Credit Union Times Magazine May-26, 2004

In Other News

  • SCHOLARSHIPS

    Georgia Federal Credit Union, Atlanta, has announced the recipients of the 10th Annual Vernon E. Carne Scholarship. Eleven high school seniors were awarded a total of $6,000 in scholarships. The competition was based on academic achievement, community involvement and individual essays on the value of credit union membership. Firstmark Credit...

  • DONATIONS

    Purdue Employees Federal Credit Union, West Lafayette, Ind. has raised over $7,000 for the March of Dimes. The PEFCU team was one of 80 teams participating locally in WalkAmerica. The three-mile walk attracted 903 participants and raised a total of $158,000 for the March of Dimes. Pacific Resource Credit Union,...

  • Filson Urges CUs to Make Greater Use of Third Party Loan Vehicles

    SCOTTSDALE, Ariz. - The tech-savvy consumer who can just as easily shop for loans on the Web is presenting striking new challenges to credit unions seeking to build consumer loan volume, according to Chip Filson, president of Washington-based Callahan & Associates. Addressing the California Credit Union League's 20/20 Conference meeting...

  • Metavante Seeks to Acquire NYCE for $610 Million; Deal Raises Market Questions

    ARLINGTON, Va. - Metavante, the financial services subsidiary of the Marshall and Ilsley Corporation based in Milwaukee, Wisconsin, announced that it has agreed to purchase NYCE from First Data for $610 million. While First Data Corporation's finding a buyer for the NYCE network tied down one loose end of its...

  • Filene Study Contradicts Common Misconceptions, Researchers Say

    WASHINGTON-Who Uses Credit Unions?, the latest study from the Filene Research Institute dispels a couple of false impressions about credit union members, according to the researchers. Jinkook Lee of Ohio State University and William A. Kelly of University of Wisconsin found in the third of their series of reports profiling...

  • For Some CUs, Cash is King as Rates Inch Back Up, Avoid Chasing Yields, Experts Caution

    DALLAS - April brought a lot more than rain showers as credit unions saw a number of encouraging signs that the economy is turning around including more jobs and more consumer spending even as interest rates continued their upward climb. Those factors have led to some credit unions readjusting their...

  • In Unforeseen Move, Montana Guard CU Cites Call-Up, Applies for Merger; Small CU `Strains' Eyed

    HELENA, Mont. - In a move both unexpected and reflective of the nation's war footing, the $7.5 million Montana Armed Forces Credit Union of Fort Harrison is anxiously looking to merge into the $81 million Helena Community CU. The merger petition, which has been quietly in the works for months...

  • Maryland CUs to Have Chance to Hear, Comment on League's Strategic Plan at Town Hall-style Meetings

    BALTIMORE - The Maryland Credit Union League has developed a two-year strategic plan for enhanced services for credit unions, and CUs will have a chance to learn more about them and offer their suggestions at a series of town hall-style meetings MCUL plans to hold throughout the state. Three meetings...

  • Leading CDCU Innovator Celebrates 25 Years Pushing the Envelope

    ITHACA, N.Y - It says something about Alternatives Federal Credit Union that when a reporter called to ask about its silver anniversary, it takes the credit union a while to document that it received its charter on January 12, 1979. "Of course we had it written down somewhere," said Leni...

  • Johnson's First NCUA Board Meeting as Chairman Runs Smoothly, Nothing Controversial

    ALEXANDRIA, Va. - With just two non-controversial items on the agenda, NCUA Chairman JoAnn Johnson's first board meeting in that position went off without a hitch despite the fact that Johnson and other remaining board member Debbie Matz are from opposite political parties. The first item on the agenda was...

  • Palmetto Citizens FCU Financial Education Efforts Hit TV

    COLUMBIA, S.C. - Palmetto Citizens Federal Credit Union is committed to youth and adult financial education and isn't ashamed to share the news with local consumers. The $224 million credit union is airing a television commercial highlighting the credit union's financial literacy efforts rather than promoting products. Produced by Fisher...

  • Bankers Cause their own Customer Drain, Not CUs, The Washington Post Columnist Says

    WASHINGTON-The Washington Post columnist Albert Crenshaw wrote in a recent column that bankers should tend more to the needs of their customers in order to beat out credit unions. The noted columnist suggested in his Cash Flow column that banks' service and pricing, not credit unions, have caused customers to...

  • CUAO Chairman: Long Term Benefits of Consolidation of Oregon, Washington Leagues Outweigh Short Term Sacrifices

    BEAVERTON, Ore. - It's still up to the respective boards of the Credit Union Association of Oregon and the Washington Credit Union League to decide if they want to put a motion concerning the consolidation of the two groups to a vote of their affiliated credit unions, but the chairman...

  • Credit Union Cooperative "Destination"Advertising Hits the Big Leagues with Money Magazine Spots

    HUNTINGTON BEACH, Calif. - nuVision Financial Federal Credit Union is one of a few credit unions that have turned to "destination marketing." nuVision ads and "advertorial features" have appeared in the February, March and April issues of Money magazine and have gone a long way to building the credit union's...

  • Check Volume Continues to Decrease at Fed; ACH Volume Up

    HERNDON, Va. - The Federal Reserve released its 90th Annual Report to Congress and the findings concerning the nationwide payments systems were not surprising: the number of checks processed by the Federal Reserve declined for the fourth consecutive year in 2003. The Fed reported that it processed 15.81 billion in...

  • CUNA, CUs Suspect Bankers are Behind Flood of Membership Inquiries or Could Something Even Darker Be Lurking?

    WASHINGTON-A number of credit unions have been inundated recently with eligibility and other questions-many from people out of state-to the point the institutions and CUNA believe the inquiries are not legitimate. CUNA told reporters last week it had discovered that a Florida resident had sent out 1,200 postcards requesting to...

  • USAlliance FCU Awarded $3.75 Million In NY Supreme Court Judgment Against Prime Time Holdings

    RYE, N.Y. - In a decision marking the end of what was the oldest lawsuit on the docket of the Commercial Division of the Westchester County Supreme Court, USAlliance FCU was awarded $3.75 million by the Court and was absolved of all charges of wrongdoing relating to the involuntary bankruptcy...

  • The Industry's Leading Trust Company says Institutional Investors, Personalized Service Helped it Get Where it is Today

    ANCHORAGE, Alaska - Credit unions looking to get into the trust business can learn a thing or two from Alaska USA Federal Credit Union. While most CUSOs enter the trust services realm initially seeking to build long-term relationships with members, Alaska USA Federal Credit Union took what is claims was...

  • Vermont's CU Bill Takes Final Bow for 2004 Legislature

    MONTPELIER, Vt. - Attempts to modernize Vermont's credit union law ultimately failed before the state's 2004 Legislature. However, credit union proponents feel optimistic about success in 2005. In summary, Vermont House Commerce Committee Chairman Mark Young at the end of April opted to shelve the 150-page proposal written by the...

  • Wisconsin League Uses ABA Rhetoric to Underscore Attack Campaign

    MADISON, Wis. - Moving to fire up political action and fund-raising among its members, the Wisconsin Credit Union League used a "get ready for banker attacks" theme at its annual convention and, as one unusual element, handed out blue folders containing many of the harshest anti-CU quotes from the American...

  • Secondary Capital Can Buffer Fast Growth, CUNA Mutual Looks to Expand Capital Notes Program to All Credit Unions

    SAN DIEGO - Secondary capital, a popular resource other financial institutions are turning to, may be the solution for fast-growing credit unions to meet member needs while satisfying regulatory requirements, says one industry expert. On May 18, Tom Merfeld, CUNA Mutual Group senior vice president, told attendees of the 10th...

  • NCUA's New Chairman Focused on Flexibility And Open Dialogue with Credit Unions

    ALEXANDRIA, Va. - Credit unions can look forward to greater regulatory flexibility and agency efficiency during JoAnn Johnson's term as chairman of the NCUA Board, says Johnson. As chairman, Johnson noted, there are more demands on her time. "The role as chairman provides for additional responsibilities and duties such as...

  • NAFCU Buys NACHA SEC Code Update Proposal Lock, Stock and Barrel

    ARLINGTON, Va. - NAFCU replied to NACHA's request for comment on modifications to its operating rules with a big thumbs up. NACHA's-the Electronic Payments Association's-proposal would permit unauthorized entries to consumers' accounts and incorrectly including Standard Entry Class Codes to be returned within 60 days. It would also add a...

  • More Jobs in April Trigger Spike in Rates, CUs Selling Loans, Short-Terms Investments

    MADISON, Wis. - While April saw the creation of 288,000 jobs, the good news caused a spike in interest rates which led to credit unions selling more loans and buying short-term investments. This, according to the latest CUNA Mutual Group Credit Union Trends Report. The report is based on data...

  • Mid-Atlantic FCU Uses Community Charter to Double Assets in Seven Years

    GAITHERSBURG, Md.-With the help of its community charter conversion and expansion, Mid-Atlantic Federal Credit Union passed the $200 million in asset threshold in April this year. Mid-Atlantic was initially chartered in 1968 to serve local IBM employees. When the company began downsizing, the credit union looked for other sponsors and...

  • Report Forecasts More Than $30 Billion in Remittances This Year; Despite Progress, CUs Have A Lot of Work to Do

    WASHINGTON - If a report from a major international lending organization proves true, immigrants to the U.S. will send home over $30 billion in 2004, representing both an opportunity and strong need for a credit union presence. The forecast came from U.S Census data and a survey commissioned by the...

  • Same-Sex Marriages Now Legal in Massachusetts, But Business as Usual for CU HR Departments

    SOUTHBOROUGH, Mass. - On May 17 Massachusetts became the first state to legally recognize same-sex marriages and according to the Human Rights Campaign, in just one day over 1,000 couples were married. With the Supreme Court decision came a flurry of questions ranging from how to avoid employee confusion to...

  • CUNA Hopes Fed's MICR Ink Error Proposal is Not Indelible

    WASHINGTON-CUNA has followed up on a May 3 meeting with the Federal Reserve regarding MICR line errors, reiterating the organization's strong opposition to the concept of a "purported substitute check" in the event of errors in a check's MICR line. "Instead," CUNA recommended, "the Federal Reserve should provide a substitute...

  • Retirement to Give True North FCU President More Time to Savor Natural Wonders of 49th State

    JUNEAU, Alaska - Retire and move to South Florida to bask in the sun and take up golf? That's not even a blip on Sharon Kelly's radar screen when she retires on June 30 after 21 years in the president/CEO's seat at True North FCU. Instead, Kelly plans to stay...

  • Saskatchewan Popular Sports Venue Renamed Credit Union Centre

    SASKATOON, Saskatchewan - The board of directors and management of Saskatchewan Place Association, the Canadian province's leading sports and entertainment facility reached a 10-year agreement to rename the venue Credit Union Centre. The primary participating group of credit union partners in the venture include: Saskatoon CU, PAGE CU, BCU Financial...

  • UN and Fort Knox FCUs Named NAFCU's Innovation Showcase Winners

    ARLINGTON, Va. - United National Federal Credit Union was awarded first place in NAFCU's annual Innovation Showcase awards. The awards highlight innovative works that have led to credit union success stories, according to NAFCU. UNFCU won the top spot for its WebChat program, which facilitates member contact through a two-way,...

  • Petersburg City Employees FCU, Virginia CU Merge

    RICHMOND, Va. - Petersburg City Employees Federal Credit Union has merged into Virginia Credit Union. Prior to the merge Petersburg City Employees FCU served 2,200 members and had $5.3 million in assets. Virginia CU has $1.2 billion in assets and serves 154,789 members.

  • Treasures can be Unearthed in Unexpected Places, Matz tells Idaho CUs

    COEUR d'ALENE, Idaho-At Idaho Credit Union League's Annual Meeting-"Voyage of Opportunity"-NCUA Board Member Debbie Matz urged the credit union representatives to seek out "hidden treasures" in their communities. "You have an opportunity to get on board and seek out potential members who are hidden from the financial mainstream," Matz told...

  • MasterCard Expands Business Debit Program

    PURCHASE, N.Y. - MasterCard has added two rewards programs and employee incentives to help it continue to build its business debit card product. The two new rewards programs will let small business debit card users earn points toward rewards with their card use and offer a cash incentive for activating...

  • Houston Energy CU New Name Focuses On Service

    HOUSTON - The name change count keeps rising with Houston Energy Credit Union changing its name to First Service Credit Union. According to First Service CU President/CEO Jerry Shrode the name change is a major step in the credit union's transformation to a community-based credit union. With the tagline Your...

  • GTE FCU Ready To Play Ball With Devil Rays

    TAMPA, Fla. - GTE Federal Credit Union has teamed up with Major League Baseball's Tampa Bay Devil Rays. As participating sponsor the $1.5 billion credit union will have a presence on Devil Rays television broadcasts and signage and ATM locations at Tropicana Field. In addition, GTE FCU will offer financial...

  • CUNA Mutual to Release Updated Lending Strategies and Trends Report

    MADISON, Wis. - CUNA Mutual Group is set to release its updated Credit Union Lending Strategies and Trends report this month. Since the late 1990s, CUNA Mutual's annual survey of lending programs has confirmed an increase in the number of CUs that offer remote lending options, but no corresponding decrease...

  • WOCCU Officials Brief G8 Finance Ministers On Remittances

    NEW YORK - David Grace, former manager of the World Council of Credit Union's IRNet remittance network and now the organization's senior manager of association services was among the WOCCU executives who briefed officials from the Federal Reserve and the so-called G8 nations on private industry's attempts to meet the...

  • Michigan Rep. Camp Expresses Support For CU Tax-Exemption

    WASHINGTON-Congressman Dave Camp (R-Mich.), a member of the tax-writing House Ways and Means Committee, recently outlined his support of the credit union tax-exemption in a letter to Northland Area Federal Credit Union Chairman Howard Spencer. "Like you, I believe revoking the tax-exempt status of credit unions could impose additional tax...

  • Could be Lots of Reasons For Increased Banker Attacks

    WEST PALM BEACH, Fla. - Credit Union Times' just expired online voting poll finds that credit union people think there could be lots of reasons for increased banker attacks. The poll focused on why bankers have become so offensive minded against CUs recently, especially on the taxation issue. Voters seemed...

  • CTCE FCU Members' Night a Homerun

    READING, Pa - It was CTCE Federal Credit Union night at the ballpark. The $55 million credit union sponsored a night out at Minor League Baseball's Reading Phillies home ballpark on May 7 for credit union members. Over 1,500 members attended the game against the New Hampshire Fisher Cats. CTCE...

  • US Airways FCU Joins Group on ID Theft Prevention

    PITTSBURGH - US Airways Federal Credit Union is making sure consumers are aware of how to fight identity theft. Speaking at an Identity Theft Prevention seminar sponsored by state Representative Mark Mustio (R-44) and co-sponsored by Congressman Tim Murphy (R-Pa.) and state Senator John Pippy (R-37), US Airways FCU Director...

  • HUD Secretary to Testify for First Time Before Financial Services Committee

    WASHINGTON - Alphonso Jackson will testify before Congress on May 20 for the first time since he was unanimously confirmed on March 31 as the 13th Secretary of the U.S. Department of Housing and Urban Development (HUD). Jackson will testify before the House Financial Services Committee at a hearing that's...

  • Missouri Financial Institutions Celebrate One Year Anniversary of `No Hat, No Hoods, No Sunglasses' Policy

    ST. LOUIS - It's been one year since the `no hats, no hoods, no sunglasses' dress code policy at credit unions and banks throughout the state went into effect and there's good reason to celebrate - financial institution robberies in the state have decreased 36% during the first year of...

  • Serlo Elected to NACUSO Board

    NEWPORT BEACH, Calif. - David Serlo, president/ CEO, PSCU Financial Services was elected to the board of directors of NACUSO for a three-year term. This is Serlo's first time serving on NACUSO's Board. He joins other board members who were elected immediately following the association's annual meeting earlier this month....

  • CUNA Chairman Gets Warm Reception

    WASHINGTON - CUNA Chairman Dick Ensweiller, president and CEO of the Texas Credit Union League, was honored with a reception at the U.S. Capitol last week. Several congressional credit union supporters stopped by to shake hands with Ensweiller and CUNA officials at the reception. Congressman Nick Lampson (R-Texas) was one...

  • MacVay Preparing to Step into President/CEO Spot at True North FCU

    JUNEAU, Alaska - Lauren MacVay, executive vice president of True North FCU, will become the CU's new president/CEO on July 1, the day after president/CEO Sharon Kelly of 21 years retires. The 35-year old MacVay is a native of Pittsburgh, Pa. who first came to Juneau on vacation in 1994...

  • New Online Voting Poll: Is Your CU Ready For Rising Rates?

    WEST PALM BEACH, Fla. - Moving away from the Washington and political scene this time around, the latest Credit Union Times' online voting poll gets into an operational issue -balance sheet management. With the Federal Reserve expected to increase the fed funds rate, investment professionals are advising credit unions to...

  • FASB Invites CUNA to Participations Roundtable

    WASHINGTON - CUNA will take a seat at an upcoming roundtable event hosted by Federal Accounting Standards Board at its Norwalk, Conn., headquarters covering accounting for transfers, including loan participations. The issue is critical for credit unions, because if the proposed changes are made, loan participations will be less attractive...

  • Bethpage FCU Hits the Sky

    BABYLON, N.Y. - Many people hitting Jones Beach State Park Memorial Day weekend will be enjoying the Bethpage Federal Credit Union Air Show in celebration of the park's 75th anniversary. The $1.6 billion credit union is the title sponsor of the air show that will be seen by an estimated...

  • Treasury Official Joins The Family CU to Teach Game of Life

    DAVENPORT, Iowa-Treasury Assistant Secretary for Financial Education Dan Iannicola, Jr., scheduled time recently to help officials from a local credit union to help teach basic financial education at an Iowa high school. "We're honored that he chose us.He realized it's important and that every little bit helps," The Family Credit...

  • NCUA Announces New TAGs for Mentoring of LICUs

    ALEXANDRIA, Va.-NCUA recently unveiled a new technical assistance grant program to help offset the costs of mentoring initiatives with low-income designated credit unions. The agency has set aside $50,000 from the Community Development Revolving Loan Fund for the new Mentoring Initiative technical assistance grants. Typically TAGs are available only to...

  • Redstone FCU Brings Chicago to Members

    HUNTSVILLE, Ala. - Some 7,000 Redstone Federal Credit Union members recently rocked the night away at what has been dubbed "the concert event of the year". The $1.6 billion credit union was the title sponsor of An Evening with Chicago at the Von Braun Center Arena May 11. The concert...

  • 42 Graduate CUES' CEO Institute

    MADISON, Wis. - May marked graduation for 42 credit union executives who recently completed the CUES CEO Institute. CEO Institute, an advanced executive education series designed specifically for CEOs and senior management, is held over three years at such acclaimed executive education schools as The Steinberg Conference Center at The...

  • Johnson Addresses CUNA CFO Council

    SAN DIEGO - Before a record CUNA CFO Council audience, NCUA Chairman JoAnn Johnson outlined her plans to keep the agency humming along. Johnson began by emphasizing the importance of financial education, which will be a key focus in her administration, noting that financial education should start early. She indicated...

  • As NCUA Employees Seek Union, OCC Employees Working to Decertify from Union

    WASHINGTON - Just as eligible NCUA employees are working up to their union vote June 30, another union is winding down. After just 18 months, the bargaining unit at the Office of the Comptroller of the Currency has filed a petition with the Federal Labor Relations Authority to decertify from...

  • Credit Union CFO Roles Emerging

    SAN DIEGO - A recent Proactive Balance Sheet Strategies workshop during the 10th Annual CUNA CFO Council Conference and Roundtable reveals that credit union chief financial officer roles are emerging, as they increasingly become the credit union's "financial steward". According to presenters CUNA Mutual Financial Solutions Group Senior Investment Advisory...

  • Googolplex Revamped

    MADISON, Wis. - Googolplex: The CU Guide for Student Moneymakers, the on-line youth magazine from CUNA, is sporting a fresh, upbeat and more user-friendly design just in time for summer. The revamped Googolplex is a result of feedback from three various age groups on the youth editorial board who not...

News

  • Secure E-Messaging Becomes More Complicated With Encryption

    STAMFORD, Conn. - Management oversight as well as a good understanding of the stage of development of the available technology before and after deploying it, are keys to secure electronic messaging such as e-mails. That's the essence of a research report from Gartner Inc. that examines issues credit unions may...

  • Albany CU Locks Down Laptops with USB-Driven Security Tool

    ALBANY, N.Y. - Securing the enterprise also means locking down the laptops at Capital Communications Federal Credit Union. The $372 million CU now has portable computers used by staffers in the office and beyond secured by SecuriKey, a two-factor authentication solution from Griffin Technologies in Lawrence, Kan. SecuriKey combines a...

  • IT Security Becomes Job for Credit Union Staffers, Members Alike

    The people? That's the part of the IT security puzzle that sometimes falls under the heading "social engineering" and includes everything from educating staffers against giving system passwords over the phone to not opening e-mail that can introduce viruses or worms. The problem is real and it's growing, according to...

  • Special Report: IT Security

    Credit unions have never had to worry about as many electronic threats as they do today - fortunately there are plenty of solutions and techniques to keep systems secure. Pages 22-24.

  • Liberty ID Theft Service Combines Electronic, Personal Touch

    INVER GROVE HEIGHTS, Minn. -Combining technology with a personal touch is a way Liberty Identity Theft Service can help victims of identity theft among members of credit union customers of Liberty Enterprises. That includes the 10,000 members of Heartland Credit Union in Inver Grove Heights, one of the first to...

  • Xerox FCU Deploys Deep-Diving Risk Management Assessment Tool

    EL SEGUNDO, Calif. - Xerox Federal Credit Union is keeping a constant watch on its IT security with a broad-based solution that's also found its way into high-end users such as the Pentagon and the U.S. Treasury. Xerox FCU is using IT risk assessment software from Xacta Corp. to get...

  • Who are Credit Union Members?

    A new Filene studya dispels many banker myths about the demographics of credit union members. Page 18.

  • Outsourcing Business, IT Functions Requires Security Concerns be Met

    STAMFORD, Conn. - As credit unions continue outsourcing various parts of their technology and business process infrastructures, they need to make sure their new partners are keeping things secure. Before they sign. "The key to successful and secure outsourcing agreements is understanding the security and privacy risks for a business...

News Briefs

  • Attorneys' Queries Continue On IRS Private Ruling on Deferred Comp Plans

    WEST PALM BEACH, Fla. - A recent IRS private letter ruling regarding deferred compensation plans continues to spark the interest of many attorneys. Credit Union Times has received e-mails and phone calls from at least a dozen attorneys wanting to know more about the April 9 letter involving an FCU's...

  • Florida CU Finds Success With Card Promotion

    TAMPA, Fla - The $204 million Florida Central Credit Union has seen its credit card balances increase by 40% in just a year by using balance transfer and pre-approval promotions, according to PSCU Financial Services, the card services cooperative that provided the services the credit union used. "Credit cards are...

  • Greenspan Nominated Again to Fed Chairmanship

    WASHINGTON-The White House recently announced that President George W. Bush intends to nominate Alan Greenspan as the Federal Reserve Board chairman. If confirmed by the Senate, Greenspan will hold the position in which he has served since 1987 for up to another four years. The Fed's top official also serves...

  • Eleven Buffalo Area CUs Sign with Allpoint

    BETHESDA, Md. - Eleven credit unions in the Buffalo, New York-area have joined ATM National's Allpoint network since March, the company said, marking the first time that a number of credit unions from a single area have joined at almost the same time. The credit unions are the $49 million...

  • Community One FCU Launches Business Services Program

    LAS VEGAS - Community One Federal Credit Union recently expanded its product offerings to include business account services. The $160 million credit union now offers lines of credit, commercial/industrial purchase and refinance loans, letters of credit, a loan consultant, SBA (504, 7A loan programs), term loans, mortgages and investment services...

  • New York Legislation Seeks to Help State-Chartered Credit Unions

    LATHAM, N.Y.-A new bill (S.7126) introduced by State Sen. Hugh Farley (R-Adirondack) and currently before the Senate Banks Committee could save New York's 34 state-chartered credit unions roughly $2 million per year by repealing the 8.25% sales tax credit unions pay for purchases. This is according to Amy Kramer, vice...

  • Affinity Plus Real Estate Manager Appointed to Freddie Mac CU Advisory Board

    ST. PAUL, Minn. - Brian Volkmann, senior manager of real estate for Affinity Plus CU, was selected to serve on the Freddie Mac Credit Union Advisory Board. Volkmann's responsibilities on the board will include "counseling on discussion topics representing Affinity Plus' member base fairly and accurately; proactively identifying and sharing...

  • Michigan League's Adams Appointed to Governor's Council of Economic Advisors

    NORTHVILLE TOWNSHIP, Mish. - David Adams, president/CEO of the Michigan Credit Union League has been appointed by Gov. Jennifer Granholm to her Council of Economic Advisors. The Council was formed in 2003 and consists of nearly 50 business and community leaders responsible for generating ideas to help create jobs and...

Tech Bytes

  • Ingeniux Drives Web-Based Check Management Solution for CO-OP Network

    SEATTLE - A Web-based content solution from Seattle-based Ingeniux Corp. is at the heart of a new bad-check management offering from the CO-OP Network, called Check Management Solutions. The new CO-OP Network service guides credit unions through an online interview process that allows them to identify a check-loss issue and...

  • San Diego Metropolitan CU Steps Up to Bat for Home Banking

    SAN DIEGO - The $320 million San Diego Metropolitan Credit Union hit a home run recently with its baseball-themed home banking awareness campaign. The theme was "Hit a Home Run With HomeBanking!" to go along with the start of the baseball season and the San Diego Padres' new ball park,...

  • Prime Alliance Solutions Unveils New Loan Origination Web-Based System

    LAS VEGAS - Prime Alliance Solutions unveiled to attendees of its annual Symposium its latest initiative to improve and simplify the mortgage process for credit union members. Dubbed the "Loan Fulfillment Center" (LFC), Prime Alliance President/CEO Joe Brancucci said the Web-based system is the first that takes a loan from...

  • IntegraSys Reports Soaring Use of Online Platform

    PLANO, Texas - IntegraSys says end usage of its online banking services has more than doubled in the past two years. The Fiserv unit said its Virtual Branch suite of e-commerce offerings processed more than 90 million transactions in 2003, a 260% increase from two years earlier. The number of...

  • New XP2 Functionality on Display At XP's Technology Forum

    MOORPARK, Calif. - Credit union data processor XP Systems hosted its annual Technology Forum at the Royal Pacific Resort in Orlando recently and new XP2 system applications were on display. XP2 is the company's revamped core processing system that is being rolled out in stages. Credit unions on hand were...

  • Corillian Delivers Next-Generation Enterprise Alert Services

    PORTLAND, Ore. - Corillian has launched Corillian Alerts, a new online messaging service. With Corillian Alerts, financial institutions can deliver event-based information for activities such as low balances, new deposits, bill payment arrivals and deliveries, as well as scheduled electronic statements and service announcements. The solution includes an opt-in user...

People

  • MIDWEST

    See DEGRAAF PALUMBO COLEMAN Illiana Financial Credit Union, Calumet City, Ill., has named Wayne DeGraaf assistant vice president for member business lending/development services; Robert Palumbo, Jr., Downers Grove branch manager; and Jolynn B. Coleman Chicago Heights branch manager. CEFCU, Peoria, Ill., has named Terry Bitner East Peoria Member Center cash...

  • SOUTHWEST

    El Paso Employees Federal Credit Union, Texas, has promoted Manira David to loan officer; Rossana Guzman to lending call center supervisor; and Alicia Guerrero to member service supervisor. New Mexico Educators Federal Credit Union, Albuquerque, has elected John Landis supervisory committee director. SeeIBARRA Security Service Federal Credit Union, San Antonio,...

  • EAST

    Municipal Credit Union, Manhattan, N.Y., has elected the following officers to its board: Dominic Morelli, chair; Willie James, 1st vice chair; Malachy T. Higgins, 2nd vice chair; Anna Mae Massy, 3rd vice chair; James McKeon, treasurer; Shirley Jenkins, secretary; C. Richard Wagner, assistant treasurer; and Anne M. Garfield, assistant secretary....

  • SOUTH

    South Carolina Credit Union League, Columbia, has elected the following officers to its board: Palmetto Citizens Federal Credit Union President/CEO Nick Wodogaza, chairman; Greenville Federal Credit Union President Paul Hughes, first vice chairman; MTC Federal Credit Union President/CEO Bill Love, second vice chairman; Anderson Federal Credit Union President Robert Wilson...

Staking Out the Stats

  • Staking out the Stats

    Escalating security threats are a concern for the majority of financial institutions. According to a recently released Deloitte & Touche 2004 Global Security Survey despite an increase in security attacks, some 25% of respondents reported a flat security budget growth. Here are few more survey findings: *83% of respondents acknowledged...

Publisher's Column

  • State CU Leagues Are Undergoing Many Changes

    In recent months, several more state credit union leagues (Montana and Iowa) have announced plans to substantially reduce the size of their boards. The usual reason given for the action is that it reflects the rapidly shrinking number of credit unions in the state. As leagues (or whatever they chose...

Events Calendar

  • 2004 Vendor Calendar

    2004 Vendor Calendar JUNE JUNE 1-4 Harland Financial Solutions Connections Annual Conference, Gaylord Palms, Orlando Fla. For info: Gay Tomas, 800-778-5667, x 6649. JUNE 3 Members Mortgage Company, Inc., Financial Counseling Level I, EASCorp FCU, Woburn, Mass. For info: Fran Morcos, 781-376-2845. JUNE 7-11 GalaxyPlus CU System's Annual Meeting, Aladdin...

  • 2004 Association Calendar

    2004 Association Calendar JUNE JUNE 2 NAFCU'S Audioconference, call in from your credit union. For info: Member Service Center, 800-344-5580 or www.nafcu.org. JUNE 2 CUNA & Affiliates' eSchool Compliance Fundamentals Seminar. For info: 800-356-9655, x 4249 or www.training.cuna.org. JUNE 6-10 CUNA & Affiliates' Collections & Bankruptcy Update, Hyatt at Fisherman's...

Opinion

  • Internet Security: Are You Your Own Worst Enemy?

    When selecting and implementing new technology, security is rarely a top priority. It should be. Most IT specialists value stability and functionality above all else in new products because they base their decisions on business needs. The reality, however, is that compromised security is ultimately a business issue, and you...

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