Credit Union Times Magazine July-27, 2005

In Other News

  • MILESTONES

    Hudson Valley Federal Credit Union, Poughkeepsie, N.Y., has taken home the grand prize in the first annual Beacon Hat Parade. Sponsored by the Beacon Arts Community Association, the parade was created to celebrate Beacon's heritage as the hat making capital of the Northeast. Some HVFCU employees spent about 40 hours...

  • NAME CHANGES

    Fort Bliss Federal Credit Union, El Paso, Texas, has celebrated turning 50 by changing its name to FirstLight Federal Credit Union. Food Processors Credit Union, Modesto, Calif., has recently changed its name to Community Trust Credit Union. United Teletch Federal Credit Union, Tinton Falls, N.J. has changed its name after...

  • DONATIONS

    Holy Rosary Credit Union, Rochester, N.H., has presented Wentworth-Douglass Hospital and Health Foundation with a donation of $5,000 in support of the new Community Dental Center. The Community Dental Center will provide low-income, uninsured and underinsured residents living in the hospital's service area with dental care. Credit Union West, Glendale,...

News

  • Matz Urges CUs to Push Mortgages to Halt Member Slide

    LAS VEGAS - Appealing anew for credit unions to "reach out to everyone" to boost lagging membership, NCUA Board Member Debbie Matz is urging the industry to look to the mortgage market to create new growth. Addressing NAFCU's annual conference, Matz said there "are literally millions of opportunities for credit...

  • NCUA Provides Update on Bank Secrecy Act, Community Charters

    LAS VEGAS - From rising violations of the Bank Secrecy Act to false "rumors" about a slowdown in community charter approvals, credit union executives assembled here for the NAFCU conference heard an array of admonitions and assurances from a trio of NCUA regional directors. Providing the "NCUA Update," as the...

  • Fiserv CBS Worldwide in the Trenches With Mexican CUs Helping Comply With New Regs

    LAKE MARY, Fla. - Fiserv CBS Worldwide is poised to pick up a lot of credit union business in Mexico. The processor has certainly put the work in. It has worked to update and upgrade its system so it is compliant with Mexico's new regs on credit unions. Mexico first...

  • Want a Stamp Commemorating 50th Birthday of Credit Unions? Check eBay for that and other Credit Union Mementos

    SAN JOSE, Calif. - They say you can find anything for sale on eBay. Judging from the array of credit union artifacts found on the popular online auction site, it seems, at least for this industry, to be true. During the first two weeks of July, Credit Union Times monitored...

  • eCU Announces Consulting Engagements, Hires Two New Staffers

    HARRISBURG, Pa. - eCU Technologies has provided consulting services to five more credit unions in the past few months, according to the tech CUSO for Pennsylvania State Employees Credit Union. They are $1.6 billion MacDill FCU in Tampa, Fla.; $861 million Newport News Shipbuilding Employees' CU in Virginia; $531 million...

  • Lake Michigan CU Plans Deploy of GPG Consolidation, Collection Software

    GRAND RAPIDS, Mich. - Lake Michigan Credit Union (www.lmcu.org) is set to consolidate its loan portfolio and centralize loss-prevention information with a new browser-based overdue account collection system from Canada's Guthrie Phillips Group (GPG). The TopNotch solution from Vancouver, B.C.-based GPG (www.guthriephillipsgroup.com) will integrate with $1.1 billion Lake Michigan CU's...

  • New Zealand to Give Citizens NZ$1000 for Savings Program

    AUCKLAND, New Zealand - Concerned about the lack of savings and the increase in consumer debt, the New Zealand government has announced a work-based savings scheme that will include a kick-start deposit of NZ$1000 (US$675). Called KiwiSaver, the program will be administered by the Inland Revenue Department (IRD) which is...

  • Do It Yourself:Kinecta Looks Inside, Comes Out with New Home Banking Platform

    MANHATTAN BEACH, Calif. - Not satisfied with what they had, the staff at Kinecta Federal Credit Union went out and built themselves a better mousetrap, in this case their own online banking system. "We believe we've done something unique," says Juan Luna, the $2.8 billion CU's vice president of information...

  • Credit Unions Have `True Leadership' Skills, Author Collins tells NAFCU

    LAS VEGAS - Colorado business guru and author Jim Collins had some kind words here for credit unions for holding "a purity of mission" and true leadership, but he said future challenges come in how managers hire talent and rise above mediocrity. In a keynote speech to NAFCU's annual conference,...

  • Focus More on Reg Relief, Urges Becker

    LAS VEGAS - While there can be no letup in defending against banker tax attacks, credit unions must focus a little more heavily now on regulatory relief because of its crippling burdens. That was a message of Fred Becker, president and CEO of NAFCU, who told the annual conference attendees...

  • eCU Announces Consulting Engagements, Hires Two New Staffers

    HARRISBURG, Pa. - eCU Technologies has provided consulting services to five more credit unions in the past few months, according to the tech CUSO for Pennsylvania State Employees Credit Union. They are $1.6 billion MacDill FCU in Tampa, Fla.; $861 million Newport News Shipbuilding Employees' CU in Virginia; $531 million...

  • Teres Solutions Adds Home Equity Product Support to SAIL Line

    LAS VEGAS - Teres Solutions (www.teresolutions.com) has added home equity loan origination support to its SAIL Direct Lending software platform. The Austin, Texas, based company has more than 30 credit unions on its Software Application for Integrated Lending (SAIL) indirect lending platform and recently began offering the direct lending option,...

  • New Angle Emerges for Promoting MoneyHQ Platform

    SEATTLE - Aggregation may not have had the allure the financial services world thought it would when that technology hit the scene a few years ago, but maybe protecting your assets will. That's the idea behind a new marketing campaign for MoneyHQ, the aggregated online banking, bill pay and account...

  • Dropping Indirect Lending Was Right Move, Says Affinity CEO

    LAS VEGAS - A few years ago the $1 billion Affinity Plus Federal Credit Union of St. Paul "thought it had found the holy grail" because it was making so much money doing $20 million a month in indirect lending, according to Kyle Markland, president and CEO. But the Minnesota...

  • NCUA May be Feeling Biggest Brunt of Phishing Attacks in Industry

    ALEXANDRIA, Va. - NCUA has been advising credit unions to be wary of phishing attacks, however it may be the one that needs the most help. According to a number of credit unions, they are hearing from members who have come across a phishing attack involving NCUA. Last Tuesday NCUA...

  • Focus on Core Products on Home Page and Cross-Sell from There

    CAMBRIDGE, Mass. - Don't use valuable Web page real estate to advertise stuff your members aren't likely to buy from you anyway. That's the simple message from Ron Shevlin at Forrester Research, who checked out what credit unions do and what members don't for a new report titled "Which Products...

  • Message Secure Adds Reporting Console to VSecurity Suite

    LOWELL, Mass. - Message Secure Corp. is now offering its client credit unions and community banks a Web-based reporting console that provides timely access to security and compliance information. Called Compliance Center, it's a core component of the company's VSecurity managed security service that collects critical information generated by the...

  • NZACU CEO Derides Notion of Debt as Profitable

    AUCKLAND, New Zealand - "Debt is profitable. How much marketing do you see coming from mainstream banks that encourage savings? Their advertising hammers home loans and financing options, not thrift. When you have profit driven shareholders to satisfy, the value of thrift falls by the wayside." With these words Doug...

  • Equifax Adds ID Score to Account-Decisioning Process

    ATLANTA - Equifax Inc. is the first of the big credit reporting agencies to offer the ID Score from IT Analytics to its thousands of customers in the financial services, insurance and health care industries trying to defend themselves and their end users from identity theft. ID Score from San...

  • Core Vendor Systems at Banks Have Some Familiar Names

    NEEDHAM, Mass. - With several years of consolidation still continuing, the core processing market for banks contains some names quite familiar in credit union land. For instance, Fiserv has gone upmarket and now has 16 of the 100 largest financial service institutions on its platforms. Metavante (through its Kirchman acquisition)...

  • EU Ruling Helps Scottish CUs

    EDINBURGH, Scotland - After three years of negotiation, the Scottish Executive and the European Union Commission reached an agreement that allows credit unions to receive and use public funding. The monies will be used to tackle the problem of financial exclusion, the 13% of Scottish households that have no access...

  • COCC Consolidates Anti-Fraud, Security Services

    AVON, Conn. - COCC has combined its anti-fraud and security software and services into a solution the core processor calls Sentry Services. Using internal and external resources, the fraud protection suite will focus on three areas - assessment, prevention and education - to help the company's 140 clients, about 40...

  • Teres Solutions Adds Home Equity Product Support to SAIL Line

    LAS VEGAS - Teres Solutions (www.teresolutions.com) has added home equity loan origination support to its SAIL Direct Lending software platform. The Austin, Texas, based company has more than 30 credit unions on its Software Application for Integrated Lending (SAIL) indirect lending platform and recently began offering the direct lending option,...

  • Wondering If Items From Your Credit Union Are For Sale on eBay?

    Searching for credit union items on eBay is easy, even for novices of the online auction service. The Web address is www.ebay.com, and features a search engine on the main page. General items can be found by searching under "credit union", and items specific to a particular credit union can...

  • Lake Michigan CU Plans Deploy of GPG Consolidation, Collection Software

    GRAND RAPIDS, Mich. - Lake Michigan Credit Union (www.lmcu.org) is set to consolidate its loan portfolio and centralize loss-prevention information with a new browser-based overdue account collection system from Canada's Guthrie Phillips Group (GPG). The TopNotch solution from Vancouver, B.C.-based GPG (www.guthriephillipsgroup.com) will integrate with $1.1 billion Lake Michigan CU's...

  • Colorado CU Signs CashEdge for Suite of Services

    BOULDER, Colo. - The 76,000 members of U of C Federal Credit Union will soon be able to open and fund accounts and move money online using the tools the CU will be deploying from CashEdge. The $671 million CU will be using the Credit Union Suite from New York-based...

  • Furnas Bows Out

    Outgoing NAFCU Chair Diane Furnas, CEO of Southwest Airlines FCU, slams down the gavel for the last time as NAFCU chair during the opening session. Furnas is succeeded by The Summit FCU CEO Mike Vadala.

  • Authentication, Single Sign-On Security Methods Continue Uptick

    CAMBRIDGE, Mass. - Credit unions using a mix of techniques for authenticating employees and members are right with the times. According to a survey of technology decision makers across North America by Forrester Research, password protections remain dominant but there are growing numbers of users of such tactics as digital...

  • CO-OP Stays on Top at Utah Airport

    ONTARIO, Calif. - Five years ago Salt Lake City Airport, the 26th largest in the country, rid itself of banking ATMs in favor of ATMs placed by credit unions affiliated with the credit union owned, surcharge free, CO-OP Network. At press time the airport has signed another five-year agreement to...

  • Johnson: Reg Relief Still Top Priority

    LAS VEGAS - NCUA Chairman JoAnn Johnson has left little doubt she is pushing ahead this year with regulatory relief on capital ratios for CUs but has no intent of "micro-managing" well-run institutions. In featured remarks before NAFCU's annual conference, the NCUA chairman said while the agency "is actively engaged...

  • International CU Reps Meet in Rome for 2005 WOCCU Conference

    ROME, Italy - Delegates from credit unions from the U.S. and around the world will come together for four days this month in Rome for the World Council of Credit Union's 2005 World Credit Union Conference. From July 24-27 conferees will hear from a host of experts in a variety...

  • Annual Survey Finds Unauthorized Access Climbing Crime List

    SAN FRANCISCO - Unauthorized access to proprietary information, including identity theft, has passed denial of service in second place on the list of causes of computer crime losses, according to the 2005 CSI/FBI Computer Crime and Security Survey. Still atop the list? Cleaning up after virus attacks, according to the...

  • Daubs Says Goodbye

    Longtime CUNA Mutual investment guru Michael Daubs is moving on to new stage of his career and life. Page 17.

  • Gen X and Y Consumers Drive Online Use of Financial Services

    CAMBRIDGE, Mass. - Younger consumers continue to outpace their seniors, especially senior citizens, in researching and applying for financial service products online. According to Forrester Research's Consumer Technographics studies, overall use of the online channel for researching products increased for credit cards, mortgages and checking accounts last year, while home...

  • Special Report: Data Processing & Technology

    From phishing to online auctions, credit union technology is an evolving discipline for IT professionals. Turn to pages 22-32 for all the latest technology news.

  • Annual Survey Finds Unauthorized Access Climbing Crime List

    SAN FRANCISCO - Unauthorized access to proprietary information, including identity theft, has passed denial of service in second place on the list of causes of computer crime losses, according to the 2005 CSI/FBI Computer Crime and Security Survey. Still atop the list? Cleaning up after virus attacks, according to the...

  • Online Banking Numbers Keep Rising as Vendors Evolve

    BOSTON - Households actively banking online are expected to reach 39% of the market by the end of 2006, with adoption being driven by marketing and usability improvements and innovations. That's one highlight of a 57-page analysis of the online banking vendor market by Celent Communications. The think firm also...

  • Campaign for Consumer Choice Retained Supreme Court Nominee

    WASHINGTON-U.S. Supreme Court Nominee Judge John G. Roberts, nominated by President George W. Bush just last week to serve as an Associate Justice, has a credit union connection. "When our field of membership case went to the Supreme Court, CUNA and NAFCU intervened.and he argued for them before the Supreme...

  • Community Charter Expansions, Overlapping Charters Could be Good for Smaller Credit Unions Seeking to Merge

    MADISON, Wis. -Smaller credit unions seeking merger partners may find it a bit easier due to the growing number of community charters and overlapping charters. This, according to the latest CUNA Mutual Group's Credit Union Trends Report. At the end of May, CUNA Economics & Statistics estimates there were 9,217...

  • Community/NCUA Fight Heads Into Court; CU Asking For Injunction to Try to Limit Fight

    PLANO, Texas - The ongoing fight between the NCUA and the $1.4 billion Community Credit Union and $1.2 billion OmniAmerican Credit Union over their pending efforts to change their charters to those of mutual banks formally went to court last week when Community, the better known of the two Texas-based...

  • CU Lobby Working to Win Back Withdrawn Co-Sponsor's Support

    WASHINGTON-Freshman Congresswoman Gwen Moore (D-Wis.) made the move July 14 to withdraw her name as a co-sponsor to the Credit Union Regulatory Improvements Act (H.R. 2317). At the same time, three new co-sponsors were added: Rodney Alexander (R-La.) and Financial Services Committee Members Rick Renzi (R-Ariz.) and Peter King (R-N.Y.)....

  • Credit Unions to Collect PAC Funds through Payroll Deductions

    WASHINGTON-Following a recent Federal Election Commission rulemaking, credit unions will soon be able to funnel money directly from members' accounts, with their permission of course, directly to the trade association political action committees. The FEC rulemaking will be published in the Federal Register shortly with a 30-day effective date. CUNA...

  • Credit Unions Take Different Paths to go From Good to Great

    WEST PALM BEACH, Fla. - Most keen observers of the industry can pick out your high-flying credit unions. These are credit unions that perennially top rankings and listings for things such as loan growth, ROA, asset growth, new members, etc. But at some point, not even these perennial winners were...

  • Clackamas Community FCU Named Business of the Year

    OREGON CITY, Ore. - Clackamas Community FCU was recently named Business of the Year by the North Clackamas County Chamber of Commerce here. The $160 million CU was recognized for its excellence in providing financial resources to foster a healthy environment for individuals and businesses. Chartered in 1957, Clackamas Community...

  • Accolades Abound for SCE FCU

    IRWINDALE, Calif. - The Baldwin Park Chamber of Commerce has recently honored SCE Federal Credit Union as the 2004-2005 "Business of the Year." In addition to the Baldwin Park Chamber of Commerce honor, SCE FCU was also the recipient of various recognitions including a "certificate of Special Congressional Recognition" from...

  • Another Lawsuit Filed Against Visa on Interchange

    WASHINGTON - The National Retail Federation and other retail groups are praising a second lawsuit that has been opened against Visa alleging unfair and anticompetitive credit card interchange. The lawsuit was filed in the U.S. District Court for the Southern District of New York by grocers and alleges monopolistic practices...

  • Credit Union 24 Names Three New Board Members

    PENSACOLA, Fla. - Credit Union 24, the second largest credit union owned ATM network has elected three board members. Ed Collins has more than 30 years of experience in the credit union movement, and has been a member of the Credit Union 24 Board of Directors for the last three...

  • For JDCCU Future Bright as Veridian CU

    WATERLOO, Iowa - John Deere Community Credit Union (JDCCU) hopes it has created the perfect new name - Veridian Credit Union. Derived from a combination of the words "verdant," meaning green and growing, and "veritas," or truth, the name is designed to celebrate the best of what the credit union...

  • `No Sure Way' To Get Elected: Gilbert

    ABERDEEN, Md. - Volunteers vying for elected jobs on state or national trade organizations should not expect a free ride if they expect to succeed in running for those elected jobs, according to the lone volunteer on NAFCU's board, David H. Gilbert. "There's no sure way to become elected," said...

  • House Approves Small Business Expansion Bills

    WASHINGTON - The U.S. House Committee on Small Business recently approved four bills that would expand the role of the SBA's 1,100 Small Business Development Centers. Collectively, the bills would allow the SBDCs to provide regulatory assistance to small businesses to help them comply with federal regulatory and statutory mandates;...

  • Sound CU Latest in Reality TV? Microsoft Swoops in for Some Video Work

    TACOMA, Wash. - It was lights, camera, action at Sound Credit Union on July 19 when tech giant Microsoft selected it as the site to film a corporate video and TV ads on partnership. "It is important for credit unions to build partnerships with businesses and organizations that impact their...

  • Staley Credit Union Celebrates 75th Anniversary

    DECATUR, Ill. - For a $91 million institution, Staley Credit Union pulled out all the stops to celebrate its 75th Anniversary, hosting a weeklong celebration of special events. Throughout the week, members bid in a silent auction on a variety of high-dollar items donated by credit union vendors. Auction items...

  • Sunmark's "WOW Man" in National Spotlight for Sales Culture

    SCHENECTADY, N.Y. - It's really true - and not really surprising - that Tom Wiedl has the title of "vice president of sales and WOW" at the $396 million Sunmark Federal Credit Union. The WOW, of course, stands for the way Sunmark employees are trained-and judged-on how well they dazzle...

  • State Employees CU Gets Largest Community Charter in Michigan

    LANSING, Mich. - Fifty-three years after it was chartered to serve state employees, State Employees CU has been approved by the state Credit Union Division to extend its membership to anyone who lives, works, attends school or worships in a 28-county area, giving the $737 million CU the largest geographical...

  • Final Rule Easing CRA Reporting Finalized; CUs Question Rationalization

    WASHINGTON-Three federal banking regulators issued final regulations on Community Reinvestment Act amendments last week that would lessen the reporting burden for most banks. The banking trade associations have applauded the move, while the credit union groups have questioned how they can champion this at the same time they are trying...

  • ENT Places Emphasis on CU Experience, Difference in Rebranding Effort

    COLORADO SPRINGS, Colo. - For Ent Federal Credit Union revamping its brand was just a question of when, not if it should be done. "I think we were in a unique situation- typically a rebranding starts with a problem in the organization and you need new training or new services...

  • Energy First Adopts Bold New Name to Convey New Identity, Broader Appeal

    MONTEREY PARK, Calif. - Goodbye, Energy First. Hello, E1 Financial. Effective August 1, the $407 million Energy First will undergo an identity change many peers can identify with: it will drop its name association with its original gas company sponsor in an effort to appeal to a wider audience. Energy...

  • Lack of Director Representation on National Trades Flap Resurfaces at NAFCU Meeting

    LAS VEGAS - The long-simmering debate about giving volunteer directors a wider role in policy and decision-making in major credit union trade organizations got a vocal - and surprise - airing during NAFCU's annual conference here. The complaints about a lack of "proportional" representation on the boards of NAFCU and...

  • New Freddie Mac Group Charged to Work Exclusively with CUs to Build Mortgage Market Share

    MCLEAN, Va. - Credit unions selling mortgages on the secondary market to Freddie Mac can now count on additional support from the housing government sponsored enterprise through a newly launched initiative. Freddie Mac has been ramping up over the last several months the development of a dedicated sales group exclusively...

  • NCUA Reduces Budget 1.1% Mid-Year, Matz Cites Potential Staffing Shortage

    ALEXANDRIA, Va.-Though NCUA's 1.1% budget reduction at its mid-year review was touted by NCUA Chairman JoAnn Johnson, NCUA Board Member Debbie Matz expressed concern about the agency's 35 vacancies. Johnson applauded the net budget reduction of nearly $1.7 million as "very fiscally responsible." She pointed to $40,000 in savings from...

  • Nevada Federal CU Creates Position to Help Reach Hispanics, Underserved

    LAS VEGAS - To help build a presence in the growing Hispanic community here, Nevada Federal Credit Union has named Rosi Chicas community outreach manager. The new position was created specifically so that Nevada Federal can increase membership awareness and offer financial education assistance to Hispanic and underserved communities. With...

  • Going, Going - Gone to the NCUF

    MADISON, Wis. - The National Credit Union Foundation under Steven Delfin, the new executive director, has struck upon a unique way to begin celebrating its 25th anniversary - an online fundraising auction. "In my association with the E-Philanthropy Foundation I have seen these sorts of auctions work well and to...

  • Kitsap Credit Union Expands Service Area Through Underserved Area

    ALEXANDRIA, Va.-Kitsap Credit Union received the green light from NCUA to adopt all of Mason County, Wash., as an underserved area. Previously, the credit union served all of Kitsap, the northern part of Mason, and Northwestern Pierce Counties. According to Kitsap's Ron Rogerson, the credit union has 2,281 member households...

  • Bachus Added to NAFCU Caucus Speakers

    WASHINGTON-House Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (R-Ala.) is the latest to accept an invitation to speak at NAFCU's Congressional Caucus in September. He joins fellow lawmakers House Financial Services Committee Ranking Member Barney Frank (D-Mass.) and co-author of the Credit Union Regulatory Improvements Act (H.R. 2317)...

  • MaPs CU Launches Checking Accounts for Nonprofits

    SALEM, Ore. - A new type of checking account launched by Marion and Polk Schools CU will allow the holder to donate interest to local nonprofit groups. Over time, participants will accumulate "community interest, which MaPS will convert the interest at the end of each quarter into a cash donation...

  • CUNA Mutual Poised to Assist Credit Unions with Pending IRS 457 Plan Guidance

    MADISON, Wis. - CUNA Mutual Group said it's ready to assist credit unions up to and beyond the time the IRS provides more guidance on non-qualified deferred compensation plans. In an April 9, 2004 private letter ruling, IRS responded to a FCU's inquiry about establishing a non-qualified deferred compensation plan...

  • AACUC Gears up for Seventh Annual Conference

    SHREVEPORT, La. - Newly-installed WOCCU President/CEO Pete Crear will be among the keynote speakers at this year's African-American Credit Union Coalition Conference. In its seventh year, the conference will take place Aug. 12-14 at the Wyndham Nassau Resort in Nassau, Bahamas. Captain Dennis Martin, US Army, 266th Finance Command, will...

  • Princeton eCom Offers Ability to Pay Bills Directly from E-Mail

    PRINCETON, N.J. - Princeton eCom has partnered with a payments application specialist to offer a secure way for consumers to pay bills directly from e-mail. The New Jersey-based bill pay specialist will be using the Striata eBilling Suite, which with two clicks from an e-mail, securely posts payment transaction data...

  • Florida Credit Union Expands Beyond Hospital Base

    LAKELAND, Fla. - An NCUA charter change approval has allowed Lakeland Medical Employees FCU to expand to the surrounding community. The $21 million credit union also has a new name, Regional Community FCU. Its core membership consists of employees of Lakeland Regional Medical Center here. The new charter opens up...

  • Boston Firefighters CU Hosts Member, Staff Appreciation Day

    BOSTON - For Boston Firefighters Credit Union there is no better way to celebrate a third anniversary in its 10,000 square foot facility than to host the 2004 Red Sox World Series Trophy. In addition to the "guest of honor", which was 88 years in the making, staffers and members...

  • CCUL Wins Honors in Annual Apex Publication Awards for Third Consecutive Year

    RANCHO CUCAMONGA, Calif. - For the third time in as many years, the California Credit Union League earned honors in the annual APEX Awards for Publication Excellence. This year, in fact, the League won for four of its publications including flagship publication Credit Union Digest; its electronic Public Advocacy newsletter;...

  • Marks to Take Over Helm at MEMBERS Capital Advisors

    MADISON, Wis. - David Marks will start his new role as chief investment officer of MEMBERS Capital Advisors in September. Marks previously worked as Citigroup Insurance Investments senior executive vice president and chief investment officer. While there, he oversaw $55 billion in global assets under management and led a team...

  • Security Service FCU Beefs Up Membership Drive Campaign

    SAN ANTONIO, Texas - Security Service FCU has kicked off its 2005 Membership Drive Campaign, and this year it's doing things a little differently than in previous campaigns. In the past, SSFCU said the perception among non-members of membership eligibility in the CU was that it was limited to military...

News Briefs

  • BJ's Seeks to Have Suit Dismissed

    MADISON, Wis. - BJ's Wholesale Club and its card processing firm, Fifth Third Bank, have made a motion to the Massachusetts court seeking to have a lawsuit from CUNA Mutual Group and 163 credit unions dismissed, according to a spokesman for CUNA Mutual. The insurer and credit unions are trying...

  • NCUA Permits Travel Reimbursement, IRS May Tax It

    ALEXANDRIA, Va.-According to a recent Letter to Federal Credit Unions, NCUA gives federal credit unions the authority to reimburse volunteer board members for reasonable travel expense, but that does not mean the IRS is not going to get their hands on it. NCUA Letter to Federal Credit Unions 05-FCU-02 states...

  • Heyward Named First Financial CU's New President/CEO

    ALBUQUERQUE, N.M. -Ben Heyward Jr., a 26-year veteran of the credit union movement, has been named president/CEO of First Financial Credit Union. He succeeds Jeff McDaniel who retired June 30 after serving as president/CEO of First Financial for nearly two decades. Heyward comes to First Financial from $1.1 billion California...

  • Pending Nominations on Senate Banking Docket

    WASHINGTON-The Senate Banking Committee last week announced hearings for pending nominations. According to the committee Web site, members will be considering pending nominations in morning and afternoon sessions on July 26. A Senate Banking staffer said the committee would likely announce exactly which nominations will be considered by the end...

  • Utah Earns NASCUS Re-accreditation for Another Five Years

    ARLINGTON, Va. - The Utah Department of Financial Institutions has earned a five-year re-accreditation by NASCUS. Utah was first accredited in 1995 and earned its first five-year re-accreditation in 2000. Accreditation is valid for a five-year period, subject to an annual review process that allows the accredited state agency and...

  • InfiCorp Picks Up Another

    ROYAL OAK, Mich. - The $124 million Royal Oakland Community Credit Union has sold its credit card portfolio to InfiCorp, according to Brookwood Financial, the card portfolio brokerage that facilitated the sale. The sale of the $7 million portfolio brings just over 4,000 accounts to InfiCorp, which has entered into...

Credit/Debit/ATM

  • CU Direct's New AutoSmartT Includes Dealer Inventory Feature

    RANCHO CUCAMONGA, Calif. - Nine months after it launched AutoSMART in November 2004, CU Direct Corp., along with DecisionAPP, the largest point-of-sale lending platform for credit unions in the U.S., has launched its AutoSmart inventory feature the company says lets credit unions position themselves to serve their membership better by...

  • Aimbridge Indirect Lending Announces Tool to Help CUs Manage Indirect Loan Portfolios

    LAS VEGAS - Aimbridge Indirect Lending used NAFCU's 38th Annual Conference and Exhibition as the backdrop for their announcement of their enhanced credit union information management system designed to help credit unions manage their indirect auto loan portfolios. Aimbridge plans to officially launch BridgePoint on Aug. 1 with full implementation...

  • San Antonio Federal Funds Members Auto Loans Electronically

    SAN ANTONIO, Texas - San Antonio Federal Credit Union has begun offering dealers an innovative electronic way to fund automobile loans for the CU's more than 231,000 members. The $1.8 billion SACU says it is the first CU in the U.S. to offer eContracting, a fully-integrated electronic process provided through...

Opinion

  • Protecting Your Web Site Grows in Importance

    Did you hear about the credit union Web site that installed viruses on members' PCs? Or the one that supplied graphics used in a successful phishing expedition? Or the site that captured member information and sent it overseas? Hearing these and other horror stories make credit unions want to turn...

Tech Bytes

  • USERS Names Benavidez SVP/CTO

    VALLEY FORGE, Pa. - Theresa Benavidez, one of the first employees of credit union data processor Symitar Systems, has changed coasts and joined USERS as SVP and chief technology officer. She was director of operations for Symitar when she left the company, a company where she spent 20 years. "This...

  • DI Extends Marketing Pact with LivePerson

    CALABASAS, Calif. - Digital Insight Corp. says it has extended through 2007 its marketing agreement with online help specialist LivePerson Inc. (www.liveperson.com). The New York-based company's Timpani platform combines live chat, email management and a self-service knowledge base to manage online sales and support. Digital Insight says the agreement will...

  • TransUnion Unveils Fraud Response Services

    WASHINGTON- With consumers increasingly holding all companies accountable for data breaches-regardless of fault-information solutions firm TransUnion has recently launched Fraud Response Services. The program is designed to alleviate the potential of data compromises while helping to protect both the consumer and the company's reputation. Fraud Response Services provides both proactive...

  • OSI's Canada Wing Extends Deal with Saskatchewan Cooperative

    GLASTONBURY, Conn. - Open Solutions Inc.'s Canadian operation has won a three-year extension of its data services contract with Credit Union Electronic Account Management Services (CEAMS), which represents 49 credit unions in Saskatchewan. Open Solutions Canada, which was Datawest until it was acquired last October by OSI, has been providing...

  • CCUL Donation to Fund Production of Web-Based Elder Abuse Protection Training

    RANCHO CUCAMONGA, Calif. - The California Credit Union League has donated $5,000 to the Elder Financial Protection Network to help finance the production of a Web-based version of the organization's award-winning Be Wise video training program, which trains employees of financial institutions to recognize and report suspected financial abuse of...

  • Space Coast CU to Deploy Corillian for Online Services

    MELBOURNE, Fla. - Space Coast Credit Union is converting to the Corillian Consumer Banking platform to serve the online needs of its more than 132,000 members, the $1.3 billion CU says. Space Coast also will deploy bill pay, integrated self-service functions and Corillian Family Banking, which allows members to grant...

  • BofA Rolls Out Multi-Factor Online Security System

    CHARLOTTE, N.C. - Bank of America says its new online security system, SiteKey, will be rolled out in Maryland, Virginia and Washington, D.C., and should be available nationwide by this fall. The Charlotte-based megabank, with 13.2 million online bankers, launched the service in Tennessee recently. Using technology from PassMark Security,...

Publisher's Column

  • From NAFCU to CAGW to Poll, CUs Make News

    Despite the lazy, hazy days of summer, there is still lots of news being made in credit union land during these traditional vacation days. As usual, the NAFCU Annual Conference and Exhibition was again a big newsmaker. (See most timely and comprehensive coverage in this issue.) A couple thousand credit...

People

  • WEST

    Alaska USA Federal Credit Union, Anchorage, has named Laurie Gardner Alaska USA Mortgage Company senior mortgage loan originator/Juneau office manager. America First Credit Union, Ogden, Utah, has named Jeri Griess Ogden IRS branch manager. Sterlent Credit Union, Pleasanton, Calif., has named Sue Raines vice president of loan administration and Wallace...

  • SOUTHWEST

    Texas Credit Union League, has named Jill Pharr Texas Credit Union Foundation executive director; Jack L. Blachly corporate counsel; and Lucinda Rocha director of chapters and councils in the member relations department. First Financial Credit Union, Albuquerque, N.M., has named Sharon Magee vice president of human resources and Dale Dedrick...

Letters to the editor

  • Wright: I Knew Where NCUA was Coming From

    I wish to clarify some points that your reporter, David Morrison, conveniently left out of his Web story, entitled, "Anti-Waste Group Did Not Contact NCUA Before Criticizing". I told him that in addition to the various news reports I reviewed, including the The Hill, I had copies of the documents,...

  • Being Multi-Lingual Not Necessary for WOCCU Job

    I do not usually write letters of comment because most people are not interested in hearing from an old has-been. In this case I would like to agree with the views of Dean Mahon and Dennis Cutter in their letters to the editor in your July 6 issue. As a...

  • Welch's "Stupid Award" Column Right On

    Thank you to Mike Welch for his straightforward and "tell it like it is" column in the July 13 issue. And as Jim Blaine said in the cover article related to the Texas conversion mess: "If all this was really about just how a piece of paper was folded, then...

Publisher's Notebook

  • It's Called Stealing

    A growing number of credit unions, leagues, corporates, vendors, and other credit union groups have gotten into a bad habit. They regularly help themselves, for their own uses, to the original news product produced daily and weekly by the editorial staff of Credit Union Times. We do not consider this...

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