Credit Union Times Magazine November-16, 2005

  • Big Distribution Underway on Those Child ID Kits in South Carolina

    COLUMBIA, S.C. - South Carolina credit unions may have been the guiding light in pushing those FBI-endorsed child ID kits, but at last the fingerprint kits will be in the hands of thousands of K-12 youngsters at schools across the state beginning this month. While scores of CUs in other...

  • As Regulators Turn Focus to BSA Compliance, CUs Better Brush Up

    WASHINGTON-The intensity of Bank Secrecy Act regulatory oversight has increased tremendously of late and, if credit unions are not careful, one could be the next financial institution hit with major repercussions, according to one Washington, D.C.-area law firm. Top lawyers with Venable, LLP said that if credit unions do not...

  • New York Credit Unions Back Disclosures, Alternatives When it Comes to Bank Conversions

    LATHAM, NY - The New York Credit Union League has adopted a policy regarding credit union-to-bank charter conversions in the state (see related story on page 13). The NYSCUL board passed the policy in mid-September but it was not made public until after member credit unions were notified about it,...

  • CMG's Martin says Non-Prime Lending an Opportunity for CUs, but Be Aware of Risks

    MIAMI - Non-prime lending continues to be an expanding lending area with opportunities for credit unions, but CUs need to understand the risks, benefits and changes it will bring before getting involved in this lending area. CUNA Mutual VP of Lenders Protection Steve Martin told attendees at the CUNA Lending...

  • Credit Union Community Welcomes New NCUA Board Members

    ALEXANDRIA, Va.-As of deadline, the only thing left to make the NCUA nominees official was their swearing in ceremonies. The Senate approved the nominations of Rodney Hood and Gigi Hyland to the NCUA Board last week. Hood has been serving as associate administrator of the U.S. Department of Agriculture's Rural...

  • Credit Unions Confident of Victory in ABA Twin Lawsuits

    WASHINGTON-The credit unions cited in two recent American Bankers Association court challenges are confident NCUA will be victorious in the matters. The ABA filed a lawsuit earlier this month against NCUA for the two-year-old approval of a community charter for Members First Federal Credit Union to serve a six-county area...

  • Constitution Corporate Quietly Leading Pack on Many Fronts; Expanding its Presence

    WALLINGFORD, Conn. - Constitution Corporate isn't one of the top-tier corporates in terms of assets, given its Connecticut location, but the $1.6 billion corporate is a network leader and innovator in many areas. Credit Union Times recently spent a day on-site at Constitution's Wallingford, Connecticut headquarters and saw first hand...

  • CNBS Getting into More Consulting Product Areas, Including Card Portfolio Management and Business Lending

    OVERLAND PARK, Kansas - CNBS continues to evolve into more areas than just investments. The popular credit union broker/dealer is now rounding out its product line with three new offerings: credit card portfolio evaluations, member business loan analysis and strategic planning facilitation. CNBS President Brian Hague said these products are...

  • Congresswoman Moore Tells her CU Story, Concerned `Blurred Lines' May Hamper Industry's Mission

    MILWAUKEE - Like many of her neighbors, Rep. Gwen Moore (D-Wis.) had grown frustrated with the blatant redlining of homeowner's insurance, mortgages and other products local banks were peddling during the late 1970s and early 1980s. That frustration led Moore, a single mother and freshman college student on welfare at...

  • CUES Honors Executive of the Year, Future Leader

    LAS VEGAS - North Island Credit Union President/CEO Mike Maslak has walked away from this year's CUES CEO Network as the 2005 Executive of the Year. Kinecta Federal Credit Union Senior Vice President of Marketing and Communications Teresa Y. Freeborn was also honored as the first recipient of the CUES...

  • NW Louisiana Feels Impact of Bankruptcy Rush

    SHREVEPORT, La.-Bankruptcy filings are hitting record highs in northwest Louisiana, according to a report on www.shreveporttimes.com. As of Oct. 21, 5,458 residents of the 10-parish area, or 1%, had filed for bankruptcy protection. In just the first 16 days of October-the new bankruptcy law became effective Oct. 17-1,500 people filed,...

  • University of Virginia Community CU Names Lyster VP of Biz Services

    CHARLOTTESVILLE, Va. - Michael Lyster, a veteran commercial and commercial real estate banker, has joined University of Virginia Community Credit Union as its new vice president of business services. Lyster's experience includes serving small and middle-market businesses and real estate investors since 1993. He most recently served with SunTrust Banks...

  • St. Mary's Bank Launches Troop Calling Card Program

    MANCHESTER, N.H. - St. Mary's Bank is helping New Hampshire troops who are deployed overseas keep in touch with family and friends. The credit union is collecting donations in $10 increments to purchase 15-minute phone cards for service men and women. Available phone card minutes will vary based on which...

  • Central State Mortgage Parent Company Opens Equity Commercial Real Estate Firm

    WAUWATOSA, Wis. - CSMC Inc., the third largest multi-owned CUSO and parent company of Central States Mortgage, has established Equity Commercial Real Estate. A statement from CSMC said "the new firm will combine the expertise of three established principal partners to concentrate on leasing and sales of office, industrial, retail...

  • BrightStar CU Signs Up With BALANCE

    SUNRISE, Fla. - The $265 million BrightStar Credit Union has joined the roughly 250 credit unions nationwide that have chosen to outsource financial counseling for its members to San Francisco-based BALANCE Financial Services. "We recognized that we could do this ourselves by providing some of our staff with the training...

  • American Council on Education Gives Nod to CUNA Programs

    MADISON, Wis. - The American Council on Education's (ACE) College Recommendation Service has recently recommended that three of CUNA's educational programs be eligible for college credit. Coursework from the following CUNA programs was deemed comparable to college level courses and may be used as transfer credit at many colleges and...

  • CUNA Lending Council Names Executive Committee, Officers

    MIAMI - The CUNA Lending Council Conference provided the backdrop for the council to announce the new members and officers of its executive committee. BECU's Joe Brancucci, VP of product and delivery channel management and chief lending officer was re-elected to a one-year term as council chair. He had reached...

  • Indiana CUs Recovering From Killer Tornado

    EVANSVILLE, Ind. - Credit unions in the Evansville area along with the Indiana Credit Union Foundation and Indiana Credit Union League have geared up to help CU members who lost property and, sometimes, family members and friends to a killer tornado that swept through the area on the morning of...

  • 17 Katrina Credit Unions Battle Housing, Staffing

    MADISON, Wis. - The biggest needs of the 17 Gulf Coast credit unions impacted most severely by Katrina are in staffing and employee housing, according to CUNA's top point man on disaster recovery. "We're working hard to match up the many offers by credit unions to help out in those...

  • Fiserv Goes External for new CEO

    BROOKFIELD, Wis. -Fiserv announced that Jeffery W. Yabuki has been named as the company's new president, CEO and member of the board effective on or before Dec. 1, 2005. He succeeds Leslie Muma who is retiring but will continue as a consultant until June 30, 2006. Yabuki, 45, most recently...

  • FCUL's Hood Shaves his Head for CUPAC

    TALLAHASSEE, Fla. - Consider it "Challenge Issued, Challenge Accepted, Challenge Met." That is: Florida Credit Union League President/CEO Guy Hood told EVP Aletta Shutes he would have his head shaved if she could persuade members of the League's board and the FCUL Service Group Board to meet his challenge on...

  • Credit Unions See the Hybrid Wave Coming; Position Themselves to Meet Loan Demand

    EL MONTE, Calif. - If you can't drive home with a hybrid car from the largest auto dealership in the country, you probably can't find one anywhere. At Longo Toyota, President Tom Rudnai said his dealership, the largest in the country, currently has a three-month waiting list for the Toyota...

  • Public Advocacy Campaign out West Sways One Million to Credit Union Side

    RANCHO CUCAMONGA, Calif. - The California and Nevada Credit Union Leagues now have quantifiable results to prove the success of their ongoing public advocacy campaign, which has convinced nearly one million voters to support the credit union cause. The Leagues began the campaign in January 2005 with a series of...

  • Savings Bucks Loans in September

    WASHINGTON-For the first time in "a couple of years," share growth at credit unions outpaced loan growth, according to CUNA Chief Economist Bill Hampel. CUNA's Monthly Credit Union Estimates showed that credit union savings outpaced loan growth for the month of September. Savings growth had been at a historically weak...

  • PSCU Completes BECU Conversion

    ST. PETERSBURG, Fla. - PSCU Financial Services, the card processing cooperative for more than 500 credit unions which use the First Data platform, has completed its conversion of the $5.4 billion BECU's credit card portfolio. BECU announced it had chosen PSCU last year, and it took almost a year to...

  • New Platform Promises Comprehensive Approach To Rewards

    DOVER, N.H. - RewardsNOW, the marketing and rewards company whose clients include the credit union-owned TNB Card Services as well as processing firm Metavante is rolling out Full Spectrum Rewards, a platform which the firm says will allow credit unions to assign rewards points to any or all of their...

  • New York Credit Unions Breathe New Life into Stagnant Small Business Loan Fund

    SCHENECTADY, N.Y. - After nearly three years of stagnant activity, a collaboration between local credit unions and banks here is on a mission to revive a small business loan fund. Launched in 2003 by the Schenectady County Community Business Center, the Schenectady County Business Loan Fund was initially created as...

  • Service Credit Union Reaches $1 Billion and 100,000 Members By Living Up to Its Name, CEO Says

    PORTSMOUTH, N.H. - On Sept. 30 2005, Service Credit Union reached $1 billion in assets, and has since surpassed 100,000 members. The key to Service's success? "Our philosophy is basically to deliver to our members what they want when they want it and as quickly and efficiently as possible with...

  • Tax-Exemption Due for New Wisconsin Airing

    MADISON, Wis. - The bank/credit union squabble over the tax-exemption, which received spirited air time over Wisconsin Public Radio two weeks ago, is due for another round of discussion in a Milwaukee business publication. Small Business Times, which seized on the U.S. House Ways & Means Committee tax-exemption hearings in...

  • USE CU New Carmel Mountain Branch a Sensory Brand Experience for Members

    SAN DIEGO - The opening of the Carmel Mountain Ranch branch is literally a dream come true for USE Credit Union President/CEO Linda Baughman. "I'm a 30 year banking veteran and even before I came here to the credit union I'd been thinking about how to revolutionize what goes on...

  • Visa Implementing Board Changes, Majority of Board Members to Now be Independent of Visa

    SAN FRANCISCO - Significant changes to Visa's board, which are designed to help the card brand position itself better in the face of possible future litigation, have been announced. The number one worldwide card brand revealed on Nov. 3 that the board restructuring to which it alluded earlier this year...

  • With New Board Members on the Horizon, Johnson Declares `New Day' at NCUA

    ALEXANDRIA, Va.-While the seventh floor of NCUA's Alexandria, Va. headquarters is fairly quiet right now with two empty board offices, NCUA Chairman JoAnn Johnson has declared a `new day' at NCUA, a theme that she has conveyed to agency senior staff. The two-member NCUA Board over the last 18 months...

  • Never Too Cool For School: Unitus Promotes Membership on College Campuses

    PORTLAND, Ore. - While other credit unions may talk a good game about marketing to young adults, Unitus Community Credit Union is hitting the pavement and utilizing a strategy banks have practiced for years: college campus visits. The $632-million Unitus is targeting six college campuses, one in each of the...

  • Tax Reform Proposals Could Threaten Workers' Retirement Security, says Trade Group

    WASHINGTON - Recommendations issued on Nov. 1 by the President's Advisory Panel on Federal Tax Reform would be "devastating" to the retirement security of millions of American workers, one trade group contends. The American Society of Pension Professionals & Actuaries (ASPPA) said Bush's proposal would eliminate all employer-sponsored defined contribution...

  • CU Tax Hearing Turns to "Transparency, Accountability, and Verifiability"

    WASHINGTON-While the credit union community breathed a sigh of relief when House Ways and Means Committee Chairman Bill Thomas (R-Calif.) stated during the Nov. 3 hearing on credit unions' tax-exemption that he was not interested in taxing credit unions at this time, the committee is looking for greater documentation of...

  • CUs Need to Actively Manage their Mortgage Portfolios to Minimize Rate Risk Exposure

    MIAMI - The "smooth ride" mortgage lenders have enjoyed the last couple of years is over. That was the sobering message credit union attendees to the CUNA Lending Council conference heard from Fannie Mae's Stephen Pawlowski, director transaction management, single family homes. For the last three to four years, he...

  • CUNA Mutual Recognizes Four Credit Unions for Excellence in Lending

    MIAMI - CUNA Mutual Group presented its Excellence in Lending Awards on the opening day of its 2005 CUNA Lending Council Conference to four credit unions in recognition of their outstanding lending programs. Receiving the awards in the consumer category were: * less than $250 million in assets - Heritage...

  • CUES Honors Councils

    LAS VEGAS -CUES has honored its Alabama, Rocky Mountain and Michigan Councils as 2005 Outstanding Councils during its CEO Network 2005 conference. In addition, CUES Alabama Council also walked away with the award for most improved Council. Councils are regional groups of CUES members that offer networking opportunities and career-enhancing...

  • CUs Continue to Take the Lead With Open-End Lending

    MIAMI - It's been 25 years since CUNA Mutual Group worked with the federal government to adopt language that helped bring open-end lending to the credit union market and subsequently introduced its LOANLINER lending. Even now the product remains almost exclusively a credit union product. Bill Klewin, assistant vice president,...

  • Inside the Numbers: California is Unique in Many Statistical Categories

    RANCHO CUCAMONGA, Calif. - They say it can take anywhere from 10 minutes to an hour to drive to one, depending upon traffic, but that's not the only difference between California credit unions and those across the country. According to research provided by industry analysts from Callahan & Associates and...

  • FCUL's Ivester says League has No Intention of "Getting into Tit for Tat" with Thomas over Op Ed

    TALLAHASSEE, Fla. - The Florida Credit Union League is not going to let itself get pulled into a back-and-forth exchange with banking watchdog Kenneth Thomas over an opinion article League President Guy Hood wrote in response to an interview article with Thomas in a recent edition of the South Florida...

  • Freddie Mac's McCraw says CUs Shouldn't be Daunted by Changing Mortgage Environment, Recognize Opportunities

    MIAMI - Any credit union involved in mortgage lending - and even those that aren't - knows rates are going up and refinance activity is slowing. But what they made not be aware of is the importance of assessing their mortgage portfolio in the changing rate environment. Freddie Mac's Dave...

  • Credit Union 24 Announces Switching Deal With Fifth Third

    TALLAHASSEE, Fla. - Credit Union 24, one of the country's two remaining ATM networks owned by credit unions, has announced that it will move its switching business from Fiserv to Fifth Third Processing Solutions. Fifth Third has a long standing relationship with Credit Union 24, the network explained, as well...

  • Bankruptcies Make Up a Larger Percentage of Charge Offs

    ARLINGTON, Va.-Following the signing of the bankruptcy reform legislation into law, charge-offs due to bankruptcy have been on the rise. While overall the percentage of charge-offs-as well as the percentage of those due to bankruptcy-was down in September, the number of bankruptcy-related charge-offs is up. During the month, total charge-offs...

  • Top 4 Things CUs Should Know About Their Mortgage Loan Portfolio

    * understand exactly what you own: Invest the time and very little money to maintain a robust data set on your entire loan portfolio. * understand interest rate risk: Know exactly which portions of your portfolio you'll need to sell in each interest rate scenario to maintain an acceptable asset/liability...

  • Hot Topic: Hybrid Vehicles

    WASHINGTON. - Since gas prices have risen again in the wake of Hurricane Katrina, hybrid vehicles have regained popularity. Unlike first-generation electrical cars that had to be plugged in for recharging and offered limited acceleration and top speeds, hybrids use gasoline and electric power together. The result is a vehicle...

  • Jean Trainor Inducted into CPA Hall of Fame

    WATERLOO, Iowa - The CPA accolades keep coming for Jean Trainor. The president/CEO of $1 billion John Deere Community CU (JDCCU) was recently inducted by the American Institute of Certified Public Accountants into the 2005 AICPA Business and Industry Hall of Fame. Trainor was one of three who received the...

  • Sarbanes Running for Cardin's Seat Who's Running for Sarbanes' Seat. Cardin Could Run for Cardin's Seat, Too

    WASHINGTON-Similar to the credit union community, politics is an incestuous industry. According to a report on Nexus, retiring Senator Paul Sarbanes' son, John P. Sarbanes, is running for Congressman Ben Cardin's (D-Md.) House seat. Cardin is vacating his post to run for the elder Sarbanes' Senate seat. Both Senate Banking...

  • New CUES Board Officers Elected

    LAS VEGAS--CUES has elected new board officers during its CEO Network 2005 held at the Four Seasons Hotel in Las Vegas. The 2005-2006 board officers are as follows: Kent CU President/CEO Rose Bartolomucci, chairman; Citadel FCU Senior Vice President Community/Government Affairs Carol Humenick, vice chairman/chairman-elect; Altura CU President/CEO Mark Hawkins,...

  • WesCorp Earns SBA Marketing Partner of the Year Honor

    SAN DIMAS, Calif. - In recognition of its role in minority enterprise development, WesCorp was recently named SBA's Marketing Partner of the Year. The $26 billion corporate was presented with the honor at a Nov. 17 business luncheon marking Minority Enterprise Development (MED) Week 2005. The award is sponsored by...

  • Self-Help CU v. PayDay Lender Fight Hits Durham Paper

    DURHAM, N.C. - The ongoing fight between Martin Eakes, CEO of the $184 million Self-Help Credit Union and the payday loan industry made its way into the Durham News and Observer on Nov. 4. As reported in Credit Union Times in mid-October, the article described the effort mounted by the...

  • Majority of Kids Have Received at Least One Gift Card, Company Says

    LOUISVILLE, Ky. - Most children from the ages of 5-14 have received a gift card in the past, and four out of five parents reported having purchased gift cards for their children, according to the Stored Value Systems company, a leader in the stored value and gift card industries. The...

  • GrooveCar Inks Pact with Rallye Auto Group

    MELVILLE, N.Y. - GrooveCar, a provider of automobile and automotive services and products for credit unions and members, signed a letter of agreement with Rallye Auto Group, the largest luxury auto dealership on Long Island and Manhattan offering top brands such as Mercedes-Benz, BMW, Lexus and Acura. The agreement makes...

  • CU Direct, Manheim Set New Date for Auto Remarketing Conference

    RANCHO CUCAMONGA, Calif. - CU Direct Corp., and Manheim have changed the dates for the first-even National Credit Union Remarketing Conference. Originally scheduled for Nov. 2-4 at Manheim's DRIVE Center in Atlanta, the new dates are March 15-17, 2006 at the same location. CU Direct Communication Coordinator Bill Meyer said...

  • CU Difference in a New Name Could Still be the Same?

    WASHINGTON - Name changes almost seem to be inevitable as credit unions continue to reassess their brands to align with an increasingly diverse membership. While many are opting to revamp their name to better connect with members, experts say credit unions have to make sure the new name is tied...

  • Self-Help Touted by Fortune

    NEW YORK - The $184 million Self-Help Credit Union, headquartered in Durham, North Carolina, has been touted by Fortune in a one-page article about community investing. Investors trying to both do good and do well have rediscovered community investing in the wake of Hurricanes Katrina and Rita, explained the article...

  • PSCU Financial Services Gives $50,000 to CUNA Lending Council Scholarship Fund

    MADISON, Wis. - The CUNA Lending Council received a $50,000 contribution from PSCU Financial Services, the largest CUSO in the U.S. This is the second time since the scholarship fund was created in April 2004 that the St. Petersburg, Fla.-based CUSO has contributed this size donation. The scholarship fund currently...

  • Steve von Rajcs Departs Member Business Services, LLC

    SAN BERNARDINO, Calif. - Steve von Rajcs is no longer the president/CEO of Member Business Services, LLC, according to the CUSO. According to the CUSO, von Rajcs, a 25-year banking veteran left the CUSO in May. He did not leave on his own accord, the CUSO said. Founded by $926...

  • Chatfield Honored for Elder Financial Abuse Prevention

    SAN FRANCISCO - David L. Chatfield, president and CEO of the California Credit Union League, received the Leadership Award from the Elder Financial Protection Network (EFPN) at the group's second annual "Call to Action" luncheon on November 5. "EFPN's success is owed to the significant contributions of partners like the...

  • NASCUS Comments on NCUA's 2006 Proposed Budget

    ARLINGTON, Va. - NASCUS filed additional written comments with NCUA on Nov. 4 on the agency's proposed 2006 budget. In its additional comments, NASCUS encourages NCUA to work with state regulatory agencies to collect and maintain data regarding the total direct cost of all on-site or off-site insurance related activities...

  • Holub: Restore SBA 7(a) Funding

    ST. LOUIS - In related news, Missouri CU Association President/CEO Rosie Holub recently wrote to Sen. Kit Bond (R-Mo.) asking him to support restoring funding to the SBA's 7(a) loan program to offset fees paid by borrowers and lenders. There are more than 250 credit union 7(a) lenders, according to...

  • Another CU Goes With PEMCO

    SEATTLE - The $6 million Middlesex Healthcare FCU has become the latest credit union to choose Pemco Technologies, the former PEMCO Technology Services, for card processing and ATM services. The CU, based in Middletown, Connecticut, will use PEMCO for Visa debit and ATM issuing as well. Rosalind Carta, CEO of...

  • NASCUS Comment Letter on FASB Reemphasizes its Position on Mergers

    ARLINGTON, Va. - NASCUS used its comment letter filed with the Financial Accounting Standards Board Oct. 27 on the latest exposure draft of FASB 141, Business Combinations to reemphasize its position on business combinations the association expressed in its earlier Oct. 25, 2001 comment letter to FASB. In its Oct....

  • Aimbridge Indirect Lending Adds Genesis Employees CU to its Client List

    DENVER - Zanesville, Ohio-based Genesis Employees CU has proven that even a small credit union can be involved in indirect lending. The $7 million, 3,100-member CU has partnered with Aimbridge Indirect Lending to provide its members indirect lending services. GECU serves the Genesis HealthCare System. It has realized more than...

  • Diane Furnas Marks 30 Years of Service with Southwest Airlines FCU

    GRAPEVINE, Texas - In 1975, Diane Furnas started Southwest Airlines Federal Credit Union with a borrowed desk, chair, and telephone in a file closet at Southwest Airlines Dallas Love Field facility. On Nov. 5, 2005, SWAFCU honored the credit union CEO/President for her 30 years of service at the institution's...

  • House Sends Katrina Relief Legislation to Senate Banking

    WASHINGTON-The House unanimously approved legislation providing relief to the portion of the financial services industry directly impacted by Hurricane Katrina. The House voted 411-0 on Oct. 27 to approve the Hurricane Katrina Financial Services Relief Act (H.R. 3945). The legislation provides for waivers of Federal Reserve fees on coin, currency,...

  • Matz Expresses Preference to Remain in the CU Community

    ALEXANDRIA, Va.-Debbie Matz, who recently left the NCUA Board to pursue a new career in the private sector, told Credit Union Times that she would prefer to remain within the credit union community. Though she has not taken any offers at this point, Matz said she does "have a few...

  • Beverly Municipal Provides Loan Reductions to 3% for Military

    BEVERLY, Mass.-Beverly Municipal Federal Credit Union is stepping up to the plate to offer assistance to its members actively serving in the military or participating in relief efforts for victims of natural disasters. "It's just something we wanted to do," Beverly Municipal CEO Laurie Callahan said. She brought up lowering...

  • Thomas Sees CUs Counting the Days Until Chairmanship Ends

    WASHINGTON-At the start of the Nov. 3 hearing on the tax-exemption, Ways and Means Committee Chairman Bill Thomas (R-Calif.) expressed his displeasure with credit unions' countdown until his departure as the head of the committee. A front-page article in The Hill newspaper that day cited an e-mail from the Texas...

  • San Antonio FCU, Randolph-Brooks FCU Launch Mortgage CUSO

    SAN ANTONIO, Texas - San Antonio FCU and Randolph-Brooks FCU have launched CU Realty of Texas, LLC, a mortgage CUSO to help consumers buying or selling their home. Powered by CU Realty Services, CU Realty of Texas LLC offers a complete real estate center for credit union members and non-members...

  • Freeborn Named Kinecta Financial Management Co. President

    MANHATTAN BEACH, Calif. - Kinecta Federal Credit Union has named Marketing and Communications Senior Vice President Teresa Y. Freeborn president of its subsidiary, Kinecta Financial Management Company, LLC. Focused on expanding the CUSO's offering of investment, insurance and trust services, Freeborn's new role includes oversight of the planning and direction...

  • One More Shot at Reg Relief

    WASHINGTON-A mark up of regulatory relief legislation has been tentatively scheduled for Nov. 16, according to a CUNA lobbyist. Gary Kohn, CUNA's vice president of legislative affairs and senior legislative counsel, said the Financial Services Regulatory Relief Act (H.R. 3505) may have another shot to advance in the House before...

  • Pacific Service Credit Union Rolls Out Bonus Program for 2006

    WALNUT CREEK, Calif. -Pacific Service Credit Union is poised to roll out a bonus rebate program in 2006. Members will receive a 5% rebate on interest earned on all existing funds on deposit and all new money deposited into a six-month certificate or liquid deposits between Jan. 1 and Oct....

  • WesCorp and Empire Move to U.S. Central's ISI Program

    SAN DIMAS, Calif. - Even the nation's largest corporate benefits from cost savings derived from U.S. Central's ISI subsidiary. The $26 billion WesCorp has moved its broker/dealer operation to ISI, making it the 20th corporate to do so. "It's strictly cost savings. If you have a full-time trader and a...

  • Corporate One Gets Word Out About Image Exchange

    COLUMBUS, Ohio - Corporate One's Check 21 initiative has hit the small screen. Corporate One CEO Lee Butke and SVP, marketing and operations, Robert Coyan, were recently panelists on the newsmagazine show World Business Review hosted by Alexander Haig. CUES CEO Fred Johnson was also a panelist. The panelists discussed...

  • Three New Co-Sponsors Join CURIA on Tax Hearing Day

    WASHINGTON-The Credit Union Regulatory Improvements Act (H.R. 2317) gained three new co-sponsors even as the House Ways and Means Committee held a hearing on the credit union tax exemption. Michigan Representatives John Conyers (D) and Thaddeus McCotter (R) signed their names to the bill Nov. 3, as did Representative Solomon...

In Other News

  • BRANCHINGOUT

    Fort Bragg Federal Credit Union, Fayetteville, N.C., has broken ground on its first off-post branch in more than 19 years. Located on Ramsey Street, the new full service branch is scheduled to open in mid-2006. The credit union also has plans to branch out to Raeford Road in early 2007....

  • DONATIONS

    Pacific Service Credit Union, Sacramento, Calif., has donated funds to the Child & Family Opportunity Center, which provides school readiness activities and abuse prevention resources for families with young children.Opened in August, the Opportunity Center is operated under the direction of the Child Abuse Prevention Council of Sacramento and Community...

News

  • Bosnian Zadrugas Battle for Existence; War-Torn Country Still Struggling

    SARAJEVO, Bosnia and Herzegovina - Djana Fadil of the Railway Zadruga in this war-fatigued city has battled to keep his zadruga (credit union) open including resisting attempts by the government to arrest him. The zadruga has 4,700 members, a 30-person volunteer board and US$5 million in assets. It operates on...

  • BIS - The Organization Behind the Basel Accords U.S. CUs Need to Know

    BASEL, Switzerland - The Basel Accords have brought the Bank of International Settlements (BIS) to the attention of United States credit unions. Credit unions in 100 countries are affected. The World Council of Credit Unions worked with BIS to make sure credit union interests were relayed during the writing of...

  • Fall Budgeting Season Finds Forecasters Foreseeing IT Spending Hikes

    CAMBRIDGE, Mass. - Credit union IT chiefs seeking larger budgets in 2006 as they go before the board this fall can argue that they're not alone. Forrester Research recently surveyed IT executives at medium and large U.S. enterprises as they entered the new budgeting season and found that 53% of...

  • Canada's Credit Unions Rank High in Overall Customer Service

    TORONTO - Credit unions in Canada rank higher than banks and other financial institutions in most customer service measures, according to an independent national survey. The 2005 Synovate Customer Service Index found credit unions ranked highest in: * overall quality of customer service; * values "my" business; * staff service...

  • Utilities, Lenders Dominate Billers in Expedited Payment Channel

    NEEDHAM, Mass. - Utilities continue to be the leading category of billers for expedited bill pay transactions in the United States, followed by lenders. Meanwhile, the research and advisory firm estimates that expedited bill payment volume in 2005 will total approximately 554 million transactions, 287 million of which originate through...

  • New Zealand Credit Union Wins Association Award

    INVERCARGILL, New Zealand - Southland Credit Union (SCU) has been presented the People Helping People Award by the New Zealand Association of Credit Unions (NZACU). The annual award goes to a credit union that made a definable difference in the lives of one or more members. This is the second...

  • Australia CUs Having Tough Time Against Banks

    SYDNEY Australia - A KPMG survey of member-owned financial institutions including 66 credit unions and 12 building societies showed they are having rough sledding against banks. Building societies are co-operative banks that finance mainly mortgages.Credit unions surveyed were found to have loan growth of 8.5% and building societies of 12.5%...

  • BAI's Retail Delivery Focused Around the Retail Customer; CU Attendance Slightly Over 300

    ORLANDO, Fla. - BAI's 2005 Retail Delivery Conference is all about the customer, according to BAI CEO Debbie Bianucci. "The conference this year will have a focus on the customer. You'll see that thread weaved through the entire agenda to help financial services companies understand serving the customer," said Bianucci....

  • Sued Again

    The American Bankers Association continues its litigious ways, but its latest CU targets aren't too worried. See story on page 8.

  • Australian Credit Union Gets Naming Rights for Football Stadium

    PENRITH SYDNEY, Australia - Rugby Fans of the Penrith Panthers had mixed reactions to the renaming of their stadium. The new name will be Credit Union Australia Stadium Penrith after the country's largest credit union. This is the first time the stadium has had corporate sponsorship and is the home...

  • Lobby Tracking Gives Credit Unions `Virtual' View of Branches

    ENDICOTT, N.Y. - For Visions Federal Credit Union, exceptional member service is the name of the game and high-tech service delivery is firmly stamped on the top line of the playbook. So when the $1.6 billion, 20-branch office credit union heard about Lobby Tracking, its interest was piqued. Lobby TrackingT...

  • Mountain America Improves Morale, Member Service with Web-Based Survey Tools

    WEST JORDAN, Utah - Management at Mountain America Credit Union is promoting workplace morale with a bit of technology and by being "active" listeners. Mountain America (www.mtnamerica.org) is using the Active Listening system from Allegiance Technologies, a Web-based application that lets the credit union collect feedback anonymously from its approximately...

  • IntegraSys Unveils new 5300 Call Report Tool That it Says Will Save CUs Time in Compiling Required Report

    FRISCO, Texas - Every quarter credit unions labor over preparing their 5300 Call Report for NCUA. Credit union data processor IntegraSys, a Fiserv subsidiary, believes it has found a way to make that process more efficient. The processor has launched its 5300 Call Report Assistant, a standalone product that is...

  • New CU headquarters Pleases Australian Town

    GOLBURN, Australia - Golburn is celebrating the creation of new jobs when the Police Credit Union moves its headquarters from Sydney in late November. The town lost several jobs when the Telstra's call center laid off 18 people and GHAS laid off nine. Another smaller lay off is anticipated from...

  • Online Wholesale Lending Shows Sharper Growth than Consumer Use of Channel

    NEEDHAM, Mass. - Online wholesale lending in the United States grew from 15% of total mortgage loan origination volume in 2001 to 20.5% in 2004, while online retail grew from 3.5% to 7.3%, according to TowerGroup. Both are expected to continue an upward trend, according to new research from the...

  • CUDP Gets BakBone to Back Up CUSO's Client Systems, Secure Data

    FARMINGTON, Utah - Credit Union Data Processing Inc. (CUDP) was looking for an efficient way to back up data, and has ended up with a new, encrypted storage system to offer the 21 credit unions served by the Utah-based CUSO. CUDP recently deployed the NetVault backup and recovery system from...

  • Wayne Nygren to Retire from $4.5 Billion CU Central of British Columbia

    VANCOUVER, British Columbia - After 20 years at the helm, Wayne Nygren announced on Nov. 8 that he will retire in April 2006 as president/CEO of Credit Union Central of British Columbia. Nygren, 60, joined Central in 1981 as vice-president, finance and chief financial officer. He was appointed president/CEO in...

  • Downloading, Doing Business Online Crucial to Business Services Growth at Tropical Financial

    MIRAMAR, Fla. - A little thing like being able to download account history into Quicken or Microsoft Money is a very big thing to credit unions, especially those making the move into business services. That includes Tropical Financial Credit Union, which depends on connectivity with personal finance management (PFM) software...

  • Special Report: Data Processing & Technology

    Credit union vendors continue to debut new products to help CUs become more efficient. Read about that and the latest technology news in the special report on pages 22-32.

  • Financial Plus Credit Union Uses New Deep-Packet Inspection Device to Help Lock Down the Shop

    WEST DES MOINES, Iowa - Soon after it was installed, a new content security appliance let Financial Plus Credit Union know about spyware threats on its system of a nature that the CU's tech-savvy EVP didn't even know existed. The appliance is the new PacketSure 4.0 from Palisade Systems, an...

  • Electronic Channels Continue Replacing Paper

    NEEDHAM, Mass. - Electronic payment channels and plastic cards will continue replacing paper checks in the coming years, according to TowerGroup. The accelerating shift from paper to electronic payment mechanisms and credit and debit cards is evidenced by various payments statistics, the research and advisory firm says, especially in the...

  • Move Over Macy's Parade, Australian Credit Unions Sponsor Ninth Christmas Pageant

    ADELAIDE, Australia - It's the Australian version of Macy's Thanksgiving Day Parade only it is sponsored by six credit unions and stars over 1,300 credit union people. This year's Christmas Pageant was held on Nov. 12 and featured 57 floats, clowns, dancing girls and 14 marching bands. Of course, Father...

  • Financial Institutions Subcommittee Holds Data Security Hearing

    WASHINGTON-The House Financial Institutions and Consumer Credit Subcommittee held a hearing last week on data security legislation. Representatives Steve LaTourette (R-Ohio), Darlene Hooley (D-Ore.), Michael Castle (R-Del.), Domestic and International Monetary Policy Subcommittee Chairman Deborah Pryce (R-Ohio), and Dennis Moore (D-Kan.) introduced H.R. 3997, the Financial Data Protection Act of...

News Briefs

  • Arrowhead Assessed Civil Money Penalty by NCUA for Late Submission of HMDA Data

    ALEXANDRIA, Va. - NCUA has issued an order of assessment of civil money penalty against Arrowhead Central CU for late submissions of data required by the Home Mortgage Disclosure Act. As a result of the order, Arrowhead based in San Bernadino, Calif. has to pay $22,500. Credit unions are required...

  • NCUF Sends $150,000 to National Federation for CDCU Hurricane Relief

    WASHINGTON - Community Development Credit Unions damaged by Hurricanes Katrina and Rita will benefit from a $150,000 donation the National Credit Union Foundation has made to help their rebuilding efforts. The money will be administered by the National Federation of Community Development Credit Union's relief fund that it set up...

  • McPheters, California Coast CU President, New CCUL Chairman

    RANCHO CUCAMONGA, Calif. - James McPheters, president/CEO, California Coast CU, San Diego, is the new chairman of the California Credit Union League. McPheters was elected chairman during the League's recent Annual Meeting and Convention. McPheters came to California Coast CU as president/CEO in 1986 when it was known as San...

  • NCUA Adds White House Staffer to External Affairs Office

    ALEXANDRIA, Va.-A former White House staffer, who previously also served in George W. Bush's administration when he was governor of Texas, has joined NCUA's Office of External Affairs. In announcing the hiring, NCUA Chairman JoAnn Johnson commented, "Justin Grove is an excellent addition to our external affairs team. Justin will...

  • CUNA Future Forum Moves to June, Drops Annual General Meeting

    WASHINGTON-CUNA is moving its Future Forum to summertime to be more family-friendly and coordinate better with credit union business cycles. CUNA has scheduled its 2006 Future Forum for June 11-14 at the J.W. Marriott Orlando Grande Lakes. Traditionally, it had been held in September or October. CUNA President and CEO...

  • At SECU Member Security is a "Me Thing"

    RALEIGH, N.C. - As identity theft continues to be a nationwide concern, State Employees' Credit Union (SECU) is ensuring security by launching a program that is all about membership and the individual. SECU's latest pilot project - "It's a Me Thing" - will provide members a free identification (ID) card...

Lending

Marketing

  • Firstmark CU Adopts Schools

    SAN ANTONIO - Want to show students the credit union difference? Firstmark Credit Union says try adoption. Firstmark CU has adopted 10 local elementary schools as part of its Adopt-A-School program "The Firstmark Credit Union Adopt-A- School Program is a community initiative geared at supporting area schools and helping educate...

  • Tampa Bay Federal Takes on Homecoming

    TAMPA, Fla. - The Tampa Bay Federal Double Decker Bus was on "spirit" patrol during a recent University of South Florida Homecoming Parade. Students, USF Cheerleaders and SunDolls Dance Team boarded the bus shouting "Go Bulls!" and tossing USF and Tampa Bay Federal branded goodies including footballs and drink koozies...

  • Navy Federal Helps Students Get "Real" with Finances

    VIENNA, Va. - Navy Federal Credit Union staffers have provided some 70 Edison Academy students a dose of financial reality. Designed to give kids a "real life" experience, the two day workshop dubbed the Reality Store helps students learn the importance of making smart decisions and setting realistic financial goals...

  • Travis Credit Union Takes to Skies

    VACAVILLE, Calif. -Travis Credit Union (TCU) has taken sponsorship to new heights. TCU has recently sponsored stunt pilot Bill Cornick and his "Super" Pittts S-2C as a featured flight demonstration in Travis Air Force Base's Air Expo 2005. "Travis Credit Union continues to support our long-standing affiliation with Travis Air...

  • SSFCU Marketing Wins Accolades

    SAN ANTONIO - Security Service Federal Credit Union (SSFCU) has walked away from the Texas Credit Union League Marketing Conference with 10 awards. The Texas Lone Star Awards recognize credit unions for their excellence in credit union marketing, public relations, and business development. SSFCU was cited for its strong marketing...

  • brass|Media Founder/CEO Bryan Sims Speaks Out about Younger Market

    CORVALLIS, Ore. - When it comes to credit unions reaching out to younger members there's good news and bad. According to brass|Media Inc. Founder/CEO Bryan Sims, the good news is that the credit union movement as a whole is more cognizant of the value of younger members. Unfortunately, while the...

  • March Community CU Takes Aim at Youth

    MORENO VALLEY, Calif. - March Community Credit Union has geared up new programs to reach out to younger members. The credit union has recently rolled out its Radar Redtail and Talon Teen accounts. Both accounts require no membership fee to join and only a $5 minimum deposit to open. Available...

Letters to the editor

  • Best Wishes to Mike from the Show Me State

    Best wishes, today and in the years to come to former Credit Union Times Publisher Mike Welch! His accomplishments are acknowledged and commended. He has mentored many throughout his career. I have been privileged to be among the many individuals with whom he's shared his wisdom, championed their accomplishments, and...

  • Members Don't Need Self-interest Groups to Protect Them From Charter Conversions

    I feel compelled to respond to Editor-in-Chief Paul Gentile's column in the Oct. 26 issue concerning credit union-to-bank conversions. Now, for the record, I'm a former banker. Indeed, a banker who once worked for a mutual savings bank that went public and was subsequently sold. The sale took place about...

  • Gentile is the One Who Needs to Look in the Mirror

    It is Sunday morning and I just finished reading editor-in-chief Paul Gentile's Nov. 2 column and I think my blood pressure has risen over 40 points! I am a loyal subscriber and have been for many years and have always looked forward to reading this column. You really missed the...

  • 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....

  • It's Time to Unite to Face Tax Challenge

    In light of the recent House Ways and Means Hearing and the grilling by Chairman Thomas, maybe it is time for our industry to take a look at our long range goals and plans. It could never be more apparent that the majority of Americans have little understanding of how...

  • Credit Union Directors Shouldn't Have to Fit into Categories

    In his Nov. 2 column, editor-in-chief Paul Gentile paints with a very broad brush, so to speak, when he says it's a "business problem of credit unions being predominantly run by older, white males." He seems to conclude that if all boards are made up of a certain percentage of...

Tech Bytes

  • USERS Releases Upgrade of Core DataSafe Platform

    VALLEY FORGE, Pa. - Security and efficiency enhancements are featured in the new release of USERS Inc.'s flagship DataSafe core processing system, the Fiserv unit says. The upgrade includes software to help credit unions easily comply with account-opening identification requirements of the PATRIOT Act, deploy secure messaging as an alternative...

  • First National Meeting of CUISPA to Feature NCUA Face-to-Face

    AUSTIN, Texas - A first-of-its-kind gathering of NCUA regional information security officers and subject matter experts with IT security professionals from credit unions will be held in January in Austin. The sessions on changing regulatory expectations, risk assessment and management and other topics will be highlights of the first IT...

  • Space Coast CU Signs with Princeton eCom for Bill Pay Processing

    MELBOURNE, Fla. - Space Coast Credit Union has decided to process its members' online banking payments through the PayAnyone solution from Princeton eCom, the company and credit union say. The PayAnyone system provides transaction-based pricing and instant billing information validation and has achieved an industry-low claims rate of two per...

  • Online Survey Finds Security Fears Driving Away Some Users

    DALLAS - A new survey of Internet users shows that security concerns are now driving some consumers away from online banking. The nationwide poll of Internet users conducted by an independent research firm for Entrust Inc. found that 18% of all respondents said they had decreased their use of online...

  • Attunity Integration, Cognos Reporting Tools Picked by IntegraSys

    BURLINGTON, Mass. - Enterprise integration software from Attunity Ltd. will now be helping more than 350 credit unions running IntegraSys software access their data on the core processor's central mainframe, the companies say. The Fiserv unit will be using integration tools from Attunity and Cognos ReportNet reporting software to collect...

  • Consultancy Gets Big Beta Testers for Mail Database Solution

    MURRIETA, Calif. - Four credit unions, including three in the billion-dollar club, are giving a first look to a new consultancy's new address validation server. CUTEK, formed by a group of former Symitar and eCU Technologies staffers, says $3 billion Wescom CU, $2 billion Lockheed FCU, $1.5 billion Mountain America...

Opinions

  • eSurveys: the "ears" of Member-centric Credit Unions

    Credit unions are based on a member-driven philosophy. The focus on members - and the commitment to listen to and act on their changing financial service needs - sets credit unions apart from many other institutions. But how do you stay aware of your members' changing needs? And more importantly,...

Pictorial

Publisher's Column

Billlionaires Club

People Feature

Publisher's Notebook

  • Yes, We Care About Directors

    A few readers have e-mailed me wondering why we didn't include the National Association of Credit Union Chairmen in our Nov. 2 association listing, hinting that we don't care about directors. Well, nothing could be further from the truth. In fact, Credit Union Times provided extensive coverage of NACUC's Roundtable...

People

  • WEST

    Financial Partners Credit Union, Downey, Calif., has named Fred Perez vice president of real estate. Arrowhead Credit Union, San Bernardino, Calif., has named Susan Conjurski executive vice president. Hawaii State Federal Credit Union, Honolulu, has named Lauren Nahme chief financial officer.

  • SOUTH

    First Flight Federal Credit Union, Greenville, N.C., has named Stephanie Caldwell Fuquay-Varina branch manager. Spartanburg Regional Federal Credit Union, S.C., has named Adam Barker loan officer/ mortgage assistant. In addition SRFCU has promoted Tim Dill to mortgage specialist

  • MIDWEST

    Security Federal Credit Union , Flint, Mich., has named Jay Yax vice president of branch operations . First American Credit Union, Beloit, Wis., has named Bob Harrer vice president/senior financial consultant. Affinity Plus Federal Credit Union, St. Paul, Minn., has named Wendy Peterson director of branch services.

  • EAST

    Leominster Credit Union, Mass., has named Debra J. McNally Sterling assistant branch manager. Putnam Federal Credit Union, Carmel, N.Y., Chief Operations Officer Arlene Yungel has retired after 14 years of service. She looks forward to spending time with family and focusing on opportunities to travel. Workers' Credit Union, Fitchburg, Mass.,...

Beyond the Job

  • Credit Union Leaders Do a Lot `Beyond the Job'

    If you have something you would like included in Beyond the Job contact the Credit Union Times reporter you typically deal with or call Editor Paul Gentile at (561) 683-8515, ext. 10 or e-mail pgentile@cutimes.com. Please note, color photos, preferably of the person doing one of their Beyond the Job...

  • Nevada FCU CEO Makes Teenage Muscle Car Dream a Reality

    LAS VEGAS-Nevada Federal Credit Union CEO Brad Beal yearned for a Mustang when he reached that 16-year-old rite of passage. Now, he's fulfilled that want several times over. The main thing holding him back in high school was financing, but now that money is not as much of an issue,...

  • Singing Allows Navy FCU's Tibbs to Reach Out to Young Men, Women

    VIENNA, Va. - Singing has always been part of Stevie Tibbs' life, mostly in his church choir. Now at 26, the audio visual technician for Navy FCU is using the recording studio to share his love of gospel music with people. These days, Tibbs sings with a group of men...

Opinion

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