Credit Union Times Magazine July-31, 2002

In Other News

  • MILESTONES

    Actors Federal Credit Union, New York, has recently celebrated its 40th Anniversary. Proclamations congratulating AFCU on 40 years of service were presented on behalf of NYC Council Speaker Gifford Miller and Council Member Christine Quin, 3rd District of Manhattan, by Torrence Allen, personal assistant to Miller. Notable events from the...

  • DONATIONS

    Fiscal Credit Union, Glendale, Calif., has donated $50 Savings Bonds to 12 winners of the Woodland Hills Chamber of Commerce Children's Art Contest. The winners, students of kindergarten through 6th grade were officially recognized during the Woodland Hills Festival in the Park, where their artwork was exhibited for the enjoyment...

News

News Briefs

  • House Financial Subcommittee to hear testimony on banks in real estate

    WASHINGTON - The House Financial Services Subcommittee on Financial Institutions, chaired by Rep. Spencer Bachus (R-Ala.) will hold a legislative hearing July 24 on the Community Choice in Real Estate Act, H.R. 3424. The measure, introduced by Rep. Ken Calvert (R-Calif.) addresses a proposal currently in the rulemaking process. H.R....

  • Denali Alaskan FCU buys insurance company

    ANCHORAGE - Denali Alaskan Federal Credit Union has recently purchased an interest in Alaska Business Insurance, and has re-named the agency Denali Alaskan Insurance. Denali Alaskan Insurance will offer personal lines such as home auto and health insurance in addition to business insurance including coverage for property, business liability, worker's...

  • Arizona League foundation unit donates $15,000 to fire victims

    PHOENIX - In line with its program to help out victims of last month's devastating wildfires, the Arizona Credit Union League announced July 18 that its foundation unit has donated $15,000 to three relief organizations in northeast Arizona with funds designated for the needy. "The credit union philosophy of `people...

  • WOCCU's Ito speaks on UN panel discussion on community development

    MADISON, Wis. - Lucy Ito, vice president of the World Council of Credit Unions (WOCCU) joined a distinguished panel of speakers from the Canadian Cooperative Association, the University of Leicester and the World Bank, in a United Nations-hosted discussion on "Society and Cooperatives: Concern for Community" that was held in...

  • VolCorp has a new CFO

    BRENTWOOD, Tenn. - The $1 billion VolCorp has named Rick Veach Vice President/Chief Financial Officer. Veach's background includes over 25 years in the financial services industry. His expertise includes asset liability management, investments, budgeting and financial management. Veach holds an MBA from the Owen Graduate School of Management at Vanderbilt...

  • CUNA tells OFAC to ease up on disclosure rule

    WASHINGTON-CUNA recently wrote a comment letter opposing a proposal by the Office of Foreign Asset Control (OFAC) to publicly disclose penalties imposed by the agency. The proposal was published in the June 19 Federal Register. "We have always been concerned that the ever-increasing complexity of the OFAC sanctions programs raises...

  • SunCorp/Nebraska Corporate Central FCU merger could be done deal by Oct. 31

    ARVADA, Colo. - SunCorp Corporate CU President/CEO Eric Kenealy said he's hopeful the SunCorp/Nebraska Corporate Central FCU merger can be completed by Oct. 31. Since there's no NCUA Board meeting in August, the corporates are trying to get the merger proposal on the board's September agenda. Kenealy said if it...

Tech Bytes

  • Symitar nets its first service bureau client

    MONETT, Mo. - Credit union data processor Symitar Systems - which has traditionally been a provider of in-house data processing only, but recently started offering a service bureau solution - has signed its first service bureau client. Symitar has over 300 CUs on its in-house system, and FEC Credit Association,...

  • Corporate spying alleged in CU vendor fight

    ARLINGTON, Va. - The legal battle between Digital Insight and FundsXpress is far from over. Austin based FundsXpress, a $12 million company, sued $95 million Digital Insight, based in Calabasas, California, for almost $80 million, claiming that one of its employees was also an employee of Digital Insight. The suit...

  • ITCUA elects Butler chairman

    DEL MAR, Calif. - Robert Butler, first vice chairman of Communicators FCU, Houston, has been elected chairman of the Information Technologies Credit Union Association. The ITCUA originated as a trade association for telecommunication (primarily telephone) CUs, but has moved into technology over the years. It recently announced that it would...

  • CGI's CU division launches browser-based solution set

    SOUTHFIELD, Mich. - CGI's credit union division has created of a new suite of browser-based solutions and services for CUs. The CyberSuite is comprised of a collection of applications called CyberBranch, CyberBranch@Home, CyberGateway, and CyberPlus and will be ready for general release in the first quarter of 2003. Product descriptions...

  • CUNA Network Services is one year old

    MADISON, Wis. - CUNA Network Services turned one year old this past July. The CUNA subsidiary was formed by the combination of the e-commerce assets of CUNA Strategic Services Inc. and Sunstar IP Communications. "When we began CUNA Network Services a year ago, we were determined to create a dynamic,...

  • Mid-Atlantic Corporate partners with VolCorp for EBP

    MIDDLETOWN, Pa. - Mid-Atlantic Corporate Federal Credit Union is partnering with VolCorp to offer Electronic Bill Payment (EBP) to VolCorp's 240 member credit unions through Mid-Atlantic's subsidiary, MY CU Services, LLC. Under the agreement, VolCorp will market EBP to its member credit unions. VolCorp will provide settlement services and utilize...

  • Wescom gets first disaster recovery client

    PASADENA, Calif. - Talk about branching out into new areas. Wescom Credit Union has signed Foothill Federal Credit Union as the first client for its Disaster Recovery service. The credit union is offering disaster recovery services through one of its CUSOs, Wescom Resources Group (WRG). The CUSO specializes in data...

  • Online mortgage purchases rising slowly, but still rising

    ARLINGTON, Va. - Six percent of mortgage seekers applied for their loans online recently, according to Cambridge Massachusetts based Forrester Research. CUNA's CU Environmental Scan for Strategic Planning reported that the number of online applications have risen almost 2% in the last two years, standing at 1.3% in 1999 and...

  • CUNA to market .coop to CUs

    MADISON, Wis. - CUNA said it will become the lead marketer to CUs for the new .coop domain. CUNA entered into an agreement with the National Cooperative Business Association (NCBA) to become the primary marketer of .coop domain names to U.S. credit unions. The agreement allows CUNA Network Services to...

Briefs

  • DIEBOLD introduces new ATM platform

    ARLINGTON, Va. - Diebold Inc., a major ATM provider, has released a software platform that will allow financial institutions to give their customers a familiar ATM experience even if they use a variety of different ATM machines. The Agilis Power service means consumers will have a consistent user experience every...

  • Payroll cards growing steadily in popularity

    ARLINGTON, Va. - The practice of paying employees by adding money to payment cards that they can then use at ATMs or, if the cards have card association logos, anywhere that Visa and Mastercard are accepted continues to grow. Sears Roebuck announced recently that it would allow it employees at...

  • VISA: Honor All Cards rule doesn't prevent merchant influence

    ARLINGTON, Va. - With the court drawing closer to unsealing the documents involved in the fight with Wal-Mart and other retailers, Visa officials told the American Banker that nothing about the Honor All Cards rule prevented Wal-Mart or the other retailers from influencing customers to use cards with a lower...

Letters to the editor

Looking Back

  • Credit Union Times Vol. 9, No.30 June 29, 1998

    Looking back four years ago finds credit union trade associations preparing for a floor fight over business lending cap amendments to H.R. 1151. At issue is the Hagel-Bennett amendment, which would reduce the current member business cap by 43%. "It's an unreasonably restrictive amendment and we're doing everything in our...

Opinion

Publisher's Column

  • Bankers could learn a lot at NAFCU conference

    During my credit union career, I have attended a number of national banking association conferences. Included on the long list of things I learned at these meetings is that the three most popular session themes at banking meetings are profitability, profitability, and profitability. It's a shame that bankers don't participate...

NAFCU

  • CUs must carefully weigh the costs and benefits of aggregation

    SEATTLE-As unique as each credit union and its members are, so are their needs. In an education session during NAFCU's 35th Annual Conference, NAFCU Director of Regulatory Compliance Linda Dent told attendees that credit unions must make individual decisions about whether account aggregation is an appropriate and worthwhile service for...

  • Do not confuse low-income with underserved, NCUA official advises

    SEATTLE-NCUA Credit Union Development Analyst Nancy Padilla told attendees of NAFCU's 35th Annual Conference that it is important to understand the difference between a low-income area and an underserved area. By adding underserved areas, credit unions are not necessarily serving low-income areas and vice versa. In locating an investment area,...

  • Recent events have upped the ante regarding disaster recovery

    SEATTLE-Since the terrorist attacks of September 11, what to do following a disaster are at the top of credit unions' list of vital questions, particularly since several credit unions were directly affected by the events. More recently, flooding in Texas and fires throughout states in the West have brought the...

  • NAFCU takes its common sense approach to Capitol Hill

    SEATTLE-With know-how and constituents, NAFCU is able to make its presence known on Capitol Hill and prove this town is big enough for both CUNA and NAFCU. While CUNA boasts that it represents more than 90% of all credit unions and NAFCU works for just 14% of federal credit unions,...

  • Serve your employees better to better serve your members

    SEATTLE-Make work fun was the advice Jackie Freiberg, managing partner of Freibergs.com, had for attendees of NAFCU's 35th Annual Conference. She asked the audience who likes to work with fun people and nearly everyone raised their hands; however, very few raised their hands when she asked if they hire employees...

  • The bottomline: e-statements can save credit unions money

    SEATTLE-During NAFCU's Annual Conference in Seattle, ESL Federal Credit Union CEO William "Tim" Pryor advised credit unions on how to save money and maintain compliance using electronic statements. The Electronic Signatures in Global and National Commerce Act (E-SIGN) of 2000 gave electronic contracts have the same weight as paper ones....

People

  • WEST

    Kitsap Community Federal Credit Union, Bremerton, Wash., has promoted Mike Mally to technical security manager and Misty Rinehart South Kitsap branch supervisor. Meriwest Credit Union, San Jose, Calif., has elected the following officers to its board: Richard Alves, chairman; Melvin Olsen, vice chairman; Arthur Jue, secretary; and Karl Nigg, treasurer....

  • MIDWEST

    Earthmover Credit Union, Oswego, Ill., branch manager Kimberly Ekle has been elected second vice president of the North Aurora Lion's Club, which is a service organization committed to supporting people with blindness and deafness. Catholic Federal Credit Union, Saginaw, Mich., has named Alan P. Watson vice president of accounting. CUNA...

  • SOUTHWEST

    FirstCorp, Phoenix, has elected the following officers to its board: Dan Desmond, chairman; Jim Knoff, vice-chair; Gloria Mundy, treasurer; Linda Dhaemers, secretary. In addition, FirstCorp has elected the following directors: Rita Albertson; Jim Simpson; and Garth Griese.

  • SOUTH

    Keesler Federal Credit Union, Biloxi, Miss., has named Bridget Haley branch operations coordinator and Rachelle MacGregor mortgage loan originator. In addition, KFCU has promoted Cynthia Lee to ACH officer.

  • EAST

    Virginia League Central Credit Union, Lynchburg, Va., has appointed Greg McConville president/ CEO. Pennsylvania Credit Union League, Harrisburg, has promoted Elaine Royer credit union development specialist of Pacul Services, Inc., a wholly-owned service subsidiary. Maine Credit Union League, Portland, has elected the following officers to its board: Normand Dubreuil, chairman;...

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