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,...
-
Michigan OFIS Commissioner Appears in Court "To Protect Consumers and the Public Interest"
LANSING, Mich. - In a case described as having "national significance" and concerns the ability of the Michigan Commissioner of the Office of Financial and Insurance Services to supervise non-bank mortgage lenders in order to protect consumers and the public interest, OFIS Commissioner Linda Watters appeared in the U.S. District...
-
CCUL Ad in Roll Call Takes Aggressive Stance Against Banks' Record Profits, CU Attacks
RANCHO CUCAMONGA, Calif. - The California Credit Union League is fed up and isn't going to take it any more. Fed up, that is, with bankers "boasting year after year about their record profits while beating up on credit unions," says League Director of Public Relations Henry Kertman. "It's time...
-
Sun Bancorp Acquires Sentry Trust Co., One of First Trust Firms to Serve Credit Union Members
CHAMBERSBURG, Pa. - Sentry Trust Co., one of the first companies to offer trust services to credit union members, was acquired by Sun Bancorp Inc. on March 1. Launched in 1997, Sentry has $421 million in assets under management and 1,300 clients with 3,000 clients through its brokerage and insurance...
-
Charlie Mac Forms Partnership with WesCorp; Has Purchased $750 Million in CU Loans So Far
SAN DIMAS, Calif. - In yet another sign that CharlieMac's star is on the rise as a viable secondary market option for credit unions, CharlieMac and WesCorp, the nation's largest corporate, have joined forces on jumbo mortgages. WesCorp now offers CharlieMac's JumboExpress program to its 1,000-plus member credit unions. JumboExpress...
-
Corporate Central CU Goes Homegrown for New CEO, Names Fouch to Top Job
HALES CORNER, Wis. - Corporate Central Credit Union's eight-month search to fill the big shoes being left by CEO Mark Schroeder is over. In the end the corporate wound up finding its new CEO internally in Executive Vice President Bob Fouch. He will assume the position on July 1, while...
-
Corporate CU Leaders Envision a Single Credit Union Exchange "Switch" to Give CUs Pricing Edge in Post Check 21 Environment
WEST PALM BEACH, Fla. - Kathy Garner and Pete Pritts hope that if their vision of a national credit union-owned exchange "switch" comes to be, the industry will have a lot more control over how it plays in the post Check 21 world when image exchange finally takes off. The...
-
Colorado CU Opens Doors on High-Tech Operations Site
BOULDER, Colo. - In a project two years in the works, University of Colorado FCU opens the doors this month on a "state of the art" $8 million operations and administrative center dubbed a one-of-its-kind high tech facility. The $633 million Boulder-based CU acknowledges its good fortune in finding the...
-
Mica Lashes Out at FDIC Chairman's Suggestion that CUs be Taxed
WASHINGTON-Following a comment from Federal Deposit Insurance Corporation Chairman Donald Powell during America's Community Bankers' Government Affairs Conference last week, CUNA President and CEO Dan Mica issued a statement calling his remarks "out of line." "Mr. Powell, although appointed by President Bush to his current position, is clearly at odds...
-
A Weird Combination; Card Portfolio Broker Addresses TNB Conference
DALLAS - Was Rick Spell out of place at a TNB Card Services conference? Spell, a managing director with Morgan Keegan, a firm that brokers credit union card portfolios, addressed a TNB conference on March 9. TNB has urged credit unions to keep their card portfolios. "We had Rick Spell...
-
Ag Co-op Bank Employee Eligible for CU Board by NCUA's Rules
ALEXANDRIA, Va.-Centris Federal Credit Union of Omaha, Neb. recently asked NCUA whether a member, employed by the Farm Credit Services of America, an agricultural cooperative bank, is eligible for a board seat. The Depository Institution Management Interlocks Act prohibits individuals from serving simultaneously as a management official for two, unaffiliated...
-
DealerTrack Partners with Teres Solutions to Improve Indirect Lending Process
AUSTIN, Texas and MELVILLE, N.Y. - DealerTrack and Teres Solutions Inc. have partnered to create a solution they say improves the auto loan application submittal, review and funding process for financial institutions, auto dealerships, and consumers. The two companies have integrated DealerTrack's Web-based auto finance platform for dealerships with TSI's...
-
State and Federal Regulators Should Share Best Practices, Matz Says
SALT LAKE CITY-NCUA Board Member Debbie Matz urged state and federal credit union regulators to share their best practices-as credit unions do for their member services-during NCUA's State Regulators Conference held in conjunction with NASCUS. "By working together, NCUA and state regulators can put the best ideas into practice and...
-
Unidentified Substance Temporarily Closes Redstone FCU Fayetteville Branch
HUNTSVILLE, Ala. - After it was unexpectedly forced to close its Fayetteville, Tenn. branch for three days pending the results of an investigation in to a white powdery substance detected by a CU employee on March 6, Redstone FCU got the "all clear" from the Fayetteville Police Department on March...
-
Two-Year Old Snarled Computer Conversion Leads to Resignation of CEO of Northeast Arkansas Federal CU
BLYTHEVILLE, Ark. - A computer conversion launched in July 2002 at Northeast Arkansas Federal Credit Union and still experiencing technical snafus nearly two years later prompted the board of directors to ask President/CEO Dan Trevathan to resign on Feb. 26. Trevathan, who had been at the helm for nine years,...
-
Thomas' Taxation Remarks Stir Credit Union Taxation Pot; Not a Party Line Issue
WASHINGTON-Since House Ways and Means Committee Chairman Bill Thomas (R-Calif.) expressed his view earlier this month that his committee should hold hearings on the tax-exempt status of certain non-profits, everyone with an interest has thrown their two-cents in. Two top Democratic lawmakers have spoken out recently against any attempt to...
-
Vermont House Commerce Committee Hears Bankers' Testimony on Credit Union Parity Bill
MONTPELIER, Vt. - Vermont state-chartered credit unions have waited four years through patches in the state's credit union statute for it to be totally recodified, but if the Vermont Bankers Association has its way, any recodification will include an amendment requiring credit unions with more than $10 million in assets...
-
Utah League's Push to Woo Back Member CUs Has Won Some and Lost Some
SALT LAKE CITY - The score is 1-1 in that campaign begun nearly a year ago by the Utah League of Credit Unions to bring wayward members back into the fold. The League drive, which follows policy splits in the trade organization on just how it should fight banker attacks...
-
For Years, Consultants and Greed Have Driven Coops in Other Industries to go Stock-owned; CU Wave May be Just Starting
ARLINGTON, Va. - The credit union industry is just now starting to see how pro-conversion consultants and even greed can drive credit unions to give up their cooperative structure, but it's been happening to cooperatives and mutuals in other industries for years. Thrifts and mutual savings banks, mutually organized insurance...
-
Fed Approves FleetBoston Financial, Bank of America Merger, CUs Brace for Fallout
BOSTON - The Federal Reserve approved the merger of FleetBoston Financial and Bank of America on March 8, paving the way for what some credit unions see as an opportunity to woo customers away from the litany of fees that have typically come with large bank acquisitions. The FleetBoston Financial...
-
Debit Cards Impinging on Credit Cards for the First Time; Rewards Programs Found to Change Behavior
NEW YORK - Research has shown that the rise in the popularity of debit cards has cut into some of the transactions that would normally have gone onto credit card balances, although cash and checks continue to be the largest losers in the rising debit card phenomenon, a card market...
-
Credit Unions Had Bankers All Fired Up At America's Community Bankers GAC
WASHINGTON-Credit unions were on the lips of nearly every speaker at America's Community Bankers Government Affairs Conference last week. ACB Chairman William W. Zuppe said of credit unions, "it's not a movement, it's an industry," and called credit union competition "simply not fair." While previously, he said, it may have...
-
Judge Sets Date For Columbia Special Meeting; Site for Meeting Holds 4,000
VANCOUVER, Wash. - The $619 million Columbia Credit Union has set Sunday, March 28 for a special meeting at which members of the credit union could vote to recall eight board members. The meeting is scheduled for 3:00 pm at the Hudson Bay High School gymnasium which is relatively nearby...
-
NCUA Appealing Examiners' Eligibility for Union; NTEU Response Claims NCUA has No Basis
ALEXANDRIA, Va.-NCUA and the National Treasury Employees Union continue to duke it out over who is and is not eligible for the potential union at the agency. NCUA filed an appeal with the Federal Labor Relations Authority of a regional director's decision to qualify credit union examiners as part of...
-
Credit Unions Face $200 Million Price Tag for Upcoming ATM Upgrades, CO-OP Says
ONTARIO, Calif. - Credit unions in the U.S. could face a price tag of $200 million over the next 18 months bringing their ATM fleets up to the standards mandated by new security policies and regulations, according to a new white paper researched by the CO-OP Network. CO-OP Network is...
-
Newly Structured Church of the Brethren CU Expands to 135,000 Members Nationwide
ELGIN, Ill. - With a new name, logo and an expanded charter, The Church of the Brethren Credit Union is now open to the more than 135,000 denominational members nationwide. The credit union changed its charter on Feb.23 to allow members of the Church of the Brethren to join. Previously,...
-
Number of Wisconsin CUs Falls to Historic Lows as Assets, Number of Members Increase
MADISON, Wis. - Wisconsin lost 10 more credit unions in 2003, bringing the number of credit unions to 298, the fewest since the 1930s, according to the Wisconsin Department of Financial Institutions. The decrease continues a trend that began in the late 1960s. But while the total number has dropped,...
-
Bush, NCUA Official Participate in White House Faith-Based Conference
LOS ANGELES-At the most recent Conference on Faith-Based and Community Initiatives, President George W. Bush applauded the program's progress being made to help Americans in need. NCUA Director of Credit Union Development Anthony LaCreta represented NCUA at the Government Resources Exhibition during the March 3 conference. NCUA Chairman Dennis Dollar...
-
Federal Estate Tax Increases, Members May Reduce Amount Owed, Expert Says
MADISON, Wis. - Credit unions are reminded to get this year's updates on the federal estate tax, which will see a series of increases over the next five years on who will be affected. MEMBERS Capital Advisors Financial Consultant Bobbie Shockert Lazarz said this year's federal estate tax is assessed...
-
CUs Warned of Unauthorized Transactions from Canadian Bank, CU, Trust Co.
LATHAM, N.Y. - A handful of financial institutions with roots supposedly in Canada may be conducting unauthorized banking transactions, the New York State Credit Union League recently reported. The League says the Office of the Superintendent of Financial Institutions of Canada has issued a "warning notice" that the following entities...
-
WesCorp, Callahan's Partner for First Ever Financial Strategies Conference
ORLANDO, Fla. - Callahan & Associates and WesCorp kicked off their first ever Financial Strategies Conference last week with some sobering economic news. Goldman Sachs economist Andrew Tilton spoke to the 61 credit union attendees, made up mostly of CEOs and CFOs. Tilton said the economic recovery is progressing, but...
-
Taiwanese CU Officials Visit NCUA
ALEXANDRIA, Va.-All three NCUA Board members and agency staff were on hand to receive delegates from the Taiwanese credit union movement recently. NCUA hosted 14 members of the Taiwan Cooperative Association for the first time as part of the agency's International Visitors Program. The program hosts about 12 visits a...
-
NAFCU Submits Testimony for the Record On Savings and Financial Literacy
WASHINGTON-NAFCU submitted written testimony last week to Congress' Joint Economic Committee hearing on "Helping Americans Save" touting credit unions efforts to boost savings and financial education. The credit union trade association expressed its support for congressional efforts to enhance retirement savings legislation with the president's proposals for lifetime and retirement...
-
Credit Unions Headed for Branding Age?
SEATTLE - As the year progresses, look for more credit unions to revamp their brand and names. Seattle-based branding and marketing firm Weber Marketing Group (WMG) reports there is a "tremendous demand among financial firms to develop more competitive brands for their organizations." In just the past year alone, WMG...
-
Small Works, too - Sometimes
FAIRCHILD, Wis. - While some smaller credit unions have decided to merge, Wisconsin's smallest continues to remain independent. Fairchild Credit Union in Fairchild, Wis., had assets of $80,689 as of December 31, 2003. Mabel Habermeyer, who calls herself its president and janitor, says the credit union began in 1962. She...
-
Most Home-based Business Owners Without Insurance
ALEXANDRIA, Va. - Opportunity may be knocking for credit unions. A recent Independent Insurance Agents & Brokers of America (IIABA) survey finds that most of the country's 11 million home-based businesses do not have proper business insurance coverage. The survey finds that one in 10 U.S. households operates some type...
-
Dollar Calls FCU's Adoption of Underserved Areas Impressive; Data Demonstrates Service
ALEXANDRIA, Va.- NCUA Chairman Dennis Dollar told attendees of the 70th Annual Membership Meeting of the Chevron Pascagoula Federal Credit Union that credit unions adopting underserved areas enjoy significantly higher growth rates in a number of categories. He credited his Access Across America initiative with getting the ball rolling. "NCUA...
-
Fannie Mae Publishes Book on Home Ownership-Related Issues
WASHINGTON - Fannie Mae has published a collection of nine studies commissioned by the company over the past two years in a book titled "Housing Matters: Issues in American Housing Policy." The studies address a variety of topics related to the company's safety and soundness, effectiveness in supporting homeownership, and...
-
Treasury's Iannicola Promotes Financial Education in New Mexico
ALBUQUERQUE, N.M.-Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr. visited Van Buren Middle School here last week in recognition of the school's financial education efforts, an issue near and dear to credit unions. As part of his tour, Iannicola taught a lesson from the Junior Achievement's Personal Economics program...
-
New Nickels Rolled Out March 1
WASHINGTON-Newly redesigned nickels will be arriving at credit unions and other financial institutions nationwide very soon. On March 1, the U.S. Mint began distributing the first of the new nickels to the Federal Reserve Banks. These coins, the first of the Westward Journey Nickel Series, feature the Jefferson Peace Medal...
-
Spanish Translations May Offend Hispanic CU Members
MADISON, Wis. - Everyday, common English sayings may unintentionally offend Hispanic credit union members, says one expert. Barbara Robles of the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin will conduct a workshop at CUNA Mutual Group's Discovery Conference this year that will explore...
-
Managed Accounts One of Fastest Growing Segments for CUNA Mutual
MADISON, Wis. - With more than $310 million in assets and 1,400 accounts, managed accounts are quickly becoming one of CUNA Mutual Group's MEMBERS Financial Services program's most highly sought investment offerings. Managed accounts are professionally managed portfolios of individual securities that act like a mutual fund with diversification and...
-
It Pays to be an XFCU Member
LEWISVILLE, Texas - It certainly paid for Tony Ojeda, a 15-year member of Xerox Federal Credit Union to use his Visa Check Card. Ojeda was one of 61 Grand Prize winners nationwide who won $20,000 in the recent Visa Personal Helper Sweepstakes for making purchases with his XFCU Visa Check...
-
Dueling Ads: Banks and Credit Unions Take Arguments to Print
In what was interesting timing, America's Community Bankers ran the below (left) "quack, quack" ad calling for credit unions that are acting like banks to be taxed. Meanwhile the California Credit Union League ran its own ad shown here (right) questioning why banks are so concerned about credit union growth...
-
CTR Form Updated to Track Foreign Currency
ALEXANDRIA, Va.-NCUA issued a Regulatory Alert recently making credit unions aware of the newly modified Currency Transaction Report form. The Financial Crimes Enforcement Network (FinCEN) revised the CTR in response to law enforcement requests for better tracking of foreign currency movement. Two lines have been added to Part II of...
-
GCUA Hopes Governor will Sign CU-Supported Payday Lending Bill
ATLANTA - It's still too soon to know for sure if Georgia Gov. Sonny Perdue will sign a credit union-supported payday lending bill that was recently passed by the state House and Senate and was sent to the governor's office. But the Georgia Credit Union Affiliates is hoping he will...
-
Northwest Corporate Partners With U.S. Central Broker/dealer
PORTLAND, Ore. - Northwest Corporate Credit Union is the latest corporate to choose U.S Central's CU Investment Solutions, Inc. (ISI) for broker/dealer services. Using ISI, Northwest can now offer broker/dealer services to its member credit unions, filling a hole in Northwest's investment services menu. Many corporates are seeking to get...
-
FCUs May Use Life Insurance Investments to Fund Employee Benefits
ALEXANDRIA, Va.-NCUA determined in a recent legal opinion that federal credit unions have the authority to invest in life insurance products for the purpose of funding employee benefit obligations, use the pooled funding approach, and hold the insurance to maturity. In a legal opinion letter (03-0512), NCUA Associate General Counsel...
-
VolCorp Announces Free Seminars
BRENTWOOD, Tenn. - VolCorp announced a new free seminar series for credit union members through its Consulting Services Department. VolCorp hopes to help credit unions keep their money working smarter by providing them the right tools to make managing their credit unions easier. There are four different seminars to choose...
-
CUES Awards More CEO Institute Scholarships
MADISON, Wis. - Three more scholarships have been awarded by the Credit Union Executives Society to attend this year's CEO Institute. Regina Barker, vice president at King County CU in Seattle; Robin Romano, CEO of MariSol FCU in Phoenix; and Susan Streifel, president/CEO of Woodstone CU in Federal Way, Wash....
-
Credit Union Savings Growth Stagnant Since August; Loan-to-Share Ratio at 71.9%
WASHINGTON-Loan dollars outstanding and savings showed meager growth for the month of January and really, savings have been flat since August, CUNA Chief Economist Bill Hampel said. In January, loans grew 0.3%, while savings climbed 0.7%, CUNA's Monthly Credit Union Estimates found. "January is typically a really weak month for...
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
-
SECU of Maryland Takes a Step Back to Move Forward; Aims to Boost Products-per-Member
BALTIMORE - Someone should probably tell Rod Staatz that the saying `the shortest distance between two points is a straight line' often holds true with career paths. Staatz's road to working with credit unions, specifically as president/CEO of State Employees CU of Maryland, has been anything but straight. In fact,...
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...
Resource Center
View All »
FFIEC Proposed Guidance on Social Media and How it Affects...
To learn how you and your institution can stay compliant with the new proposed FFIEC...
The Rise of "Mobile Commerce" and How it Affects YOU!
Could plastic cards become a thing of the past? This white paper explains what constitutes...
Key Indicators of High Performing Credit Unions
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
