Credit Union Times Magazine August-23, 2006
In Other News
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Donations
DONATIONS Michigan Schools and Government Credit Union, Clinton Township, Mich., recently honored its scholarship recipients at a formal awards ceremony. During the luncheon, six high school graduates were presented with their scholarship certificates, Achievement by Rudolph Heino, of the CU's board. A check for $2,000 will be mailed to the...
News
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Tenn. League, CUNA Hosting Lawmakers at National Conference
To make sure a positive credit union "message" got through to state lawmakers and policymakers, CU lobbyists were out in force last week wining and dining at the annual National Conference of State Legislatures.
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Wolters Kluwer Buys Automated Lending Provider GulfPak
To bolster its technology solutions lineup, Wolters Kluwer Financial Services has acquired GulfPak Corp., a provider of automated lending and account origination solutions to more than 700 financial institutions.
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Option ARMs Still Increasing in Popularity
Don't count option adjustable-rate mortgages out yet, despite warnings about the loans from federal regulators because of their risk in the upward moving rate environment.
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Small Number of CUs Offer 529 College Savings Plans, HSAs
While some credit unions have yet to actively promote 529 college savings plans, nearly half are offering Coverdale education savings plans.
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Dunn, Anderson Named to ABA Credit Union Committee
Two well-known credit union attorneys were selected last week to lead the American Bar Association's Committee on Credit Unions.
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Small and Mid-Sized Credit Unions Crack the Top 25 in Mortgage Growth
Both mid- and large-size credit unions made it into the list of top 25 credit unions in first mortgage outstanding growth as of March 31, 2006. Six had less than $100 million in assets, 17 had $100-less than $500 million in assets, and two had assets of more than $500...
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Card Purchases Headed for Record Year
U.S. consumers will spend a record amount of money on their credit card purchases this year, according to a prediction from CardData, a firm which tracks credit card trends.
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Next CEOs Groomed in Internship Program
As the movement prepares to usher in the next generation of CEOs, the AACUC is doing its part to bring more of them to credit unions through its internship programs.
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Department of Defense to Seek Protections Against Payday Lending
The Department of Defense has asked Congress for additional authority to regulate the practice of payday and other forms of predatory lending directed at members of the armed forces.
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Seven of Top 10 Largest CUs Using QuestSoft for Mortgage Regs
Seven of the top 10 largest credit unions, all with more than $3 billion in assets, have selected QuestSoft as their automated mortgage compliance partner.
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Prepaid Card Industry Getting Organized; New Organization to Promote Prepaid Cards
A brand new association designed to promote the interests of the pre-paid card industry has gotten organized and elected its first board of directors.
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Two Years In, Pete Crear Fund Tops $9.5 Million
The AACUC's Pete Crear Fund is moving forward at a steady pace since its launch nearly two years ago.
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Indirect Lending CUSO CULS Reaches $100 Million in Serviced Assets
In just over one year after entering the indirect lending business, The Credit Union Loan Source, LLC, a multi-owned CUSO, reached the $100 million mark in serviced assets which represents about 4,600 motor vehicle loans.
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NASCUS Credit Union Advisory Council Approves Creation of Small Credit Union Dues Category
The NASCUS Credit Union Advisory Council approved a recommendation by the council's Dues Review Task Force to revise the dues structure of credit union members of NASCUS which if passed by the association's total credit union membership will result in the creation of four dues categories.
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AACUC Members to Share Knowledge at African Congress
Two members of the African-American Credit Union Coalition will head to Kenya this fall to share their knowledge of lending and setting interest rates on savings products.
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One Year After Selling Majority Stake, Linsco Private/Edger Plans to Purchase Brokerage UVEST Financial Services
Linsco Private/Ledger Corp. has made another significant company change, this time announcing its plans to buy UVEST Financial Services, one of the country's largest providers of third-party brokerage services to financial institutions.
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CUNA Mutual Partners With GrooveCar
CUNA Mutual Group and GrooveCar have announced a partnership that will allow CMG's Lenders Protection program to the credit union indirect lender's automated loan decisioning system to provide credit unions, members and dealers with immediate decisions on loans covered by Lenders Protection.
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Canadian CU Employs Dog to Greet Members
At least one Canadian CU has really begun to go to the dogs, according to the Winnipeg Sun.
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Reynolds, Lattimore Elected to NASCUS Board
The regulator membership of NASCUS held their annual meeting on Aug. 11 during the association's State System Summit to vote on candidates for two positions on the NASCUS Board.
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CUNA and NAFCU Offer Opinions on NACHA Originator Customer Service Numbers
CUNA and NAFCU both expressed support for NACHA's attempt to redefine the ACH record to accommodate a customer service telephone number, but provided different changes they would like to see made.
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After Decades of Observation, Carroll Moves from Advising CUs to Helping Run One
As a credit union accountant for nearly three decades, Hal Carroll decided to put some of his observations into action by actually entering the credit union industry.
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Hearing on Payday Lending to Service Members May Happen in September
The first indication that lawmakers may be in a mood to address the question of payday lenders preying upon members of the armed forces may come in the form of hearings on the topic, which could be slated for September, according to a credit union lobbyist. Brad Thaler, NAFCU's Legislative...
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ICU Day Collateral Up on CUNA Web Site
Credit unions preparing for International Credit Union Day will have plenty to choose from on CUNA's Web site.
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CU BizSource Certifies Centennial Lending for MBL Fund
Centennial Lending, LLC is the latest to become certified through CU BizSource, LLC to participate in the CU System Fund.
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Credit Unions Among Top Favorites for Customer Service, Meeting Financial Needs, Forrester Study Finds
When it comes to delivery of services and customer service, consumers continue to put a premium on credit unions' ability to consistently follow through, according to a new study from Forrester Research.
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Johnson Issues Plea to Make Voices Heard, Urges CUs to Court Young People
NCUA Chairman JoAnn Johnson told attendees at this year's African-American Credit Union Coalition conference that their voices must be heard when it comes to having the ability to serve those of modest means.
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Latham Named Recipient of NASCUS 2006 Pierre Jay Award
George Latham, deputy commissioner of credit unions, Virginia Bureau of Financial Institutions, is the winner of the NASCUS 2006 Pierre Jay Award. First presented by NASCUS in 1997, the Pierre Jay Award is named after the first Commissioner of Banks in Massachusetts. NASCUS said the award was created "to recognize...
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Sample Text of Resolution
The following is the sample text of the resolution that the board of Research FCU passed. SAMPLE Resolution to NCUA WHEREAS credit unions are not for profit financial institutions that provide their member-owners with democratic voting rights, and WHEREAS credit unions adopt bylaws to provide rules and procedures under which...
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Kidney Transplant 'Greater Honor' for Leroy Nesbit
The evening of the AACUC's Pete Crear Lifetime Achievement Award dinner just wasn't the same without its recipient, Leroy Nesbit, but his spirit was certainly felt by many in the room. Nesbit, who has served on the board at Dort Federal Credit Union for 31 years and president of the...
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NAFCU Serves On Disease Forum
NAFCU is the only credit union representative to serve on the Financial Services Sector Coordinating Council's Infectious Disease Forum, which was established earlier this summer.
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Edentify COO to Speak at International Financial Crimes Conference
Identity theft solutions provider Edentify, Inc.'s Chief Operating Officer and former MasterCard Worldwide Executive Thomas J. Harkins, will be a featured speaker at the 2006 International Association of Financial Crimes Investigators Training Conference and Exhibitor Show.
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CUNA Mutual Group to Host NACUSO CEO Collaborative
The National Association of Credit Union Service Organizations will hold its second annual CEO Collaborative Sept. 14-15. This year's event will be hosted by CUNA Mutual Group and will be held at the company's headquarters in Madison, Wis.
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Hyland Sees Cooperation Opportunities for State, Federal Regulators
NCUA Board member Gigi Hyland used the backdrop of the NASCUS State System Summit and a scheduled NASCUS Credit Union Advisory Council Issues briefing to emphasize state and federal regulator cooperation.
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AACUC Helps Claver FCU Rise from Katrina Ashes
It's been a year of overwhelming flux for Ronnie McCabe, president/CEO of Claver Federal Credit Union.
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Texas Credit Union Recognized for Work With Hispanics
The $495 million Velocity Credit Union has been recognized by the Texas Credit Union League for its work with Hispanics. The league has awarded the CU the Juntos Avanzamos or "Together we advance" award.
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WOCCU Earns Wheat Donation; Set to Dole Out
MADISON, Wis. - The World Council of Credit Unions has been awarded over 26,000 metric tons of wheat to support one of its projects against AIDS and HIV in Africa.
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Senior Counsel of House Financial Services Committee Encourages Greater Credit Union Participation on FHLB
J. Timothy O'Neill, senior counsel to the House of Representatives Committee on Financial Services is well acquainted with the Federal Housing Finance Board since he is a former chairman. Speaking to attendees at NASCUS' first State System Summit, he urged credit union officials to run for election in all 12...
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DFCU Members Group Seeks Help from Credit Unions
The members of DFCU Owners United, the group of members of the $1.8 billion DFCU Financial that opposed the CU's attempted conversion to a mutual bank, seeks help from other credit unions in putting pressure on NCUA.
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New CEO for CUNA Mutual Australia Operations
Current Chief Financial Officer Michael Tuffy has been named CEO of CUNA Mutual Group's Australia operations.
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Outdated Cards Causing Americans Grief in the UK
Americans are generally not used to being behind a technological curve about anything, but AAA Financial Services has begun warning American travelers that this is precisely where they have fallen in regards to their credit and debit cards.
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Quarles Announces Intent to Return to Private Sector
Under Secretary of the Treasury for Domestic Finance Randy Quarles announced his intent Aug. 10 to return to the private sector at the close of this Congress.
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Leaders Share their Perspectives on Key Issues Facing Industry
There is no shortage of challenges and issues facing the credit union system, and three of the industry's leaders had the opportunity at the NASCUS State System Summit to share their perspectives on what they consider the primary issues the industry must address to preserve and strengthen state-chartered credit unions...
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NASCUS State System Summit Attendees Get Earful on Emerging 'Brave New World' of Bankruptcy
In the 10 months since the bankruptcy reform legislation went into effect, the outlines of the legislation's immediate effect are beginning to emerge.
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U Adds Pemco ATM Processing
The $636 million Corporate America Family Credit Union, which already processes its credit and debit card transactions with Pemco Technologies, has chosen the processor to handle its ATM transactions as well.
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NAFCU Sends Comments to Fed on Home Equity Lending Market
NAFCU has sent the Federal Reserve Board its comment letter in response to the agency's request for written comment on the home equity lending market and in anticipation of the board's plans to hold public hearings on home equity lending and the adequacy of existing regulatory and legislative provisions in...
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MDDCCUA Polls on State Races--Sarbanes, Cardin Would Win
The Maryland & District of Columbia Credit Union Association conducted two polls over Aug. 1 and 2 to gather information on how likely voters in Maryland's third district reacted to the different Democratic candidates for that seat and a statewide poll for the Senate and Gubernatorial races.
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Cascade Community Credit Union Shreds 4,000 Pounds of Personal Data
Members recently brought more than 4,000 pounds of documents containing personal information for Cascade Community Credit Union's shred day.
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On Katrina Anniversary, Mississippi CEO Lauds 'Work Ethic'
The lessons have been painful, but in a candid look-back on the eve of the Katrina anniversary, the president/CEO of Singing River Federal Credit Union said last week his $130 million CU has made it through a challenging year in fine shape with surprisingly low delinquency ratios.
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Shea: Rise in Data Security Breaches Leave CUs Unfairly Holding the Bag
After a data breach, the finger of blame unfairly gets pointed at credit unions, which are, as a whole, doing a good job protecting member privacy, said Dillon Shea, NAFCU associate director of legislative affairs.
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Sunmark FCU 'Shines' Light on Local Music Scene to Benefit Arts Program In Schools
Sunmark Federal Credit Union is tapping into the rhythm of the area while building brand awareness among the elusive young adult market.
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Colorado Regulator Raises New Fed-to-State Conversion Talk
NCUA's field of membership policies were stirring new talk last week about federal-to-state credit union conversions with Colorado's top CU regulator speaking out about CU concerns following the fed-to-state switch this month of a $120 million suburban Denver CU.
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Florida Member's Mortgage Focuses on First-time Homebuyer Education, Nonprime Loans to Help Credit Unions Serve Members
John Nelson is very familiar with the Florida mortgage market and credit unions' reluctance to offer loans they consider too risky. But the founder and president of Florida Member's Mortgage says credit unions' attitudes need to change so they can better respond to the state's demographics and members' needs.
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CU Veterans Share Lessons on Constraints, Survival, Skeptics
For some, being in the thick of things sometimes makes it hard to see the real impact later on down the road.
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June's 176,000 Helps CUs Move Closer To One Million Year-End Count
With an estimated 176,000 new members added in June, credit unions are on pace to add 1.1 million members by the end of the year.
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Data Collection, Federal Preemption, Credit Union Consolidation on Agenda for NASCUS Summit
Even before NASCUS' first State System Summit kicked off on Aug. 10, association leaders were already calling it a success just based on the number of attendees at the event and the list of high-profiled guest speakers who had agreed to speak.
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Colorado CUs Asked to Pull Up Welcome Mat for Mutual Savings Banks
When the credit union members of the Colorado Credit Union Association meet next year, they will be asked to revoke an existing bylaws provision that allows credit unions that convert to mutual savings banks to remain members of the association.
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Ashfield, Hashlamon Joins Prime Alliance Management Team
Tracy Ashfield, president, Strategic Mortgage Solutions, has joined the Prime Alliance management team.
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Four More Pennsylvania CUs Sign on To PCUA's Better Choice Program
One week after the Pennsylvania Credit Union Association held its Webinar to introduce its Better Choice Program, four more credit unions have submitted signed program agreements. They join Cross Valley FCU, which signed the first agreement last week.
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Conerly's Outlook on U.S. Economy A Mixed Bag
In a nutshell, Bill Conerly's perspective on the state of the national economy is not all doom and gloom. The renowned economist and senior fellow at the National Center for Policy Analysis shared his thoughts on some of the changes credit unions can expect to see the economy go through...
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CUNA Mutual on Path to Embracing Diversity
Since Jeff Post took the helm at CUNA Mutual Group more than a year and a half ago, the company is starting to move in the direction of having a more diverse staff.
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Tax-Free Weekend Boosts Transaction Volume at Southwest
Southwest Corporate experienced significantly higher volumes of checks and debit card transactions recently because of tax-free weekends in Texas and New Mexico.
Front Page News
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Credit Unions Lagging in HSAs, 529s
Credit unions have been slow to offer members specialty savings accounts like 529 college saving plans and Health Savings Accounts, according to NAFCU's latest Flash report. See full details on page 6.
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Some CUs Achieving Extraordinary Net Interest Margins in Tough Environment
Some credit unions have been able to maintain high net interest margins despite a flattened yield curve that has others looking to non-interest income to compensate. "When net interest margin is squeezed then ROA will go down unless the credit unions do something to make a difference," CUNA Chief Economist...
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After the Storm CDCU Members Indicted for Fraud; CU Says it Would Follow Same Policy
In a case distinctly similar to one that took place in the wake of the September 11 attacks, the U.S. Attorney for Eastern Louisiana has indicted nine members of the $308 million ASI FCU for stealing almost $90,000 in the wake of Hurricane Katrina.
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African-American Credit Union Coalition Continues Growth, Welcomes Record Number of New Members
What started out as informal gatherings at nearby restaurants during CUNA's Governmental Affairs Conferences in the mid 1990s has come full circle for the African-American Credit Union Coalition.
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NCSL Committee, 18-4, Rejects Banker-Backed Exemption Bid
In an almost eerie case of d?j? vu, CUNA has turned back a banker-backed attempt to write new policy language revoking the credit union tax-exemption into the official position of the National Conference of State Legislatures convened here last week.
News Briefs
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Stang Joins Arizona Federal
Arizona Federal has named Troy V. Stang to its senior leadership team as the credit union's vice president of marketing. Stang served President George W. Bush under U.S. Treasury Secretary John Snow as director of public and legislative affairs.
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Former LCUL Communicator Joins Triton
Alicia Blanda, former director of communications for the Louisiana Credit Union League, has become the marketing projects manager for Triton, the ATM manufacturing subsidiary of the Dover Corporation. Triton is headquartered in Long Beach and suffered some displacement of its operations during the aftermath of Hurricane Katrina in 2005. The...
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Changing Fraud Risk Brings Policy Change at PSCU
The ongoing and changing nature of fraud risk that credit unions face in their debit and credit card programs has brought a policy shift from PSCU Financial Services, the largest card services CUSO in the country. Previously the card CUSO, which serves over 500 credit unions that process their card...
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Keefe Bruyette & Woods Files to Go Public
Keefe Bruyette and Woods, the investment bank specializing in serving financial institutions, including credit unions, has filed with the Securities and Exchange Commission to go public.
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Multiple Common Bond Expansions Running at About Last Year's Level
The number of credit unions which expanded their fields of membership by adding more select employee groups is running at about the same pace as in 2005, according to statistics from the NCUA.
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Bank Conversion Debate Highlights CUES Conference
Mutual savings bank conversions and mergers will be getting a high level of attention by top credit union brass slated to speak here in a debate at the annual fall conference of CUES New England Council Oct. 1-2.
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NCUA Invites Credit Unions To SBA Lending Webinar
NCUA will host a Webinar on lending through the Small Business Administration. The Webinar takes place 2:00-3:00 p.m. EST Sept. 14 and will cover such topics as becoming an SBA lender, a description of SBA products, the agency's 7(a) and 504 loan programs and SBA Express loans. NCUA Board Member...
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Associations Urge NCUA to Allow More Time for Sign Changes
Credit unions support NCUA's newest proposed regulations on the signs they must display if they carry federal insurance, but may need more than 60 days to change their existing signs to reflect the new rules.
Marketing
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USFCU Helps Students Get MoneySmart$
US Federal Credit Union has teamed up with the Minneapolis Public Library, Lutheran Social Services and Faith in the City Personal Finance Center to help area students make smart financial decisions with MoneySmart$.
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AFFCU Kids Club Mascot Helps Celebrate Puerto Rican Day
This year's National Puerto Rican Day parade included a special credit union participant--Advance Financial Federal Credit Union's Kids Club Mascot "Moe" the Monkey.
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New Corporate Relations Director at Travis Credit Union
Travis Credit Union has named Sh?rry Cordonnier director of corporate relations.
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Gerber FCU Pays Tribute to America's Heroes
Gerber Federal Credit Union marched front and center in the National Baby Food Festival Grand Parade. With this year's theme "A Salute to America's Heroes" the credit union's parade entry of a Hummvee and Cargo Deuce and a Half was provided courtesy of the U.S. Army Reserves. "The response we...
Tech Bytes
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EPL Chooses RSA
Credit union core processor EPL has selected RSA Security for secure authentication. RSA's Adaptive Solution will be used to protect online account access through EPL's Cue-Branch home banking. "The beauty of RSA Security's RSA(R) Adaptive Authentication solution is that it perfectly complements our existing home banking product, powered by Corillian....
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R.C. Olmstead Selects Digital Resolve for Online Protection
Credit union data processor R.C. Olmstead has teamed up with Digital Resolve to offer its credit union clients online fraud protection.
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NCUA Reminds CUs of Compliance Deadline for Internet Authentication
NCUA issued Letter to Credit Unions 06-CU-13 to remind credit unions that the deadline for compliance with Internet authentication is looming at year-end.
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Meridian Credit Union Converts to Fincentric
Meridian Credit Union, the third largest in Canada, has converted to Fincentric Corporation's core processing system.
Briefs
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AltaOne FCU Donates $50 Home Depot Gift Card for Real Estate Expo Drawing
AltaOne FCU participated in the Real Estate Expo that was held at the Kerr-McGee Center earlier this summer by donating a $50 Home Depot gift card.
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Rising Closing Costs Add to Higher Mortgage Final Tab
Rising interest rates aren't the only thing making it more expensive for consumers to purchase a home. Closing costs are also going up nationwide.
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Lending Solutions Hits Loan Processing Milestone
Lending Solutions Inc, a provider of lending center services and consulting programs to approximately 300 leading credit unions, banks and mortgage companies, recently announced it reached an important milestone: the company has processed more than 2.5 million loan applications.
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TruHome Solutions Adds Realty Program
TruHome Solutions, LLC, a multi-owned CUSO that provides mortgage services for credit unions in the Kansas City area, has added another piece to its mortgage offerings. Created in 2004 as a collaboration between CommunityAmerica's CUSO One, Lenexa, Kan. and CU Holding Company, Kansas City, Mo., TruHome Solutions has added TruHome...
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Fairwinds Credit Union Implements easyLENDER Software, Offers Internet-Based Mortgage Lending
Fairwinds Credit Union's more than 121,000 members now have the ability to apply for mortgages with the credit union online, and the CU has gained the ability to provide 24/7 mortgage lending capabilities to them.
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'Accelerating Growth' Theme of 2006 ACUMA Conference
The American Credit Union Mortgage Association has a full slate of prominent speakers from the mortgage industry and credit union system on tap to address attendees at its upcoming 2006 Leadership and Networking Conference.
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PHH Mortgage Continues to Deal with Accounting Problems
There seems to be no let up in the accounting errors turning up for PHH Corporation in its previously issued audited financial statements for the years ended Dec. 31, 2001-2005 and its unaudited financial statements for six quarters in 2004 and 2005.
Opinions
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Changing Mortgage Market Presents Challenges, Opportunities for Credit Unions
While the supposed "housing bubble" may not have burst as many expected, there's no question that the tide has recently shifted in the mortgage lending marketplace. Rising interest rates have left credit union mortgage lenders with less wind in their sails, and as the housing market has cooled, competition for...
Publisher's Column
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Define Modest Means? CUNA, Don't Do It!
With the deadline fast approaching for NCUA's data collection pilot, the credit union scene in Washington is abuzz about the potential impact of the results and where to go from here.
Staking Out the Stats
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Staking Out the Stats
When it comes to increasing productivity more employers are turning their focus on employee health beyond the workplace.
People
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SOUTH
Herb Strickland and Betty Hughes, board members at Army Aviation Federal Credit Union, Daleville, Ala., recently announced their departure from the AACFCU board after serving 25 and 21 years, respectively.
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MIDWEST
TopLine Federal Credit Union, Maple Grove, Minn., has named Diane Welter its new marketing and communications manager, based at its Maple Grove headquarters.
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In Memoriam
Jim Demland, a longtime member of the board of directors of Texas Dow Employees Credit Union, Lake Jackson, Texas, died on May 25 at age 83. Demland served TDECU as a volunteer for 26 years, first on the Audit Committee from 1980-1984 and then as a board member from 1984-2006....
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EAST
financial operations. Capital Communications Federal Credit Union, Albany, N.Y., has promoted Carla Leto to branch administrator of the Niskayuna Branch and Joanne D'Ambrosio to call center manager.
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VENDOR
The Members Group, Des Moines, Iowa, has named Milo Vukelich general counsel. DEI Incorporated, a design/build firm in Cincinnati, Ohio, recently named Andrew Erd design architect; Dominic Hassert project coordinator; and Walt Armstrong site manager for a current project in Tennessee. Fiserv Inc., Brookfield, Wis., has promoted Joseph Gibson to...
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SOUTHWEST
Sandia Area Federal Credit Union, Albuquerque, N.M., has promoted Christopher Dolce to vice president finance. Air Force Federal Credit Union, San Antonio, recently named Melissa King Employee of the Month for May for her friendly and positive attitude, which resonates throughout the credit union and with members. Velocity Credit Union,...
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WEST
Gene Pelham, executive vice president and future CEO of Rogue Federal Credit Union, Ashland, Ore., was recently awarded the Universidad De Guanajuato Award for Outstanding Graduate Student by Southern Oregon University. Pelham graduated Magna Cum Laude with a 4.0 grade point average, receiving his master's in management.
Resource Center
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