Credit Union Times Magazine October-26, 2005

  • GMCU, Banks Join in Local Meth Abuse Fight

    MORA, Minn. - Greater Minnesota Credit Union has teamed up with Kanabec State Bank and Peoples Bank of Mora to help local law enforcement in their fight against Methamphetamine (meth) abuse. "Meth isn't just a law enforcement problem," said GMCU President/CEO Steve Ahlness. "We all need to be aware and...

  • Bankers Voice Complaints about Sarbanes-Oxley at SEC Webcast

    WASHINGTON - Some bankers recently had another opportunity to voice their opinions on the impact the Sarbanes-Oxley Act of 2002 has had on the way they do business. At an Oct. 14 SEC Webcast, hundreds of questions were fielded on the Act, which was arranged by the agency's Advisory Committee...

  • Delaware CUs Celebrate Credit Union Week with Advertising Supplement in Statewide Newspaper

    NEW CASTLE, Del. - Delaware credit unions want to be sure consumers know about Credit Union Week and the CU difference. For the fourth year, credit unions in the state celebrated Credit Union Week by publishing their Credit Union Supplement in Delaware's statewide newspaper, The News Journal. The 16-page, full-color...

  • North Carolina CU League Adopts Conversion Position

    GREENSBORO, N.C. - The North Carolina Credit Union League has adopted a position on credit union-to-bank charter conversions that seeks to both defend and improve the credit union charter and to educate members who may face any future credit union-to-bank conversion decision, according to the League. The League arrived at...

  • Maine CUs Raise Nearly $55,000 for Hurricane Victims

    WESTBROOK, Me. - Maine credit unions have wrapped up a month-long Hurricane Katrina fundraising effort with almost $55,000. The Maine Credit Unions' Helping Those In Need - A Fund for Hurricane Victims campaign presented the donation to National Credit Union Foundation's (NCUF) Disaster Relief Fund, a fund that is providing...

  • Clearview FCU Provides $50,000 to Keep Hill District FCU Running

    PITTSBURGH - Clearview FCU has provided a $50,000 secondary capital deposit to Hill District FCU, which will enable it to continue providing service to residents in Pittsburgh's Hill District here. The $2.5 million Hill District FCU said it serves primarily low-income members with small loans for appliances, basic home improvements...

  • SECU to Roll Out Coin Sorters

    RALEIGH, N.C. - Over the next three years, State Employees' Credit Union (SECU) will install DeLaRue coin sorters in all of its 189 branch locations. The move is aimed at providing members a free, much-needed service as determined by a SECU pilot program in Raleigh. Equipped with English and Spanish...

  • Shared Branching Turning 30 this Month

    SOUTHFIELD, Mich. - Shared branching, the notion that members of one credit union can use the facilities of another credit union to conduct transactions through a shared branch network, turns 30 years old this month as the Service Centers Corporation, now a subsidiary of the CO-OP Network celebrates its anniversary....

  • ABA's Simmons Lays Down the Bottom Line for Banks on CUs

    WASHINGTON-In a targeted attack on the Credit Union Regulatory Improvements Act (H.R. 2317), American Bankers Association Chairman Harris Simmons urged banks to write in opposition of the credit union bill. Simmons, CEO of Zions Bank in Utah, wrote in an Oct. 12 letter to ABA member banks that he sees...

  • CUNA Mutual Hosts Card Security Summit

    MADISON, Wis.- About 40 officials from card processors and credit union leagues gathered at CUNA Mutual Group's headquarters over Oct. 17-18 to discuss how to improve card security in the wake of the spate of card security breaches this year. "The goal of the event was to bring together the...

  • ACB CEO Named 2006 Enterprising Woman of Washington

    WASHINGTON-America's Community Bankers President and CEO Diane Casey-Landry has been named the 2006 Enterprising Woman of Washington award by the Business and Professional Women's Council of the National Museum of Women in the Arts. The Enterprising Woman of Washington award is bestowed upon a local businesswoman of influence helping to...

  • Over $9,000 Donated to Hurricane Relief

    WARNER ROBINS, Ga.-Robins Federal Credit Union has recently presented a check of $4,836.48 each to the American Red Cross and the Salvation Army. Employees donated $4,672.96 and Robins Federal made an additional corporate donation of $5,000 to aid in hurricane relief.

  • Mid-States and Iowa Corporate Central Closer to Launch

    WEST DES MOINES, Iowa - Back in June, Mid-States Corporate and Iowa Corporate Central announced a first of its kind deal that would see Iowa credit unions shift their deposits to Mid-States and take advantage of the larger corporate's considerable rate advantage. The heart of the deal is giving Iowa...

  • League Employee Relied on Camping Experience to Ride Out Hurricane

    NEW ORLEANS - Gayle Boudreaux , the Louisiana Credit Union League accountant who weathered Hurricane Katrina in her Jefferson Parish home and was not heard from for 10 days afterward, said wilderness camping experience helped her confront the abnormal living situations she faced. Gayle and her adult daughter lived on...

  • St. Louis Community CU Helps Hurricane Survivors Furnish New Home

    ST. LOUIS - Hurricane Katrina survivors who relocated here won't have to worry about furniture thanks to St. Louis Community Credit Union. St. Louis Community CU purchased the new furniture from Weekends Only, a local chain that agreed to sell the furniture at a reduced cost. Items include kitchen sets,...

  • New Community Charter for Insight Financial

    ORLANDO, Fla. - Armed with a new community charter, Insight Financial Credit Union is ready to move into Volusia County and The Villages Retirement Community near Lady Lake. "We are excited to welcome our new members," says Insight Financial CU President/CEO Lynn W. Owen III. "Our continued growth allows us...

  • More Younger Consumers Buying Homes

    WASHINGTON - Record-low mortgage interest rates, exotic mortgages requiring little or no down payment, and consumers' expectations of continuing home appreciation are fueling the pipeline of mortgages. Surprisingly among the growing number of homeowners are those in the younger than 25 age group. According to the U.S. Census Bureau, the...

  • Mid-States and Iowa Corporate Central Closer to Launch

    NEW ALBANY, Ind.-One credit union is claiming it has paid a steep price for bankruptcy reform. After experiencing a more than $500,000 loss, Community Service Credit Union has decided to call it quits, according to www.news-tribune.net out of Indiana. The credit union experienced a $285,812 operating loss as of October...

  • Multi-Products CU's New Name Gets "Personal"

    WYOMING, Mich. - Add Multi-Products Credit Union to the growing list of credit unions changing their names. With an approval to change to a community charter, the credit union will now be known as My Personal Credit Union. "Our new community charter and subsequent name change enables us to provide...

  • Colorado CUs Beat the Banks in Katrina Softball Game

    PUEBLO, Colo. - The credit unions did it. They beat a group of Colorado banks in a charity baseball game, 19-13. Not unexpected, the bankers immediately complained about "foul play" - specifically the use of a handful of CU employee spouses who performed some batting heroics. "The credit unions won...

  • Credit Unions Waiting on Reg Z Disclosures Under New Bankruptcy Law

    WASHINGTON-The Federal Reserve is tasked with developing new disclosures under Regulation Z to accommodate changes made by the new bankruptcy law. But instead of the Oct. 17 deadline that most of the law carries, this provision "is not effective until the Fed promulgates regs, and actually, it's 12 months after...

  • Indiana CUs Host District Meeting with U.S. Rep. Visclosky

    MERRIVILLE, Ind. - Representatives from Indiana credit unions and the Indiana Credit Union League made good use of Congressman Pete Visclosky's (D-1) time when he was in his northwest Indiana district during the Columbus Day recess by meeting with the congressman Oct. 13 at Northern Indiana FCU. League President/CEO John...

  • A+ FCU Brings Home Feedback for Newly-Launched, Jointly-Owned MBL CUSO

    CHICAGO - A+ Federal Credit Union didn't waste any time absorbing all the insight it gathered from NACUSO's Business Services Collaborative. The $461 million credit union was one of several attendees here that have just begun to roll out business lending and deposit services. A+ FCU along with six other...

  • Sarbanes-Oxley's Governance Rules Not Harsh Enough, Poll Says

    WASHINGTON - As credit unions begin to see more governance and accountability reform as a result of the Sarbanes-Oxley Act of 2002, many investors still think the regulations that came from the landmark legislation are too lenient. Fifty-five percent of investors believe governance regulations are too lax with 77% of...

  • Breast Cancer Disability Case Brings Big Judgment Against CU; Appeal Promised

    VISALIA, Calif. - The first round in a dispute between a credit union and a breast cancer surviving employee has ended badly for the credit union. The California Superior Court jury found the $193 million Tucoemas FCU guilty of discrimination when it demoted an employee with breast cancer. It also...

  • NASCUS Offers Comments to FASB on Proposed Revisions to FASB 140

    ARLINGTON, Va. - NASCUS sent its comment letter to the Financial Accounting Standards Board concerning FASB's proposed revisions to FASB 140, Accounting for Transfers of Financial Assets. NASCUS stated that FASB's revisions to the Aug. 11, 2005 Exposure Draft address the association's concerns about participating loan interests. "The purpose of...

  • NCUA Endorses Shared Branching; Says it's More Than Just a Disaster Relief Tool

    ALEXANDRIA, Va. - NCUA has stepped up its endorsement of shared branching, urging credit unions on a recent visit to legislators to begin looking into shared branch networks. "Even credit unions that think they just serve their local communities can be saved by shared branching," explained Holly Herman, chief of...

  • More Credit Unions Now Opting to Keep Card Portfolios and Build Them up

    ST. LOUIS - Stan Moeckli, CEO of the $81 million Electro Savings Credit Union faced a problem with his credit card program. Although about 23% of the credit union's card portfolio had been flat or even declining slightly in value, it still made a profit and, like a growing number...

  • Maryland, D.C. Leagues Work Through Their `To Do' Lists to Meet Jan. 1 Merger Date

    COLUMBIA, Md. - With Jan. 1, 2006 just a little more than two months away, the new Maryland & District of Columbia Credit Union Association continues to progress through its "to do" list to make sure it's on track and everything that needs to get done gets done by the...

  • Johnson Uses Board Authority to Pass Fidelity Bond/Insurance Proposal

    ALEXANDRIA, Va.-NCUA Chairman JoAnn Johnson approved a final rule as the only sitting member of the NCUA Board and received the quarterly insurance fund report. After noting International Credit Union Day, the chairman got down to business. She tackled the non-controversial task of approving the increase in the deductibles and...

  • Kraft Foods FCU to Become Quorum FCU; Name Change Continues CU's Goal of Serving More Groups

    PURCHASE, N.Y. - Kraft Foods Federal Credit Union is slipping into a new brand name that will better reflect its expanded membership beyond its sponsor. Effective December 1, 2005, the $535 million credit union will be known as Quorum Federal Credit Union. According to KFFCU President/CEO Bruno Sementilli, the new...

  • Layers of Business Deposit, Business Lending Services Peeled Back at NACUSO's First Business Services Collaborative

    CHICAGO - The growing demand for business deposit and lending services from credit union members became the draw here for NACUSO's first ever Business Services Collaborative. More than 65 people attended the meeting Oct. 11-13, which attracted those interested in forming and/or expanding services provided by CUSOs and featured two...

  • Secondary Market for Member Business Loans Still Relatively Unknown, Credit Unions Eager to Learn More, says Expert

    CHICAGO - Nearly eight months out, a new secondary market MBL fund is roughly halfway to its $25 million share sale goal. Launched in March, CU System Fund was created by CUNA Mutual Group to allow for the purchase of business loans from credit unions and the sale of shares...

  • Still Too Early to Tell if Hurricanes will Impact Small Credit Union Mergers

    MADISON, Wis. - Undoubtedly, Hurricanes Katrina and Rita are having a ripple effect on the nation's economy and small credit unions in the affected states may have to brace for the worst. That's according to the latest Credit Union Trends Report from CUNA Mutual Group, which expects inflation and interest...

  • With Idaho League Endorsement, Indirect Lending Technologies Attracts Increasing Number of Idaho CU Clients

    SALT LAKE CITY - An indirect lending software program originally created for the Utah League of Credit Unions and now owned by Indirect Lending Technologies, is opening indirect lending doors for credit unions in Idaho and others around the U.S. Dealer Indirect Lending and Leasing Systems - DILLST - was...

  • PA Governor Kick Starts Financial Education Program for State Employees

    HARRISBURG, Pa.-Pennsylvania Governor Ed Rendell has added new meaning to the phrase "on-the-job training." Through the joint efforts of the Governor's Office of Financial Education, the Pennsylvania Credit Union Association (PCUA) and Pennsylvania State Employees Credit Union (PSECU), state employees will have the chance to improve their financial literacy by...

  • Online Mortgage Applications Critical Part of CUs' Mortgage Origination Channels

    WASHINGTON - The end of the refinance boom and the continuing emergence of a purchase market means one sure thing for credit unions: with overall mortgage activity projected to slow down and competition for members' mortgage dollars expected to increase, credit unions will need to focus on more efficient processes...

  • NCUA Letter to Credit Unions Advises on Increasing Risks in Mortgage Lending

    LAS VEGAS - The NCUA issued a Letter to Credit Unions concerning increasing risks in mortgage lending resulting from consumers' growing attraction to exotic mortgage lending products and "relaxed lender credit standards." In its Letter No.: 05-CU-15, the agency wrote that, "Recent trends indicate a shift in consumer demand towards...

  • GTE FCU Raises Nearly $240,000, Donates Additional $50,000

    TAMPA, Fla. -Hurricane Katrina had quite an impact for GTE Federal Credit Union. The storm had personal implications for some 27 GTE FCU staffers in New Orleans and approximately 16,000 credit union members in Louisiana, Mississippi and Alabama. Since the storm, 10 of GTE FCU's New Orleans employees have temporarily...

  • Connecticut Launches Statewide Campaign to Prevent Predatory Lending

    HARTFORD, Conn. - A coalition of 643 private and public organizations including Freddie Mac, the Connecticut Fair Housing Center, the Connecticut Attorney General's Office and the State Treasurer's Office last week launched a major public education campaign designed to prevent predatory lending throughout Connecticut. The Connecticut Don't Borrow TroubleT campaign,...

  • CURIA Debated at Regulatory Relief Hearing, Bankers Continue to Try and Segregate Industry by Attacking Large CU Expansion

    WASHINGTON-Credit union trade association representatives argued the merits of adding particular provisions to the Financial Services Regulatory Relief Act (H.R. 3505) over the staunch objections of the banking industry. Though regulation of industrial loan companies took up a good portion of the Q&A session during the House Financial Institutions and...

  • Commentators Weigh in on Bylaws Which Could Impact Conversion Fights

    ALEXANDRIA, Va. - The ongoing struggle over the procedures and requirements that credit unions deciding whether to become mutual banks should have to follow and fulfill has trickled down even to the basic bylaws that NCUA provides federal credit unions. The Federal Credit Union Act mandates that the NCUA prepare...

  • Cities Honor Two Small Community CUs

    BURBANK, Calif. - Two community-based credit unions in the greater Los Angeles area were recently recognized by the cities they serve. Burbank-based Media City Community Credit Union was named "Best Bank in Burbank" in a 2005 reader's poll published by the Burbank Leader, a local twice-weekly newspaper. Media City beat...

  • CUs Face `Incredible Challenges,' Hollis Says

    AUSTIN, Texas - Your members balk at paying any more on auto loans. The yield on two-year Treasuries is modest, to put it politely. But the board wants to boost ROA targets. Today's reality is packed with "incredible challenges," says Emily Hollis, president of ALM First Financial Advisors. Among other...

  • Fannie Mae, Takes Steps to Help Homeowners Affected by Storms

    WASHINGTON - We've all seen the pictures of the devastation left in the Gulf area in the wake of Hurricanes Katrina and Rita and read about the various relief efforts to help the victims and survivors of the storms. As part of its continuing relief effort, Fannie Mae on Oct....

  • Filene Study on CU Board Governance Points Out Many Flaws With Board Makeup

    MADISON, Wis. - A new Filene Research Study found credit unions have a long way to go with achieving diversity at the board level. The majority of credit union directors are white, male and over 50-years old. "Quality of governance is top of mind for any business especially with the...

  • Giving Displaced Katrina Victims Jobs is Major Step Toward Helping Them Rebuild Their Lives

    SAN ANTONIO, Texas - Rodney Granger is building a home in a new city, and he has a new job. Granger, a former resident of the New Orleans Lakeview suburb - one of the hardest hit neighborhoods by Hurricane Katrina - evacuated from Louisiana shortly after the hurricane and has...

  • DONATIONS

    BestSource Credit Union, Waterford, Mich., has raised $3,800 during the annual Hunger Walk. Lighthouse of Oakland County, Inc. honored the credit union as the top fundraising team. A total of 1,100 walkers raised $60,000 for the event. Lighthouse of Oakland County oversees three separate agencies that provide emergency food and...

  • Disaster Recovery Plans: What Worked and What Didn't for Katrina-Impacted CUs

    NEW ORLEANS - In a recent media tour of New Orleans conducted by the Louisiana Credit Union League, credit unions impacted by Hurricane Katrina repeatedly mentioned two things as integral parts of their disaster recovery operations: 1) shared branching, and 2) alliances with other credit unions, credit union-related organizations and...

  • Denver CUs Make Advocacy Splash on TV

    DENVER - In a $40,000 package buy, Denver area credit unions are stepping up their TV advocacy advertising this month and in the process getting favorable exposure on local talk shows and on Internet links. "This is a good example of what credit unions can do when they combine their...

  • Altura Hosts Blood Drive

    RIVERSIDE, Calif. - In the wake of Hurricanes Katrina and Rita, Altura Credit Union has opted to sponsor a blood drive to replenish the chronically low blood supply. Sixty-seven people, including Altura employees, volunteers and family and friends, participated in the one-day blood drive contributing 67 pints of blood that...

  • CURIA Hits 100 Mark

    WASHINGTON-Credit unions hit a milestone last week when the Credit Union Regulatory Improvements Act (H.R. 2317) gained its 100th supporter. Congressman Curtis Weldon (R-Pa.) signed up to become the 99th co-sponsor to CURIA, which when added to main sponsor Congressman Ed Royce (R-Calif.) makes an even 100. Credit union lobbyists...

  • Credit Union Provides Relief to Hurricane Victims

    La Habra, Calif., - American First Credit Union has matched donations from 56 employees to donate more than $4,700.00 to The Salvation Army for relief efforts. In addition, American First CU has offered $350 each to more than 30 American First members living in the disaster areas to assist them...

  • Governor Trains for Texas Twister

    AUSTIN - Governor Rick Perry is planning to participate in the 2nd Annual Credit Union Texas Twister 10K Run/Walk, Kids K and Team Challenge on October 30, 2005. In 2004, Texas credit unions established the Credit Union Texas Twister to benefit Children's Miracle Network and local children's hospitals. The inaugural...

  • Allpoint Sends New Jersey to MARS

    NEW CASTLE, Del. - The New Jersey Credit Union League has applied to join the Mid-Atlantic Regional Service Corporation in order to allow its member credit unions to get the same break on Allpoint pricing as other MARS leagues, according to the Delaware Credit Union League. Allpoint is the nationwide...

  • Pennsylvania Banking Secretary Launches Examiner Training Program

    HARRISBURG, Pa. - Pennsylvania Banking Secretary Bill Schenck announced today that 10 banks are partnering with the Department of Banking as part of a new examiner training program designed to enhance the training of its financial institution examiners. The Examiner Internship program places Department of Banking examiner trainees in participating...

  • Congressman Sodrel, CURIA Sponsor, Named `Outstanding Hoosier Legislator' by Indiana CUs

    INDIANAPOLIS - Indiana Congressman Mike Sodrel (R) was named as the Indiana Credit Union League's Outstanding Hoosier Legislator for 2005 in recognition of his support for the state's CUs and their 2.2 million members. Since taking office in January, Rep. Sodrel has met with Indiana CU leaders on several occasions...

  • Kansas CU Regulator Joins Association

    WICHITA, Kan. - The Kansas Credit Union Association has hired the state's top regulator, Jerel Wright, to head up its governmental and public affairs department in Topeka. Wright, who had been Administrator of the Kansas Department of Credit Unions the last eight years and is a former KCUA staffer, left...

  • SBA Hears Frustrated Business Owners, Simplifies Disaster Loan Process

    WASHINGTON - Nearly a week after the SBA testified at a hearing, which included complaints from business owners on the disaster loan application process, the agency said it's making the procedure simpler. The SBA announced Oct. 13 that it will relax some of its disaster loan filing requirements to expedite...

  • CFE FCU Gives $100,000 Boost to School Media Centers

    ORLANDO, Fla. - CFE Federal Credit Union has helped ensure 10 Orange County Public School Media Centers remain stocked. The credit union has donated a total of $100,000 to the schools to purchase books and reading-related technology for their media centers. The schools receiving checks were: Apopka Elementary, Lake Silver...

  • NASCUS Chair to Host Regional Regulator Meeting

    ARLINGTON, Va. - NASCUS Chair Linda Jekel, Washington Director of Credit Unions will host her first regional regulator meeting in December since being elected NASCUS chair last month. The meeting on Dec. 9 will follow the NCUA Region II Director's Meeting on Dec. 8. The NASCUS regional regulator meeting will...

  • Eastman CU Launches Neil Danehy Memorial Disaster Relief Fund

    KINGSPORT, Tenn. - Eastman Credit Union has created the Neil Danehy Memorial Disaster Relief Fund to support American Red Cross efforts. "This fund has been established in honor of our friend and co-worker, Neil Danehy, who passed away earlier this year," said ECU President/CEO Olan O. Jones, Jr. "We feel...

  • Connecticut Governor Creates Identity Theft Advisory Board

    HARTFORD, Conn. - Gov. M. Jodi Rell, concerned about the growing vulnerability of Connecticut residents to identity thieves and financial predators, signed an executive order designed to strengthen state laws and better protect the financial security of residents, businesses and financial institutions. The Executive Order No. 11 established the Governor's...

  • Coast Central CU Donates $10,000 to Hurricane Katrina Relief Fund

    EUREKA, Calif. - To help displaced members and their families, Coast Central CU has made a $10,000 contribution to the Hurricane Katrina disaster relief fund. The donation, made to the California Credit Union League, is on top of the "many individual contributions" members and staff from the $589 million CU...

  • California CU Hurricane Relief Tops $100,000

    GLENDALE, Calif. - California Credit Union has donated more than $100,000 to hurricane disaster relief through a variety of financial assistance and incentive programs. "It is humbling to see the outpouring of support from our board, employees and members," said California CU President/CEO Ron McDaniel. "We aren't finished yet." In...

  • Pan Am Horizons FCU Focused on Disaster Relief

    MIAMI - Pan Am Horizons Federal Credit Union has donated a total of $2,400 to the American Red Cross 2005 Hurricane Relief Fund to help those affected by recent hurricanes in the Gulf Coast. "Our employees know what it is like to suffer devastation after Hurricane Andrew. We wanted the...

  • DI and HFS Ink Deal on Online Cash Management

    CALABASAS, Calif. - Two major technology firms serving credit unions have deepened their partnership. Digital Insight announced that Harland Financial Solutions has selected Digital Insight's Member Business Services as its preferred online cash management solution. This means more than 400 CUs on HFS' ULTRADATA core system will have access to...

  • CUNA's Mica and Earl Travel to Louisiana to See Katrina's Destruction

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  • Indiana Members Credit Union, Capital Plus CU Merger Complete

    INDIANAPOLIS - Indiana Members Credit Union and Capital Plus Credit Union have agreed to merge. Deciding it was a win-win situation for both credit unions, the merger will not only benefit employees but also improves the image of convenience and service to members. The new credit union will have $895...

  • CCCU, North Shore Gas Credit Union to Merge

    WAUKEGAN, Ill. - Consumers Cooperative Credit Union and North Shore Gas Credit Union have announced merger plans effective January 1, 2006. "The focus of North Shore Gas Credit Union has always been to provide superior service to our members," said NSGCU Board Chairman Steve Carlson. "Continuing that service was a...

  • Clarke American Updates Loving ReflectionT Check Design

    SAN ANTONIO, Texas - Clarke American has updated its Loving ReflectionsT cause-related check design in its continued support of the fight against breast cancer. The new design, launched in time for Breast Cancer Awareness Month, features a signature pink foiled ribbon on a pink swirled background. A portion of the...

  • Spokane FCU's Dress Down Days Benefit Katrina Survivors

    SPOKANE, Wash. -Spokane Federal Credit Union staffers' dress down days have helped collect $1,713.88 for Hurricane Katrina victims. With a remodel slated for the credit union, management decided to allow employees to dress casual for two weeks to raise funds for the American Red Cross to benefit Hurricane Katrina victims....

  • Ohio House of Representatives Passes Credit Union Modernization Legislation

    DUBLIN, Ohio - The Ohio House of Representatives passed the Credit Union Member Services Powers Bill - House Bill 81 - by a vote of 91-2 on Oct. 18. Sponsored by Rep. Geoffrey Smith (R-Upper Arlington), the measure modernizes the state's credit union law for the first time in 18...

  • Pacific Resource CU Donates $10,000

    LOS ANGELES -Pacific Resource Credit Union's $10,000 donation to aid the victims of Hurricane Katrina is the largest donation ever made by the credit union. The American Red Cross received $7,500 of these funds to provide shelter, food, counseling and other assistance to those affected by the crisis. The remaining...

  • Credit Union Boardrooms Breakout on their Own

    Credit union boardrooms are undergoing their own "Renaissance Period". According to experts more consideration is being placed on the boardroom as an expression of the credit union brand and uses range from being an exclusive board sanctuary to serving as a community room. While the boardrooms featured here are high-tech,...

  • Affinity Plus FCU Inspiring Member Loyalty

    ST. PAUL, Minn. - Affinity Plus Federal Credit Union is set to reward members with a new Member Loyalty Program. Designed to reward by making members feel appreciated, the program will also serve as an opportunity for staffers to build deeper member relationships. "We feel that this type of reciprocal...

  • Potential HSA Boom for Financial Institutions During Open Enrollment

    LAKE GENEVA, Wis. - With the number of employers expected to offer High Deductible Health Plans, current open enrollment periods are a golden opportunity for credit unions to offer Health Savings Accounts (HSAs) to business clients. "Financial institutions that wish to offer HSAs in 2006 must get set up to...

  • American Express Offers Fee-Free Card

    NEW YORK - With consumers overall becoming steadily less able to differentiate between cards of all types, the big card issuers are taking whatever steps they can to make their cards stand out. Recently, Bank of America announced a plan through which the bank rounds up any debit card transaction...

  • SBA Hears Frustrated Business Owners, Simplifies Disaster Loan Process

    WASHINGTON - Nearly a week after the SBA testified at a hearing, which included complaints from business owners on the disaster loan application process, the agency said it's making the procedure simpler. The SBA announced Oct. 13 that it will relax some of its disaster loan filing requirements to expedite...

  • CU National Mortgage Signs Mortgage Services Agreement with Rutgers FCU

    PINE BROOK, N.J. - CU National Mortgage has signed a full service mortgage services agreement with Rutgers FCU that gives the CU's more than 11,000 members the ability to obtain mortgages in all 50 states. The addition of the New Brunswick, N.J.-based CU brings to nearly 90 the number of...

  • 30-year Mortgage Rate Breaks 6% Mark

    MC LEAN, Va. - For the first time in more than six months, the 30-year fixed mortgage rate topped 6%. The average rate paid on a 30-year loan the week of Oct. 10 was 6.03%, up from 5.98% the previous week. A year ago, Freddie Mac said the rate on...

  • CCCU Hosting Free Car Buying Seminar

    WAUKEGAN, Ill. - Consumers Cooperative CU is continuing with the series of free seminars its been offering with one it's hosting Oct. 27 on "Tips for Purchasing a New Car." The educational seminar is open to the public as well as CCCU's more than 47,000 members, and is designed to...

  • UW Credit Union Helps Hurricane, Tornado Victims

    MADISON, Wis. - UW Credit Union made giving to the American Red Cross Katrina Fund easy by using online technology. Members could not only transfer funds from their UW Credit Union account to benefit the American Red Cross but also the Salvation Army of Dane County to help tornado victims...

  • Freddie Mac Funds $1 Billion in Gulf Mortgage Bonds, Facilitates Low-Cost Loans to Storm Victims

    BATON ROUGE, La. - In the latest of its continuing efforts to provide mortgage loan relief to the victims of Hurricanes Katrina and Rita, Freddie Mac plans to buy up to $1 billion in tax-exempt mortgage revenue bonds so state and local housing finance agencies in the Gulf Coast can...

  • IRS Taking a Close Look at Credit Counseling Agencies

    WASHINGTON - Several credit counseling agencies are at risk of losing their non-profit status by the end of the year. The New York Times reports that "the aggressive practices of some counseling providers" has come to the attention of Congress and have been scrutinized by the Federal Trade Commission and...

News

  • English Credit Unions Must Change to Survive

    ENGLAND and SCOTLAND - Scotland's credit unions are deemed a success story, but England's 600 credit unions need to change drastically if they are to survive in the modern world, according to a report written by Tina Barnes and Paul Jones. The report compares Scottish credit unions with those in...

  • Self-Help CU has Stake in Fund Alternative to Rising Fuel Costs

    BRATTLEBORO, Vt. - The rise in gas and oil prices has some looking at other investments including those that have ties to environmentally-friendly companies. The New Alternatives Fund, for instance, is seeing renewed interest. Launched in 1982, it screens for companies that produce nuclear power, oil, and coal burning, as...

  • Special Report: Investments/Trust Services

    Turn to pages 22-27 for the latest news on investments and trust services, including how Iowa and Illinois CUs are using banks to build up their trust business.

  • Men Tend to Make More Investment Decisions than Women, Survey Shows

    NEW YORK- When it comes to decisions on investment planning, men tend to carry out this function more than women. That's according to a recent survey from mutual fund company OppenheimerFunds Inc., which surveyed 1,000 investors. When it comes to buying and selling stocks for the family, 44% of men...

  • Most BECU Members Know the Drill for a Boeing Strike, Tend to Not Tap Investments, 401(k)s for Emergency Cash

    TUKWILA, Wash. - For a credit union like BECU, which serves a large majority of employees who work for Boeing Co., a strike every three years or so is typically expected with both sides eventually agreeing to a favorable contract. But being on a strike, which can run anywhere from...

  • And Then There Was One

    The NCUA Board, or more accurately JoAnn Johnson, met for the October board meeting. Turn to page 19 for the full coverage.

  • More Reasons than Members May Think Exist for Estate Planning

    DUBUQUE, Iowa - As credit unions continue to build trust services divisions and alliances, some that haven't gone down that road yet may wonder if there's a real need. Six Iowa CUs that formed a partnership with First Community Trust, N.A. in 2001, have offered at least 14 reasons why...

  • Benchmarks Can Help CUs with Portfolio Performance

    WASHINGTON - Before determining which benchmark is appropriate to determine portfolio and securities performance, credit unions might want to consider each of their characteristics. Callahan & Associates, Inc. reports that benchmarks serve several purposes from evaluating mutual funds and money managers to determining investment portfolio performance. Before a credit union...

  • NCUA's Annual Budget Briefing: Budget Up Slightly; OTR, Operating Fees Down Slightly

    WASHINGTON-During remarks at NCUA's Fifth Annual Budget Briefing and Public Forum, credit union representatives breathed a sigh of relief when NCUA Executive Director Len Skiles announced that the agency was not expecting to assess an insurance premium for 2006. After Hurricanes Rita and Katrina hit, there was a concern that...

  • Social Security Payments to See Largest Increase in a Decade

    WASHINGTON - Thanks to a bump in the cost of living adjustment, Social Security monthly checks will soon see a 4.1% increase, the largest hike in more than a decade. Starting in 2006, more than 48 million Americans will get a 4.1% increase in their monthly Social Security checks. The...

  • ACB Urges Senate to Preserve Proposed Increased IRA Deposit Insurance

    WASHINGTON - America's Community Bankers recently urged legislators to oppose a bill amendment that could strike increased deposit insurance coverage for IRAs. At issue is S. 1562, the Safe and Fair Deposit Insurance Act of 2005 of which Sen. Jim Bunning (D-Ky.) has called for an amendment to strike increased...

  • SEC Names Acting Director for Philadelphia Office

    WASHINGTON - The SEC has named Joy Gaines Thompson as the acting district administrator of its Philadelphia district office (PDO), the agency announced Oct. 14. Thompson will succeed Arthur Gabinet, who will leave the SEC at the end of October to head up the securities regulation group at the Vanguard...

  • Average Investment Yield for Nation's Top 50 CUs up to 5.03%

    WASHINGTON - A look at the top 50 credit unions in investments reveals that the average yield ranges between 2.32% and 5.03%. That's according to data from Callahan & Associates, Inc., which tracked investments at 9,062 credit unions for the period ending June 30. To make the top 50 listing,...

  • Surplus Funds Buoy Liquidity for Credit Unions

    MADISON, Wis. - The latest surplus fund data appear to be signaling that credit unions have "adequate" liquidity. Surplus funds, which includes cash and investments, currently total 29.3% of credit union assets but at $202 billion, funds are down 7.9% over the past year, according to CUNA Mutual Group's latest...

  • Workers' CU Encourages Smart Women to Finish Rich

    FITCHBURG, Mass. - Workers' Credit Union recently held a free seminar targeted at women and their financial security. The `Smart Women Finish Rich' session, which was conducted by Workers' Financial Services, the CU's investment and insurance subsidiary, featured presentations on determining where women attendees stood financially; how to invest based...

  • Pentagon FCU Signs on with FOLIOfn

    ALEXANDRIA, Va. - Pentagon FCU has tapped Internet-based brokerage FOLIOfn Investments, Inc. to become its exclusive provider of online brokerage and investment services. Members of the $8 billion CU will be able to purchase a range of stocks, exchange traded funds, mutual funds and American Depository Receipts, as well as...

News Briefs

  • CUs Maintain Highest Consumer Satisfaction Rating, American Banker Poll Finds

    WASHINGTON-For 21 years, consumers have voted credit unions the best in consumer satisfaction, according to American Banker/Gallup surveys. The 2005 American Banker/Gallup Survey found 71% of consumers said they were "very satisfied" with the service they received from their credit unions, American Banker reported. This was down slightly from the...

  • Corrections

    An article in the Oct. 19 issue, "CU Direct, U.S. Central in Talks for CUSO to Lease Space from Corporate" included an incorrect dateline for U.S. Central. The corporate is headquartered in Lenexa, Kan., not Missouri.

  • Senate Banking Announces NCUA Board Confirmation Hearings

    WASHINGTON-The Senate Banking Committee last week announced long-awaited hearings to fill the open slots on the NCUA Board. Rodney Hood, currently serving at the U.S. Department of Agriculture, was nominated in May to fill the seat vacated by former NCUA Chairman Dennis Dollar around 18 months ago. Empire Corporate Federal...

  • Ex-Utah League CEO Retained to Coordinate CUNA's Relief Efforts

    MADISON, Wis.-Scott Earl, former Utah League of Credit Unions head, will coordinate CUNA's disaster relief efforts. "After the camera lights go off, and the crowds melt away, the needs of those in the disaster areas do not disappear," CUNA President and CEO Dan Mica said. "Our association's efforts to provide...

  • Charter Coalition Sniffs at AACUL Report

    WASHINGTON - The Coalition for Credit Union Charter Options, a banker advised group which supports credit unions being able to change to mutual bank charters, has attacked the American Association of Credit Union Leagues' report on the charter conversion issue. AACUL's 65-page report, released last month, made many different recommendations...

  • NYSCUL Aims to Get Small- to Mid-Size CUs on the Fast Track

    LATHAM, N.Y.-Issues and challenges facing credit unions with less than $50 million in assets will be the topic of a special full-day program for CEOs and managers to be sponsored by the New York State Credit Union League (NYSCUL). The CEO/Manager Roundtable marks the first time that the New York...

  • PSCU Donates $50,000 to CUNA Scholarship Fund

    ST. PETERSBURG, Fla. - PSCU, the card processing cooperative for over 500 credit unions which use the First Data card platform, has donated $50,000 to CUNA's Lending Council Scholarship Fund. The Scholarship Fund offers educational resources to enhance the lending expertise of personnel in credit unions with less than $50...

  • Navy Federal Donates $491,605 for Hurricane Katrina Relief

    VIENNA, Va. - Navy Federal Credit Union has donated $491,605 to the Marine Corps Relief Society. Funds will be used to help Navy and Marine Corps personnel and their families as they try to rebuild their lives after Hurricane Katrina. "This tragedy was made even worse because many of the...

Publisher's Column

  • Ready, Aim.PR!

    I wish I could report that the credit union-to-bank charter conversion issue is going to fade away, but that's not the case. Quite the contrary, it is poised to heat up again as still more credit unions look to make the switch. The industry needs to ready its defenses. I've...

Special Report

  • NewGround Inks Consumer Financial News Deal

    ST. LOUIS - Financial services design/build firm NewGround, has recently signed an exclusive, national agreement for the distribution of Consumer Financial News (CFN) to financial institutions through NewGround's Digital Signage Network. Produced by StagePost Studios, Consumer Financial News is a digital sales tool used to engage members through television in...

  • Whatcom Educational Credit Union's New Commercial Lending Center Swathed in `Green'

    BELLINGHAM, Wash. - Whatcom Educational Credit Union's new commercial loan and real estate center will see an abundance of "green." The $379 million credit union is planning to construct a 9,000 square-foot center that will meet Leadership in Energy and Environmental Design (LEED) standards, a building rating system that stresses...

  • The Golden 1 CU Adds New Board Director

    SACRAMENTO, Calif. - The Golden 1 Credit Union has recently appointed Sacramento Assistant City Manager Cassandra H.B. Jennings board director. "Ms. Jennings brings us a valuable perspective on community issues," said The Golden 1 CU President/CEO Teresa Halleck. "She is extremely accomplished, and we welcome her contributions to the board....

  • SECU Purchases Building for Ops Center

    RALEIGH, N.C. - There is a new operations center in State Employees' Credit Union's future. The credit union has recently purchased a 52,416 square-foot office building and 9.1 acres on Six Forks Road here. Plans are underway for the new operations center to house up to 300 SECU staffers from...

Marketing

  • MAC Calls All Marketers

    DEL MAR, Calif. - Palm Springs is where credit union marketing professionals will meet next year for the Marketing Association of Credit Unions' 20th Annual Conference and Awards Ceremony. Slated to be held May 24-26, 2006 at the Marriott Desert Springs Resort and Spa, the conference will feature some top-notch...

  • Field of Dreams for UFCU, University of Texas

    AUSTIN, Texas -The University of Texas and University Federal Credit Union have teamed up to renovate Disch-Falk Field, the home of the six-time national champion Texas Longhorns baseball team. As part of the deal, the facility will be known as "UFCU Disch-Falk Field" on August 1, 2006 and UFCU will...

  • CFCU Goes "X-treme"

    HARBOR, Ore. - Chetco Federal Credit Union has connected with younger members by hosting the first ever skateboard competition at Brookings Skate Park. Skaters ranged from ages six to 18 each performing a two-minute skate routine. The top 10 skaters made up of the five best from both the 6-12...

  • JDCU Gears Up for Junior Achievement

    LOWELL, Mass. - Jeanne D'Arc Credit Union has gone to the head of the class at Lowell High School's Junior Achievement's Success Skills Program. JDCU Human Resources Specialist Lois Bousquet, Mortgage Loan Originator Kara Doyle, Assistant Branch Manager Judy McCullough and AVP/Controller Jim Reddy are the latest mentors to help...

  • NJ Gateway FCU Names Marketing Director

    MONMOUTH JUNCTION, N.J. - There is a new marketing director at New Jersey Gateway Federal Credit Union and her name is Patricia Darcey. With the recent granting of a community charter expanding the credit union's field of membership Darcey's appointment comes at the right time. Darcey is a veteran copywriter...

  • Montana First Ads Benefit All CUs

    MISSOULA, Mont. - Montana First Credit Union's new ad campaign with its "one for all" attitude literally showcases the credit union difference. Billboards sporting the Web site www.wakeupmissoula.com have sprouted across town and promote all credit unions not just Montana First CU. The Web site featuring a ringing alarm clock...

  • Cumorah CU Goes All Out for 40th

    LAS VEGAS - To celebrate turning 40, Cumorah Credit Union has lined up a few surprises for members including a 10% bonus dividend. In addition, commemorative embroidered stadium blankets were provided and week-long anniversary festivities were held at all branches. Members were notified about the bonus via direct mail pieces...

Opinions

People

  • VENDORS

    Integrated Media Management, an output management and document automation technology provider, has named Thomas M. Kubek manager of installation and support. GrooveCar Inc., a credit union provider of automobile and automotive services and products has named Emily Farello director of credit union relations. OneBridge, an Indianapolis-based credit and debit card...

  • EAST

    Jersey Shore Federal Credit Union, Northfield, has named Devon Callan chief operations officer. Workers' Credit Union, Fitchburg, Mass., has named Linda Lagoy and Colleen M Adamson regional managers. Bethpage Federal Credit Union, N.Y., President/CEO Kirk Kordeleski has been elected Friends of the Arts board president.

  • MIDWEST

    Corporate America Family Credit Union, Elgin, Ill., has named Amy Jilani Olathe branch manager; Cynthia Everhart Sterling branch manager; Pamela Tarvin Peoria branch manager; Patti Clow Huntley branch manager; and Stan Miller to Marion branch manager. In addition Corporate America Family CU Crystal Lake Branch Manager Valerie Jordan has been...

  • SOUTH

    Tyndall Federal Credit Union, Panama City, Fla., has named Theodore E. Zangwill senior vice president/chief operations officer.

  • WEST

    SELCO Community Credit Union, Eugene, Ore., has named Jan Burch director of community involvement Evangelical Christian Credit Union, Brea, Calif., has appointed Brian D. Scharkey and Terry L. Donnelly to the position of executive vice president. The Golden 1 Credit Union, Sacramento, Calif., has named James Anderson real estate and...

Voting Poll

Billlionaires Club

In Other News

  • DONATIONS

    Palisades Federal Credit Union, Pearl River, N.Y., has successfully raised funds during the COBA Annual Golf Outing and Fundraising Event held at the Philip J. Rotella Municipal Golf Course in Thiells, New York. Funds raised by this annual event provide scholarship support to deserving Rockland County youth pursuing higher education....

Tech Bytes

  • America First Extends Bill Pay Pact with CheckFree

    SALT LAKE CITY - America First Credit Union has extended its electronic bill pay pact with CheckFree Corp. for three more years, the company and credit union say. The $3.1 billion CU (www.americafirst.com) has used CheckFree for more than five years and offers its 375,000 members free billing and bill...

  • CUSC to Offer EPL's Shared-Branching Application

    BIRMINGHAM, Ala. - Credit Union Service Corp. (CUSC) says it now will be distributing to credit unions the CUe-Passport teller application from EPL Inc. "CUe-Passport is being positioned to become the sole shared-branching teller application for CUSC stand-alone and outlet locations without a shared branching acquirer solution," says Craig Beach,...

  • Callahan & Associates Offers iConnect

    WASHINGTON - A database of credit union contacts kept current through the Internet is the newest offering from Callahan & Associates. The iConnect service is intended to be the most up-to-date list of CU contacts in the industry, and can be used by vendors to create such tools as targeted...

  • OSI Canada Marks First Sale of FTI Financial Tools in Canada

    GLASTONBURY, Conn. - Open Solutions' north-of-the-border penetration effort marked another milestone with the first sale of its FTI Financial Accounting Suite to a pair of Canadian credit unions. They are Affinity CU, formed earlier this year by the merger of three credit unions with 28,000 members and 14 locations across...

  • GTE FCU to Switch to OSI Core Platform

    TAMPA, Fla. - GTE Federal Credit Union will be converting to Open Solutions Inc.'s core processing platform soon after more than two decades as a client of its current provider, the $2.1 billion CU says. "We've been using the same system for 23 years, but our recent growth has dictated...

  • Survey Finds Online Banking Adoption Varies Widely by State, Region

    CAMBRIDGE, Mass. - Online banking adoption rates vary widely by region and age group, according to a sweeping new survey. According to the Consumer Technographics North American Benchmark Study of 62,000 households by Forrester Research, 28% of U.S. households - and 42% of online households - are active online bankers....

  • Akcelerant Releases Latest Version of Collections Automation Solution

    MALVERN, Pa. - An upgrade of Akcelerant Software's automated collections solution has been released. CollectAnywhere version 4.0 offers improved navigation and administrative and personalization enhancements, along with integration with Microsoft Reporting Services and Microsoft Active Directory. CollectAnywhere, which has been gaining traction in credit union land, is Web-based and helps...

  • Online Resources Wins Two Billion Dollar CU Clients

    CHANTILLY, Va. - Internet services firm Online Resources Corp. said it has signed two billion dollar credit unions for Internet banking and bill payment services. These are new clients, not re-signs. They are the $2 billion Lockheed FCU in Burbank, Calif., and the $1.6 billion MacDill FCU in Tampa, Fla....

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....

  • Contact Mike Welch

    For those looking to get in contact with former Credit Union Times publisher Mike Welch, he can be reached at his Wisconsin office at (608) 825-4350 or via e-mail at mikewelch@austinwarbler.com.

  • Bye Mike, Your Views Will be Missed

    I just read the news last week about the sale of Credit Union Times, and while I believe former publisher Mike Welch is sadly mistaken in thinking the paper will be better, etc. as he departs, I can understand his need to move on to that third career. I have...

  • Farewell Mike, Enjoy Your Next Life

    I just wanted to add my own farewell to former publisher Mike Welch to what I'm sure must be a "flood" of accolades and farewells that he's received by now. Mike, you've made a real contribution to this industry, and it's been an enormous pleasure knowing you. I'm going to...

  • Take Care Mike, and Thanks

    I was very surprised by the Oct. 5 article on the sale of Credit Union Times. I wish former publisher Mike Welch nothing but good luck and good health as he moves on to the next chapter of his life. I will certainly miss his columns. When I received my...

  • Hurricanes Brought Credit Unions Even Closer

    "Credit Unions: People Helping People". This slogan used by credit unions throughout the country is a true representation of what took place at one of Irving's local credit unions. Las Colinas Federal Credit Union opened its doors to NechesHuntsman FCU during the Hurricane Rita evacuation from the Southeast Texas Gulf...

  • Don't Kid Yourself, Losing Exemption Would Hurt

    I feel compelled to respond to Rick Leas comments in the Sept. 28 issue where he agreed with Rob Nicholls from Australia that taxation wouldn't kill U.S. credit unions. While it might be true that taxation wouldn't kill credit unions, what can be learned from the Australian experience is that...

Quotes Worth Quoting

  • Quotes Worth Quoting

    "You've got to fix the rules." - Sally Miller - director of the ABA Center for Securities, Trust and Investment and general counsel - on the SEC's latest deadline extension for banks to comply with broker requirements under the Gramm-Leach-Bliley Act. "There's no one way a member applies for a...

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