Credit Union Times Magazine May-11, 2005

  • Regulators Advise on Accounting, Reporting Commitments to Originate, Sell Mortgage Loans

    ALEXANDRIA, Va. - The NCUA has joined with the Office of the Comptroller of the Currency, Federal Reserve System, Federal Deposit Insurance Corporation and Office of Thrift Supervision in distributing an "Interagency Advisory on Accounting and Reporting for Commitments to Originate and Sell Mortgage Loans." Specifically, the interagency advisory No....

  • Maine League Scores Five-Year Record Turnout at Annual Conference

    WESTBROOK, Me. - Nearly 750 representatives from credit unions throughout Maine - the highest turnout in more than five years - were on hand last week at the Maine Credit Union League's Annual Meeting & Convention to hear Gov. John Baldacci call CUs "a vital part in helping fuel Maine's...

  • Hearing Explores Foreign Countries' Attempts with Retirement Reform

    WASHINGTON - Several examples of retirement accounts were discussed at a recent hearing on Social Security reform. Rep. Deborah Pryce (R-Ohio) headed a panel discussion on May 5 titled Social Security Reform: Successes and Lessons Learned. Pryce is chairman of the Subcommittee on Domestic and International Monetary Policy, Trade, and...

  • A Year in the Making: Bush Announces Intent to Nominate New NCUA Board Member

    WASHINGTON-On April 29, nearly a year to the day from former NCUA Chairman Dennis Dollar's resignation from the board, President George W. Bush announced his intention to nominate Rodney E. Hood to fill the empty seat on the NCUA Board. "I am very honored by the President's confidence for this...

  • Verified By Visa Keeps Picking Up Steam

    SAN FRANCISCO - Consumers' card data security fears are continuing to drive interest in Visa's Verified By Visa program, according to the number one card brand. Verified by Visa works by requiring consumers using Visa cards take a couple of additional steps to verify their identities when shopping online. Relatively...

  • Polish and Slavic Case CU Continued

    BROOKLYN, New York - A federal judge which is hearing the ongoing case between the $1 billion Polish and Slavic Credit Union, headquartered in Brooklyn, and an organization critical of its operations has continued the case until May 23, at which point he will hear arguments only in his chambers,...

  • FASB Delays Merger Proposal Implementation

    NORWALK, Conn.-The Financial Accounting Standards Board set a 120-day comment period on its anticipated business combinations proposal and delayed the effective date one year, giving credit unions a little reprieve to get legislation through to amend the definition of `net worth.' At FASB's April 27 meeting, the board decided to...

  • Ensweiler: Unity is Key to Avoiding Taxation

    BLOOMINGTON, Minn. - CUNA Chairman Dick Ensweiler, president/CEO of the Texas Credit Union League used the backdrop of the Minnesota Credit Union Network's Annual Meeting & Convention last month to reinforce the message of the importance of unity among credit unions to fight bankers' attempts to have credit unions taxed....

  • Bush Plans to Nominate FDIC's Reich to OTS

    WASHINGTON-President George W. Bush announced that he intends to nominate Federal Deposit Insurance Corporation Vice Chairman John M. Reich to be the next director of the Office of Thrift Supervision. Current OTS Director James Gilleran announced his resignation April 18, effective April 29. Gilleran currently serves as the chairman of...

  • CO-OP Network Promotes Three

    ONTARIO, Calif. - CO-OP Network, the largest credit union-owned, surcharge-free ATM network in the country, has moved three familiar faces into higher positions in the weeks leading up to the retirement of Bob Rose, its long-time CEO. The cooperative promoted Kathy Herziger to Vice President Product Development, Carol Kosaka to...

  • Texas Senate and House Tax Plans Would Keep Credit Unions Exempt

    AUSTIN, Texas -With just four weeks left in the 79th legislative session, the debate on how to fund the state's public school system is moving forward. And, Texas credit unions are cautiously optimistic they will maintain their tax exemption at least through the 2006-2007 biennium. Not-for-profit credit unions remain exempt...

  • Bankruptcy Reform Passed, Now What?

    WASHINGTON-Now that lenders' legislative struggle to reform the bankruptcy code ended with President George W. Bush signing it into law, credit unions have to look ahead to implementation implications. When NCUA Director of Governmental and Congressional Affairs Cliff Northup, CUNA President and CEO Dan Mica, NAFCU President and CEO Fred...

  • Matz Urges CU Leaders to Reach for a Pop Fly After the July 7 PALS Workshop

    BALTIMORE-Even though it does not seem credit union officials need much enticing to attend one of NCUA Board Member Debbie Matz' Partnering and Leadership Successes workshops, the one slated for July 7 in Baltimore presents an added bonus. A block of tickets has been reserved for attendees of the Baltimore...

  • NAFCU Explains to Key Lawmaker How CUs Help Low-Income Build Assets

    WASHINGTON-NAFCU President and CEO Fred Becker shared with Senate Finance Committee Chairman Charles Grassley (R-Iowa) how credit unions help low-income households build assets. On the eve of a committee hearing, Becker wrote to Grassley on the nation's depressed savings rate and near record bankruptcy filings. "NAFCU strongly supports measures to...

  • Changing Member Makeup Should be a Red Flag for Credit Unions, CUNA Expert Warns

    AUSTIN, Texas - Are credit unions equipped and ready to woo new types of members that will exist in a few years? Vickie, Joyal, CUNA vice president of research services, asked attendees this question at the recent 2005 Floyd Forum Leadership Conference here. Her topic, "The Evolving Credit Union Environment,"...

  • League Co-Op Radio Doing Just Fine in Nebraska

    OMAHA, Neb. - Trying to expand the public profile for credit unions, the Nebraska Credit Union League has doubled its budget for co-op ads this year and contends the expense for several flights of radio ads is paying off in higher awareness. "We've stood back for quite a while now...

  • Live the Credit Union Philosophy, PALS Panelists Encourage

    ST. LOUIS-NCUA Board Member Debbie Matz could not rave enough about the participation in her 10th Partnering and Leadership Successes workshop May 2. "People were asking so many questions and good questions," she said following the workshop. Walk-in traffic brought attendance up to 280 credit union officials, according to her...

  • Lawmaker Wants to Reverse SBA's 7(a) Loan `Zero Subsidy'

    WASHINGTON - If one legislator has her way, the SBA's 7(a) loan program, which is currently operating under a "zero subsidy," would see funding control returned to Congress. Rep. Nydia Velazquez (D-N.Y.)has proposed reversing the subsidy through her Small Business Access to Capital Act of 2005 (H.R. 1868) bill. The...

  • Kentucky CUs First to See End of Bank One Name; Start Looking for Ways to Capitalize on Megamerger

    LOUISVILLE, Ky. - With an eye on new business, Kentucky credit unions apparently are getting the first sampling of how that mega-merger of Bank One and JPMorgan Chase plays out in one of the nation's biggest bank "makeovers." "Every time we see mergers like this, we always find bank customers...

  • Instant Card Issue Gradually Gaining Ground Among Credit Unions

    ENGLEWOOD, Colo. - Credit card issuing credit unions in Pennsylvania and North Carolina may soon be offered the chance to move their card issuing away from third-party processors and to begin instead issuing their ATM, debit and credit cards on site, according to Dynamic Solutions International, the company which developed...

  • Longtime New World FCU CEO Wagner, Advocate for Small CUs, Announces Retirement Plans

    LAFAYETTE, Calif. - Pat Wagner, a long-time champion of small credit unions and a former chairman of the California Credit Union League, is retiring next month. The 56-year-old Wagner, a former CEO of the old $8.5 million New World FCU here which has since merged into the $500 million Telesis...

  • Sharing of the Wealth Fuels Credit Unions Participating in CUNA Mutual's Investment Services Program

    MADISON, Wis. - In the nearly four years since its launch, an investments services program designed to help build stronger loyalty with more members is seeing the fruits of its labor. CUNA Mutual Group's registered Member Services Representative (rMSR) program has grown to 138 representatives in 72 credit unions nationwide...

  • War of Words Heats up in Texas Among Charter Conversion Groups

    WASHINGTON - For the second time, an organization seeking to organize credit unions or credit union members to counter credit union to bank charter conversions has received a warning letter from a group of bankers supporting credit unions which are seeking to make the change. The Coalition for Credit Union...

  • Operation Brings HOPE to D.C. Inner City Economic Empowerment

    WASHINGTON-Operation HOPE, a leader in economic empowerment and financial services in underserved areas opened a new center last week in Washington, D.C., with a number of credit union officials on hand. Operation HOPE, Inc., with a $2.5 million commitment from E*TRADE FINANCIAL Corporation, opened the new HOPE Center with a...

  • H.R. 749 Highlights Need for CRA for CUs, ICBA Tells House Members

    WASHINGTON-In a letter to members of the House, the Independent Community Bankers of America wrote that the Expanded Access to Financial Services Act (H.R. 749) raised the need to bring credit unions under the Community Reinvestment Act. The measure, which permits credit unions to offer remittance and check cashing services...

  • House Subcommittee to Look at Reg Relief, NAFCU to Testify

    WASHINGTON-NAFCU recently received the official invitation to testify before the House Financial Institutions and Consumer Credit Subcommittee in preparation for regulatory relief legislation. The hearing is tentatively scheduled for sometime later in May, according to NAFCU Director of Legislative Affairs Brad Thaler. "They have not had a hearing with industry...

  • Lawmakers Take the Spotlight in CUNA Video on Progress of CURIA

    WASHINGTON-CUNA enlisted some big name stars for its recent video aimed at rallying credit union troops behind the Credit Union Regulatory Improvements Act. Though maybe not as well known as Mel Gibson or Julia Roberts, CURIA cosponsors Congressmen Ed Royce (R-Calif.) and Paul Kanjorski (D-Pa.), along with former colleague CUNA...

  • Does your Credit Union's Phone System Measure up? Credit Union Times puts Eight CUs to the test

    Credit Union Times Publisher Mike's Welch's column in the April 6 issue, "Time for a Potpourri Look Around the CU World" sparked discussion among the news paper's editorial staff sharing woes of trying to drill through credit union phone systems. Correspondent Eileen Courter volunteered to place some random calls to...

  • Credit Union CEO Addresses Congressional Committee on Data Security; Card Breaches Continue to Plague Consumers

    WASHINGTON - The losses card issuers have suffered because of card security breaches reached the ears of lawmakers recently. Eugene Foley, CEO of the $196 million Harvard University Employees' Credit Union testified before the House Financial Services Committee on May 4 about his credit union's losses from the BJ's Wholesale...

  • Collaborative Skills Will be Key Quality for New California League Leader

    RANCHO CUCAMONGA, Calif. - The search is on. The California Credit Union League CEO Search Committee has begun the tremendous task of replacing long-term CEO David L. Chatfield, who will retire April 1, 2006. It would seem the League is standing at the edge of a crucial precipice in its...

  • Eastern Financial CU Drops Card Agent Program in Favor of Getting Back Into Card Issuing; Small Trend May Develop

    MIRAMAR, Fla. - For the better part of four or five years, the flow in credit union credit card portfolio sales has been only one way as some credit unions stopped issuing cards in favor of entering into an agent relationship with a credit card issuing bank. Sometimes they chose...

  • From Golf Outings to Celebrity Photos, Indiana League eBay Auction Mushrooms

    INDIANAPOLIS - Bigger than ever, the Indiana Credit Union League's reliance this month on eBay, the online auction service, to raise funds for Credit Unions for Kids has now become a worldwide event and "doing good things for the credit union message." That was the word from the League as...

  • Flow of Ideas Come to Near Fruition as i3 Group Convenes to Conceive Real Products and Services for Credit Unions

    AUSTIN, Texas - For the 39 members of the Filene Research Institute's i3 group, the flow of ideas that began more than a month ago has progressed to a phase where actual products and services were conceived and one day, members may be on the receiving end. The group, which...

  • Financial Education a Direct Route to Member Loyalty, Brand Recognition?

    WEST PALM BEACH, Fla. - Credit unions are learning to never underestimate the power of providing financial education. "Our research has found that most credit unions that are diverting dollars from traditional marketing to education efforts have reported great success," said Financial Finesse CEO Liz Davidson. "They are establishing themselves...

  • Credit Union Trains the Trainers for Financial Literacy

    EAST LANSING, Mich. - The $81 million Financial Health Credit Union trained 27 people in late April to be able to themselves train people in their home communities to use money more wisely and build assets. The credit union used some of the $150,000 it received from the National Credit...

  • Ohio CUs Donate Phone Cards to Troops

    COLUMBUS, Ohio - Ohio credit unions are making sure our troops overseas stay connected to family and friends. Credit unions here have donated more than 100 long-distant calling cards to the USO in a project that will allow troops overseas over 340 hours of talk time. Executives, staff members and...

  • Yingling Takes Over at ABA

    WASHINGTON-Someone new has stepped into the top spot at the American Bankers Association. Though not new to ABA, Edward L. Yingling officially became the ABA's new president and CEO at the beginning of the month following the retirement of Donald G. Ogilvie, which was announced last year. Yingling has served...

  • Treasury Considers Bringing Back a Bond

    WASHINGTON - Nearly four years since the U.S. Treasury Department stopped issuing the 30-year bond, officials said on May 4 they are reconsidering bringing them back. "We will examine if we have the flexibility to issue 30-year bonds while maintaining deep and liquid markets in our other securities and determine...

  • Sober Up: Latest Worm Spreading Fast But Expected to Leave Little Hangover

    COLUMBIA, S.C. - Virus and worm threats haven't made headlines as much lately, but one making the rounds on the Internet last week is getting attention. Called Sober.p - or Sober.n or Sober.o - this worm has raised eyebrows by accounting for as much as 70% of all malicious code...

  • Louisiana Credit Union League Partners with Newtek Business Services

    HARAHAN, La. - The Louisiana Credit Union League has formed an alliance with Newtek Business Services, Inc. to bring an array of small business services to the state's credit unions. Newtek enables credit unions to offer business loans and merchant processing to members who own a small business. Its subsidiaries...

  • Mountain America Credit Union Makes Top 15 Employer

    SALT LAKE CITY - For the second consecutive year, Mountain America Credit Union has been named one of the Best Companies to Work for in Utah by the Department of Workforce Services (DWS) and Utah Business Magazine. The credit union's employee benefits include health care coverage, pre-tax flexible spending accounts...

  • MidWest Financial Helps Employees Find Homes

    ANN ARBOR, Mich., - MidWest Financial Credit Union has kicked its employee benefit offerings up a notch. The $174 million credit union has launched an Employer-Assisted Housing Program for staffers, which provides loans to eligible employees purchasing a home. The funds can be used for down payment, closing costs or...

  • O'Byrne Elected First Woman President in Irish CU League's History

    KILLARNEY, Ireland - Anne O'Byrne of the Blessington, County Wicklow CU, was elected by the Irish League of Credit Unions as its first female president in the League's 47-year history. O'Byrne, who previously served as vice president of the League, succeeds outgoing president John O'Regan. In accepting the position, O'Byrne...

  • Could Congress Use CU Tax to Reconcile Budget?

    WASHINGTON-At a time when the government is looking to tighten its purse strings, the issue of taxing credit unions could come into play. Though it is considered a long shot by credit union lobbyists, credit unions do have the potential to get caught up in the budget reconciliation process. The...

  • From Opera to Tennis, Hood Has Wide Range of Interests

    Hood has a diverse field of interests. He has served on the Wells Fargo Housing Foundation Board where he managed the Foundation's relationships with non-profit housing providers. He has also served as a panelist with the National Endowment for the Arts in Washington, D.C. He is currently on the Board...

  • eCU Technologies Adds E-Statements to Tools at Delaware State Police FCU

    HARRISBURG, Pa. - eCU Technologies, the tech vendor for Pennsylvania State Employees Credit Union, has added another user of its electronic statement solution, this time $101 million Delaware State Police FCU. The three-year-old CUSO now has 80 clients for its various software and services, including about seven for the e-statement...

  • Robins Federal Credit Union Sees Success in Middle Georgia

    WARNER ROBINS, Ga. - As Georgia's fourth largest credit union, Robins FCU is clearly one of the dominant financial players here. The $850 million credit union was highlighted in the Macon Telegraph for its dominance in the Middle Georgia market. Serving 16 counties with more than 120,000 members through 18...

  • Indirect Lending Driving CU Auto Lending, Membership Growth

    WASHINGTON - Credit unions involved with indirect lending are not only seeing an increase in their auto loan portfolios but also their membership ranks. Callahan & Associates' latest creditunions.com E-Updates shows that in the 12 months ended Dec. 31, 2004, more than 200 credit unions started indirect or point-of-service auto...

  • Prime Alliance CUs Get Access to Genworth Financial Low Down Payment Mortgage Solution

    RICHMOND, Va. - Genworth Financial and Prime Alliance Solutions have reached an agreement that makes the Virginia based insurance holding company's HomeOpenersT MonthlyPlus low down payment mortgage solution accessible to all Prime Alliance Solutions credit unions. The solution, says Genworth, will help CUs to compete in the highly competitive low...

  • Maryland League Disappointed Financial Literacy Bill Dies in Committee

    BALTIMORE - The Maryland Credit Union League described as "especially disappointing" the state legislature's failure to pass a proposed House financial literacy bill before it adjourned April 11. House Joint Resolution 11, introduced by Speaker Michael Busch (D-30), never made it out of the House Rules and Executive Nominations Committee....

  • Penn State FCU Lends Helping Hand to Undergrads

    STATE COLLEGE, Pa. - Thanks to Penn State Federal Credit Union (PSFCU), Penn State University undergraduates have more scholarship opportunities. The over $80 million credit union has pledged $50,000 to establish the Penn State Federal Credit Union Trustee Matching Scholarship. Launched in 2002, the University's Trustee Matching Scholarship program was...

  • PR Agency Pro Joins Colorado, Wyoming Leagues Team

    ARVADA, Colo. - The Colorado and Wyoming Credit Union Leagues have hired Grace Stanton, president of strategic public relations and marketing agency Stanton & Associates, as their new Senior Vice President of Communications/Marketing and Human Resources. Stanton founded Stanton & Associates in 1982. Before starting her own agency she was...

  • Desert Schools FCU Helps Golfers Swing into Action for CMN

    PHOENIX - Desert Schools Federal Credit Union helped raise $70,000 during the seventh annual Children's Miracle Network Charity Golf Tournament. Funds raised will support the Phoenix Children's Hospital's "One Darn Cool School," a program to fund in-hospital classes for kids in grades K-12. One of the event highlights was a...

  • Montana CUs Raise Over $34,000 for Political Action, Set New Record

    BILLINGS, Mont. - Not satisfied with last year's record breaking $7,000 net sale of Credit Union Advocacy Council (CUAC) raffles to benefit Montana Credit Union Network's state and national advocacy efforts, credit unions throughout the state this year set a new record. From January through April, Montana credit unions raised...

  • First Resource FCU Gives Away Mustang

    ST. JOSEPH, Mich. - James Suggs of Van Buren, Arkansas has driven away with the First Resource Federal Credit Union March deposit promotion grand prize- a 2005 Ford Mustang. The contest, which was held during the month of March, encouraged members of the credit union to open accounts. For each...

  • Rep. Ryun Introduces Bill for Community Bank Relief

    WASHINGTON-House Financial Services Committee Member Jim Ryun (R-Kan.) introduced The Community Banks Serving Their Communities First Act (H.R. 2061) May 3, which provides regulatory and tax relief to community banks. The legislation, spurred by the Independent Community Bankers of America, provides relief in a wide variety of areas, including allowing...

  • MasterCard International Posts Strong Growth

    PURCHASE, New York - MasterCard International reported strong results for the first quarter of 2005. MasterCard holders worldwide used their credit and signature debit cards for 4.3 billion transactions in the first quarter, generating a worldwide $379.6 billion in gross dollar volume, the number two card brand said. The dollar...

  • NCUA Plans Economic Empowerment Summit for June

    ALEXANDRIA, Va.-NCUA has selected Los Angeles as the city for its June 28 next Access Across America Economic Empowerment Summit. The free summit, to be held at the Hilton Los Angeles Airport hotel, will focus on federal resources available to credit unions to help them expand services to their membership...

News

News Briefs

  • Aiming to Set Itself Apart, MEMBERS Business Solutions Co. Changes Name Back to CU BizSource

    MADISON, Wis. - Citing difficulty with differentiating itself from other similarly-named firms, MEMBERS Business Solutions Co. LLC has changed its moniker back to its original name - CU BizSource. The Allentown, Pa.-based CU BizSource was the company's initial name when it was spun off from the Pennsylvania Credit Union Association...

  • Utah CU Tax Group Argues for Taxation of Certain CUs

    WASHINGTON-The Council for Sound Tax Policy, a group of concerned citizens spawned by bank officials, have submitted a report to the president's advisory panel on tax reform. The CSTP submitted a five-page report to the panel April 29 including specific criteria to create a policy for applying a regular income...

  • House Passes Deposit Insurance Reform Again

    WASHINGTON-For the third time, the House has passed the Federal Deposit Insurance Reform Act (H.R. 1185) by an overwhelming margin. The final vote count was 413-10 to increase deposit insurance coverage to $130,000 and index it, while doubling coverage for certain retirement accounts and increasing coverage of municipal deposits; merging...

  • CO-OP Members Will Share Another Record Patronage

    ONTARIO, Calif - For the ninth year in a row CO-OP Network member credit unions will share in a record patronage distribution. The nationwide, surcharge-free network also reported that the $10.3 million from 2004 transactions will be the largest cash distribution from a CUSO in history. "A variety of factors...

  • CUNA Credit Union Name to Fade Away

    MADISON, Wis. - It's official, CUNA Credit Union's members overwhelmingly approved the name change to Great Wisconsin CU. Members gave their approval April 28 during a special meeting held at CUNA Mutual. The official vote was 215-58, a 79% approval percentage. CUNA CU CEO Kim Sponem said the next step...

Marketing

  • Redbeard Promotes Two

    HOLLISTER, Calif. - Brand strategy/creative design firm Redbeard Communications has promoted Beth Meuser to director of client services and Nicole Rajkovich to controller. In the new position, Meuser will lead all client contacts. She will oversee account management to ensure top quality service, provide marketing guidance, implementation and execution strategies....

  • Chetco FCU Booth at Home Show a Hit

    HARBOR, Ore. - Chetco Federal Credit Union helped make some Brookings Harbor Home Show attendees' dreams come true. "Judging by the public's response and participation in the activities at our booth, our goal of promoting community goodwill and awareness was achieved," said Chetco FCU President/CEO, Stan Baron. The booth, featuring...

  • Technology Credit Union Appoints Kathleen Litman as new Vice-President of Marketing

    SAN JOSE, Calif. - Technology Credit Union has named Kathleen Litman vice president of marketing. "We need to get the message out to our target audience that Technology Credit Union is a leading-edge provider of solutions to meet all our members' financial needs-whether it's loans, savings, online services or wealth...

  • American Heritage FCU Celebrates Members

    PHILADELPHIA - Despite bad weather, American Heritage Federal Credit Union made the most of its Member Appreciation Day. A few hundred members gathered at credit union headquarters to enjoy a day of family fun. Each year in April, American Heritage CU thanks loyal members for their business with a complimentary...

Special Report

  • CASE CU Teams Up with Meijer Stores for Branches

    LANSING, Mich. - CASE Credit Union has marked the beginning of its new relationship with Lansing area Meijer stores with a ribbon cutting ceremony of its new in-store branch. The Delta Township Meijer branch is the first of two full-service in-store Meijer-based branches in the Lansing area. The second is...

  • DEI Announces Promotions

    CINCINNATTI - Design/build firm DEI Incorporated has promoted four employees to management positions. Ned Compton and Bill Speelman were both promoted to executive positions, while Bill Bily and Eric Lindholm were promoted to managerial positions. Compton has been promoted to executive vice president of sales. He has over 30 years...

  • State Department FCU Dedicates Building

    ALEXANDRIA, Va. - State Department Federal Credit Union has recently held a building dedication ceremony in conjunction with its 70th Annual Meeting. "A building is just brick and mortar, but it houses the people who fulfill the basic purposes and functions for which this credit union was founded 70 years...

  • Pacific Resource CU Names Director of Branch Services and Sales

    LOS ANGELES - Pacific Resource Credit Union tapped Angela Alberti as the new director of branch services and sales. Alberti has extensive credit union and banking experience and will oversee both the Bunker Hill and Wilshire branches in downtown Los Angeles. "Having worked in the financial services industry for over...

Letters to the editor

  • Thanks for the Memories

    I want to thank managing editor Elaine Barr for the kind and generous article she wrote in the April 6 issue of Credit Union Times about my impending retirement. The interview allowed me to recall the many good times I have experienced in credit union land. I especially enjoyed reminiscing...

  • Bankruptcy Reform was Worth it

    I was taken aback by the April 27 article entitled, "Credit Union Trades, NCUA Celebrate Bankruptcy Reform Bill Signing". I don't think they were the only ones celebrating. I don't mean to suggest you didn't get the credit union perspective, because you had Jim Blaine once again criticizing the bill;...

  • Credit Unions, Remember the Alamo

    In 1836, a few hundred Texans defended themselves against thousands of Mexicans besieging the Alamo. During that defense, Colonel William Barrett Travis penned a letter for help, that in part said: "To the People of Texas and all Americans in the world. I am besieged, by a thousand or more...

  • CU Trades Backed the Wrong Horse in Bankruptcy Race

    I, too, am in agreement with Jim Blaine of State Employees CU of N.C. on the bankruptcy issue. This bankruptcy "reform" will hurt families, farmers, and workers. It was pushed through by some the wealthiest and most powerful lobbyists - credit card companies and banks. Bankruptcy judges, lawyers, law professors...

  • Credit Unions' Historically Low Delinquency Rates Reveal Some Bad Lending Practices

    I wanted to compliment Mike Welch on his April 20 column, "Credit Unions Do a Lot Right But Not Everything." I particularly agreed with his pointabout credit unions' very low delinquency rates, yet with loan denials as high as 46%. A major contributing factor to the lowest delinquency rates and...

  • Credit Unions Have More Pressing Issues Than Fiddling with Established "Bank" Terminology

    I'd like to chime in on the question of credit unions not using the words "bank" and "banking" in their vocabularies. I don't think any credit union has enough money to persuade members (and non-members) to use as yet unidentified alternatives for what have become generic terms for financial services....

Briefs

  • First Carolina Celebrates 25th at Annual Meeting

    GREENSBORO, N.C. - This year marks the 25th anniversary for the $1.7 billion First Carolina Corporate Credit Union. The corporate celebrated at its annual meeting held April 22 in Myrtle Beach, S.C. Included in the celebration was a tribute to long-time board member Tom Welch, who last year announced his...

  • Corporate Central Holds Annual Meeting, Names HR Pro and Focuses on Children

    HALES CORNERS, Wis. - On April 14, over 100 members attended Corporate Central Credit Union's Annual Meeting at the Kalahari Resort in Wisconsin Dells. Three directors were re-elected to fill three-year terms. They were, Gerald A. Forsythe, President and CEO of Altra Federal Credit Union in La CrosseI; Greg A....

  • WesCorp, League, SBA Team up to Bring Loan Info to State's Credit Unions

    SAN DIMAS, Calif. - The ins and outs of the SBA's loan program will be on the agenda for an upcoming seminar for California's credit unions. WesCorp, the California Credit Union League, and the SBA's Los Angeles District Office have teamed up to provide CUs with resources to learn about...

  • Empire Corporate FCU's Economic Forum & 28th Annual Meeting Gets Spontaneous

    ALBANY, N.Y. - On April 13 & 14, 2005, over 200 members from over 100 credit unions in seven different states traveled to downtown Albany, NY, to participate in Empire Corporate's Economic Forum & 28th Annual Meeting. The Forum kicked off with a trio of economists: Dr. Nick Perna, Dr....

  • Digital FCU Awards EasCorp Business Partner Excellence Award

    MARLBOROUGH, Mass. - For the fourth consecutive year, EasCorp has won Digital Federal Credit Union's (DCU) 2004 Business Partner Excellence Award - an honor it has received every year since the program began in 2001. Richard Hayward, DCU's Vice President of Finance, nominated EasCorp for the award, citing the corporate's...

  • Louisiana Corporate Promotes Klotz, Miles

    METAIRIE, La. - Louisiana Corporate has announced the promotions of Sherrie Klotz to vice president of operations and Michelle Miles to senior member service representative. Klotz is a 15-year veteran of the corporate and has served as member service representative, ACH coordinator and operations manager. Miles joined the corporate in...

  • WesCorp Conveys Basics of ALM - for Free

    SAN DIMAS, Calif. - Credit union directors can not claim ignorance when it comes to the books -especially these days, so more and more are trying to learn about basic balance sheet management. WesCorp says it can help. The corporate is holding a series of six free ALM WebCasts geared...

  • WesCorp Helps Honda FCU Bring Payroll Origination to SEGs

    TORRANCE, Calif. - WesCorp played a key role in helping the $400 million Honda Federal Credit Union begin initiating ACH payroll origination for several Honda Companies. WesCorp helps hundreds of its member CUs with receiving ACH payroll, but only about 30 do payroll origination. The corporate has a Web-based product...

  • SunCorp Breaks $100 Million in Online Bill Pay

    ARVADA, Colo. - SunCorp recently announced that total payments made through its online bill pay product surpassed $100 million. Brandt Wilcox, a member of USU Community Federal Credit Union in Logan, Utah, made the payment in March that pushed SunCorp over this milestone mark. To honor the milestone, SunCorp has...

  • Corporates by ROA, Assets; CUs Still Favor Agencies

    WEST PALM BEACH, Fla. - Below are some statistics ranking corporates by ROA and assets, as well as where natural person CUs are putting their investment dollars. Corporates are seeing strong ROA as more get involved with income producing CUSOs. EasCorp tops this list, but the 2% is a bit...

  • Southwest Corporate Raises $25,000 for Foundations

    DALLAS - Southwest Corporate Federal Credit Union's Cornerstone Campaign has raised $25,000 for charitable credit union foundations. The campaign allows credit unions and supporters to purchase bricks engraved with their names and used in the building of Southwest Corporate's new headquarters, which is scheduled to open in Northern Dallas later...

  • Corporate One Names Ashley CFO

    COLUMBUS, Ohio - Mark Solomon recently being named president/CEO of Primary Financial Company LLC, left a vacancy at the $3.89 billion Corporate One. The corporate has filled that hole with Melissa Ashley. Ashley was named vice president, finance and chief financial officer, replacing Solomon. Ashley will be responsible for managing...

Tech Bytes

  • PSECU Launches Anti-Phishing Solution in Use at Big Banks

    HARRISBURG, Pa. - As phishers and other fraudsters "move downstream," Pennsylvania State Employees Credit Union will be ready with its virtual net. The $2.3 billion CU has signed on with Cyota Inc. to use FraudAction, the New York City-based firm's anti-phishing solution. Cyota boasts a client list that includes eight...

  • FundsXpress Migrates Clients to New CheckFree Platform

    AUSTIN, Texas - FundsXpress Financial Network Inc. has just completed migrating clients to the newest version of CheckFree's bill pay platform. Other than a four-hour window of downtime for the conversion, the two-month process was invisible to end users, says Greg Constantine, executive vice president at FundsXpress, a provider of...

  • Open Solutions' Annual Meeting Draws More than 1,000

    GLASTONBURY, Conn. - Open Solutions Inc.'s annual client conference attracted more than 1,000 executives from financial institutions across the United States and Canada, a record number for the provider of core processing and other integrated solutions. The attendance was a record for the company, which has added hundreds of clients...

  • Phishing Problem Highlights Value of Having Members' e-Mail Addresses

    HERNDON, Va. - When NCUA became victim of a phishing scheme a few weeks ago, Digital Mailer here was ready to step in and help its client credit unions get the word out to members via e-mail. Digital Mailer, a firm that specializes in electronic statements and electronic alerts (e-LERTs),...

  • Synergent Expands Check 21 Offerings to Client CUs

    PORTLAND, Me. - The 110 credit unions processing checks through Synergent are now being offered branch item capture and Check 21 returns solutions from VSoft Corp. Portland-based Synergent already had been offering image capture solutions from Atlanta-based VSoft and says it has added the new services to help its customers...

  • Fiserv, Endpoint Exchange Agree to Link Networks

    BROOKFIELD, Wis. - Two of the big names in Check 21 image exchange - Fiserv Inc. and the Endpoint Exchange Network - are getting together. After a pilot exchange in the third quarter of this year, the more than 8,000 financial institutions served by the two networks will be able...

  • Barksdale FCU Says, "Dude You've Got a Dell"

    BOSSIER CITY, La. - Barksdale FCU here put a smile on the faces of Caddo Community Action Agency staff when the credit union donated over 40 Dell computers. The CU decided to donate the used computers to charitable agencies in the area after the credit union updated their systems.

  • CUjobs.com Launches $1 a Day Job Site

    SAN DIEGO - There's a new site on the Web to search for credit union jobs. CUjobs.com has just been launched by Mike Lawson. Lawson is very familiar with the credit union industry, having held a number of CU-related jobs, his most recent being in PR with Symitar. He now...

  • Online Enrollment Specialist Andera Inc. Signs Seven CUs

    PROVIDENCE, R.I. - Andera Inc. has signed seven more credit unions to its online enrollment solution, the company says. They are $559 million Kraft Foods FCU in Purchase, N.Y., $397 million Sunmark FCU in Schenectady, N.Y., $394 million Insight Financial in Orlando, Fla., $259 million Neighbors FCU in Baton Rouge,...

  • Service CU Cited by DI for Online Banking, Bill Pay Growth

    CALABASAS, Calif. - Service Credit Union in New Hampshire was the credit union winner of the consumer solutions client awards from Digital Insight because of its strong growth in Internet banking and bill pay use by members. In 2004, Service CU saw its online banking penetration increase by 40% from...

Front Page News

In Other News

  • DONATIONS

    Naval Mid-Atlantic Federal Credit Union, Virginia Beach, Va., staffers Vickie Baker, Cynthia Horton, Debbie Causey and Sharon Chadil braved the rain and wind to walk five miles for the March of Dimes. NMA staff and members contributed $500 in donations to the March of Dimes to sponsor the four walkers....

Publisher's Column

  • Credit Unions Have Lots of Company In N-F-P Arena

    As if unrelenting attacks from banking industry lobbyists on the credit union not-for-profit tax-exemption in place since 1937 aren't enough to keep credit union defenders constantly on their collective toes, Congressional lawmakers may be entering the fray through the back door. Of course I am talking about the current new...

Staking Out the Stats

  • Health Care Costs Worry Consumers

    MENLO PARK, Calif. - A recent Kaiser Health Poll Report finds that personal health care costs are more terrifying to most Americans than being able to pay rent or mortgage, losing a job, losing savings in the stock market, or being a victim of a terrorist attack or violent crime....

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