Credit Union Times Magazine June-22, 2005

In Other News

  • AWARDS

    South Division Credit Union, Evergreen Park, Ill., President/CEO Geraldine Burek has been named Executive of the Year by Illinois CUES chapter. A pro-active credit union executive in the state of Illinois for the past 22 years, Burek joined South Division Credit Union as CEO in 1987 where she helped transition...

  • DONATIONS

    Pacific Marine Credit Union, Vista, Calif., has donated four complete computer systems to the Boy & Girls Club of Vista. The Boys and Girls Club is a non-profit organization that provides a safe and fun environment for school-age children in the local area. The donation is part of a program...

News

News Briefs

  • CDFI Fund Receives $55 Million from House Appropriations Subcommittee

    WASHINGTON - The Bush Administration's plan to eliminate the Community Development Financial Institutions Fund in favor of a block grant program administered by the Commerce Department has hit another snag. The Transportation, Treasury, Housing and Urban Development, the Judiciary, and the District of Columbia House Appropriations Subcommittee have declined to...

  • NAFCU a Member of the DLC

    WASHINGTON - The Democratic Leadership Council, the centrist Democratic group which has been promoting a tax reform plan which would strip credit unions of their tax exemption includes NAFCU as a member. NAFCU has been a member for three years, according to Murray Chanow, NAFCU's senior lobbyist, as part of...

  • NAFCU Supports Trade Commissions Proposed Rules on Insurance Disclosures

    ARLINGTON, Va. - Not surprisingly, NAFCU has written to support a proposal from the Federal Trade Commission's proposed rules for how much disclosure privately insured financial depository institutions should have to make. Under the Federal Deposit Insurance Corporation Improvement Act of 1991, the proposed disclosures would require non-federally insured depository...

  • Mission FCU Now Offers SBA 7(a) Loans

    SAN DIEGO - Mission Federal Credit Union has been approved to offer the SBA's 7(a) loans. The $1.8 billion CU recently obtained its 750 license, which will allow it to offer SBA 7(a) loans to the San Diego community. J.R. Bruno & Associates, a Glendora, Calif.-based business lending consulting firm...

  • CUNA Mutual Advisors Have Chance to Meet with Company Leaders

    Members of CUNA Mutual Group's Credit Union Advisory Panel met with company leaders last Tuesday, prior to the 10th Annual Discovery Conference in Orlando, to discuss issues. Lon Sprecher (left), CUNA Mutual chief officer of Credit Union Protection and Employee Solutions, confers with Tom Fallon, executive vice president, Teachers Federal...

  • CUNA Mutual Purchases Systems Insurance of America

    MADISON, Wis. - CUNA Mutual Group has purchased Systems Insurance of America (SIA), a Wauwatosa, Wis.-based company that offers equipment maintenance insurance (EMI) to credit unions as a lower-cost alternative to traditional maintenance service contracts. EMI is designed to replace the numerous financial and office equipment maintenance contracts that a...

Marketing

  • MAC Re-elects Two to Board

    INDIANAPOLIS -The Marketing Association of Credit Unions (MAC) has re-elected Silver State Schools CU Marketing Manager Barbara King, Chair-elect and Yolo FCU Marketing Manager Chris Blackman board director. "We are really excited that Barbara and Chris will be continuing their service as directors," said MAC Chair Kate Kelly. "They bring...

  • In Marketing, it's not How Many Advertisements You Produce, but the Lack of Clutter

    CARROLLTON, Texas - How many advertising messages do your members see every day? The most conservative studies indicate it's about 240. Others insist it's 3,000 or higher. A lot depends on whether you count just mass media advertising in newspapers and on television and radio, or if you fold in...

  • SESLOC FCU Taps into Younger Market with DVDs

    SAN LUIS OBISPO, Calif. - SESLOC Federal Credit Union says connecting with young adults can be just a DVD away. Challenged with providing young adults with some solid financial education basics, the $340 million credit union has produced a Money to the Max! DVD. "Despite our Cal Poly University campus...

  • United Heritage Finds Success with Revamped Image

    AUSTIN, Texas -United Heritage Credit Union has discovered what a difference a revamped image can make. "It was just time for us to update our look and create more consistency from a branding standpoint," said UHCU Director of Marketing Jenny Laudadio. "We really wanted to take it back to basics...

  • Co-op Services CU Sponsors Local WNBA Team

    LIVONIA, Mich.- Co-op Services Credit Union has signed up as a sponsor of the WNBA's Detroit Shock. "This outstanding group of women basketball players is extremely competitive and have become winners through cooperative team efforts," said Co-op CU Marketing Vice President Russ Kotila. "It makes sense that Co-op Services, which...

  • Bethpage FCU Air Show Draws 350,000

    BETHPAGE, N.Y.-Over Memorial Day weekend over 350,000 attended the Bethpage Federal Credit Union Air Show at Jones Beach State Park on Long Island, New York. Crowds enjoyed the aeronautic skills of the United States Air Force Thunderbirds. According to New York State Office of Parks, Recreation and Historic Preservation Commissioner...

Tech Bytes

  • Phishing Attacks Against Smaller Prey Up 633% in 2005

    NEW YORK - Phishers have most definitely moved downstream, with attacks against credit unions and other community and regional financial institutions up 633% so far in 2005, according to security vendor Cyota Inc. New York-based Cyota's client list includes America Online, eight of the world's largest 12 banks, and credit...

  • Fiserv Acquires Debt Software Firm

    BROOKFIELD, Wis. - Fiserv has made yet another acquisition. This time it has acquired Interactive Technologies, Inc., a Summit, New Jersey based firm that assists large and mid-sized firms manage their fees through software. Today's fee systems can get quite complex. Whether it's overdraft protection or checks, relationship pricing often...

  • DI Extends, Deepens Third-Party Pact with Metavante

    CALABASAS, Calif. - Digital Insight will continue using Metavante Corp. as a supplier of bill presentment and payment products to the Internet banking vendor's clients at least through 2010. That's according to the terms of a new, long-term agreement announced between California-based DI and Milwaukee-based Metavante. The pact also calls...

  • eBay Auction Brings in $13,000 for Charity in Indiana

    INDIANAPOLIS - Indiana credit unions went high-tech to raise money for the Credit Unions for Kids of Indiana. An eBay auction that ran in three separate sessions and offering 164 items - from digital cameras and iPods to sports tickets and dining offers - attracted enough bids to raise the...

  • Fiserv Positioned for HSAs; Says CUs a Good Fit

    BROOKFIELD, Wis. - Fiserv, which is positioned to help financials begin offering Health Savings Accounts, believes credit unions specifically have a good opportunity with HSAs. Fiserv has the unique characteristic of doing processing for health care plan administrators and financials. Fiserv also offers various health payment solutions and marketing and...

  • PM Systems Working on Interfaces for Net Banking Platform

    CHAPIN, S.C. - PM Systems Corp. says it will be expanding support for its Internet banking platform to include interfaces with Symitar and Summit Information Systems core processing systems. The company's WebFederal2 platform currently interfaces with XP Systems and clients have been asking for more options, says Robert Broadwell, senior...

  • Prime Alliance Announces Version 20.05 of Loan Origination Platform

    INDIAN WELLS, Calif. - Prime Alliance has unveiled the latest update to its loan origination platform - Version 20.05. The CUSO says the latest release adds FHA and Construction Lending to the company's already impressive list of supported lending programs. It includes features that enable the simultaneous cross-sell of home...

  • Online Resources to Acquire IDS

    CHANTILY, Va. - Internet services firm Online Resources is poised to acquire Integrated Data Systems, a small tech firm that had been gaining traction in the credit union industry. IDS, which was once together with Wescom Credit Union as Wescom IDS, currently has over 50 credit union clients, for a...

  • CUVA Unveils New ID Theft Education Tool

    LAKEWOOD, NJ. - Credit Union Virtual Assistant wants to make it easier for credit unions to educate their members on identity theft by launching a new e-course. Information is broken down into bite-sized pieces and delivered to members in 12 separate lessons. Each lesson is delivered via e-mail once a...

  • Stanford, Local Government FCUs Join ShareBuilder

    BELLEVUE, Wash. - Two more credit unions - $635 million Stanford FCU in California and North Carolina's $580 million Local Government FCU - have partnered with ShareBuilder Securities Services. ShareBuilder (www.sharebuilder.com) is an online brokerage that requires no account minimums and individual transactions of as little as $4 per investment....

  • Parsam Technologies Releases uMonitor Upgrade

    MEMPHIS, Tenn. - Parsam Technologies has released an upgrade of its uMonitor new account setup and online application and integrated switch kit, the company says. Release 3.0 adds credit and loan accounts to the existing deposit account functionality, as well as boosts the platform's ability to handle complex eligibility requirements,...

  • Community First CU Partners with Vendor to Customize Tech Tools to Meet Business Needs

    JACKSONVILLE, Fla. - Tim Simpson and his tech-savvy employer, Community First Credit Union of Florida, aren't afraid to think out of the box, and they like to take the box-maker with them when they can. Simpson is vice president of IT at $870 million Community First, which has been using...

  • Mid-Atlantic Corporate Partners With Princeton eCom

    PRINCETON, N.J. - Mid-Atlantic Corporate FCU is enhancing its bill pay services by adding Princeton eCom's PayAnyone product. Princeton eCom says PayAnyone will help the corporate decrease the costs associated with paper transactions, claims research and reconciliation for those payments. Princeton eCom says it has a claim rate of just...

  • Survey Shows CUs Serious About Security

    WASHINGTON - A Callahan & Associates' survey finds the most frequently budgeted item for technology spending this year is security identification tools. Some 95% of respondents listed multi-factor authentication and biometrics as a priority for spending this year, though only 3% reported having any of these methods already in place....

Special Report

Letters to the editor

  • Mr. Umholtz, I Can Answer Your Questions

    I would like to address some of the issues raised by Marv Umholtz in his June 8th letter to the editor, with the following letter of my own to Mr. Umholtz: Mr. Umholtz, You asked "who is better positioned to represent these specific converting credit unions? The members, the NCUA,...

  • Disclosures Need to go Further

    I believe that NCUA should require credit unions that want to convert to banks to reveal the potential compensation for management and directors in the disclosures provided to members prior to a vote on a conversion. I know that these credit unions are first converting to mutual banks, and not...

  • 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....

  • Ensweiler is an Easy - too Easy - Target

    Considering what is being said and written about the appropriate role of the Texas Credit Union League and its President Dick Ensweiler in making the determination of the charter that is right for a specific institution, one can only wonder what world those leveling the criticisms live. I suggest his...

  • The Four-Letter Word is Here to Stay

    I wanted to share my thoughts on the debate about whether credit unions should use "bank" words in their marketing. Once we are able to prevent members from stating "I bank at my credit union" and there is a reasonable alternative we can use, I'm all for not using the...

Publisher's Column

  • Most Important Conversion Question Overlooked

    There are so many individuals and groups getting involved in the saga of two billion dollar credit unions in Texas trying to become banks that it is difficult to tell the players without a program. Front and center is Gary Base, CEO of $1.4 billion Community Credit Union in Plano....

Publisher's Notebook

  • Exclusively Yours

    The best way to make certain that a letter submitted to Credit Union Times, for consideration for publishing it in the weekly letters to the editor section, is not used, is to also send that letter to other credit union publications at the same time. Note that the word editor...

People

  • EAST

    Workers' Credit Union, Fitchburg, Mass., has named Brenda Mahan Conquest commercial officer of its CUSO Northeast Member Business Services, LLC. Crescent Credit Union, Brockton, Mass., has named Elaine J. Spooner Brockton branch manager. Everett Credit Union, Mass., has appointed John J. Murphy president/CEO. Leominster Credit Union, Mass., has elected the...

  • MIDWEST

    Advance Financial Federal Credit Union, Schererville, Ind., has named Bob Underwood chief financial officer. In addition, Advance Financial FCU has promoted Maria Castellanos to collection supervisor. Royal Credit Union, Eau Claire, Wis., has named Diane Barneson vice president of business loans and services. In addition, RCU has re-elected Nancy Beltz...

  • WEST

    Cowlitz Credit Union, Longview, Wash., has appointed Connie McGlone CEO and Virginia Russeff chief financial officer. Travis Credit Union, Vacaville, Calif., President/CEO Patsy Van Ouwerkerk has been appointed board director of the Filene Research Institute. Spokane Federal Credit Union, Wash., has named Pamela Kippes public relations/business development specialist. Ent Federal...

  • SOUTH

    Army Aviation Center Federal Credit Union, Daleville, Ala., has elected the following officers to its board: Donald J. Marnon chairman; Charlie Mingus vice chairman; Richard Waldrop treasurer; and Tom Frezell secretary. In addition the supervisory committee consists of Mickey Davis chairman; Larry Eagerton secretary; and Gerald Strange director. Serving as...

Opinions

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