Credit Union Times Magazine May-28, 2003

  • Leagues Head to Nation's Capital to Host Event at Credit Union House

    WASHINGTON-Credit union leagues are busy ensuring they get their money's worth out of Credit Union House, in which all the leagues are invested, as well as supporting credit union legislative causes. Last week, the Arizona, Ohio, Massachusetts, Rhode Island, and New Hampshire leagues all held receptions at credit unions' Capitol...

  • NAFCU Members Responding to Revamped Annual Conference

    ARLINGTON, Va.-The agenda for NAFCU's 36th Annual Conference to be held July 23-26 in Boston is focused on keeping members up-to-date with the latest information ranging from technology to human resources trends. Members are responding favorably to enhancements to the program with a total of 680 registrations as of the...

  • CUNA Streamlining Project Differentiation to Encourage More Participation

    WASHINGTON - In an effort to both encourage credit unions to document their advantages and produce more useful political data, CUNA has streamlined its Project Differentiation, making it easier to use and moving it to more of a multiple choice format. "We recognized that the survey's perceived length was keeping...

  • Credit Union Bank Robberies Up Sharply In Utah

    SALT LAKE CITY -Robberies at Utah banks and credit unions are up sharply in 2003, perhaps the result of the economic downturn combined with eased access to financial institutions, according to the Utah League of Credit Unions. "FBI statistics show we've had 56 robberies so far this year and we're...

  • Star One Credit Union HR Team Promoting Self-Service

    SUNNYVALE, Calif. - At Star One Credit Union, when it comes to human resources administrative work self-sufficient employees can't be beat. The $2.3 billion credit union has tapped Seekonk, Massachusetts-based iEmployee to automate several of its more time-consuming HR functions. "Going paperless has been a tremendous help to me," said...

  • Senate Passes Jobs and Growth Package Including Sub S Enhancements

    WASHINGTON-The Senate passed a $350 million tax cut package earlier this month that included the temporary elimination of the double taxation of corporate dividends, as well as enhancements to the Subchapter S tax status. The Senate bill would eliminate the corporate dividend taxation for three years, creating a pass through...

  • WFCU, TRWSFCU Merger Recalls Past Mega-Merger Attempts

    HAWTHORNE, Calif. - Approval by the National Credit Union Administration of the merger between Western Federal Credit Union and TRW Systems Federal Credit Union stands in stark contrast to another credit union's attempt at a major merger years earlier. NCUA received accolades from officials at both Western and TRW Systems...

  • Mississippi Inducts Dollar into Credit Union Hall of Fame

    BILOXI, Miss.-NCUA Chairman Dennis Dollar was inducted into the Mississippi Credit Union Hall of Fame during the Mississippi Credit Union System's Annual Conference this month. Dollar was appointed chairman of the NCUA Board on Sept. 13, 2001, but served on the board since Oct. 9, 1997. Prior to that, he...

  • USO Calls Maine CU Generosity `Remarkable' on Phone Cards

    PORTLAND, Maine - The USO has singled out Maine credit unions for being the "fifth largest donor" group in the country to a phone card program supporting overseas troops by collecting more than 400,000 minutes on the cards. "We really had an overwhelming response from our credit unions to the...

  • Treasury Secretary Inquisitive about CUs, NAFCU Says

    WASHINGTON-Top officials from NAFCU met with Treasury Secretary John Snow earlier this month for the first time since he was installed last winter. NAFCU Director of Regulatory Affairs Gwen Baker, who attended the meeting, said that Snow was "very interested in what we had to say" and the meeting "was...

  • NCUA MBL Proposal Well-Received in NYC

    ALEXANDRIA, Va.-NCUA Vice Chair JoAnn Johnson participated in a roundtable discussion concerning member business lending at a low-income credit union in Manhattan earlier this month. Lower East Side People's Federal Credit Union hosted the roundtable May 15 to provide Johnson an overview of the community it serves and the challenges...

  • PALS Heating Up in Time for Summer

    ALEXANDRIA, Va.-NCUA Board Member Deborah Matz recently announced that the agency's next PALS-Partnering and Leadership Successes-workshop will be held in Durham, N.C. on July 8. The workshop, Making the Latino Connection: A PALS Workshop for Credit Unions, is focused on sharing ideas for serving Latino communities within credit unions' fields...

  • D. Edward Wells FCU's Members' Accounts Receive a New Home as CDCU is Liquidated

    ALEXANDRIA, Va.-D. Edward Wells Federal Credit Union of Springfield, Mass. has been liquidated and its members are being folded into the Western Massachusetts Telephone Workers Credit Union field of membership. While Western Massachusetts Telephone Workers will serve most of the members of the $5-million liquidated credit union, NCUA is still...

  • Financial Services Committee Gives Nod to Reg Relief, Check Truncation

    WASHINGTON-The House Financial Services Committee reported out favorably last week the regulatory relief bill (H.R. 1375) and the check truncation legislation (H.R. 1474). The bill contains 13 provisions aiding credit unions, including expanded investment authority, lengthening the loan maturity maximum from 12 years to 15, raising the CUSO investment limit...

  • New Jersey Predatory Lending Bill Gets CU Support, But Other Groups Have Mixed Feelings

    Trenton, N.J. - If the saying `you can't make all of the people happy all of the time' is true, then credit unions in New Jersey shouldn't be surprised at the reaction Gov. James McGreevey's signing of the state's predatory lending bill has evoked from concerned parties. While supporters of...

  • New Bill Would Arm SEC with More Power to Return Money to Defrauded Investors

    WASHINGTON - A bill that would strengthen the Securities and Exchange Commission's enforcement powers and increase its ability to return funds to defrauded investors was recently introduced by House Financial Services Committee Chairman Michael G. Oxley (R-Ohio) and Capital Markets Subcommittee Chairman Richard H. Baker (R-La.) "There are two purposes...

  • NCUA Board Expands CU Investment Opportunities, Enhances Swap Agreements

    ALEXANDRIA, Va.-The NCUA Board dispatched with four final regulations to enhance and modernize credit unions' dealings with the agency at this month's board meeting, which drew a standing room only crowd. While the agenda items were uncontroversial within the credit union community, several credit union leagues were in town for...

  • RegFlex Picking up Steam, Chairman Pleased with the Results

    ARLINGTON, Va.-Eighty-two percent of NAFCU member credit unions are eligible for Regulatory Flexibility benefits, according to the organization's most recent monthly Flash survey. Even so, only about 15% responded that they were currently taking advantage of the exemptions afforded to well-managed, well-capitalized credit unions under the program. Still three-quarters said...

  • Southwest Resource Credit Union Rolls Out New Image in Stages

    BAYTOWN, Texas - Since December 2002, when Community Resource Credit Union's name change was approved by the state, the credit union has been busy implementing a series of changes to establish a new identity for the institution. Changes include the introduction of shared branching, the public announcement of the name...

  • U.S. Central Signs up Six Corporates for New Transferable CD Program; Some Corporates Have Concerns

    LENEXA, Kan. - While some corporates have concerns about the three-tiered system being affected, others welcome U.S. Central's new CD program. U.S. Central SVP of ALM Dave Dickens reported that in just a little over a week of having the proposal, six corporates have already signed on for its Transferable...

  • United Airlines ECU Sheds Single Sponsor Status with Chicago Suburb Expansion

    CHICAGO - United Airlines Employees' Credit Union, which once epitomized the single sponsor structure, has joined a growing list of CUs rapidly expanding their field of membership and reaching out to a broader cross-section of individuals and occupation groups. The $4-billion Chicago-based credit union insists it remains committed to the...

  • TRW Systems FCU-Western FCU Merger Not Your Ordinary Merger

    HAWTHORNE, Calif. - In the world of business acquisitions and takeovers, with the large more often than not swallowing the small, the merger of TRW Systems Federal Credit Union and Western Federal Credit Union is being described as a "merger of equals." Not only did the two credit unions serve...

  • Mutual Funds Could Lose `Stranglehold' on IRA Market, Study Reveals as $11 Trillion in Retirement Assets Up for Grabs

    NEW YORK - As retiring Baby Boomers make complex choices about where to keep their nest-egg assets, fierce competition for a share of retirement savings assets may profoundly alter the market's leaders and the followers, according to a recent study by Conning Research and Consulting, Inc. The study, `Winning the...

  • MBNA Forms Credit Union Advisory Board for the Touchy Subject of Card Portfolio Sales/Management

    ARLINGTON, Va. - MBNA, the Delaware-based firm which claims to be the world's largest independent credit card issuer and is a leading purchaser of credit union credit card portfolios, has established an advisory board of credit unions to help it better understand and service its growing list of credit union...

  • For Credit Union Shared Branching, Quiet Revolution Continues

    ARLINGTON, Va. - Quietly, unrecognized by many in the credit union industry, the three corporations that make up the bulk of the industry's shared branching network are continuing to revolutionize the way credit unions serve existing members and attract new ones. "For many, shared branching has flown under the radar,"...

  • Indiana Members CU Cubbie Club a Hit with Kids

    INDIANAPOLIS - Indiana Members Credit Union knew it could count on one cuddly brown bear to draw younger members. "When we first launched the club in September 2001 it became immediately apparent that there were two things many of our members did not know," said IMCU Assistant Vice President of...

  • ITINs Provide Alternative for Identifying Members

    WASHINGTON, D.C. - Starting Oct. 1, credit unions and other financial institutions must start verifying the identities of new members under the USA Patriot Act. In most cases, a Social Security number will play a key role. But what if the person who wants to join is an immigrant, a...

  • Kitchen is in Diverse, Distinguished Company With Ellis Island Medal of Honor Award

    NEW YORK -CUNA Mutual President/CEO Mike Kitchen recently spent some time with the likes of 60 Minutes Correspondent Mike Wallace, Wal-Mart President/CEO Thomas M. Coughlin, singer Michael Bolton, comedian Dennis Leary and many other notables, but he couldn't stop thinking about what got him there - credit unions and his...

  • Keeping Employees Happy is No. 1 Goal, but Boeing Employees CU's HR Department Always Looking to Up its Own HR IQ

    TUKWILA, Wash. - Boeing Employees Credit Union's HR department believes in keeping employees happy through innovative work/life programs and using education to keep the HR department operating at peak performance. "Our big focus is to try to help employees balance their personal and work life," said BECU HR Director Debbie...

  • Bankruptcy Filings Continue Record-Setting Pace; Will Legislation Ever Come?

    WASHINGTON-Could the bankruptcy reform legislation stem the rising tide of bankruptcy filings or is the anticipation of its passage leading more people to file? Can anyone tell? According to the Administrative Office of the U.S. Courts, total bankruptcy filings in federal courts jumped 7.1% to more than 1.6 million in...

  • XP Systems Offers New Training Opps

    MOORPARK, Calif. - XP Systems has created a new professional services group to offer strategic and technical workshops to the 300 credit unions nationwide using its data processing solutions, the Fiserv subsidiary says. The new group also will offer on-site consulting and custom programming for the new XP2 in-house information...

  • FTC Noncommittal on FCRA Preemption Reauthorization

    WASHINGTON-While the spotlight was on the Federal Trade Commission during a Fair Credit Reporting Act hearing last week, the agency did not reveal its stance on the reauthorization of certain provisions in the law. FTC Director of the Bureau of Consumer Protection Howard Beales' prepared statement did say, "The FCRA...

  • Debit Card Use Continues to Grow, Star Survey Shows

    MAITLAND, Fla. - Movie theaters, fast food restaurants, pay phone booths, public transit vehicles, parking spaces, vending machines and laundromats are the leading places American consumers use their debit cards in place of cash, according to a recent survey conducted by Star Systems, the Florida based electronic funds network subsidiary...

  • California Coast CU Continues to Support Troops

    SAN DIEGO -California Coast Credit Union and USO World Headquarters haven't forgotten those troops still stationed in Iraq and Kuwait and have joined forces to send them CARE packages. Under Operation USO Care Package, California Coast CU branches are accepting donations of up to $25 or more to sponsor a...

  • Just Stopping By . CUs Visit NCUA

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  • Portland Teachers CU CEO Presented Patriot Award

    PORTLAND, Ore. -Portland Teachers Credit Union President/CEO Cliff Dias' patriotism has recently been rewarded. A retired Army Captain himself, Dias has been presented the "My Boss is a Patriot" Award by the U.S. Defense Department for his support of National Guard and Reserve members. PTCU employee and US Army Reservist...

  • GTE FCU Campaign Nets $20,000 for CUPAC

    TAMPA, Fla. - GTE Federal Credit Union staffers hit the "campaign" trail to raise funds for the Credit Union Political Action Committee. The 30-day campaign helped raise over $20,000 for CUPAC, exceeding the credit union's goal by 33%. Employee fundraising efforts included bake sales; a putting contest; jeans-to-work day; and...

  • Homeland Security Bumps Terror Risk Level to Orange; Financials Could Be Targets

    WASHINGTON-The Department of Homeland Security issued a statement to governments at all levels, as well as potential target industries to be on high alert. Following the terrorist bombings in Saudi Arabia and Morocco, intelligence sources have indicated that a target inside the United States could be next. Financial institutions, as...

  • Federal Reserve Chairman Greenspan Promotes Financial Literacy in Television Ad

    WASHINGTON - Credit union groups aren't the only ones promoting financial literacy. They now have a big name to help with the cause. With the hope of educating consumers on such topics as saving, budgeting and shopping for a car loan, Federal Reserve Chairman Alan Greenspan will be featured in...

  • Hudson Valley FCU Plugs into Youth for Educational Campaign

    POUGHKEEPSIE, N.Y. - Next time your credit union is looking to connect with younger members why not team up with them to create educational campaigns? That is exactly what Hudson Valley Federal Credit Union did when it opted to launch a new youth initiative designed to provide financial education to...

  • GLOSSARY: Some Common Shared Branching Terms

    Because shared branching borrows so heavily from the ATM industry, some of its terms are similar. Outlets: A shared branching outlet is a credit union branch that is allowed to conduct transactions for shared branching network members. Not all branches of a participating credit union are shared branching outlets. Stand-Alone:...

  • Origin of Shared Branching

    Ironically, shared branching came about as the result of a bad prediction, according to Dan Balagna. In the 1960's there was a study that predicted that America would be a cashless society by 1980, Balagna explained. And that prediction led a credit union executive, Donald MacKinnon, former CEO of the...

  • Past Ellis Island Medal of Honor Winners

    The Ellis Island Medal of Honor was created in 1986. Since that time some 1,300 people have received the award. The list of winners reads like a Who's Who of business, entertainment, politics, and sports. Past winners include the following: Politics: Bill Clinton, George Bush, Jimmy Carter, Gerald Ford, Richard...

  • First Entertainment CU Taps Redbeard for New Brand

    HOLLYWOOD, Calif. - First Entertainment Credit Union has turned once again to Hollister, California-based brand strategy/creative design firm Redbeard Communications to revamp its brand. "We knew that redeveloping our brand strategy was a serious undertaking that would involve the commitment of significant financial resources on an ongoing basis," said First...

  • CUs Missing Loan Potential on SBA's, P&C Insurance

    LAS VEGAS - Credit unions and their CUSOs are missing some important opportunities for loan growth and cross-selling if they don't start getting into the Small Business Administration's 7(a) program while also venturing into property and casualty insurance. Speaking to CUSO executives earlier this month at NACUSO's annual conference, one...

  • Oklahoma Foundation Solicits Aid for Credit Union Tornado Victims

    OKLAHOMA CITY - The Oklahoma Credit Union League is making certain tornado victims get the financial help they need until the insurance checks arrive. The League said it has set up a $1,000 relief fund through its Foundation to assist CU members who may be in need of shelter or...

  • Credit Unions Keep Plugging Away at Low-Income Areas

    ALEXANDRIA, Va.-According to the latest NCUA Regional Director's Actions Taken Under Insurance Report of Activity, credit unions continue to add new potential members in low-income areas. Fourteen credit unions added more than 1.7 million new potential members from 15 underserved areas alone during the month of April. The largest came...

  • Insurers to Pay Out $1.55 billion for May Tornadoes

    JERSEY CITY, N.J. - The Insurance Services Office Property Claim Services unit reports that insurers can expect to pay policyholders an estimated $1.55 billion for claims from severe thunderstorms and killer tornadoes that cut through 18 states earlier this month. According to ISO PCS insurers will receive more than 429,000...

  • NCUA's 2003 Salary Data for Key Positions

    ALEXANDRIA, Va.-Each year the salary levels at NCUA are bound to cause some controversy among the credit unions that fund the agency. "The compensation system serves to retain valuable assets and resources for the agency, fairly compensate individuals for their expertise, and provide ascending agency employees with the knowledge that...

  • CU Wins 2003 Paragon Award

    LENEXA, Kan. - CommunityAmerica Credit Union's Human Resources team has been singled out as the 2003 Paragon Award winner for excellence and best practices in human resources in the Kansas City area. Co-sponsored by the Human Resource Management Association of Greater Kansas City and the Excellence in Missouri Foundation, the...

  • West Virginia Central Newest Shared Branch Participant

    PARKERSBURG, W. Va. - West Virginia Central is the first West Virginia credit union to take part in shared branching. The $43 million credit union headquartered in Parkersburg, has come on line with Credit Union Service Centers as an acquirer on May 1. Like many of CUSC's other credit unions,...

  • California, Nevada Leagues Surpass Goal for Annual PAC Phone Bank

    RANCHO CUCAMONGA, Calif. - More than $166,000 was raised in one day by the California and Nevada Credit Union Leagues' Annual Phone Bank for their federal and state political action committees. Last year's telethon raised money solely for the federal PAC, and that garnered $44,000. This year it was expanded...

  • CEFCU Sends Thanks to Troops

    PEORIA, Ill.- To show their appreciation for those serving in the U.S. military, CEFCU employees have sent 18 "Thank You" gifts. The packages included items such as: candy, playing cards, note cards, and frisbees. "It's important that the troops and their families know they continue to be in our thoughts...

News

  • Air Academy FCU's Secret to Successful Mortgage Strategy: Commitment and Perseverance

    COLORADO SPRINGS, Colo. - Glenn Strebe has watched this city in central Colorado ride out the ups and downs of the mortgage market and the local economy. The president/CEO of Air Academy FCU chalks it all up to what he says is key to a successful mortgage program: you have...

  • First Step to Succeeding in Mortgage Lending? Overcoming Fear of the Service

    TUKWILA, Wash. - If mortgage technology has made originating and processing mortgages easier, why don't more credit unions offer the product that CU experts agree is key to credit unions building other lending relations with their members? The answer is quickly becoming apparent to Prime Alliance Solutions Executive Vice President...

  • HUD Tries Again at RESPA Reform; Will Second Time Do the Trick?

    WASHINGTON - The Department of Housing and Urban Development, responding to criticism from members of Congress and various financial services-related organizations - including CUNA - to the first version of its proposed rule reforming the Real Estate Settlement Procedures Act (RESPA), has gone back to the drawing board to try...

  • Leading Men

    Wylie Dougherty and Bob Fisher have both influenced the growth of credit union services in leadership positions at ICU Service Corp. and MacDill FCU, respectively. Read about them on pages 32 and 40.

  • Special Report: Mortgages

    Despite the benefits, credit unions offering mortgage services have realized from the past two years' record low rates, some CUs are still reluctant to offer them. Hear from those involved with mortgages and other related news on pages 20-22.

  • CUNA Mutual Mortgage Off to Good Start in 2003

    MADISON, Wis. - First quarter 2003 data for CUNA Mutual Mortgage Corp. shows the company is benefiting from continued low mortgage rates and mortgage traffic, just like the rest of the credit union industry. As of April 30, CUNA Mutual Mortgage had 98,888 loans in its servicing portfolio, worth $9.8...

Briefs

  • Clay Legislation Would Force Availability of Credit Scores to Consumers

    WASHINGTON - Missouri Congressman William "Lacy" Clay Jr. (D) plans to sponsor a companion bill to the Senate's "Consumer Credit Disclosure Act of 2001", sponsored by Sen. Charles Schumer (D-N.Y.) and Sen. Wayne Allard (R-Colo.) that would allow consumers access to their credit score and information on the factors that...

  • MBA Summit to Focus on Enforcing Predatory Lending Laws

    WASHINGTON - So far 18 states have passed legislation curbing predatory lending - seven in 2003 - but that's only half the battle. The other half is enforcing consumer protection laws. The Mortgage Bankers Association of America will host an "Enforcement Summit" in Washington, D.C. on June 17 to discuss...

  • MBA Predicts Record-Breaking Originations in 2003

    WASHINGTON - With no let-up in site to the continuing trend in low mortgage rates, the Mortgage Bankers of America is forecasting that $3.0 trillion in mortgages will be written during 2003. If that happens then it would beat last year's record volume by more than half a trillion dollars,...

  • Firstmark CU Partners with LSI for 24/7 Lending Service

    SAN ANTONIO, Texas - The more than 73,000 members of Firstmark CU, formerly San Antonio Teachers CU, now have access to lending services from the credit union seven days a week, 24 hours a day, thanks to a partnership between the $420-million credit union and Lending Solutions Inc. (LSI), Elgin,...

  • Alaska USA FCU CUSO Authorized to Offer Document Custody Services

    ANCHORAGE, Alaska - Alaska USA Trust Company, a wholly-owned subsidiary of Alaska USA FCU, was authorized by the Federal Home Loan Bank of Seattle to provide document custody services to credit unions that participate in the Seattle FHLB's Mortgage Purchase Program. The Seattle FHLB's Mortgage Purchase Program provides an alternative...

  • ICBA, Freddie Mac Sign Alliance for Enhanced Secondary Market Products

    WASHINGTON - The Independent Community Bankers of America (ICBA) and Freddie Mac signed an agreement that gives ICBA member banks enhanced access to the secondary mortgage market through Freddie Mac products and services. The alliance "is designed to help ICBA members boost mortgage originations and remain competitive in a dynamic...

  • Continuing Low Mortgage Rates Push Existing-Home Sales to New Record

    WASHINGTON - Low mortgage rates coupled with a strong demand for homes resulted in a new record in the first quarter of 2003 of existing home sales. According to the National Association of Realtors, 34 states experienced sales increases for the three month period compared to the the first quarter...

Letters to the editor

  • Something to Think About

    Here's something for credit unions to think about while they read the continuing coverage about the losses suffered by consumers from corporate crime. If investors were to sue to recoup losses to their portfolios, it is unlikely that they would recover very much as a result of the $1.4 billion...

  • Credit Union Staff Have a Place on Boards

    A reference by publisher Mike Welch in his May 7th column regarding NCUA's okay for a part-time staff person to also serve on the board reminded me of how strongly I feel about CEOs being able to also be on the credit union's board of directors. Show me a credit...

Opinion

People

  • SOUTHWEST

    University Federal Credit Union, Austin, Texas, has named Jim Brown senior manager of consumer lending. Community Credit Union, Plano, Texas, has elected Rosie Vela board director.

  • MIDWEST

    Mid-States Corporate Federal Credit Union, Warrenville, Ill., has elected the following officers to its board: Purdue Employees FCU President/ CEO William Connors, chair; Professional FCU President/ CEO Barbara Berghoff, vice chair.; United Airlines Employees' CU Finance/Administration Senior Vice President Thomas Moore, secretary/treasurer. In addition the following President/CEOs have been elected...

  • EAST

    United Teletech Federal Credit Union, Tinton Falls, N.J., has elected the following officers to its board: Ruth Ann Kluin, chair; Cesar Carrero, 1st vice chair; Ann Weingartner, 2nd vice chair; Frank Kudenchak, treasurer; and Randall Weihs, secretary. Crescent Credit Union, Brockton, Mass., has named William J. Eastty vice president of...

  • SOUTH

    South Carolina Federal Credit Union, North Charleston, has named Marie Bedard vice president of project management. Greenville Federal Credit Union, Greenville, S.C., has promoted Steve Banks to executive vice president. Vista Federal Credit Union, Lake Buena Vista, Fla., has elected Alden Weiss and Mark Gustovich board directors. VyStar Credit Union,...

Beyond the Job

Publisher's Column

  • Recognition of Kitchen Makes CUs Look Good

    Credit unions and those involved with them love to give out awards. There are so many credit union award ceremonies these days that some elicit little more than a yawn and polite applause from audiences. And scant attention from the media. Has any chairman of any credit union organization, even...

Billlionaires Club

In Other News

  • BRANCHING OUT

    Heritage Family Credit Union, Rutland, Vt., has selected DEI, Inc., a design/build firm in Cincinnati, Ohio, to design and build a new branch in Rutland. The new facility will be two-stories with approximately 7,290 square-feet and two drive-thru lanes. The interior will feature a "Tech Center" where members can review...

News Briefs

  • Oregon House Committee Passes Public Funds Bill

    BEAVERTON, Ore. - A bill allowing credit unions to accept deposits from a variety of public entities is on its way to the House floor for a vote. S.B. 331 passed out of the House Business, Labor & Consumer Affairs Committee with a five to one vote. A subsequent referral...

  • Navy FCU, @LANTEC Financial FCU Among Top Places to Work

    HAMPTON ROADS, Va. -Navy FCU and @LANTEC Financial FCU were ranked among the "Top 25 Places to Work in Hampton Roads," by Inside Business. @LANTEC Financial placed ninth on the list, and Navy FCU ranked twelfth. Each year, the business journal selects the top 25 employers in the area based...

  • Pennsylvania House Considers Bill Addressing Use of Social Security Numbers

    HARRISBURG, Pa. - The Pennsylvania House of Representatives is considering legislation that would prohibit the use of social security numbers in credit card transactions. House Bill 279, sponsored by state Rep. Jim Lynch (R-65) would prohibit persons who accept credit cards for business transactions from requesting the card holders' social...

  • Kemba Financial CU CEO Named CU Professional of the Year

    DUBLIN, Ohio- The Ohio Credit Union League has named Kemba Financial Credit Union CEO Jerry Guy the 2003 Professional of the Year. Nominated by his board and staff Guy was recognized for his "vision, consistency, effectiveness, and high moral and ethical standards." In the 13 years Guy has served as...

  • N.Y. State Senate Committee Takes Action on Critical CU Bills

    ALBANY, N.Y. - The New York State Chartered Credit Union Modernization Act, S. 3851A, sponsored in the Senate by Sen. Hugh Farley (R-Capital), chairman of the Senate Banks Committee and in the Assembly by Assemblywoman Aurelia Greene (D-Metro), was reported from the Senate Banks Committee. The Assembly version of the...

  • Idaho First Accounts Program Aims to Add Hundreds

    BOISE, Idaho - The Idaho Credit Union League anticipates that 750 Hispanic Idaho residents without banking relationships will start credit union accounts as a result of a program funded by the Department of the Treasury's First Accounts program. Idaho's League was one of the Leagues representing credit unions in eight...

  • NCUA's Updated FOM Internet Application Available

    ALEXANDRIA, Va.-NCUA has posted its new Internet field of membership application codifying the most recent changes to the FOM regulations. At its March meeting, the NCUA Board approved its most recent amendments to the FOM chartering manual, including an increase for credit unions permitted to apply online from 500 potential...

Staking Out the Stats

  • Staking Out The Stats

    The housing market may be booming but is anyone still building equity in their home? According to Freddie Mac, over the years more and more Americans are siphoning cash out of their homes. Here is a 10-year look at the total equity withdrawn through cash-out refinancing:

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