Credit Union Times Magazine July-20, 2005

Letters to the editor

  • CUNA is Out of Bounds

    As a credit union CEO, I am hard-pressed to envision circumstances that would cause me to recommend to my board of directors that we convert to something other than a credit union charter. However, having read the June 29 article entitled "CUNA Adopts New Conversion Policy," I am disappointed that...

  • Community Reporting Didn't Add Up

    Memo to correspondent Jana Fowler and whoever edited her story. Your headline reads: "Community Credit Union Members Overwhelmingly Vote in Favor of Conversion, ...." I'm sorry, I'm a little slow, so please help me here -36,000 members (20% of 177,000) voted; 25,560 votes were in favor of conversion (14.4% of...

  • Automotive and Firefighter CUs Have Proven Joint Conferences Do Work

    I'm writing in regards to two recent items in Credit Union Times - one entitled "Joint Automotive/Firefighter CUs Meetings to End" in the June 22 issue and the second, a letter to the editor in the July 6 issue entitled "Contrary to Story, Automotive and Firefighter CU Groups Getting Along...

  • MasterCard Taking Breach Too Lightly?

    I would just like to comment on the article written by David Morrison in the June 29th issue regarding the major credit card security breach. The security breach was caused by CardSystems Solutions keeping data "for research" - even though it was in violation of card regulations. CardSystems Solutions acknowledged...

  • Stick to Your Guns NCUA

    Regarding your voting poll inquiring whether NCUA has been too strict with the disclosure issues in the conversions of the two billion dollar Texas CUs, I say no they have not. I support the NCUA action concerning the conversion process in Texas. If the Texas credit unions chose not to...

  • Don't Bury CDCUs, Many are Thriving

    Mike Welch's column of July 6 takes NCUA Board Member Debbie Matz to task for remarking that community development credit unions (CDCUs) "represent not only the past, but the future of credit unions." He notes that this is a "pretty tall order for those little, often struggling folks." Well, yes...

  • 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....

  • Brokers Help Bring Multiple Buyers

    David Morrison's article in the July 6th issue offered a good discussion of credit card portfolio sales. I'd like to answer a couple of questions that were raised. In many cases, a firm assisting buyers with the process is paid even when a credit union goes directly to a buyer....

  • Card Portfolio Brokers do Bring Value

    David Morrison's recent article, "MBNA's Decision Not to Work With Brokers Raises Independent Vendors' Profile and Highlights Kessler's Role" in the July 6 issue raised the question of the value independent brokers bring to credit card portfolio sales. InfiCorp has worked with independent brokers for years, and we find that...

News

  • Combating Predatory Lenders Can Start Small

    BALTIMORE-Medical Area Federal Credit Union is out to prove that a little can go a long way. Despite MAFCU's size at just $42 million in assets, it can compete with the big boys in the fight against predatory lending. "Whatever the resources that we have we do the best we...

  • Super Committees

    Supervisory committees represent an important check and balance for credit unions. Page 6.

  • Century Heritage FCU Using Community Charter to Better Serve Community

    BALTIMORE-Century Heritage Federal Credit Union President and CEO Vin Cerasuolo told Partnering and Leadership Successes workshop attendees that his credit union is using a community charter to better serve the area and improve the health of the credit union. There are 33 communities within Century Heritage's field of membership, Cerasuolo...

  • Matz Bids Farewell to her PALS

    BALTIMORE-Realizing that her term on the NCUA Board is coming to an end, NCUA Board Member Debbie Matz announced that the July 7 Partnering and Leadership Successes workshop would be her last. She quipped that she would be autographing programs at the end of the day. Despite her good-byes, Matz...

  • Study Recognizes CUs, Matz' Efforts to Fight Payday Lending

    BALTIMORE-Five credit unions were recognized in a recent study for their efforts to combat payday lending, while NCUA Board Member Debbie Matz was commended for speaking out on the issue. Sheila Bair, the dean's professor of financial regulatory policy at the University of Massachusetts-Amherst School of Management, released a study...

  • Members React Favorably to Landmark Credit Union's Investment Service In-House Move

    NEW BERLIN, Wis. - It's only been a couple of weeks since Landmark Credit Union's investment services were revamped but member feedback has been overwhelmingly positive. Effective July 1, the $975 million credit union made its investment services program a department within the fold rather than through its previous arrangement...

  • NCUA's Insurance Rule on College Savings Plans Stands, FDIC May Amend its Reg

    ALEXANDRIA, Va. - An NCUA rule that allows pass-through share insurance coverage for college savings plans is sufficient as long as the account owner is a member of the federally insured credit union where the account is maintained and the account is properly titled, the regulator recently said. The Wisconsin...

  • Ceto Sees Strong CU Interest in Deposit Reclassifications

    ATLANTA - Ceto and Associates, a national consulting firm providing revenue enhancement solutions for the financial industry, announced that it has increased its credit union Deposit Reclassification clients by more than 400% this year. Here's how deposit reclassification works: interest and non-interest checking accounts are segmented into separate subaccounts unique...

  • Top CUs in Investments as Percentage of Assets

    WASHINGTON - When it comes to investments as a percentage of assets, the industry average is nearly 32% for the top credit unions in that category with the average yield at 2.82%, according to Callahan & Associates, Inc. Below is the top 25 in this category.

  • USA FCU Sees Success with `Retire Secure' Plan

    AUBURN HILLS, Mich. - USA FCU recently shared the success it's having with Principal Financial Group's Retire Secure plan. The CU has been offering Retire Secure since 1996 and participation rates among employees are as high as 96%, Tina Marie Wohlfield, USA Federal's HR administrator recently told Employee Benefit News....

  • Payday Borrowers Not Who You Think They Are

    BALTIMORE-Things are not always as they seem. Maryland Credit Union League President and CEO Mike Beall explained this to attendees of the latest Partnering and Leadership Successes workshop, like payday loan borrowers. Beall related Energy Federal Credit Union's experience with its alternative payday loan program, which has done 4,000 such...

  • Investors May Not be Using 401(k) Preset Asset Allocation the Right Way, Study Shows

    NEW YORK - Even though more 401(k) plans are offering mutual funds with preset asset allocation features, some aren't using them the way they were intended. Ideally, the funds are established to be stand-alone but investors are using them, commonly referred to as asset-allocation of lifestyle funds, as another investment...

  • Agencies Still Tops With CUs

    WASHINGTON - Continuing the trend from year-end 2004, federal agency securities continue to retain the top spot on where credit unions are investing followed a distant second by corporate credit unions, Callahan reports. Mutual funds were the least likely spot for investments at 1.3%.

  • We're All PALS Here

    Turn to pages 24-25 for the latest edition of NCUA's PALS workshop.

  • ASI FCU: Not your Typical CU

    BALTIMORE-With only $203 million in assets and 80,000 members, ASI Federal Credit Union is not your ordinary credit union. Even though 50% of the credit union's loan portfolio is in mortgages and small business loans, according to ASI FCU President and CEO Audrey Cerise, their average loan is $10,000. Part...

Tech Bytes

News Briefs

People

  • SOUTH

    South Carolina Federal Credit Union, North Charleston, SC has promoted Art Harper to vice president of electronic services. Jax Federal Credit Union, Jacksonville, Fla., has named Jasmine Hapgood business development specialist. Safe Federal Credit Union, Sumter, S.C., has named Nathan Stevens vice president of mortgage services. North Carolina Credit Union...

  • MID WEST

    Emery Federal Credit Union, Cincinnati, Ohio, has promoted Joseph D. Lind, Jr. to CEO. He replaces John Wagner who retired on June 1. Security Federal Credit Union, Flint, Mich., President/CEO Terry Pierce has been elected vice chairman of the Michigan Credit Union League.

  • SOUTHWEST

    San Antonio Federal Credit Union, has promoted Francine Ball to assistant vice president / product manager for SACU Financial Solutions, Ltd., a wholly-owned subsidiary of the credit union. First Financial Credit Union, Albuquerque, N.M., has named Sharon Magee vice president of human resources and Dale Dedrick assistant vice president, Western...

In Other News

  • SCHOLARSHIPS

    Electro Savings Credit Union, Maryland Heights, Mo., has awarded $1,000 college scholarships to three of its members. Receiving the scholarships were Lea Ruppert, O'Fallon, Adam Boehmer, and Michael Ringkamp. Students were selected based on their academic achievement, extracurricular involvement, and a written essay on what they hope to accomplish through...

Special Report

Opinions

Publisher's Column

  • To Put It Politely, Mind Your Own Business

    There are probably very few among us who at some point while growing up were not on the receiving end of being told to "mind your own business." Perhaps it is time to send that same message to the long list (and getting longer) of individuals and organizations who seem...

Looking Back

  • CREDIT UNION TIMES Vol. 9, No. 29 July 22, 1998

    Looking back seven years ago finds some 6,000 people descending on the Capitol to make one last impassioned plea in support of the passage of the Credit Union Membership Access Act (H.R. 1151). "We have not had a credit union gathering like this since 1991 when Operation Grassroots assembled in...

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