Credit Union Times Magazine July-28, 2004
In Other News
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DONATIONS
Travis Credit Union, Vacaville, Calif., has donated much needed furniture to the Antioch/Brentwood School system. Schools in Antioch/Brentwood received four steel case desks with returns and overhead shelves, six printer stands, two solid wood tables, two bookcases and 30 file cabinets. The furniture will be used in the administration offices...
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AWARDS
Fort Bliss Federal Credit Union, El Paso, Texas, has named Alexander Galaviz the 2004 Leo Ziegler Employee of the Year. Galaviz is part of the information systems department and manages the credit union's employee helpdesk and was selected for his great positive attitude. The Employee of the Year Award is...
News
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Appro Releases Largest Upgrade to LoanCenter Consumer
BATON ROUGE, La. - APPRO Systems, Inc., a popular provider of online lending solutions for credit unions, has introduced the latest version of its consumer loan automation system, LoanCenter Consumer 3.0. It is currently being used at Boeing Employees Credit Union. "The integration of the settlement services providers streamlines the...
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IntegraSys' Latest Business Product Shows it's not Just about Technology; Unveils new Brand Campaign
FRISCO, Texas - It is almost exactly a year since IntegraSys was sold off by EDS and acquired by Fiserv, and a lot has changed. The company has finally moved out of its office space in an EDS facility in Plano, Texas and into a new building in nearby Frisco,...
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COCC Plans Role as "Image-Exchange Broker" to Capitalize on Check 21 truncation revolution
AVON, Conn. - COCC plans to pass the savings from Check 21 on to its processing clients by acting as an image-exchange broker, the company says. "Our strategy is to aggregate the outgoing check images, ship them electronically to the exchanges that offer the best funds availability and lowest processing...
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Wescom Uses ECM Platform to Enhance Service, Operations
PASADENA, Calif. - Wescom Credit Union is relying on a sophisticated content management platform to help better perform that most elemental of credit union tasks: communicate effectively with members. The $2.6 billion CU is using FileNet Enterprise Content Management (ECM) to manage the approximately 3,100 surveys Wescom sends out each...
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Johnson: Teaching Financial Literacy at a Young Age is Advantageous and Fun
VANCOUVER, B.C.-The alarming rate of spending and bankruptcies among young adults demonstrates the need for greater financial literacy efforts, NCUA Chairman JoAnn Johnson told participants in NAFCU's 37th Annual Conference. Johnson said it may be the teacher in her, but "I'm making financial education a priority of my chairmanship." She...
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Exception-Based Banking Seen as Next Big Mix of Technology and Service
FRAMINGHAM, Mass. - The race to deliver Internet-based retail financial services has barely begun, many experts believe. However, credit unions now may want to begin thinking about how to gear up for the next stage: exception-based banking. According to a new report from Financial Insights, managers in the not-too-distant future...
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A New Image for The Members Group; Online Credit Card Module Now Includes e-Statements
DES MOINES, Iowa - The Members Group looks different these days and its leaders hope everyone notices. The Members Group is owned 50/50 between the Iowa CU League and Iowa Corporate Central CU. Its leaders describe it as one of the best-kept secrets in the industry, which they're hoping to...
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New Hampshire Credit Union Deploys Collaboration, Content Software Combination
MANCHESTER, N.H. - MembersFirst Credit Union is combining the power of a portal with the depth of a knowledge management database to provide smoother operations for its employees and better service to its members. The $120 million CU is one of the first to combine the intranet collaboration portal from...
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Good Economy Means Greater Challenges for CU HR Departments
VANCOUVER, B.C. - With the economy on an upswing, credit unions need to up their recruitment and retention efforts more than ever-not just for their front line but also management positions. "During the recession, jobs were tight, and employees were content to stay with their employer. An improving economy will...
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CU Economic Future Sunny, CU Economists tell NAFCU Conference Participants
VANCOUVER, B.C.-Nothing but blue skies for credit unions' economic future, according to four members of the Credit Union Economics Group. During NAFCU's 37th Annual Conference, the group's Chief Economist and Director of Research Tun Wai predicted that rising consumer confidence will bolster consumer spending. "Boosting consumer confidence and spending is...
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Phishing Losses Escalate While Technology Developing to Fight It
FRAMINGHAM, Mass. - Phishing schemes will cost financial institutions in the U.S. and abroad up to $400 million in fraud losses this year and are unlikely to abate without concerted efforts to improve e-mail security and authentication technology. That figure and assessment comes from a new report by Sophie Louvel,...
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CUs Need to Seize the Opportunity to Take Rollover Retirement Assets
VANCOUVER, B.C.-Right now, more than 35 million Americans are over 65 and control $10.7 trillion in retirement assets. Credit unions can take some of that for their own, ISYS Director of Resource Development Michael J. O'Brien told participants in NAFCU's 37th Annual Conference & Exhibition. If that sounds like a...
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Special Report: Data Processing & Technology
Read about the latest developments in the world of credit union technology, including a look at Dave Becker's indelible mark on the industry. See pages 20-32.
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Entrepreneur, Tech Innovator Becker Leaves His Mark on Credit Union Industry
INDIANAPOLIS - For a guy who graduated college as a Political Science major and was banned from his first computer class for knocking over a computer out of frustration, David Becker has done pretty well in the technology arena. Becker of course is the entrepreneur who created credit union core...
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Keep Message in Focus and Clear is Part of the Art of Public Relations
VANCOUVER, B.C. - Early in his credit union career, San Antonio Federal Credit Union CEO Jeff Farver learned a very valuable lesson in public relations. He was new to a credit union when the CEO was suddenly removed by NCUA. The credit union had no plans of how to deal...
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San Antonio City Employees FCU Takes Security to a Higher Level By Analyzing Unique User Keystrokes
SAN ANTONIO, Texas - San Antonio City Employees FCU is putting security at its employees' fingertips. The $240 million credit union recently introduced a new biometric technology system that examines a person's unique typing keystroke to authenticate users. It is using the BioPassword product from Issaquah, Washington-based BioNet Systems LLC....
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Banker Bust
Banks disappointed Fed doesn't give in on Community Reinvestment Act amendments. See page 4.
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The New JPMorgan is Targeting CUs for Item Processing; Inks First Deal With Corporate Central CU
HALES CORNER, Wis. - JPMorgan Chase Company's recently completed merger with Bank One has turned the surviving JPMorgan Chase into one of the largest item processors in the country processing some 20 million items a day. The mega bank said it's interested in getting its item processing services into the...
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Callahan Survey Looks at Why Members Abandon Online Loan Apps
WASHINGTON - Build it and they will come. Build it poorly and they won't come back. That's one message from consumers who participated in a Callahan & Associates Survey Consortium about their experience in using online loan applications. The online survey of 14,154 members of 15 credit unions found that...
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Emerging RF, RFID Present Very Different Propositions to Payments and People
NEEDHAM, Mass. - Because radio frequency (RF) payment systems and RFID inventory tags are still in their infancy and often not fully understood by consumers, they have been subject to some occasionally nasty talk about violating consumer privacy. But they are two very different things. A recent report by TowerGroup...
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Canadian CU Welcomes NAFCU Visitors Across the Border
VANCOUVER, B.C.-Vancouver City Savings Credit Union President and CEO Dave Mowat welcomed visiting NAFCU members to the city of the 2010 Winter Olympics at the opening of NAFCU's 37th Annual Conference and Exhibition. Canadian credit unions face some of the same challenges credit unions in America are challenged with. Mowat...
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SunCorp Succeeds in Capturing Check Deposit Images From Member CU
SALT LAKE CITY - SunCorp President/CEO Eric Kenealy said SunCorp has taken a giant step forward with image exchange- that is transmitting check deposit images from a credit union to the corporate. "While other providers are talking about providing branch image capture, SunCorp is doing it," said Kenealy. The new...
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Credit Unions, Like America, Should be a Melting Pot, Matz Says
VANCOUVER, B.C. -To stay true to the credit union mission, CUs need only adhere to basic American ideals, according to NCUA Board Member Debbie Matz. Stay true to democracy and the "melting pot" and the American Dream, she encouraged. "I feel confident that as long as credit unions stay true...
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Becker: Banks Should Stop their Bellyaching and Convert to Credit Unions
VANCOUVER, B.C.-NAFCU President and CEO Fred Becker told attendees of NAFCU's 37th Annual Conference & Exhibition that banks should stop whining about credit unions' advantages and step up to the plate, but, at the same time, credit unions need to toot their own horns more. Banks constantly complain that credit...
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Complying Electronically: Bethpage FCU Automates to Meet New HMDA Rules
BETHPAGE, N.Y. - Maria Tullo now relies on software instead of paper pushing to make sure Bethpage Federal Credit Union is following federal regulations covering home mortgage lending. Tullo is assistant manager of mortgage originations for the $1.7 billion CU on Long Island and is using the HMDA RELIEF system...
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Bank Attacks `Like Bad Weeds'; Continue Sprouting State-by-State
LYNCHBURG, Va. - Those bank attacks - from Minnesota to Utah to here in Virginia - continue to pop up on Web sites, in letters to editors, in financial magazines and on op-ed pages across the land, "like so many bad weeds" as one CU executive put it. The moves...
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CDFI Industry Outperforms Banking Industry, Study Claims
PHILADELPHIA - Community development financial institutions, including community development financial institutions, saw asset growth of almost double that of commercial banks between 2000 and 2002, according to a study by the CDFI Data Project. The Data Project is an effort of CDFI supporters, supported by Foundation grants, including the National...
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Chicago Fed Says No to CU Council, But it Appreciates CU `Views'
CHICAGO - The Federal Reserve Bank of Chicago has apparently joined other regional Fed banks in turning thumbs down on creating a separate credit union council to advise bank leadership on policy, structure and financial issues. But Michael Moskow, the Chicago Fed president, did say through a spokesman that the...
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California CUs Offer Members Help During State's Budget Stalemate
SACRAMENTO, Calif. - Credit unions in California are again this year offering beleaguered state employees some financial relief as lawmakers remain locked in a budget stalemate. At press time, there were signs that some progress was being made on resolving the few remaining issues over the $103 billion budget. Only...
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Municipal CU's William Porter to Receive Pete Crear Lifetime Achievement Award
NEW YORK - Municipal CU President/CEO William Porter will receive the Pete Crear Lifetime Achievement Award from the African-American Credit Union Coalition on Aug. 13 during the group's annual meeting in Atlanta. Porter has led MCU since 1981, helping propel it to a $1.2 billion institution. Over the years, Porter...
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Columbia Will Hold Annual Meeting In September
VANCOUVER, Wash. - The $619 million Columbia Community Credit Union which was the subject of an extraordinary fight over a charter conversion earlier this year, will hold its annual meeting on September 15 at a local area high school, the credit union has announced. The credit union nominating committee has...
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Colorado CU Offers 5.28% on Jumbo CD as `Mile High Rate'
BOULDER, Colo. - U of C Federal Credit Union has begun offering a "mile high rate" of 5.280% on its 60 month jumbo certificates of deposit, making it the highest in Colorado and "a very attractive rate nationwide," according to Bankrate Inc., the North Palm Beach, Fla. rating firm. U...
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New HUD Rule Makes Lenders Responsible for Appraisals
WASHINGTON - In a move designed to curb predatory lending and increase accountability in its mortgage insurance programs, the U.S. Department of Housing and Urban Development (HUD) passed a final rule July 20 that makes lenders accountable for appraisals on mortgages insured by the Federal Housing Administration (FHA). The rule...
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Ent Federal Credit Union Latest to Offer SBA 7(a) Loans
COLORADO SPRINGS, Colo. - Ent Federal Credit Union joins the growing number of credit unions that have received a U.S. Small Business Administration license to offer 7(a) loans. SBA's 7(a) loans carry a maximum amount of $2 million and loans of $150,000 or less carry a maximum guarantee of 85%....
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Bank Mergers Spawn Trust Services Mismanagement, Poor Service, Lawsuits, WSJ Reports
NEW YORK - Credit unions considering or currently offering trust services may have an edge thanks to the number of lawsuits that have sprang up accusing trustees of mismanagement and poor service mainly as a result of bank mergers. The Wall Street Journal recently reported that "amid financial-industry consolidation, many...
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House Passes Bill Requiring Companies to Report Top Executives' Employee Stock Options
WASHINGTON - A bill that would require publicly-traded companies including banks to report employee stock options granted to chief executives and their next four highest paid officers was passed by the House of Representatives on July 20. The House approved the bill 312 to 111. H.R. 3574, the Stock Option...
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Summary of HUD's Proposed Housing Rule
HUD's proposed rule includes three housing goals: (1) Low and Moderate Income Goal (families with incomes less than or equal to the area median income); (2) Underserved Areas Goal (families living in low income and high minority census tracts); and (3) Special Affordable Housing Goal (very low income families and...
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NCUA Wants Members to be Given Concise Disclosures on Why Their CU Wants to Convert to a Bank
ALEXANDRIA, Va.-Proposed regulations regarding mutual charter and private insurance conversions were the highlight of the NCUA Board's July meeting. While the issue of credit unions converting to mutual thrift institutions has been a hot one among credit unions, the proposed disclosures NCUA may impose have reached beyond the borders of...
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NACUSO Presses on with CUSO Inclusion in SEC Broker/Dealer Exemptions Three Years After Incidental Powers Revisions
NEWPORT BEACH, Calif. - As the industry waits for final SEC rules on broker/dealer exemptions to credit unions, NACUSO continues to make its case for the inclusion of CUSOs in the regulator's language. Many of NACUSO's members have expressed an interest in continuing to enable CUSOs to enter into networking...
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New Wisconsin CU League Government Affairs Director Wants to Leverage Numbers to Grow Fundraising Base, Influence
MADISON, Wis. - As a former contract lobbyist with the Madison office of lobbying firm Broydrick and Associates, Tom Liebe is well aware of what it takes to influence legislative decisions. Now he's going to have the opportunity to apply those skills and others to affect credit union-friendly regulatory and...
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Wings Financial Federal Credit Union Makes Use of TIP Charter through New Alliance with AirTran Airways
APPLE VALLEY, Minn. and ORLANDO, Fla. - Nearly five months after its debut, Wings Financial Federal Credit Union has secured a partnership with AirTran Airways to offer the airline's more than 5,800 employees access to financial products and services. In March, $1.5 billion NWA Federal Credit Union launched Wings Financial...
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Trades, GSEs Concur HUD Affordable Housing Proposal, in Current Form, Not Conducive to Meeting Goals
WASHINGTON - While concurring with the U.S. Department of Housing and Urban Development's (HUD) objective to increase home ownership among low-income families and minorities, CUNA and NAFCU, as well as the housing Government-Sponsored Enterprises Fannie Mae and Freddie Mac have each sent the agency their comment letters on HUD's proposed...
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Sunmark FCU's Portable Mortgage Lets Homeowners Take Their Mortgage With Them When They Trade Up
SCHENECTADY, N.Y. - In a unique twist on the traditional 30-year mortgage, Sunmark FCU has introduced portable mortgages that give members the option of carrying their current mortgage to their next home and potentially saves them money. Sunmark says the product, which has been popular in Canada for many years,...
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Matricula Fight May Be Back On; ID Supporters To Try To Stifle Measure
WASHINGTON - Credit union lobbyists were surprised July 15 when an unexpected amendment to an appropriations bill threatened to derail an important element of credit unions' outreach to Hispanic communities that they had thought secure. At risk is credit unions' ability to accept the so-called matricula consulars. The matricula consular...
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Kansas CUs Come Through for State Treasurer on Literacy
TOPEKA, Kan. - With support from the Kansas Credit Union Association, State Treasurer Lynn Jenkins is fulfilling a long-standing personal goal next month of energizing the financial community into improving financial literacy among Kansas youth. "You know I shouted from the mountaintops for financial institutions to help me out and...
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Even as Record Consolidation Continues, Answers for Slowed Membership Trend Hard to Come by, Solutions Easier to Pinpoint
MADISON, Wis. - May 2004 might go down in history as the most active month ever for credit union consolidation. According to CUNA's Monthly Credit Union Estimates, May saw the loss of 135 credit unions - the highest month-only decline ever. This decrease brought the total credit union count down...
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Ent FCU Introduces InterestFirstT Mortgages
COLORADO SPRINGS, Colo. - Faced with rising mortgage interest rates and an appreciating home market, Ent FCU has introduced two 30-year fixed-rate Fannie Mae InterestFirstT mortgage programs that allow members to make interest-only payments for the first years of their fixed-rate mortgage, consequently freeing up cash for other uses. The...
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Credit Union Community Presents United Front to Congress at CURIA Hearing
WASHINGTON-The entire credit union community, from trades to regulators, showed unanimous support for the provisions contained in the Credit Union Regulatory Improvements Act (H.R. 3579) before the House Financial Institutions and Consumer Credit Subcommittee. In testimony before the subcommittee last week, NCUA Chairman JoAnn Johnson expressed strong support for all...
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Farmers In Missouri File To Charter CU; New CU Would Start With Statewide FOM
JEFFERSON CITY, Mo. - The Missouri Farmers Union has filed with the state to charter a credit union "to offer an alternative to conventional or consolidated banking systems," the group said. The Missouri Farmers Credit Union will help alleviate lending barriers to young, new or entrepreneurial farmers who are being...
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Fed Withdraws Proposed CRA Amendments That Would Have Eased Reporting
WASHINGTON-The Federal Reserve Board on July 16 withdrew its proposed amendments easing Community Reinvestment Act reporting regulations. Bankers offered strong support to the proposal, which would have raised the threshold to fall under the small bank examination from $250 million to $500 million and lower a bank's CRA rating if...
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Federally-Insured, State-Chartered CUs Must Adhere to NCUA MBL Reg or One State Reg Approved by NCUA
ALEXANDRIA, Va. - NCUA recently clarified that federally insured state-chartered credit unions (FISCUs) may only engage in business lending under the terms of NCUA's MBL regulation or a state member business lending regulation approved by the NCUA Board. In a July 2 opinion letter to John P. Smith, director of...
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Massachusetts Lawmakers Override Gov's Veto of Insurance-Related Directors Bill
BOSTON - The Massachusetts House of Representatives and Senate voted unanimously to override Gov. Mitt Romney's veto of a bill - Senate 13 - that allows directors serving on a credit union board who are denied group health insurance coverage by their insurance carrier, to obtain the benefits in a...
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RBC Mortgage Makes Prime Alliance Available to CUs Nationwide
ROSEVILLE, Calif. - RBC Mortgage - Credit Union Division has activated its Prime Alliance Internet Origination site, making it available to credit unions throughout the U.S. to help them increase mortgage lending to members. RBC Mortgage - Credit Union Division has been offering mortgage services to credit unions since 1986,...
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CFA Says Survey Results Show Lack of Knowledge About ARMs Risk
WASHINGTON - The Consumer Federation of America will release at a press conference on July 26 the results of a new consumer survey on attitudes towards and understanding of the mortgage market. New information on the differences between low-income and minority Americans and others will also be available. According to...
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St. Mary's Bank President Recognized in Congressional Record for Community Work
MANCHESTER, N.H. - At the April 28th meeting of the House of Representatives, Congressman Jeb Bradley (R-N.H.) read a statement for inclusion in the Congressional Record recognizing St. Mary's Bank President Ron Rioux for his work in helping low-income families in the state achieve the goal of homeownership. Rioux, chairman...
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Wasuau Benefits Unveils HDH Plan
WAUSAU, Wis. - Wausau Benefits, a member of the Fiserv Health Group, has launched a high deductible health plan product offering for self-funded employers. The HDH plan has a deductible of at least $1,000 for single coverage and at least $2,000 for family coverage and is a required component for...
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`Support the Troops' Proves Hit at Nebraska Credit Union
KEARNEY, Neb. - Describing the sales as "phenomenal," Kearney Federal Credit Union has sold - in little more than a month - nearly 1,200 yellow ribbon car magnets containing the logo, "Support the Troops." "We've had to reorder couple of times now and it's unreal the demand we've received with...
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CUES CEO Institute Prompts Promotion
MADISON, Wis.-According to a recent survey, attending the CUES CEO Institute has resulted in career promotions for some 35% of graduates. The three-tiered leadership development program is held at several schools including The Steinberg Conference Center at The Wharton School, University of Pennsylvania, Philadelphia; Johnson Graduate School of Management, Cornell...
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Community Development CU Appears in USA Today Article as Part of Savings Program
CLEVELAND, Ohio - The July 13 issue of USA Today featured the activity of the privately insured Faith Community United Credit Union as a supporter of the Consumer Federation of America's Cleveland Saves campaign. The credit union is a community development credit union and a leader in the National Federation...
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Mid-Atlantic Corporate FCU Tees Off for CU Foundations
MIDDLETOWN, Pa. - Mid-Atlantic Corporate Federal Credit Union has raised over $6,000 for the Pennsylvania Credit Union Foundation and the National Credit Union Foundation during its 10th Annual Charity Golf Tournament at the Hershey Golf Club in Hershey, Pa. Over 100 golfers participated in this year's event. The donated funds...
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Cosby Cracks Up NAFCU
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American Airlines FCU, Enterprise Car Sales Partner on Used Vehicle Program
FORT WORTH, Texas - Members of American Airlines FCU who finance their vehicle through the credit union can take advantage of a newly created car sales program created for the credit union as a result of its partnership with Enterprise Car Sales, a division of Enterprise Rent-A-Car, located in St....
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CURIA Update: Sanders is Lone Independent, but Not Alone in his Support for CURIA
WASHINGTON - Vermont Congressman Bernie Sanders, the House of Representatives' only Independent, recently became the 62nd member of Congress to back the Credit Union Regulatory Improvements Act (H.R. 3579). Sanders also recently spoke out in favor of the credit union tax exemption in a statement he had inserted into the...
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Clarke American Uses Nostalgic Care Bears for New Check Design
SAN ANTONIO, Texas - Since 1981 when they were first introduced, the Care Bear characters have appealed to children and children-at-heart for their charm and ability to teach the lessons of caring and sharing. Now Clarke American has put the popular Care Bear characters on their new check designs and...
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Two Vermont CU Employees Admit to Stealing Funds
BARRE, Vt. -Two employees of United Community CU may be charged with felony embezzlement for taking $26,000 in CU funds over the last three years. Arraignment is scheduled for September. While acting independently, the women-one a member services representative, the other, head teller-admitted to talking about how to steal money....
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Mutual Savings CU CEO Makes "40 Under 40" Cut
BIRMINGHAM, Ala. - Mutual Savings Credit Union President/CEO and Alabama Credit Union League Board Chairman Dale Dalbey has been named one of Birmingham's "Top 40 Under 40" by the Birmingham Business Journal. This annual ranking honors local individuals who are making a difference in the community. "Aside from being extremely...
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CUNA Publishes Member Business Services Guide
MADISON, Wis. - Credit unions considering the addition of member business services to their portfolio have a new resource from CUNA. CUNA's new Credit Union Member Business Services Guide examines a number of different business services issues, including: member business checking accounts, commercial loans, SBA loans, lending considerations, loan participations,...
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Washington DFI's Predatory Lending Campaign Generates Public Interest
OLYMPIA, Wash. - A summer campaign launched by the Washington State Department of Financial Institutions to raise consumer awareness of predatory lending by releasing television, radio and print public service announcements, apparently is doing what it set out to do. Since the start of the campaign, DFI has received an...
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Denali Alaskan FCU New Matching Program Raises Funds for CMN
ANCHORAGE, Alaska - Denali Alaskan Federal Credit Union has donated some $6,000 to the Children's Miracle Network. Children's Miracle Network helps Alaska Children's Hospital offer critical health services to children from all over the state. The majority of the funds were raised through "Twice the Help," a matching program Denali...
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BMI FCU, Worthington Industries Inc. FCU to Merge
COLUMBUS, Ohio - BMI Federal Credit Union and Worthington Industries Inc. Federal Credit Union have recently agreed to merge. Under the agreement effective October 1 Worthington Industries Inc. FCU's $11 million in assets and 3,500 members will be part of BMI FCU. BMI FCU currently has $210 million in assets...
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City of Salem Employees FCU Unites with Freedom First
SALEM, Va. - The $6 million City of Salem Employees Federal Credit Union has merged into the $129 million Freedom First Federal Credit Union. As part of the merger agreement City of Salem Employees FCU members will now have access to nine area branches, online services and over 10,000 surcharge-free...
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VolCorp is Latest Corporate to Join CU Business Group
NASHVILLE - Another corporate credit union has joined the ownership ranks of CU Business Group, LLC. This time it's VolCorp. VolCorp joins Mid-States, FirstCorp, Northwest Corporate, First Carolina and Empire Corporate as owners in CU Business Group, LLC, a CUSO originally formed by Northwest Corporate to provide credit unions with...
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CEFCU Offering USDA Rural Housing Guarantee Home Loans
PEORIA, Ill. - CEFCU has begun offering the USDA Rural Housing Guarantee Home Loan financing option, a loan program for home buyers that features loan amounts up to 100% of the appraised value of the home and can include all closing costs. The USDA Rural Housing Guarantee Home Loan program...
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Williams Appointed President/CEO of METRO Credit Union
WARREN, Mich. - Deidra Williams, EVP and Chief Operations Officer of the $184 million METRO CU since 1996, has been named the CU's new president/CEO. She succeeds Kevin O'Connor who held the position through May 2004. Prior to working at METRO CU, Williams worked as an auditor with Cindrich, Mahalak,...
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Palm Beach CU Chapter Hosts First Annual GAC Picnic
WEST PALM BEACH, Fla. - Credit unions in the Palm Beach Chapter of the Florida Credit Union League recently teamed up to host a Governmental Affairs Committee picnic for members. Over 325 consumers attended the event to learn more about local and state candidates up for election and their stand...
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St. Mary's CU Branches Out
MARLBOROUGH, Mass. - For the first time in 91 years, St. Mary's Credit Union is branching out of Marlborough. The $441 million credit union has recently purchased a 3,600 square-foot building in Northborough. The facility will be renovated as a full service branch featuring six teller stations and two drive-up...
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State National Companies, Western Reliance Team Up
FORT WORTH, Texas - Insurance solutions provider State National Companies and Western Reliance Corporation, a leading west coast insurance agency and loan tracking specialist, have joined forces. The move, designed to capitalize on each other's strengths, will provide Portland, Oregon-based Western Reliance clients with State National's force-placed insurance services including...
News Briefs
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Tinker FCU Card Portfolio Leaps $3 Million in Eight Weeks
OKLAHOMA CITY - The $1.3 billion Tinker Federal Credit Union saw its card portfolio increase in value by $3 million after the credit union employed a mixture of credit line increases, new account acquisitions, pre-approved upgrades and balance transfers, the credit union said. This spring, the credit union mailed more...
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House Lawmakers Approve $60 Million for CDFI
WASHINGTON - The House VA-HUD Appropriations Subcommittee has appropriated $60.4 million for the U.S. Treasury Department's CDFI Fund in fiscal year 2005, this is equal to the FY 2004 appropriation and $12 million above the Bush Administration's request of $48.4 million. It is also a very pleasant surprise for CDFI...
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Duffy Leaving Keefe, Bruyette & Woods
NEW YORK - Peter Duffy, a senior vice president with Keefe, Bruyette and Woods is leaving the firm headquartered in New York City. Duffy declined to name the new company because some of the details had yet been finalized but said he expected there would be a formal announcement in...
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Newport News Shipbuilding Employees' CU Adds Two Distressed Communities to FOM
NEWPORT NEWS, Va. - Newport News Shipbuilding Employees' CU received approval from the State Corporation Commission, Bureau of Financial Institutions to expand its field-of-membership to include two areas considered to be "distressed communities." This makes Newport News Shipbuilding the first credit union to add an underserved community under the state's...
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Senators to FDIC: Stop Letting Payday Lenders Rent Bank Charters
WASHINGTON - The Consumer Federation of America applauded Sen. Charles Schumer (D-N.Y.) for urging Federal Deposit Insurance Corp. Chairman Donald Powell to "end the misuse of federally insured state banks to help payday lenders evade state usury and small loan laws." In a prepared statement, CFA Director of Consumer Protection...
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26 Navy FCU Branches Nominated for Best Navy CU of the Year
VIENNA, Va. - A record-breaking 26 Navy Federal Credit Union on-base branches have been nominated for the "Best Navy Credit Union of the Year" award. Annually, the Office of the Assistant Secretary of the Navy recognizes the on-base financial institution-credit union and bank-that provided exceptional service to military and civilian...
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CUNA to Update CUs on HSAs
WASHINGTON - With talk of Health Savings Accounts on the rise, CUNA will host an audio-conference on HSAs on August 10 from 2:00 -3:30 p.m. EST. Approved as part of the Medicare Prescription Drug, Improvement and Modernization Act of 2003, HSAs are designed to help individuals save for medical and...
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Isner, EVP/COO of Arizona CU League, Dies
PHOENIX, Ariz. - Gary Isner, executive vice president and chief operating officer of the Arizona Credit Union League died July 15 after a six month battle with cancer. He was 60 years old. Isner was with the ACUL for 19 years, beginning in May 1985 as vice president. He was...
Marketing
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Arizona CU League, LEMMON-AID Marketing Win Pro & Blockbuster Award
TEMPE, Ariz. -The American Association of Credit Union Leagues has presented the Arizona Credit Union League and LEMMON-AID Marketing Services a Pro & Blockbuster Award during the PR/Communications/GAPS Conference. The award honors excellence in public relations, marketing and advertising efforts, based on creativity and informational/educational value. The Arizona Credit Union...
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Energy First CU Cleaning Up Environment-One Highway at a Time
MONTEREY PARK, Calif. - Energy First Credit Union, in keeping with its "green" awareness philosophy, has recently adopted a two-mile stretch of the Long Beach (710) Freeway. This marks the second highway adopted by Energy First CU - in March the $399 million credit union adopted a two mile stretch...
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SECU Mascot Welcomes State Legislators
RALEIGH, N.C. - Who says youth club mascots are just for kids? State Employees' Credit Union is using its kids club mascot FAT CAT to not only have fun but help build relationships and brand awareness across the state. Recently SECU's FAT CAT mascot along with representatives from SECU's education...
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DFCU Financial Promotes Green Education
DEARBORN, Mich. - For DFCU Financial, educating youth takes many forms-including a green thumb. The $1.6 billion credit union has sponsored a hands-on science education program called TreeKeepers Kids organized by the non-profit organization The Greening of Detroit. The TreeKeepers Kids Program is an integrated, hands-on environmental education program that...
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Santa Clara County FCU Makes Summer Fun for Young Members
San Jose, Calif. - Santa Clara County Federal Credit Union kicked off the summer by hosting its Looney Tunes summer party for its LOONEY TUNES savings club members. To make the event a memorable one for kids the third annual Looney Tunes Summer party featured a who's who of cartoon...
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Marketing a Dream Come True for North Island CU's Geri Dillingham
CHULA VISTA, Calif. - While her start in credit unions may have been a fluke, North Island CU Executive Vice President of member relations Planning Geri Dillingham has always been drawn to marketing. "I took a marketing class my senior year of college and enjoyed the creativity and strategy of...
Tech Bytes
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OSI Launches Version 3.9 of Core Platform
GLASTONBURY, Conn. - Open Solutions Inc. has released Version 3.9 of its core platform - The Complete Credit Union Solution and The Complete Banking Solution. Improved risk controls, application integration and access to relationship data are among the highlights of the fast-growing core processor's flagship platform, the company says. "Financial...
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Corillian Launches Solution Aimed at Preempting Attacks
PORTLAND, Ore. - Corillian Corp. has put together a new anti-phishing solution it says features Web log analysis and methodology that can help proactively take on the problem of fraudsters sending e-mails to unsuspecting consumers who then go to phony Web sites and reveal personal information. The Corillian Fraud Detection...
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EDS Focusing on the Big Boys
PLANO, Texas - EDS is doing what it said it would do after selling off its community bank and credit union data processing businesses - it's focusing on large clients. EDS, which has been beaten up in recent years with weak earnings, mild stock scandals, and massive layoffs, recently announced...
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Fiserv Imagesoft Releases Upgraded Anti-Fraud, Imaging Platform
LAKE MARY, Fla. - Fiserv Imagesoft has released a new version of its Guardian Series software suite that it says will better able financial institutions to guard against fraud and meet the technology demands of Check 21. Guardian Series version 8.3 is browser-based and includes enhancements that allow credit unions...
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Scheurman to Lead Corporate Item Processing CUSOs
PORTLAND, Ore. - Mike Scheuerman has been named president of two corporate-owned CUSOs that could potentially play a key role in the creation of a national image exchange network. Scheuerman will lead Credit Union National Item Capture and CU eArchive Solutions, two CUSOs owned jointly by FirstCorp and Northwest Corporate....
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Baxter CU to Deploy Image Processing, Check-Truncation Platform
CLEARWATER, Fla. - Baxter Credit Union will deploy a back-office image processing and check truncation platform from TWS Systems that will help the $880 million Illinois CU prepare for Check 21, the company said. The credit union plans to fully implement IMAGECENTER before the Oct. 28 official enactment of the...
Opinions
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Technology Outsourcing: We Have Met the Enemy, and He Is Us
Outsourcing technology is common, either because a credit union does not have the internal resources to develop and implement a technology or because outsourcing promises cost savings. For every outsourcing project that ends successfully, there is at least one more that ends in disappointment - through cost savings not realized,...
Opinion
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How Credit Unions Can Create a Successful Document Management Strategy
Given the option, most credit union CEOs would elect to eliminate paper from their day-to-day operations. Many of the benefits of a seamlessly integrated paperless environment are readily apparent. However, beyond the elimination of paper, the full benefits of a successful document management solution have not been well understood by...
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Credit Unions and "A Sense of Community"
Marshall McLuhan, the world-renowned communications icon first coined the terms "global village" and "the medium is the message." Today the business of credit unions is the constant invention of new membership villages - community charters, global outreach, new messages, new mediums, and growing confrontations with old financial village merchants (banks)....
Publisher's Column
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NAFCU Returns From North of the Border a Winner
Every summer about this time, a large part of the credit union world focuses in on the Annual Conference and Exhibition of NAFCU. And for good reason; it attracts a lot of credit union movers and shakers under one roof. And a lot important to credit unions happens there. This...
Quotes Worth Quoting
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Quotes Worth Quoting
"Some of our members have told me that they feel we've thrown in the towel but that's not the case," - Bob Dorsa, NACUSO president on the Association's more than two-year effort to include CUSOs in an SEC proposal that recently extended broker/dealer exemptions to credit unions. "Our idea was...
People
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MIDWEST
Three Rivers Federal Credit Union, Fort Wayne, Ind., has appointed Jeff Meyer President/CEO. Meyer replaces James G. Mills, who has retired after serving in the President/CEO position since 1985. K.C. Police Credit Union, Kansas City, Missouri, has appointed Douglas L. DeGroot vice president/chief operating officer. Wisconsin Credit Union League, Pewaukee,...
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IN MEMORIAM
CME Federal Credit Union, Columbus, Ohio, former board director Carl Spaeth has died at the age of 78. During his 32-year tenure on the board, Spaeth served in a variety of leadership roles including five terms as board chairman. Spaeth retired from the Columbus Division of Fire after 33 years...
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WEST
Ventura County Credit Union, Calif., has named Peggy Pollard vice president of lending services. Fiscal Credit Union, Glendale, Calif., has named Don Turner vice president of lending; Tracey Marchand assistant vice president, sales and service; Avo Mkhitaryan lending manager; and Lisa Harmon-Collins assistant vice president, support services and compliance.
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SOUTH
Memphis Area Teachers' Credit Union, Tenn., has named Deborah Hughes member connect director. Spartanburg Regional Federal Credit Union, S.C., has named Omero DeLorenzo chief operating officer. Vystar Credit Union, Jacksonville, Fla., has named John Turpish executive vice president/ chief financial officer.
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SOUTHWEST
University Federal Credit Union, Austin, Texas, has named Michael Guthrie UFCU Financial Services associate register representative; Tom Cartwright senior manager of insurance services and Laurie Roberts real estate manager. Security Service Federal Credit Union, San Antonio, has promoted Donna Anderson to member contact center manager.
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VENDORS
CENTRIX Financial, LLC, a financial management and services firm, has appointed H. Dane Hooks executive vice president of financial operations. DealerTrack, Inc., a technology services company, has named Bryan Lewis vice president, national sales. United Guaranty, a mortgage guaranty insurance provider, has named Cindy Kirkley vice president and group executive...
Resource Center
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