Credit Union Times Magazine November-17, 2004

  • Bacino: Due Diligence is Key to Specialized Lending, Centrix Financial's Biz Model Minimizes Risks

    CENTENNIAL, Colo. - Centrix Financial concurs with NCUA Board member Debbie Matz's recent comments cautioning credit unions on their involvement with third party indirect auto lending vendors and also agrees due diligence is key to specialized lending activities. But while seconding Matz's argument, Centrix Financial EVP Legislative Affairs Geoff Bacino...

  • Banks Should Tout Own Service, Not Talk About Competitive Advantages In Credit Union Attacks, D'Amours Recommends

    DES MOINES, Iowa-Banks should try a new tact in their battle against credit unions, former NCUA Chairman Norm D'Amours told the Iowa Bankers Association back in September. Northwestern Financial Review published D'Amours' remarks from which the press was barred at the Iowa bankers' conference on Sept. 21 after a Credit...

  • AED (Automated External Defibrillators) Joins List of Credit Union Acronyms

    ANCHORAGE, Alaska - Financial institutions, including credit unions, may soon be mentally filing AED in their lists of acronyms between ACH and ATM. Automated external defibrillators, or AEDs, are designed to help laymen save lives in case of sudden cardiac arrest. They're equipped with instructions and voice prompts to lead...

  • Callahan's 20th Credit Union Directory Hits the Streets; Firm's Journey Has Taken it Far Beyond the Directory

    WASHINGTON - Callahan & Associates President/CEO Chip Filson is a numbers guy through and through, and that has served him well in his 20 years at credit union consulting firm Callahan & Associates, best known for its credit union statistical products. But while Filson's career has revolved around statistics and...

  • Credit Union Association of Oregon

    PORTLAND, Ore. - The debate over the regulatory enforcement role on payday loans continues to roil Oregon credit unions this month with suggestions by some CEOs the NCUA ought to take a look at safety and soundness issues. Though there have been no formal requests made to NCUA so far,...

  • CUNA and NAFCU Highly Successful in 2004 Elections

    WASHINGTON-The two national credit union trade associations rarely felt the sting of defeat in the 2004 elections. The Credit Union Legislative Action Council of CUNA contributed money to 332 House candidates, of which 322 won, according to CUNA Vice President of Communications and Media Outreach Pat Keefe. Of these only...

  • California's First FCU Not Interested in Being First Among Credit Unions in Size

    GARDEN GROVE, Calif. - As manager of California's First FCU - which is literally California's first federally chartered CU - Mary Whipple describes herself as a "dinosaur." "I come from the old school," she says. In credit union parlance, Whipple explains, that means someone who still believes in personal service...

  • Adrenaline Overrules Worries in Flying Missions around Iraq, NCUA Reservist Says

    MONTGOMERY, Ala.-Though Corporate Credit Union Capital Market Specialist Ricky L. Crews has spent 18 years with NCUA, that does not top the nearly 30 years he has spent as an Air Force reservist. "I became a reservist out of a strong sense of commitment to my country," Crews said. "It...

  • Big Names Highlight Mid-States Financial Strategies Forum

    WARRENVILLE, Ill. - Mid-States recently held its Financial Strategies Forum in Indianapolis that featured a number of well-known industry speakers. In his presentation, retired Patelco CU CEO Ed Callahan said there are two important ingredients for credit unions to attract and retain members - rates and convenience. He stressed that...

  • Fed Fees for 2005 Priced Services To Go Up

    WASHINGTON - Credit unions using the Fed Reserve for check processing and Fedwire funds transfers can expect to pay more for payment services in 2005. The Federal Reserve Board on Oct. 28 approved fee schedules for Federal Reserve Bank payment services for depository institutions. Specifically for checks: * fees for...

  • Credit Union Board Chairmen Against Bank Conversions

    SCOTTSDALE, Ariz. - When it comes to credit unions converting to a mutual savings bank, credit union chairmen attending the 28h Annual Chairmen's Roundtable Forum advise others to "just say no". Dubbed "Challenge 2004," the question of whether or not to convert to a mutual savings bank was debated during...

  • Credit Union Member Cashes in on Visa Contest

    HUNTSVILLE, Ala. - A credit union member has won $25,000 in a nationwide Visa contest. Jared Twing, a member of the $1.6 billion Redstone FCU, won the nationwide Visa Extras contest by using his Redstone FCU debit card and using his signature to authenticate the transaction. Twing won the contest...

  • A Black Eye on Wachovia/First Union Merger

    WASHINGTON - For failing to disclose its $500 million purchase of First Union Corp. stock prior to its merger with the bank, Wachovia Corp. will have to pay a $37 million civil fine. According to an SEC lawsuit, Charlotte, N.C.-based Wachovia and First Union failed to disclose in quarterly reports...

  • New Inductees to CUES Hall of Fame

    MADISON, Wis.- CUES has announced that USA Federal Credit Union President/CEO Mary Cunningham; Pacific Marine Credit Union former President/CEO Ludovico De Carlo and Seattle Metropolitan Credit Union President Robert Harvey, Jr. are the latest Hall of Fame inductees. The CUES Hall of Fame recognizes individuals who have made significant contributions...

  • California CU Leaders Visit with Caja Popular Mexicana, Exchange Ideas

    RANCHO CUCAMONGA, Calif. - Fifteen representatives from nine California credit unions and the California Credit Union League visited with Mexico's largest and most progressive credit union, Caja Popular Mexicana in October to experience the CU's operations, discuss how to better reach out to the Hispanic community, and strengthen cross-border CU...

  • Diebold Rolling Out New ATM

    CANTON, Ohio - Diebold Inc, one of the two leading manufacturers of ATMs in the U.S., has announced the production of an ATM that it said should appeal to smaller banks and credit unions. The Opteva 500 has been created with a "small footprint," according to Diebold, that makes it...

  • New York Passes a New Credit Union-to-Bank Conversion Law

    ALBANY, N.Y. - Beginning on January 1, 2005, a state-chartered credit union in New York State will be able to convert to a state-chartered mutual bank without the approval of the state of New York's Banking Department, according to a new law that was passed by the state legislature in...

  • TAG Grant Recipients Named, Over $1.2 Million Awarded

    ALEXANDRIA, Va.-NCUA has named the recipients of its 2004 technical assistance grants for low-income credit unions, which totaled more than $1.2 million In 2004, the agency structured the TAG grants to target specific initiatives in an effort to encourage low-income designated credit unions to "establish or further develop innovative programs...

  • Hernandez Runs Three Credit Unions Simultaneously; Says Shared Resource Concept Deserves Look From Other CUs

    EL SEGUNDO, Calif. - So you think running a credit union is a tough, time-consuming and demanding job? Then meet Jon Hernandez. He runs three of them. "Yes, it's difficult," confesses Hernandez during an interview at Mattel Federal Credit Union where he serves as president and chief executive officer. "Obviously...

  • Subpoena Spamming Wallops NY Credit Unions; League to Take up Issue in State Legislature

    LATHAM, N.Y. - They come in bundles of 50, 60, 70 a day. They require hours of time to investigate and process. They are subpoenas seeking information on financially delinquent individuals, and they're causing a major headache for many of New York's credit unions. "It's basically a fishing expedition by...

  • Tidewater Telephone ECU Vows to Maintain Personal Touch with New Community Charter

    VIRGINIA BEACH, Va. - Single-sponsor CU Tidewater Telephone Employees CU "never wanted to be a mega big credit union," says its CEO, and that's why it's determined to maintain a personal touch with its members even though the CU was approved by its state regulator for a community charter. The...

  • Texas Credit Unions Happy With Wins in General Election

    AUSTIN, Texas - Texas credit unions hailed this year's general election as a victory with the return of several credit union-friendly incumbents to the U.S. Congress. Credit unions across the state campaigned for their favorite candidates. "We are pleased with the outcome of the election," said Buddy Gill, SVP Advocacy...

  • Unmasking Performance Problems in Otherwise Strong Loan Portfolios May Involve `Listening to Static'

    OVERLAND PARK, Kan. - A well-managed and mature loan portfolio can thwart loss rates for credit unions, but some CUs probably aren't aware of potentially hidden concerns that may spill over into other areas. A strong portfolio can mask effects on credit performance of changes in underwriting standards and in...

  • WesCorp, CIA Open New Webcast Studio; Plan to Use it to Thank the Troops

    SAN DIMAS, Calif. - WesCorp thinks Thanksgiving is the perfect time for troops abroad to hear from their relatives. That's why the nation's largest corporate and its Webcast partner CIA Studios plan to officially open WesCorp's new Webcast studio the weekend prior to Thanksgiving in a very unique way. WesCorp...

  • Utah Lawmakers Set to Send Anti-CU Petition to Congress

    SALT LAKE CITY-A panel of the Utah Legislature, with a strong anti-credit union bent, has set Nov. 30 as a possible markup date on a resolution to go to Congress asking for taxing thresholds on CUs and a reversal of NCUA field of membership rulings. "It's simply incredible-just brazen," fumed...

  • Utah Community CU Dishes out Pizza, Cookies, Water and Heaters to the Weary in Day-Long Voter Lines

    PROVO, Utah - As the nation moves forward with its re-elected president, Utah Community Credit Union may never forget the part it played in assisting the thousands of residents who cast their vote on Nov. 2. The $413 million credit union was days away from completing a new facility in...

  • Lake Michigan Charter Fight Heats up; Conversion Ballot Attracts Governor's Attention

    GRAND RAPIDS, Mich. - The contest over whether the $1.1 billion Lake Michigan Credit Union changes its charter to that of a mutual bank appears to be getting hotter before it gets cooler. Here is where things stood. On November 8 the credit union ballots went to the credit union's...

  • MBNA Rolls Out Amex Cards; Unclear if Any CUs Part of the Start, But Some CEOs Unhappy with Visa and MasterCard

    WILMINGTON, Del. - MBNA's attempt to succeed with American Express cards where many banks have failed got under way on November 4 when the leading purchaser of credit union card credit card portfolios began offering the high end cards to members of its first 1,000 affinity groups. The Wilmington, Delaware-based...

  • Nine Cases Against MasterCard Dropped, Card Brand Says

    PURCHASE, N.Y. - MasterCard International continues to work through the pile of legal actions which it has faced since it settled its class action suit with Wal-Mart and other retailers. Courts in nine states have tossed out cases that consumers had brought against MasterCard International in the wake of its...

  • Pinellas County Teachers Credit Union is now Achieva Credit Union

    LARGO, Fla. - It has been 18 years in the making but finally there is a new name in store for Pinellas County Teachers Credit Union and it is Achieva CU. "People didn't know they could join us because `Teachers' was part of our name," said Achieva CU President Wendell...

  • nuVision Financial FCU Board Director Roof Enjoys 50 Years of Service; Encourages Board Involvement in Community

    HUNTINGTON BEACH, Calif. -nuVision Financial Federal Credit Union has dubbed director Donald C. Roof "Mr. Credit Union" and after his 50 years of dedication to the movement it is no wonder. "Whenever there is a new election I'm always asked what would you like to do and I've always responded...

  • New Freddie Mac Campaign Aimed at Dispelling Home Buying Myths

    WASHINGTON - As part of its continuing effort to enable more Latinos and African Americans to become homeowners, Freddie Mac has launched a new campaign targeted at debunking common misconceptions about homeowners which the housing Government Sponsored Enterprise says are stopping financially able families from even considering buying a home....

  • McDaniel Develops California CU's Lesson Plan: Refocus on Education Community

    GLENDALE, Calif. - In most ways it's hard to describe Ron McDaniel as a new kid on the block. After all, he has been in the credit union movement more than 30 years, served on the CUNA Board, and was CEO of Point Mugu Federal Credit Union when the American...

  • Military Service Worth Inconveniences, NCUA Examiner Says

    FORT LEE, Va.-Amy Stritikus was slated to get married to fianc Brian Curtis Sept. 17 but was instead called upon to serve her country and was activated Sept. 4. However, Curtis-a reservist himself-was understanding and was called into active duty himself and will be heading for Afghanistan shortly. The two...

  • SBA or Not? What Factors CUs Use to Send MBL Down the SBA Path Versus Underwriting it In-House

    WASHINGTON - The decision of whether a credit union will move a business loan through the SBA's channels rather than underwrite it on its own are varied but mainly have to do with thwarting risk. To come to a credit decision on a loan request, the SBA evaluates a business...

  • Checks on Their Way Out With Businesses, Survey Finds

    SAN FRANCISCO - There are indications that checks are not going to regain any lost ground any time soon. Just over half (51%) of financial executives plan to reduce their businesses' use of checks to pay their bills, according to Visa's Cash Management Survey. The executives plan to move their...

  • Detroit Edison CU Partners with Aimbridge Indirect Lending

    DETROIT - Detroit Edison CU is the latest credit union to join Aimbridge Indirect Lending's program. The $500 million, 27,500- members CU said it joined Aimbridge Indirect Lending's program to bring added convenience to the members of the CU. Before joining up with Aimbridge, the credit union originated and processed...

  • Managed Accounts Continue to Gain Ground

    WASHINGTON - Credit unions that have started offering separately managed accounts might be interested to know the investment vehicles are slowly gaining momentum. According to the Money Management Institute (MMI), separately managed accounts (SMAs) stood at $535 billion at the end of September, rising 17% from last year's third quarter....

  • Community Turns Out for Fort Belvoir FCU's Biz Services Launch

    FORT BELVOIR, Va. - More than 60 business partners and community representatives turned out for the launch of Fort Belvoir FCU's new small business services program. Among the attendees was Brian Gagnon, president of Newtek Business Services, Inc., who attended the recent appreciation luncheon. Gagnon introduced Fort Belvoir FCU's merchant...

  • Wescom Credit Union Branch Donates Computers to "West Wing"

    CORONA, Calif. -In conjunction with the opening of its 33rd branch Wescom Credit Union has donated computers to the Quality West Wing Foundation. The Quality West Wing Foundation is a Corona-based non-profit organization that serves as an alternative to costly field trips to Washington for Southern California students. It provides...

  • CUs Raise $50,000 for CMN in First Texas Twister Run

    AUSTIN, Texas - More than 280 runners and walkers competed in the first Credit Union Texas Twister Run on Oct. 30 and helped raise $50,000 for the Children's Miracle Network Sponsored by the Texas Credit Union League and patterned after the successful annual 10-mile credit union-sponsored Cherry Blossom Run in...

  • Mission FCU Aligns With J.R. Bruno & Associates for Member Business Lending Rollout

    GLENDORA, Calif. - Mission Federal Credit Union has tapped J.R. Bruno & Associates to help roll out its member business services program. J.R. Bruno & Associates, a business lending consulting firm to credit unions, will assist the $1.8 billion Mission FCU with member business loans and SBA loans. Anna Mendez,...

  • Negotiations Fail to Produce Results at CUNA Mutual

    MADISON, Wis. - Despite two negotiating sessions, CUNA Mutual and its union aren't making much progress. The two sides met for negotiations on Nov. 5 and 9. Both sides conceded that very little, if anything, was accomplished during the two meetings, and the scheduled meeting for Nov. 12 has been...

  • Six CU CEOs Appointed to Credit Union Advisory Council by Philadelphia Fed

    PHILADELPHIA -The Federal Reserve Bank of Philadelphia has named six credit union president/CEOs to serve on the 12-member Credit Union Council. They include: Dorothy Fox, president/CEO, NE PA Community FCU; Larry Miller, president/CEO, Mennonite Financial FCU; Larry Stoner, president/CEO Susquehanna FCU; Ed Williams, president/CEO, Discovery FCU; Maurice Dawkins, president/CEO, American...

  • Prime Alliance, Dexma Form Prime Alliance Services

    TUKWILA, Wash. - Prime Alliance Solutions and its technology partner Dexma have formed a Prime Alliance Services Co. to address what the companies say is "the chronic discontinuity in the mortgage process" and to bring greater efficiencies to the mortgage process by streamlining loan fulfillment. The mission of the new...

  • Top 50 Small Business Administration Lending CUs

    Comparing this chart with the chart on the top of the previous page highlights the fact that SBA-backed loans while growing, still represent a relatively small percentage of all credit union business loans. It's interesting to note that many of the top SBA lending CUs aren't necessarily as high ranked...

  • CUNA Mutual Mortgage Earns Second Freddie Mac Tier 1 Rating

    MADISON, Wis. - CUNA Mutual Mortgage has been awarded Freddie Mac's Tier 1 rating, the highest ranking given for investor reporting and remitting. CUNA Mutual Mortgage already earned the company's Tier 1 rating earlier this year for default management. That means CUNA Mutual Mortgage now has the two highest rated...

  • Visa Volume Grows as Number of Members Remain Flat

    SAN FRANCISCO - Visa continued to increase its sales and transaction volume in the third quarter, according to the card brand. Visa's sales and cash volume across its entire product line increased by 16.4% over the volume in the same quarter of 2003, the number one card brand has reported....

  • Free Business Seminars to Come From Bethpage FCU, Local University Alliance

    BETHPAGE, N.Y. - Entrepreneurial hopefuls and established business owners in the Long Island area here now have access to free seminars on starting and running a business. Bethpage Federal Credit Union has aligned with the Farmingdale Small Business Development Center (SBDC) to bring a plethora of start-up resources to entrepreneurs....

  • D. Hilton Advertising Group Takes Home Awards

    THE WOODLANDS, Texas - The D. Hilton Advertising Group, a division of D. Hilton Associates Inc. has been singled out by several state leagues for excellence in marketing. The D. Hilton Advertising Group received seven awards in the Lone Star Awards competition sponsored by the Texas Credit Union League. The...

  • Redwood CU Adds Biz Services to Offerings

    SANTA ROSA, Calif. - Redwood CU joins the growing list of California credit unions that have recently launched business services programs. The $1 billion Redwood Credit Union recently launched its Business Plus Financial Services program. Designed for small businesses, the array of products and services includes checking, deposit accounts, a...

  • Top 50 Member Business Lending Credit Unions

    The top 50 credit unions with the highest number of member business loans are proving they can hold their own. They also continue to gain ground with SBA loans (see top chart on next page). A growing number of credit unions have seen their loan portfolios grow as a result...

  • Voting Poll Results: Members Not Up to Speed on Banker Attacks

    WEST PALM BEACH, Fla. - Credit union members may very well be in the dark when it comes to banker attacks. That was the take of an overwhelming majority of voters in Credit Union Times' just expired voting poll. More than 70% of voters said that credit union trade associations...

  • CUES Launches New Nexus Conference

    MADISON, Wis.-- Credit union marketers just got more conference options. Themed "the right conference for the right brain marketer", the new CUES Nexus Conference is designed exclusively for marketing execs. "CUES Nexus Conference isn't like anything else in the industry. It's brand new. It's unique. It's designed to challenge marketers...

  • NAR to Launch New Real Estate Sector Indicator in 2005

    WASHINGTON - Claiming the use of existing home sales "is a lagging indicator" because it reports on transactions that are closed the prior month, the National Association of Realtors is making plans to release a new measure of the housing market in 2005, one the association says reflects the current...

  • Executive Compensation Survey to Peel Layers on 457(f) Plans

    GLENDORA, Calif. - Executive Compensation Solutions is poised to launch what it describes as a comprehensive "executive-specific" 457 (f) plan survey. The executive benefits design firm, along with KG & Associates, a Wichita, Kan.-based developer and administrator of compensation programs for small and mid-sized organizations, will produce the survey for...

  • Three is Not a Crowd

    This 100-page issue of Credit Union Times is big for a reason - it's being distributed at the California CU League's Annual Conference, BAI's Retail Delivery Conference and it is a Data Processing & Technology issue (See DP coverage on pages 26-37). Ironically, both conferences are being held in Las...

  • Toledo CU Community CEO Appointed to Governor's CU Council

    COLUMBUS, Ohio - Patrick McGrady, president/CEO of Toledo Area Community Credit Union, has been tapped by Ohio Gov. Bob Taft to serve on the state's Credit Union Council. McGrady, president/CEO of $182 million Toledo Area Community Credit Union, will join other council members in making recommendations to the state's Department...

  • Matz Urges CUs to do More for Low-Income Consumers

    DALLAS - NCUA Board member Debbie Matz's opening day speech last week at Southwest Corporate FCU's 27th Annual Economic Forum stressed that credit unions can play an important role in getting low-income consumers back on track. "Today there are more people than ever who need affordable financial services," Matz explained....

  • Credit Union Fab Five Hit Washington

    WASHINGTON - Who says credit unions can't have a little fun here on the day before a Presidential election? For Halloween, Callahan and Associate staffers dressed up as the top five credit unions-$21.8 billion Navy FCU, $12 billion North Carolina-based State Employees CU, $7 billion Pentagon FCU, $5.1 billion The...

  • Glaser Named New Treasury DAS of Terrorist Financing and Financial Crimes

    WASHINGTON-Daniel Glaser is the new deputy assistant secretary for the Office of Terrorist Financing and Financial Crimes (TF/FC), Treasury Secretary John Snow recently announced. "Danny has been a critical player in establishing important anti-money laundering and counter-terrorist financing policies over the past several years. He has well-represented the United States...

  • Regulatory Structure Has Not Kept up with Changes in Financial Services, GAO Finds

    WASHINGTON-A recent report out of the Government Accountability Office suggested that the financial services regulatory structure could be brought up to speed with the times. "Congress may wish to consider ways to improve the regulatory structure for financial services, especially the oversight of complex, internationally active firms," GAO's report read....

  • NCUA Announces Rules Up for Review in 2005

    ALEXANDRIA, Va.-NCUA recently announced the regulations it would be reviewing next year. The agency takes it upon itself to review one-third of its regulations every year and has made the announcement to get the public thinking about the various issues for comment. During remarks to the Nebraska Credit Union League...

  • Visa Taking Steps to Clear A Path in to Utility Market

    SAN FRANCISCO - Visa USA had begun taking steps to try to fight its way in to the utility payments market, a space in which consumers are quickly moving away from using checks but where many consumers have not yet settled on another favored payment method. Visa has also been...

  • University Federal Credit Union Named Best Place To Work

    AUSTIN, Texas - Add University Federal Credit Union to the growing list of credit unions being recognized for their outstanding workplace environment. Recently the $594 million credit union has earned the distinction of being named one of the Best Places to Work in Central Texas by the Austin Business Journal...

  • Robbing Bank, Credit Union in Alaska "Extremely Stupid," FBI Agent Says

    WASHINGTON-The high-resolution rate of robberies is not enough to keep criminals from trying it, a Nov. 7 article in the Alaska Journal of Commerce depicted. "It's stupid to rob a bank anywhere because the solution rate is so high," Tom McClenaghan, special agent in charge of the Federal Bureau of...

  • Ent FCU Lends Helping Hand to Local Police

    COLORADO SPRINGS, Colo. - Quick thinking staffers at Ent Federal Credit Union's Mountain Bell Service Center helped Colorado Springs police apprehend several suspects who were trying to pass a stolen check. Officers from the Gold Hill division were dispatched to the downtown center following a call from the alert employees....

  • New CUES Board Results Out

    MADISON, Wis.-CUES has elected the following officers to its board for 2004-2005 : Forum CU President Gary W. Irvin chairman; Kent Credit Union CEO Rose Bartolomucci vice-chair/chair-elect; Atlantic Credit Union Executive Vice President Darol A. Humenick treasurer; and Altura Credit Union President/CEO Mark Hawkins secretary. Rounding out the 2004-2005 board...

  • Nebraska League Signs With Accel on Literacy

    OMAHA, Neb. - The Nebraska Credit Union League said its service corporation has signed up with Accel Members Financial Management of Farmington Hills, Mich. to offer financial education counseling services for member CUs. Accel said the linkup with the Nebraska League would be the fifth such state league affiliation. The...

  • Community Bank Mergers and Acquisitions Speed Up

    CHICAGO - Large bank mergers and takeovers attract all the attention, but the same activity is taking place frequently in the competitive space closest to credit unions - community-based financial institutions. According to Grant Thornton Corporate Finance, more than 180 such transactions took place nationally between July 2003 and August...

  • Franklin Mint FCU Board Treasurer Hits Silver Anniversary

    BROOMALL, Pa. - Franklin Mint Federal Credit Union Board Treasurer Jack Sullivan is celebrating his 25th anniversary of service to the credit union. "Jack's contribution to the credit union's goals and values is measured by our success-his expertise has provided the rock to ensure that we've arrive at whether we...

In Other News

  • AWARDS

    First Financial Federal Credit Union, Lutherville, Md., Board Chairman J. Wesley Bone has been presented the National Association of Credit Union Chairmen, Eugene Ball Award. This award is given in recognition of commitment to country, credit union and the NACUC. Bone is the third recipient of this award. During Bone's...

  • SCHOLARSHIPS

    Indiana Members Credit Union, Indianapolis, has awarded a total of $4,500 in Legacy scholarships to five students. This year's recipients include Hillary Maynard, Mark Beedle, Jessica Faenzi, Amber Jones and Garrett Bouyett. Each semester, scholarships are given to those pursuing an undergraduate degree at an accredited college, university or trade...

News

  • HarborOne CU Uses Scanners to Help Fight ID Fraud, Hasten Legitimate Transactions at Teller Windows

    BROCKTON, Mass. - The Bay State's second-largest credit union is on the leading edge of the fight against identity theft with its new photo ID scanner system, the CU and its supplier says. HarborOne CU has deployed the scanners at its 12 branches, where they're used to scan in the...

  • Brazilian Credit Union Reps Visit U.S. Credit Unions, Gain Ideas to Apply to Their Credit Unions

    DALLAS - Twenty credit union executives from Brazil stopped here recently to gather and share information in the U.S. on the middle segment of a three-country tour of the credit union system in August. The group also visited Mexico and Canada. The objective of their U.S. journey was to learn...

  • ECM Seen as Key to Empowering Growth at BC's North Shore CU

    VANCOUVER, B.C. - North Shore Credit Union has been on a roll, using technology's tools to help win an increasing share of its memberships' wallet. And now the big CU is launching a new platform to better tie its robust internal processes together. North Shore is deploying an enterprise content...

  • Wisconsin CUL Shares Holiday Gift of ID Theft Prevention

    PEWAUKEE, Wis. - The holiday season may bring good cheer but the Wisconsin Credit Union League is helping consumers beat the identity theft blues that can also pop up this time of year. Listed below are just a few ideas from the league on how consumers can better protect themselves...

  • SAFE CU to Host Management Platform

    SACRAMENTO, Calif. - SAFE Credit Union has signed on to use a managed workforce optimization service with an eye on supporting member services while lowering operating costs. The $1.2 billion CU has contracted with San Diego-based Exametric to provide hosted forecasting, scheduling, and time and performance solutions. "The Exametric Workforce...

  • Virus Woes and Fears Slow Consumer Online Activity

    CAMBRIDGE, Mass. - The threat of online viruses and worms have even experienced online users considering or actually decreasing their Internet use, including banking online. That's according to a new report from Forrester Research, based on a survey of 6,613 North American online consumers about what they're doing about viruses....

  • More Credit Unions Seeing the Wisdom of IntegraSys' Wisdom Financial Management Suite

    FRISCO, Texas - Credit union data processor IntegraSys is partnering with fellow Fiserv credit union processors to get its Wisdom Financial Management Suite in more credit unions. It has B2B agreements with Aftech, Galaxy, and CUSA Technologies to offer Wisdom to its CU clients. Each processor will offer the product...

  • Use of Member Service Online Depends on Broadband

    CAMBRIDGE, Mass. - As the use of broadband channels for Internet delivery continues to grow, credit unions can expect members to be more interested in using online options for service. According to a new report from Forrester Research, consumers who use broadband are significantly more likely to use e-mail and...

  • New Credit Union IT Security Association Ramping Up; Aims to Bring Together Those Protecting the Nation's CUs' IT Systems

    AUSTIN, Texas - After months of research and networking, security industry veteran Kelly Dowell says the Credit Union Information Security Professionals Association (CUISPA) is getting ready to roll. Dowell has been criss-crossing the country, talking to credit unions, vendors and others to put together the organization, which will aim to...

  • Kraft Foods FCU Decision to Go With DI Solution was Simply (Boolean) Logical

    PURCHASE, N.Y. - Kraft Foods Federal Credit Union's decision to go with Digital Insight's new loan-origination system (LOS) was a matter of simple logic. Boolean logic. The logic system that helped launch digital technology itself also drives the decision-making machine in DeskTopLender Premium, which the $535 million CU is going...

  • University Spin-offs, Home-based Businesses Popular in 2003, SBA Finds

    WASHINGTON - Home-based businesses and "university spin-offs" were some of the fastest growing and best known small businesses in 2003. According to a just-released federal government study from the Office of Advocacy of the U.S. Small Business Administration titled The Small Business Economy, 2004, small businesses led the way in...

  • UK CUs Gear Up to Begin Offering 25-year Mortgages

    LEEDS, UK and GLASGOW, Scotland - The British Financial Services Authority (FSA), which regulates UK credit unions, took over the regulation of mortgages on November 1st , and for the first time UK credit unions have been given the right to offer 25-year mortgage loans. Prior to the new regulations...

  • LCUL CEO Cochran is Ambassador for African Credit Union Movement

    HARAHAN, La. - Dublin is a not a city easily quantified; it is a place of energy. These are words some use to describe Ireland's capital city. Perhaps they also describe Anne Cochran, an Irish native who, in addition to fulfilling her role as president and chief executive officer of...

  • Reserve Power

    See how two NCUA professionals have been impacted by being called to fulfill their military duties. Pages 18.

  • Uganda Credit Unions Reaching Out to Expand Services in Troubled Country

    WEST PALM BEACH, Fla. -Credit Union Time recenty interviewed Jackson Rwakishaija, chairman of the Uganda Cooperative Savings and Credit Union (UCSCU) - a national credit union association - about his quest to expand credit union services in Uganda and what he has learned from U.S. credit unions. Excerpts follow: CU...

  • Report Finds Costly IT Attacks Come From Inside, Too

    WASHINGTON - Hacks get the headlines, but insiders can cause major headaches, according to a new study from the U.S. Secret Service and a major cyberspace anti-threat consortium. And one of the three main examples in the report - titled "Insider Threat Study: Illicit Cyber Activity in the Banking and...

  • United Nations FCU Relies on WebChat to Help Serve its Global Membership

    NEW YORK - The $2 billion United Nations FCU has membership all over the world, so when it wanted to enhance member service it needed a global tool. What better ubiquitous tool than the Internet? UNFCU offers a host of online features for its members to do business anywhere in...

  • Not So Fast Regulator

    Oregon credit unions are open to offering payday loan alternatives, but aren't sure if they want the regulator forcing them their hand. Page 40.

  • Numbers Game: Utah CU Exec Offers Online Report Service

    PROVO, Utah - A group of credit union executives looking for an inexpensive way to collect and analyze data they felt their organizations needed to stay competitive ended up developing a Web-based service being used by more than 25 CUs. The service is called CUDATA.com and is now a private...

  • Attacks Continue to Mount in Online Attempts to Steal from Consumers

    FRAMINGHAM, Mass. - The financial services industry continues to struggle to ensure the security of confidential data and account information, including attacks that take advantage of vulnerabilities in widely used software, such as Windows, and phishing schemes that lure in unsuspecting consumers. Here's a look at the frequency of some...

  • Now That's the Way to Sign a Deal

    Nothing like having the whole gang together when signing an important data processing contract. USERS President John Schooler (foreground, left and SCE FCU President/CEO Dennis Huber (foreground, right) proudly show off the deposit check for their newly signed deal at USERS' EdCon 2004 in Huntington Beach, California with members of...

  • Jacksonville CU Fine Tunes Doc Management with Local Solution

    JACKSONVILLE, Fla. - Just like folks abandoned their eight-track players for cassette tapes, Seaboard Credit Union has junked the jukebox and CDs for a storage and retrieval solution that combines lasers and Internet tools to save space, money and time. The CU's new system, provided by a local vendor, ImageStoreHouse,...

News Briefs

  • CUNA's Kincer Leaving for a Higher Mission

    WASHINGTON-CUNA will be losing Political Director Karen Kincer to her next role in life: being a mom. Kincer is expecting twins around the beginning of the year, CUNA Vice President of Political Affairs Richard Gose explained in announcing her departure. "We applaud her decision, but we are definitely going to...

  • Shared Employees can be Considered in Lending Process Between CU and CUSO, SBA Says

    KEENE, N.H. - Shared employees can apparently be considered part of the SBA lender qualification process between a CUSO and a credit union. Northeast Member Business Services received guidance from the SBA's Office of Financial Assistance stating that it will consider a shared-employee concept. To do so, there must be...

  • CUES Exec of the Year Selected

    MADISON, Wis.- America First Credit Union President/CEO Rick Craig walked away from the CUES 26th annual CEO Network with the 2004 CUES Executive of the Year award. "I am fortunate to be able to work with a great team and supportive board as we provide innovative services to our membership....

  • Nassau County FCU Gets NCUA Nod for Community Charter

    GARDEN CITY, N.Y. - Nassau County FCU is now able to serve all of Nassau County, N.Y. The $245 million credit union which has more than 27,000 members, received approval from the NCUA to adopt a community-based charter, effective immediately. NCFCU's field-of-membership has included the employees of over 50 government...

  • NCUA Expands Georgia Central CU's Powers

    DULUTH, Ga. - NCUA has granted the $1.3 billion Georgia Central Credit Union Base Plus expanded authorities. This allows the corporate to take on additional interest rate risk, and provide it more flexibility in managing its balance sheet - and ideally earn more income when conditions are favorable. "The additional...

  • MAX FCU Names McClellan CEO

    MONTGOMERY, Ala. - Greg McClellan is the new CEO of the $625 million MAX FCU. McClellan succeeds Thomas E. Ballow, Jr. who retires Dec. 31. McClellan joined MAX in 1984 and is currently the Executive Vice President/ Chief Operations Officer. Previously, he was the Vice President of Internal Operations. McClellan...

  • CORRECTIONS

    In the "Credit Unions, Banks Granted March 2005 Deadline for SEC Broker Reg Compliance" news brief in the Nov. 10 issue, it was incorrectly reported that an SEC deadline was extended to March 31, 2005 for credit unions and banks to comply with broker registration requirements under the Gramm-Leach-Bliley Act...

Tech Bytes

  • S1 Buys Mosaic Software

    ATLANTA - S1 Corp. plans to buy Mosaic Software Holdings Ltd.. The deal brings S1, a global provider of ATM drivers and electronic payment solutions, to its lineup of integrated front-office applications for financial institutions. Mosaic has built a client base of about 210 financial institutions and retailers in more...

  • OSI Updates eCommerce Suite

    GLASTONBURY, Conn. - Open Solutions Inc., a processor popular with large credit unions, has launched its latest version of its eCommerce Banker, which features Internet banking and cash management. The three most notable enhancements include Account Reconciliation, Dynamic Alerts, WirePost, and Quick Enroll. The first three are primarily for business...

  • Oklahoma City CU Commits to XP2 for 2005 Platform Shift

    MOORPARK, Calif. - XP Systems will be converting Communication Federal Credit Union/Communication Credit Union of Oklahoma City to its new XP2 core platform soon, the Fiserv unit says. The dual-charter, $415 million CU, one of the state's five largest, has been using a Liberty FiTECH (now Open Solutions Inc.) core...

  • MortgageClick Now Supports Fannie Mae's MyCommunityMortgage Software

    WOBURN, Mass. - MortgageClick, a provider of lending technology to credit unions, now supports the MyCommunityMortgage suite of products from Fannie Mae, the company says. MortgageClick uses a Web-based platform from the Prime Alliance CUSO to streamline online mortgage applications and now will be able to serve more consumers "who...

  • Reed Data Partners with SecurePipe to Offer IT Storage, Security Services

    MIDWAY, Utah - Reed Data Inc., a provider of electronic document archiving and delivery solutions, has partnered with a Wisconsin-based IT security firm to offer network security solutions to credit unions and banks. Reed Data provides COLD storage, electronic statements and other paperless document archiving and delivery solutions to hundreds...

  • Fiserv Breaks 3,000 Net Banking Client Mark

    BROOKFIELD, Wis. - Fiserv said it now has over 3,000 clients for Internet banking. "We have moved through many phases with the Internet - from hype to reality and, now, to a growing acceptance," said Fiserv COO Norm Balthasar. According to TowerGroup, the number of online banking households is expected...

  • OSI Hires Ex-Fiserv Exec Krystowiak, Promotes Nicastro

    GLASTONBURY, Conn. - Open Solutions Inc. has hired Dave Krystowiak, a former Fiserv division president, to be OSI's senior vice president and general manager of its Strategic Solutions Group. His responsibilities will include sales and operations involving OSI's eSolution Internet banking and cash management tools, OSI's Check 21 and imaging...

  • eCU Technologies Offers Middleware for Symitar Client Programmers

    HARRISBURG, Pa. - eCU Technologies, the technology CUSO of Pennsylvania State Employees Credit Union, is offering credit union programmers a new middleware product to help them develop applications to integrate with the Symitar core system. Called PowerLink XML, the software allows programmers to work with Symitar's application protocol interface, SymConnect,...

Marketing

  • San Diego Metropolitan CU Works Member Referral

    SAN DIEGO - San Diego Metropolitan Credit Union has its members not only talking up the credit union experience but also encouraging new members to join. Playing up the idea that the best advertising is by "word of mouth," the $305 million credit union has launched a member referral program...

  • Diamond Awards Expand Categories

    MADISON, Wis. - While diamonds may be forever, next year's CUNA Marketing and Business Development Diamond Awards categories are changing with the addition of two new entries - Member Magazines and Diamond in the Rough. The "Member Magazine" category was added to spotlight four-or-more color magazines distributed to credit union...

  • EECU Goes Fishing for Loans

    FRESNO, Calif. - Have you heard the fish story of Educational Employees Credit Union pulling in over $28,264,000 in new loans? Well unlike other fishing stories this one is 100% true. Designed by Hollister, California-based brand consulting firm Redbeard Communications Inc., a fishing themed direct mail campaign has helped the...

Special Report

  • Londonderry a Series of Firsts for St. Mary's Bank

    LONDONDERRY, N.H. - Londonderry has its first and only credit union and it is fitting that it's St. Mary's Bank-the first credit union in the nation. The 3,800 square-foot facility, which features six teller stations, two drive-up lanes and a drive-up ATM, also marks the $482 million credit union's first...

  • Eastern Financial Branching Out

    BOCA RATON, Fla. - As part of a strategic move to provide more member convenience, Eastern Financial Florida Credit Union has recently opened its first Palm Beach County branch. Designed by Marietta, Georgia-based design/build firm KDA Holdings Inc., the 4,100 square foot high-tech/high touch branch features an Internet Caf where...

  • Municipal Credit Union Makes High-Tech, Warm, Welcome

    BRONX, N.Y. - Municipal Credit Union has opened the doors to its latest state-of-the-art facility here and members are loving it. The street-level 7,000 square foot branch features nine teller stations, 15 member service desks, interior ATMs and even kiosks where time-pressed members can manage accounts, apply for loans, access...

  • Inwood Credit Union Embodiment of CU Philosophy

    POINT ARENA, Calif. - It took not only a town but also the California Credit Union League and credit union leaders to help bring back financial services here. The city purchased an ATM and credit union staffers and locals literally worked side-by-side to helped build the facility. Residents haven't had...

  • High School CU Branch Now Mobile

    SAYREVILLE, N.J. - Raritan Bay Federal Credit Union has taken a cue from the mall for its South Amboy Middle High School student branch called the Lighthouse. What was once located in an old classroom in the Middle School wing of the school is now a freestanding kiosk located outside...

Opinion

People

  • VENDORS

    FCUL Service Group, Inc., the service corporation for the Florida Credit Union League, has named Jennifer Hazday business development manager for the South Florida region. IA Systems, Inc., a developer of software for the financial services industry, has named Tami Olheiser director of finance.

  • EAST

    HarborOne Credit Union, Brockton, Mass., has named Steven D. Washburn Bridgewater branch officer. Virginia Beach Schools Federal Credit Union, Va., has named Amy Wisilosky vice president of marketing Vermont Federal Credit Union, Burlington, President/CEO Joseph M. Finnigan has been named to an advisory panel for CUNA Mutual Group.

  • MIDWEST

    First Community Federal Credit Union, Parchment, Mich., has appointed Cheryl DeBoer President. Dane County Credit Union, Madison, Wis., has elected Jesse Sandoval board director.

  • WEST

    Point Loma Credit Union, San Diego, has named Peter S. Butler vice president of lending/collections. First Edition Community Credit Union, Phoenix, has appointed John I. Cassise president/CEO. Tucson Old Pueblo Credit Union, Ariz., has named Gary Lee Fischer vice president of sales/lending. California Coast Credit Union, San Diego, has named...

  • SOUTH

    Alabama Central Credit Union, Birmingham, has promoted Kim Warner and Melissa Hargett to regional vice president.

  • IN MEMORIAM

    SAFE Credit Union, North Highlands, Calif., has announced that longtime board member Robert Richard Reilly has died. Reilly joined the credit union movement more than 40 years ago while serving with the U.S. Air Force at Sacramento's McClellna Air Force Base and has always stood for the power of credit...

Letters to the editor

Publisher's Notebook

  • Good Starting Point

    To better serve their members and give expanding staffs room to work, more and more credit unions are finding the need to build completely new headquarters buildings, new branches, and new administrative centers. Or, to remodel and enlarge existing facilities. The usual starting point before undertaking such extensive and costly...

Voting Poll

  • New Voting Poll: How do Conference Goers Choose Their Conferences?

    WEST PALM BEACH, Fla. - Based on Credit Union Times' listing of credit union association meetings in the Nov. 3 issue (also available at www.cutimes.com), it's clear that credit unions have more options than ever when it comes to conferences. Late last month CUNA's Future Forum saw increased attendance. This...

Publisher's Column

  • A Name Out of the Past Blasts Credit Unions

    Listen to this latest barrage of anti-credit union rhetoric: "The credit union industry is controlled by well paid insiders of a few trade groups which themselves are controlled by a relatively small minority of very large dues paying credit unions. It is the smaller credit unions that tend to stick...

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