Credit Union Times Magazine August-04, 2004

  • Credit Union Groups Get Very Involved at Democratic National Convention

    BOSTON - As the political tongue wagging and parties rage on in Boston at the Democratic National Convention, representatives from the credit union community are in the thick of it making connections and getting known. CUNA, NAFCU and a number of state leagues hosted and attended several events last week...

  • IRS Receives Revenue Ruling Request on CU Deferred Comp Plans, CUNA Mutual Says

    MADISON, Wis. - The Internal Revenue Service has received a request to take a broader look at deferred compensation plans using a for-profit model at federally-chartered credit unions. CUNA Mutual Group has acknowledged sending a letter to the IRS requesting the agency to consider a "revenue ruling" letter that would...

  • Federation Launches Final Form of Two Grant Programs

    NEW YORK - The National Federation of Community Development Credit Unions has released the final form of its two new programs to expand credit unions' work with low-income people and promote alternatives to payday lending. Funded by grants from the Ford and J.P. Morgan Chase Foundation, the final grant applications...

  • CU Leagues to Descend on Washington During `National Hike the Hill' Month

    WASHINGTON - CUNA has designated September as `National Hike the Hill' month, and CUNA's tallies at press time show more than 40 state credit union leagues have indicated they will be bringing representatives to Washington for the month-long event. The focus on September's `National Hike the Hill' will be to...

  • CUs Keep High Profile at NCSL Annual Meeting; Bankers Pull Out All Stops to Use Event to Attack CUs

    SALT LAKE CITY - Credit unions' booth at the National Conference of State Legislatures' 2004 annual meeting of standing committees was not the largest, nor was it necessarily the flashiest. But that didn't stop legislators and their staff and others among the approximate 5,000 attendees from finding their way to...

  • National Association of Realtors' Ad Chastises Banks for "Wanting it All"

    WASHINGTON - The National Association of Realtors is continuing its ad campaign to ensure its bill to block banks from getting into the real estate brokerage business is passed, and now it's kicked that campaign up a notch with a new ad that criticizes banks' aggressiveness and cites credit unions...

  • Fair Isaac Expands Standard FICO Score to Cover Those With Slim or No Credit Histories

    MINNEAPOLIS - In a move Fair Isaac says serves a social good and is also good business for the lending community, the company has developed a new FICO risk score which it says will "help lenders and other businesses better serve the financial goals of millions of historically credit-underserved U.S....

  • Three CDCUs Get Technical Assistance From CDFI Fund

    ARLINGTON, Va. - Three community development credit unions are among the very few credit unions to have been awarded support from the U.S. Treasury's Community Development Financial Institutions fund so far this year. The three, the $2.8 million Brookland FCU, headquartered in West Columbia, South Carolina; the $6.9 million Newrizon...

  • Georgia CUs Featured on Statewide PBS Show

    DULUTH, Ga. - Georgia credit unions came in for some special TV exposure last month in a statewide Public Broadcasting System show requested by Georgia Credit Union Affiliates as a way to help pump up the CU message. "This was a great vehicle to present a favorable impression of credit...

  • Bank Groups Granted SEC Comment Extension on Broker-Dealer Exemption Proposal

    WASHINGTON - At the request of seven banking and financial groups, the SEC has extended the comment period from Aug. 2 to Sept. 1 for a proposal that would allow credit unions, banks and thrifts to engage in certain securities activities without registering as brokers. The American Bankers Association/ABA Securities...

  • Credit Unions Turn to Minimum Balance, Monthly Fees to Counterbalance Margin Compression

    ARLINGTON, Va. - Credit unions have relied on minimum balances and monthly fees to control share draft account expenses over the last couple years while earnings have been tight. NAFCU's July Flash Report survey discovered that 39% of respondents used minimum balances on share draft accounts to help control expense,...

  • Judge Rules That Postal Community Cannot Become Bank

    BOSTON - The Appeals Court of Massachusetts has reversed a previous court ruling and declared that the $128 million Postal Community Credit Union, headquartered in East Boston, Massachusetts, cannot change its charter to that of a mutual bank. The Court found that the Commissioner of Banks' argument that the Commonwealth's...

  • CURIA Update: Backers Now Up to 63 as Meeks Signs On

    WASHINGTON - Congressman Gregory W. Meeks (D-N.Y.) added his name last week to the growing list of co-sponsors for the Credit Union Regulatory Improvements Act (H.R. 3579). CURIA currently now has 63 lawmakers supporting the bill. A hearing was held on credit union regulatory improvements-not technically the legislation itself-prior to...

  • FAIRWINDS CU Makes Billion Dollar Cut

    ORLANDO, Fla. -FAIRWINDS Credit Union is the latest member of the credit union billion dollar club. In just five years the credit union has nearly doubled its assets and now serves some 115,000 members. The milestone was celebrated by FAIRWINDS "crewmembers" at the Ballroom at Church Street in downtown Orlando....

  • NCUA Continues to Clarify Waivers for State Member Business Lending Rules

    ALEXANDRIA, Va. - The Texas Credit Union Department recently sought clarification on its authority to apply a general lending rule to waive requirements found in the state's member business lending rule. In a July 9 opinion letter to Harold Feeney, the state's commissioner, NCUA Associate General Counsel Sheila Albin wrote...

  • Theft of PSB Server Puts Credit Union Member Data at Risk From Some 20 Credit Unions

    SACRAMENTO, Calif. - In this era of rampant identity theft, the last thing a credit union wants is for its member data to fall into the wrong hands. That's what potentially could have happened recently when a well-known credit union marketing firm had one of its computers stolen that contained...

  • Washington State CUs Gearing Up For Hispanic Outreach

    FEDERAL WAY, Wash. - Twenty-five credit union executives and officials from Washington state's Office of Minority and Women Business Enterprises (OMWBE) met on July 27 to discuss how Washington credit unions can reach underserved Hispanic populations. "Reaching out to bank the unbanked and serve the underserved is a priority of...

  • Two Key Changes to Fed's Final Check 21 Rule: One Good, One Not So Good

    WASHINGTON - Though credit union attorneys were still digesting the 112-page final regulation the Federal Reserve Board issued late last Monday on Check 21, initial readings of it produced a mixed bag of changes for financial institutions. In the final rule, the Fed eliminated the "purported substitute checks" provision from...

  • TIP Charter Activity Starting to Increase With 15 More CUs Seeking the Broad Charter

    ALEXANDRIA, Va. - Though NCUA has only approved eight TIP-trade, industry, or profession-charters since their inception last year, the pace appears to be increasing. NCUA's regions approved four TIPs last year and the same so far in 2004. As of the end of June, according to NCUA's Insurance Report of...

  • Nevada CUs, Stung by Banker Rhetoric, Try to Counter Publication Bias

    LAS VEGAS - Nevada credit unions are grappling this month with an anti-credit union media problem - one "obviously engineered" by the American Bankers Association's incoming chairman and Utah antagonist Harris Simmons, according to Tony Mook, the chairman of the Nevada Credit Union League. "Just like Gepetto is the master...

  • NCUA's Proposed Disclosure Regulations Unlikely to Scare Converting CUs, But Might Change Members' Minds

    ARLINGTON, Va. - NCUA's proposed rule on conversion disclosures is unlikely to stop many interested credit unions from trying to change their charters, but it might make getting their members' approvals more difficult, according to various sources familiar with the current conversion process. At its July 22 meeting, the two-person...

  • Operational, Philosophical Differences Broke up Portland Teachers/Oregon Community Merger, Not Compensation Issues

    EUGENE, Ore. - Portland Teachers CU President/CEO Cliff Dias has to live with the fact that his 2003 $1.6 million compensation information is all over town, but PTCU is strongly denying that executive compensation had anything to do with PTCU and Oregon Community CU calling off their merger - a...

  • POLITICAL POWER: CUNA and NAFCU Mingle With Lawmakers, Political Players in Beantown

    BOSTON - As the political tongue wagging and parties rage on in Boston at the Democratic National Convention, representatives from the credit union community are in the thick of it making connections and getting known. CUNA, NAFCU and a number of state leagues hosted and attended several events last week...

  • NAFCU Congressional Caucus Speaker List Taking Shape

    ARLINGTON, Va. - NAFCU reported recently that it has added N. Gregory Mankiw, White House Council of Economic Advisors chairman, and Treasury Assistant Secretary for Financial Institutions Wayne Abernathy to its growing list of officials to take the stage at its 2004 Congressional Caucus. NAFCU has called on former Iowa...

  • TruWest Ups Home Equity Max, Halts `1-Rate' Auto Loans

    TEMPE, Ariz. - Adopting what it says is a more traditional lending "concept," TruWest Credit Union is altering its "one-rate" policy on auto loans for new and used vehicles and also increasing limits and loan-to-value ratios on its home equity portfolio. "At one time we were particularly aggressive on used...

  • Pennsylvania Banking Secretary to Toughen State's Predatory Lending Law

    HARRISBURG, Pa. - Pennsylvania Secretary of Banking Bill Schenck intends to propose reforms to the state's anti-predatory lending law later this year, the Harrisburg Patriot-News reports. The law currently on the books took effect two years ago, but mortgage foreclosures in the state have hit record highs and consumer advocates...

  • MBNA Part of Consumer Education Effort

    WASHINGON - MBNA, the largest purchaser of credit union's credit card portfolios, has joined a coalition of major card issuers to educate consumers about card fraud prevention, credit information and credit scores. In addition to MBNA, other issuers include Capital One, Chase Manhattan Bank, Citigroup, Discover and MBNA. The coalition...

  • CUES Keeps Leadership Institute's Focus Amid Democratic National Convention

    BOSTON - In the hubbub surrounding the Democratic National Convention taking place here, CUES proceeded along with its Advanced Leadership Institute that took place during the same time. The week-long institute, which kicked off on July 25 at Harvard University's Business School, had 60 participants and was coordinated with the...

  • Failing CDCU Hauled Into Bankruptcy Proceeding

    DENVER - The $2.4 million, 1,398 member Denver Community Development Credit Union merged with the $196 million Denver Community Federal on June 25. But the same day, according to Denver Community Federal, one of its members' hauled it into court in an involuntary chapter 11 bankruptcy proceeding. "As far as...

  • Wescom Reaps Big Benefit From ATM Branding Program

    PASADENA, Calif. - The $2.6 billion Wescom Credit Union, headquartered in Pasadena, achieved a 2000% increase in their ATM transactions in the 18 months since the credit union contracted with eFunds to puts its brand on 160-area ATMs, according to Wescom vice president Kevin Sarber. Sarber explained that the credit...

  • Private Insurer ASI Adds $647 Million Silver State Schools CU to Fund; ASI's Second Largest CU Client Behind Patelco

    LAS VEGAS - Nevada's largest state chartered credit union converted from federal insurance to private insurance, becoming American Share Insurance's second largest client. Silver State Schools Credit Union, with $647 million in assets, is the third credit union to join American Share Insurance this year. ASI President and CEO Dennis...

  • Colorado/Wyoming League Hires Away Chief Lobbyist from Telecom Firm Qwest

    DENVER - The Colorado/Wyoming Credit Union Leagues have hired the chief lobbyist for Qwest Communications, the Denver telecom firm, to take over its top governmental affairs job. He is Peter Kirchhof, an assistant vice president for Colorado External Affairs at Qwest, and who's also been that company's top lobbyist as...

  • The Disclosure Statement

    The following is the proposed statement, with formatting, that NCUA proposes that all credit unions seeking to convert include prominently in their conversion communications with members. The National Credit Union Administration, the federal government agency that supervises credit unions, requires [insert name of credit union] to provide the following disclosures....

  • NCUA Issues Reg Alert on Blocked Persons List Updates

    ALEXANDRIA, Va. - Last week, NCUA alerted credit unions to changes to Treasury's Office of Foreign Assets Control's Specially Designated Nationals and Blocked Persons List. "All credit unions remain responsible for ongoing review of the SDN list, which includes both individuals and countries," Regulatory Alert 04-RA-10 read. A current SDN...

  • Enhanced PALS Web Site Launched

    ALEXANDRIA, Va.-NCUA recently enhanced the search feature on the agency's Partnering and Leadership Successes Best Practices Web site, NCUA Board Member Debbie Matz announced. Using the new search feature, users will be able to focus their searches specifically on credit unions in their state. The PALS Best Practices Web site...

  • Paup, President, Cape Fear CU, Elected Chairman of North Carolina Credit Union Commission

    WILMINGTON, N.C. - John Paup, president/CEO of Cape Fear CU, was elected chairman of the gubernatorial appointed-North Carolina Credit Union Commission for 2004-2005. The commission has seven members, and Paup was appointed by Gov. Mike Easley in 2003. The NCCUC, a division of the State Department of Commerce, provides regulatory...

  • Johnson Joins Wescom's Board

    PASADENA, Calif. - The venerable Dick Johnson is back with an official credit union role. Johnson is now serving as a director for the $2.7 billion Wescom CU. Johnson, the longtime CEO of WesCorp who retired in 2002, is filling a vacancy left by a Wescom board member who retired...

  • Terrorist Financing Hearing Planned

    WASHINGTON - Following the release of the 9-11 Commission report, House Financial Services Committee Chairman Mike Oxley (R-Ohio) has scheduled a hearing to find ways to bolster terrorist financing prevention. The chairman announced last week that the full committee would be holding a hearing, "The 9/11 commission Report: Identifying and...

  • CU Friendly Candidates Advance in North Carolina U.S. House Races

    GREENSBORO, N.C. - A low voter turnout in the North Carolina primary didn't stop credit union supported and credit union friendly candidates from doing well. In the Democratic race for the 1st District U.S. House of Representatives, G.K. Butterfield who was endorsed by the North Carolina Credit Union League, won...

  • Lawmakers Kick Off August Recess with DNC, End with RNC

    WASHINGTON - Members of Congress fled Washington, D.C. last week for the start of the August recess, which is typically used for district work. The Democrats are spending their first week outside the Beltway in Boston for the Democratic National Convention, where representatives of the credit union movement are taking...

  • House Committee OKs $1M for CDRLF, Down from FY2004

    WASHINGTON-The House Appropriations Committee last week approved $1 million for NCUA's Community Development Revolving Loan Fund, less than this year's $1.2 million and half of the agency's request. However, NCUA Congressional and Governmental Affairs Director Cliff Northup explained that this is only the beginning and that this is exactly what...

  • WOCCU Annual Meeting Attendance Beats Goal

    NASSAU, Bahamas - The World Council of Credit Union is expecting more than 1,000 people to show up at its 7th International Credit Union Leadership Institute and Annual General Meeting, being held this week at the Atlantis Resort on Paradise Island, Aug. 1-4. WOCCU had initially expected 800 attendees. Registrants...

  • AFFN Donation to Pentagon FCU Foundation Earmarked for Asset Recovery Kit Initiative

    ALEXANDRIA, Va. - The Pentagon FCU Foundation received a $1,500 donation from the Armed Forces Financial Network (AFFN) to go towards the foundation's work in combating payday lending abuses of members of the U.S. armed forces. The grant specifically is earmarked for the Asset Recovery Kit (ARK) initiative that combines...

  • Nader Praises CDCUs' Efforts Against Pay Day Lending

    NEW YORK - Third Party Presidential candidate Ralph Nader has decried payday lending in an article and praised community development credit unions' efforts against the high interest lending. Nader's article, written for In the Public Interest and published electronically by ProgressiveTrail.Org, claims that payday loan outlets have almost doubled in...

  • Federal Financial Regulators Set Standards for Bank Customer ID Programs

    WASHINGTON-The federal financial institution regulators issued Bank Secrecy Act procedures for examining banks' customer identification programs last week. The Senate Banking Committee recently held a hearing on what the regulators are doing to prevent terrorist financing under the Bank Secrecy Act. Section 326 of the USA PATRIOT Act, which updated...

In Other News

  • DONATIONS

    Pacific Service Credit Union, Walnut Creek, Calif., donations have helped enable Sonoma County Regional Parks Foundation to provide a summer education and leadership program for disadvantaged youth ages 6 to16. The SAFE Summer/Swim Safe program is offered free of charge to children from low-income neighborhoods in Santa Rosa in collaboration...

  • SCHOLARSHIPS

    American 1 Federal Credit Union, Jackson, Mich., has awarded eight high school graduates with $1,000 scholarships based on essays written about each student's commitment to altruism. This year's receipients include Lucas Vanderpool, Ryan Cherry, Kari Williams, Lucas Laura Frantz, Megan Fitzpatrick, Amanda Hoath, Sarah Harding, and Ben Wilson.

  • AWARDS

    The Louisiana Credit Union League, Harihan, has recognized La Capitol Federal Credit Union President/CEO Susan Leake with the Louisiana credit union movement's Political Involvement Award. The award honors a dedicated individual who has actively supported the ideals and principles of the credit union movement by working to promote favorable legislation,...

News

  • DFCU Financial Opens Canton Branch, Makes $10,000 School Donation

    CANTON, Mich. - To commemorate its new North Canton branch and demonstrate its commitment to supporting the community, DFCU Financial has donated $10,000 to the Plymouth-Canton Community Schools Education Excellence Foundation. "The successful opening of this branch not only marks a step in our growth, but it also affirms our...

  • Transtar FCU Making its Mark in Competitive Houston Market

    HOUSTON - With competition as fierce as it is here and convenience key to member satisfaction, Transtar Federal Credit Union has recently opted to make a few strategic branching moves. After changing its name from Transco FCU earlier this year, the $36 million credit union turned its eye to reaching...

  • St. Louis CCU Reaches Out to Members with New Branch

    FLORISSANT, Mo. - St. Louis Community Credit Union has recently held an open house for its Florissant branch located across from Christian Hospital Northwest. According to St. Louis CCU Senior Vice President of Marketing/Business Development Skip Brown, with many area resident members asking for a branch closer to their homes...

  • Facing the Music

    Bankers in Wisconsin will soon have to pay up after regulators find them sheltering taxes through Nevada subsidiaries. Page 6.

  • GCFFCU Celebrates Fourth Branch Opening

    CLEVELAND- Despite a sluggish economy, the Greater Cleveland Fire Fighters Credit Union (GCFFCU) has celebrated the grand opening of its fourth branch complete with bag pipers. Some 200 members attended the grand opening celebration and after a ribbon cutting ceremony which include the melodious sounds of a bag pipe, members...

  • SACU Creates "Home Away from Home" for Members

    SAN ANTONIO - After a five-month long renovation San Antonio Federal Credit Union (SACU) has celebrated the grand re-opening of its remodeled Windsor Branch. "The concept for the remodeling is to make SACU a `home away from home' for members," SACU President/CEO Jeff Farver. "Every change is aimed at making...

  • Special Report: Facilities

    See the variety of ways credit unions across the country are branching out in a Facilities special report on pages 22-24.

  • MemberSource CU Goes Free-standing

    HOUSTON - After 46 years MemberSource Credit Union will open the doors to its first free-standing branch here. Designed by German McCleary, the 25,000-square-foot Westchase location features a full-service lobby on the first floor and administrative and operational departments on the second floor. The retail area of the new facility...

  • Toledo Area Community CU Opens Fourth Branch

    MAUMEE, Ohio - Toledo Area Community Credit Union (TACCU) has recently opened the doors on its fourth branch. Designed to be high tech yet inviting, the Briarfield facility features two-way video monitors at the drive-thru lanes, a lock box system which uses personal identification codes as well as a hand...

  • Redwood CU Branches Out in Santa Rosa

    SANTA ROSA, Calif. - Redwood Credit Union has opened its fourth Santa Rosa branch at the Safeway Shopping Center. Built for member convenience, the new location is full-service and includes new accounts, loan, teller, financial management and insurance services, plus a walk-up ATM, safe deposit boxes, and Monday through Saturday...

  • First Capital FCU Branch Plays Up History

    YORK, Pa. - In an area steeped in American history, First Capital Federal Credit Union's branch here makes the most of an Americana theme in a retail environment. Designed by Cincinnati, Ohio-based design/build firm DEI, Incorporated, the two story, 16,300 square-foot branch incorporates retail elements, such as a community kiosk,...

  • North Island CU Creates Tropical "Getaway" for Trainees

    CHULA VISTA, Calif. - North Island Credit Union has infused its training room with a little "island spirit." "The Island-themed employee training room is visually instrumental in introducing our new employees to our corporate culture and vision as an organization," said North Island CU Executive Vice President Member Relations Geri...

  • New HQ for KC Police CU

    KANSAS CITY, Mo. - KC Police Credit Union has kicked off its new headquarters branch by cutting a $200 ribbon of money that was donated to the Police Care Team. To commemorate the event, a plaque that features the names of board and supervisory committee members was unveiled.

  • Spokane Teachers Credit Union Provides $4.37 Million in Financing for Historic Building

    SPOKANE, Wash. - In its largest loan transaction to date, Spokane Teachers Credit Union is doing its part to preserve one of the area's historic fixtures. The credit union recently provided $4.37 million in financing for the 74,521-square foot Peyton Building, named for Colonel Isaac Peyton, a land developer who...

News Briefs

  • Vermont League President Named CUNA Director

    MONTPELIER, Vt. - Joseph G. Bergeron, president of the Vermont Credit Union League, has been elected to a three-year term to serve as the District 1, Class D representative of the CUNA Board of Directors. District 1 encompasses all the New England states, New Jersey, New York, Pennsylvania and Puerto...

  • Judge Postpones Hearing in Missouri FOM Case One Week

    JEFFERSON CITY, Mo. - Judge Richard Callahan postponed until Aug. 4 at 3 p.m. reviewing motions filed by the bankers concerning credit union field-of-membership expansion. Judge Callahan was originally supposed to review the motions July 27, but Amy McLard, VP, public/legislative affairs for the Missouri Credit Union Association, said he...

  • Capital Communications FCU's Dennis Halpin Resigns

    ALBANY, N.Y. - After 20 years at Capital Communications Federal Credit Union, Dennis Halpin resigned as president/CEO on July 31. Halpin came to the credit union in 1984 as manager of accounting and was promoted to executive vice president in 1989. For the past 10 years, he has served at...

  • NCUA Announces Second Economic Empowerment Summit

    ALEXANDRIA, Va. - NCUA Chairman JoAnn Johnson announced that the agency would be holding the second in a series of Access Across America Economic Empowerment Summits in Albuquerque, New Mexico on Sept. 13. "The summit will bring together the public and private sectors to discuss the important issues of economic...

  • CORRECTION

    In the issues of July 14 and 21, the stories entitled "Credit Union Tax Exemption Continues to Gain Support" and "Ways and Means Committee Members Express Support for Credit Union Tax Exemption," both referenced a letter from President George W. Bush to CUNA and NAFCU in support of the tax...

  • GAO Study Undecided on Secondary Capital for CUs, Expected Out Soon

    WASHINGTON-The Government Accountability Office's report concerning secondary capital for credit unions, is not going to be a ringing endorsement in favor of the option, according to one lobbyist. CUNA Vice President for Legislative Affairs and Senior Legislative Counsel Gary Kohn told Credit Union Times that reliable sources have informed him...

  • Massachusetts House Passes CU Deposit Bill

    BOSTON - The Massachusetts House of Representatives passed a bill July 22 - House 483, An Act Relative to Credit Union Deposits - that seeks to increase the maximum deposit limitations for state-chartered credit unions and to delete the outdated 6% per annum interest rate cap on deposits. The bill,...

  • Kitchen and Goodwin Meet Again

    MADISON, Wis. - CUNA Mutual President and CEO Mike Kitchen and Office of Professional Employees International Union President Michael Goodwin held their second face-to-face meeting in less than a month in New York on July 19. The two were meeting about the labor dispute at CUNA Mutual where the company...

Marketing

  • MGI Taps Hartung to Head Madison Operations

    MADISON, Wis - Malahat Group International (MGI), the advertising agency behind the national brand campaign for America's Credit Unions since 1998, is moving into Madison with former CUNA Director of National Marketing Annette Hartung. Hartung is the new U.S. Account Director for the 26-year-old agency, which has done work for...

  • Texans CU Scores Winning Goal with Soccer Facility Sponsorship

    DALLAS - Texans Credit Union has become a signature partner of the Frisco Soccer & Entertainment Center. In addition, the credit union will be the title sponsor of the Texans Credit Union Walk of Fame, which will be located in the heart of the facility and will recognize individuals who...

  • CME FCU Donates $10,000 to Museum

    COLUMBUS, Ohio - CME Federal Credit Union has donated $10,000 to fund an exhibit at the Central Ohio Fire Museum & Learning Center. The donation will fund a display that teaches children about how fires can start in the kitchen area of the home and will hopefully provide fire prevention...

  • RCCU's McManius Honored as Woman of Achievement

    RIVERSIDE, Calif. - Riverside County's Credit Union Senior Vice President of Marketing/Business Development Ricki McManuis is one of six women named as the YWCA of Riverside County's Women of Achievement. According to YWCA of Riverside County Board President Carol Greene, the women embody the mission of the YWCA-to empower women...

  • Bellco CU Helps Needy with $25,000 Donation

    DENVER - Bellco Credit Union has lent a helping hand to Denver's needy children with a recent $25,000 donation to children's shelter Mount Saint Vincent. The funds raised during Bellco CU's annual charity golf tournament will be used toward a $2.5 million campaign for Mount Saint Vincent's nearly completed new...

  • TruWest CU Launches "Ask Lenore@TruWest"

    TEMPE, Ariz. - Who needs Suze Orman or financial "tips" from friends when TruWest Credit Union offers Ask Lenore@TruWest? For the past year TruWest Vice President of Marketing Lenore Froelich has been offering financial advice on local television show Your Life A to Z. The popular hour-long show airs every...

Tech Bytes

  • NCUA Sounds ATM Upgrade Warning

    ALEXANDRIA, Va. - NCUA has joined the CO-OP Network and other ATM industry authorities in reminding credit unions that they have to have all their ATMs up and running with the new encryption standards before the end of 2005. The letter to credit unions didn't reveal anything new about the...

  • $1.2 Billion SEFCU Converts to ULTRADATA

    ATLANTA - The $1.2 billion SEFCU based in Albany, N.Y. recently converted core processing platforms from Fiserv's AFTECH to Harland's ULTRADATA. The new system is run on a UNIX-based Hewlett-Packard 9000 rx5670 system and the jBASE database management system. The CU cited ULTRADATA's openness as one of the reasons for...

  • Fraud Web Session Draws Large Crowd

    CLEARWATER, Fla. - More than 80 credit unions logged on to participate in a Web seminar on how to counter card fraud offered by Card Services for Credit Unions and card processor Certegy. CSCU is the association of credit unions that process their card transactions with Certegy. The Web seminar...

  • Buying Spree: OSI Acquires Remittance Specialist Omega Systems

    GLASTONBURY, Conn. - Open Solutions Inc. is continuing its acquisitive ways, this time buying remittance/lock box specialist Omega Systems Corp. of North America for $2.5 million in cash. The Dryden, N.Y., company will become part of OSI's imaging and item processing business unit, imagic, as OSI, like other firms in...

Special Report

  • VACORP Moving Out of League Building, Breaks Ground on New Headquarters

    LYNCHBURG, Va. - VACORP broke ground on its new 9,000 square-foot corporate headquarters last week here. The new headquarters will be ready in the first quarter of next year and it marks one of many changes VACORP CEO Jim Hansen has brought to the corporate since arriving last year. Hansen...

  • First Carolina Corporate Adds Mid-Atlantic's EBP Service

    GREENSBORO, N.C. - First Carolina Corporate is the latest corporate to partner with Mid-Atlantic Corporate's subsidiary MY CUr Services, LLC for its electronic bill pay services. MY CUr Services is one of the most successful corporate CUSOs in terms of partnering with other corporates to offer their members its products....

  • Corporate Central is Latest to go With U.S. Central's ISI

    HALES CORNER, Wis. - The $1.5 billion Corporate Central CU said that it has partnered with credit union broker/dealer CU Investment Solutions, Inc. (ISI), a U.S. Central subsidiary. A number of corporates have moved to ISI over the last two years since U.S. Central and CNBS ended a non-compete contract...

  • Canning: Working on Raising Corporates' Profile at Democratic National Convention

    BOSTON - For the first time ever, corporate credit unions are participating in political conventions, and Association of Corporate Credit Unions Executive Director Mike Canning says so far it's been worth it. Corporates really have two representatives at the Democratic National Convention in Boston - Canning and U.S. Central SVP...

  • WesCorp and HawaiiUSA Create New Check Processing CUSO

    HONOLULU - The $24 billion WesCorp and the $672 million HawaiiUSA FCU have formed a new check processing CUSO that will be focused on helping Hawaii CUs benefit from image exchange brought on by Check 21. Pacific Processing Partners, LLC will provide image-enabled check processing services for 54 credit unions...

  • Northwest Sees More Interest in Term Investments

    PORTLAND, Ore. - Northwest Corporate Credit Union said it has seen a 50% increase in term investments from its members during the last six months. "We made some changes to our investment strategies with the goal of passing on the benefits to members. With the new strategy in place we...

Letters to the editor

  • It's Time for Union and CMG to Settle Dispute

    I've been following Credit Union Times' coverage of the labor situation between the Office of Professional Employees International Union Local 39 and CUNA Mutual, especially the article in your June 23 issue ("CUNA Mutual and Union Still at Odds; AFL-CIO Initiates Letter Writing Campaign on Behalf of Union") and a...

  • Bankers' Fight Never Changes

    Thanks, Mike Welch, for the great column in the July 14th issue of Credit Union Times - "Some Things Never Change." It prompted me to check my archives. Back in 1966 when I became General Manager of the University Faculty CU in Madison, Wis., I was given a letter from...

  • Hats Off to the CU Times Team

    I have been out of the office a few days, and in the course of catching up on my reading. I came across the July 14th "master" 144-page issue of Credit Union Times. All I can say is the accolades that the Credit Union Times editorial team earn from its...

  • Growth is Indeed Coming From Underserved Areas

    I agree with Mike Welch's July 28 column, "NAFCU Returns From North of the Border a Winner" that as a whole credit union membership is not growing. The point I was trying to make from the podium in Vancouver is, however, that during 2003, credit unions that added underserved areas...

Looking Back

  • Credit Union Times Vol. 3, No. 31 August 5, 1992

    Looking back 12 years ago finds private insurers divided on whether to write their own disclosures or continue to wait for disclosure regulations. While the Washington Credit Union Share Guarantee Association has opted for the former, American Share Insurance is attempting to persuade the Federal Trade Commission to engage in...

Opinion

Publisher's Column

  • All States Need to Garner Congressional Support

    The number one purpose of any state and national trade association is to engage in an effective advocacy effort on behalf of its membership. Most leagues and national credit union trade groups realize that and are hard at work advocating and protecting credit union interests on every political scene that...

People

  • VENDORS

    Credit Union 24, a member-owned, full-service ATM and POS network provider, has elected the following directors to its board: Envision CU President/CEO Ray Cromer; Suncoast Schools FCU SVP Automated Services Maria S. Garcia; and CORE CU President Paul Simpkins.

  • EAST

    Vermont Federal Credit Union, Burlington, has named Lisa S. Geisweit assistant vice president of sales and service. Empire Corporate Federal Credit Union, Albany, N.Y., has named Elaine M. Angelo, director organizational development. American Eagle Federal Credit Union, East Hartford, Conn., has promoted Susan Bushnik to vice president human resources and...

  • IN MEMORIAM

    Security Service Federal Credit Union, San Antonio, Volunteer Director Gwen Sweeney has died at the age 67. Sweeney served 13 years on the SSFCU Board of Directors as a board member, a board secretary and 2nd vice chairman. She began as a volunteer with the credit union shortly after retiring...

  • MIDWEST

    South Division Credit Union, Evergreen Park, Ill., has named Martin Mitchell controller. US Federal Credit Union, Burnsville, Minn., has named Greg Kaiser director of business lending. Royal Credit Union, Eau Claire, Wis., has named Tom Etmund Chippewa Falls branch manager. Bayer Federal Credit Union, Elkhart, Ind., Vice President Operations/Sales Christine...

  • SOUTH

    State Employees Credit Union, Raleigh, N.C., has named Sue Douglas senior vice president/chief operations officer. Memphis Area Teachers' Credit Union, Tenn., has named Carla Bell Collierville branch director; Panya Martin Medical Center branch director; Myron Harris Cordova Kroger branch director; and Deborah Hughes Member Connect director.

In Memoriam

  • Zysk, Former NCUA Regional Director, Dies

    HARRISBURG, Pa. - Carl Zysk, NCUA Regional Director for the NCUA Mid-Atlantic Region II, died July 24. He was 81. A native of Erie, Zysk served as an RD from April 1977-July 1980 when he retired from the NCUA as Special Assistant to the NCUA Board. Zysk is survived by...

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