Credit Union Times Magazine April-26, 2006

  • ABA Takes Issue with CUs Offering Total Mortgage Solution

    WASHINGTON - An increasing number of credit unions and CUSOs are offering real estate brokerage services and title insurance, and the American Bankers Association says banks should be able to do the same to remain competitive. In a recent column on its Web site entitled "Real Estate Realities," the ABA's...

  • NAFCU, Fannie Mae Add Enhancements to their Nationwide Alliance

    WASHINGTON - NAFCU and Fannie Mae have added more offerings to their four-year old relationship to help credit unions provide members with affordable mortgage financing and better manage interest rate, liquidity and credit risk. Along with the original benefits of the alliance that began in 2002, new offerings for NAFCU...

  • NCUF Making Grant Applications Available

    WASHINGTON - The National Credit Union Foundation is taking applications for its next round of grant making through June 30 and has made grant applications and resources available online. Grant applicants must seek to use the grant money to fulfill the foundation's mission to "promote and improve consumer financial independence...

  • Centra Credit Union Opening Three Wal-Mart Branches in Face of Wal-Mart ILC Controversy

    COLUMBUS, Ind. - The $550 million Centra Credit Union has become the latest to join the growing list of "Wal-Mart" CUs by making plans to open three new southern Indiana branches in high-traffic stores starting next month. Centra management said it is undaunted by the swirling national controversy over what...

  • CUNA's New Member Business Lending Institute Aims to Produce Homegrown Experts, Top-Notch Business Services Programs

    MADISON, Wis. - After five years of discussion and development, CUNA is poised to launch its new Business Lending Certification Institute that emphasizes member business lending credit analysis. The institute will offer an extensive and comprehensive curriculum in member business services and features three areas for credit unions - fundamentals,...

  • Credit Union 24 Still Growing Despite Processor Switch

    TALLAHASSEE, Fla. - Despite being entrenched in a major switch-processor conversion, Credit Union 24 is still growing its credit unions and points of access, the second largest credit union-owned ATM and EFT network said. In November 2005, the network announced an agreement to switch over to Fifth Third Processing Solutions...

  • Treasury's Go Direct Program Links up with FDIC's `Money Smart' Effort

    WASHINGTON - For many people, switching to direct deposit can be an important step toward achieving control over their money. With that in mind, the U.S. Department of the Treasury said it will partner its Go Direct campaign with the Federal Deposit Insurance Corp. to raise financial education awareness during...

  • Child ID Campaign Winding Up in South Carolina

    MYRTLE BEACH, S.C. - It took many months but South Carolina credit unions, backed by their league, are in the final stages of distributing child ID kits to schools across the state as part of a national campaign which got rolling during the 2004 Presidential election. The windup of the...

  • Progressive Neighborhood FCU President Spotlighted for Small Biz Development

    ROCHESTER, N.Y. - Leta Brayboy not only talks the talk, she walks the walk. As president of Progressive Neighborhood Federal Credit Union, which considers small business development as one of its tenets, Brayboy is in a keen position because she also is founder and owner of her 12-year old company,...

  • CUNA to Meet with Freddie Mac to Discuss Possibility Of Selling HLPR Loans on Secondary Market

    WASHINGTON - CUNA's Home Loan Payment Relief (HLPR) loans have succeeded in making low-cost mortgages available to more low-income borrowers. But because of the way the loans are currently structured they cannot be sold on the secondary market and have to be held in participating credit unions' portfolios, tying up...

  • Special Volunteer Forum Slated at Maryland/D.C. Conference

    COLUMBIA, Md. - Volunteer advocates who for months have been pushing a higher profile for elected directors in trade group leadership will get to air their concerns and map strategy during the annual meeting of the newly-reorganized Maryland & D.C. Credit Union Association June 14-17. The annual conference being held...

  • NCUA Board Finalizes FCU Bylaws, Overdraft Disclosures; Insurance Rebates Unlikely

    ALEXANDRIA, Va.-NCUA's April board meeting featured final modifications to the Federal Credit Union Bylaws and overdraft protection disclosures last week, as well as a presentation of the quarterly insurance fund report. The Federal Credit Union Bylaws were updated to use plain English for easier understanding, the format was modified to...

  • Missouri CU Commission Calls for New FOM Expansion Rule, Credit Unions Still Taking in Members

    JEFFERSON CITY, Mo. - With court actions that could possibly tie up Missouri's state community-chartered credit unions' ability to take in new members and expand for several months, some of the state's largest are exploring their options and not ruling out any possibility including, if necessary, converting to federal charters....

  • Matz Lands at Andrews FCU; CEO Says Her Philosophies Mesh Perfectly with CU's Objectives

    SUITLAND, Md. - About half-a-year into her retirement from public service, former NCUA Board Member Debbie Matz is beginning her second career as a high-ranking executive at a large Maryland credit union with its roots in reaching out to the underserved. Matz began April 17 as the new executive vice...

  • Local Government FCU Offers Members Various Card Payment Options

    RALEIGH, N.C. - "We felt it was very credit union-like," says Maurice Smith, president of Local Government Federal Credit Union, in describing LGFCU's new credit card policy. Members now have a choice of minimum credit card payments ranging from 3% to 6% monthly on their balances. The idea reflects the...

  • XP Systems Scores Big Win with $3 Billion Digital FCU; Begins Unique Co-Development Deal

    MOORPARK, Calif. - In the intensely competitive credit union data processing space, any new credit union client is exciting for processors, but some wins are sweeter than others. For XP Systems, it doesn't get much sweeter than the signing of the $3 billion Digital Federal Credit Union, Marlborough, Mass. DCU...

  • Viewpoint Bank, Former Community CU, Readies Itself for IPO

    WASHINGTON - Documents filed on April 18 with the Securities and Exchange Commission reveal that Viewpoint Bank, the former $1.4 billion Community Credit Union, is preparing to reorganize into a mutual holding company and issue stock. Community Credit Union converted to a mutual savings bank charter in 2005. Under the...

  • EasCorp and MEMBERS Trust Partner to Create Industry's First New England Trust Office

    BURLINGTON, Mass. and TAMPA, Fla. - Members at New England credit unions will soon have wider access to trust services thanks to an alliance between EasCorp and MEMBERS Trust Co. Under the agreement, EasCorp's CUSO, 1909 Financial Advisors, LLC, will establish staff and manage a trust agency office to provide...

  • Financial Services Committee Should Have Been Consulted on Data Collection, McHenry Says

    WASHINGTON-Congressman Patrick McHenry (R-N.C.) and NCUA have begun round two. The freshman House Financial Services Committee member and NCUA Chairman JoAnn Johnson have traded correspondence over whether and how to proceed with an effort to collect data on member service, as requested by House Ways & Means Committee Chairman Bill...

  • Hood: Well-Managed, Capitalized CUs Don't Need `Micromanaged' MBL Programs

    ALEXANDRIA, Va. - NCUA Vice Chairman Rodney Hood recently reiterated one of his goals of easing regulatory burdens to make member business loan programs easier for credit unions to implement. As part of President Bush's National Small Business Week, which took place last week, Hood visited two Texas credit union...

  • Intermountain CU Goes With Pemco

    SEATTLE - The $30 million Intermountain Credit Union, headquartered in Salt Lake City, Utah, has chosen Pemco Technology for Visa credit, debit and ATM services. Regarding the new business relationship, Jeffrey Blackburn, president of Intermountain, said, "Signing up with your company will not only increase our bottom line, but will...

  • Reliable FCU Merges into MidWest America FCU, All Staff Retained

    FORT WAYNE, Ind. - The nearly 4,000 members of Reliable FCU are now members of MidWest America FCU. The $10 million RFCU merged with MidWest America last month. The CU serves over 69,700 members and has almost $350 million in assets. Reliable FCU was chartered in 1951 as the Phelps...

  • Intermountain CU Goes With Pemco

    SEATTLE - The $30 million Intermountain Credit Union, headquartered in Salt Lake City, Utah, has chosen Pemco Technology for Visa credit, debit and ATM services. Regarding the new business relationship, Jeffrey Blackburn, president of Intermountain, said, "Signing up with your company will not only increase our bottom line, but will...

  • Arrowhead CU's Aguilar Voted to City Council

    REDLANDS, Calif. - Pete Aguilar, director of governmental affairs at Arrowhead Credit Union, is the city council's newest member. According to the San Bernardino County Sun, Aguilar was unanimously voted in on April 18 by the council as the replacement for former Councilwoman Susan Peppler, who resigned at the beginning...

  • Welcoming New Members Critical within First 90 Days of Joining

    MADISON, Wis. - One way to increase membership is communicating the message of value to new members within their first 90 days of joining. According to The Point, a CUNA research publication, studies show that financial institutions with a focus on retention and new-member integration in the first three months...

  • It's `Opening Day' for Twin City

    ST. PAUL, Minn. - With the help of Harmon Killebrew, Minnesota Twins Hall of Famer, Twin City Co-ops Federal Credit Union gave its new downtown St. Paul branch a "Home Opener" experience in style. Held on "Opening Day" of the Minnesota Twin's 2006 baseball season, the grand opening event, which...

  • Freddie Mac Agrees to Pay $3.8 Million Civil Penalty for FEC Violations, Largest in FEC History

    WASHINGTON - Freddie Mac has agreed in a Conciliation Agreement to pay a $3.8 million civil penalty to the Federal Election Commission to settle allegations that it violated the Federal Election Campaign Act and FEC regulations that prohibit corporations from making or facilitating contributions. According to the FEC, it is...

  • Pennsylvania Bankers Challenge K of C FCU Community FOM Charter

    PHILADELPHIA -Now it's K of C FCU's turn. A little more than a month after the Commonwealth Court issued its decision to uphold the community charters of two state-chartered credit unions - Freedom CU and TruMark Financial CU-Pennsylvania bankers are challenging the K of C FCU field of membership application...

  • Wescom CU Youth Month Focuses on Financial Literacy

    PASADENA, Calif. - Wescom Credit Union has declared April Youth Month and to celebrate has recently launched a series of consumer education initiatives coinciding with "Financial Literacy Month." Focused on educating consumers and their children on how to successfully manage their personal finances, Youth Month festivities kicked off with a...

  • Navy Federal Chosen for Data Collection Pilot

    VIENNA, Va.-Navy Federal Credit Union was randomly selected as one of the 481 credit unions to undergo NCUA's new data collection effort on member services. The $25 billion credit union is scheduled to do its part in the random sampling of credit unions' member service information May 1. According to...

  • Hyland Assures Continued Agency Attention in New Orleans

    ALEXANDRIA, Va.-NCUA Board Member Gigi Hyland shared pictures from her recent tour of hurricane-ravaged New Orleans which depicted that the Gulf Coast region is still far from out of the woods. Hyland visited the hurricane-battered Lower 9th Ward, St. Bernard and Orleans Parishes, as well as neighborhoods near the 17th...

  • Maine CUs Help Teens Get Fiscally Fit

    WESTBROOK, Maine - Some 200 students from 12 schools in the central Maine area were able to shape up their money skills during the third annual Financial Fitness Money Management Experience Event, put on by Maine's credit unions. With a focus on how to become more fiscally fit, the half-day...

  • CENTRIX Appoints Executives to Strengthen Company's Focus on Separate Businesses

    CENTENNIAL, Colo. - In a move a company spokesperson said "demonstrates our commitment to the growth of the bank and credit union markets as separate businesses," CENTRIX Financial has appointed three senior executives to lead the company's credit union, banking and automotive dealership businesses. The appointments include: John Frew as...

  • NCUA Hosts First Access Across America Summit of 2006

    DALLAS-NCUA kicked off its 2006 Access Across America Economic Empowerment Summits in Dallas April 12. NCUA Chairman JoAnn Johnson and Vice Chairman Rodney Hood addressed the event and met with participants who came from all over Texas and surrounding states. Department of Housing and Urban Development Deputy Assistant Secretary for...

  • Judge Sets Schedule for Briefs in ABA vs. NCUA

    SCRANTON, Pa.-The schedule of briefings has been set in the American Bankers Association's lawsuit against NCUA challenging its approval of a multiple-county community charter for $1 billion Members 1st Federal Credit Union. The ABA's first brief will be due May 2, as set by U.S. District Court Judge Yvette Kane....

  • EasCorp MBL CUSO, St. Dominic FCU Help Member with $410,000 Financing

    BURLINGTON, Mass. - Eliminating the middleman, in this case, a community bank, helped a member at St. Dominic's Federal Credit Union take his business financing to another level. Through its Correspondent Lending Program run by Octant Business Services, LLC, EasCorp's CUSO for business lending, the $14 million St. Dominic's FCU...

  • Teachers Credit Union Helps JA Issue Stock Market Challenge

    SOUTH BEND, Ind. - Teachers Credit Union is helping teens get investment savvy. The credit union has once again sponsored the Junior Achievement of Michiana's Stock Market Challenge, which is a game for students to learn about the Stock Market by using a hands-on approach. The Stock Market Challenge allows...

  • Consolidation is New Reality, Says Peppers

    DENVER - Consolidation, mergers and partnerships are now a way of life in Colorado and elsewhere and the trend can only increase given heightened competition from banks and nonbanks, according to C. Alan Peppers, president/CEO of the newly-merged Westerra CU of Denver. In comments last week following the selection of...

  • Junior Achievement Program Teaches Kindergarteners their Economic Roles

    OREGON, Ohio - Bay Area Credit Union's Junior Achievement volunteers, Kris Downey and Val Strickland, presented certificates of achievement to four Coy Elementary School kindergarten classes. The Junior Achievement program uses story time and a follow-up activities to teach young children about their economic roles as individuals. "Working with the...

  • Coastal FCU Keeps Momentum Up With Spring Blitz of Investments Seminars

    RALEIGH, N.C. - Nearly 750 persons turned out for a recent seminar on retirement planning, and Coastal Federal Credit Union is hoping to keep the momentum going. The $1.5 billion credit union will hold more retirement investment strategy sessions throughout the month of May. Dubbed the "Food for Thought" seminar...

  • Community Financial Hosting "Money Smart Kids" Fair

    PLYMOUTH, Mich. - Proving it is never too early to start building financial literacy skills, Community Financial Credit Union is hosting a Money Smart Kids Activity Fair for elementary school age children and their parents. The fair will offer hands-on financial activity stations such as identifying money, setting savings goals,...

  • Nearly Three-Quarters of Consumers Expect Housing Bubble to Burst

    COSTA MESA, Calif. - Economists and housing experts may still be debating whether there is a housing budget, but consumers are not only convinced there is but that it's going to burst shortly. According to the latest Experian-Gallup Personal Credit Index survey, 71% of consumers say it is likely that...

  • Boston Children's Hospital Dedicates New Family Lounge Compliments of Kids at Heart

    WOBURN, Mass. - New England credit unions have been leaving their mark on one of the nation's leading pediatric research hospitals by following two of the credit union community's long standing traditions - cooperation and "people helping people." Over the past 10 years, New England credit unions have raised more...

  • Portman Named New OMB Director

    WASHINGTON-Former Congressman Rob Portman of retirement legislation `fame' has been named by President George W. Bush as his pick for the next director of the Office of Management and Budget. Portman, a close Bush family friend according to Reuters' reports, is currently serving as the current U.S. trade representative. Deputy...

In Other News

  • BRANCHING OUT

    Sebasticook Valley Federal Credit Union, Waterville, Maine, received approval from the Pittsfield Planning Board to build a new main office in Pittsfield. Because the CU has grown by 275% over the past eight years, it has outgrown its current facility and a new location will provide a more convenient location,...

  • AWARD

    The United Way of Broward County has named Mark Holmes, vice president of marketing at Eastern Financial Florida Credit Union, Miramar, Fla., volunteer of the year. Holmes will receive an award during the organization Annual Meeting on May 4. Currently, Holmes serves on the Campaign Cabinet for the United Way...

News

Tech Bytes

  • Tower FCU Renews with DI

    CALABASAS, Calif. - Digital Insight has renewed its Internet banking relationship with the $1.5 billion Tower Federal Credit Union The multi-year agreement covers services to nearly 40,000 of Tower FCU's active consumer Internet Banking users and nearly 10,000 online bill pay users. Since 2002, Tower FCU's home banking adoption has...

  • Allied Solutions, Acxiom Insight Offer Identify

    BROOMFIELD, Colo. - Allied Solutions has teamed up with Acxiom Insight, the risk mitigation division of Acxiom Corporation, to help credit unions in their fight against identity theft. "Through our new alliance with Acxiom Insight, we will jointly deliver solid solutions designed to mitigate fraud related losses and provide financial...

  • CUNA Mutual Implements IQNavigator

    DENVER - IQNavigator, Inc., a provider of services procurement and spend management solutions, announced that CUNA Mutual Group has implemented its IQNavigator7 to manage the sourcing, procuring, tracking and payment of its temporary labor, IT services, and projects-based professional consulting. IQNavigator completed the implementation for CUNA Mutual, including six system...

  • USERS has Most Microsoft Money Certified Institutions

    VALLEY FORGE, Pa. -- USERS now has more financial institutions certified with Microsoft Money than any other provider. Of the more than 350 financial institutions with a two-way, XML-enabled connection between their Internet banking solutions and Microsoft Money, more than 25% of those connected institutions are credit unions that employ...

  • In Earth Day Promo, Coastal Pushes e-Mail

    RALEIGH, N.C. - With Earth Day April 22 and National Arbor Day April 26 on the calendar, Coastal Federal Credit Union is promoting conservation and environmental stewardship by urging members to use e-statements. By using electronics instead of paper, Coastal said it is "offering a simple solution that will help...

  • Credit Unions' Online Presence Still Growing

    WASHINGTON - Although the Internet is old hat now, there are still hundreds of credit unions that are discovering the channel each year. According to Callahan & Associates, the number of credit unions with a Web site increased from 5,369 as of year-end 2004 to 5,523 by the end of...

  • Nassau Educators FCU Turns to BANKDetect for BSA Compliance Help

    WESTBURY, N.Y. and CHURCHTON, Md. - Nassau Educators Federal Credit Union has tapped BANKDetect to help it comply with Bank Secrecy Act requirements. The BSA requires financial institutions to screen all new customers on account openings and periodically screen existing customers against changes in OFAC and other consumer databases. BANKDetect's...

News Briefs

  • Virginia Gov. Kaine Signs Three CU Bills in to Law

    RICHMOND, Va. - Gov. Tom Kaine put his signature on three bills offered on behalf of Virginia's state-chartered credit unions and which were easily passed by the state Senate and House of Delegates. The three bills each were passed unanimously by the Senate and House of Delegates and are all...

  • MECU Branches Out with Business Services

    BALTIMORE - After noticing that many of its members had small, home-based businesses and others were using their personal checking accounts for business needs, Municipal Employees Credit Union began offering services to cater to those needs. The $768 million credit union said it plans to offer business loans under $250,000...

  • Allied Solutions Earns Prestigious Center of Excellence Award

    CARMEL, Ind. - Purdue University's Benchmark Portal has recently honored Allied Solutions with the Center of Excellence Award. This designation was earned through the completion of a data collection, discovery and delivery process in which 24 areas of service for the collateral protection insurance (CPI) product were evaluated. Generally 60%...

  • Corrections

    Due to incorrect information provided to Credit Union Times, a photo caption on page 56 of the April 19 issue, "Minnesota CU Network Names Award Recipients," was incorrect. The man on the right was incorrectly identified as volunteer of the year winner Jim Seifert. His correct identification is Keith Malbrue,...

  • Cherry Blossom Run Fundraising Nets $530K for CMN

    WASHINGTON-The Credit Union Cherry Blossom 10-Mile Run and surrounding events blew right past the fundraising goal of $500,000, Credit Union Miracle Day, Inc. Chairman Juri Valdov recently announced. Credit unions' fundraising efforts for 2006 reached $530,000, approximately $100,000 more than last year. The funds benefit the Children's Miracle Network. Even...

  • 1st Advantage FCU Introduces Three Programs to Help Modest Means, Financially-Challenged Borrowers

    YORKTOWN, Va. - It's one thing for consumers who find themselves dealing with financial challenges to look for quick solutions to the problems they're immediately faced with. But 1st Advantage FCU has come out with three programs designed to help members stay on track when challenges arise. The Credit Score...

  • AACUC Chairman Provides CU 101, Shares Ownership Message

    SEATTLE - Their presence in this country spans nearly a century but credit unions still remain "one of the best-kept secrets," Bob Harvey, chairman of the African-American Credit Union Coalition recently said. Harvey, who is also president/CEO of $434 million Seattle Metropolitan Credit Union, provided some fundamentals on how to...

  • Pennsylvania's Diamond Credit Union Approved for Community Charter

    POTTSTOWN, Pa. - Diamond Credit Union, the 19th largest in the state, was approved by the Pennsylvania Department of Banking to become a community credit union. Diamond CU's field of membership now includes Berks County and the Tri-County region, in addition to serving the employees of over 200 local businesses....

Regulatory/Compliance

  • Alabama CU CEO Roundtable to Feature Hood, Rep. Davis

    BIRMINGHAM, Ala. - NCUA Vice Chairman Rodney Hood and Congressman Artur Davis (D-Ala.) will share the stage at a credit union event later this month. Hood and Davis are slated to address the Alabama Credit Union League's CEO Roundtable at the Birmingham Hilton April 28. All of the credit union...

  • Colorado, Georgia Join Other States in Small Biz Reg Relief

    WASHINGTON - Small business owners in Colorado and Georgia will have more of an early say on how proposed state regulations may affect them. On April 4, Colorado Gov. Bill Owens extended relief for the state's more than 493,000 small businesses by signing into law HB 06-1041. The new law...

  • Chairman Johnson Promotes Financial Literacy Across the Country

    ALEXANDRIA, Va.-Getting back to her teaching roots during Financial Literacy Month in April, NCUA Chairman JoAnn Johnson is making several stops nationwide to promote financial education and credit unions' efforts. On April 13, Johnson appeared with Treasury Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr. at CUNA's Madison, Wis....

  • CUNA Tells FinCEN Separating Domestic, Cross Border Transactions is Impractical

    WASHINGTON-Separating domestic and international wire transfers would be "problematic" for smaller financial institutions, including credit unions, CUNA said in a comment letter to the Financial Crimes Enforcement Network. Treasury, through FinCEN has been mandated by Congress to investigate the feasibility of reporting cross border electronic funds transfers in support of...

  • `Skip-A-Payment' Programs Can Trigger TILA Disclosures

    ALEXANDRIA, Va.-In a recent legal opinion letter, NCUA has advised that the addition of an option to defer payments on loans may trigger additional Truth in Lending Act disclosures. "A credit union's addition of an option to defer or skip a payment to an open-end loan after giving the initial...

Marketing

  • Anoka County FCU Says "Whatever" to Reach Teens

    CIRCLE PINES, Minn. - Anoka County Federal Credit Union Retail Services Manager Matt Lasiuta was recently featured on the popular teen news show "Whatever" for his energetic and engaging efforts to teach money management and financial planning to high school students. "Whatever" airs on local NBC-affiliate Kare 11 on Saturday...

  • Top CUES Golden Mirror Award Winners Announced

    TUCSON, Ariz.-CUES has announced the top honor Golden Mirror Award winners during the Nexus Conference held here at the Hilton Tucson El Conquistadore Golf & Tennis Resort. Walking away with the GMA Phil Davies Memorial "Best of Show" were Chad Hunter, marketing vice president and Michael Duffy, CEO, Financial Center...

  • Truliant Steps it Up for Tax Season

    WINSTON SALEM, N.C. - Truliant Federal Credit Union has opened the doors of its Fred J. Sarda Community Pavilion to host free income tax assistance services through the Volunteer Income Tax Assistance (VITA) Program. The Forsyth Working Families Partnership offers this free tax preparation service through VITA to working families...

  • Cabrillo CU Marketing VP Named Vice Chair

    SAN DIEGO - Cabrillo Credit Union Vice President of Marketing Anne Legg, has been named vice chair of the CUNA Marketing and Business Development Council. Legg will serve as vice chair for two years. The CUNA Marketing and Business Development Council provides resources to credit union marketing and business development...

  • La Capitol FCU Gets Cooking With New Promotion

    BATON ROUGE, La. - La Capitol Federal Credit Union has recently launched a new checking promotion that appeals to locals' inner "Grillmaster". Mainly targeted at current members without checking, the campaign features a free Chef's Dream barbecue set to any member who signs up for an automated checking account.

Opinions

  • It's Time to Embrace E-learning; CUs Are Positioned to Benefit

    Keeping your staff's skills and knowledge up to date is increasingly tough - which is why credit unions should consider adopting new, technology-based training techniques, like e-learning. Adding e-learning to your training repertoire is a great way to maximize your investment in your staff - your most valuable asset. E-learning...

  • FDIC FCU Goes First with Digital Signature Web Tools from IMM

    WASHINGTON, D.C. - For the first few years of electronic document transfers, the silver bullet for the would-be killer app was the electronic signature - how to affix the official "John Hancock" that would close the deal on long-distance loans and other transactions. That's now a reality at credit unions...

Letters to the editor

  • 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....

  • Beware of Wolves in Sheep's Clothing

    I recently read a white paper that was published by our bond broker, Performance Trust in Chicago. The gist of the paper was that there are many companies out there that offer products and services that ostensibly "help" us, while their main objective seems to be putting us out of...

  • DFCU Financial Should go Back to Dearborn Name

    Hooray for the members of DFCU Financial! I have always been suspect of any credit union that changes their name and hides the fact that they are a credit union as DFCU Financial did. My suggestion to the board would be to add the words "credit union" to their name....

  • NCUA is Too Involved in Conversion Process, Assumes Greed is Motivator

    Tom Dorety's opinion column on credit union conversions in the April 19 issue deserves some perspective. America's Community Bankers proudly represents about 90% of all mutual community banks in the country, and Tom's observations on mutuality need correcting. Mutual savings banks are almost as old as our nation. They have...

  • DFCU Financial's Conversion Failure is a Real Shame

    DFCU Financial had a vision and a dream to build an already successful organization into a stronger, fuller and more capable financial institution. It is a rare commodity to find industrious leaders with the ability and resources that can make those dreams a reality. It sickens me that in the...

  • DFCU Financial's Leadership Shouldn't be Off the Hook

    I am a member of DFCU Financial and believe although the conversion is off the table, the board and management still need to be addressed. Here is a letter I sent to DFCU Financial: I am terribly disturbed by the aggressive, secretive, self-serving and selfish conversion effort the board, management,...

Opinion

Publisher's Column

  • DFCU Financial's Arrogance Ensured Conversion Would Fail

    Well that's it. DFCU Financial's board and management caved into member pressure and pulled the plug on their attempt to convert Michigan's largest credit union into a bank. Hooray, hooray, hooray - high fives were probably happening all over the credit union industry. It was great to see the issues...

From the Board Room

  • Scott CU Board Chair Celebrates 50 Years Of Service

    COLLINSVILLE, Ill. - Scott Credit Union Board Chairman Betty Renth has recently been honored for her extraordinary 50-year career. During the Annual Membership Meeting, Scott CU President Frank Padak presented Renth with a history book that was produced in her honor titled Scott Credit Union: Through The Years, Through The...

  • SSFCU Names First Director Emeritus

    SAN ANTONIO - Security Service Federal Credit Union has named Cliff Turner (USAF-Ret) its first Director Emeritus. Turner has been a credit union volunteer since 1956, having participated on its board since 1959. He served as chairman in 1987. Turner's volunteer career with the credit union started when he put...

  • Texans CU Member Wins Mustang at Annual Meeting

    RICHARDSON, Texas - Who says annual meetings are ho-hum affairs? Texans Credit Union turned its annual meeting into a must-attend event by offering the chance to win a 2006 Ford Mustang convertible. Pictured here Texans CU member Greg Speer strikes a pose by his new car -courtesy of his credit...

  • Robins FCU Learning Center Dedicated To 30-Year Board Member Jack G. Byrd

    WARNER ROBINS, Ga. - In honor of board director Jack G. Byrd Jr.'s 30 years of service, Robins Federal Credit Union has named its new learning center after him. With training as a longtime credit union focus, the Jack G. Byrd Jr. Learning Center was designed to further expand the...

People

  • MIDWEST

    Minnesota Credit Union Network, Bloomington, Minn., recently elected three new representatives and two incumbents to three-year terms on its board of directors. Newly elected were: Chuck Albrecht, Nick Meyer and Patrick Pierce. Re-elected were: Jim Carrier and Harry Carter. The board also elected a new slate of table officers: Richard...

  • SOUTH

    Jeffrey B. Hendrickson, president/CEO of Dow Louisiana Federal Credit Union, Plaquemine, La., recently completed all prerequisites of the Credit Union Exectuvies Society's "CEO Institute" program. This achievement qualifies Hendrickson to be one of the esteemed graduates of this distinguished program and to receive the designation of Certified Chief Executive. La...

  • EAST

    Mark Ely recently joined Hershey Federal Credit Union, Hershey, Pa., as the marketing/business development manager, a new position for the credit union. Sunmark Federal Credit Union, Schenectady, N.Y., has named Darald Novak as the property and casualty insurance specialist of member investment services. Service Credit Union, Portsmouth, N.H., has named...

Events Calendar

  • MEETINGS & EVENTS

    MAY Associations MAY 01-03 Washington CU League's Business Services Conference, TBA, Wash. For info: Nancy Pullen, 206-340-4111, x 107. MAY 02-05 CUES Public Policy Institute, Brookings Executive Education, The Brookings Institution, Washington, D.C. For info: Membership Services, 800-252-2664, x 5316. MAY 03-06 Georgia CU Affiliates Annual Conference , Hyatt Regency,...

Advertisement. Closing in 15 seconds.