Credit Union Times Magazine August-25, 2004

News

  • African-American CU Coalition Welcomes All in Mission of Moving Forward

    ATLANTA - With the message of moving forward and giving voice to the disenfranchised, the African-American Credit Union Coalition recently kicked off its sixth annual meeting Aug. 12-14. Formed in 1999, the AACUC's mission is to increase the number of African-American professionals in the movement. Over a five-year period, the...

  • McDonald's to Start Accepting MasterCard Paypass Product

    PURCHASE, N.Y. - Some Dallas and New York metropolitan area McDonald's restaurants will start accepting MasterCard's Paypass Pay product at the end of this year, McDonalds and MasterCard have announced. MasterCard's PayPass is a new "contactless" payment option utilizing radio frequency technology, the companies said. MasterCard PayPass cardholders can make...

  • Six More CUs Host AACUC Interns, for a Total of 20 Alliances

    ATLANTA - More than 70 college students applied for slots in this year's Reaching Toward the Future internship program and in the end, 34 interns got a real taste of the credit union working world this summer. The African-American Credit Union Coalition launched the program five years ago and the...

  • Special Report: EFT: Credit/Debit/ATMs

    Marketing credit cards to Hispanics takes more than just translating brochures from English to Spanish. Read about that and other card and ATM news on pages 28-30.

  • AACUC on Mission to Forge More Mentoring Alliances

    ATLANTA - Although several alliances have been formed, the African-American Credit Union Coalition feels more outreach is needed to credit unions who may need assistance in a number of areas to thwart liquidation or forced mergers. The AACUC's mentorship program's mission of partnering credit unions with "larger, successful" ones starts...

  • PSCU Pleased with Disaster Plan Performance

    ST. PETERSBURG, Fla. - PSCU Card Services, the card servicing cooperative for over 500 credit unions that process their card transactions with First Data Corporation, reported that its business continuity plan performed properly during Hurricane Charley. The cooperative put the plan into place beginning on August 11 when it appeared...

  • Credit Union Card Reward Programs Brings Results

    WASHINGTON - The $350 million NRL Federal Credit Union, headquartered in Washington D.C., achieved a 23% increase in the number of its Platinum Cards by drawing member attention to the CU Rewards program that is attached to the card. The credit union staff held a lobby decorating contest to help...

  • American Express Getting Out Of ATMs

    DALLAS - American Express, getting out of the ATM business, has sold the remaining part of its ATM fleet to the 7-Eleven convenience store chain, 7-Eleven announced recently. 7-Eleven paid $44 million for the ATM machines offered in 5,483 company-operated, franchised and licensed 7-Eleven stores in the United States. "ATM...

  • William Porter Honored with AACUC Pete Crear Lifetime Achievement Award

    ATLANTA - William Porter's vision and tough, often out-of-the box decisions has catapulted what was once a credit union on the road to liquidation to become New York's largest state-chartered credit union. For a career in financial services spanning nearly 50 years - 23 years at Municipal Credit Union as...

  • Georgia Congressman David Scott says CUs are at Forefront of Financial Literacy, Access for All

    ATLANTA - Rep. David Scott (D-Ga.) recently told AACUC annual meeting attendees that he's aware of the often-contentious relationship between credit unions and banks, having played referee a few times when colleagues were "at loggerheads." "You want to keep your tax-exemption status," Scott said. "You want to ensure that every...

  • VISA Produces Landmark Guidance for Credit Unions Seeking to Market Cards to Hispanics

    SAN FRANCISCO - VISA USA has produced what may be the definitive marketing guide for its member banks and credit unions seeking to reach the Hispanic market. The VISA Smart Moves Hispanic Module is the latest in a series of intensively researched packages designed to help VISA issuers improve some...

  • Georgia Credit Union Affiliates' CEO Reminds CUs to Stay Grounded in Midst of Change

    ATLANTA - Michael Mercer, president/CEO of Georgia Credit Union Affiliates, welcomed the more than 200 attendees to Atlanta, calling on all to "stay grounded" in the midst of all the changes going on in the industry. "When I came to Georgia in 1980, there were 400 credit unions," Mercer said....

  • AACUC Awards Discovery Conference Scholarship to Rita Haynes

    ATLANTA - The African-American Credit Union Coalition (AACUC) recently awarded its first CUNA Mutual Group Discovery Conference scholarship to Rita Haynes, CEO of Faith Community United Credit Union. A 40-plus-year veteran of the credit union movement, Haynes has worked at Cleveland-based Faith Community United Credit Union since 1959, serving the...

  • Four More CUs Sell Their Card Portfolios to TNB

    DALLAS - Four more credit unions in Texas have sold their credit card portfolios to TNB Card Services, the card processing arm of credit union-owned Town North Bank that is based in Dallas. The four credit unions are the $69 million Santa Fe FCU, headquartered in Amarillo; the $40 million...

  • Thomas Glatt Wows AACUC with Cajun Spin on Strategic Planning

    ATLANTA - His presentation at this year's AACUC annual meeting may be one of Thomas Glatt's last before he starts a new job, but that didn't stop him from easily being one of the highlights of the conference. Portland Teachers Credit Union just hired Glatt, who has spent the past...

  • Small Credit Unions to See More Scrutiny, NCUA Region III Director Says

    ATLANTA - A series of liquidated credit unions as a result of poor mismanagement and bad loans means small credit unions will see stricter oversight, NCUA Region III Director Alonzo Swann told attendees at the African-American Credit Union Coalition meeting here. A regional director since 1997, Swann oversees FCUs in...

  • Rate Attack

    Just how vulnerable are consumers going to be as rates continue to rise? Hear what credit union economists think. Page 8.

  • FinCen Warns Against Money Laundering At ATMs

    WASHINGTON - The latest issue of the SAR Activity Review: Tips, Trends & Issues, published by Department of the Treasury's Financial Crimes Enforcement Network, has warned financial institutions to beware of customers or members who use ATMs to try to sidestep monetary transactions requirements. "Law enforcement investigations reveal that drug...

  • 2004 saw CUs Defending Nearly Every Aspect of their Operations, Expect Same Trend Next Year, NAFCU Warns

    ATLANTA - Despite the ongoing attempts by the banking industry to rescind the industry's tax exemption, NAFCU President/CEO Fred Becker offered reassurance that one of Congress's most powerful figures is not jumping on the bandwagon. "(Bill Thomas) has not said credit unions should be taxed," Becker told attendees at the...

  • Team One CU Sees Strong Results From Card Activation Program

    SAGINAW, Mich. - The $253 million Team One Credit Union, headquartered in Saginaw, Michigan saw a 38% increase in cardholder activation across its credit card programs after starting a card activation promotion. "With the average cost to acquire a new cardholder about six times more than maintaining existing ones, it's...

  • CUs Can Help Woo African-Americans as Record Number Own More Homes, says Fannie Mae

    ATLANTA - Only 20% of the population are actually ready to apply for a mortgage and credit unions are in a unique position to increase that number, one expert said. Speaking at the AACUC's annual meeting here recently, Mercy Jimenez, senior vice president, National Business Center at Fannie Mae, said...

  • African-Americans Have Strong Buying Power, Account for 11% of CU Members

    ATLANTA - By 2007, African-Americans are projected to have $850 billion in buying power, but only 11% belong to a credit union. This, according to a presentation from Bill Hampel, CUNA chief economist, presented at the AACUC's recent annual meeting. Citing data from CUNA's 2002 National Member Survey Report and...

  • AACUC and NCUF Partner to Launch Pete Crear Fund for Coalition's Programs

    ATLANTA - The African-American Credit Union Coalition and the National Credit Union Foundation announced an alliance during the Coalition's annual meeting to fund its various outreach programs. The Pete Crear Fund, named for CUNA Vice President of External Relations Pete Crear, will be used to help fund AACUC's financial literacy/education...

People

  • SOUTH

    Volunteer Corporate Credit Union, Nashville, Tenn., has named Jeffrey W. Merry chief investment officer. In addition, VolCorp has promoted Karla Donley to assistant vice president of marketing/member services. Members Credit Union, Winston-Salem, N.C., has named Carlos Patino member services representative, Hispanic division. Diamond Lakes Federal Credit Union, Malvern, Ark., has...

  • WEST

    California Credit Union, Glendale, Calif., has elected Scott J. Svonkin board director. Wauna Federal Credit Union, Clatskanie, Ore., has appointed Bruce Mallory president/CEO. First Tech Credit Union, Beaverton, Ore., President/CEO Tom Sargent has been elected vice chair/chair elect of the Children's Miracle Network. Meriwest Credit Union, San Jose, Calif., has...

  • SOUTH WEST

    GECU, El Paso, Texas has named Arturo Moreno vice president of small business lending.

  • VENDORS

    IBT, a design/build consulting firm, has named Tim Frantz chief operating officer; David Pool executive vice president; Doug Holt executive vice president for sales; and Barbara Marxer senior vice president of marketing.

  • MIDWEST

    Michigan Credit Union League, North Township, has named Ronald Martin credit union consultant. US Federal Credit Union, Burnsville, Minn., has named Rick Blood mortgage manager. Postal Credit Union, Woodbury, Minn., has named Joseph Dillard vice president of retail services. In addition, PCU has promoted Sandra Timp to West St. Paul...

  • EAST

    Holy Rosary Regional Credit Union, Rochester, N.H., has appointed Brian F. Hughes president/CEO. Financial Resources Federal Credit Union, Bridgewater, N.J., has appointed Lena Matthews president/CEO.

  • NAFCU Caucus Lineup Falling into Place

    ARLINGTON, Va.-The line up for NAFCU Congressional Caucus, scheduled for next month, is filling in nicely with many high profile public officials of interest to credit unions. On Sept. 27, Fred Grandy-who lists among his accomplishments a four-term congressman, CEO of Goodwill Industries, but possibly known better as Gopher on...

  • Laddering Approach Works Best for Many CUs' Investments, NAFCU Reports

    ARLINGTON, Va. - Most credit unions feel they have sufficient in-house expertise to assist with their investment strategies, according to the August NAFCU Flash Survey. Only 23% of the 130 credit unions that responded said they employ a consultant or vendor to assist with their investment strategy. Nearly 90% said...

  • North Island CU SVP Welcomes USS Ronald Reagan

    SAN DIEGO - After some two years, North Island Credit Union Senior Vice President of Military Relations and Community Development Roger McTighe finally got to welcome the USS Ronald Reagan to its new home port. The nuclear-powered aircraft carrier cruised into San Diego Bay as it completed its five-month journey...

  • League Statement on Compensation Focus

    BEAVERTON, Ore. - Leagues act as advocates for their state's credit unions and are prepared to fight for them on legislative and regulatory issues and of course banker attacks, but what's a league to do when CEO compensation of its CUs is being called into question by local media. It's...

  • SBA Extends Loan Help to Business Owners Affected by Hurricane Charley

    WASHINGTON - Small business owners who sustained damage to their businesses as a result of Hurricane Charley, could be eligible for loans up to $1.5 million. Loans to businesses of all sizes and non-profit organizations are available up to $1.5 million to repair damage to real estate, machinery, equipment and...

  • PSECU Suit Moving Forward Despite Reserve Announcement

    HARRISBURG, Pa. - The $2.2 billion Pennsylvania State Employees Credit Union will continue its lawsuit against BJ's Wholesale Club and its merchant processor despite the revelation that the big box retailer has set aside a reserve of $6 million to address damages from a card security breach. On March 12,...

  • CUNA Volunteer Institute Cruise Hits Mexican Riviera

    MADISON, Wis. - A seven-night Mexican Riviera cruise aboard Holland America's Oosterdam will be the backdrop for the fourth annual CUNA Volunteer Institute Cruise, April 23-30, 2005. The event, geared toward credit union directors and volunteers, will explore a number of educational topics along with the latest issues facing credit...

  • CUES Advanced Leadership Institute Celebrates Inaugural Year at Harvard Business School

    MADISON, Wis. - Fifty-two credit union executives were the first to attend the inaugural year of the Advanced Leadership Institute at Harvard Business School in Boston that was offered by the Credit Union Executives Society (CUES), in partnership with the California Credit Union League. The Advanced Leadership Institute is a...

  • SBA Sets Record in 7(a) and 504 Loan Volume, Most in 51-Year History

    WASHINGTON - The U.S. Small Business Administration recently set a record in the number of 7(a) and 504 loans that it has backed in its 51-year history. As of August 6 - eight weeks before the end of fiscal year 2004, which ends Sept. 30, - the SBA's 7(a) loan...

  • Mica Speaks "Of Consuming Interest" on D.C. Radio Channel

    WASHINGTON-On Aug. 15, CUNA President and CEO Dan Mica gave a half-hour interview on a popular Washington, D.C. news radio channel. To Mica, the credit union difference is clear and he shared it last Sunday with "Of Consuming Interest" radio show host Shirley Rooker. "In the bank equation, there are...

  • International CU Day Theme Rolled Out

    MADISON, Wis. - This year's International Credit Union Day scheduled for October 21 will revolve around the theme Credit Unions: Dream... Belong... Achieve. Selected via an online poll on the World Council of Credit Unions' Web site, the theme demonstrates to potential and existing members the unique role of credit...

  • Maryland Credit Union League Plans 2005 Co-op Advertising Campaign

    BALTIMORE - With four months to go until the end of the year, the Maryland Credit Union League is getting the gears in motion for launching its 2005 co-op advertising campaign. The League's public relations committee met Aug. 12 to discuss the planning and fundraising for a new credit union...

  • Investments More Than Defensive Move at North Island

    SAN DIEGO - Brett Everhart believes too many credit unions take a defensive approach when they offer members an investment resource. "It doesn't have to be that way," Everhart declares. He's program manager of North Island Financial and Insurance Services at North Island Credit Union. "You shouldn't figure you need...

  • In Official Year-End 2003 Report, NCUA Concludes CUs Strong Despite Obstacles; Still Glimmer of Hope for Bankruptcy Reform

    ALEXANDRIA, Va.-In its just-released 2003 Yearend Statistics for Federally Insured Credit Unions, NCUA determined that credit union finances have remained strong despite the low interest rate environment. "Financial performance of the industry remains strong despite the challenges presented by the low interest rate environment. Credit unions need to remain vigilant...

  • In Narrow Vote, FDIC Issues CRA Reporting Threshold Proposal for Comment

    WASHINGTON-Following a narrow 3-2 vote, the Federal Deposit Insurance Corporation Board announced a proposed regulation seeking additional comment on whether it should increase the "small institution" threshold under the Community Reinvestment Act from $250 million in assets to $1 billion. Currently, banks and thrifts under $250 million must only comply...

  • SELCO Decides to Take CEO Compensation to Members' Mailboxes

    EUGENE, Ore. - The spotlight on credit union CEO compensation at Oregon credit unions continues to shine, and one credit union decided to take the unprecedented step of voluntarily informing members of the CEO's compensation. The $548 million SELCO Credit Union based in Eugene, Oregon mailed a letter to its...

  • War Zone? Devastation? Charley Wreaks Havoc on Parts of Southwest Florida

    Credit Union Times Correspondent-at-Large Eileen Courter lives in Sun City Center, Fla., which is located between Tampa and Sarasota. She and her husband are members of the Sun City Center Community Response Team and were part of several CERT Teams called in to travel to nearby Hardee County to assist...

  • CUNA, NAFCU Agree: Flexibility Key to FACT Act Opt-Out for Affiliate Information Sharing

    WASHINGTON - CUNA and NAFCU have written NCUA explaining that the important matter regarding the affiliate information sharing for marketing purposes regulation is that it be flexible. CUNA wrote a "substantially similar" letter to the Federal Trade Commission, which issued a similar rule, that applies to state chartered credit unions....

  • Arnold: Multiple Factors Influencing CU Growth Worldwide

    MADISON, Wis. - World Council of Credit Unions' CEO Arthur Arnold had some exciting news to share with attendees at the organization's recently held Leadership Conference: worldwide, more than five million people joined the ranks of credit union members last year. "Total savings, capital and assets all climbed more than...

  • American Express Cards Beginning to Play Role In Portfolio Sales

    WILMINGTON, Del. - MBNA, the card issuing giant and leading purchaser of credit unions' credit card portfolios, has begun to offer access to American Express Cards as part of its pitch to get credit unions to part with their card portfolios. "With us it was really a matter of the...

  • Credit Unions in Damaged Florida Gradually Recovering; Damage Assessments Continue

    TAMPA, Fla. - Hurricane Charley's course was unpredictable right up until it hit land, which was good news for some credit unions, but very bad for others. Credit unions in the Tampa-St. Petersburg metropolitan area experienced both relief and alarm last week. Relief that Charley, a compact category four storm,...

  • Credit Union Lobbyists Hard at Work in Atypical August as Congress Busier Than Usual

    WASHINGTON-Though Congress is technically on recess until after Labor Day, credit union lobbyists are still working critical credit union issues. This August, Capitol Hill is not the ghost town it usually becomes because many lawmakers are still in town to attend hearings in the aftermath of the 9/11 Report. "We...

  • Centennial Lending Acquires Former Competitor United Members Mortgage, Title Company

    DENVER - Two CUSOs that used to compete for CUs' mortgage businesses in Colorado and Wyoming are now one business. Centennial Lending LLC, a CUSO started in 2000 by Premier Members FCU, Boulder, Norlarco CU, Fort Collins, and Warren FCU, Cheyenne, and which provides commercial, construction, and residential mortgage lending...

  • Call Centers Undergo Big Shift, `Loan, Deposit Detail' Sought

    SCHENECTADY, N.Y. - As might be expected, those routine queries for funds transfer and deposit verification have taken a sharp drop at call centers, but the new reality is this, according to one call center expert: "more detailed requests from members on loan and deposit products." That assessment comes from...

  • Date Set in Utah FOM Case

    ALEXANDRIA, Va. - The judge in the Utah field-of-membership lawsuit has set a date. Judge Dale A. Kimball has scheduled a hearing on the bankers' motion "to invalidate the Administrative Agency Action & Petition for Judicial Notice in the Utah FOM case for Tuesday, October 5 at 3 p.m. The...

  • Fed Seeks Comments for Study on Fair Credit Disputes

    WASHINGTON - The Federal Reserve Board announced in the Aug. 10 Federal Register that it is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies, and is asking for public comment on issues that will assist in the preparation of the study...

  • Congressman Kline Visits US Federal Credit Union

    BURNSVILLE, Minn. - More and more credit unions are not only in touch with their state's congressman, they are getting to meet with them face to face. US Federal Credit Union recently hosted Congressman John Kline (R-Minn.) at its Burnsville headquarters last week for a discussion on credit unions and...

  • Shredder Latest Tool in College Student ID Theft Fight

    CLEVELAND - For students headed back for the fall semester shredders are topping the list of college essentials. An inexpensive cross-cut shredder can go a long way to helping students protect themselves from identity theft and fraud. A survey by the Federal Trade Commission found that nearly 10 million Americans...

  • NCUA Liquidates Development Credit Union

    ALEXANDRIA, Va. - NCUA has liquidated the $1 million Appalachian Development FCU headquartered in Nelsonville, Ohio. The members' accounts will be closed and the balances returned to the members within 30 days, the agency said. The credit union has 1,646 members. Agency staff on site declined to offer any more...

  • Congressman Holden Visits PCUA Office, Stresses Importance of Staying Politically Active

    HARRISBURG, Pa. - Congressman Tim Holden (D-Pa.) used his visit to the Pennsylvania Credit Union Association last week as an opportunity to thank credit unions for their support and to stress the importance of "staying politically active and keeping in touch with your elected officials." Rep. Holden also urged credit...

  • Dept. of Navy Names Navy FCU's Parris Island Member Service Center "Credit Union of the Year"

    VIENNA, Va. - Of the 26 Navy FCU member service centers nominated for consideration by the Department of Navy for "Credit Union of the Year," the credit union's Parris Island member service center was selected the winner. Parris Island member service center serves the Marine Corps Recruit Depot Parris Island/Eastern...

  • McDonnell Stepping Down as CEO of Navy FCU

    VIENNA, Va. - At press time, Navy FCU President/CEO Brian McDonnell announced that after eight and a half years as CEO of the world's largest credit union, he will retire at the end of this year. McDonnell said he enjoyed "every single moment, but it's time to spend more time...

  • CUNA Mutual Standing Ready for Credit Unions

    MADISON, Wis. - While it is still too early to have any figures in terms of claim amounts in the aftermath of Hurricane Charley, CUNA Mutual Media Relations Manager Phil Tschudy says that so far most damage reports include wind damage to building interiors, water damage and power outages. One...

  • Louisiana First State to Limit Dealer Interest Rate Markup

    BATON ROUGE, La. - Beginning this month, Louisiana becomes the first state to limit the amount dealers can raise interest rates on vehicle loans above the wholesale rates they get from lenders. In June, the Louisiana legislature passed a law capping interest rate markups at three percentage points. The law...

  • FTC Reports Card Scam Impact

    WASHINGTON - The Federal Trade Commission reported that American Indians, African-Americans and Hispanics were the most likely populations to fall victim to credit card related frauds. Such frauds victimized almost 10 million Americans last year, the agency said. Advanced fee loan scams claimed 4.55 million victims last year, the FTC...

  • Michigan Commissioner to Hold Public Hearing On Proposed CU Rule Changes

    LANSING, Mich. - Commissioner Linda Watters of the Michigan Office of Financial Institutions will hold a public hearing Aug. 26 on proposed rules concerning state chartered CUs. The hearing, said Watters, will give the public an opportunity to comment on the proposed rules that "would rescind previous credit union rules...

  • Virginia League's New Campaign Targets Lawmakers, Members

    LYNCHBURG, Va. - The Virginia Credit Union League has launched its "My Credit Union is Me" campaign designed to educate lawmakers and mobilize members to stave off bankers' attacks on credit unions. As part of the campaign, the League is providing credit unions with resources to use to get their...

  • Becker, Hale, Crear Among Leaders at AACUC

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  • Advocates On Both Sides Of the Conversion Issue To Square Off

    PLYMOUTH, Mich. - Advocates from both sides of the issue of credit unions exchanging their charters for those of mutual banks will address the Michigan Credit Union League's Executive Summit which will be held at the Treetops Resort in Gaylord. According to the League's newsletter, Michigan Monitor, the September 23-24...

  • Eastern Financial Florida Credit Union Paving Way for Charley Donations

    MIRAMAR, Fla. - To help victims of Hurricane Charley start rebuilding their lives, Eastern Financial Florida Credit Union is making it easy for members to donate to the American Red Cross. The $1.8 billion credit union has set up a special hurricane relief fund that members can directly transfer to...

  • Pennsylvania Salary Survey Nets Surprising Results

    MIDDLETON, Wis.-Management salaries at Pennsylvania's credit unions fall significantly short of national averages while salaries for non-management positions remain on par with or above national averages. This is according to results of a survey conducted by HRValue Group, a human resource consulting firm specializing in work for credit unions and...

  • Texas CUs to Sponsor CU Cherry Blossom "Sister Run"

    AUSTIN, Texas - The state's capital will be the site on Oct. 30 for two events being billed as the "sister run" to the Credit Union Cherry Blossom 10-Mile Run - the first annual Credit Union Texas 10K Run/Walk and kids 1K fun run. Just as the Cherry Blossom run...

  • Treasury Secretary to Unveil "Keelboat Nickel"

    WASHINGTON - Treasury Secretary John Snow planned to visit Des Moines, Iowa Aug. 20 for the revealing of the new "Keelboat Nickel" at the Iowa State Fair. Senator Chuck Grassley (R-Iowa) will join him at the presentation. A native Iowan, who happens to be visiting her home state right now,...

  • WSECU Goes with Ingeniux XML Solution for Web, Intranet Publishing

    OLYMPIA, Wash. - Washington State Employees Credit Union will be using a Seattle-based vendor of XML-based Web content management software to empower the CU's marketing staff to develop and publish Web content without expert technical help. The $1 billion CU also will be using the Ingeniux CMS solution from Ingeniux...

Quotes Worth Quoting

  • Quotes Worth Quoting

    "I set out to head away from the hurricane but then later, when I called my husband at home with the storm outside, he told me that they hadn't even had any rain." -Sue Chrzan, spokeswoman for Card Services For Credit Unions, relating how she inadvertently managed to put herself...

News Briefs

  • CDCU to Open Milestone Third Branch

    BEREA, Ky. - The $15 million Appalachian Federal Credit Union, headquartered in Berea, will open a new branch in Monticello, Kentucky, on August 25th. The new branch will serve people who live in Clinton, Wayne and McCreary counties. The credit union credited grants from the National Credit Union Foundation, the...

  • Chicago Tribune: Ex-CU CEO Charged

    CHICAGO-The former head of Chicago Patrolmen's Federal Credit Union has been charged with one count of embezzlement in Chicago, the Chicago Tribune reported Aug. 18. The former CEO and Treasurer of Chicago Patrolmen's Mark Mahoney, 38, has been charged with embezzling around $49,000 from the credit union between 1998 and...

  • NCUA Joins Other Federal Agencies in Filing Amicus Brief on California Privacy Law

    WASHINGTON - NCUA is one of six federal agencies that jointly filed an amicus brief Aug. 13 in support of an appeal of a June 30, 2004 California Federal District Court decision upholding provisions of a California law that restrict the sharing of a consumer's information between a financial institution...

  • Financial Services Committee Chairman and NCUA Chairman to Host CU Forum

    WASHINGTON-House Financial Services Committee Chairman Mike Oxley (R-Ohio) and NCUA Chairman JoAnn Johnson are teaming up for two credit union forums in Ohio to address key common issues of interest. On Sept. 10 at 8:00 a.m., the two chairmen will address attendees at the Holiday Inn in Mansfield, Ohio, then...

  • Low-income CUs to Benefit from Louisiana Grant

    HARAHAN, La. - The 66 credit unions in Louisiana which NCUA has designated as low-income should benefit from a seminar presented by the Louisiana Credit Union League that is designed to help train them. The NCUA awarded the League a $9,000 Technical Assistance Grant to help conduct a seminar three...

  • Senator Clinton to Keynote PALS Workshop on Serving the Underserved

    ALEXANDRIA, Va.- Senator Hillary Rodham Clinton (D-N.Y.) will keynote the Partnering and Leadership Successes workshop on Oct. 11 in Rochester, N.Y., NCUA Board Member Debbie Matz announced recently. The free workshop is entitled, "Serving the Underserved Without Losing Your Bottom Line." Speakers at the workshop will explain several useful products...

Special Report

  • Corporate CU GAO Study Draft Almost Ready

    WASHINGTON - While everyone is waiting on the GAO's report on credit unions and secondary capital, there's another report in the works that affects credit unions - the GAO's study of corporate credit unions. Originally coporates were supposed to be included with the GAO's report on credit unions released last...

  • Sherman Visits WesCorp, Addresses Secondary Capital; Corporates Hosting More Lawmakers This Year

    SAN DIMAS, Calif. - WesCorp played host to Congressman Brad Sherman recently (D-Calif.). Sherman is an important figure for credit unions because of his interest in giving credit unions secondary capital options. Sherman addressed the hot button topic. "I know there are a lot of credit unions that don't need...

  • Bank Branching Frenzy Creates Big Break for Credit Unions

    MANCHESTER, Mo. - Although a recent survey finds that banks are committed to building more branches, Charlene Stern, chief experience officer for design/build/branding firm NewGround says the time is now for credit unions to capitalize on "bankers' marketing malaise." "The current frenzy of branch-building is running ahead of some banks'...

  • West Virginia Credit Unions Have Access to Mid-States Item Processing Services

    WARRENVILLE, Ill. - West Virginia credit unions can now look to Mid-States Corporate for share draft processing. Mid-States and West Virginia Corporate have formed a partnership that gives West Virginia credit unions another processing option in the wake of the Fed announcing it is closing its Charleston, West Virginia office,...

  • VolCorp Begins Image Exchange

    NASHVILLE, Tenn. - VolCorp announced that it has started to exchange electronic images via Endpoint Exchange. FedEx Employees Credit Association FCU in Memphis, Tenn. was the first VolCorp member to transmit images. Image exchange is expected to proliferate in the coming years as changes brought on by Check 21 take...

  • Southwest Selects AFS for Image Exchange Software

    DALLAS - Southwest Corporate has partnered with Advanced Financial Solutions for image exchange. Specifically, Southwest is licensing AFS's xVision software. AFS xVision will provide the corporate's member CUs with a gateway to support and accommodate check image exchanges through the Federal Reserve's FedImage Services and CheckClear's Endpoint Exchange Network. A...

  • First Carolina Brings in Some Major Economic Minds for Conference

    GREENSBORO, N.C. - The $2.6 billion First Carolina Corporate Credit Union has rounded out its speaker list for its third annual 2004 Financial Conference set for Sept.16-17. Among the speakers are Chris Low, chief economist for FTN Financial, the investment arm of First Tennessee Bank National Association. Low appears often...

  • Tower FCU Branches Make Local News

    LAUREL, Md. - As one of the first credit unions in Maryland to use remote teller stations in its branches, Tower Federal Credit Union was recently featured on the evening news. Local ABC Channel 2 News Baltimore featured the $1.3 billion credit union's Ellicott City branch on its evening broadcast...

  • Southeast Corporate Helping CUs Hit by Charley

    TALLHASSEE, Fla. - As the home state corporate for Florida, Southeast Corporate FCU has been working overtime to help credit unions affected by Hurricane Charley. The corporate can play a number of roles, said SECORP President/CEO Bill Birdwell. On the item processing side, the corporate is going through the Fed...

Marketing

  • Redstone FCU Launches Connections

    HUNTSVILLE, Ala. - Move over newsletters - Redstone Federal Credit Union is debuting a new magazine called Connections. Designed to replace the credit union's existing newsletters, over 150,000 copies of the 16-page, inaugural issue have been delivered to households in the Tennessee Valley area with articles geared toward providing members...

  • TFCU Adds PR Position

    KNOXVILLE, Tenn. - University of Tennessee Federal Credit Union has appointed Rebeca Simpson to the position of Public Relations Officer. "This is a great move for me," Simpson said. "I'm ready to get the ball rolling and work on promoting UT Federal Credit Union." Simpson graduated in 2001 from the...

  • Arsenal Credit Union Swaps Kids Club Mascot

    ST. LOUIS, Mo. - There is a changing of the youth club mascot guard at Arsenal Credit Union. After some 10 years longtime Kids Club Mascot Kirby Kangaroo has "moved" on and a new mascot Tracker the Basset Hound is taking his place. While it is challenging to make such...

  • New E-Marketing Department Available for Credit Unions

    TEMPE, Ariz. - Credit union consulting firm LemmonTree Enterprises has recently launched an E-Marketing Department. "Knowing that e-marketing is a burgeoning tool for credit unions to reach online members, we built a solution to target members who utilize the home banking feature or Web site to manage their money as...

  • Community Choice CU Ads Recognized in Telly Awards

    LIVONIA, Mich. - Two Community Choice Credit Union television commercials, created by Dearborn, Michigan-based agency CTS Advertising, were named finalists in the 25th Annual Telly Awards. Founded in 1979, the Telly Awards honor outstanding local, regional and cable TV commercials and programs, as well as the finest video and film...

  • Washington CUs Hit Airwaves with Former Attorney General of Mexico, Build Trust

    FEDERAL WAY, Wash. - A recent interview of White River CU President/CEO Linda Kleppe-Olson and Washington Credit Union League Senior Vice President RoxAnne Kruger-Monahan by former Attorney General of Mexico Consul Jorge Madrazo-Quellar has gone a long way to helping build local credit unions' profile in the Latino community. "Conservatively,...

  • Energy First CU Promoting Slam Dunk Services

    MONTEREY PARK, Calif. - Energy First Credit Union has tapped into members' excitement over the National Basketball Association's Los Angeles Lakers for a new promotion. Developed by Los Angeles-based advertising agency Simon and Associates Advertising, along with Energy First Marketing Specialist Sheila Tetangco, the Slam Dunk Services promotion offers members...

Tech Bytes

Publisher's Column

  • Mica's Letter to Bank CEOs Good Idea.But

    My first reaction when I heard about the letter CUNA CEO Dan Mica very quietly sent to the CEOs of the 100 largest banks pointing out to them that their banking association dues money could be put to more productive use than bashing credit unions, I thought it was a...

Opinion

  • Winning the Card Game in Today's Environment

    In many ways, the last few years have not been easy ones for credit card issuers. The weak economy has caused a number of problems. Consumers weren't willing to spend as much or borrow, issuers wrote off more accounts and the competition for good cardholders did nothing but intensify. These...

In Other News

  • AWARDS

    Louisiana Credit Union League, Harahan, has announced that four Louisiana credit union professionals were recently awarded the prestigious Certified Credit Union Executive (CCUE) designation. Kathi Gill of Neighbors FCU, Mary M. Sciretti of Eagle Louisiana FCU, Gregory Dale Inman of CUNA Mutual Insurance Society and Chris Chelette of Rapides School...

Letters to the editor

  • Well-done on Coverage of Corporates

    Regarding the Publishers Notebook article in the August 11th edition of the Credit Union Times, I would like to add to the compliments that you have received regarding the excellent coverage your publication provides for the corporate credit union network. Due to your efforts, and especially those of Paul Gentile...

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