Credit Union Times Magazine April-19, 2006

News

  • Australian Credit Union Reacts to Category 5 Storm

    NORTHEAST QUEENSLAND, Australia - The name was Larry not Katrina, but it was a category 5 storm that roared over Northeast Queensland with winds clocked at over 180 mph on March 20th. Larry was labeled a cyclone, which is what Australians call hurricanes. Roofs were ripped off buildings, banana plantations...

  • Edentify, NJIT Hoping to Break New Ground on ID Theft Measurement

    BETHLEHEM, Pa. and NEWARK, N.J.- Edentify Inc., a provider of identity management solutions, and the New Jersey Institute of Technology have joined forces to develop the industry's first standardized tools for objectively measuring identity information. The anticipated results of the research partnership are expected to play a critical role in...

  • Alabama Takes on Identity Theft

    MONGOMERY, Ala.. - Identity thieves should watch out- Alabama is arming its residents with the tools they need to better recognize scams. Recently the Credit Union Coalition of Alabama teamed up with the Alabama Attorney General Troy King to create a Public Service Announcement on identity theft. The PSA led...

  • DuPont Community Credit Union Keeps Community Informed on Fraud

    WAYNESBORO, Va. - When it comes to building fraud awareness DuPont Community Credit Union's monthly workshops have been a community hit. Members receive detailed information on identity theft, examples of fraud, Internet "phishing" and "pharming," and credit card compromise. Members are taught how to be objective with items they receive...

  • Australian CUs to Measure Corporate Social Responsibility

    SYDNEY, Australia -Australian credit unions have a new tool to measure their social, environmental and economic impact developed by the Credit Union Foundation of Australia. CUFA is the nonprofit development agency for the Australian credit union movement. Although they already pay taxes, credit unions need to maintain their positioning as...

  • Filson Urges Credit Unions to Pursue `Transformation'

    PHOENIX - Credit unions must show more innovation on products and service or risk becoming a relic of the 20th century rather than a key financial player in the 21st, maintains Chip Filson, president/CEO of Callahan & Associates. Addressing nearly 400 attendees at the annual Member Forum of PSCU Financial...

  • MaPS Credit Union Hosts Shred Day

    SALEM, Ore.- In addition to "Tax Day" Marion and Polk Schools Credit Union (MaPS) wants local consumers to think of April 15th as "Shred Day." Co-sponsored by Garten Services, Inc., local KBZY 1490 Radio, and MaPS the second annual event is designed to help in the battle against identity theft....

  • Langley FCU Fraud Prevention/ID Theft Program a Hit

    NEWPORT NEWS, Va. - For Langley Federal Credit Union a proactive offense makes for the best defense against fraud and identity theft. The credit union's identity theft program was even awarded second place in the national Louise Herring Credit Union Philosophy in Action competition. Sponsored by CUNA, the competition honors...

  • Reverse Mortgages Come Under Scrutiny in Australia

    MELBOURNE, Australia - Transcomm Credit Union has had its knuckles rapped by the Australian Securities and Investment Commission. Transcomm is one of 18 Australian financial institutions offering reverse mortgages to retirees. Reverse mortgages allow people to borrow money secured against their home without repaying either interest or principle until they...

  • PSCU Hears Card Success Stories: Risk-Based Card Portfolios; Moving Away from Plain Vanilla Cards

    PHOENIX - With one using risk-based pricing and another revamping its marketing structure, two card-issuing credit unions, one from Massachusetts and the other from New Mexico, presented differing strategies on how to achieve growth to attendees at the annual Member Forum conference of PSCU Financial Services. Speaking on behalf of...

  • PSCU Enjoys 10 Million Account Milestone

    PHOENIX - The nation's largest CUSO, PSCU Financial Services, is doing a little celebrating in 2006 by reaching milestones of 10 million accounts, 10 million call center inquiries and $10 million in new revenue, boasts its President/CEO David J. Serlo. This "10-10-10" phenomenon underscores the continued support the CUSO draws...

  • Oregon CUs Team Up Against ID Theft

    BEAVERTON, Ore.- When it comes to the identity theft fight, education and information sharing are key. With identity theft as the fastest growing crime, Oregon's credit unions are doing their best to help members stay one step ahead of thieves by joining forces with several local organizations. The idea is...

  • Consumer Wallets Taking a Hit from Fraud

    FAIRMONT, W. Va. - Fraud is costing consumers more. According to the Internet Crime Complaint Center (IC3) 2005 Internet Crime Report, the total dollars lost from all referred fraud cases was $183 million, up from $68 million in 2004. Topping the list of complaints was Internet auction fraud-comprising some 63%...

  • Trouble Again at Polish & Slavic FCU

    The Polish & Slavic FCU Board continues to find itself in legal battles. Page 6.

  • TransUnion, ID Analytics Team Up

    CHICAGO and SAN DIEGO - TransUnion enhanced its ability to help businesses fight identity fraud by integrating ID Analytics ID Score into its comprehensive Fraud and Identity Management Services. ID Score is a standardized, predictive risk metric that helps organizations focus their identity risk management efforts on individuals with the...

  • Special Report: Fraud

    Credit unions are faced with identity theft, plastic card fraud and other dangerous fraud threats. Find out the latest on how they are combating them in the special report on pages 22-24.

  • Justice Department Takes Closer Look at Identity Theft

    WASHINGTON - A recent survey released by the Justice Department's Bureau of Justice Statistics finds that 3.6 million U.S. households learned they had been the victims of at least one type of identity theft. This marks the first time the BJS National Crime Victimization Survey has included questions about identity...

  • CUs Can Do More as Member Advocate, Says Forrester Researcher

    PHOENIX - Based on survey research, credit unions continue to outpace banks on member trust and advocacy, but they have their work cut out for them in translating this advantage into new business, according to a Forrester Research analyst. Credit unions need to determine strengths, whether it be operational efficiency,...

  • Schools Financial CU Taps PassMark for Online Security

    SACRAMENTO and MENLO PARK, Calif. - Schools Financial Credit Union has teamed up with PassMark Security to help give its online banking members some peace of mind. The PassMark Security Two-Factor Two-Way authentication system is designed to give added online protection against Internet fraud tactics like "phishing" and "spoofing." Once...

Corporates

  • Corporate America and LaCorp Put Merger on Hold For Now

    IRONDALE, Ala. and METAIRIE, La. - Corporate America and Louisiana Corporate announced last month they were in the very early stages of evaluating a merger, and they have now decided more analysis is still needed. The two corporates said they will put merger plans on hold for now and start...

  • ALM First Purchasing Investment Advisory Business From WesCorp CUSO; Adds $1.7 Billion to Portfolio

    DALLAS - WesCorp Investment Services, LLC is selling off its investment advisory book of business to ALM First. ALM First, an advisory firm, which up until a little over a year ago was a CUSO of EasCorp, has a much larger advisory business than WesCorp. ALM First has $7 billion...

  • Southwest Corporate's CEO Index Reveals Strong Confidence

    DALLAS - Southwest Corporate's quarterly Credit Union CEO Confidence Index indicates an upbeat outlook among the nation's credit union CEOs. The index rose to 42.46 in April, up from 33.44 in January. The CU CEO Confidence Index measures six areas: *Members' current financial condition, *Credit unions' current financial condition, *Members'...

  • U.S. Central Elects Board Members

    LENEXA, Kan. - U.S. Central elected three board members at its annual meeting and spring conference held in Miami. West Virginia Corporate CU CEO Charlie Thomas was elected to a three-year term as a Class A-3 director; CenCorp CEO Bill Walby was re-elected to a three-year term as a Class...

Regulatory/Compliance

Tech Bytes

  • Five CUs Converting to IA's Latest Loan Solution

    ALBANY, N.Y. - IA Systems, a provider of lending software and services, announced that five more of its credit union clients will migrate to its new loan processing system, StreamLend Velocity, from their current IA Systems StreamLend product. The clients committed to migrating to IA Systems' new StreamLend Velocity include:...

  • FORUM Solutions Integrates Allied Solutions Quoting System

    INDIANAPOLIS - FORUM Solutions has integrated the online quoting and delivery system for point-of-sale products from Allied Solutions into the credit union subsidiary's TAPS lending platforms. Credit unions using TAPS software now can accurately determine eligibility and make quotes and provide other complementary services directly through their host loan-origination systems,...

  • Discover Cards Can Now be Used at PULSE ATMs

    RIVERWOODS, Ill. - Discover cardholders can now use PULSE ATMs to access cash, a move that the card brand said would allow Discover members to access cash at 58% more ATMs nationwide than they had previously. "Discover Cardmembers now enjoy broader ATM acceptance than ever before," said Jan Martin, vice...

  • Digital Insight, BankServ Alliance Brings Remote Deposit To Businesses

    CALABASAS, Calif. - Through an alliance between Digital Insight Corp. and BankServ, business clients will soon have access to a remote deposit product for check clearance. The Remote Deposit Image Capture will be available to Digital Insight's Business Banking clients. The product, anticipated to be accessible through secure single sign-on...

  • Fiserv Chooses PassMark for Two-Factor Authentication

    BROOKFIELD, Wis. - In a major win for PassMark, Fiserv said today that it has selected PassMark to provide multifactor authentication for its financial institution clients. Fiserv has the largest footprint in the credit union data processing space via its seven credit union subsidiaries - XP Systems, USERS, Summit, IntegraSys,...

  • SmartSource Launches Three New Web Sites

    WALLINGFORD, Conn. - SmartSource Solutions, LLC, a wholly-owned CUSO of Constitution Corporate Federal Credit Union, is the design team behind new Web sites for EquiShare CU (Wichita, Kansas), Framingham Municipal FCU (Framingham, Mass.) and McKesson FCU (Stratford, Conn.). "All three sites take advantage of new design schemes and intelligent navigation,"...

Credit/Debit/ATM

  • May Is Electronic Payments Month

    HERNDON, Va. - NACHA, the electronic payments association, and affiliated groups will continue their effort in May to get banks, credit unions, and nonprofit organizations across the country to increase their use of direct deposit and direct payment in place of paper checks. The group led by NACHA, Electronic Payments...

Beyond the Job

  • Mountain Biking Takes Boutelle's Mind Off Of Indirect Lending

    RANCHO CUCAMONGA, Calif. - Each of us has fond memories of their first bicycle which most likely was a tricycle or when we learned to ride a two-wheeler (without the training wheels). When Tony Boutelle, president/CEO of CU Direct, thinks of bikes, he's more likely to think of his Turner...

  • Passion for Debating Leads Callahan Analyst to Judge School Tournaments

    WASHINGTON - Tom Geggel readily admits that he only took a debate course in high school because his teacher recommended it and he needed an elective. That led Geggel, an industry analyst at Callahan & Associates, Inc., to join the debate team his sophomore year in high school, take related...

  • 1st Advantage FCU CEO Heads to Antarctica to Track Ecological System

    NEWPORT NEWS, Va. - For Casey Duplantier, the 43 days he spent in Antarctica was more than an eye-opening experience, it provided a hands-on lesson on what teamwork is really all about. The idea to participate in the mission for Duplantier, president/CEO of 1st Advantage Federal Credit Union, came from...

  • 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-in-Chief Paul Gentile at (732) 460-6040 or e-mail pgentile@cutimes.com. Please submit color photos, preferably of the person doing their Beyond the Job activities.

Letters to the editor

  • Gentile Was Right to Point Out Thomas' `Objectivity'

    I would like to thank Editor-in-Chief Paul Gentile for his April 5 column on House, Ways and Means Committee Chairman Bill Thomas. That really needed to be said and it was said well. Thomas has been in the banker camp for quite some time and should not speak of objectivity....

  • From the Editor: Keep Those Letters Coming!

    Credit Union Times is proud to report that so far in 2006 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....

  • Wall Street Journal Lets Bankers Spin Untruths

    I could not agree more with Cary Anderson's letter that ran in the April 5 issue in response to the Wall Street Journal's March 7 article, "Bankers Struggle to Contain Growth of Credit Unions." I wonder how many other letters telling the real truths about credit unions that the editors...

  • Is NCUA Hastening the Disappearance of Small Credit Unions?

    Regarding the March 29 Credit Union Times' article, "NCUA Hits St. Clements Parish FCU with Letter of Understanding; Credit Union Says NCUA is Targeting Small Credit Unions", I offer the following thoughts. While St. Clements Parish FCU in Lakewood, Ohio is not a low-income credit union, nor a member of...

  • Wescom Card Effort Represents One More CU-Owned Card Option

    The recent announcement by Wescom Credit Union of its planned entry into the credit card portfolio purchase arena is welcome news for credit unions. Wescom, through the planned acquisition of Silvergate Bank, ILC, joins TBN in Texas as a viable credit union-owned alternative to bank-controlled card portfolio buyers. We can...

From the Board Room

  • Summit Board Member Named NYSCUL Outstanding Volunteer

    ROCHESTER, N.Y. - The Summit Federal Credit Union lifelong member, volunteer, committee member and board director Bill Reifsteck was recently recognized by the New York State Credit Union League as the recipient of the 2006 Outstanding Volunteer Award. This award was given in the $50-plus million asset category among credit...

  • Minnesota CU Network Names Award Recipients

    BLOOMINGTON, Minn. - During its annual meeting the Minnesota Credit Union Network has named US Federal Credit Union Executive Vice President Phil Bachman Outstanding Credit Union Professional of the Year; Hiway Federal Credit Union Board Vice Chairman Jim Seifert Outstanding Credit Union Volunteer of the Year and presented Affinity Plus...

  • ECCU Names Howe Distinguished Service Award Winner

    KALAMAZOO, Mich. - Educational Community Credit Union has recently honored former Board Member Marlene Howe with the 2006 James E. Fetterolf Distinguished Service Award in recognition of 10 years of credit union service and her dedication to the educational community. Announced during the credit union's annual meeting, Howe was singled...

  • Wauna FCU Welcomes New Board Chairman

    CLATSKANIE, Ore. - Wauna Federal Credit Union has elected longtime member Carl Schmele as chairman. Wauna FCU execs say they are excited about the direction of the credit union with Schmele heading the board. Schmele, a 20-year member, has been a board member for five of the last 10 years...

Opinions

  • Stop Check Fraud Loss With Advanced Signature Verification Systems

    While large and midsized banks have been suffering from an epidemic of identity and check fraud for more than a decade, community banks and credit unions were more protected because they operated in a community environment where they knew their customers. Today the situation has changed. Check fraud has become...

Publisher's Column

  • Wal-Mart ILC Controversy Compelling on Many Levels

    Wal-Mart has been able to do something very difficult. In its quest to obtain an industrial loan company charter in Utah it has united disparate groups, some of which are bitter enemies. Case in point. At last week's FDIC hearings on the Wal-Mart application, realtors and bankers teamed up to...

In Other News

  • AWARDS

    Donna Thomas, business development officer at EECU, Fort Worth, Texas, has received the "Outstanding Member of the Month" award from the Northeast Tarrant County Chamber of Commerce. After awarding Thomas the "Outstanding Member of the Month" award, the President of the Northeast Tarrant County Chamber of Commerce told hundreds of...

  • BRANCHING OUT

    Educational Employees Credit Union, Fresno, Calif., opened its twelfth branch on February 21, in Merced. A ribbon cutting ceremony was held on March 2. The new branch is the first EECU location in Merced and features a staff of eight employees and an ATM. CFE Federal Credit Union, Orlando, Fla.,...

  • BRANCHING OUT

    Taleris Credit Union, Cleveland, opened the doors to its new Seven Hills branch on March 4. Over 800 guests, including the Seven Hills mayor and other local city officials, attended the grand opening celebration. Members and guests were very curious about the two new Remote Teller Station units located in...

Opinion

News Briefs

  • CU National Mortgage Opens Nevada Branch

    HENDERSON, Nev. - CU National Mortgage, has opened a new branch in Henderson, Nev. located about seven miles from the downtown Las Vegas area. The company, which is a division of US Mortgage and works exclusively with credit unions, said the new branch will contribute to supporting credit union clients...

  • AmeriCU Credit Union Converts To Community Charter

    ROME, N.Y. - AmeriCU Credit Union has joined the growing list of credit unions that have been approved to convert to a community charter. Chartered in 1950, the $534 million credit union previously had a mixed employer charter. With its new community charter, AmeriCU Credit Union's field of membership now...

  • NCUA Closes Doors on Third Small CU in a Week

    ALEXANDRIA, Va.-NCUA recently shut down operations for Potter's House Federal Credit Union of Jacksonville, Fla. after finding the tiny credit union insolvent. The agency advised that Potter's House member checks would be distributed within five business days and the deposits are insured up to $100,000. NCUA Financial Performance Reports indicate...

  • CUNA Mutual Group Sells Asset Liability Program

    MONETT, Mo. - CUNA Mutual Group has sold its CUPRO and CUPRO Express asset-liability management programs to Jack Henry and Associates. The acquisition expands the CUNA Mutual-Profitstar strategic relationship, which began in April 2005, when CUNA Mutual partnered with Profitstar, Inc. of Omaha, Nebraksa to offer its Profitstar ALM program...

  • HLPR Commitments Hit $1 Billion Milestone

    WASHINGTON - Credit unions' commitments to CUNA's Home Loan Payment Relief (HLPR) program have reached an important milestone. As of April 5, commitments exceeded $1 billion for the first time - $1,065,093,000. To date 117 credit unions in 33 states have signed up for the HLPR program as follows: Alaska,...

  • Beall Wins Credit Union Development Educator Award for Overseas Efforts

    COLUMBIA, Md. - Mike Beall, president/CEO of the Maryland & D.C. Credit Union Association was recently named Volunteer of the Year for his efforts in building a partnership between the association and The Association of British Credit Unions. Beall's work in building the partnership marks the first time the British...

  • California's U.S. First FCU Approved for State Community Charter

    SAN MATEO, Calif. - U.S. First FCU has received approval from the California Department of Financial Institutions to convert from a federal to a state community charter. With its new charter, the $121 million credit union will include in its field of membership the counties of San Mateo, San Francisco...

  • Lowey, Tubbs Jones Join Growing List of CURIA Co-Sponsors

    WASHINGTON-Despite the American Bankers Association's efforts to thwart the Credit Union Regulatory Improvements Act (H.R. 2317) by handing out "credit union madness" basketballs on the Hill late last month, more lawmakers have signed on to co-sponsor the bill. Representatives Nita Lowey (D-N.Y.) and Stephanie Tubbs Jones (D-Ohio), are the latest...

Special Report

  • Extreme Makeover: Home Edition Crew Finds Temporary Home at American Heritage FCU

    CHESTERFIELD, Mo. - Design/build and retail services firm NewGround marked its move to a new headquarters here in Chesterfield with new signage. "Branding is one of our many service offerings, so we understand the value of integrating our brand with our place. This mark will help support our culture and...

  • Great Wisconsin Credit Union Branches Out

    MADISON, Wis. - Great Wisconsin Credit Union, formerly CUNA Credit Union, has opened the doors to its new administrative offices and branch on Rimrock Road. The administrative staff has been relocated to the new 45,000 square- foot, three-story, $4 million facility designed and built by general contractor J.H. Findorff &...

Quotes Worth Quoting

  • Quotes Worth Quoting

    "We gathered over 100 signatures at that one branch alone. Credit union staff were right by us (including DFCU Financial CEO Mark Shobe) deflecting our message and trying to give their side of the story. It was kind of funny because some members were asking the employees of the credit...

People

  • EAST

    HarborOne Credit Union, Brockton, Mass., promoted James Malinowski to vice president, director of indirect lending. United Teletech Financial Federal Credit Union, Tinton Falls, N.J., has promoted Deborah Matulonis to branch service and operations manager and has named Joan McGlennon manager of service and support. United Nations Federal Credit Union, New...

  • MIDWEST

    DHCU Community Credit Union, Moline, Ill., has appointed J. Adam Lounsberry to mortgage loan officer at the CU's South Park Member Service Center and has promoted Dan Burrus to financial service officer. First American Credit Union, Beloit, Wis., has named Charla Salathe as mortgage loan originator and promoted Verna Buck...

  • WEST

    Nevada Federal Credit Union, Las Vegas, re-elected for another three-year term, Mark Ferrario, Mike Lantz and Major General Billy G. McCoy USAF (Ret.). Bill Flaxa was elected chairman; Col. Pete Peterson, vice chairman; McCoy, secretary/treasurer. The board also appointed Haigohe Miller, Bill Gibson and Sheila Cannon to the appeals committee.

  • SOUTHWEST

    Air Force Federal Credit Union, San Antonio, has announced its 2006-2007 board of directors: Colonel Sam V. Farace Jr., USAF (Ret), chairman; James E. Goodgion III, vice chairman; Melvin Moczygemba, CPA, treasurer; Joan B. Lopez, secretary; Micheal M. Buecher, CCD, CCO, director; CMSgt Ronald R. Applegate, USAF (Ret), director; Msgt...

  • SOUTH

    Local Government Federal Credit Union, Raleigh, N.C., hired Hisham Salama as financial counselor.

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