Credit Union Times Magazine August-17, 2005

In Other News

  • BRANCHING OUT

    The McGraw-Hill Employees Federal Credit Union recently held the grand opening of its new 19,900 square foot headquarters in East Windsor, N.J. It's a big step for the CU whose previous headquarters was within The McGraw-Hill Companies building in Hightstown, N.J. Redstone Federal Credit Union, Birmingham, Ala. has officially dedicated...

  • AWARDS

    First Credit Union, Chandler, Ariz., President/CEO Fred Kent has been awarded the 2005 Very Outstanding Credit Union Person (VOCUP) Award by the Arizona Credit Union League. The VOCUP Award is given to recognize a living person based on the recipient's involvement in the credit union movement in Arizona. Kent was...

News

Data Processing/Tech

  • Corillian/qbt and OSI/COWW Mergers Affect CU Space

    PORTLAND, Ore. and GLASTONBURY, Conn. - Last week saw two interesting tech consolidation deals come down. Software integration firm qbt was acquired by Corillian and Open Solutions Inc. acquired COWWW Software - all four of these vendors have a presence in the credit union industry. qbt's stewardship of its new...

News Briefs

  • NASCUS Focuses Comments on NCUA's 2005 Reg Review on Organizational Structure

    ARLINGTON, Va. - NASCUS responded to the NCUA's request for comments on the agency's 2005 Regulatory Review and addressed its comments on the organizational structure of NCUA's rules and regulations. In its letter written by VP Regulatory Affairs Brian Knight and filed Aug. 1, NASCUS suggested that NCUA combine within...

  • Vermont Regulator Selected for NASCUS Board

    ARLINGTON, Va. - Tom Candon, deputy commissioner of the Vermont Department of Banking was selected by NASCUS Chairman Roger Little to serve on the association's board of directors. Candon will serve the unexpired term of Howard Pitkin who announced his retirement from the Connecticut Department of Banking on July 28...

  • OFHEO Finalizes Regulation on Mortgage Fraud

    WASHINGTON - The Office of Federal Housing Enterprise Oversight recently finalized for publication in the Federal Register a regulation requiring Fannie Mae and Freddie Mac to report mortgage fraud or possible mortgage fraud in a "timely fashion." The regulation, effective 30 days from publication, also requires the housing Government Sponsored...

  • Mountain America Names Smoyer to New Senior Risk Job

    SALT LAKE CITY - With regulatory and compliance demands on the rise, Mountain America Federal Credit Union has created a new position -senior vice president/chief risk officer - and promoted Cathy Smoyer, vice president of risk management, to the job. Gordon Dames, president/CEO, said although his CU has long had...

  • Mississippi Business Journal Airs CURIA Fight

    JACKSON, Miss. - Banking's grassroots push to raise CURIA complaints in local business publications came to Mississippi this month with a feature article appearing in the Mississippi Business Journal headlined "Credit Unions-Banks Battle Continues on Capitol Hill." For weeks the Mississippi Credit Union Association has been bracing for the CURIA...

  • CU Pioneer's Name to be Dropped from Store's Name

    BOSTON - Filene's Department Store, which has existed in the Downtown Crossing in Boston shopping district since 1890, will be renamed to just another Macy's by the new owners, Federated Department Stores. The original Filene's store was what gave one of the U.S. credit union founding father's the wherewithal to...

  • Jack Pollihan Named First President of Heartland Business Services

    ST. LOUIS - Heartland Business Services, LLC has hired Jack Pollihan as its first president. The CUSO, scheduled to open in September 2005, will provide back-office support services for credit unions that want to offer member business loans. Eighteen Missouri CUs, along with the Missouri Credit Union Association and Missouri...

Marketing

Tech Bytes

  • PSCU Offers Data eXchange

    ST. PETERSBURG, Fla. - PSCU Financial Services says it has a new solution to make it easier for credit unions to utilize card data in other applications, such as delivery of card data via home banking or for member service reps to use in call centers. With Data eXchange, credit...

  • Fiserv EFT Reports Strong Transaction Growth So Far in 2005

    BROOKFIELD, Wis. - Powered by a rising economy and a growing client base, Fiserv Inc's electronic funds transfer operations reported a 13% increase in business the first six months of the year compared with last year. Fiserv EFT, a provider of ATM and point-of-sale processing, recorded 2.28 billion transactions through...

  • WRG Adds Five CUs to ATM Solution Client List

    PASADENA, Calif. - Wescom Resources Group (WRG) has signed five more Southern California credit unions as users of its ATM deposit-balancing solution, and now processes more than 250,000 deposits a month for 20 credit unions nationwide, the tech CUSO says. WRG has been offering the automated, customized ATM deposit-balancing service...

  • SACU Goes First Again: Introduces `E-Contracting' to Credit Union Land

    SAN ANTONIO - San Antonio Federal Credit Union is going first again. Perhaps the first credit union in the country to do indirect auto lending, beginning nearly 20 years ago, the $1.8 billion CU now is the first to use DealerTrack's eContracting, a document system that SACU officials say is...

  • Suffolk FCU Commits to Turnkey Insurance Agency from Jack Henry Subsidiary

    MEDFORD, N.Y. - Suffolk Federal Credit Union has committed to using Banc Insurance Services to provide a turnkey insurance agency solution, giving some new business to the newly acquired subsidiary of Jack Henry & Associates. Without having to commit the assets to buying or building out an agency, $690 million...

  • SymEast Draws Record Crowd

    HARRISBURG, Pa. - Pennsylvania State Employees CU recently played host for the SymEast Conference, a conference for East Coast users of Symitar's Episys system. Some 70 CUs were represented, with 163 attendees, making it the largest SymEast Conference to date. There were also 20 exhibitors on hand. Other CUs that...

Letters to the editor

  • No Mr. Moltzan, Members are Hurt When CUs Convert to Banks, and oh by the way, Insiders do Indeed Profit

    After reading the lengthy, well-written treatise by Herb Moltzan, the President/ CEO of BUCS Federal Bank, formerly BUCS Federal Credit Union published in the July 13 issue of Credit Union Times, in which he argues that credit union members don't get hurt and insiders don't get rich when their credit...

  • Sorry Mr. Welch, but I Think We'll Stay in Business

    I was upset by publisher Mike Welch's Aug. 3 column entitled, "There are Some Things That CUs Can do Without," as I've determined that our credit union is one of those that Mr. Welch says should be eliminated. I guess he would want us to convert to a bank charter...

  • Sometimes the Loan Growth Just Isn't There

    Mike Welch's August 3rd column really hurt. Criticizing credit unions for having a high percentage of their assets in investments, without looking any further, just isn't fair. Our Strategic Plan and Incentive Plan weigh making loans as our highest priority. But, making loans isn't that easy. Even with extremely competitive...

  • Volunteers Can Help Associations

    I was intrigued by your recent articles and subsequent online voting poll regarding volunteer representation on credit union trade association boards. They raise some interesting issues related to volunteers on the boards of credit union trade associations. In my view, one of the most compelling arguments supporting volunteer representation on...

  • Don't Condemn Large Investment Portfolios on Their Face

    In response to Mike Welch's August 3 column concerning large investment portfolios, one ratio doesn't tell the whole story. For example is a $60,000,000 loan portfolio good or bad for a credit union with 13,357 members (ours)? In reviewing the loan portfolios of federally insured credit unions with between 12,000...

  • Changes Will Come

    When credit union member/owners become bank customers, there are subtle changes that are likely to begin to evolve very soon since the best interest of stockholders takes priority over the best interest of customers. Such changes may be lower interest rates for deposits, higher and expanded fees, and higher interest...

People

  • WEST

    Denali Alaskan Federal Credit Union, Anchorage, has named Laurie Lyons Denali Alaskan Mortgage loan officer. Spokane Teachers Credit Union, Wash., has promoted Belinda Caillouet to vice president of information technology and Dale Davaz to director of business application analysis. Valley Credit Union, San Jose, Calif., has named Belinda Hedling vice...

  • MIDWEST

    First American Credit Union, Beloit, Wis., has named Linda Barron business development representative and Jody Talley mortgage loan originator. In addition First American CU has promoted has Melisa Kallestad-Wichelt to Milton Avenue branch manager and named Amy Hanson acting Center Avenue branch manager.

  • EAST

    IRCO Community Federal Credit Union, Phillipsburg, N.J., President/CEO Thomas M. Sullivan has retired after 21 years of service at the age of 62. Sullivan who helped grow the credit union to $59 million, will be succeeded by former SVP Jacalyn L. Frey. Frey has been with IRCO for 24 years...

  • VENDORS

    ALTAFI, a Liberty Enterprises company specializing in strategic marketing/full-service creative solutions, has named Diane Merrifield director of business development. Mavent Inc., a provider of automated compliance solutions for the financial services industry, has promoted Ryder Smith to senior vice president of operations. CU Members Mortgage, a mortgage service provider, has...

Looking Back

  • Credit Union Times Vol. 14, No. 34 August 20, 2003

    Looking back two years ago finds the Wall Street Journal shining a spotlight on bankers' "creative methods" of reducing their tax burden. According to WSJ many of the largest banks created registered investment companies to avoid state taxes in 1999 and 2000. In WSJ''s review of Securities and Exchange Commission...

Opinions

Publisher's Column

  • Debbie Matz Will Exit NCUA Much Stronger

    It's anyone's guess just how long Debbie Matz will stay on as an NCUA Board Member. Officially her term ended on August 2nd. Most of her predecessors hung around till they were fired by the President (Norm D'Amours), decided on their own volition it was time to move on (Dennis...

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