Credit Union Times Magazine December-22, 2004

In Other News

  • DONATIONS

    Service One Credit Union, Bowling Green, Ky., has hosted an American Red Cross Blood Drive. Credit union staffers and members helped the Red Cross secure 23 useable units of blood. This year, the Tennessee Valley Region Red Cross will ship more than 138,000 pints of blood to area hospital patients....

News

  • Credit Union Times Concludes '04

    This issue is the 51st and final issue of 2004. Credit Union Times will begin 2005 with its January 5 issue. Readers should note however that Credit Union Times will continuously update its Web site during the one week there is no printed issue. Visit www.cutimes.com for all the latest...

News Briefs

  • CU Central of Canada to Handle Search for New WOCCU President

    MADISON, Wis. - Now that Arthur Arnold has resigned as president/CEO of the World Council of Credit Unions, the organization is getting ready to receive and evaluate the large amount of applications and resumes it expects to receive for the position. To help deal with the anticipated situation, WOCCU Chairman...

  • Michigan CU Sells Card Portfolio to Elan

    LANSING, Mich. - The $143 million Auto Body Credit Union has sold its $8 million card portfolio to Elan Financial Services, a subsidiary of U.S. Bancorp, according to an announcement from Brookwood Capital, the Peterborough, New Hampshire firm which brokered the deal. Brookwood said the card portfolio has approximately 3,700...

  • Credit Union Times Concludes '04

    This issue is the 51st and final issue of 2004. Credit Union Times will begin 2005 with its January 5 issue. Readers should note however that Credit Union Times will continuously update its Web site during the one week there is no printed issue. Visit www.cutimes.com for all the latest...

  • Lake Michigan Credit Union Vote Still Not In

    GRAND RAPIDS, Mich. - As of press time there was no news on the voting results of the bank conversion attempt of the $1.1 billion Lake Michigan Credit Union. Credit union members had their last crack at the ballot box on December 8 at a special meeting where almost all...

  • NAFCU Urges NCUA to Maintain 18% Interest Rate Cap

    ALEXANDRIA, Va.-NAFCU recommended in a recent letter to the NCUA Board that they leave the interest rate ceiling at 18% for credit unions given the rising interest rate environment. The Federal Credit Union Act sets a 15% cap on interest charged on credit union loans, but if conditions warrant, the...

  • CORRECTIONS

    A photo caption for the article "Power 1 CU Believes Values Program Brings CU Tangible and Intangible Benefits" in the 12/1 issue of Credit Union Times incorrectly identifies Power 1 CU President/CEO Henry Prior. The individual in the picture is actually Power 1 CU Senior Vice President Michael Raley. We...

  • Members of Eastman Credit Union to Receive Record $4 Million Dividend

    KINGSPORT, Tenn. - Eastman Credit Union will make history in January when it distributes a $4 million dividend to members, its largest ever. The $1.3 billion credit union's board recently approved a $4 million "Extraordinary Dividend," which will be divvied up and deposited in eligible members' savings accounts on or...

  • Matz Helps Open Bilingual CU Branch in S.C.

    LANCASTER, S.C.-NCUA Board Member Debbie Matz participated in the grand opening of Founders Federal Credit Union's first bilingual branch. Matz emphasized that this was not just any credit union branch opening; it was the first bilingual branch by a financial institution in the area. "Across America, Latinos are the fastest-growing...

  • Officers Elected for NCUA Union

    ALEXANDRIA, Va.-NCUA employees' new union, Chapter 303 of the National Treasury Employees Union, held officer elections Dec. 1. The board will consist of 11 members including, four officers, a representative from each of the five regions, a central office representative, and a representative from the Office of Corporate Credit Unions....

Letters to the editor

  • Small Credit Unions Serve Those Others Won't

    In a letter in the December 8 issue titled "D'Amours Hasn't Changed; Many Small CUs Haven't Either", Chris Lindelof questioned why NCUA Board Member Debbie Matz should be concerned about the declining number of small credit unions. In my 25 years in the credit union movement, I have heard a...

  • Fuld's Stats Way Off Base

    As an active broker of credit union credit card portfolios, we were dismayed to read your October 8th page 1 story, "Card Portfolios Strengthening Somewhat.," in which Steven Fuld of Kessler Financial Services claimed to have brokered 70% of CU credit card portfolio sales. I believe this claim is misleading...

  • Doubling Up the Term ATM

    I strongly agree with one particular aspect of Mike Welch's column on mistakes, "Some Mistakes are Bigger Than Others", in the Dec. 1 issue. That being those people who still refer to ATMs as "automatic teller machines", as opposed to "automated teller machines." However, to further compound that mistake, (and...

  • Banker Trade Association Positions Aren't Necessarily Banker Positions

    In a recent column, publisher Mike Welch raised the very valid point that not all bankers are bad. In fact, sometimes bankers wear the white hat. We need to put into perspective that banking trades have spun the "credit union issue" in order to maintain membership when they see the...

Publisher's Column

  • Crystal Ball Was In Good Working Order for 2004

    As the year 2004 winds down it means it is time for me to fess up on how I did on the predictions I boldly made way back on January 7th. For starters, credit unions did achieve impressive results in mortgages, member business loans, and with the new kid on...

Publisher's Notebook

  • Superstar Clancey

    There are many people behind the great success that Credit Union Times enjoyed again in 2004. One of them is our East Coast advertising representative, Clancey Mitchell. As part of the Chicago-based Arlington Publishers Representatives ad sales team, Clancey is responsible for a large, primarily East Coast territory that until...

People

  • SOUTH

    Alabama Credit Union League, Birmingham, has named Kathryne Brugge Credit Union Business Services Insurance, Inc. and CUBS Resources sales manager. Greater New Orleans Federal Credit Union, Metairie, La., has named Carrie Provenzano real estate manager. MacDill Federal Credit Union, Tampa, Fla., has named Kevin Sweeney vice president of lending and...

  • WEST

    Wescom Credit Union, Pasadena, Calif., has named Peter R. McNulty senior vice president of its lending division. Telco Credit Union, Spokane, Wash., has named Tara Depew marketing director and Joan Hewson collections officer. In addition, Telco CU has promoted Annettee Saens to loan officer and Brandon Wilhelm to loan processor.

  • EAST

    Credit Union Central Falls, R.I., has named Fred Reinhardt vice president of commercial lending. Empire Federal Credit Union, Syracuse, N.Y., has named Richard Nave vice president of finance. Association of Credit Union Senior Officers, Woburn, Mass., has elected the following officers to its board: Quincy Municipal CU Chief Financial Officer/Chief...

  • MIDWEST

    Credit Union ONE, Ferndale, Mich., has named Ted Banas Macomb Township branch manager; Steven Puszcz Shelby branch retail sales/business development manager; Frank Ochoa Berkley branch manager; and Matthew Lahr Chesterfield Township branch manager. Heritage Credit Union, Madison, Wis., has promoted Joe Mercurio to Huxley Street branch loan officer and Travis...

In Memoriam

  • Eaker, Former Texas League President, Dies

    DALLAS - Jack L. Eaker, who served as president of the Texas Credit Union League for more than 10 years, died Dec. 13. He was 73. A Texas native, Eaker began his career in the credit union movement in the 1960s working with the insurance affiliate of the Texas League....

Voting Poll

Year In Review

  • McGill Takes Over at Eastern Financial

    MIRAMAR, Fla. - Steve McGill was named the new president/CEO of the $1.8 billion Eastern Financial Florida CU, replacing Kent Herbert, who retired over the summer.

  • Insurance Momentum Builds for CUs in 2004

    WEST PALM BEACH, Fla. -From an increasing number of credit unions getting into the insurance business by either opting for a turnkey solution, buying an existing agency or forming their own, to a few well-known credit union insurance providers teaming up-2004's insurance moves have been far from dull. Early in...

  • NCUA Made it Easier to Offer Member Business Loans, Sought Parity with SBA as CUs Continued their Entry

    ALEXANDRIA, Va. - To the ire of some community bankers, credit unions continued to serve untapped niches within their membership through member business lending, including SBA loans, and other business services. As of Sept. 30, 1,612 credit unions had at least one member business loan on the books, according to...

  • NCUA Employees Vote to Establish a Union

    ALEXANDRIA, Va.-When polls closed June 30 on whether to establish a union at NCUA or not, the vote was decidedly (345-220) in favor of the union. NCUA employees organized Chapter 303 under the auspices of the National Treasury Employees Union. Employees have complained of unpaid overtime and unequal treatment by...

  • Private Insurance Disclosure Proposal Baffles ASI

    ALEXANDRIA, Va.-At the NCUA Board's July meeting this year, the two-member board issued a proposed regulation regarding disclosures in conversions to private insurance. As written, the proposed rule would require the converting credit union to notify members in the very first communication about the conversion that deposits at the institution...

  • McDonnell Retires from Navy FCU

    VIENNA, Va. - In a move that few saw coming, Navy FCU CEO Brian McDonnell announced he would be retiring at the end of the year. McDonnell, 60, served as CEO for the last nine years. He has been with the credit union for 35 years. "I'm not one of...

  • Credit Unions Switch Mortgage Gears as Refi Boom Ends

    WEST PALM BEACH, Fla. - Record low interest rates over the last couple of years continued into the first half of 2004 and helped feed the refinancing boom that boosted many credit unions' and other mortgage lenders' portfolios. But all good things must end, and that was true for the...

  • New Colorado League President/CEO Does Some Streamlining

    DENVER For John C. Dill, the last nine months have been an eye-opener for the former Washington, D.C. lawyer on things that needed to be done to stop "underperforming" operations while perking up lobbying activities within the Colorado/ Wyoming Credit Union Leagues. Dill, a well-known Denver lobbyist before being named...

  • The Intriguing Check 21: What it Does and Doesn't Mean?

    WEST PALM BEACH, Fla. - It's a great sound bite - "the electronic exchange of checks." If and when this happens, it's going to be because of the passage of Check 21, a law that encourages electronic image exchange, but does not mandate it. Check 21 caused a lot of...

  • Credit Union Capital Issues Come to Forefront in '04

    WASHINGTON-Information regarding credit unions and capital, ranging from positive to not so positive, was a hot topic in both the credit union and banking communities. Most of the credit union community seems to be united behind creating a system of risk-based capital for credit unions similar to the banks. NCUA...

  • CUNA Mutual Labor Dispute Marked by Kitchen's Ouster, NLRB Charges, Stalled Negotiations

    MADISON, Wis. - A labor dispute between CUNA Mutual and its union sparked up in '04 and unfortunately for both sides there were casualties. The union is the Office of Professional Employees International Union Local 39. It represents roughly 1,300 of the company's employees based in CUNA Mutual's Madison, Wisconsin...

  • McDaniel Leaves Point Mugu for $1 Billion California CU

    GLENDALE, Calif. And VENTURA, Calif. - Ron McDaniel, who served as CEO of the $235 million Point Mugu FCU for 19 years, left the CU to take the CEO job at California Credit Union, which is much larger at $1 billion in assets. Point Mugu EVP Marianne Blitsch was named...

  • Kitchen Forced Out at CUNA Mutual Group

    MADISON, Wis. - CUNA Mutual Group CEO Mike Kitchen resigned suddenly in '04 after informing the board that he had offered financial assistance to a group of employees looking to break away from the union and form their own bargaining unit. Kitchen was essentially forced to resign given the potential...

  • NCUA Grants Community Charter of Historical Proportions and Other Large FOMs in 2004

    ALEXANDRIA, Va.-NCUA approved a number of very large community charters this year, including the largest ever. LA Financial Federal Credit Union was approved in July to serve all of Los Angeles County in August, encompassing 10.1 million residents. Los Angeles County had the highest population of any county in the...

  • Hurricanes Plague Credit Unions in '04; Florida Hit Particularly Hard

    WEST PALM BEACH, Fla. - No matter what else happened to credit unions in Florida and a few other southern states in 2004, this past year will certainly go down as the year of the Hurricane as four named storms plowed into the region in six weeks. Hurricane Charley became...

  • Non-Qualified Deferred Compensation Plans Primed for Overhaul? IRS Sits Down with Trades Groups to Clear up Confusion

    WASHINGTON - Executive compensation was front and center with the IRS this year sparked by a two-page private letter ruling that said a federal credit union could not offer a 457 deferred compensation plan to one of its executives. The April 9, 2004 letter in question went like this: the...

  • Bankers Continue Barrage of Attacks on CUs in 2004

    SALT LAKE CITY - Attacks on credit unions by the banking groups proved even more ferocious in 2004 than it had been in recent years. In June, the three major national banking trade associations-the American Bankers Association, America's Community Bankers, and the Independent Community Bankers of America-joined forces to create...

  • Credit Unions Indirect Lending Volume Grows, NCUA Takes Notice

    WEST PALM BEACH, Fla. - Indirect lending came into its own for credit unions in 2004, so much so in fact that NCUA issued a Letter to Credit Unions in September cautioning CUs about the risks involved with this specialized lending activity. Callahan and Associates research shows from the first...

  • Kerecman Leaves CCUL for SVP Spot at California CU

    RANCHO CUCAMONGA, Calif. - With a new adopted son taking priority in his life, nine-year California Credit Union League veteran Chris Kerecman, federal governmental affairs vice president began work in September as senior vice president of business development at the California Credit Union League. Kerecman said he accepted the new...

  • CO-OP Network and CUs Start Saying Goodbye to Bob Rose

    ONTARIO, Calif.- Bob Rose, CEO of the CO-OP Network, the largest credit union owned fee-free ATM Network in the U.S. announced this year that he will retire in June 2005 and likely move on to find a teaching job somewhere. "I had set as a goal to retire at 62,"...

  • Budget, OTR, Operating Fee Down for 2005

    ALEXANDRIA, Va.-At the NCUA Board's November meeting, the agency announced reductions in the 2005 budget, overhead transfer rate, and operating fee. At $148 million, NCUA's budget approved for next year was a 1.29% decrease from the 2004 budget. The overhead transfer rate, which determines what percentage of funds come out...

  • Fiserv's Muma Gives Notice of Retirement

    BROOKFIELD, Wis. - Fiserv, which has the biggest stake of the credit union industry's data processing business, gave advanced notice of CEO Les Muma's retirement. Muma,60, announced in October that he plans to retire in June of 2006. Over the years Muma has helped grow Fiserv's footprint in the credit...

  • 2004 Brought Bigger Market, More Options In Cards, But Most CUs Waiting in the Wings

    ARLINGTON, Va. - Credit union card issuers may remember 2004 as the year their card options really opened up. For many years, Visa and MasterCard regulations prevented their card issuers from issuing any other card brand, such as American Express or Discover. The U.S. Supreme Court put an end to...

  • CUNA, NAFCU Show Political Prowess, Proof is in Elections

    WASHINGTON-CUNA and NAFCU enjoyed an active political season this election year. Lobbyists from CUNA and NAFCU swarmed the Republican National Convention held in New York City. One of CUNA's main focuses was the distribution of the inkless child fingerprinting kits it has worked on with the National Child Identification Program...

  • Nealon is Constitution State Corporate's New CEO

    WALLINGFORD, Conn. - Bob Nealon was named CEO of the $1.5 billion Constitution State Corporate this summer. Nealon came from Sikorsky FCU, where he served as EVP/CFO. He replaced David Addison, who left Constitution last year to become CEO of Texans CU.

  • Cirelli Retires from US Airways FCU

    MOON TOWNSHIP, Pa. - Clearview FCU, the former US Airways FCU, saw the retirement of Joseph Cirelli, its president/CEO after serving there for 35 years. Cirelli, who retired on Oct.1, was succeeded by Mark Brennan, who has been with the credit union for nearly 14 years.

  • Despite Task Force Recommendation, CUAO Board Kills Consolidation with Washington League

    BEAVERTON, Ore. - Up until it was time for a joint Washington and Oregon credit union task force to recommend to their respective boards for consolidation of the Credit Union Association of Oregon and the Washington Credit Union League, everything seemed a go. But things took a 180-degree turn when...

  • Housing GSEs Remain Under the Federal Microscope Throughout 2004

    WASHINGTON - As far as the housing government sponsored enterprises are concerned, 2004 began and continued throughout the year pretty much the way 2003 ended - with Freddie Mac and Fannie Mae both being closely investigated by congressional committees and federal agencies for possible accounting misconduct. In January, Armando Falcon...

  • 2004 Brought Many Key Leadership Changes; NCUA, Navy FCU, CUNA Mutual Among the Organizations With Turnover at the Top

    WEST PALM BEACH, Fla. - 2004 saw more high-profile leadership changes than any year in recent history. The industry's largest vendor, largest credit union, and federal regulator each saw changes at the very top of the ladder. State leagues also experienced executive churn as did many other organizations important to...

  • In Memoriam: The Credit Union Industry Lost Some of its True Visionaries in 2004

    2004 marked the loss of many remarkable credit union leaders. Credit Union Times honors those who died in this listing. We regret any leaders who passed that we may have missed. * Gary Isner, executive vice president and chief operating officer of the Arizona Credit Union League died at the...

  • Membership Numbers Came to a Crawl as Industry Leaders Encourage Credit Unions to Get Creative to Boost Slowed Growth

    MADISON, Wis. - As 2004 comes to an end, there is still concern from NCUA and others on why membership growth has considerably slowed over the past few years. The latest numbers from CUNA Mutual Group's Credit Union Trends Report show total membership stalled at 86 million. The year-to-date gain...

  • Credit Unions Trading Old Spaces in 2004

    WEST PALM BEACH, Fla. - When it comes to facilities, credit unions shook up the "old-fashioned CU" myth as they used branches to show off their individuality and brand identity. Credit unions continued branching out at a breakneck speed in 2004 reaching a total 19,377 branches as of September 30,...

  • Marschall Leaves Maryland League for Law Firm Opportunities

    COLUMBIA, Md. - After six years with the Maryland Credit Union League in various executive positions, Mike Marschall closed that chapter of his career last month to work at the law firm of Williams, Gautier, Gwynn and Deloach. During his tenure with the Maryland League, Marschall witnessed and was involved...

  • Fortney Named President/ CEO of NASCUS

    ARLINGTON, Va. - Mary Martha Fortney is coming up on her one-year anniversary as president/CEO of NASCUS, a position she was appointed to in January after a NASCUS appointed search committee spent four months conducting an extensive search and whittled its recommendation list down to seven finalists, one of whom...

  • Schroeder Says Goodbye to Corporate Central CU

    HALES CORNER, Wis. - Corporate Central CU CEO Mark Schroeder retired this August after 13 years as CEO of the $1.2 billion corporate. Schroeder, 61, was known as a modest leader, though his corporate did get aggressive marketing to Minnesota CUs during his tenure. Schroeder was replaced by Corporate Central...

  • Trust Services Turn a Corner in 2004, Credit Unions Say They're in it for the Long Haul

    TAMPA, Fla. - While still relatively green to the industry, trust services saw a number of new players enter the arena this year as this latest offering continues to be an option for members left out by banks that have set traditionally high asset minimums. Arkansas FCU, Navy FCU, FORUM...

  • State-chartered Credit Unions Deal with Bank FOM Expansion Applications

    WEST PALM BEACH, Fla. - Federal credit unions aren't the only ones keeping their eye on the ramifications of a U.S. District Court's decision to remand a Utah field-of-membership expansion case back to the NCUA for further review. State-chartered credit unions, aware that the outcome of the federal case could...

  • Dorsa Leaves NACUSO to Focus on ACUMA

    NEWPORT BEACH, Calif. - Bob Dorsa, the first president of NACUSO and appointed in 1997, stepped down from the position in November to focus on a credit union mortgage association he founded nine years ago, the American Credit Union Mortgage Association. Dorsa's move was part of a broader restructuring of...

  • Portland Teachers Credit Union and Oregon Community Credit Union Come Up Short on $2.3 Billion Merger

    PORTLAND, Ore. and EUGENE, Ore. - The merger process of Portland Teachers CU and Oregon Community CU seemed to be going along fine, but appearances can be deceiving. Late in 2003 the two credit unions announced that their boards agreed to explore the possibility of a merger. At the time...

  • Dollar Leaves NCUA Board, Johnson Elevated to Chairman

    ALEXANDRIA, Va.-The NCUA Board saw some big changes this year. Popular NCUA Chairman Dennis Dollar announced early in the year that he would be vacating his seat on the board as of the end of April. He had already served a year beyond his term. Dollar was the chairman that...

  • Credit Unions Rediscovered by CDFI Fund

    WASHINGTON - For community development credit unions that qualify as Community Development Financial Institutions, 2004 will go down as the year the U.S. Treasury Department's CDFI Fund remembered them again. In 2003, the relationship between credit union CDFIs and the federal fund which had assisted their growth with various sorts...

  • ABA Sees Changes at the Top in 2004

    WASHINGTON-After nearly 20 years in the top spot at the American Bankers Association, Donald G. Ogilvie announced this year that he would be retiring in April 2005. But credit unions will get no reprieve from the onslaught of attacks. ABA already has Executive Vice President Edward L. Yingling in the...

  • League Co-Op `Awareness' Campaigns Surge at Record Rate

    RANCHO CUCAMONGA, Calif. - One thing those bank attacks have generated is a keen new interest in co-op advertising among state leagues, and in 2005 there'll be an unprecedented number of them on awareness/advocacy/branding flooding the TV and radio airwaves from Maine to California. By far the biggest attention-getter -...

  • South Dakota/North Dakota Leagues Can't Get it Together

    SIOUX FALLS, S.D. - With small state leagues facing shrinking credit union numbers and pressure to trim costs, this was supposed to be the year of league mergers with a national focus on the joining of the North and South Dakota Credit Union Leagues on Jan. 1, 2005. But in...

  • Shaughnessy Out as President/ CEO of New Jersey League

    HIGHTSTOWN, N.J. - In a move that surprised many New Jersey credit unions and still has some asking why and speculating on reasons, the board of the New Jersey Credit Union League terminated Tom Shaughnessy as president/CEO of the League. Shaughnessy was in Hawaii attending CUNA's Future Forum when he...

  • WOCCU's Arnold Returns to Netherlands to Work

    MADISON, Wis. - When he announced his resignation in October as president/CEO of the World Council of Credit Unions, Arthur Arnold intended Jan. 1, 2005 as his last day. That date got pushed up a month for personal reasons. The 58-year old Arnold returned to his native Netherlands to work...

  • Credit Unions' Marketing Moves Accentuate the Positives for 2004

    WEST PALM BEACH, Fla. - When it came to marketing, credit unions were all about making consumers see the credit union difference. From more cable television advertising campaigns and connecting with more community partners to taking the message literally to the road, credit unions sought to not only get their...

  • 2004: The Year Columbia Remained a Credit Union

    VANCOUVER, Wash. - The long and bitter fight over whether the $650 million Columbia Community Credit Union would remain a credit union or become a mutual bank came to a head and then subsided in 2004 as the NCUA condemned the way the credit union handled the conversion vote and...

  • Airline Credit Unions Made Many Changes to Regroup from Sept. 11 Attacks' Impact on Airline Industry

    APPLE VALLEY, Minn. - This year, the airline industry continued to reel from the aftermath of the Sept. 11 attacks and credit unions have certainly felt the sting. One of the most contentious battles occurred between Northwest Airlines and the former NWA Federal Credit Union, now known as Wings Financial...

  • Credit Unions Up the Ante for Name Changes

    Credit unions know when it's time to fold as 2004 wraps up with credit unions finding new names, brands and identities. From the made-up to the simplified here is a look at just a few of the notable name changes in 2004: After 70 years Houston-based First Educators Credit Union...

  • Credit Unions Flexed Political Muscles in '04 With Growing Support of CURIA, Tax Exemption

    WASHINGTON-Lawmakers lined up in droves to support credit union legislative issues this year. Through perseverance and lots of shoe leather, credit union lobbyists worked hard to ensure support for crucial legislative efforts in 2004. The fruits of their labor were abundant. Numerous lawmakers, including Senate Banking Committee Chairman Richard Shelby...

  • Blaine Raises Eyebrows with Brothels Remark

    WASHINGTON-Reaction was mixed but mostly negative toward State Employees Credit Union President and CEO Jim Blaine's remarks comparing banks to brothels at CUNA's 2004 Governmental Affairs Conference. During a debate with then-American Bankers Association Chairman Ken Fergeson, the banker brought up issues like the fact that $1 billion-plus Tinker Federal...

  • NCUA Warns CUs to Monitor OFAC's SDN List

    ALEXANDRIA, Va.-NCUA recently issued a regulatory alert urging credit unions to keep up-to-date on the Office of Foreign Assets Control's Specially Designated Nationals (SDN) and Blocked Persons list. "All credit unions remain responsible for ongoing review of the Specially Designated Nationals and Blocked Persons (SDN) list, which includes both individuals...

  • Matz: First Full Year of PALS a Success by Any Measure

    ALEXANDRIA, Va. - What a difference a year makes! At this time last year, NCUA had hosted three Partnering and Leadership Successes workshops with 400 participants. Now, after our first full year of PALS, we have hosted eight free workshops with 1,700 participants. Support for PALS has grown throughout the...

  • New Navy FCU CEO Cutler Dawson Realizes Just How Much CU Means to Men and Women Serving Around the World

    VIENNA, Va. - One of the first things moving into the corner office at the $22.5 billion Navy Federal Credit Union with soon-to-be officially retired Vice Admiral Cutler Dawson is his "Don't Tread on Me" flag. The red and white flag with the snake was flown over Navy ships during...

  • Polish And Slavic FCU Embroiled in Yet More Leadership Controversy; Will NCUA Step In?

    BROOKLYN, N.Y. - In 1999, the NCUA put the then $595 million Polish and Slavic FCU into conservatorship after a series of investigations into voting irregularities led to subsequent investigations of management and financial irregularities. Now, five years later it appears that similar management and financial problems have cropped up...

  • Utah CUs Awaiting Legal Guidance on FOM Expansion, Branches

    SALT LAKE CITY - Utah credit unions directly impacted by the Dec. 9 ruling of U.S. District Judge Dale Kimball here remanding NCUA take a new look at its so-called "six county" field of membership rules are now in a wait-and-see stance awaiting legal clarification on membership and branching. For...

  • NCUA Approves Texas, Missouri Business Lending Rules, 1.3% NCUSIF Operating Level

    ALEXANDRIA, Va.-The NCUA Board zipped through a brief monthly meeting last week that ended with holiday wishes from both board members. The NCUA Board approved changes to state member business lending rules from Texas and Missouri. Both rules were looking to implement recent changes to NCUA's own regulation by providing...

  • Illinois League Joins Banks in Examination Fee Suit Against State

    SPRINGFIELD, Ill. - In a rare show of unity with banks, the Illinois Credit Union League has teamed up with two banking trade groups to seek relief on examination fees diverted by Democratic Gov. Rod Blagojevich to solve a state budget crisis. In a suit filed in Sangamon County Circuit...

  • Bentley Financial Services Head Now Facing Criminal Charges for Fake CD Sales

    PHILADELPHIA - Nearly three years after the SEC filed a civil complaint against Robert F. Bentley and Bentley Financial Services for defrauding credit unions, banks and individual investors with fake certificates of deposits, criminal charges were filed. On Dec. 14, United States Attorney Patrick Meehan said Bentley, of Broomall, Pa.,...

  • Anti-credit union Articles Surface in Arizona Media

    PHOENIX - Now it's Arizona's turn to be a hot spot for bank attacks in the media with two anti-CU articles generated by the Arizona Bankers Association appearing in the Arizona Republic and a local business journal. Both of the anti-CU articles, which claim CUs are "abandoning their common bond...

  • Bankers Claim Victory in Utah FOM Lawsuit Remand, But CUs Say Not So Fast

    SALT LAKE CITY, Utah-Judge Dale Kimball, for the U.S. District Court for the District of Utah Central Division, ruled Dec. 9 that that the community charter approval for Tooele Federal Credit Union and three subsequent ones be remanded to NCUA for review in light of new information provided by the...

  • Credit Union Times Gives D.C. Area Leaders a Chance to Brag About '04

    In a rare opportunity, Credit Union Times offered the leaders of the three major trade associations and of the NCUA Board an opportunity to look back and brag about what they viewed as their organizations' biggest achievements in 2004. Here's what they had to say:

  • Mica Mingles With Financial Conference Leaders at White House

    CUNA President and CEO Dan Mica shares thoughts about the administration's economic plans with Lisa McGreevy, Director of Government and Public Affairs at the Financial Services Roundtable (center), and Diane Casey Landry, president and CEO of America's Community Bankers, during the White House Economic Conference lastweek in Washington.

  • Former Credit Union Officials Consent to Orders of Prohibition

    ALEXANDRIA, Va.-NCUA recently issued prohibition orders against three individuals, barring them from participating in the affairs of any federally insured financial institution. Former Metrex Federal Credit Union (Kenilworth, N.J.) Assistant Manager Cecilia Duda; Barbara Dunn, former president and CEO of BNSF Credit Union in Amarillo, Texas; and former Alliance Credit...

  • Minnesota CUs Raise Money for CULAC with Annual Holiday Wine Tasting

    BURNSVILLE, Minn. - The Minnesota Credit Union Network's Political Involvement Committee's annual Holiday Wine Tasting was a wonderful social opportunity for credit unions to celebrate the holiday season as well as raise funds for CULAC. The event held Dec. 9 at US FCU was attended by 55 credit union professionals...

  • Silver State Schools CU Helps Troops Phone Home

    LAS VEGAS - Silver State Schools Credit Union is helping troops serving in Iraq keep in touch with family and friends. SSSCU recently purchased $5,000 worth of prepaid phone cards through the Army & Air Force Exchange Service's "Help Our Troops Call Home" program. Each 100-Unit Military Exchange phone card...

  • Nevada FCU Gives Back to Troops

    LAS VEGAS - Nevada Federal Credit Union is bringing early holiday cheer to troops stationed in Iraq. As a show of support, the $800 million credit union will refund all savings and checking related fees for new and existing members who are actively serving in a designated war zone. Members...

  • Mica: Credit Union Advocacy Was Frenetic in `04

    Our greatest accomplishment was advocating for the credit union movement while providing products and services to help CUs offer the best consumer financial services possible. Holding off a very real tax threat to the CU tax exemption, we built support for our position by obtaining a letter from President Bush,...

  • Johnson: Progress with CU Capital Issues Finally Achieved in `04

    I am extremely pleased with the significant progress NCUA has made in the area of addressing credit union capital and prompt corrective action issues for federal credit unions. In October, NCUA held the Summit of Credit Union Capital which allowed great progress in opening dialogue on the issues and exploring...

  • High-Profile Credit Union Leadership Changes, Bank Conversion at Columbia Credit Union, Lead the List

    WEST PALM BEACH, Fla. - 2004 was an exhilarating year to be covering credit unions. Credit Union Times had no shortage of intriguing news stories to help fill its 3,000-plus published pages. From the same old same old with the bankers to new evolving stories like Check 21, 2004 was...

  • Senators Continue to Throw their Support Behind CU Tax Exemption, This Time in Texas

    WASHINGTON-Senator Kay Bailey Hutchison (R-Texas) gave credit unions an early Christmas present this year wrapped in a letter to Texas Credit Union League President and CEO Dick Ensweiler. Hutchison's letter thanked Ensweiler for a letter he wrote her office on credit unions' tax exemption and offered up her support. "Credit...

  • Great Welcome for Pen Air FCU Staffer

    PENSACOLA, Fla. - Pen Air Federal Credit Union staffers have welcomed home one of their own heroes from Iraq. In 2003, Pen Air FCU Security/Compliance Officer Vivian Hughes, answered the call to duty and was deployed to Iraq. Now, after over a year, Vivian has returned home to pick up...

  • CFA Calls on Primus Financial Services to End Discriminatory Lending Practices

    WASHINGTON - Responding to the findings of a newly released survey of a major auto lender - this one of Primus Automotive Financial Services Inc. and Primus Financial Services, a division of Ford Motor Credit Corp. - that focused on discriminatory auto loan markups, the Consumer Federation of America called...

  • NLRB to Issue Complaint Against CUNA Mutual; Bad Faith Bargaining Among the Charges

    MADISON, Wis. - At press time, the National Labor Relations Board informed both CUNA Mutual and its union that it will issue a complaint against CUNA Mutual for labor law violations. The NLRB was investigating a number of charges the union, Office of Professional Employees International Union Local 39, filed...

  • Becker: NAFCU PAC Outperforms in '04, Education was Top Priority

    ARLINGTON, Va. - NAFCU continued to lead the way on credit union issues in 2004, strongly supporting a regulatory relief bill that passed the House with a number of credit union provisions. NAFCU also worked very hard for a separate credit union bill, the Credit Union Regulatory Improvements Act, and...

  • Duplicative FinCEN Filing Reg Revised

    WASHINGTON-Interpretive guidance issued last week by Financial Crimes Enforcement Network Director William Fox eliminates the need for duplicative filing with FinCEN and the Office of Foreign Asset Control. Previously, financial institutions had to file Suspicious Activity Reports with FinCEN when they had already filed documentation with OFAC on entities listed...

  • Bethpage,AIL FCU Merge

    BETHPAGE, N.Y. - Bethpage Federal Credit Union and AIL Federal Credit Union have merged. Through the conversion, Bethpage gains a new branch location in North Babylon, $12 million in assets, and an additional 2,000 members. "AIL FCU members are now eligible to utilize all of Bethpage's products and services, but...

  • Fortney: NASCUS Focused on "Considerable" Challenges Facing State CUs

    ARLINGTON, Va. - I look back on 2004 as a year that brought great changes to NASCUS and see the year ahead as one filled with the promise of seizing opportunity from challenge. I became NASCUS President/CEO in January and will mark my first full year on the job as...

  • Credit Union Times Reviews Top Stories of 2004

    In this final issue of 2004, Credit Union Times looks back on the major news stories of the year. Some stories are still unresolved, like the labor dispute at CUNA Mutual and the Utah banker lawsuit, while others appear to have played themselves out, such as the failed bank conversion...

  • Credit Unions Must Exploit Grassroots Potential, says Oklahoma Lobbyist

    OKLAHOMA CITY - With the number of volunteers the industry has, credit unions have tremendous grassroots potential, but unfortunately they still lack firm lobbying commitment from many credit unions, according to a top Oklahoma lobbyist. "I'd say half of the league members take part in government affairs by direct contact...

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