Credit Union Times Magazine January-19, 2005
News
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SunCoast Schools Records One Million ATM Transactions Per Month
TALLAHASSEE, Fla. - The $4.5 billion Suncoast Schools FCU has reached an ATM milestone, running over one million ATM transactions per month through the Credit Union 24 EFT network, the network has announced. Executives with the CU and Credit Union 24 were careful to praise each other's efforts in reaching...
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Credit/Debit/ATMs
Turn to the special report on pages 22-26 for the latest credit/debit/ATM news.
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PULSE Members Approve the Discover Merger
RIVERWOODS, Illinois and HOUSTON - The 4,100 member financial institutions in the PULSE EFT Association, about 1,000 of whom are credit unions, have approved overwhelmingly the proposition that they will become the first financial institution partners with Discover Financial Services. Cindy Ballard, executive vice president with PULSE could not say...
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Visa, MasterCard, Team Up for More Secure Card Data; Move Might Help Stem Issuer Concerns
ARLINGTON, Va. - In a move which could help ease the worries of credit unions about card data security, Visa and MasterCard have teamed up to generate one uniform standard for merchants and merchant processors who accept transactions from either one of their card brands. In a rare joint interview,...
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On the Brink of Selling its Card Portfolio, CU Still Finds Gold in the Plastic; CEO Praises Staff Tenacity
WISCONSIN RAPIDS, Wis. - David Stark, the CEO of the $92 million Bull's Eye Credit Union, admits that, for a CEO, admitting to an erroneous judgment can be a challenge, but when it comes to his credit union card portfolio he cheerfully acknowledges his mistake. "I was pretty firmly of...
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Card Executives Cautiously Optimistic About '05; Expect General 2004 Trends to Continue
ST. PETERSBURG, Fla. - Many of the trends which characterized credit unions' card environment in 2004 will continue in 2005, according to card executives, presenting credit unions with many of the same challenges and opportunities. Steve Thompson, director of PSCU Financial Services Advisors Plus Group, expressed a cautious optimism that...
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Capital One Taken to Court Over its Card Marketing, Management; Attorney General Alleges Layers of Fraud
ST. PAUL, Minn. - Minnesota Attorney General Mike Hatch has taken credit card issuer Capital One to court alleging deceptive credit card marketing and management practices. The card issuer has become widely known, and had a good deal of success, with a series of television ads which depict marauding barbarians...
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Changing Faces
Meet Eli Lilly FCU's new CEO Lisa Schlehuber (page 20) and say goodbye to retiring Eglin FCU CEO Jim Appleton (page 28).
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Credit Cards Can Lead to CU Growth, But Are Not a Slam Dunk Offering by any Means
PORTLAND, Ore. - Advocates of credit unions issuing credit cards will frequently point out that credit cards can be key to strengthening the credit union's relationship with its members and to cross selling other products. But while that may be true, it's also true that credit cards can remain among...
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NCUA Chair to Keynote Card Conference
ST PETERSBURG, Fla. - NCUA Board Chair JoAnn Johnson will keynote the upcoming annual 2005 Member Forum and Annual Meeting of PSCU Financial Services, the card processing cooperative for more than 500 member credit unions. PSCU will hold the meeting at the Gaylord Palms Resort and Convention Center in Kissimmee...
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ABA Reports Card Delinquencies Flat
WASHINGTON - The American Banker's Association has reported that credit card delinquencies remained relatively flat in the third quarter of 2004 even as delinquency on other sorts of loans such as autos increased. "The results are mixed," said James Chessen, ABA's chief economist. "The slight improvement in credit card delinquencies...
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$255 Million CU Card Portfolio Tops $20 Million
SAGINAW, Mich. - The $255 million Team One Credit Union's credit card portfolio had surpassed $20 million in receivables, the credit announced, an increase of almost 100% in two years. In December 2002, the credit union's card portfolio had $11.8 million in receivables and has passed $20 million in December...
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Visa USA, MasterCard Weigh in with Tsunami Contribution
SAN FRANCISCO - Visa USA, the number one card brand, has weighed in with its response to the earthquake and tsunamis that have ravaged Southeast Asia. The United Nations believes 155,000 people in 12 nations died in the wave flooding. Visa announced that it will donate $1 million to the...
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CU Members Get Tagged in Walgreens Card Snafu
ST. PAUL, Minn. - About 200 members of the $636 million HiWay FCU had credit and debit cards that were charged twice when a processing error with the Walgreens drug store retailing chain passed though the extra charges. According to a story in the Minneapolis Star Tribune, the credit union...
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Navy Federal, CUNA Mutual Team Up for Payment Protection
VIENNA, Va. - Navy Federal Credit Union has partnered with CUNA Mutual to design, implement and support a debt cancellation program. The over $22.8 billion credit union has begun offering three options of what it has branded "Payment Protection Plan" to cancel loan and credit card payments and/or balances in...
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Idaho State Regulator Warns Consumers About Illegal Internet, E-Mail Lending Schemes
BOISE, Idaho - Responding to an increase in the number of illegal or unauthorized consumer finance lending activities throughout Idaho appearing as legitimate offers for credit through Internet Web site and e-mail solicitations, Idaho Department of Finance Director Gavin Gee cautions Idaho residents to make sure offers for credit and...
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AACUC Aims to Tell History of Credit Unions from an African-American Perspective
SHREVEPORT, La. - The African-American Credit Union Coalition is gearing up to mark the centennial celebration of the nation's first credit union. In 2008, the movement will mark the anniversary of the first CU established in the United States. For its part, the AACUC said it will form a new...
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Details of GAC Speaker List Surfacing
WASHINGTON-CUNA is lining up a number of top-ranking officials around Washington who have an impact on credit unions to speak at CUNA's Governmental Affairs Conference, scheduled for Feb. 27-March 2. Both NCUA Board Members, Chairman JoAnn Johnson and Debbie Matz, are signed on to address attendees. Participants will also hear...
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Georgia Credit Union Affiliates Debuts Co-op TV Ads, a First for the State
DULUTH, Ga. - Georgia Credit Union Affiliates is embarking this month on its first co-op image campaign on TV with 84 CUs in the League agreeing to bear the cost of the seven-week ad blitz. The theme for the 30-second spots is "Georgia Credit Unions: You'll Like Us Better" with...
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REAL Financial CU Helps Reel in Minnesota "Fishing Hat Bandit"
EDINA, Minn. - Minnesota's "Fishing Hat Bandit", who was described by some as being "the most prolific robber of financial institutions in Minnesota history" - including REAL Financial CU -was captured Jan. 7 with the help of Dean Wickstrom, president, REAL Financial CU. The alleged bandit who earned his nickname...
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NAFCU Seeks Comment on New IRS Rule
ARLINGTON, Va. - NAFCU is seeking input from its members on a new section of the Internal Revenue Code that provides guidance on nonqualified deferred compensation plans. Treasury and IRS issued clarifications last Wednesday on guidance on distributions and other features of nonqualified deferred compensation plans addressed under section 409(A)...
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New Financial Services Committee Members Named
WASHINGTON-The House Financial Services Committee has announced the new members that will be joining the `A' list committee. On the Republican side of the aisle, Congresswoman Deborah Pryce (Ohio) will be returning to the committee after leaving it to serve on the Rules Committee. Freshman Representatives Geoff Davis (Ky.), Michael...
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Orange County's Credit Union Moves Investments From CUSO to In-House
SANTA ANA, Calif. - Add Orange County's Credit Union to the short list of those that have moved their investment operations in-house from their CUSO. The $755 million credit union launched a new Investment Services Division that will continue to offer members traditional services and products such as financial-planning services...
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Dr. King's Dream Lives on at SACU
SAN ANTONIO - San Antonio Federal Credit Union (SACU) wants to help its members learn more about Dr. Martin Luther King Jr. In honor of the observation of Dr. King's birthday, beginning January 12 the $1.7 billion credit union will provide free interactive CDs, entitled Reaching Beyond Our Dreams, at...
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CNBS Closes Second Ownership Offering, Adds Three New Owners
OVERLAND PARK, Kan. - Credit union broker dealer CNBS has announced that it has raised over $2 million in its latest ownership offering. The offering closed on Dec. 31. Three new credit unions came on as owners - People's Community FCU (Washington), Georgia Federal CU, and IH Mississippi Valley CU....
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Member Business Loans Coming Soon at Certified FCU
COMMERCE, Calif. - Add Certified Federal Credit Union to the list of credit unions offering member business loans. The $42 million credit union has signed on with J.R. Bruno & Associates to kick start the new lending program. It serves mostly members of California's grocery industry employees and the community...
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Appleton Retires as CEO of $930 Million Eglin FCU, Leaving Behind a Legacy of Commitment to Member Needs in Military Town
FT. WALTON BEACH, Fla. - Right from the start, Jim Appleton warned that his quiet, reserved manner made him a little uneasy about tooting his own horn. The 61-year old president/CEO of $930 million Eglin Federal Credit Union has much to revere. After nearly 26 years at the helm, Appleton...
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NCUA Votes to Strengthen Private Insurance Conversion Disclosures, But Reins in Original Proposal
ALEXANDRIA, Va.- In a unanimous vote, the NCUA Board last week approved a final rule to increase the disclosures required for credit unions converting to private insurance, but did not go as far as the original proposed regulation. "NCUA made some accommodation," NASCUS President and CEO Mary Martha Fortney commented...
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New York CDCUs Join with Banks in "Bank on New York" Campaign
NEW YORK - The National Federation of Community Development Credit Unions and four community development CUs are among the 20 financial institutions and organizations that have put their support behind an initiative launched this month by the New York City Department of Consumer Affairs and New York State Department of...
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NCUA Board Finalizes Bank Conversion Rule; Aims to Put Clearer Information Into Members Hands
ALEXANDRIA, Va. - Beginning in a couple of weeks, credit unions seeking to convert to mutual banks will have to present their members with significantly targeted information about both their conversion efforts and the impact they may have on their members. According to the final version of the NCUA's conversion...
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NAFCU/PAC has Record Election Cycle, Thanks in Great Part to Members 1st
ARLINGTON, Va.-NAFCU/PAC raised near-record level funds in 2004-the record for annual contributions to the political action committee was set in 2003-elevating the 2003-04 election cycle to a record-setting period. NAFCU/PAC, NAFCU's political fundraising arm, raised $198,849 in 2004, NAFCU Director of Legislative and Political Affairs Brad Thaler told Credit Union...
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New York League Sets Legislative Agenda for the New Year
LATHAM, N.Y.-The year 2005 promises to be a busy one for members of the New York State Credit Union League (NYSCUL). As state legislators gear up for the new session, league representatives are laying the groundwork for several key issues approved by the league board as its top priorities. "It...
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NJ League Selects HRValue Group to Find its New President; HR Company Sets End of April Target Date
HIGHTSTOWN, N.J. -A five-person steering committee appointed by the Board of the New Jersey Credit Union League has selected HRValue Group to conduct a national search for the organization's new president/CEO. HRValue Group has set a target date of the end of April to find a new candidate for the...
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Treasury's Abernathy to Become one of Top Execs at ABA: CU Trades Mum on Move
WASHINGTON-Credit union friendly Treasury Assistant Secretary for Financial Institutions Wayne Abernathy may not be so friendly come February. That is because he will be joining the American Bankers Association starting Feb. 1. He will serve in the newly created post of executive director for financial institutions policy and regulatory affairs....
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Pennsylvania League Revamps Board as Part of New Bylaws; Board Size Goes From 21 to Nine
HARRISBURG, Pa.-One of the biggest changes the new year brings to Pennsylvania credit unions is a significant downsizing of the Pennsylvania Credit Union Association (PCUA) board of directors from 21 members to nine members. According to President and CEO Jim McCormack, the change came about as a result of a...
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Hatch's Credit Union Comments Come Under Scrutiny In Utah; Where do the State's Lawmakers Stand?
SALT LAKE CITY - Now that a petition to Congress to intercede in the bank/credit union tax battle is up before the state legislature this week, just where do Utah's two U.S. senators - as well as other members of the congressional delegation - come down on NCUA's regulation of...
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Governor Schwarzenegger Proposes Shutdown of California Credit Union Advisory Committee
SACRAMENTO, Calif. - As part of his plan to reclaim California's position as "the most innovative, well-managed, progressive, and economically vibrant state in the union," Gov. Arnold Schwarzenegger has proposed the elimination of 88 state committees, one of which is the California Credit Union Advisory Committee. The CU Advisory Committee...
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California CU League Finds Strong Allies in CU Battle for Loss Recovery
RANCHO CUCAMONGA, Calif. - Just as the number of delinquent and bankrupt accounts increases each year, so does the need for credit unions to step up their collection efforts. The California Credit Union League here recently formed a partnership with two collection agencies to meet the growing collections needs of...
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Blaine Slams Credit Unions for Getting Too Money Hungry with Overdraft Protection
ARLINGTON, Va.-Municipal Employees Credit Union of Baltimore will begin offering an overdraft product for its members in about 60 days, according to CEO Bert Hash, Jr. During a Metropolitan Area Credit Union Management Association dinner Jan. 10, he told Credit Union Times, "It could be perceived as a product to...
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Credit Union Community Pulls Together to Provide Ongoing Tsunami Relief Efforts
WEST PALM BEACH, Fla. - With the tsunami death toll of over 155,000 and survivors facing the challenges of daily life after the destruction, credit unions are continuing to find new ways to give to relief efforts. In San Jose, California Technology Credit Union has announced it will provide members...
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Filene i3 Group Releases First Progress Report: Innovation: Novel Ideas from Next Generation Credit Union Leaders
MADISON, Wis. - One year after it was organized to tap the credit union industry's power of innovation, Filene Research Institute's i3 group has released its progress report, Innovation: Novel Ideas from Next Generation Credit Union Leaders. Authored by Mark Meyer, director of innovation for Filene, the report summarizes four...
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Faith-Based Business Lending Bill Gets a Third Go-Around to Help Credit Unions Offer Loans Without MBL Cap Concerns
WASHINGTON - It's a small slice of a bigger pie but the Faith-Based Lending Protection Act is aiming to offer some relief to credit unions wanting to offer member business loans to religious groups without having to worry about exceeding the 12.25% MBL cap. The bill, H.R. 191, was reintroduced...
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CUNA Mutual PR Exec Charged With Identity Theft
MADISON, Wis. - CUNA Mutual Media Relations Manager Thomas Kobinsky has been charged with identity theft. Kobinsky, 49, was arrested on Jan. 7 by the Dane County Sheriff's Department and U.S. Secret Service agents. A complaint has been filed against him in U.S. District Court in Madison, Wisconsin on one...
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CUNA Mutual IT Employees Choose to Form Separate Bargaining Unit; Effects on Overall Union Unclear
MADISON, Wis. -It appears that the 351 unionized IT employees of CUNA Mutual will soon have their own separate bargaining unit. In a survey of the IT employees by CUNA Mutual's union, the Office of Professional Employees International Union Local 39, 199 were in favor of forming the separate unit,...
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N.Y. CU Gets Name and Charter Change
SCHENECTADY, N.Y.-First Teachers Federal Credit Union was approved to serve a five-county community and has changed its name to First New York Federal Credit Union to reflect that change. First New York has adopted the community encompassing Albany, Schenectady, Saratoga, Rensselaer and Schoharie counties in New York, according to an...
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RSM McGladrey Employer Services Acquires Ceridian's SourceWeb Business
ATLANTA - RSM McGladrey Employer Services has acquired Ceridian's SourceWeb HR/payroll and self-service product and its existing base of over 800 small and mid-size business clients throughout the United States. The move is designed to position RSM McGladrey Employer Services as one of the leading providers of integrated payroll, benefits...
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Baker Wants Fannie Mae to Return Bonuses Based on "Faulty Bookkeeping"
WASHINGTON - Congress Richard Baker (R-La.), chairman of the House Capital Markets, Insurance and Government Sponsored Enterprises sent a letter to the Office of Federal Housing Enterprise Oversight, asking for the agency's help in getting current and former leaders of Fannie Mae to return bonuses they were paid based on...
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Northwest Corporate Now a Federal Charter
PORTLAND, Ore. - Northwest Corporate converted to a federal charter effective Dec. 31, 2004. "As we have grown through the years to a regional corporate and providing services nationally through our business partnership with other corporate credit unions, we felt it was best to become federally chartered to reflect this...
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Despite Fee Increases, SBA 7(a) Loan Approvals Up
WASHINGTON - Loan approvals for the SBA's 7(a) program are up over the past two years despite last year's increase in fees for borrowers and lenders. The SBA has already approved 23,197 loans totaling $3.56 billion since the start of its fiscal year, which began Oct. 1, 2004. That's compared...
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Fort Campbell FCU Receives Five-County Community Charter
CLARKSVILLE, Tenn.-Fort Campbell Federal Credit Union was approved by NCUA to convert to a community charter serving five counties in Tennessee and Kentucky. Anyone who lives, works, worships, or attends school in Montgomery or Stewart County, Tenn. or Christian, Todd, or Trigg County, Ky. can now join Fort Campbell, which...
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President Establishes Tax Overhaul Panel
WASHINGTON-President George W. Bush issued an executive order Jan. 7 creating a panel to come up with suggestions on how to reform the nation's tax laws. The advisory panel's report is due to Treasury by July 31, 2005. The nine-member, bipartisan panel will serve without compensation and is comprised of...
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What A Difference A Day Makes for Tsunami Victims
WEST PALM BEACH, Fla. - Early credit union fundraising efforts have led to some big results to benefit tsunami victims. In Eugene, Oregon Community Credit Union's 14-hour joint telethon with Cumulus Broadcasting and the American Red Cross has helped raise over $60,000 for Tsunami relief efforts. All of the money...
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High-Level CUNA Mutual Attorney Konop Takes Advantage of Early Retirement
MADISON, Wis. - Bob Konop wants it known that his early retirement from CUNA Mutual has nothing to do with the ongoing labor dispute at the company. Konop, 58, is leaving CUNA Mutual, but he's not moving into retirement just yet. Konop, the former vice president, associate general counsel for...
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Credit Union CEO Confidence Index Drops Significantly
DALLAS - If Southwest Corporate's CU CEO Confidence Index is right, '05 isn't going to be the best year for credit unions. The Index surveys CEOs on how they feel about their credit unions' current financial condition and their members' condition, as well as what they expect six months down...
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Members Mortgage Offers Prime Alliance's Real Estate Services Solution
WOBURN, Mass. - Members Mortgage Company has added Prime Alliance's Real Estate Services Solution to the menu of mortgage products it makes available to the more than 180 credit unions throughout New England it services. Prime Alliance's Real Estate Solution works with a nationwide network of Prudential Real Estate professionals...
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Doss Leaves on a High Note as Supporters Say Farewell
VANCOUVER, Wash.- Former CEO David Doss' departure from the $660 million Columbia Community Credit Union appeared marked by goodwill and included some promotions for Columbia staff. Over 100 members of the Vancouver and Columbia communities gathered on January 5 to wish controversial CEO David Doss farewell as he left to...
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CUNA Officials Invited to Numerous Inaugural Events
WASHINGTON-CUNA staff and officials will be kicking off the inaugural events on the Hill early and in warmth. CUNA officials will be attending numerous events throughout the city on the eve of the inauguration, including Texas Credit Union League President and CEO Dick Ensweiler, CUNA's current chairman, who will be...
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Dutch Point CU Helps Kids Read
WETHERSFIELD, Conn. - Dutch Point Credit Union, Inc has joined forces with the Greater Hartford Literacy Council and the United Way Literacy Volunteers of Connecticut to launch a "Read to Achieve" literacy program. The fund-raising kick-off event resulted in donating 100 dictionaries to the Richard J. Kinsella Community School, as...
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NCUA Maintains 18% Interest Rate Ceiling
ALEXANDRIA, Va.-The NCUA Board approved the continuation of the 18% interest rate ceiling for credit union loans and lines of credit effective March 9, 2005 through Sept. 8, 2006. By law, credit unions are permitted to make loans at up to 15% interest, but the agency can up that number...
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Former CU Accounting Manager Pleads Guilty to Embezzlement
SYRACUSE, N.Y.-Marabeth Peets, a former accounting manager for SeaComm Federal Credit Union, pleaded guilty Jan. 7 to embezzlement, the Associated Press reported. Peets, 41, admitted to embezzling over $412,913 from the credit union between 1995 and 2004. She was caught transferring funds from three internal credit union accounts to accounts...
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Financial Literacy Council Holds Fourth Meeting
WASHINGTON- Outgoing Treasury Assistant Secretary for Financial Institutions Wayne Abernathy opened the fourth meeting of the Financial Literacy and Education Commission Jan. 13. U.S. Mint Director Henrietta Holsman Fore, Congresswoman Judy Biggert (R-Ill.), and Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr. were scheduled to address the meeting. The...
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Georgia FCU Makes "Who's Who" Cut
DULUTH, Ga. -One could say Georgia Federal Credit Union has arrived. The over $354 million credit union and its President/CEO Warren Butler have been featured in Gwinnett's Who's Who Magazine. In a two-page article entitled "Credit Unions - Where People Are Worth More Than Money" published in the magazine's October...
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Commerce Secretary Nominee Parks $1 Million in Credit Union, Bank Accounts
WASHINGTON - Carlos Gutierrez, the nominee tapped by President Bush to become the next Commerce Secretary, has at least $1 million in credit union and bank accounts. Gutierrez had to list his financial holdings as part of the Senate's confirmation on Jan. 5, which were made public on Jan. 6...
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Raritan Bay FCU Ramps Up Youth Financial Literacy Efforts with Brass CU
SAYREVILLE, N.J. - In its latest move to be the resource for its younger members, Raritan Bay Federal Credit Union has donated part of its ATM Surcharge Fund to purchase subscriptions to Brass CU for its student-branches and other youth members. Brass CU is a money magazine written by young...
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Sherbin Joins Virginia CU League as Dir. of Governmental Affairs
LYNCHBURG, Va. - Karin Sherbin was named the Virginia Credit Union League's new director of governmental affairs, effective Jan. 3. Sherbin succeeds Deb Thomas who left the league to care for her three children, including one newborn. In her new position, Sherbin will conduct many of the Virginia League's lobbying...
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Johnson, Matz Take on Disclosures
Disclosures were the name of the game at NCUA's January board meeting. The below two stories detail how NCUA Chairman JoAnn Johnson (left) and NCUA Board Member Debbie Matz have changed the rules of CUs converting to private insurance or to a bank charter.
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What Has Blaine So Smashing Mad?
State Employees CU of North Carolina CEO Jim Blaine wielding a hammer is not a comforting image, especially if you're a piggy bank like the one he's smashing here. Blaine is once again seeing red on an issue, this time it's credit unions abusing overdraft programs. See story page 6.
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Phipps McGee Named New CEO of Eglin FCU
FT. WALTON BEACH, Fla. - The board has named Phipps McGee as the new president/CEO of Eglin Federal Credit Union. McGee has been with the credit union for more than 26 years. He previously served as executive vice president. "I am confident that Phipps is the best man for the...
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CoastHills Federal Credit Union Covers Employees, Families 100%
LOMPOC, Calif. - In a move designed to make CoastHills Federal Credit Union the "employer of choice on the Central Coast," the credit union has taken a bold stand regarding health insurance. At a time when most employers are looking to lower their insurance costs, effective January 1, 2005 the...
News Briefs
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Fong Named CCUL's Director State Government Affairs, Chief State Lobbyist
RANCHO CUCAMONGA, Calif. - Ron Fong, an eight-year veteran of the California Credit Union League, was promoted to director of state government affairs, in charge of the League's Sacramento office, and chief registered lobbyist for California CUs before the state legislatures, state regulators, governors, and state agencies in California and...
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CU Business Group Celebrates 100th Credit Union Alliance
PORTLAND, Ore. - CU Business Group recently celebrated another milestone when it signed on its 100th credit union client. The corporate credit union-owned CUSO provides business lending, deposit and consulting services to 109 credit unions in 23 states. It just signed its latest partnership with $1.1 billion Redwood Credit Union...
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Polish and Slavic FCU Board Formally Disqualifies Petition
BROOKLYN, New York - The board of directors of the $1 billion Polish and Slavic FCU has formally disqualified a petition which backers allege that 1,500 credit union members signed. The board said that it had taken the action after it had the petition reviewed by an outside law firm...
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Community CU to go From Sixth to 25th if Charter Change Goes Through
DALLAS - The $1.4 billion Community Credit Union will go from being the sixth largest credit union in Texas to being the 25th largest bank headquartered in Texas if its conversion to a bank passes, according to a story which appeared January 9 in the Dallas Business Journal. The story...
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Member Business Loans Still Small Slice of Portfolio Pie, Delinquency Rate Shrinking
WASHINGTON - Although there were a record number of member business lending startups in 2004, the loans still only capture a small percentage of the loan portfolio. MBLs account for only 2.7% of all credit unions' loan portfolios, according to Callahan & Associates, Inc. But as of the third quarter...
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CUs, Trades Continue to Consider Appeal of Utah FOM Decision
ARLINGTON, Va.-Representatives from the national credit union trade associations who are intervenors in the Utah field of membership lawsuit are still mulling over whether or not to appeal Judge Dale Kimball's decision to remand the case. NAFCU General Counsel Bill Donovan explained that the intervenors still have plenty of time...
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Chief Deputy Director California Dept. of Health Services Appointed to Golden 1 CU Board
SACRAMENTO, Calif. - Thomas McCaffery, chief deputy director of the California Department of Health Services, has been appointed to the board of The Golden 1 Credit Union. In his current position, McCaffery manages 5,000 employees and a budget of more than $34 billion. He also co-manages the 216-member executive team...
Marketing
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Redstone FCU Magazine "Connects" with Members
HUNTSVILLE, Ala. - Redstone Federal Credit Union has found success with its new quarterly magazine Connections. The second edition mailed to over 150,000 households in the Tennessee Valley area has earned rave reviews from members. "Since our premiere issue of Connections last August, we've heard nothing but compliments from our...
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CUES Nexus Conference Takes Tip from The Apprentice
MADISON, Wis.- Credit union marketing executives are invited to "break out of the box" by participating in the first-ever Marketing Challenge, Thursday, April 14, 2005, to benefit the San Diego Children's Museum (SDCM). For the challenge, participants will join a team of fellow marketers-in a format based on popular NBC...
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Desert Schools' FCU, Cardinals Offer Football Clinics
PHOENIX -Desert Schools' FCU and the Arizona Cardinals have teamed up to help young football fans fulfill a dream to train with their sports heroes by sponsoring local football clinics. For one special day Cardinals' players and mascot "Big Red" will be on hand to direct each participant through a...
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Charlotte Metro CU Sponsors Local Urban Radio Station Program
CHARLOTTE, N.C. - Charlotte Metro Credit Union has recently sponsored a local urban "old-school jam" radio station WBAV's new morning talk show Dollars and Sense as part of its continuing outreach efforts into the African-American community. Hosted by popular morning radio personality Jaye Delai, the program revolves around the idea...
Tech Bytes
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Integrated Data Systems Signs Pacific Service, NASA FCU and Altura
WOODLAND HILLS, Calif. - Integrated Data Systems (IDS) has signed up three well-known credit unions in the past few weeks, each to use a different product from the provider of a wide range of software applications to credit unions and other financial institutions. The largest - $1 billion Pacific Service...
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qbt, BECU Extend Integration Software Services Pact
NEW YORK - Financial systems integrator qbt Systems Inc. continues to gain traction in the credit union industry. It says it has extended its contract with Boeing Employees Credit Union for an additional five years. The $4.8 billion credit union has been using qbt's MultiPoint Integrator since 2002 to connect...
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Multi-Channel Approach Called Key to Winning Business, with Focus on the Web
FRAMINGHAM, Mass. - So how do consumers choose where to take their banking business? First, prospective credit union members and bank customers are looking carefully at the numbers and locations of branches before opening a checking account. Second, they are looking in more than one place for information to help...
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FLDI, Western Reliance Bundle Tech Services for Lenders
AUSTIN, Texas - First Lenders Data Inc. (FLDI) and Western Reliance Corp. have expanded their strategic alliance that offers bundled vendor management and insurance services technology platforms to credit unions and other financial institutions. FLDI already was providing vendor management and other services to in a deal announced last July...
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Passageways Portal Provider Plans First-Ever User Confab
WEST LAFAYETTE, Ind. - Passageways LLC has reached another milestone - its first users conference. The portal-providing CUSO of Purdue Federal Employees Credit Union is holding the conference, set for March 3-4, at FORUM Credit Union's headquarters in Fishers, Ind. FORUM CU has a new meeting center that can accommodate...
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COCC, OSI Expand Long-Time Relationship
AVON, Conn. - COCC has expanded its agreement with Open Solutions Inc., a deal it says will ensure the core processor can provide its credit union and community bank clients the latest tools from OSI. COCC, which has about 30 credit unions among its 125 clients, completed a migration of...
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Summit Interfaces to Overdraft Protection Firm
CORVALLIS, Ore. - Credit union data processor Summit Information Systems has partnered with overdraft protection firm John M. Floyd & Associates. Summit will interface its Spectrum core processing system with Floyd's overdraft protection. The Summit system already has NSF functionality that allows credit unions to set limits and criteria to...
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Honda FCU Launches Marketing Campaign Around New eStatement Product
HOLLISTER, Calif. - Honda FCU has selected Redbeard Communications to develop a marketing campaign to promote its new eStatement service. The credit union is hoping to get solid penetration with its new eStatement service given that 38% of Honda FCU members use the credit union's Internet banking services. To promote...
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Allied Solutions Software IDs Members Who are Good Credit Risks Despite Low Credit Scores
DALLAS - Having a low credit score doesn't necessarily mean a member is a poor credit risk. Allied Solutions has partnered with Capital Lending Strategies LLC to create a software product - Alternative Lending - that allows credit unions to identify members who probably are good credit risks even though...
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Robins FCU Launches Disaster Recovery
WARNER ROBINS, Ga. - Robins Federal Credit Union wants to help ensure credit unions are prepared, when natural disasters such as hurricanes or tornados strike, through its disaster recovery CUSO. Developed through Robins FCU's CUSO, DR-1 is being touted as a low-cost disaster recovery provider for credit unions with Symitar...
Letters to the editor
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Low-Income CUs Deserve Respect
I was dismayed to read the letter to the editor in the Dec. 1 issue , "CUs Can't Survive On the Low-Income Alone", by Joseph Visconti, the retired NCUA employee. As a 28-year credit union volunteer and worker, I am glad that Mr. Visconti is retired and doesn't represent the...
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Members, Not the CEO, Should Drive CU-to-Bank Charter Conversions
Every time I see the news that another credit union is seeking to change its charter from a credit union to a bank, I always wonder is this change due to a groundswell from the members or at the urging of the CEO. Pretty dumb question isn't it. Has there...
Opinion
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A Look Ahead at 2005 for Credit Unions' Payment Systems
The beginning of the year is often marked by forecasts. Pundits and prognosticators forecast what is in store for every field including sports, business, politics and entertainment. With the responsibility of running an electronic payments business, it is essential to consider what might happen in the months ahead that could...
People
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SOUTHWEST
Security Service Federal Credit Union, San Antonio, has named Trish Antuna service center manager and Daniel Cruhm Ingram Mall branch manager. Cy-Fair Federal Credit Union, Houston, has promoted Michelle Bailey to vice president of human resources; Johnette Johnson to vice president of lending and Erin Al-Salman to marketing director. Fort...
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MIDWEST
Three Rivers Federal Credit Union, Fort Wayne, Ind., has named Rob Binford executive vice president. MidWest Financial Credit Union, Ann Arbor, Mich., has promoted Cheri Scurto to real estate manager.
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EAST
Dutch Point Credit Union, Inc., Wethersfield, Conn., has promoted Francis Proto from executive vice president/ chief financial officer to CEO. HarborOne Credit Union, Brockton, Mass., has named Eldon M. Pineo regional lending manager. Citadel Federal Credit Union, Thorndale, Pa., has named Larry Dieter Chester Springs retail office manager and Michael...
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WEST
Alaska USA Federal Credit Union, Anchorage, has named Brad Bauges regional vice president, Whidbey Island, Washington. In addition Alaska USA FCU has promoted Rachel Norman to senior vice president, personnel and Liz Behlke to vice president, marketing. America First Credit Union, Riverdale, Utah, has named Diana Player Draper branch manager....
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SOUTH
Barksdale Federal Credit Union, Bossier City, La., President/CEO Arno Easterly has been elected CUNA examination/ supervision subcommittee board director. Georgia Central Credit Union, Duluth, has named Bryan McClung credit/risk manager. Alabama Telco Credit Union, Birmingham, has named Carla Ward Hull Montgomery branch manager and Teresa Shunnarah TU lending manager. SRP...
Other
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EasCorp Sells its Successful Investment Advisory CUSO to CUSO's Management Team
WORBURN, Mass. - After 10 years, EasCorp has decided to sell its popular investment advisory CUSO. The corporate has sold ALM First Financial Advisors, LLC, based out of Dallas
In Other News
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BRANCHING OUT
Century Federal Credit Union, Lyndhurst, Ohio, has held a grand opening ceremony in honor of its new Lyndhurst Branch. The new modern facility includes such features as a 24-hour walk-up ATM, a Member Work Station that provides access to the CFCU Web site/online banking services and Saturday hours. Various events,...
Publisher's Column
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Community CU Wants to Become a Bank. Will it?
So much for being in the credit union prediction business. Even before the New Year's Eve hats and horns were put away, Credit Union Times' eagle eyed editorial staff learned that another large credit union had decided to begin the new year by going down the same path that recent...
Staking Out the Stats
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Staking Out The Stats
While getting out of debt rounds out the top three New Year's resolution after getting in shape and eating healthier, a recent LendingTree.com survey finds those who make such financial resolutions do so with somewhat feeble conviction: *80% of the respondents who make financial resolutions do not plan to seek...
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