Credit Union Times Magazine December-21, 2005

  • Hyland: Credit Unions Must Answer the Call for More Modest Means Information

    ALEXANDRIA, Va. - After 14 years of serving the credit union industry, NCUA Board Member Gigi Hyland refers to herself as "a true believer" that credit unions are serving the American public well. "We've always had trouble with telling our story and telling our story in a way that clicks...

  • Largest Credit Union In Michigan Files to Convert to a Mutual Bank Charter; League Will Employ Web Site Again

    DEARBORN, Mich. - Michigan's largest credit union, the $1.7 billion DFCU Financial Credit Union, filed applications Dec. 14 with the Office of Thrift Supervision and FDIC to convert its charter to that of a mutual bank. The 160,000-member credit union is 55 years old and has a capital ratio of...

  • Mega Merger: Empire Corporate and Mid-States Sign Merger Agreement

    WARRENVILLE, Ill. and ALBANY, N.Y. - The industry has never witnessed a merger like this before. In what would be the largest corporate credit union merger ever and a deal that could dramatically change the face of the corporate credit union network, the $4.5 billion Mid-States Corporate FCU and the...

  • Hood: Partnerships and Community Development Expand Access to Capital, Bolster Safety and Soundness

    ALEXANDRIA, Va.-NCUA Vice Chairman Rodney Hood admitted he feels a rush from waiting until Dec. 23 to start his holiday shopping, but there is nothing last minute about his background in financial services. Throughout his broad career, Hood has found success in the power of partnerships, something he plans to...

  • Eastern Financial Florida CU CEO McGill Says Heart Attack Changed His Life

    MIRAMAR, Fla. - A routine stress test on a treadmill typically doesn't lead to a heart attack but that's what happened to Stephen McGill. McGill, 46, president/CEO of $2 billion Eastern Financial Florida CU, was recently profiled in the Dec. 12 issue of the South Florida-based newspaper the Sun-Sentinel on...

  • Hood Lays Out Regulatory Philosophy at CUES Conference

    LAS VEGAS - In one of his first speeches to a credit union group as vice chairman of the NCUA, Rodney Hood explained his regulatory philosophy and emphasized his interest in listening to the regulated during the Credit Union Executives Society's Directors Conference Dec. 9. "As a regulator, I want...

  • SBA Names Alternatives FCU Top Lender

    ITHACA, N.Y.- Alternatives Federal Credit Union was recently honored with the SBA's Top Lender in the Southern Tier award. "During the past three years Alternatives has not only increased the number of small business loans in the area but also the amount of dollars loaned out," said B.J. Paprocki, SBA...

  • NCUA Board Proposes Cap on Third-Party Indirect Lending, Centrix OK With Parameters

    ALEXANDRIA, Va.- To guide credit unions through third-party, indirect lending, the NCUA Board at its Dec. 15 meeting voted unanimously to release a notice of proposed rulemaking seeking comment on the regulation of credit union purchases of indirect third-party lending. The notice indicates that NCUA would like to limit the...

  • CUNA Pushes Senate to Look at Financial Services Hurricane Relief Legislation

    WASHINGTON-In a Dec. 8 letter to Senate Banking Committee Chairman Richard Shelby (R-Ala.), CUNA President and CEO Dan Mica urged the Senate to move on hurricane relief legislation before the end of the 2005 legislative session. Mica asked Senate Banking Committee Chairman Richard Shelby (R-Ala.) to "take swift action" to...

  • CUNA Updates CU History Book

    MADISON, Wis.-CUNA now has available the latest version of its book on the history of credit unions. People, Not Profit: The Story of the Credit Union Movement is in its fourth edition. The book highlights crucial points in the development of credit unions within the U.S. It spans from the...

  • Judge Keeps CU Case Against BJ's Alive

    MADISON, Wis. - A judge in Massachusetts has left the bulk of the case CUNA Mutual and 192 credit unions have brought against BJ's Wholesale Club and its processor, Fifth Third bank, seeking to recover damages in the card data breach in place. The card breach took place in March...

  • Lawmakers Anxious to Get Home for the Holidays

    WASHINGTON-Lawmakers were working hard last week to be able to adjourn for the year before the holiday season kicks into high gear. While their families were decking the halls, members of Congress were trying to wrap up the work of the first session of the 109th Congress last week. They...

  • SECU Payday Loan Program Reaches More Than 50,000 Members

    RALEIGH, N.C. - More than 53,000 members of the $13 billion State Employees' Credit Union have made use of the CU's payday lending alternative product since the product was put into place four years ago, the CU has announced. Dubbed the Salary Advance Loan Program, the loans have an annual...

  • The Story of the Year

    What was the story of the year for 2005? We asked readers to answer that question for us via our online voting poll. Here are the results so far: *The battle between NCUA and Community and OmniAmerican over their conversion to banks

  • CULAC Now Accepts Plastic Online

    WASHINGTON-In keeping with the holiday season, the Credit Union Legislative Action Council of CUNA has now created a secure Web site for credit union members to make online contributions from their Visa or Master Card credit cards. "We continually try to do things to grow the PAC receipts and make...

  • NAFCU Meets with Hyland

    ALEXANDRIA, Va.. - Leaders from NAFCU recently visited with new NCUA Board Member Gigi Hyland in her office at NCUA's headquarters. NAFCU has already met with NCUA Vice Chairman Rodney Hood, who joined the board the same time Hyland did. Here NAFCU President/CEO Fred Becker talks with Hyland. Other NAFCU...

  • Credit Unions Challenged Like Never Before

    From fierce banker attacks to destructive hurricanes, in many ways it was a difficult year for credit unions. But it was also a year for credit unions to stand together and show their resolve. Turn to pages 18-53 for an in-depth look back on everything credit union for 2005.

  • CU Systems Fund Nets $15 Million in Loan Purchases

    MADISON, Wis.- The CU Systems Fund is gaining ground nearly seven months after its debut. Launched in March, CU Systems Fund was created by CUNA Mutual Group to allow CUs to invest in shares of a series of funds holding a portfolio of CU-originated MBL participations and other permissible investments...

In Other News

  • DONATIONS

    St. Louis Postal Credit Union and Show-Me Credit Union, Mexico, Mo., have teamed up to help keep needy families warm. Both credit unions hosted coat drives. Show-Me CU collected 644 coats, which have been donated to The Help Center, a nonprofit thrift shop and food pantry serving area low-income families....

News

  • MBNA, Bank of America to Merge

    WILMINGTON, Del. - If the market for CU card portfolios continues to slow next year, one reason may be the pending merger between card giant MBNA and Bank of America. Announced at the end of June and scheduled to be completed by the end of 2005, the merger between the...

  • Cormode Steps Down From Symitar

    SAN DIEGO - Symitar President Bruce Cormode resigned from Symitar this year due to health problems. Cormode first went on leave, but he determined he needed to permanently leave the company and focus on his health. Parent company Jack Henry & Associates said there would always be a place for...

  • BSA Compliance Rises to the Top of Regulatory Interests

    WASHINGTON-Recent public violations of the Bank Secrecy Act, such as the Riggs Bank incident, have led to increased scrutiny by the federal financial regulators. So far, just one credit union-Suffolk Federal Credit Union in November 2004-has been hit with a Letter of Understanding and Agreement for a BSA violation. However,...

  • Volunteer Rep. Cause Shifts to Washington State

    FEDERAL WAY, Wash. - The ongoing national debate about volunteers gaining wider authority to guide trade group policy appeared to be winding up the year with a Washington State focus. That's because even though the issue of volunteers seeking more leadership clout in national and state trade groups was first...

  • Investment News: In-House Investment Shifts, Bentley Goes to Prison Among Top Stories

    PHILADELPHIA - A scammer gets convicted for duping credit unions and other financial institutions, and more credit unions move their investment CUSOs in-house were among the top stories this year. For his role in a Ponzi scheme that hundreds of credit unions and others invested $370 million in, Robert L....

  • California League on Schedule to Name Chatfield's Replacement Next Month

    RANCHO CUCAMONGA, Calif. - David L. Chatfield announced his retirement as CEO of the California Credit Union League earlier this year. "I would expect by January 1, give or take a couple of days, an announcement will be made," said Diana Dykstra, chairman of the league's search committee, regarding a...

  • D.C.-Based CU Organizations Roll Up Their Sleeves for Disaster Recovery

    WASHINGTON-Everyone wanted in on helping credit unions in the areas hardest hit by Hurricane Katrina and other storms this summer. NCUA activated its emergency response policies, helped get and keep credit unions up and running by various means as necessary, and sent economic development specialists to the areas to help...

  • Bankruptcy Reform Finally Passed; Shakes Up Lenders Short-Term, Long-Term Benefits TBD

    WASHINGTON-Bankruptcy filings surged in the weeks leading up to the Oct. 17 effective date of the Bankruptcy Abuse Prevention and Consumer Protection Act, but lenders expect the long-term benefits to outweigh the initial spike. On April 14, the House passed the bill 302-126 after the Senate had already approved it...

  • CMG Gets Out of Mortgage Business with Sale of CUNA Mutual Mortgage

    MADISON, Wis. - As 2005 winds down, there seems to have been no shortage of unexpected news announcements coming out of CUNA Mutual Group for the year. One of the surprise announcements came in October and concerned CUNA Mutual Group's decision to sell its mortgage operation - CUNA Mutual Mortgage...

  • A Plethora of Personnel Changes on Capitol Hill

    WASHINGTON - The last year has been a busy one for comings and goings in the nation's capital in terms of important people to the credit union movement. In Congress, Representative Randy Cunningham (R-Calif.), a co-sponsor to the Credit Union Regulatory Improvements Act, resigned his position after pleading guilty to...

  • Impact of Visa, MasterCard Structural Changes Uncertain

    SAN FRANCISCO - The environment in which credit unions conduct their card business began to significantly change in 2005, but it remains unclear what the changes will likely mean. Both Visa USA and MasterCard announced that they would no longer be associations of card issuing financial institutions and would instead...

  • 2005: The Year of Card Fraud, Public Learns to Fear "Breaches"

    WASHINGTON - Credit unions dropped millions, if not tens of millions of dollars in 2005 on the cost of closing and reissuing credit and debit cards for members whose card data was compromised in a series of enormous breaches of card security. The names of the cases, which came in...

  • Special Feature: How Credit Union Organizations, Leaders Celebrate the Holidays

    Tis the Season for the Industry to Celebrate With this the last issue of the year for Credit Union Times, our staff contacted its sources to find out just how they plan to celebrate the holiday season. Some organizations hold lavish holiday parties, while others prefer smaller affairs. Of course,...

  • ABA Up to its Old Tricks with Renewed Hope, New Lawsuits

    WASHINGTON-The week of the congressional hearing on the credit union tax-exemption-and less than a year after NCUA did not appeal a Utah court's harsh remand of a field of membership approval in the state-the American Bankers Association filed two new court cases against the credit union regulator. One will again...

  • Use of Matriculas as ID Continued Controversial in 2005

    WASHINGTON - Whether and how credit unions and banks accept the so-called Matricula Consular as identification from new account openers continued controversial in 2005 as the issue became ensnared in the nation's broader conversation about immigration policy. The Mexican Government issues Matricula Consular cards for Mexican nationals who are living...

  • Membership Numbers Slowly Turned Upward, CU Consolidation Continued

    MADISON, Wis. - The member count in 2004 had nearly stalled but this year looked a bit more promising. Earlier this year, industry estimates showed the industry would have nearly 88 million members by the end of 2005. The latest update from CUNA Mutual Group's Credit Union Trends Report shows...

  • 2005: The Year of the Billion Dollar CU Conversions; Community CU Conversion Gets Ugly and Litigious

    DALLAS - Without a doubt when it came to credit unions exchanging their charters for those of mutual banks, 2005 was the year this controversial issue most came into focus - and it did so primarily with the $1.4 billion Community Credit Union in Plano, Texas. The credit union launched...

  • Credit Unions (And Bankers!) Learn to Repeat After Chairman Thomas: Transparency, Accountability, and Verifiability

    WASHINGTON-As one Virginia congressman put it, credit unions came closer than ever to taxation this year. In the most public of arenas to date, the tax-exempt status of credit unions was called into question during a hearing slated by House Ways and Means Committee Chairman Bill Thomas (R-Calif.). It was...

  • North Dakota CUs Suffer Tough Year

    BISMARCK, N.D. - 2005 has been a rocky one for North Dakota credit unions and their trade group. The latest brouhaha involving the North Dakota Credit Union League and the North Dakota Bankers Association over a newly enacted FOM law was set to surface during the December meeting of the...

  • Centrix Feels the Heat as NCUA Tightens Compliance Requirements on Subprime Indirect Lending

    ALEXANDRIA, Va. - For credit unions' loan portfolios and membership ranks, indirect lending seemed to kick into fourth gear this year as a major factor. But that activity may have been tempered for the second half of 2005 after NCUA put federally-insured credit unions on notice with its Risk Alert...

  • Tech Mergers Change the Vendor Landscape

    WEST PALM BEACH, Fla. - Consolidation among technology vendors is an annual event - 2005 was a moderate year. By far the biggest deal was Fidelity National Information Services' acquisition of Certegy. FIS has stormed on the credit union scene in recent years, and became a major player when it...

  • CUNA Mutual and Union Settle Bitter Labor Dispute; Company Begins Three-Year Re-engineering Initiative

    MADISON, Wis. - CUNA Mutual endured one of its most bitter battles with its union ever in 2005. For over a year, the company and the Office of Professional and International Employees Local 39 sparred over a new collective bargaining agreement. The battle was very public. It included picketing at...

  • Fight Over Payday Lending Got Uglier in 2005

    WASHINGTON - The fight between payday lenders and credit unions raged on in 2005. Credit unions which had begun to offer alternatives to payday loans for their members continued to do so in 2005, both in established programs such as those offered by the $13 billion State Employees' Credit Union,...

  • ABA Up to its Old Tricks with Renewed Hope, New Lawsuits

    MADISON, Wis. - CUNA Mutual endured one of its most bitter battles with its union ever in 2005. For over a year, the company and the Office of Professional and International Employees Local 39 sparred over a new collective bargaining agreement. The battle was very public. It included picketing at...

  • NCRC Kept Service Issue Bubbling in 2005

    WASHINGTON - The National Community Reinvestment Coalition kept up its periodic attack on credit unions for allegedly not doing enough to serve low-income communities in 2005, thus helping to keep the topic alive. NCRC is the umbrella group of more than 800 groups and institutions, including the National Federation of...

  • Considerable Turnover at NCUA, CUNA, and NAFCU in '05

    NCUA has had a bit of turnover at the highest levels. NCUA Board Member Debbie Matz announced her resignation this fall and is currently looking for a job, preferably within credit unions. In the meantime, Vice Chairman Rodney Hood and Board Member Gigi Hyland have joined the board. Additionally, Matz'...

  • Industry Experiences Casualties in Trust Services Arena, Launches Not as Frequent

    MANHATTAN BEACH, Calif. - It's still hard to pinpoint the number of credit unions that offer trust services, but not as many ventured into trust services this year compared to 2004. The industry even saw a few unexpected shutdowns. The $2.9 billion Kinecta FCU announced it would start offering its...

  • SBA Sought Out Credit Unions to Help Rebuild Gulf Coast, NCUA Made Appeals as CUNA Asked for More Clarity

    WASHINGTON - The destructive hurricanes that tore through several states this year forced many government agencies to get creative real quick on how to rebuild homes and businesses. Among them was the SBA, which had previously come under fire from some small business owners for how slow the agency was...

  • FASB Continued to Tweak Loan Participation Treatment, Trades Weigh In

    WASHINGTON - How loan participations should be conducted to qualify for accounting treatment as a sale continued to be a priority for the Financial Accounting Standards Board (FASB) this year. The latest FASB statement issued in October was an improvement over a 2003 version, CUNA said, but more tweaking is...

  • Industry Still Waiting on IRS Guidance for 457(f) Plan Treatment

    WASHINGTON - Several developments in the ongoing guidance phase from the IRS on the treatment of 457(f) deferred compensation plans occurred this year. It's been more than a year and a half since an IRS private letter ruling which told a federal credit union that, as a federal instrumentality, it...

  • In Memoriam: Credit Union Leaders Gone Too Soon in 2005

    2005 marked the loss of remarkable credit union leaders. Credit Union Times honors those who died in this listing. We regret any leaders who passed that we may have missed. Richard Flynn, former CUNA Credit Union CEO died at the age of 86. The credit union's second CEO, Flynn spent...

  • HSAs Arrive in 2005, Are CUs Ready for the Future?

    WEST PALM BEACH, Fla. - With predictions of a Health Savings Account (HSAs) boom in 2006, opportunity has been knocking for credit unions to get in on this potential revenue maker early. HSAs are tax-free savings accounts that can be used to pay for medical expenses including prescription and over...

  • More Credit Unions Formed MBL CUSOs, Partnered With SBA in 2005

    WASHINGTON - The momentum continued in 2005 for credit unions as they made more of a presence in the member business lending arena. As of the end of the second quarter, the most current data from Callahan & Associates, Inc., CUs had more than $14 billion in MBLs outstanding compared...

  • Louisiana Credit Unions Continue to Seek Normalcy Following Hurricane's Devastation

    HARAHAN, La. - In the early weeks following Hurricane Katrina's, and then Hurricane Rita's, demolition of the Louisiana coastal landscape, one phrase was repeated over and over: nothing is the same. The familiarity taken for granted with living conditions, working conditions, personal relationships, communication, transportation, and even finding sustenance had...

  • Two-Factor Authentication for Online Services Takes Center Stage with 2006 Deadline

    COLUMBIA, S.C. - Phishing and pharming and other hacks had been dominating the chat at the IT cyber water cooler this year until Oct. 12 rolled around. That day, the Federal Financial Institutions Examination Council (FFIEC) issued its new guidelines on online authentication. While the guidance focused on risk management...

  • Credit Union Lobbyists Make Work for Themselves on the Hill

    WASHINGTON-As credit unions receive greater recognition on Capitol Hill, credit union lobbyists find themselves busier each year. In addition to key pieces of legislation, like the Credit Union Regulatory Improvements Act (H.R. 2317) and the enactment of bankruptcy reform, other credit union-specific legislation received broad support in the House. In...

  • CURIA, Reg Relief Become Credit Union Legislative Hallmarks

    WASHINGTON-The Credit Union Regulatory Improvements Act (H.R. 2317) reached its pinnacle in legislative support thus far in its second full year in Congress. CURIA was backed by 107 lawmakers including primary sponsor Ed Royce (R-Calif.) as of press time, though the bill has hit some snags this year in co-sponsorship....

  • Card Portfolio Sales Started Stronger Than They Finished in 2005

    ARLINGTON, Va. - The pace at which credit unions sold their card portfolios and entered into agent relationships with their purchasers started out strong in 2005 but slowed significantly over the course of the year. Rising interest rates provided part of the reason for the slowdown along with the relatively...

  • Graham Leaves Kinecta, Joins SunCorp

    MANHATTAN BEACH, Calif. - Long-time Kinecta FCU CEO Thomas Graham departed the $3 billion credit union on April 29. Graham's absence from the industry was short-lived, as this fall he was named as CEO of SunCorp, replacing Eric Kenealy, who was terminated for reasons still unknown. Graham, who joined Kinecta...

  • Gowan and Meylink Leave CUNA Mutual

    MADISON, Wis. - Changes continue at CUNA Mutual Group. Credit Union Times has learned that Jim Gowan, former chief officer of sales, and Dan Meylink, former chief officer of lending, will be leaving the company effective at the end of the year to pursue other interests. Both Gowan and Meylink...

  • Kampen Resigns From U.S. Central

    LENEXA, Kan. - Dan Kampen resigned from U.S. Central on Aug. 3. Kampen, who led the corporates' corporate since 1997, made it longer than most U.S. Central CEOs. The job averages about a seven-year tenure. Details around Kampen's departure are hazy, but some say he was forced out due to...

  • 2005: CDFI Dodges Another Bullet

    WASHINGTON - The Treasury Department's Community Development Financial Institution's fund survived to make more grants in 2005, mounting an effective lobbying and political effort among its friends in Congress which kept it from being largely shut down and its appropriations divided up among a block grant program that would have...

  • Allpoint Continued to Make Name for Itself in 2005

    BETHESDA, Md. - Allpoint, the nationwide non-reciprocal surcharge-free ATM network, continued to grow in 2005 as both credit union and banks executives began to better understand how the network's nonreciprocal pricing strategy and large footprint can help them serve their members and customers. The network, which provides nationwide surcharge-free access...

  • Dias Announces Retirement Plans

    PORTLAND, Ore. - Portland Teachers CU CEO Cliff Dias announced his plans to retire from the $2 billion credit union next May. Dias joined Portland Teachers in 1995 and was named CEO in 1997. He helped grow the credit union from $792 million when he joined, to over $2 billion...

  • 2005 Credit Union Facilities Emphasize Experience, Brand Link

    WEST PALM BEACH, Fla. -Credit unions outgrew their spaces in 2005 as many were either breaking ground or opening the doors to their new headquarters. The year also saw a branch revival as credit unions continued to tie their brand identity into design. To create lasting member experiences, revamped credit...

  • Credit Unions' 2005 Creative Marketing Moves Play Up Making Deeper Connections

    WEST PALM BEACH, Fla. - In 2005 creativity in showcasing the credit union difference was key in credit union marketing efforts. Beyond just billboards and television/radio spots credit unions opted to play up their brand identity with a focus on stepping up to sponsor local and national events ranging from...

  • CU Trades, Agency Boost Presence at Inaugural Events

    WASHINGTON-Representatives of CUNA, NAFCU, and NCUA all made the rounds to a variety of inaugural events-as well as co-sponsoring an event or two-celebrating President George W. Bush's swearing-in to his second term. Top officials from all three groups attended a number of the inaugural balls, including the Texas Black Tie...

  • Crear Moves into Corner Office at WOCCU

    MADISON, Wis. - Credit union veteran Pete Crear only got to be retired for about six months before he was picked by the World Council of Credit Unions as its new president/CEO. Crear succeeded Arthur Arnold who left WOCCU in January after leading WOCCU for five years. Dr. Brian Branch...

  • WesCorp and VolCorp Move to Merge

    NASHIVILLE and SAN DIMAS, Calif. - The nation's largest corporate, WesCorp, and VolCorp announced merger plans earlier this year. The merger took many by surprise given that the $26 billion WesCorp is based in California, and the $1 billion VolCorp in Tennessee. It further proves that geography means very little...

  • Personnel Changes Galore in 2005

    2005 saw many high-level personnel changes, hitting all areas of the industry. From vendors, trade associations, NCUA and of course credit unions, a number of people have come and gone. Here is a look at just some of the changes in 2005. The list is by no means exhaustive.

  • The "New" NACUSO Takes Shape in 2005

    NEWPORT BEACH, Calif. - Fresh off its announcement made at the end of 2004 that it was restructuring the organization and adopting a new collaborative CUSO business model, NACUSO spent 2005 offering new programs and organizing conference agendas to reflect the association's new mission and strategy. As part of the...

  • California's New Elder Abuse Prevention Law Takes Effect January 2007

    SACRAMENTO, Calif. - The California state legislature passed a controversial elder abuse bill on August 15, the first day the body reconvened from summer recess. It was signed into law by Governor Schwarzenegger, and takes effect January 2007. SB 1018 requires financial institution employees to act as mandated reporters, with...

  • Rose Departs, Hollen Arrives, Continuity Maintained

    ONTARIO, Calif. - As he promised in 2004, Bob Rose, 15-year president of CO-OP Network, stepped down in 2005 as the network board chose Stan Hollen, the former CEO of The Golden 1 Credit Union and Liberty Enterprises, to take his place. Because of the careful work Rose and the...

  • Even After Member Approval, Some Bank Conversions Don't Come to Be

    TALLAHASSEE, Fla. - In June of 2004, the members of the $170 million Sunshine State FCU voted to approve their credit union becoming a mutual bank. But in March 2005, the credit union backed off, withdrew its application and left it withdrawn - even though at the time of the...

  • CUNA Launches $1B HLPR Mortgage Program

    WASHINGTON-Credit unions seeking increased penetration in the low-income mortgage market need look no further than CUNA's Home Loan Payment Relief (HLPR-"helper") program. CUNA kicked off the program officially with a press conference at the National Press Club just prior to the hearing on credit unions' tax-exempt status. At the launching,...

  • Maryland, D.C. Leagues Pull Off First Industry League Merger

    COLUMBIA, Md. - The credit union industry has known its share of credit union and league mergers that almost reached the contract signing stage only to be called off at the last minute, to the surprise of many, because of a variety of reasons. That though was not the case...

  • House Passes GSE Reform Bill After Five Years of Trying

    WEST PALM BEACH, Fla. - If there's one word that can be used to describe the mortgage market in 2005 it's `change.' Not only did the year see the end of the refinance market that boasted the lowest interest rates in years and the emergence of many so-called exotic loan...

  • 2005 Sees PULSE Merge with Discover, But Fruit From Merger Slow to Develop

    HOUSTON - The ATM and EFT world lost one of the last networks owned by its financial institution members in 2005 when the banks and credit unions which owned the PULSE EFT Association approved the network's purchase by Discover Financial Services, the card arm of Morgan Stanley. Undoubtedly the prospect...

  • Overdrafts Becoming More Popular with Some CUs; NCUA Explains Risks and Benefits

    ALEXANDRIA, Va.-Debate has continued within the credit union movement over whether overdraft programs are appropriate for the member-oriented non-profits. Some, like State Employees Credit Union (Raleigh, N.C.) CEO Jim Blaine, have passionately spoken out against it unless limited, while others point out that it saves members from merchant fees on...

  • 2005 Sees Changing of the Guard at Several Leagues

    WEST PALM BEACH, Fla. - There was no shortage of the changing of the guard at various leagues around the country in 2005. Just as in 2004, this year saw many league leaders' names disappear from the door of the corner office to be replaced by other names . Some...

  • Credit Union Friends Reach High Places

    WASHINGTON-When John Roberts was nominated to the Supreme Court, some in the credit union industry scratched their heads and wondered why he looked familiar. Roberts, who has since been sworn in as Chief Justice, had represented the Campaign for Consumer Choice in the AT&T Family Federal Credit Union v. First...

  • Breaking Year-End News

    The end of the year may be near, but there are plenty of news stories breaking. Turn to page 3 for two of the biggest. The $4.5 billion Mid-States Corporate and the $3.9 billion Empire Corporate have announced merger plans. And, don't look now, but another billion dollar credit union...

  • November 2005 Marks End of Two-Member NCUA Board, `New Day'

    ALEXANDRIA, Va.-With just one member each from opposing political parties serving on the three-member NCUA Board for most of 2005, some decisions were postponed until an agreement could be reached. But as of November, the NCUA Board returned to its full complement with the resignation of NCUA Board Member Debbie...

  • Daubs Steps Down from MEMBERS Capital Post after 32 Years

    MADISON, Wis. - After 32 years of service, Michael Daubs, chief investment officer for MEMBERS Capital Advisors, announced this year he will retire in March 2006. Daubs was there in 1982 when MEMBERS Capital was launched and led the development of many of the fund families which have grown to...

  • Billionaires Club Ranks Continue Growing

    WEST PALM BEACH, Fla. - The growing ranks of credit unions boasting $1 billion or more in assets meant it was no problem in 2005 to find candidates for Credit Union Times' Billionaires Club. By mid-year the count had risen to 104. Many people would argue economies of scale can...

  • Year in Review From Around The World

    Although credit unions around the world share the same basic values, the challenges they face in different countries is varied. 2005 represented some gains and some losses. It was the year where natural disasters caused credit unions to open their pockets for the victims of the tsunami, AIDS and earthquakes....

  • Name Change Game Thrives in 2005

    Given the increase in community charters and member diversity, credit union name changes remained a top priority in 2005. Credit unions eager to refine and define their brand identity unveiled new names this year to better connect with members and potential members alike. Here is a look at a few...

Opinion

  • Mica: What We've Done, Where We're Going

    This past year was one bursting with challenges and accomplishments for CUNA. But, as poet Anne Ridler noted, "to mark time is not to move." Accomplishments in 2005 merely set the stage for achieving more in the year to come - and that's the direction that CUNA is already taking....

Publisher's Column

  • A Difficult 2005 Equals a Delightful 2006

    I always get a little goofy at this time of year. It's not because of the holidays, it's because Credit Union Times just wrapped up its 51st and final issue of the year. This is the only week of the year we do not publish an issue. No issue, means...

People

  • WEST

    Marion and Polk Schools Credit Union, Salem, Ore., Director of Member Relations Pam Woodcock has been elected Mid-Willamette Valley Habitat for Humanity board director. SELCO Community Credit Union, Eugene, Ore., has named Colleen Fogarty real estate loan officer. SunCorp Corporate Credit Union, Denver, Colo., has named Lynn Baalman human resources...

  • SOUTH

    Insight Financial Credit Union, Orlando, Fla., has promoted Melody Hayes to Apopka branch manager and Brandi Smith to Oviedo branch manager. FAA Federal Credit Union, Memphis, Tenn., has named Michael Young vice president/chief operating officer.

  • MIDWEST

    Educational Community Credit Union, Kalamazoo, Mich., has promoted Cheryl Smith to call center supervisor. Scott Credit Union, Collinsville, Ill., has promoted Lori Johnson to Edwardsville assistant manager.

  • EAST

    Greenwood Credit Union, Warwick, R.I., has appointed James M. Irving president/CEO. Vermont Federal Credit Union, Burlington, has named Teri Wilson Burlington branch manager.

Voting Poll

News Briefs

  • Three CUs Move Their Card Processing to TNB

    DALLAS - The $79 million Woodlawn Auto Workers FCU, the $95 million PCM Employees Credit Union, and the $94 million Moog Employees FCU have all moved their card processing from other processors to TNB Card Services, the card processing arm of credit union-owned Town North Bank announced. A fourth credit...

  • NAFCU's 2006 Elections Schedule

    January 3: Deadline for At-large candidate applications January 10: Nominating Committee selects At-large slate February 2: Nominating ballots mailed (At-large & Regional); sent to President/CEO/Manager, unless otherwise directed. March 23: Deadline for return of nominating ballots April 20: Official ballots mailed (At-large & Regional); sent to President/CEO/Manager, unless otherwise directed....

  • CUNA Explains the Intricacies Of New Bankruptcy Law

    MADISON, Wis.-CUNA is now offering a comprehensive new book on the complexities of the bankruptcy code post Bankruptcy Abuse Prevention and Consumer Protection Act. The bankruptcy bill, which just went into effect Oct. 17, was a major overhaul of the bankruptcy code. Bankruptcy Basics: Reducing Your Losses provides a thorough...

  • CORRECTIONS

    In the Dec. 14 article "Andrews FCU New District of Columbia Branch", it was reported that more than 100 persons attended the grand opening. More than 200 were present, according to a CU spokeswoman. Also, McGuire AFB is located in New Jersey not Andrews Air Force Base, as the article...

  • Operation Best Wishes Scores With Members of Congress Too

    SAN DIMAS, Calif. - Operation Best Wishes, a program sponsored by WesCorp and CIA Studios that allows family members to send messages via the Web to their loved ones in the military overseas, is not only scoring in the press, but with lawmakers. The program, now in its second year,...

  • PCUA Celebrates its 71st Anniversary

    HARRISBURG, Pa. - The Pennsylvania Credit Union Association turned 71 on Dec. 8. PCUA was officially organized as the Pennsylvania Credit Union League in 1934. At the time, there were 41 original affiliated CUs. The Pennsylvania Credit Union League changed its name to the Pennsylvania Credit Union Association in the...

  • CU-Backed Candidate Takes California Congressional Seat

    WASHINGTON-John Campbell, who received support from CUNA and the California Credit Union League, won his Dec. 6 run-off for the congressional seat vacated by Christopher Cox (R-Calif.). Campbell, a Republican state senator, received $5,000 toward his primary from the Credit Union Legislative Action Council (CULAC) of CUNA, and another $5,000...

  • NAFCU Kicks Off 2006 Elections

    ARLINGTON, Va.-NAFCU has announced the initial steps of its 2006 board election process. Two seats will be open with Chairman Mike Vadala, CEO of The Summit Federal Credit Union, and Brian McDonnell, Navy Federal Credit Union board member and retired CEO, termed out. NAFCU's bylaws permit a maximum of three,...

Letters to the editor

  • Bankers Should be Ashamed of Taking Away Low-Income Options

    Shiver me timbers! A banking industry lawsuit to prevent financial services to low-income communities? I have been following Credit Union Times' coverage of the ABA lawsuit challenging a Utah credit union's attempt to expand their FOM into low-income communities. This just cracks me up beyond belief. These areas are called...

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