Credit Union Times Magazine June-05, 2002

In Other News

  • AWARDS

    Keesler Federal Credit Union, Biloxi, Miss., has recently honored several employees for their loyalty and years of service. Each employee received a service pin as recognition. The following employees were recognized for five years of service: Joy Kelly; Susan Shisenant; David Ouille; Jaime Werda; Scott Leggitt; Annell Bahm; Carla Buchanan;...

  • DONATIONS

    Ohio University Employees' Credit Union, Athens, Ohio, has raised $1,755 for the Big Brothers and Big Sisters of Athens County. For the third year OUECU was the top fundraising organization with five teams of credit union employees bowling. OUECU employee Kim McGowan was the fourth highest individual money raiser this...

  • MILESTONES

    Pen Air Federal Credit Union, Pensacola, Fla., has reached a major milestone of surpassing $500 million in assets. Chartered in 1936, the credit union operated out of a small office in a building aboard NAS-Pensacola with just a couple employees and a few thousand in assets. By the end of...

News

News Briefs

  • CAP COM Financial Services ranked high in mutual fund production

    ALBANY, N.Y. - CAP COM Financial Services, LLC, a wholly-owned CUSO of Capital Communications FCU was ranked seventh in the U.S. by their broker, Linsco Private Ledger, in mutual fund production for first quarter 2002. In addition, CAP COM's Chief Investment Officer John Shartrand ranked sixth in the country individually...

  • CUs grab attention of Washington television news media

    WASHINGTON-CUNA President and CEO Dan Mica appeared live on Washington D.C.'s CBS affiliate recently to promote credit unions' online efforts. The appearance underscored a story that ran in a recent Wall Street Journal on credit unions' e-prowess. Mica took time during the six-minute segment to explain how consumers can reach...

  • Credit Union ONE helps members fight ID theft

    FERNDALE, Mich. - Credit Union ONE recently hosted an Identity Theft/Internet Fraud Seminar to help educate members. "With the number of identity theft crimes escalating daily, it is vital to heighten community awareness," said Credit Union ONE President/CEO Armando Cavazos. "We are pleased to offer residents a chance to gain...

  • Former banker heads new TNB credit card portfolio buying program

    DALLAS - Ready to move forward with its new program aimed at buying credit card portfolios, TNB Card Services has named Jay Kurian, a former banker, senior vice president/agent issuer program manager. Kurian was most recently with Banco Popular as director of U.S. card products and previously held management positions...

  • Harvester FCU community charter approved

    INDIANAPOLIS - Harvester Federal Credit Union's request for a community charter has been approved by the NCUA. The $50 million credit union is now able to offer financial services to anyone who lives, works, worships, attends school or volunteers in Marion County. "The seven-member Board of Directors and management decided...

  • Mississippi bank invests $100,000 in low-income credit union

    JACKSON, Miss. - AmSouth Bank has invested $100,000 in Hope Community Credit Union, a $1.7 million low-income designated credit union based in Jackson, Mississippi. The money will help lift the 1,731 member credit union's net worth from the 1.14% it had in December of 2001 and enable it to offer...

  • Northern Nevada CUs launch multi-media public awareness campaign

    RANCHO CUCAMONGA, Calif. - Nine credit unions located in Northern Nevada, including two headquartered in Las Vegas that have branches in Reno, have launched a public awareness campaign on television and radio using the national credit union brand "Pubic Education" and "Comfort Zone" spots. The nine CUs are: E.W. 401,...

  • Pacific Service CU pledges $100,000 to local CU

    WALNUT CREEK, Calif. - Pacific Service Credit Union, has renewed a $100,000 interest-free certificate of deposit at the People's Community Partnership Federal Credit Union (PCPFCU) in Oakland. Recently celebrating its one year anniversary, PCPFCU will use the pledge to reach out to individuals and families who do not have banking...

Looking Back

  • CREDIT UNION TIMES Vol. 3, No. 22 June 3, 1992

    Looking back 10 years ago finds Los Angeles credit unions recovering from riots spurred by the Rodney King verdict on April 30. The California CU League, CUNA Mutual and more than a dozen credit unions rushed to the aid of the $5 million Knudsen Federal Credit Union after its sole...

Tech Bytes

  • CUNA, TowerGroup announce six new CU Research Notes

    MADISON, Wis - CUNA and the TowerGroup have added six new Research Notes to its Credit Union Technology Advisory Centre (CUTAC). This makes for a total of 16 new research titles that have been added to CUTAC this year. CUNA formed CUTAC with TowerGroup last year. The six new Research...

  • Futurist sees credit unions as prime targets for hackers; says CUs need to collaborate to become more impenetrable

    WEST PALM BEACH, Fla. - Futurist James Canton sees today's credit unions as the most vulnerable of financial institutions to hacker attacks, but thinks their cooperative nature can help them become among the most impenetrable. "As security in its grandest sense after 9/11 gets on the front-burner of every government...

  • Internet important for making financial decisions

    WASHINGTON - More evidence of how integral the Internet is to Americans' daily life, including the financial life that credit unions are committed to serve, is at the heart of a new survey just released by a prominent national think tank. In a report, titled "Use of the Internet at...

  • P2P not replacing traditional transaction avenues, yet

    NEEDHAM, Mass. - One of the byproducts of the Internet revolution was predicted to be the explosive growth of person-to-person (P2P) payments, at the cost of transaction volume at the traditional payment processors, including credit unions. While there's still growth in that area, most notably in eBay-type auctions, it's been...

  • Wireless phone, ATMs in trial marriage in Denmark

    COPENHAGEN, Denmark - A pilot project allowing consumers to use their wireless phones to get cash from traditional ATM's has been launched in Denmark by NCR Corp. AU-System and beamtrust a/s. The three ATM's are owned by Spar Nord Bank and Laan & Spar Bank. The consumer is able to...

  • Yodlee adds MRM capabilities to aggregation service

    REDWOOD CITY, Calif. - Yodlee Inc., the dominant player in the account aggregation space, has announced a new product suite that apparently is moving the company into the member-relationship business, too. Yodlee has unveiled its Business Intelligence product suite, which it says "leverages the 360-degree customer view that aggregation solutions...

People

  • EAST

    Dexter Credit Union, Central Falls, R.I., has named Michele M. Gousie human resources manager. First Atlantic Federal Credit Union, West Long Branch, N.J., has promoted Felicia M. Di Rocco to vice president of marketing/business development. In addition FAFCU has elected the following officers to its board: Samuel M. Esposito, chairman;...

  • MIDWEST

    Heritage Credit Union, Madison, Wis., has announced that its longest serving board of director, Donald Bacon has retired. Bacon was elected as a director in 1959 and served as an unpaid volunteer. During his tenure he served as chairman, secretary and treasurer. Credit Union ONE, Ferndale, Mich., has elected the...

  • SOUTH

    Volunteer Corporate Credit Union, Brentwood, Tenn., has elected Nancy Holt board director. Alabama Credit Union, Tuscaloosa, has named Gary R. Zane vice president for lending. Georgia Central Credit Union, Duluth, has named Cory Johnson, assistant vice president of investment services and Dawn Sirras, director of product development.

  • SOUTHWEST

    Mobiloil Federal Credit Union, Beaumont, Texas, has elected the following officers to its board: Richard Hegele, chairman; Paul Wheelington, 1st vice chairman; Tony Lucenti, 2nd vice chairman; Floyd Price, secretary/treasurer; Scott McCauley, supervisory committee chairman; Giacomo Figlia, director; Raul Morales, Jr., director; Jim Norton, director; Wayne Pratt, director; Ronnie Sciarrilla,...

Briefs

  • Mayors back homeownership tax credit

    WASHINGTON - Mayors from around the country attending the National Housing Forum May 20-22, released a set of recommendations to address the country's affordable housing crisis. Among their recommendations which were compiled in a report, "National Housing Agenda: A Springboard for Families, for Communities, for Our Nation," and which are...

  • Members Mortgage to offer mortgage financing to CU members in New Hampshire

    WOBURN, Mass. - Members Mortgage, a leading provider of mortgage financing to credit union members in the New England area, will offer CU members in New Hampshire a loan program through the New Hampshire Housing Finance Authority. NHHFA is a non-profit, public benefit corporation that generates mortgage funding for low...

  • Nominations open for CUNA Mutual 2002 Excellence in Lending award

    MADISON, Wis. - Nominations will be accepted for the 2002 Credit Union Excellence in Lending awards until July 31. According to CUNA Mutual Group, the awards aim "to identify, recognize and share examples of lending excellence within the credit union movement. Credit unions are honored for their innovation in serving...

  • Wescom adds Home Value Check online tool to eBranch Web site

    PASADENA, Calif. - Wescom Credit Union has teamed with Irvine, Calif.-based Basis 100, a provider of collateral valuation tools for the residential real estate industry, and has added a new Home Value Check feature to its eBranch electronic banking Web site, for members interested in refinancing or purchasing a home....

Publisher's Column

  • Merger numbers up and more on the way

    The credit union industry is getting considerably larger, but the number of players spearheading that growth, with one exception, is getting smaller. Industry assets have gone over $500 billion. Membership will soon be flirting with a 100 million milestone. The number of high-tech delivery systems, products, services, ATMs, and branches...

Letters to the editor

  • Secondary capital not the savior

    In the current excitement over credit unions' potential access to secondary capital, I am compelled to raise a cautionary flag. While I completely understand and agree with the need for secondary capital in appropriate situations, credit unions should not consider secondary capital to be a "Silver Bullet" solution. Unlike retained...

Opinion

  • What to do when the boom begins to wane?

    After cranking out a record $47.4 billion in first mortgage loans in 2001 (see table), credit union mortgage lenders will see slower mortgage activity as sated housing demand and higher interest rates affect the mortgage market in 2002. So what will slower real estate lending mean for credit union lending...

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