Credit Union Times Magazine February-18, 2004

In Other News

  • DONATIONS

    St. Louis Postal Credit Union, Mo., has raised $1,686 and collected a variety of new items for the children at Faith House, the credit union's 2003 adopted charity. The Faith House is the first children's home in the State of Missouri to care for children of substance abusing parents. The...

  • BRANCHING OUT

    Tri-Co Federal Credit Union, Randolph, N.J.,has broken ground for a new Augusta branch. The 16,000 square-foot facility will house a new full service branch, three drive-up lanes, a community room and six retail occupancy areas. Construction should be completed by mid -2004. Army Aviation Center Federal Credit Union, Daleville, Ala.,...

News

  • Good News, Bad News

    The good news is a popular CDFI program is back, but there's bad news in Bush's budget. Page 9.

  • MEMBERS Trust Co. At a Glance

    Launched Nov. 3, 2003 (formed in 2000) by CUNA Mutual Group, Suncoast Schools FCU and other credit unions Headquarters: Tampa, Fla. Offices Representative office contracts with 10 credit unions; agency office contracts with five credit unions; 28 representatives trained at 25 credit unions. Executives * Tom Walker, president/CEO *Francis Quinn,...

  • CUs a Hit at NADA

    See how credit unions made a splash at the National Automobile Dealer Association Convention and Exposition. Page 6.

News Briefs

  • Connecticut Credit Union, Bank Examination Divisions Merged

    HARTFORD, Conn. - The Connecticut Department of Banking's Credit Union Division and Bank Examination Division have been merged into a new Financial Institutions Division. Mary Ellen O'Neill was named director of the new division. Legislative and Communications Director Jim Heckman said the reorganization was implemented "to make the Department run...

  • GAC Agenda Reshuffled to Give Visitors a Better Chance Of Meeting Lawmakers

    WASHINGTON-CUNA's Governmental Affairs Conference is being rearranged a little this year to accommodate meetings with members of Congress. Based on feedback from the state credit union leagues, CUNA Senior Vice President of Communications Mark Wolff said, CUNA has decided to exchange its one full-day, two half-day format for GAC-which permitted...

  • Financial Leaders Rally for Literacy

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  • Moea'i, ex-Lobbyist, Out at Utah League

    SALT LAKE CITY - In the first organization shakeup following the appointment of a new CEO in December, the Utah League of Credit Unions confirmed Brooke Moea'i, senior vice president of dues, has resigned. "It was a reduction in force as we have had a restructuring at one level of...

  • Save CCU Still Evaluating Its Options

    VANCOUVER, Wash. - Save CCU, the organization of members of Columbia Credit Union who have been trying to recall the credit union's board, says it is still weighing its options in the wake of the compromise between Washington State Department of Financial Institutions and the credit union. Members formed the...

  • CU West, Habitat Team To Build Homes

    PHOENIX, Ariz. - Credit Union West has partnered with Habitat for Humanity for the West Valley to help build affordable housing for low-income families and to provide financial education to new home buyers. The credit union is contributing both funds and employee volunteers to help build one of more than...

  • UBIT Forum Slated March 17 by Colorado League

    DENVER - The Colorado Credit Union League has scheduled a March 17 "educational" session here for state-chartered CUs on payment of the unrelated business income tax. The meeting is being coordinated through a CUNA Mutual "Steering Committee" which for months has been focusing on the Internal Revenue Service audit to...

Tech Bytes

  • FS/ISAC a Good Deal for Financial Services Security

    WASHINGTON-Credit unions love access to free services. Pair that with critical infrastructure security and you have a winner. The Financial Services Information Sharing and Analysis Center-managed by FS-ISAC, Inc. and operated by the Science Applications International Corporation's Enterprise Security Solutions Group-consists of a secure database, analytical tools and information gathering...

  • Fed Makes User-Friendly Web Site Updates

    WASHINGTON-The Federal Reserve Board has given its Web site a facelift. Last week, the Fed announced a number of modifications to its Web site that should make things more convenient for its users. For example, comments on regulatory proposals can now be viewed and submitted at http://www.federalreserve.gov/generalinfo/foia/. Credit unions and...

  • IntegraSys Makes HR Moves As it Builds Infrastructure

    PLANO Texas - Fiserv is definitely stepping up its investment in IntegraSys. Fiserv acquired what is now IntegraSys from EDS last year. It became Fiserv's seventh credit union data processing subsidiary. The IntegraSys executive team has been ramped up, many of the moves necessary as it builds its own infrastructure...

  • OSI, COCC Reach Pact on E-Commerce Offering

    GLASTONBURY, Conn. - COCC has agreed to license and re-sell the electronic banking and cash management products of Open Solutions Inc. The agreement calls for COCC to operate OSI's electronic banking software system - called e-Commerce Banker - from COCC's data center in Avon, Conn. The deal deepens the relationship...

  • Jack Henry Acquires Fraud Prevention Firm

    MONETT, Mo. - It seems like everyone wants to get into fraud prevention these days. Jack Henry & Associates, the parent company of credit union data processor Symitar Systems, has done just that. Jack Henry has acquired Yellow Hammer, a provider of a suite of fraud prevention software. Yellow Hammer's...

  • CUNA.org Moves to Google

    MADISON, Wis.-Regular users of CUNA.org will discover a better search engine for their information finding needs, the trade association announced last week. CUNA.org launched its new "Google" capabilities Feb. 9 to help users search the 30,000-plus page Web site easier. "Google is the most widely used search engine today," CUNA...

  • GalaxyPlus Unveils Network Security Product

    TROY, Mich. - Credit union data processor GalaxyPlus has launched a new network security product, Network Security Assessment. According to GalaxyPlus, Network Security Assessment performs scans of a credit union's network and identifies any known "holes" in the server software, while examining the level of vulnerability to attack. Scans of...

  • PSECU Wins best of Web Award from Online Banking Report

    HARRISBURG, Pa. - Pennsylvania State Employees Credit Union has become the first credit union ever to win a Best of the Web award from Online Banking Report, a newsletter focusing on Internet financial services. This is the seventh year Online Banking Report has had the awards. PSECU caught their eye...

Briefs

  • Florida Governor Aims to Do Away with Intangible Tax on Investments

    TALLAHASSEE, Fla. - Florida Gov. Jeb Bush is pushing forth a proposal that will end the taxes that investors and companies pay on stocks, bonds and mutual funds. Under the state's current law, investors and businesses with $310,000 or more in investments must pay the so-called intangible tax. Married joint...

  • Employees Nervous About Retirement, Many Will Work Past 70

    ALEXANDRIA, Va. - Most Americans don't plan to or can't quit working at a certain age and pursue a life of leisure. The Towers Perrin Retirement Study: Redefining Retirement in the 21st Century, concluded that changing expectations and pressures are reshaping the retirement landscape in the United States for employers...

  • CEO's Daily Involvement with Investment Portfolio Tough to Quantify, Expert Says

    WASHINGTON - While the CFO or investment officer is typically the point person for overseeing a credit union's investment portfolio, CEOs should still be aware of the "risks" embedded there, says one industry expert. Mike Philbin, vice president of sales for Callahan & Associates' Trust for Credit Unions, said investing...

  • L.A. Firemen's CU Aligns with CUSO Financial for Investment, Insurance Services

    SAN DIEGO - Members of L.A. Firemen's Credit Union will now have access to investment and insurance services through an alliance with CUSO Financial Services, LP, a brokerage and registered advisory firm. Through its recently launched FIREHOUSE Financial, the credit union will offer the services to its 20,000 members. Mike...

  • MEMBERS Trust Co. Laying The Groundwork to Offer Trust Services to Small CUs

    MADISON, Wis. - Nearly four months after MEMBERS Trust Co.'s launch as the industry's first credit union-owned, nationally-chartered trust firm, discussions are underway to extend trust services to smaller credit unions that may lack the funding to start their own operation. Through MEMBERS Trust, credit unions can now choose the...

  • Senators Push Bill to End Mutual Fund Distribution Fees

    WASHINGTON - U.S. Senators Peter G. Fitzgerald (R- Illinois), Carl Levin (D-Michigan), and Susan Collins (R-Maine) introduced a bill on Feb. 9 that could do away with 12b-1 fees, which permit mutual funds to debit shareholders' account to pay distribution expenses. The Mutual Fund Reform Act of 2004 would repeal...

  • Minnesota CUs Eyeing Mid-States Corporate's Broker/Dealer

    WARRENVILLE, Ill. -Just one month after the merger with Mid-States, former members of Minnesota Corporate Federal Credit Union are completing the necessary steps to begin working with Mid-States Investment Solutions, LLC, the wholly owned Broker/Dealer CUSO of Mid-States Corporate Federal Credit Union. According to Mid-States Investment Solutions' President, Tom Moore,...

Publisher's Column

  • White Hat Smudges Can Provide Valuable Lessons

    Credit unions love to talk about their "white hat" image. Although that white hat occasionally gets a smudge on it, credit unions would rather not talk about that. Maybe they should. If for no other reason than to be tuned in to avoiding future smudges. A credit union board of...

Opinion

Quotes Worth Quoting

  • Quotes Worth Quoting

    "Credit unions' presence at the North American Dealers Association Convention and Exposition was eye opening for a lot of them. They realized they're just one small player in the whole auto industry and the huge competitors like the captives and banks make it that much more important for credit unions...

People

  • SOUTH

    SRP Federal Credit Union, North Augusta, S.C., has named Gwen Baynham Silver Bluff Road branch manager and Danny Fulmer Evans Centre branch manager. In addition, SRPFCU has promoted LeeAnn Enlow to Site branch manager and Richard Proto to Peach Orchard Road branch manager. Barksdale Federal Credit Union, Bossier City, La.,...

  • EAST

    Visions Federal Credit Union, Endicott, N.Y., has promoted Jayne Searles to marketing/business development manager. Bethpage Federal Credit Union, N.Y., has promoted Gary Barello to senior vice president of human resources. New Jersey Credit Union League, Hightstown, has elected Nicholas Antonicello of OCNAC # 1 FCU and Henry Slootmaker of People's...

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