Credit Union Times Magazine May-18, 2005

News

  • CBI Wins Pace Setter Award

    ATLANTA - Design/build firm Consultants and Builders, Inc. has been named one of Atlanta's 50 fastest-growing privately-held companies by the Atlanta Business Chronicle. The publication selected Consultants and Builders for the annual Pace Setters award citing the company's double-digit growth rates from 2002 through 2004. "We are thrilled to be...

  • GECU Branches Out West

    EL PASO, Texas - GECU board members, employees, U.S. Congressman Silvestre Reyes (D-Texas), officials from the El Paso Chamber of Commerce and Hispanic Chamber of Commerce and volunteers from Ysleta, Franklin and Canutillo High Schools helped GECU celebrate the grand opening of its newest full-service facility on El Paso's far...

  • Wings Financial FCU Lands in Egan

    APPLE VALLEY, Minn.- Wings Financial Federal Credit Union's new Egan branch design takes its inspiration from the air transportation industry. Evoking the "heritage of aviation architecture", the 5,300 square-foot facility houses a full service branch including ATM and drive-through teller lanes and its investment advisory subsidiary Wings Financial Advisors, Inc....

  • Mid-Atlantic FCU Connects with Art

    GERMANTOWN, Md. - Mid-Atlantic Federal credit union has turned the walls of its Germantown branch/headquarters into an art gallery. The work of local artist Enid Romanek and Montgomery County historian Michael F. Dwyer are on display in the facility and help maintain a sense of community. Focusing on Montgomery County,...

  • No Slowdown in Branch Expansion in 2004

    Branching out is picking up speed in credit union-land. Whether it is in-store branches, taking over existing facilities or building new brick and mortars, many credit unions are expanding branch locations to up their brand profile. Here is a look at some branching statistics for 2004:

  • CUSOs to Explore Setting Up National Business Services CUSO Network

    LAS VEGAS - Judging from attendance at a preliminary meeting held during the NACUSO Annual Conference to gauge interest in forming a national business services CUSO network, there is enough interest to take the next step to organizing the new group. Formation of a national business services CUSO network is...

  • Redwood CU Planning for Windsor Branch

    SANTA ROSA, Calif. - Redwood Credit Union (RCU) is branching out into Windsor with a new full-service branch. The 3,500 square foot facility is scheduled to open in early Fall, and marks RCU's 12th branch in the North Bay. "We're pleased to be able to continue to expand our branch...

  • Branch Growth Key to Future CU Success?

    WASHINGTON- A new Callahan and Associates report finds that the human interaction and outreach that occur in physical branches are critical factors in the future growth and success of credit unions. The report, A Brave New Brick-And-Mortar World, provides case studies to illustrate a variety of branching models. "As more...

  • Vystar Credit Union Hits Street for Downtown Grand Opening

    JACKSONVILLE, Fla. - In a bid to promote the grand opening of its downtown branch, Vystar Credit Union has paved the streets with money -literally. As part of a three day marketing promotion, about $1,200 worth of half dollars and quarters with stickers promoting the grand opening were strategically placed...

  • Dollar: Despite Successes, CUs Need Conducive Regs, Products and Services to Compete in Constantly Changing Marketplace

    LAS VEGAS - Considering the theme for NACUSO's 20th Annual Conference was "Dare to Dream," it wasn't surprising that the theme for many speakers' presentations had to do with finding creative ways to deal with changes and challenges. Dennis Dollar also took up that theme, telling attendees at his presentation...

  • Workers' CU Renovation Set for June Opening

    CHELMSFORD, Mass. - Workers' Credit Union's Chelmsford branch is slated to complete its renovation by the end of June. Workers' CU, with nine other locations, is making extensive renovations over the next two months constructing a full-service lobby, drive-up windows and ATM. "We look forward to serving the greater Chelmsford...

  • Navy Federal Parris Island Branch Celebrates Silver Anniversary

    PARRIS ISLAND, S.C. - Navy Federal Credit Union's Parris Island Member Service Center (MSC) has recently celebrated 25 years of providing excellent member service to the Marines, Sailors, civilian employees and their families within the greater Parris Island community. The celebration was highlighted by the presentation of a Certificate of...

  • Prairie Trail CU Unveils New Branch

    JOLIET, Ill. - Prairie Trail Credit Union has recently celebrated the grand opening of its Plainfield facility by hosting a ribbon-cutting ceremony and reception for local dignitaries and members of the business community. The reception kicked off a week-long grand opening celebration and prize giveaways.

  • Chetco FCU Names Grand Opening Winner

    BROOKINGS, Ore. - A grand opening celebration of Chetco Federal Credit Union's Crescent City branch has resulted in local resident Richard A. Estes walking away a grand prizewinner. Estes received a Lighthouse-themed basket of gifts that included a helicopter trip for two to see the St. George Lighthouse. CFCU Crescent...

  • Seven Seventeen CU Branch Design Encourages More Member Dialogue

    WARREN, Ohio - Seven Seventeen Credit Union wants to usher in a new era of teller line free branches. "The member reaction has been wonderful, they are just stunned when they first walk in," said Seven Seventeen CU Vice President of Administrative Services Cheryl D'Amore. "Then they look for the...

  • Mid-Atlantic FCU Celebrates New HQ

    GERMANTOWN, Md. - Mid-Atlantic Federal Credit Union has recently celebrated the opening of its new headquarters and expanded Germantown branch. With an open invitation sent to the community, the credit union's grand opening week-long festivities included specials such as "90 days no payments" on new auto loans and offering the...

  • Special Report: Facilities

    Learn how one credit union's guerilla tactics drove traffic into its first downtown branch and catch up on other branching news in the Facilities special report. Pages 22 to 30.

  • Charbonneau Learns to Relax

    Find out how former Michigan CU League and WOCCU leader Al Charbonneau is spending his days in retirement. Page 41.

  • GWFCU Launches High Tech, High Touch Branch

    PENSACOLA, Fla. - Gulf Winds Federal Credit Union has opened the doors to its new corporate branch. The over 10,000 square-foot facility provides financial services with "high-tech" amenities. About twice the size of the old branch the facility includes several technical improvements including internal cash dispensers and video monitors for...

  • Savings Growth Slow, but Still Enough to Outperform Loans in March

    WASHINGTON-Despite savings growing at their slowest pace in five years and loans demonstrating their second strongest quarter in the same period, savings growth has outpaced loan growth the last two months. CUNA's Monthly Credit Union Estimates for the month of March found that while loans were up 0.6%, savings grew...

  • NAFCU Selects Annual Awards Winners

    ARLINGTON, Va.-NAFCU will recognize the winners of its annual awards competition during its Annual Conference and Exhibition in Las Vegas July 15. Winners for Federal Credit Union of the Year (less than $150 million in assets and over $150 million in assets) were American Partners FCU (Reidsville, N.C.) and America's...

  • NCUA Joins CUNA in PCA Reform Audio-Conference

    WASHINGTON-NCUA Chairman JoAnn Johnson and others from the agency will be joining CUNA for a May 17 audio-conference on the chairman's proposal to reform Prompt Corrective Action. CUNA has been rallying support behind the Credit Union Regulatory Improvements Act set to be introduced in the next few weeks. Johnson's PCA...

  • PSCU Golfers Raise Almost $13,000 for Kids

    ST. PETERSBURG, Fla. - The 80 golfers participating at PSCU Financial Services' most recent golfing benefit were doing more than enjoying a few rounds of friendly competition, according to the card processing cooperative. They were also raising almost $13,000 for three hospitals associated with the Children's Miracle Network. The golfing...

  • More Evidence Share Certificates are Popular Savings Vehicles

    WASHINGTON - Members are increasingly moving higher paying savings products with the bulk of activity in share certificates. In the first quarter of 2005, share certificates attracted the largest portion of member savings, accounting for more than 35% of new savings balances, according to Callahan & Associates' First Look program,...

  • Credit Union 24 Breaks Records in 2004

    TALLAHASSEE, Fla.- Increases in both the number of credit union participants and the number of members holding its cards helped Credit Union 24, the second largest credit union-owned ATM network in the nation, grow by a record 35% in 2004, the network said. "I am very proud of the growth...

  • Altura Credit Union Staffers Welcome Kids

    RIVERSIDE, Calif. - During the third annual Take Our Daughters and Sons to Work Day, Altura Credit Union played host to some 100 youngsters. Created by the Ms. Foundation for Women, the national event was created in 2003 to broaden the discussion about the challenge of balancing work and family....

  • NCUA June Board Meeting Postponed

    ALEXANDRIA, Va.- NCUA has delayed its June board meeting. The open board meeting was originally scheduled for June 16 at 10 a.m., but has been postponed until June 30 at 10 a.m. The closed board meeting initially scheduled to follow the meeting on the 16th will now be held at...

  • National Saving Challenge Deposits Exceed $4.62 Million

    MADISON, Wis. - Young credit union members proved that they have saving power-kids deposited more than $4.62 million into their saving accounts as part of CUNA's Savings Challenge. This year's 280 participating credit unions reported $4,620,678.20 in deposits from 35,882 young members, surpassing both of the anticipated goals for 2005...

  • CCUL PAC Phone Bank Raises Record $166,775

    PASADENA, Calif. - California and Nevada credit union leaders responded to phone calls from their colleagues during the fourth annual League Political Action Committee Phone Bank at Wescom Credit Union on May 6 by making $166,775 in contributions to League-PAC. Phone bank volunteers donated more than five hours at Wescom's...

  • BALANCE Honored by Digital FCU

    SAN FRANCISCO - For the third year in a row, BALANCE, a financial education and counseling service, has been awarded Digital Federal Credit Union's Business Partnership Excellence Award. "DCU recognizes the important role that BALANCE plays in helping the credit union achieve its mission and vision. BALANCE consistently provides high...

  • Iowa League Creates New Underserved Post

    DES MOINES, Iowa - Reaching out to the underserved, the Iowa Credit Union League and its foundation have created a new position - director of community development - to coordinate and develop underserved projects. "We know a lot of our credit unions are already involved in providing low-cost loans to...

  • Florida CU Modernization Bill Awaits Bush Signature

    TALLAHASSEE, Fla. - Following the signature of Governor Jeb Bush due this month, the state will have its first recodification of credit union law in 23 years providing federal parity and updated language on field of membership. The bill, SB 1330, which becomes effective July 1, sailed through the Florida...

  • Teachers FCU Launches "Banking Day"

    FARMINGVILLE, N.Y. - Teachers Federal Credit Union (TFCU) and Forest Avenue Elementary School have teamed up to help Kindergarten through fifth grade students become more financially savvy with "Banking Day". "The children loved the recent Banking Day, which was held in April at the school. The savings program is only...

  • Banking Agencies Propose Advisory on External Audits

    WASHINGTON-The Federal Financial Institutions Examination Council-which includes NCUA and the other four banking regulatory agencies-in conjunction with Treasury, has published a proposed interagency advisory on the use of limitation of liability and certain alternative dispute resolution provisions in external audits. FFIEC is requesting comment on the proposal, which advises credit...

  • RMJ Foundation's Beacon Award Issues Call for Nominations

    ANAHEIM, Calif. - The Richard Myles Johnson Foundation's Beacon Award, which recognizes financial education programs that provide information to the credit union community and the general public, is now accepting nominations. Awards will be presented at the Second Annual Beacon Awards Gala on October 23, 2005, at the Disneyland Resort...

  • CUNA, NAFCU Suggest Remote Check Proposal Amendments

    WASHINGTON-CUNA and NAFCU recommend nips and tucks to the Federal Reserve Board's proposal regarding remotely created checks under Regulation CC. In its comment letter responding to the Fed's proposal, CUNA requested room to expand on the definition of a remotely created check. CUNA agreed with the Fed's proposed definition, which...

  • Hispanic Members Bringing More Business to UniStar Credit Union

    TARRYTOWN, N.Y. - UniStar Federal Credit Union is trying to keep up with the growing Hispanic population here. The $51 million CU opened its third branch recently and staffed it with all Spanish-speaking employees. The move was sparked in large part by the growing Hispanic population here, which according to...

  • Johnson Urges Credit Unions to Review Governance Practices

    WASHINGTON-In an address to the Credit Union Executives Society's Public Policy Institute, NCUA Chairman JoAnn Johnson told participants that federal credit unions should consider guidance and periodically evaluate policies and procedures related to corporate governance and auditing. Though the Sarbanes-Oxley Act does not apply to credit unions legally, the non-profit...

  • Credit Union Trade Muscle Helps CU Reduce Liability

    BETHALTO, Ill.-CUNA, in conjunction with the Illinois and Wisconsin Credit Union Leagues, filed a joint amicus brief a little over a year ago arguing a lesser liability for Olin Employees Credit Union (now Olin Community Credit Union) for accepting fraudulent checks. A member of the credit union had stolen checks...

  • NACUSO Platinum Partners Voice Their Opinions

    In 2004, nine CUSOs were designated by NACUSO as Platinum Partners. Being some of the most innovative and progressive CUSOs in the industry, the six-month old group acts as a sounding board for the NACUSO Board of Directors and have pledged to support NACUSO's new vision. Credit Union Times asked...

  • Proposal Concerning Commercial Solicitations on Bases Good for Personnel, CU Reps Tell DoD

    ARLINGTON, Va.-On May 6, two credit union representatives told a Department of Defense hearing that they supported its proposal to update rules concerning personal commercial solicitations on military bases. The Department of Defense initially held hearings on the proposal for Directive 1344.7 in August 2003, which targets unethical insurance sales...

  • Maryland League Slashes Fees for Small Credit Unions

    COLUMBIA, Md. - Moving to ease the financial plight of small credit unions, the Maryland Credit Union League is slashing by more than 50% - and in some cases 90% - fees paid to attend education sessions by CUs under $20 million. It also is reducing fees -by nearly the...

  • IRS Private Letter Ruling Opens a Narrow Door For CU Alternative Capital

    RALEIGH, N.C. - The $12 billion State Employees CU of N.C. has received a private letter ruling from the IRS that CEO Jim Blaine hopes will pave the way for alternative capital to be incorporated in prompt corrective action, remove the capital excuse from CUs converting to banks, and also...

  • FAA First FCU Finds being a Hollywood Set has its Advantages

    HAWTHORNE, Calif. - Faced with 4,100 square-feet of empty lease space in its new headquarters building, FAA First Federal Credit Union did what any business would do - it catered to the local economy. In Los Angeles, that's entertainment - and for the past two years, CBS's top-rated CSI: Miami...

  • Standards for New CUNA Mutual Investment Fund Outline Strict Rules

    MADISON, Wis. - A little over two months since NCUA gave CUNA Mutual Group approval to proceed with a new investment fund, sales activity is expected to get going this month. CUNA Mutual's new CU Systems Fund, approved by NCUA at its March 17 board meeting, would allow for the...

  • Western FCU and KeyPoint CU Decide Sharing "Shares" and Swapping Branches is Best Way to Keep Members Satisfied

    SANTA CLARA, Calif. - Instead of just shuttering branches and pulling out of areas they don't feel are strategically important any more, the $1 billion Western FCU and $714 million KeyPoint CU decided to find a cooperative way to still close branches, but not shut out their members. "We have...

  • Two Years After Landmark Retail Debit Settlement, Interchange Back on Front Burner

    SANTA FE, N.M. - Credit unions probably shouldn't start worrying yet, but another battle over credit and debit card interchange which has the potential to further erode credit card profitability has apparently begun to brew. The Federal Reserve Bank of Kansas City sponsored a conference over May 4-6 in Santa...

  • TNB Card Services Tops 60 CU Portfolios

    DALLAS - TNB Card Services, the card management arm of credit union-owned Town North Bank, has reached a milestone. More than 60 credit unions have sold their credit card portfolios to TNB since it began purchasing the assets in late 2002, the firm has announced. TNB passed the milestone with...

  • Status of Credit-Union Backed Pension and Retirement Reform Bill Looks Strong Despite Departures of Co-Sponsors

    WASHINGTON - Will a key piece of pension and retirement reform legislation backed by credit unions be in limbo now that both of its co-sponsors have changed their career paths? The bill in question is the Pension Preservation and Savings Expansion Act, introduced by the former Rep. Rob Portman (R-Ohio)...

  • CU Trade Associations Request EGRPRA-Related Changes

    ALEXANDRIA, Va.-The three major credit union trade associations have asked NCUA to review a number of its rules and regulations as part of the agency's responsibilities under the Economic Growth and Regulatory Paperwork Reduction Act. As part of its review under EGRPRA, which must be completed every 10 years, NCUA...

  • Senate Support Building for CDFI Fund, Federation Says

    NEW YORK - While advocates stress the fight is far from over, they say support in the U.S. Senate is building for both keeping the U.S. Treasury's Community Development Financial Institutions (CDFI) Fund in the Treasury Department and funding it at $80 million, a level it has not seen in...

  • CUNA Councils Find Lucky 3,000

    MADISON, Wis. - The CUNA Councils has found its milestone 3,000th member. Beach Municipal FCU Director of Marketing Diana M. Counts is the lucky recipient of a $3,000 professional development scholarship and her credit union has also won a complimentary 2005 membership for each council. Counts joined the CUNA Marketing...

  • Pennsylvania House Committee Passes Payday Lending Bill

    HARRISBURG, Pa. - Pennsylvania has moved a step closer to enacting payday lending legislation. The Pennsylvania House Commerce Committee approved legislation May 10 that would regulate payday lenders in the state. House Bill 1478 is sponsored by State Rep. Chris Ross (R-158). The Pennsylvania Credit Union Association said the committee's...

  • SBA Deputy Administrator Melanie Sabelhaus to Resign for Private Sector

    WASHINGTON - After three years with the SBA, Deputy Administrator Melanie Sabelhaus will resign from her position on June 15 to return to the private sector, the agency said. As deputy administrator since April 2002, Sabelhaus served as second-in-command to SBA Administrator Hector Barreto in managing an agency with more...

  • After A Long Process, Weyerhaeuser Employees Credit Union Sells Portfolio To MBNA

    LONGVIEW, Wash. - Sometimes a long process of card portfolio evaluation leads a credit union to decide to keep its card portfolio. Sometimes it does not. The $384 million Weyerhaeuser Employees Credit Union underwent such a process and decided, in the end, to sell its $20 million credit card portfolio...

  • Allpoint Keeps On Growing as Interest Builds Among Both CUs and Banks

    BETHESDA, Md. - Allpoint, the nationwide non-reciprocal surcharge-free ATM network continues to grow among both credit unions and banks as executives with both sorts of institutions begin to better understand how the network non-reciprocal pricing strategy and large footprint can help them serve their members and customers. "Well, we went...

  • Columbia Credit Union Chooses Former Regulator Cann as CEO

    VANCOUVER, Wash. - The $682 million Columbia Credit Union has chosen Parker Cann, a former regulator of credit unions as Director of the Washington State Division of Credit Unions, as its new CEO. Cann starts in his new role at Columbia on May 31, 2005. "I am very excited about...

  • Consumer Groups Sound off on SEC Disclosure Proposal Going Against Some CU Groups

    WASHINGTON - Joining a number of entities within the credit union industry on their disapproval of an SEC investor point of sale disclosure proposal are several prominent consumer groups, but they're not all on the same side. The Consumer Federation of America, Consumers Union, Consumer Action and the Fund Democracy,...

  • Anxiety High Among Defense Credit Union Leaders as They Await Base Closing List

    WASHINGTON - Military-linked credit unions were girding for "better or worse" last week as the U.S. Defense Department was preparing to finally disclose the proposed base closing list as recommended by the Base Realignment and Closure Commission. "Many of us will be relieved-some will be disappointed and others will be...

  • American Airlines FCU Wins ATM Concession at DFW Airport

    FORT WORTH, Tex. - Citing its national track record in operating airport ATM facilities, American Airlines Federal Credit Union, joined by a small minority CU in Dallas, has landed the ATM concession at the Dallas-Fort Worth Airport. The airline CU called the five-year contract a coup since it allows the...

  • NYSCUL, CU Officials Urge State Legislature to Pass Municipal Deposits Resolution

    ALBANY, N.Y. - New York State Credit Union League's Amy Kramer, VP/Governmental Affairs and VP/General Counsel Michael Lanotte recently joined credit union officials from throughout the Capital district to speak during the public comment period of a recent Albany Common Council meeting in support of a resolution that would allow...

  • Two More Texas CUs Opt for Surcharge-Free Partnerships

    LIVE OAK, Texas - Two more credit unions in Texas - the $20 million Baptist FCU, headquartered in San Antonio, and the $1.4 billion Texans Credit Union, headquartered in Richardson - have signed agreements with the $2.2 billion Randolph Brooks Credit Union to share ATM services. According to the agreements,...

  • Rate Hikes' Effects on Spreads, Share Certificates

    WASHINGTON - It remains to be seen if credit union assets will be more sensitive than deposits to the Federal Reserve Board's May 3 rate increase. The implications will play out going forward, said Mary Royston from Callahan & Associates, Inc. The Fed raised the short-term funds rate to 3%...

  • USC Credit Union CUSO Partners with MRU Holdings to Increase Student Loan Funding

    LOS ANGELES - Education Loan Resources (ELR), a wholly-owned subsidiary of the University of Southern California Credit Union, and MRU Holdings Inc., a private student loan company, have reached an agreement to provide MRU Holdings private loan products to ELR customers. Under a three-year agreement with ELR, MRU Holdings will...

  • NASCUS Weighs in on Insurance Rule

    NASCUS' comment letter filed on EGRPRA suggested that NCUA reorganize its regulations to create a section specifically pertaining to all of the rules and regulations regarding federal insurance rather than the numerous cross-references it currently contains. "While this may seem an easy enough task, for smaller credit unions it adds...

  • Hood Nomination to Senate, May Wait in Line for Committee Time

    WASHINGTON-On May 10, the White House announced that it sent the nomination of Rodney E. Hood to the NCUA Board to the Senate. The Senate Banking Committee will first hold a hearing and then send a recommendation on to the full Senate, but the timing of any hearing is up...

  • Deluxe Nets State Employees' CU of N.C.

    ST. PAUL, Minn. - Check printer Deluxe has added the second largest CU - State Employees' CU of N.C. - as a client, a client it lost about 12 years ago. The $12 billion CU has more than one million members. Apparently Deluxe's presence in North Carolina played a role...

  • HRCU Ensures Nothing Lost in Translation

    ROCHESTER, N.H. - Holy Rosary Credit Union has stepped up its communication efforts to better serve and connect with members. The credit union has recently teamed up with an interactive language translating service that allows foreign born members to conduct important financial transactions in their native language. Here is how...

  • Mica, Kampen Square off on the Links for Charity

    PALM DESERT, Calif. - CUNA President/CEO Dan Mica and U.S. Central President/CEO Dan Kampen are rookie golfers to say the least, but that didn't stop them from squaring off for charity. The two CU leaders partnered with two more experienced golfers and participated in a golfing challenge dubbed the "Duel...

  • CUES Gearing Up for Annual Convention

    MADISON, Wis.-CUES is expecting some 400 credit union leaders to attend the 2005 CUES Annual Convention: Marketing and Technology for Credit Union Directors to be held June 18-21 at the Hyatt Regency in Vancouver, British Columbia, Canada. This year's convention theme "Bring Back More Than You Came With" relates to...

  • DUPACO Community Credit Union Jumps at Exhibit

    DUBUQUE, Iowa - To help promote the National Mississippi River Museum and Aquarium's 2005 season exhibit - "Toadally Frogs" - Dupaco Community Credit Union has unveiled "Dollar the Frog". The credit union and other community-minded tri-state-area businesses have joined forces to each purchase and decorate a large fiberglass frog in...

  • CUNA Pubs, NAFCU Chair Win SNAP Awards

    WASHINGTON-Three CUNA publications, as well as NAFCU's chair, are going to receive awards from the Society of National Association Publications. CUNA's Credit Union Executive Newsletter won a gold award for "the most improved newsletter" category; Credit Union NewsWatch received a bronze award in the "most improved newsletter" category; and Anytime...

  • Why Does CSI: Miami film in Los Angeles?

    Many television series and movies are filmed in Los Angeles, even though the story line is set elsewhere. There are several reasons for this, according to a Representative from the Screen Actors Guild, the largest performers union in the country. "While there certainly is a great deal of talent in...

  • WesCorp's Kitt Gets G-8 Honor

    SAN DIMAS, Calif. - WesCorp Senior Vice President of Payment Systems Tony Kitt has been asked to address the G-8 Finance Ministers at their meeting in London on May 9. Kitt, the only credit union representative at the meeting, will discuss international remittances. The G-8 Finance Ministers represent the eight...

  • Community Group Wants to Preserve CRA While Bankers Look for Relief

    WASHINGTON-At the same time community groups are fighting to preserve the Community Reinvestment Act regulations, bankers are saying the relief provisions are not enough. In the final week before the May 10 deadline for public comment on the CRA revamp that has been proposed by the Federal Reserve, the Federal...

  • CU Offers First Ever Debit Card Linked to HELOC

    LOWELL, Mass. - Now, members of at least one credit union will be able to access the funds they have borrowed in a home equity line of credit in a more efficient and easy way. The $600 million Jeanne D'Arc Credit Union has begun offering its 40,000 members a debit...

  • Vermont CUs Win Modernization Battle

    BURLINGTON, Vt.-Members of the Vermont Credit Union League (VCUL) had much to celebrate this year at their 58th Annual Meeting and Convention, held May 13-15, 2005. After three years of hard work by credit union supporters, the state's proposed credit union modernization statute has become law. More than 50 credit...

  • ICBA Celebrates 75th Anniversary by Trying to Get Some Tax and Regulatory Relief for Community Banks

    WASHINGTON-The Independent Community Bankers of America marked its 75th anniversary with the introduction of a bill to provide regulatory and tax relief for community banks. The Communities First Act (H.R. 2061) was recently introduced by House Financial Services Committee Member Jim Ryun (R-Kan.). Approximately 300 of ICBA's community bankers were...

  • Golf Big Hit as CMN Fund Raiser in Oklahoma

    OKLAHOMA CITY - The Oklahoma Credit Union League is mighty happy so many CU executives enjoy golf since the sport is the biggest money-producer for the Children's Miracle Network. Indeed, the Boomer Sooner Chapter said it brought in a record $35,000 during its annual tournament here with funds going to...

  • Provident CU Makes Top 100 Best Places to Work Cut

    REDWOOD SHORES, Calif. - Provident Credit Union has recently been recognized as one of the Top 100 places to work in the Bay Area. The nod came from the San Francisco Business Times, East Bay Business Times and the Silicon Valley/San Jos Business Journal after employees of over 400 companies...

  • D.C.-Area CUs Get Together to Offer Biz Continuity CUSO

    WASHINGTON - Six Washington-area credit unions have launched a new CUSO that offers turnkey business continuity planning to other regional credit unions. Called Ongoing Operations LLC, the CUSO says it plans to open a facility later this year that will offer a remote phone center, data center and customizable workspace...

  • Banking Agencies Issue Final CIP Rule Guidance

    WASHINGTON-The Financial Crimes Enforcement Network, together with the banking regulators, Treasury, and NCUA, issued an interpretive guidance April 28 on Customer Identification Program Requirements under the USA PATRIOT Act. The guidance was issued in the form of a Frequently Asked Questions document. The agencies stressed that CIPs must include risk-based...

  • Banks, Blame Each Other - Not Credit Unions

    WASHINGTON-CUNA and NAFCU ran advertisements in two Capitol Hill newspapers last week pointing to the infighting between large and small banks, just in time for the arrival of 300 members of the Independent Community Bankers of America in Washington, D.C. They ran on May 10 and 11 in Roll Call...

  • CenCorp Goes With ISI for Marketable Securities

    SOUTHFIELD, Mich. - The $2.6 billion CenCorp has partnered with U.S. Central's CU Investment Solutions, Inc. (ISI), a full-service broker/dealer, to offer marketable securities for its members. CenCorp can now offer securities such as agencies, collateralized mortgage obligations and corporate bonds. CenCorp has hired Jerry Hermann, a seasoned investment with...

  • Three Financial Education Bills Introduced in Senate

    WASHINGTON-The Senate appears to be boning up on its financial education legislation for the session. Earlier this month, three bills concerning adult and youth financial literacy were introduced. The TANF (Temporary Assistance for Needy Families) Financial Education Promotion Act (S. 923) was introduced by a group of Democratic Senators. It...

  • What Happens to a Card Agent Deal After a Merger?

    ATLANTA - What happens to a credit card deal between a credit union and its card issuing partner when the credit union merges with another credit union that also has a card program? Well, in the case of the $225 million Capital Community Credit Union, headquartered in Grand Rapids, Michigan,...

  • SECU Launches `What's In It For You' Image Campaign

    RALEIGH - State Employees' Credit Union (SECU), has once again teamed up with the Office of State Personnel, the State Employees Association of North Carolina (SEANC) and various other state agency representatives, to sponsor the "What's In It For You" (WIIFY) image campaign. There are currently over 300,000 state government...

  • Bankruptcy Reform Law Supported by Majority of Americans

    ISLANDIA, N.Y.-Nearly two-thirds (64%) of Americans are in favor of the credit union trade association-backed bankruptcy reform measures recently signed into law, according to the Cambridge Consumer Credit Index. However, the figure is waning; in June 2003, it reached 73%. Additionally, Cambridge found that 80% of Americans responded that the...

  • Desert Schools Gets TV Plug via Helmets

    PHOENIX - With NBC covering the National Lacrosse League Championship Cup Finals May 14, Desert Schools Federal Credit Union will be getting a nationwide "heads up" plug. That's because the Phoenix CU won the right to put the Desert Schools' logo on player helmets of the Arizona Sting, champion of...

  • Assemblywoman Young Gets New York League's Vote for Senate Seat

    LATHAM, N.Y. - The New York State Credit Union League has come out for Assemblywoman Catharine Young (R-Olean) for election to the state Senate representing the 57th Senate District at a special May 10th election called by Gov. George Pataki following the death of Sen. Pat McGee (R-Olean). The League...

  • Alabama League Hires Firm for Opinion Audits

    BIRMINGHAM, Ala. - The Alabama Credit Union League is going outside to help CUs with opinion audits. To that end, the League said it has signed an agreement with a Birmingham accounting firm, Barfield, Murphy, Shank & Smith, to offer the CPA opinion audits under "an exclusive marketing" arrangement. In...

In Other News

  • SCHOLARSHIPS

    Tucson Federal Credit Union, Ariz., has named the three winners of its 13th Annual Scholarship Essay Contest. Graduating seniors Ashley Axup of Cienega High School, Danielle Durnil of Howenstine High School, and Callie Moore of Sabino High School were each awarded a $1,500 scholarship to apply towards college education-related expenses....

News Briefs

  • Congress Investigating Ways to Create a Credit History for the Credit-less

    WASHINGTON-A House Financial Services Subcommittee had planned to hold a hearing last week after press time to explore ways to help consumers without a credit history to obtain credit. The House Subcommittee on Financial Institutions and Consumer Credit, chaired by Representative Spencer Bachus (R-Ala.), had slated the hearing, entitled "Helping...

  • California League Opens D.C. Political Office

    RANCHO CUCAMONGA, Calif. - The California CU League has opened a new office in the nation's capital in CUNA's headquarters on Pennsylvania Avenue. The League said it wants to cement its federal advocacy presence with a D.C. location. Ryan Donovan serves as the League's Director of Washington Office. Prior to...

  • Corporate Central CU, Summit CU Team up to Bring Business Services to Wisconsin

    HALES CORNER, Wis. - Members in five Wisconsin counties will soon have access to business services thanks to a new alliance between Corporate Central Credit Union's CUSO, Business Lending Services, LLC and Summit Credit Union. The agreement allows the $628 million credit union to offer a complete business banking package...

  • WOCCU Pushes the ICU Day Vote

    MADISON, Wis. -World Council of Credit Unions is calling all credit unions to vote for their favorite International Credit Union Day theme. This year's selection includes the following: Credit Unions: People Helping People to Help Themselves; Cooperatives: Sharing the Spirit; Credit Unions: Members Make it Happen; Credit Unions Connect the...

  • Feedback on MBL Proposal Sought by NCUA, CUNA

    ALEXANDRIA, Va. - Both NCUA and CUNA are inviting credit unions to submit feedback on a proposal that would clarify member business lending rules. The proposal seeks to clarify what would be the minimum capital requirements a federally-insured corporate CU must meet in order to make unsecured MBLs to non-member...

  • CU Lobbyists Hope Oxley's GSE Remarks Bear Fruit

    WASHINGTON-While credit unions are following the government-sponsored enterprise reform legislation, what may be more important to them is getting it out of the way. In an address May 6, House Financial Services Committee Chairman Mike Oxley (R-Ohio) indicated that he hoped the House will have marked up a bill on...

Tech Bytes

  • MasterCard Shuts Down Almost 1,400 Phishing Sites

    PURCHASE, New York - On the eve of a conference called to combat card fraud, MasterCard International announced that it shut down 1,400 Web sites that promote phishing and other forms of identity theft through its Operation STOP IT program. Phishing is an Internet based fraud scheme in which consumers...

  • Constitution Joins Endpoint, Chooses VSoft

    WALLINGFORD, Conn. - Constitution State Corporate is the latest CU item processor to join the Endpoint Exchange Network to exchange items. Many CU item processors are reporting slow growth in electronic exchange volumes as the big banks still hold all the cards on when widespread exchange will occur. Constitution will...

  • MeridianLink Signs America First

    COSTA MESA, Calif. - MeridianLink said Ogden, Utah based America First CU has deployed its LoansPQ lending platform. LoansPQ features cross-selling, data mining, paperless lending, credit reporting and score analytics. MeridianLink believes score analytics will become more useful in coming years, as a way to look at more than just...

  • Catalfano Named President of Fiserv CBS Worldwide

    BROOKFIELD, Wis. - Fiserv CBS Worldwide has named Tony Catalfano president. Fiserv CBS provides core processing primarly to banks, but does have some non-U.S. CU clients and at least one major U.S. CU in Community CU in Plano, Texas, which is in the process of converting to a bank. Fiserv...

  • Kiva Group Launches New Teller MRM Solution for Domestic Market

    BEDFORD, N.H. - After building a client base that stretches from Thailand to Saudi Arabia to Ireland, Kiva Group Inc. is introducing its new teller/MRM management platform back home in the United States. Respect Unified Teller 3.0 works with a range of host systems and network architectures and offers member...

  • Andera Online Enrollment Platform Offered to Summit Core Clients

    CORVALLIS, Ore. - Core processing clients of Summit Information Systems are now being offered the online account opening and funding solution of Andera Inc. Andera founder Charles Kroll developed New Accounts Online as an ASP outgrowth of Andera's consulting work with a big Rhode Island bank that then became a...

  • Fiserv Buys U.S. Assets of Mortgage E-Lending Specialist Emergis

    BROOKFIELD, Wis. - Fiserv Inc. has bought the U.S. electronic lending assets of Emergis Inc., a publicly traded Canadian provider of mortgage lending processing tools. The technology is intended to add to Fiserv's end-to-end technology chain serving the mortgage lending industry, the company says. Fiserv's Electronic Partner Connection network already...

  • Two Large CUs Choose Summit's Net Banking System

    CORVALLII, Ore. - Credit union data processor Summit Information Systems announced that the $1 billion Founders FCU, Lancaster, S.C., and the $551 million San Mateo Credit Union, Redwood City, Calif., have converted to Summit's Internet banking solution. The two CUs will be running them as in-house solutions, though it is...

  • America First Creates Anti-Phishing Team

    OGDEN, Utah - The $2.9 billion America First Credit Union is taking a proactive approach to battle phishing with its new "Anti-Phishing" Team. America First Senior Vice-President Rich Syme says representatives of the credit union's systems security, network systems, e-support, e-services, security, audit, member service call center, marketing and Visa...

  • Share One Core Clients Now Offered DigitalMailer Tools

    MEMPHIS, Tenn. - ShareOne Inc. will begin offering its clients electronic statements and alerts through a new pact with DigitalMailer Inc. Share One, a Memphis-based core processing CUSO, will be one of the first to use DigitalMailer's newest version of its popular e-statement solutions, says Ron Daly, president of the...

  • CavionPlus Adds DigitalMailer Marketing Alerts to Online Services

    HERNDON, Va. - DigitalMailer Inc. has lined up a big entre further into the credit union market for its electronic alerts service: 1,400-client Cavion Plus. Cavion Plus will use the targeted marketing capabilities of DigitalMailer's eLERT solution to complement its existing Account Alerts service. Account Alerts are real-time e-mail alerts...

  • Open Solutions Nears 600 Mark in CU Core Clients

    GLASTONBURY, Conn. - South Carolina's seventh-largest credit union has become Open Solutions Inc.'s 591st credit union core processing client. South Carolina State Credit Union, a $350 million, 89,500-member institution, will convert to The Complete Credit Union Solution platform as well as use a host of other OSI solutions, including CRM/business...

  • Clearview FCU Secures E-Mail Channel with GlobalCerts Deploy

    MOON TOWNSHIP, Pa. - Clearview Federal Credit Union is now using an encryption solution that allows the CU to communicate more securely via the e-mail channel. The $587 million CU has deployed encryption software from GlobalCerts (www.globalcerts.com) of Charlottesville, Va., to ensure the security of such electronic communications, including those...

Marketing

  • Northwest FCU Staffers Promote Latest Scholarship

    HERNDON, Va. - To promote its first annual Ben DeFelice scholarship, Northwest Federal Credit Union staffers donned college gear. Encouraged to participate in ScholarSHIRT Day, staffers sported the college shirt of their choice to get members to apply before the deadline. The one-day dress code included sweatshirts, polo-shirts, t-shirts and...

  • SC Federal CU PR Manager Honored as Elite Forty Under 40

    NORTH CHARLESTON, S.C. - South Carolina Federal Credit Union Public Relations Manger Kristy dosReis has been named to the 2005 Charleston Regional Business Journal's Forty Under 40 group. Each year, Charleston Regional Business Journal accepts nominations for the most active business professionals in Charleston under the age of 40 and...

  • University FCU to Sponsor Dave Ramsey Live Event

    BIRMINGHAM, Ala. - University Federal Credit Union will be the title sponsor of the Dave Ramsey "Total Money Makeover Live" event. Ramsey, a popular radio talk show host, is a financial counselor who gives advice to listeners based on his findings during his journey of being a millionaire by the...

  • Meriwest CU Names New Marketing VP

    SAN JOSE, Calif. - Meriwest Credit Union has named Tony Cortez vice president of marketing. Cortez is responsible for directing the development of Meriwest's marketing strategy, including strategic planning, new product development, marketing through CRM and Web site channels, customer needs analysis and benchmarking. "Tony brings with him a significant...

  • Jeffco CU Provides Teens Complete Financial Education

    LAKEWOOD, Colo. -Jeffco Credit Union has helped prepare young adults for financial responsibility during its 3rd Annual Youth Expo. The forum featured vendors, informational seminars and prizes throughout the afternoon, providing youth with access to financial resources. Jeffco CU also developed a youth financial package, for teens as young as...

Opinions

  • Dynamic Retail Facilities are a Must to Keep Consumers Interested

    In retail environments nothing stands still: products change, customers are unpredictable and retailers constantly have to stand back and analyze their success. Organizations can no longer depend on the traditional approach to gaining your attention. The integration of retail has become an essential tool for success. But what is retail?...

Letters to the editor

  • Political Power Must Come from All Levels to Effectively Combat Bankers

    These days it seems like more pages in Credit Union Times are filled with coverage of our political challenges than in years past. Some of this focus is a normal, and sometimes necessary, by-product of our industry's evolution. However, we're also finding ourselves regularly dragged into the fray by a...

  • "Bank" Already Engrained in Members' Minds

    I couldn't help but share my thoughts on your online voting question, "Should credit unions eliminate `bank' and `banking' from their marketing vocabulary?" I've been in the credit union business for almost 31 years, as a branch manager, as VP of Branch Operations, as Historian and a host of other...

  • As Wagner Bows out, Former CU in Good Hands

    I'm writing to say goodbye to the many people who have played a part in my credit union career. When I started in credit unions I had no idea what a credit union was, but Isabel and Evelyn, the manager and assistant manager of San Mateo Credit Union, had faith...

  • Ten Qualities of a Good Employee

    I am completing 47 years in the credit union movement, seven as a Federal Credit Union Examiner, and the last 40 years as CEO of The Firestone Federal Credit Union. At times, our younger staff members don't realize the sacrifices made by so many that enable them to have the...

  • Knowing Your "Competition"

    A few months ago Sarah Snell Cooke wrote a story quoting a local banker from Glacier Bank she had interviewed. The article even included the bank's logo. The banker cited our credit union as a competitive problem for them. This sparked my curiosity, so I did some digging. Now that...

Publisher's Column

  • Speculating is Fun Especially Regarding NCUA

    Sometimes it seems like one of the most popular pastimes in credit union land is to engage in endless speculation, especially when it comes to high profile credit union people. "I heard (fill in the blank) was in big trouble with his board and will be let go at their...

People

  • IN MEMORIAM

    MAX Federal Credit Union, Montgomery, Ala., long-time Vice President of Lending Robert J. McCormick has died at the age of 57. McCormick had over 30 years of experience in the financial services industry. McCormick was an alumnus of Eastern Michigan University earning a bachelors of science degree in General Business....

  • MIDWEST

    Royal Credit Union, Eau Claire, Wis., has named Colleen Leuschner business development coordinator. Community Trust Credit Union, Gurnee, Ill., Marketing Director Michelle Huffine has been elected vice chairman of the Gurnee Chamber of Commerce. Illiana Financial Credit Union, Calumet City, Ill., has elected the following officers to its board: Bert...

  • EAST

    Jeanne D'Arc Credit Union, Lowell, Mass., has promoted Kathryn Dame to Tyngsboro branch manager. Dover Federal Credit Union, Dover AFB, Del., has named Karen L. Simpson executive vice president/ chief operations officer. Mid-Atlantic Federal Credit Union, Germantown, Md., has promoted Christine Craley to controller and Tony Johnson to vice president...

People Feature

Quotes Worth Quoting

  • Quotes Worth Quoting

    "Last week in the House of Representatives, the House passed deposit insurance reform 413-10. This legislation keeps gaining more votes every time it goes through the House...But the real battle on deposit insurance will likely be on the Senate side as the Senate decides how to address the increase issue."...

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