Credit Union Times Magazine June-15, 2005

News

  • Affinity FCU Automates Purchasing and Reporting

    BASKING RIDGE, N.J. - No more $5 pencils at Affinity Federal Credit Union. The $1.3 billion CU has automated purchasing for its 390 or so employees, using a software solution called Epicor Procurement. One or two employees at each of the credit union's approximately two dozen locations are authorized to...

  • Illinois' Credit Union 1 to Switch to USERS

    RANTOUL, Ill. - Credit Union 1 says it will be converting to the USERS Inc. DataSafe core processing system next April. The credit union's president, Paul Simons, cited browser-based functionality choices in the credit union's decision to switch, particularly cross-selling capabilities. "We've invested in sales training, identified priority products and...

  • Addison Avenue Targets Messages on Electronic, Paper Statements Alike

    PALO ALTO, Calif. - Paper's not going away anytime soon, so credit unions might as well make the most of what technology has to offer in the way of print, too. That's the philosophy behind Addison Avenue Federal Credit Union's use of the customization options it has for its electronic...

  • Vadala Named NAFCU Chair

    The Summit FCU CEO Mike Vadala is NAFCU's new chairman of the board. Page 6.

  • Irish Credit Unions Offered New Phone Internet Service

    DUBLIN, Ireland - Members of The Irish League of Credit Unions (ILCU) can now save on their phone and Internet services costs thanks to Credit Union PhoneSave and Credit Union InternetSaver. The new services give participating credit unions email accounts, broadband connection and Web site development from three different providers...

  • UK Treasury and CUs Ponder Interest Rates Hikes

    LONDON, UK - The British Treasury has launched a full study into credit union loan rates currently capped at 12.68% a month. In favour of raising the cap is the Joseph Rowntree Foundation, one of the largest UK social policy research and development charities. Paul Jones, credit union expert and...

  • SAFE Credit Union Prizes Pooling Feature in Automated Scheduling Tools

    SACRAMENTO, Calif. - This summer everyone's getting into the pool on the teller line at SAFE Credit Union. They're not getting all wet, though. The $1.2 billion CU is beta testing the latest version of the Exametric Workforce Management Suite, including a new pool feature designed to help streamline scheduling...

  • West Community Credit Union Uses SOA Core from IntegraSys to Secure `Wow' Factor

    ST. CHARLES, Mo. - Service-oriented architecture (SOA) is a term much bandied about these days, along with its close relatives XML, Microsoft .NET and Web services. But what is SOA? "SOA is a software architectural style based on loose coupling among software agents that interact," is how it's defined by...

  • Do-It-Yourself Web Site Updating Takes Hold at Centris, Via DI

    OMAHA, Neb. - One of the big guns in Internet banking has launched a new service that hands the keys to the digital dashboard over to the clients, and Tim Mogler says that makes his job easier. Mogler is the Internet marketing specialist at $314 million Centris Federal Credit Union...

  • DigitalMailer Goes From Shaky Start-up to Established Provider; Profitability is Close

    RESTON, Va. - Looking back, Ron Daly admits five years ago wasn't the best time to start a technology company. Shortly after Daly started Digital Mailer, the dot-com bubble burst and a general air of skepticism descended on tech companies, especially start-ups. It was actually started in March of 2000,...

  • Bellco Credit Union Branches Upgrade to Digital Signage

    DENVER -Bellco Credit Union's 12 branches in the Denver Metro area recently received a high-tech makeover with new state of the art digital signage. Bellco contracted with Lakeland, Fla.-based Audio Visual Innovations to replace traditional backlit and standing posters with vibrant moving images in their branches. The new system includes...

  • IT Skills Increasing in Demand, Along with Pay, Massive Survey Finds

    NEW CANAAN, Conn. - Credit unions finding themselves paying more for technology staff are not alone, according to the latest report from Foote Partners. The IT consultancy says that according to its quarterly survey of 48,000 workers in North America and Europe, overall pay for all non-certified and certified IT...

  • Sarbanes-Oxley Forces Increased Spending at Credit Union Rivals

    NEEDHAM, Mass. - Credit unions that want to become banks and then issue stock might be well advised of this point: Compliance with the Sarbanes-Oxley Act is having a disproportionate impact on publicly traded community banks, according to TowerGroup. The research and advisory firm says the Sarbanes-Oxley Act is forcing...

  • Yodlee Brings on Two Factor ID System

    REDWOOD CITY, Calif. - Yodlee, Inc. and PassMark Security announced a strategic alliance to enable PassMark's two-factor/two-way authentication to seamlessly operate with all of Yodlee's aggregation-powered services. These include online bill pay and personal financial management. Several financial institutions have recently gone live with the PassMark System. According to a...

  • Consumers Want Pre-Emptive Action, Monitoring from E-Alerts

    CAMBRIDGE, Mass. - What are credit union members looking for in the way of electronic alerts? Twenty-six percent of online consumers use the channel, and if credit unions want to grow that number, they'll need to provide pre-emptive alerts that resolve issues before they become problems, enrollment for e-alerts to...

  • Special Report: Data Processing & Technology

    A plethora of credit union technology news can be found in the special report on pages 21-35.

  • UK Credit Unions Can Accept Government Sponsored Child Savings

    MANCHESTER and LONDON, U.K. - In a sign of growing government support for credit unions, Great Britain CUs can now participate in Child Trust Funds (CTF). Parents of all children born after Septemer 1, 2003 will receive up to 500 (US$950) paid directly into the special accounts. Parents can add...

  • First Quarter Trends: Assets Growing Strong, Net Worth Stable and Shares Outpacing Loans

    ALEXANDRIA, Va. - NCUA's first quarter trend report shows if assets continue to grow the way they did in the first quarter they will be up a solid 9.53% for the year. Assets increased to $15.4 billion, a 2.38% increase. Net worth, a hot topic of late, increased $1.5 billion,...

  • Sophistication of Hack Attacks Growing, Defenses Also Must

    NEEDHAM, Mass. - Phishing is evolving into something much worse - online fraud techniques that take a variety of forms and leave the consumer desktop highly vulnerable to malware attacks. And if credit unions and other financial institutions want to retain end-user confidence, and keep the online channel viable, the...

  • Washington, D.C.-Area CUs Develop Disaster Recovery Planning CUSO to Offer CUs Business Continuity Solutions

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  • InfoIMAGE Adds Exec to Accommodate Growth

    SAN FRANSICO - InfoIMAGE, a provider of an automated solution for the creation, distribution and management of paper and Internet documents, announced the addition of Susan Reed as its new corporate sales manager. Reed's duties include leading InfoIMAGE's marketing efforts to promote the company's data processing, printing and mail services,...

  • Hartford Police FCU Gets New Online Look, Functionality

    WALLINGFORD, Conn. - Check out www.hartfordpolicefcu.org. It's the new online look for Hartford Police Federal Credit Union, produced by SmartSource Solutions LLC. SmartSource Solutions (www.smartsourcesoutions.org) is the technology CUSO of Constitution Corporate Credit Union, which gave the $13 million credit union a new online look and improved navigation system for...

  • From March to April, Surplus Funds Buoyed by Strong Deposit Inflows

    MADISON, Wis. - April brought in strong deposit inflows pushed by surplus funds, which were up 1.4% for the month to $229 billion. The just released April edition of CUNA Mutual Group's Credit Union Trends Report showed surplus funds, which is cash plus investments, are up a "healthy" 5.9% but...

  • Thirty States Sign Information Sharing Agreement with FinCEN

    SAN ANTONIO - Thirty states and Puerto Rico with representatives attending the Conference of State Bank Supervisors' annual meeting recently in San Antonio, signed information sharing agreements with the Financial Crimes Enforcement Network that provides a framework for enhanced collaboration and information sharing between federal and state agencies in meeting...

  • Western Credit Union Gets Seniors Excited about Prom

    COLUMBUS, Ohio -Who says the prom is just for teens? Western Credit Union has hosted its first Annual Seniors' Prom here- for the more "mature" crowd who are still very young at heart. Some 200 senior citizens turned out in their best and even elected a prom King and Queen....

  • Ventura County Credit Union Hires Former WesCorp Exec

    VENTURA, Calif. - Ventura County Credit Union has hired David Eberstein as its new chief financial officer. Eberstein brings more than 20 years of financial services experience to the $365 million credit union. Before coming to VCCU, he served as a Senior Interest Rate Risk Consultant at WesCorp, serving more...

  • GWFCU Introduces Gulf Winds Financial Services

    PENSACOLA, Fla. - Gulf Winds Federal Credit Union has launched its financial services program for its more than 32,000 members. The $281 million credit union's new Gulf Winds Financial Services division will make available brokerage and insurance services, including mutual funds, annuities, stocks and bonds, to GWFCU members. These services...

  • Representative Michaud Shares in Lobster Fest with Maine CU League

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  • Closing Costs Not a Part of Market Value Calculation under MBL Rule

    ALEXANDRIA, Va. - A credit union can not include closing costs as part of the market value when calculating the amount of equity the borrower has in a construction project, NCUA recently reminded. The $138 million High Desert FCU sought guidance on the matter and in a May 25 opinion...

  • Redwood CU Shows Support for "Human Race"

    SANTA ROSA, Calif. - Redwood Credit Union has raised over $6,200 for North Bay non-profit groups by supporting "The Human Race." Over 50 volunteers from the credit union walked or ran in the race to raise funds for a variety of local non-profit organizations. "The Human Race is such a...

  • CUMEX Mortgage Service Centers Debuts `Home Possible Mortgages'

    LEXINGTON, Mass. - The Credit Union Mortgage Exchange Service Center, a division of Chittenden Corp. which has been serving the home financing needs of credit union members for over 20 years, recently announced a new product it says makes it possible for more members to purchase a home. The company's...

  • Clarke American Aims for Check Account Openings with Enhanced Order Process

    SAN ANTONIO - Clarke American is aiming to keep pace with the growth of the small business market with a new check order enhancement. The check provider is enhancing its EXPERTSolutions Program, which will ensure business account holders get the right products for their needs by following up with those...

  • CO-OP Network Board Gets Bigger, Adds New Chairman

    ONTARIO, Calif. - CO-OP Network now the largest ATM network in the country that is still owned by financial institutions, has elected a new board chairman and added two more members to its board. David Maus, the CEO of the $635 million Public Service Credit Union, headquartered in Denver, Colorado,...

  • Renaissance CDCU Revamps Image

    SOMERSET, N.J. - Renaissance Community Development Credit Union has recently unveiled a new brand image and Web site. The credit union's Web site, www.renaissancecdcu.com, was created free of charge by Marketing Partners, Inc. after Renaissance CDCU enlisted its help in the design and production of new marketing materials, including postcards...

  • SECU Foundation Donates $2 Million to Family House

    CHAPEL HILL, N.C. - The Raleigh-based State Employees' Credit Union Foundation is once again making a difference in the lives of North Carolina residents. The SECU Foundation has made a $2 million pledge gift to Family House at UNC Hospitals, that will help build a comfortable and affordable place for...

  • NYSCUL Garners Support for Municipal Deposits Legislation

    ALBANY, N.Y.-There's more than one way to skin a cat, and the New York State Credit Union League (NYSCUL) has learned how. The League is undergoing a statewide effort to raise support for legislation pending before the State Legislature in Albany that would allow credit unions and savings banks to...

  • Alternatives CU Causes a Stir With Living Wages study; So Accurate Government Goes by CU's Numbers

    ITHACA, N.Y. - The $48 million Alternatives FCU, a community development credit union, has released its annual study of living wages for its area and, according to the study, a single person living in Tompkins County, will have to make a minimum of just over $18,000 per year to live....

  • NCRC's Quest to Bring CUs Under CRA May Be About Helping Itself

    ARLINGTON, Va. - Three weeks out from its release, Credit Unions: True To Their Mission, the most recent report from the National Community Reinvestment Coalition which tried to make the case that credit unions of over $100 million in assets should be covered by the Community Reinvestment Act, appears to...

  • Nassau County FCU Becomes Nassau Financial - More of What a Bank Should Be

    GARDEN CITY, N.Y. - Add Nassau County Federal Credit Union to the growing list of credit unions opting for a new name and brand identity. Effective July 1, 2005, the $248 million credit union will be known as Nassau Financial, with the tagline "More of What a Bank Should Be."...

  • More and More CU Leaders Concerned Greed is Motivating Bank Conversions

    ALEXANDRIA, Va. - The $7.4 billion Pentagon FCU wanted to see for itself just what kind of money credit union management and directors stand to gain in a bank charter conversion. The CU utilized some of its contacts at Goldman Sachs and had a report done on the subject and...

  • More Anti-Conversion Postcards Flow From State Employees CEO Blaine

    WASHINGTON. - The wave of postcards designed to get people talking about the issue of credit unions converting to mutual banks continued to flow from Washington, D.C. this week. Jim Blaine, CEO of the $13 billion State Employees' Credit Union, headquartered in Raleigh, North Carolina, has claimed responsibility for the...

  • SCEFCU Creates Mexican Motif for New Branch at Plaza Mexico

    LYNNWOOD, Calif. - The courtyard features a faux cobblestone walkway. A large bubbly fountain gurgles quietly near the entryway. Brightly colored walls provide a festive air. Four arched entries lead to inner sanctums. Hardly sounds like what you would expect to find at a credit union branch. But that's exactly...

  • Wolk Inactivates Her Elder Abuse Bill, Credit Union Opposition Questioned

    SACRAMENTO, Calif. - Assemblywoman Lois Wolk (D-Vacaville), voluntarily moved her elder financial abuse bill, AB 1605, to the Assembly's "inactive" file late the week of May 30. Wolk's bill was similar to SB1018, which passed in the state Senate last month, and requires financial institution employees to act as mandated...

  • Tough Question for Members: Remodel or Move?

    SUNNYVALE, Calif. - Picture this: Two members are talking in a credit union lobby. One insists she'll never move again. "Six months after our last move I still broke out in hives when I saw a moving van. It was such a hassle. I swore if we need more space...

  • Tearing Down `Fashion Industry' Image of Mutual Funds is One Mission for Larry Halverson, President of MEMBERS Mutual Funds

    MADISON, Wis. - It's been 18 years since Larry Halverson came to CUNA Mutual Group and the scope of the company, particularly in the area of investments, has morphed into an entity that has kept pace with its competitors. Halverson, who serves as senior vice president of MEMBERS Capital Advisors...

  • Michigan Sees Sharp Jump in Small Credit Union Mergers

    DETROIT -The downbeat Michigan economy is helping trigger a sharp rise in mergers of small Michigan credit unions with one Detroit area CU taking on four CUs in a consolidation trend showing no signs of letup through the remainder of 2005. By one count, there have been 10 Michigan mergers...

  • Members Group Weighs In On What New Community Disclosures Should Contain

    DALLAS - Last week the ongoing fight between NCUA and the two Dallas area credit unions that are trying to change their charters to those of mutual banks, the $1.4 billion Community Credit Union and the $1.1 OmniAmerican Credit Union, slipped into a quieter phase. Both sides retreated to their...

  • Democratic Think Tank Surprises Trades With Proposal to Tax CUs Over $10 Million in Assets

    WASHINGTON - The Progressive Policy Institute, a think tank which works closely with the Democratic Leadership Council, a centrist Democratic group, surprised the credit union trade associations last week by floating a proposal which included taxing credit unions of over $10 million in asset size. The Democratic Leadership Council is...

  • Vadala Elected Chairman of NAFCU

    WASHINGTON-The Summit FCU CEO Michael S. Vadala has been elected chairman of NAFCU. "After serving as vice chair for two years, I am honored to have been chosen by my peers to lead NAFCU for the coming year," Vadala said. Vadala is a seasoned board member having joined in 1997...

  • CUNA, ICBA Join Forces with Other Trade Groups to Ask Congress for $79 Million for SBA's 7(a) Loan Program for 2006

    WASHINGTON - CUNA and other trade groups have joined together to ask Congress for $79 million to fund the Small Business Administration's 7(a) loan program for 2006, an amount that was equal to funding obtained in fiscal year 2004. "During the last decade, the funding for this important program has...

  • `Bridal Registry' Has Credit Union Potential, says Filene

    CHANDLER, Ariz. - The $18 billion market for weddings and bridal registry has huge potential for credit unions, according to participants in a Filene Research Institute study. "Right now we've been looking to find a marketable name for a wedding package that would work nationally," said Geri Dillingham, executive vice...

  • Filene Institute Ends Ties with University of Wisconsin

    MADISON, Wis. - In a shakeup of its academic ties, the Filene Research Institute has split from the University of Wisconsin School of Business on the college's long-time contract to manage credit union-related research projects with Filene deciding instead to hire its own research director. The ending of its "formal...

  • ID Theft Class Action Suit Ups Ante for Need for Financial Institutions to Protect Data

    TRENTON, N.J. - As the top concern of consumers nationwide, identity theft may now also have some legal ramifications for financial institutions. The New Jersey law firms of Pellettieri, Rabstein & Altman and Lynch Keefe Bartels have recently filed a complaint against Bank of America in New Jersey Superior Court,...

  • MCUF Attitudinal Survey Give Interesting Insight into Consumers' Perception of Financial Institution Brands

    NORTHVILLE TOWNSHIP, Mich. - Just how differently do consumers perceive the advantages and disadvantages of financial institution brands? That was one of the questions an independent study conducted for the Michigan Credit Union Foundation was designed to ascertain. The "Financial Brand Image Study" conducted for the MCUF by the Berline...

  • Gramlich: New Pricing Data Collected by the Fed Under HMDA to Help Identify Lending Discrimination

    WASHINGTON - Federal Reserve Governor Edward Gramlich, speaking to the National Association of Real Estate Editors June 3, said broader categories of mortgage data being collected by the agency will make it easier to discover when discrimination is being practiced in mortgage lending. Gramlich told attendees that the new information...

  • Florida League: Passage of CU Modernization Bill is Culmination of Increased Advocacy Efforts

    TALLAHASSEE, Fla. - Gov. Jeb Bush hasn't yet signed Florida's credit union modernization bill into law, but considering the way the measure "sailed" through the state legislature with virtually no opposition, the Florida Credit League is already pointing to it as proof that their efforts over the last few years...

  • Suncoast Schools FCU Awards $54,000

    TAMPA, Fla. - Suncoast Schools Federal Credit Union Scholarship Foundation has awarded $54,000 in scholarships to 35 college-bound students. Scholarships awarded included state universities, community colleges and vocational centers. Over 600 applications from students ages 17 to 57 were evaluated on academic performance, leadership abilities and financial need. "Suncoast Schools...

  • Michigan OFIS Commissioner Watters Named Chair of CSBS District 2

    LANSING, Mich. - Linda Watters, commissioner of the Michigan Office of Financial and Insurance Services has been named chair of District 2 of the Conference of State Bank Supervisors. CSBS, the nationwide organization representing state bank regulators, is organized into five districts. District 2 includes the states of Illinois, Indiana,...

  • Members, Don't Go Down With the Ship

    State Employees CU of N.C. CEO Jim Blaine is continuing a post card barrage to influential industry leaders and law makers to alert them of what he sees as a dangerous trend of CUs converting to banks purely for profit. This Titanic post card is just one theme. On the...

  • Pacific Service Credit Union Sponsors Rubber Ducky Derby

    WALNUT CREEK, Calif. - As corporate sponsor of the 2005 Rubber Ducky Derby, Pacific Service Credit Union is asking members and residents alike to "adopt a duck." The 14th Annual Rubber Ducky Derby is a major fundraiser for Oakland's Children's Hospital. "We have been a sponsor of the Rubber Ducky...

  • Fortney Joins State Reg Agencies in Signing of BSA Sharing Agreement

    ARLINGTON, Va. - Mary Martha Fortney, president/CEO of NASCUS joined state banking departments from 29 states and Director of FinCEN William Fox on June 1 in the signing of the Bank Secrecy Act information sharing agreement. The signing took place at the Conference of State Bank Supervisors' 104th Annual Conference...

  • cPort CU, TruChoice FCU Invest in Primary Mortgage Corp.

    PORTLAND, Me. - Primary Mortgage Corp., a full service mortgage CUSO of University CU, has become a multiple owned CUSO with its recent equity partner expansion that includes cPort CU and TruChoice FCU. UCU President Howard Dunn said University CU decided to offer an ownership interest in PMC "to broaden...

  • Congressman Ryun Joins KSCCU in CMN Donation

    TOPEKA,Kan. - Congressman Jim Ryun recently stopped by Kansas Super Chief Credit Union (KSCCU) to help present a check for $17,162 to Jennifer Tinajero, St. Francis Children's Miracle Network coordinator. Congressman Ryun served as the official starter for this year's 3rd Annual Miracles Golf Classic sponsored by Kansas Super Chief...

  • Wells Fargo Rewards Certain Customers by Slashing Trading Fees

    SAN FRANCISO - To link customers to brokerage accounts, Wells Fargo & Co. recently announced it will cut online trading fees for investors who have $25,000 in balances at the bank. Investors will see a reduction in commissions on stock and mutual fund trades to $9.95, down from $19.95 for...

  • Wright-Patt CU, CCCS Join Forces

    FAIRBORN, Ohio - Wright-Patt Credit Union has teamed up with Consumer Credit Counseling of the Miami Valley (CCCS) to help locals here get a handle on financial education. Terrie Krumal has joined the Wright-Patt CU team as a certified counselor and will provide services ranging from one-on-one credit counseling and...

  • Capital Communication Cares Foundation Raises $37,000

    ALBANY, N.Y. - With $37,000 more to invest in Capital Region organizations and charities, the Capital Communications Cares Foundation was the big winner in this year's BIG Benefit Raffle Drawing. The Foundation's annual fund-raiser brought in a record amount this year, with some 2,000 tickets sold. "We are amazed every...

  • CUNA Webinars to Look at Economy's Effects on Mortgage Lending, Checks/Share Draft Basics

    MADISON, Wis. -CUNA has scheduled two Webinars in August of interest to credit union staff involved with mortgage lending and handling checks. The Aug. 11th Webinar, "The Economics & Residential Mortgage Lending" is designed to provide an understanding on how the economy affects housing demand and mortgage lending activity and...

  • NASCUS Annual Conference to Focus on CU-to-Bank Conversion Issue

    ARLINGTON, Va. - Attendees at NASCUS' upcoming 40th Annual Conference & Symposium will have the opportunity to participate in what is sure to be a lively discussion during a "Credit Union to Bank Charter Conversion Colloquium" which will bring together concerned leaders in the credit union movement for a frank...

  • CUNA Mutual Adds Another Exec, Makes Progress on Labor Front

    MADISON, Wis. - CUNA Mutual Group has added another piece to its executive team, a focus of CEO Jeff Post. The company has hired Robert Trunzo to the newly created position of Executive Vice President-Sales. Trunzo, who will report directly to Post, most recently served as executive vice president with...

  • Agnoli TV Debut Shines Spotlight on Financial Education, Credit Unions

    GREENSBORO, N.C. - North Caroliina Credit Union League Financial Education Specialist Ed Agnoli touted credit unions and financial education in a recent segment of the local Triad Today television show. Agnoli, who joined the League less than a month ago, also updated the audience on the status of legislation that...

  • NASA FCU Plays Ball for Reading

    UPPER MARLBORO, Md. - NASA Federal Credit Union and Prince George's County Excellence in Education Foundation teamed up at Baltimore Orioles' AA affiliate Bowie's Baysox Stadium to kick off this Spring's fundraising event to put libraries inside classrooms throughout the County. NASA FCU President and CEO Douglas M. Allman threw...

  • FHA Enhances Social Security Number Validation Procedures

    WASHINGTON - The Federal Housing Administration, in its effort to reduce incidents of identity theft and fraud in FHA's single-family mortgage insurance programs, has enhanced the social security number validation procedures. Starting June 18, the agency will validate social security numbers for consistency with borrower names and dates of birth....

  • Vista FCU Offers Identity Theft 911

    BURBANK, Calif. - Vista Federal Credit Union has joined a long list of credit unions tapping Identity Theft 911 to provide victim resolution and proactive education services free to its members. "For years, our credit union has stressed The Vista Difference," said Vista FCU President/CEO John Jancleas. "One essential aspect...

  • Bayer FCU Moves into Downtown Elkhart

    ELKHART, Ind. - Bayer Federal Credit Union has cut the ribbon on the Riverwalk's first financial institution. The new corporate headquarters is a full-service branch with teller services, drive-thru and remote teller stations. Community and political leaders were on hand to celebrate the special event which included speeches from the...

  • CFE FCU Sponsors Clark Howard Book Signing

    ORLANDO, Fla. - CFE Federal Credit Union has partnered with local Orlando radio station WDBO 580 AM to sponsor the release of Clark Howard's new book entitled Clark Smart Parents, Clark Smart Kids. The sponsorship included a breakfast with the author where listeners won tickets to attend, and an open...

  • Saving for Retirement Just Not a Priority for Many Americans, Study Reveals

    NEW YORK - When it comes to saving for retirement, many Americans place it at the bottom of the priority list - right behind paying bills, buying computers and making home improvements. This was one of the findings from a study from Prudential Financial, Inc., which found that seven out...

  • WesCorp Presents $7,500 to RMJ Foundation

    WesCorp CEO Bob Siravo (let) presents a check for $7,500 to support the Richard Myles Johnson Foundation to Foundation namesake, director and former WesCorp CEO Dick Johnson (right). The donation was made at WesCorp's Annual Meeting and Future Forum Golf Tournament to support the Foundation's mission of promoting the education...

  • Stephan Named President/CEO MON-OC Federal Credit Union

    TOMS RIVER, N.J. - Issa Stephan has been selected by the board of directors of MON-OC FCU as the $182 million CU's new president/CEO. He succeeds L. Edward Brzozowski who is retiring after 26 years with the credit union. Stephan is a nine-year veteran with the credit union industry and...

  • Disciplined Investment Strategy Necessary in Soft Economy, NCUA Advises

    ALEXNDRIA, Va. - Net interest margins will shrink for credit unions if they're not willing to take on higher risks that may not be commensurate with returns. In its June 2005 newsletter, NCUA advised CUs to consider laddering purchases out from three to five years as part of their "disciplined"...

  • Freedom FCU Rewards Elementary School "Patriots"

    BEL AIR, Md. - Freedom Federal Credit Union has recently partnered with Prospect Mill Elementary School to reward participants in their fourth grade Patriot Program. Developed to provide an opportunity for students to gain a sense of patriotism and develop an awareness of this country's past, present, and future, the...

Marketing

  • Opportunity Knocks for Financial Education, Savings Program

    WASHINGTON - A new, nationwide survey released by the Consumer Federation of America (CFA) and Visa USA finds that financial worry is having a negative impact on women's sleep, job productivity and health. Nearly 71% of the women surveyed said they had worried about their personal finances in the past...

  • Beyond Marketing, Counter Intelligence Associates Join Forces for Web Solutions

    LENEXA, Kan. - Beyond Marketing has teamed up with San Juan Capistrano, California-based Counter Intelligence Associates (CIA) to offer Web solutions. Available to CIA clients, Beyond Marketing will provide services ranging from Web maintenance to Web site development. While CIA is well-known for its strategic planning and Webcasting, it also...

  • Michigan First Credit Union Local Arts Sponsor

    DETROIT - Michigan First Credit Union has partnered with Lathrup Village to be the title sponsor for the city's 2nd Annual Fine Arts & Craft Show being held June 24-26. The two-day event now called, "Michigan First Presents Art In The Park," will be held in Annie Lathrup Park and...

  • Altura CU Preps to Welcome Orange Blossom Festival Attendees

    RIVERSIDE, Calif. - Altura Credit Union staffers pictured here get ready to greet the crowd, estimated at 150,000, attending the 11th annual Orange Blossom Festival. The $639 million credit union has been a major sponsor of the event for a decade. The credit union's high-tech booth used "smart boards" and...

  • Earthmover CU Marketing Director Honored

    OSWEGO, Ill. - Earthmover Credit Union Marketing Director Nick Mores has recently won the Marketing Professional of the Year award in the category of Illinois credit unions with assets of more than $50 million from the Illinois Council of CUES. His honor was part of a group of surprise awards...

Tech Bytes

  • SmartSource Solutions Helps N.C. League Launch New Site

    GREENSBORO, N.C. - The North Carolina Credit Union League launched its new Web site May 31 in what the League says "promises to provide North Carolina credit unions with a host of resources to assist them in serving their members." The newly designed Web site at www.ncleague.org is part of...

  • Texans CU Adds a Compliance Commander to Network Security

    RICHARDSON, Texas - Texans Credit Union will be monitoring what's going out on its networks as well as what's coming in, using a piece of equipment called Compliance Commander from Intrusion Inc. Intrusion (www.intrusion.com), like $1.4 billion Texans, is based in Richardson. It is a global provider of regulated information...

  • UPost Honor Posting System Draws 55 Credit Unions to First Webinar

    HARRISBURG, Pa. - A Webinar about eCU Technologies' online deposit honor system attracted 75 participants from 55 credit unions, according to the tech CUSO for Pennsylvania State Employees Credit Union. The May 26 session, the first for the unique product called UPost, focused on the development of the service and...

  • OSI Pays $9 Million in Cash for California Item Processor

    GLASTONBURY, Conn. - Open Solutions Inc. has plunked down $9 million in cash for its latest acquisition, a three-site item processing operation in California. OSI (www.opensolutions.com) bought Financial Data Solutions (www.fdsinc.com) from Southwest Community Bancorp. FDSI provides Check 21-enabled imaging and item processing services to financial institutions with total assets...

  • MortgageClick Adds Home Equity Option

    WOBURN, Mass. - Credit unions that use MortgageClick's Web-based platform to provide members with mortgage services now have access to a new home equity feature of the platform. The new home equity component provides a customized program that allows both members and staff to originate credit lines and loans over...

  • Arkansas FCU Reports Contact Center Upgrade Successes

    JACKSONVILLE, Ark. - Arkansas Federal Credit Union says it has reduced member abandonment of calls to its contact center by two-thirds with its new communications management software from Apropos Technology. The $402 million CU handles an average of 35,000 such member contacts a month and says the Apropos system's multi-channel...

  • Compushare Joins NJCUL Preferred Vendor Program

    BARRINGTON, N.J. - The New Jersey Credit Union League has added Compushare, a provider of IT consulting and implementation services to credit unions and other community financial institutions, to the league's preferred vendor program. Compushare is based in Orange County, Calif., and has more than 350 clients. Selection to the...

  • Cavion Plus to Offer Knowledge Management Software to Big Client Base

    MOUNDS VIEW, Minn. - Cavion Plus is now offering its thousands of clients a knowledge management base from credit union specialists SilverCloud Software. Developed by company co-founders Rick Blaisdell and Bob Mancarella, the software uses a natural language engine and is installed with more than 1,000 questions aggregated from New...

  • BAI Names Bianucci CEO

    CHICAGO - BAI has named Deborah L. Bianucci as its new president and CEO, replacing Thomas P. Johnson, Jr., who last year announced plans to retire. Bianucci, 48, was serving as BAI's executive director of marketing and sales prior to her promotion. Bianucci has been with BAI since 1985 and...

  • FTC Joins Effort to Help Shut Down Hijacked Computers Used to Send Spam

    WASHINGTON - The Federal Trade Commission and 35 other government agencies from more than 20 countries have launched "Operation Spam Zombies." The global effort centers on asking the more than 3,000 Internet service providers around the world to deploy measures that would prevent their customers' computers from being hijacked and...

  • SEDONA Upgrades CRM Solution

    KING OF PRUSSIA, Pa. - SEDONA Corp. has released an upgraded version of its customer relationship management (CRM) solution for small and mid-sized financial solutions. Intarsia Version 5.3 includes more robust reporting functions, individual dashboard objects for each portal user, more alert options and the addition of tables and other...

Special Report

  • Carolina Trust FCU Celebrates Conway Branch Opening

    CONWAY, S.C. - Despite three hurricanes that wreaked havoc on its site last summer, Carolina Trust Federal Credit Union has finally opened its doors here. Delays ranged from removing and replacing drywall, insulation and some roofing materials due to water damage caused by eight and a half inches of rain...

  • Despite Successful Array of Mortgage Offerings, SECU Expands its Menu

    RALEIGH, N.C. - Being one of the leading credit union mortgage lenders in the U.S. hasn't stopped State Employees' CU from making widespread changes to its mortgage lending programs since the beginning of the year. In fact, hard as it may be to believe that a credit union that originated...

  • Travis Credit Union Opens Woodland Branch

    VACAVILLE, Calif. - Travis Credit Union has unveiled its latest Woodland branch located in the Polo Plaza Shopping Center. The full service branch features safe deposit boxes, a walk-up ATM and night depository. "We've designed the new branch to accommodate the growing Woodland community," said Travis CU Executive Vice President...

  • DEI Staffers say Who Needs Emeril?

    CINCINNATI - Design/build firm DEI Incorporated has recently provided employees a new perk with a healthy twist. DEI owners Richard and Cynthia Grow invited Freelance Chef John Satko and his wife Shelby to DEI headquarters to demonstrate how to prepare quick, healthy and creative meals. Over some four days, DEI...

  • Terry Altomari Rejoins HBE

    ST. LOUIS - HBE Financial Facilities has welcomed the return of Terry Altomari as vice president of sales. Prior to his departure in 2000, Altomari was responsible for developing sales in California and Nevada. His experience in sales and marketing for HBE will now be applied to the Northwestern states....

  • La Macchia Group Turns Three

    MILWAUKEE, Wis. - Design/build firm La Macchia Group has recently celebrated its third year anniversary on June 1, 2005. La Macchia Group was co-founded in 2002 by Ralph and Mary Lou La Macchia, two individuals who recognized a need in the marketplace for personal and responsive, fairly-priced, top-of-the line consulting,...

  • CU Mortgage Lending Activity Remains Strong

    Despite some mortgage experts' predictions of a housing bubble, there was no let up in mortgage lending activity among credit unions nationwide in the first quarter 2005. As shown in the chart below of CU mortgage activity by state as of March 2005, CUs generated a total $11.9 billion in...

Letters to the editor

  • CEOs on Board Have Better Chance of Survival

    After reading Mike Welch's column, "Top CEO Talent Available in Ranks of Fired" in the June 1 issue, I felt even more certain that CEOs should strive to get on their board of directors. I have had it both ways in my credit union career and there is nothing better...

Opinion

  • Umholtz: It's About Options, Not Money

    It is very clear to me that we see the issue of charter options very differently. Neither of us is likely to change the other's point of view. One of these days I would like to hear more detail about your definition of "credit union philosophy." It has been my...

  • Clark: Insiders can Make Things (Money) go Their Way

    Marv: Indeed, we do see this issue differently. On the surface, I agree that there appears to be as many opinions on the credit union philosophy as there are people, but I think when it comes to the core, just about everybody knows what that philosophy is. You talk about...

People

  • SOUTHWEST

    Fort Bliss Federal Credit Union, El Paso, Texas, has re-elected Chief Warrant Officer Four (Retired) Donald E. King and Lieutenant Colonel (Retired) Robert F. Nickerson board directors. Shell Employees Federal Credit Union, Houston, has named G. Vernon Babilon chief financial officer.

  • SOUTH

    Insight Financial Credit Union, Orlando, Fla., has named Jody W. Walls vice president of operations. South Carolina Federal Credit Union, North Charleston, CEO R. Scott Woods has been named treasurer of the American Red Cross, Carolina Lowcountry Chapter board. SRP Federal Credit Union, North Augusta, S.C., has promoted Debbie Gibbons...

  • MIDWEST

    Central Star Credit Union, Wichita, Kans., has named Rene Tario Witchita branch manager. First American Credit Union, Beloit, Wis., has named Michael Schoeder Janesville North branch manager and Kathleen Kennedy member service representative.

  • WEST

    Credit Union West, Phoenix, has promoted Bob MacGregor to executive vice president/chief financial officer. Global Credit Union, Spokane, Wash., has promoted Kelly Mathews to operations center manager. Nevada Federal Credit Union, Las Vegas, has named Philip So graphic designer; Emelda Alvarado bilingual financial service representative II, Monica Taylor and Monique...

  • EAST

    GFA Federal Credit Union, Gardner, Mass., has elected Gerald L. Bankowski, CPA, supervisory committee director. Langley Federal Credit Union, Newport News, Va., has elected the following volunteers to its board: Buena E. Crawford, chairman; Richard Biege, 1st vice chairman; Colonel Daniel L. Dunaway, 2nd vice chairman; Jean M. Yokum, treasurer;...

  • IN MEMORIAM

    Hudson Valley Federal Credit Union, Poughkeepsie, N.Y., Board Director Art Zimmermann has died. A member since 1965, Zimmerman served on the board since 1995. During his tenure as an unpaid professional, Zimmerman was a dedicated and tireless advocate for credit union members. He worked diligently to expand his knowledge of...

From the Board Room

  • Chartway FCU Welcomes New Chairman

    VIRGINIA BEACH, Va. - There's been a changing of the guard at Chartway Federal Credit Union as Everett Lewis Gull Jr. has been elected the new board chairman. Gull succeeds Jack L. McGrath, whose four-year term as chairman has come to an end. Gull has been a member of Chartway...

  • Pen Air Federal Credit Union Board Director Retires After 25 Years

    PENSACOLA, Fla. - Longtime Pen Air Federal Credit Union Board Director A.C Martin has retired after over 25 years of service. Throughout his credit union service Martin served on several committees serving on the supervisory committee for six years before joining the board of directors for the last 20 years....

News Briefs

  • NCUA Examiners to Check on FICUs' Third-Party, Subprime Indirect Lending Risk Controls

    ALEXANDRIA, Va. - The NCUA has put federally insured credit unions on notice: they should expect to hear from their NCUA regional directors "in the near future" and be prepared to discuss with them the controls and practices in place at the credit union concerning third-party subprime indirect lending activities....

  • Members Overwhelmingly Approve DPS-Safeway Merger in Colorado

    DENVER - Members of Safeway Rocky Mountain Federal Credit Union have given the CU's planned merger with DPS Credit Union a ringing endorsement with 88% approval in voting last month. The merger, which has been in the works for more than a year, would form the state's third largest CU....

  • Bush Picks California Congressman as SEC Chairman Candidate

    WASHINGTON - President Bush has already selected a nominee for the SEC Chairman post after William Donaldson announced his departure from the top spot on June 1. The President said he nominated Rep. Christopher Cox (R-Calif.) to become the SEC's 28th Chairman. Cox, 52, who has represented Orange County since...

  • Oregon Gov. Kulongoski Signs Bill Updating State's CU Act

    BEAVERTON, Ore. - Four months after it was introduced, a bill that updates the Oregon Credit Union Act was signed into law May 25 by Gov. Ted Kulongoski, becoming effective that same day. HB 2578 previously passed the Oregon House on a 60-0 vote, and passed out of the Senate...

  • USAA FCU Changes Name, Headquarters

    SAN ANTONIO - With its new community charter, USAA FCU decided it was time to make a name change. The CU, after 50 years of exclusively serving USAA (United Services Automobile Association) employees and their family members, was granted a community charter by NCUA to serve people who live, work,...

  • Latham to Testify at Regulatory Relief Hearing for NASCUS

    ARLINGTON, Va. - NASCUS has accepted an invitation by the House Subcommittee on Financial Institutions and Consumer Credit to testify at a June 9th hearing on "Financial Services Regulatory Relief: The Regulator's View." Representing NASCUS at the hearing will be George Latham, Virginia Deputy Commissioner of Financial Institutions. According to...

Beyond the Job

  • Peninsula Postal CU CEO Keeps Music Going with Non-Traditional Polka Band

    SAN JOSE, Calif. - How many credit union CEOs can say they've toured Europe with a popular band and plan to do it again in 2007? Jan Meere, president/CEO of $143 million Peninsula Postal Credit Union, has done so and will do just that for a second time. Meere is...

  • To Sing or Not to Sing? That Is the Question Lowe Ponders

    RANCHO CUCAMONGA, Calif. - California Credit Union League Public Relations Spokesman Mark Lowe never intended to sing or dance in a musical, but last year he found himself doing just that. Lowe's interest in community theatre began when he moved closer to League offices, and needed an activity to replace...

  • Hmm Good, Tennessee CEO Finds Baking Simply Heavenly

    ERVIN, Tenn. - Now here's a story that simply rises to the occasion: it's about Sandy Lingerfelt, president and CEO of Clinchfield Federal Credit Union and her legendary skills as the supreme maker of sourdough bread plus other delicacies. In fact, Lingerfelt, a CUNA director who makes 2,000 loaves of...

  • Credit Union Leaders Do a Lot `Beyond the Job'

    If you have something you would like included in Beyond the Job contact the Credit Union Times reporter you typically deal with or call Editor Paul Gentile at (561) 683-8515, ext. 10 or e-mail pgentile@cutimes.com. Please note, color photos, preferably of the person doing one of their Beyond the Job...

  • Travel Photos Help Spiegel's Note Card Business Take Off

    RANCHO CUCAMONGA, Calif. - Whenever Diane Spiegel looks at the colorful photo she took in Santorini, she is magically transported back to the Greek island. And that's exactly what she hopes happens to people when they view her images from other destinations, which she has begun marketing on handmade note...

  • MaPS CU CEO Revved Up About Rebuilding

    SALEM, Ore. - For Marion and Polk Schools Credit Union President/CEO Dan Penn not much can beat tearing apart and rebuilding a fine automobile or truck. "This started as kind of a hobby- whenever anything breaks at home from furnace or water heater to garbage disposal I've never been afraid...

Billlionaires Club

Publisher's Column

  • Take a Look at Some CU People Who Make News

    As regular readers of Credit Union Times know, it is people who make headlines and make the credit union world go around. Here are some observations on just a few of the dozens of credit union folks making news recently. A number of credit union people have stepped up to...

In Other News

  • AWARDS

    Aberdeen Proving Ground Federal Credit Union, Md., President/CEO Don Lewis has been honored for his 10 years of service as a board member for the Boys and Girls Clubs of Harford County. APGFCU is a longtime advocate and sponsor of the Boys and Girls Clubs and recently contributed $8,000 to...

Opinions

  • Does Core System Functionality Really Affect Your Business?

    Having worked with credit unions for more than 15 years, I have seen this industry go through a metamorphosis from institutions where manual work was the overshadowing events of the day and the month, to today's systems that can virtually automate most any process and enable an institution to deliver...

Publisher's Notebook

  • Addressing a Problem

    Credit Union Times staffers frequently receive e-mails that are top heavy with dozens of e-mail addresses of other recipients of the same e-mail. Not only is it time consuming to have to scroll down to the point the actual message begins, more important, it is a violation of individual privacy...

In Memoriam

  • Minnesota CU for Kids Volunteer of the Year Two -Time Winner

    ST. PAUL, Minn. - US Federal Credit Union Executive Vice President/COO Phil Bachman is congratulated on being named the Minnesota Credit Union for Kids Volunteer of the Year for the second consecutive year by Minnesota Credit Union President/CEO Kevin Chandler. Last year, Minnesota CUFK raised $133,177 for Gillette and its...

  • UT FCU CEO Dies at Knoxville Home

    KNOXVILLE, Tenn.- UT Federal Credit Union CEO Tom Adelman has died of an apparent heart attack on June 3. He was 47 years old. Before taking the lead at UT Federal Credit Union in 2003, Adelman served as executive vice president of finance and administrative services at San Diego-based First...

  • Space Coast CU Mourns Death of Director Emeritus

    MELBOURNE, Fla. - Space Coast Credit Union Lifetime Director Emeritus Jesee W. Walker has died. A longtime member and volunteer, Walker dedicated over 40 years to credit union service. Walker is credited with helping SCCU grow from 5,000 members and one branch to managing assets of over $1 billion for...

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