Credit Union Times Magazine April-21, 2004

In Other News

  • NAME CHANGES

    Reading Works Federal Credit Union, Wyomissing, Pa., has changed its name to Discovery Federal Credit Union. The new name, tagline "Discover. Evolve. Prosper." and butterfly logo have been designed to reinforce the credit union's brand as a financial institution promoting progressive change while remaining a guiding force throughout the evolution...

  • DONATIONS

    San Jose Credit Union, Calif., has raised $8,240.12 for the San Jose Police Activities League and the San Jose Firefighters Burn Foundation. Thousands of children in the community will benefit from the donation. The San Jose Police Activities League (PAL) has over 15,000 children participating in various sporting events that...

  • AWARDS

    Michigan State University Federal Credit Union, East Lansing, Mich., Marketing Vice President Joyce Banish and her marketing team have been presented six Blue Marketing Awards by the Michigan Credit Union League. The credit union was recognized for its outdoor advertising, annual report, direct mail and segmented marketing efforts. Military and...

  • MILESTONES

    P&G Mehoopany Employees Federal Credit Union, Pa., has celebrated its 32nd birthday. As part of the festivities members enjoyed cake and cookies at credit union branches. Yolo Federal Credit Union, Woodland, Calif., has celebrated 50 years in the "people helping people" business. YFCU President Clyde Brooker credits the 75 employees,...

News

  • Credit Union Industry Embracing Trust Services; Who Are the Players?

    Alaska USA Trust Co. Launched in1997 by Alaska USA FCU Headquarters: Anchorage, Alaska $3 billion in assets under management (Dec. 2003) 750 member and institutional investors (Dec. 2003) President: Bill Eckhardt Phone: (907) 562-6544 Arrowhead Trust Inc. Launched in 1995 by Arrowhead Credit Union Headquarters: San Bernardino, Calif. $520 million...

  • Credit Union Auto Loans Recharge After Sluggish Last Couple of Years

    WASHINGTON - After two years of witnessing virtually no growth in their auto loan activity, early numbers for 2004 indicate credit unions may finally have turned the page on the latest chapter of their auto lending activity history. "Zero percent financing just about took credit unions out of the market...

  • Archbishop of Canterbury Lauds Credit Unions' Fight Against Debt

    LONDON, England -Shopping until you drop behaviour and the large debt burdens that typically follow is not just a problem of the United States. Consumer debt is an international problem, and in England the Archbishop of Canterbury sees credit unions as a viable alternative to loan sharks and lack of...

  • Credit Unions Lose 44 Credit Unions in February, But Add 119,000 Members

    MADISON, Wis. - February saw the highest decline in credit unions since August 2001 even as 119,000 members were added for a total industry count of 85.2 million. CUNA Mutual Group's February Credit Union Trends Report revealed that the credit union marketplace shrank by 44. For the year, the industry...

  • Special Report: Fraud

    NONE

  • Association of British Credit Unions Undergoes Management Changes

    MANCHESTER, U.K. - The Association of British Credit Unions, Ltd. (ABCUL) is undergoing two major management changes. CEO Shaun Spiers, who joined ABCUL in 1999, has resigned to accept a post to become the CEO of the Campaign to Protect Rural England. A former member of the European Parliament Spiers...

  • FAREWELL CHAIRMAN DOLLAR

    NONE

  • ICBA (Not the Banker Group) Represents Credit Unions World Wide

    GRAND SACONNEX, Switzerland - U.S. credit unions are familiar with CUNA, NAFCU and the World Council of Credit Unions, but there is an international group that represents credit union and co-operative banks around the world that many American credit union people have never heard of. The International Co-Operative Banking Association...

  • Irish Regulators Reveal Strategic Plan For Credit Unions

    DUBLIN, Ireland - The Financial Services Regulatory Authority (IFSRA) has published a three-year strategic plan that will affect Ireland's more than 500 credit unions. In May, as the IFSRA celebrates its first anniversary, all Irish financial services will come under one agency. In the past, different parts were subject to...

  • CUs and Leagues Do What They Can to Stay Ahead of Fake CU Curve

    WEST PALM BEACH, Fla. - Feel that the fight against "fake CUs" is like fighting a ghost? Credit unions can take heart that in addition to efforts by NCUA, NAFCU, CUNA, NASCUS and law enforcement agencies, credit union leagues are upping the ante and experts say communication trumps con artists....

  • More Tips on Protecting Your CU's Good Name

    * Ask your employees and members to watch for newspaper advertisements for imposter credit unions. * If an advertisement is noted, contact the real credit union at its telephone number of record. * If you see an advertisement for a credit union that looks suspicious, contact your state regulator. *...

  • Top 100 Credit Unions by Assets

    Comparing the latest listing of the top 100 credit unions by assets as of December 2003 to December 2002 shows not only are there more credit unions with more than $1 billion in assets, but the number of CUs with more than $2 billion in assets is also growing. As...

  • TCUL, Banks Find Common Ground in Fraud Fight

    DALLAS - The Texas Credit Union League has teamed up with local financial institutions and law enforcement agencies to take a stand against fraud and identity theft. Supported by the Texas Attorney General's Office, Texas Department of Public Safety and the FBI, the Loss Avoidance Alert System will be managed...

  • Tips from the Federal Trade Commission to Prevent ID Theft

    * If a member receives an e-mail that warns them, with little or no notice, that an account will be closed unless they reconfirm their billing information, they should not reply or click on the link in the e-mail. Instead, contact the company directly using a telephone number or Web...

  • The End of an Era: NCUA Chairman Dennis Dollar Leaves his Mark on NCUA, Credit Unions

    Served Since: Oct. 9, 1997 Became Chairman: Sept. 13, 2001 Scheduled Departure: April 30, 2004 Many would argue that NCUA Chairman Dennis Dollar leaves behind a legacy that can't be measured only in tangible accomplishments. He brought dignity and respect to the agency's top job and elevated the profile of...

  • Special Report: Fraud

    As criminals get more crafty and high-tech, credit unions have to fight fraud on all fronts. Read about the latest fraud news on pages 24-32.

  • Liberty Teams with Specialist to Provide Anti-Identity Theft Services

    MOUNDS VIEW, Minn. - Liberty Enterprises is getting into ID theft - on the defensive of course. Liberty Identity Theft Service is the name of the new offering, powered by San Francisco-based Identity Theft 911. Credit reports, e-mailed alerts and personalized crisis resolution are just part of the package, and...

  • NCUA Warns Credit Unions of `Phishing' and `Spoofing'

    ALEXANDRIA, Va. - NCUA has issued a Letter to Credit Unions (04-CU-05) warning of a recent rash of fraudulent e-mails being distributed in the name of federal regulatory agencies. The letter notes that Treasury recently issued a press release on the matter. The false e-mails are sent out in an...

  • Blaine Shoots Back

    State Employees Credit Union of North Carolina President/CEO Jim Blaine has been under attack for his colorful remarks during a debate with the ABA chairman. Read Blaine's take on the fall-out on page 17.

  • Special Report: Fraud

    NONE

News Briefs

  • Troutman Named NASCUS EVP of Government Relations

    ARLINGTON, Va. - As part of the reorganization of its government relations department, NASCUS has selected Sandra Troutman, formerly director of corporate communications at WesCorp, as its new Executive Vice President of Government Relations. Troutman replaces Jonathan Lindley, who served as vice president of national advocacy and had worked at...

  • Wisconsin League, Corporate Central CU Show Their Unity

    HALES CORNER, Wis. - In a show of mutual support, Corporate Central Credit Union and the Wisconsin Credit Union League have entered into a strategic alliance to support each other's efforts in serving Wisconsin credit unions. Here Brett Thompson (left), President/CEO of the Wisconsin Credit Union League, and Mark Schroeder,...

  • Johnson Discusses Bankruptcy Reform with Home State Senator

    WASHINGTON-NCUA Vice Chair JoAnn Johnson recently met with Senator Chuck Grassley (R-Iowa) to discuss the prospects for bankruptcy reform before jetting off to Iowa to spend Easter with her family. "I always welcome the opportunity to see my Senator," Johnson remarked. The bankruptcy reform legislation (H.R. 975), which Grassley has...

  • PMCU Hires CEO From Within

    CAMP PENDELTON, Calif - The Pacific Marine Credit Union Board didn't have to look too far to find its next president/CEO. The $380 million credit union has promoted Executive Vice President Dave Davis to President/CEO. Davis fills the void left by the recent death of Lou DeCarlo, who served as...

Tech Bytes

  • LSI, Securian, IA Systems to Offer 3-D Lending

    ST. PAUL, Minn. - Lending Solutions Inc. has partnered with Minnesota Mutual affiliates Securian Financial Network and IA Systems to offer what they call a one-stop solution for loan servicing, processing and protecting. "Technology has never been used this way by credit unions. 3-D Lending integrates delivery channels, products, and...

  • Former CUNA Mutual Exec Benson to Lead Sales Effort at EPL

    BIRMINGHAM, Ala. - Wayne Benson, a former executive with CUNA Mutual Group, has joined credit union data processor EPL as chief marketing officer/executive vice president. Benson, 45, has over 25 years experience in the financial services industry, including 23 years with CUNA Mutual. He departed CUNA Mutual a few years...

  • Constitution Corporate Chooses Check 21 Technology Provider

    WALLINGFORD, Conn. - Constitution State Corporate Credit Union has signed Atlanta-based VSoft Corp. to be the $1.8 billion corporate's provider of Check 21 solutions. VSoft's Check 21 product suite includes the ability to create MICR-readable substitute share drafts and to electronically supply draft images to member credit unions and the...

  • .coop Names Become Available

    WASHINGTON-According to the National Cooperative Business Association, several .coop names that credit unions may be interested in were not renewed. The list of available domain names includes CUhere.coop, our.coop and money.coop, as well as potential acronym names like scu.coop and pcu.coop. A lot of these are becoming available now because...

  • NCUA Issues Regulatory Alert on CAN-SPAM Act

    ALEXANDRIA, Va.-NCUA issued a Regulatory Alert (04-RA-07) last week on the potential impact of the Controlling the Assault of Non-Solicited Pornography and Marketing Act on credit union operations. "The purpose of this letter is to inform Credit Unions that the sending of information by electronic mail, including marketing information initiated...

Letters to the editor

  • Outsourcing Credit Cards Not Always a Disservice

    I feel compelled to balance the perspective offered in the recent opinion entitled "Sale of Credit Card Portfolios is Sell-Out of Members' Best Interest" (CU Times, March 10) by Perry Dawson, a former CU executive who participated in the formation of CSCU (Card Services for Credit Unions). It is a...

  • Going, Going, Gone?

    As an undergraduate at UCLA in 1976, I wrote a term paper that predicted the decline of communism due to its failure to provide a sustainable economic model for the future. However, I also envisioned capitalist society moving more toward the type of social welfare state that characterized the communist...

  • Mica: Fergeson a Wolf in Sheep's Clothing

    I appreciate American Bankers Association Chairman Ken Fergesen's nod to CUNA for the environment of fairness extended to him at the GAC during his tte-a-tte with Jim Blaine ("Letters," April 14, 2004) But CUNA does not buy Ken's "aw shucks, we just wanna be friends with you . less than...

  • Stock Conversions. The Rest of the Story

    Mr. Herb Moltzan's opinion piece in the April 14th Credit Union Times doesn't make sense to many of us who have also had to deal with a restricted credit union field of membership. CEFCU was an acronym for Caterpillar Employee Federal Credit Union. Over the years Caterpillar, Inc. had terrible...

  • The Real Motivation Behind Bankers' Attacks

    Credit Union Times' March 30 voting poll asking "Why the increased banker attacks," is interesting, but it has one glaring omission. That is: What about the bankers', responsibility? Could it be that "what's behind the banker attacks" is simply nothing more than the manifestation of bankers' desires to do away...

  • Why All the Ruckus on Blaine/Fergeson Debate?

    I appreciated Tom Dorety's comments in his letter to the editor regarding the now infamous debate between small town banker Ken Ferguson and mega credit union CEO Jim Blaine (CU Times, March 31). What I don't understand is why everyone seemed so surprised by the outcome. Have you ever known...

  • Turn Bankers' Duck Analogy Into "Beautiful Swan"

    I've wondered for years why credit unions have simply sat quietly and allowed the bankers to repeatedly use the `looks like a duck, quacks like a duck, must be a duck' argument (CU Times, March 17) without responding with the story of the ugly duckling from our childhood which was...

Opinion

  • About the Debate, Brothels, Bankers .

    Well, I was in hiding but Paul Gentile, Editor of Credit Union Times, found me out. Paul asked, "What are you going to do about the debate?" I told Paul that suicide seemed to be the only honorable option left at this point. Paul, of course, said: "I thought you'd...

Beyond the Job

  • `Little' is Big Business for this Credit Union Professional

    HOCKLEY, Texas - Citizens of the Lone Star State will tell you everything's bigger in Texas, including oil wells, 10-gallon hats and silver belt buckles. But Dennis Schaefer, executive vice president of First Community Credit Union in Houston, can point to at least 33 exceptions - his miniature horses, most...

  • Casey Thorp Rides Herd on Marketing, Livestock

    ROSEBURG, Ore. - Casey Thorp knows all about getting down and dirty. Not as marketing director of Cascade Community Credit Union, but in her other incarnation as a livestock brand inspector for the Oregon Department of Agriculture. She's juggled the dual life for four years. "I'd ship cattle from 5...

  • Golden 1's Halleck in Driver's Seat Saving Greyhounds

    SACRAMENTO, Calif. - As a foster parent, Terry Halleck has taken in the unwanted, unloved and uncared for. She has also known the satisfaction - and heartache - of sending off her temporary guests to good homes, where they can start new and better lives. The thanks she gets is...

  • In the Ring for the Exercise

    PORTLAND, Ore. - Don't worry, Laila Ali. Amy Drew has no intention of becoming a professional female boxer. She's simply in the ring for the exercise. Drew, director of communications for the Credit Union Association of Oregon, has been heading to a neighborhood gym for almost eight years to warm...

  • Susan Frank's Answer to Relaxing? Dive, Dive, Dive

    PHOENIX, Ariz. - Tough week at the office? Why not relax by strapping on an air tank and regulator, slipping into fins and goggles, and swimming dozens of feet under the ocean with a couple sharks? It works for Susan Frank, CEO of Desert Schools Federal Credit Union. However, she...

  • 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...

Events Calendar

  • 2004 VENDOR CALENDAR

    2004 VENDOR CALENDAR MAY MAY 2-5 IA Systems - StreamLend(tm) 2004 - Annual Users Conference, Saratoga Springs, N.Y. For info: Contact IA Systems at 518-862-9200 or usersconference@iasystems.com. MAY 3-6 XP Systems' Technology Conference, Royal Pacific Hotel, Orlando, Fla. For info: Barb Shambo, 503-598-7024. MAY 4-9 AFTECH Client Conference, Moon Palace...

Opinions

Insurance/Investments

Publisher's Column

  • Dollar Leaves Behind Priceless Legacy

    It is not uncommon for the top person in an organization to lay out a number of stretch goals as they assume a new position. More often than not, somewhere in the verbiage describing what they want to accomplish are these words: "I hope to leave the organization in better...

Briefs

  • NACUSAC Hosts 2004 Annual Conference

    DEL MAR, Calif. - The National Association of Credit Union Supervisory & Auditing Committees will hold its 2004 Annual Conference and Exposition in Savannah, Georgia at the Westin Savannah Harbor Resort from June 16 to June 19. During the conference the Golden Service Award will be presented to one supervisory...

  • MCUL's CUCare Group Launches Online Disaster Recovery Manual

    PLYMOUTH, Mich. - The Michigan Credit Union League's CUcorp The CUCare Group has recently launched its new online Disaster Recovery Manual. Designed to help credit unions comply with NCUA requirements that all federally chartered CUs have a written and tested disaster recovery plan in effect, the online manual can take...

  • ACUIA Annual Conference Headed to Vegas

    COLUMBUS, Ohio - The Association of Credit Union Internal Auditors, Inc. (ACUIA) will host its 14th Annual Conference and One-Day Seminar June 22 to June 25 at Bally's in Las Vegas. New this year the conference will include an ACUIA volunteer's reception, a supervisory/audit committee track and a "roundtable by...

Looking Back

  • CREDIT UNION TIMES Vol. 2, No. 5 April 22, 1991

    Looking back 13 years ago finds credit unions being hit harder and more often by fraud. The number of bond loss claims reported to CUMIS Insurance Society, Inc. jumped 12% in 1990 to nearly 10,000 compared to 8,832 the previous year. Payable claims which are often the result of criminal...

People

  • WEST

    Wescom Credit Union, Pasadena, Calif., has named Cecilia Gibson Glendora branch manager and Kathy Marcelletta Chino Hills branch manager. Twin County Credit Union, Olympia, Wash., has named Matt Devlin vice president of marketing and has promoted Jim McCarthy to vice president of strategic planning.

  • SOUTH

    Carolina Trust Federal Credit Union has named Ava Lambert Johnsonville branch manager. SRP Federal Credit Union, North Augusta, S.C., has promoted John Mullins to North Augusta assistant branch manager and Tiffiany Seigler to Peach Orchard Road assistant branch manager.

  • MIDWEST

    The Wisconsin Credit Union League, Pewaukee, has named Kay Hinkens operations/consulting department consultant; Dustin Stone director of information systems; and Jeremy Yardley product and service manager for WCUL Service Corp. First American Credit Union, Beloit, Wis., has promoted Tracy Blaske to vice president of operations. In addition, Blaske was elected...

  • VENDORS

    The Aimbridge Group, a provider of financial products through partnerships with credit unions, has named Ann Schmitt chief operating officer. DEI Incorporated, a design/build firm has named Chad King market analyst; Bill Dresch Truliant project site manager; and Kevin Brummett Vermont State Employees FCU branch site manager. Strategic Resource Management,...

  • EAST

    Luso American Credit Union, Peabody, Mass., has named Ivone Silva assistant manager. In addition, the credit union has appointed Robert Cowie, Jr. CEO.

In Memoriam

  • Harvey Baine III, former NCUA RD and retired CU CEO, Passes

    FAIRFAX, Va. - Harvey Baine III, who worked at NCUA for 34 years and was affectionately known by many of his colleagues as "the dean of the NCUA regional directors," passed away April 3. He was 70 years old. A native of Tchula, Miss., Baine joined the Bureau of Federal...

  • Indiana CU Leader Judy James Dies

    COLUMBUS, Ind. - Past Indiana Credit Union Foundation Chair and League Chair Judith M. James has died at the age of 62 of complications from surgery on April 10. "Judy was admired as a wonderful person and credit union leader and will be missed very much," said ICUL President John...

Pictorial

  • The Brisk Weather Didn't Stop CU Faithful From Running Cherry Blossom

    WASHINGTON-Credit Union Cherry Blossom 10-Mile runners ignored the cold rain, wind gusts and temperatures in the low 40's and focused more on the event. "The energy and vitality of credit unions kept us warm," Children's Miracle Network, Credit Union Miracle Day, Inc. Chairman Juri Valdov, president and CEO of Northwest...

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