Credit Union Times Magazine February-01, 2006

  • Bentley Receiver Continues to go After Kansas Bank Kickbacks

    PHILADELPHIA - As Robert Bentley begins his nearly five year sentence for fraud charges, a Kansas bank is still being pursued for kickbacks involving his defunct firm. Through his firms, Bentley Financial Services and Entrust Group, Bentley sold fake certificates of deposits from 1994 to October to 2001 to hundreds...

  • NAFCU Announces Beginning of 2006 Awards Program

    ARLINGTON, Va.-NAFCU is looking for a few good men, women and credit unions for nominations involving three of its annual awards programs. All NAFCU-member natural person credit unions are eligible for the awards, including the Federal Credit Union of the Year, Professional of the Year and Volunteer of the Year-each...

  • Congress Takes Steps to Put the Brakes on Lavish Executive Packages

    WASHINGTON - Companies that continue to heap lavish executive packages at their executives while rank and file employees take hefty pay cuts, may face severe tax penalties if some members of Congress get their way. According to a Jan. 25 article in the Wall Street Journal, the House plans to...

  • Foundation's Hurricane Focus Shifts to Helping CUs Retain Staff

    WASHINGTON - The National Credit Union League will cooperate with credit union leagues in storm damaged states to focus the remaining aid efforts on helping damaged CUs retain key staff. "Credit union employees are working hard to provide service to their members - but many are also victims of the...

  • Federation Officials to Deliver Cash to New Orleans CUs

    NEW YORK - Officials with the National Federation of Community Development Credit Unions will travel to New Orleans on Jan. 27 to distribute almost $300,000 from the NCUF's relief and rebuilding fund to four New Orleans credit unions which are trying to recover from the affects of 2005's hurricanes. Federation...

  • FSCC Subject of Paid Program Segment

    SAN DIMAS, Calif. - Financial Service Centers Cooperative, the nationwide shared branching network which is headquartered on the West Coast, has appeared in a segment of World Business Review, a paid programming business show which airs on Bravo and CNBC. FSCC did not pay directly to be on the program,...

  • Golden Bay FCU Selects Homegrown Firm for Investments Services

    MOUNTAIN VIEW, Calif. - Golden Bay Federal Credit Union has gone local with its new investment advisory firm. The $198 million credit union has selected Santa Clara, Calif.-based Froshman Financial & Insurance Services to provide investment and estate planning services to its more than 17,000 members. Golden Bay FCU had...

  • BECU Easing its HMDA Reporting Headaches with QuestSoft Solution

    TUKWILA, Wash. - To Steven Wolf, HMDA is a four-letter word. "It's a big onus," said Wolf, mortgage system administrator at BECU in Seattle. "It is time consuming on all ends. Anything that simplifies the process is extremely valuable." In January 2005 Boeing switched from the Federal Financial Institutions Examination...

  • Ten Underserved Areas Approved in December, All for Multiple Common Bond CUs

    ALEXANDRIA, Va.-All of the 10 underserved area adoptions that took place in December were for multiple common bond credit unions, according to NCUA's Insurance Report of Activity. On the flip side, all six of the deferred underserved area applications were also from multiple common bond credit unions, NCUA Public Affairs...

  • Pen Air Federal Credit Union Donates to Red Cross

    PENSACOLA, Fla. - No stranger to the devastation hurricanes can inflict, just days after Hurricane Katrina, Pen Air Federal Credit Union set up a Hurricane Katrina Relief Fund Account and within just a few months some $6,500 was collected. Funds raised were donated to the American Red Cross to help...

  • Mississippi Banking Regulator Places CU In Conservatorship

    GULFPORT, Miss.-The State of Mississippi Department of Banking and Consumer Finance has placed Gulfport CBC Credit Union, a federally insured, state-chartered institution, into conservatorship. NCUA is serving as conservator of the $17.4 million (as of year-end 2005) credit union. Gulfport CBC Credit Union will remain operational during the conservatorship but...

  • FSCC Picks up Another East Coast CU

    WILBRAHAM, Mass. - Financial Service Centers Cooperative, the shared branching network headquartered on the West Coast, has signed another East Coast CU onto its network. The $75 million ValleyStone Credit Union signed on last week. "This is an exciting time for us and all of our members. The access we...

  • ADP to Provide CU Fixed Income Trading, CD Support for Multi-Bank Securities

    NEW YORK - Multi-Bank Securities, Inc. has signed a deal with ADP Clearing & Outsourcing Services, Inc. to support its institutional fixed-income trading and CD underwriting for credit unions. "When we lost our clearing provider, ADP Clearing's staff stepped in and seamlessly transitioned us to its platform in one week,"...

  • Eastern Financial Florida Supports MLK Events

    MIRAMAR, Fla. - Eastern Financial Florida Credit Union helped spread the message of Dr. Martin Luther King, Jr. by supporting several events in South Florida. Eastern Financial has not only sponsored an MLK kick-off breakfast that was attended by nearly 300 people but also took part in MLK parades by...

  • Vantria FCU Changes From Genesis FCU, Expands Charter

    SPRINGFIELD, Va. - With a new name and a new charter, Vantria Federal Credit Union says it has no limits on how it defines itself. Vantria FCU recently changed its name from Genesis Federal Credit Union. The new moniker comes with the $82 million CU's recent charter expansion that now...

  • Professional FCU Offers RV For CU Staffer

    FORT WAYNE, Ind. - Finding a creative way to help, Professional Federal Credit Union volunteers delivered a 34-foot motor home to the Mississippi Credit Union Association for use by a Mississippi credit union employee whose family home was devastated by Hurricane Katrina. Over a two-day period, Professional Federal employees and...

  • Irwin Financial, Former CU Mortgage Partner, Considering Sale

    COLUMBUS, Ind. - Irwin Financial Corp., parent company of Irwin Mortgage which until last year had mortgage relations with 50 credit unions, is considering several options for its conventional first mortgage business, including a possible sale. According to the Associated Press, the company said its decision to consider selling the...

  • TCUL PAC Holds First `Dialing for Dollars' Telethon

    FARMERS BRANCH, Texas - Ding, ding, ding. At 3:17 p.m. Jan. 24, the group of about a dozen volunteers rang a bell and declared victory in their first ever telethon to raise funds for Texas Credit Union League's Political Action Committee. The $21,750 generated in one day of dialing for...

  • NJFCU Supports Hurricane Katrina Relief

    TOTOWA, N.J. - (From left) North Jersey Federal Credit Union President/CEO Lourdes Garcia and Director of Marketing/Operations Maria Alves-Schmetow present a check for $2,500 to the National Credit Union Foundation's National Disaster Relief Fund to help support Hurricane Katrina relief efforts. Accepting on behalf of the organization is New Jersey...

  • Michigan CUs Give Hurricane Relief Efforts a $600,000 Boost

    NORTHVILLE TOWNSHIP, Mich. - According to the Michigan Credit Union League credit unions here have collectively donated nearly $600,000 to benefit the victims of 2005's devastating hurricanes. The total includes credit union donations to relief organizations that total some $425,000, as well as more than $161,000 in contributions to the...

  • Southland CU Gives Back to Katrina Survivors

    LOS ALAMITOS, Calif. - Southland Credit Union members and staffers have opened their wallets and hearts to help Hurricane Katrina victims. A total of $16,886.90 has been donated to the American Red Cross for Hurricane Katrina relief. Southland's fundraising efforts included placing official American Red Cross collection cans in the...

  • Oregon Community CU One of "100 Best" Again

    EUGENE, Ore. - For the second consecutive year Oregon Community Credit Union has been named one of the 100 Best Companies to Work for in Oregon by Oregon Business Magazine. The annual list recognizes companies for excellence in five categories: attraction of employees; retention and rewards; work environment; decision-making and...

  • Credit Unions Brace for Ford Motor Massive Layoffs, Plant Shutdowns

    DEARBORN, Mich. - Hammered by industry slowdowns, Ford Motor Co. announced on Jan. 23 that it will have to cut between 25,000 to 30,000 jobs and shut down 14 plants over the next six years to sustain itself for the long haul. There are more than a dozen or so...

  • Ohio Credit Union Wins Praise for Aiding Laid Off Workers

    LIMA, Ohio - When times get tough in Lima, Superior Federal Credit Union makes sure its `people helping people' message gets out to those in need, and earlier this month it had to do just that to handle a traumatic plant closing. "We've had our share of gloomy news here,...

  • Texas CUs Switch Shared Branch Networks

    ATLANTA - Thirteen of the 16 credit unions that were using CO-OP Network's Service Centers Corporation for shared branching have converted away from CO-OP Network's eFunds switch in favor of the credit union-owned Next Generation Switch offered by Credit Union Service Corporation. Member Service Centers, Inc., the Texas Credit Union...

  • New Proposed Executive Compensation Disclosure May Allow Members to Make More Informed Investing Decisions

    MADISON, Wis. - Credit unions won't be affected by the recent recommendations from the SEC to publicly-traded companies to fully disclose what their executive compensation packages look like, but members will probably be able to make more informed decisions as a result. The SEC has outlined a litany of proposed...

  • Three Credit Unions Recognized as First `Juntos Avanzamos' Recipients

    DALLAS, SAN ANTONIO, EL PASO, Texas - Three Texas credit unions became the first recipients of Texas Credit Union League's "Juntos Avanzamos" designation last week, and as such, are now flying a flag carrying those words outside their branches. The credit unions - Neighborhood Credit Union, San Antonio Employees Federal...

  • Volunteer Cause Gets Maryland/D.C. Push

    COLUMBIA, Md. - Volunteers pushing to gain a bigger voice in managing industry trade groups have apparently advanced their cause this month with the creation of a new league committee and expansion of a statewide chairmen's group. The Maryland and D.C. Credit Union Association said it is in the process...

  • Wal-Mart Bank Bid Heats Up in Utah and D.C.; Bankers Fighting Fiercely Against World's Largest Retailer

    SALT LAKE CITY - The banking industry's high-powered attempt to block Wal-Mart from getting a bank charter in Utah was ratcheted up this month with pressure exerted on two regulatory agencies, the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions, a credit union supervisor. For the most...

  • `Uncommon' Credit Union Employee or Volunteer to Collect $2,000

    FARMERS BRANCH, Texas - What does it mean to be uncommon? The dictionary lists the following synonyms: unusual, remarkable, and exceptional. Author Michael York writes, "I have found that there is a difference between a manager and leader, Between work and a job, Between just showing up and getting the...

  • Trades Decide to Intervene in ABA vs. NCUA Pa. Lawsuit; CU Parties Confident

    WASHINGTON-CUNA, NAFCU, and the Pennsylvania Credit Union Association have announced that they intend to apply to intervene on behalf of NCUA in the American Bankers Association's lawsuit challenging three Pennsylvania community charters. After backing down on a simultaneously filed lawsuit in Utah over the ability of non-multiple group credit unions...

  • NAFCU Volunteers Vie Again in Election

    WASHINGTON -The two NAFCU volunteers outspoken last July about getting the trade group to elect more of their peers into leadership jobs, have tossed their hats into running for the NAFCU Board again. The two, Robert Scott, vice chair of Pentagon Federal Credit Union, and Marlene Schwartz, chair of State...

  • NAFCU Flash: CUs Offering Modest Means-Friendly Services

    ARLINGTON, Va.-NAFCU has surveyed members to provide some perspective on credit union service to those of modest means in its latest edition of the Flash Report. NAFCU's research department painted a picture of the modest means-friendly services its members offer by focusing on minimum deposits for savings vehicles, payday loan...

  • FASB Likely to Delay Merger Accounting Rule Again

    NORWALK, Conn.-The Financial Accounting Standards Board will likely delay its targeted effective date for the merger accounting rule yet again. The undertaking to switch accounting for the mergers of mutuals from the pooling method to the purchase method for uniformity with their for-profit brethren began in 1996, according to Patelco...

  • Egan Receives Prestigious Eagle Award from AACUL

    NAPLES, Fla. - Dan Egan, president/CEO of the Massachusetts, Rhode Island and New Hampshire Credit Union Leagues, has joined the list of league presidents who have received the prestigious Eagle Award from the American Association of Credit Union Leagues. Egan was presented the award by David Chatfield, president/CEO of the...

  • CU-Owned Card Portfolio Purchasing Firm Waiting on NCUA Approval of ILC

    MADISON, Wis. - Last week's announcement that the $3 billion Wescom Credit Union and PSCU Financial Services have joined forces to purchase an Industrial Loan Corporation to facilitate the purchase of credit union credit card portfolios drew attention to a similar effort four established institutions in the credit union industry...

  • Getting Loans has Been Harder over Recent Months, NFIB Small Business Survey Finds

    WASHINGTON - Small businesses trying to obtain a loan over the past few months, are finding it's not an easy process, but other areas look promising for 2006. According to the latest data from the National Federation of Independent Business Optimism Index survey, positive signs were found among job creation,...

  • McKechnie, Kohn Make the Transition to NCUA

    ALEXANDRIA, Va.-January 19 was the first day for former CUNA staffers John McKechnie and Gary Kohn in their new roles at the NCUA. McKechnie is serving as the director of public and congressional affairs, replacing Cliff Northup who will serve as the director of congressional and intergovernmental affairs at the...

  • Kampen, Towle, Hales Form New Firm; Purchase Counter Intelligence Associates

    SHAWNEE MISSION, Kan. - Former U.S. Central CEO Dan Kampen is back in the industry. He is one of three founders of a new company, The Rochdale Group. The firm was formed by Kampen, long-time credit union consultant and former CUNA executive George Towle, and Mike Hales, president/COO of venerable...

  • In True Spirit of `People Helping People,' NJCUL Staffer Donates Kidney to her Sister

    HIGHTSTOWN, N.J. - When New Jersey Credit Union League's Yvette Segarra learned that her sister needed a kidney transplant and that the typical waiting list in New Jersey is five years assuming doctors can find a match, she didn't need to think twice before deciding to donate one of her...

  • IRA Owners Possess Traits Many Credit Unions Might Desire

    IRA Owners Possess Traits Many Credit Unions Might DesireMINNEAPOLIS - It's been a "love-hate relationship for some credit unions and banks when it comes to individual retirement accounts, but their owners still possess traits that find them appealing to court. According to data from Wolters Kluwer Financial Services, the median...

  • Redwood CU $20,000 Donation Provides Hurricane Relief

    SANTA ROSA, Calif. - Redwood Credit Union (RCU) has donated $20,000 to help victims of the 2005 hurricanes, assist credit unions located in the disaster areas, and help the local chapter of the American Red Cross. Upon news of the hurricanes, RCU quickly established a Disaster Relief Fund, and designated...

  • Baby Boomers Snatching Up HSAs

    SAN DIEGO - Credit unions curious about just who is excited about health savings accounts need not look any further than baby boomers. According to a recent Claritas 2005 Insurance Audit, some 56% of HSA accountholders are between the ages of 40-60 years old. HSAs are tax-free savings accounts that...

  • Eldon Arnold and Bruce Barnett to Retire

    WEST PALM BEACH, Fla. - Two billion dollar credit union CEOs have announced retirement plans. Peoria, Illinois-based CEFCU President/CEO Eldon Arnold and Fresno, California-based Educational Employees Credit Union President/CEO Bruce Barnett will retire effective May 1, 2006 and Jan.15, 2007 respectively. Barnett has served as CEO since 1986, and under...

  • Porter Resigns as CEO of CUMIS in Canada

    BURLINGTON, Ontario, Canada - After nine years as CEO of CUMIS of Canada, T. Michael Porter has announced he will step down. Porter is also resigning his role as venture manager of the Credit Union Insurance Services (CUIS) program. CUMIS of Canada is a subsidiary of CUNA Mutual Group. CUMIS...

  • Kauai's CUs Team Up for Hurricane Relief

    LIHUE, Hawaii - A joint effort of all of Kauai's credit unions to accept donations at branches has resulted in over $4,000 being collected to benefit Hurricane Katrina relief. Funds raised were donated to the Red Cross and Salvation Army. Participating credit unions included the following: Kauai Community FCU, Kauai...

  • Credit Union Efforts on a Global Stage

    So just what part of the world are WOCCU leaders Gary Plank (left) and Pete Crear (right) in in this picture. Find out where they are and who they are with on page 60, and see pages 58-60 for a look at credit union happenings around the globe.

  • Disaster Relief: Credit Unions Haven't Relented

    The hurricanes of 2005 may be long gone, but their devastating effects are not. Credit unions understand this and continue to step up to help those in need. Here is a look at just some of their efforts.

  • Wauna FCU Rallies for Hurricane Relief

    CLATSKANIE, Ore. - Wauna Federal Credit Union members have donated $3,121.28 to the American Red Cross Hurricane Katrina Relief Fund. Wauna FCU placed American Red Cross donation barrels in all five branches and had a special donation account for members to assist the victims of Hurricane Katrina. "I believe this...

  • Newest NCUA Board Members Travel to NAFCU

    ARLINGTON, Va.-NAFCU's top staff participated in discussions with the newest additions to the NCUA Board at the group's Arlington headquarters. "We wanted to have a free flowing meeting on the important credit union issues," NAFCU President and CEO Fred Becker commented on the lengthy individual meetings last week with NCUA...

  • March Community CU Helps Katrina Victims

    MORENO VALLEY, Calif. - March Community Credit Union has donated $2,858.08 to the American Red Cross to help Hurricane Katrina victims. March Community CU also donated $2,500 to the National Credit Union Foundation Disaster Relief Fund. "We can always count on our members to come through for those in need...

  • Langley FCU Donates Over $160,000 for Hurricane Relief

    NEWPORT NEWS, Va. - Langley Federal Credit Union has done its part to help Hurricane Katrina survivors rebuild their lives. Immediately after Hurricane Katrina, Langley FCU established a Hurricane Relief Account and joined forces with a local news station to inform the public that the credit union was accepting donations....

  • Compass Credit Union CEO Compares Banking Career Experience

    OSWEGO, N.Y. - Tom O'Toole left behind an extensive banking career before coming to Compass Credit Union. The president/CEO of $17 million Compass Credit Union shared some of the differences he's encountered during his prior banking days in a recent Oswego County Business article. O'Toole has held management positions at...

  • Boutelle, Hester and Ledbetter Expand RMJ Foundation Board to 16

    SAN DIMAS, Calif. - Anthony Boutelle, president and CEO of CU Direct Corporation; Kimberly Hester, executive vice president of network services for CO-OP Network; and Sheri Ledbetter, director of public affairs for WesCorp, have been elected to the board of the Richard Myles Johnson Foundation, expanding the board to 16...

  • Oregon Credit Unions, CUAO Testify at State Legislature's Payday Loan Hearing

    BEAVERTON, Ore. - Oregon has joined the growing list of states taking a closer look at payday lending activity and considering legislation regulating the practice. On Jan. 11, the Credit Union Association of Oregon along with credit union staff testified at a hearing called by state Rep. Debi Farr who...

  • Omni Family CU to Absorb Kastco CU

    BATTLE CREEK, Mich.-Omni Family Credit Union is celebrating the New Year with a merger. Omni Family will merge with Kastco Credit Union in Kalamazoo, according to Battle Creek's The Enquirer. The article quoted Omni Family's CEO Ted Parsons as saying, "We feel we're providing a good service to people and.it's...

  • Recent FinCEN Guidance on Sharing Of SARs Does Not Apply to CUs

    ALEXANDRIA, Va.-The Financial Crimes Enforcement Network, together with the federal banking regulators, issued guidance recently on the sharing of Suspicious Activity Reports with parent companies, including those on foreign soil. NCUA clarified that it did not participate in the guidance, nor does it plan to issue separate guidance since federally...

  • Greylock FCU Hires Former United Way President to Tap Business Community

    PITTSFIELD, Mass. - To help develop and maintain relationships with area businesses and civic organizations, Greylock Federal Credit Union has hired a former United Way president. The $819 million CU has hired Dan Dillon as its relationship development officer. Dillon recently retired from his position at Berkshire County United Way...

  • Hiway FCU Helps Hurricane Survivors

    ST. PAUL, Minn. - Hiway Federal Credit Union (Hiway) has raised $7,498 to benefit victims of hurricanes through the American Red Cross. Hiway's Board of Directors unanimously approved a donation matching program specifically for hurricane relief efforts. All donations raised during the month of October were matched dollar for dollar...

  • Putnam FCU Salvation Army Donation to Benefit Hurricane Katrina Survivors

    CARMEL, N.Y. - Putnam Federal Credit Union has donated $1,500 to the Putnam County Chapter of the Salvation Army to benefit those impacted by hurricanes in the Gulf Region. "The people helping people philosophy of credit unions takes on new meaning and importance in times of great national loss, which...

  • Postal Community Credit Union Helps Members Pay for Heat

    BOSTON - Faced with the prospect of rising heating costs this winter, the $122 million Postal Community Credit Union held a raffle to rebate some of their homeowners' mortgage interest to help them pay their heating bills. In order to enter the raffle, the members had to have a mortgage...

  • Tyndall FCU Donates $20,000 to Salvation Army

    PANAMA CITY, Fla. - Tyndall Federal Credit Union has recently donated over $20,000 to The Salvation Army to benefit the victims of Hurricane Katrina. Donation sites were positioned at all TFCU Branch locations. A large portion of this donation will provide local relief, and the remainder will benefit Katrina victims...

  • Cornerstone Community FCU Returns $141,000 Dividend to Members

    LOCKPORT, N.Y. - A $141,000 dividend was recently returned to members of Cornerstone Community Federal Credit Union. According to the $240 million CU, each of its 39,000 members earned a bonus equal to 0.50% of their deposits in share accounts in the fourth quarter. Money market accounts also received a...

  • Synergy One FCU Supports Gulfport Recovery Efforts

    MANASSAS, Va. -Synergy One Federal Credit Union has helped make the lives of those living in Gulfport, Mississippi easier since the devastation left by Hurricane Katrina. In an effort to support survivors, Synergy One FCU teamed up with A1 Flood Tech to collect more than $14,000. From corporate gifts and...

  • Arizona FCU Community Services Director Tapped for CUNA Hispanic Advisory Board

    PHOENIX- Arizona Federal Credit Union Director of Community Services Laura Lowe Edgar has recently been tapped to serve on CUNA's Hispanic Resource Center Advisory Group. Edgar is currently responsible for the credit union's Hispanic marketing initiatives, development of services for the underserved and business development. Dedicated to helping credit unions...

  • Pinellas FCU Lends Hand in Hurricane Katrina Relief

    LARGO, Fla. - Pinellas Federal Credit Union has teamed with six other Pinellas County credit unions to donate $10,263 to the American Red Cross Hurricane Katrina Relief Fund. Within a week of the storm striking the Gulf States, Pinellas FCU set up a donation drive by providing each branch with...

  • GAO Says SSNs Need Greater Protection

    WASHINGTON-The Government Accountability Office recently examined how certain industries, including financial services, share, protect and use Social Security numbers. Congress had called for the study in light of recent security breaches that may occur when businesses share personal information. "Because private sector entities are more likely to share consumers' personal...

  • CFE FCU Raises $10,000 for Hurricane Survivors

    ORLANDO, Fla. - CFE Federal Credit Union members donated $10,000 to support the American Red Cross in its continued relief efforts to help the thousands still impacted by Hurricane Katrina. This contribution is in addition to the $100,000 the credit union donated to the American Red Cross, based on a...

  • Callahan Launches Quarterly Performance Trend Tracker

    WASHINGTON - Callahan & Associates, Inc. has launched its Credit Union Tracker Performance, a downloadable packet of more than 20 custom graphs that provide credit unions with insight into their quarterly performance trends versus their peers. The Performance Tracker's PDF charts and graphs enable credit unions to measure and compare...

  • Mid-States/Empire Plan New Name; Herbst to be CEO

    WARRENVILLE, Ill. and ALBANY, N.Y. - More details have emerged about the Mid-States Corporate FCU and Empire Corporate FCU merger. The boards of the corporates met recently and approved a definitive agreement to merge. If the merger, which must be approved by NCUA, goes through, Empire CEO Joe Herbst would...

In Other News

  • AWARDS

    Jeanne D'Arc Credit Union, Lowell, Mass., has been presented the Outstanding School Partner award by the Nashoba Valley Technical High School (NVTHS). The award recognizes corporate or non-profit entities who, through their contribution to the public schools in the community, have demonstrated support for public education. JDCU is part of...

  • AWARDS

    Cabrillo Credit Union, San Diego, and its partners, Sharp Credit Union and Carlsbad Credit Union have honored its credit union members for their service and dedication to the credit union. Among the honorees were United States Border Patrol Agent Frank Miranda and Tina Bravo-Paisley who were presented with an award...

News

  • Credit Unions Maintain Strong Mortgage Muscle in 2005

    As credit unions approached the last quarter 2005, all indications showed they were headed to finish the year with strong mortgage activity. As these charts from Callahan & Associates show, as of Sept. 30, 2005, CUs had more real estate loans in their portfolios than auto loans, the staple of...

  • nuVision Financial, Orange County's CU Dissolve Mortgage CUSO, Bring Services In-house

    SANTA ANA and HUNTINGTON BEACH, Calif. - Five years after jointly forming PrimeDirect Mortgage, Orange County's Credit Union and nuVision Financial FCU have made the strategic decision to dissolve the mortgage CUSO and move their respective mortgage lending operations in-house. Lynda Hill, senior vice president for OCCU said the intent...

  • Scholarly Forum Researches Credit Unions From Around the World

    BELFAST, Ireland - To most credit union personnel, credit unions are places of business. To several university professors, they are a source of scholarly research. A group of scholars has banded together to form the Credit Union Research Forum. The members of the forum include professors from universities in Ireland,...

  • Boomerang Gives Members More Than Just Money

    SYDNEY, Australia - The Boomerang Scheme helped Bill and Joan, a middle-aged couple. They have a disabled daughter and had been renting a refrigerator at AUS$80 (US$58) a month. The refrigerator was critical to store the medicines their daughter needed. Reliability was literally a matter of life and death. Prior...

  • Special Report: Mortgages

    The emerging purchase market is pushing CUs to find innovative ways to capture members' mortgage business, including pursuing more relationships with realtors. Read what some of them are doing and other mortgage news on pages 20-29.

  • Why a SACCO employee Volunteered

    WESTLANDS NAIROBI, Kenya - Beth Mukiri Muthuuri, 31, is married with two children and has worked for Afya SACCO Society, Ltd. for 12 years. She works in the headquarters office in Nairobi as a customer care officer. She wants to be a part of this peer education program, she says,...

  • Billionaires Club

    Turn to page 40 to see how Harriet May keeps her billion dollar credit union on track with serving a large Hispanic population.

  • TruHome Solutions Adding Title and Realty Companies to its CU Mortgage Mix

    LENEXA, Kan. - Credit unions involved with mortgage lending have seen this scenario happen too often - they pre-approve a member for a mortgage, only to lose that member's mortgage when they go to a realtor to find their perfect home and they're steered to another lender. TruHome Solutions LLC...

  • Facing Purchase Mortgage Market, CUs Boosting Relationships with Real Estate Agents

    SEATTLE, Wash. - Gone are the days - at least for now - when credit unions had to make little effort to count on members walking in the door with their refinance mortgage business. With the end of the latest refi boom, the declining mortgage volume, and the continuing emergence...

  • Community First CU Joins CUNA's HLPR Program

    JACKSONVILLE, Fla. - Community First Credit Union of Florida has added its name to the growing list of credit unions participating in CUNA's Home Loan Payment Relief program. The $1 billion credit union committed $7.5 million to the HLPR program. CFCU President/CEO John Hirabayashi said, "With real estate prices in...

  • Ten Irish Credit Unions Might Need Special Legislation

    DUBLIN, Ireland - Ten Irish credit unions, which are not insured through the Irish League of Credit Unions, may need special legislation according to a warning by the Financial Regulator of Credit Unions. The regulator works under the Irish Financial Services Regulator Authority (IFSRA), the government agency that oversees all...

  • Credit Unions, the Ukraine's Quiet Revolution

    KIEV, Ukraine - The world watched Ukraine's Orange Revolution as people refused to accept an illegally elected leader. But a decade plus before that election, a smaller revolution was going on as Ukrainians looked for greater economic freedom through the development of credit unions. In the early 20th century over...

  • Boeing Wichita Reaches Out to the Underserved with Home-Ownership 80 Program

    WICHITA, Kan. - Boeing Wichita Credit Union is doing its part to make it possible for the underserved in Wichita to become homeowners. The $410 million credit union has added the City of Wichita's Home-Ownership 80 Program into its mix of home loans, and it recently made its first Home-Ownership...

  • MBA Lays Out 2006 Advocacy Agenda, Economic Forecast

    WASHINGTON - With the start of a new year, the Mortgage Bankers Association last week held its State of Real Estate Finance Industry press briefing and shared its long-term economic outlook as well as its 2006 Advocacy Agenda. Presenting during the webinar from the MBA were: Regina Lowrie, CMB, chairman...

  • SBA 7(a) Participation Continues to Grow Among Credit Unions

    WASHINGTON - The number of credit unions participating in the SBA's 7(a) lending program continues to grow. As of Sept. 30, credit unions produced 1,172 SBA loans totaling $122,695,618 in guarantees. More than 250 CUs are now 7(a) lenders. Callahan & Associates, Inc. reported that the noticeable difference between those...

  • CU Members Mortgage Gives Credit Unions "Homework Help" in Selecting a Mortgage Partner

    FORT WORTH, Texas - How does a credit union know, before it contracts to work with a mortgage partner, that the lender they choose will be the right fit for their credit union? What questions do they need to ask? Credit unions' lack of awareness of what they need to...

  • HUD Issues Underwriting Guidance for Disaster Victims

    WASHINGTON - In response to what it described as "the unprecedented destruction caused by recent natural disasters," the U.S. Department of Housing and Urban Development announced it is relaxing several existing policies for disaster victims that are applicable for one year from the date Pres. Bush declared an area a...

  • Prime Alliance, BECU, Callahan & Associates to Host First Annual CU Housing Roundtable

    TUKWILA, Wash. - CEOs and Chief Lending Officers of the top mortgage lending credit unions will soon be receiving invitations from BECU, Callahan & Associates and Prime Alliance Solutions inviting them to participate in the first Annual Credit Union Housing Roundtable. The meeting is scheduled for May 10 in Seattle,...

  • CU Realty CUSO Celebrates Successful First Year

    HERNDON, Va. - The 12 charter investors of CU Realty of VA, MD, DC LLC had good reason to celebrate last month. Not only was it the CUSO's first anniversary, but the company has proven to be a three-way win - for credit unions, members and realtors. CU Realty of...

  • Kenyan CU Employees Trained to Fight HIV/AIDS; Trying to Help Both the Infected and Affected

    WESTLANDS NAIROBI, Kenya - The meeting room in the Jacaranda Hotel was as non-descript as most meeting rooms with institutional cream walls and empty flip charts waiting to be filled with action plans. There was no air conditioning to combat the heat, but the open windows let in a warm...

News Briefs

  • $1 Billion in Disaster Loans Approved First 18 Days of January, SBA Says

    WASHINGTON - The recovery and rebuilding process in the Gulf Region continues to move at a record pace when it comes to SBA disaster loan approvals. Since the aftermath of Hurricane Katrina, the agency has approved more than $3 billion in low-interest, taxpayer-backed disaster loans - $1 billion approved in...

  • Dayton Firefighters FCU Shares Great Year with Members

    DAYTON, Ohio - The Dayton Firefighters Federal Credit Union is joining the long list of credit unions that gave back a bonus dividend and an interest rebate to their members at the end of 2005. The board approved a 2% bonus dividend along with a 3% interest rebate. The credit...

  • Small CU Workshop Schedule Announced for 2006

    ALEXANDRIA, Va.-NCUA announced last week that its Office of Small Credit Union Initiatives will host 20 training workshops from coast-to-coast throughout 2006. The free workshops for credit unions cover significant current issues, including disaster recovery planning, hot regulatory topics, financial education, and due diligence best practices. "I encourage credit unions...

  • Senate Majority Leader Frist, Rep. Otter Join GAC Line Up

    WASHINGTON-Senate Majority Leader Bill Frist (R-Tenn.) and Congressman C.L. "Butch" Otter (R-Idaho), a long-time credit union supporter, have agreed to speak at CUNA's Governmental Affairs Conference at the end of February. CUNA Senior Vice President of Communications Mark Wolff said he believes this is the first time Frist has addressed...

  • Clarification

    In the "Community First CU Reaches $1 billion in Assets" news brief that ran in the Jan 18 issue on page 12, the credit union did not provide its full name. The name should have read Community First Credit Union of Florida. There is a $118 million CU in Mulberry,...

  • Lloyd's, Identity Fraud Inc. Toss Hat into ID Theft Protection Ring

    SAN FRANCISCO - Credit unions looking to help their members in the identity theft fight now have a new option. Lloyd's and Identity Fraud, Inc.(IFI) have joined forces to provide credit union members identity theft insurance. "Identity theft and information theft continue to present significant and growing exposures for individuals...

  • Hanley Elected to CUNA Board

    MADISON, Wis.-Orange County Teachers Federal Credit Union CEO Rudy Hanley was elected to serve on CUNA's Board of Directors last week. The nomination deadline for the District 6, Class C seat, vacated by Richard Ghysels when he retired Jan. 3 as CEO of First Financial CU, was Jan. 23. Class...

  • Arizona Federal Provides Members a $2.7 Million Bonus

    PHOENIX - Arizona Federal Credit Union has returned $2.7 million to its members in the form of an additional $15 dividend deposit. The $15 dividend deposit in each member's account represents a return of earnings for members utilizing the services of the credit union. "When someone establishes an account at...

Marketing

  • Why Fight an Aging Membership? RTN's Infinity Club Goes With the Over-50 Flow

    WALTHAM, Mass. - In an era when under-30 members are the must-have group, RTN Federal Credit Union is bucking the trend by focusing on building relationships with members over 50. The $385 million credit union, located about 10 miles west of downtown Boston, has found success with its over-50 Infinity...

  • American First CU Customizes High School Financial Literacy Program

    LA HABRA, Calif. - To help teens build their financial resume, American First Credit Union (AFCU) has developed a program specifically for Santa Ana's Cesar Chavez High School students. "Our goal is to give students valuable financial skills they can use throughout their lives," said American First President/CEO Bob Street....

  • Media Coverage Makes Indiana CUs Shine

    INDIANAPOLIS-Talk about free advertising. Indiana's credit unions have received positive media coverage in the January/February issue of BizVoice magazine, which is published by the Indiana Chamber of Commerce and distributed to more than 12,000 readers including company CEOs, business leaders and government officials. "This kind of coverage provides a valuable...

  • Marketing Association of Credit Unions Doing Salary Survey; Trying to Layout Marketing Structure at Credit Unions

    INDIANAPOLIS - Seeking more precise trends in pay scale and duties, the Marketing Association of Credit Unions is undertaking this month what it describes as a comprehensive salary survey of 2,500 marketing professionals in the U.S. "We realize Callahan's, CUES and others do surveys of marketers, but ours is vertical...

  • Money Matters Debuts

    TORRANCE, Calif. - January has marked the kickoff of Market and Sales Logic Inc.' s launch of the inaugural issue of its syndicated magazine for credit union members Money Matters. Designed to be a fresh way for credit unions to strengthen their member relations while aligning themselves with national advertisers,...

Tech Bytes

  • America First CU Offers Online Billpay for Businesses

    SALT LAKE CITY - America First Credit Union announced that it has launched an online billpay service designed specifically for its business members. The $3 billion credit union said that business members can make payments up to $50,000, pay multiple invoices from a single vendor with a single check, and...

  • Notaries to Go Electronic in Pennsylvania

    LOS ANGELES - On Feb. 2, the state of Pennsylvania will launch a statewide electronic notarization system that will likely serve as a model for other states across the nation. The system is the result of a joint effort between the National Notary Association (NNA) and the Pennsylvania Department of...

  • Company Takes Fresh Approach to Target Marketing

    HINDSDALE, Ill. - aaBeck Technology Group recently announced the addition of 11 new customers ranging in asset size from $15 million to nearly $1 billion. The company makes an online target marketing system called Deep Target. Perhaps more interesting than the range in asset size of these new customers is...

  • SECU Provides Online Financial Assessment Tool

    RALEIGH, N.C. - State Employees' Credit Union has added an online personal financial assessment tool to its Web site. The tool allows members to evaluate their general financial condition (net worth and cash flow), the adequacy of their life insurance protection and whether they have sufficient emergency funds available. Members...

  • Treasury ID Theft DVD Features NAFCU Attorney

    WASHINGTON-NAFCU Director of Compliance Anthony Demangone heading for the movies? Not likely, he said, but admitted, "It was kind of exciting" to work on the Treasury Department's recently released DVD, Identity Theft: Outsmarting the Crooks. The video is aimed at helping consumers avoid becoming victims of identity theft. It will...

  • Another Take on Multi-Factor Authentication

    BROOKFIELD, Wis. - Core banking software provider ITI, a unit of Fiserv, announced that it has partnered with VASCO Data Security to offer that company's Digipass multi-factor authentication products. Digipass is a line of what VASCO calls one-time password, or OTP, token devices. Each Digipass device is programmed with a...

  • Digital Mailer Customers to Save $1.5 Million

    HERNDON, Va. - E-statement provider DigitalMailer claims that the postage-rate increases effective Jan. 8 will translate to an additional savings of $1.5 million for its customers over the course of 2006. This figure takes into account only members of DigitalMailer's "Biggest Losers Club." The company defines members of this club...

  • Filene Seminar Explores Innovative Strategies

    MADISON, Wis. - The Filene Institute's "Exploring Blue Oceans for Credit Unions" seminar, held Jan. 6-7, was designed to help credit union executives create and nurture a culture of innovation in their organizations and apply proven, value innovation strategies to their planning. Attended by 70 credit union executives, the workshop...

  • Compushare named CUISPA Affiliate Member

    SANTA ANA, Calif. - The Credit Union Information Security Professionals Association (CUISPA) has named IT provider Compushare as an affiliate member. Compushare's consultative solutions group assists credit unions with risk and compliance in areas such as GLBA compliance, information security and business continuity. Its integration practice manages projects including large...

  • CUNA Mutual Selects SST as Preferred Auto Loan Servicing Solutions Partner

    MADISON, Wis. - CUNA Mutual Group has tapped Systems & Services Technologies Inc., a leading independent loan servicer, to provide auto loan servicing solutions to CUNA Mutual's collateral protection credit unions and their members. The partnership is effective immediately and means SST will provide auto loan servicing solutions designed to...

  • Texans Credit Union Taps Corillian for Online Small Business Support

    RICHARDSON, Texas - Small business members of Texans Credit Union will now have enhanced business banking services through a new alliance with Corillian Corp. Corillian, a provider of online banking, payment and anti-fraud solutions, will provide its Corillian Small Business Banking suite to the $1.5 billion CU. Texans CU's small...

Special Report

  • New Pima Federal CU Branch Serves Business District

    TUCSON, Ariz. - Pima Federal Credit Union has added a new facility to its family of branches here. Wanting to create a memorable member experience, the new facility was designed with member convenience in mind from a spacious layout and on-site ATM to safe deposit boxes.

  • CEFCU Breaks Ground on New Member Center

    PEORIA, Ill. - CEFCU is taking steps to open its 20th Member Center in Central Illinois during the second quarter of 2006. The new, full-service, 7,200 square-foot facility will feature six drive-up service lanes, two drive-up Money Center 24 ATMs, and three Fast Track Teller machines in the lobby. Staff...

  • Congressman Stops by Kohler Credit Union School Branch

    SHEBOYGAN, Wis. - U.S. Congressman Thomas Petri recently stopped by a Kohler Credit Union in-school branch at Sheboygan South High School. In an effort to address the ongoing problem of financial literacy, the credit union partnered with the school district in opening this branch at the start of the school...

  • World Business Review Shines Spotlight on DEI Inc.

    CINCINATTI - Design/build firm DEI Incorporated has recently been featured in the Financial Series of Alexander Haig's World Business Review. Airing on CNBC, Bravo, International United Airlines flights, and over 120 college and university channels nationwide, the segment highlighted DEI's innovative designs, unique environments, and retail experience. Filming for the...

  • New Western Regional Sales Manager for Clayco

    ST. LOUIS - Design/build firm and credit union financial facilities newcomer Clayco has hired Thomas C. White Jr. as western regional sales manager. Based in San Diego, White brings to Clayco more than 24 years of experience serving the financial services industry. At Clayco, White's responsibilities include brand positioning, retail...

Briefs

  • CUNA Offers Residential Mortgage Lending Educational School

    MADISON, Wis. - CUNA is offering as one of its March 2006 education opportunities a week-long school on developing an effective residential mortgage lending program. The Residential Mortgage Lending School will be held March 13-17 in St. Pete Beach, Fla. and is designed to assist credit union lending staff in...

  • Freddie Mac's Annual ARM Survey Results Confirm Increased Popularity of Hybrid ARMs

    MC LEAN, Va. - Freddie Mac recently released the results of its 22nd Annual Adjustable-Rate Mortgage Survey, and the findings confirm what mortgage lending experts have been saying for awhile- hybrid ARMs with an initial "fixed-rate" period of more than one year, have increased in popularity more than one-year ARMs....

  • Cattone, Former CUNA Mutual Mortgage Account Exec, Joins myCUmortgage

    FAIRBORN, Ohio - Jill Cattone, a former account executive with CUNA Mutual Mortgage Corp., has joined myCUmortgage, a division of Wright-Patt CU's wholly-owned CUSO. In her new position, Cattone is responsible for expanding myCUmortgage's CALM mortgage program, including the sales and service of mortgage programs for CUs. CUNA Mutual Mortgage...

  • Experts Advise Keeping an Eye on Foreclosure Numbers

    BOCA RATON, Fla. - The new year is just barely two months old, and already the mortgage industry experts says the foreclosure trends for the U.S. in 2006 bear watching.. According to data released by Foreclosure.com, 91,905 foreclosed properties were available for sale in the U.S. just in December -...

  • Illinois Lawmakers Target Mortgage Fraud

    CHICAGO - Illinois lawmakers have joined the growing list of lawmakers in states around the country who are getting tough on the people who commit mortgage fraud. Earlier this month, state lawmakers introduced a bill aimed at so-called "mortgage rescuers" - con artists who promise to bail out cash-strapped families...

  • Verification Bureau Offers Free Use of Fraud Detection Tools

    MIAMI - In a move to support the FBI's efforts in fighting mortgage fraud, Verification Bureau Inc., a developer of fraud detection and risk mitigation solutions, has released its "Zero Fraud Tolerance" campaign. As part of that initiative, the company will allow free use of selected fraud detection software solutions...

  • Ohio Dept. of Commerce Beefs Up Mortgage Enforcement Division

    COLUMBUS, Ohio - Fraudsters thinking of committing mortgage fraud in Ohio take notice - the state is increasing its mortgage enforcement division by 33%. Even Gov. Bob Taft is throwing his support behind the effort by pushing for new legislation that would crack down on deceptive lending, require appraisers to...

Publisher's Column

  • Who Needs Banks Anyway?

    There is no need to fully rehash the banker battle, but here are the basics. The bankers have been unrelenting. The banking trade associations finally appear united against credit unions. The attacks are fierce, and widespread. That we know. We also know the credit union lobby is powerful and doing...

People

  • MIDWEST

    Home Town Federal Credit Union, Owatonna, Minn., has appointed Kim Westphal president/CEO. Credit Union ONE, Ferndale, Mich., has named Matthew Woryn and Kimberly Bilko business services consultants for its subsidiary ONE's Financial.

  • EAST

    Citadel Federal Credit Union, Thorndale, Pa., has named John Alfe director of facilities. Sunmark Federal Credit Union, Schenectady, N.Y., has named Lyn Kemnitzer human resources manager.

  • WEST

    Washington State Employees Credit Union, Olympia, has promoted John Iglesias to senior vice president. SELCO Community Credit Union, Eugene, Ore., has named Ramona Mitchell vice president/ business loan officer. Marion & Polk Schools Credit Union, Salem, Ore., has elected the following officers to its supervisory committee: Brant Wolf, chairman; James...

  • SOUTHWEST

    Security Service Federal Credit Union, San Antonio, has promoted Walter MaCal and Gina Drake to 24/7 Member Contact Center managers. El Paso Employees Federal Credit Union, Texas, has promoted Tanya Quintero to University branch manager; Rosa Meza to University assistant branch manager; and Veronica G. Guerra and Elsa Dorado to...

  • SOUTH

    Louisiana Credit Union League, Harahan, has promoted Jennifer Plaisance to financial accountant.

From the Board Room

  • White Paper Analyzes CEO Compensation; Boards Need to be Aware of What Bankers, Other Comparable Execs are Making

    MADISON, Wis. - Are credit union boards realistic about executive compensation programs? A recent white paper Quantifying the Value of Leadership, suggests that board directors serving at credit unions with $500 million or more in assets may not be since they face different challenges when it comes to executive compensation....

  • New Members Elected to CUES FSF Advisory Committee

    MADISON, Wis.-There are a few new faces on the CUES Financial Suppliers Forum (FSF)Advisory Committee. New members are as follows: Sandler O'Neil & Partners LP Associate Director Peter Duffy, chairman; Strunk&Associates Executive Vice President/Marketing Director Marc Paine, vice chairman/chairman-elect; and The Members Group Senior Vice President Account Management Chris Gunnare,...

  • E1 Financial Adds Two to Board

    MONTEREY PARK, Calif. - E1 Financial Credit Union can now count Monterey Park City Council Member Sharon Martinez and Vice President of Chong Hing Jewelers Eric Lee as board directors. As a City Council member, Martinez currently serves on the San Gabriel Valley Council of Governments, Alhambra Unified/City Council Joint...

Letters to the editor

In Memoriam

Opinions

Opinion

Publisher's Notebook

  • Tell Us How You Go `Beyond the Job'

    The people are what make the credit union industry so special. Credit Union Times reports every week about the things credit union people do that show they are living the `people helping people' philosophy. You only need to turn to page 10 to see this in action as a New...

Billlionaires Club

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