Credit Union Times Magazine March-17, 2004

In Other News

  • BRANCHING OUT

    Vantage Credit Union, St. Louis, has celebrated the grand opening of its high-tech Florissant branch. The facility includes a remote teller system, an Internet Caf and a special kids area complete with interactive computer games. Vantage CU donated $500 from its ribbon cutting ceremony to the St. Vincent Home for...

  • DONATIONS

    Spectrum Federal Credit Union, San Francisco, has collected over 11 barrels of clothing to Goodwill's Job Success Through Better Dress program. The program helps job seekers by providing low-income individuals with business attire for job interviews. Saugus Federal Credit Union, Mass., has raised $1,400 for the Credit Unions of Massachusetts...

News

  • Nontraditional Outlets Key To Life Insurance Future

    NEEDHAM, Mass. - Recent TowerGroup research suggests that non-traditional distribution outlets such as wirehouses, banks or even insurance CUSOs may revitalize the life insurance market. "It's imperative that insurers approach this market with a fresh perspective relative to products, distribution and operations," said Cindy Saccocia, senior analyst in the Insurance...

  • Restrictions are Continuing to Push CUs to Mutual Charter, OTS Official Says

    WASHINGTON-The flow of credit unions converting to mutuals is "alive and well," Office of Thrift Supervision Deputy Director Rick Riccobono told his audience at America's Community Bankers Government Affairs Conference. He told the bankers that they would probably see many smaller credit unions and a few larger ones make the...

  • Special Report: Insurance

    A special report on pages 20-21 reveals a potpourri mix of insurance news..

  • SWBC Hires New Executive

    SAN ANTONIO - Southwest Business Corporation (SWBC), an insurance, mortgage and investment provider, has appointed David Horne executive vice president/chief administrative officer. Prior to joining SWBC, Horne co-founded and served as chief operations officer for Orbis Online, a technology services company, over the past four years. A graduate of the...

  • LIMRA, NACUSO Team Up For Credit Unions

    WINDSOR, Conn. - LIMRA International and the National Association of Credit Union Service Organizations, have recently formed a marketing alliance. Under the agreement, some 400 NACUSO members will now have access to LIMRA's research and services to better support their insurance marketing initiatives. According to LIMRA International Director of Marketing...

  • Going Beyond the Job

    Turn to page 36 to see what credit union leaders do in their spare time in the latest installment of Beyond the Job.

  • DELCU Financial Services Partners to Launch Title Insurance Agency

    NEW CASTLE, Del. -DELCU Financial Services, LLC, a CUSO owned by 15 Delaware credit unions and managed by the Delaware Credit Union League, is getting into the title insurance business. DELCU has partnered with Parsippany, New Jersey-based Amerititle Agency Inc. to form Members Title Agency, which will be equipped to...

  • Bethpage Management Services Launches Land Bound Services, LLC

    BETHPAGE, N.Y. - Title insurance CUSOs are also hitting New York with Bethpage Management Services, a wholly owned subsidiary of Bethpage Federal Credit Union, forming its new CUSO named Land Bound Services, LLC. Land Bound Services, LLC will provide title insurance services for residential and commercial properties. "We are offering...

  • Williams Sticks to Preemption Guns

    Office of the Comptroller of the Currency Chief Counsel and First Senior Deputy Comptroller Julie L. Williams - shown here with Assistant Treasury Secretary Wayne Abernathy - defended the agency's recent preemptions of state anti-predatory lending laws at America's Community Bankers Government Affairs Conference last week. She noted that when...

  • Powell Says CUs Should Be Taxed, Mixed Feelings on CUs in Biz Lending

    WASHINGTON-Federal Deposit Insurance Corporation Chairman Don Powell reiterated his belief that credit unions should be taxed during a speech to America's Community Bankers Government Affairs Conference. He briefly showcased an advertisement ACB placed in The Hill newspaper and elsewhere, featuring a bright yellow rubber ducky with the usual "quacks like...

  • State Farm Sets Sights On Students

    BLOOMINGTON, Ill. - Credit unions may soon be watching their backs when it comes to financial literacy. State Farm has recently launched Common Cents a financial education Web site that provides fun ways for K-12 students to learn basic principles of financial responsibility and money management. Located in the Kid...

  • Health Care Benefits Key to CU Staffing?

    MADISON, Wis. - Credit unions looking for a competitive edge may want to take another look at their health care benefits. According to the CUNA E-Scan 2003-2004 Credit Union Staff Benefits Survey credit unions with competitive employee health care and benefits packages place themselves in the best position to both...

  • Six Execs

    ST. PAUL, Minn.- The Securian Financial Group has promoted the following employees: Brian Anderson to second vice president, group case underwriting; Barbara Baumann to second vice president mortgage marketing/ administration; Von Peterson to second vice president group client relationships; Steve Thor second vice president, individual/SFS/securian trust systems; and Bruce Shay...

  • PFCU Services LLC Growth Linked to Tapping Members' Needs

    PHILADELPHIA - If PFCU Services LLC President/CEO Mark Craven had to do it all over again, he wouldn't change one thing in launching the agency. "It was challenging opening our doors after the events of 9/11 and maybe 2002 was not an ideal time, but we've had good solid success...

  • Snow Welcomes Credit Union Tax Debate, Not Backing Down

    WASHINGTON-Treasury Secretary John Snow acknowledged that credit unions' tax exempt status is "teed up for a good debate," but he did not back away from the administration's position supporting credit unions' tax exemption. In clarifying the administration's backing of credit unions' tax exemption to America's Community Bankers Government Affairs Conference,...

  • Beales Updates Bankers on Coming Regs

    Federal Trade Commission Director of Consumer Protection Howard Beales apprised America's Community Bankers of upcoming issues for the agency that may impact the bankers, including Fair and Accurate Credit Transactions Act rules, CAN SPAM rules, and predatory lending. He also noted that this year, FTC must enforce, probably through regulation,...

News Briefs

  • VolCorp Sets Record Asset Level

    NASHVILLE, Tenn. -VolCorp announced that it reached a new record asset level of $1.41 billion as of the end of February, a 23% increase over the same time last year. "We attribute our continued growth to the very competitive interest rates we are paying our members and the continued success...

  • CU Focus Group to Share With SBA How to Simplify Participation

    WASHINGTON-The Small Business Administration has requested a focus group with representatives from the credit union community to discuss ways to make it easier for credit unions to get involved, according to CUNA Associate General Counsel Mary Dunn. "The purpose of the gathering, at their request, is to talk about what...

  • Bank-CU Rivalry Should Not Extend to All Areas, Paur Says

    HOUSTON - Despite their regulatory and philosophical disagreements, banks and credit unions still need to cooperate more than attack one another, particularly in the areas of cards and payment systems, according to Stan Paur, the CEO of PULSE EFT Association, the only ATM Network in the country owned by both...

  • Minnesota League Service Corp. Joins Up With EndPoint

    OKLAHOMA CITY - The rush to prepare for potential image exchange brought on by Check 21 continues as another credit union item processor has joined the Endpoint Exchange Network. Minnesota Item Processing Corporation (MnIPC), a service corporation of the Minnesota Credit Union Network, is the latest of many credit union...

  • No Longer Interim, Martinez is Redwood CU's New CEO

    SANTA ROSA, Calif. - Redwood Credit Union has officially appointed Brett Martinez president/CEO. Formerly the executive vice president/chief operating officer, Martinez has been serving as interim president/CEO of the nearly $1 billion credit union for the past seven months since the sudden retirement of former President/CEO William Rayhill. "We are...

  • CUs Can Learn How to Expand their Mortgage Portfolio at PALS Workshop

    ALEXANDRIA, Va.-Credit union officials are now able to register for the June 2 Partnering and Leadership Success workshop on mortgage lending, NCUA Board Member Debbie Matz announced recently. "Although 67% of all credit unions make mortgages, only 2% of all mortgages are made by credit unions," Matz pointed out. "That...

  • Two CUs, One Corporate Cited by OFAC for Trading with the Enemy

    WASHINGTON-Treasury's Office of Foreign Asset Control cited three credit unions in February for violations of the Trading with the Enemy Act, according to OFAC's monthly Civil Penalties Enforcement Information Report. OFAC reached a settlement with Paragon Federal Credit Union, located in Township of Washington, N.J., for $3,850 for a 2002...

  • PCUA to Sponsor Conference Call to Update on Banker Attacks, Encourage CU Unity

    HARRISBURG, Pa. - The Pennsylvania Credit Union Association is inviting all Pennsylvania credit unions to participate in a conference call the Association is sponsoring on April 1 to update CUs on banker attacks and the important need for credit union unity. While the issues the bankers are bringing up vary...

Tech Bytes

  • Global Survey Shows CIOs Are Preparing for IT Spending Upswing

    STAMFORD, Conn. - Credit union managers cautiously considering loosening the purse strings on technology spending are not alone. A survey of 956 chief information officers from a variety of enterprises around the world found more than 40% expected IT spending to increase in the second half of 2004. The survey,...

  • Fiserv Credit Union Group Added Over 50 New DP Clients Last Year; Now Serves 3,107 CUs

    BROOFKIELD, Wis. - Fiserv's Credit Union Group added 52 new core processing credit union clients in 2003. Fiserv has the most credit union clients in the industry with 3,107. With the addition of IntegraSys last year (the former EDS credit union processor), it now has seven data processing subsidiaries -...

  • Securing Online Services from Hackers is Growing Business for Cavion Plus

    MOUNDS VIEW, Minn. - Does crime pay? That's an open question. Does preventing it cost? That isn't. For instance, Cavion Plus said that client requests for online security assessments increased more than 500%, from 120 in 2002 to 663 in 2003. The trend is continuing. "We have nearly 1,000 security...

  • NAFCU's First Nationwide Web Cast slated for April

    ARLINGTON, Va.- NAFCU plans to host its first national Web cast as part of its rolling out of better Web technology and educational efforts April 7. Identity theft and cyber crime will be the focus of the Web cast, which is expected to last 90 minutes. Robert Goldfinger, retired commander...

  • New York State CU League Introduces District Web Sites

    LATHAM, N.Y. - The New York State Credit Union League went live recently with 14 new Web sites - one for each of the districts of the League - the provide in-depth information about credit unions within the specific geographic areas. The district sites are accessible through the League's main...

  • Spim Joins Spam as Threat to Online Communications Channels

    BOSTON - First there was spam. Now there's spim. Telemarketers, seeking new venues in the wake of the Do Not Call Legislation, now are targeting instant messaging (IM) users with unsolicited offers for free prizes, special discounts and all kinds of things no one asked for, according to The Yankee...

  • CUNA and Harland Partner On Predictive Modeling

    MADISON, Wis. - CUNA continues to build on its technology relationships with Harland. CUNA recently partnered with Harland to offer business intelligence tools to assist credit unions in more effectively targeting members with products. The Harland suite is known as Harland Analytical Services' Stratics Suite of Credit Union Predictive Models....

  • DigitalMailer, Certegy Interface to Provide Single Sign-On Access

    HERNDON, Va. - Members of Northwest Federal Credit Union now have single sign-on access to their electronic statements and their Internet banking service. The $1.2 billion CU's e-statement provider, DigitalMailer, said it has collaborated with Certegy to provide a secure interface between the e-statement service and Certegy's Premier Internet Banking...

Publisher's Column

  • Getting CURIA Co-Sponsors Should Be Top Priority

    It is rare for national credit union trade groups to go to Congress to propose separate credit union legislation. And for good reason. Tacking on a couple of credit union friendly proposals to even remotely related bills wending their way through the law-making process is much easier and a whole...

Letters to the editor

  • Disappointing Blaine/ Fergeson Debate a Missed Opportunity

    Judging from Mike Welch's March 3 column, "GAC Again Setting for [Mostly] Highlights," I am glad to see he was not impressed with the `great debate' between State Employees CU's Jim Blaine and the American Bankers Association's Ken Ferguson. Neither was I. Often, the credit union and bank battle has...

  • Some Thoughts on Credit Union, Bank Conflict

    I've given some thought to a question Mike Welch posed in his March 3rd column, "GAC Again Setting for [Mostly] Highlights" - "What is the purpose of a bank?" - and thought his answer - "To make a profit" - was a little over simplistic and served only to further...

  • Clarification on CU-to-Bank Conversion Letter

    Just a note to clarify the letter from the former credit union trade organization officer that I distributed at the CU-to-Bank Conversion breakout session at the GAC and was briefly discussed in an article in the March 3rd issue of Credit Union Times ("CUNA Board shows its Concern about Greed...

Publisher's Notebook

  • Happy Anniversary

    The column above is the 714th consecutive weekly publisher's column appearing in the pages of each issue of Credit Union Times. The first was written when volume one, number one, made its debut way back on March 26, 1990. That means that in a few days, Credit Union Times will...

Events Calendar

  • VENDOR CALENDAR

    APRIL APRIL 4-7 CU Internal Auditors' Association (CUIAA) 14th Annual Conference, Marriott Hotel & Marina, San Diego, Calif. For info: Rose Chaco, 925-447-5001, x 1183 or rose.chaco@unclecu.org. APRIL 6-9 Telesis Community CU and Business Partners (formerly Telesis Partnerships) Business Symposium co-hosted with California CU League, Fairmont Scottsdale Princess, Scottsdale, Ariz....

  • ASSOCIATION CALENDAR

    APRIL APRIL 1-3 Western Association of Technology CU's 43rd Annual Conference, Wyndham Emerald Plaza, San Diego, Calif. For info: Bob Spindler, 858-792-3883. APRIL 2-4 CUES Executive Technology Forum, Hilton New Orleans Riverside, New Orleans, La. For info: Cindy McKeown, 800-252-2664, x 5331 or cindy@cues.org. APRIL 3-6 CUES Marketing Operations &...

Opinion

  • Reviewing Loan Portfolio Risk Can Save Time, Money for Credit Unions

    Managing loan portfolios has become increasingly complex in recent years, in part because of the growing number of bankruptcies. According to CUNA, loans subject to bankruptcies have increased 15 % and net charge-offs have risen 32% since 1996. These trends make it imperative that credit unions not only remain consistently...

People

  • MIDWEST

    Auto Body Credit Union, Lansing, Mich., has promoted Jim Nowak to senior vice president; Linda Smith to vice president of human resources; and Jamie Scaggs executive assistant. Purdue Employees Federal Credit Union, West Lafayette, Ind., has promoted Jackie Hofman to assistant vice president of human resources; Bill Arnold to assistant...

  • WEST

    Wescom Credit Union, Pasadena, Calif., has named Novelina Savellano Costa Mesa branch manager. North Dakota Credit Union League & Affiliates, Bismarck, has elected the following officers to its board: George Economon, chair; Stuart Higginbotham, vice chair; and Marjorie Lange, secretary. In addition, NDCUL has elected the following officers to its...

  • SOUTH

    First Resource Federal Credit Union, Ft. Smith, Ark., has named Tonya Rogers Roger's Avenue branch manager and Lisa R. Smith Jenny Lind Road branch manager. In addition, First Resource FCU has promoted Sylvia Spencer Van Buren branch manager.

  • SOUTHWEST

    Security Service Federal Credit Union, San Antonio, has elected the following officers to its board: Max Giovannini, chair; Bill Ballard, 1st vice chair; Bob Egger, 2nd vice chair; Allen Snyder, treasurer; and Mary Holub, secretary. In addition SSFCU has elected the following directors: Cliff Turner, Tim McCallum, Pete McNamee, Gwen...

  • EAST

    HarborOne Credit Union, Brockton, Mass., has elected Edward Kent board chair. Vermont Federal Credit Union, Burlington, has named Tom Crapo vice president of operations. Empire Corporate Federal Credit Union, has named Kristina Moran portfolio manager of its wholly-owned CUSO MemberTrade Advisory Services, LLC. Chartway Federal Credit Union, Virginia Beach, Va.,...

Billlionaires Club

Beyond the Job

  • XP Systems CEO Edwards Enjoys Life Up on his (Mini) Farm

    TIGARD, Ore. - On the side of Bull Mountain, overlooking the scenic Tualatin Valley, Wendy Edwards has found her dream home while husband, John, has learned useful skills - such as how to clean a dog after its close encounter with a skunk. Their four-acre homestead is just 15 minutes...

  • CUNA Mutual VP Earns his Stripes on the Hardwood

    MADISON, Wis. - Mike Bunge's idea of relaxing is spending a couple hours with 16,000 pairs of eyes watching his every move. By day, Bunge is account vice president-member services in CUNA Mutual's Midwest Marketing Division. By night (and weekends), he referees high school and college basketball games, including 55...

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

    WEST PALM BEACH, Fla. - So many of the people appearing in the pages 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 conducting credit union business? In Beyond the Job, Credit Union...

  • Not a Guzzler, But He Collects Beer Cans.Big Time

    TUCSON, Ariz. - When it comes to hobbies, James Knoff of Tucson, Ariz. has one that you might say.."ales" him. Knoff, president/CEO of Pima Federal Credit Union, is a beer collector extraordinaire. "I started collecting beer cans back in 1978 when I was an examiner for the old Falstaff Credit...

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