Credit Union Times Magazine June-22, 2005
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Credit Unions Cooperate with Texas Governor in Small Business Summits
EL PASO, Texas - Local entrepreneurs or "wannabes" will have an opportunity to learn more about resources available to start or grow their businesses, including credit union financing, at a Small Business Summit hosted here by Texas Gov. Rick Perry June 15. The day-long summit, the first of a series...
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CUNA `Literacy' Radio Spots Reach 11 Million
WASHINGTON - CUNA's "radio outreach" program launched in April to promote financial literacy and featuring dozens of live and taped interviews by CUNA President/CEO Dan Mica proved to be a ratings hit reaching an estimated 11 million listeners. CUNA said it arranged 20 interviews with radio hosts and news figures...
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Frank: Credit Unions Should Have Some CRA and NCUA May Have Been Too Harsh to Community Credit Union
WASHINGTON - Representative Barney Frank (D-Mass.), the ranking Democratic member of the House Financial Services Committee has spoken out to clarify his remarks on applying the Community Reinvestment Act to credit unions. He is also preparing a letter for NCUA looking into the agency's response to the $1.4 Community Credit...
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Could MBNA Be A Takeover Candidate?
ARLINGTON, Va. - While most credit union executives know MBNA best for its role in the credit union space, it is worth noting that the company does a lot more card business than just with credit unions - and some of the overall card activity may lead the firm into...
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Actors FCU Makes Member's Dream a Reality with Business Purpose Loan for Creative Services Agency
NEW YORK - The members that belong to Actors Federal Credit Union are what some in the movement might consider a unique lot. They're not the typical nine-to-fivers and many juggle several different jobs, filing a handful of a variety of W-2s and 1099s during tax season. Others have launched...
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CenCorp Taking Lean and Mean Approach to Offer Members a Better Deal
SOUTHFIELD, Mich. - The Michigan Credit Union League is renowned for being one of the most financially stable and best run leagues in the nation, but the state's corporate shouldn't be overlooked either. Looking at the statistics, Michigan credit unions can be sure their corporate credit union, CenCorp, isn't holding...
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Big Member Gains Loom for Fort Belvoir FCU
WOODBRIDGE, Va. - Those proposed military base closings proposed last month by the U.S. Defense Department appear to have a silver lining for the $200 million Fort Belvoir Federal Credit Union here. Indeed, of all CUs impacted by the closings and troop realignments, Fort Belvoir acknowledges it is one of...
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Amendment to Restore Congressional Funding Back to SBA's 7(a) Loan Program Passes in House
WASHINGTON - Despite opposition from the Bush administration and key Congressional Republican leaders, on June 15 the House passed an amendment that would restore funding to the SBA's 7(a) loan program. The amendment to the Science, State, Justice and Commerce Appropriations bill will restore funding for the program to the...
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CURIA on Minnesota CUs' Minds in Hike the Hill
WASHINGTON - The Credit Union Regulatory Improvements Act took center stage at the Minnesota Credit Union Networks' first Hike the Hill visit of the year, June 7-9. Thirteen credit union staff and volunteers made the trip to Capitol Hill intent on securing the names of Minnesota members of Congress for...
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CU National Mortgage's New "Swift Shift" Makes it Easier for CUs to Change Mortgage Programs
PINE BROOK, N.J. - Credit unions that have considered changing their mortgage vendor relationship to CU National Mortgage but have hesitated making the decision because they've considered it too complicated now have a new tool to use to make the transfer easier. CU National Mortgage has come out with its...
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Hollen Takes Over at CO-OP Network
ONTARIO, Calif. - Stan Hollen's career has taken yet another turn as the former The Golden 1 CU CEO and most recently Liberty Enterprises CEO has been named CEO of the CO-OP Network. Hollen replaces Bob Rose, who led the network for the past 15 years and earlier this year...
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American First Helping Teens Start Smart
LA HABRA, Calif. - American First Credit Union hopes to help teens and young adults get a head start on financial responsibility with the launch of its Start Smart Visar program. "Teaching young adults about the importance of financial responsibility is not only a service American First Credit Union provides,...
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Sun East Sponsors Business Makovers
ASTON, Pa. - Sun East FCU is helping the Midlantic Business Alliance here celebrate its 25th anniversary with free business makeovers to recent start-ups. The $284 million credit union will offer free evaluations of businesses marketing and advertising communications, cash flow, product mix and employee benefits. Founded in 1980, the...
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Sen. Shelby to Receive CFA's Philip Hart Public Service Award
WASHINGTON - Sen. Richard Shelby (R-Ala.) was to be among the recipients of service awards that were scheduled to be presented by the Consumer Federation of America at its 35th Annual Awards Dinner last Wednesday. Shelby will receive the Philip Hart Public Service Award. Since entering the Senate in 1986,...
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California HSA Bill Passes Committee, Moves to Senate Floor
SACRAMENTO, Calif. - The California Senate Banking, Finance and Insurance Committee unanimously approved AB 434, legislation that will allow state-licensed credit unions to offer health savings accounts. The bill now moves to the Senate floor. The legislation was introduced by Assemblymember Nicole Parra (D-Bakersfield) and is supported by the California...
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Leach, Bliley Testify in Support of Real Estate Industry Competition
WASHINGTON - Two of the original three authors of the Gramm-Leach-Bliley Act - former House Banking Committee Chairman Jim Leach (R-Iowa) and former Commerce Committee Chairman Tom Bliley - were scheduled to testify June 15 before the full Financial Services Committee in support of competition in the real estate industry....
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More Minnesota Credit Unions Seeking Clarity on Construction Loan Definition
BLOOMINGTON, Minn. - Six Minnesota credit unions recently weighed in on their concerns with NCUA's proposed changes to the agency's member business lending rules. The credit unions got their say during a May 23 conference call with CUNA Senior Regulatory Counsel Catherine Orr. CUNA's deadline for feedback on its comment...
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Charlie Brown Latest Redwood CU "Member"
SANTA ROSA, Calif. - Redwood Credit Union (RCU) is part of a citywide salute to Peanutsr creator Charles M. Schulz by sponsoring "It's Your Town, Charlie Brown" hosted by the city of Santa Rosa. The effort honors the work and contributions of Schulz, a long-time Santa Rosa resident, and includes...
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CEO of Largest CU Agricultural Lender Wants Clearer Picture of NCUA's Proposed Changes to Construction, Development Loans
MELROSE, Minn. - Getting a small loan in the 1930s was hard to come by for many of the residents here. So in January 1939, the Melrose Catholic Parish Credit Union was founded to provide low-cost loans to those living in two parishes. The field of membership would go on...
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North Dakota League Does Turnabout on Processing Snub
BISMARCK, N.D. - Not entirely unexpected, the North Dakota Credit Union League, caught in a bitter schism over its lobbying policies, is reversing course on allowing non-members to use its processing subsidiary in hopes of bringing trade group unity. The policy reversal, adopted by the League Board at a June...
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North Carolina Papers Give League Media Coverage
GREENSBORO, N.C. - The week of June 6 was a busy one for the North Carolina Credit Union League when it comes to media coverage. On Friday, June 10, the Charlotte Business Journal published an opinion article written by League President/CEO John Radebaugh on the merits and value of the...
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North Carolina League Study Shows CUs' Benefits to Consumers on cost of Financial Services
GREENSBORO, N.C. - At the end of 2003, North Carolina had 150 credit unions and 2.6 million members - almost 30% of the state's total population. But just how do consumers in this state that is also home to some of the largest U.S. banks, perceive the differences in benefits...
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NCUA's Concern is with Subprime Indirect Lending Vendor Relationship, Not the Product
ALEXANDRIA, Va. - Despite its use of strong language in its Risk Alert No. 05-RISK-01 issued June 10 concerning "Specialized Lending Activities - Third-Party Subprime Indirect Lending and Participations" - even describing stiff penalties for compliance failure - the NCUA insists the issue that has raised its level of concern...
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Over 100 CUs Take Place in VITA Program
WASHINGTON - More than 100 credit unions around the country participated in the Internal Revenue Services' Voluntary Income Tax Assistance program last year, the federal tax collector said, by establishing sites to help low-income members prepare tax returns that often brought them returns. The IRS announcement praised certain specific credit...
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Subprime Auto Lending Specialist CENTRIX Contracts With Dollar Associates
CENTENNIAL, Colo. - On the same day that NCUA came out with a strongly worded Risk Alert urging credit unions to closely monitor their relationships with third-party subprime auto lending partners, one of those such companies, CENTRIX Financial, announced it has contracted with Dollar Associates LLC. Dollar Associates of course...
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Mid-States and Iowa Corporate Break New Ground in Unique Partnership
DES MOINES, Iowa - The $5.5 billion Mid-States Corporate FCU and the $400 million Iowa Corporate Central CU could have decided to just tie the knot in yet another ho-hum corporate merger, but instead the two are engaging in a groundbreaking and potentially precedent-setting partnership. The agreement will effectively have...
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Lessons Learned: Sunshine State CUs Brace for Another Stormy Tropical Season
PENSACOLA, Fla. - Tropical Storm Arlene probably wasn't as much of a wakeup call to credit unions as it might have been in years past when the first system of the new hurricane season rolled over the Florida Panhandle recently. People were already awake and aware. In fact, the area...
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CUNA Women's Leadership Summit Panel Draws Mixed Reactions on some Critical Issues, Consensus on Others
SAN DIEGO - CUNA's Women's Leadership Summit concluded Wednesday, June 15 with a panel that featured four prominent women CU industry leaders discussing industry issues, as well as the challenges women face as leaders. The panel included Mary Martha Fortney, president/CEO of the National Association of State Credit Union Supervisors;...
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CU Industry Deal Could Imprison CUs In "Low-growth Coffin," Charter Option Group Says
WASHINGTON - In a letter which belied its stated intent to turn down the rhetoric surrounding credit union-to-bank-charter conversions, the Coalition For Credit Union Charter Options, the pro-conversion group which is advised by former credit union executives which have become bankers, has alleged that a "backroom deal" might be afoot...
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D.Hilton Study Reveals CU Members Not Always Dedicated
THE WOODLANDS, Texas - According to analysis of survey data by D.Hilton Associates, only one in five credit union members say they are extremely satisfied with their credit union, although nearly one in three say their credit union's performance has exceeded their expectations. D.Hilton said the analysis shows that approximately...
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Eleventh Circuit Court Upholds Georgia Payday Law, Not Pre-empted by FDIA
ATLANTA - In a move being hailed by some consumer groups in what one described as "a major victory for state policymakers and advocates grappling with the debt trap of payday lending", the 11th Circuit Court of Appeals issued a ruling June 10 that validates the ability of states to...
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Joint Automotive/Firefighter Credit Union Meetings to End
FLINT, Mich. - Two trade groups representing automotive and firefighter credit unions are calling off their three-year-old experiment to hold joint annual meetings. While the original concept was seen as a novel means of cutting hotel and meeting expense, the interests of the two groups-the Combined Council of Automotive Credit...
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Johnson on Defensive About Community CU at Hearing; Base Starts Lobbying
WASHINGTON - NCUA Board Chairman JoAnn Johnson spent much of her question and answer time before the House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit on the defensive. On the one hand she defended CUs from the suggestion that they needed to be put under the Community...
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Gulf Winds Federal Credit Union Targets Former Sponsor's Retirees for New Investment, Insurance Division
PENSACOLA, Fla. - For more than 50 years, the bulk of the members of what was then Monsanto Employees Credit Union were employees at the nylon producing facility of Monsanto Chemical Company. But like many plants, which during its heyday employed 85,000 people and was one of the top employers...
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Jim Oliva Named New CEO of Park Community FCU
LOUISVILLE, Ky. - Park Community FCU has a new president/CEO in Jim Oliva. Oliva, who will take the helm on June 27, will succeed R. Kenneth Mattingly, who announced his retirement after 18 years of service as president/CEO. Oliva had previously served as CEO of $82 million B&W Federal Credit...
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Baxter CU Gives Away Mini Cooper
VERNON HILLS, Ill. - It pays to be a Baxter Credit Union member - as one Cardinal Health employee discovered when he was handed the keys to his own Mini Cooper. Thirty-year old staffer Randy Emenaker has walked away with the largest giveaway in Baxter CU history. Over 3,500 entries...
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Mica, Post Meet With Lawmakers
In a sign that the leaders of CUNA and CUNA Mutual are getting along just fine, CUNA Mutual President/CEO Jeff Post (left) and CUNA President/CEO Dan Mica (right) met with members of Congress during a luncheon on Capitol Hill sponsored by CUNA. House Financial Institutions Subcommittee Chairman Spencer Bachus (R-Ala.)...
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Insight Financial Remembers Troops in Iraq, Afghanistan
ORLANDO, Fla. - Insight Financial Credit Union through its Adopt-A-Soldier program has made sure troops serving overseas in Iraq and Afghanistan have some comfort from home. This year the credit union has adopted Phil Grant and his fellow servicemen and women. Members and employees have donated those items most requested...
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Earthquakes Provide Summit Attendees With Stereotypical California Disaster Thrills
SAN DIEGO - The going joke at CUNA's Women's Leadership Summit was, at noon they've scheduled a mudslide. Attendees at the event, a first for CUNA, were treated to two potential natural disasters, California style. On Sunday, June 12, a 5.2 magnitude earthquake struck an area north of San Diego,...
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Michael Holden Tapped as New CFO at Newtek Business Services
NEW YORK - Michael Holden has been named the new chief financial officer and senior finance executive at Newtek Business Services. Holden, who assumed both roles on June 10, has more than 20 years of financial management experience, including with publicly traded companies, most recently as CFO of Pep Boys,...
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Twelve More Representatives Sign on to Support CURIA
WASHINGTON - Twelve more federal legislators have signed on to support CURIA as of June 13, 2005. Counting Congressman Ed Royce (R-Calif.), the originator of the bill, that brings the total supporters to 51. The five Democrats are Corrine Brown (Florida), Bob Filner (California), John Larson (Connecticut), Diane Watson (California),...
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CU Members Mortgage CU Lending Conference Scheduled in August
FORT WORTH, Texas - CU Members Mortgage will be holding their 10th Annual Lending Conference in Huntington Beach, Calif. Aug. 8 and 9. The company, a division of Colonial Savings that provides comprehensive mortgage services to more than 500 CUs, says its two-day conference - "CU Members Mortgage: Staying Ahead...
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Matz: Future Of Credit Unions Represented in CDCUs
SAN FRANCISCO - In what will likely be her last speech before community development credit union leaders, NCUA Board Member Debbie Matz told the assembled leaders of CDCUs that their example linked the past with the future of credit unions. Matz provided the keynote speech at the National Federation of...
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Prime Alliance Solutions Presents Five 2005 Mortgage Artists of the Year Awards
INDIAN WELL, Calif. - Prime Alliance Solutions used its recently held third annual Symposium here as the backdrop for the announcement of its third Annual Mortgage Artists of the Year Award. The awards are given to five PA customers each year. One award each is based on asset size -...
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NCUF, WOCCU Tsunami Relief Efforts Net Over $700,000
MADISON, Wis. - Credit unions continue to open their wallets to help December 2004 tsunami survivors in South Asia rebuild their lives and businesses. So far the tsunami appeal launched by the National Credit Union Foundation (NCUF) in support of efforts by the World Council of Credit Unions (WOCCU) to...
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MnCUN Chair Addresses International Conference in Paraguay
ASUNCION, Paraguay - Minnesota Credit Union Network Chairman Bill Raker represented credit unions at the annual international credit union conference he attended in Asuncion, Paraguay on May 31-June 4. This was the second international conference Raker, president/CEO, US FCU, Burnsville, Minn. and translator Victor Corro, WOCCU Program Specialist for Latin...
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CUNA Mutual, Union on Verge of New Deal
MADISON, Wis. - At press time, it appeared that the year-plus labor dispute at CUNA Mutual Group was set to end. According to both CUNA Mutual and the union, Office of Professional Employees International Union Local 39, a tentative deal has been reached. The final step was for the approximately...
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America's First FCU Members Take Spin on Speedway
BIRMINGHAM, Ala. -America's First Federal Credit Union teamed up with Talladega Superspeedway to give members who financed, or refinanced, auto loans of $5,000 an opportunity to drive their vehicles around the track. In addition, they were automatically entered in a drawing to win a customized 2005 Ford Mustang, which was...
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BWCU Unveils "Survivor" Financial Literacy Camp
WICHITA, Kan. - Boeing Wichita Credit Union is launching its own version of Survivor for kids this summer. The over $400 million credit union will be hosting its first ever "Financial Survival Camp" June 21-22 and July 26-27, 2005 at Eberly Farm in West Wichita. Specifically for students entering seventh...
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HUD Cleaning Up After Water, Smoke Damage from "Minor" Fire
WASHINGTON - The U.S. Department of Housing and Urban Development headquarters suffered water and smoke damage on the four floors of the 10-story building from what was described as a "minor" fire early in the morning May 28. Cleanup efforts are currently underway. HUD officials say the water damage was...
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CenCorp Helps to ID Check Scam
SOUTHFIELD, Mich. - Alert employees at CenCorp Corporate Credit Union have picked up on a check fraud scheme that could affect credit unions throughout the nation, though it's too early to tell the scope of the problem. CenCorp has flagged about 10 checks so far created by a service called...
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South Carolina League CEO Parks in Running for The Citadel's Top Spot
COLUMBIA, S.C. - Lt. Gen. Garry L. Parks, president and CEO of the South Carolina Credit Union League and Affiliates, is a finalist for the presidency of The Citadel, the historic state military college in Charleston, the league has confirmed. Parks, a 35-year veteran who retired from the Marines as...
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Cox Appointed VP Governmental Affairs for America First CU
RIVERDALE, Utah - Sheryl Cox, a 23-year veteran of America First CU, was named VP over governmental affairs for the $3.1 billion CU. In her new position, Cox coordinates all governmental and political activities for America First. She succeeds Barney Chapman who recently retired. Cox began working at America First...
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NASCUS Reiterates Already Stated Positions; Stays Out of Conversion Controversy
WASHINGTON - The NCUA Chairman was not the only credit union regulator to face the Committee as well. George Latham, Deputy Commissioner of Financial Institutions for the Virginia Bureau of Financial Institutions, testified on behalf of NASCUS. Latham stood up for PCA reform, endorsed CURIA, and expressed the need for...
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Prime Alliance Services Now Offering Title Insurance to PA Members
MINNEAPOLIS - Prime Alliance members now have access to title insurance and related services from Prime Alliance Services LLC, through an agreement the company reached with The First American Corp. In addition, the Loan Fulfillment Center, a Web-based mortgage fulfillment solution from Prime Alliance Services, has been successfully deployed at...
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HTFFFCU Takes Care of its Own
HOUSTON - Houston Texas Fire Fighters Federal Credit Union staffers demonstrated the power of the credit union philosophy with one of their own. HTFFFCU Teller Edward Guzman's children age seven and four were in a vehicle that was struck in a hit-and-run accident. His son was thrown from the vehicle...
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ACCU Completes Compliance Picture
WASHINGTON -The Association of Corporate Credit Unions has filled the slot for its new Compliance Clearinghouse. The ACCU has named Rhonda Whitley, an attorney, as manager of the Compliance Clearinghouse. "We are right now bringing her out to a few corporates to learn the business," said ACCU Executive Director Michael...
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Western Rockies FCU's Denning to Retire End of June
GRAND JUNCTION, Colo. - Paul Denning, who has worked at Western Rockies FCU since 1985, the last nine of which have been as president/CEO, announced his plans to retire June 30. Denning began his credit union career in 1985 as VP of what was then called Mesa County Teachers FCU....
In Other News
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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...
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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
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Top 50 Credit Unions By Borrowings Outstanding
Top 50 Credit Unions By Borrowings Outstanding
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Credit Unions' Borrowings Soar 32% Over 2004's First Quarter
WASHINGTON - What a difference a year makes. At the end of the first quarter of 2004, borrowings for the credit union system totaled $11.7 billion. That figure has soared 32% to 15.5 billion at the end of the first quarter 2005. Mike Philbin, vice president of sales for Trust...
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Special Report: Credit/Debt/ATMs
Do credit unions know the real MBNA? Learn about them and more card news in the special report on pages 22-26.
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TNB Puts Executive Over its Card Services Branch
DALLAS - Town North Bank, the bank which is owned by a group of credit unions, has hired a new executive to oversee its burgeoning Card Services arm. TNB Card Services both manages portfolios on behalf of credit unions and well as advised others and has purchased more than 60...
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Visa Cuts Deal With Third Largest Utility
SAN FRANCISCO -Visa has signed the nation's third largest public power utility, Arizona's Salt River Project, to become the exclusive card for the utility's customers to make recurring card payments. Recurring payments to utilities, insurance companies and other regular service providers have been the subject of Visa marketing efforts for...
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As Card Market Continues to Mature, MBNA Opens Up A Little
ARLINGTON, Va. - MBNA, a leading purchaser of credit union credit card portfolios, has purchased the credit card portfolio of the $345 million Franklin Mint FCU headquartered in Broomall, Pennsylvania. As with other recent purchases, the bank's ability to offer American Express branded cards played a role in the sale....
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First Women's Summit Kicks Off
Turn to page 32 to find out what happened at CUNA's first ever women's leadership summit with Credit Union Times on-site coverage.
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Elan Takes Two Massachusetts CU Portfolios
BOSTON - Elan Financial Services has purchased the credit card portfolios of the $42 million University Credit Union, headquartered in Boston, and the $291 million Freedom Credit Union headquartered in Springfield, announced Kessler Financial, the firm which brokered the sale. According to NCUA records, the purchase brings Elan a $4.7...
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Visa Comes Out With Real Time Card Protection
SAN FRANCISCO - Visa USA, the nation's No. 1 card brand, has released a service which it claims will enable card issuers to respond to fraud attempts in real time, as a card transaction is being processed. Advanced Authorization, the new technology, will give all Visa cardholders, merchants and financial...
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Latest Debit Card Figures Show Debit Card Users Rising, Signature Debit is Strong
The latest signature debit figures have come in from Raddon Financial Group and the numbers by and large track as expected. The data indicate clearly that both the percentages of people who have a debit card and the percent of people who use a debit card have continued to rise,...
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Credit Unions Continue to Innovate With Card Programs in 2004; Awards Recognize Some of the Most Inventive
ST. PETERSBURG, Fla. - As the credit card industry overall has become steadily more competitive and credit cards more and more resemble commodities, credit unions around the country have continued to work to upgrade and expand their programs. Some of those that have had some of the most success innovating...
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Asset Exchange Reports Brokering Three More Sales
PORTLAND, Ore. - Asset Exchange, the leading independent card broker for credit union card portfolios, has announced the sale of three more portfolios. The firm brokered the sale of $127 million Pan Am Horizon's FCU $4.6 million portfolio sale to InfiCorp, the $45 million SourceOne FCU's $950,000 portfolio to TNB...
News Briefs
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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...
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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...
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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...
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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...
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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...
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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
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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...
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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...
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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...
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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...
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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...
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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
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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....
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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,...
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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...
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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...
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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
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Michigan First Credit Union Breaks Ground on New HQ
DETROIT - Michigan First Credit Union has broken ground on a new three-story, 60,000 square-foot headquarters building to be located in Lathrup Village, Michigan. "With this groundbreaking, we are excited to help revitalize a corner of the thriving city of Lathrup Village," said Michigan First CU President/CEO Michael D. Poulos....
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JDCCU Plays Up Convenience
WATERLOO, Iowa - For John Deere Community Credit Union the path to success is found in member convenience. Since 1993 the credit union has made an in-store branch network work to its advantage. "When we started this we were looking for alternatives since we were at capacity at our free...
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Diamond Lakes Federal Credit Union Names VP Branch Operations
MALVERN, Ark. - Diamond Lakes Federal Credit Union has named Kathy Perkins vice president of branch operations. She brings some 21 years of banking experience and most recently served as assistant vice president in lending for Southern State Bank. "The credit union has a vast array of services to offer...
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Neighbors Federal Credit Union Breaks Ground on $1.2 Million Facility
DENHAM SPRINGS - Neighbors Federal Credit Union (NFCU) is breaking ground on its new Denham Springs branch. The 5,300 square foot facility will feature four drive-through lanes and an additional drive-up ATM. It will also offer the convenience of a full-service lobby including safe deposit boxes and online banking stations....
Letters to the editor
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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,...
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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...
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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....
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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...
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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
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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
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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
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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...
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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...
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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...
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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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Credit Unions Can Use Their Relationship Advantage to Beat Out the Large Card Issuers
It is often said that in today's competitive and increasingly sophisticated credit card marketplace issuers must offer complex and expensive products, promotions, and services to be competitive. But for many of the small to mid-size credit union issuers, those programs are often neither appropriate or financially justifiable. Because TNB Card...
Resource Center
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