Credit Union Times Magazine September-28, 2005

News

  • Do Celebrity Endorsements Help? Some Overseas CUs Think So

    United Kingdom - Does having an actress, a Nobel Peace Price winner, a prime minister, a politician, an archbishop, a war hero or a mayor endorse a credit union help it grow? In Great Britain, celebrity endorsements abound. In the Republic of Ireland and Northern Ireland John Hume was a...

  • Bachus Looking to Balance Immediate Needs with Safety and Soundness

    WASHINGTON-House Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (R-Ala.) said he is working to strike a balance between the immediate needs of the communities hit hardest by Hurricane Katrina and maintaining the safety and soundness of credit unions and other financial institutions. Regulators are asking all types of...

  • Savings, Loan Limit Increases Possible for UK CUs

    MANCHESTER, U.K. - The regulation limiting British credit union member savings accounts to 5000 (US$9,120) may be raised to 10,000 (US$18,238) or to 1.5% of the total credit union shares. The Financial Services Authority (FSA) which regulates British credit unions has just finished a consultation period and will make a...

  • NAFCU Policy on Conversions Focuses on Transparency, Accountability

    WASHINGTON - NAFCU unveiled its new policy on credit union-to-bank charter conversions with three policy suggestions which, it said, would introduce transparency and accountability into the process. Speaking at a press conference held in accordance with NAFCU's Congressional Caucus in Washington on September 19, NAFCU President Fred Becker laid out...

  • Matz Appearance at NAFCU's Caucus the Last as Board Member

    WASHINGTON-Following Congressman Patrick McHenry (R-N.C.), outgoing NCUA Board Member Debbie Matz told NAFCU's Congressional Caucus that she squarely disagreed with his view of the mutual savings bank conversion issue. She called him "courageous" for being willing to face such a crowd and fully agreed with the congressman that disclosures should...

  • McHenry Faces Polite But Reserved NAFCU Audience; Some Pleased at Willingness to Hear Their Points

    WASHINGTON - Representative Patrick McHenry (R-N.C.), the freshman author of the Credit Union Charter Choice Act, received polite but reserved treatment from the roughly 500 credit union directors and executives before whom he spoke on September 20 in the nation's capital. The Credit Union Charter Choice Act is a piece...

  • Sanders Backs Credit Unions Big Time

    NONE

  • Oxley Wants to Handle Regulatory Relief in One Shot

    WASHINGTON-House Financial Services Committee Chairman Mike Oxley (R-Ohio) told reporters at NAFCU's Congressional Caucus that, particularly in light of Hurricane Katrina, he would like regulatory relief to pass as a permanent measure. "Regulatory relief is an issue that has fascinated me from the time I took over as chairman," Oxley...

  • Two More Lawmakers Earn their Wings in Credit Unions' Book

    WASHINGTON-Two more lawmakers have been added as backers of the Credit Union Regulatory Improvements Act (H.R. 2317) as of press time. Congressman William "Lacy" Clay (D-Mo.) officially signed on, as did Congressman Norm Dicks (D-WA). There are currently 96 co-sponsors to CURIA, in addition to Congressman Ed Royce (R-Calif.). In...

  • Reality of Politics Hits Hensarling with Reg Relief

    WASHINGTON-Reviewing laws and regulations for burden and usefulness is the duty of Congress, according to Representative Jeb Hensarling (R-Texas). In that respect, the relative newcomer to politics told NAFCU's Congressional Caucus last week, "We are very fortunate to have the leadership of Chairman Mike Oxley and Chairman Bachus." "If left...

  • Welcome to San Francisco

    Despite Hurricane Katrina, CUNA has a full house expected for its Future Forum in San Francisco. Looking for something to do during your stay? Turn to pages 82-83 for insight from Bay Area credit unions. Credit Union Times will provide complete on-site coverage of the meeting in its Oct. 5...

  • Kanjorski Pushes CUs to Push CURIA

    WASHINGTON-The more the merrier was the message Congressman Paul Kanjorski (D-Pa.) had for NAFCU's Congressional Caucus when it comes to CURIA cosponsors. "In recent months, we've had some strong movement on CURIA...I always think of credit unions as something that transcends parties and philosophies," he said. "We have 96 co-sponsors....

  • Snow Calls CUs' Katrina Efforts Representative of American Spirit

    WASHINGTON-Credit unions' recovery efforts in the wake of Hurricane Katrina represent the "spirit of America." Treasury Secretary John Snow was late for his appearance at NAFCU's Congressional Caucus due to a meeting at the White House. "We were working on the issue that's on everybody's mind and that's the recovery...

  • Downey FCU Drives Repossessed Car Down Information Superhighway

    DOWNEY, Calif. - Downey Federal Credit Union recently tapped into the power of Web site exposure when it advertised a repossessed vehicle for sale directly to members. The 2002 Chevrolet Malibu was featured on DFCU's Web site for about a month, until the vehicle was listed with a consignment service....

  • Delaware League has End of 2005 in Sight for Naming New President

    NEW CASTLE, De. - If things go as planned, the Delaware Credit Union League will have a new president/CEO to kick off 2006. At press time, the League's board-appointed search committee of four directors was going through the first batch of responses it received to the `Help Wanted' ad it...

  • CUNA Sees PCA Relief in CUs' Future

    WASHINGTON-While Hurricane Katrina may have pushed homes and businesses away from the Gulf shore, it may have also pushed credit unions one step closer to Prompt Corrective Action relief, even if it is only temporary. Senior staff from CUNA said they expect to see at least temporary relief from PCA...

  • Credit Union Count Forecast for 2005 Not as Gloomy Even With Katrina Impact

    MADISON, Wis. - As clean-up efforts continue from the obliteration left behind from Hurricane Katrina, credit unions will likely see government debt translating into a "drag" on long-term economic growth potential. This is one of the findings from the July Credit Union Trends Report from CUNA Mutual Group. Near-term, economic...

  • Credit Unions and Banks are the Same? Don't Be a Sucker!

    GRAND PRAIRIE, Texas - Tired of all the hoopla focused on Community Credit Union's and OmniAmerican Credit Union's bank conversion efforts? Not Texas Trust Credit Union! They're capitalizing on the attention generated by the media in hopes of building their own membership. On Oct. 1, this $460 million Dallas/Fort Worth...

  • Fed, CFA Disagree on Analysis of 2004 HMDA

    WASHINGTON - The Federal Financial Institution Examination Council released the aggregate data for the national 2004 Home Mortgage Disclosure Act earlier this month, and before the data even had a chance to get warm the Federal Reserve Board and Consumer Federation of America already disagreed on the interpretation of the...

  • Katrina's Effects on CUs' Delinquency, Charge-Off Rates Uncertain

    WASHINGTON - Hurricane Katrina may have stormed into the Gulf coast going on a month ago, but the affects will be long felt by the people who live there and businesses. With so many lives disrupted, what are the ramifications for credit unions' loan portfolios? The good news, says CUNA...

  • Interesting Find: Small Leagues More Likely to Own Office Space

    WEST PALM BEACH, Fla. - The reasons for a league deciding whether to lease or own its headquarters are not as clear-cut as they may seem, and it appears credit union leagues count real estate among their assets. A quick survey of credit union leagues revealed that many state trade...

  • Fiserv and CUNA Mutual Get Closer in Payment Protection Processing Deal; CUNA Mutual Embraces Revenue Sharing

    BROOKFIELD, Wis. - Being two of the largest credit union vendors and being from the same state, one would think CUNA Mutual and Fiserv would have joined forces on some level throughout their histories serving credit unions. But they haven't done any major partnerships over the years until now. The...

  • `Hip Rockers' Play Big in League-Backed TV Campaign

    TACOMA, Wash. - The credit union message is going rockin' this month as a group of 21 Washington/Alaska CUs debuts a series of TV ads with a youthful theme, a catchy music jingle and a new logo-"Together, Better." "If you're not a contributor to this campaign, you should be," urged...

  • Charter Debate: Is The Good Of The Member in the Eye of the Beholder?

    ARLINGTON, Va. - No matter what side you may be on in the question over some credit unions exchanging their charters to those of mutual banks it is almost certain that your view of the question will be formed by what, in your mind, constitutes the `good of the credit...

  • Fiserv Makes it Easier to tie Credit Card to HELOC

    BROOKFIELD, Wis. - Unused lines of credit are not profitable for financials, and Fiserv thinks it has a way to help. Fiserv Lending Solutions announced that it will add credit cards for HELOCS to its MortgagServ loans servicing system. "Lenders need ways to encourage use of lines of credit. Credit...

  • BECU Activates Income Interruption for Katrina, Striking Machinists

    TUKWILA, Wash. - In response to Hurricane Katrina and the International Association of Machinists and Aerospace Workers union strike, BECU has recently activated its Income Interruption Program. The program provides temporary assistance to members of the credit union in meeting their "basic need" expenses for food, housing and medical care,...

  • AEDC FCU Donates Over $25,000 to Red Cross

    TULLAHOMA, Tenn. - AEDC Federal Credit Union has donated $25,223.93 to the American Red Cross to help the survivors of Hurricane Katrina. That total includes donations from credit union employees, members and matching funds from the credit union. Employees who donated at least $5 to the credit union's Katrina Disaster...

  • Illinois Teller Adopts Evacuees

    GURNEE, Ill. -Betty Fallos, head teller at the $158 million Community Trust Credit Union here, never once sought out the publicity but sure enough her story of transporting an evacuee family of five from Mississippi and housing them in her home caught the attention of CUs across the state. "We...

  • AACUL Report Brings Scholarship, Strong Recommendations to Conversion Discussion

    WASHINGTON - The American Association of Credit Union Leagues' Cooperative Business Model Task Force has authored the most comprehensive and closely-researched report on the issues surrounding credit union-to-bank charter conversions to date. The report, which runs to 65 pages without graphics, both seeks to document in detail the differences that...

  • Centrix Lays Off Workers as Loan Volume Declines Due to NCUA Risk Alert

    CENTENNIAL, Colo. - NCUA's June 2005 Risk Alert Letter concerning guidelines for credit unions involved with third-party subprime indirect vendors is apparently hurting the business of one of the largest subprime indirect lenders doing business with credit unions. Centrix Financial, Centennial, Colo. on Sept. 15 laid off 150 people representing...

  • Certegy to Merge With Fidelity National Information Services: Looks For Cross-Selling Opportunities

    ST. PETERSBURG, Fla. - Certegy, the card processor for roughly 4,000 credit unions announced on September 15 that it has signed a merger agreement with Fidelity National Information Services (FIS), a majority-owned subsidiary of Fidelity National Financial Inc. "We are very excited to become part of the FNF family," said...

  • CFA: Consumers' Understanding of Credit Scores Improved But Still Insufficient

    WASHINGTON - First the good news: consumers' understanding of and access to credit scores has improved since last year. Now the not-so-good news: there's still room for more improvement. That's the assessment of the Consumer Federation of America and Providian Financial who discussed the findings of their second annual consumer...

  • ACB Finds Niche in Working MSB Conversion Issue

    WASHINGTON-In terms of possibilities in the relatively near-term, the credit union-to-mutual savings bank conversion issue has the greatest potential for progress, according to America's Community Bankers President and CEO Diane Casey-Landry. "I think the biggest issue right now is conversions," she said. Casey-Landry continued, "I don't see anybody taking up...

  • ACUMA Participates in HUD RESPA Reform Roundtable, Offers Suggestions

    LAS VEGAS - The American Credit Union Mortgage Association participated in the HUD Roundtable on RESPA Reform held Aug. 25 and followed up with a letter to HUD Secretary Alphonso Jackson with its comments that specifically address HUD's Good Faith Estimate. In the association's letter to Jackson, ACUMA Chairman Robert...

  • Latest Callahan Data Shows Continued Activity in CUSO Market

    WASHINGTON -Callahan & Associates is finalizing the production of its new CUSO directory, but already early top line data show interesting trends in the CUSO market. Callahan EVP Jay Johnson said his first impression of the data is there is "tremendous activity" in the CUSO market, and "that's a reflection...

  • Louisiana League Lays Off Six Employees, Cochran says Move Prompted by Financial Concerns

    BATON ROUGE, La. - The Louisiana Credit Union League has placed six employees on "layoff status," a move it says will help protect the financial viability of the League as it moves forward following Hurricane Katrina. A Sept. 18 memo from LCUL President/CEO Anne Cochran to League board members stated...

  • SEC Named Among Top Five Places to Work in Federal Government; SBA Makes List but not NCUA

    WASHINGTON - The SEC was recently named among the top five places to work in the federal government in a study conducted by the Partnership for Public Service and U.S. News and World Report. The agency scored high marks for its employee skills and mission match; pay and benefits; teamwork;...

  • Rowland Pushes Non-Interest Fee Income; Some CUs Feeing for Balances Falling Below $500

    TACOMA, Wash. - The squeeze on margins is giving credit unions new momentum to raise non-interest income in heretofore unorthodox methods ranging from imposing fees on debit card transactions to charges on below-balance checking, according to a Kansas City CU consultant. Addressing a session on "Non-Interest Income's Coolest 100 CUs"...

  • Rising Interest Rates Appear Making Some Portfolio Buyers Lower Their Bids

    ARLINGTON, Va. - The high premiums which have characterized purchases of credit union card portfolios for the past few years may be a thing of the past - at least for now, according to card portfolio brokers and some buyers. Rising interest-rates combined with the relatively inflexible nature of the...

  • Some Banks Fall Short in Selling Investment Products, Maritz Survey Shows; Credit Unions Can Take a `Proactive' Approach

    ST. LOUIS - Despite having the ability to sell securities to the public since 1999, some banks still have not captured significant market share from their full-service brokerage counterparts, according to a recently released Maritz Poll survey of individual investors. Of the 1,200 persons who responded to the survey, only...

  • Texas Credit Union Foundation Sends $150,000 in First Wave of Hurricane Katrina Grants

    FARMERS BRANCH, Texas - The Texas Credit Union Foundation (TCUF), the charitable arm of the Texas Credit Union League, on Sept. 15 released $150,000 to provide immediate cash assistance to credit union staff members scattered across the Gulf Coast whose lives were turned upside down by Hurricane Katrina. "The Texas...

  • Volunteer Rap Wins Backing at Washington League

    TACOMA, Wash. - Taking note of complaints by directors of an Olympia credit union, the Washington Credit Union League is now moving ahead with an outreach program aimed at giving outside directors a bigger voice in trade group policy-making. As expected, the complaints by O Bee CU of Tumwater, voiced...

  • Umholtz: Charter Conversion Rights Proponent, Raises Questions About NCUA Standard Bylaw Proposal

    CASTLE ROCK, Colo. - Marvin Umholtz, credit union consultant and membership director of Coalition For Credit Union Charter Options, a banker led group which seeks to promote credit unions' ability to convert to mutual banks, is concerned that credit unions may not be paying enough attention to the NCUA's proposed...

  • Texas CUs Opening Doors for New Generation of Hispanics in Underserved Market

    FORT WORTH, Texas - Punctuated by the hoof beats of the Texas longhorns parading on cue from dusty pens to the duded-up tourists crowding Exchange Avenue, much about life and commerce in the Fort Worth Stockyards turns on tradition. That goes for the Hispanic residents whose modest frame homes have...

  • The Local Buzz on San Francisco Sights

    In a city as diverse as San Francisco there is a lot more to do than riding cable cars or heading over to Alcatraz. Credit Union Times has asked a few locals what are a few "must see" and "must experience" attractions beyond the standard touristy spots. Find out just...

  • PCUA, Foundation Announce Statewide Hurricane Katrina Volunteer Program

    HARRISBURG, Pa. - In response to what are sure to be the long term needs of survivors of Hurricane Katrina in the Gulf states, the Pennsylvania Credit Union Association and Pennsylvania Credit Union Foundation jointly adopted a unanimously-approved resolution to extend assistance to Hurricane Katrina relief efforts. According to the...

  • OSI Buys BISYS Unit for $470 Million; Large Players Dominate Credit Union Processing Scene

    WEST PALM BEACH, Fla. - Don't look now credit unions, but data processor Open Solutions Inc. has gone from being a lean and mean privately-held company, to a public firm that is gobbling up companies to gain market share. The company's most recent grab is BISYS' Information Services Group. It...

  • Name Changes Reveal Credit Unions Going Through Their Own Extreme Makeovers

    WEST PALM BEACH, Fla. - There may not be any new credit unions being chartered, but it seems everyday credit unions are reinventing themselves through name changes. "The number one reason we hear from our clients wanting name changes is that their name has become too exclusive and they are...

  • NAFCU Caucus Mixes Hard Work with Humorous, Sticky Scenes

    WASHINGTON-Sure, setting up an event like NAFCU's Congressional Caucus can be a bit of a headache, but, in the long run, getting all those credit union officials to visit lawmakers in Washington, D.C. makes the lobbyists' jobs easier. "NAFCU was started to represent credit unions around the country on Capitol...

  • Mergers in Washington State Doesn't Hurt Conference Turnout

    TACOMA, Wash. - Washington State may have one of the nation's highest rates of small credit union mergers, but that fact does not seem to have impacted turnout for the annual meeting of the state League. Indeed, "this is the highest turnout -750-in more than a decade," said an elated...

  • Maryland, D.C. Leagues Unveil New Logo/Web Site of Merged Organization

    COLUMBIA, Md. - Now that the respective memberships of the Maryland and District of Columbia credit union leagues have given their okay to the merger of the two organizations into a new association - the Maryland & District of Columbia Credit Union Association (MDDCCUA)- the two boards have been working...

  • NASCUS Reserve Examiners Program Stands Ready to Help State Agencies

    ARLINGTON, Va. - Members of the NASCUS Reserve Examiner Program, a group of retired state examiners, are waiting for the call to help out state agencies affected by Hurricane Katrina. Barbara Pogue, director, accreditation and membership for NASCUS and who oversees the program for the association, said "to my knowledge"...

  • One Year in, American Airlines Card Portfolio Still Growing Well; Ramifications of Details Turn Out to be Wide-Ranging

    DALLAS-FORT WORTH - The $4 billion American Airlines FCU's brand new credit card program will approach the one-year mark in November and there are indications the one-year mark will find it doing very well indeed. According to credit union marketing manager Jim Fry and card program staff, the new card...

  • Only Paranoid Lenders Survive, Rowland Declares

    INDEPENDENCE, Mo. - Determined your credit union should be a leader at lending, but convinced the competition is out to get you? Great. You just might make Rory Rowland's list of the Top 100 credit unions in lending. As for fretting about your rivals, consider the title of a recent...

  • North Carolina League Auditor Drives Mobile Branch to Devastated Credit Union Branch in Mississippi

    GREENSBORO, N.C. - Consider it being in the right place at the right time. When Hurricane Katrina leveled Jackson County Employees FCU, Pascagoula, Miss., manager Lora Michael phoned Carolinas Telco FCU's Chief Operations Officer Bill Flowers about borrowing their mobile branch. The credit union was destroyed by Katrina on Aug....

  • Next Generation Switch Showed its Worth in Katrina, CUSC Says

    DULUTH, Ga. - When two credit unions in Louisiana and one in Mississippi found themselves unexpectedly reeling in the wake of Hurricane Katrina in September 2005 they found they were doing so blindly. With headquarters' buildings shattered or flooded out, branches closed and communications across the region either patched or...

  • NCUA Region III Director Alonzo Swann Shares Insight on Small CUs, Examination Process, How Katrina Affected his Region

    ATLANTA - In the 22 years he's been with NCUA, Alonzo Swann, who currently serves as the regulator's Region III director, has seen how the credit unions have grown in their services and delivery methods. As regional director, Swann is responsible for the oversight of the chartering program for federal...

  • New Hampshire League Ad Campaign Stresses CU Difference

    MANCHESTER, N.H. - The television spot opens with a stern CEO haranguing his executives as they sit around a conference table. "These are the worst numbers I've ever seen. We barely covered our closing costs on mortgages and we walked away from revenue with this `free checking.' Combine this with...

  • NCUA Board Member Bids Adieu to Government Work

    ALEXANDRIA, Va.-Like many NCUA Board Members that have come-and gone-before her, Debbie Matz is unsure of her professional future. She does know that after 26 years of government service, she plans to look for a job in the private sector, possibly within credit unions, but Matz is not limiting her...

  • OSI Gathers CU Senior Execs for Strategy Talks, Networking

    GLASTONBURY, Conn. - Open Solutions Inc. recently hosted a gathering of 40 credit union senior managers at its Credit Union CEO/Directors Forum on the Pacific Ocean at Half Moon Bay, Calif. The group shared their views on strategies and heard from speakers that included former NCUA Chairman Dennis Dollar, Callahan...

  • ABA Chief Still Topping Mica on Salary and Benefits

    WASHINGTON-Though CUNA CEO Dan Mica's 2004 salary is nearing the top of the six-figures, it is not as sizeable as former American Bankers Association President and CEO Donald G. Ogilvie's. Mica's salary and benefits topped $800,000 at year-end 2004 with $744,588 in salary and $69,164 in benefits. While this is...

  • Texans Credit Union Extends Partnership with Frisco RoughRiders

    FRISCO, Texas - Texans Credit Union has signed a five-year extension with the Frisco RoughRiders as the team's exclusive dominant partner - the highest level offered - in the financial institution category. The credit union became the original Founding Partner of the Frisco RoughRiders in 2002, when sod was still...

  • US Airways, America West Airline Merger Effects on Clearview FCU?

    TEMPE, Ariz. - Shareholders of America West Airlines' parent company recently approved the carrier's proposed merger with US Airways. A bankruptcy judge also approved the merger on Sept. 16 of US Airways Group Inc.'s reorganization plan. Nearly half of Clearview FCU's 76,000 member base is affiliated with US Airways. The...

  • FLEC Meeting Centers on Providing Financial Education Resources to Katrina Victims

    WASHINGTON-The Financial Literacy and Education Commission held a hearing last week to discuss how to assist victims of Hurricane Katrina with financial issues. The commission is composed of representatives from 200 federal departments, agencies, and commissions and was created by the Fair and Accurate Credit Transactions Act. Treasury Secretary John...

  • Fed Sticks to its Measured Pace Approach

    WASHINGTON - The Fed again raised rates 25 basis points last week, bringing overnight funds to 3.75%. "They left in `measured pace' in the equation. As far as they're concerned unless something really unusual happens or worse than they expect from Katrina, they expect to continue to raise rates," said...

  • Katrina Fund Tops $100,000 in Washington State

    TACOMA, Wash. - Heeding the national call and citing a "need to take care of our own," the Foundation of the Washington Credit Union League in a two week period is now near the top of League givers by raising more than $100,000 for Katrina relief. Of the $100,000 total,...

  • Delta Employees CU CEO Rick Foley Named to CUSC Board

    DULUTH, Ga. - Rick Foley has been appointed to serve on the board for the Credit Union Service Corporation. Foley, president/CEO of $2.6 billion Delta Employees Credit Union, fills the board seat vacated by Mike Mercer, president/CEO of Georgia Credit Union Affiliates, who served on the board for 18 years....

  • Sixty Percent of CU Members In Mississippi Impacted By Katrina, MCUA says

    JACKSON, Miss. - The Mississippi Credit Union Association reported last week that 60% of the state's credit unions, serving over 400,000 people were impacted by Hurricane Katrina. Of that 60%, about 40% of credit unions were without electricity and/or phone and data lines for four or more days. More than...

  • CUs Locked and Loaded for Bankruptcy Reform

    MADISON, Wis.-The new bankruptcy law takes effect Oct. 17. Are credit unions ready? "A lot of credit unions are prepared. A lot of credit unions are almost prepared," according to CUNA attorney Mike McLain. CUNA alone has held over 12 Webinars, audio-conferences, and e-schools, with a couple more left to...

  • CURIA Co-Sponsorship: And Then There Were 96

    WASHINGTON-Several lawmakers from each party added their names to the growing list of Credit Union Regulatory Improvements Act (H.R. 2317) co-sponsors recently. The addition of nine new members Sept. 15 brought the total up to 40, including main sponsor Congressman Ed Royce (R-Calif.). Representatives Roscoe Bartlett (R-Md.), Kevin Brady (R-Texas),...

  • Chartway FCU Tees Off for Charity

    Virginia Beach, Va. - Chartway Federal Credit Union has raised $300,000 for the Make-A-Wish Foundation of Eastern Virginia during its 7th Annual Charity Golf Tournament. The credit union has also kicked off the We Promise Foundation, a new nonprofit that will be the beneficiary of all Chartway charitable donations. NEXTEL...

  • Incidence of Higher-Priced Lending One-to Four-Family Home Loans

    Number of Loans

  • CUVA and Green Armor Partner on ID Solution

    RUTHERFORD, N.J. - CUVA, a leading supplier of identity-theft-prevention education to credit unions, and information-systems security vendor, Green Armor Solutions, have announced that they will partner to deliver the Green Armor's patent-pending Identity Cues anti-phishing system to credit unions. The companies say Identity Cues leverages a unique combination of technology...

  • Oklahoma League Spots Airing; Two Flights Planned

    OKLAHOMA CITY - A six-week first round, or "flight" in ad jargon, of television spots from the Oklahoma Credit Union League will wind down at the end of this month, marking the end of the first phase of what is the league's first major independent ad effort. The spots, produced...

  • Fannie Mae to Provide 1,500 Properties for Katrina Evacuees

    WASHINGTON - Fannie Mae plans to provide 1,500 single-family properties from its inventory of Real Estate Owned (REO) for temporary housing for individuals and families displaced by Hurricane Katrina. The company will initially provide the properties rent-free for up to 18 months. The properties are located in states with the...

  • Redstone FCU Does its Part for Katrina Relief

    HUNTSVILLE, Ala. - Redstone FCU has joined the long list of credit unions that are pitching in to help in the Hurricane Katrina relief effort. For starters, the $1.7 billion CU's new mobile ATM is temporarily on the Mississippi Gulf Coast aiding residents affected by Hurricane Katrina who live in...

  • Examiner Policies Come Under Washington State Scrutiny

    TACOMA, Wash. - The Washington Credit Union League is trying to get a handle on overzealous examiners and now has an Examination Task Force in place to work with Linda Jekel, the state's top regulator, it was disclosed during the League's annual meeting here. The 15-member panel has specifically been...

  • WOCCU Chairman Plank Shares Benefits of Mircoenterprise Lending before House Subcommittee

    WASHINGTON - Microenterprise lending under a law enacted in 2004 is a good start but more should be done to ensure that the new legislation fulfills its intent, Gary Plank testified before a House Subcomittee on Sept. 20. Testifying on behalf of WOCCU and CUNA, Plank, who is president/CEO of...

  • Wings Financial Assures Stability after Airline's Bankruptcy Filing

    MOON TOWNSHIP, Pa. - Wings Financial FCU is reassuring its members of its financial stability in the wake of Northwest Airlines filing for Chapter 11 bankruptcy protection on Sept. 14. "Because many of our members work directly with or have family members employed by Northwest Airlines, I want to remind...

  • Montana CUs Update Senator on Ongoing Projects, Katrina Efforts

    WASHINGTON-The Montana Credit Union Network is proving you do not have to be inside the beltway-or anywhere near the East Coast even-to catch the political bug. Representatives from the league, CUNA, and Montana credit unions visited the Capitol Hill Offices of all three of their federal legislators-Senator Max Baucus (D),...

  • AA Credit Union Exceeds $100,000 Relief Fund Goal

    FORT WORTH, Texas - A little over a week since a special account was developed to assist the American Red Cross with relief efforts to help Hurricane Katrina victims, AA Credit Union has reached its pledge to match member donations up to a total of $100,000. Contributions and pledges received...

  • Colorado League, Foundation Offers IT and Telecom Support for Katrina-Affected CUs

    ARVADA, Colo. - The Colorado Credit Union League and Foundation has set up a fund to collect cash and item donations for the victims of Hurricane Katrina. The two groups are also offering technical support to any of the 535 credit unions affected in Louisiana, Mississippi and Alabama. Communication with...

  • No Lag Time at Southwest with Rate Change

    DALLAS - Southwest Corporate FCU members will see an immediate rate jump on their overnight funds due to the Fed's recent rate hike. The Fed raised its interest rate target to 3.75 last Tuesday-the 11th straight increase in the past 15 months. Southwest Corporate's top overnight rate has already been...

  • Mid-Atlantic Corporate and Staff Donate $20,000 to Katrina Relief

    MIDDLETOWN, Pa. - Mid-Atlantic Corporate is matching the $10,000 its employees have raised for the American Red Cross to support Hurricane Katrina relief. The $20,000 donation will be sent to the National Credit Union Foundation's National Disaster Relief Fund. Corporate employees were able to donate sick or vacation days, and...

  • Georgia CU Affiliates Meet with Louisiana, Florida Leagues on Katrina

    DULUTH, Ga. - Officials from the Georgia Credit Union Affiliates recently met with those from the Louisiana and Florida Credit Union Leagues to coordinate longer-term Hurricane Katrina relief efforts. Georgia Credit Union Affiliates reports that some of the state's credit unions have volunteered to assist in renovating homes to temporarily...

  • Oxley, Baker Announce Revised Affordable Housing Fund Feature

    WASHINGTON - With thousands of people in New Orleans, Mississippi and Alabama facing long-term housing needs as a result of the devastation from Hurricane Katrina, House Financial Services Committee Chairman Michael Oxley (R-Ohio) and House Capital Markets Subcommittee Chairman Richard Baker (R-La.) announced on Sept. 14 they will adjust an...

  • Cabrillo CU Launches Teen Checking Account

    SAN DIEGO - In a move designed to help its teen age members learn about managing money and the importance of building good credit, Cabrillo CU has launched its S.O.C.A.L. (Self-Organized Cabrillo Account Life) Account for 14-18-year olds. Teens who apply for the account must complete an education workbook before...

  • Southeast Corporate's Katrina Efforts Top $150,000

    TALLAHASSEE, Fla. -Southeast Corporate estimates that its support for credit unions affected by Katrina has topped $150,000. The board approved a cash donation of $75,000 that is being directed by the Mississippi Credit Union League to assist credit unions and their families in need. "Charles Elliott and the Mississippi League...

  • North Carolina CU League Says No Reports of Damage from Ophelia

    GREENSBORO, N.C. - After witnessing the devastation in the Gulf states wreaked by Hurricane Katrina, credit unions in North Carolina held their breadth that they wouldn't suffer the same fate from Hurricane Ophelia on Sept. 14. They lucked out. The North Carolina Credit Union League said that after checking with...

  • MidWest Financial CU Members Get Shredding

    ANN ARBOR, Mich. - MidWest Financial Credit Union and UMHS Financial have partnered with Shred-It, a document shredding company, to host a shredding extravaganza. Designed to promote identity theft protection and conservation of the environment the event also helped raised funds for C.S. Mott Children's Hospital and Shoes That Fit,...

  • Colorado League, Foundation Offers IT, Telecom Support for Katrina

    ARVADA, Colo. - The Colorado Credit Union League and Foundation has set up a fund to collect cash and item donations for the victims of Hurricane Katrina. The two groups are also offering technical support to any of the 535 credit unions affected in Louisiana, Mississippi and Alabama. Communication with...

  • SunCorp Gets the Scanner There

    DENVER - How's this for service? SunCorp VP of Network Operations Craig Mullins personally flew a new Cannon scanner to Sunlight FCU. Sunlight is using the scanner in its main branch in Cody as an effort to move away from microfilm. "When I heard that Sunlight was interested in setting...

  • NCUA Warns CUs in Rita's Path to Prepare for the Worst

    ALEXANDRIA, Va.-NCUA activated its Continuity of Operations Plan on Tuesday, Sept. 20 in preparation for Hurricane Rita. The agency's Region IV staff is in the process of contacting all the credit unions in the area of potential impact, providing precautionary guidance. NCUA issued an advisory warning to the Texas and...

Tech Bytes

  • FedComp Launches Service Bureau Option with Eye on Adding Larger Clients

    FAIRFAX, Va. - Offering a service bureau option to credit union clients has long been a given for most core processors, but not for FedComp. The veteran provider of basic transaction processing software and services to more than 1,400 small credit unions is preparing to take on that task for...

  • CommunityAmerica Embarks on Sweeping Software Project

    LENEXA, Kan. - At headquarters for CommunityAmerica Credit Union, a team of dedicated professionals is remaking the future of the $1.5 billion institution, one workstream and project at a time. Working in what's been dubbed the "Command Center," their overall mission is to integrate contact management and business workflow capabilities...

  • Upgrades, Signings, Milestones Announced by IntegraSys

    FRISCO, Texas - IntegraSys, Fiserv's largest credit union core processing unit, has renewed core processing agreements with 54 credit unions, signed two new clients and announced upgrades to its flagship Premier platform. In another milestone, the CubicsPlus system for small- to mid-sized credit unions now has 100 implementations and the...

  • fiVISION Adds Account Opening Solution to Product Lineup

    INDIANAPOLIS - fiVISION (www.fivision.com) has added an account opening solution to the tech CUSO's lineup of products and services, with $2.8 billion Digital Credit Union as its first user. Called accountWORKS, the software is focused on making account opening consistent across online, mail and in-branch processes and integrates with the...

  • Harland Connections Conference Draws 1,750 to San Diego

    ATLANTA - A record 1,750 attendees participated in Harland Financial Solutions' fourth-annual Connections Conference, this year a four-day event held recently in San Diego. The conference included more than 275 sessions as well as product demonstrations, a partners' expo featuring 75 vendors, and keynote speaker Capt. James Lovell Jr., the...

  • Symitar Signs Two More Converting CUs, Another Goes Live in eCU Service Bureau

    SAN DIEGO - Symitar continues culling customers from the ranks of rival core processors, this time picking up $620 million Financial Partners Credit Union of Downey, Calif., and $62 million First Financial Community Credit Union of Brownsville, Texas. Both credit unions will be running the Episys platform; First Financial Community...

  • COCC Lining Up Image-Exchange Users Among Client Fis

    AVON, Conn. - COCC clients are lining up to launch image exchange services, according to the provider of core processing and other technology services to credit unions and banks. COCC, a customer-opened operation formerly known as Connecticut Online, now has two institutions live on its FedForward Image Cash Letter Deposit...

  • Gulf Data Systems Helping Gulf Coast CUs Stay Afloat After Storm

    PASACAGOULA, Miss. - Navigator Credit Union lost three branches and all its telecommunications to Hurricane Katrina but now is providing telephone and online banking service to its 32,000 members through help from Gulf Data Systems, the Mobile-based company says. The $197 million CU (www.navigatorcu.org) is using a call center provided...

  • USERS Offers Job Scheduler Integrated with Core Platform

    VALLEY FORGE, Pa. - USERS Inc. (www.users.com) is now offering its 325 client credit unions an automated job scheduling system integrated with the Fiserv unit's core processing system. The Enterprise SCHEDULE solution from ISE Inc. (www.i-s-e.com) of Hawthorne, Calif., is client-server based and uses a browser interface to allow users...

Letters to the editor

  • Come on CUs, Collaborate!!

    I enjoy reading Credit Union Times and always make it a point to read Mike Welch's column. I am sure that his Aug. 31 column and Paul Gentile's front page article on the retirement of Cliff Dias will prompt some gut wrenching responses. The facts, however, are inescapble. Where once...

  • CUNA's Renewal Doesn't Give Volunteers Their Due

    Is it just me, or did anyone else notice the makeup of the CUNA "Renewal Project Steering Committee?" (Credit Union Times, Feb. 28. 1996) It seems to me that, if CUNA is serious about this "renewal," the powers that be have completely snubbed at least one potentially valuable resource i.e.,...

  • Two-thirds and Other Conversion Thoughts

    As a 34-year veteran of this wonderful thing I learned to love as "the credit union movement", I feel compelled to protect the legacy of equity from the pioneers of this credit union and the members they labored so hard and so selflessly to bring on board. I believe that...

  • 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....

  • Volunteers Need to Earn the Respect of a Bunch of CEOs to Get Elected

    There appears to be agreement that more volunteers on national boards would be a good thing. I too would like to see more volunteers representing credit unions on national boards. The volunteer does bring a different and valuable perspective to the table. I do have a thought on how to...

  • Volunteer Debate Relevant to Bigger Picture Problems

    I think that the Volunteer dilemma is related obliquely to the current brouhaha of converting credit unions. I call this an "Identity crisis." It is a natural evolution of some credit unions that look, smell and act like banks; so that is what they become. Add to that the natural...

  • Banker Talks Out of Both Sides of His Mouth

    I noted with interest that Mr. Cousins of the Indiana Bankers Association was quite willing to blast the Forum Credit Union's new building in Indianapolis as a "tax subsidy" ("New Forum Credit Union Headquarters Triggers Banker Attack" page 4, Credit Union Times Aug. 31, 2005), since the Indiana Bankers Association...

  • Volunteer Issues Then and Now: What's Changed?

    Editor's Introduction: The following two letters represent one volunteer's view on volunteers' role in the industry back in 1996 and today. The first letter was published some 10 years ago and Mr. Kluckowski approached me with the idea that little has changed for volunteers - he believes in many ways...

  • Great Democratic Thinkers: Thomas Jefferson, James Madison, Marvin UmHoltz???

    The comments jumped off the page of your Sept. 16 online story "UmHoltz: NCUA Bylaw Changes Should Be Rethought". According to Marvin UmHoltz, credit union consultant and membership director of Coalition For Credit Union Charter Options, a banker led group which seeks to promote credit unions' ability to convert to...

  • Gilbert, You're too Fast to Judge Volunteers

    Regarding David Gilbert's letter in the Aug. 31 issue, I ask, who is he? Has anyone ever heard of him? What are his strengths and weaknesses? If he has accomplished all the things that he recommends for a volunteer to get on a board, why have so few volunteers ever...

  • Losing Tax Exemption Wouldn't Kill Us

    I agree with Rob Nicholls, CEO of Australian National Credit Union, who sees no contradiction between the social goals of credit unions and the "social responsibility of paying taxes" as stated in the Aug. 31 issue. He goes on to say that "American tax payers are subsidizing credit union members"....

  • Mike, You Hit Many Nails on the Head

    Mr. Welch, or shall I say Don Quijote, you out did yourself with your Sept. 14 column. Talk about coming out, you hit several sacred cows this time. Here are some thoughts I have piggybacking on your great observations. * More people should retire from credit union boards than to...

Opinion

  • Home Page Log-ins Sacrifice "Pharming" Security for Member Convenience

    Asking members to log on to an unprotected Web site is like sending unwary sheep on a route that winds through a valley occupied by mountain lions. Some who take that route may come out unscathed, but it's likely that at least a few will get fleeced. Logging on to...

  • In CUNA's Words.

    Editor's Introduction: This opinion piece by CUNA lays out why they think this year's Future Forum will be worth attending, and how they are changing their marketing strategy to more effectively meet CU needs. "Solution sets" Aid in Rapid Resolutions for CU Decision-makers MUG: Kevin Lytle is CUNA's Vice President,...

Beyond the Job

  • Hours of Practice Lets Renner Make Ballroom Dancing Look Easy

    LENEXA, Kan. - Don't let the beautiful dresses, constant smile and seemingly easily executed dance steps fool you. Lisa Renner will be the first to tell you that ballroom dancing takes hours of hard work and perseverance to look so effortless. Renner, CEO, CU Holding Company LLC and Beyond Marketing...

  • Worthington Rings a Chord With Barbershop Harmony Chorus

    SAN ANTONIO - As senior vice president of corporate communications for the 10th largest credit union in the country, John Worthington strives for harmonious relationships between his credit union and a variety of publics. Building harmony is a skill John uses outside the office, too, as a member of the...

  • Nationwide FCU Marathon Golfer Supports Arthritis Foundation

    COLUMBUS, Ohio - There are people who really enjoy playing golf, and then there is Paula Edwards, CEO of Nationwide Federal Credit Union. For three years, Edwards has competed in a marathon golf tournament, in which golfers play at a pace of one hole every six minutes for 10 hours....

  • 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...

  • Hoeper Marries into a Dog's Life

    MOLINE, Ill.-When not in the corner office at KONE ECU, President and CEO Kathy Hoeper and her husband can be found either in the field or at home with their German hunting dogs. Hoeper explained that she has been involved in raising, breeding, training and judging verien deutsch drahthaars for...

  • Barrett Hikes the Half Dome

    MODESTO, Calif. -Climbing a mega rock is akin to trying to build a solid credit union for Valley First Credit Union President Hank Barrett. Barrett recently climbed Yosemite Park's Half Dome for the second time. The Half Dome is an 8,836-foot rock that takes a climber 4,800 feet above sea...

News Briefs

  • Freddie Mac, CUNA Renew Mortgage Alliance Agreement

    MCLEAN, Va. - Freddie Mac and CUNA have renewed their alliance agreement through Sept. 1, 2007. The alliance began in December 2002. It's designed to give CUNA and league-affiliated CUs greater access to a wide range of mortgage lending benefits offered through Freddie Mac and CUNA Mutual Mortgage and helps...

  • Mica to Visit Louisiana

    SAN FRANCISCO - Attention may be focused on the effects of Hurricane Rita but CUNA's President/CEO Dan Mica's first priority after this week's Future Forum conference here will be to visit Katrina-ravaged Louisiana credit unions. At the request of the Louisiana Credit Union League, Mica plans a visit to the...

  • The Check Stops Here: Pennsylvania CUs expand Check-cashing Services

    HARRISBURG, Pa.-In a move against predatory lending practices, two additional Pennsylvania credit unions are offering check-cashing services to nonmembers. Eagle One FCU of Philadelphia and A-K Valley FCU of Lower Burrell, Pa., began check-cashing services on Sept. 12, 2005-bringing the total number of credit unions participating in the practice to...

  • Desert Schools' Funds Over $1 Billion in Loans in First Nine Months of Year

    PHOENIX - There are still four months remaining to the end of 2005, but already Desert Schools FCU has added more than $1 billion in loans to its loan portfolio. Desert Schools VP and Chief Lending Officer Robin O'Rorke said the CU achieved its biggest lending month ever in its...

  • CUNA Asks for Treasury Support on PCA Relief, Outlines R.E.S.C.U. Mission for Commerce Secretary

    WASHINGTON-CUNA President and CEO Dan Mica is highlighting credit unions' efforts in Hurricane Katrina at the highest levels of government. He has written two cabinet members explaining what CUNA and credit unions are doing to help rebuild after the storm. Mica also asked for Treasury's support on temporary, if not...

  • Simmons of Utah Moves up This Week to ABA Chairman

    PALM DESERT, Calif. - Perhaps in a departure from years past and with attention focused on hurricane relief, credit unions do not appear on the official agenda of the American Bankers Association annual convention which was to convene here over the weekend. "I really don't know if credit unions will...

  • NCUA General Counsel: Charter Conversions Are About Greed

    FARMERS BRANCH, Texas - Credit union-to-bank charter conversions are motivated by the credit union leadership's desire for personal financial gain. That is the opinion NCUA General Counsel Robert Fenner shared with attendees at a debate on the issue which was held at the Texas Credit Union League's Leadership Conference and...

Special Report

  • Service One CU Campus Branch a Mix of High Tech, History

    BOWLING GREEN, Ky. - Service One Credit Union has recently relocated its Western Kentucky University Campus branch and created a high-tech facility that remains true to its historical roots. The new facility is located in the former home of Hobson Lewis Sinclair, which was built in 1927. From that time...

  • Schools Financial Taps Sports Celebrity for Yuba City Branch

    SACRAMENTO, Calif. - To get members excited about its Yuba City branch Schools Financial Credit Union has turned to sports. Grand opening events included an appearance from sports celebrity Bobby Jackson and free basketball giveaways to the first 25 new members to open a checking account between noon and 1:00...

  • PWCampbell Fills Two Marketing Posts

    PITTSBURGH - Design/build firm PWCampbell is reaching out to the south and has named two marketing executives to help. Former banking executive Glenn W. Grau has been named vice president of sales/marketing and Philip J. Minaudo has been hired as regional marketing vice president for the state of North Carolina....

  • Greater TEXAS FCU Creates Grand Opening Experience

    AUSTIN, Texas - Greater TEXAS Federal Credit Union made its Bastrop branch grand opening a party members and area residents won't forget. In addition to the standard ribbon cutting, the celebration boasted live music from local favorite Texas Renegade Band. In addition, young and young at heart members were able...

Lending

  • Alaska's Unique Makeup Lends to High Member Business Lending Averages

    ANCHORAGE, Alaska - When it comes to member business lending, Alaska stands out among credit unions in the Lower 48 and Hawaii. Of the 13 credit unions here in the "Last Frontier" state, 10 currently have MBLs on the books. The distinction is the average loan is roughly $545,000, which...

  • Small Business Bill Seeks Broad Tax Relief

    WASHINGTON - House Small Business Committee Chairman Don Manzullo (R-Ill.) introduced legislation on Sept. 21 that aims to lower the tax burden that he says "hampers" small employers' efforts to compete in the global economy and create American jobs. The Small Employer Tax Relief Act of 2005, HR 3841, includes...

In Other News

  • SCHOLARSHIPS

    Affinity Federal Credit Union, Basking Ridge, N.J., has awarded $15,000 in scholarships to seven high school seniors. Recipients were selected based on academic achievement, extra-curricular activities, leadership ability, and essay composition.The Affinity Scholarship Program was created in an effort to promote scholastic excellence and continuing education among members. For more...

  • DONATIONS

    ABNB Federal Credit Union, Virginia Beach, Va., staffers came out to support National Kids Day at the Naval Amphibious Base in Norfolk, Virginia. The event was co-sponsored by ABNB and The Armed Forces Financial Network (AFFN) to provide a day of family oriented entertainment for military famiilies as well as...

People Feature

Other

Publisher's Column

  • Women Need Their Own Conference, Or Do They?

    One long standing problem with a credit union industry that talks a good game about unity is that credit unions are sliced and diced into too many distinct, special interest segments, each with its own agenda. Credit unions have an organization (and a conference), sometimes more than one, for every...

Billlionaires Club

People

  • EAST

    Empire Corporate Federal Credit Union, Albany, N.Y. has promoted Christopher Duwe to assistant vice president operational integrity. ESL Federal Credit Union, Rochester, N.Y., has promoted Mary Alice Liotta to vice president, operations support team manager. Workers' Credit Union, Fitchburg, Mass., has named Linda A. Lagoy and Colleen M. Adamson regional...

  • MIDWEST

    Deere Harvester Credit Union, Moline, Ill., has promoted Jerica Minton to Geneseo Member Service Center branch supervisor and Leslie Gilmore-Krebs to mortgage loan officer.

  • SOUTHWEST

    El Paso Employees Federal Credit Union, Texas, has promoted Jennifer Hernandez to assistant branch manager and Elizabeth Flores Westside assistant branch manager.

  • SOUTH

    Georgia Federal Credit Union, Duluth, has named Denise Harston to assistant branch manager.

  • WEST

    Altura Credit Union, Riverside, Calif., has named Elaine C. Vreeland executive vice president/chief operating officer and Ivan Gamarra regional branch sales manager. In addition, Altura CU has named Richard Theetge senior account executive employee benefits at its subsidiary Patrion Insurance Services. Educational Employees Credit Union, Fresno, Calif., has promoted Kevin...

Publisher's Notebook

  • We've Got You Covered

    Even the most ardent credit union traveler can't possibly take in all of the numerous credit union conferences held every year in various parts of the country and around the world. But Credit Union Times can go to at least the most important ones for you, like NAFCU's Congressional Caucus...

Marketing

  • Co-op Services CU Builds Student Banking Suite

    LIVONIA, Mich. - Co-op Service Credit Union is counting on a new "suite" of services will help young people build a solid financial foundation. The "Student Banking Suite" program includes a free checking account with no minimum balance requirements or monthly service fees, access to more than 19,000 CO-OP Network...

  • Free Gas for Fiberglas FCU Members

    NEWARK, Ohio - Fiberglas Federal Credit Union has teamed up with BP/Duke and Duchess to help take the sting of rising gas prices off members. During the month of September members who finance their vehicles through the credit union will receive $100 in free gas. Spreading the word via its...

  • AFFCU Puts Family in Focus

    LAKE COUNTY, Ind. - Advance Financial Federal Credit Union has helped locals here "picture" themselves as members. Advance Financial FCU has tapped local Picture Perfect Images to provide free professional family photo sessions. The events, also offered kids a chance to get their photo taken with AFFCU's Kids Club Mascot...

  • Unity One FCU Football Theme Grand Opening -A Winning Touchdown

    FORT WORTH, Texas - What do you do when you are the only credit union surrounded by four banking giants? If you are Unity One Federal Credit Union you get members excited about football season. Gearing its grand opening marketing campaign for its North Tarrant Parkway branch around the start...

Advertisement. Closing in 15 seconds.