Credit Union Times Magazine June-02, 2004

In Other News

  • DONATIONS

    Robins Federal Credit Union, Warner Robbins, Ga., Hartley Bridge Road branch Member Service Representative Sam Renfroe, has donated his "head" to help promote the new "Shave Your Rowdy Rates" campaign. Renfroe decided to have the low 3.75% rate shaved into his head. Rowdy Rates is an annual promotion that encourages...

  • AWARDS

    EECU, Fort Worth, Texas, has been chosen as the Community Group Volunteer of the Year by Cook Children's Medical Center in Fort Worth. Guests were treated to a real red carpet affair with hors d'oeuvres, a live band, dancing, and awards. The credit union was recognized for its efforts in...

  • Maryland Credit Union League Takes Strategic Plan on the Road

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  • Big Turnout for North Carolina League's Anti-Fraud Risk Council

    RALEIGH, N.C. - Nearly 50 credit union security executives and law enforcement personnel turned out here for the first open meeting of the Risk Management Council, a newly-formed committee of the North Carolina Credit Union League to fight robberies and cybercrime. "We had a great turnout with presentations by Raleigh...

  • Independent Lawmaker Sanders Speaks Out in Support of CUs' Tax Exempt Status

    WASHINGTON-Congressman Bernie Sanders (I-Vt.) told his colleagues in the House recently that credit unions are "one of the most vital, one of the most democratic, institutions in America." In a speech on the House floor May 17, Sanders explained, "Credit unions are cooperatively owned by those who deposit money in...

  • Underserved Areas, Community Charter Conversions Continue to Gain CUs Potential Membership

    ALEXANDRIA, Va.-Credit unions continue to add underserved areas and expand to community charters resulting in increasing numbers of people who are eligible to join. Seven credit unions were granted community charters by NCUA in April, according to NCUA data. The largest was Nassau County Federal Credit Union in Garden City,...

  • Bankruptcy Filings Continue to Soar as Chances for Legislation This Year Dim

    WASHINGTON-Like Sisyphus and his unruly boulder, credit unions and other lenders seem to be fighting an uphill battle to curb abusive bankruptcy filings. Even with the economy improving, personal bankruptcy filings continue to increase. "We've seen increased bankruptcy filings in good economic times; we've seen increased bankruptcy filings in bad...

  • Association of Corporate CUs Plans to Participate in Upcoming Party Conventions for First Time

    WASHINGTON - Look out, the Association of Corporate Credit Unions wants to up its political profile and its corporate credit union members say go for it. It would be harsh to say corporates are overlooked in the political environment, but still even corporate leaders themselves say there is confusion among...

  • Newport Shipbuilding ECU Applies to Expand FOM to Include Underserved Areas

    NEWPORT NEWS, Va. - Newport Shipbuilding Employees' CU filed two separate applications with the state Bureau of Financial Institutions on May 19 to expand its field-of-membership to include two underserved areas. In one application, the $792 million credit union applied to expand its FOM to include the contiguous designated "distressed...

  • ABA Chief Ogilvie Announces Retirement April 2005; EVP Yingling to Succeed

    WASHINGTON- Donald G. Ogilvie, president and CEO of the American Bankers Association for nearly 20 years, has announced that he will be retiring as of April 2005. ABA's Executive Vice President Edward L. Yingling will succeed Ogilvie at the helm of the trade association. "Don told the Board of Directors...

  • CUNA Touts CU Difference to Small Business Owners At SBA Expo

    MADISON, Wis. - CUNA did its part to tout the credit union difference to small business owners at the Small Business Administration's SBA Expo in Orlando held May 19-21. At CUNA's booth, education materials were made available to small business owners, many who may not have considered credit unions as...

  • WSECU Makes the Cut for Best Employer

    OLYMPIA, Wash. - Washington State Employees Credit Union has been recognized by Washington CEO Magazine's as one of the state's "Best Companies to Work For." "New employees really notice a difference when they come to work here," said WSECU President/CEO Kevin Foster-Keddie. "It has a family feeling. Promoting a work...

  • It's a Texas Thing

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  • CU Groups Gang Up on Bankers

    WASHINGTON-A group of key credit union associations are teaming up on advertising in Washington, D.C. newspapers to counter the bankers' recent efforts to tarnish the credit union image. CUNA, NAFCU, CUNA Mutual Group, U.S. Central, and the state credit union leagues are working together on an advertising campaign in an...

  • CULAC Contributions Tipping Toward Right Side of the Aisle

    WASHINGTON-Congressional contributions from the Credit Union Legislative Action Council are leaning more toward Republicans this election cycle. According to PoliticalMoneyLine Web site (tray.com), CULAC has given $641,095 to Republican candidates and $485,417 to Democrats in the 2003-2004 election cycle. It should be noted that CULAC, the political arm of CUNA,...

  • Akaka Language on Tax Assistance Advances; Disclosures on Minimum Card Payments Introduced

    WASHINGTON-Senator Daniel Akaka (D-Hawaii) is juggling two bills in the Senate right now that have a potential impact on credit unions. On May 19, the Senate passed H.R. 1528, the Tax Administration Good Government Act, after first stripping the House-passed language and inserting its own. The text of H.R. 1528...

  • CURIA Gains Five Co-Sponsors, Total Nearing 50

    WASHINGTON-The Credit Union Regulatory Improvements Act (H.R. 3579) gained five more credit union-friendly legislators who added their signatures to the bill recently. Representatives signing on the legislation included Republicans Ken Calvert of California and Don Young of Alaska and Democrats Shelley Berkley (Nev.), Jesse W. Jackson, Jr. (Ill.), and Ciro...

  • Callahan & Associates: Multi-Owned CUSOs the Most Dynamic Segment of CU Community

    WASHINGTON - Callahan & Associates has published its 2004 Directory of Credit Union Cooperatives and the company says the data collected show that when it comes to lending, investment, and technology services, multi-owned credit union service organizations are having a greater impact on CUs and members than ever before. The...

  • Pennsylvania Banking Department Sets Stage for CU Community Charters Hearings

    HARRISBURG, Pa.- Setting up what could be a heated battle over the next few months between Pennsylvania's credit unions and its banking community, the Pennsylvania Department of Banking on May 25 held its first but mostly procedural hearing regarding the fate of three state-chartered credit unions seeking conversion to community...

  • Oregon's Northwest Community Credit Union, Point West Credit Union in Merger Talks

    SPRINGFIELD, Ore. - As if to underscore a comment made recently by the chairman of the Credit Union Association of Oregon concerning the declining number of credit unions in the state due to mergers, two Oregon credit unions are in talks about a potential merger that could create a financial...

  • Northern Schools FCU Looks to Nature to Boost Credit Card Usage

    FAIRBANKS, Alaska - Northern Schools Federal Credit Union is leveling the credit/ debit card field by making the most of its natural surroundings. "Our biggest credit card competitor here offers airline mile credits for purchases made," said Northern Schools FCU Vice President of Marketing Nevada Bovee. "We don't have the...

  • Pennsylvania Governor's Task Force Wants to Take Financial Literacy Awareness to Next Level

    HARRISBURG, Pa. - Mike Wishnow and Barb Fortney hope Gov. Edward Rendell's Task Force for Working Families will boost the issue of financial literacy to the next level. Wishnow, senior vp/communications and marketing for the Pennsylvania Credit Union Association, and Fortney, CEO of LANCO Federal Credit Union in Lancaster, have...

  • United Heritage CU Plays Ball for Member Appreciation Day

    AUSTIN, Texas - For United Heritage Credit Union members, nothing says "thank you" better than a night of peanuts and cracker jacks at a baseball game. The $333 million credit union has recently hosted Member Appreciation Day at popular Minor League Round Rock Express' baseball facility -The Dell Diamond. Some...

  • NCUA Clarifies Member Business Lending Rules to Align More with SBA Rules

    ALEXANDRIA, Va. - NCUA is hoping that several clarifications of its member business lending rules will encourage more credit union participation in the Small Business Administration's SBA 7(a) business lending program In a May 20 opinion letter to the SBA, NCUA addressed a number of critical areas. Regarding the 12-year...

  • Navy Federal Credit Union Keeps Tight Market Niche for New Small Business Services Division

    VIENNA, Va. - Navy Federal Credit Union acknowledges that it may be "late to the game" of business services but if word of mouth is any indication, better late than never. Less than two months after the $21 billion credit union softly launched its Navy Federal Small Business Services nearly...

  • CUNA, NAFCU Support Student-Run CUs in CDRLP, NFCDCU' s Rosenthal Strongly Opposed

    ALEXANDRIA, Va.-CUNA and NAFCU supported a proposal from NCUA to allow student run credit unions to obtain funds from the Community Development Revolving Loan Program, but the proposal is facing some opposition from the National Federation of Community Development Credit Unions. The CDRLP makes low-interest loans and technical assistance grant...

  • CUAO Gives Thumbs Down to Consolidation With Washington League (For Now)

    BEAVERTON, Ore. - Emphasizing that the "door is still open to a possible consolidation in the future" with the Washington Credit Union League, the Credit Union of Oregon Board turned down a consolidation proposal and passed a resolution stating the board's decision "to maintain their independence while pursuing future working...

  • Credit Union Groups Work to Halt Banker Legal Maneuvering to Supplement Administrative Record in Utah Case

    SALT LAKE CITY-In a spin move more suited to the NBA, the ABA-American Bankers Association-is attempting to get around an earlier decision that prevented them from discovery proceedings in the Utah field of membership case, but NCUA and the intervenors are exhibiting a pretty strong defense. The defendants-NCUA, CUNA, NAFCU,...

  • Carolina Leagues Mark June 1 Ribbon Cutting For Actor's `Victory Junction' Camp

    RALEIGH, N.C. - The credit union-backed charity campaign to benefit Hollywood actor Paul Newman's "Victory Junction Gang Camp" for chronically ill youngsters hits a milestone this month as CUs in North and South Carolina plan to take part in ribbon cutting festivities of the North Carolina camp on June 1....

  • California Spanish Language Media Report on State, Federal CU Legislation

    LOS ANGELES - Legislation pending at the state and federal levels to allow credit unions to better serve Hispanics in the United States - particularly those who want to make international remittances - has attracted the attention of major Spanish-language media in the Los Angeles area. Within the last month,...

  • IRS Taking a Harder Look at Exec Pay at Nonprofits, Credit Unions Exempt from Scrutiny

    WASHINGTON - The IRS is clearly taking a closer look at credit unions these days, but it looks like credit unions will be spared at least one emerging area at the IRS. Last fall, the IRS ranked executive compensation at nonprofit organizations as one of several areas that needed more...

  • SBA's Barreto Meets with NAFCU, Encourages More CUs to Offer Loans

    WASHINGTON - SBA Administrator Hector Barreto said credit unions can go a long way in helping small business owners get the capital they need to be financially successful. During a May 19 meeting at the SBA Expo in Orlando, Barreto talked with NAFCU President Fred Becker, NAFCU Senior Vice President...

  • CUNA Mutual to Meet With CUs Hurt In Big Box Card Snafu

    MADISON, Wis. - CUNA Mutual staff plans to meet with the staff of credit unions which had card accounts compromised when a so-called big-box retailer, BJ's Wholesale Club, had a card security breach that resulted in a number of credit unions having to close possibly compromised accounts and reissue cards....

  • Bator Training & Consulting, Great Lakes Estate Planning Form Trust Services Alliance

    NAPERVILLE, Ill. - Bator Training & Consulting, Inc. (BTC) and Great Lakes Estate Planning have linked up to help bring trust services to credit unions. BTC is a training and consulting firm providing marketing and management services to credit unions and corporate credit unions. GLEP provides a number of estate...

  • CUs Offer Bankers Jobs

    ENDICOTT, N.Y. - Credit unions in search of a few more good staffers may not need to look any further than the latest local big bank sale or merger. Horizons Federal Credit Union, Sidney Federal Credit Union, GHS Federal Credit Union, and Visions Federal Credit Union have recently teamed up...

  • Texas Community Bankers Seeking Out Ways to Better Compete

    AUSTIN, Texas-The Independent Bankers Association of Texas is looking to legislative remedies to allow the continued viability of the community banks. "We're trying to find a place for community banks in this changing, dynamic financial services marketplace," IBAT Executive Vice President Steve Scurlock said. He cited the large banks and...

  • People's Alliance FCU Helps Spread CU Philosophy to Japan

    HAUPPAUGE, N.Y. - People's Alliance Federal Credit Union President/CEO Nicholas M. Lacetera has helped shed some light on practical examples of the credit union philosophy for Japan. Lacetera recently met with Sumio Kinoshita, president/CEO, of NIKKIN - The Japan Financial News Co., Ltd. to discuss the differences between banks and...

  • GFCU Helps Raise Financial Literacy IQ

    ATLANTA - Georgia Federal Credit Union is ensuring that local high school seniors here graduate with honors in financial literacy. GFCU has recently presented "The Wise Use of Credit" to over 300 senior students at Lakeside High School. Using materials from the National Endowment for Financial Education High School Financial...

  • Literacy Course Seen as Loan Hedge by Wisconsin CU

    HAYWARD, Wis. - A course in financial literacy may soon figure in loan decision-making at a tiny Indian credit union which said it has been conducting free seminars on money management and budgeting for both members and non-members. "We have been discussing the idea of using the course as a...

  • NCUA Looking to Improve Communication Channels with Express Service

    ALEXANDRIA, Va.-NCUA recently launched its new Express e-mail service, which will allow credit unions to obtain information from the agency faster and direct it to the right people. "Express was designed to be a resourceful tool for expediting information and will enhance the agency's communications with credit unions," NCUA Chairman...

  • Wall Street Journal Highlights Credit Unions as Alternative to Banks

    WASHINGTON-In her family finances column, The Wall Street Journal Reporter Kelly Spors suggested that consumers should look closer at the services credit unions are offering. "These once-sleepy not-for-profit outfits are moving aggressively to compete - and offering noticeably better interest rates on loans and deposits than you'll find at many...

  • CU*Answers Successfully Tests IT Redundancy

    KENTWOOD, Mich. - CU*Answers, the technology CUSO formerly known as Wesco, recently completed a massive test of its redundancy systems. On May 12, more than 1,000 credit union employees, over 700,000 credit union members, dozens of third party networks and ancillary vendors were all completely rolled over to a redundant...

  • Texas Savings & Loan Department Issues Rule on Mortgage Advertising, Discounts

    AUSTIN, Texas - The Texas Savings & Loan Department issued an amendment effective June 1 concerning mortgage advertising in the state. The rule applies to mortgage brokers specifically, but mortgage CUSOs in the state that are licensed as mortgage brokers are affected. The first rule amendment requires mortgage brokers to...

  • JDCCU sponsors Kids' Zone

    WATERLOO, Iowa, - John Deere Community Credit Union is making sure local children kick off the summer with fun by sponsoring the My Waterloo Days Festival Kids' Zone. The Kids' Zone features four areas of interactive activities. The Entertainment Zone will feature a Magic Show, variety shows, the YWCA Dance...

  • D.C. Credit Union League Sponsors Hospital Art Project

    WASHINGTON - The District of Columbia Credit Union League, through its community involvement committee, has helped make a child's hospital stay a little bit brighter. The league has recently raised $10,000 to transform two blank white walls in the operating room waiting area of Children's National Medical Center into colorful...

  • Santa Ana FCU Donates Computers

    SANTA ANA, Calif. - Santa Ana Federal Credit Union is helping children brush up on their reading skills. The $68 million credit union has donated 11 computers to the Reading Corners program to be used at their children's literacy centers. Computers and other equipment will be used to reinforce literacy...

  • Fed Reserve Governor to Address NASCUS Conference

    ARLINGTON, Va. - Federal Reserve Governor Susan Schmidt Bies is among the list of notable speakers expected at NASCUS' 39th Annual Conference and Symposium that will be held Sept. 12-15 in Albuquerque, N.M. Among the others on the speaker list are NCUA Chairman JoAnn Johnson; Executive Director of Jump$tart Coalition...

  • New Name for Vought Heritage Community CU

    DALLAS -After 70 years, Vought Heritage Community Credit Union has changed its name to Texas Trust Credit Union. According to TTCU President Jim Gray, the new name reflects the credit union's growing and more diverse membership. TTCU has over $450 million in assets and serves 65,000 members.

  • Fake CU Hits Hawaii

    HONOLULU - The imposter "Heartland Credit Union" wave has crashed in the Big Island of Hawaii. The Better Business Bureau of Hawaii and the Hawaii Credit Union League have issued warnings of the newspaper advertisements promoting loans for the fake credit union. According to state credit union leagues, the best...

  • Johnson's First Move Towards Improving Communication is in the "E-Mail"

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  • Making the Case for Financial Literacy

    Some personal finance statistics from Jump$tart * Of the 4,000 students who took the Jump$tart personal finance survey in 2002, 68.1% received failing scores. (Source: Jump$tart Coalition); * Research has shown that as little as 10 hours of personal financial education positively affects students' spending and savings habits. (Source: National...

  • SeaComm FCU CEO Takes a Dip for Charity

    MASSENA, N.Y. - SeaComm Federal Credit Union was a big part of a recent radio telethon to raise money for Massena Memorial Hospital in upstate New York. While credit union staffers were busy answering the phones taking pledges and bids on auction items SeaComm FCU CEO Forrest Kimball and Marketing...

News

News Briefs

  • NAFCU Annual Conference Chock Full of Various CU Necessities

    ARLINGTON, Va.-The agenda for NAFCU's 37th Annual Conference and Exhibition slated for July 14-17 in Vancouver, British Columbia is crammed with information relating to credit unions on a wide range of subjects. The Credit Union Economics Group, of which NAFCU was a founding member, will lead a panel discussion on...

  • NCUA: Loans Up and Delinquencies Fall in First Quarter

    ALEXANDRIA, Va.-Even as loan growth begins to creep back up, delinquencies at credit unions dropped 9.6% in the first quarter of 2004, according to NCUA's call report data covering America's 9,290 federally insured credit unions. Federally insured credit unions reached a near record-low delinquency ratio, NCUA gleaned from credit union...

  • Time Warner Cable Airs Story on CUs

    NEW YORK - NY 1 News, Time Warner's 24-hour news channel in New York City aired a segment on the station's Money Matters Report on credit unions on May 18 entitled "Credit Unions Offer Non-Profit Alternative to Banks." The segment began with the announcer stating that, "Credit unions are one...

  • Cell Phone Late-Arrival Nextel Lobbying Likened to CUs

    WASHINGTON-Two staff writers from The Washington Post paralleled the recent lobbying battle between Nextel and the rest of the industry and regulators to credit unions' grassroots efforts after the landmark AT&T Supreme Court case. The article explains how Nextel has not been very active politically, but now that it wants...

  • Corrections

    An article entitled "Honda FCU Branches Out" on page 46 of the April 28 issue of Credit Union Times erroneously suggests that PWCampbell is the firm exclusively responsible for Honda FCU's recent branch project. While PWCampbell designed the architecture of the facility, Weber Marketing Group developed all the retail elements...

Corporates

  • Corporates Request Guidance From NCUA on Bank Secrecy Act

    WASHINGTON - How do wholesale institutions like corporate credit unions comply with a reg written for retail institutions like credit unions? Corporates want some answers. Corporate credit unions say they are happy to comply with the Bank Secrecy Act, but they need more guidance from NCUA. Association of Corporate Credit...

  • Butke's Vision for SimpliCD Coming True as Brokered CD Product Penetrates Nearly 20% of Nation's Credit Unions

    COLUMBUS, Ohio - When Corporate One decided to sell its popular SimpliCD product last year to a corporate network-owned CUSO, Corporate One President/CEO Lee Butke said the main reason was to get the product into the hands of more credit unions. The idea was if all corporates were co-agents of...

  • SunCorp Retains It's A1+ Rating With Standard & Poor's Despite Securities Loss

    ARVADA, Colo. - When you're a $2.8 billion dollar corporate like SunCorp Corporate CU, a $5 million loss in the securities portfolio isn't exactly earth shattering, but SunCorp President/CEO Eric Kenealy wants credit unions to know safety and soundness is always the corporate's first priority. Standard & Poor's recently announced...

  • Northwest Corporate Expands ALM Services

    PORTLAND, Ore. - Northwest Corporate has expanded its ALM offerings with the addition of Risk Analytics ALM Solutions. Risk Analytics ALM Solutions is a division of the corporate's newest business partner, Index Powered Financial Services. The new service features interest rate risk testing and the ability to perform "what if"...

  • Mid-States Sees First Action With New Business CUSO

    WARRENVILLE, Ill. - Mid-States Corporate FCU's first credit union member has signed up with business services CUSO, CU Business Group. Share Advantage CU of Duluth, Minnesota was the pioneering CU. CU Business Group was started by Northwest Corporate a few years ago, with First Corp and Empire Corporate later joining...

  • New Facility in Georgia Houses Corporate, League, CU and CUNA Mutual

    DULUTH, Ga. - Talk about a credit union building. A new facility here will house corporate credit union Georgia Central CU, Georgia CU Affiliates, Georgia FCU and the southeastern regional office of CUNA Mutual Group. Georgia Central moved into 10,000 square feet on the second story of the three-story building...

  • Mid-States Elects Directors

    WARRENVILLE, Ill. -Mid-States Corporate Federal Credit Union elected its new officers at its 28th Annual Meeting in Chicago held recently The 2004 board is as follows: Chair of the Board, Barbara Berghoff, President/CEO of Professional Federal Credit Union, Fort Wayne, Ind.; Vice Chairman, Terry Brahm, President/CEO of Deere Harvester Credit...

Briefs

  • A Glance at CMG's 2004 Lending Strategies and Trends Research

    In the 2004 Lending Strategies and Trends Research completed by CUNA Mutual Group in December 2003, credit unions with $50 million or more in assets were asked about their consumer and real estate lending programs. Here are some of the results concerning CUs' mortgage programs. Loan Volume Purchase Money versus...

  • MeridianLink Completes Direct Integration with Fannie Mae; Enhances LoansPQ Platform

    COSTA MESA, Calif. - MeridianLink, a provider of enterprise business applications to credit unions, has completed a direct integration of its LoansPQ Transaction Manager with Fannie Mae's automated underwriting system. With the direct connection to Fannie Mae, Meridian Link says credit unions can now seamlessly submit mortgage loan applications to...

  • Spokane Teachers CU Home Loan Campaign "Showing Great Results"

    LIBERTY LAKE, Wash. - Spokane Teachers CU not only wants its members to know the credit union does mortgages at competitive rates, but to be sure STCU is top of mind with members when it's time for them to buy a new home or refinance an existing one. That's why...

  • TrueCredit Advises Consumers to Prepare for Rising Mortgage Rates

    SAN LUIS OBISPO, Calif. - After enjoying historically low interest rates in recent years, economists are now predicting that interest rates will start to rise later this year or in early 2005. With the cost of borrowing expected to go up, TrueCredit.com, a provider of consumer credit management services, says...

  • MBA Lowers 2004 New Mortgage Finance Forecast

    WASHINGTON - The Mortgage Bankers Association on May 19 released its monthly update of its Mortgage Finance Forecast for May and is projecting $2.4 trillion in mortgage originations in 2004, down from last month's estimate of $2.6 trillion. The MBA also said rising interest rates will cut into refinancings this...

  • Del Mar Database Reporting Tools Let North Island CU Keep Track of Mortgage Traffic

    CHULA VISTA, Calif. - Record low rates made 2003 a bountiful year for mortgages for credit unions and other lenders. For North Island CU, the year was not only good for the CU's mortgage portfolio, but NICU managed to do that while maintaining a majority of the mortgages it processed...

  • Aimbridge Home Loans Incentive Program Rewards CU Employees for Loan Referrals

    DENVER - Aimbridge Home Loans, one of five divisions of the Aimbridge Group and a full-service mortgage provider for credit unions and their members, launched an incentive program - the Aimbridge Employee Recognition Opportunity (AERO) - that awards credit union employees for referring members to Aimbridge Home Loans. When a...

  • Prime Alliance Solutions Names 2004 Mortgage Artists of the Year Awards

    LAS VEGAS - Prime Alliance recently announced the winners of its second annual Mortgage Artists of the Year Award. The award is given to five Prime Alliance customers each year, and each award is based on asset size - less than $500 million, $500 million to $1 billion, and over...

  • Homeownership Rates Down for Working Families

    WASHINGTON - Despite record-low mortgage rates and an overall rise in the U.S. homeownership rate, findings from a recently released study show homeownership rates for low- and moderate-income working families have declined since the late 1970s. The paper, "Working Families with Children: A Closer Look at Homeownership Trends, May 2004"...

Opinion

  • The Time is Right to Grow Your Mortgage Business

    While 2003 was the most productive year in the history of mortgage lending volume, 2004 may be an even better year for credit unions to grow their mortgage business. There are many elements that are aligning to make this an ideal environment for credit unions to take either a bigger...

Tech Bytes

  • Internet-Only Banks Holding On and Gaining Ground

    FRAMINGHAM, Mass. - Credit unions and others who wrote off Internet banks as only a passing fancy may want to think again. "Much of the financial services industry has pronounced Internet banking only `dot-gone.' But we find that contrary to widely held opinions, Internet-only banks not only continue to exist...

  • Heavyweights to Gather for Identity Theft Forum in Big Apple

    NEW YORK - Major players ranging from the NCUA to the FBI to Citigroup will participate in a seminar on identity theft set for June 30-July 1 at the Metropolitan in New York. Discussions will include best practices, case studies, and technological innovations in the fight against identity theft losses...

  • AAFCU Goes with Ontario Systems for Automated Debt Recovery System

    CHICAGO - American Airlines Federal Credit Union has decided to use the Artiva Recovery solution from Ontario Systems to manage its account receivables and help collect on past due accounts. The $3.9 billion CU will use the Muncie, Ind, company's automated workflow system to allow its management to prioritize accounts...

  • Mortgage Tech Sales Veteran Oberhaus Takes Up with SwiftView

    PORTLAND, Ore. - Mortgage technology veteran Larry Oberhaus has joined electronic documents manager SwiftView Inc. in the newly created position of major accounts manager. Oberhaus will be representing the Portland-based company's Web-based SwiftSend LoanDocs solution to large venders in the southwestern United States, said company President Steve Bacheler. Oberhaus was...

  • CEFCU Re-ups with Online Resources

    McLEAN, Va. - Internet banking firm Online Resources Corp. announced that it has renewed contracts with four large financials with combined assets of $25 billion. Among the renewals is the $2.6 billion Citizens Equity First CU in Peoria, Ill. The CU has been a client since 2001. The other three...

Letters to the editor

  • Conflict Resolution is Possible Between CMG, OPEIU

    Mike Welch's column of May 19 ("When CMG and OPEIU Have a Standoff, CUs Lose") is correct on most points. I believe that with a better understanding of the circumstances there's still hope of resolving the union-management dispute. I say "still hope" because it is far more serious this time...

  • Union Not the Bad Guys

    In his May 19th column, "When CMG and OPEIU have standoff, CUs lose," Mike Welch makes some good observations and fine points. It is, however, not the Union that's acting "like a neighborhood bully," but CUNA Mutual Group. The 37-hour work week is not part of management's proposal, it's 40...

  • More PIG Awards

    I enjoyed Mike Welch's column May 5th on PIG Awards ("Announcing the Banking Industry's PIG Awards"). I just have a couple of suggestions for category changes. "Best of Show" could be "Best of Sow," and "Hall of Fame" could be "Hog of Fame." Ah but a rose by any other...

Publisher's Column

  • Banking Groups Are Fighting a Losing Battle

    Although none of the banking trade associations have asked for my opinions in connection with their ongoing battle against credit unions, I'm going to give them anyway. In my opinion, the state and national banking trade groups' attempts to put all but the smallest credit unions out of business is...

Pictorial

  • Texas Lawmakers, Financial Services Leaders Turn Out for Ensweiler Reception

    WASHINGTON-Several lawmakers for the Texas congressional delegation made appearances at a reception recently held by CUNA for Chairman Dick Ensweiler, president and CEO of the Texas Credit Union League, at the U.S. Capitol. Senator Kay Bailey Hutchinson (R-Texas) and Representatives Ralph Hall (R-Texas), Nicholas Lampson (D-Texas), Silvestre Reyes (D-Texas), Charlie...

Quotes Worth Quoting

  • Quotes Worth Quoting

    "We realize the low-hanging fruit (are) probably gone." - Jim Salmon, business lending special assistant, who is overseeing Navy Federal FCU's new Navy Federal Small Business Services division, acknowledging its late entry into member business lending. "This is just another example of the hypocrisy on the part of the bankers...

People

  • MIDWEST

    Illiana Financial Credit Union, Calumet City, Ill., has named Wayne DeGraaf assistant vice president for member business lending/development services; Robert Palumbo, Jr., Downers Grove branch manager; Jolynn B. Burke Chicago Heights branch manager and Robert T. Li financial advisor. CEFCU, Peoria, Ill., has named Terry Bitner East Peoria Member Center...

  • SOUTHWEST

    Security Service Federal Credit Union, San Antonio, has promoted Henry Ibarra to assistant vice president of member service. Texas Credit Union League, Farmers Branch, has elected the following 16 district directors to serve the 2004-2006 term: Kyle Ashley, Alliance FCU, Panhandle District 7; Anne Boatright, Capitol CU, South Central District...

  • EAST

    Post Office Credit Union of Maryland, Baltimore, has elected the following officers to its board: Thomas J. Lafond chairman; Ronald W. Bailey 1st vice chairman; Christopher T. Garrity 2nd vice chairman; David A. Brignac treasurer; and Walter D. Hepner secretary. In addition, Charles A. Brackett, Fred Driver, Michael E. Jankiewicz,...

  • SOUTH

    Insight Financial Credit Union, Orlando, Fla., has elected Maurice T. Webber board chairman; Steven C. Hoeltke, board secretary; and Karen Johnson board director.

In Memoriam

  • Former HCUL Chairman Dies

    HONOLULU - Hawaii Credit Union League Board Director and former Chairman Goro Hokama has died at the age of 75. Dedicated to the credit union movement since 1946, Hokama served on several credit union boards including Lanai Federal Credit Union and the Hawaii Credit Union League. In addition to serving...

  • IN MEMORIAM

    Provident Credit Union, Redwood Shores, Calif., longtime member and board director Phillip Capitolo has died at the age of 73. During his 34-years of service Capitolo served as board chairman twice and applied his experience in the education and credit union fields to help Provident CU grow. Capitolo is survived...

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