MADISON, Wis. - CUNA's Center for Professional Development offers 13 schools and conferences in September. The following is the line-up: * Consumer Lending School, Parts I, II, and III September 15-20 in Cambridge, Massachusetts *Leadership Development Institute September 15-20 in Cambridge, Massachusetts * Human Resource Management School, Parts I and...

  • CUNA, Verdi & Co. team up to offer site planning service

    MADISON, Wis. - CUNA and Verdi & Company, a consulting division of Diebold, Inc., have formed a strategic alliance to offer a customized branch and ATM site planning product to credit unions. The product, the Financial and Market Atlas, will help credit unions in identifying strategic locations for ATMs and...

  • efunds partners to offer debit card benefits

    ARLINGTON, Va. - eFunds, Corporation, the nation's largest independent ATM deployer and data processor for Co-Op Network announced it has partnered with Consumer Benefit Services to offer travel, merchandise and gift certificates to debit card users. Financial institutions wanting to participate need only enroll their card base of VisaCheck or...

  • CUNA Mutual's Kitchen earned $1.2 million in 2001

    MADISON, Wis. - According to a report in the Wisconsin State Journal that looked at the financial performance among insurance companies based in Dane County, Wisconsin - which includes Madison - CUNA Mutual President Mike Kitchen's 2001 compensation was $1.2 million, up from $706,532 in 2000. Kitchen was the second...

  • FHCU lobster-fest big winner for CMN

    EAST LANSING, Mich. - There was a little bit of Maine at Financial Health Credit Union-lobsters dropped in from Maine to help raise funds for the Children's Miracle Network here. "We wanted to hold a fundraiser that was a little out of the ordinary this year," said Shelly Davis, FHCU...

  • Matz sees her vision for future of CUs in action

    ALEXANDRIA, Va.-NCUA Board Member Deborah Matz saw her vision for the future of credit unions in action last week when she visited Alternatives Federal Credit Union. In reviewing the Ithaca, New York credit union's initiatives in partnering with government agencies and other sources, Matz said that is what she would...

  • WorldCom, related issues eroding floor time for CU issues

    WASHINGTON-Between the House Financial Services Committee investigating WorldCom issues and the Senate considering WorldCom as well as general accounting and auditing reform, little time is left for important credit union issues. However, this issue is tangential to credit unions because of the auditing angle and the increased deposits in credit...

  • Navy FCU opens its 95th branch

    VIENNA, Va. - Navy FCU celebrated the opening of its newest branch on the Marine Corps Logistics Base (MCLB) in Albany, Ga. On hand at the ribbon cutting ceremony were Col. Charles V. Mugno, base commanding officer, and Connie Schauer, branch office manager. Tim Martin, Albany Area Chamber of Commerce...

  • New logo design service available

    NAPLES, Fla. - A new player has tossed her hat into the logo design field-Margaret Bouse has recently launched www.99DollarLogos.com. Aimed at small associations or start-up businesses, the ninety-nine dollar service is coordinated and delivered entirely electronically. Working in the graphic industry for 20 years, Bouse says she got the...

  • Bankers Systems: Compliance, regulations top list of concerns for credit unions

    ST. CLOUD, Minn. - Credit unions have had to deal with their fair share of regulatory and compliance issues of late, so it's little wonder that the issues are the primary concern for credit unions these days. The results of a recently completed survey by Bankers Systems among credit unions...

  • Summit CU soaks up the patriotism, member praise on 4th of July

    SUN PRAIRIE, Wis. - This 4th of July readers of the Wisconsin State Journal and The Capital Times were treated to a glimpse of the human side of Summit Credit Union. "We decided to take this rare opportunity to put our heart and soul out front," said SCU Vice President...

  • Georgia Central goes on Investment tour

    DULUTH, Ga. - Georgia Central staffers will hit the road this summer to educate its member CUs about the economy and strategic investments for excess liquidity. Set to take place in July and August, the tour will stop in 10 Georgia towns. "By and large, credit unions have a lot...

  • Refis accounting for growing piece of CUs' auto loan portfolios

    WASHINGTON - Credit unions are accustomed to refinancing members' mortgages, but findings from a recent study by Callahan and Associates show credit unions are flexing their refinancing acumen and targeting refinancing activities at members who have outstanding auto loans from other lenders, as well "Credit Union Auto Lending: Creative Approaches...

In Other News

  • BRANCHING OUT

    Retail Employees Credit Union, St. Louis Park, Minn., has held the grand opening of its new St. Paul branch. RECU has $145 million in assets. Co-Operative Credit Union, Racine, Wis., has broken ground on its new headquarters. Elected officials made appearances at the groundbreaking ceremony. Members First Credit Union, Midland,...

  • DONATIONS

    American Heritage Federal Credit Union, Philadelphia, Pa., has raised $21,229 during its ninth annual Gelatin Olympics to benefit the Kids'N Hope Foundation, a non-profit organization, which supports the Music Therapy program at the Children's SeaShore House of the Children's Hospital of Philadelphia. Members lined up to slide into 700 gallons...

  • SCHOLARSHIPS

    NJDOT Credit Union, Ewing, N.J., has selected high school seniors Alyson L. Boyer and John W. Sullivan III as the 2002 scholarship recipients. Applicants submitted a list of honors, activities, work experience, personal goals, two essays, a written reference from a teacher, and an official high school transcript. Alyson L....

  • AWARDS

    Redstone Federal Credit Union, Huntsville, Ala., Marketing/Public Relations team has been awarded the Silver Addy by the Tennessee Valley Advertising Federation. The Advertising Federation recognized Redstone FCU for their efforts in the local public relations, non-profit, single medium category. T & C Federal Credit Union, Mich., Marketing Specialist Linda Zabik...

News

News Briefs

  • GM to offer five-year, 0% financing deals

    DETROIT - General Motors Corp. announced its latest 0% financing marketing offer it's coined "Summerdrive." Starting July 2, GM is offering qualified buyers cash or 0% financing for 36/48/60 month terms on the purchase of new 2002 model Buick, Cadillac, Chevrolet, Oldsmobile, Pontiac-GMC cars and trucks through September 3. Saturn,...

  • MBNA told again to stop charging interest on credit card fees

    ARLINGTON, Va. - MBNA, a major credit card issuer and purchaser of credit union card portfolios has been told again to stop charging interest on the fees it charges its credit card account holders. In a July 2 ruling, according to the American Banker, the U.S. Court of Appeals for...

  • TMH FCU first CU in Florida to join IRnet system

    MADISON, Wis. - TMH Federal CU in Tallahassee, Fla. is the first credit union in the Sunshine State to make the World Council of Credit Unions' International Remittance Network (IRnet) available to its members. The $23 million CU has about 5,400 members, many of whom represent a wide variety of...

  • Credit unions can make much better use of Project Differentiation

    ARLINGTON, Va. - Completing Project Differentiation's "statement of commitment" can help a credit union focus its attention on its service to members and tell the world exactly what it is doing, said Dick Ensweiler. Ensweiler is president of the Texas Credit Union League, chairman of CUNA's Governmental Affairs Committee and...

  • CUNA, Freddie Mac deal will mean lower mortgage origination costs for CUs

    WASHINGTON - CUNA and Freddie Mac are close to reaching an agreement that will leverage the resources of Freddie Mac and CUNA Mutual Mortgage and offer CUNA members access to technology, products, services and training and enable them to originate more mortgage loans at lower cost, Credit Union Times has...

  • California League's Match-Up Web site wins publication excellence award

    RANCHO CUCAMONGA, Calif. - The California Credit Union League's Match-Up Web site received an Award of Excellence in the 14th annual APEX Awards for Publication Excellence. The Web site, designed by the League's Information Technology Department, allows consumers to search an online database to find CUs they may be eligible...

  • SEC makes proposal to improve auditor accountability

    WASHINGTON-The Securities and Exchange Commission (SEC) has proposed rules to reform auditing oversight and improve accountability of auditors of public companies. The proposal would create a new Public Accountability Board (PAB), which each SEC registrant's independent accountants must belong to. According to the SEC, the proposed system is designed to...

  • Changes to Idaho Credit Code made to combat predatory lending

    BOISE, Idaho - The Idaho Department of Finance announced amendments to the Idaho Credit Code, effective July 1, that are designed to help the department fight predatory lending and provide greater protection for Idaho residents. Beginning July 1, most consumer lenders who solicit or advertise in the state must obtain...

  • PSCU becomes PSCU Financial Services

    ARLINGTON, Va. - Florida based, 500 credit union strong, Payment Systems for Credit Unions (PSCU) has changed its name to PSCU Financial Services Inc. to reflect, it said, "its growing portfolio of services and program solutions offered to member-owner credit unions." "Changing our name to PSCU Financial Services is a...

Marketing

Tech Bytes

  • Metavante to acquire Paytrust

    MILWAUKEE - Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation has signed a definitive agreement to acquire the assets of Paytrust, Inc., a privately held online bill management company based in Lawrenceville, N.J. Metavante provides electronic presentment and payment services to financial institutions, including four of the...

  • New IT solution geared to credit unions

    SAN LEANDRO, Calif. - There's a new managed services solution for desktops, servers and network devices available to credit unions. Known as CU-ONE, the solution is a monthly subscription service developed through a relationship between Oculan and Stradigi. Stradigi (www.stradigi.com) is a managed network services provider for CUs and Oculan...

  • Mysteries revealed at the Liberty Database Marketing Conference

    MOUNDS VIEW, Minn. -The 2002 Liberty Database Marketing Services Conference, "Credit Union Mysteries Revealed", is scheduled for Sept. 18-20 at the Radisson Plaza Hotel, Minneapolis. Liberty said mysteries such as "How CUs can retain and strengthen member relationships? What product and pricing strategies meet member needs and increase profit? How...

  • Reed Data adds Web-based vault service to document management lineup

    MIDWAY, Utah - Reed Data Inc. is adding a Web-based "safety deposit box" to its lineup of electronic document delivery and optical archiving systems. RDI now will be offering the PrivateVault service from EnterVault (www.entervault.com), a federally audited subsidiary of Zions First National Bank formed two years ago as a...

  • EDS lays off 2,000; CU division not affected

    PLANO, Texas - Mega IT firm EDS laid off 2,000 employees. The company employs a total of 140,000 worldwide. The company said the cuts were not related to problems at WorldCom, one of its major telecommunication clients. Mary Olson, an EDS spokesperson in the company's credit union division, said no...

  • Summit Systems fetes Web services, open-access technologies at annual confab

    CORVALLIS, Ore. - Web services and open-access efforts aimed at improving relationships with members highlighted the activity for the more than 500 attendees at Summit Information Systems' recent client group conference. The five-day annual session was held this year in Las Vegas. Web services, which allow unprecedented interfacing between disparate...

  • OFS meets on relationship pricing

    DENVER - Open Financial Solutions - a consortium of nine large CUs looking to use technology advancements to better serve members - met recently with Tower Group President/CEO Mark Sievewright on how relationship pricing can drive a more "member-centric culture." "One of the best ways to differentiate your credit union...

  • AFTECH on the move

    MALVERN, Pa. - Credit union data processor AFTECH, a subsidiary of Fiserv, is moving to a new headquarters complex in Malvern, Pennsylvania. According to AFTECH, the new facilities will be high-tech and offer state-of-the-art communications and support capacity. The main building will house programming, client services and administrative staff, as...

  • Yodlee, Experian announce joint service offering

    REDWOOD CITY, Calif. - Yodlee, the dominant force in the aggregation space, and Experian, one of the big three credit reporting services, recently announced a new strategic partnership. Experian will offer its direct-to-consumer customers Yodlee's permission-based account management system at www.experian.com. At the same time, Yodlee will incorporate Experian's credit-management...

Special Report

  • Opening time capsule of facilities-then and now

    WEST PALM BEACH- Every credit union has an "in the early days working out of an small office" story. Credit Union Times looks back at those early days and shows just how far credit union facilities have come. So sit back and join us on a nostalgic journey through time:

Letters to the editor

  • Matz: Allow me to respond

    Mike Welch's column, "How to get low-income stats begs question", in the July 3, 2002 edition of Credit Union Times, poses several questions to me. Allow me to respond: First, let me make it clear, once again, it is not my intention to bring back the Community Action Plan (CAP)....

  • Definition should include CU's social responsibility

    I like the definition of a credit union that Mike Welch included at the end of his column for several weeks. It is short, but descriptive. I would add a thought that is taken from the social responsibility section of credit union operating principles. My definition then would read like...

  • Succession plans should be tried first

    In response to a letter in the June 12th issue of Credit Union Times concerning succession plans, I strongly feel that credit unions should look internally before going to the outside to fill any positions. First, you know what you are getting. Second, the staff members who have contributed to...

  • Shame on credit union attendees with sticky fingers

    I recently attended CUNA Mutual's Discovery 2002 Conference. It was excellent, very interesting and enlightening. But I saw some things there that had nothing to do with CUNA Mutual that bother me. I wish that someday publisher Mike Welch would devote one of his weekly columns to the lack of...

NAFCU

  • South Dakota league signs pact for lending, analysis tools

    SIOUX FALLS, S.D. - The South Dakota Credit Union League will be marketing to its 60 members a package of Internet-based lending and leasing tools from SS&C Technologies Inc. of Windsor, Conn. They are PortPro Mall, a lending and leasing tool for loan officers and administrators, and PortPro, a system...

  • BECU to launch voice-recognition lending as key piece of sweeping technology upgrade

    SEATTLE - Telephones aren't a thing of the past at Boeing Employees Credit Union. The $4 billion, 300,000-member CU is investing in a sophisticated new voice-recognition system that will allow members access to a broad range of lending services anytime, anywhere, from any phone. It's actually an upgrade of the...

  • Digital Insight claims top spot from Celent again, but gap shrinks as industry matures

    BOSTON - The results are the same but the gap is narrowing as Digital Insight came out on top again in the rankings of Internet banking providers by Celent Communications. The Boston-based research and advisory firm put DI atop for the third year in a row in the small financial...

  • Mid-Atlantic Corporate to launch InteliData's new EBPP solution

    RESTON, Va. - Mid-Atlantic Corporate FCU is in the process of launching InteliData Technologies' next generation electronic bill payment and presentment solution to 200 credit unions. Mid-Atlantic had an existing relationship with InteliData. The corporate has been successful in the EBPP realm, even partnering with other corporates to offer the...

  • TechMecca 2002 almost here

    AUSTIN, Texas - It seems like the first ever TechMecca conference just ended, but already the second one is around the corner. TechMecca made news last year because it's an example of banks and CUs working together. The conference is put together by PULSE EFT Association, Independent Bankers Association of...

  • EDS celebrates its 40th

    PLANO, Texas - To officially commemorate EDS' 40th anniversary, EDS Vice Chairman Paul Chiapparone will rang the Opening Bell at the New York Stock Exchange on Friday, June 28. This year marks Mr. Chiapparone's 36th year with the company. Since its founding June 27, 1962, EDS has grown into a...

  • CUNA Network Services says Net security threat still high

    MADISON, Wis. - The "Internet Security Threat Report," a large scale study that analyzes Internet attacks based on actual empirical data, is now available in PDF format to credit unions that register through the Web site of CUNA Network Services at www.cns.coop. The report, produced by Riptech, Inc., provides a...

  • TowerGroup report: Fraud control a growth industry

    NEEDHAM, Mass. - Risk comes in all shapes and sizes, and the global financial services industry is spending big bucks to deal with it, using both old techniques and cutting-edge technology. And that in itself is a growth industry. The banking industry worldwide will spend about $600 million on technology-based...

  • Time could be arriving for Web-enabled ATMs, but financials need not abandon other channels

    FRAMINGHAM, Mass. - Member-relationship management considerations, along with anticipated federal access regulations and sheer popularity are all reasons for credit unions to consider Web-enabled ATMs, a new report says. "Since their introduction in 1986, automated teller machines have fundamentally changed the way that a majority of U.S. banking customers interact...

  • MicroBilt launches Experian's Portfolio Monitoring

    KENNESAW, Ga. MicroBilt Corporation, an online provider of credit bureau report access, has added Experian's Portfolio Monitoring through their www.CreditCommander.com Web site. CreditCommander.com, a popular site for businesses that access credit bureau reports, will offer Experian Portfolio Monitoring through its subscription-based service. Portfolio Monitoring, previously only available through dial-up software,...

Opinion

Publisher's Column

  • Sleeping with the enemy is tough decision

    NAFCU and CUNA often take the same position on major credit union issues. This frequent strolling hand in hand up the Capitol steps over the years has caused some observers to ask from time to time, "Why do credit unions need to support two national trade groups?" There are other...

Publisher's Notebook

  • Big is better

    Credit unions frequently find themselves in debates over whether big is better. When it comes to credit union publications, there is no debate. Strictly from a reader perspective, big is better! The reasons why include the fact that only a consistently larger publication (more editorial pages) can cover a wider...

People

  • SOUTH

    The North Carolina Credit Union Network, Greensboro, N.C., has elected the following officers to its board: Bobby Hall, chairman; Ben Hill, vice chairman; Jerry Burnette, treasurer; and Martha Miller, secretary. In addition, Patty Barrett has been elected director-at-large. Keesler Federal Credit Union, Biloxi, Miss., has named Becky Duncan marketing database...

  • MIDWEST

    E&A Credit Union, Marysville, Mich., has appointed Janice C. Rose CEO/President. Affinity Plus Federal Credit Union, St. Paul, Minn., has promoted DeEtte Leckner to creative director and Melissa Holtan to director of strategic development.

  • EAST

    Visions Federal Credit Union, Endicott, N.Y., has promoted Lorri Kemmerer to assistant vice president of branch administration. Central Credit Union Fund, Auburn, Mass., has appointed Emile A. Bonneau, Jr., vice president of operations. Jeanne D'Arc Credit Union, Lowell, Mass., Assistant Treasurer Elkin Z. Montoya has been named President of the...

  • SOUTHWEST

    Security Service Federal Credit Union, San Antonio, Texas, has named Todd F. Renaud assistant vice president of management information systems. Mobiloil Federal Credit Union, Beaumont, Texas, has elected Phillip Brent, Jr. director.

  • VENDORS

    Irwin Mortgage, a mortgage service provider, has named David Fennimore Natco CU mortgage loan officer; Jim Winn, West Michigan CU mortgage loan officer; Patrice Bolin, Perfect Circle CU mortgage loan officer; and Rosalie Morgan MTC FCU mortgage loan officer. Financial Service Centers Cooperative, Inc., a shared branching network, has named...

In Memoriam

  • CU leader James A. Ray dies

    TALLAHASSEE, Fla. - Broward Schools CU President/CEO James A. Ray died unexpectedly on July 6, according to credit union EFT firm Credit Union 24. Ray was recently re-elected to the Credit Union 24 Board for a second term. Ray was President/CEO of Broward Schools Credit Union, Lauderhill, Fla., since 1996....

Billlionaires Club

Movers & Shakers

Events Calendar

  • 2002 VENDOR CALENDAR

    JULY JULY 10-11 CU Conferences' Business Lending Conference, Wyndham, Colorado Springs, Colo. For info: John Berra, 888-465-6010. JULY 11-14 CU Conferences' 20th Annual Focus on Lending Conference, Wyndham, Colorado Springs, Colo. For info: John Berra, 888-465-6010. JULY 13-20 CU Conferences' Credit Union Alaska Cruise Conference, aboard Holland America's Newest Ship...

  • 2002 ASSOCIATION CALENDAR

    JULY JULY 21-24 CUNA & Affiliates Center for Professional Development, Economics and Investments Conference, Hyatt at Fisherman's Wharf, San Francisco, Calif. For info: CPD, 800-356-9655, x 4249 or www.cuna.org. JULY 21-25 CUNA & Affiliates Center for Professional Development, Business Lending Institute - Parts I & II, Fluno Center - University...

People Feature

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