Credit Union Times Magazine September-25, 2002

  • Absence of vision holding some credit unions back, NCUF's Officer says

    WASHINGTON - Some credit unions need to better inform their communities about themselves and invite community input in order to expand their vision for helping members of modest means or nearby low-income areas, according to Gary Officer, executive director of the National Credit Union Foundation (NCUF). Officer recognized the credit...

  • Abernathy nomination sails through Banking Committee

    WASHINGTON-Senate Banking Committee Republican Staff Director Wayne Abernathy received the green light from the Senate Banking Committee last week on his way to confirmation by the full Senate to the position of Treasury assistant secretary for financial institutions. The vote was unanimous for Abernathy to take the post left vacant...

  • MassMutual Life Insurance puts money where heart is

    SPRINGFIELD, Mass.- Considering all the negative press about the insurance industry lately here's a welcome surprise-an insurance company is giving away free life insurance policies to as many 20,000 lower-income parents to help their children get through school if the worst happens. Under the new LifeBridge Free Life Insurance Program,...

  • KPMG study finds increased focus by banks on fraud

    ARLINGTON, Va.-Banks have experienced an alarming rate of increase in fraud, according to a new study of bank deposit fraud prevention practices. "Bank deposit fraud is growing at an alarming rate, not only geographically but also in the sophistication of its methods," according to Preventing Deposit Fraud: Effective Strategies for...

  • Credit union officials are back to cramming for exams at NAFCU's compliance school

    WASHINGTON-No more teachers, no more books.or so credit union officials thought. Now many are opting to return for the NAFCU Certified Compliance Officer (NCCO) program. In offering the program, NAFCU attorneys are making even more work for themselves. Aside from teaching at the week-long Compliance School, NAFCU's compliance experts are...

  • CULAC continues to rev its engines, this time with a Thunderbird

    WASHINGTON-The Credit Union Legislative Action Council of CUNA (CULAC) continues to grow exponentially, increasing its power and presence on Capitol Hill. And CUNA is not too shy to shout it from the rooftops. Racking up more than $2.5 million this congressional election cycle (2001-2002), CULAC is really making a name...

  • Culture and the credit union -coming soon to a community near you

    WEST PALM BEACH - Somewhere a curtain is rising or an artist is being discovered-thanks to the sponsorship of a credit union. While much has been made of major league and minor league sports sponsorships, credit unions are just as devoted to supporting the cultural arts in all its forms...

  • Credit Union Times tops all other CU pubs in multiple readership categories

    WEST PALM BEACH, Fla. - An independent readership study found Credit Union Times leads all other credit union publications in a plethora of key readership categories. Credit Union Times ranked No. 1 in mean reading time, pass-along rate, usefulness for CUs making product/vendor decisions, and as the one publication respondents...

  • Credit unions have one activist left in Wisconsin's state Assembly race

    MADISON, Wis. - A few weeks ago, Wisconsin's credit union industry had its fingers crossed that two strong credit union activists would be sworn into the state Assembly come January - Rabbi Sidney Vineburg of De Pere and Racine's John Dickert. A close Democratic primary eliminated Dickert, however, leaving Vineburg...

  • Credit unions doing their best to keep employee morale up; not an easy job these days

    WEST PALM BEACH, Fla. - If as Mark Twain says, "doing what you love means you'll never work another day in your life" then there are a lot of people just "working" across the United States today. A recent Conference Board study finds that overall job satisfaction is on the...

  • Pennsylvania's largest credit unions gather to discuss issues

    HARRISBURG, Pa. - Leaders of the largest credit unions in the state - $100 million and more in assets - met in Hershey to discuss issues facing their CUs. The main topic of discussion, said the Pennsylvania Credit Union League, was the status of the bankruptcy bill and the letter...

  • NAFCU again offers to aid SBA in face of potential criticism

    WASHINGTON-After thanking Small Business Administration (SBA) Administrator Hector Barreto for scheduling a meeting with corporate credit unions during NAFCU's Congressional Caucus, NAFCU also reassured the agency that its member credit unions supported expanded authority in the 7(a) lending program. The letter came after an article in American Banker reported that...

  • Receipts decline at CULAC as elections near

    WASHINGTON-Receipts dropped significantly for the Credit Union Legislative Action Committee (CULAC) in August as giving reached near highs for the year coming into the homestretch of election season. Total disbursement from CULAC, CUNA's Political Action Committee (PAC), topped $175,000, one of the highest amounts in 2002. However, receipts dropped to...

  • So. California Peace Officers find training facilities in TRW Systems FCU

    HAWTHORNE, Calif. -The TRW Systems Federal Credit Union headquarters has made room for the local law enforcement's Regions Skills Training Center. California Peace Officer Standards and Training developed the centers to meet the training needs of more than 60,000 sworn officers. The training centers focus on updating skills, including driving,...

  • It's anchors away for US Federal Credit Union Prime Club Members

    Burnsville, Minn. - It may be the right time to revise the definition of "senior citizen". According to the 2000 U.S. Census, 35 million people are over the age of 65 with the first wave of baby boomers quickly approaching the age of 60. Experts say these seniors have a...

  • Mountain America offers online mortgage approval

    SALT LAKE CITY - Mountain American CU has taken its online mortgage product to the next level. Now, in addition to being able to apply for a mortgage online, members can expect to get an answer back on their application within a couple of minutes. MACU members can apply online...

  • Top 100 credit unions may soon all be over $1 billion

    WASHINGTON - The once exclusive group of $1 billion CUs isn't so exclusive any more. As this list of the Top 100 CUs by assets (provided by Callahan & Associates) shows, there are now 62 CUs over the $1 billion mark, and this list isn't even completely up to date....

  • Hollen no stranger to the Midwest

    MOUNDS VIEW, Minn. - Moving from California to Minnesota could understandably shock the system of most people, but not Stan Hollen. "I grew up in Central Illinois. I spent 10 years in Peoria with CEFCU. My wife Beth is from Chicago and we have relatives in Madison and Chicago," said...

  • Sensenbrenner applauds NAFCU's efforts on bankruptcy reform

    WASHINGTON-House Judiciary Committee Chairman Jim Sensenbrenner (R-Wis.), also the bankruptcy reform conference committee chairman, thanked NAFCU for its support and hard work on the Bankruptcy Abuse Prevention and Consumer Protection Act (H.R. 333). "As you know, the time for bankruptcy reform legislation is long-overdue," Sensenbrenner's letter read. "The conference report...

  • NCUF launches new site

    WASHINGTON - The National Credit Union Foundation has launched a new site on the World Wide Web at www.ncuf.coop. The new site will promote the Foundation and help donors and grantees get information they need, the Foundation said. A Madison-based Web technology cooperative developed the site. It provides information on...

  • CIF reaches $50 million

    WASHINGTON -As NCUF Executive Director Gary Officer urged credit unions to grow their visions to match the potential funding available, the NCUF drew nearer to a significant milestone. According to Foundation staff, the NCUF's Community Investment Fund (CIF) has reached its first $50 million dollars in deposits, granting the Foundation...

  • NCUA gets backing on lawmakers on FOM updates

    WASHINGTON-House Financial Services Committee Members Steven LaTourette (R-Ohio) and Paul Kanjorski (D-Pa.) wrote to NCUA in support of the board's efforts to streamline, update, and expand its field of membership (FOM) regulations. The letter was sent in the context of NCUA Chairman Dennis Dollar's testimony on the Financial Services Regulatory...

  • Student debt stifling other borrowing, survey shows

    ISLANDIA, N.Y. - A survey of 1,500 adults found that two thirds of them said the burden of their student loans prevented them from additional borrowing for major purchases, such as homes or cars. In the monthly survey conducted by Cambridge Credit, 18% of those surveyed said that they or...

  • CUNA's sweeping reorganization of its fee-based operations puts many in new roles with goals of efficiency

    MADISON, Wis. - CUNA's recent reorganization of its fee-based operations was in part designed to get its sales and marketing strategy out of the `80s and into today. "What was lacking in terms of our sales and marketing is we had an organization that had been designed to operate in...

  • CU trades determine key legislative and regulatory issues from their members

    WASHINGTON- With so many issues in Washington potentially affecting credit unions, just how does CUNA and NAFCU determine which issues they should get involved in? They look to their members. Though CUNA and NAFCU are stationed in the Washington, D.C.-area, their real drive comes from all across the country. With...

  • Sticking with what works: Mica has no plans for leaving CU mega-trade

    WASHINGTON-The unofficial term limit for a CUNA CEO has been seven years in the last two instances. As CUNA President and CEO Dan Mica rounds the corner on his sixth year, he says he is not going anywhere. Mica explained that his contract does not have a technical expiration date....

  • Texas Bankers Association exec moves to Texas Credit Union League

    AUSTIN, Texas - With the majority of her 26 years of law experience devoted to the banking industry, Ann Graham said the timing was right to switch to credit unions. The former senior vice president/chief regulatory counsel and corporate secretary for the Texas Bankers Association is the new general counsel...

  • PSCU Financial Services' Phoenix facility is the capper on company's realignment

    PHOENIX - It's no mystery to PSCU Financial Services where a large part of credit union growth is happening - out West. As part of a realignment, the debit/credit card firm serving credit unions has consolidated five of its regional offices and opened a new 35,000 square foot facility in...

  • Oregon meeting to focus on starting Indian-run CUs; could open new avenue of business for CUs

    PORTLAND, Ore. - With U.S. Indian tribes expressing new interest in chartering credit unions, a Washington-based Indian housing group is holding a first-of-its-kind "Native American Credit Union Conference" in a Portland suburb Oct. 1 to "promote the benefits of credit unions" with CU formation a key topic. The half-day conference...

  • The credit union industry's "Magic Kingdom" inspires many

    MADISON, Wis. - People outside of Madison, Wis. sometimes refer to its Credit Union Center Campus - comprised of CUNA Mutual Group, the Credit Union National Association (CUNA), the World Council of Credit Unions (WOCCU), the Filene Research Institute and a branch office of CUNA Credit Union - as the...

  • What kind of cardholders are your members? New study claims to characterize point behavior

    ATLANTA - As credit unions around the country begin adding bonus programs to their credit cards to help keep them competitive, a major hotel chain with a bonus program has released a study that claims to characterize cardholders' bonus program behavior. Six Continents Hotels, the parent company of such chains...

  • WesCorp working with SBA to help train credit unions to serve businesses; responding to member demand

    SAN DIMAS, Calif. - WesCorp, in conjunction with the L.A. district office of the Small Business Administration and Counter Intelligence Associates, is answering the call from its members to help them in the member business lending arena through a first of its kind MBL training program for the credit union...

  • WesCorp joins check image exchange pilot that will hopefully conclude whether the benefits outweigh the costs

    SAN DIMAS, Calif. - Technology isn't always the real hurdle in what appear to be pretty sophisticated projects. Case in point - the check image check exchange pilot in the Federal Reserve's West Coast-based 12th District. Western Corporate Federal Credit Union is one of the participants in the pilot. "Although...

  • The nitty-gritty of H.R. 333, the Bankruptcy Abuse Prevention and Consumer Protection Act

    WASHINGTON-Bankruptcy abuse reform sounds like a laudable goal. Credit unions have shown near unanimous support for it. Financial publications have devoted gallons of ink to it. But who really understands precisely what is in the bill? U.S. Bankruptcy Court for the District of Illinois Chief Judge Eugene Wedoff has completed...

  • NASCUS eyes SCCU system representation on NCUA Board; NAFCU "strongly opposes"

    ARLINGTON, Va. - Remarks made by NASCUS Chairwoman Jerrie Lattimore, administrator of the North Carolina Credit Union Division at the NASCUS Annual Conference concerning state representation on the NCUA Board have made NAFCU sit up and take notice. The comments in question by Lattimore were made at a NASCUS Chairman/Council...

  • NAFCU giving corporates their due; new committee won't just be for show

    WASHINGTON - NAFCU says corporate credit unions and corporate credit union issues have become too important to it as a trade association and to its members not to have a consistent voice on. The trade association announced earlier this year that it was streamlining its committee structure to better serve...

  • For Shipes, it's all in the credit union family

    WINDOW ROCK, Ariz. - The Shipe family may be "anglo" but its credit union connections and commitment to the Arizona Indian community-indeed, the entire CU industry-run deep and long-standing. Which is why their "mixed" view on the formation of new Indian-run CUs is noteworthy. "Whether native Americans use existing credit...

  • For Washington's Credit Union, it's business as usual despite name change, statewide charter

    MOUNTLAKE TERRACE, Wash. - The big shiny red Ford Windstar van with the wavy American flag on the side is hard to miss as it drives through the streets of western Washington. But it's more than patriotic fervor that prompted the red, white and blue design on the vehicle. It's...

  • Expansion of MBL authority for all FICUs a priority for NASCUS in 2003

    ARLINGTON, Va. - It's going on five years since the member business lending rule was enacted as part of the Credit Union Membership Access Act, and NASCUS says it's time to amend the MBL limitations to allow for increased member business lending authority and flexibility for all federally insured credit...

  • CU trades excited to see overseas branching proposal out of NCUA; community conversion raises Matz' eyebrows

    ALEXANDRIA, Va.-NCUA tackled several issues during its September board meeting, but none raised as much debate as a typically uncontroversial community charter conversion. The board also discussed foreign branching, federal credit union employee benefits, and made updates to its advertising reg. Additionally, NCUA Chairman Dennis Dollar announced that the agency...

  • Hollen returns to credit union industry as president/CEO of Liberty Enterprises

    MOUNDS VIEW, Minn. - Stan Hollen is back in the credit union industry and back in the corner office. The former CEO of the $4 billion The Golden 1 CU has been named president/CEO of Liberty Enterprises. Hollen, who left The Golden 1 in January of this year, assumed the...

  • Leading CU accounting/consulting firm director addresses CUs' concerns on Sarbanes Oxley Act in white paper

    BLOOMINGTON, Minn. - Gene O'Rourke, director of the national accounting, tax, and consulting firm RSM McGladrey Inc. was certain the Enron and WorldCom accounting debacles and the introduction of the Sarbanes Oxley Act addressing corporate and auditing accountability would arouse concerns and questions among credit union boards and audit supervisory...

  • Missouri banks and credit unions set to square off in court

    JEFFERSON CITY, Mo. - A hearing has been set for October 3 in a state appellate court here to hear arguments in the running feud between bankers and credit unions in Missouri. But regardless of that decision, the dispute is likely to drag on for months or even years. The...

  • Low-income credit unions find CUNA supportive in a lot of ways, but some say it could be more so

    WASHINGTON - Executives of low-income and community development credit unions report their institutions generally find CUNA supportive but added that the association too often seems caught up with the interests and agendas of large credit unions. In a series of recent conversations with Credit Union Times, four execs outlined what...

  • Legal assistance comes to NY's low-income credit unions

    NEW YORK - There are an estimated some two million "unbanked" residents in New York City, and millions who are low-income wage earners. For the credit unions in the Big Apple that strive to serve these struggling populations, legal assistance and advice is sometime required, but the prohibitive cost of...

  • Progeny Marketing Innovations dangles keys to BMW X5 SUV

    NASHVILLE, Tenn. - Progeny Marketing Innovations, a provider of marketing strategies, products and services, is offering credit union executives a chance to drive away in a 2003 BMW X5 sport utility vehicle. "BMW is a leader in the luxury car industry, and one of the strongest brands on the road,"...

  • CUNA's Richard: SBA's cuts in guaranteed loans could work in CUs' favor

    WASHINGTON - The Small Business Administration's decision to cut back the maximum size of guaranteed loans in its 7(a) program may prove to be good news for credit unions, although banks aren't happy with the agency's move. Starting Oct. 1, the maximum size of a loan backed by the SBA's...

  • NAFCU initiates newest Fed governors with credit unions

    WASHINGTON-NAFCU senior staff met last Monday with the two newest Federal Reserve Board governors, plus one other, to discuss a variety of issues affecting credit unions. Attending the meetings with Fed rookies Ben Bernanke and Donald Kohn, as well as Governor Mark Olson were NAFCU President and CEO Fred Becker;...

  • CUNA, lawmakers still working on bankruptcy bill

    WASHINGTON-CUNA scheduled a meeting last week with House Judiciary Chairman Jim Sensenbrenner (R-Wis.), and bankruptcy bill authors Congressman George Gekas (R-Pa.) and Senator Chuck Grassley (R-Iowa) to discuss options for pushing the troubled bill through. Though Gekas and Grassley were called away for last minute meetings elsewhere, CUNA lobbyists met...

  • Dollar tours two New York low-income credit unions

    New York - NCUA Board Chairman Dennis Dollar toured two New York low income credit unions to help highlight the agency's Access Across America initiative and to publicize credit unions' work in primarily Hispanic areas. Both $10 million credit unions, Bethex Federal Credit Union and Lower East Side People's Federal...

  • House remains silent on CDFI funding

    WASHINGTON - The House subcommittee which recommends appropriations for the CDFI Fund has still not revealed what the next fiscal year's level might be or set a date for marking up an appropriation proposal, according to Jennifer Vasiloff, executive director of the CDFI Coalition. Everyone seems to be waiting for...

  • Callahan & Associates releases new auditing guidebook

    WASHINGTON - In response to growing public concerns regarding auditing issues, Callahan & Associates has released the 200-page Guide to Credit Union Auditors and Supervisory Committee Auditing Requirements. The guidebook includes national and state market share rankings of CPA firms serving credit unions and lists the data processing systems in...

  • CUES launches new ServiStar Program

    MADISON, Wis.- CUES has partnered with Atlanta-based consulting firm Michael Neill & Associates to launch the new ServiStar Program. Designed specifically for credit unions, the 13-point training and staff development program includes on-site consultation and staff training at the credit union; use of sales and service tracking software; assistance in...

  • CUNA Lending Council scholarships available

    MADISON, Wis. - Scholarships are available from the CUNA Lending Council to credit union lenders interested in furthering their professional development. Started in 1998, the CUNA Lending Council Scholarship program offers ten $500 scholarships per calendar year to eligible individuals. Awards may be used toward Lending Council dues, Lending Council...

  • Credit union data processor Share One is now a CUSO

    MEMPHIS, Tenn. - Credit union data processor Share One, Inc. is now a CUSO. The company announced at its annual Clients Conference that a group of 13 of its customers had purchased a 28% interest in the company and had elected three officers from among the investing credit unions to...

  • Credit Union 24 Network hits its stride

    TALLAHASSEE, Fla. - So far the new fall season has been a good one for credit union owned ATM/POS network Credit Union 24, Inc. Recently the network has partnered with Glendale, California-based ATM maintenance/ sales company Financial Technology Solutions International to offer discounts on new and refurbished ATMs from Triton,...

  • CUNA's nine steps to political effectiveness

    *Pledge to be a part of the Political and Legislative Action Network (PLAN) *Promote your credit union's commitment to the unique mission of credit unions *Demonstrate your commitment to the unique mission through Project Differentiation *Participate in Project Zip Code *Develop partisan and issue oriented communications *Make a commitment to...

  • New positions for some familiar faces

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  • CUNA-AFFILIATED STATE LEAGUES' LEADERS

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  • Which one are you: The six categories of cardholders

    Swingers are savvy, according to the study. They play both sides - points and miles - to the best advantage. Cardholders in this category should consider joining programs offering everything from air to merchandise - and features like points transfer and instant redemption. Shepherds are manic about miles, the firm...

  • CUNA Mutual Group solemnly remembers 9/11

    MADISON, Wis. - CUNA Mutual Group employees joined CMG President/CEO Mike Kitchen on Sept. 11 in a solemn observance marking the first anniversary of the 9/11 terrorist attacks. Employees at remote locations were linked to the ceremony through teleconference and audioconference capabilities. "I will remember September 11 for the rest...

  • FAIRWINDS CU President/CEO hosts retirement seminar

    ORLANDO - On September 25, FAIRWINDS Credit Union President/CEO Ed Baranowski is taking center stage to help members plan for retirement. Baranowski will host the special seminar "Planning for Retirement" and share stories of lessons learned and practical tips for members age 50-65. The free session is open to all...

  • New York's Cornell Fingerlakes CU applies for community charter

    ITHACA, N.Y. - Cornell Fingerlakes Credit Union, the fourth largest state-chartered CU in the Empire State, based on assets, filed an application with the State of New York Banking Department to amend its charter to a community-based credit union. The CU wants its field-of-membership to include any persons who reside,...

  • Community charter dominates NCUA meeting

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  • Western Cooperative CU NYIB StreetSage winner

    MADISON, Wis. - The National Youth Involvement Board (NYIB) has awarded Western Cooperative Credit Union the StreetSage sponsorship. The partnership between StreetSage and NYIB enables credit unions to sponsor a school of their choice at the discounted price of only $1,495 for a full year. The StreetSage product is an...

  • VISA debit processing tops credit for the first time

    SAN FRANCISCO - VISA USA processed more debit transactions than credit transactions in the first six months of 2002, a first for the San Francisco based credit card association which has recently become a firm. The payment card association processed 3.04 billion purchases made on Visa check cards, its signature-based...

  • Ohio League's Business Checking Account Guide available to all CUs through CUNA

    MADISON, Wis. - A Credit Union Business Checking Account Guide first developed by the Ohio Credit Union League's Member Business Task Force and published by the league, is now available to all CUNA-affiliated credit unions through a link on the association's Web site - www.cuna.org/data/membercu/business_seg/business_seg_deposit.html. The guide gives credit unions...

  • eFunds names Walsh Chairman and CEO

    SCOTTSDALE, Ariz. - eFunds Corporation has appointed Paul F. Walsh, 53, chairman and CEO effective immediately. Walsh succeeds chairman/CEO J. A. "Gus" Blanchard, 59, who will serve as Transition Advisor until his planned December 31, 2002. Walsh was most recently chairman/CEO of Clareon Corporation, a privately held electronic payments provider...

  • Key challenges to Missouri CU FOM expansions

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  • Special Issue: CUNA Symposium/NAFCU Congressional Caucus

    There are special issues and then there are special issues. This issue of Credit Union Times is particularly unique because it is being distributed at two major credit union conferences, the CUNA National Symposium in Orlando and the NAFCU Congressional Caucus in Washington, D.C. A number of CUNA/NAFCU related stories...

  • Fiserv forms strategic relationship with, Mortgagebot

    LAKE MARY, Fla. - Fiserv Lending Solutions formed a strategic business partnership with Mortgagebot, a leading provider of Internet-based lending solutions, that will provide Fiserv clients with seamless data integration between Mortgagebot's PowerSite and Fiserv's easyLenderT and UniFiT Pro loan origination and processing software systems. Specifically, the partnership between the...

  • Ford offers no payments on 0% deals until 2003

    NEW YORK - Ford Motor Co. has spiced up its 0% interest offer on 2002 model vehicles by allowing consumers who purchase those cars and trucks the chance to not make payments until 2003. Ford is offering 0% financing for up to 60 months on last year's models as a...

  • Retiree health benefits a thing of the past?

    WASHINGTON - Skyrocketing medical costs and public policy may leave future retirees shouldering more -if not all- of their health benefits costs. According to a recent Watson Wyatt Worldwide study Retiree Health Benefits: Time to Resuscitate?, employer financial support will shrink to less than 10% of total retiree medical expense...

  • STATEMENT OF OWNERSHIP, MANAGEMENT, AND CIRCULATION (REQUIRED BY 39 USC 3685)

    1.Credit Union Times. 2.Publication number: 1058-7764. 3.Filing date: October 1, 2002. 4.Published weekly, except for last week of year. 5.Number of issues published annually: 51 6.Annual subscription price: $120.00. 7.Known office of publication: 560 Village Blvd., #325, West Palm Beach, FL 33409. 8.Headquarters and general business offices: 560 Village Blvd.,...

  • SECURITY FCU dedication recognized by the Department of Defense

    FLINT, Mich. - SECURITY Federal Credit Union and its President/CEO Terry Pierce, were recently awarded the 2002 Employer Support of the Guard and Reserve (ESGR) State Chairman's Award for exceptional support of its employees who are members of the National Guard and Reserve. Nominated by John Scott, information systems manager...

  • New lay of the land for CUNA's fee-based products and services

    Association Services Center for Professional Development Live training online learning programs Credit Union Magazine Directors Newsletter Book publishing News Now Meetings & Special Events National Marketing Consumer Education Youth Initiatives (NEFE, Googolplex, Youth Week, Desjardins Awards) Home & Family Finance Consumer Resources Executive Development CUNA Councils Executive Training CCUE Research...

  • Basics of SB 1661

    What it is: Disability insurance representing 55% of an employee's salary capped at $728 a week that would cover up to six weeks paid family leave after the birth or adoption of a new baby or the serious illness of a spouse or domestic partner. Legislation highlights: *Employees, rather than...

  • Respecting financial privacy subject of Banking Committee hearing

    WASHINGTON-Senate Banking Committee Chairman Paul Sarbanes (D-Md.) has scheduled a hearing for September 19, after deadline, on financial privacy and consumer protection. The hearing aims to examine the public's level of concern about financial privacy, the adequacy of current federal laws protecting personal nonpublic information, and whether improvements are necessary...

  • Fiserv names Balthasar SVP/COO, and creates four division president slots

    BROOKFIELD, Wis. - Fiserv announced that Norm Balthasar was named to the newly created position of Senior Executive Vice President and Chief Operating Officer. Fiserv also created four new operating groups from its former Financial Institution Group and promoted division presidents to lead those operations. They join the current group...

  • Has health insurance coverage gone from benefit to liability?

    MENLO PARK, Calif. - In the future, providing health insurance as an employee benefit may no longer be a "given" as more employers pass most of the costs on to their employees. A recent Henry J. Kaiser Family Foundation survey finds that health insurance prices have jumped 12.7% representing the...

  • America's Credit Union Museum grand opening nears

    MANCHESTER, N.H. - In just two weeks, credit unions nationwide will celebrate the grand opening of the first-ever credit union museum - America's Credit Union Museum - designed says the New England Credit Union Heritage Foundation which has been in charge of building the museum, "to preserve the heritage of...

  • CUES Hall of Fame to induct Fiore, Heth, McCartney, McDonnell and Nouhan

    MADISON, Wis. - Motorola Employees CU President/CEO John C. Fiore, Iowa Community CU President/CEO Mark A. Heth, Orange County's CU President/CEO Judith A. McCartney, Navy Federal CU President/CEO Brian McDonnell and USA Federal Credit Union Director Dorothy Nouhan will be inducted in to the CUES Hall of Fame. The CUES...

  • Heritage Credit Union ready to walk in the sun with new look

    MADISON, Wis. - Heritage Credit Union has launched a new logo and tagline that will hopefully leave members feeling like they stepped into the sunlight. "There has been a lot of thought and planning that went into the design of our new logo. We wanted something warm and welcoming, an...

  • Vermont League mulling possible dues hike in 2003

    BURLINGTON, Vt.-Looking to add new revenue for next year to pay for added services, the Vermont Credit Union League this month is holding membership meetings to consider a dues increase for 2003. "This is the first time the League has asked for such an increase in 10 years, and it...

News

In Other News

  • AWARDS

    Steel Works Community Federal Credit Union, Weirton, W. Va., Chester Branch Manager Jolene Hines has been presented the Very Interested Person Achievement Award by the Easter Seals Rehabilitation Center. The award recognizes those who participate in the telethon for several years and who help raise a significant amount of funds.

  • DONATIONS

    Franklin Mint Federal Credit Union, Broomhall, Pa., has donated computers to Chester Youthbuild, Chester Eastside Ministries and Eternal Hope of Glory Church. The credit union recently upgraded computers in all its offices. In addition to the donated Gateway computers, FMFCU purchased new monitors, keyboards and mouse. Each organization received six...

News Briefs

  • XCU Capital working on second offering

    CARLSBAD, Calif. - Response to XCU Capital Corp.'s first offering of shares in the CU-owner broker dealer was so much more than expected, it is currently working on a second offering expected to be released in early 2003. Currently, XCU Capital owners include: Michigan Educational CU, Mountain America CU, Premier...

  • NCUA introduces 5300 short form

    ALEXANDRIA, Va.-NCUA unveiled its new 5300 call Report Short Form for federally insured credit unions with $10 million or less in assets as smaller credit unions face the switch to quarterly reporting at the end of the third quarter. Of federally insured credit unions, 54% will be eligible to use...

  • First Tech, MacDill join billionaire's ranks

    BEAVERTON, Ore. - First Tech Credit Union, the largest high tech and telecom credit union in the Northwest, has reached the $1 billion in asset milestone, and so has MacDill FCU out of Tampa. First Tech said the achievement is particularly noteworthy because it was reached during a time of...

  • Treasury announces final rule on PATRIOT Act

    WASHINGTON-The Treasury Department announced the implementation of two final rules and two proposals regarding the U.S. PATRIOT Act. The rules address suspicious activity reporting, anti-money laundering program requirements, prohibitions on maintaining accounts for foreign shell banks, and information sharing between the government and the financial community. The Treasury Department issued...

  • Matz bemoans loss of small credit unions

    COLUMBUS, Ohio - NCUA Board Member Deborah Matz reminded the Ohio Credit League's Government Affairs Conference that in the midst of many and varied credit union opportunities, small credit unions still struggle and many close. Pointing out that while this is an exciting time for credit unions with an influx...

  • New York credit union to persist in helping Muslim immigrants

    ROCHESTER, NY - Genesee Co-op Federal Credit Union said it will continue to help Muslim immigrants from Somalia even though investigators have uncovered a terrorist support cell only 60 miles away, according to Eric Anderson-Zych, CEO of the $6.3 million institution. "We have helped about 45 Somali immigrants who have...

  • Bush's faith-based initiative in peril

    WASHINGTON-Running out of time and options, the legislative materialization of President George W. Bush's faith-based initiative may be swept under the carpet for the 107th congressional session. The Charity, Aid, Recovery and Empowerment Act (CARE Act), which includes provisions promoting Individual Development Accounts (IDAs), may not get passed this year,...

Billlionaires Club

  • FOM expansions will fuel growth of CommunityAmerica CU

    LENEXA, Kan. - On July 12, the leaders of CommunityAmerica CU cut a ribbon officially opening the credit union's new headquarters here in a suburb of Kansas City. The ceremony also symbolically ushered the institution into the ranks of the big leagues of credit unions- the billion dollar in asset...

People Feature

Tech Bytes

  • Harland clients can now use Ellie Mae Portal

    ATLANTA - Harland Financial Solutions clients using the company's Pro Suite loan products now can use the Internet transaction portal services of Ellie Mae Inc. California-based Ellie Mae is a leading Internet enabler and loan-origination software provider. The agreement announced Wednesday enables HFS clients to use Ellie Mae's ePASS (electronic...

  • New support solution focuses on member service, education

    SEATTLE - When he couldn't find out online if his credit union offered international wire transfers, Chuck Van Court knew he was on to something. The former CIO of the Federal Home Loan Bank in Seattle now is president of Fuze Digital Solutions (www.fuzeds.com), which in less than a year...

  • 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...

  • Blending channel service delivery often the missing key

    CAMBRIDGE, Mass. - Financial institutions are working hard, and spending big, to get consumers to opt for online service over costly phone calls, but the progress has been slow, a new report says. In a year of tight budgets, 30% of the respondents in a survey of credit unions and...

  • Check losses continue to mount despite improving technology, study finds

    NEEDHAM, Mass. - Financial institutions are spending more and more to prevent check fraud but the losses continue to mount, according to a new study by TowerGroup. Check fraud - including kiting, identity fraud, NSF and closed accounts and forgeries - are expected to cost U.S. commercial banks about $853...

  • Reed Data moves Web server business to Liberty Cavion

    ENGLEWOOD, Colo. - Reed Data Inc. has agreed to use Liberty Cavion to host the storage-solution specialist's online-application servers, furthering a strategic relationship that began earlier this year, the companies said. Englewood-based Liberty Cavion, which serves 130 credit unions, will give Utah-based Reed Data (which has 400 credit union clients)...

Letters to the editor

  • Eikel a CU trailblazer but not CUNA Mutual's founder

    An informed reader of the Credit Union Times recently brought something to our attention that we're sure you want to know about. In one of Mike Welch's recent columns, Charles F. Eikel, Jr. was identified as a "founder" of CUNA Mutual Insurance Society. While "Charley" - as he was usually...

  • Change is good

    I enjoyed Mike Welch's Aug. 7 column about chief executives of credit unions who don't embrace change ("Credit unions do good but could do better.") My firm provides executive talent to community credit unions and in the Pacific Northwest I hear too many say nothing is going to change. I...

  • International CU Day history lesson

    Mike Welch's remarks in his Sept. 4, 2002 column ("Hired guns, single sponsors, ICU Day, and more") regarding International Credit Union Day is especially interesting for me. My father, Charles F. "Charley" Eikel, Jr., started the modern International Credit Union Day. It was inaugurated in 1948. In 1947 Charley got...

Opinion

People

  • WEST

    California Credit Union League, Rancho Cucamonga, has named Kate McPike senior training consultant. Global Credit Union, Spokane, Wash., has named the following employees member service representatives: Sonja Alfaro, Corrine Moya, Nicole Clement, Sherylton M. Lucas, Crystal L. Graebner, Melissa Judd, Linda F. Horn, and Megan Ruth Ann Mills. In addition...

  • SOUTHWEST

    Texas Dow Employees Credit Union, Lake Jackson, Texas, has promoted Dennis Y'Barbo to vice president of technology/systems research and development. Fort Bliss Federal Credit Union, El Paso, Texas, has named Rondina Posey vice president/ Foster branch manager.

  • MIDWEST

    Community First Credit Union, Appleton, Wis., has named David Eis assistant vice president of business development for the Manitowoc Area; Scott Francis vice president of marketing/credit union service organizations/strategic planning; Kevin Hartz vice president of branch operations; Rick Sense vice president of education/organizational development; and Michana Westerfield assistant vice president...

  • VENDORS

    DEI, Inc., a design/build firm, has appointed Rowena Gillam to inside sales; Marie Hall office administrator; and Jeanette Mascari to interior design. Premier Systems, Inc., an online solutions provider, has named John Schlepphorst, vice president of sales; John Reedy, Western regional sales manager; and Chad Rebel, product marketing specialist.

Movers & Shakers

Clarifications/Corrections

  • National Network Distribution by state (as of September 2002)

    Correction Shared branching is growing so quickly that we had to post a corrected map of the shared branching network locations in the United States. A map in our September 4th issue was only as of June, 2002. Credit Union Times has since been provided updated information. For more information...

Publisher's Notebook

  • Getting better

    As our most recent independent readership survey went in the mail, every Credit Union Times staff member was naturally hoping for positive results. We did get them and for that we are grateful to the record number of respondents. Among the results, we especially took pride in the fact that...

Publisher's Column

  • Amidst good news, NCUA has new challenges

    How quickly things can change for the high-profile regulator of federal credit unions and the insurer of all federal and most state chartered CUs. Most recent NCUA/NCUSIF headlines have all been of the good news variety starting with the elevation of popular Dennis Dollar to chairman and the addition of...

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