Credit Union Times Magazine October-15, 2003

In Other News

  • DONATIONS

    AurGroup Financial Credit Union, Fairfield, Ohio, has raised over $7,000 for Diabetes research during its "End of Summer Beach Party" at the Fairfield Aquatic Center. Some 100 residents attended and enjoyed various activities, including some extravagant gift basket raffles. To top off the festivities, AurGroup FCU's hula girls entertained guests...

News

  • What does The Buyer Get Out Of It?

    Many credit unions don't understand that when they hire a brokerage firm to evaluate and market their credit card portfolios, that it is the buyers of the portfolios that pick up the fee, usually a percentage of the overall sale price. But what do the firms that buy the portfolios...

  • Selling Card Portfolio Opens Up Members to Banking Competitors

    RENO, Nev. - Credit unions shouldn't be so quick to shed their credit card portfolios. Even if the portfolios are "stagnant"- not turning a profit -they do cement member ties, and one result of selling is opening up the member base to competitors. That was one of the messages shared...

  • Special Report: Credit/Debit/ATM

    Turn to pages 20-24 for a rundown of the hottest news in the credit/debit/ATM world.

  • PEMCO Offers Instant Card Activation

    SEATTLE - PEMCO Technology Services, a Seattle based card processor for 230 financial institutions around the country, has announced new technology through which credit unions can issue and activate credit cards on site, while the member waits. "We're excited to be a leader with this technology," said PEMCO CEO Dan...

  • 44 CUs Sold Card Portfolios So Far This Year, Broker Says

    THOUSAND OAKS, Calif. - Forty four credit unions have sold their credit card portfolios and likely entered into agent relationships with their buyers so far this year, according to Robert Hammer, a noted card portfolio consultant and broker. As of the end of the third quarter of this year, according...

  • The Best Of Times and the Worst of Times for Credit Union Card Management

    Credit union card management draws closer all the time to a crossroads. Are credit cards a part of what many credit unions can and should offer as part of their core products and services, or should they retreat from the credit card field and give their card portfolios over to...

  • CO-OP Network Cuts Fees for a Savings of $4.6 Million

    ONTARIO, Calif. - CO-OP Network, the nation's largest credit union owned, surcharge free ATM network, just got less expensive for its members. The organization announced that it will pass on $4.6 million in savings on support services and switching fees. "As a core value of our corporate philosophy, our executive...

  • New ATM Regulation Not Considered Significant Expense for N.Y. CUs

    LATHAM, N.Y. - A new regulation that will mandate New York credit unions keep ATM security tapes for 45 instead of 30 days has the support of the New York Credit Union League and should not cost the credit unions too much money or trouble, according to a League official....

  • Farewell Future Forum

    Credit Union Times' final coverage of CUNA's Future Forum is scattered throughout this issue.

  • Thinking About Selling Your Card Portfolio? Better Get a Broker

    ARLINGTON, Va. - Credit unions contemplating selling their credit card portfolios often face a challenging and unfamiliar process. While they might be assured that their card portfolios are worth something, and may even have received an offer or two out of the blue, they frequently have few means of measuring...

  • CO-OP Network Gets New Board Member

    ONTARIO, Calif. - Robert Dargan, CEO of South Carolina Federal Credit Union, has been named to the board of directors of CO-OP Network, the largest credit union ATM network in the country. Dargan has been CEO of the $900 million credit union for over a decade and is the first...

News Briefs

  • Mutual Fund After-Hours Trading, Market Timing Scandals May Not Affect Credit Unions but Due Diligence Still Key

    MADISON, Wis. - Credit unions asking why now the increase in recent scandals involving the mutual fund industry, might want to go back to the 1980s to find the source. It was then that mutual fund companies began to grow into the $7 trillion business it is today, said Scott...

  • Stephens Joins Liberty as VP of Marketing Operations

    MOUNDS VIEW, Minn. - Annette Stephens, management consultant with RSM McGladrey Inc., has joined Liberty as its new vice president of marketing operations. Stephens has more than 25 years experience working with the financial industry. As management consultant with RSM McGladrey, she has provided clients with strategic planning assistance, third-party...

  • Brooks Striking Out on his Own

    KENSINGTON, Md.-Lafayette Federal Credit Union President and CEO and NAFCU Board member Bill Brooks is resigning to form a consulting firm, CU Prosper, to help with mortgage lending, member business lending and other credit union issues. Brooks is working with others in the industry to start the firm. "We'll hopefully...

  • Zaugg Leaving CUES After 13 Years

    MADISON, Wis. - Fran Zaugg, VP/Marketing & Research of CUES for the past 13 years, has left the association. Zaugg resigned to spend more time with her family and to focus on completing her MBA. She is currently enrolled in the Executive MBA program at the University of Wisconsin. She...

  • Fired Illinois CU Supervisor Hired Back By State DFI

    CHICAGO - Sarah Vega, former director of the Illinois Department of Financial Institutions, who was appointed credit union supervisor by former Gov. George Ryan in the closing days of his administration and who, along with more than 20 other Ryan appointments were subsequently fired by current Gov. Rod Blagojevich, is...

Quotes Worth Quoting

  • Quotes Worth Quoting

    "While we must continue to provide the products and services that all credit unions need, U.S. Central believes that the best way for the Corporate Network to grow market share is to focus on the nation's largest credit unions." From U.S.Central's 2003-2005 business plan. The corporates' corporate believes there must...

People

  • MIDWEST

    Indiana Credit Union League, Indianapolis, has promoted Chris Beaumont to vice president of governmental affairs; Kay Neidlinger to vice president of communications; and Katie Meyer to communications manager. In addition, Indiana CUL has named Carrie Stiers governmental affairs specialist. Postal Credit Union, North St. Paul, Minn., has elected Judy A....

  • EAST

    Credit Union Central Falls, R.I., has promoted Daniel J. O'Brien to senior vice president/chief financial officer; Lisa G. Dandeneau to senior vice president/chief operating officer; Gene R. Giarrusso to senior vice president/chief lending officer and Timothy J Draper to vice president of marketing. Empire Corporate FCU, Albany, N.Y., has promoted...

  • SOUTHWEST

    Fort Bliss Federal Credit Union, El Paso, Texas, has appointed Karl Murphy acting president. University Federal Credit Union, Austin, Texas, has named Sheila Jo Wojcik, Ph.D. vice president of membership.

  • VENDORS

    CU Business Group, a business services CUSO co-owned by Empire Corporate FCU, FirstCorp, and Northwest Corporate, has named Michael Mucilli vice president/senior business services officer. Profitstar Inc., a financial management software company, has named Kevin Haffner senior vice president. CUNA Mutual Group, a provider of financial services to credit unions,...

  • WEST

    Partners Federal Credit Union, Anaheim, Calif., has named John Christopoulos vice president of technology and Wendy Danbury director of cast development. Air Academy Federal Credit Union, Colorado Springs, Assistant Vice President of Mortgage Shannon Forsyth has been elected co-chair of the Southern Colorado Chapter of the Colorado Mortgage Lenders. In...

Letters to the editor

  • Hiring the Right CEO No Small Affair

    In Mike Welch's Sept. 24th Publisher's Column, "CEO Retirements Not Necessarily A Scary Thing," he did an excellent job of cautioning credit union boards to be certain they realize the importance of their CEO replacement actions. He stopped short of recommending that they seek professional assistance, so I'll say it....

Publisher's Column

  • 51 League Chairmen Like Heinz 57 Varieties

    Apparently there are no standard criteria for serving as a credit union league chairman, at least based on the current line up of photos and accompanying data that appeared on pages 88-90 in the 10/1/03 issue of Credit Union Times. In theory, the most qualified individuals should be elected by...

Opinion

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