Credit Union Times Magazine June-23, 2004

  • Allegacy FCU Opening Doors to Latino Community; Serving Hispanic Market Takes a Lot More Than Just Speaking the Language

    WINSTON SALEM, N.C. - The answer to the question of how credit unions can effectively serve the Hispanic community can be found at Allegacy Federal Credit Union. Well before the U.S. Census Bureau reported that Hispanics are the largest minority segment and will comprise one-fifth of the population in 2020...

  • Alternatives FCU CEO Myers Defends CU Against Claims it is Too Grant Reliant; New Headquarters Building Also Draws Criticism

    SAN JUAN, Puerto Rico - On the eve of accepting the community development credit union industry's highest honor, Bill Myers, a founder and CEO of the $46 million Alternatives FCU, headquartered in Ithaca, New York, took some time to defend his credit union. Critics have alleged the award-winning Alternatives got...

  • Alabama CU League Ad Educates Alabamians on CU Difference

    BIRMINGHAM, Ala. - The Alabama Credit Union League wants Alabamians to be aware of the difference between credit unions and banks and ran a full-color ad in the June issue of Business Alabama magazine to make their point. The ad is part of a statewide credit union image campaign being...

  • After Two Years on The Job, Madden Deals with Challenge of Managing Hudson Valley FCU's Growth

    POUGHKEEPSIE, N.Y. - Mary Madden can pride herself on becoming a member of the "female CEOs of billion dollar credit unions" after working in the corner office of Hudson Valley FCU for only two years. She not only has that notable achievement by the $1.75 billion credit union to be...

  • Association of Corporate Credit Unions Taps Dollar Associates for Government Relations

    WASHINGTON - Dollar Associates has landed its second major client in the Association of Corporate Credit Unions. Dollar Associates of course is the fledgling consulting company formed by former NCUA Chairman Dennis Dollar and his special assistant Kirk Cuevas. The ACCU plans on working with Dollar Associates to assist it...

  • Cardtronics, E*Trade Deal Might Mean Rough Going Ahead For Allpoint

    ARLINGTON, Va. - Does the recent announcement that Cardtronics will buy E*Trade's portfolio of ATM machines mean trouble ahead for Allpoint, the upstart ATM network that has collected numerous credit union clients over the last year? On the surface it might seem so. With their 12,000 and 15,000 ATMs, respectively,...

  • Credit Unions, Banks, Must Reconsider ATM Strategies, Expert Argues

    BOSTON - ATM deployers, including credit unions, have become the victims of the ATM industry's success and must change their ATM strategies to survive through the industry's next evolution, according to Tony Hayes, a noted ATM expert and one of the principal authors of a new study of the American...

  • CUNA and NAFCU Work to Increase Voter Turn Out; Taking Grassroots to New Online Levels

    WASHINGTON-With many primaries going on right now and elections just around the bend in November, credit union groups are working to bolster voter turn out. CUNA unveiled a new Web tool last week to encourage more Americans to vote, while NAFCU reminded members of the online voter registration feature on...

  • Colorado CUs Reacting Differently to Impact of State's Economy On Indirect Lending

    GREENWOOD VILLAGE, Colo. - Colorado's number two rank in market share for auto lending may be a blessing and at the same time the cause of loan loss situations some CUs are finding themselves in. Callahan & Associates/AutoCount USA data for January 2004 showed Colorado having 33.2% total auto loan...

  • CCUL Survey: Average CU Pay in California, Nevada Up 4.15% in 2003

    RANCHO CUCAMONGA, Calif. - The California Credit Union League released the results of its 2004 Credit Union Staff Compensation Survey, and the results provide an interesting insight into some human resource practices of credit unions in California and Nevada. Survey data show salary increases for management and non-management employees at...

  • In Unity Move, Arizona League Hits 100% Participation

    PHOENIX, Ariz. - Achieving 100% member participation in state League annual meetings is a "once in a lifetime achievement," claims the Arizona Credit Union League, and the organization was expected to mark that milestone at this year's conference in Tucson. The purpose: to show "complete unity and commitment" in the...

  • Security Service FCU and Housing Group Come Together Under Access Across America to Offer Affordable Housing

    SAN ANTONIO, Texas - A federal credit union and a local housing program have come together to help more Texans become homeowners under the auspices of NCUA's Access Across America program. Security Service Federal Credit union has committed $10 million in home loans in a strategic partnership with Neighborhood Housing...

  • Fed Check Volume at Lowest Quarterly Figure Since 1994

    WASHINGTON - The volume of checks cleared through the Federal Reserve continues to decline. Less than one month after the Federal Reserve released its 90th Annual Report to Congress showing the number of checks processed by the agency declined for the fourth consecutive year in 2003, the Fed released its...

  • U of C FCU Gives Members New Vehicle Financing Options Through AAI Partnership

    BOULDER, Colo.- U of C FCU inked a partnership with Automotive Avenues, Inc. (AAI) that gives the CU's more than 74,000 members enhanced options when financing their auto loans through the credit unions. Instead of U of C FCU members purchasing their vehicles through the traditional franchise dealership, the CU's...

  • Dykstra Named President/CEO Of San Francisco Fire CU

    SAN FRANCISCO - Diana Dykstra, president and chief executive officer at CoastHills Federal Credit Union in Lompoc, Calif., has been named president and CEO of San Francisco Fire Credit Union. Dykstra will replace John L. Rebholtz, who is scheduled to retire July 15. Dykstra, chairman-elect of the California Credit Union...

  • CUs in Three More States Support NCUF

    MADISON, Wis. - Credit unions in North Dakota, Kentucky and Nevada began supporting the National Credit Union Foundation's Community Investment Fund, lifting the number of states with credit unions investing in the fund to 46. Amy Swanstrom, spokeswoman for the NCUF, declined to list the remaining states without contributing credit...

  • Denver's New Horizons CU in New Headquarters

    DENVER - Embarking on a new program of neighborhood outreach, the $181 million New Horizons Community Credit Union has opened a new headquarters facility in an old KeyBank branch in south central Denver. The facility, opened June 1 and which houses senior management and the loan department, serves a "mixed...

  • Bank One Name Stirs `BOB' Flap

    PHOENIX, Ariz. - When there's a bank mega-merger the size of Bank One Corp. and J. P. Morgan Chase, it's bound to bring in new business for credit unions "from frustrated consumers," according to the chairman of the Arizona Credit Union League. Now there's a local flap about what happens...

  • Fed to Raise Rates Earlier and Faster, NAFCU Economist Says

    ARLINGTON, Va. - The Federal Open Market Committee, the monetary policy arm of the Federal Reserve Board, will begin to raise rates earlier and faster than previously thought, NAFCU Senior Economist Jeff Taylor predicted. He said he expects the economy to grow even stronger in the second quarter than the...

  • Aimbridge Indirect Lending Enhances Aimbridge Connect

    DENVER - Aimbridge Indirect Lending, a division of Aimbridge Lending has added new features to its Aimbridge Connect system the company says makes it easier to navigate and includes more automated functions that make the loan application approval process faster and more efficient. The Aimbridge Connect system enables auto dealers...

  • Kauai Community FCU Goes Green

    LIHUE, Hawaii - Kauai Community Federal Credit Union (KCFCU) is proving that recycling efforts at even just one branch can help improve the environment in a big way. Since implementing a pilot recycling program at the Lihue branch, KCFCU has reduced its amount of waste sent to the landfill by...

  • CUNA Gangs Up on Fraudulent CUs with Help from U.S. Government and Neighbors to the North

    WASHINGTON-CUNA has developed its Anti-Fraud Tool Kit to help protect credit unions and their members from entities posing as legitimate credit unions. After much back and forth with NCUA, NASCUS, the Department of Justice and the Federal Bureau of Investigation, CUNA has created its tool kit, available to CUNA members...

  • CUNA Mutual and Union Still at Odds; AFL-CIO Initiates Letter Writing Campaign on Behalf of Union

    MADISON, Wis. - Are things better or worse between CUNA Mutual and its union then they were a few months ago? It depends who you ask, but one thing is certain, the two sides certainly haven't found any more common ground. In fact the public relations end of the divide...

  • North Carolina Credit Union Merges Five CUs in 18 Months; Small CU Goes Away, but CU Service is Preserved

    DURHAM, N.C. -At a time when NCUA officials are expressing increased concern over the dwindling number of small credit unions, one credit union sponsor here has found that mergers are sometimes the way to go for struggling small CUs. Late in 2002, the North Carolina Minority Support Center helped reorganize...

  • NYSCUL Study: N.Y. Credit Unions Boost State's Economy by $4.5 Billion

    LATHAM, N.Y.- New York credit unions generate more than $610 million in taxable wages and add an estimated $4.5 billion to the Gross State Product, according to results of a new study conducted for the New York State Credit Union League. Entitled "The Role of Credit Unions in New York...

  • Nealon Named to Top Job at $1.5 Billion Constitution Corporate CU; Fills Last Vacant Corporate CU CEO Slot

    WALLINGFORD, Conn. - Bob Nealon is Constitution Corporate's new CEO. Nealon is coming from the natural person CU domain, currently serving as EVP/CFO of the $487 million Sikorsky FCU. Nealon is very familiar with the $1.5 billion Constitution Corporate having served on its supervisory committee as well as its board....

  • National Federation Celebrates 30 Years of CUs Helping Low Income Communities

    SAN JUAN, Puerto Rico - Two events, the delivery of an oversized check and an unexpected, congratulatory visit from the new head of the Treasury's CDFI helped set the tone for what became a joyful, if cautious, celebration of the National Federation of Community Development Credit Union's 30th annual meeting....

  • NCCUL Gives New State Capital Connections Program High Marks

    GREENSBORO, N.C. - The North Carolina Credit Union League wrapped up its first five-week long State Capital Connections program on June 9, and based on the feedback the League has received from its affiliated credit unions, NCCUL is giving the new program the thumbs up. Approximately 75 credit union leaders...

  • Powell Brings Heart-Felt Passion to America's Credit Union Museum

    MANCHESTER, N.H. - From the front door lace curtain to the state-of-the-art, wireless infrastructure, there probably isn't a part of American's Credit Union Museum that's unfamiliar to Executive Director Peggy Powell. Whether she's doing a presentation to raise museum funds or leading a tour for a group of visitors, you...

  • VISA Urges a Variety of Card Commitment Strategies

    SAN FRANCISCO - Credit card holders are most loyal to their first card issuers, so credit unions should strive to be the first institutions to put cards in their members' wallets. That is one of the strategies a recent VISA USA research report suggested credit unions try in order to...

  • Unity, Preparation Against Bank Attacks New York Credit Unions Top Goals

    LATHAM, N.Y. - As members of the New York State Credit Union League prepared for their 84th Annual Meeting and Convention-being held this week in Saratoga Springs, NY-Credit Union Times had the opportunity to speak with NYSCUL's Michael Lanotte, senior vice president and general counsel. CU Times: How would you...

  • Understanding How Market Index Certificates Work Key to Members' Acceptance of Them, Experts Say

    FLORHAM, N.J. - Nearly a decade since NCUA gave the green light for a pilot that would allow credit unions to offer index certificates tied to the performance of an equity market index, members have been attracted to their dividends and principal safety but some experts say they still may...

  • Two CDCUs Wrestle With Growing Pains; Keeping Eye on Rates and Institutional Investor Activity is Key

    SAN JUAN, Puerto Rico - It's not just big credit unions that need to manage their growth. Well-run community development credit unions need to balance their growth pressures as well, according to two CEOs of rapidly growing CDCUs who addressed a breakout session of the National Federation of Community Development...

  • Navy's McDonnell Resigns From CUNA Mutual Board; World's Largest CU Involved in New Projects, Expansion

    MADISON, Wis. - When you're the CEO of not only the world's largest credit union, but a credit union that is growing rapidly and expanding into new areas, time is a valuable commodity. Navy FCU President/CEO Brian McDonnell resigned from the board of CUNA Mutual Group at the recently held...

  • Credit Union ONE Offers "Faith in Energy"

    FERNDALE, Mich. - Credit Union ONE is helping locals beat rising energy costs by offering low interest loans to improve home energy efficiency. Coordinated through Urban Options Inc., a non-profit community agency that provides energy and environmental information services, the new program called Faith In Energy, will be available to...

  • Felony Charges Filed Against Two Suspects in Phony CU Scam

    ALEXANDRIA, Va. - Canadian authorities have filed felony charges against two Jamaican nationals suspected in a scam using phony credit unions in the United States to bilk consumers out of millions. Both men, Leslie Card, 35, and Kevin Card, 33, were arrested June 10 and booked on 22 felony charges...

  • Legislation Impacting CUs Not Likely to Make the Cut This Session, But CUs Have Plenty to Keep Their Eyes On

    WASHINGTON - Even with the House expected to beef up its schedule, it is unlikely much beyond appropriations and budgetary bills will make it through Congress, one credit union lobbyist said. The federal government came to a virtual standstill Friday, June 11 out of respect for the passing of former...

  • Kanjorski Holds Congressional Hearing in Pennsylvania on Housing Fraud in Monroe County

    EAST STROUDSBURG, Pa. - More than 200 people attended a hearing June 14 of the Capital Markets Subcommittee of the House Financial Services Committee that was convened by Rep. Paul Kanjorski (D-Pa.) East Stroudsburg, Pa. in response to widespread reports of housing fraud in the Poconos in Monroe County. The...

  • Insiders Say Stang Will Fill Empty NCUA Board Slot

    WASHINGTON - Sources close to the NCUA Board nominating process have said Troy Stang, Texas Credit Union League Vice President of Public Relations, will likely be nominated for the vacant NCUA Board seat. Stang has made several trips to Washington, D.C. since his name came up for the job. Others...

  • HUD Sponsors Homeownership Expo During National Homeownership Month

    WASHINGTON - June is National Homeownership Month, and to celebrate this third annual event, HUD is sponsoring Homeownership Expos in Las Vegas, Nev. and Miami, Fla. The events, which will be held along with many other small, local events planned around the country, are part of a month-long campaign by...

  • Rogue FCU Staffers Paint New Center

    MEDFORD, Ore. -Over 70 Rogue Federal Credit Union staffers worked with a crew from the Medford Home Builders Association to paint a new Children's Advocacy Intake Center (CAC). The CAC is a place for children who are victims of sexual and physical abuse where they can go to tell their...

  • Illinois Credit Union Foundation Initiates International Grant Program

    NAPERVILLE, Ill. - The Illinois Credit Union Foundation kicked off its new International Credit Union Development Program with a $100,000 contribution to help Ukrainian farmers buy tractors. The International Credit Union Development Program allows donors to make contributions to the Foundation that can be specifically designated for a particular purpose...

  • NCUA's Hogue Named Associate Region V Director

    ALEXANDRIA, Va.-John S. Hogue, a 20-year veteran of NCUA, was recently named associate region director of operations (ARDO) in Region V. His move to ARDO is effective June 21, after which he will be responsible for managing the regional office divisions of supervision, insurance, special actions, and management services. Hogue...

  • City-County FCU's Bennett Named EVP of CU Companies

    NEW BRIGHTON, Minn. - CU Companies, a CUSO owned by 45 credit unions throughout Minnesota, has named Bryan Bennett executive vice president. Bennett has served for the past 18 years as executive vice president and chief financial officer of City-County FCU, Minneapolis. "We've experienced tremendous growth over the last seven...

  • Jobs in Mortgage Industry Increase

    WASHINGTON - Mortgage rates may be going up and the number of refinance and first mortgage applications are expected to fall, but that doesn't seem to be affecting the number of people employed in the mortgage industry. According to the latest employment report by the Bureau of Labor Statistics, in...

  • Pennsylvania CUs Urged to Make Political Involvement a Job Requirement for CEOs

    HARRISBURG, Pa. - The Pennsylvania Credit Union Association wrapped up its Governmental Affairs/Chapter Leaders Conference June 10, and among the speakers was Jeff Rendel who encouraged credit unions to make sure political involvement is a job requirement of their CEO. Speaking on "The Next Generation of Lobbyists," the consultant and...

  • House VA Subcommittee Votes To Increase VA Home Loan Guaranty Limit

    WASHINGTON - The House of Representatives' Veterans Affairs Benefits Subcommittee recently voted on two bills to increase the U.S. Department of Veterans Affairs loan guarantee to 25% of the conforming loan limits, which would allow loans up to more than $330,000. The current VA loan limit is $240,000. The Subcommittee...

  • Golden 1 CU Hits $5 Billion

    SACRAMENTO - The Golden 1 CU has reached $5 billion in assets. The nation's fourth largest CU serves 550,000 members; has 67 offices; and operates 270 ATMs. The Golden 1 CU had a change in the corner office a few years ago when Stan Hollen left to become president of...

  • NorthCountry FCU Ships Care Packages to Troops

    BURLINGTON, Vt. - The U.S. troops stationed in Iraq and Afghanistan are still very much on the minds and in the hearts of NorthCountry Federal Credit Union staffers and members. The credit union has shipped some130 boxes totaling 2,872 pounds to 25 locals serving overseas. The boxes included items ranging...

  • Stabenow Joins Ranks of Those Opposing CU Taxation; Shelby Responds to Deluge of CU Letters

    WASHINGTON - Senate Banking Committee Member Debbie Stabenow (D-Mich.) released a statement recently, stating her strong support of credit unions' tax exemption. "As a 20 year member of the State Employees Credit Union, I have experienced first-hand the important services that credit unions offer their members," she said. "I am...

  • Landmark CU Introduces 40-Year Home Loan

    NEW BERLIN, Wis. - Landmark CU is offering members a new 40-year, fixed rate home loan as a way to address the increasingly larger downpayments required as a result of rising home values and to reduce members' monthly loan payments. The new 40-year fixed rate home loan has no income...

  • Johnson to Cut Ribbon for SAC Branch in Iowa

    OMAHA, Neb. - Marking its first entry into neighboring Iowa, SAC Federal Credit Union will hold ribbon cutting ceremonies Aug. 6 for its new Council Bluffs branch with NCUA Chairman JoAnn Johnson slated to speak, the CU announced this week. "We're glad to have JoAnn, who is from Iowa, to...

  • KCTCU Raises Money for Local Schools

    ELGIN, Ill. - With Kane County Teachers Credit Union as premium sponsor of the Batavia Mothers Club Fox Trot, credit union mascot Rusty worked overtime to make it a hit. While older children and adults participated in a 5K Run, Rusty not only watched over the younger children during a...

  • First Community CU Auto Loan Promotion to Benefit Breast Cancer Foundation

    ST. LOUIS - First Community CU is running an auto loan promotion June 7-July 15 to benefit the Susan G. Komen Breast Cancer Foundation. Every member who finances a new or used vehicle with the credit union or refinances their existing auto loan from another financial will receive $50. All...

  • CUs' First Mortgages Strong In 1st Quarter

    WASHINGTON - Speculation that mortgage rates will rise didn't stop members from taking out first mortgages from their credit unions. Callahan & Associates data show credit unions' total loans increased by $4.2 billion in the first quarter to $388 billion - of this first mortgages increased to $122 billion. The...

  • FTC Seeks Comments on Affiliate Proposal

    WASHINGTON-The Federal Trade Commission is seeking public comments on a proposed regulation that would require companies to give consumers the opportunity to "opt out" of information sharing for marketing purposes with affiliates. The proposed rule would implement the affiliate marketing provisions of the Fair and Accurate Credit Transactions Act. Under...

  • Over Limit Fees On The Rise

    ARLINGTON, Va. - Fees for going over the limit of a credit card, unknown as little as 15 years ago, have climbed and become more ubiquitous, according to Cardweb.com, a site on the World Wide Web that tracks credit card trends. The site reports that card issuing Chase bank had...

  • Michigan Commissioner Urges CUs, Banks to Increase Efforts to Protect Vulnerable Adults from Scams

    LANSING, Mich. - Commissioner Linda Watters of the Michigan Office of Financial and Insurance services is asking credit unions and banks in the state for their help to prevent individuals most vulnerable to fraudulent scams from becoming victims. In her letter to financial institutions, the commissioner wrote, "I have become...

  • WSECU, Numerica CU and SNAP Offer Neighborhood Assets

    OLYMPIA, Wash. - Numerica Credit Union and Washington State Employees Credit Union have teamed up with the Spokane Neighborhood Action Program (SNAP) to help low income residents of Spokane County feel more comfortable with banking through Neighborhood Assets. In addition to free financial training and counseling, the Neighborhood Assets program,...

  • Ent FCU Hosts Shred Day

    COLORADO SPRINGS, Colo. - Ent Federal Credit Union helped hundreds of members shred their identity theft worries away. The third "Paper Shred" event was a success as members took advantage of the free service to dispose of such personal financial documents as check registers, credit card statements and receipts. "We...

  • WOCCU's Arnold Urges Next Generation of World Leaders to Focus on Micro-Development

    MADISON, Wis. - Addressing the 2005 MBA Class of the London Business School, World Council of Credit Unions President/CEO Arthur Arnold challenged the next generation of world leaders to address the disconnect between "Macro" policies and "Micro" needs and to focus on Micro approaches to development. "The only way to...

  • NCUA, NAFCU, CUNA NASCUS to Speak at Senate Banking Reg Relief Hearing

    WASHINGTON - The witness list for the Senate Banking Committee's hearing on regulatory relief took shape just as press time approached. "The purpose of this hearing is to provide the Committee members with a comprehensive overview of all the current proposals for legislation on financial services reform," the invitation read....

  • A Look Inside America's Credit Union Museum

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  • HTG Architects Branches Out

    EDEN PRAIRIE, Minn. - Design/build firm HTG Architects has established a second office in Scottsdale, Arizona to serve Phoenix and the surrounding areas. While the firm's focus remains on financial institution design, the team will also partner with local design-build and construction firms to provide services for a variety of...

  • Now on Board with CU Bill

    WASHINGTON-Three more legislators jumped on as co-sponsors to the Credit Union Regulatory Improvements Act (H.R. 3579), bringing the official number of supporters to 55, including the bill's primary sponsor Congressman Ed Royce (R-Calif.). On June 9, Representatives Grace Napolitano (D-Calif.), John Larson (D-Conn.), and Tim Bishop (D-N.Y.) added their names...

  • Michigan Congressmen Get "Ducked" Out

    WASHINGTON - Michigan members of Congress and Senate got an unexpected present from representatives of Michigan credit unions who were in town June 10 for a Hike the Hill visit. Seventeen giant stuffed ducks were personally delivered to each of the state's 15 congressman and two senators, along with a...

  • Virginia's Tidewater Telephone ECU Applies for Community Charter

    VIRGINIA BEACH, Va. - Tidewater Telephone Employees Credit Union filed an application on May 27 with the Virginia Bureau of Financial Institutions to expand its field of membership to include the community of Hampton Roads. The estimated population of the community, according to the 2002 U.S. Census, is approximately 1.1...

  • New Jersey League Names CU National Mortgage Preferred Lender

    HIGHTSTOWN, N.J. - The New Jersey Credit Union League reached an agreement with CU National Mortgage, a division of US Mortgage, for the company to provide mortgage services to CUs in the state. Each credit union that signs on to the service will have access through CU National Mortgage to...

News

  • Alaska USA Insurance Agency Finds its Groove with Acquisition of State's Largest Independent Insurance Agency

    ANCHORAGE, Alaska - Discovering the winning combination for providing insurance services is never easy-even for Alaska USA Federal Credit Union. The credit union recently signed a letter of intent to acquire Alaska's largest independent insurance agency Ribelin Lowell and Company Insurance Brokers, but getting to the point of deciding to...

  • AACCU Goal: Standards and Helping Poor

    BANGKOK, Thailand - Most credit union organizations work in one country, one language, one culture, one government. For the Association of Asian Confederation of Credit Unions (AACCU), which is a regional networking body for credit unions throughout 12 Asian countries, the only constant is the credit union philosophy. The group...

  • Homeowners Insurance Increase Lowest in Five Years

    NEW YORK - Homeowners can look forward to the smallest increase in homeowners insurance in five years. According to the Insurance Information Institute the cost of insuring homes is expected to rise by only 2.8% in 2004. "Small decreases in the frequency and cost of claims have helped improve insurer...

  • Education, Clear Communication Key To Consumer Driven Health Care Success

    NEW YORK - Credit unions looking to lower health care costs with Consumer Driven Health Plans may want to focus on program education efforts first. According to a new Towers Perrin survey, a widening gap between employer and employee views on consumer driven health care strategies may undermine the program's...

  • Fight Technology with Technology In War on Check Fraud

    SAN DIEGO -Credit unions are being advised to launch a high-tech war against the technology that is costing financial institutions nearly $20 billion annually in check fraud losses. "We're going to fight technology with technology," insisted Deborah Humbert, senior risk management specialist with the CUNA Mutual Group. "That's what we...

  • Markets Are Changing; Credit Unions Advised to Change, Too

    SAN DIEGO -Credit unions are only doing an "average" job in reaching out to the underserved and unbanked, forcing tens of millions of people to seek out alternative financial services such as check cashers and payday lenders. And credit unions only receive average marks for serving the young. A 20-year-old...

  • To Buy or Not to Buy an Agency? Credit Unions Need To Look in the Mirror for the Answer

    WEST PALM BEACH, Fla. - Experts say the decision of whether or not to purchase an insurance agency will soon be on the minds of many credit union executives. According to Thomas R. Linn, senior vice president of Concord, Ohio-based insurance consulting firm Marsh Berry and Company, the future is...

  • Growing CEO Retirements Spark Call for Succession Planning

    SAN DIEGO - With an estimated 60% of credit union chief executive officers slated to retire in the next 10 years - 30% of them within the next three to five years - succession planning should be a priority for credit unions to ensure a smooth leadership transition, according to...

  • With Number of CU Robberies Going Up, CUs Seen as `Soft' Targets for Robbers

    SAN DIEGO - Robberies at credit unions have more than doubled since 1990, with robbers viewing credit unions as much easier targets than banks and other financial institutions, according to one of the most experienced bank robbery investigators in the United States. "Credit union robberies over the last 14 years...

  • The Battle for Bankruptcy Reform Wages On as Filings Continue to Rise

    WASHINGTON-Credit unions and other lenders have been fighting to reform bankruptcy protection laws for several years now and credit union lobbyists have said, though it is not impossible, it is unlikely bankruptcy reform legislation will be signed into law this year. Still the credit union trade associations are pushing just...

  • Insurance Credit Scoring Issues Heat up in Michigan

    LANSING, Mich. - Four public hearings across the state have been set to discuss the proposed rules to ban the use of credit scoring in setting automobile and home insurance rates. "I proposed these rules because I believe that using credit scores to determine insurance rates is unfair and does...

  • Western Reliance Corp. Names COO

    PORTLAND, Ore. - Western Reliance Corporation, a collateral protection insurance and tracking systems provider, has named JoLee Conver chief operating officer. Conver has over 25 years of experience working with financial institutions in various customer service-oriented positions. She will oversee all operational activities including insurance tracking, customer service, claims and...

  • State of the National Credit Union Shared Insurance Fund

    WEST PALM BEACH, Fla. - The credit union movement is going strong in 2004. Here is a detailed glimpse at how the National Credit Union Share Insurance Fund is faring:

  • Beyond the Job

    The popular Beyond the Job feature is back with another interesting look at what credit union leaders do outside the office. Page 46.

  • Special Report: Insurance

    For a potpourri of insurance statistics turn to the Insurance Special Report on pages 22 to 26.

Tech Bytes

  • Core Processing Market Among Small Banks, Thrifts Has Some Familiar Faces, Trends

    NEEDHAM, Mass. -Vendor consolidation and a shrinking client base has resulted in a handful of nationwide operators now controlling most of the processing technology market for this sector of the financial services industry in the United States. Are we talking about credit unions? No, it's the core outsourcing market for...

  • KEMBA Financial, COWWW Software Craft New Alerts Solution

    COLUMBUS, Ohio - KEMBA Financial Credit Union doesn't necessarily take the beaten path when it comes to launching a new solution or solving an old problem, its chief technology officer says. For instance, unsatisfied with standard options for electronic statements and notices delivery, KEMBA Financial combined its archival system from...

  • Fine to be First: SACU Continues Blaxing Trail in Indirect Lending

    SAN ANTONIO - Eighteen years ago, San Antonio Federal Credit Union (SACU) became the first credit union in the country to do indirect auto lending, its key executives say, and it hasn't looked back since. The $1.7 billion, 16-branch CU has continued to build on that legacy, using in-house talent...

  • Big Banks See No Bear Market in Bill Pay

    Big banks bear close watching for credit unions, and their experience with online bill payment is no exception. A recent survey by Celent Communications of 21 big banks, including 20 of the 50 biggest in the country, found that free bill pay is considered a success, with 81% of the...

  • Realtime24 Makes Fiserv's MortgageServ System Up Around the Clock

    BROOKFIELD, Wis. - Credit unions and other mortgage loan processors can now use Fiserv's MortgageServ loan-servicing system in a hosted environment around the clock, the company says. Fiserv Lending Solutions Group says it launched Realtime24, as it calls its non-stop accessibility, to support servicing operations across time zones. "The Internet...

  • Four Credit Unions Like the Concept of Completely Electronic Membership Sign-Up

    PROVIDENCE, R.I. - Credit unions looking to sign up new members need to make the process as easy as possible. That's just what four credit unions think they have found with a new online enrollment solution they are implementing. Toyota FCU, FAA First FCU, Maine CU and Energy First CU...

  • Corporate One Selects Alogent For Image Capture

    ATLANTA - Corporate One FCU has selected Alogent for its Sierra Xpedite deposit automation. Corporate One will use the system as part of its overall Check 21 strategy. The Alogent system will assist credit unions in data capture, which will facilitate imaging. Sierra Xpedite automates deposits through the capture, validation...

  • IT Spending Shows Uptick at Big Employers

    "During the next 12 months, will you increase your deployments of the following technologies?" Spending on IT hardware, software and services is picking up steam among the nation's big employers, a harbinger of things to come for smaller enterprises, including credit unions, as the economy continues to regain momentum. That's...

  • Where Small Enterprises Look for Help

    Has your credit union suddenly found itself facing a major challenge while taking on a new technology project? Did you find yourself wrestling with change management? Turning to consultants for help? Relying on word of mouth when selecting vendors? You're not alone if you answered yes to any of those,...

  • Online Up North: Canadians More Likely to Use Web Channel

    Canadian consumers are banking and paying bills online at a much higher rate than their counterparts in the United States, according to a new report from Forrester Research. The Cambridge, Mass., research and advisory firm says that trend is likely to continue and is a natural result of Canadian financial...

  • DigitalMailer and Immediate Mailing Services Hook Up

    SYRACUSE, N.Y. and HERNDON, Va. - Two firms that serve credit unions with document management services are joining forces. Immediate Mailing Services, which provides document and information management services to 65 credit unions, and DigitalMailer, the popular credit union eStatements provider, have formed a marketing agreement. The marketing alliance calls...

  • U.S. Central Goes With COWWW for eStatements

    SPARTA, Mich. - COWWW Software, which has been making in-roads in the credit union industry of late (see page 58), has landed a big CU client in U.S. Central. COWWW will offer its eStatements Plus product to corporates using U.S. Central's new core system driven by Symitar Systems. COWWW will...

In Other News

  • DONATIONS

    Chetco Federal Credit Union, Brookings, Ore., has donated some $750 worth of souvenir water bottles to the 2004 Oregon Coast Cycling Festival. The Festival is a fundraiser for the American Heart Association and the Curry Health Foundation. The Festival's goal is to raise $5,000. Each cyclist receives a souvenir water...

  • SCHOLARSHIPS

    Truliant Federal Credit Union, Winston-Salem, N.C., has has awarded 10 scholarships to their members through the Carolinas Credit Union Foundation scholarship program. The Fred J. Sarda Scholarship was set up to honor Mr. Sarda, who is a founding member of the credit union. The recipients of the $1,000 Sarda Scholarship...

News Briefs

  • Off-Year Utah Task Force Ready to Revisit Credit Union Taxes

    SALT LAKE CITY - Even if it is an off-year with politicking under way in the hotly contested governor's race, a panel of the Utah legislature appears ready to air credit union taxation once again. After an eight-month hiatus, the legislature's Financial Institutions Task Force created under the defeated 2003...

  • Janclaes, Former SVP With Lockheed FCU, Named President/CEO of Vista FCU

    BURBANK, Calif. - John Janclaes has been named the new president/CEO of Vista FCU, effective June 14. He succeeds former Vista President/CEO Stan Abrams who left the credit union last November. Rick Skaggs, the CU's EVP/COO has been serving as interim CEO. Janclaes most recently worked for Lockheed FCU, Burbank,...

  • Mica Used as Example of Gipper's Persuasiveness

    WASHINGTON - During all the ceremony over the passing of former President Ronald Reagan earlier this month, a lot of ink was used to cover the events and his history. Of all the places Reagan had traveled, according to the Palm Beach Daily News, Palm Beach, Fla., was a particularly...

  • NAFCU Table Officers Remain Unchanged; Furnas Continues as Chair

    ARLINGTON, Va.-NAFCU Chair Diane Furnas and the other three members of NAFCU's executive committee were re-elected to their positions for the 2004-05 term. Furnas, who is the president of Southwest Airlines Federal Credit Union in Dallas, is serving her second one-year term as chair of the association. "After serving as...

  • NAFCU Board Shares Financial Literacy Efforts with Treasury

    WASHINGTON-While in town for its June Board meeting, NAFCU's Board of Directors joined Deputy Assistant Treasury Secretary for Financial Education Dan Iannicola for lunch to discuss financial education. At the June 10 luncheon, Iannicola exchanged information with NAFCU's board on financial literacy efforts. The credit union officials went around the...

  • Corrections

    A story in the June 9 issue, "NASCUS CU Council Vice Chair Named to Michigan CU Hall of Fame" included an incorrect spelling of JoAnne Fillwock's name. An article in the June 16 issue, "CUNA Says it Will Press On with Fed `CU Councils' Following Rejection from New York Fed"...

  • CUDL Expands Operations Into Illinois

    RANCHO CUCAMONGA, Calif. - Credit Union Direct Lending has begun operations in Illinois, bringing the number of states the CUDL program is fully operational to 13, serving more than 280 credit unions and counting 2,800 dealerships in its network. In addition to Illinois, the other 12 states are California, Nevada,...

People

  • EAST

    Empire Corporate Federal Credit Union, Albany, N.Y., has appointed Scott D. Lovelock, vice president, associate general counsel. Maine Credit Union League, Westbrook,has elected the following officers to its board: EMMC FCU President/CEO Ralph Ferland,chair; Rainbow FCU President/CEO Phil Moreau vice chair; Five County CU President/CEO Richard Dupuis, secretary; and Knox...

  • WEST

    Community One Federal Credit Union, Las Vegas, Executive Assistant Rebecca Koshnick has been elected division treasurer of The International Association of Administrative Professionals and Human Resources Education Coordinator Shelly Peterson has been named president of the Southern Nevada Chapter of the Nevada Credit Union League. Redwood Credit Union, Santa Rosa,...

  • MIDWEST

    Alliance Credit Union, Fenton, Mo., has named Kim Appel vice president of lending services. First Resource Federal Credit Union, St. Joseph, Mich., has named Deb Price Marion branch manager and Sue Rayner Marion branch coordinator.

  • SOUTHWEST

    San Antonio Federal Credit Union, Texas, has elected David S. Valesquez board director. In addition Carlton J. Mertens has been named the credit union's first director emeritus. Fort Bliss Federal Credit Union, El Paso, Texas, has named Kerry Stacy vice president of branch operations.

Letters to the editor

  • CUs' Voting Power Will Win Over Bankers' Complaints

    While the bankers may have taken a page right out of our playbook by pulling together to combat the growing menace that is the credit union industry, it's equally apparent that their success is anything but assured. In order to win the battle they've chosen, the bankers will ultimately need...

Opinion

  • Designing a Successful Debt Protection Program - An Overview

    Designing a successful Debt Protection program can be complicated unless you and your provider understand the concept, the regulatory environment and how you can design products that will be better accepted by your members. A Debt Cancellation Contract (DCC) or Debt Suspension Agreement (DSA) is a loan term or contractual...

Publisher's Column

  • Don't Get Carried Away With Cry For Succession Plans

    The much-ballyhooed succession planning process is not all that it is cracked up to be. With apologies to long time readers, yes, here I go again on a topic I wrote about in this space many years ago. My opinions about it haven't changed. If anything, witnessing numerous examples of...

Beyond the Job

  • Credit Union Leaders Do a Lot `Beyond the Job'

    WEST PALM BEACH, Fla. - So many of the people appearing in the pagers of Credit Union Times are known for just one thing - the role they play in the credit union Industry. But what happens when they're not conducing credit union business? In Beyond the Job, Credit Union...

  • Lavage Says `Take Me Out to the Ball Game'

    DANVILLE, Pa. - William Lavage, CEO of Service 1st FCU, never met a major league ball park he didn't like, but he wants to meet them all. Lavage and his 18-year old son Aaron are on a quest to visit all 30 major league baseball ball parks. "We started talking...

  • Lights.Camera.Action! For NCUA's Bennett

    FAIRFAX, Va.-NCUA Employee Development Specialist Ruth Bennett has taken her interest in women's issues to the small screen. Outside the halls of NCUA's Alexandria, Va.-headquarters, Bennett can be found either watching a video monitor or in front of the camera as producer of On the Go with AAUW. The show,...

  • Networking Whiz Spends Vacation Linking PCs in Sudanese Hospital

    CHAPIN, S.C. - Tom Campbell's job at PM Systems Corp. includes designing databases for credit unions to use in their electronic commerce operations, such as Internet banking, bill pay, that sort of thing. So he combined work and pleasure recently on a trip to the Sudan, where he spent about...

Staking Out the Stats

  • Staking Out the Stats

    Despite increased controls, insurance fraud continues to be an industry concern. A recent Accenture survey finds that the majority of Americans say insurance fraud occurs because people believe they can get away with it. Here is a look at current consumer attitudes toward insurance fraud: *32% said they believe that...

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