Credit Union Times Magazine August-17, 2005

  • E*Trade to Acquire Harrisdirect

    NEW YORK - In a move that aims to bring a broader mix of products to investors, E*Trade Financial Corp. has announced its plans to acquire Harrisdirect for $700 million. Harrisdirect is a division of Bank of Montreal in Canada. With the acquisition, E*Trade will have more than four million...

  • Appeals Court Reinstates NCUA Employee

    WASHINGTON - A federal appeals court has reversed a previous NCUA decision to fire an employee, ruling that the agency did not follow proper procedures when dealing with him and declaring that the agency may have terminated him in retaliation for his blowing the whistle on a previous scandal. The...

  • CCU Replies to NCUA's Position, DOJ Adds Another Lawyer While Bankers Weigh In

    SHERMAN, Texas - The case pending between the NCUA and the two Dallas area credit unions that are seeking to become banks continued to build last week as the credit union filed its counter-arguments to NCUA's first submission and the U.S. Justice Department beefed up its legal team. In addition...

  • June Sees Merger Create Billion Dollar Credit Union

    ALEXANDRIA, Va.-Two credit unions merged during the month of June to create a new billion dollar institution, according to NCUA's monthly Insurance Report of Activity. Meriwest Credit Union, with $940 million in assets, took in $93 million Silicon Valley Credit Union in June to create yet another credit union over...

  • CUs Step Up as Member Partners Against ID Theft

    WEST PALM BEACH, Fla. - When it comes to identity theft, credit unions are eager to find solutions that will help members fight back. Over in Portsmouth, New Hampshire, Northeast Credit Union is working from the inside out. Recently the credit union tapped the attorney general's Consumer Protection Bureau to...

  • CUAnalyzer Adds PowerPoint Export Feature

    WASHINGTON - Callahan & Associates' newest financial analysis tool, the Web-based interactive CUAnalyzer that allows credit unions to create multiple charts to benchmark performance of multiple criteria against industry averages among their chosen peers, recently added the option exporting charts and packets of studies to PowerPoint. This enhancement aims to...

  • ACCU has to Roll with the Punches of Revolving CEO Door

    WASHINGTON - If you're Association of Corporate Credit Unions Executive Director Mike Canning, changes in corporate CU network leadership does present some challenges. "All in all I've seen five changes at the top at corporates. What I really regret is the loss of talent and expertise from the network," said...

  • CUDL Complete Goes Live on East Coast

    RANCHO CUCAMONGA, Calif. - CU Direct Corp. can now count credit unions on the East Coast among the users of its CUDL Complete full-service model. Two Florida credit unions - the $193-million Sarasota CU and the approximately $40-million West Coast Employees FCU also in Sarasota - went live in July....

  • ID Theft Top Three Concern for Affluent Households

    RHINEBECK, N.Y. - A new survey finds that identity theft ranks just behind retirement planning and protecting current levels of wealth as a major concern for affluent households. In addition, according to new research by the Phoenix Affluent Marketing Service, affluent households have the following identity theft remedy expectations of...

  • Fed Bumps Rates to 3.5%

    SAN DIMAS, Calif. - The Federal Reserve continued its consistent approach to raising rates with another 25 basis point bump. The Fed Funds rate now stands at 3.5%. WesCorp VP of Economic and Market Research Dwight Johnston described the Fed as "slow but relentless" with its rate increases. In its...

  • Consolidation Continues, Membership on Track to Reach Two Million This Year

    MADISON, Wis. - Forty-six credit unions disappeared in June contributing to the net decline of 175 credit unions for the first half of 2005. More merger approvals could lead to a "slightly faster pace" of consolidation for the rest of the year, according to the latest CUNA Mutual Group Credit...

  • TECH DEALS: These Mergers Continue Trend of Smaller Tech Firms Being Gobbled up by Much Larger Companies

    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...

  • Texas League Earns Position in `Top 15' Powerful Lobbying Groups

    AUSTIN, Texas - The Texas "Capitol Inside" political Web site/blog (www.capitolinside.com) does an annual ranking of Texas power lobbyists and groups. Texas Credit Union League's political advocacy team of Buddy Gill, Jeff Huffman, Mance Bowden and Carolyn Saegert made the 2004 "Top 15" list for the Private Sector Associations category,...

  • Work Proceeds at a Low Level in D.C. in Dog Days of Summer

    WASHINGTON - August is the month when Congress and many of Washington's other officials take some time away from the city's notorious summer heat and humidity, but even with many legislators away work has been moving forward, according to CUNA executives. One area of progress has been the continued proliferation...

  • Polish And Slavic Board Race Has Conversion Overtones; Credit Union, CUNA Mutual Rebuked by Court

    BROOKLYN, N.Y. - Controversy appears to have touched the $1 billion Polish and Slavic Credit Union once again as a New York judge has ordered the CU to reinstate a previously ousted board member and the possibility of a conversion windfall appears to drive an active board election. The controversy...

  • U.S. Central Board Plans to Move Swiftly to Fill Open CEO Slot

    LENEXA, Kansas - Don't look for a long drawn out CEO search at U.S. Central. According to U.S. Central Chairman and Mid-States FCU CEO Dave Preter, the board wants to bring on a new CEO in rapid fashion. Dan Kampen resigned from U.S. Central on Aug. 3. "It is not...

  • Credit Unions Taking `Just in Case' Steps to Ready Portfolios if Housing Bubble Happens

    WASHINGTON - Is there going to be a housing bubble? When will it happen? Will it be national or local in scope? Economists and mortgage experts continue to debate these important questions, but credit union lending experts are already taking proactive measures to protect their balance sheet if a real...

  • Cornerstone Community Financial FCU Sprints Past Competitors with CD Offer that Carries 10% APY, $500 Minimum Deposit

    AUBURN HILLS, Mich. - Driving through the areas where Cornerstone Community Financial Federal Credit Union has its branches sparked an idea that would make it stand out from its competitors. The $134 million did so in a big way when it recently rolled out an enticing certificate of deposit offer...

  • AFFN Helps Fort Bragg FCU with H.U.G.s

    FAYETTEVILLE, N.C. - Fort Bragg Federal Credit Union (FBFCU) has received a $1,500 grant from the Armed Forces Financial Network (AFFN) to help with its Honor U with a Gift (H.U.G.) campaign. Over the past three months, FBFCU staffers have been selling $10 Army and Air Force Exchange Service (AAFES)...

  • McHenry Getting Feedback From N.C. Credit Unions on Controversial Bill

    WINSTON-SALEM, N.C. - Congressman Patrick McHenry, the freshman North Carolina Republican representative who has introduced a bill that would curtail some of NCUA's authority to regulate the process by which credit unions attempt to change their charters to those of mutual banks, has been hearing from CU executives in his...

  • Three Rivers FCU Welcomes Indiana SBA Director

    FORT WAYNE, Ind. - Gail Gesell, the SBA's Indiana district director, was the keynote speaker at a luncheon co-hosted by Three Rivers Federal Credit Union. Gesell spoke about the challenges and incentives to starting a small business in Indiana during a luncheon on Aug. 11 at the Fraternal Order of...

  • Northwest Community CU Expands Business Services Program

    EUGENE, Ore. - Northwest Community Credit Union has expanded its business services program after years of offering small business checking accounts. Members of the $458 million CU now have access to commercial real estate loans; term loans for equipment and company vehicles; credit lines and corporate credit cards; payroll services;...

  • U.S. Central Second Quarter Results Reflect Industry's Strong Loan Demand

    LENEXA, Kan. - U.S. Central's second quarter results show the corporates' corporate is doing one of the main roles it is designed to do - help meet the industry's liquidity demands. Reflective of the industry's liquidity situation, lending was up. Average loans per day during the second quarter were $775...

  • NACUSO Board to Expand in Size to Give "Broader Representation"

    NEWPORT BEACH, Calif. - In a move designed to give NACUSO "a larger, more diverse board to serve NACUSO's growing membership and help its members collaborate, innovate and succeed," the association is expanding the size of its board to 11. The current board includes seven seats plus NACUSO legal counsel...

  • Mid-Atlantic FCU Supports the Arts

    GERMANTOWN, Md. - Mid-Atlantic Federal Credit Union has recently sponsored one of the 2005 Free Summer Concerts conducted by the Black Rock Center for the Arts here. Several staffers (pictured above) volunteered to distribute literature about the money saving products and services the credit union offers as well as balloons...

  • Working Together for Children's Hospital

    Eascorp President/CEO Jane Melchionda congratulates and thanks CU Direct Northeast U.S. Regional Director Phil Maniaci for the company's contribution to the Children's Hospital of Boston. CU Direct raised $7,500 for the hospital during its second annual charity golf event, which was supported by some 20 credit unions, dealers and vendors...

  • Snowe Introduces Bill Allowing Lenders to Provide 7(a) Funding Across State Lines

    WASHINGTON - If passed, a new bill would allow credit unions and other lenders to provide the SBA's 7(a) loans beyond the districts where they propose to make the loans. Senator Olympia Snowe (R-Me.), who is also the Senate Small Business Committee Chairwoman, introduced the Small Business Lending Improvement Act...

  • Converting Credit Unions Still Raising Capital

    WASHINGTON - The $1.4 billion Community Credit Union and $1.2 billion OmniAmerican Credit Union both increased their capital over the last 12 months ending in June, according to Callahan and Associates. Community increased its capital by 5.5% over the time period and OmniAmerican increased its capital by 7.6% over the...

  • Eastman CU Donates $100,000 for Pharmacy School

    KINGSPORT, Tenn. - Eastman Credit Union has donated $100,000 to East Tennessee State University to help build a College of Pharmacy. "ETSU's College of Pharmacy will benefit our entire region, and we are honored to be a part of this monumental endeavor," said ECU President/CEO Olan O. Jones. ECU execs...

  • MidHudson Valley FCU Teaches Assemblywoman Rabbitt the CU Difference

    MIDDLETOWN, N.Y. - Assemblywoman Annie Rabbitt recently dropped into Mid-Hudson Valley Federal Credit Union's Middletown branch. Rabbitt represents the 97th New York State Assembly district and after hearing of the credit union's financial literacy service for the Latino market requested a visit. To learn about the credit union movement from...

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

  • BECU Refis Manufactured Homes on Leased Land in Community-Building Effort

    EVERETT, Wash. - With median home prices in the Seattle area above $300,000, you'd wonder why a credit union with $5.4 billion in assets would bother making mortgages to people who have lived in a trailer park. But last October, when no other financial institution was willing to do it,...

  • Home Equity Lending Study Highlights

    CFE FCU Hosts FCUL Homebuyer's Expo ORLANDO, Fla. - Rising property values in the Orlando area to record rates have made real estate a popular subject among Central Florida residents, and they came last month to listen to a panel of experts discuss home buying-related issues at the Florida Credit...

  • McHenry Feels the Heat

    North Carolina Congressman Patrick McHenry's bill to take away some of NCUA's power in regulating CU-to-bank conversions is sitting well with North Carolina CUs. Page 9.

  • Mortgages on Leased Land Not Unusual in Hawaii

    HONOLULU - At least 30% of homeowners on the island of Oahu lease their land, estimates Karen Kaoihana, Vice President of Lending at Honolulu Federal Credit Union. That number has fallen, the lending VP said, from figures of nearly 50% as recently as 10 years ago. "A lot of land...

  • NAR: Housing Sector to Finish Year Close to Record Levels

    WASHINGTON - If the housing market ends the year as the National Association of Realtors predicts, then rising home prices and mortgage rates will not have cooled home sales too much. Looking to the end of 2005, NAR predicts home sales to trend down from record levels in the second...

  • Former Felon Reveals Tricks of the Mortgage Fraud Trade

    HUNTINGTON BEACH, Calif. - Want to find the weak links in an institution's fraud prevention safety net? Ask a convicted mortgage fraud felon. Kevin Barnes was once an insider in the industry, working as a loan officer, branch manager and loan broker for 20 years. He became involved in an...

  • Freddie Mac Crosses $5 Billion Mark in Low-Income Housing Tax Credit Investments

    MCLEAN, Va. - By closing on its $20 million investment in The Enterprise Social Investment Corporation (ESIC) Empire and Garden States Equity Fund, Freddie Mac's portfolio of Low-Income Housing Tax Credit investments now exceeds $5 billion. Formed in 1986, the federal LIHTC program gives corporate investors credit against their federal...

  • Lower than Expected Interest Rates Boost Cash-Out Refinance Activity

    MCLEAN, Va. - Continuing low interest rates are spurring higher than expected cash-out refinance activity, Freddie Mac reports. In the second quarter of 2005, 74% of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least 5% higher than the original mortgage balances....

  • Performance-based Compensation Tools Continue to Proliferate

    LAS VEGAS - The trend toward variable or incentive pay for credit union CEOs shows no sign of slowing down with more than half of the nation's credit unions now using this format to compensate their top managers, a Kansas salary consultant told directors here. Addressing the 28th annual National...

  • Visa Exec Eyes CUs as Avenue for Prepaid Cards

    LAS VEGAS - Visa USA is looking to credit unions as a ready market for those prepaid card products which are showing big market gains, according to a top Visa executive. In a luncheon speech to the annual National Directors' Convention here, Elizabeth Buse, Visa's executive vice president of product...

  • St. Mary's Bank Wins Awards for Mortgage Center Commercials

    MANCHESTER, N.H. -Commercials produced for St. Mary's Bank for its two Mortgage Centers have won the $542.6 million CU two bronze Telly Awards. The two Mortgage Center commercials that were produced for St. Mary's by Creative Co-op, Portsmouth, N.H., hit cable TV markets in Manchester, Nashua and Concord and statewide...

  • PARES Advocate Earns Seniors Specialist Designation

    TUKWILA, Wash. - Annie Cheney, a Member Advocate with Prime Alliance Real Estate Services was recently awarded the Seniors Real Estate SpecialistT (SRES) professional designation by the Senior Advantage Real Estate Council in Murphys, Calif. SRES helps seniors make smart decisions on real estate and property ownership-related issues such as...

  • Special Report: Mortgages

    Turn to the mortgage special report on pages 20-25 for news on home equity loans, GSE reform and more. Also, look for more mortgage-related coverage on page 18 with our on-site coverage of CU Members Mortgage Annual Conference.

  • Reducing Loan Portfolios Important in Rising Rate Environment, But How to Do it Best?

    HUNTINGTON BEACH, Calif. - Credit unions with an abundance of loans have two primary portfolio management strategies: securitization through secondary mortgage companies like Fannie Mae or Freddie Mac, or whole loan sales on the open market. Deciding which strategy is best - or whether a combination of both is more...

  • Will this Congress be More Successful at Passing GSE Reform Legislation?

    WEST PALM BEACH, Fla. - Will the second go-around by the House and Senate to pass legislation that would tighten regulation of the housing Government Sponsored Enterprises be more successful than their first attempt two years ago? Rep. Richard Baker (R-La.) and Senate Banking Committee Chairman Richard Shelby (R-Ala.), coming...

  • CUMEX Mortgage Service Center Adds SingleFileT Mortgage Insurance Program to its Mix

    LEXINGTON, Mass. - CUMEX Mortgage Service Center of Lexington has added Mortgage Guaranty Insurance Corp.'s SingleFile program to its menu of mortgage products geared towards new and existing homeowners with excellent credit but who are typically channeled into borrower-financed private mortgage insurance or "piggyback" loans such as an 80/10/10 for...

  • CU Members Mortgage Gives CUs Info on Housing Bubble "Myth"

    FORT WORTH, Texas - With so much talk in the media about the so-called housing bubble, the chances of consumers being misinformed or misinterpreting information increases. That's why CU Members Mortgage has provided more than 500 credit unions with copies of an article they can post online on their Web...

  • Pedri, Safeway CU Chairman in Colorado, is `Director of Year'

    LAS VEGAS - The chairman of a Colorado credit union involved in a financial turnaround several years ago and who more recently helped guide the institution through a planned merger with DPSCU of Denver has been named "Director of the Year." The honors to Bert Pedri, chairman of Safeway Rocky...

  • Glatt, Adams Strike Funny Bone With Serious CU Message

    LAS VEGAS - Credit unions are doing a rather poor job in reaching the youth market as well as failing to create a strong brand image in the public arena, according to two CU executives, one from St. Louis and the other from the West Coast and both well-known on...

  • Directors Rollick Over CU Game Show

    LAS VEGAS - They played "Credit Union Jeopardy" at the National Directors' Convention and the hilarious event pitting three CU executives in a version closely matching the popular TV show nearly brought down the house. Complete with the syncopated music and lit up toteboards, the three "contestants" appearing on stage...

  • Nine-Mo. CD at 9% Wins `Best Idea"

    LAS VEGAS - A nine-month certificate with a 9.3% rate and a $1,500 maximum-targeted as a new member promotion-was judged the "the best new idea" by credit union directors at the National Directors' Convention. Winning the top cash prize during the annual "Breakfast of Champions" was the $68 million Premier...

  • Home Equity Lending Demands Clear, Honest Look

    MADISON, Wis. - Home equity loans can perform like superglue attaching members to their credit union, but before you take the cap off the tube you better have a clear idea just what the program involves. That's especially true today, according to Bill Klewin, VP/lending at CUNA Mutual Group. "Certainly...

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

  • Advance Financial FCU's Need for Speed Sparks Success

    EAST CHICAGO, Ind. - For Advance Financial Federal Credit Union a love of speed has helped spell success for a recent "Moves Fast, Won't Last" vehicle loan promotion. The promotion, which offered members the chance to win one of four pairs of tickets to view an event at the Chicagoland...

  • Proponent FCU Home Loan Team Leader Takes Center Stage

    NUTLEY, N.J. - To spread the word about its home loan program, Proponent Federal Credit Union has taken a personal approach that revolves around Keith Beith. Developed by Mint Advertising of Branchburg, New Jersey, the recent marketing campaign plays up Proponent FCU Lending Manager and head of the home loan...

  • Fiberglas CU Launches Grow Bucks

    NEWARK, Ohio -Fiberglas Federal Credit Union has recently kicked off a Grow Bucks promotion. Any member who opens a new certificate will be entered to win a pair of tickets to the Ohio State vs. Iowa football game, a tailgating package from Giant Eagle, or a gift card to Steve...

  • American Eagle FCU, Baseball Make for Great Event

    NEW BRITAIN, Conn. - What better way to demonstrate the benefits of belonging to the new American Eagle Federal Credit Union(AEFCU) Eagle Savings Club than taking members out to the ballpark? Some 550 members attended the $835 million credit union's Baseball and Ice Cream Bash at the New Britain Rock...

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

  • Credit Reporting Has Come a Long Way in Aiding the Mortgage Process

    Remember when you received a manually prepared credit report via courier for your review? Or, if you joined the mortgage industry in the late 1980s and early `90s, recall when technologies emerged where you could instantly integrate credit data from the national repositories into a single, comprehensive report? Of course,...

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...

Advertisement. Closing in 15 seconds.