Credit Union Times Magazine March-30, 2005
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Corporates Respond to Credit Unions' Custom Investment Demands
WEST PALM BEACH, Fla. - Whether it's an uncommon term, a special call feature or a unique floating rate option, today's corporate credit unions can now churn out customized investments in as little as a half an hour. Corporates are seeing more demand from credit unions for reverse-inquiry investments. Reverse-inquiry...
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Credit Union Trades Continue Full Court Press on Bankruptcy Through Spring Recess
WASHINGTON-The credit union trade associations are not going to let the game slip from their hands now that bankruptcy reform legislation is so close to becoming law. During Congress' spring recess, from March 21 through April 3, the trade associations are encouraging their members to continue to highlight their support...
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Greenspan Spells Out Message for Banks that Credit Unions Already Know
WASHINGTON-The clothes and hair were not quite right but the message is the same. Federal Reserve Board Chairman Alan Greenspan sounded very similar to NCUA Board Member Debbie Matz during remarks he gave at the 2005 National Community Reinvestment Coalition Conference March 18. He noted that in a couple years,...
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FTC Private Insurance Disclosure Comment Request Mirrors Law
WASHINGTON-The Federal Trade Commission recently announced that it was publishing a notice seeking public comment on proposed disclosure requirements for credit unions and other depository institutions lacking federal deposit insurance. The FTC was delayed more than a decade in writing regulations implementing section 43 of the Federal Deposit Insurance Corporation...
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Ensweiler Urges Credit Union Marketers to Ban the `B' Word
PALM SPRINGS, Calif. - Dick Ensweiler is furious that credit unions are using the "B" word to promote their financial institutions. "I think some of you are taking the easy way out," he told more than 400 credit union marketing professionals attending the 12th annual CUNA Marketing and Business Development...
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Credit Unions Establish Presence at Republican Event
WASHINGTON-Credit unions were well represented and well connected at a recent National Republican Congressional Committee event. The credit union-friendly Congressman Spencer Bachus (R-Ala.), though he was one of just a handful to vote against the Credit Union Membership Access Act, chaired the dinner March 15, where he invited representatives from...
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Bankers Highlight "Unfair" CU Tax Exemption to President's Tax Reform Panel
WASHINGTON-The American Bankers Association and America's Community Bankers used the opportunity of the President's Advisory Panel on Federal Tax Reform's request for comments to individually stress the uneven tax treatment between banks and credit unions. ABA Executive Vice President Ed Yingling stressed that the credit union tax exemption is no...
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Congress Adds Money for Community Development that Administration Cut; CDFI Supporters Hopeful
WASHINGTON - In the fight between the supporters of the U.S. Treasury's Community Development Financial Institutions Fund and the Bush Administration, the first round appears to have gone to the CDFI Fund supporters. The Administration sought to eliminate the Fund along with other community development programs in its fiscal 2006...
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Constitution State Corporate Gets Charter Oak Up and Running on Image Exchange
WALLINGFORD, Conn. - Constitution State Corporate has been keeping its Check 21 efforts relatively quiet, but the results are now emerging and the corporate seems to have its members ahead of the game for image exchange. The $1.6 billion corporate has one of its largest members, Charter Oak FCU, up...
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Harvard CU Praised on Loans for Helping People Deal With High Rent Area
CAMBRIDGE, Mass. - Harvard University Employees Credit Union is winning the praises of both the university administration and a union local for offering what is being described as an innovative loan package to handle costly housing rentals. "A recent problem for the university and the union has been the very...
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Pennsylvania Regulator Proposes Tough Steps to Curb Predatory Lending Abuses, Stem State's Foreclosure Rate
HARRISBURG, Pa. - Pennsylvania has the dubious distinctions of having one of the highest foreclosure rates in the U.S. and Secretary of Banking Bill Schenck wants to do something about that. Backed by a report he presented to the Pennsylvania General Assembly March 16, Schenck announced his intention to press...
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SBA's 504 vs. 7(a)
504 Loan Program * Provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings; * Secured with a senior lien from a private-sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from a Certified Development...
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Utah Taxpayer Group Blasts CURIA Through Ads in Major Utah Papers
SALT LAKE CITY - Utah may be the prime battleground for bank attacks on the tax exemption but this month it also witnessed a skirmish over the Credit Union Regulatory Improvements Act. Taking out newspaper ads against CURIA is the Utah Taxpayers Association, a group which claims independence but is...
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SBA's 7(a) Loans Aren't Only Game in Town, Its 504 Loans Gaining Credit Union Interest
SAN DIEGO - A two-step funding process which not only provides much needed capital to small businesses but also protects a credit union's loan-to-value ratio are some of the perks of an increasingly popular SBA loan program. The SBA's 504 loan program provides growing businesses with long-term, fixed-rate financing for...
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New Report Suggests Payday Lenders Choose African-American Neighborhoods
DURHAM, N.C. - A new report has suggested that where payday lenders set up shop may be as much a race issue as a financial one. The Center For Responsible Lending, a subsidiary of the Durham based Community for Self Help, researched the report which charges that African-American neighborhoods in...
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HELOCS a Growing Lending Potential for Credit Unions
WASHINGTON - Home Equity Lines of Credit (HELOCs) are quickly accounting for a growing portion of credit unions' loan portfolio. In a Callahan & Associates-hosted Webinar March 22, credit unions already involved with HELOCs had the opportunity to share their lending success stories and strategies for "Helping Members Unlock their...
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Irwin Mortgage Gets Out of Credit Union Mortgage Market
INDIANAPOLIS - After five years of building up its credit union lending business, Irwin Mortgage has made the strategic decision to pull out of that market. The company, a wholly-owned subsidiary of Irwin Financial Corp., signed definitive agreements March 14 with American Home Mortgage Corp., a subsidiary of American Home...
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Mica Defends CUNA's Bankruptcy Reform Support in Wisconsin Paper
WASHINGTON-CUNA President and CEO Dan Mica recently had a letter to the editor published in the Wisconsin State Journal, defending CUNA's support of the bankruptcy reform bill after a scathing opinion piece against the legislation that noted CUNA as a backer. In the March 6 editorial, Senate Should Reject Bankruptcy...
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MBAA Summit Addresses "Growing Threat" of Fraud to Mortgage Industry; Credit Union Industry Not Immune, say Experts
WASHINGTON - Record-low interest rates have helped make home buying a realization for more Americans, while rising home prices have allowed home sellers to reap windfall profits. But in the wrong hands these same factors have also helped savvy fraudsters commit an increasing rate of fraud against borrowers and lenders...
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Exemption Views in Doubt, Montana Governor Visits CU Outreach Site
HAVRE, Mont. - Bear Paw Credit Union's prize-winning efforts in community outreach have drawn the attention of the state's Democratic governor, Brian Schweitzer, whose views on the CU tax exemption last year became suspect. In a stopover here to meet with tribal leaders at the Fort Belknap Indian Reservation, the...
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New Toyota Plant Served by Two CUs
SAN ANTONIO - Torrance, California-based Toyota Federal Credit Union and San Antonio Federal Credit Union, have teamed up to serve the employees, vendors, suppliers and contractors at Toyota Motor Manufacturing's new San Antonio location. "We look forward to a long and prosperous partnership with San Antonio FCU. Our goal is...
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Lake Michigan Gets Deeper Into Auto Business
GRAND RAPIDS, Mich. - The $1.1. billion Lake Michigan Credit Union, an institution which tried, and failed, to move to a mutual bank charter in 2004 has moved even more firmly into the auto leasing and resale businesses. According to the NCUA, Lake Michigan is the second most active credit...
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CU Direct, LSI Alliance Gives CUs Access to 24/7 Auto Loan Underwriting
RANCHO CUCAMONGA, Calif. - CU Direct Corp., administrator of the Credit Union Direct Lending and DecisionApp systems, and Elgin, Ill.-based Lending Solutions Inc., have partnered to provide CUs with 24/7 underwriting. CU Direct's new relationship with LSI addresses the loan approval process for the applications that don't receive automatic approval...
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Donovan, Aide for Rep. Sherman, is CCUL's New D.C.-Based Lobbyist
RANCHO CUCAMONGA, Calif. - The California Credit Union League has become the first statewide credit union association to have a full-time lobbyist working in Washington, D.C. Starting April 11, Ryan Donovan, legislative director and former acting chief of staff for Rep. Brad Sherman (D-Calif.) is the CCUL's new Washington, D.C.-based...
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Pentagon FCU Merger Crazy?
ALEXANDRIA, Va.-Pentagon Federal Credit Union, the third largest in the country at $7 billion in assets, has merged with five credit unions in the last two years. However, according to Pentagon's Vice President for Brands and Marketing Margaret Szeliga, the institutions are seeking Pentagon out, not the other way around....
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Credit Union Loan Sell-Off to Continue, NAFCU Flash Finds
ARLINGTON, Va.-NAFCU's latest Flash Report found that credit unions plan to continue to sell off their loan portfolios. In 2004, 64% of credit unions sold loans on the secondary market, mostly comprised of mortgages. Fifty-five percent sold mortgages and another 5% sold student loans with securitized light vehicle loans trailing...
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First Tech Taps Liberty as New Check Provider
MOUNDS VIEW, Minn. - First Tech CU, Beaverton, Ore. has selected Liberty Enterprises to provide checks for the $1.45-billion CU's more than 100,000 members in Oregon and Washington State. Under the agreement, Liberty will offer members access to a range of check creation options and services, including a new online...
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OFHEO Extends Comment Period for Proposed Rulemaking on Mortgage Fraud Reporting
WASHINGTON - The Office of Federal Housing Enterprise Oversight has extended the comment period for its proposed mortgage fraud reporting regulation from March 28 to April 4. The proposed rulemaking entitled "Mortgage Fraud Reporting" would set forth safety and soundness requirements with respect to mortgage fraud reporting in furtherance of...
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FDIC to Cut 350 More Jobs
WASHINGTON-Morale at the Federal Deposit Insurance Corporation has been seriously undercut by perpetual job cuts spanning the last decade. Since the resolution of the S&L crisis, the FDIC has been instituting `Reductions in Force' with the latest round impacting up to 350 employees. Granted, the insurer will not be dumping...
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Bipartisan Support Should Help Net Worth Amendment Bill Sail Through House
WASHINGTON-The Net Worth Amendment for Credit Unions Act (H.R. 1042) should have very little trouble making its way through the House. The bill changes the credit union definition of net worth from retained earnings to acquired equity to bring it in line with anticipated accounting changes from the Financial Accounting...
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NCUF Looking for CU Partners to Provide Homebuyer Counseling Services
WASHINGTON - The National Credit Union Foundation was awarded a Housing Counseling grant from the U.S. Department of Housing and Urban Development to act as a financial intermediary in providing homebuyer counseling services to low-to moderate-income people to prepare them for homeownership. Now the NCUF is looking for CUs to...
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CFA, Fair Isaac Study: Many Americans Misunderstand Credit Scores
WASHINGTON - The Consumer Federation of America and Fair Isaac held a press conference March 15 to discuss the findings of their new survey which show that almost one-half of consumers in the U.S. do not understand key facts about credit scores. Among the findings of the study that was...
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Utah Fight Seen as Fallout from Bank Rivalry
RIVERSIDE, Calif. - According to an ex-Zions Bank executive, the bitter credit union/bank clash in Utah has much to do with "basic competition at work" and an eagerness by Zions management to keep an out-of-state rival from gaining market share in that state. That assessment comes from Christopher O'Malley, who...
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CUNA's CFO Council Wants to Know if Members are Using the Saver's Tax Credit
WASHINGTON - As Congress considers extending the Saver's tax credit, CUNA's CFO Council wants to know how many members actually receive it for their individual retirement accounts. Congress is considering extending the Saver's tax credit program past its scheduled expiration in January 2006. The Saver's tax credit provides a government...
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Vermont Senate Begins Review of Credit Union Bill
MONTPELIER, Vt.-Vermont credit unions are one step closer to achieving a modernized statute. The state's Senate Finance Committee conducted its first read-through of the CU bill (H.149) on Tuesday, March 22. After three readings, members of the Vermont House voted to approve the bill at the end of the previous...
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BrightStar CU Honored by Ft. Lauderdale for Longevity
SUNRISE, Fla. - BrightStar Credit Union is among the businesses featured in the Fort Lauderdale Historical Society's new exhibit, "The Businesses That Built Fort Lauderdale." The $260 million credit union is a part of an exhibit that focuses on organizations that have sustained themselves for more than 50 years in...
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Alliant and American Credit Union Debut 14 Airport ATMs
CHICAGO - The switch on those 14 ATMs at two Chicago airports operated by Alliant Credit Union and American Airlines Employees CU of Dallas under a partnership with two banks here has been formally turned on. In a statement, David Mooney, Alliant president and CEO, said the five year-ATM pact...
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Robins FCU, Identity Theft 911 Offer Members ID Theft Options
WARNER ROBINS, Ga.- Robins Federal Credit Union is joining a growing number of credit unions that are opting to help members fight back identity theft by partnering with Identity Theft 911. Under the new program, Identity Theft 911 victim resolution services and consumer education, which provides ongoing fraud alerts, a...
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Bremer to Share Crisis Management Skills at Expanded CCUL Government Relations Rally
SACRAMENTO, Calif. - The California Credit Union League announced that L. Paul Bremer III, recent presidential envoy to Iraq and administrator of the Coalition Provisional Authority, will be the featured speaker at the League's annual Government Relations Rally April 5-6. Bremer, who will be introduced by state Assembly Republican Leader...
In Other News
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SCHOLARSHIPS
Defense Credit Union Council, Washington, has awarded the 2004 George E. Myers Scholarships to Fort Monroe CU President/CEO Michael Guida, and Northern Tier FCU President/CEO Darrell Roos. Guida and Roos will be using their $2,500 scholarships to attend the DCUC Annual Conference in Charleston, S.C. DCUC established the George E....
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MILESTONES
Global Credit Union, Spokane, Wash., own James Addlesberger has completed 34 years of service with the credit union. Addlesberger has worked in Global's Italy branches his entire career starting at Camp Darby, Tirrenia, Italy in 1970, when Global was still named Fairchild Federal Credit Union.
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AWARDS
Spokane Teachers Credit Union, Wash., has named Business Development Manager Jackie Wright the 2004 Employee of the Year. In addition, STCU has named its Business Development/Public Relations Department and Business Services Department as the 2004 Teams of the Year. Branch Support Officer Karen Blair was awarded the Mike Armstrong Outstanding...
News
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GSE Reform, CUs Serving Business
Two opinionated CU leaders take on CU business services and GSE reform on pages 16 and 21 respectively.
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SBA Honors Nation's Best Small Businesses During National Small Business Week
WASHINGTON - Small Business Person of the Year winners from 50 states, the District of Columbia, Puerto Rico and Guam will here in April to mark the annual celebration of National Small Business Week during SBA Expo '05. One of them will be selected as National Small Business Person of...
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The Top 50 Member Business Lending Credit Unions
Credit unions continue to make strong strides in member business lending. Case in point, the $640 million Evangelical Christian Credit Union saw the most member business loan activity in 2004 with $674 million on the books at the end of the year. MBLs are also contributing more to the total...
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Business Loans Were Good for CU Business in `04
Business loans represented the strongest loan growth category in 2004 accounting for 34.23%. The number of member business loans has significantly increased over the years, going from $3.36 billion in 1999 to $11.98 billion in 2004.
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Maine FCU's Business Lending Program Highlighted in Local Publication
BANGOR, Maine - The $140 million Maine Federal Credit Union was recently highlighted for its member business lending success and other programs in the Bangor Daily News. The credit union, which is the largest in the state with 25,000 members and 300 SEGs, added business lending to its fold in...
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Community Charter Conversion Filled with Challenges, say Experts
PALM SPRINGS, Calif. - Credit unions that convert to a community charter in the hopes of reaping a sudden windfall of new members and increased deposits and loan demand had better think again. Unlike the Field of Dreams idea of "build it and they will come," the credit union concept...
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CUNA to Host MBL Conference on Program Start Ups and Expansions
MADISON, Wis. - Should a credit union offer or expand its member business services? This question and more will be explored during the CUNA's Business Services and Lending Conference, which is part of the association's on-site and eSchool offerings for May 2005. The conference takes place May 23-25 in St....
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Seven Mistakes Credit Unions Make When Converting to Community Charters
PALM SPRINGS, Calif. - These are Mark Weber's seven mistakes that he says cause some of the greatest pain or misconceptions when a credit union converts to a community charter. * New members will now beat a path to your door. "It's absolutely amazing to me how many CEOs and...
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SBA Chief Urges 600-Plus Credit Unions in West to Fund Small Business Investment Programs
SAN DIMAS, Calif. - California credit union officials recently got an earful from SBA Administrator Hector Barreto as he plugged President Bush's proposals for reforming the Social Security system. Barreto was the keynote speaker at a March 22 VIP reception sponsored by WesCorp and the California Credit Union League. In...
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North Carolina Niche Bank Aims to Woo Small Business Owners; State League Not Worried, Welcomes Another Source of Capital
CHARLOTTE, N.C. - North Carolina is more than home to the Tar Heels and tobacco fields. It's quickly becoming a launching pad for entrepreneurs looking to finance their dream jobs. Much of that spirit has been fueled by the plethora of bank mergers that have impacted the state over the...
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Michigan Credit Unions Invited to MBL Conference
PLYMOUTH, Mich. -- With the record growth of small businesses, the Michigan Credit Union League will co-host a two-day MBL conference to help credit unions explore courting entrepreneurs. The conference, which is also being sponsored by Walsh College here and the Michigan Council of the Credit Union Executives Society, will...
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Reducing Marginal Tax Rate Increases Entrepreneurship, Study Shows
WASHINGTON - Reducing marginal income tax rates on entrepreneurs increases entrepreneurial entry, decreases exit from entrepreneurship, and lengthens the duration of entrepreneurial ventures, according to a recent study released from the SBA's Office of Advocacy . The study, Taxes and Entrepreneurial Activity: An Empirical Investigation Using Longitudinal Tax Return Data...
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IBM Downsizing Spawned Budding Entrepreneurs, Coastal FCU Responds with MBL Launch, Real Estate Lending Entry
RALEIGH, N.C. - During the heady days of IBM's reign over the personal computer realm, members of what was then known as IBM Raleigh Employees Federal Credit Union reaped the benefits of the company's success with attractively high salaries. The $1.4 billion credit union was founded in 1967 by eight...
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Hearne Tells Subcommittee of Small Biz Lending Regulatory Burdens
WASHINGTON-Lafayette Federal Credit Union President and CEO Michael Hearne, testifying on behalf of CUNA, informed a congressional subcommittee of the problem credit unions' 12.25% cap on business loans poses. The House Small Business Committee's Regulatory Reform and Oversight Subcommittee held a roundtable March 17 on small business regulatory concerns with...
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Alaska USA's Instant Credit
Alaska USA has found a way to use MasterCard's RPPS for credit counseling payments. Page 28.
News Briefs
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CULAC Splits Largest Contributions Between Dems and GOP
WASHINGTON-CUNA's political arm, the Credit Union Legislative Action Council, made large contributions to members of Congress on both sides of the aisle last month. CULAC maxed out with $5,000 contributions to Republicans Speaker of the House Dennis Hastert (R-Ill.) and five-term representative Heather Wilson (R-N.M.). The political action committee also...
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Mountain America CU PR Officer Goes to D.C. to Talk Financial Literacy
SALT LAKE CITY-Mountain America Credit Union Public Relations Officer Jodi Mitchell has recently provided her input to the U.S. Department of Treasury's Financial Literacy and Education Commission in Washington D.C. regarding the national strategy of financial education. Mitchell is one of only eight lender representatives selected as part of the...
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Allpoint Signs Three State Credit Union Leagues
BETHESDA, Md. - State credit union leagues in Pennsylvania, Maryland and Delaware have signed agreements that will allow their member credit unions to sign up more easily with Allpoint, the ATM network which charges credit unions a flat fee to provide free ATM access to their cardholders. The deal was...
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Matthews, CU Industry, NCUA Veteran, Dies
ELLISVILLE, Miss. - Lorena Matthews whose credit union career included working both on the credit union side as well as with the NCUA, died March 21. She was 92 years old. A native of Meridian, Miss., Matthews' history with the NCUA spanned several years in the 1970s (see CU Times,...
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Diamond Award Winners Named
PALM SPRINGS, Calif. - Cindy Morgan, marketing manager at New England Federal Credit Union in Williston, Vt., was named marketing professional of the year at the 2005 Diamond Awards ceremony at the 12th annual CUNA Marketing and Business Development Council Conference. Rhonda Summerbell, senior manager of university relations at University...
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Credit Unions Lose a Retirement Savings Reform Advocate
WASHINGTON - Rep. Rob Portman (R-Ohio), considered by many in the credit union industry as an advocate for retirement savings reform, is leaving his post to become a U.S. Trade Representative. Portman's record for reform is significant: he, along with Rep. Ben Cardin (D-Md.) introduced the Pension Preservation and Savings...
Marketing
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MaPS Launches Youth Program
SALEM, Ore.- Marion and Polk Schools Credit Union (MaPS) is getting into the youth market by unveiling its new Youth Savings Program targeting members from birth to age 17. Designed to provide educational and savings opportunities for young members, to help them better understand personal finance, the new program will...
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Montauk Credit Union Marketing Director Running for Good Cause
NEW YORK - It took one Leukemia and Lymphoma Society Team in Training meeting to get Montauk Credit Union Marketing Director Christina Goethe hooked on running. With a goal of raising $4,000, Goethe is currently in training to run her first marathon -the Rock-n-Roll Marathon in San Diego on June...
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And the CU ADDY winners are.
WEST PALM BEACH, Fla. - Credit union marketing campaigns across the country are garnering ADDYs. The American Advertising Federation conducts the ADDY awards through its 200 clubs and 15 districts. The ADDY awards represent the true spirit of creative excellence by recognizing all forms of advertising from media of all...
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MidWest Financial, Alpha Remodeling "Marvelous" Makeover Hits PAX TV
ANN ARBOR, Mich. - Look for MidWest Financial Credit Union and local remodeling firm Alpha Remodeling's recent remodeling for the Lewis family Saturdays in April at 9:30 am on PAX TV. Washtenaw County Family Independence Agency staffer/MidWest Financial CU member Jamie Lewis was the recent winner of a joint Marvelous...
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Local Celebrity Stops By Vantage CU
ST. LOUIS - Vantage Credit Union recently took the opportunity on President's Day to educate local CBS affiliate News 4 Morning Anchor/Reporter Virginia Kerr on the importance of financial literacy. Vantage CU Community Education Specialist Rachel Parrent, who coordinates the CU's Money Matters program spent the morning with Kerr. Money...
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Postal CU Taps Students for Teen Marketing
WOODBURY, Minn. - Who better than a teen to know what would appeal to other teens? Postal Credit Union (PCU) has teamed up with Tartan High School DECA students for the fourth consecutive year to create marketing pieces that will appeal to the credit union's teenage members. The students conduct...
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LA DOTD FCU Awards Millions -in Points
BATON ROUGE, La. - LA DOTD Federal Credit Union members William and Sherry Pousson are the lucky "million and more" scorecard point winners of the LA DOTD Federal Credit Union and Certegy Score Card Rewards Program Drawing. The Score Card Rewards Program is a bonus for members to gain prizes,...
Tech Bytes
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GrooveCar Taps TCI for Indirect Lending Platform
HAUPPAUGE, N.Y. - GrooveCar, an auto buying and support program for credit union in members in New York City and surrounding areas, will now be using the DecisionLender Web-based indirect decisioning system from Teledata Communications Inc., the companies announced. GrooveCar will use the DecisionLender system as an ASP service under...
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ShareOne Sees Income Surge in `04
MEMPHIS, Tenn. - Share One, a credit union data processing and Internet services CUSO, said its net income came in at $485,000 last year on gross receipts of almost $3.8 million. Gross income increased by $288,562 over fiscal year '03, while net income rose by $750,477. Share One is a...
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AOD FCU's New CEO Makes Core Processing Pick
BYNUM, Ala. - The first big decision by AOD Federal Credit Union's new president and CEO was to select a core processor to handle his 22,000 members' basic financial transactions. Ken Reynolds was named to the top spot at the $144 million CU (www.aodfcu.com) in September and after a due...
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Alaska USA Streamlines Credit Counseling Payments by Tapping into MasterCard RPPS
ANCHORAGE, Alaska - Alaska USA believes it is the first credit union in the nation to tap into the power of the MasterCard RPPS network to receive electronic payments from credit counseling agencies and pro-rating firms. Many credit unions have relationships with credit counseling agencies that help consumers repay their...
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Corillian Adds Web Visitor Locator Specialist to Phishing Fight
PORTLAND, Ore. - Corillian Corp. has added a Web geo-locator service to its Corillian Fraud Detection Service, bolstering its ability to thwart phishing attacks before they get under way, the company says. The Corillian Fraud Detection System uses Web log analysis to identify phishing behaviors before an attack is launched,...
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CBC FCU Deploys COWWW Software
OXNARD, Calif. - CBC Federal Credit Union is the latest to deploy the Web-based document-management solution from COWWW Software. The $260 million CU (www.cbcfcu.org) says it will use the Michigan company's imaging system and browser-based retrieval package to improve teller service and reduce annual maintenance fees for COLD storage and...
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Seven Credit Unions Commit to SAIL Indirect Lending Platform
AUSTIN, Texas - Three-year-old Teres Solutions continues to gain traction in credit union land, announcing seven new credit union users of its indirect auto lending software solution - SAIL (Software Application for Integrated Lending.) The new clients are $1.7 billion Redstone FCU in Huntsville, Ala.; $890.2 million Central Florida Educators...
Letters to the editor
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CAMEL Rating Doesn't Take into Account Value to Members
At our examination last year, we received much lower grades on part of our CAMEL ratings due to our return on assets ratio. Our ratio is much lower in this category since we return about two and a half times as much of our gross income to our members in...
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Williams: Thanks For Everything
I would like to express my sincere appreciation to Credit Union Times for honoring me as the 2004 Credit Union Times CEO of the Year. The beautiful, engraved crystal trophy symbolizing the recognition will be something I will always treasure. The framed front page issue of Credit Union Times in...
Opinion
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Dark Shadows
Bright Lines? More like dark shadows. Answering `how will we know what to originate' is easy once we understand who's behind the Hagel Bill: big banks and the Mortgage Bankers Association of America. If S.190 becomes law, U.S. mortgage lending will be controlled by the largest lenders. Smaller lenders -...
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NCUA Issues Appraisal FAQ Sheet with Banking Regulators
ALEXANDRIA, Va.-NCUA jointly released a frequently asked questions guide with the other federal banking regulators last week. NCUA, together with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision prepared the FAQ...
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The Need for Legislation and Financial Reform
Accounting issues unearthed at Freddie Mac and at Fannie Mae point up the need for stronger financial oversight of the GSEs. Customers of financial institutions and financial service providers have a right to expect their safety and soundness. I fully support the need for legislation and regulation that strengthens the...
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Legislation and Oversight v. Public Policy
Homeownership has been U.S. public policy since the Franklin Roosevelt Administration. The GSEs were chartered as a matter of public policy, to ensure that a constant source of affordable credit would be available to all geographic regions of the U.S. so that people everywhere could become homeowners. It's worked. Homeownership...
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Business Services: There's More to Risk Management than Meets the Eye
Business services offer tremendous growth opportunities for our industry. It's obvious that credit unions must manage risks when doing business lending. But there are many other aspects of a business services program that carry risk, and credit unions must be prepared to manage them properly. When we consult with a...
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What Can You Do?
Dark Shadows was pseudo-scary. Hagel's Bill is truly scary. If you're frightened, do three things now. First: support legislation that strengthens financial oversight of the GSEs. Fiscal responsibility and adequate capital levels make sense. Second, oppose - strenuously - legislation that limits our ability as lenders to provide our members...
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Bright Lines or Dark Shadows: The Other Side of GSE Reform
Dark Shadows was a campy 1960s, pseudo-scary soap opera that tempted its audience with mysterious goings-on just out of the viewer's sight, at least until the next episode. Pending legislation that reforms regulatory and business oversight of Fannie Mae and Freddie Mac has that same feeling: there's more to it...
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Bright Lines
Hagel's bill, co-sponsored by Senators Elizabeth Dole (R-N.C.) and John Sununu (R-N.H.), includes a proposal to `clarify the mission' of the GSEs by defining their permissible activities. The Hagel Bill makes direct or indirect loan origination impermissible by the GSEs. It does so by defining primary and secondary mortgage activities....
People
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SOUTH
Truliant Federal Credit Union, Winston-Salem, N.C., has promoted Troy Martens to vice president, consumer/real estate lending. Gulf Winds Federal Credit Union, Pensacola, Fla., President/CEO Chris J. Rutledge has been appointed Southeast Corporate board director. Innovations Federal Credit Union, Panama City, Florida, has named Scott Gladden vice president operations.
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EAST
North Jersey Federal Credit Union, Totowa, N.J., has named Bob Mark business development representative. Dutch Point Credit Union, Inc., Wethersfield, Conn., has named Charlyn Reese vice president finance. Jeanne D'Arc Credit Union, Lowell, Mass., Executive Vice-President/Chief Financial Officer and Investment Officer Gerald Freitas and Senior Vice-President of Human Resources Elaine...
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WEST
Orange County's Credit Union, Santa Ana, Calif., has named Ka'Ree Chatman vice president of retail branch administration and Reza Mahdavi St. Andrew branch manager. In addition, OCCU has promoted Christine Bass to assistant vice president, retail support services. Redwood Credit Union, Santa Rosa, Calif., has named Carol Parish Novato branch...
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MIDWEST
TopLine Federal Credit Union, Maple Grove, Minn., has promoted Michael Edwards to vice president of lending/administration and Katie Pitman to vice president of sales/ marketing. Western Credit Union, Columbus, Ohio, has named Carrie Patrick Delaware branch manager.
From the Board Room
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San Francisco FCU Board Director Named Director of the Year
SAN FRANCISCO - San Francisco Federal Credit Union Board Director/SF International Airport Director John L. Martin has been named the 2004 "Director of the Year" by Airport Revenue News (ARN). ARN is the leading monthly trade magazine covering airports and airport finances. Martin has been recognized by ARN for his...
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New Alliant CU Chairman Enjoying Board Life, Focused on Fostering Great Relationships
CHICAGO - A credit union member for some 25 years and a board member for eight years, Alliant Credit Union's new board chairman John Samolis loves serving and is excited about where the credit union is headed. He says the recent name change and strategic change to not just serve...
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Pacific North West FCU Chairman's Business Savvy Honored
PORTLAND, Ore. - Pacific NW Federal Credit Union Chairman Paresh Patel has been named Oregon's Small Business Person of the Year for 2005. The owner of Courtesy Vending, a company that operates vending machines throughout the Portland metro area, Patel earned an undergraduate degree and a MBA while tripling his...
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CUES Launches e-Vote
MADISON, Wis. - CUES and Survey Research Associates have teamed up to help improve the board election process by launching eVote. The online voting service includes a customized election site; secure, controlled login to eliminate multiple voting; informative online display with each candidate's picture, resume and position statement; and a...
Quotes Worth Quoting
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Quotes Worth Quoting
"We also had things that did not happen. In March, anyway, we did not have a Thomas hearing." - CUNA Vice President of Legislative Affairs and Senior Legislative Counsel Gary Kohn speaking about legislative activity and inactivity during the month of March, specifically noting that the House Ways and Means...
Publisher's Column
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Conversion Attempts Continue To Make Headlines
News stories about credit unions seeking to convert to a bank charter were once just a sometimes thing in Credit Union Times. No longer. Now almost every weekly issue contains at least one timely news story on the subject. The reason for the stepped up coverage is simple. There is...
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