Credit Union Times Magazine April-20, 2005

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

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

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

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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