Credit Union Times Magazine August-24, 2005

In Other News

  • DONATIONS

    American First Credit Union, La Habra, Calif., has donated $9,600 to the Childrens Hospital Los Angeles. Funds were raised through weekly contributions to the "Credit Unions For Kids" program by employees over the past year. By participating in the program for the past eight years, American First CU staffers have...

  • AWARDS

    Insight Financial Credit Union, Orlando, Fla. has been awarded the Dora Maxwell Award for Outstanding Achievement in Social Responsibility by the Florida Credit Union League. The credit union received this year's second place honor for their efforts during the "Making Strides Against Breast Cancer" fundraising campaign to benefit the American...

  • BRANCHING OUT

    Delta Employees Credit Union, Atlanta, Ga., has broken ground on its fifth Atlanta branch. The new branch is slated to open in the fall of 2005 in the Summit Point Shopping. Atlanta based design/build firm Level 5 has been tapped to develop and implement a complete branding and retail delivery...

  • CUNA, NAFCU, NASCUS Provide Input on NCUA Reg Review

    ALEXANDRIA, Va.-Clarification, education, and consolidation are what CUNA and NASCUS are looking to come out of NCUA's 2005 review of one-third of its regulations. In CUNA's official comment letter, Senior Regulatory Counsel Catherine Orr asked that NCUA explain its guidance on "Response Programs for Unauthorized Access to Member Information and...

  • Credit Unions Need to Keep Close Eye on Embedded Options Risk as Rates Rise

    WASHINGTON - In an environment where rates continue to rise, embedded options tend to need closer scrutiny. Embedded options are an asset or liability characteristic, such as coupon rate, coupon-rate formula, final maturity, or weighted-average life, that can change during the term of the asset or liability. The options include,...

  • Consumerinfo.com, Inc. Settles with FTC Over "Free" Credit Reports

    WASHINGTON-The Federal Trade Commission announced a settlement of charges against Consumerinfo.com, Inc. for deceptively advertising "free" credit reports without disclosing other charges. Specifically, the company did not inform consumers that they would be automatically enrolled in credit report monitoring for $79.95 if they did not cancel within 30 days. The...

  • Communication with SEGs Lost Key to Smooth TIP Charter Conversion

    LANHAM, Md.-Being proactive with the select employee groups IR Federal Credit Union shed in its conversion to a TIP charter, IR FCU President and CEO David Bunch says, definitely helped the transition. "It was a very nice and smooth transition from a multiple SEG-based charter to the TIP-based charter," IR...

  • Court Rules Community Complied with Charter Conversion Disclosure Regs

    SHERMAN, Texas - At least in the viewpoint of Magistrate Judge Don Bush, all disputes in the Community Credit Union vs. National Credit Union Administration lawsuit revolved around one issue: how the member disclosure document was folded. As such, current regulations governing charter conversion disclosures don't speak to how that...

  • Tradition and Law Take Legislators from D.C. in August

    WASHINGTON-Inside the beltway appears a ghost town in the month of August. This is by design: both tradition and law. There was a plan to bust down walls in the Senate, but a less expensive plan for a "manufactured weather" system was implemented instead in 1929, according to www.senate.gov. However,...

  • Small and Mid-Sized Corporate CUs say They Have a Lot at Stake With U.S. Central CEO Selection

    LENEXA, Kansas - The consensus in the corporate credit union network is there is a lot riding on the shoulders of the next U.S. Central Credit Union CEO - especially for small and mid-sized corporates. "It is a key appointment. It's going to help shape the future of the corporate...

  • Politically Active Va. CU Gets CURIA Letter to the Editor Published

    PORTSMOUTH, Va.-The Virginian-Pilot recently published a letter to the editor from Guardian Federal Credit Union President and CEO Christopher Anuswith espousing the importance of the Credit Union Regulatory Improvements Act (H.R. 2317). "It's the quarterly earnings report season for banks and I can't help but notice that almost all the...

  • Offering a Variety of Creative Mortgage Products, Strategies Crucial to Compete in New Market

    HUNTINGTON BEACH, Calif. - During the refi boom, credit unions barely had to do any creative marketing to attract members' mortgage dollars. In fact, some CUs had all they could do to keep up with applications. But that's over now, and credit unions have to put their creative mortgage hats...

  • Wisconsin League's Efforts to Reduce RAL Reliance Recognized

    PEWAUKEE, Wis. - The Wisconsin Credit Union League was recently recognized for its work with the Wisconsin Department of Revenue on a project designed to decrease consumers' reliance on refund anticipation loans. According to the Wisconsin Council on Children & Familes, in 2003 nearly 11% of tax filers in Wisconsin...

  • Winners of RSM McGladrey's "Best Practice" Awards Hone in on Relationship Pricing, Risk Assessment and Everything in Between

    LOS ANGELES - Submissions for RSM McGladrey's Best Practice awards continue to grow each year making selecting the winners a more arduous process. More than 100 credit union representatives sent in their submissions within seven categories: accounting and finance; internal audit; compliance; information technology; lending; policies; and miscellaneous. Seventeen nomination...

  • When it Comes to Dual Chartering and Conversion Issues, SCCU, FCU Presidents Agree on More Than They Disagree

    WEST PALM BEACH, Fla. - The U.S. credit union system has always prided itself on the dual-chartering system that CU experts say offers CUs charter choices and continually raises the bar on charter provisions that affect the operations of credit unions. With so many critical issues currently in front of...

  • Financial Finesse's Unbiased Approach to Financial Literacy a Hit with Credit Unions

    MANHATTAN BEACH, Calif. - Education has made all the difference to Financial Finesse CEO Liz Davidson. "I was working at an investment firm running a hedge fund and in the process started to do workshops to bring in new clients and I just fell in love with education," said Davidson....

  • Elder Abuse Bill Passes California Legislature, CCUL Drops Opposition

    SACRAMENTO, Calif. - California's controversial elder abuse bill passed the state's legislature on August 15, the first day the body reconvened from summer recess. The bill now awaits Governor Schwarzenegger's signature. SB 1018 requires financial institution employees to act as mandated reporters, with the responsibility of recognizing suspected elder and...

  • Dort FCU Free Movie Night Draws 5,500

    FLINT, Mich. - Imagine putting on a member appreciation event and having 5,500 people show up. You can't buy that kind of publicity, budget be damned. Dort Federal Credit Union's Vice President of Marketing and Business Development, Tom Gisewhite, is thrilled that his "Reel Deal" free movie event far exceeded...

  • Difficulties in CU Start-ups Lead to Lack of Interest in New Charters, Economist Says

    ARLINGTON, Va.-Starting a brand, spanking new credit union is not the same as it was in the old days. "It used to be in the past that leagues and the trades and NCUA tried to help credit unions form," NAFCU Chief Economist Tun Wai explained. They are not in that...

  • Navy FCU Car Buying Video Takes Mystery out of Car Buying Process for Members

    VIENNA, Va. - The new and used car buying process can be an intimidating experience for most consumers no matter how much homework and research they do before they get to a dealership. Navy FCU has produced a car buying video to help its members make educated car buying decisions...

  • Mica: Volunteers Need Only Rely on `Democratic Process' to Get Elected

    WASHINGTON - Though always open to change, the current system of electing outside directors to CUNA leadership jobs seems to be operating fairly well "under a democratic process" that gives willing and committed volunteers an avenue to succeed, according to CUNA President/CEO Dan Mica. "Anyone can run for CUNA director...

  • Home Prices, Sales Continue to Rise Despite Rate Increase

    WASHINGTON - Is there going to be an end any time soon to the continuing rising spiral in home prices and sales? Maybe not, at least judging by recently released data from the National Association of RealtorsT. Newly released data by the NAR for the 2Q2005 shows the majority of...

  • Flurry of Filings Pits Community Members Against Credit Union; CU Ironically Argues NCUA Represents Their Interests

    SHERMAN, Texas - Even though, as of press time, it appears that the Court deciding the case between the $1.4 billion Community Credit Union and the NCUA ignored the "friend of the court" briefs, the small group of Community members who have gone on record as opposing the credit union's...

  • FCUL Service Group Partners with Accel

    TALLAHASSEE, Fla. - With consumer debt escalating to an all-time high of $1.8 trillion, the FCUL Service Group, Inc., has signed a partnership agreement with Accel Members Financial Management to help credit unions provide members financial counseling services. Designed to help curb losses credit unions have incurred as members run...

  • League-Backed Small CU Consulting Service Debuts in S. Dakota

    SIOUX FALLS, S.D. - With a goal of assisting small credit unions on pricing and expense reduction, the South Dakota Credit Union League is offering a specialized-and perhaps unique-one-on-one consulting service, "I'm not sure any League has gone as far as we are in undertaking on-site operational review of staffing,...

  • Colorado CU League Foundation Creates Executive Director Spot

    ARVADA, Colo. - The Colorado Credit Union League Foundation has created the position of executive director - saying the new spot "is essential to advance the credit union movement in Colorado" - and named Eleni Sarris to the job. Sarris started in her position on Aug. 16, and comes to...

  • U.S. Central Credit Union's Board Reflects Network

    LENEXA, Kan. - Some believe the fate of U.S. Central and the three-tiered system are in the hands of the next U.S. Central CU CEO. That thinking may be too dramatic for some, but nonetheless almost all corporates agree this is a critical juncture in U.S. Central's history. Listed below...

  • ABA Puts Out Guide to New Bankruptcy Law

    WASHINGTON-With the Oct. 17 deadline looming for the Bankruptcy Abuse Prevention and Consumer Protection Act to become effective, the American Bankers Association released a guide Aug. 9 to help interested parties wade through the more than 500-page law. "There is much more to this reform than just the means test,"...

  • Maryland CU Officials Discuss CURIA with Rep. Gilchrest

    COLUMBIA, Md.-Congressman Wayne Gilchrest (R-Md.) met recently with state credit union officials to discuss the Credit Union Regulatory Improvements Act (H.R. 2317). According to the Maryland Credit Union League's Focus newsletter, they discussed the possibility of the congressman signing on as a co-sponsor to CURIA. If he does, which cannot...

  • Texas State-Chartered CUs See Slow Growth Through Second Quarter

    WASHINGTON - Compared to last year, Texas state-chartered credit unions posted slower growth during the first half of 2005. According to Callahan & Associates, Inc., the fourth largest state in terms of the number of state chartered CU, Texas' $19.7 billion in assets represents 6.0% of all state chartered CUs'...

  • California, Nevada Federal Legislators Urge Global Support for CUs

    RANCHO CUCAMONGA, Calif. - Six members of Congress from California and Nevada - Reps. Bob Filner (D-Calif.), Tom Lantos (D-Calif.), Barbara Lee (D-Calif.), Elton Gallegly (R-Calif.), Grace Napolitano (D-Calif.) and Shelley Berkley (D-Nev.) - recently signed a letter to Congressional appropriations leaders urging full funding for the U.S. Agency for...

  • Mid-Year Statistics Show Healthy Growth for Maine CUs in Key Areas

    WESTBROOK, Me. - New products and services offered by Maine's credit unions allowed them to post consistent, healthy growth for the first half of 2005. The Maine Credit Union League reported that its 74 affiliated CUs showed growth in every category including assets, membership, shares and loans. During the six-month...

  • CUES Names New VP

    MADISON, Wis. - CUES has recently named Paul Gibler vice president of professional development. "Gibler's strong education and association background makes him the perfect fit for this position. His knowledge and experience in the credit union industry will be a great asset to CUES and our members. We are excited...

  • UTCU Returned to Membership

    ROCKY RIVER, Ohio-Two years after United Telephone Credit Union was turned over to American Share Insurance following a failure to correct problems at the institution, a judge has returned control to the membership. According to a report in Ohio's The Plain Dealer, Franklin County Common Pleas Judge Guy L. Reece...

  • Former Minnesota State Legislator Joins MnCUN Lobbying Firm

    MINNEAPOLIS - Doug Stang, a former state representative who is most well-known in the credit union movement for his work on the 2002 Minnesota Credit Union Protection Act, has joined the lobbying team at Lockridge Grindal Nauen P.L.L.P., the Minnesota Credit Union Network's outside lobbying firm. Working with Joe Matthews,...

  • Alabama League Links With Costa Rican Group

    BIRMINGHAM, Ala. - Marking its first linkup in years with a foreign credit union association, the Alabama Credit Union League said last week it has formed a partnership with FEDEAC, a Costa Rican CU organization, and the World Council of Credit Unions. During an Aug. 12 meeting of its Board,...

  • NCUA Chairman Pleased with Credit Union Mid-Year Numbers

    ALEXANDRIA, Va.-NCUA's mid-year statistics for federally insured credit unions revealed strong loan growth with a low level of delinquencies. Credit unions' annualized loan growth reached 9.8% with delinquencies settling at 0.65% for the first half of the year, according to the Call Report data of the nation's 8,871 federally insured...

  • Colin Powell, Frank Abagnale to Address 2006 NADA Annual Convention

    MC CLEAN, Va. - Gen. Colin Powell (ret.), former secretary of state, and Frank Abagnale, former fraudster and now an FBI instructor, are among the list of speakers who will address attendees at the National Automobile Dealers Association's 89th Annual Convention and Exposition in Orlando, Feb. 11-14, 2006. The 2005...

  • Three Small CU Workshops Coming Up

    WASHINGTON-NCUA's Office of Small Credit Union Initiatives will be hosting three upcoming workshops. Small credit union workshops are slated for Sept. 29 in Indianapolis, Ind., Nov. 19 in Albuquerque, N.M., and Dec. 3 in Dallas. Topics to be covered include modifications to the 5300 Call Report; updates on the Bank...

  • Self-Help CU Intervenes, Helps Conservation Groups Buy Woodlands

    DURHAM, N.C. - Self-Help Credit Union recently provided financial intervention for two conservation groups that bought 1,568 acres of woodlands here possibly, preventing the state from developing it. The Carolina Mountain Land Conservancy and The Nature Conservancy paid $16 million to hold the property called "World's Edge." The woodlands are...

  • NAFCU Partners with Treasury to Promote Social Security Direct Deposit

    ARLINGTON, Va. - NAFCU is the latest to partner with the Treasury Department for its "Go Direct" campaign, which encourages the direct deposit of Social Security and other recurring federal government payments. At an Aug. 10 briefing, NAFCU President Fred Becker said the program can be a plus for credit...

  • Wisconsin's Drogue to Headline NACCU Community Involvement Workshop

    WASHINGTON-The National Association of Community Credit Unions recently announced that Wisconsin Credit Union League Vice President of Operations Jim Drogue will participate in the group's community involvement workshop. Drogue will head up a panel of community involvement experts during NACCU's "Reaching the Modest Means Segment and Making an Impact in...

  • Aimbridge Lending Using Strategic Partnerships to Expand Dealer Network

    DENVER - Aimbridge Indirect Lending, one of three divisions of the Aimbridge Group, has decided to expand the management of its dealer network through strategic partnerships in specific geographic areas. The first of these partnerships will be with Great Lakes Company, a leading provider of credit services in Michigan. The...

  • Two Pennsylvania SCUs Get State's First TIP Charters

    HARRISBURG, Pa. - Lee Hospital CU and HVHS CU have joined a small but growing list of state-chartered credit unions around the country that have been approved for a Trade, Industry or Professional charter by their state regulator. Lee Hospital CU, Johnstown, Pa. was approved by Pennsylvania Secretary of Banking...

  • NAFCU/PAC Maxes Out with CURIA Authors

    WASHINGTON - NAFCU's political action committee made hefty donations to the two lead sponsors of the Credit Union Regulatory Improvements Act (H.R. 2317) in the first half of the year. Both Congressmen Ed Royce (R-Calif.) and Paul Kanjorski (D-Pa.) received $10,000 contributions from NAFCU/PAC. During the first half of 2005,...

  • TopLine FCU Brings Small Business Services to Members

    MAPLE GROVE, Minn. - TopLine Federal Credit Union has launched its business services program for small to mid-sized businesses. The $240 million CU's program will include lines of credit; equipment or term loans; commercial real estate loans; business credit cards; and business checking and savings accounts. The CU has also...

  • African-American Credit Union Coalition Shares Mission with Bahamas Movement at Annual Conference

    NASSAU, Bahamas - With the theme of "Making a World of Difference," the African-American Credit Union Coalition recently held its annual conference here. More than 200 traveled to the Caribbean island for the Aug. 10-13 meeting, which also included attendance from natives from the Bahamian credit union movement. "We've made...

  • Consumers Outsmart Bank Fees, ABA Survey Finds

    WASHINGTON-"Consumers aren't given the credit they deserve," according to American Bankers Association Senior Federal Counsel Nessa Feddis, when it comes to making the right banking choices. A recent ABA-sponsored survey of 1,000 consumers (conducted July 23-24 by Ipsos Reid) found that the majority (65%) spends $3 or less in monthly...

  • NCUA Issues Slew of Prohibition Orders

    ALEXANDRIA, Va.-NCUA has issued prohibition orders against a number of individuals formerly associated with credit unions, banning them from future participation in the affairs of any federally-insured financial institution. * Donna Bennett, former manager of Fort Ligonier Federal Credit Union in Ligonier, Pa.; former Amarillo Community Federal Credit Union CEO...

  • Pension Trade Group at Odds with IRS Proposed Section on Defined Benefit Plans

    WASHINGTON - As credit unions battle the Internal Revenue Service on 457 plans, IRS' proposed section 415 could hurt those who work beyond age 65 and small owners, the American Society of Pension Professionals & Actuaries recently testified. ASPPA President Jim Jaffe spoke at a recent IRS hearing on the...

  • Two More CUs Join Texas Shared Branching

    DALLAS - The Texas Credit Union Service Centers has announced credit unions have added outlets for the statewide shared branching network. The two Austin area credit unions, the $220 million Greater Austin FCU and $684 million University FCU each added shared branching to one of their branches in June, the...

  • The Search Committee

    LENEXA, Kansas - While all members of U.S. Central's board vote on the new CEO, the three-person search committee plays a key role in finding the search firm and narrowing down candidates. The search committee is listed below. Bob Siravo WesCorp $25 billion (Siravo is not on the U.S. Central...

  • Goeters Drives CU National Mortgage Car at NEXTEL Cup Race

    PINE BROOK, N.J. - CU National Mortgage and its parent company US Mortgage Corp., made their debut in NASCAR as sponsors this year. Mexico City native Jorge Goeters, who received international attention earlier this year when he captured the pole and led 24 laps in the inaugural NASCAR Busch Series...

  • Insight Financial CU Offers 40-Year Mortgages

    ORLANDO, Fla. - Insight Financial Credit Union has joined the list of credit unions that offer 40-year mortgages. The 50,000-member CU has added the product to its menu of mortgage financing options. The CU can finance 100% of the appraised value or the actual purchase price of the home the...

  • Cal Poly FCU First California CU to Win Desjardin Award

    POMONA, Calif. - Cal Poly Federal Credit Union, an $11-million institution that serves students, staff, faculty and alumni of the California State Polytechnic University-Pomona campus, was honored in the national Desjardin Youth Financial Education Awards. Cal Poly FCU is the first California credit union to be honored by the CUNA-administered...

  • CUNA Finds `Something for Everyone' in CURIA

    WASHINGTON-CUNA has developed a new, eight-page booklet detailing the benefits of the Credit Union Regulatory Improvements Act (H.R. 2317) for all types of credit unions. The free booklet, available on CUNA's Web site (www.cuna.org), outlines how every type of credit union would benefit from the passage of CURIA, from state...

  • New York League, Puerto Rican Credit Unions Announce Partnership

    LATHAM, N.Y. - The New York State Credit Union League and the Puerto Rican Cooperitivas have announced their partnership and described it as "a commitment to mutual assistance and a framework for a relationship that will stretch into the future." The new partnership also includes the World Council of Credit...

  • As Demand for Payday Loans Rises, Wisconsin Credit Unions Continue Work to Offer Consumers Alternatives

    MADISON, Wis. - Nationwide states are seeing a continuing increase in the use of payday lenders by consumers, but regulators and consumer groups are not ready to throw in the towel or accept this trend as being irreversible. The push for alternatives is increasing as the demand for payday loans...

News

  • Asian Credit Union Report: After the Tsunami

    SRI LANKA, INDONESIA, INDIA, THAILAND - When the tsunami swept at least 280,000 persons to their deaths December 26, 2004, the immediate needs were to find loved ones, find food, rebuild homes and only after that try to get back to normal life. Credit unions are a tool to restore...

  • Bank Bucks Trend With an Entirely No-Fee Visa Card

    CHERRY HILL, N.J.- Even as much of the rest of the broader credit card industry seeks to rake in additional funds with progressively higher fees, the $33 billion Commerce Bank has begun issuing no fee Visa cards. That means no annual fee, no over-limit fees, and no late fee as...

  • Another Report Casts Doubt on Phishing ATM/Debit Impact

    ARLINGTON, Va. - Should more credit unions be careful about making sure they check security codes in the magnetic stripes of debit cards as part of the authentication process or shouldn't they? A report from the TowerGroup (see related story on page 23) has indirectly challenged the assertion from the...

  • CU 24 Cardholders Burned up Records in July

    TALLAHASSEE, Fla. - Credit Union 24, the credit-union owned ATM and POS network that is headquartered in Florida, reported this month that its cardholders used their ATM/debit cards more in the month of July 2005 than they had in any previous month in the history of the ATM and EFT...

  • CardSystems Breach Reveals Longstanding Problems In Card Security; CU Options May Be Limited

    ARLINGTON, Va. - As more time has passed since the CardSystems data security breach, the fallout indicates that the threat of wide-spread card information risks may be with credit unions for a long time and that there may not be much they can do about it. The latest item leading...

  • Card Consultant says Too Many CUs Overlooking Important Details in Card Programs

    LAKE BLUFF, Ill. - Too few credit unions get the in-depth information that they need before they make major decisions about their card portfolios, such as whether or not they should keep or sell them, without really fine tuning their program to get a good understanding of how it could...

  • College Students Less Responsible With Cards

    ARLINGTON, Va. - Despite concerns that college students may not have the knowledge or responsibility to use credit cards responsibly, many card issuers have pressed forward with marketing efforts aimed at college students. Now there is more evidence that the cautionary voices may have been right. A new survey has...

  • Special Report: Credit/Debit/ATMs

    Turn to pages 20-24 for the latest card news including a look at just how vulnerable CUs are to future card breaches.

  • The State of State Chartered Credit Unions

    WEST PALM BEACH, Fla. - The National Association of State Chartered Credit Union Supervisors' Annual Conference and Symposium being held this week in Chicago marks the 40th anniversary of the association. Starting with St. Mary's Cooperative Credit Association of New Hampshire, which was the first state-chartered CU in the U.S....

  • TNB Purchases Four More Card Portfolios

    DALLAS - Four credit unions in three states have sold their card portfolios to TNB Card Services, the card processing arm of credit union-owned Town North Bank. The four credit unions are the $220 million Great Plains FCU, headquartered in Joplin, Missouri; the $44.5 million SourceOne FCU, headquartered in Brooklyn...

  • Arizona Federal Upgrading its Card Portfolio

    PHOENIX, Ariz. - The $1.3 billion Arizona FCU is upgrading its 30,000-card portfolio by rolling out new platinum cards with a rewards program to all of its members who currently hold either a classic or gold card. "We are thrilled to be able to offer our customers the opportunity to...

  • Survey Finds Card Management Techniques Unfair to Consumers

    SAN FRANCISCO - A study conducted by San Francisco Consumer Action, a consumer activist group, has found that some of the most common bank card practices, most often associated with risk-based pricing, in fact penalize consumers, often for simple behavior associated with being consumers. The survey found that a third...

  • Earning the Right to join a Credit Union

    ECUADOR - Joining a credit union for Americans is a matter of finding one where they fit into a common bond, but for a group of rural Ecuadorian women under a three-year old project ending this month, they have had to earn the right to join. The program that the...

  • Native Canadians Find Solutions at Their Credit Union

    GARDEN RIVER, Ontario, Canada - When Allan Moffat of the Anishinabek Nation Credit Union (ANCU) introduced himself he jokingly offered a reward if the credit union name could be pronounced correctly. However, he takes his role as ANCU's general manager as anything but a joke. The tribal Assembly voted in...

  • PEMCO Awards Scholarships to Card Executives

    SEATTLE - Card executives from three credit unions, the $243 million MaPs Credit Union, headquartered in Salem, Oregon; the 484 million Credit Union 1, headquartered in Anchorage, Alaska and the $17 million Bowdoinham FCU, headquartered in Bowdoinham, Maine, have received scholarships to PEMCO Technology Services annual symposium in October. The...

  • Debit Continues Steadily Rising

    Americans continue to fall in love with their debit cards, steadily taking more of the cards and using them for an increasing volume of purchases, even for the "small change" items which cash used to dominate. According to Callahan and Associates, Americans charged $13.5 billion in transactions under $5 in...

  • Fledging Cooperative Card Platform Signs Two More CUs

    WAKEFIELD, Mass. - Encore Card Services, the two-year-old card processing arm of the Encore Cooperative, a credit union owned and operated effort which offers member credit unions access to EFT/ATM services, shared branching, merchant card services and card processing services, announced it has signed its third and fourth credit unions...

  • A Closer Look at HSAs

    MOUNTAIN VIEW, Calif. - Expert predictions of Health Savings Accounts (HSAs) gaining popularity seem to be on target and health insurance companies across the country are responding to the demand. According to an eHealthInsurance report, Health Savings Accounts: The First Six Months of 2005 consumers are paying an average of...

  • The Billionaire's Club

    See how John Deere Community CU keeps its operation running smooth in the latest edition of The Billionaire's Club on page 48.

  • Card Associations Posting Strong Growth in 2005

    SAN FRANCISCO - Like MasterCard, Visa USA has posted strong growth in both the cash volume and number of transactions in both its credit and debit programs so far in 2005. According to the number one card brand, sales volume for both credit and debit together increased 17.5% to $302...

  • More Portfolios Sold in Second Quarter as Cards do Better

    PORTLAND, Ore. - More credit unions sold their portfolios in the second quarter of 2005 even as credit unions overall may have begun to see some results of better card management practices. According to NCUA data, analyzed by Asset Exchange, a leading card brokerage, approximately 17 credit unions larger than...

News Briefs

  • FinCEN Clarifies CTR Filing with FAQ

    WASHINGTON-The Financial Crimes Enforcement Network sought to clear up confusion about how to file currency transaction reports with guidance based on `Frequently Asked Questions.' To help financial institutions better understand how to file currency transaction reports seven-question document. The guidance seeks to clear up when the reporting of transactions using...

  • Louisiana Corporate's Savoie Aims for Chief Status

    METAIRIE, La. - Louisiana Corporate CU CEO David Savoie is set to earn a few more stripes. Savoie, who spent a year away from the corporate to work at the Pentagon during the military's Operation Enduring Freedom campaign, is currently a Navy reservist with the rank of First Class Petty...

  • Horizon FCU Picks Up Membership of Insolvent CU

    ALEXANDRIA, Va.-NCUA liquidated $11 million Lock Haven Area Federal Credit Union August 8 and transferred member accounts to Horizon Federal Credit Union of Williamsport, Pa. The agency had determined that the credit union was insolvent. According to the March 2005 Call Report, Lock Haven had -3.81 net worth. NCUA was...

  • HUD Notice Means CUSOs to Send HMDA Data Directly to Fed

    WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) has notified non-supervised lenders that currently submit their Home Mortgage Disclosure Act data to the agency, to send their data to the Federal Reserve Board starting Sept. 15. NAFCU Regulatory Affairs Director Gwen Baker said the notice applies to...

  • Pennsylvania State Regulator, PCUA, CUs File Briefs in Community Charter Case

    HARRISBURG, Pa. - The Pennsylvania Department of Banking, the Pennsylvania Credit Union Association and three state-chartered CUs filed briefs in Commonwealth Court on Aug. 10 regarding the ongoing litigation with the bankers over community charters. The three credit unions were Corry Jamestown CU, Freedom CU and TruMark Financial CU, the...

  • HVHS Credit Union Receives TIP Charter

    SEWICKLEY, Pa. - HVHS Credit Union has a new charter and a new name. The $21 million CU has changed its name to PA HealthCare Credit Union after receiving approval from the state's regulator to convert to a trade, industry or profession charter. Chartered in 1973, the CU previously served...

  • Letter to CUs States NCUA 5300 Review Yields Improvements

    ALEXANDRIA, Va.-NCUA found "significant opportunities to increase efficiency and effectiveness" in its 2004 "comprehensive review" of the 5300 Call Report data collection, analysis, and reporting processes. NCUA will implement "innovative technological improvements beginning with the Sept. 30, 2005 reporting cycle. "These improvements will reduce costs, increase data integrity, expedite information...

  • CURIA Sponsor Comes Under Attack

    BATON ROUGE, La. - Seeking to bolster a CURIA co-sponsor under attack from the banking lobby, the Louisiana Credit Union League said it has generated nearly 200 "thank you" letters to U.S. Rep. Rodney Alexander (R-Monroe) to demonstrate the industry "is behind this bill." "The response from our credit unions...

Marketing

  • Robins FCU E-Statement a Hit

    WARNER ROBINS, Ga.- A "See the Big Picture" E-Statement promotion has not only benefited Ellis Brezial who won a Samsung 42" Plasma television but Robins Federal Credit Union's bottom line. "We've seen great results from the E-Statement promotions, gaining thousands of new accounts and it's teaching the members that they...

  • US FCU to Jazz Up Community Event

    BURNSVILLE, Minn. - As title sponsor of the popular Art and All That Jazz Festival, US Federal Credit Union is building its presence in the community. The festival, free and open to the public, offers jazz music by national talent Nick Colionne and local high school all-star musicians along with...

  • Visions FCU Sponsors Music Festival

    ENDICOTT, N.Y. - Visions Federal Credit Union has recently teamed up with the Tioga County Council on the Arts to sponsor the Annual Hickory Smoked Music Festival. Musical artists included Mike Albert & the Big E Band with a tribute to Elvis, Steve Southworth & the Rockabilly Rays and many...

  • Louisiana CUs Team Up for Financial Literacy

    HARAHAN, La. - The Louisiana Credit Union League, Neighbors Federal Credit Union and Campus Federal Credit Union had a presence at the Youth Financial Educators' Summit in Baton Rouge. The conference, hosted by the Louisiana Jump$tart Coalition, was designed to provide information about new developments in literacy education to Louisiana...

  • Corporate Design Associates Ad Agency for Insight Financial CU

    ORLANDO, Fla., - Insight Financial Credit Union has named Corporate Design Associates (CDA) the agency of record for its advertising needs. "We chose Corporate Design Associates as our agency of record due to the agency's fresh approach during the credit union's name change in 2003, and for their work to...

  • Hopewell FCU Takes Time to Show Members Appreciation

    HEATH, Ohio - To thank members for their loyalty, Hopewell Federal Credit Union provided a fun day of appreciation. With an eye on "pampering", the credit union treated members to free food, drinks, ice cream, and free chair massages. In addition members had the chance to win prizes, which included...

  • Fort Belvoir FCU Helps Kids Have "Fun with Money"

    FORT BELVOIR, Va. - Fort Belvoir Federal Credit Union is connecting with its younger future consumers by hosting a "Fun with Money" day. As part of its partnership with Minnieland Private Day School and Christian Hope Early Development Center, the credit union treated over 50 children to learn first hand...

  • Workers' CU Keeps Community Cool

    FITCHBURG, Mass. - Forget the old fashioned ice-truck, Workers' Credit Union has recently hosted an ice cream extravaganza at its latest branch. The credit union tapped the Magic Bus, an authentic British double-decker bus, which has been converted into a full-service mobile ice cream parlor. Picture here Thomas Trahan and...

  • MAC Hosts PR Best Practices Workshop

    INDIANAPOLIS - The Marketing Association of Credit Unions (MAC) wants to help credit unions brush up their public relations skills. MAC will host workshops on "Best Practices in PR: Affordable and Efficient Ways of Maximizing Your Credit Union's Presence in the Community" on September 13 and 14 in Northern and...

Tech Bytes

  • CUNA Tech Council Awards Fete Best and the Brightest

    SAN DIEGO - Bolstering member service and the bottom line through in-house innovation is at the heart of the award-winning efforts in this year's CUNA Technology Council awards for best practices. The winners were named at the council's recent annual conference in San Diego. "The winners were judged according to...

  • uMonitor Nets Two Billion Dollar CUs

    MEMPHIS, Tenn. - The $5.6 billion The Golden 1 CU and the $1.6 billion Mountain America CU have selected uMonitor for select online services. The Golden 1 will be using uMonitor's Account-to-Account Funds Transfer Service solution. It will be integrated into The Golden 1's Corillian Internet banking system. Mountain America...

  • AFTECH Adds St. Vincent's Medical Center FCU to Client List

    BRIDGEPORT, Conn. - St. Vincent's Medical Center Federal Credit Union will be converting to a core processing system from AFTECH next February, and going online. The $12.9 million CU has about 2,300 members and will be using the Fiserv unit's Advantage ASP Client system as well as the aftech@net Internet,...

  • Maxxar to Market Integrated Offering with Apropos

    OAKBROOK TERRACE, Ill. - Interactive self-service delivery specialist Maxxar is now a member of the Apropos Technology Alliance Partner program. The Open Solutions Inc. business unit now will be combining its speech-enabled solutions with the multi-channel communications management tools from Apropos, the companies say. Maxxar's Total Natural Transaction (TNT) system...

  • Eastern Financial Florida Extends DI Pact, Adds Biz Services

    MIRAMAR, Fla. - Eastern Financial Florida Credit Union has extended its contract with Digital Insight through 2008 and added cash management services for business members to the online channel. The $1.8 billion CU has more than 75,000 online end users among its 196,000 members. California-based DI (www.digitalinsight.com) has been its...

  • Chevron CU in Mississippi to be Merged, No. 7 Federal Charter to Get Canceled

    OAKLAND, Calif. - The Chevron credit union "family," - which once numbered more than 15 across the U.S. - is getting reduced by one. The $870 million ChevronTexaco CU, a single sponsor CU serving petroleum and refinery employees of Chevron Corp. of San Ramon, said it plans to merge with...

  • MarketerNet Takes Up New Residence on 18th Floor of Sears Tower

    CHICAGO - MarketerNet LLC, a provider of marketing data and other services to credit unions, has a famous new address: 233 S. Wacker Drive. To accommodate growth, the company (www.marketernet.com) is moving its downtown location from South Green Street to the 1,450-foot Sears Tower. MarketerNet now occupies about 18,000 square...

  • Corillian Names New Board Chairman

    PORTLAND, Ore - Corillian Corp. has named long-time board of directors member Jay Whipple III as its new chairman of the board. Whipple has been on the Internet banking vendor's board since 1997, during which time he also has been chairman of software services firm Osprey Partners LLP and a...

  • Online Resources Changes Policy on Unclaimed Funds, Prompting Restated Earnings

    CHANTILLY, Va. - Online Resources Corp. is giving back about $2 million worth of unclaimed checks, prompting the online banking and bill pay specialist to also restate two years' worth of financial results. The company - which trades as ORCC on the Nasdaq - had been holding the funds but...

  • Dupaco Merger with Community Plus CU Approved by State, Federal Regulators

    DUBUQUE, Iowa - State and federal regulators have approved the merger of Community Plus CU, Ceder Rapids into Dupaco Community CU. The merger is expected to be completed by Dec. 31. The merger, which was already approved by Community Plus' nearly 4,300 members, will add $26.5 million in assets to...

  • Harland Announces Nine ULTRADATA Signings

    ATLANTA - Nine credit unions have committed to the ULTRADATA core processing platform in the past six months, three who'll run it in-house and six as service bureau users, according to Harland Financial Solutions. The new in-house ULTRADATA clients, and their prior processor, according to NCUA records, are $115 million...

  • Biometrics in Credit Unions' Future

    ARLINGTON, Va.-Biometric technology is catching the eyes of credit union leaders, according to NAFCU's August Flash Report survey. The Flash revealed that while just 11% of the sample credit unions are using some form of biometrics, 3% plan to implement biometric systems with in the next year and 21% plan...

  • Rhode Island's Business Development Incubator Sees Success with Help from Coastway CU

    PROVIDENCE, R.I. - The Business Development Co. of Rhode Island is seeing success thanks to partnerships with Coastway Credit Union and other lenders. BDC's specialty is lending money to businesses that have been turned down by banks. The $231 million Coastway CU, along with Bank of America, Bank Rhode Island...

  • Digital Defense, Client CUs Inviting Members to Join Security TEAM

    SAN ANTONIO, Texas - Digital Defense Inc. and a group of credit unions are inviting people to join their Security TEAM in the fight against phishing and other online fraud. Security TEAM stands for Security Training, Education and Awareness for Members and is a new online training course provided to...

  • CU Head Hunter, Job Posting Site Join Forces; creditunions.com Expands Its Entry

    SAN DIEGO - CU Executives Inc., a recruiting service specializing in senior managers and IT professionals, is joining with CUjobs.com, an online job posting service. CUExecs (www.cuexecs.com) will post its clients' openings on www.cujobs.com and direct traffic there, as well. Both are based in San Diego. "This alliance seems like...

  • Pacific Service CU Finds Help from Other CUs, Careful Due Diligence Key to a Smooth DP Conversion

    WALNUT CREEK, Calif. - Data processing conversions are never easy, and they can be even more trying for a large credit union. The $1 billion Pacific Service Credit Union said it made it through the process relatively unscathed, however it took lots of planning and on-site visits with fellow credit...

  • BECU Signs on to MemberCONNECT

    MADISON, Wis. - BECU has selected CUNA Mutual Group's MemberCONNECT program for its members' auto and homeowner insurance needs. MemberCONNECT features a direct-marketed, integrated collection of protection and investment products and services. The three core products including Accidental Death & Dismemberment Insurance, Life Insurance and Auto Insurance, are offered to...

Special Report

  • Cincinnati Magazine Honors DEI Inc.

    CINCINNATI - Design/build firm DEI Incorporated has picked up an award for "Commercial Design Under 3,500 Square Feet" in Cincinnati Magazine's 3rd Annual Interior Design Competition. Thirty-one interior design projects received top honors. Cincinnati Magazine's interior design competition honors outstanding and innovative residential and commercial interior design in Cincinnati, Dayton...

  • MVFCU Redefines Drive-Thru Service

    NORTH ANDOVER, Mass. - Merrimack Valley Federal Credit Union recently helped its members stave off the summer heat while waiting in the drive-up with cool drinks. The idea behind the move is that if members have to leave their homes to do their transactions then the credit union would make...

  • SSFCU Boerne Service Center "Best of the Best"

    SAN ANTONIO - Security Service Federal Credit Union's Boerne Service Center has taken home second place honors in the "Best of the Best" Reader's Choice Awards competition published annually in the Boerne Star & Hill Country Recorder, the city's local newspaper. Each year, the competition allows the local residents to...

  • Pen Air FCU Hosts Grand Re-opening

    PENSACOLA, Fla. - With its North branch re-opening, there's plenty for Pen Air Federal Credit Union to celebrate. The facility, which is one of the credit union's busiest branches, has been closed since Hurricane Ivan devastated the area on September 16, 2004. Located in the heart of what is known...

Letters to the editor

  • Baranowski Still Volunteering, Still Following CUs

    After two years away from the credit union, I am enjoying the change of pace. Currently I am president of our condo association and working feverishly on a restoration program since two hurricanes hit our 52 beachside units last September. My 40-plus years of management experience prepared me well for...

  • 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....

  • TWA Club CU Lives on as CommunityAmerica CU

    In Mike Welch's Aug. 3 column, "There Are Some Things CUs Can Do Without," Welch referenced the demise of TWA Club Credit Union writing, "But as virtually all other airline credit unions took off, TWA, the airline and the credit union, was merged out of existence." In fact, some 60...

  • Matz: Thanks and Let Me Clarify

    I truly appreciate Mike Welch's gracious column ("Debbie Matz will exit NCUA much stronger," CU Times, August 17). Indeed, during my term on the NCUA Board, I have so enjoyed getting to know credit union officials across the nation and have been so impressed by their commitment to serve their...

  • Volunteers May Have to Take Things into Their Own Hands to Change Lack of Board Representation

    Credit union volunteer professionals in California are discretely discriminated against for election to trade association boards including the boards of corporate credit unions, CUSOs, CUNA Mutual, WOCCU, and organizations such as the Filene Institute. The process is so discriminatory that few dare to try to get elected. Credit union volunteers...

  • Ensweiler's Sudden Outspokenness is Typical

    (Editor's Note: Hardage is a former vice president of the Texas CU League under its Credit Union Resources umbrella. He managed Texas Credit Union Service Centers, Inc. until December 2003. Other than as a member, he is no longer affiliated with any credit union organization.) It is interesting and typical...

Opinion

  • Nine Reasons to Drive Your ATMs Now, and One Reason Not to.

    Ever wonder why the fancy ATM in the lobby that you just upgraded for Triple DES doesn't do much more than the old machine it replaced? Ever wonder why the ATM in your state-of-the-art corporate headquarters still sends transactions to a third-party data center in Duluth, only to be routed...

  • Dual Chartering, Conversions and the Race to the Top

    The dual chartering system today seems in fairly good balance judging by the recent pattern of credit union conversions from state-to-federal and federal-to-state charter. While there will always be some back and forth, the pattern has been relatively stable of late. Only 24 conversions took place in 2004 (four from...

Publisher's Column

  • A Potpourri Look At the World of Credit Unions

    It is time to take another potpourri look around the credit union world and make some observations. Most reactions to a recent column highlighting some of the things I think credit unions can do without have come in on an off the record basis. Understandably. A credit union CEO said...

Publisher's Notebook

  • We Want Your Mug

    A picture is worth a 1,000 words goes the old adage. Maybe that's why the use of good quality color photographs in the editorial pages of Credit Union Times has increased so dramatically over the past 18 months or so. Even the greatly expanded letters to the editor section now...

People

  • SOUTH

    South Carolina Federal Credit Union, North Charleston, S.C. has named Troy Hall chief operating officer. GTE Federal Credit Union, Tampa, Fla., has named Dr. Zigmund Kryszak senior vice president organizational development. Georgetown Kraft Credit Union, S.C., has promoted Tracy Cameron to head teller and Olivia Williams to technology services manager....

  • MIDWEST

    MidWest Financial Credit Union, Ann Arbor, Mich., has named Jon Kabel vice president of financial services. Iowa Credit Union League, Des Moines, has named Emily Oliver public affairs specialist. Mazuma Credit Union, Kansas City, Mo., has named Eric Jones vice president of business services.

  • SOUTHWEST

    EECU, Fort Worth, Texas, has named Joe Rossa vice president of lending. University Federal Credit Union, Austin, Texas, has named Edward J. Christians senior manager of information technology.

  • WEST

    Valley Credit Union, San Jose, Calif., has named Jess Gutierrez vice president of finance and Althea Morris assistant vice president of lending.

  • VENDORS

    Countrywide, a wholesale lender, has promoted Jeff Garrison to executive vice president prime lending. FICS, a mortgage technology provider, has promoted the following employees: Susan Graham to vice president of customer service; Anita Bush to assistant vice president of mortgage servicer development; Sherri Carr to assistant vice president of commercial...

Beyond the Job

  • Swimming, Biking, Running Everyday Exercise for CU Operations Officer

    HOUSTON -Debbie Weir, VP of Operations for StarTrust Federal Credit Union works hard at the office, but outside the office she really goes the distance. Debbie recently competed in and finished her first IronMan Competition, a grueling combination of a 2.4-mile swim in open water, a 112-mile bike ride and...

  • `Dirt Racing' Ideal Fit for West Virginia CFO

    PROCTOR, W. Va. - Talk about "eating dirt" and racing cars and you have the perfect recipe for fun and excitement enjoyed by Ronald Rush, vice president and chief financial officer for the $172 million Bayer Employees Federal Credit Union, here. "Sure, it's kind of a family affair since my...

  • NIH FCU's Forsyth Bikes for Conditioning, Adventure

    ROCKVILLE, Md. - Mark Forsyth finished a few hours ahead of Lance Armstrong in one of the grueling mountain stretches of the Tour de France last year. Not bad for a 43-year-old senior manager at a suburban Washington credit union. Of course, Forsyth had quite a head start. An avid...

Billlionaires Club

From the Board Room

  • First Florida CU Board Director Elected NACUSAC Chair

    JACKSONVILLE, Fla. - First Florida Credit Union Board Director and audit committee member Linda Treml has been elected chairman of the National Association of Credit Union Supervisory and Auditing Committees. Treml has served First Florida CU in various capacities for over 25 years. NACUSAC is the only national trade association...

  • Altura Credit Union Elects New Officers

    RIVERSIDE, Calif. - While new officers have been elected to the Altura Credit Union board, the CU hasn't forgotten its former chairman. In a show of support for former Board Chairman Larry Ward, who has been appointed interim Riverside County Recorder/ Clerk/Assessor to replace Gary Orso, who retired earlier this...

  • Visions FCU Volunteers of the Year Honored

    ENDICOTT, N.Y. - Visions Federal Credit Union staffers' volunteer efforts have recently been recognized. Business Development Specialist Vickie Mauro has has been awarded the "Volunteer of the Year" award from the American Heart Association. Mauro has been working with the American Heart Association for seven years and was recognized with...

  • NYIB Adds Swope to Board

    BAY CITY, Mich.-FinancialEdge Community Credit Union Marketing Manager Pam Swope has recently been elected North Central regional coordinator and treasurer for the National Youth Involvement Board (NYIB). The NYIB is a network of volunteers and professionals who help credit unions effectively attract, serve and educate young members. Swope brings over...

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