Credit Union Times Magazine February-18, 2004
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CULAC Obtains Approval for Matching Charitable Donations
WASHINGTON-The Federal Election Commission has issued a ruling recently at the behest of CUNA and others permitting credit unions to match member political action committee donations to a charity of their choice. For every dollar a credit union member contributes to the Credit Union Legislative Action Council, the member's credit...
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Chicago CDCU Honored For Its Efforts
CHICAGO - The North Side FCU, a $9 million community development credit union headquartered on the north side of Chicago, has been awarded a $10,000 grant as part of a Chicago Neighborhood Development Award. Awards are given in five categories by a juried process that includes representatives of the architectural,...
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CFA, CUNA, NCUF to Announce New Program to Help Members Save More
WASHINGTON - The Consumer Federation of America, CUNA and the National Credit Union Foundation on Feb. 17 will announce a new America Saves Through Credit Unions initiative that will be offered to all credit unions to support their efforts to help members save and build wealth. Speaking at the press...
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Corporate Credit Union Veteran Gallant Forms Consulting Business
SIMSBBURY, Conn. - Corporate credit union veteran Greg Gallant, who most recently served as president of Constitution Corporate CU's SmartSource Solutions CUSO, has formed a new consulting company for credit unions. The Gallant Group will focus on technology and operations consulting and strategic planning. Gallant's 25 year CU career includes...
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Hanscom Federal Credit Union Helps Member Clean Up House
HANSON, Mass. - Hanscom Federal Credit Union member Donna Powers is literally cleaning up the clutter electronically thanks to the credit union's recent online promotion. Powers won a Roombar Intelligent FloorVac robotic vacuum cleaner in the $397 million credit union's "Clean up the Clutter" contest designed to encourage members to...
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LoanLink Center Enhanced to Improve CUs' Indirect Lending Opportunities
MADISON, Wis. - The LoanLink Center, a credit union system-owned lending call center, has added two new platforms of tools designed to improve credit unions' indirect lending opportunities and provide better member service. The first enhancement is DealerTrackT, a point-of-sale, Internet-based auto dealer loan application system currently used by more...
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NCUF Spearheads Innovative Loan Program at Tyson CU; Four Way Loan Split Means New Homes For CU Members
MADISON, Wis. - The National Credit Union Foundation, Tyson Credit Union, Tyson Foods Inc., and Freddie Mac have joined together to bring $50 million in mortgage loans to Tyson Foods employees. "We're quite excited to be involved in this landmark partnership," said Gary Officer, Executive Director of the National Credit...
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SAFE CU Approved Community Charter Expansion Doubles its County Reach
SACRAMENTO, Calif. - Demonstrating that six counties - three of which are considered among the largest in northern California - constitute a community by California Department of Financial Institutions standards, SAFE CU was approved to expand its field-of-membership that doubles the size of the credit union's community charter to 12...
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Oregon CU Joins Agency to Aid First Time Home Buyers
PORTLAND, Ore. - In an unusual linkup here, Portland Teachers Credit Union has teamed up with a local non-profit housing agency "to make dreams come true" for first time home buyers. The venture, organized with the 13-year-old Portland Housing Center, provides basic education, counseling and training to qualify borrowers in...
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SBA 7(a) Guarantee Cut Back Legislative Proposal Particularly Harmful to CUs
WASHINGTON-Last week, in an effort to broaden the reach of the Small Business Administration's 7(a) loan program, the agency announced a legislative proposal it plans to push that will add at least $3 billion to the 7(a) program's lending authority this year. The problem for credit unions is that SBA...
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Two Top CU CEOs Concerned Secondary Capital will Dilute CUs' Distinctions; Argue Risk-Based Capital is the Way to Go
WASHINGTON-Even though two CEOs of large credit unions agree that the credit union community should be discussing the possibilities for secondary capital among credit unions, both say they cannot foresee an alternative capital solution that fits with credit union philosophies. "It is a great debate the industry should be having,"...
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Unity One FCU Hits the Historic Stockyards with First CU Branch
FORT WORTH, Texas - Unity One Federal Credit Union is headed to the "stockyard" to better serve its Hispanic members. Tapping Mexico President Vincente Fox's former cabinet member Dr. Juan Hernandez for consulting services, the oldest credit union in Texas has plans to open the first full service credit union...
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NASCUS Urges Congressional Oversight Of OCC Preemption Rule to "Protect Principles of Dual Chartering System"
ARLINGTON, VA. - Noting that NASCUS, as a matter of policy, doesn't take public positions on issues that only affect the commercial banking industry, NASCUS Chairman Roger Little, Michigan Deputy Commissioner, Credit Union Division, Office of Insurance and Financial Services notified in writing the House Financial Services Subcommittee on Oversight...
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FCUs Add 3.2 Million Potential Members in Underserved Areas
ALEXANDRIA, Va.-NCUA recently published its Insurance Report of Activity showing that nearly 3.2 million potential members were added through underserved area adoptions. Primeway Federal Credit Union in Houston alone accounted for nearly two million of those potential members. Other large ones included Jeep Country Federal Credit Union, which added 188,598...
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Close To Billion Dollar CU Takes First Step Toward Becoming Bank; Move Would Cap Strong Recent Growth History
Lake Michigan CU's asset growth has been so rapid its capital can't keep up. Source: Lake Michigan CU 2003 Annual Report By DAVID MORRISON CU Times Staff Reporter GRAND RAPIDS, Mich. - In what would be the largest such conversion ever, the $964 million Lake Michigan Credit Union has taken...
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Fidelity Jumps into Credit Union Processing Market with Acquisition of Aurum
PLANO, Texas and JACKSONVILLE, Fla. - With all the deals among data processing vendors, credit unions may soon need a PowerPoint presentation just to connect all the dots of who bought who and who is the parent company of which processors. The latest deal involves Aurum Technology. Aurum, based in...
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First America's Credit Unions Booth at NADA Convention a "Learning Experience" for CUs
RANCHO CUCAMONGA, Calif. - Credit unions' first-ever booth at the National Automobile Dealer Association Convention and Exposition turned out to be more than just an opportunity to demonstrate the collective indirect lending and aggregated power of credit unions. It also gave CU representatives who attended the event an "eye-opening experience"...
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Member Numbers Up Slightly in 2003, CUs Under $20 Million Hit Hardest, Real Estate Lending was Clear Bonanza
MADISON, Wis. - The news is not as bad as expected for member numbers for 2003, but last year still saw a sharp slowdown compared to previous years. Membership was up 909,000 (1.1%) to 84.3 million, according to CUNA Mutual Group's December 2003 Credit Union Trends Report. Those numbers will...
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CDCU Prospects From CDFI Fund Appear to Rise For 2004; But Bush's 2005 Budget Cuts it Again
WASHINGTON - Community development credit unions have received a mixture of good and bad news about a previously popular government program. On the positive side, the leadership of the U.S. Treasury's Community Development Financial Institution Fund announced that it will bring back a part of its program under which the...
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McDaniel Moves to Billion Dollar California CU; Blitsch Is Point Mugu FCU's New CEO
GLENDALE Calif. And VENTURA, Calif. - Former Point Mugu FCU President/CEO Ron McDaniel has been named as president/CEO of the billion dollar California Credit Union. Taking over for McDaniel at the $235 Point Mugu is Marianne Blitsch. McDaniel served as Point Mugu's CEO for 19 years. He also spent three...
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Utah CU Testing Anti-Theft Teller Device
SANDY, Utah - In a move designed to discourage robberies, the $64 million Credit Union One said its newly-opened north Temple branch is equipped with a new computer-driven currency device they say is a first in Utah, which eliminates the need for a cash teller drawer. The "Teller Cash Recylcer,"...
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Annaloro Stresses Need for Financial Literacy
YAKIMA, Wash. - Noting that many Americans do not understand basic financial concepts, the head of the Washington Credit Union League stressed the importance of financial literacy efforts, including measures moving through the state Legislature to have schools teach the subject. Speaking at a National Consumer Protection Week event here,...
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Economy is Getting Brighter, Greenspan Testifies
WASHINGTON-Federal Reserve Board Chairman Alan Greenspan told the House Financial Services Committee last week that the American economy is looking much better since the last time he visited them. When he testified in July for his semi-annual report to Congress on the economy, he said though indicators were improving, there...
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SAFE CU FOM History
* 1940 - the credit union is chartered as S.A.D. Federal Credit Union (Sacramento Air Depot). Its FOM was civilian employees of the air depot. * 1953 - the name was changed to Sacramento Air Force Employees FCU to serve civilian employees of McClennan AFB. * 1959 - the name...
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Firstmark CU Gets Parents, Kids Talking
SAN ANTONIO - Firstmark CU is helping parents and children rediscover the art of conversation. The $461 million credit union has teamed up with Southwest Mental Health Center to promote the "15+ Make Time to Listen, Take Time to Talk" parent-child communication campaign. "We believe that children are our future...
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SAFE CU will be competing with several other CUs that count its six new counties in their FOMs
County
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nuVision Financial FCU a Hit with Seniors
HUNTINGTON BEACH, Calif. - The latest nuVision Financial Federal CU branch has made history at the Leisure World-Seal Beach retirement community. The $642 million credit union is the first financial institution allowed to build a branch within the walls of the closed community, which has over 8,000 residents.a In just...
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Credit Union CEOs Get to Hang Out with U.S. Open Champion Simpson
SAN DIEGO - Golf tournaments are rampant in the credit union industry, but it's not often that a former U.S. Open champion participates. At NAFCU's recent CEO Conference in San Diego, NAFCU Services Corporation Preferred Partners hosted a golf tournament in which 1987 U.S. Open Champion Scott Simpson played and...
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More Consumers Checking Personal Credit Reports Before Making Credit-Based Activities
HACKENSACK, N.J. - Seventy percent of consumers who have obtained their credit report have done so even though they weren't denied credit or felt they were a victim of ID theft. That's one of the findings of recently conducted survey by Harris Interactive, which also found that 63% of the...
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PALS Predatory Lending Presentations Posted
ALEXANDRIA, Va.-The presentations given at the latest Partnering and Leadership Successes workshop have been posted to the PALS Web site. The workshop focused on innovative ideas to trump predatory lenders and other fringe financial services providers. The site features success stories shared by credit union leaders during the Jan. 26...
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New Mexico CU League Moves to New Building
ALBUQUERQUE, N.M. - After about two and a half years of planning, the New Mexico Credit Union League has moved in to its new facility. Previously located in an older building on the northeast side of Albuquerque in a residential area, the League's new headquarters is better located and is...
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Minnesota CU Network Joins With University of Minnesota to Promote Financial Literacy
BLOOMINGTON, Minn. - A collaborative effort between the Minnesota Credit Union Network, the Minnesota Family Involvement Council and the University of Minnesota Extension Service to promote financial literacy throughout the state is bringing credit union professionals and high school teachers together with the help of the National Endowment for Financial...
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Wisconsin CU League: DOR Investigation of Banks' Out-of-State Subsidiaries Not Our Doing
PEWAUKEE, Wis. - While not denying the Wisconsin Department of Revenue's decision to examine the use by banks in Wisconsin of out-of-state subsidiaries as tax shelters as "being good for credit unions," a Wisconsin Credit Union League spokesperson said the League did not "tip off DOR" about the possible misconduct....
In Other News
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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...
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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
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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.
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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,...
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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
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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...
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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...
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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...
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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...
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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...
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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
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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
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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...
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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...
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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...
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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...
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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...
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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...
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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
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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
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Low Rate Environment May Stay Around for A While; Credit Unions Have to Adjust Portfolio Appropriately
Credit unions have a lot of different economic factors both present and future to weigh before making investment decisions. Here is a rundown of just some of what is going on that CUs should consider on the investment front. The bond market sold off during the fourth quarter of 2003...
Quotes Worth Quoting
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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
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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.,...
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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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