Credit Union Times Magazine November-09, 2005

  • CU With History of Robbery Finds Locked Door Still Requires Quick Thinking

    FORT WAYNE, Ind. - The $21 million Pinnacle Credit Union found that even keeping a branch's doors locked and requiring members to be buzzed in has not been enough to deter attempts to rob an oft-robbed branch. The branch is located in a private development north of Fort Wayne that...

  • CCUCO Materials Used to Sell Charter Conversions

    WASHINGTON - Despite ostensibly being an "education and advocacy group" formed to help credit unions preserve their ability to change their charters to those of mutual banks, materials prepared by the Coalition for Credit Union Charter Options are being used by a leading charter change consultant to sell credit union...

  • Bankers Launch Latest Legal Attack As ABA Challenges NCUA in Two New FOM Lawsuits

    WASHINGTON- The American Bankers Association announced last week two new legal challenges to NCUA's application of field of membership laws and regulation. "They are separate but related because they're on the common bond but different aspects of it," ABA President and CEO Edward L. Yingling told reporters last Tuesday. The...

  • CUNA and NAFCU Bombard Capitol Hill with Ads in Support of Tax-Exemption

    WASHINGTON-In response to the House Ways and Means Committee hearing on the credit union tax-exemption, CUNA and NAFCU are taking their message to the airwaves and Capitol Hill publications that taxing credit unions levies a tax on 87 million credit union members. "Once you know the facts about America's credit...

  • CUNA and Credit Unions Announce Low-Income Mortgage Program; $1 Billion Already Committed

    WASHINGTON-Credit unions are looking to give a boost to low-income home ownership through the new CUNA Home Loan Payment Relief (HLPR-"helper") Mortgage program. Representatives from CUNA and a handful of credit unions were on hand to announce nearly $1 billion in commitments to the program during a press event at...

  • Deluxe Making Its Gift Card Available In Branches

    ST PAUL - Deluxe Financial Services, perhaps best known to CUs as a check publisher, is making its Deluxe gift card available for sale in credit union branches. The card was first rolled out before the holiday season in 2004, but it was only available by phone or over the...

  • Texas Governor and Soldiers in Afghanistan Participate in CU Texas Twister 10K

    AUSTIN, Texas - Last year's inaugural Credit Union Texas Twister 10K was so successful that it's easy to understand why organizers would want to build upon a good thing. Inviting the governor this year made sense considering the race takes place in the state's capital, but who would have guessed...

  • Consumers Cooperative CU Raises $7,518 for Katrina Survivors

    WAUKEGAN, Ill. - Consumers Cooperative Credit Union has donated a total of $7,518 to the American Red Cross Hurricane Relief fund. Members and employees alike opened their hearts and wallets to help those affected by the devastating storm. In addition to a monetary donation, CCCU staffers and members donated food,...

  • Do Not Restrict Modest Means People to Modest Services, Johnson Says

    WASHINGTON-The Nov. 3 House Ways and Means Committee hearing on the credit union tax-exemption demonstrated the back and forth between credit union and bank supporters. During the first panel, NCUA Chairman JoAnn Johnson and the other panelists were peppered with a wide array of questions coming from both sides of...

  • Optometrist Graduates Become Business Owners Quicker through Business Loan Program from Vision One CU, VSP

    SACRAMENTO, Calif. - The mountain of student loan debt that optometrists often face fresh out of school may not be so intimidating thanks to a program co-sponsored by Vision One Credit Union. The Vision One Loan program is an alliance between the $27 million credit union and VSP here, an...

  • New Experian Study Shows Small Businesses with Fewer than 50 Employees May Have Hardest Time Recovering from Katrina

    COSTA MESA, Calif. - Small businesses with fewer than 50 employees were hit the hardest by Hurricane Katrina in the Gulf States and may take the longest to recover. According to a study released Nov. 1 from Experian, professional and business services firms were the hardest hit by the disaster...

  • Single Sponsor CU Being Cut Loose by its Sponsor

    SALEM, Ore. - A $1.6 million single sponsor credit union has been forced to merge after its sole sponsor has ended its sponsorship of the CU. Orville Roth, the founder of the Roth's grocery store chain, helped found the now $1.6 million Roth's Employees FCU as an employee benefit in...

  • Texas CUs Become Shared Branching Acquirers, Something CUs Have Shied Away From for Years

    SAN ANTONIO - Two longstanding Texas supporters of and participants in shared branching have added the ability to acquire transactions as well as being able to issue transactions. Acquiring shared branching transactions means a credit union accepts other credit unions' members to conduct transactions. Issuing shared branch credit unions enable...

  • MnCUN Holds Open House, Hosts Legislative Roundtable on Same Day

    ST. PAUL, Minn. - October 28 was a busy day for the Minnesota Credit Union Network (MnCUN). The organization held two important events on the same day. First, MnCUN hosted its open house for Minnesota credit unions at its new headquarters in downtown St. Paul, directly across the freeway from...

  • Missouri to Repeal Member Business Lending Rule, State Credit Unions to Follow NCUA Regulations

    JEFFERSON CITY, Mo. - Since the rules are quite parallel, the Missouri Division of Credit Unions will soon repeal its member business lending rules for state-chartered credit unions here to follow NCUA's regulations. The state regulator announced that it is withdrawing its MBL rules and credit unions will soon follow...

  • Latest Stats Show Business Lending on the Rise, More than 1,700 FCUs Now Providing MBLs

    ALEXANDRIA, Va. - An unprecedented number of the nation's credit union members have greater access to small business capital through their credit union's participation in the SBA loan guarantee programs. The NCUA reported through Sept. 30, 2005, loan production with the SBA through approved credit union lenders has produced 1,172...

  • Hurricanes are Teaching Some CUs Tough Lessons on Moving Forward, Serving Members

    WEST PALM BEACH, Fla. - When it comes to been there, done that, the barrage of hurricanes that hit the United States in 2004 and 2005 has boosted the ranks of disaster-savvy credit unions. Credit Union Times asked some of them to share the lessons they've learned. Much of what...

  • LEGAL CHALLENGE: Bankers Claim CUs in Utah Getting Around FOM Restrictions by Adding Underserved Areas

    WASHINGTON- The American Bankers Association announced last week two new legal challenges to NCUA's application of field of membership laws and regulation. "They are separate but related because they're on the common bond but different aspects of it," ABA President and CEO Edward L. Yingling told reporters last Tuesday. The...

  • Linsco/Private LEdger Sells Majority Stake in Firm to Private Equity Firms Hellman & Friedman, Texas Pacific Group

    BOSTON - After more than 15 years as a venerable, independent industry force, Linsco/Private Ledger announced on Oct. 27 that it will sell a 60% stake in the company to two private equity firms. LPL said it will sell its majority to Hellman & Friedman LLC of San Francisco and...

  • Mangone at 60: Imprisoned Former DCU CEO Still Pushing for Release

    RAYBROOK, N.Y. - Richard D. Mangone once lived in a mansion. His Mercedes and Jaguar were parked out front. Now he shares a 100 square-foot cell with another prisoner in Raybrook Federal Prison. Instead of fine furniture he sleeps on a steel bunk with a three-inch mattress. All his personal...

  • Louisiana League Foresees Challenges for Hurricane-Impacted Credit Unions

    BATON ROUGE, La. - A month ago at a Baton Rouge Credit Union Chapter Meeting, Louisiana Credit Union League President Anne Cochran identified several business challenges for credit unions impacted by Hurricanes Katrina and Rita. At the time, the issues took a back seat to employee safety and housing concerns,...

  • CDFI Fund Appears Poised to Hold Last Year's Funding Level

    WASHINGTON - Unless there is some sort of across-the-board federal budget cutting measure which some legislators have discussed of late, supporters of the U.S. Treasury's Community Development Financial Institutions Fund say that the Fund should receive the same $55 million funding level that it received last year. "Right now we...

  • 1st Advantage FCU Raises Over $200,000 for American Red Cross Disaster Relief

    YORKTOWN, Va. - Given the past experience with Hurricane Isabel, 1st Advantage Federal Credit Union staffers and members stepped up to donate $205,614 to help Gulf States residents impacted by Hurricane Katrina. The need to help was also a personal one for 1st Advantage FCU President/CEO Adrian Duplantier, Jr., who...

  • Community Banker Bill Shadow Boxing with CURIA

    WASHINGTON-There are a number of striking similarities between the Communities First Act (H.R. 2061) and the Credit Union Regulatory Improvements Act (H.R. 2317). While CURIA has garnered the support of 101 lawmakers so far, H.R. 2061 has a respectable number at 79, a number of whom are the same. Credit...

  • Kids Help Hurricane Victims

    BEL AIR, Md. - Neighborhood kids here helped Freedom Federal Credit Union with its hurricane relief efforts. Freedom FCU encouraged members to aid the victims of Hurricanes Katrina and Rita through contributions at the local branches with special accounts set up for The American Red Cross and Salvation Army. A...

  • Stanford FCU Donates Over $22,000 for Hurricane Relief

    PALO ALTO, Calif. - Stanford Federal Credit Union is doing its part to help victims of Hurricanes Katrina and Rita. A total of $22,565 has been raised to benefit the American Red Cross Disaster Relief Fund. Early in September, Stanford FCU announced that it would match member contributions to the...

  • NCUA Issues HMDA Civil Money Penalty

    ALEXANDRIA, Va.-NCUA fined Paradise Federal Credit Union recently for turning in its Home Mortgage Disclosure Act data late. The late information came with a $19,000 price tag from NCUA. Credit unions and other lenders are required to collect HMDA data throughout the year and file it with the Federal Reserve...

  • Kelly Tyler FCU Jumps into Hurricane Katrina Fundraiser

    TYLER, Texas - For Kelly Tyler Federal Credit Union staffers "People Helping People" is more than just words. Despite having just wrapped up a Back-to-School Supply Donation Train, when Hurricane Katrina struck some 38 employees jumped into action to launch disaster relief fundraisers at branches throughout the month of September....

  • `Think Pink,' Church of the Brethren CU Encourages Members

    ELGIN, Ill. - Church of the Brethren Credit Union has come up with an innovative way to woo new members. Not only will the $4.9 million credit union give new account holders a pink piggy bank, it will also make a $5 donation to Heifer International to purchase pigs -...

  • Broward County Turns to City/County CU to House Wilma Business Recovery Center

    FT. LAUDERDALE, Fla. - County officials will use City/County Credit Union to house one of its business recovery centers. The Broward County Office of Economic Development here, with municipal partners, said the Business Recovery Centers (BRCs) will provide disaster relief information and referral assistance for county companies. The $238 million...

  • NCUA Issues Prohibition Orders

    ALEXANDRIA, Va.-NCUA has issued orders of prohibition against three former credit union officials. Former Technology Credit Union (San Jose, Calif.) employee Mary Helen Melendez; former Vernon Commerce Credit Union (Commerce, Calif.) CEO Isaac Barrocas; and former San Mateo Credit Union (Redwood City, Calif.) employee Kirby Dela Cruz all agreed, without...

  • OCCU Donates $29,095 to Red Cross

    SANTA ANA , Calif. - Orange County's Credit Union members and staffers have helped raise a total of $29,095 to benefit the American Red Cross Hurricane Katrina disaster relief efforts. A fundraising drive was held in all OCCU branches throughout the month of September and individual contributions were matched dollar-for-dollar....

  • Charter Activity Keeps NCUA Hopping in September

    ALEXANDRIA, Va.-NCUA handled a number of chartering changes during the month of September, according to its Insurance Report of Activity. Twenty-four underserved areas were adopted in September by 18 federal credit unions. The largest area added was Washington, D.C. and Prince George's County, Md.-with a population of nearly one million-for...

  • PCU Donates Over $8,800 to Katrina Relief Efforts

    WOODBURY, Minn. - Postal Credit Union (PCU) members, employees and volunteer board members have recently joined forces to donate $8,861 to aid the victims of Hurricane Katrina. PCU collected $3,861 in donations during the month of September as part of its ongoing "Casual for a Cause" program. Of that amount,...

  • Arizona CUs Keep Giving

    Phoenix, Ariz. - The Arizona Credit Union Foundation and member credit unions have donated over $59,000 to the National Credit Union Foundation to help mobilize efforts to provide relief assistance, rebuild credit unions and initiate construction of the communities affected by the hurricanes. In addition, the Arizona Credit Union System...

  • SECU Lends Hand for Hurricane Relief

    RALEIGH, N.C. -No stranger to hurricanes, State Employees Credit Union members have been eager to help and donated over $36,800 to help with relief efforts. Donations were collected throughout the month of September in all SECU locations across North Carolina via such fundraising events as spaghetti lunches, bake sales and...

  • WSECU Shares $13,000 with Hurricane Relief Orgs

    OLYMPIA, Wash. - Washington State Employees Credit Union members and employees have donated more than $13,000 to benefit three disaster relief organizations established in response to Hurricanes Katrina and Rita. "The response was so immediate and so generous," said WSECU Vice-President of Public Relations Ann Flannigan. "People wanted to feel...

  • NCUA to Hold Town Hall Meeting in Louisiana

    ALEXANDRIA, Va.-NCUA is sponsoring "Louisiana Credit Unions - Focusing on the Future," a free town hall meeting to get the state's credit unions back on their feet. The Nov. 9 meeting is aimed at low-income designated credit unions as well as those under $20 million in assets. The meeting was...

  • Workers' CU Lends Hand in ID Theft Fight

    FITCHBURG, Mass. - Workers' Credit Union is helping its members minimize their identity theft risks by hosting a free ID Theft seminar. Featuring Boston-based personal security consultant Robert L. Siciliano, the seminar focused on increasing awareness of the growing threat of identity theft and offered practical tips and the best...

  • Sharp Credit Union Helps Relocated Nurses

    SAN DIEGO - Sharp Credit Union, a division of Cabrillo Credit Union, has offered to automatically open accounts for nurses temporarily relocated and employed with Sharp Hospital due to Hurricane Katrina. In addition to opening accounts, the credit union is establishing direct deposit for the displaced nurses and offering its...

In Other News

  • AWARDS

    Global Credit Union, Spokane, Wash., has named Human Resources Administrator Monica Gyarfas the Dominic Allessio Employee of the Quarter. Nominated and selected by her peers, Gyarfas was recognized for her job efficiency, excellent work ethic and professionalism. Dedicated to the credit union for 18 years, she is also a member...

  • SCHOLARSHIPS

    Wepawaug-Flagg Federal Credit Union, Hamden, Conn., has awarded four $1,000 scholarships to deserving high school seniors and college students. Recipients were selected based on the merits of their student essays, references and community service. This year's scholarship winners are Aisha Bob-Semple, Caitlin Kingsley, Samantha P. Austin and Jennifer Mancini. Boeing...

  • MILESTONES

    TopLine Federal Credit Union, Maple Grove, Minn., is celebrating its 70th anniversary with crowd pleasing "Then and Now" lobby displays. "What began as the theme for a member appreciation event in its branches to mark 70 years in business has turned into very interesting displays in each of our branches...

  • SCHOLARSHIPS

    Point Loma Credit Union, San Diego, Calif., has awarded $2,500 college scholarships to three deserving local students for the eighth consecutive year. This year's scholarships were presented to Nathan Beck, David Daniels, and Janet Hwu. As PLCU members, these students were awarded scholarships based upon written essays, academic achievements, and...

News

  • NCUA Regulatory Alert Gives CUs Updates on HOEPA Trigger Amounts

    ALEXANDRIA, Va. - The NCUA issued Regulatory Alert No. 05-RA-08 to provide credit unions the latest information on updates by the Board of Governors of the Federal Reserve System on the maximum amount of points and fees that may be charged to a borrower without triggering HOEPA requirements. Effective Jan....

  • Air Academy's Reverse Mortgages Lets Older Members Tap into Equity in their Homes

    COLORADO SPRING, Colo. - With individuals age 62 or older increasingly making up a larger segment of the U.S. population, Air Academy FCU has begun offering reverse mortgages to give members in this age group who are homeowners a way to tap into their home equity without losing title. Shannon...

  • Freddie Mac: Inflation Fears Pushing Rates Up

    WEST PALM BEACH, Fla. - What a difference 10 months can make when it comes to mortgage interest rates. Mortgage experts have predicted for awhile that rates would rise, but now it seems their forecasts might actually be happening. When 2005 began, mortgage rates started out lower than 2004 ended....

  • Tech CU Retail Mortgage Store Promotes CU's Presence in East Bay Market

    SAN JOSE, Calif. - Residents of Dublin, Calif. will likely be doing a lot of double takes starting this month when they drive by and see the signage for Tech CU Mortgage. No, it won't be a branch of San Jose, Calif.-based Technology Credit Union, but the first credit union-owned...

  • House Passes Baker's GSE Reform Bill, CU Trades Keeping an Eye on House, Senate Versions

    WASHINGTON - Talk about perseverance. After five years, 20 hearings and testimony from more than 100 witnesses, Congress passed U.S. Rep. Richard Baker's (R-La.) legislation Oct. 26 that among its provisions, provides for stricter oversight of the three housing Government Sponsored Enterprises - the Freddie Mac, Fannie Mae and the...

  • Prime Alliance Wins "Synergy" Award

    TUKWILA, Wash. - Prime Alliance Solutions was awarded the Synergy Award during this year's Mortgage Bankers Association Annual Convention in recognition of its contribution to mortgage e-commerce. The Synergy Award is presented by Mortgage Technology magazine to recognize technology initiatives and alliances that advance the cause of seamless end-to-end e-commerce....

  • Special Report: Mortgages

    Turn to pages 22-25 for the latest mortgage news including one CU's use of a mortgage retail store to gain market share.

  • Southwest Corporate FCU Dedicates Corporate Headquarters, Hosts Economic Forum

    PLANO, Texas - Southwest Corporate Federal Credit Union preceded its 28th Annual Economic Forum, "New Thinking for a New Economy," with a dedication ceremony at its new headquarters building. Crystal-clear blue skies and cool fall temperatures contributed to a strong turnout for the dedication Tuesday, Oct. 25. Approximately 150 individuals...

  • Federal Law Enforcement Forms Mortgage Fraud Task Force

    WASHINGTON - Federal law enforcement Oct. 27 announced the formation of a task force to investigate and prosecute mortgage fraud. The task force will include representatives of the U.S. attorney's office, the FBI, the IRS, the U.S. Postal Service and other agencies. Officials said forming the task force will allow...

  • An All-Out Ad Blitz

    CUNA, NAFCU and a group of large CUs gear kicked the ad efforts into high gear last week in an attempt to battle bankers' push to tax credit unions. See page 4.

News Briefs

  • Financial Services Committee Leader Announces Retirement

    WASHINGTON-After 25 years in the House of Representatives, Congressman Michael G. Oxley (R-Ohio) said last week that he would not seek re-election at the end of his term in 2006. The House Financial Services Committee chairman would not have been allowed to serve in that capacity beyond 2006 because of...

  • Powell to Leave FDIC to Aid Katrina Rebuilding Efforts

    WASHINGTON-FDIC Chairman Don Powell announced Nov. 1 that he would be leaving the agency to help coordinate the administration's efforts to rebuild the Gulf Coast area. "I am honored that the President has chosen me for this important effort to help rebuild the Gulf region," Powell commented. "This new position...

  • Corrections

    In the Oct. 26 article "A+ FCU Brings Home Feedback for Newly-Launched, Jointly-Owned MBL CUSO," a photo and caption provided by NACUSO incorrectly identified Sharon Gaugler, vice president of lending at A+ Federal Credit Union. The photo is actually of Andrea Stocks, vice president of operations. We regret the error.

  • NCUA Issues 2006-2011 Strategic Plan for Comment

    ALEXANDRIA, Va.-NCUA is seeking comment on its draft Strategic plan for 2006-2011. The agency said the draft plan builds upon the Strategic Plan 2003-2008, which demonstrated the agency's move toward risk-focused efforts. "The strategic plan is an integral component of the NCUA's safety and soundness program, as we strive for...

  • House and Senate to Conference on NCUA Program Appropriations

    WASHINGTON-The Senate agreed to its version of the appropriations bill including NCUA's Community Development Revolving Loan Fund and Central Liquidity Facility and is now heading to conference. H.R. 3058, making appropriations for the Departments of Transportation, Treasury, and Housing and Urban Development, the Judiciary, District of Columbia, and independent agencies...

  • Willard Ends 20 Years of Service with Colorado/ Wyoming Leagues

    ARVADA, Colo. - Jane Willard, a 20-year veteran of the Colorado/Wyoming Credit Union Leagues, has resigned, the Leagues recently disclosed. Willard began her career at the Leagues as a member services representative, and in 1986 she became a training specialist. In 1995 she was promoted to vice president of governmental...

  • NCUA Nominees to Get Senate Banking Vote

    WASHINGTON-CUNA said it expected the two NCUA Board nominees to get a committee vote shortly after deadline. After a total of more than a year-and-a-half of waiting, the NCUA Board is one step closer to functioning at full complement with the announcement of a Senate Banking Committee executive session vote...

Tech Bytes

  • FICS Releases Upgrades to Residential LOS

    DALLAS - Financial Industry Computer Systems Inc. (FICS), a provider of loan-origination software (LOS) to credit unions and other financial institutions, has released an upgrade to its Loan Producer LOS system, the company says. The upgrade centers on enhancements to closing cost itemization and tax and insurance notation, the company...

  • DI Re-Signs Allegacy, Nassau Educators, Marine FCU

    CALABASAS, Calif. - Digital Insight Corp. said it has extended and expanded its business with three well-known names in credit union land - $1.1 billion Allegacy FCU of Winston-Salem, N.C., $973 million Nassau Educators FCU of Westbury, N.Y., and $530 million Marine FCU of Jacksonville, N.C. Allegacy FCU (www.allegacyfcu.org) has...

  • Interactive Kiosks Highlight Self-Service Initiative at Credit Union 1

    ANCHORAGE, Alaska - The new headquarters at Credit Union 1 (www.cu1.org) features high-tech, high-touch kiosks that help take self-service to a new level at Alaska's second-largest CU. The 11 interactive kiosks, along with a touch-screen building directory and an employment kiosk, were installed in the $483 million CU's new headquarters...

  • FedComp, Maryland/DC League Forms Strategic Partnership

    FAIRFAX, Va. - FedComp Inc. and the Maryland and District of Columbia Credit Union Association (MDDCCUA) have formed a partnership to provide FedComp's core processing software and other services to the organization's membership. The MDDCCUA (www.mddccua.org), recently formed by the merger of the Maryland and District of Columbia leagues, has...

  • PSECU's Monthly e-Bill Volume Surpasses 100,000

    HARRISBURG, Pa. - Pennsylvania State Employees Credit Union, known in the industry for its high-tech, few branches philosophy, has reached an impressive online milestone. The credit union reports that for the first time since integrating MasterCardr RPPSr with its existing bill pay solution, PSECU has broken the 100,000 mark in...

Briefs

  • Freddie Mac Joins with Others to Revive Gwinnett County

    McLEAN, Va. - It's called "Building a Better Block Gwinnett," and the goal is for Freddie Mac together with The IMPACT Group, mortgage lender Taylor, Bean & Whitaker, and Brand Bank to work together to revive neighborhoods in Gwinnett County, Ga. by rehabilitating dozens of empty foreclosed homes, providing affordable...

  • MISMO Releases eMortgage Tool for Lenders

    ORLANDO, Fla. - The Mortgage Industry Standards Maintenance Organization (MISMO) has released Version 1.0 of its eMortgage Guide. The Guide is intended to educate the mortgage industry about eMortgages, the technical aspects of eMortgage implementations and their potential benefits. Among the topics covered are benefits of eMortgages, key industry standards...

  • myCUmortgage holds First Annual Conference

    FAIRBORN, Ohio - myCUmortgage, a division of Wright-Patt Credit Union's wholly-owned CUSO, held its first annual conference for its CU partners on Sept. 27 and 28. The conference was organized to give attendees the opportunity to network as well as recognize outstanding performance in mortgage lending. The theme of the...

  • Alliant CU to Donate Mortgage Fees to Katrina Rebuilding Efforts

    CHICAGO - Starting Oct. 1 and continuing through Nov. 30, Alliant Credit Union has been earmarking its mortgage fees to a special fund to benefit Habitat for Humanity's special Hurricane Katrina Relief Fund. The fees typically are $100 for each mortgage loan Alliant processes, and the $4.6 billion CU -...

  • Home Financing Center Offering Employer-Assisted Housing Workshops

    MIAMI - Home Financing Center, one of the largest independently and locally owned mortgage lenders in south Florida and which counts 13 credit unions on its client list, is providing Employer-Assisted Housing (EAH) workshops for employees at local corporations, hospitals and schools. The workshops offer an array of resources to...

  • Kentucky Launches Statewide Anti-Predatory Lending Campaign

    LEXINGTON, Ky. - Kentucky has become the 25th state to launch the Don't Borrow TroubleT anti-predatory lending campaign. The statewide public education campaign kicked off Oct. 27 with the coordinated efforts of a coalition of 29 private and public organizations including principal sponsor Freddie Mac, Kentucky Housing Corp., the Attorney...

  • Rogue FCU Voted Best Mortgage Office, Best Banking Institution

    MEDFORD, Ore. -Rogue FCU was voted Best Mortgage Office and Best Banking Institution in the 2005 Medford Mail Tribune's "Readers Choice Survey." A staffer at the newspaper said readers were given a list of open-ended questions and asked to specify their choice of financial institutions in a variety of categories....

Opinions

  • Credit Unions Don't Need Secondary Market Intermediaries

    For anyone listening closely to it, the recent announcement that CUNA Mutual Group was selling its mortgage company subsidiary to PHH Corp. contained an important message: Nothing lasts forever. Change is the only certainty in the mortgage business, and changes in interest rates, loan demand, or both will almost certainly...

Letters to the editor

  • From the Editor: Keep Those Letters Coming!

    Credit Union Times is proud to report that so far in 2005 every issue has contained letters to the editor. We're proud of this for two reasons. First, it's an indication that Credit Union Times is providing thought-provoking editorial coverage that is inspiring more readers than ever to write letters....

  • NSF Fee Cap Proposal Will Help Preserve What CUs are all About

    Because of several negative comments I received regarding my Letter to the Editor published in the Oct. 12 issue, please allow me to add some follow-up discussion points on the NSF Fee Cap proposal, which is not totally without merit as some readers suggested. I grew up in a home...

  • Trade Association Intervention on CU-to-Bank Conversions is a Waste of Member Dues

    Despite the misdirected scolding Credit Union Times Editor-in-Chief Paul Gentile gave me over my comment letter to NCUA, his Oct. 26 column is well written and includes some interesting observations. For example, the opening paragraph states, "I wish I could report that the credit union-to-bank charter conversion issue is going...

Staking Out the Stats

  • Staking Out the Stats

    Despite cooling housing prices and rising interest rates most consumers don't think a real estate bubble burst will affect them financially. According to a recent survey conducted by TransUnion subsidiary TrueCredit and RoperPublic Affairs, some 68% of homeowners report that a sharp drop in housing prices would be somewhat or...

In Memoriam

  • Rogers, President/CEO Sandia Area FCU, CUANM Chairman, Dies

    ALBUQUERQUE, N.M. - Richard (Rick) Rogers, president/CEO of Sandia Area FCU and chairman of the board of the Credit Union Association of New Mexico, died unexpectedly Oct. 7 from complications from a respiratory illness. He was 49 years old. Rogers was an executive in financial services for nearly 30 years,...

Special Report

  • Most Corporate CU CEOs Still Trying to Understand VolCorp/WesCorp Merger

    HOLMDEL, N.J. -The corporate credit union network is a tight-knit group. When a merger happens, leaders either knew in advance or aren't surprised given the situations of the merging corporates. But the merger between $26 billion WesCorp and $1 billion VolCorp not only took most corporate CU CEOs by surprise,...

  • Mid-States Adopts New Orleans Firemen's FCU

    WARRENVILLE, Ill. -Mid-States Corporate Federal Credit Union has adopted The New Orleans Firemen's Federal Credit Union as part of its hurricane relief efforts. The $4.5 billion corporate will provide financial assistance to the credit union and employees and their families devastated by hurricane Rita. It will make a $10,000 contribution...

  • Schmitz Joins HBE

    ST. LOUIS - Design/build firm HBE Corporation has named Steven Schmitz vice president of sales for its Financial Facilities group. In his new position, Schmitz will be responsible for continuing the sales growth of the company's financial facilities design and construction in Colorado, Iowa, Kansas, Minnesota, Nebraska and North and...

  • First Carolina Corporate's Real Estate Program Gaining Traction

    GREENSBORO, N.C. - First Carolina Corporate FCU is seeing success with its unique real estate assistance program. Back in 2003 the corporate partnered with Homeowners Mortgage Enterprises, Inc. to form First Carolina Real Estate Services, a CUSO. The CUSO helps members with buying or selling a home. A representative acts...

  • Wescom CU Moves into San Diego

    SAN DIEGO - With a new in-store branch here, count Wescom Credit Union as the latest San Diego County resident. The move marks the credit union's strategic expansion into seven Southern California counties. The new branch will serve some 3,000 members. Located in Albertsons' City Heights Retail Village store, the...

  • FORUM CU Dedicates HQ

    FISHERS, Ind. - FORUM Credit Union has held a dedication ceremony for the $25 million expansion of its Fishers headquarters. "This expansion is a testament to the employees of FORUM Credit Union and the members we serve," said Irvin. "We have enjoyed rapid growth in the past decade and, in...

  • Founders FCU Sets Sail with New Branch

    FORT MILL, S.C. - Founders Federal Credit Union went seaside to celebrate the opening of its sixth facility in York County. Over 300 attended the nautical themed celebration, which included seafood and beach music. The 3,850-square-foot facility offers an open lobby, four drive-through lanes and a drive-up ATM. "We have...

  • PWCampbell Welcomes Back Execs

    PITTSBURGH - It was a homecoming at design/build firm PWCampbell for new Regional Vice President Bert Cherry and Regional Vice President Pre-Construction Bob Kremer. The former PWCampbell employees have returned to the firm from one of its competitors, Overton and Associates. "We believe these strategic rehires will provide an immediate...

Publisher's Column

  • Isn't This a Great Industry?

    As the banking industry continues its push to strip away the credit union tax-exemption, and hearings are being held on Capitol Hill to delve into whether the philosophy behind the exemption still holds water, it's a shame that credit unions' incredible spirit of people helping people isn't being acknowledged. Credit...

Advertisement. Closing in 15 seconds.