Credit Union Times Magazine October-13, 2004

  • CUNA Monthly Credit Union Numbers Show Loans Up "Healthy" 1.3% as Savings Falls 1.1%

    WASHINGTON-CUNA's Monthly Credit Union Estimates for August demonstrated credit unions' strong lending growth as savings waned. Credit union loans grew 1.3% during the month of August, while savings balances fell 1.1%, the data showed. All lending categories were up, CUNA reported. `Other' mortgages experienced the greatest growth at 3.2%. Home...

  • CUNA Advises Against Privacy Notice Changes, but Other EGRPRA Items Could Use Some Tinkering

    WASHINGTON-In its official comment letter to NCUA, CUNA wrote that changes to the privacy notices are unnecessary at this time, but other items currently being reviewed under the Economic Growth and Regulatory Paperwork Reduction Act could be improved upon. CUNA Assistant General Counsel Jeffrey Bloch did say that if the...

  • Credit Unions Not Affected by Fraudulent Activity at Raymond James

    WASHINGTON - A recent SEC civil fraud charge against a former broker with Raymond James Financial Services Inc. will not have an immediate impact on credit unions. The SEC has brought civil fraud charges against Raymond James, a registered broker-dealer and investment adviser based on the conduct of one of...

  • Credit Union Employee Turnover Rates to Rise

    MADISON, Wis. - A recent CUNA survey finds that credit unions should expect an uptick in employee turnover rates. According to the 2004 Complete Credit Union Staff Salary Survey, while average annual pay increases for credit union employees continue to decline, if the economy picks up steam in 2005 labor...

  • Exceeding Member Business Lending Cap Can be Done with NCUA Approval But Caveats Should be Understood

    NEWPORT BEACH, Calif. - As more credit unions get involved in loan participations to manage the 12.25% member business lending cap, NCUA is quite aware of one possible loophole. A credit union can not exceed its aggregate loan cap for loans made to its members but if its aggregate loan...

  • Ensweiler Regrets `Test' Lost in Ending of Dakota Talks

    DALLAS - CUNA Chairman Richard Ensweiler has expressed regret that "an opportunity for testing may be lost" in the apparent collapse of a planned consolidation of the two Dakota Leagues. "There's always pride and history when you put together two organizations and it does represent a challenge," declared Ensweiler, president...

  • FinCEN, Federal Regulators Agree on BSA Information Sharing Procedures

    WASHINGTON-A Memorandum of Understanding has been reached between Treasury's Financial Crimes Enforcement Network, NCUA, and the federal banking regulators establishing information sharing procedures between the agencies and FinCEN. "The enhanced collaboration will help FinCEN better administer the [Bank Secrecy Act] while simultaneously assisting the regulators to better fulfill their roles...

  • Navy FCU Selects One of its Former Volunteers as New CEO

    VIENNA, Va. - Navy FCU didn't waste much time finding CEO Brian McDonnell's successor. The world's largest CU has named Cutler Dawson as its new CEO. Dawson is a past Navy FCU volunteer official, having served on its boards and various committees on and off for the last five years....

  • Credit Unions' IRA Authority Error Could Have Impacted IDAs and HSAs

    WASHINGTON-As President George W. Bush signed The Working Families Tax Relief Act of 2004 (H.R. 1308) into law last week to extend the marriage penalty tax cuts and child tax credits, credit unions also officially regained an authority that had slipped through a technical crack. While doing research work for...

  • American Airlines FCU Card Program Seeks the Cutting Edge

    DALLAS-FORT WORTH - If everything stays on track, the $4 billion American Airlines FCU will roll out its credit card program to its 205,000 members in November of this year. When it rolls out the program, which has taken three months longer to put together than the credit union anticipated,...

  • Appraisals Based on `Going Concern Value' Can Not be Used to Calculate MBL Loan-to Value Ratio, NCUA Says

    ALEXANDRIA, Va. - NCUA reminded federally-chartered credit unions that they can not use an appraisal based on the "going concern value" of the business when calculating the loan-to-value (LTV) ratio for a member business loan. In a Sept. 21 legal opinion letter to Plymouth, Mich.-based Community Financial Members Federal Credit...

  • Bulk of Comment Letters Oppose Private Insurance Disclosure Proposal Excesses

    ALEXANDRIA, Va.-In the wake of the close of the comment period on NCUA's proposed rule on disclosures in private insurance conversions, NCUA Chairman JoAnn Johnson is being forced to defend her "effective, not excessive" regulatory philosophy. The majority of the 88 comment letters NCUA received on the proposal were in...

  • Fake Credit Union CD Involved in SEC Complaint Against Firm for Fake Profit Reports

    WASHINGTON - The SEC recently filed a complaint against a wireless medical prescription firm that used a fake CD from a so-called credit union to bolster its non-existent profits. The SEC filed a complaint against Safescript Pharmacies, Inc., formerly known as RTIN Holdings, Inc., In early 2002, RTIN, managed by...

  • Business Partners, LLC Proves Credit Union Need for Member Business Lending by Surpassing $1 Billion Loan Mark

    CHATSWORTH, Calif. - No one could have predicted how much of a need existed for business services at credit unions nearly a decade ago, but one member business lending CUSO has more than proved that there was a void. On Sept. 30, Business Partners, LLC surpassed the $1 billion mark...

  • Fannie Mae Investigation Heats Up as Baker Calls Hearing and Justice Department Enters the Scene

    WASHINGTON - The Fannie Mae scandal doesn't show any signs of going away any time soon, even though the secondary mortgage giant promised to cooperate with regulators in their investigation of the company's alleged accounting mismanagement and earnings manipulation. In fact just the opposite seems to be happening. One week...

  • OCC's Hawke Tells Banks to Lay Off CUs and Start Working on Their Own Reg Relief

    WASHINGTON-During the American Bankers Association's Annual Convention last week in New York, outgoing Comptroller of the Currency John D. Hawke recommended that banks worry about lightening their own regulatory load rather than seeking to tax credit unions and add to their regulatory burdens. Hawke noted bankers' many complaints about credit...

  • Shiloh of Alexandria FCU's New Affordable Mortgage Program Spotlighted By Local and National Officials

    ALEXANDRIA, Va.-Shiloh of Alexandria Federal Credit Union officials were flanked by Congressman Jim Moran (D-Va.), Alexandria Mayor William Euille, NCUA Board Member Debbie Matz, and others during the unveiling of the CUs new affordable mortgage program. The $1.4 million credit union with just over 800 members in an underserved area...

  • School Says Mission FCU Pulled Out of Lecture Series Over Controversial Speakers

    SAN MARCOS, Calif. - Mission Federal Credit Union is mum on its decision to pull out of a lecture series at Cal State University-San Marcos, but the school claims there were some concerns on past speakers. After three years of being a major contributor to the intercultural speaker series, the...

  • Supreme Court Opens Door for Credit Unions to Issue American Express Cards

    WASHINGTON - The Supreme Court this week opened the door for credit unions to begin to issue American Express cards, but how many will choose to do so or be able to do so remains very uncertain. The Court made the decision by refusing to review a lower court ruling...

  • What a Turnaround; CDCUs Awarded Close to $7 Million from CDFI, Dwarfing the $1 Million From Last Year

    WASHINGTON - The U.S. Treasury Department's Community Development Financial Institutions Fund reversed course this year when it came to credit unions. Whereas last year the Fund only granted just over $1 million to four credit unions or credit union affiliated organizations, this year 10 credit unions or affiliated organizations received...

  • Utah CU's CEO Choice Triggers Accusations of Lack of CU, Management Experience

    SALT LAKE CITY - Succession planning, long a persistent problem at small credit unions across the U.S., became a topic for media coverage in Utah this month following complaints that a $10 million Salt Lake CU erred in hiring a CEO lacking bank or CU experience. The Newspaper Employees CU,...

  • Victims of Bentley Financial Ponzi Scheme to Get Another $18 Million, Receiver Goes after Banks that Assisted in Scam

    PHILADELPHIA - More than 200 credit unions, banks and individual investors impacted by a Ponzi scheme through the defunct Bentley Financial Services are scheduled to receive another $18 million. In 2001, the SEC filed a complaint against Robert L. Bentley, Bentley Financial Services and Entrust Group alleging that the defendants...

  • New Senate Remittance Bill Would Let CUs Cash Non-Member Checks

    WASHINGTON - Eight Senate Democrats have introduced legislation that, along with reforming practices in issuing international remittances, would allow credit unions to cash non-member checks and provide remittances to non-members. The International Remittance Consumer Protection Act of 2004 would also mandate disclosures to remittance customers and an error resolution process...

  • Iowa League Editorial Sets Record Straight on Bankers' Comments

    WEST DES MOINES, Iowa - The September 27th issue of the Des Moines Business Record featured an editorial rebuttal from the Iowa Credit Union League to an article that ran in an earlier addition of the weekly newspaper which the League said included several misleading statements about Iowa CUs. In...

  • In Surprise Move, North and South Dakota League Consolidation Appears Doomed

    BISMARCK, N.D. - In a surprise about-face, the consolidation of the North and South Dakota Leagues into a joint new trade group - six years in the making and due for final implementation Jan. 1 - has been called off apparently the result of a dispute over board representation and...

  • Former CU's IPO Doesn't Attract Much Investment

    NEW YORK - Maybe it was the diminished interest bank stocks have been getting generally on Wall Street. Or maybe it was the skepticism that greets any initial public offering these days. But whatever the reason, Atlantic Coast Federal Corporation, the stock issuing arm for Atlantic Coast Federal Bank, a...

  • Fiserv's Muma Gives Plenty of Notice on his Retirement; With Almost 3,000 CU Clients, All Eyes on Replacement

    BROOKFIELD, Wis. - There is a change coming in the corner office at Fiserv, and it's coming in about a year and a half. Fiserv President/CEO Les Muma, 60, announced that he plans to retire in June of 2006. Announcing the change so far in advance is virtually unheard of...

  • MidWest Financial Credit Union Pitches Cheaper Business Payroll Costs with EZ Pay Direct Deposit Program

    ANN ARBOR, Mich. - A new direct deposit program will be available to members of MidWest Financial Credit Union who own businesses. On Aug. 1, the $165 million credit union and UMHS Financial launched EZ Pay, a Web-based application that accesses the national electronic payments system and initiates direct deposit...

  • Nevada Business Journal to Print CU Counterattack in May 2005

    LAS VEGAS - Though a planned bank/credit union debate has been called off, Nevada credit unions will get a chance to counter long-running banker attacks in a special section of the Nevada Business Journal. The downer: they'll have to wait until May 2005. "We would have preferred to hash out...

  • Meriwest Credit Union Discovers Members Using Personal Accounts For Business, Tests Waters with an Array of New Services

    SAN JOSE, Calif. - Nearly a year in the making, Meriwest Credit Union will soon carve out its niche in the business lending and services marketplace using a "personal touch" campaign to stand out among its bank competitors. The $904 million credit union is poised to launch its business services...

  • Matz, Johnson Clashing on Homeownership Issue as Election Race Heats Up

    ALEXANDRIA, Va.-It is apparent that NCUA Chairman JoAnn Johnson and Board Member Debbie Matz come from different worlds. Johnson was raised on a farm in a rural town in Iowa, while Matz grew up in a New York City housing project. Johnson is a Republican who uses the title `chairman.'...

  • Oxley, Frank Support Higher Funding Levels for OFHEO

    WASHINGTON - House Financial Services Committee Chairman Michael Oxley (R-Ohio) and Ranking Minority Member Barney Frank (D-Mass.) wrote to the leadership of the House Appropriations Committee in support of higher, fiscal year 2005 funding levels for the Office of Federal Housing Enterprise Oversight, which regulates the housing Government Sponsored Enterprises....

  • Pascarella Roars At Amex

    ORLANDO, Fla. - Even before the Supreme Court announced that it would not hear the final appeal, Carl Pascarella, CEO of Visa USA, told the American Bankers' Association's Bank Card Conference that the number one nationwide card brand looked forward to beating American Express. "It's clear, American Express doesn't have...

  • Rep. Frank Endorses HarborOne CU's Sponsorship of Presidential Election Supplement

    BROCKTON, Mass. - Congressman Barney Frank (D-Mass.), ranking minority member of the House Financial Services Committee, recently endorsed HarborOne CU's sponsorship of "The Presidential Election 2004" newspaper supplement. The 16-page "Presidential Election 2004" supplement was initially developed by the Enterprise and Patriot Ledger through its "Newspapers in Education" program. HarborOne...

  • Women Uncomfortable with Car Buying Process

    MCCLEAN, Va. - Despite the increased availability of online car-buying options that minimize consumers' need to visit a dealer site, women purchasing a vehicle still feel uncomfortable with the car-buying experience. A survey of more than 800 female car buyers age 25-55 by Capital One Financial Corp. found 75% of...

  • Fed Consumer Advisory Panel to discuss CRA, Overdrafts, Predatory Lending, EFTA

    WASHINGTON-The Federal Reserve Board has announced that its Consumer Advisory Council will meet Thursday, Oct. 28 to discuss a wide array of subjects. Topics of discussion are expected to include the Fed's Community Reinvestment Act proposal, overdraft protection, anti-predatory lending laws, and the Electronic Funds Transfer Act. The CAC advises...

  • Warsh Firms Up President's CU Support

    CHANDLER, Ariz. - The Association of Corporate Credit Union's annual conference in Chandler, Arizona held last week featured a presentation from Kevin Warsh, Special Assistant to the President for Economic Policy. The Association of Corporate Credit Unions has been trying to raise corporates' political profile on Capitol Hill, and what...

  • VOiP Gaining Traction Fast in Phone Service Space

    BOSTON - Adoption of voice over IP (VoIP) - telephone service over the Internet - was leading edge at credit unions a year or two ago. Now it's becoming more mainstream. Residential and business customers alike are being lured by major players such as cable companies and Vonage, the early...

  • Changes at Major Department Store Forces Credit Union Name Change

    ATLANTA - Another credit union has had to revamp because of changes with its major sponsor. As a further sign of the times, the $37 million Rich's Employees Credit Union is changing its name to Retail Employees Credit Union following the recent announcement by Federated Department Stores to drop the...

  • Financial Services Trails in Mobile Apps Adoption

    CAMBRIDGE, Mass. - Mobile wireless gathered big headlines and few adopters when it hit credit union land a couple years ago. A new report from Forrester Research shows that financial services as a whole are moving more slowly than other industry sectors in offering applications and services through the air....

  • Atlanta Credit Unions Raise $25,000 for CMN

    ATLANTA - The Greater Atlanta Chapter of Credit Unions has hosted a Bowl-A-Thon event that raised $25,000 for the Children's Miracle Network. The second annual event was held at the local Express Bowling Lanes and employees from many of the 65 credit unions that compose the Greater Atlanta Chapter of...

  • Werner Named New OFAC Director

    WASHINGTON-Treasury Secretary John Snow recently announced that Robert Werner would serve as the new director of the Office of Foreign Assets Control. "It is with great enthusiasm that I welcome Bob Werner to the position of OFAC Director. His seasoned know-how will drive the office's superlative mission," Snow said. "Bob's...

  • Chartway FCU Fundraiser a Hole-in One for Make-A-Wish

    VIRGINIA BEACH, Va. - Chartway Federal Credit Union's sixth Annual Charity Golf Classic helped raise $215,000 for the Make-A-Wish Foundation of Eastern Virginia to grant the wishes of 48 kids. "It was just a tremendous success," said Chartway FCU President/CEO Ronald L. Burniske. "Year after year we continue to raise...

  • Financial Services More Likely to Increase 2005 IT Outlay

    CAMBRIDGE, Mass. - Financial services companies overall are more optimistic than other organizations as they look ahead to IT spending in 2005, according to a new report from Forrester Research. Here's a quick look at one finding in the research and advisory firm's latest scan of 1,377 IT and business...

  • Prohibition Order Levied Against Ex-BECU Employee

    ALEXANDRIA, Va.-NCUA has issued an Order of Prohibition for a former loan credit analyst with Boeing Employees Credit Union. Kissy Juliette Gaston signed the prohibition order without admitting or denying fault, prohibiting her from participating in the operations of any federally insured financial institution. Violation of a prohibition order is...

  • Electronic Micropayments: Growing Towards a Shakeout

    NEEDHAM, Mass. - Micropayments, in which consumer bank accounts are dinged electronically for such things as digital music downloads and cellphone ring tones, is in a growth period characterized by both rapid adoption and conflicting standards in need of a good shaking out. That's the take from TowerGroup, the financial...

  • Having Fun at Shiloh

    CUNA President/CEO Dan Mica (left) and NAFCU President/CEO Fred Becker goof off a bit in Alexandria, Va. recently during a celebration of the new affordable mortgage program at Shiloh of Alexandria Federal Credit Union. A number of political players attended the event. See the full story on page 46.

  • New $50 in Circulation

    WASHINGTON-Financial Institutions began circulating the redesigned $50 bill Sept. 28. Officials from Treasury, the Federal Reserve, and Secret Service were on hand for the new notes first usage: the purchase of an American flag in Washington, D.C.'s Union Station. The $50 note now includes enhanced security features, subtle background colors...

  • CURIA Co-sponsorship Rises to 68

    WASHINGTON-Despite the strict lines drawn between credit unions and banks in Utah, two of Utah's three congressmen have signed on as co-sponsors of the Credit Union Regulatory Improvements Act (H.R. 1375). South Dakota's lone representative also jumped on the bandwagon. Utah Republican Congressmen Chris Cannon and Rob Bishop added their...

  • Ney Subcommittee to Look into Mortgage Fraud

    WASHINGTON - Rep. Robert Ney (R-Ohio), chairman of the Subcommittee on Housing and Community Opportunity, called a hearing for Oct. 7 on "Mortgage Fraud and its Impact on Mortgage Lenders." Members of the Subcommittee are expected to hear testimony from eight witnesses on how mortgage fraud impacts lenders and ultimately...

  • Matz Believes Corporates Can Help Cure What Ails the Industry

    CHANDLER, Ariz. - NCUA Board member Debbie Matz thinks corporates can be a solution for some industry problems. Speaking at the Association of Corporate Credit Unions' Annual meeting, Matz highlighted eight concerns she has for the future of credit unions and how corporates can help. Matz' concerns are the following:...

  • Empire's Record in R.I.; Hosts More Check 21 Webinars

    ALBANY, N.Y. - Empire Corporate had a record 169 credit union professionals at its Financial Strategies Conference held from September 28-30 in Newport, Rhode Island. The attendees represented 92 different credit unions. The two and half day conference included a lobster bake and other social events as well as sessions...

  • Credit Union Branch Opening a Sweet Event

    NEW YORK - More than 100 people turned out for the combined grand opening of the Lower East Side People's Federal Credit Union's very first branch, on the ground floor of a new cooperative housing effort. The $13 million credit union's opening took place in conjunction with the opening of...

In Other News

  • DONATIONS

    BestSource Credit Union, Waterford, Mich. employees have donated over $400 worth of school supplies for children in need. All donations will benefit the Lighthouse of Oakland County and will be used to prepare children for current school year. Supplies donated include such must-have items as notebooks, backpacks and markers. The...

  • NAME CHANGES

    Evergreen Postal Employees Credit Union, Seattle, has expanded its field of membership and changed its name to Community 1st Credit Union. Texaco Community Federal Credit Union, Port Arthur, Texas, has changed its name to FivePoint Credit Union. Hoyt Lakes Community Credit Union, Minn., has a new name-NorthRidge Community Credit Union....

News Briefs

  • Portland Teachers CU's Payday Advantage Loan Earns Kudos From Governor

    PORTLAND, Ore. - Oregon Governor Theodore Kulongoski wrote Portland Teachers CU President/CEO Cliff Dias recently thanking him for the CU's efforts in combating payday lenders and check cashers in the state. The letter specifically cited the CU's new Payday Advantage Loan which was designed as an alternative to payday lenders...

  • Florida League Asks For More Cash For CU Employees

    TALLAHASSEE, Fla. - The Florida Credit Union League is still seeking help in dealing with hurricane damage. Staff and volunteers of credit unions in Florida who suffered damage in the string of hurricanes are in dire need of assistance. That is the case Guy Hood, CEO of the Florida Credit...

  • CUs Notch Their 20th Straight Year as Leading American Banker/Gallup Survey on Consumer Satisfaction

    WASHINGTON - For the last two decades, credit unions have scored more "very satisfied" members than banks and thrifts have with their customers. American Banker published the results of the annual survey Oct. 5, which found that 73% of those who primarily use a credit union were "very satisfied" with...

  • With Merger Complete, Mid-States' Minnesota Advisory Group No Longer Needed

    WARRENVILLE, Ill. - It was a long merger process, but with the deal now done Mid-States said its Minnesota Advisory Group is no longer needed. Mid-States has dissolved the group, which was started to help facilitate communications surrounding the Mid-States/Minnesota Corporate merger that started back in 2002. Mid-States said it...

  • Corrections

    An article in the Sept. 29 issue, "CU Companies Weathers Cycles of Mortgage Market, Expands Services, Ownership, Evolves into Minnesota's Leading CUSO" incorrectly stated the company has $17 million in its loan portfolio. The correct figure is $174 million. A photo caption was omitted from a Beyond the Job story...

  • NCUA Liquidates Two CUs

    ALEXANDRIA, Va.-NCUA recently announced the liquidation of two credit unions. Nor-Car Federal Credit Union in Easton, Pa., which had approximately $32 million in assets, was liquidated due to insolvency. Its member accounts were transferred to First Commonwealth Federal Credit Union. NCUA placed the credit union into conservatorship last November. An...

  • More Political Strides for Corporates

    SunCorp Corporate CU and Association of Corporate Credit Unions Chairman Eric Kenealy (left) with Special Assistant to the President for Economic Policy Kevin Warsh at the ACCU's Annual Meeting held in Chandler, Arizona last week. Warsh spoke at the conference, which the ACCU considers a political win. See page 17...

  • Mid-States Launches Loan Participation Site

    WARRENVILLE, Ill. - Mid-States wants to help match up credit unions for loan participation deals. The corporate has launched its Loan Exchange Program, a Web-based system that matches buyers and sellers of loan participations. The buyers and sellers remain anonymous on the site. When a bid is accepted, Mid-States links...

News

  • Digital Defense Has Grown as Credit Unions' Concern About Security Systems has Grown; Launches FrontLine 3.0

    SAN ANTONIO, Texas - When Digital Defense was founded in 1999, credit unions' concern about protecting their systems was nowhere near what it was today and Digital Defense's business was a fraction of what it is today - things sure change fast. Most credit unions now realize that any compromise...

  • Report Takes Close Look at Shortfalls in Online Banking Adoption

    CAMBRIDGE, Mass. - Credit unions that want to increase their numbers of online bankers, and retain the "fence sitters" who do give it a try, would do well to concentrate on some basics: usability, support and security. That's the take from Forrester Research analyst Catherine Graeber in a new report...

  • Success with CRM Comes with Change of Culture at EECU

    FORT WORTH, Texas - For one credit union in the Lone Star State, keeping a tight focus on expectations and execution has resulted in what's sometimes seen as the brass ring of financial services technology: a successful CRM deployment. Last fall, $550 million EECU deployed the Synapsys platform from its...

  • Portal Technology Slowly Overcoming Growing Pains

    COLUMBIA, S.C. - Emerging from the land of hype and buzzwords, portals are slowly but surely being integrated into the daily lives of a growing number of employees at credit unions and other organizations while the technology continues to shake out. That's the take from both a leading industry observer...

  • USERS Leverages Parent Fiserv to Launch Business Services Suite

    VALLEY FORGE, Pa. - Fiserv credit union subsidiaries preach about their ability to utilize resources of their parent company to bring products to market faster - that's just what USERS did with business services. USERS has released its new Commercial Integrator solution. The backbone of the product is from Fiserv's...

  • IT Security Whiz Says Best Defense Blends People, Tech Gear

    KENSINGTON, Md. - Walk softly but carry a big firewall, and back up what's behind it. That's the word from Tim Kersnick, a self-employed IT security consultant who has spent the past several months working at Lafayette FCU in suburban Washington, D.C., but has a career in financial services IT...

  • Massachusetts CU Goes After New Market with High-Tech Kiosks

    GARDNER, Mass. - Demographics and technology have come together to help GFA Federal Credit Union venture forth into a new market while bolstering service to its old stomping grounds. The Gardner-based CU is developing a new branch, ATM and kiosk workstations in the nearby town of Rutland that aim to...

  • IPLocks Provides WesCorp with New Level of Internal IT Security

    SAN JOSE, Calif. - A seat on a panel at a technology trade show has helped a Silicon Valley startup land the nation's largest corporate CU as a user of the firm's automated information risk management system. An executive from IPLocks was on the panel earlier this year with Christofer...

  • San Filippo Moves to Bluepoint Solutions

    VISTA, Calif. - Credit union technology marketing veteran John San Filippo has made another career move. He has been named director of marketing for Bluepoint Solutions, a provider of document management solutions for credit unions. San Filippo is a former marketing director of Symitar and most recently created The Financial...

  • Mutual Dislike

    Banks and conversion consultants trash NCUA's reg governing the credit union-to-bank conversion process. Page 4.

  • Special Report: Data Processing & Technology

    Credit unions continue to utilize third-party vendors for all sorts of add-on services, but it can be dangerous to their IT security. Read about this and other technology news in the special report on pages 24-36.

Marketing

  • CUs Find Custom Photography Can Help Get Across Their Unique Marketing Message

    WEST PALM BEACH, Fla. - In an effort to creatively reach members some credit union marketers are turning to custom photography. With bankers working overtime in Virginia to strip away credit unions' nonprofit status, Richmond-based Call Federal Credit Union wanted to incorporate a political action scene that would reinforce the...

  • RCCU Name Change to Altura CU Reaches New Heights

    RIVERSIDE, Calif. - Riverside County's Credit Union has dug into California's cultural roots for its new name. After turning to Denver-based branding firm Monigle Associates for guidance, the $640 million credit union's search for a new name ended with the unveiling of Altura Credit Union - a Spanish word meaning...

  • CUVA CU Challenge Riddle Solved

    LAKEWOOD, N.J. - The Credit Unions Virtual Assistant (CUVA) riddle contest has ended. So just what is the marketing strategy that "all the money in the world can't buy" and a credit union's "reputation lives and can die by "? In a word-publicity. "PR cannot be bought. You cannot pay...

  • Teen Integral Part of MAC FCU Teen Club Logo Design

    FORT WAINWRIGHT, Alaska -Military and Civilian Federal Credit Union generated some youth interest in its MAC Teen Account by sponsoring an art contest for the club's logo. Pictured here, Dillon Lane accepts a check for his winning design from MAC FCU Executive Vice President Raelynn Holland.

  • Search on for Marketing/Business Development Nominees

    MADISON, Wis. - The CUNA Marketing & Business Development Council is on the lookout for a few outstanding Marketing and Business Development professionals of the year. Nominations for Business Development Professional of the Year and Marketing Professional of the Year will be accepted until Dec. 10. Winners will be announced...

  • Teens Seeking Financial Information, Independence

    COLORADO SPRINGS, Colo- Credit unions shouldn't be too sure that teens are more concerned with iPods or cell phones than financial literacy. According to a 2004 Junior Achievement Interprise Poll on Personal Finance sponsored by The Allstate Foundation, teens are not only aware of economic realities but they understand the...

Tech Bytes

  • Local Government Federal Credit Union Launches New Web site

    RALEIGH, N.C. - Local Government Federal Credit Union has launched a new Web site, featuring a new design that emphasizes local ties and content management systems intended to enhance member service. The new site - www.lgfcu.org - is the result of several months of working closely with Cambium Group, a...

  • FedComp Lands its 1,000th User of TNG

    FAIRFAX, Va. - FedComp isn't wilting under the pressure of large public companies that now dominate the credit union data processing space. These giants include Fiserv, Jack Henry, Fidelity National and even OSI is becoming part of that group. One of the last remaining independent processors, FedComp said that it...

  • Two Southwest Ohio CUs Convert to OSI Platform, Form CUSO

    GLASTONBURY, Conn. - A pair of southwest Ohio credit unions are moving onto Open Solutions Inc.'s core processing platform and forming a CUSO to increase their own efficiencies and re-sell OSI technology in their area. The credit unions are $142 million AurGroup Financial Credit Union in Fairfield and $120 million...

  • EPL Adds Interfaces to Equifax, Experian

    NEW YORK - qbt, a provider of financial services middleware, has added interfaces to Equifax and Experian to EPL Inc.'s core processing platform using the New York-based outfit's MultiPoint Integrator software. The interfaces now will be part of Alabama-based EPL's i-Power browser-based processing system for credit unions, joining other integration...

  • Service Credit Union Offers Members Round-the-Clock `Live' Service

    PORTSMOUTH, N.H. - Service Credit Union has upgraded its contact center to allow its far-flung membership access to a credit union representative around the clock every day. The $875 million CU serves the military and Department of Defense employees and families and has 14 branches in Germany, eight in New...

  • CU Village Joins with MeridianLink to Offer Loan Decisioning Package

    NORTHVILLE TOWNSHIP, Mich. - CU Village and MeridianLink are now jointly offering a Web-based system to allow credit union members to apply online for loans and find out within 30 seconds whether they have been approved or forwarded for review. The product is called LoanDecision+ and also stores information that...

  • Jack Henry Acquires Biometrics Firm

    MONETT, Mo. - Jack Henry & Associates, parent company of credit union data processor Symitar Systems, is getting into biometrics. The firm announced last week its acquisition of biometrics firm Verinex Technologies based in California. Details of the transaction were not disclosed. Verinex's Biodentify product utilizes fingerprint authentication to provide...

  • Passageways Portal Popular With Summit CU Clients

    WEST LAFAYETTE, Ind. - Minneapolis-based City-County Federal Credit Union has become the latest credit union to commit to the portal solution from Passageways LLC, a CUSO of Purdue Employees FCU (see related story on page 32). The $417 million CU now has nearly 20 credit unions on board since it...

Special Report

  • Branches Still Tops with Consumers

    ATLANTA - Credit unions should never underestimate the value of branching out. According to a recent Market Pulse survey conducted by facilities design/build firm IBT, when asked which method of banking consumers prefer most, the traditional branch ranked first with one-third of all consumers saying they prefer to go inside...

  • Security One FCU Grand Opening Sets Own Beat

    ARLINGTON, Texas - Security One Federal Credit Union has tapped area high schools to make a memorable grand opening of its South Arlington branch. The event kickoff included Bowie High School cheerleaders and its award winning drumline and the local Seguin Starline dance team and drumline. "The community here is...

  • Hot Dogs, TIVO Big Draw for Mid-Atlantic FCU Branch Opening

    SILVER SPRING, Md. - Mid-Atlantic Federal Credit Union has kicked off the opening of its fourth full-service branch with a grand opening celebration that included popcorn and hotdog stands, cookies, and other refreshments. In addition every half hour there was a drawing for various prizes, including $25 gift cards to...

  • New Additions to DEI

    CINCINNATI, Ohio - Design/build firm DEI Incorporated has recently welcomed three new employees: Christi Elam, John Baker, and Dave Garber. Elam has joined DEI as an accountant. She has extensive experience in sales taxes and will assist the existing accounting department in reorganizing department duties. Baker and Garber have both...

Opinion

People

  • MIDWEST

    MidWest Financial Credit Union, Ann Arbor, Mich., has named Eric Pless senior vice president of business development. In addition, MidWest Financial CU has promoted the following employees to member service supervisor: Michael Bauer, Gautam Kamalapurkar, Bradley Smith and April McRae. Bayer Federal Credit Union, Elkhart, Ind., has named Johanna Braniff...

  • SOUTH

    JAX Federal Credit Union, Jacksonville, Fla., has named Angela Coleman-Rao vice president of marketing and Adam McGowan branch manager III. Volunteer Corporate Credit Union, Nashville, Tenn., has named Phillip Cochran consultant.

  • SOUTHWEST

    Security Service Federal Credit Union, San Antonio has elected Grover E. Jackson board director. Jackson fills a vacant director position left open by the late Gwen Sweeney. In addtion, SSFCU has named Eileen Killen Southwest Military Service Center Manager. EDS Credit Union, Plano, Texas, has named Sharon Schierling marketing/communications coordinator....

  • EAST

    Empire Corporate Federal Credit Union, Albany, N.Y., has named Lisa Malone vice president of lending. St. Mary's Bank, Manchester, N.H., has named Jay Caldwell indirect lending business development officer and Maria Southmayd Londonderry branch manager. Mon-Oc Federal Credit Union, Toms River, N.J., has named Rosemarie Trachta Howell branch manager and...

  • WEST

    Travis Credit Union, Vacaville, Calif., has named Scott Lindley vice president of information systems and technology. Ent Federal Credit Union, Colorado Springs, Colo., has named Dan Waldman investment representative of Ent FCU Investment Services. Kinecta Federal Credit Union, Manhattan Beach, Calif., has named William O'Brien senior vice president of lending....

Publisher's Column

  • At Times Even Some Banks Wear a White Hat

    Listening to credit union leaders, viewing some credit union marketing materials, and reading CU publications like Credit Union Times, it would be a safe bet to assume that everyone connected with credit unions has a strong and unwavering dislike for banks. And vice versa. Not true. For the most part,...

Billlionaires Club

Publisher's Notebook

  • Hurricane Duty

    Florida residents are still reeling from the recent onslaught of four consecutive, massive, destructive, hurricanes that hit the Sunshine State dead on. It will take years and billions of dollars before any semblance of normality can be restored. Although the Credit Union Times all-glass headquarters building in West Palm Beach...

Voting Poll

  • Voting Poll Results: What Do Credit Unions Need Most On Regulatory Front?

    WEST PALM BEACH, Fla. - Credit Union Times' just expired voting poll delved into the issue of what regulatory change credit unions need most. Well, despite the GAO's report findings that there's no "compelling need" for alternative capital, some 62% of respondents to the poll felt an alternative capital option...

  • New Voting Poll: What's the Best Way to Find a New CEO?

    WEST PALM BEACH, Fla. - This year has seen the departure of a number of high-profile CEOs in the credit union industry, both from vendors and credit unions themselves. Finding a new CEO can be one of the most important jobs for the board. With today's competitive marketplace, landing top...

Letters to the editor

  • CEO Compensation a Tough Decision

    I want to thank Mike Welch for his timely comments about CU CEO compensation in the Sept. 29 issue, "New Breed of CU CEOs Have Come on the Scene." I am in the middle of trying to determine what is adequate and reasonable compensation for our CEO. Welch's thoughts have...

  • Count Me in For Contest

    I enjoyed Mike Welch's Sept. 22 publisher's column, "Banks Have Contests; Why Not Credit Unions, Too?" I'm going to try to find a winning entry for one of the contest categories Welch mentioned in his piece so I can receive a complimentary subscription to Credit Union Times after I retire...

  • New Breed of CU CEOs Good for CU Industry

    I am writing in response to Mike Welch's column of Sept. 29, "New Breed of CU CEOs Have Come on the Scene." It truly is interesting to see new thoughts and ideas come into the credit union industry as long time credit union CEOs retire and new CEOs (some former...

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