Credit Union Times Magazine September-11, 2002

  • CUs say they can't wait for bankruptcy reform, others say it's best to wait and make some changes

    WASHINGTON- While the delay in the passage of a bankruptcy reform bill (H.R. 333) is not welcomed by credit unions, CUNA still has full confidence that lawmakers will be able to work out their differences and pass a bill this congressional session "because the issues involved are too compelling not...

  • CUNA Mutual puts debt cancellation on product offering table for credit unions

    MADISON, Wis. - Debt cancellation is no longer the sole domain of the banking industry. NCUA's recent expansion of federal credit unions' incidental powers opened the door for credit unions to offer debt cancellation agreements, debt suspension agreements and letter of credit and leases as "loan-related products," and now CUNA...

  • FinCEN looking into costs of BSA filings

    WASHINGTON-The Financial Crimes Enforcement Network (FinCEN) began a study in late August of financial institutions, including credit unions, to determine the costs of filing Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs), as well as the use of exemptions for the CTR process. Surveys were delivered via e-mail and...

  • Financial privacy law killed in California, supporters vow to try again

    SACRAMENTO, Calif. - Financial privacy legislation, one of the most hotly debated and heavily lobbied issues in the California Legislature this year, died a lingering death on the final day of the legislative session. Three separate attempts to pass some form of financial privacy legislation were all rejected. Even after...

  • Iowa CU Division reinvents supervisory, exam processes with technology innovations

    DES MOINES, Iowa - Jim Forney, superintendent of credit unions for the Iowa Credit Union Division remembers a time "not too fondly ago" when monitoring Iowa's state-chartered credit unions meant manually tracking the CUs through their semi-annually filed paper call reports to the division and looking to see if there...

  • In Arizona town with 53% unemployed, CU does not give up

    SOMERTON, Ariz.. - Whenever they start giving out awards for community commitment, the $208 million AEA Federal Credit Union of nearby Yuma certainly ranks at the top. That's because AEA is the only financial institution in this Mexican border town of 7,500 with an astonishing unemployment rate of 53%. The...

  • Credit unions eye impact of `no call' laws

    GREENSBORO, N.C. - When telemarketers interrupt dinner or a favorite television show, many people grumble, "There ought to be a law." In fact, legislation has been popping up at both the federal and state levels. Counting laws scheduled to go into effect this year, 20 states now have statutes aimed...

  • Credit unions, consumers prove financially resilient in wake of 9/11

    WEST PALM BEACH, Fla. - While economists predicted the terrorist attacks would help drag an already wallowing U.S. economy to even lower depths, consumers and the financial system showed incredible resiliency. "The effect of 9/11 on the economy and credit unions was much less than most of us economists originally...

  • After 9/11, core technology providers see impact on themselves, clients

    COLUMBIA, S.C. - Crumbled infrastructure and biological warfare, disrupted travel plans and a reeling economy - the aftershocks of the Sept. 11 terror attacks reverberated quickly across the credit union data processing community, like everywhere else. A year later, in a development less dramatic but perhaps more systemic, many processors...

  • 9/11 terrorist attacks had ripple effects in canceling CU conferences, but in 2002, the show must go on

    WASHINGTON-Following the September 11 terrorist attacks last year, several credit union organizations were forced to cancel their conferences and other meetings. While memories of that time still seem fresh a year later, the credit union community, like the rest of America, is going to continue with its business in 2002....

  • Bankruptcy battle heading back uphill; credit union lobbyists say they're putting the heat on Congress to deliver

    WASHINGTON-The bankruptcy reform bill (H.R. 333), which has already taken a beating over the last few years of its life, is once again in for an uphill battle. While the number of pro-life Republicans threatening to vote against the bill because of the clinic violence agreement numbered about two dozen...

  • Bream resigns from United Airlines Employees CU; joins Certegy

    CHICAGO - Bob Bream has resigned as president/CEO of the $3.9 billion United Airlines Employees Credit Union effective August 28. Bream was also serving as treasurer of the CU, which is the sixth largest CU in the nation serving approximately 161,000 members. He will join Certegy Card Services North America...

  • City of Hope FCU is latest faith-based entity, aims to educate on savings, wealth building

    NORCROSS, Ga. - Twenty-two years ago, Hopewell Missionary Baptist Church was the place of worship for 200 members. Today, the church boasts more than 17,000 members, has reinvested in the community through start-up businesses, including bolstering savings here through its newly-opened credit union. The City of Hope Credit Union officially...

  • Bulk of the $2 million in 9/11 charitable funds raised by CUs still not distributed

    LATHAM, N.Y. - One year, almost to the day, after the September 11 terrorist attacks on the Twin Towers of the World Trade Center and the Pentagon, trustees for the New York Credit Union Foundation will meet to decide how the Foundation will divide up the bulk of the $1.4...

  • MBL cap still an obstacle to CUs offering business services despite CUs' MBL activity

    WASHINGTON - In the four since NCUA implemented a 12.25%-of-total assets cap on member business loans, as required by the Credit Union Membership Access Act (H.R. 1151), credit unions have managed to find ways to offer member business loan services to members. Still, the MBL cap continues to not only...

  • Small Nebraska towns look to credit unions to fill the financial gap

    MORRILL, Neb. -Small-town Nebraskans are looking for credit unions to replace vanishing banks. One new credit union is open, another is climbing the regulatory mountain and a third is in the offing - all in communities with no more than a few thousand people and with no banks. "In a...

  • State regulators preparing to feel pinch from state budget crunches

    AUSTIN, Texas - Virtually every state is facing a budget crunch in their coming fiscal year and many are already finding themselves in the thick of one, stemming from soft revenue growth and a weak economy. State credit union regulatory agencies so far have been pretty lucky and not had...

  • UniTrust Financial to offer annuities through partnership with Talbot Financial

    ALEXANDRIA, Va. - To provide members a guaranteed-rate investment choice during a period of market instability, UniTrust Financial Services, LLC will offer a fixed annuity-based platform sales program through a partnership with Talbot Financial Services, Inc. UniTrust is the credit union service organization for CommonWealth One Federal Credit Union, Department...

  • Meet the State Regulators

    WEST PALM BEACH, Fla. - Forty-eight state regulators are responsible for the regulation and supervision of 4,264 state-chartered credit unions in the U.S with more than $129,131.4 billion in assets. Though sometimes less visible on a day-to-day basis than their federal counterpart, the NCUA, to state-chartered credit unions-even those that...

  • NCUA employees looking to organize a union; working with group that helped form FDIC's union

    ALEXANDRIA, Va.-In the face of credit unions urging reductions in staffing and budget levels every year, NCUA employees are concerned about the security of their jobs. Some employees at the agency have contacted the National Treasury Employees Union (NTEU) for guidance on organizing a union. NTEU President Colleen M. Kelley...

  • Shared branching expands in New Mexico, Wyoming

    DENVER-Expanding its geographic reach, CU Service Network, the Colorado Credit Union League's shared branching CUSO, has signed up its first Wyoming credit union and is nearing an agreement to service a group of seven to nine New Mexico credit unions, it was announced here. The Colorado network said its expansion...

  • New England Credit Union Services to market Centrix Financial loan program

    ENGLEWOOD, Co. - The Massachusetts, New Hampshire and Rhode Island Credit Union Leagues through its jointly-owned credit services firm, have agreed to market Centrix Financial, LLC's portfolio management program. The New England Credit Union Services, LLC will pitch the program to 350 credit unions that serve three million members in...

  • Clarke American markets NASCAR checks

    SAN ANTONIO, Texas - Members who are NASCAR fans can now show off their loyalty to the sport through their checks. Clarke American announced a new line of personal checks featuring four of the top drivers in the NASCAR Winston Cup Series. Members can choose which of their favorite NASCAR...

  • PATRIOT Act spurs CUNA's most successful audioconference

    WASHINGTON-In anticipation of the October 25 effective date of PATRIOT Act implementing regulations, approximately 550 credit unions tuned in for CUNA's audioconference on what the regulations will probably look like and how to comply. NCUA is expected to address the final rule at this month's board meeting. Comments were due...

  • Never forget, never relent

    This issue of Credit Union Times marks the first anniversary of one of the most tragic events in American history. Like the bombing of Pearl Harbor and the JFK assassination, the events of Sept. 11, 2001 have left an indelible mark on all Americans who witnessed them. Enduring stories of...

  • Governors push for Senate approval of fiscal relief

    WASHINGTON - In June, the National Governors Association (NGA) sent a letter to Sens. Susan Collins (R-Me.) and Ben Nelson (D-Neb.) expressing governors' support for the fiscal relief package introduced by the senators which would provide states with $8.9 billion during the current economic crisis being witnessed throughout the country....

  • DuTrac CCU helps teens rock

    DUBUQUE, Iowa - DuTrac Community Credit Union in partnership with St. Mark Community Center and Maria House will host a "Rock the Clock" teen event on Saturday September 21. "Rock the Clock" is a summer music festival created exclusively for the Tri-State teen community featuring musical entertainment by Cumulus Broadcasting...

  • State Budget Update

    Total fiscal 2002 budget shortfalls peaked at $40-$50 million, a survey by the National Association of State Budget Officers and the National Governors Association shows.

  • Readers/advertisers get twice the special report

    This issue of Credit Union Times features two special reports instead of the typical one. As the introduction on page 1 notes, in honor of the first anniversary of 9/11 there are numerous 9/11-related stories featured. This issue was also slated to be a Data Processing & Technology Special Report....

  • Suncoast Schools CU tops Callahan's Return of the Member list

    WASHINGTON - The latest Callahan & Associates 2002 2nd Quarter Research and Data Report finds that Suncoast Schools CU in Tampa, Florida; Westby Co-op CU in Wisconsin and North Star Community CU in Cherokee, Iowa are the new Top Return of the Member leaders. Top ROM ranks credit unions that...

  • Hastert commends CUNA on bankruptcy, reg relief efforts

    WASHINGTON-Speaker of the House Dennis Hastert (R-Ill.) commended CUNA and the leagues on their efforts to push the bankruptcy abuse reform legislation (H.R. 333) and the regulatory relief bill (H.R 3951) through Congress this session. The remarks were part of a column to appear in CUNA's NewsWatch newsletter September 9....

  • Banks continue to report record earnings

    WASHINGTON-Commercial banks experienced record earnings during the second quarter of 2002, according to the Federal Deposit Insurance Corporation (FDIC). Earnings in the second quarter totaled $23.4 billion, while return on assets rose to 1.41%, the second highest level ever recorded. Additionally, the FDIC reported that the number of commercial banks...

  • Desert Schools in Arizona donates $7,500 to fire victims

    PHOENIX - Desert Schools Federal Credit Union said it has contributed $7,500 to the American Red Cross Grand Canyon Chapter to help provide recovery relief for victims of last June's Chediski-Rodeo wildfire in northeastern Arizona. The donation is the product of a Wildfire Relief Fund account from members, employees and...

  • State-chartered CUs healthy and growing

    NEW ORLEANS. - As NASCUS gets ready to begin its 37th Annual Conference here Sept. 7-10, the association can also celebrate the health of the state-chartered credit union system. Comparative key ratios of state-chartered credit unions to federal CUs compiled by the Massachusetts Credit Union Share Insurance Corp. and based...

  • Richard Myles Johnson Foundation gets new Web site

    RANCHO CUCAMONGA, Calif. -The Richard Myles Johnson Foundation has launched its new Web site - www.rmjfoundation.org. By going to the Web site's home page, users can read the latest Foundation news and found out about upcoming events. They can also obtain information on the Foundation's grant and scholarship programs, financial...

  • USERS signs on collections software partner

    VALLEY FORGE, Pa. - USERS Inc. is taking advantage of its open architecture to offer the services of a third-party collection software solution to credit unions using USERS' core processing services. Called CollectAnywhere, the browser-based collections management solution from Akcelerant Software LLC of Malvern, Pa., uses the same SQL-based system...

  • CUNA Mutual cuts 22 jobs in grounds/housekeeping

    MADISON, Wis. - In a move it says will save the company $1 million annually, CUNA Mutual has eliminated 22 housekeeping/grounds positions. The company plans to now outsource for this work. "The decision to outsource was a really difficult one. We didn't decide it without careful study and much consideration,"...

  • Michigan credit unions praised for IDA work

    NORTHVILLE TOWNSHIP, Mi - Representatives from the Michigan Credit Union League, NCUA, the National Federation of Community Development Credit Unions (NFCDCU) and Michigan's state government were on hand recently to see the Michigan League recognize eight credit unions for their work with Individual Development Accounts (IDAs). IDA account holders deposit...

  • Banking committee to hold hearing on financial literacy

    WASHINGTON-Senate Banking Committee Chairman Paul Sarbanes (D-Md.) announced a hearing last week regarding the value of financial literacy among college students. The hearing was scheduled for the morning of Thursday, September 5. "Beginning at first-year orientation, many college students receive credit card solicitations and over half acquire their first credit...

  • Ad agency, U.S. Postal Service taking up cry against fraud

    WASHINGTON - The U.S. Postal Inspection Service, the law enforcement arm of the U.S. Postal Service has launched a national multimedia campaign to help beat elderly fraud. With fraud against senior citizens in the form of mail and telemarketing scams and schemes estimated at 60% of the $40 billion a...

  • FOLIOfn signs multi-million dollar licensing agreement with global financial company

    VIENNA, Va. - FOLIOfn, Inc. will license its software and intellectual property to a multi-national financial services company for use in a foreign market. The license arrangement is expected to bring in "several million dollars" in revenue during the balance of 2002 and into 2003. Due to "competitive reasons," FOLIOfn...

  • American First CU to donate to burn association on 9/11 anniversary

    LA HABRA, Calif. - To commemorate the first anniversary of the September 11 terrorist attacks on the nation, American First Credit Union will donate $500 to the Orange County Burn Association. La Habra Fire Department Captain Bob Lee will be accepting the credit union donation. The Orange County Burn Association...

  • Treasure State Corporate names Miller its new CEO

    HELENA, Mont. - Brad Miller has been named president/CEO of the $262 million Treasure State Corporate CU. Miller takes over on Oct. 1, 2002 and will be working side by side with current Treasure State Corporate CU President/CEO Myrt White. White isn't scheduled to retire until Jan. 2003. White joined...

In Other News

  • DONATIONS

    Affinity Federal Credit Union, Basking Ridge, N.J., has raised $29,000 to benefit the Northwest New Jersey Maternal & Child Health Network during the Fifth Annual Golf Invitational. This year's event drew over 130 participants and sponsors. The mission of the Northwest New Jersey Maternal and Child Health Network is to...

News

  • NASCUS' 37th Annual Conference

    NASCUS' annual conference is scheduled for Sept. 7-10 in the Big Easy. This year's conference features all three NCUA Board members, and sessions on regulatory issues and innovation in the state-chartered CU system. Look for NASCUS and state-chartered CU coverage on pages 44-47.

  • CUIC does its part to fight money laundering

    OTTAWA, Canada - The Credit Union Institute of Canada (CUIC) in response to new regulations designed to detect and prevent money laundering is in the process of revising its course, "Prevention and Detection of Money Laundering and Terrorist Financing." At press time, CUIC expected to complete the revision of this...

  • NASCUS annual conference draws large attendance, feels effects of 9/11

    NEW ORLEANS - Last year, NASCUS wound up rescheduling its annual conference from September 13-18 until the end of December because of 9/11. This year, the association's 2002 Annual Conference is slated to end the day before the one-year anniversary of the terrorist attack, but the date is still having...

  • 9/11 had many hitting the roads

    North Island Financial CU EVP Retail Delivery & Corporate Planning Geri Dillingham was at a strategic forum for senior executives at Squam Lake, New Hampshire in a lodge with no telephone and no cell phone service when the couple that runs the lodge told the group what was happening. "They...

  • Special 9/11 Commemorative Issue: Credit union people remember

    * John Zimmerman, NAFCU communications manager, was in a meeting with representatives from US Central when one of the gentlemen received a page saying that a couple of planes had hit the World Trade Center. "[M]y immediate thought was no way; there must be something wrong with the message. It...

  • First Atlantic FCU, AFES team up to provide troops comforts of home

    WEST LONG BRANCH, N.J. - The many troops stationed in Afghanistan since September 11 live in tents with limited shower facilities in a harsh and dusty environment. First Atlantic Federal Credit Union has partnered with the American Red Cross Armed Forces Emergency Services to bring a bit of comfort to...

  • 9/11 tribute

    NONE

  • Credit unions examine data safety, operations recovery

    WASHINGTON- As much as they did for anyone, the Sept. 11 terrorist attacks prompted Pentagon Federal Credit Union to re-think its crucial data backup operations. So, it turned half a continent away, to Omaha, Neb., where a new dedicated hot site has been added to the big CU's existing call...

  • One year after September attacks, insurance questions still nag; Municipal FCU's $15-million 9/11-related loss not covered

    MADISON, Wis - Although New York-based Municipal Credit Union could not have made a claim for insurance money to make up for its recently revealed $15 million loss to ATM fraud, and even though the U.S. Congress has yet to resolve the terrorism insurance issue, CUNA Mutual reiterated its commitment...

  • CUSCAL's new CEO aims to grow CUs' market share, members' opportunities

    SYDNEY, Australia - John Gilbert describes his credit union career as being like the legs of a three-legged stool. The three legs have been his jobs as a credit union regulator, a credit union CEO and now as the CEO of Credit Union Services Corporation of Australia, Ltd. (CUSCAL). He...

  • Duerr: Time doesn't dull poignancy of witnessing terrorist attack on the Pentagon

    ARLINGTON, Va. - Call it happenstance, call it what you will. When NASCUS President Doug Duerr thinks back on the chain of events that occurred on September 11, 2001, one thought crosses his mind: if he hadn't decided to make a stop at the Department of Motor Vehicles in Alexandria...

  • Firefighter Special Edition Harley-Davidson motorcycles on display at CECU

    SAN ANTONIO - After the bravery displayed by police and firefighters during 9/11, these public servants truly became national heroes. The country is finding new ways to honor these everyday heroes - even motorcycles. Riding around in brand-new, bright red Harley-Davidson Firefighter Special Edition motorcycles, a group of 25 San...

  • Events of 9/11 gets one CU thinking more seriously about real-time data back-up

    LOS ANGELES - It's almost an old story now. After 9/11 credit unions geared up their disaster recovery efforts. Here's a story of how one CU did it - in real time. Located in Los Angeles, the $480 million Farmers Insurance Group FCU already had earthquakes to worry about, but...

  • Washington, Oklahoma leagues holding conventions over 9/11

    SPOKANE, Wash. and TULSA, Okla. - The Washington and Oklahoma credit unions leagues will be holding their 2002 annual conventions on Sept. 11 - one year to the day after the terrorist attacks in New York City and Washington, D.C. "It's definitely been a challenge to have our meeting fall...

  • U.S. Congress holds joint session in NYC

    NEW YORK-Last Friday, September 6, the House and Senate held a brief joint meeting in New York City honoring the one-year anniversary of the September 11 terrorist attacks. The hour-long session, which occurred the first week after the U.S. Congress returned from the August recess, took place at Federal Hall....

  • 9/11 keepsake commemorative coins available through New York State CU League

    LATHAM, N.Y. - In commemoration of the victims and heroes of 9/11, the New York State Credit Union League on behalf of CUPAC has begun offering a trio of commemorative coins and a photo mint. According to the NYSCUL, coin distributor MPI Coin is donating a portion of the proceeds...

  • CU industry deals with new focus on fraud post 9/11

    COLUMBIA, S.C. - The focus on identity fraud expanded from a consumer problem to one of national security after Sept. 11, but despite the passage of new laws and development of new technologies, the challenge remains large. That's the take from Ariana-Michele Moore, an analyst for Boston-based Celent Communications, who...

  • Our nation's brave firefighters have plenty of firefighter credit unions to choose from

    Since September 11, the nation as a whole has paid tribute to those fearless firefighters that ran in to help others get out. Credit Union Times is offering a glimpse at a just few of the firefighter credit union facilities that serve these brave heroes.

  • Business as usual.with a few adjustments

    As the system's payment processors, corporates were put under serious strain during 9/11. "The Fed put out the word we needed to keep funds moving and keep business going as normal," recalls Leigh Philibosian, vice president, Marketing. "We knew we needed to keep the monetary system going." This call to...

  • Empire scrambles to maintain normalcy for its Cus

    ALBANY, N.Y. - As the corporate serving New York credit unions, which were the CUs most impacted by 9/11, Empire Corporate found itself under pressure to move quickly and efficiently to keep business moving as normal as possible. Here's an overview of what the corporate did that day and in...

  • SAR reporting jumps after 9/11 as financials learn terrorists rely on the financial system to fund their attacks

    WASHINGTON-According to Financial Crime Enforcement Network (FinCEN) data, suspicious activity reporting has increased dramatically since last September. Following the terrorist attacks last year, law enforcement discovered that terrorists were using the U.S. financial services system to help fund their activities. While Suspicious Activity Report (SAR) filing mainly stayed under 17,000...

  • Los Angeles Firemen's CU has planned the following activities in remembrance of those lost on 9-11:

    The American Flag will be flown at half-staff during the day. Employees may wear any of the following: Red/White/Blue clothing United States Flag decorated clothing NYFD clothing Los Angeles City Fire Department clothing 9-11 remembrance clothing Each employee will be given a small Fire Department pin with a black sash...

  • CU trades remember September 11

    WASHINGTON-Americans across the country will be observing the one-year anniversary of the terrorist attacks of September 11 in their own fashion. Here is what some credit union groups are doing. * According to Pentagon Federal Credit Union Vice President of External Relations Mary Lynn Stevens, the credit union will follow...

  • NAFCU employee beaming with pride

    ARLINGTON, Va. - One NAFCU employee can't hide her pride for her boyfriend's actions on 9/11. "It was like everyone says: a normal morning," Alicia Hosmer, graphic artist/copywriter for NAFCU, remembered of September 11, 2001. When the first plane hit the World Trade Center, she thought of calling her boyfriend,...

  • Southwest Corporate swings into action to assure share draft service

    DALLAS -As one of the nation's leading check processors, Southwest Corporate Federal Credit Union had a lot to worry about after the events of 9/11. When air transportation was shut down, millions of checks could not be processed through normal channels. Southwest Corporate enacted contingency plans to keep the process...

  • Packed and ready to go in midtown

    NEW YORK - Remarkably, nobody seemed aware that anything was wrong when Steve Sobotta, marketing director for Actors Federal Credit Union, stood on the train platform in Queens on the morning of September 11. "It was a beautiful day," he said, "and nobody on the platform was talking about anything...

  • Pacific Marine Credit Union launches "Operation Interdependence"

    OCEANSIDE, Calif. - The nation's military has been in America's heart since 9/11 as it has been called on to flex its muscles in the war on terrorism. Pacific Marine Credit Union, formerly Marine Corps West Federal Credit Union, has joined forces with the Tri-City Council of the Navy League...

  • NCUA may soon be unionized

    The regulator for credit unions is on the verge of getting a union. See details page 3.

  • Credit union association employee almost took hijacked plane

    WASHINGTON - One year after hijackers took over and plunged American Airlines Flight 77 into the Pentagon, Tracy Reynolds manages conference services at ASET International, a firm that provides language translation for events in the Washington D.C. area. But on the day of the attack Reynolds was in the air...

  • Color guard makes a statement at CU conferences

    According to the trade associations, the ritual is an act of patriotism in deference to the red, white, and blue. Also, many of the largest credit unions are associated with the military. But what is the color guard? A color guard is comprised of a few soldiers, typically four, charged...

  • Passing checks over the barricade

    NEW YORK - Mary Spink serves as Treasurer of the National Federation of Community Development Credit Unions and on the board of directors of the Lower East Side Federal Credit Union. "That's what I do for free," she said, chuckling. But in her other life she manages a public housing...

  • Airline credit unions honor Sept. 11 `in simple' observances

    CHICAGO - For weeks now top management and human relations departments at United Airlines Employees Credit Union and American Airlines Federal Credit Union of Dallas, have pondered-quietly for sure-just how to respond in the most sensitive way possible to Sept. 11 observances. "This is something we really don't want to...

News Briefs

  • NAFCU provides form letter for members on bankruptcy reform

    ARLINGTON, Va.-As part of its recent Web site update, NAFCU is enabled to provide a form letter for its members to edit and e-mail to lawmakers in support of bankruptcy reform. The trade association is also able to track somewhat how many of its members take advantage of the new...

  • Wentzel named Pennsylvania Acting Secretary of Dept. of Banking

    HARRISBURG, Pa. - Gov. Mark Schweiker named Paul Wentzel Jr. to be Acting Secretary of the Department of Banking, effective August 30. Wentzel has been with the Department of Banking since 1981, serving as executive assistant through three Administrations. Before coming to the department, he served as Research Analyst for...

  • CUNA comments on Part 704

    WASHINGTON - In its comment letter to NCUA on the corporate reg, Part 704, CUNA questioned the need for the new earnings retention requirement. "It seems to be drawn from Prompt Correction Action, which for sound, public policy reasons does not apply to corporate credit unions," CUNA wrote. CUNA advocated...

  • Corporate Central adds three employees, including CU veteran Bill Sayles

    HALES CORNERS, Wis. - The $1.5 billion Corporate Central CU, formerly Wisconsin Corporate Central CU, announced three staff additions including William B. Sayles as Senior Investment Advisor. Prior to joining Corporate Central, Sayles was the Executive Director with The Center for Credit Union Innovation, LLC and Filene Research Institute. He...

  • Liberty named "Great Place to Work" by business newspaper

    MOUNDS VIEW, Minn. - Liberty Enterprises was named one of Twin Cities Great Places to Work by The Business Journal newspaper. The business publication's annual awards program recognizes companies that provide a positive working environment and develop innovative programs to retain and attract employees. According to a Liberty release, the...

  • CUMAnet partners with Mortgagebot

    BASKING RIDGE N.J. -Credit Union Mortgage Alliance Network (CUMAnet) and leading Internet mortgage technology provider Mortgagebot have reached an agreement to offer Internet-based mortgage solutions to CUMAnet's clients. Mortgagebot's online application can be customized to mirror each credit union's brand, pricing and product mix. The technology, said CUMAnet means credit...

  • FISI Madison is now Progeny

    NASHVILLE, Tenn. - FISI-Madison Financial, a marketing solutions provider serving credit unions, is the latest company to jump on the name change train. With a new positioning statement of "vision, value and results", the 30-year old Cendant subsidiary has changed its name to Progeny Marketing Innovations. "We wanted to make...

  • Ohio State representative joins SECU Board

    COLUMBUS, Ohio - Ohio Representative Sylvester Patton, Jr. (D-Youngstown) was sworn in Aug. 28 as the newest board member of State Employees Credit Union. To the Ohio Credit Union League's knowledge, Patton is the first sitting member of the Ohio General Assembly to ever serve as a credit union director....

Letters to the editor

  • Pricing based on what?

    Can anyone tell me how you determine your membership count? Is it a member with a $5 share account, $5 share draft account, a member with a loan with no savings, or a member with just a CD? Why am I asking? Everything our trades charge us for is based...

  • Fuzzy math?

    Regarding Credit Union Times' articles on the effect of increased deposits in individual credit unions on NCUSIF's share equity ratio, either my math is fuzzy or the authors of such articles rationale is flawed. It's not the deluge of deposits in reaction to whatever factors that creates a potential problem....

  • A lot of factors go into CEO compensation

    In the August 14th issue the article on CEO compensation using CUES data caught my eye. When inflation has remained relatively low for a number of years, it is surprising to see double digit salary increases for CEOs. Or is it? First off, who does CUES represent? It's not called...

Opinion

Publisher's Column

  • Back to normal not always a good thing

    Exactly one year has passed since those horrific events on September 11th that many people, from the President of the United States on down, said would change this country forever. At the same time, Mayor Rudy Giuliani and many others pleaded with all New Yorkers to try and return their...

Publisher's Notebook

  • Our dedication

    This 76 page commemorative issue of Credit Union Times is a first. Hopefully it will also be a last. In late summer 2001, only several weeks before the 9/11 tragedy, our editorial staff put the finishing touches on their 51 issue editorial calendar for the year 2002. A data processing...

People

  • IN MEMORIAM

    Bell & Howell Phillipsburg Employees Federal Credit Union, Allentown, Pa., regretfully reports that Board Treasurer John Stefano was fatally injured in an industrial accident in the NewsTech plant in Northampton. Stefano was doing maintenance on a high pressure steam valve when it unexpectedly exploded. Stefano was 55 years old and...

  • SOUTH

    Keesler Federal Credit Union, Biloxi, Miss., has promoted Sheila Cheek to Ocean Springs branch manager and Vicki Bush to Ocean Springs assistant branch manager. Central Florida Educators' Federal Credit Union, Orlando, has named Jeffery Lindsey assistant vice president of real estate lending. Georgia Federal Credit Union, Atlanta, has named John...

  • VENDORS

    Emick, Howard & Seibert, Inc., a design/strategic facility planning firm, has named Naomi Berg, marketing assistant; Theresa Ek, corporate planning/interior designer; Kelly Leonard, interior designer; and Mark McIntire, architect.

  • MIDWEST

    South Division Credit Union, Evergreen Park, Ill., has promoted Berenice Calderon to controller. Catholic Federal Credit Union, Saginaw, Mich., has named Thomas J. Zirkle vice president of loans and member services.

  • WEST

    Steinbeck Credit Union, Salinas, Calif. has named Melissa Fata vice president controller. USA Federal Credit Union, San Diego, Calif., has elected Jeffrey Laughlin; Timothy McMaster; and Michael Willoughby directors of the board. Global Credit Union, Spokane, Wash., has hired the following Member Service Representatives: Tracey Fowler; Shelly Hogeweide; Sarah Sather;...

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