Credit Union Times Magazine May-05, 2004

  • NCUA Web Site Receives Spring Cleaning

    ALEXANDRIA, Va. - Comments from credit unions, on-site testing, internal and external users, and historical tracking results went into the redesign NCUA's Web site unveiled recently. "I am pleased to announce this step in what is a continuing need to improve the agency's delivery of information and to maintain transparency...

  • NAFCU April Flash Report: About the Same Number of Credit Unions Offer Credit Cards in 2004 as in 2001

    ARLINGTON, Va. - Thirteen percent of the 130 NAFCU member credit unions surveyed in February 2004 offer credit cards, compared to 10% which said they did in 2001, according to NAFCU's April Flash Report. That number appears to be low. According to Asset Exchange, the card portfolio brokerage headquartered in...

  • ID Theft Opens Door to Member Education?

    STAMFORD, Conn. - With identity theft spiraling, are credit unions missing an opportunity to fill a much needed niche? "Three out of five consumers are telling us that financial institutions are not doing enough to educate them on how to protect against identity theft, as most are learning about it...

  • Vermont Commerce Committee Hobbles CU Bill

    MONTPELIER, Vt. - In a surprising change of events, the chairman of the Vermont House Commerce Committee announced his decision to set aside - until the start of the new legislative session in January - the bill that would rewrite the state's credit union regulatory statute. Despite progress made in...

  • Call for Political Activism Strong at Texas League Annual Meeting

    SAN ANTONIO- An impassioned call to political activism was the recurring theme throughout the two-and-a-half hour delegate session at the Texas Credit Union League's 70th Annual Meeting & Expo. The League's chairman, CEO, several committee chairmen and special guests cited political advocacy as a top priority. TCUL Chairman of the...

  • Certegy Pushing Check Cashing Service with Leagues

    HARRISBURG, Pa. - In partnership with Certegy Inc., the Alpharetta, Ga. card and check processor, the Pennsylvania Credit Union League is developing a non-member check cashing service with the first CU signups expected "in 30 to 60 days." Debuting the program in Pennsylvania July 1 will be the $50 million...

  • Ban on Matricular Consular Cards Fails to Make California Ballot

    BUENA PARK, Calif. - A proposed state initiative that would have banned illegal immigrants in California from using matricular consular cards at public agencies for identification purposes has failed to garner enough signatures from registered voters to be placed on the November ballot, organizers have announced. Despite that, the organizer...

  • ABA's Fergeson Says Again He Was Not `Mistreated'

    ALTUS, Okla. - "What's all the fuss" might sum up the attitude lately of the chairman of the American Bankers Association, Ken Fergeson, regarding the ongoing stir over his debate with State Employees CU of North Carolina President/CEO Jim Blaine at last February's Government Affairs Conference sponsored by CUNA. "I...

  • NCUA Issues Three Prohibition Orders Against Former CU Officials

    ALEXANDRIA, Va. - NCUA issued prohibition orders against three individuals last week. Former Roosevelt County Credit Union Manager Patty Barnes agreed to an order prohibiting her from further participation in the operation of any federally insured financial institution without admitting or denying fault. Tammy Bramwell, former president of Metro East...

  • CNBS Moves From Stock Corporation to LLC

    OVERLAND PARK, Kan. - Popular credit union broker/dealer CNBS has converted from a stock corporation to a limited liability company. The company is now officially known as CNBS, LLC. Limited liability companies are growing in popularity these days. They essentially are a combination of a partnership and corporation, in the...

  • FSCC Chooses Former Coach, Futurist, as Conference Speakers

    SAN DIMAS, Calif. - Attendees at the Financial Service Center Cooperative's 2004 conference will hear from a former coach and a futurist, the credit union shared branching network said. The conference will be held June 13 - 15, 2004, at the Treasure Island Hotel and Casino in Las Vegas, Nevada....

  • PALS Mortgage Workshop Keynoters Explain How to Reach First-Time Buyers

    BOSTON - The two new keynote speakers for the June 2 Partnering and Leadership Successes mortgage workshop will share ideas on how to reach first-time homebuyers, NCUA Board Member Debbie Matz announced. Neighborhood Reinvestment Corp. New England District Director Nelson Merced will inform PALS attendees about resources in their communities...

  • Pennsylvania CU-Supported Candidates Score Primary Election Victories

    HARRISBURG, Pa. - Credit unions in Pennsylvania celebrated election victories won by several credit union-supported candidates in the state's primary election on April 27. Among the victors was Republican U.S. Sen. Arlen Specter who is seeking a fifth term and narrowly beat Republican Congressman Pat Toomey by a 51 to...

  • Credit Unions Using CUSOs in Various Ways To Deliver Business Services

    Neenah, Wis. - CUSOs' involvement with member business lending has allowed many credit unions to offer their small business members the types of loans they typically couldn't get from other lenders. But CUSOs' role in business services hasn't stopped with MBLs. Some CUSOs, such as Business Lending Group, were formed...

  • Credit Union Tax Higher Priority Issue with Banks than Terrorism, Mica Highlights

    WASHINGTON - In a letter delivered to every member of Congress, CUNA President and CEO Dan Mica expressed his outrage at the American Bankers Association's priority list, which puts taxing credit unions as a "superpriority" over terrorism, corporate reforms, and accurate accounting. Mica said he initially thought ABA's "Government Relations...

  • No-Interest Loans to Nonprofit Loan Program are Charitable Contributions, NCUA Says

    ALEXANDRIA, Va. - A federal credit union may provide no-interest loans as charitable contributions under the incidental powers rule, NCUA ruled recently. One credit union recently asked NCUA for its opinion on a program with Home HeadQuarters, Inc., which makes prime-rate loans averaging $10,000 for seven years for home repairs....

  • New York Consumer Group Raises Concerns About Some Card Innovations

    NEW YORK - The New York Public Interest Research Group, a consumer organization which has a track record of raising card fee issues, has taken aim at some of the cards and card practices which have been among the hottest new entries in the bank and credit union card industry....

  • New Jersey Credit Unions, League Team Up to Support MS Research

    HAMILTON, N.J. - Three months after her wedding in June 2001, Mary A. Moulds, vice president of education and training services for the New Jersey Credit Union League, became ill with symptoms of numbness and tingling in her left arm. A month later, after many tests, she was diagnosed conclusively...

  • Michigan Governor, OFIS Commissioner Propose Rule Banning Use of Credit Scoring for Insurance Rates

    LANSING, Mich. - Gov. Jennifer Granholm and Commissioner Linda Watters of the Office of Financial and Insurance Services proposed a new state rule April 26 to reduce base rates for all insurance customers by banning the use of credit scoring in determining rates for homeowners and auto insurance sold in...

  • Sam Donaldson Gives Inside View of Washington at Texas League Annual Meeting

    SAN ANTONIO, Texas - Putting up barriers to foreign trade is an outdated idea, ABC News' national political reporter Sam Donaldson told attendees at the opening general session of Texas Credit Union League's 70th Annual Meeting & Expo April 21-24. "I support the North American Free Trade Agreement (NAFTA). I...

  • Suncoast Schools Says Coordination Key To Ongoing Success With Cards

    TAMPA, Fla. - How should credit unions best manage their credit card portfolios? As the market for credit union credit card portfolios has grown steadily hotter, more CUs have started researching how to better manage and grow their card assets. For some, better card management has meant sharply changing the...

  • West Virginia League Puts On Antique `Roadstop"

    CHARLESTON, W.Va. - The West Virginia Credit Union League discovered during its annual convention it has plenty of garage sale junkies. That's because its own version of the "Antiques Roadshow" a popular TV show on the PBS network all about finding appraised collectibles in attics and garages, proved a big...

  • With Bauer Back at Wisconsin Bankers Association, Wisconsin CU League Prepares for CU Tax Push

    MADISON, Wis. - With coffers enriched through voluntary credit union contributions to a "Unity Fund," the Wisconsin Credit Union League is gearing up to counter any plans by the banking industry at the state or national levels to push for taxation of credit unions. Within the state, the Wisconsin Bankers...

  • Vice Chair Johnson Explains Thrift Conversion Disclosure Guidelines and `Access' Partnerships for NCBA

    WASHINGTON - During panel discussions at the National Cooperative Business Associations Cooperative Conference last week, NCUA Vice Chair JoAnn Johnson outlined the recently approved disclosure requirements credit unions have to follow when converting to a mutual savings bank and highlighted the successes of Access Across America. During the panel on...

  • US Airways FCU Increases Card Balances 22%

    MOON TOWNSHIP, Pa. - Meanwhile, in Pennsylvania, another credit union has been finding success with its cards. The $612 million US Airways FCU has increased its outstanding balances by 22% by using a series of balance transfers and other promotions, according to PSCU Financial Services, the credit union cooperative whose...

  • The Name Change Trend Especially Hot Among Education-based Credit Unions

    WEST PALM BEACH, Fla. - For many credit unions what's in a name can mean the difference between growth and being overlooked. The name change game is constantly changing and the latest players seem to be education-based credit unions. Here are just a few that have recently changed their names:...

  • Turnaround is Fair Play, CUNA Asks Why Banks Were Granted Sub S in the First Place

    WASHINGTON - In the last counterattack from CUNA, Associate General Counsel Mary Dunn has asked the Internal Revenue Service to look into why banks were permitted to organize as Subchapter S Corporations and what they are doing for the public with the preferential tax treatment. Despite the fact the bankers...

  • Matz Tells Fannie Mae Group Use Partnerships to Make Mortgages

    CHICAGO-NCUA Board Member Debbie Matz told participants in Fannie Mae's Credit Union Advisory Council that partnerships will aid the expansions of affordable mortgages to first-time buyers. In particular, first-time homebuyers "can benefit the most from credit union services." She pointed out that less than 50% of minorities own their own...

  • League-Back Legislation Introduced in Ohio House to Modernize State CU Act

    COLUMBUS, Ohio - Calling it the "first substantive modification" of the state's credit union act in 17 years, the Ohio Credit Union League is monitoring the progress of credit union legislation introduced in the state House of Representatives April 21 which one credit union spokesman said "includes changes that give...

  • Financial Accounting Standards Board Tells NAFCU No Problem With Proposal Redefining CU Net Worth

    ARLINGTON, Va.-The Financial Accounting Standards Board has written NAFCU President and CEO Fred Becker that it does not object to the trade association's proposed legislative amendment redefining net worth in the Federal Credit Union Act. NAFCU wants to change the definition of credit unions' net worth in the FCUA from...

  • CUNA Steps Up Battle With Bankers; Says CUs Can't Wait for Imminent Attack

    WASHINGTON-Attacks from the banking groups have really heated up since they got wise and started stealing ideas out of CUNA's playbook. CUNA President and CEO Dan Mica said a banking group lobbyist told him, "We've learned our lesson. We're going to take pages right out of your book." Evidence of...

  • Cuevas Flourished Under Dollar's Leeway; Proud of The "Agenda Items" They Were Able to Knock Off

    ALEXANDRIA, Va. - He is the guy at the shoulder of the chairman at NCUA Board meetings and he is the one who speaks for the chairman when he is not available. For six and a half years, Chief of Staff to the NCUA Chairman Kirk Cuevas has done nearly...

  • CUNA Brokerage Seeks Clarity on Dual Employee Definition for National Do-Not-Call Registry

    WASHINGTON - CUNA Brokerage Services, Inc. recently requested clarification to the SEC on what is considered an "established business relationship" and the role of a "dual employee" regarding the National Do-Not-Call Registry. In an April 22 comment letter, Kevin Thompson, vice president and deputy general counsel for CUNA Brokerage, wrote...

  • Future Bright but Still Up in the Air For Outgoing NCUA Chairman

    ALEXANDRIA, Va. - Outgoing NCUA Chairman Dennis Dollar is mulling over a number of options for his post-agency career but, sticking with his ethical responsibilities while in the position, has no concrete plans for his professional future. He pointed out that 10 years ago, he never would have thought he...

  • In His Last Speech as a Regulator, Dollar Talks About Ducks and Geese

    FORT WORTH, Texas - In what might be considered his swan song, outgoing NCUA Chairman Dennis Dollar used the analogy of ducks and geese to explain the difference between credit unions and banks to the Fort Worth Chapter of Credit Unions April 27. The event was his last scheduled public...

  • Judge May Decide Some Key Credit Union Issues In Washington Such As Are Members Owners

    VANCOUVER, Wash. - Superior Court Judge Roger Bennett is expected to decide any day whether or not, among other things, five of the nine members of the $619 million Columbia Credit Union's board are seated illegally as well as whether credit union members in the case have a right to...

  • Laddered CD Garners $12 Million for Citadel FCU in Four Weeks; CU Finds Way to Balance Out its High Loan-to-Share Ratio

    THORNDALE, Pa. - Members are gravitating to a new, laddered certificate of deposit recently launched by Citadel Federal Credit Union. The Citadel Laddered CD, rolled out in late March, has brought in more than $12 million, said Maria Steffy, vice president of finance. Citadel members who invest $75,000 or more...

  • IRS Private Ruling on Deferred Compensation May Give FCUs Options to Put More Cash in Their Executives' Pockets

    MADISON, Wis. -Some are speculating that a recent IRS private ruling letter on deferred compensation plans may be the first promising step in giving federal credit unions the ability to offer a plan common in the for-profit world that could put more money in credit union execs' pockets. The April...

  • Investing in Culture Key to Success of New Brand Image

    WEST PALM BEACH, Fla. - Credit unions can change their name and redefine their brand but without a supportive culture don't expect to have the best results. "When the true beliefs of a credit union's management and staff are not aligned success is diminished," said CUNA Mutual Senior Marketing Consultant...

  • In Restructuring, Iowa League Cuts Board Size Almost in Half

    DES MOINES, Iowa - Reflecting the changing structure of U.S. credit union leagues, the Iowa Credit Union League is cutting nearly in half the number of directors on its board from 21 to 12, dumping a redundant "district" format, and moving to asset size for CU representation on its governing...

  • Columbia Situation Forcing Some Changes In Conversion Marketing

    WASHINGTON - The Washington D.C.-based law firm of Luse Gorman Pomerenk & Schenk, one of the leading law firms specializing in helping credit unions seeking to convert to mutual bank charters, has added some dates to its calendar of seminars on charter change in response to the $619 Columbia Credit...

  • Calderon, Arrowhead Credit Union SVP, Honored by Mexican Government

    SAN BERNARDINO, Calif. - Maurice Calderon, senior vice president of Arrowhead CU, has earned the prestigious "Reconocimiento Ohtli Medal," the highest award granted by Mexico's Ministry of Foreign Relations in recognition of his year of work opening lines of communication between the Mexican government and California's Inland elected officials and...

  • In Unanimous Decision, Supreme Court Rules That Card Fees Are Not Finance Charges

    WASHINGTON - The Supreme Court ruled unanimously on April 21 that credit card issuers do not have to disclose over limit and other fees as part of their cards' finance charges. The case pitted MBNA, a noted purchaser of credit union credit card portfolios which had inherited the case from...

  • Abernathy Reiterates Administration's Position on CU Taxation to Banker Group

    HARRISBURG, Pa. - David Zuern, incoming chairman of the Pennsylvania Bankers Association and representatives of local banks met with U.S. Treasury Department Assistant Secretary for Financial Institutions Wayne Abernathy on April 26 at a roundtable discussion hosted by U.S. Rep. Todd Platts (R-Pa.) and tried to press the Treasury official...

  • Michiana CU's Katalinich Named to Freddie Mac Credit Union Advisory Board

    ELKHART, Ind. - John Katalinich, chief lending officer of Michiana Credit Union was named to the Freddie Mac Credit Union Advisory Board. The group is made up of 12 credit union representatives from mid- and large size credit unions in the U.S. The advisory board provides a forum for constructive...

  • Funeral Home Business Not for CUSOs

    ALEXANDRIA, Va. - A recent legal opinion letter from NCUA outlined why the operation and ownership of a funeral home for credit union members is not a permissible activity of the credit union service organization. Members Cooperative Credit Union President Del D. Provost wrote NCUA to find out if it...

  • Bill to Allow Penalty-Free Retirement Withdrawals for Reservists Passes House

    WASHINGTON - The House has unanimously passed a bill to allow reservists and national guardsman called to active duty to make withdrawals from retirement accounts without penalty. The House members agreed to the Guardsmen and Reservists Financial Relief Act (H.R. 1779) by a vote of 415-0. The bill would permit...

  • SACU Helps Members Shred Identity Theft

    SAN ANTONIO, Texas -San Antonio Federal Credit Union (SACU) has helped local consumers get a jump on preventing identity theft while doing a little spring cleaning by hosting its second annual Shred Day. Some 200 families lined up to dispose approximately 10,000 pounds of sensitive papers at three SACU branches....

  • Raddon Continued to Push Message of Strong Cards

    ST. PETERSBURG, Fla. - Gary Raddon, Chairman of the Raddon Financial Group carried his message that credit unions can and should be profitable card issuers to the PSCU attendees, reminding them of the benefits of segmenting their cardholding membership and promoting right credit card or debit card products to the...

  • Olympics Hit American Heritage FCU

    PHILADELPHIA - Recognizing that its staffers are worth Olympic Gold, this year the American Heritage Federal Credit Union management team opted to dress accordingly. "Employee Appreciation Day is a great morale booster," said American Heritage FCU President/CEO Bruce Foulke. "It's our way of saying thank you to all the staff...

  • NCUF to Sponsor Workshop On CDFI Program

    MADISON, Wis. - The National Credit Union Foundation and the National Community Investment Fund have joined together to fund a workshop to help credit unions take advantage of a federal program. The New Markets' Tax Credit program is an element of the Community Development Financial Institutions Fund that is considered...

  • Sunmark FCU Awards $10,000 Room Makeover to Lucky Member

    SCHENECTADY, N.Y. - Tapping into the interior design makeover craze Sunmark Federal Credit Union has launched the "Beyond Design" promotion. "Beyond Design came about as we looked for an opportunity to promote Sunmark's home equity and mortgage loan products," said SFCU Marketing Manager Bill Jenkins. "We decided early on to...

  • Former CUNA Mutual Bond Exec Moves to Allied Solutions

    CARMEL, Ind. - Allen Stendahl, CUNA Mutual's VP of Credit Union Protection for the last two and a half years, has joined Allied Solutions as Regional Vice President, Allied Solutions Specialty Lines. Stendahl, who has over 20 years insurance experience, helped direct the underwriting, claims and risk management support for...

  • John Deere CU In Iowa Merger To Hit $1 Billion

    WATERLOO, Iowa - Two of Iowa's "Deere" credit unions become formally merged June 1 creating the state's first $1 billion CU. Under an agreement signed last October, the $900 million John Deere Community Credit Union is merging the $91 million Deere Community CU of Ankeny. "This combination is one that...

  • Credit Unions Part Of Program On CU/ Check Casher Partnerships

    CHICAGO- Executives from two community development credit unions will take part in a moderated panel discussion on whether credit unions partnering with check cashers really benefits low income people. Joy Cousminer, CEO of the $9 million Bethex Federal Credit Union, headquartered in the Bronx, will present to a panel that...

  • Card Accountability Needs To Be Concentrated, PSCU Exec Said

    ST. PETERSBURG, Fla. - Credit unions seeking to better manage their card portfolios would do well to concentrate the responsibility for the portfolio's overall growth and profitability to one executive, a key PSCU executive told attendees of the card cooperative's annual meeting. According to PSCU, Katy Slater, member development analyst,...

  • Mitchell, Bryan Inducted into Texas Credit Union Hall of Fame

    SAN ANTONIO, Texas - The Texas Credit Union League honored credit union veterans Paul Mitchell and Jim Bryan during the league's 70th Annual Meeting and Expo by inducting them into the 2004 Texas Credit Union Hall of Fame. The Texas Credit Union Hall of Fame honors individuals who reflect a...

  • How For-Profit Model Would Compare With Current CU Plans

    457(b): Current limitation on deferral and/or contribution limits is $13,000 in 2004 ($14,000 in 2005, $15,000 in 2006) Section 451 would allow unrestricted deferral opportunities, thus the cap of $13,000 would disappear. 457(f): Current regulations require substantial risk of forfeiture, which usually says the executive must remain for some period...

  • A Tale of Two Wallets - Watch Out for What's in Your Wallet!

    Wallet #1: Consumer's wallet contains two credit cards and one ATM/Debit Card. Plastic cards in the wallet would cost a total of $375.45 for the year based on the following usage profile: Credit Card One:

  • SECU Partners To Help Members Have Fun Summer

    RALEIGH, N.C. -State Employees' Credit Union (SECU) has teamed up with the State Employees Association of North Carolina (SEANC) to offer discount theme park tickets to members. Tickets to theme parks including Kings Dominion, Carowinds, Tweetsie Railroad, NASCAR Speedpark, Myrtle Waves, Myrtle Beach Pavilion and Emerald Pointe Wet N' Wild...

  • FTC Referring Consumer Complaints to Credit Bureaus

    WASHINGTON - The Federal Trade Commission announced last week that it will begin referring consumer complaints to the three major national consumer reporting agencies. The new program will forward certain complaints from consumers about disputed inaccuracies or incomplete information in the companies' files to Equifax, Experian, and TransUnion. The agencies...

  • NCUA Easing CU Participation in SBA's Commercial Development Program

    ALEXANDRIA, Va. - In response to an issue that arose during the recent Partnering and Leadership Successes member business lending workshop, NCUA Director of Examination and Insurance Dave Marquis issued a memorandum encouraging the five regional directors to "evaluate and consider granting a waiver for all loans made as part...

  • CO-OP Network Disburses Record Patronage

    ONTARIO, Calif. - CO-OP Network, the nation's largest credit union owned surcharge free ATM Network, has announced a patronage distribution of $7.5 million for 2003's transactions. This represents an increase of 7% over last year's patronage, the CO-OP said. "Despite an unsettled marketplace, CO-OP Network was able to return a...

  • Vice Chair Johnson Teaches Financial Literacy at Virginia School

    ALEXANDRIA, Va.- NCUA Vice Chair JoAnn Johnson read to students at Jefferson-Houston Elementary School last week as part of an activity for National Financial Literacy Month. "Teaching children at an early age to set goals and to save will pay dividends in their future," Johnson, a former teacher, said. "It...

  • Eastern Financial FCU Partners to Build H.S. Stadium

    MIRAMAR, Fla. -Eastern Financial Florida Credit Union has joined forces with the Broward County School District and the City of Miramar to build the Eastern Financial Stadium at Everglades High School. The $1.8 billion credit union is the first company to have its name on a high school stadium since...

  • Treasury and Fed Unveil New $50 Designed to Thwart Counterfeiters

    FORT WORTH, Texas - Treasury and the Federal Reserve revealed the new design for the U.S. $50 note during the inauguration of the new Visitor Center of the Western Currency Facility Monday, April 26. The new $50 bills are anticipated to enter circulation in late September or early October. It...

  • Water and Power CCU Turns Tax Day Into Free Cash Day

    LOS ANGELES - Water and Power Community Credit Union helped cheer a few members up on Tax Day by giving them a chance to participate in Moolah Madness. Fifteen lucky contestants had 15 seconds in the Moolah Madness MoneyMachine to grab up to $3,000 in cash, which was whirling around...

  • FTC Puts Proposed Identity Theft, Active Duty Alert Regulations Out for Comment

    WASHINGTON - The Federal Trade Commission has asked the public to comment on a proposed rule under the Fair and Accurate Credit Transactions Act defining identity theft, identity theft reports, the duration of active duty alerts, and proof of identity necessary to block or make changes. The FACT Act allows...

  • FHA Takes Steps to Reduce ID Theft, Fraud in Mortgage Insurance Programs

    WASHINGTON - To help reduce incidents of identify theft and fraud in its mortgage insurance programs, the Federal Housing Administration has begun applying system edits to validate the issuance of Social Security Numbers used by borrowers obtaining FHA-insured mortgages. The edits are applied as soon as the mortgage lender enters...

  • $4.6 Billion Boeing Employees CU Granted SBA Lending Authority

    TUKWILA, Wash.-Boeing Employees CU has become the first credit union in the Seattle area to be approved for Small Business Administration loans for local business owners. "This is a great opportunity to help start-up businesses and those that may have trouble finding loans elsewhere." BECU Director of Small Business Services...

  • Peoples' CCU Teams up for Free Bus Service

    RIDGEFIELD, Wash. - Thanks to Peoples' Community Credit Union this year Clark County Fair attendees will beat the traffic and parking blues. The $113 million credit union has teamed up with the Clark County Fair and the county's bus system C-Tran to cover free bus service to and from the...

  • Aimbridge Home Loans to Offer CUs Private Label Servicing Program

    DENVER - Aimbridge Home Loans, a division of the Aimbridge Group and a full-service mortgage provider for credit unions and members, has affiliated with LoanCare Servicing Center, a national loan subservicer, to offer CUs a private label servicing program. Through the program, CUs can transfer their current loan servicing portfolios...

  • DATCU Named Best Place to Work in DFW

    DENTON, Texas - It is finally official - credit unions wear the white hats and Denton Area Teachers Credit Union can prove it. The $290 million credit union has been presented the Dallas Business Journal's White Stetson Hat award symbolizing "The Best Place to Work" in Dallas-Fort Worth. DATCU was...

  • NYIB Conference to School CUs

    MADISON, Wis. - With this year's conference theme "NYIB University - Making the Grade with Youth", the National Youth Involvement Board (NYIB) is looking for a few good "students". Packed with information and resources to help credit unions reach, capture, train, retain and grow their youth member segments, NYIB-U is...

  • PSCU Member Credit Unions Learn To Do Cards Right

    ST. PETERSBURG, Fla. - Nearly 400 card executives from PSCU Financial Services member credit unions traveled to Las Vegas from April 21 to 23 to keep themselves up to date on card changes and the best practices for card management. The attendance was a record for the card servicing firm....

  • Greater Iowa Credit Union Fighting Cancer One Bill at a Time

    AMES, Iowa - Greater Iowa Credit Union (GICU) has linked its online bill pay service to benefit a good cause. During May, when members sign up for online bill pay, GICU's bill pay provider will donate $10 to America's leading cancer research organization. In addition, the credit union will donate...

News

News Briefs

  • NCUA Interim Final Rule on Deposit Insurance Beneficiary Extension Supported by Trades

    ALEXANDRIA, Va.-In individual comment letters, CUNA and NAFCU expressed their support of NCUA's interim final regulation regarding the extension of separate share insurance coverage for beneficiaries in living trust accounts. The rule would allow deposit insurance coverage to continue for living trust accounts separate from the beneficiaries' accounts following the...

  • NCUF Getting Investments From CUs in 43 States and All Corporates

    MADISON, Wis. - The National Credit Union Foundation reported that, as of March 31, 2004, credit unions in 43 states invest in the Foundation's Community Investment Fund. Investors now include all 29 corporate credit unions and 490 natural person credit unions. "We are pleased to fulfill our leadership role in...

  • Digital FCU Goes with CO-OP for Full EFT Services

    ONTARIO, Calif. - The $2 billion Digital Federal Credit Union, headquartered in Marlborough, Massachusetts, has chosen to process all of its 218,000 members' ATM transactions with the CO-OP Network, the nation's largest credit union owned surcharge free ATM network. Digital has been a member of CO-OP Network since 1998. "This...

  • Riverside County's Credit Union Expands to San Diego County, Seven Cities

    RIVERSIDE, Calif. - Riverside County's Credit Union has received approval from the California Department of Financial Institutions to expand its field of membership beyond Riverside County. The $600 million credit union is now approved to expand to all of San Diego County, the San Bernardino County cities of Rancho Cucamonga,...

  • NCUF Executive Director Officer Resigns

    WASHINGTON - Gary Officer, Executive Director of the National Credit Union Foundation, resigned his position effective Monday, April 26, "to pursue new opportunities," according to the Foundation. CUNA President Dan Mica will serve as interim director and the Foundation is forming a search committee to find another executive director. Phone...

  • Two More CURIA Cosponsors Climb Aboard; Bill Has Support of 39 Lawmakers

    WASHINGTON - There have been two new additions to the growing list of Credit Union Regulatory Improvements Act (H.R. 3579) cosponsors. Representatives Tammy Baldwin (D-Wis.) and Michael Michaud (D-Maine) signed onto the bill April 20. H. R. 3579 contains most of the credit union-related items from the Financial Services Regulatory...

Tech Bytes

  • Summit Information Systems Hosts Interchange Conference

    CORVALLIS, Ore. - About 40 senior executives from credit unions across the country gathered recently for Summit Information System's Advanced Technology Interchange Conference in Indian Wells, Calif. Participants attended discussions and presentations on developments from the core data processing provider, and heard from speakers that included Mark Sievewright, former president...

  • Deepening Online Relationships Focus of New Report from Callahan

    WASHINGTON - How to attract and retain members, and deepen the relationship, through the online channel is the focus of a new report from Callahan & Associates. The white paper is based on results from Callahan's Survey Consortium that show that up to 79% of credit union members using services...

  • Yodlee Now has Instant Account Verification

    REDWOOD CITY, Calif. - Account aggregation provider Yodlee has launched Instant Account Verification, its new risk management product that provides real-time account verification. It verifies account ownership and available balance for just about any online transaction, including account openings and fund transfers. "By streamlining the account verification process, Yodlee helps...

  • Puerto Rico Credit Union Launches fxLending Automated Platform

    AUSTIN, Texas - FundsXpress said that Cooperativa Zeno Gandia, a $206 million credit union in Puerto Rico, has deployed the fxLending automated lending solution. fxLending is a recent addition to FundsXpress' suite of Internet-based financial services and combines application origination, underwriting and management solutions. Cooperativa Zeno Gandia is currently utilizing...

  • qbt Systems Broadens Base in Credit Union Space

    NEW YORK - Being in the middle has proven to be the sweet spot for qbt Systems Inc., whose middleware solutions have quietly gained traction connecting core systems and key third-party applications at some big credit unions and technology providers across the country. New York-based qbt's first client was Credit...

  • Members Mortgage Spins Off Online Origination System for CUs

    WOBURN, Mass. - Members Mortgage Co. is spinning off its in-house online origination system as a separate company, MortgageClick (www.mortgageclick.biz.) The system is powered by the Prime Alliance Solutions program, which combines Fannie Mae's automated system, Desktop Underwriter, with a Web-based processing platform from Dexma, a Minnesota-based mortgage technology provider....

  • State Employees Credit Union Upgrading to Corillian Voyager 3.1

    PORTLAND, Ore. - The $11.4 billion State Employees CU in Raleigh, Va., will upgrade to Corillian's Voyager 3.1 online banking platform. Corillian Voyager 3.1 includes online banking, bill pay and presentment, and small business banking functionality. Rick Rhoads, senior vice president of e-services at SECU, said the credit union wants...

  • Affinity FCU Redesigns CUcarzone

    BASKING RIDGE, N.J. - Affinity FCU recently launched a redesign of its CUcarzone Web site, which specializes in helping members find used cars, that the CU says will improve business and member satisfaction. "Affinity's CUcarzone site provides easy access to information about one-owner leased cars, trucks and SUV's that have...

  • eFunds Acquires Customer Verification, Loss Management Solutions

    SCOTTSDALE, Ariz. - Electronic payments provider eFunds Corp. has acquired Penley Inc., a provider of PATRIOT Act and OFAC compliance services, and fraud investigation software vendor Loss Control Solutions Inc. eFunds said it will integrate the customer verification and case management software platforms into its ChexSystems lineup, now in use...

  • Online Resources Reports Black Ink for First Quarter

    McLEAN, Va. - Online Resources Corp. reported continuing profitability but a drop in revenue in the first three months of 2004 compared with the year-ago quarter. The provider of Internet banking and payment services said first quarter 2004 revenue was $9.8 million, compared with $11 million in the year-ago period,...

  • OSI Reports Profit Jump From $100,000 to $3 Million in First Quarter

    GLASTONBURY, Conn. - Open Solutions Inc.'s well publicized contract lands are translating into black ink for the e-commerce and core processing technologies provider. The company, which trades on the Nasdaq as OPEN, said first quarter 2004 revenues were $21 million, a 70% jump from the $12.3 million reported in the...

Letters to the editor

  • Hooray for Blaine and Padgett

    Hooray for Clyde Padgett's letter dated April 14, 2004. Mr. Padgett made an articulate summation of my thoughts concerning the hullabaloo over the Credit Unions vs. Bankers debate at the 2004 Governmental Affairs Conference. I too was embarrassed and taken aback by the barrage of criticism from some individuals in...

  • Blaine's Passion is Commendable

    Like many, I have been reading all the letters about the Jim Blaine/Ken Fergeson debate. Jim's comments on the Opinion page of the April 21 issue of Credit Union Times shows, to me, a passionate Jim Blaine. Prussian military philosopher Carl von Clausewitz once stated that the passions of the...

Publisher's Column

  • Announcing the Banking Industry's PIG Awards

    There are probably already too many awards programs. But I decided there was need for another one, especially in light of recent developments in the banking industry's all-out war to eliminate credit unions. So I created it. The new awards honor "achievements" in the banking industry by individual bankers and...

People

  • EAST

    Virginia Credit Union League, Lynchburg, has appointed Dawn Lindley marketing/financial literacy specialist. ACCESS Federal Credit Union, Clinton, N.Y., has named Patrick T. Monaghan vice president of commercial lending. AmeriCU Credit Union, Utica/Rome, N.Y., has promoted Brandon M. Foster Sr. to mortgage sales executive. Vermont Federal Credit Union, Burlington, has elected...

  • SOUTHWEST

    TruWest Credit Union, Tempe, Ariz., has named Alan Althouse executive vice president/chief financial officer. Security Service Federal Credit Union, San Antonio, has promoted Christopher Allen to vice president of its 24/7 member contact center. San Antonio Federal Credit Union,has promoted Cheryl E. Flanagan to senior vice president. Firstmark Credit Union,...

  • MIDWEST

    Sunrise Family Credit Union, Bay City, Mich., has appointed Freya McGinty president/CEO. Community Financial Credit Union, Plymouth, Mich., has named Michael S. Bullis vice president of investments/ insurance and John E. Johnson financial consultant. Royal Credit Union, Eau Claire, Wis., has named Lisa Stelter home loan officer and Elise Ramussen...

Pictorial

  • Truliant Federal Credit Union

    Clemmons, North Carolina Design/Build Firm/Merchandising: DEI, Inc. Size: 4,559 square-feet Length of Time to Build: 10 months Brand Concept: "Southern Casual" How Concept Reinforced in Retail Environment: The retail services combined with the Southern Casual atmosphere help create a destination. Featured on neutral-colored walls, the large-scale, eye-catching lifestyle graphics, framed...

  • Norlaco Federal Credit Union

    Fort Collins, Colorado Design/Build Firm/Merchandising: Emick, Howard & Seibert; Weber Marketing Size: 5,100 sq. ft. Length of Time to Build: From ground up, Drake branch construction took eight months. Brand Concept: "Financial Fitness and Physical Fitness" How Concept Reinforced in Retail Environment: Destination retail creates a memorable blend of hospitality...

  • Yolo Federal Credit Union

    Davis, California Design/Build Firm/Merchandising: Emick, Howard & Seibert; Weber Marketing Size: 3,300 square feet Length of Time to Build: Tenant improvement took eight weeks for construction. Brand Concept: "The Local Difference" How Brand Reinforced in Retail Environment: Immediately recognizable, through multiple levels, it's intuitively stated through the environment and the...

  • Vermont State Empl. Credit Union

    Rutland, Vermont Design/Build Firm/Merchandising: DEI, Inc. Size: 1,250 square feet Length of Time to Build: Interior build-out took approximately eight months from Think Tank concepts to completion. Brand Concept: "Our Focus is You" How Concept Reinforced in Retail Environment: Marketing messages convey the brand throughout the building through graphic techniques...

  • Credit Unions Turn to Retail to Create Destination Branches Members Crave

    WEST PALM BEACH, Fla. - With credit unions focusing more on expressing their uniqueness through branding retail facilities seems to be the new standard. According to design/build firm Emick, Howard & Seibert Principal Paul Seibert, effective retail merchandising has proven to increase member awareness of key products and services 20-40%....

In Other News

  • DONATIONS

    Mid-Atlantic Federal Credit Union, Gaithersburg, Md., staffers have donated their time to participate in the Upper Montgomery County YMCA's Healthy Kid's Day Celebration. The annual event focuses on encouraging kids to be healthy in spirit, mind, and body from eating right and exercising regularly, to rejecting drugs and alcohol. Over...

  • AWARDS

    Greater Warren Credit Union, Ohio has presented credit union member David Dorchock the Mickey Wilson Spirit of Giving Award. Dorchock was recognized for his continuous generosity, mentoring and volunteerism in the community. The Mickey Wilson Spirit of Giving Award is presented every two years to a credit union member who...

Opinion

Briefs

  • NACUSO 2004 Annual Conference Draws Nearly 400 Attendees

    LAS VEGAS - Approximately 400 registrants are expected to turn out for NACUSO's 2004 Annual Conference, May 2-4 at the Caesars Palace in Las Vegas, Nev. The three-day conference starts off with a pre-conference meeting hosted by NACUSO General Counsel Guy Messick of the Credit Union Caf, which gives credit...

  • Toler Named President of CUMA

    FAIRFAX, Va. - Scott Toler was appointed president of Credit Union Mortgage Association, a 25 year-old mortgage CUSO that provides residential mortgage originations and servicing. Toler has more than 15 years of experience in all facets of mortgage lending, including managing local mortgage offices as well as being the regional...

  • CUAC Expands into Fort Worth/Denton Markets

    HOUSTON, Texas - Credit Union Acceptance Corp. has expanded into the Fort Worth/Denton markets with the addition of Community CU based in Plano, as both an owner and client of the CUSO. CUAC was founded by eight Houston-based credit unions to represent credit unions in the auto finance market. Community...

  • Mike James, Formerly with Wescom, Appointed CUDL VP Lending Services

    RANCHO CUCAMONGA, Calif. - CU Direct Lending Corp. has appointed Mike James as vice president, lending services for the indirect lending CUSO. The newly created position is the latest in a round of management additions and reorganizations by the CUSO which it says are intended to improve and expand services...

  • CUCorp Partners with HRValue Group

    NORTHVILLE TOWNSHIP, Mich. - CUCorp, a wholly-owned subsidiary of the Michigan Credit Union League has partnered with HRValue Group LLC, a credit union human resources solutions provider made up of a consortium of state leagues and CUNA Mutual Group. In addition to Michigan, the other state leagues represented in HRValue...

Quotes Worth Quoting

  • Quotes Worth Quoting

    "If credit unions are to remain competitive, they can't get bogged down with operating a CUSO just for the sake of having this separate business if the credit union determines it's not in their best interest." NACUSO President Bob Dorsa commenting on credit unions' decisions whether to offer services directly...

Beyond the Job

  • Life is a Stage for Port Conneaut FCU CEO Jim Furman

    CONNEAUT, Ohio - Life is a cabaret for Jim Furman. The CEO at Port Conneaut FCU has a passion for the stage, writing, acting, directing, "you name it", in a variety of venues aimed at entertaining folks while helping raise money for good causes around this community on the shores...

  • Goss Takes Math to New Levels at Local Schools

    VIENNA, Va.-When most of us are bored at meetings, we doodle on a scrap of paper, but not Navy Federal Credit Union Executive Vice President for Information Services Ardin Goss. He is solving math problems. But Goss does not just do math for the sake of doing math-though he would....

  • CEO at Spokane Teachers CU Knows How To Ride Waves of Change

    SPOKANE, Wash. - Taking the helm of a racing sailboat is sort of like running a credit union, if you ask Steve Dahlstrom. "We have a saying on our boat. It takes six people to sail it. One to hold the tiller and the other five to tell him which...

  • Fast Dogs, Fast Cars-Urschel Spends Life in the Fast Lane

    LATHAM, N.Y.-When it comes to the weekends, you can be pretty sure where to find Debra Urschel, a 15-year veteran and support coordinator for card services with the New York State Credit Union League. If she and her husband, Steve, aren't racing their Siberian Huskies in the two-dog skijor, then...

  • 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...

In Memoriam

  • Hughes Aircraft Employees Legendary First CEO Bob Pacheco Dies

    MANHATTAN BEACH, Calif. - Bob Pacheco, longtime credit union leader and the first president/ general manager of Hughes Aircraft Employees Federal Credit Union-now Kinecta FCU-has died. Dubbed an "organizational pioneer" Pacheco also helped found NAFCU and served on it's first board of directors. "All of us at Kinecta are saddened...

  • Kim Bannan, CCUL VP, CU Development and R&I, Dies

    RANCHO CUCAMONGA, Calif. - Kim Bannan, a nine-year veteran with the California Credit Union League including serving since 1999 as vice president, CU Development and R&I, died Friday morning, April 23, from complications resulting from a heart attack she suffered earlier in the month. She was 48 years old. Bannan...

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