Credit Union Times Magazine October-05, 2005

  • Hurricanes Bring Destruction But Boost Shared Branching Nationwide

    ARLINGTON, Va. - Hurricanes Katrina and Rita reigned death and destruction across the Gulf States but they appear to have given a shot in the arm to credit union shared branching nationwide. According to executives with all three of the nation's shared branching networks, the nation's most recent bout of...

  • Four Retailer Associations Sue Visa, MasterCard Over Interchange

    WASHINGTON - In what has become a regular feature on the credit card industry landscape, four large retail associations have filed suit against Visa and MasterCard, alleging collusion and unfair trade practices in the setting of interchange rates on credit and debit card transactions. The four associations are the National...

  • Financial Center CU Podcasts Speak to Young Adults

    STOCKTON, Calif. - What's a podcast? Credit unions that don't know the answer may be missing the mark with their 20-something members, if Financial Center Credit Union's podcast success is any indication. A podcast is an audio broadcast that can be downloaded from a Web site or an online music...

  • Donovan, a NAFCU Institution, Resigns, Two Office Directors Also Announce Exits

    ARLINGTON, Va.-NAFCU has lost three of its top legal associates, including Senior Vice President and General Counsel Bill Donovan, in about a month's span. Twenty-six year veteran Donovan and NAFCU Director of Regulatory Affairs Gwen Baker announced their resignations last week. Both are joining Washington, D.C. law firm Venable LLP,...

  • Louisiana League Mobilizes Disaster Recovery Team Following Rita

    BATON ROUGE, La. - Hurricane Rita made landfall as a Category 3, with the eye coming ashore near the Texas-Louisiana border. While Southwest Louisiana took the hit, with damaged homes and buildings, downed trees and power lines, and flooding, early indications are however that Louisiana credit unions escaped without major...

  • Credit Union Times Sold to Wicks Business Information LLC

    WEST PALM BEACH, Fla. - C.U. Times, Inc. has sold Credit Union Times to Wicks Business Information LLC (WBI). Terms of the deal were not disclosed. Founded in 1990 by Mike Welch, Credit Union Times is the only independent publication serving the credit union industry. Published weekly, it has become...

  • CU Seeks to Keep Fraudster Ex-Employee Off Joint Account

    ALEXANDRIA, Va.-According to the circumstances outlined in an NCUA legal opinion letter, a credit union is attempting to determine whether it can keep a former employee charged with defrauding the credit union from remaining a joint accountholder. A federal credit union can limit the ability of its members to name...

  • NCUA Letter to Credit Unions Addresses FAQ on Residential Tract Development Lending

    ALEXANDRIA, Va. - The NCUA has issued a Letter to Credit Unions it developed together with the other Federal Financial Examination Council (FFIEC) member agencies that provides credit unions with frequently asked questions on Residential Tract Development Lending. In addition to NCUA, the member agencies include the Board of Governors...

  • NCUA Staffer Reports That One-Third of CUs Have Violated BSA

    SAN FRANCISCO - The Bank Secrecy Act is taking a toll on U.S. credit unions with one-third having been written up for violations, and while "this is not the end of the world" it does show corrective steps need to be taken, according to a top NCUA compliance officer. Addressing...

  • New African-American Credit Union Coalition Chairman Bob Harvey Aims to Reiterate Message of Inclusiveness

    SEATTLE - Bob Harvey is on a mission to break down one major misconception about the African-American Credit Union Coalition. Harvey, who was recently elected chairman of the AACUC, wants the industry to know that the group is not a "splinter organization" and welcomes anyone who feels as strongly about...

  • Texas Regulator Starting to Hear from CUs in Rita-Impacted Areas, CUs Around State Offering Assistance

    AUSTIN, Texas - As the clean up effort in Texas and Louisiana continues in areas devastated by Hurricane Rita, news has slowly been filtering into the Texas Credit Union Department from credit unions around the Texas/Louisiana state line, the area most severely impacted by the hurricane. At press time, Deputy...

  • NCUA Dives in from Various Angles to Help CUs Recovery from Hurricanes

    ALEXANDRIA, Va.-NCUA is trying to aid with the recovery of credit unions affected by Hurricanes Rita and Katrina from a number of perspectives. With the president's declaration of parts of Louisiana and Texas as major disaster areas following Hurricane Rita's strike nearly two weeks ago now, NCUA swung into action...

  • Matz Executive Assistant Joins NCUF Staff

    WASHINGTON- Steve Bosack, former executive assistant to NCUA Board Member Debbie Matz', joined the staff at the National Credit Union Foundation, the organization announced last week. Bosack started in the new post Sept. 26 and will manage the Foundation's strategic communication efforts and Internet presence, as well as play a...

  • Mica Outlines Hurricane-Related Reg Relief Support; Says Waiving PCA Would Help in Recovery

    WASHINGTON-In a letter to House leadership, CUNA President and CEO Dan Mica highlighted several regulatory relief items the trade association backs to provide financial institutions regulatory relief in the aftermath of Hurricane Katrina. The very first item Mica discussed was reforming credit unions' system of Prompt Corrective Action at the...

  • Indiana Earns NASCUS Five-Year Re-accreditation

    ARLINGTON, Va. - The Credit Union Division of the Indiana Department of Financial Institutions has earned five-year re-accreditation by NASCUS. Indiana was first accredited in 1990 and earned five-year re-accreditation in 1995 and 2000. Accreditation is valid for a five-year period, subject to an annual review process that enables the...

  • Northwest Corporate, CUAO Race for Cure

    PORTLAND, Ore. - Northwest Corporate Federal Credit Union has teamed up with the Credit Union Association of Oregon to join more than 45,000 people in the 14th Annual Komen Portland Race for the Cure to benefit the Susan G. Komen Breast Cancer Foundation. The team of co-workers, friends, family and...

  • Georgia CUs Launch Phase II of Statewide Coop Ad Campaign

    DULUTH, Ga. - After deeming the first phase of its first-ever cooperative advertising image campaign a success, the Georgia Credit Union Affiliates has launched the second phase of its strategy that's designed to convey the message that viewers will like credit unions better. Seventy-three credit unions from throughout Georgia have...

  • General Media Picks Up on CU Travels

    BOSTON-BostonHerald.com ran an article entitled `Junket choice shows very little conventional wisdom' last week commenting on a Massachusetts CU League credit union meeting scheduled for Orlando in 2006. "Once they were fighting FDR's good fight against the "economic royalists." Now they're sipping cocktails in the Magic Kingdom," Reporter Brett Arends...

  • Bay Gulf CU Katrina Donations to Benefit American Red Cross

    TAMPA, Fla. - Bay Gulf Credit Union has donated $15,794 to the American Red Cross. The funds were raised thanks to the combined efforts of employees, members, volunteers, and the credit union's Premier Partners Club. In addition, Bay Gulf CU teamed up with local radio station Q105 to host an...

  • Two More Lawmakers Join CURIA

    WASHINGTON-Another two lawmakers joined the list of co-sponsors to the Credit Union Regulatory Improvements Act (H.R. 2317). Representatives Rosa L. DeLauro (D-Conn.) and John E. Sweeney (R-N.Y.) have signed on to CURIA, bringing total congressional supporters up to 98 at press time. The Financial Institutions and Consumer Credit Subcommittee held...

  • Workers' CU Mobile Ice Cream Parlor Hits Town

    FITCHBURG, Mass. - Summer may officially be over but there's no need to give up ice cream. Workers' Credit Union has recently hosted an ice cream social from the Magic Bus, an authentic British double-decker bus which has been converted into a full-service mobile ice cream parlor. Some 300 area...

  • ECS Raises $30,000 for Katrina Survivors

    GLENDORA, Calif. - Executive Compensation Solutions, an executive compensation/benefits solutions provider, has raised over $30,000 for Hurricane Katrina relief efforts. The company's 22 staffers dug deep to help out in the aftermath of Hurricane Katrina. Staffers' fundraising totals were then matched by Lincoln Financial. "Part of each of our job...

  • Spartanburg Regional FCU Taps Mardi Gras Spirit for Fundraiser

    SPARTANBURG, S.C. - Inspired to help Hurricane Katrina survivors, Spartanburg Regional Federal Credit Union (SRFCU) has launched a "Beads for New Orleans" campaign. Members donate $2 for each strand of Mardi Gras beads they purchase from credit union employees, and SRFCU will match 50% of contributions. So far a total...

  • First Tech CU Remains Dedicated to Hurricane Katrina Relief

    BEAVERTON, Ore. - First Tech Credit Union just keeps on giving to the Hurricane Katrina Relief effort. Not only have staffers and members donated over $255,000 to the American Red Cross but the credit union has teamed up with the Oregon Food Bank and local radio station KINK-FM to sponsor...

  • After Tough Year, Ensweiler Bows Out

    CUNA President Dan Mica congratulates outgoing CUNA Chairman Dick Ensweiler during CUNA's Future Forum for his year of service as CUNA Chairman. Ensweiler faced his shares of challenges, including a bank-conversion saga in his home state of Texas where he serves as league chairman. See full Future Forum coverage on...

  • Desert Schools Helps Kids Get Healthcare

    PHOENIX - Wanting to help kids get the healthcare they need, Desert Schools Federal Credit Union has donated $10,000 to Banner Health's School-Based Clinic Program. Designed to ensure students' well-being and academic success, Banner Health's program provides healthcare to uninsured elementary school students. The credit union grant will help ensure...

  • NCUA, NASCUS Push Congress Anew to Pass Reg Relief

    WASHINGTON-Representatives from NCUA and NASCUS testified yet again Sept. 22 on regulatory relief legislation, this time with Hurricane Katrina in hindsight. The Financial Services Regulatory Relief Act (H.R. 3505), which the House Financial Institutions and Consumer Credit Subcommittee held a hearing on, has enjoyed broad bipartisan support on Capitol Hill....

  • American Airlines FCU Donates $400,000 to Katrina Relief Efforts

    FORT WORTH, Texas - To support the ongoing efforts to help those who are still recovering from Hurricane Katrina, American Airlines FCU has now contributed $400,000 to that effort. The $4 billion CU said the $400,000 amount included member contributions and a CU donation of $100,000. On Tuesday, September 20,...

  • NCUA and Ex-Im Bank Agree to Work Together for Small Business

    WASHINGTON-The Export-Import Bank of the U.S. and NCUA joined together to sign a memorandum of cooperation to boost financing support for U.S. small business exporters. NCUA Chairman JoAnn Johnson met acting Ex-Im Bank Chairman and President James H. Lambright at the Ex-Im Bank's Washington, D.C. headquarters for the signing ceremony...

  • USA Federal Credit Union Rolls Out Business Services Program

    SAN DIEGO - Members of USA Federal Credit Union will now have access to an array of business services and loans. The $680 million CU is offering business checking accounts; savings; money market and share certificates of deposit; business loans; lines of credit; SBA loans; cash-secured loans; commercial real estate...

  • BECU Optimistic About Pending Union Contract Vote from Machinists on Strike from Boeing

    TUKWILA, Wash. - Boeing Co. and the International Association of Machinists and Aerospace Workers were a vote away from ending a strike that ran for nearly a month. At press time, both sides agreed to a revised three-year contract that gives workers a nearly 17% boost in pension payouts and...

  • Wicks Business Information Eager to Elevate Credit Union Times

    FAIRFIELD, Conn. - Wicks Business Information CEO Doug Manoni said readers and advertisers should expect the same high-quality publication they've become accustomed to. "Credit Union Times has an unmatched reputation that has been built up over the years on the principle of good journalism. Those journalism standards will continue under...

  • NCUA Announces Fifth Annual Budget Briefing

    ALEXANDRIA, Va.-NCUA announced last week that it has scheduled its fifth annual Budget Briefing and Public Forum for Oct. 19. The forum will run from 10 am until noon at the agency's Alexandria headquarters. The public is invited to register to make 10-minute oral statements, but due to time constraints,...

  • CoastHills FCU Relief Team Sent to Help Red Cross

    LOMPOC, Calif. - When tragedy struck the Gulf Coast in the form of Hurricane Katrina, CoastHills Federal Credit Union did more than just forward funds but rather sent over a few good men and women to help the American Red Cross efforts. The relief team, consisting of five credit union...

  • NCUA Postpones Dallas Access Across America Summit

    ALEXANDRIA, Va.-Prior to Hurricane Rita's striking Texas' East Coast, NCUA decided to delay its Access Across America Economic Empowerment Summit slated for Oct. 12 in Dallas. The agency plans to reschedule the free, one-day event in early 2006. "We are pleased with the tremendous interest in the summit and look...

  • Jersey Shore FCU Raising Funds for Katrina Survivors

    NORTHFIELD, N.J. - Jersey Shore Federal Credit Union has joined forces with credit unions from across New Jersey to raise much needed relief funds for those devastated by Hurricane Katrina. During the first week of fundraising, close to $1,000 was collected and the credit union has announced it will be...

  • MATCU Helps Katrina Survivors Dress for School Success

    MEMPHIS, Tenn. - With over 700 new students displaced by Hurricane Katrina swelling Memphis City School rosters, Memphis Area Teachers' Credit Union has donated $1,000 to help school officials purchase more school uniforms. "We wanted to help support these unplanned expenses," said MATCU SVP Judy Bell. "We are also a...

  • Credit Unions Add Over Five Million Potential Members Through Underserved Areas, Community Charters

    ALEXANDRIA, Va.-Underserved areas adopted by federal credit unions in August led to over two million potential members, while community charter conversions brought in nearly three million, according to NCUA data. Credit unions added more than two million potential members by adopting underserved areas in August, NCUA's monthly Insurance Report of...

News

  • `Apprentice' Star Urges Honesty and Integrity in Company Leadership

    SAN FRANCISCO - To those CUNA delegates at the Future Forum hearing her speak last week, Carolyn Kepcher, the so-called Donald Trump sidekick or "henchman" on NBC's TV hit "The Apprentice," came off as both a steely business executive with passion and ambition but also a woman quite vulnerable to...

  • "CU Adoption" and Finding Mobile Units Become CUNA Priority

    SAN FRANCISCO -Two CUNA-led hurricane-aid programs -"Adopt a Credit Union" and locate/ship mobile branches to Gulf Coast CUs - picked up steam last week during the Future Forum conference. At last count, there were five CUs publicly committed to "Adopt a CU," a program first started by the Florida League...

  • CUNA Hears Plea to Cushion Staff Cut at Louisiana League

    SAN FRANCISCO - The plight of the Louisiana Credit Union League-and the prospect of six staff layoffs -came up before CUNA directors during a board meeting at the Future Forum. Appealing for some kind of "financial helping hand" to cushion or prevent the layoffs was Gary Plank, chairman of the...

  • $800,000 Goes Out from NCUF to Aid Leagues

    SAN FRANCISCO - Of an estimated $1.5 million in pledges and $1.1 million collected, the National Credit Union Foundation said last week it has now distributed $800,000 to Gulf Coast credit unions, their families and volunteers, according to Steve Delfin, executive director. More of the funds are expected to go...

  • When Bay Gulf CU's Offices are Closed, Indirect Lending Lets Members Finance Auto Loans

    TAMPA, Fla. - Up until a few years ago, Bay Gulf CU faced a similar problem other CUs have to contend with on weekends or evenings. Members who wanted to finance an auto loan through the CU had no one to take their loan application at the CU when the...

  • No Let Up in Credit Unions Auto Lending Strength

    WEST PALM BEACH, Fla. - Despite being faced with new competitive auto lending challenges from dealerships and auto manufacturers like employee discount pricing, credit unions' strength in the auto lending market shows no signs of slackening and members continue to come to their credit union for auto loan financing. CUs'...

  • Katrina Boosts Shared Branching But Raises Insurance Concerns

    SAN FRANCISCO - Katrina - and now Rita - have taught credit union executives one valuable lesson and raised several worries: shared branching can be a big help in a disaster and flood insurance on CU property and on member mortgages is a serious void. Commenting on those areas was...

  • CUNA Leaders Preps for ABA Attacks at Future Forum

    SAN FRANCISCO - Whether at the lectern, at the receptions or in private meetings, CUNA's top leadership began preparing the nation's credit unions last week for what many fear is a daunting year in confronting banker attacks. Though hurricanes, shrinking margins, conversions and CURIA were also "top of mind" among...

  • CU Direct Still Finds Simple, Fast and Easy Are the Ultimate Dealer Motivators

    RANCHO CUCAMONGA, Calif. - According to Credit Union Direct President Tony Boutelle, the key to making more indirect auto loans is surprisingly simple. Actually, simplicity is the key: make the process as simple, fast and easy for the dealer as possible, Boutelle said. The organization's mission hasn't changed much since...

  • Financial Education is Valdov's Passion

    SAN FRANCISCO - CUNA's new chairman, Juri Valdov of Virginia, certainly has paid his dues in leadership jobs in the trade organization having served as a CUNA director for eight years, and now he finally gets to fulfill a long-time passion - find ways to: improve financial education, particularly in...

  • Welch Bows Out

    After 793 straight columns, 794 will be his last. Find out what publisher Mike Welch has to say in his farewell column on page 14.

  • Navy Commander Tells CUNA `Ownership Is Key'

    SAN FRANCISCO - In a moving tribute to "leadership by example," the former commander of a once-debunked U.S. Navy ship told credit union executives here they can lead their organizations to greatness and high performance if "they leave their ego at the door" and have respect and care for individuals...

  • Special Report: Autos

    Get the latest news on Auto Lending & Services in the special report on pages 23-26.

  • Internet Playing Bigger Role in Consumers' Vehicle Purchase Decisions

    WESTLAKE VILLAGE, Calif. - As consumers become more familiar with using the Internet to purchase new vehicles, auto dealers are increasingly satisfied with the online buying services providing them sales leads, according to the J.D. Power and Associates' 2005 Dealer Satisfaction with Online Buying Services StudyT released Sept. 13. Although...

  • Four More CUs Partner with Auto Expert

    RIVERSIDE, Calif. - Auto Expert, a subsidiary of Altura CU and which provide auto-locating services to credit unions, had added four new Southern California CUs to its list of clients. That brings the total number of CUs doing business with Auto Expert to 16. Fifteen of those are in Southern...

  • New Horizons Community CU Offers Auto Loan Rates Based on Fuel Economy

    DENVER - With rising fuel prices pushing consumers' increased interest in fuel-efficient vehicles, New Horizons Community CU has introduced an auto loan promotion that appeals to that trend. The $300 million NHCCU's promotion reduces vehicle loan rates based on the fuel economy of a new or used vehicle and offers...

  • Farin: Guns "Blazing," Banks Outpricing CUs on Deposits

    SAN FRANCISCO -Banks seem to be calling the shots and outpricing credit unions in the current rising rate environment, according to Wisconsin consultant Tom Farin. Addressing a Future Forum panel, Farin, head of his own Fitchburg, Wis. firm and a former Milwaukee banker, said CUs have historically paid the highest...

In Other News

  • DONATIONS

    Security Service Federal Credit Union, San Antonio, staffers have donated their time, sweat and muscle to help the San Antonio Parks and Recreation Department beautify the city's historic Woodlawn Lake during the annual United Way Day of Caring campaign. SSFCU employees spent an entire day planting flowers and mulching trees...

News Briefs

  • Pierce Named to Head Up NACUSO CEO Search Committee

    NEWPORT BEACH, Calif. - Dennis Pierce, president/CEO, CommunityAmerica CU, Lenexa, Kan. was appointed by the NACUSO Board of Directors, as chairman of a search committee responsible for selecting an executive search firm to conduct the process of finding the association's new president. Vic Pantea, president and chief operating officer of...

  • Credit Union Times' Correspondent Releases Second Novel

    WEST PALM BEACH,Fla. - The Card is the second novel published by Credit Union Times' Overseas Correspondent Donna-Lane Nelson. The book was released by her publisher Five Star on October 3rd and is available on Amazon.com. The novel is the story of two women's friendship from college through their forties....

  • Congressman's Daughter Interning at CU

    DUBLIN, Ohio-Sarah LaTourette, House Financial Services Committee Member Steve LaTourette's (R-Ohio) daughter, started an internship last week with AurGroup Financial Credit Union. The credit union champion's daughter is getting "a flavor for the corporate culture" with the privately insured credit union until she graduates from Miami University in May 2006,...

  • NCUA Issues Civil Money Penalties for Late HMDA Data Submissions

    ALEXANDRIA, Va. - Sixteen federally insured credit unions were assessed civil money penalties by NCUA for late submissions of data required by the Home Mortgage Disclosure Act. The amount of the penalties assessed totaled $178,750. The 16 FICUs and their assessment include: White River CU, Enumclaw, Wash., $8,750; NEBO CU,...

  • Five CUs Join Up With Encore

    FALLS CHURCH, Va. - Five credit unions from different parts of the country have joined the Encore Electronic Services Cooperative, the credit union-owned cooperative has announced. Two of the new members, the $26 million AB&W Employees Credit Union and the $13 million Hoya FCU, both based in Washington D.C. area,...

  • MasterCard And Cardtronics Ink a Deal

    PURCHASE, N.Y. - Cardtronics, the nation's largest independent deployer of ATMs and the chief ATM provider for the Allpoint network, has made an agreement with MasterCard which, theoretically, could give MasterCard cardholders across the country with surcharge free access to 25,000 Cardtronics machines. Ben Psillas, president of Allpoint said that...

  • Robins FCU Opens Temporary Facility, Old One Destroyed by Tornado

    WARNER ROBINS, Ga. - Robins FCU has set up a temporary facility to replace one of its branches that was demolished by a tornado. On August 29, the $850 million CU lost its Fort Valley branch after a Hurricane Katrina-related tornado swept through the area. The temporary facility, which will...

Marketing

  • AFFCU Kids' Club Mascot "Moe" Monkey Makes Appearance in Mexican Independence Parade

    EAST CHICAGO, Ind. - A six-foot monkey has helped create quite a buzz about Advance Financial Federal Credit Union during the Mexican Independence Day parade here. According to CU execs attendees loved and welcomed AFFCU Kids' Club mascot "Moe" Monkey. The parade was the centerpiece of the weekend celebration and...

  • Peninsula Community FCU Launches New Brand Image

    SHELTON, Wash. - After over 70 years, Peninsula Community Federal Credit Union is revamping its brand image. While the legal name remains the same, the $109 credit union has opted to simplify its public name to Peninsula CU- a name that is already widely used by the public in referring...

  • Profound Communications CEO Makes Forty Under 40 List

    COLUMBUS, Ohio - Profound Communications Inc. President Tammy Holtzmeier has been named by Columbus Business First as one of Central Ohio's "Forty Under 40." The Columbus Business First "Forty Under 40" program annually recognizes 40 individuals based on professional achievements, awards and community involvement. All recipients have achieved great success...

  • Mission Federal Kicks off Awareness "Mission"

    SAN DIEGO - Mission Federal Credit Union is blazing a brand awareness path with its "Your Mission is Our Mission" campaign. Launched this month the campaign revolves around the credit union's goal of helping members make the best financial decisions at every stage of life through education, expertise and service....

Special Report

  • Graham Named CEO of SunCorp

    DENVER - SunCorp has named industry veteran Thomas Graham as its new CEO. Graham most recently served as CEO of Kinecta FCU in Manhattan Beach, California. Graham has some corporate experience. During his league days at the Ohio CU League he at one point served as acting president/CEO of the...

  • EasCorp Comes to Aid of Louisiana CU by Implementing Image Exchange System to Facilitate On-Demand Items

    WOBURN, Mass. - By coming to the aid of a credit union in Hurricane Rita-stricken New Orleans, EasCorp has proven how valuable electronic check processing will be in the future and how geographic boundaries will disappear. A few weeks ago, in rapid fashion, EasCorp equipped LADOTD FCU out of Baton...

  • Louisiana Corporate New Member Deposits Growing

    METAIRIE, La. - Since putting out the word a few weeks ago that it was seeking deposits from credit unions throughout the country to help build capital in order to meet expected demand when Katrina-ravaged Louisiana CUs get back on their feet, Louisiana Corporate says it is making progress. CEO...

  • VolCorp Announces New Branch Capture Solution

    NASHVILLE, Tenn. - VolCorp has partnered with Advanced Financial Solutions (AFS) to offer its credit unions a turnkey, real-time branch capture solution. VolCorp has plans to begin beta testing in mid-October and anticipates a complete roll-out later this year. VolCorp has $1 billion in assets and serves 300 credit unions.

  • CU Business Group Underwrites Over $300 Million in Business Loans

    PORTLAND, Ore. - CU Business Group, the business lending CUSO owned by eight corporate CUs, recently passed some milestones. It has celebrated its third anniversary and has underwritten over $300 million in loans. "We are working with 145 credit unions now (in 24 states), and reaching this level of success...

  • U.S. Central Board Dissolves CLF Interface Committee

    OVERLAND PARK, Kansas - At its Aug. 31 board meeting, the U.S. Central Board unanimously voted to dissolve the CLF Interface Committee. The purpose of that committee has been to advise the CLF and U.S. Central on how best to utilize the CLF to assist corporates in meeting liquidity demand....

  • Michigan Business Connection Underwrites $100 Million in Loans, Funds $20 Million

    ANN ARBOR, Mich. - In just a little over a year, Michigan Business Connection, LC has reached two milestones. The business lending CUSO, which provides commercial underwriting and loan origination services to credit unions throughout Michigan, has exceeded the $100 million mark in underwriting and has funded $20 million in...

  • Third-Party Promotions May Be Mailed with Statements

    ALEXANDRIA, Va.-Third party marketing materials can be sent out with a federal credit union's monthly account statement and newsletters. According to a legal opinion letter (05-0823) from NCUA Associate General Counsel Sheila Albin, mailing advertisements for third parties, such as an investment firm in this instance, is permissible as a...

  • HUD Applauds Freddie Mac's Purchase of Loans in Hurricane-Affected Areas

    MC LEAN, Va. - Saying "Freddie Mac's action will go a long way toward bringing critically needed capital into the Gulf Region," HUD Secretary Alphonso Jackson commended Freddie Mac's decision to purchase an estimated $300 million worth of single-family mortgages that were closed between June 1 and August 20 and...

  • Canadian CUs See Healthy Home Sales, Mortgage Traffic

    OTTAWA, Canada - At first thought American lenders might assume eliminating the mortgage deduction from income taxes would at least slow down currently brisk home sales in the U.S. But Canadians are used to that situation, and it doesn't seem to discourage them from becoming homeowners in impressive numbers. The...

Letters to the editor

  • Welch Tells it Like it is

    I just read Mike Welch's Sept. 14 column and you know it proves even more that sometimes you just have to call a spade a spade . especially on the charter conversion issue. I am always amused by how these high-profile credit union "leaders" and consultants try to wow us...

  • When I Left for Hurricane Katrina

    I had almost everything packed. It was nighttime and I was excited but a little worried at the same time. But for what? A hurricane. Hurricane Katrina. When my family leaves for a hurricane, we assume it'll just be this one week thing where we would put everything inside, pack...

Opinion

Publisher's Column

  • This Column Is Unlike Any Others Ever Written

    Since my first weekly publisher's column appeared in volume one, number one of Credit Union Times on April 26, 1990, I take great pride in the fact that I have never missed a week and never repeated a column even when my wife and I were on the other side...

NACUSO

People

  • WEST

    Redwood Credit Union, Santa Rosa, Calif., has named Stoney Newton Brooks Road South branch manager. American First Credit Union, La Habra, Calif., has promoted Susan Huss to assistant vice president consumer lending and Carlos Miramontez to vice president lending. Inland Empire Credit Union, Pomona, Calif., has promoted Dhara Sanchez to...

  • EAST

    Credit Union of New Jersey, Ewing, has named Thomas Coleman consumer loan manager and Olga Pereira Department of Transportation branch manager. Langley Federal Credit Union, Newport News, Va., has named Kirk Adams financial counselor. United Teletech Financial Federal Credit Union, Tinton Falls, N.J. has named Bryan Eichenbaum director of lending.

  • VENDORS

    CU National Mortgage, a transparent mortgage-outsourcing partner for credit unions nationwide, has named Angel Santos national sales representative. TransUnion, a global information solutions provider, has named Scott E. Schubert chief financial officer. Wincor Nixdorf, an open ATM hardware and multi-vendor software solutions provider, has named John Pillmann as software solutions...

  • SOUTHWEST

    Unity One Federal Credit Union, Fort Worth, has promoted Eric Hohler to vice president of finance and Natalie Parish to director of public relations. Firstmark Credit Union, San Antonio, has appointed James A. Doebbler audit committee director.

  • SOUTH

    UT Federal Credit Union, Knoxville, Tenn., has appointed Debbie H. Jones president/CEO. Focus Federal Credit Union, Oklahoma City, has appointed Jane Hammil president/CEO.

  • MIDWEST

    Boeing Wichita Credit Union, Kan., has named Pat Wildeman has joined the staff as vp market executive for the Northeast Kansas region. IU Credit Union, Bloomington, Ind., has named John J. Miller vice president business services. Heritage Credit Union, Madison, Wis., has named Caroline Redmann vice president of lending. Kohler...

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