Credit Union Times Magazine April-19, 2006
News
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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...
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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...
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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...
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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...
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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...
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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...
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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....
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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...
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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...
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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...
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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...
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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...
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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%...
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Trouble Again at Polish & Slavic FCU
The Polish & Slavic FCU Board continues to find itself in legal battles. Page 6.
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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...
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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.
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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...
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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,...
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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...
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Ent FCU is Latest HSA Player
COLORADO SPRINGS, Colo. - Ent Federal Credit Union is tossing its hat into the Health Savings Accounts ring. "In recent years, health care costs have outpaced inflation and wage increases and the number of employers offering health plans continues to decline," said Ent Senior Vice President, Corporate Communication and Development...
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Former CU CEO Ousted From Board
CHATHAM, N.J. - P.L. Capital LLC, the investment banking firm which specializes in the financial services industry, announced that its candidates won a recent board election at Synergy Bank, a former credit union, and replaced John Fiore, the CEO of both the bank and the holding company on the board....
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CCUA's Corey Leaving President's Spot, Returning To Financial Services Law
WALLINGFORD, Conn. - Art Corey, president/CEO of the Connecticut Credit Union Association for the past two years and a nine-year veteran of the association, has accepted a position to practice financial services law with the Hartford, Conn. firm of Tyler Cooper. Corey's last day at CCUA is May 20, which...
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Pa. Banking Regulator Unveils Financial Literacy Web Site
HARRISBURG, Pa. - Consumers in Pennsylvania now have one place they can go to help make informed decisions about their personal finances. The Pennsylvania Department of Banking unveiled a Web site on April 12 - "Your Money's Best Friend" (www.moneysbestfriend.com) - that provides free financial assistance for Pennsylvanians about personal...
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Manheim, CU Direct Agree First-Ever Credit Union Remarketing Conference a Success
ATLANTA - After a five-month postponement, representatives from more than 35 credit unions got the chance last month to attend the first-ever National Auto Remarketing Conference organized especially for credit unions. The three-day conference offered jointly by Credit Union Direct Corp and Manheim and held March 15-17 at Manheim's DRIVE...
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Cabrillo CU Scripps Ranch Branch Honored
SAN DIEGO - Cabrillo Credit Union's Scripps Ranch branch has received the 2005 Secret Shop Award from Financial Service Centers Cooperative, Inc. (FSCC). The award singles out the Scripps Ranch branch for achieving a 100% shop score from FSCC and the Credit Union Service Centers Network. FSCC is a network...
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Early GAO Findings Suggest SBA's Systems Overwhelmed by Volume of Hurricane Disaster Loan Apps
WASHINGTON - In another matter, preliminary data from the Government Accountability Office found that SBA followed "appropriate policies and procedures" after last year's hurricanes and the agency's loan processing system may have been "overwhelmed" by the volume of disaster loan applications. But a backlog has slowed down the process of...
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Wescom CU Rolls out Reward Incentive Money Market Account
PASADENA, Calif. - Wescom Credit Union has introduced a new money market product called the Asset Maximizer Account, which is designed to reward members who invest with Wescom Financial Services, its wholly-owned subsidiary. In order to qualify for the new account, Wescom members must maintain a minimum of $10,000 in...
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Can Industry Fund Biz Kid$ for the Long Haul?
AUBURN, Wash. - The Biz Kid$ financial education project on public television is attractive and has positive potential, but success depends on long-term funding considering "youth financial literacy doesn't have a beginning and an end." That's the view of Stephen M. Delfin, executive director of the National Credit Union Foundation...
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Landmark CU's Rewards Checking Pays Members Redeemable Rewards
NEW BERLIN, Wis. - Landmark CU members now have a way to earn redeemable Rewards points that can be used for a wide variety of merchandise, gift cards or travel benefits by using their new Landmark Rewards Checking account. The Landmark Rewards Checking account is totally free, with no monthly...
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Envision CU goes with Fiserv ATM Network
TALLAHASSEE, Fla. - The $194 million Envision Credit Union, has joined Fiserv's ACCEL/Exchange Network deposit sharing program, DEPOSIT HERE! The program provides Envision members with the ability to make deposits at other participating financial institutions' ATMs. Fiserv EFT currently provides Envision Credit Union with ATM device driving and PIN-debit card...
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DPS Credit Union Picks `Westerra' as New Name Following Mergers
DENVER - DPS Credit Union, which last October merged with Safeway Rocky Mountain CU and is making plans to merge with Gateway CU in Aurora in May, has selected Westerra as its new name for what is now the state's third largest CU. "We wanted a name that reflects our...
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Pay, Performance Continues to Move Closer Together in Executive Compensation Payout, Study Finds
NEW YORK - CEO compensation changes were modest, at best, in 2005, but one of the more notable trends was the continued alignment of pay with performance, according to a just-released survey. This is interesting news for credit unions, which in recent years have also moved aggressively toward tying compensation...
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Poles and Slavs Board Fight Hits the Courts; CU Hopes to Put End to Board Factionalism But Unclear That Will Happen
BROOKLYN, N.Y. - The infighting, which has long dominated and sometimes paralyzed the $1 billion Polish and Slavic Credit Union Board, has at last broken out into the open. Andrew Kaminski, a long-time board member with the credit union whose term does not expire until April 2007, has obtained a...
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Native Hawaiian Groups Forming Own Credit Union, First for Hawaii in Four Years
KAPOLEI, Hawaii - An initiative by more than 40 Native Hawaiian clubs on the island of Kapolei still has a ways to go, but if their efforts are successful Hawaii will get its first new credit union in about four years. The Hawaiian Civic Clubs include 51 groups representing indigenous...
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Missouri, Pennsylvania FOM Cases Have Important Distinctions, Could Explain Different Outcomes
JEFFERSON CITY, Mo. - The field of membership cases in Pennsylvania and Missouri seemed very similar from the outset but have ended on starkly different notes. Cole County Circuit Court Judge Richard Callahan's decision issued March 24 that the credit union field of membership expansion regulation determined by the state...
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Mid-America CU League Hires Credit Union Consultant Anthony Richards to Top Job
BISMARCK, N.D. - Mid-America Credit Union League is now officially "open for business" after hiring Anthony Richards, a Pittsburgh credit union consultant, to serve as the first president/CEO of the combined North and South Dakota Credit Union Leagues. Richards, who takes over the Mid-America job May 3, has been involved...
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Visa Stepping More Fully into Small Payments Market
SAN FRANCISCO - Visa USA wants a bigger share of the smaller transactions market, purchases of $25 or less, primarily through its No Signature Required program and Small Ticket Payment Service. Visa anticipates that the No Signature Required program and expanded Small Ticket Payment Service will accelerate card acceptance and...
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Senator Kerry Proposes Broad Expansion, Government Funding of SBA Programs
WASHINGTON - Two new bills introduced by Senator John Kerry (D-Mass.) would greatly expand the Small Business Administration's two largest lending programs. The bills were introduced by Kerry April 6 and were co-sponsored by Senators Mary Landrieu (D-La.) and Mark Pryor (D-Ark.) on the 7(a) loan program legislation. Pryor co-endorsed...
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SECU Study Seeks to Highlight Benefits Being CU Members Brings; CU Saved Members $162 Each in '03
RALEIGH, N.C. - In an effort to help document how its members and community benefit from the existence of the $13 billion State Employees Credit Union the CU has chartered a study by a noted economist to pin down how much money CU members and the community save in lower...
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It's Not How Many Members CUs Have But How They Perform; Consultant Argues CUs Need to Focus on Members Again
SEATTLE - Tony Ward-Smith, noted credit union consultant and one of the organizers of the members group which succeeded in blocking Columbia Community Credit Union's attempt to change to a bank, wants CUs to focus their minds and business strategies not on gaining new members but on serving better the...
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ByDesign Teaches Financial Firsts to Foster Kids; SAFE CU Helps Raise $23,000
LOS ANGELES - ByDesign Financial Solutions has launched a unique financial educational program for young adults who are about to be emancipated from the foster care system. The Financial Firsts program, which consists of five two-hour interactive workshops, is offered as part of county-run Independent Living Skills programs, which many...
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CU Consortium Pushing PBS Kids Financial Literacy Show Eyes $2.6 Million Goal
AUBURN, Wash. - In short order, a national credit union consortium has come up with $2.1 million to finance production of a special show on financial literacy containing a positive CU message for broadcast this October on public television. The proposed "Biz Kid$" show, whose PBS producers met with leaders...
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Hyland, Others Question Whether Credit Union Industry Needs Supervisory Audits
ALEXANDRIA, Va.-While on the outside looking in at the NCUA in 2003, then-Empire Corporate General Counsel Gigi Hyland questioned whether the agency had the statutory authority to require credit unions to require supervisory committee audits and place minimum standards on committee members. In its 2003 report, the Government Accountability Office...
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Good Teamwork Can be the Difference in Successful Disaster Recovery
KING OF PRUSSIA, Pa. - There may be no cheerleaders or uniforms, but there will be teams at a disaster simulation scheduled during the Ohio Credit Union System annual convention April 20 through 21 in Cleveland. The simulation, also known as a tabletop exercise by emergency preparedness officials, will take...
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GAO Says While SBA 7(a) Loan Program Faces `Ongoing Challenges,' Overall, Agency Making Progress Addressing Other Issues
WASHINGTON - While the U.S. Small Business Administration has implemented many recommendations from the Government Accountability Office, the agency has experienced "mixed success" with the management of its 7(a) loan program. This is according to William Shear, GAO director of financial markets and community investment, who testified at an April...
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DFCU Owners Group Quickly Gathers Needed Petition Signatures for Special Meeting to Recall Board
DEARBORN, Mich. - In less than a week, members of the $1.8 billion DFCU Financial who oppose the CU's proposed conversion to a mutual bank were able to gather at least 1,300 signatures of credit union members who joined them in calling for a special meeting to recall the CU's...
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Financial Partners Collaboration with Downy ROP, Win-Win Situation
DOWNEY, Calif. - Financial Partners Credit Union is once again partnering with the Los Angeles County Regional Occupation Program to host three student interns from Downey High School. The student interns are interested in directing their careers in financial services, marketing or office occupations. "Partnering with the Los Angeles ROP...
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Diamond Credit Union Sponsors Area Reading Olympics
POTTSTOWN, Pa. - On March 15, over 140 elementary students from all five Pottstown elementary schools participated in the Reading Olympics program, which Diamond Credit Union sponsored. Students collaborated with their teammates to read 45 books that were selected by a committee of librarians, reading specialists and classroom teachers. Then...
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Eastman CU CEO Olan Jones Receives Overwhelming Response from Academia On Movement Impact on Financial Services
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NAFCU Holds Mid-Size CEO Roundtable
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Earthmover CU Sponsors Easter Celebration for its Younger Members
YORKVILLE, Ill. - Earthmover Credit Union's annual Easter event took place Saturday, April 8 at the credit union's Yorkville branch. The credit union hosts the Easter celebration each year for its younger members, their families and friends. Over 60 children enjoyed Easter cookies and punch, special prizes and pictures with...
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Taxpayer Rush to Claim Returns Inflates February Savings; Loan, Savings Growth to Make Strong Showings in '06
WASHINGTON-Savings were up 1.5% in February, about half of all of last year, but this is not necessarily a sign of things to come. "At first blush, this could be good news, but don't get too excited," CUNA Chief Economist Bill Hampel warned. This is cyclical because those who expect...
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Tim Boellner Elected Chairman of Cooperative Business Services
DUBLIN, Ohio - Tim Boellner, CEO of AurGroup Financial Credit Union, is the newly-elected chairman of Cooperative Business Services, a member business lending credit union service organization owned by the Ohio Credit Union League subsidiary, OCUL Services Corp. and eight Ohio credit unions. "Tim is a visionary person who will...
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Congressman Kennedy, CU Supporter, Addresses Minnesota Credit Unions
BLOOMINGTON, Minn. - U.S. Representative Mark Kennedy (R-Minn.), first elected to Congress in 2000 and a long-time credit union supporter, was the keynote speaker earlier this month at the Minnesota Credit Union Network's Annual Meeting & Convention held April 7-8. Kennedy is running for the U.S. Senate in the November...
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Congressman Filner Gets Members' Take on Issues
SAN DIEGO - Congressman Bob Filner recently visited Cabrillo Credit Union's South Bay branch. Filner, of the 51st district, met with members and employees of the CU to speak about current issues. "This is an excellent opportunity for 51st district residents to meet Congressman Filner in an informal setting, and...
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Bay Area CU Hosts Spring Kick-Off
OREGON, Ohio - Bay Area Credit Union held an egg hunt for its "First Mates" club members to kick off spring. Over 100 "First Mates" club members attended the egg hunt and spent time with the CU's mascot, Boomer. Prizes were awarded to those who found special extra large eggs...
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Iannicola to Visit Midwest To Discuss Outreach to Unbanked Americans
WASHINGTON - Deputy Assistant Secretary for Financial Education Dan Iannicola Jr. will travel to Madison, Wis. on April 13 in the next leg of his national tour for Financial Literacy month. Iannicola will speak at the CUNA International Building on Mineral Point Road and discuss the strategy for improving financial...
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Autoland Expands Call Center to Better Support Credit Unions
SHERMAN OAKS, Calif. - In a move it says will allow the company to more efficiently handle greater volume and enhance the auto-buying services it provides to credit union members, Autoland is expanding its call center 70% with additional personnel and will soon extend its geographic reach. Autoland, one of...
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Credit Union CEO Calls it Quits to Become Author
TAUNTON, Mass. - Diane Kozak, 45, CEO of the $122 million Taunton Federal Credit Union has stepped down from her position to write a novel about teenagers and terrorism, according to the Attleboro Sun-Chronicle. Kozak, a popular business leader in Taunton has stunned colleagues, friends, fellow board members and some...
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1st Advantage's New Score Builder Helps Members Raise Scores, Lower Rates
YORKTOWN, Va. - As part of its continuing efforts to help members who may have higher interest rates on their current loans now because of missed or late payments in the past, or members who plan to apply for a loan but have a blemished credit history, 1st Advantage FCU...
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Michigan First Credit Union Offers Members Financial Counseling
DETROIT - Members of Michigan First Credit Union will soon have access to money management and credit counseling services thanks to an alliance with Accel Members Financial Management. The program is free for members and their dependents. It covers topics such as personal and family budgeting; credit reports and reviews;...
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Baxter Credit Union Honored As Company That Cares
VERNON HILLS, Ill. - Baxter Credit Union has recently been named by The Center for Companies That Care as one of the 27 organizations to make its Fourth Annual Honor Roll list. Baxter Credit Union was one of two financial institutions to be awarded with the prestigious honor. Baxter Credit...
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Callahan, WesCorp Host Free Webcast on Maximizing Investment Yield
WASHINGTON - Credit unions are finding that net interest margins remain under pressure and it is becoming increasingly important to maximize the return from the investment portfolio. With that in mind, WesCorp and Callahan & Associates, Inc. will host a free webcast on looking at some investment portfolio "quick hits,"...
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The Summit FCU to Hold Annual Home Buyer's Expo
ROCHESTER, N.Y. - It's spring again, and that means it's time for The Summit FCU to hold its sixth annual home buyer's expo. The event on April 19 is being held at the CU's corporate office in Greece, N.Y. and will feature experts from all areas of home ownership. As...
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SECU Makes Every Penny Count
RALEIGH, N.C. - State Employees' Credit Union has helped area children realize what a difference a penny can make by helping out with the 2nd Annual Kids Day Penny Jar Championship. The event will benefit the WakeMed Children's Center, which offers a comprehensive range of health care services tailored to...
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CFS Rep Honored for Top Investment Performance
SAN JOSE, Calif. - Brian Horiuchi, a registered representative, who works with members at CommonWealth Central Credit Union, recently received the 2005 Bronze Pacesetter Award at the 2006 CUSO Financial Services, LP "Partnership of Leaders" annual conference. Horiuchi, who has worked with CommonWealth for more than four years, was recognized...
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CUNA, VoiceGard Partner for Disaster Recovery
MADISON, Wis. - CUNA and VoiceGard have joined forces to help credit unions develop plans so they can stay in touch in the event of a disaster. CUNA formed the alliance to help credit unions strengthen the telecommunication components of their business continuity plans as recommended in guidelines developed by...
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Yield Spread Premium Abuse `Rampant,' says Consumer Group
WASHINGTON - The Homeowner's Consumer Center and its partner the National Mortgage Complaint Center have released the results of their 2006 survey of common mortgage fee overcharges/mortgage lender abuse, and topping the list are yield spread premiums. The survey is based on a sample of 7,500 mortgage transactions in every...
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Former Credit Union Executives Join Anti-CU Banker Group
WASHINGTON - Two former credit union CEOs have joined a banker group, which, as part of its agenda, is trying to limit and tax credit unions, according to the publication of the American Bankers Association. The ABA's Bankers News newsletter carried pictures of Gary Base, former CEO of Community Credit...
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Mountain America Credit Union Unveils LendingHand
SALT LAKE CITY - For Mountain America Credit Union members, raising money for their favorite charity is only a swipe away. The credit union has teamed up with Tricordia Community Enrichment Programs, a company connecting consumers and merchants in order to benefit local nonprofit organizations, to launch a new debit/credit...
Corporates
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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...
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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...
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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'...
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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
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Former NCUA Staffer Nick Owens Named New SBA National Ombudsman
WASHINGTON - Nick Owens, former NCUA external affairs director and special assistant to Chairman JoAnn Johnson, has found a new home. Owens has been appointed national ombudsman for the U.S. Small Business Administration by SBA Administrator Hector Barreto, the agency said. Owens' official start date was March 27. He succeeds...
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NAFCU: SBA's Capital Programs will `Suffer' Under Agency's Zero Subsidy
ARLINGTON, Va. - The U.S. Small Business Administration's popular 7(a) program, currently operating under a zero subsidy, coupled with any fee increases, could hurt credit unions in a number of ways, NAFCU recently said. NAFCU President/CEO Fred Becker wrote that credit unions and their members have already faced increased fees...
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Barreto Goes to Bat Again to Defent SBA's Zero Subsidy, Budget Request Allows $28 Billion in Lending Authority
WASHINGTON - Operating at a zero subsidy allowed the U.S. Small Business Administration to guarantee more than $19 billion in loans in the agency's fiscal year 2005, SBA Administrator Hector Barreto recently said. Testifying before the Subcommittee on Federal Financial Management Government Information and International Security Committee on Homeland Security...
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MBA Commends Introduction of FHA Modernization Bill, CUNA and NAFCU Hold Off
WASHINGTON - The Mortgage Bankers Association applauded members of the House Financial Services Committee for introducing legislation to empower and revitalize the Federal Housing Administration. Meanwhile, NAFCU and CUNA said they're both monitoring the measure but neither have taken a position on it yet. H.R. 5121, the Expanding American Homeownership...
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NAFCU: SBA's Capital Programs will `Suffer' Under Agency's Zero Subsidy
ARLINGTON, Va. - The U.S. Small Business Administration's popular 7(a) program, currently operating under a zero subsidy, coupled with any fee increases, could hurt credit unions in a number of ways, NAFCU recently said. NAFCU President/CEO Fred Becker wrote that credit unions and their members have already faced increased fees...
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FinCEN Announces Departure of Senior Staffer
MaPS Credit Union Hosts Shred Day PHOTO: MaPS CU is making it harder for thieves to steal the identity of locals by sponsoring a "Shred Event". SALEM, Ore.- In addition to "Tax Day" Marion and Polk Schools Credit Union (MaPS) wants local consumers to think of April 15th as "Shred...
Tech Bytes
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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:...
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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,...
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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...
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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...
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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,...
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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
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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
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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...
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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...
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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...
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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
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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....
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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....
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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...
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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...
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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
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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...
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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...
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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...
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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
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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
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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
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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...
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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.,...
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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
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Bankers Are More Excited about Potential Conversion Weakness in Credit Union Industry than the Prospect of Taxation
As reported in the April 12 edition of Credit Union Times, I participated in a panel discussion on credit union conversions at the University of North Carolina School of Law's Banking Institute a couple of weeks ago. Others on the panel included Diane Casey-Landry, CEO of American Community Bankers, John...
News Briefs
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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...
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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...
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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...
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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...
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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,...
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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...
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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...
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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
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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...
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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
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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
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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...
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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...
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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.
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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...
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SOUTH
Local Government Federal Credit Union, Raleigh, N.C., hired Hisham Salama as financial counselor.
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