Credit Union Times Magazine June-30, 2004

News

  • Special Report Marketing/Retail Delivery

    Credit unions aren't afraid to mix things up when it comes to marketing. See what they're up to in the Marketing/Retail Delivery Special Report on pages 30 to 33.

  • Manheim has First Credit Union-Dedicated Lane at Auto Auction

    ATLANTA - For the first time, dealers looking to buy credit union repossessed vehicles at a Manheim auto auction found vehicles to bid on in a credit union-dedicated lane. The auction was held June 15 at Imperial Auto Auction in Lakeland, Fla. Jon Schrock, national accounts director for Manheim, the...

  • Ahold USA FCU Becomes Market USA FCU

    BELTSVILLE, Md. - Ahold USA Federal Credit Union is the latest credit union to play the name change game. Effective July 1, the credit union will be called Market USA Federal Credit Union. "We wanted a name that would better reflect the diversity of the membership," said Market USA FCU...

  • First Entertainment CU Takes Home Medals for Member Communications

    HOLLYWOOD - First Entertainment Credit Union walked away from this year's Marketing Association Conference with five awards. First Entertainment was awarded a Gold medal for a single direct mail piece promoting its "Good Fortune" auto loan program. Targeting a specific audience, the credit union successfully created awareness of the offer...

  • Number of CUs Continues to Drop

    The industry has 200 fewer credit unions since the start of the year. Is member growth falling off too? Turn to page 6.

  • Charlotte Metro CU Emphasizes Local Call Center

    CHARLOTTE, N.C. - With increased reports of call center offshoring trends, Charlotte Metro Credit Union is making sure members know their calls are being answered locally. One recorded option states the following, "To speak with an account manager in our call center located here in Charlotte and not overseas, please...

  • AOR, Inc. Invites CUs to Browse Members and Profits- a "Campaign Store"

    DENVER - To help credit unions compete with bigger budgeted banks, marketing/ advertising firm the Agency Off Record, Inc. has launched a new division dedicated exclusively to credit unions called Members and Profits. The division, with its own Web site www.membersandprofits.com offers a selection of results-oriented turnkey marketing strategies and...

  • Philadelphia FCU's Latest Round of Irreverent Ads Hit Airwaves

    PHILADELPHIA- Philadelphia Federal Credit Union has launched a second salvo directed at banks here with its latest round of ads that play up the Better Than My Bank campaign launched last fall. Better Than My Bank marks the first aggressive advertising campaign in the $480 million credit union's 50-year history...

  • NW Preferred FCU Goes Low CARB

    TIGARD, Ore. - NW Preferred Federal Credit Union is helping members trim their rates while fitting in some time for summer fun with a new low carb promotion. Playing off the popularity of low carb diets, this credit union's CARB stands for Certified Annual Rate Benefit. "We are simply repositioning...

  • Boutelle: 2003 a Good Year for CUDL and Participating Credit Unions

    LAS VEGAS - Attendees at Credit Union Direct Lending's Sixth Annual Auto Lending Symposium came to hear from experts involved with indirect lending on the dealer and credit union sides and to network with one another. They also got to take home a copy of the company's 2003 annual report...

  • Trust in CU/Dealer Indirect Lending Relationship a Two-Way Street

    LAS VEGAS - It takes two parties to facilitate an indirect lending relationship - the credit union and auto dealer - and while CUs are well-aware of what they need and expect from dealers to make this service work, attendees at CUDL's 2004 Symposium held at the Venetian Hotel and...

  • CUDL Recognizes Six CUs for Best Practices

    LAS VEGAS - Credit Union Direct Lending announced the winners of its 2004 Best Practices Awards during its Sixth Annual Auto Lending Symposium here. The CUs were honored for their overall indirect lending practices in the areas of dealer relations, member awareness, portfolio management, and program innovation. The winners were...

  • Vista FCU Annual Report is the Toast of Disney; CU Tries To Cater to Creative Membership Base

    BURBANK, Calif. - Vista Federal Credit Union has taken a cue from Broadway for its latest annual report. Since 1999, the $346 million credit union's creative annual report themes have run the gamut from a comic book to a children's storybook. This year, Vista FCU drew inspiration from the popular...

  • Canada's Windsor Family CU Wins Innovation Award

    ONTARIO, Canada - Windsor Family Credit Union has been presented the 2004 Innovation Award for Marketing by Credit Union Central of Ontario. The Innovation Awards provide an opportunity to recognize innovation and excellence among Ontario credit unions and highlight the growth and advantages of credit unions. The credit union was...

  • Texas Dow Employees CU Puts Money on Bilingual Staffers

    LAKE JACKSON, Texas - Texas Dow Employees Credit Union has made learning Spanish more lucrative for staffers. The $800 million credit union has opted to pay all front line employees who pass a Spanish Proficiency Assessment an extra $100 per month. Staffers who do not have direct contact with members...

  • DFCU Financial Makes History

    DEARBORN, Mich. - DFCU Financial has opened the doors to the first high school student-run credit union branch in Livonia, Michigan. Operated by students from the school's Business Education Department under the guidance of DFCU Financial staff members the DFCU Franklin HS branch will be open during lunch hours one...

  • Maturing Auto Loan Participation Market Marked by Lack of Pricing Standardization

    LAS VEGAS - Loan participation can be a critical part of a growth solution for credit unions and provide CUs with an attractive investment alternative, but a lack of pricing standardization in the maturing auto loan participation market makes pricing "the wild card" for both sellers and buyers. "Loan participation...

  • CUDL, Manheim in Discussion Phase of Developing CU Remarketing Product

    ATLANTA - Credit Union Direct Lending and Manheim, the largest and highest volume wholesale automobile auction company, are in the early stages of working together to develop a package for CUDL-credit union members to provide CUs a simplified source for remarketing vehicles. Jon Schrock, national accounts director for Manheim said...

  • Southland CU Leverages MSL Cooperative Marketing Program to Promote CUDL Dealer Relationships, Coupon Offer

    LOS ANGELES - The idea of running a full-page ad in the Los Angeles Times is well beyond the means of most credit unions, but Southland Credit Union was one of a group of credit unions that were able to do just that on May 25 through their relationship with...

  • CUDL Reduces CUs' Transaction Fees for Fifth Consecutive Year

    RANCHO CUCAMONGA, Calif. - Credit unions participating in the Credit Union Direct Lending program will see a reduction in transaction fees starting July 1, 2004. CUDL President/CEO Tony Boutelle said the expansion of the CUDL program into additional markets, the growing number of CUs aggregating on the auto lending platform,...

News Briefs

  • New Online Voting Poll: Does Overdraft Protection Need More Regulation?

    WEST PALM BEACH, Fla. - Is overdraft protection helping members or hurting them? While many debate that issue, the issue of regulating overdraft programs is also becoming a subject of debate. Some feel the time has come for financial regulators to rein in advertising on overdraft programs and tie an...

  • Voting Poll Results: Most CUs Handle Balance Sheets In-house

    WEST PALM BEACH, Fla. - Credit unions look to their own expertise for the bulk of balance sheet management. According to Credit Union Times' just expired voting poll, more than half of CUs handle their balance sheets internally, while close to 20% get advice from their corporate, with another 5%...

  • FTC Aiming for Fall for CU Private Insurance Disclosure Proposal

    WASHINGTON - The Federal Trade Commission team working on drafting a proposal for a regulation requiring privately insured credit unions to disclose the fact they do not carry federal insurance hopes to have a proposed regulation out this fall. According to FTC Staff Attorney in the Division of Enforcement Neil...

  • New CEO Named at Eastern Financial Florida CU

    MIRAMAR, Fla. - Steve McGill, EVP and COO of the $1.8 billion Eastern Financial Florida CU, will take over as CEO on July 6. McGill succeeds Kent Herbert who according to the CU is retiring to his native state of Wisconsin "Kent did a fabulous job for us and we...

  • CUNA, NCUA Represent CUs at FASB Roundtable

    NORWALK, Conn.-CUNA and NCUA explained credit unions' plight under the Financial Accounting Standards Board's proposed guidance on loan participations. Under the proposal, known as Financial Accounting Statement 140, loan participations would be treated as secured borrowing rather than a sale as it is currently treated, which would leave the loan...

  • Central Florida HealthCare FCU's Prince Selected New Chair of Florida Credit Union League

    TALLAHASSEE, Fla. - Trudy Prince, CCUE, president/CEO of Central Florida HealthCare FCU, was selected as the new chairman of the Florida Credit Union League at the league's annual business meeting on June 17 which preceded its 70th Annual Convention and Exposition. Prince succeeds Greg Blount, president/CEO of Tropical Financial CU,...

Tech Bytes

  • eFunds and Diebold Connect

    SCOTTSDALE, Ariz. - eFunds Corporation announced the availability of a remote re-key solution for NCR and Diebold ATM machines for its CONNEX EFT software platform. The Remote Re-Key solution, developed to interface with Trusted Security Solutions, Inc.'s (TSS) A98-R technology, offers eFunds software and processing customers a solution for key...

  • Fiserv Launches Online Educational Program to Help Prepare for Check 21

    BROOKFIELD, Wis. - Fiserv's credit union and banking clients process more than 4.2 billion checks a year through its 50 outsourcing processing centers, so the company figures it might as well help everyone handle the changes wrought by Check 21. An online preparedness program, addressing staff education and customer notification...

  • Anti-Phishing Foes Join Forces in Public Education Campaign

    WASHINGTON - A coalition of government agencies, consumer groups and VISA USA has launched a campaign to educate Americans on how to guard against phishing scams. Incidents of phishing - e-mail attempts to convince customers to reveal personal account information through e-mail replies or real-looking Web sites - have been...

  • POS Good For CU24 Member CUs

    TALLAHASSEE, Fla. - The credit union members of the Credit Union 24 ATM and EFT network which participate in CU 24's POS Platinum Rewards Program have earned more $2 million for the period between October 2003 to May 2004, the Florida based credit union owned network announced. CU 24 began...

  • CheckFree Acquires American Payment Systems

    ATLANTA - CheckFree Corporation has closed on its acquisition of American Payment Systems, Inc., representing a major new bill pay channel for the company. APS enables seven million households to pay for services in-person through a national network of about 10,000 retail and agent locations. The new bill payment channel...

  • Spokane Teachers CU holds Network Security Awareness Week

    LIBERTY LAKE, Wash. - Changing a password every month like you're supposed to doesn't do much good if you write it on a post-it note and stick it on your monitor. That and other points well made were among the lessons that Nicole Tutt, network security administrator, tried to bring...

Special Report

In Other News

  • SCHOLARSHIPS

    El Paso Employees Federal Credit Union, Texas, has awarded some $20,000 in scholarships to 10 graduating high school seniors and eight undergraduate students. Receiving $4,000 four-year scholarships each are: Laura Ashley Miller and Anthony Torres. Receiving $1,000 scholarships are: Johnna R. Crow, Vincent Castillo, Martha Ortega, America Aguilera, Reyes Mauricio,...

Quotes Worth Quoting

  • Quotes Worth Quoting

    "The trust agreement starts from the moment the customer comes into the dealership. We need to trust each other. We've made our customers credit unions' members. We're sending you our customers. The trust needs to be reciprocal, it goes both ways." - Chris Duggan, general manager of Merchants Auto, N.H....

Publisher's Column

  • Leading Credit Union Conversion Advocate Cries Foul

    The person most identified with making credit union conversions from a CU charter to a bank charter a reality, Alan D. Theriault, President, CU Financial Services, has been showing up in the credit union trade press recently defending what he does for a living in strongly worded letters to the...

People

  • MIDWEST

    Royal Credit Union, Eau Claire, Wis., has named Brandon Riechers operations coordinator. Wisconsin Credit Union League, Pewaukee, has elected the following officers to its board: Carol Adler, chair; Daniel Ige, vice chair; Bonnie Raymakers, secretary; and Chris Rosland, treasurer. In addition, Robin Marohn has been elected board member-at-large

  • SOUTH

    Central Florida Educators Federal Credit Union, Orlando, has named Cesar Ruiz director of business services, Brandy Kelly assistant vice president/Winter Garden branch manager; and Becky Humphrey business development manager. Army Aviation Center Federal Credit Union, Daleville, Ala., has elected the following officers to its board: Donald J. Marnon, chairman; Charlie...

  • VENDORS

    U.S. Recordings, a mortgage recording solutions provider, has named Pam Trombro systems analyst/programmer. Redbeard Communications, a brand strategy and creative design firm, has named Scott Ballard managing art director.

  • WEST

    Kitsap Credit Union, Bremerton, Wash., has named Shane Spiese Gig Harbor branch manager; Terri Porter Kingston branch manager; and Steve Fisher loan officer. In addition Kitsap CU has elected the following officers to its board: Mary Lou Addy, chairman; Dave Anderson, vice chair/major procurement committee chair; Bill Rumbold, treasurer; and...

Letters to the editor

  • Leave Overdraft Programs Alone

    In regards to your latest voting poll concerning whether overdraft programs need more regulation (see www.cutimes.com), I think OD programs are fine the way they are. Because it is just an overdraft fee that is not based on the amount of the overdraft, they should not be subject to an...

Opinion

  • Enhancing Your Reputation Through Community Involvement

    Being not-for-profit, credit unions must constantly look for creative ways to reach their target audience. A very effective way is through community involvement. To enhance the credit union's public image, planning and participating in a variety of activities should be the first step. Over the years People's Alliance Federal Credit...

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