Credit Union Times Magazine November-19, 2003

  • Credit Union, Banker Groups Put Different Spin on GAO Report; Bankers Play Big Credit Union vs. Small Credit Union Card

    WASHINGTON-As more interested parties are able to sift through the 183-page report from the U.S. General Accounting Office on credit unions, a variety of responses are coming to light, and predictably everyone is putting their own spin on things. American Bankers Association Executive Vice President Edward L. Yingling latched on...

  • Credit Union Branch is Training Ground For High School's Finance Academy

    LAFAYETTE, La. - All high school students accepted into the public school district's Academy of Finance here will receive financial training at Lafayette Schools' Federal Credit Union. Of course, it helps that the credit union has a branch located inside Acadiana High School, where the Academy of Finance is also...

  • Cooperative Real Estate Services Wants to Make CUs Successful in Purchase Market

    DUBLIN, Ohio - It's only been 90 days since Cooperative Real Estate Services, a DBA for the Ohio Credit Union League Services Corp., became operational and closed loans for three Columbus and Cincinnati-area credit unions, but the recently formed real estate broker for CUs already has its sites set on...

  • CCUL's Ron Fong is `PAC Man,' Gets Credit Unions to Invest in Future

    SACRAMENTO, Calif. - When credit union officials see Ron Fong coming, they hold on a little tighter to their checkbooks, make sure their wallets are securely tucked away, and get a firm grasp on their pocketbooks. Fong knows the reaction is usually all in good fun. But his job raising...

  • Credit Union ONE, Staunchly Loyal to the CU Philosophy, Feels Comfortable Selling its Card Portfolio to InfiCorp

    ATLANTA, Ga. - Credit Union ONE, a $702 million dollar credit union based in Ferndale, Michigan which has a strong reputation for being committed to the credit union philosophy, has sold its credit card portfolio, estimated at $33 million, to Atlanta-based InfiCorp. InfiCorp is a regular purchaser of credit union...

  • CULAC Asking Contributors to Dig Deeper To Keep Pace with Candidate Needs

    WASHINGTON-The average cost of a run for a seat in the House of Representatives was $73,000 and in the Senate $595,000 - that was in 1976. Last year the average in the House was $1 million, while the top four Senate campaigns spent about $10 million, according to CUNA's PAC,...

  • Faith Based FCU Called an `Answer to Prayer'

    OCEANSIDE, Calif. - Low-income residents here are likely to be looking heavenward and shouting hallelujah now that Faith Based Federal Credit Union has opened for business. No longer will those residents have to rely on pawnshops, payday loan operators, storefront check cashers and local liquor stores and supermarkets as their...

  • Fannie Clac Puts Low, Moderate Income Families on Wheels

    LEBANON, N.H. - A fledgling program to help low- and moderate-income families buy new cars is being rolled out here and in Keene, with Upper Valley Credit Union and Chittenden Bank as partners. Known as Fannie Clac, the non-profit organization offers financial literacy classes before referring clients to the participating...

  • CCUL's Legislative Affairs Office Plays Offense, Defense In Sacramento

    SACRAMENTO, Calif. - "On any given day, we're always playing a measure of offense and a measure of defense." The words don't come from Los Angeles Laker Shaquille O'Neal, Pittsburgh Penguins' star center Mario Lemieux, Tennessee Titans' quarterback Steve McNair or even winger Doug Howlett of the New Zealand All...

  • CUNA Policy Statement Demonstrates Support for Federals and States

    WASHINGTON- In this time of charter swapping, CUNA's Governmental Affairs Committee has demonstrated CUNA's commitment to a strong dual chartering system by approving an unequivocal policy statement on the issue recently. The statement reads, "When faced with preemption issues, CUNA's Governmental Affairs Committee should take every opportunity to improve and...

  • CUNA Rarin' to Run with Check 21; Will Consumers Warm Up to Substitute Checks?

    WASHINGTON-CUNA is chomping at the bit to help the Federal Reserve develop its regulation implementing the Check Truncation Act-signed into law this year-and disseminate relevant information to its members. "This has been a process that's been years in the making really," CUNA Assistant General Counsel Michelle Profit said. "CUNA met...

  • Business Casual- the New Credit Union "Uniform" or Passing Fad?

    WEST PALM BEACH, Fla. - As more credit unions swap suits for a shirt and a pair of Dockers, will business casual attire become the new standard? According to experts it depends on many factors ranging from the credit union's culture to the employee and member demographics.According to a Society...

  • Nov. 21 Adjournment Forcing FCRA Conference to Move Quickly

    WASHINGTON-Nineteen Representatives were recently named to the House-Senate conference on the Fair Credit Reporting Act renewal legislation in addition to the seven previously appointed Senators. House conferees include House Financial Services Committee Chairman Mike Oxley (R-Ohio), Ranking Member Barney Frank (D-Mass.) and Representatives Doug Bereuter (R-Neb.), Spencer Bachus (R-Ala.), Michael...

  • African-American CU Coalition Sends Support to California Fire Victims

    ST. LOUIS - California credit unions still struggling with the aftermath of killer wildfires have another donation on the way to help pick up the pieces. The African-American Credit Union Coalition recently sent $1,000 to the California Credit Union League Disaster Relief Fund, set up to assist credit union staff,...

  • CCUL's Legislative Advocacy Team

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  • Vantage Credit Union Approved to Cross State Lines to Complete Merger, Offer Services to Low-Income Community

    BRIDGETON, Mo. - Just as a recent General Accounting Office report claims more credit unions than ever are doing less to serve moderate and low-income households, residents of an Illinois community "held hostage" by check-cashing stores and bank fees will now have access to a plethora of financial services thanks...

  • New York Foundation Donates to California Wildfire Fund

    LATHAM, N.Y. - The New York Credit Union Foundation that established its Disaster Relief Fund following 9/11, sent a $2,500 contribution to the California Wildfire Fund to help the credit unions and members who suffered losses as a result of last month's devastating fires in southern California. "In the true...

  • Auto Auctions a Viable - and Under Used - Tool for Credit Unions to Get Highest Value For Repossessed Vehicles

    ATLANTA - When most people think of auctions, words like antiques, valuable paintings and Sotheby's are some of the more popular connotations. But the same benefits of auctions for items like these such as critical mass of buyers and sellers are also enjoyed at auto auctions, and it's one of...

  • As Her Retirement Date Nears, Stacey Carter is Preparing for Life Without DCUC

    WASHINGTON - Defense Credit Union Council's Stacey Carter thinks her retirement has come a few years later than she planned, but for those in the credit union movement-particularly defense credit unions-who have become accustomed to hearing the familiar voice on the phone or talking with the DCUC's director of administration...

  • CUs Alerted to Scams Targeting Military Families

    PORTLAND, Me. - Military families, including credit union members, are being targeted by con artists trying to profit from concern about troops stationed in Iraq. Maine offers an example. Jon Paradise, director of communications at the Maine Credit Union League, got a heads-up call from three credit unions about a...

  • Former Navy FCU President, CUNA EVP/COO Joe Schoggen Shifts Priorities to Ensure Community's Long Term Success

    SUN CITY WEST, Ariz. - Portions of Joe Schoggen's credit union career easily mirror that famous line uttered by Michael Corleone in The Godfather, Part 3. "Just when I thought I was out, they pull me back in," bemused Al Pacino playing Corleone. At least twice in his 25-year career,...

  • Preparedness Plans Are No Guarantee, But They Help Take the Worry Out of a Crisis

    LADYSMITH, Wis. - As recent wildfires in California forced credit union staffs from their offices, it may have given credit union presidents elsewhere pause as they recalled their own credit unions' disaster plans. While forest fires are not the usual culprits in the Midwest, credit unions here still could round...

  • Self-Help CU's Effort Helps Low-Income Realize the American Dream

    DURHAM, N.C. - Quietly and little recognized by even the credit union industry, an effort sponsored by the $115 million Self-Help Credit Union, based in Durham, North Carolina, has helped make thousands of mortgages available to low-income people across the country in the last five years. In doing so, the...

  • Rochester, N.Y.-Area CUs Taking Keener Interest in Indirect Lending

    LOCKPORT, N.Y. - Cornerstone Community FCU knows launching an indirect lending program by itself is risky and its chances of succeeding are iffy, but given the changing lending environment, particularly gradually rising mortgage rates, the $207 million credit union is willing to take its chances. "Real estate lending has been...

  • Research Firm Says Many CUs Undervalue Their Card Portfolios; CUs Shouldn't Give Up Without a Fight

    OAK BROOK TERRACE, Ill. - While his firm refuses to come out against credit unions selling their credit card portfolios, Robert Lawhead, CEO of Raddon Financial Group, maintains that too few credit unions have a real grip on what their card portfolios are really worth. "We have credit union CEOs...

  • Striking a Balance Between How Much Capital is Enough and Appeasing Regulator is a Tightrope Act

    WASHINGTON - Navigating through the murky waters of a recession, credit unions have managed to steer their loan-to-share proportions to record levels and keep a softly-cushioned capital-to-assets ratio near 11%. The question of how much capital is enough, too much or at a level to keep regulators at bay has...

  • Whether Directors Should Be Paid Stirs Fierce Arguments on Either Side

    WASHINGTON - With the increased fervor to meet members' growing and complex needs and the uptick in the number of charter conversions, credit union directors are more vital than ever. Some say credit unions should have the option to pay these key players, while others think that crosses a line...

  • The Process is Most Important Aspect of Setting the Controversial Overhead Transfer Rate, Trades Say

    ALEXANDRIA, Va. - Unraveling the mystery that is the overhead transfer rate is key to dissolving, at least partially, the controversy surrounding it, according to three national credit union trade associations. CUNA has expressed support for equity in the determination of the OTR. "We focused on the process rather than...

  • Money conference hits the spot, eases hunger for knowledge

    APPLETON, Wis. - Credit unions, banks, government agencies, the local public school district, businesses and the public came together here recently for one reason: to satisfy consumers' hunger for financial education. The first Fox Cities Money Conference, held Nov. 8 at Fox Valley Technical College, was a partnership involving a...

  • Michigan Credit Unions Score Through Links to Sports Teams, Say Marketers

    MADISON, Wis. - While you can judge a sports team by looking at its win/loss record, judging the effectiveness of a marketing campaign isn't that easy, if even possible. But that doesn't stop credit union marketers from trying to raise awareness about credit unions through touchdowns, hat tricks, slam dunks...

  • Is Converted CU a Success Or a Public "Ripoff?"; Georgia CUs, Converted CUs Have Different Takes on Situation

    ALBANY, Ga. - Talk credit-union-to-bank conversion in this southeast Georgia city of 80,000 and you get a mixed bag of opinion about the outcome - from "a ripoff of credit union members" to "a tremendous financial success story." It's been more than two-and-a-half years since members of the old AGE...

  • Home Equity Lending Not a Done Deal in Texas Yet, Despite Passage of Constitutional Amendments

    AUSTIN, Texas - Texans may have passed two home equity loan-related amendments in September and another may have become effective in 1998, but don't expect to see any noticeable uptick in home equity loan activity until the state's Credit Union Commission and Finance Commission smooth out some of the "convoluted"...

  • Musicians' CU Plays New Tune to Lure Hollywood Crowd

    HOLLYWOOD, Calif. - Marc Jacoby compares his credit union to one of those little "hidden jewels" of a restaurant that people often unexpectedly stumble upon. "We're like the restaurant where you come in through the kitchen. You don't know we're here, but once you find us, you tell everybody you...

  • National Youth Involvement Board Moving Ahead as More than Just a Data Warehouse

    MADISON, Wis. - Just because credit union is not part the National Youth Involvement Board's name, don't underestimate its dedication to helping credit unions serve young members. "These young people are out there spending-a total of $172 billion just last year," said NYIB Chair and Electrus Federal Credit Union Director...

  • Portland Teachers and Oregon Community Merger Would Create $2 Billion-Plus CU

    PORTLAND, Ore. - In terms of assets, the potential merger of Portland Teachers CU and Oregon Community CU would barely cause a blip on the radar screen of bank mergers, but for the credit union industry this is as big as they come. With Portland Teachers having approximately $1.5 billion...

  • CUVA Kicks Off Two New Offerings

    LAKEWOOD, N.J. - Marketing resource provider Credit Union's Virtual Assistant has launched two new services to help credit unions' marketing efforts. Credit unions that currently subscribe to CUVA's newsletter service will now have their own syndicated cartoon. Each month CUVA will create a new cartoon, which can be used in...

  • New York Legislators Investigate International Remitance Practices; CU CEO Urges Greater Involvement by Fellow CUs

    ALBANY, N.Y. - Licensing of individual remittance agents may be one method considered by New York legislators to protect consumers against abuses in the money-transfer industry. However, more information still is needed to determine how to best proceed, legislators said. International remittance practices were the subject of a recent legislative...

  • NCRC Lawsuit Dismissed for Lack of Standing, Mootness

    ALEXANDRIA, Va.- Just a few days after the U.S. General Accounting Office released a study recommending NCUA better demonstrate how credit unions are serving the underserved, the U.S. District Court for the District of Columbia handed dismissed the lawsuit brought by the National Community Reinvestment Coalition against NCUA regarding its...

  • Post Refi-Market Forcing CUs to Readjust to Dealing with Purchase Market

    TUKWILA, Wash. - The refi party's over, now what? That may be a question most credit unions, and for that matter most mortgage lenders, are asking themselves these days. Record low rates up to a few months ago bolstered credit unions' ability to capture mortgage loans, particular refinances. But mortgage...

  • Navy FCU Joins in 228th Birthday Celebration of Marine Corps

    VIENNA, Va. - The 33rd Commandant of the Marine Corps, Gen. Michael Hagee, celebrated the 228th birthday of the Marine Corps at Navy FCU's headquarters Nov. 6. In addition to Hagee, other notables who joined the event and cake cutting ceremony were Navy FCU's President/CEO Brian McDonnell, several retired and...

  • Navy Federal Joining Check Education Effort

    MERRIFIELD, Va. - The $19 billion Navy Federal Credit Union is part of an effort that spans the financial services industry to educate members and customers about the coming changes to the new way checks are to be processed under Check21. The Check Conversion Education Coalition, officially named c2ec, has...

  • Treasury Announces New Chief of Staff

    WASHINGTON-Treasury Secretary John Snow recently announced the appointment of Christopher Smith as his new chief of staff, following the resignation of agency veteran Tim Adams. Smith has served as counselor to the Treasury Secretary since 2001. Prior to coming to Treasury, he served in various capacities including chief of staff,...

  • XCU Capital Adds Managed Account Program to Offerings

    CARLSBAD, Calif. - XCU Capital Corp. has aligned with Curian Capital LLC to offer managed accounts. XCU Capital, a credit union-owned securities broker, will use the program to offer institutional asset management at account sizes that represent their typical depositor base. "The steady growth in the managed accounts market caused...

  • Tips to Get Your CU Ready For a Disaster

    WEST DES MOINES, Iowa - Planning for an alternate location to meet in case a credit union's office becomes unavailable is among the many suggestions Jerry Ferris has for credit unions preparing disaster plans. As purchasing and facility manager for the members group of the Iowa Credit Union League, Ferris...

  • SBA to Use Risk-Based Approach to Overseeing Lenders

    WASHINGTON - The U.S. Small Business Administration is implementing a risk-based approach to overseeing lenders that includes an early warning predictive score component and a more comprehensive lender review process. SBA Administrator Hector Barreto said the risk-based approach will put the agency in a better position to identify and manage...

  • Senate Deliberates VA-HUD Appropriations

    WASHINGTON-As of deadline last week, the Senate had not yet held a vote on H.R. 2861, the Veterans Affairs, Housing and Urban Development, and Independent Agencies Appropriations Act for Fiscal Year 2004, though the legislation was debated on the floor. According to NCUA Special Assistant for Legislative Affairs Gail Galvan,...

  • Some Wealthy Investors Turning Away From Brokers, Survey Reveals

    CHICAGO - The number of wealthy investors who turn to brokers for advice has dropped nearly 27% over the past two years, concerned that information shared may not be comprehensive enough or too biased, according to a recent study. Spectrem Group, a research firm for the affluent and retirement markets,...

  • Pennsylvania Credit Union Foundation Reaches $1 Million Mark

    HARRISBURG, Pa. - The Pennsylvania Credit Union Foundation is celebrating passing the $1 million market in funds raised since its inception in 1996. The first $14,000 of the funds were contributed in 1996, noted Foundation Chairman John Kebles, president/CEO, Choice One FCU, for the victims of the Oklahoma City bombing...

  • Update: Project Zip Code

    CUNA Vice President of Political Affairs Richard Gose said that CUNA has always been aware that it has a strong grassroots network, but that Project Zip Code is really illustrating that for them. Through the program, which identifies how many credit union members live within a particular zip code, CUNA...

  • Wincor Receives Anti-Skimming Reward

    PADERBORN, Germany - Wincor Nixdorf, the primarily European ATM manufacturer that has started to market to more mid-sized U.S. financial institutions, has been recognized for the anti-skimming technology contained in its machines. Wincor Nixdorf has been given the "Best ATM Security Technology" award at the 2003 ATM Security Conference in...

  • ULTRADATA Online Passes the One Million Member Mark

    ATLANTA, Nov. - ULTRADATA, a Harland Financial Solutions' subsidiary, has surpassed the one million mark for number of members being processed via the 220 credit unions on its service bureau system. So far this year six credit unions have come on as new clients of the ULTRADATA's service bureau, including...

  • Gonzalez Drops Out of Running; Dollar Holds NCUA Chairman Reins Into 2004 as Nomination Process Crawls On

    ALEXANDRIA, Va.-Former front-runner for a seat on the NCUA Board, U.S. Department of Agriculture Deputy Undersecretary Gilbert Gonzalez has withdrawn his name from consideration, NCUA Chairman Dennis Dollar told Credit Union Times. The chairman said that Gonzalez had informed him and the White House confirmed that he no longer wanted...

  • Mortgage Sector Loses 1,000 Jobs

    WASHINGTON - Flattening refinancing activity may be taking a toll on employment in the mortgage sector. The latest numbers from the Bureau of Labor Statistics showed the number of people employed in mortgage-related jobs fell by 1,000 to 422,000. The numbers showed there were 109,500 loan brokers, both mortgage and...

  • Kenyan Delegates Visit U.S. to Learn More About Credit Union Regulatory Process

    MADISON, Wis. - Kenyan government officials recently traveled to Washington to learn more about credit union regulations and the rule making process here. The World Council of Credit Unions hosted the high-ranking delegation, which included the Honorable Peter Kenneth, Kenya's Assistant Minister for Cooperative Development and Marketing; Benjamin Sogomo, Kenya's...

  • Bellco FCU Forms Youth Advisory Board

    WYOMISSING, Pa. - Wanting to tap into the pulse of today's youth, Bellco Federal Credit Union has created its first youth advisory board. Consisting of a group of up to 12 members ranging in age from nine to 18, the board will meet twice a month to discuss topics ranging...

  • NJCUL, Oxford Health Plans Team Up

    HIGHTSTOWN, N.J. - As more credit unions struggle with rising health insurance premiums, the New Jersey Credit Union League is doing its part to help make health benefits affordable. NJCUL has tapped Oxford Health Plans, Inc. to offer discounted health plans to member credit unions. Through a new Small Employer...

  • NCUF Seeking To Help On Tax Program

    WASHINGTON - The National Credit Union Foundation will seek to help credit unions find local sites which their low-income members can use to obtain the Earned Income Tax Credit or establish those sites themselves. "Not enough people know about the Earned Income Credit Program," said NCUF Executive Director Gary Officer....

  • CUs Hottest New Positions

    RANCHO CUCAMONGA, Calif. - The 2003 California Youth Involvement Network roundtables have revealed that more credit unions are creating positions dedicated to promoting financial education in their communities. The back-to-back roundtables, one in Southern California and the other in Northern California, were developed to encourage participants to explore and discuss...

  • Utah Banks Seeking to Stir Post-Election Flap

    SALT LAKE CITY - The Utah banking lobby, adept at using the local media for credit union attacks, has picked on a Washington agency, the Federal Election Commission, to rehash charges of campaign finance irregularities in the 2002 successful election bid of U.S. Rep. Rob Bishop, R. Utah. In a...

  • Allied Solutions Training CD Makes Debut

    INDIANAPOLIS and DALLAS -Allied Solutions, a credit union provider of financial products and services, has launched a new multimedia sales training program. Available in five CD-ROM disks, the relationship sales training program provides an overview of the selling process with specific lessons in building rapport, questioning, providing solutions, gaining commitment...

  • Mortgage Bankers Association Launches Arabic Version of Consumer Education Campaign

    DEARBORN, Mich. - The Mortgage Bankers Association, working with the City of Dearborn, Mich. and the Michigan Mortgage Lenders Association launched the Arabic-language version of its nationwide consumer education campaign, Stop Mortgage Fraud. The campaign, which is designed to help prevent abusive lending practices, was originally launched in English and...

  • Prime Alliance's Brancucci Elected CUNA Lending Council Chairman

    MADISON, Wis. - Joe Brancucci, vp of lending and chief lending officer for Boeing Employees CU and president/CEO Prime Alliance Solutions, has been named chair of the CUNA Lending Council. He replaces Fawn Terwilliger, vp of credit services for Arizona State Savings and Credit Union who stepped down from a...

  • Turnover Down and Training Up at Credit Unions

    MADISON, Wis. - According to a recent 2003 CUES Staffing Manual, for the first time since 1998 turnover is down in credit unions. With the average percentage of employees leaving in the past 12 months standing at 17.8%. The manual also finds that over the past three years, credit unions...

  • Internal Working Group Appointed On GAO Recommendations

    ALEXANDRIA, Va.-NCUA Chairman Dennis Dollar has appointed an internal working group to evaluate the five recommendations from the General Accounting Office study of credit unions and their regulator. "This group has been tasked to give careful evaluation and review of each of the GAO's five recommendations to the agency," Dollar...

  • NCUA Outlines Appropriate Appraiser Relations

    ALEXANDRIA, Va.-NCUA recently issued a Letter to Credit Unions (03-CU-17) reminding credit unions to ensure that an independent appraiser conducts real estate appraisals and evaluations. NCUA and the other Federal Financial Institution Examination Council members issued a joint statement on appraisals for all real estate related financial transactions. For credit...

  • DEI- Meeting on the Run

    CINCINNATI, Ohio - Design/build firm DEI Inc. has taken "time-savings" to a new level. DEI now starts client meetings right at the airport when they are picked up in the VannGoh cruiser. (see picture) The cruiser is the latest addition to DEI's two-day Think Tank sessions, which involve meetings and...

  • CFA, Freddie Mac to Release Analysis on the Wealth of Hispanics

    WASHINGTON - The Consumer Federation of America and Freddie Mac will release an analysis on Nov. 17 "Report on the Wealth of Hispanic Households" on the wealth and financial attitudes of Hispanics. Latest data collected by the Federal Reserve Board and new survey research show that Latinos are falling behind...

  • Mail Ballot `Should be' Conversion Rule

    MARIETTA, Ga. - There is little doubt the membership of a credit union undergoing conversion to a mutual bank "has to be fully informed and appraised of the consequences" of such action in a mail ballot, according to the vice chairman of Georgia Credit Union Affiliates, Ed Collins. Queried about...

  • PSCU's Serlo Honored By HR Group

    ST. PETERSBURG, Fla. - The local chapter of the Society for Human Resource Management has recognized David Serlo, CEO of PSCU Financial Services as Executive Of The Year. PSCU is the organization that serves the credit card needs of over 500 credit unions that process their transactions with First Data...

  • New FinCEN Director Appointed

    WASHINGTON-Treasury Secretary John Snow recently announced William J. Fox as the next director of the Financial Crimes Enforcement Network. His appointment will be effective Dec. 1, upon the departure of current Director James F. Sloan. Fox is currently acting deputy general counsel and associate deputy general counsel on terrorist financing...

  • Productivity Headaches Strike Bottomline

    IRVING, Texas - Believe it or not, but headaches may be sapping your credit union staffers' productivity. According to an AdvancePCS study entitled Lost Productive Time and Cost Due to Common Pain Conditions in the U.S. Workforce, common pain conditions including headaches, back pain, arthritis and other muscle and joint...

  • GalaxyPlus' New Member Tracking System

    TROY, Mich.- Credit union data processors continue to answer the call from credit unions for more efficient member service capabilities. GalaxyPlus, a Fiserv data processing subsidiary subsidiary, has introduced Member Relationship Plus, a turnkey call center system for credit unions that tracks issues of members and non-members faster and more...

  • Dollar Addresses Fannie Mae Roundtable

    WASHINGTON-NCUA Chairman Dennis Dollar was the keynote speaker last week at a Fannie Mae Foundation roundtable entitled Access To Financial Services For Working Poor Families. As the economy enjoys a little boost in the not-too-distant future, more Americans will be better positioned to take advantage of increased job growth and...

  • NASCUS Leadership to Evaluate Findings of GAO Study

    ARLINGTON, Va. - The NASCUS Board and Council Board in the coming weeks plan to conduct a complete evaluation of the report released Nov. 4 on the performance of the credit union industry from the U.S. General Accounting Office and the report's recommendations for regulatory actions by the NCUA and...

  • Find What You're Looking For

    This is no ordinary issue. Three powerful elements - the California CU League's Annual Conference, BAI's Retail Delivery Conference, and a Data Processing/Technology Special Report - have combined to make this a 116-page blockbuster issue. The following guide is here to help readers find what they want fast. Card Portfolio...

  • USC Makes Emergency Fire Loans Available

    LOS ANGELES - Members of the $191 million USC Credit Union will now be able to apply for emergency loans of up to $5,000 to help defray some of the expenses they might have incurred in the recent Southern California fires. "The Credit Union is a non-profit service corporation. We're...

  • Reservists Complain of HR Problems

    WASHINGTON - Some companies are shirking their responsibilities in their support of employees sent or returning from active military duty. According to the Labor Department, some 1,300 National Guardsmen and reservists have filed complaints of discrimination at work after their tours of duty. The Labor Department states that some 20%...

  • Johnson Cuts Ribbon at New Chicago LICU

    CHICAGO - Southside Community Federal Credit Union, which was recently granted a charter by NCUA, opened its doors Nov. 8 with the traditional ribbon cutting ceremony featuring NCUA Vice Chair JoAnn Johnson. Johnson traveled to Chicago to participate in the ribbon cutting ceremony for the new low-income credit union, which...

News

  • CUSA Technologies Presents 2003 Partners in Progress Awards

    SALT LAKE CITY -CUSA Technologies presented its Partners in Progress award to Tarrant County Credit Union, Shoreline Credit Union, and Kalsee Credit Union. CUSA Technologies selects one client from each of its data processing product groups that has made the most difference in the evolution of the product. * Tarrant...

  • Competition Authority Says No to Irish Credit Union League

    DUBLIN, Ireland - The Irish Competition Authority (CA) has blocked the disaffiliation of several credit unions by the Irish League of Credit Unions (ILCU). The decision pending a full hearing is the result of "ongoing discussions with regard to the League's insurance requirements for member credit unions. The main issue...

  • Online Bill Payment: We Might Do It, But We Won't Pay For It .

    Convincing members to do their online bill paying at their credit union site instead of at the billers' is often seen as a key to deepening the relationship and helping to make the CU the members' primary financial institution. But it better be free. A recent Forrester Research report shows...

  • BAI: What to Expect?

    More and more credit unions are making their way to BAI's Retail Delivery Show each year. Turn to pages 14 for some insight into this exciting tech show and pages 34-35 to see what to expect in the exhibit hall. Coverage in next week's issue.

  • Mid-Atlantic Corporate Partners with Link to Help CUs With Networks

    MIDDLETOWN, Pa. -Mid-Atlantic Corporate has added Link Computer Corporation as a business partner to offer member credit unions network expertise. "We feel that this service will help our smaller credit unions who do not have IS staff on board, in addition to larger credit unions who want a peace of...

  • BAI Retail Delivery 2003 Exhibitors

    3Com Corporation 3SI Security Systems A.M.Y. Mohawk Transfer A2iA ABA Banking Journal Absolute Systems Accenture AccuBANKER Accucast Sparked by Socketware ACG ATM Remarketers ACI Worldwide Acom Solutions ACT/REMCAL Addmaster Corporation Advanced Financial Solutions, Inc. Alex Sheshunoff Management Services Allpoint Network Alogent Corporation Alphablox American Banker American Express Global Travelers Cheques...

  • Fiserv, Navy Federal Launch Includes E-Sigs, Automation

    LAKE MARY, Fla. - Navy Federal Credit Union is now offering its 2.3 million members some of the key steps needed to fully automate the mortgage closing process. The nearly $20 billion CU is deploying the UniFi PRO Mortgage loan-origination system from Fiserv Lending Solutions. The system includes automated document...

  • Security-Event Management Solutions Offer Understanding, Protection

    SPOKANE, Wash. - Here's a new acronym for folks to learn in credit union land: SEM. It stands for security event management, and you'll likely soon be seeing it routinely as IT security becomes a more complex, enterprise-wide event. This service often begins with something as simple-sounding as an event-log...

  • XP System Clients Say They're Getting a Lot Out of Release One of XP2; Release 2 Now Being Rolled Out

    MOORPARK, Calif. - XP Systems recently held its annual users conference and the topic on everyone's lips was XP2, the newly revamped in-house core processing system unveiled last year. Currenlty 180 credit union clients are live with XP2, which is being rolled out in a series of releases. The first...

  • PLANet for Credit Unions Takes Recovery Planning to the `Net

    KING OF PRUSSIA, Pa. - You can do about anything online these days, including preparing for those times when you're not. That's the idea behind PLANet for Credit Unions, which bills itself as the industry's only credit union-specific, Web-enabled business-continuity planning (BCP) software that meets both FFIEC and NCUA regulations....

  • New Zealand Government Mortgage Program Undercuts Credit Unions

    Auckland, N.Z. - Twenty-one New Zealand credit union mortgage programs are facing stiff new competition from the Kiwibank and its government-backed program that's offering first-time house buyers mortgages with no down payment. The Kiwibank claims it is "the totally New Zealand-owned bank, where the profits will stay in New Zealand....

  • High-End Storage System at Andrews FCU Part of Deep Ties with Consultant

    SUITLAND, Md. - Andrews Federal Credit Union (AFCU) serves a lot of people with high-tech, high-security jobs, and it has some pretty high-tech gear of its own. The $685 million military-based CU is running a storage-area network (SAN) from EMC Corp. that has reduced daily backup of all servers from...

  • Some Monstrous Booths Will Be On Exhibit at BAI's Retail Delivery 2003

    Even the biggest credit union conferences of the year don't boast the number of massive exhibit booths that credit union attendees will run into at BAI Retail Delivery 2003. Close to 400 vendors will fill the exhibit hall in the Ernest N. Morial Convention Center in New Orleans. Some booths...

  • UK Credit Unions Not Required to Check Member Ids

    London, UK - The Financial Services Authority (FSA), the regulatory body for United Kingdom credit unions, said CUs will not have to conduct a special review of their members' identities. This does not exempt credit unions from establishing and maintaining "effective systems and controls for countering the risk that their...

  • NCUA Regional Realignment Plan Rounding the Home Stretch

    ALEXANDRIA, Va.- NCUA keeps plugging along right on track with its original plans for the money-saving regional realignment plan, which will reduce the agency from six regions to five. NCUA asked that credit unions and others to begin contacting Region VI at its new office headquarters in Tempe, Ariz. as...

  • The Fast, the Classic and the Sporty-CEO Car Buffs Share Their Favorites

    WEST PALM BEACH, Fla. - When it comes to cars, everyone has their preferences. Some love the classics or foreign cars, while others say trucks are tops. The only thing every car lover agrees on is that it is more than just a vehicle that gets you from point A...

  • Open Solutions Files With SEC to Go Public; Firm Showing Strong Financials So Far in 2003

    GLASTONBURY, Conn. - Open Solutions Inc., an increasingly popular data processing company among large credit unions, has filed with the Securities and Exchange Commission for its Initial Public Offering. The date of the IPO is not yet known. Some 4,800,000 shares of common stock will be offered with the initial...

In Other News

  • DONATIONS

    Capital Communications Federal Credit Union, has donated new backpacks filled with all the necessary school supplies to Joseph's House & Shelter Equinox Youth Shelter and St. Catherine's Marillac Family Center through its Capital Communications Cares Foundation. In addition, CCFCU provided dinner and 65 comfort bags to the residents of Joseph's...

  • MILESTONES

    Unity One Federal Credit Union, Fort Worth, Texas, has hosted a Meet Max-A-Million Day to kick off its new safari themed youth program. Max-A-Million is the Savings Safari Club zebra mascot for kids age 12 and under. Georgia Credit Union Affiliates, Duluth, credit unions in Atlanta participated in the first...

  • BRANCHING OUT

    Savannah River Plant Federal Credit Union, North Augusta, S.C., has celebrated the opening of its Pine Log Road branch. Designed by Summer/Wise Architects, the new facility includes an eight-lane drive-thru, drive up ATM and a transparent-walled "kiddy corner". Heritage Credit Union, Madison, has celebrated the official grand opening of its...

  • SCHOLARSHIPS

    DFCU Financial, Dearborn, Mich., has presented three high school graduates Founders' Scholarships. The recipients were selected based on outstanding academic achievement and service to the community. This year's winners include Karen Kudelko, $2,000 for up to four years; Justin Craig, $2,000; and Shira Stoorman, $2,000. Since introducing the Founders' Scholarship...

News Briefs

  • Alaska USA Trust Company Reaches $3 Billion in Assets

    ANCHORAGE, Alaska - Nearly six years after opening for business, Alaska USA Trust Company has surpassed the $3 billion in assets under administration mark. Alaska USA Trust, a wholly-owned subsidiary of Alaska USA Federal Credit Union, received its Certificate of Authority to transact trust business from the State of Alaska,...

  • FSCC Delivers Record $415,000 Patronage

    SAN DIMAS, Calif. - Financial Service Centers Cooperative, the national shared branching network headquartered on the West Coast, will distribute $415,000 in December to its member credit unions that acquired shared branching transactions in 2001. The payment represents part of the balance of the 2001 patronage still outstanding and is...

  • CU Direct Connect Reaches $1 Billion in Indirect Loan Volume

    DENVER - CU Direct Connect (also known as CUILA) has reached a milestone: the credit unions in the indirect lending program exceeded the $1 billion mark in loan volume on Oct. 29. What makes this achievement all the more special for the CUSO, said CUILA President/CEO Steve Anderson, is that...

  • PSCU Distributes $1.6 Million in Patronage

    ST. PETERSBURG, Fla. - PSCU Financial Services, the card services organization for over 500 credit unions that process their card transactions with First Data Corporation, will distribute $1.6 million in patronage to its member-owner credit unions. "Our commitment to share our returns with our credit union member-owners is a powerful...

  • Bankers Want to Copy Project ZIP Code? CUNA Says Bring it On!

    WASHINGTON-In American Bankers Association Senior Economist Keith Leggett's most recent Credit Union Monitor column, he encourages the banking industry to follow CUNA's lead in uncovering how many members/customers are in each congressional district. "The premise is that once lawmakers see how many credit union customers reside within their districts, they...

  • Brockton Credit Union Becomes HarborOne

    BROCKTON, Mass. - Brockton Credit Union members will now look to the Harbor. The $1 billion credit union has changed its name to HarborOne Credit Union. According to HarborOne CU President/CEO James W. Blake the new name represents the 86-year old credit union's commitment to "serving as a friendly, safe...

  • Rospond Named CU Times Northeast Correspondent

    WEST PALM BEACH, Fla. - Kathryn M. Rospond has been named the Northeast correspondent for Credit Union Times. She will be covering credit union and financial services industry news items and feature stories throughout the region. Rospond, 33, is a graduate of the Medill School of Journalism at Northwestern University...

Tech Bytes

  • CUNA Experimenting with Virtual Board Meeting

    WASHINGTON-For its quarterly board meeting in December, CUNA plans to try a Webcast for efficiencies sake. Because the Dec. 11 meeting will be held in cyber space, travel expenses and nonproductive time will be much reduced, according to CUNA Senior Vice President of Communications Mark Wolff. He added that CUNA...

  • Former WesCorp Techie Joins Financial Partners Credit Union

    DOWNEY, Calif - Patty Holcomb has joined Financial Partners Credit Union as the new Vice President of Information Technology. Holcomb is the former Director of Web Services and eCommerce for WesCorp. She has an extensive technical background in the financial industry, managing a wide-area network, infrastructure design, security risk assessment,...

  • Bellco and Bethpage Form Tech CUSO Focusing on the OSI System

    CENTENNIAL, Colo. - Two billion dollar-plus credit unions - Bellco CU and Bethpage FCU - are teaming up to form a new technology CUSO that will focus on products and support surrounding data processor Open Solutions' core system. Bellco is already on the OSI system, and Bethpage converted to OSI...

  • OSI's imagic Signs Six Clients

    GLASTONBURY, Conn. -Open Solutions Imaging Systems Inc. (imagic), has signed six clients to its item processing centers. imagic, a subsidiary of credit union data processor Open Solutions Inc., is a provider of checkimaging, COLD and document imaging technology centers. Full inclearing and POD capture, balance and posting are performed at...

  • Digital Insight Taps BankServ for Wire Transfers

    CALABASAS, Calif. - Digital Insight has named BankServ as its preferred partner for wire transfer processing. The new partnership combines Digital Insight's front-end AXIS(R) Cash Management solution with BankServ's back-office wire transfer technology. Digital Insight and BankServ will develop a real-time interface between their products enabling a complete end-to-end wire...

Opinions

Letters to the editor

  • Passion to Make Things Better a Requisite for League Chairman

    I want to comment on Mike Welch's Oct. 15th publisher's column, "51 League Chairmen Like Heinz 57 Varieties" and his final observations: "Which of the current chairmen are actually making a difference?" and "Does it really matter much who serves as league chairman?" I'm not really sure how much of...

Opinion

  • Check 21-A revolution in the making

    Check 21 is right around the corner-legislation that will revolutionize the check-processing world. It will certainly make its presence felt, from processors to banks and credit unions, and most important, on the consumer. The Check Clearing for the 21st Century Act is the official name of the legislation. It was...

Publisher's Column

  • BAI Name Change Might Attract More CUs

    There comes a time when growing organizations decide to change their names because the existing one no longer accurately describes who they are and what they do. Credit unions, for example, are currently going through this exercise in record numbers as their fields of membership undergo drastic change. A well-known...

Publisher's Notebook

  • Pick and Choose

    Credit union staff and directors could spend all day doing nothing but reading CU publications. But even if they had the time they really don't have to read everything available to them to keep up. When Credit Union Times was launched in 1990, a commitment to subscribers was made that...

Beyond the Job

  • Scare Therapy Howling Good Time for Glossenger

    For the past four years Patrick Glossenger has been leading a double life - River Bend Federal Credit Union President by day and werewolf by night. To the delight of local residents Glossenger "terrorizes" visitors to the Niles (Illinois) Haunted House Scream Park 22 nights a year. Glossenger is not...

  • Former NFL Player Alvin Cowans Passes the Torch

    When Alvin Cowans got the call this year that he would be inducted into the University of Florida's Athletic Hall of Fame, the president/CEO of McCoy Federal Credit Union was quite surprised, later sharing the stage in April with past inductee Emmitt Smith, the former Dallas Cowboy now Arizona Cardinals...

  • Tanimoto Appreciates Classic Writers' Tool

    When Hawaii Credit Union League President Dennis Tanimoto stopped by a friend's shop to pick up a Mont Blanc pen 20 years ago he had no idea that it would be the beginning of the hobby of a lifetime. "I needed to get ink for the pen so I stopped...

  • Harvey Squashes Out Gang Activity As Reserve Officer

    While most CEOs look forward to calling it quits on Fridays for a quiet evening at home or a leisurely jaunt on the town, Robert Harvey is preparing himself for an all-night patrol of notorious gang hangouts for drug deals and other illegal offenses. For the past 10 years, Harvey,...

  • NCUA's Eagan: a Model of Volunteerism

    ALEXANDRIA, Va.-For Laurie Eagan, NCUA Human Resource personnel specialist, volunteering her lunch break for underprivileged children is simply the right thing to do. For seven years now, once a week, she has made the trek from NCUA's Alexandria headquarters to nearby Jefferson Houston Elementary School to tutor kids on subjects...

  • NCUA Vice Chair Quilts Her Way To Relaxation

    ALEXANDRIA, Va.- "There's something nostalgic about quilts," says NCUA Vice Chair JoAnn Johnson. Particularly since her grandmother got her started on the hobby. "I've always been a sewer since I was in 4-H. I started piecing quilts between 20 and 25 years ago," Johnson explained. When she was in her...

  • CU Leaders Do a Lot `Beyond the Job'

    WEST PALM BEACH, Fla. - So many of the people appearing in the pages of Credit Union Times are known for just one thing - the role they play in the credit union industry. But what happens when they're not conducting credit union business? In Beyond the Job, Credit Union...

  • Gardner Feels Need for Speed

    GHS Federal Credit Union President/CEO Stephen Gardner has always been impressed with the Watkins Glen International Racetrack, and since he bought a new MINI Cooper this past February he's been racing on it. Since Gardner began taking racing lessons from the Genesee Valley BMW Car Club, his staff has said...

Billlionaires Club

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