Credit Union Times Magazine April-20, 2005

  • CU Networks Have Different Policies, but Seem Amenable to Former CUs Participating in Shared Networks

    ARLINGTON, Va. - As the number of credit unions changing their charters to mutual banks has slowly risen, the credit union industry overall has had to consider whether and how those former credit unions should continue their relationships with credit union shared branching and ATM networks. And, as suggested by...

  • House Resolution Includes CU, Community Bank Option in Social Security Reform

    WASHINGTON - The House recently introduced a resolution to include a community bank option in any Social Security reform legislation. The resolution, introduced by Reps. Pete Sessions (R-Texas) and Tom Feeney (R-Fla.), includes an option that permits workers to invest their monies in products, such as certificates of deposit, offered...

  • CUNA, WOCCU Take Congressional Staffers for First Hand Look at Mexican Project

    WASHINGTON-Representatives from CUNA, WOCCU, and three of the state leagues led congressional staffers on a fact finding tour through Mexico to take in first hand how credit unions have touched lives there. The tour highlighted three of WOCCU's five ongoing efforts in Mexico, including a visit with officials and members...

  • FDIC Study May Change Views on Payday Lenders; Repeat Users Not Key to Profits

    WASHINGTON - The new report from the FDIC Center For Financial Research on payday lending could open a new front in the ongoing policy debate over the controversial practice. The report, Payday Lending: Do the costs justify the price, represents one of the only occasions where data from actual payday...

  • Following Filene's Model, North Island CU Forms Own Innovation Group

    SAN DIEGO - After seeing the success with the Filene Research Institute's new i3 group, North Island Credit Union has launched its own. The $1.5 billion credit union has formed ni- i3, which stands for North Island Credit Union-ideas, innovation, implementation and is modeled after Filene's i3, a group of...

  • Hacienda Merger Underscores Funding Rift, Says Lanter

    PORTLAND, Ore. - The forced merger of the Latino-based Hacienda Community Credit Union into Point West CU here (CU Times April 13) underscores the need for start-up CUs to ensure funding is firmly in place before opening their doors, according to the state's top CU regulator, Floyd Lanter. Acknowledging the...

  • Georgia State Regulator Urges House Subcommittee to Support H.R. 1042 for "Safety and Soundness" Reasons

    WASHINGTON - Stressing the importance of passage of H.R. 1042 to the safety and soundness of credit unions, George Reynolds, senior deputy commissioner for the Georgia Department of Banking and Finance urged members of the House Subcommittee on Financial Institutions and Consumer Credit to support the measure. Reynolds testifed April...

  • For One Former CU, Issues Were Lending and Field of Membership

    MOUNTLAKE TERRACE, Wash. - A former credit union whose conversion to a mutual savings bank received scant attention when it took place, has passed its first anniversary as a bank but also suggested that every credit union that changes charters doesn't necessarily do well. The 1st Security Bank of Washington,...

  • A Look Inside Navy Federal's HR Department Reveals Universal Challenges

    VIENNA, Va. - When it comes to human resources challenges, Navy Federal Credit Union is the first to say size does not matter. "Just because we are the biggest credit union doesn't mean our way is the best way or that we don't continually work to enhance our programs," said...

  • Hundreds of CU Card Execs Get Peek at Future at PSCU Meeting

    ST PETERSBURG, Fla.- Almost 400 credit union card executives representing 150 CUs gathered at the Gaylord Palms resort near Orlando to learn about upcoming card industry changes and opportunities at PSCU Financial Services 2005 annual meeting, the cooperative said. PSCU Financial Services serves over 500 credit unions which process their...

  • Panel Targeting Specifics on President's Tax Reform

    WASHINGTON-The President's Advisory Panel on Federal Tax Reform has moved on to the next phase of its investigative process by inviting public comment on specific ideas for updating the tax code. "This request for ideas to reform the tax code marks a shift of our focus from defining the problems...

  • Rewards Progam Offering Music Downloads for Points

    DOVER, N.H. - Credit union card issuers now have yet another rewards option to possibly offer their cardholders - online music downloads. RewardsNOW, the credit card rewards provider for TNB Card Services and other individual credit unions, has inaugurated a program that will allow cardholders to redeem reward points for...

  • With Name Change to Great Wisconsin CU, CUNA Credit Union May Soon Leave the "CUNA" Confusion Behind

    MADISON, Wis. - The confusion between CUNA, CUNA Mutual, CUNA Mortgage and CUNA Credit Union in the Madison area is legendary. The local papers often interchange the names and each organization sees the confusion escalate if any of them are holding some kind of event. For example, CUNA CU President/CEO...

  • Maryland, D.C. Leagues Announce Merger Agreement, but it's Still Up to Their Memberships

    COLUMBIA, Md. - After seven years of operating as an independent league with its own board but always leaving the door open to exploring all the options it determined were in the best interests of its members, the District of Columbia Credit Union League has decided not to go it...

  • Kentucky Credit Union Annual Meeting Becomes Big Hit `Financial Fair'

    BOWLING GREEN, Ky. - Management at the $80 million Service One Credit Union decided a year ago its annual meeting might be a good venue to bolster financial education and build up its image and hopefully draw in crowds. To do that the CU had to have something tangible to...

  • Johnson: Net Worth Bill Necessary to Keep More Credit Unions out of PCA, Preserve Capital

    WASHINGTON-"H.R. 1042 is a good solution," NCUA Chairman JoAnn Johnson said of the Net Worth Amendment for Credit Unions Act during a hearing on the bill last week. Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (R-Ala.), the author of the legislation, hosted a hearing April 13 on H.R....

  • Missouri Credit Unions Among Latest to Form Member Business Lending CUSO, Survey of Marketplace Revealed Untapped Area

    ST. LOUIS - Certain that there was a market for it after nearly two years of in-depth canvassing of the small business landscape, the Missouri Credit Union Association and Missouri Corporate Credit Union are poised to launch a business services CUSO. Heartland Business Services, LLC, which will initially offer a...

  • NAFCU Defends Tax Exemption to President's Panel; Says Exemption Good for All Consumers, Not Just Members

    ARLINGTON, Va.-The credit union tax exemption is good for anyone with a relationship with a depository institution, NAFCU told the President's Advisory Panel on Federal Tax Reform. NAFCU President and CEO Fred Becker recently submitted comments to the panel defending the credit union tax exemption from comments submitted earlier by...

  • New Field of Membership Law Finally Taking Effect in North Dakota

    BISMARCK, N.D. - In a compromise with the banking lobby after years of wrangling, state-chartered credit unions in North Dakota will be operating under a new field of membership law which limits branch openings to 75 miles from their main office. The FOM statute, effective Aug. 1, codifies existing rulemaking...

  • Nervous About Buying a Vehicle? AutoAdvisors Works with CUs to Make the Process Less Painful for Members

    ORLANDO, Fla. - The car buying experience continues to be a frustrating, confusing and harrowing experience for most consumers who dread the idea of facing dealers and haggling over prices. Online technologies and vehicle buying services have helped some buyers circumvent the unpleasant experience. AutoAdvisors Services LLC, d/b/a AutoAdvisors has...

  • NCUA Proposes MBL Changes After Review; Reacts to Security Breaches

    ALEXANDRIA, Va.-NCUA issued a proposed rulemaking updating its member business lending rule following its regular review of regulations at last week's board meeting, as well as issuing guidance in response to recent data security breaches. To further ease credit unions into business lending, the NCUA Board approved the release of...

  • On Bank Conversions, Each State Is `Unique,' say AACUL Panelists

    RANCHO CUCAMONGA, Calif. - When it comes to dealing with the emerging issue of mutual bank conversions - popping up this year and in 2004 in several locales - League chief executives agree on one thing for sure: each state is unique in how laws treat MSB structure. And they...

  • Ramsey Tapped to Head MCT FCU

    ROCKVILLE, Md.-MCT Federal Credit Union announced the choice of veteran employee Linda Ramsey as its new president and CEO. Ramsey has been with MCT Federal Credit Union for 33 years, starting out as a loan officer and climbing the ladder up to chief operations officer before becoming president & CEO....

  • MyDAS Partners with CU Direct Lending, Other CU Industry Leaders in Education Initiative

    BOULDER CITY, Nev. - MyDAS Marketing, a consulting company specializing in marketing and training and which was acquired by Liberty Enterprises last year, is collaborating with CU Direct Lending and other leaders in the credit union industry to identify the current and future needs of credit unions. The goal of...

  • At Long Last: Bankruptcy Reform Passes in Overwhelming Vote

    WASHINGTON-The apparent day of reckoning for bankruptcy reform opponents passed April 14 when, after an eight-year struggle, the credit union-backed bill was approved by a vote of 302-126. The Senate, which has been the traditional stumbling block for the legislation, passed the Bankruptcy Abuse Prevention and Consumer Protection Act (S....

  • Sunshine State Staying in League - For Now

    TALLAHASSEE, Fla. - Sunshine State, the $170 million credit union which went through the entire process to change its charter to that of a mutual bank only to withdraw its application in the wake of the departure of its CEO, is electing to remain in the Florida Credit Union League,...

  • Treasury, IRS Clarify Spouse Contributions to HSA Accounts

    WASHINGTON - The Treasury Department and IRS have issued a ruling confirming that an individual can be eligible to contribute to a Health Savings Account (HSA) even if his or her spouse has nonqualifying family coverage, provided the spouse's coverage does not cover the individual. In addition, the ruling clarifies...

  • SBA Loan Activity Up Over Last Fiscal Year

    WASHINGTON - The SBA's 7(a) and 504 loan programs are already seeing increases beyond the numbers for the previous fiscal year. Since Oct. 1, 2004, the start of its fiscal year, the SBA has approved 46,603 7(a) loans totaling $6.98 billion. Those numbers are ahead of the stats for the...

  • Members of Maine State CU to Receive $500,000 Dividend

    AUGUSTA, Me. - For their loyalty, members of Maine State Credit Union will soon receive a bonus dividend in their share accounts. At its recent annual meeting, Glenda Winn, outgoing chairperson of the $197 million credit union's board of directors, said a strong performance in 2004 will enable members to...

  • Nothing Less than Success Acceptable for Future Forum

    MADISON, Wis.-Judging by the line up coming together for CUNA's 2005 Future Forum in San Francisco Sept. 24-27, nothing short of success will be accepted. Included among the headlining entertainment will be captain of the 1980 U.S. Olympic Hockey-which won the gold against all odds-Mike Eruzione, speaking on teamwork. Carolyn...

  • Eastern Financial Florida CU On-Site Car Sale Nets $1.6 Million in Loans, New Members

    MIRAMAR, Fla. - Eastern Financial Florida CU's on-site car sale held last month in the parking lot at its headquarters here and organized in conjunction with AutoAdvisors, netted the CU not only $1.6 million in loans, but new members as well. The CU has more than 190,000 members. EFFCU typically...

  • BECU Small Biz Services on Growth Path Six Months Out

    TUKWILA, Wash. - Just six months shy of its one-year anniversary, BECU's small business services division has made an impressive start. In the first six months of operation, the $5 billion BECU's Small Business Services has become the eighth largest issuer of SBA loans for the Seattle district in terms...

  • Alliance Card Firm Beefs Up Portfolio Staff

    BOSTON - The Alliance Companies, the latest card portfolio brokerage and consulting firm to begin to project a more public profile, has announced that it has added three staff members with card management experience to its card portfolio acquisition team. Two of the three new staff members, Michael Cebrick and...

  • Early 2004 Merger Helps Alaska's Credit Union 1 See Record Profits

    ANCHORAGE, Alaska - Last year saw record profits for Credit Union 1, Alaska's second-largest, thanks in part to an early 2004 merger. The $484 million credit union saw profits of $6.7 million in 2004, which were up 67% over 2003, according to Roger Aldrich, chairman of Credit Union 1. Some...

  • Navy Federal Financial Group Marks Five-Year Milestone

    VIENNA, Va. - Navy Federal Financial Group is celebrating five years of offering its members a variety of financial products and services. The wholly-owned subsidiary of $24 billion Navy Federal Credit Union, NFFG and its alliances have provided members with a wide selection of services, such as an online financial...

  • Plans Alone

    WASHINGTON - CUNA also recommended expanding severance plans exceptions. Plans which are amended on or before December 31, 2005 to conform to the provisions of Section 49A are exempt from the requirements of 409A during the calendar year 2005 with respect to such severance pay benefits as long as the...

  • Construction Loans Brings Success to California Credit Union

    APPLE VALLEY, Calif. - The plethora of houses going up here has been a boon for High Desert FCU's construction lending program. Fifty-four percent of the $133 million credit union's loan portfolio has come from construction loans, the Desert Dispatch recently reported. Its construction lending service has given it the...

  • Symposium Alerts Credit Unions to Earning Potential and Profitability in Business Lending

    SCOTTSDALE, Ariz. - More than 160 credit union executives recently turned out for the Participation and Business Services Symposium here to learn the intricacies of member business lending programs. The Symposium, in its fifth year and hosted by Business Partners, LLC (BPLLC), brought comprehensive financial information from top industry experts....

  • CU Payday Lending Alternative Effort Part of Television Program

    CHICAGO - An interview with a member of the $9 million North Side Community FCU who has used the credit union's payday loan alternative product was paired with an interview with a representative of Chicago's payday loan industry in a program on WTTW, Chicago's main PBS affiliate station. The interviews...

  • One Community CU Member's Take Disclosures

    DALLAS - The Texas Credit Union League may have chosen not to comment on the disclosures that the $1.4 billion Community CU has sent to its members about the pending charter change, but that has not stopped credit union members from having opinions. Elaine Laroa, a business developer living in...

  • Southwest CUNA Management School Cues Up for Texas Credit Union Foundation

    DALLAS - About 80 movers and shakers of the credit union movement were spotted at a local pool hall recently. Their games weren't that great, so what were they doing there? The freshman class of Southwest CUNA Management School held a 9-Ball Billiard Mixer, called Great Balls of Fire, which...

  • Maryland Work-Life Alliance Recognizes MCT FCU as Excellent Place to Work

    ROCKVILLE, Md.-MCT Federal Credit Union was named an "Excellent Place to Work" by the Maryland Work-Life Alliance for the third time in the last four years. Congressman Chris Van Hollen (D-Md.) and Montgomery County Executive Doug Duncan presented the award to MCT FCU CEO Linda Ramsey. "The credit union has...

  • Gov. Blunt Calls CUs "Partners" in Working to Improve State's Future

    JEFFERSON CITY, Mo. - Speaking to a crowd of more than 150 credit union staff and volunteers who took part in the Missouri Credit Union Association's annual meeting here April 4-6, Gov. Matt Blunt referred to credit unions in his comments "as partners as we work toward a better future...

  • Bronx-Based Small Business Owners Meet with NCUA Chairman Johnson

    BRONX, N.Y. - On a recent visit to Bethex Federal Credit Union to meet small business owners, NCUA Chairman JoAnn Johnson emphasized the movement's pivotal role in helping entrepreneurs. On April 7, Johnson visited the $9 million credit union, which is located in a predominantly Hispanic underserved community here. During...

  • Community Choice FCU to Offer Micro Loans

    INDIANAPOLIS - Small business owners will have another resource for micro loans thanks to a new fund co-created by Community Choice FCU. The $6 million credit union, along with the Neighborhood Self-Employment Initiative and the Local Initiatives Support Corp., joined together to create the Indianapolis Microloan Fund. Existing businesses and...

  • So Far Check Cashing a No Lose Proposition for Missouri League

    JEFFERSON CITY, Mo. - Some in the credit union industry may wonder about credit unions cashing checks for the public at large, but the Missouri Credit Union Association's shared branching network has found it a winning proposition all around. The network's two check cashing branches run by the MCUA have...

  • Three More Ohio CUs Join AIL-Ohio Auto Financing Network

    DENVER - AIL-Ohio, an auto financing network jointly owned by Aimbridge Indirect Lending, OCUL Services Corp., and several Ohio credit unions, has expanded by three credit unions. The latest credit unions to join the indirect lending program are Heartland FCU, Dayton; Harvest FCU, Heath; and Parish FCU, Toledo. Prior to...

  • DPS/Safeway Merger in Colorado Wins Regulatory OK

    DENVER - DPS Credit Union and Safeway Rocky Mountain FCU are moving ahead with a proposed merger, having now won both state and federal regulatory approval with a final membership vote by Safeway members in June. The combined organization, slated to be effective Oct. 1, would become the third largest...

  • Duncan Named New CFO at CUNA

    WASHINGTON-CUNA has named Joanne M. Duncan as its new chief financial officer starting May 9. Duncan is a certified public accountant with nearly 20 years of accounting, managerial, and strategic planning experience in the non-profit sector. She most recently held the position of senior vice president of education programs, IT,...

In Other News

  • DONATIONS

    Hudson River Community Credit Union, Corinth, N.Y., has donated $37,211 to benefit the Glens Falls Area Youth Center. Proceeds raised will be used to support the Youth Center's Education, Recreational and Life Skills Programs. The Glens Falls Area Youth Center serves disadvantaged youth and is the only teen drop-in facility...

News

  • NCUA Board Meets

    The MBL rule was a hot topic of NCUA's April board meeting. See page 10.

  • CUs Ready the Shredders for Members

    WEST PALM BEACH, Fla. - Credit unions across the country are declaring April 16 Shred Day. According to those credit unions offering the free service to members, post-April 15 is the perfect time to do some spring cleaning. They are advising members to gather all old papers including outdated tax...

  • Letters, Directors and Billionaires

    Reader feedback pours in (page 16). Directors spout off on big picture issues (page 22). Billion dollar Allegacy FCU's CEO's "village" concept (page 39).

  • Ex-North Island CU Employees Sentenced for Embezzlement

    SAN DIEGO, Calif. - A former employee of North Island Credit Union has been sentenced to 15 months in jail after pleading guilty to embezzling more than $338,000 from the financial institution. Authorities said 40-year-old Leanne M. Truitt used the money to live a lavish lifestyle, including throwing elaborate parties,...

  • Identity Theft Repercussions for Financial Institutions

    FRAMINGHAM, Mass. - Local think firm Financial Insights' latest survey finds that identity theft incidents have been taking a toll on financial institutions and their member relationships. According to the survey, some 60% of consumers are concerned about identity theft and such concerns have prompted close to 6% of those...

  • MacDill FCU Names Loss Prevention AVP

    TAMPA, Fla. -MacDill Federal Credit Union (MFCU) has named Larry Harvill assistant vice president of loss prevention. Harvill, who has over 20 years of experience in default and collection management in the financial services industry will oversee MFCU's Collection and Loss Prevention departments. Harvill comes to MFCU from Suncoast Schools...

  • LexisNexis Notifies Additional 280,000 Consumers of Fraud Risk

    DAYTON, Ohio - LexisNexis, a provider of legal, news and business information, has recently revealed that the number of consumers potentially at risk for identity theft has jumped from 31,000 to 310,000. London-based publisher and data broker Reed Elsevier announced that its subsidiary LexisNexis had identified 59 incidents of potentially...

  • TRUSTe, Ernst & Young Unveil Phishing Guide

    SAN FRANCISCO - TRUSTe, an online privacy non-profit organization, and professional services firm Ernst & Young LLP have teamed up to release a guide entitled "How Not To Look Like a Phish" to help minimize phishing attacks. Phishing is the criminal act of posing as a legitimate business via digital...

  • Texas League Won't Duck and Cover in Face of Legislative Threats

    GRAPEVINE, Texas - The lions' share of the Texas Credit Union League's Annual Membership Meeting April 8 at the Gaylord Texan Resort and Conference Center was devoted to discussion of TCUL's 2004 legislative and advocacy activities. Voting business occupied an insignificant portion of the overall agenda. Two items - a...

  • Mica Tells TCUL Annual Meeting Attendees: Congress Isn't Buying Bankers' Message

    GRAPEVINE, Texas - Although the banking industry is stepping up "anti-credit union" efforts, with three of the leading bankers' associations joining forces to tackle credit union legislative and regulatory issues, Washington lawmakers aren't being swayed, CUNA President Dan Mica told attendees at the opening session of Texas Credit Union League's...

  • Understanding Member Needs is Greatest Asset for Credit Unions Looking to Jump into Business Services

    GRAPEVINE, Texas - Checking accounts, credit cards, vehicle loans and real estate/rental property funding - in that order - are the services business owners want most from their financial institution. But a credit union's understanding of a business customer's company and attention to his or her needs is the magnet...

  • Vigilance Financial Systems Launches KiteTAILER

    AUSTIN, Texas - As part of its strategy to help financial institutions combat rising check fraud, Vigilance Financial Systems LLC has upgraded its fraud protection solution FraudSWEEP. Version 3.6 offers financial institutions a parameter-driven option, called KiteTAILER, which detects accounts with suspect check kiting activity to help financial institutions detect...

  • Phishing, Now Pharming: Fraudsters Trying to Harvest Online Identities?

    COLUMBIA, S.C. - First phishing. Now pharming. While phishing depends on luring unsuspecting users one-by-one to fake online banking or other e-commerce sites where the fraudster hopes they'll enter their real ID and passwords, pharming aims to harvest victims en masse by invisibly directing them there. The first stirrings of...

  • Internal Fraud: Hear No Evil, Speak No Evil, See No Evil?

    TROY, Mich. - The folks at the accounting firm Doeren Mayhew serve more than 150 credit unions throughout the United States, and they've learned when internal fraud is uncovered the credit union response usually zeroes in on keeping it quiet. Is it a question of, as the British quip, not...

News Briefs

  • Two N.M. Lawmakers Back Credit Union Tax Exemption in 10 Day Span

    WASHINGTON-New Mexican Republican Representatives Heather Wilson and Steve Pearce each sent individual letters to CUNA President and CEO Dan Mica, care of the Credit Union Association of New Mexico, supporting credit unions' tax-exempt status. "Credit Unions play an important part in our economy, providing services to business, individuals, and communities,"...

  • NCUA Names DeSarno Inspector General

    ALEXANDRIA, Va.-Bill DeSarno will serve as NCUA's new inspector general effective immediately, after having served as acting inspector general since December 2004. "Bill DeSarno is a dedicated, veteran federal government employee who has served with integrity and I am pleased to welcome him as NCUA's new Inspector General," NCUA Chairman...

  • Vermont CU Bill Makes its Way to Senate Floor

    MONTPELIER, Vt.-Vermont's Senate Finance Committee has voted to send H. 149, the state's revised credit union statute, to the Senate Floor-bringing the bill one step closer to being signed into law. Similar to the bill's approval by the House Finance Committee, the Senate Finance Committee rejected all banking lobby amendments...

  • Credit Union Economics Group Shares Industry Views with Fed Officials

    KANSAS City, Mo. - Members of the Credit Union Economics Group recently met with officials of the Federal Reserve Bank of Kansas City to share their views on the industry's role in delivering financial services. The April 12 meeting was attended by Thomas Hoenig, president/CEO of the Federal Reserve Bank...

Marketing

  • Member One Federal Credit Union Honors Partner Companies

    ROANOKE, Va. - Member One Federal Credit Union has recently hosted a "thank you" reception for its over 400 partner companies. Held at the Hotel Roanoke & Conference Center, the credit union recognized those companies that have partnered with them to offer credit union membership eligibility as a valuable company...

  • CUNA Marketing & Business Development Council Elects Executive Committee Officers

    MADISON, Wis. - The CUNA Marketing & Business Development Council has elected the following 2005 executive committee officers: Wings Financial FCU Product Marketing Manager Renee Dickson chairman; Dupaco Community CU Vice President of Marketing/Public Relations Mike Weber vice chairman; and Greenvile FCU Vice President of Marketing Matt Tebbets secretary/treasurer. The...

  • VCCU Marketing/Business Development Director Honored

    VENTURA, Calif. - Ventura County Credit Union Director of Marketing/Business Development Gwyndolin Holm has been presented the Tomorrow's Star award by the California Credit Union League. The award recognizes credit union staff, members or volunteers who show exceptional leadership potential while demonstrating their commitment to the credit union philosophy of...

  • MSU FCU Names Real World Makeover Winners

    EAST LANSING, Mich. - Jillian Maxey and David Mielnicki are the two lucky graduates to be granted a Michigan State University Federal Credit Union Real World Makeover. These grads will be in the spotlight for the next few weeks as each of them will receive over $5,000 in merchandise and...

  • Leominster CU Takes Financial Literacy to Elementary School

    STERLING, Mass. - Leominster Credit Union has stepped up its financial literacy efforts with a recent partnership with Houghton Elementary School. LCU Sterling Branch Manager Kristen Pellerin and Teller Stephanie Hardy teamed up with Mrs. Gail Miller's fourth grade class of 20 students to teach the fundamentals of finance. The...

  • New Addition to DHA Marketing and Advertising Group

    THE WOODLANDS, Texas - Michael Reagan is the latest member of the D Hilton Marketing and Advertising Group. Reagan has more than 10 years of experience in marketing and advertising, and has worked extensively in the international arena. "We're excited to bring a talented professional with Michael's range of experience...

Tech Bytes

  • ABECU Unveils Spanish Web site

    ST. LOUIS - Anheuser-Busch Employees' Credit Union and its division American Eagle CU are reaching out to their Spanish-speaking members by launching a Spanish-language Web site. Designed to complement existing Spanish print brochures, the site, which features membership applications, product and service "brochure" pages, information on the credit union's Member...

  • MBA Fights Fraud With New Online Resource Center

    WASHINGTON -The Mortgage Bankers Association has launched the Mortgage Fraud Against Lenders Resource Center, an online resource designed to be a one-stop shop for the industry to gather the information and tools they need to fight mortgage fraud. MBA President/CEO Jonathan Kempner said the MBA intends for the resource center...

  • Financial-Related Spam Grows Globally, With Drugs Still Top Topic

    MOUNTAIN VIEW, Calif. - Spam is moving increasingly from sales pitches to the criminal realm, driven by phishing and other financial scams, according to a leading provider of anti-spam software. "Our analysis shows that financial fraud now accounts for 9% to 11% of global spam, up from 3% to 5%...

  • Big-Three Issuer Betas Online Resources Solution

    CHANTILLY, Va. - Collecting from delinquent credit card accounts has gone online, in a beta test by a top-three card issuer of a virtual collection agent from Online Resources Corp. Called Incurrent Consumer Card Collections, the service invites delinquent account holders to a branded site where they can sign up...

  • IT Exec Pereira Moves From Kinecta to Alliant

    CHICAGO -Credit union IT veteran Rudy Pereira will still be working on tech in a billion CU, but the locales are quite different. He has been named senior vice president of operations and technology at $4.5 billion Alliant Credit Union in Chicago. Pereira had been senior vice president/chief information officer...

  • Callahan and Associates Webinar Focuses on Hispanic Market

    WASHINGTON - Credit unions courting the nation's growing Hispanic population will discuss effective ways to reach this group in a Callahan-sponsored Webinar Thursday April 28 at 2 p.m. EDT. According to Callahan and Associates Webinar coordinator Mary Royston, financial institutions rightly regard Hispanics as an underserved group because under half...

  • Woodstock Institute Starts Development Weblog

    CHICAGO - Technology continues to make inroads into community development work, including work involving credit unions. Credit unions, their sponsors and other community organizations looking to access credit union services in the areas of financial literacy training, savings accounts for low-income members or payday lending alternatives now have a weblog,...

  • IDS Adds Four Credit Unions to Client Roster

    WOODLAND HILLS, Calif. - Privately held Integrated Data Services (IDS) announced new deals to provide a range of online banking services to Kinecta Federal Credit Union, Arrowhead Credit Union, Global Credit Union and the University of Utah Federal Credit Union. Kinecta FCU, a $2.7 billion institution based in Manhattan Beach,...

  • Users Going for Best-of-Breed in Security Products, But Change Ahead

    CAMBRIDGE, Mass. - Companies still overwhelmingly prefer to pick and choose for best-of-breed client security products over client security suites, good news for smaller vendors and purveyors of innovative standalone products. That's according to a recent Forrester Research report by analyst David Friedlander. However, he adds, "As functions like client...

  • COMSTAR FCU Deploys Disaster Recovery, Content Distribution Tools

    CLARKSBURG, Md. - COMSTAR Federal Credit Union is now using continuous application and information availability software from XOsoft to ensure the reliability of data flow throughout its technology infrastructure. The $168 million CU in suburban Washington is using XOsoft's WANSyncHA Exchange to ensure uninterrupted availability to its communication infrastructure, WANSync...

  • Expense Ratio is No. 1 Topic on Callahan's Credit Union Search Engine

    WASHINGTON - The most popular search topic for the month of March on Callahan and Associates' CU Info Search engine was "expense ratio." CU Info Search (www.cuinfosearch.com) is a credit union specific search engine that searches 130,000 unique Web pages, including NCUA, CUNA, NAFCU, research groups, vendors and other sites...

  • DI Packages A2A/P2P Capability with Online Banking Suite

    CALABASAS, Calif. - Digital Insight now is offering account-to-account and person-to-person transfers and payments integrated with account aggregation as part of its Internet banking package. The single sign-on service is in partnership with CashEdge, a provider of fund-transfer technology to hundreds of major financial services organizations. The service, called Funds...

  • Passageways Adds A Dozen Users in First Quarter

    WEST LAFAYETTE, Ind. - Passageways LLC continues to gain traction in credit union land as the CUSO of Purdue Employees FCU added 12 new users of its corporate portal solution in the first quarter of 2005. That includes five new signees in March: $922 million Sandia Laboratory FCU in New...

  • APPRO Releases New Version of Loan Center Consumer

    BATON ROUGE, La. - APPRO Systems has introduced the latest version of its consumer loan automation system which it says contains a number of upgrades based on user input. Improvements in LoanCenter Consumer 3.1 include such things as "the massive expansion of possible quality factor assignments," says Brian Buzzaird, lending...

  • D.C. League Joins Virginia in Working With Fiserv EFT

    BROOKFIELD, Wis. - Credit union members of the District of Columbia Credit Union League will now be able to join credit union members of the Virginia League in accessing Fiserv EFT's services, the electronic funds service provider announced. This includes access to shared branching through Fiserv's relationship with Credit Union...

  • Telhio CU Deploys Single Sign-on Solution to Staff

    COLUMBUS, Ohio - Telhio Credit Union has deployed a single sign-on solution for its internal staff from Imprivata of Lexington, Mass. The OneSign solution self-learns and self-updates based on each application's behavior, sharply reducing the need for IT staff to spend time and resources helping other staffers with password problems,...

Special Report

  • Discovery FCU Breaks Ground on New HQ

    WYOMISSING, Pa. - Discovery Federal Credit Union has broken ground on a new state-of-the-art 18,000 square-foot headquarters, operations center and retail branch. The new facility will also showcase a Discover Education Center- a state-of the-art conference facility dedicated to increasing financial literacy. The credit union will also launch its new...

  • Southwest's CEO Confidence Index Paints Bleak Picture

    DALLAS - According to Southwest Corporate's latest Credit Union CEO Confidence Survey, credit union CEOs expect economic conditions in general and at credit unions to worsen. The index dropped to its lowest point in the last six quarters and is in step with a recent two-month decline in consumer confidence,...

  • Corporate One's Phased Approach to Check 21 Continues; ACE Implementation Gives CUs a Central Archive

    COLUMBUS, Ohio - Corporate One has entered a new phase of its Check 21 efforts, one that will give members some immediate benefit and make electronic image exchange as easy as turning on a light switch. Of course that switch can't be turned on until the banking industry catches up...

  • Chartway FCU Branches Out to N.C.

    VIRGINIA BEACH, Va.-Chartway Federal Credit Union has recently celebrated the opening of its first branch in North Carolina. A ribbon-cutting ceremony for the in-store branch was held at the Farm Fresh grocery store in Elizabeth City.

  • Constitution Applies for Federal Charter

    WALLINGFORD, Conn. - The $1.7 billion Constitution Corporate has applied to convert to a federal charter. The corporate said the driving force is a $100,000 per year savings it will see as a federal charter. The savings comes from no longer having to pay a state sales tax and a...

  • WesCorp Sees Certs Soar

    SAN DIMAS, Calif. - WesCorp set an all-time, one-month record for CD bookings in March with a $1.869 billion total. "The surge in activity set a new milestone for us. It actually occurred on Wednesday afternoon, March 30, when one of our members made a purchase that propelled us past...

  • Capital Communications FCU Celebrates Grand Opening

    NISKAYUNA, N.Y. - Capital Communications Federal Credit Union has recently celebrated the grand opening of its fifth branch in Niskayuna. The newest branch is home to a full staff of financial and member service associates along with a 24-hour drive-up ATM and two drive thru lanes. To help add another...

  • Promotions, New Faces at HBE

    ST. LOUIS - Who says you can't go back home? Wesley A. Morgan has rejoined design/build firm HBE Corporation as vice president and director of marketing. In addition, HBE has promoted Greg Beck to executive vice president and head of the Financial Facilities group and Jerry Patterson to senior vice...

  • Southeast Corporate Hires MRM Rep for Southern States

    TALLAHASSEE, Fla. - Southeast Corporate isn't just a Florida corporate any more. The corporate said in order to serve a growing member base outside of Florida, it has hired an additional member relationship manager dedicated to serving members in Tennessee, Northern Alabama and Kentucky. Southeast Corporate has approximately 60 members...

Opinions

  • Best Practice: Utilizing Shared Information to Prevent Fraud

    Fraud is like a balloon. When you squeeze one end, fraud (like air) simply migrates or moves to other areas. Rather than just pushing fraud elsewhere within your institution or to other banks and credit unions, we can use shared information to essentially `pop' the balloon to help mitigate fraud...

Letters to the editor

  • "Bank" Ban Goes Too Far

    In response to Mike Welch's April 13 column, "CUNA Chairman Thinks Bank is a Four-Letter Word," I wanted to point something out to Mr. Ensweiler. Ensweiler, who apparently doesn't like credit unions to use the word bank in any context, may have forgotten that the first credit union in the...

  • Call CUs Cooperative Banks?

    I enjoyed Mike Welch's publisher's column on Dick Ensweiler's dilemma about using the word "bank." It is difficult to define us by our competition. What credit unions do is handle money, savings, and lending. Everything else is just about how credit unions facilitate members putting money in and getting money...

  • No Soft Side to Bankers When CUs are the Topic

    The article titled "America's Community Bankers Shifts Focus to CU Bank Conversion Regs", in the March 23 issue starts with one major fallacy. The community bankers were not showing their "softer side" as the lead says - they are showing their voracious appetites, because once a credit union converts to...

  • From the Editor: Keep Those Letters Coming!

    Credit Union Times is proud to report that so far in 2005 every issue has contained letters to the editor. We're proud of this for two reasons. First, it's an indication that Credit Union Times is providing thought-provoking editorial coverage that is inspiring more readers than ever to write letters....

  • No Reason to Kick Out Former CUs From Shared Networks

    In response to your online voting poll question, "Should credit unions that have converted to banks be allowed to remain as participants of credit union shared branching networks?", I say sure, why not? If we are providing more convenience for members and even bank customers, it just makes credit unions...

  • Banks Don't Belong in Shared Branch Networks

    The question has been raised whether credit unions that convert to banks should be permitted to stay in their shared branching networks, and I think the answer is simple. Credit union shared branch networks are for all credit unions, large and small, to gain a branch network that the banks...

  • Community CU Members Need to See Credit Union Times

    Kudos to David Morrison on his well-written article in the April 6 issue on the costs the members will pay in the Community CU conversion to a bank. Also, many thanks to Community Credit Union member and Credit Union Times correspondent Jana Fowler on her questions to the spokesperson for...

Publisher's Notebook

  • Boards Make News

    Today's volunteer credit union boards have so much on their policymaker plates that it has become a real challenge to just try and stay ahead of the curve. Not only because credit unions are larger, but mostly because they have become so complex. Important decisions can no longer be made...

People

  • WEST

    Hawaii Schools Federal Credit Union, Honolulu, has named Duane Teruya vice president of lending. Altura Credit Union, Riverside, Calif., has named Christopher O'Malley vice president of sales, Brent Richins director of operations and Tom Farquhar Member Service Center director. Sterlent Credit Union, Pleasanton, Calif., has named Kelly Wong chief financial...

  • SOUTHWEST

    Community Credit Union, Plano, Texas, has named Terri French assistant vice president of treasury management. U.S. New Mexico Federal Credit Union, Alburquerque, has elected the following officers to its board: Pamelya Herndon chair; Ken Herrera first vice chair; W. Charles Bennett second vice chair; Tony Gilbert treasurer; and I.L. Sanchez-Davis...

  • VENDORS

    CUNA Mutual Group, a credit union financial services provider, has named Mark Wilson regional vice president for the company's Member Solutions Group. BSG Financial, a profit enhancing programs provider, has named Jim Teters vice president of business development. Securian, an insurance solutions provider, has elected Cargill Incorporated Vice President/ Treasurer...

  • MIDWEST

    Catholic Federal Credit Union, Saginaw, Mich., has re-elected Kathleen McGraw-Heyn vice chairman and Darwin Shreve board director. South Division Credit Union, Evergreen Park, Ill., has elected John Paul, Jr. board chairman. Access First Federal Credit Union, Mattawan, Mich., has elected the following officers to its board: Jim Meulman chairman; Marie...

  • EAST

    Tobyhanna Army Depot Federal Credit Union, Scranton, Pa., has promoted Marc Michalowski to network and e-communications manager. Vermont Federal Credit Union, Burlington, has elected the following officers to its board: Curran Robinson chairman; Gilbert Tabor vice chairman; Joseph Finnigan treasurer; and Jean Isham secretary. In addition, Susan Horsford and Robert...

Publisher's Column

  • Credit Unions Do a Lot Right But Not Everything

    Credit unions do so many things right it might seem that it would be difficult to do a column on some of the many things they do wrong. But it is not. For example, many credit unions and those that keep stats on them are crowing again about how low...

Billlionaires Club

From the Board Room

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