Credit Union Times Magazine July-12, 2006

News

In Other News

  • MILESTONES

    T&C Federal Credit Union, Bloomfield, Mich., celebrates 70 years of business this year. In 70 years, T&C has grown from one branch to nine branches, with a 10th opening this month. Currently the CU has 63,000 members and assets in excess of $550 million and has given back to each...

  • DONATIONS

    St. Anne's Credit Union, Fall River, Mass., awarded 12, $1,000 scholarships to area high school seniors at its 70th Annual Meeting. This makes the 15th consecutive year for the credit union's scholarship program. John R. Ledwidge, president/CEO, and members of the CU's board of directors were there to present the...

News Briefs

Marketing

  • Boulder Valley CU Makes Employees' Homeownership Dreams a Reality

    ESTES PARK, Colo. - Boulder Valley Credit Union has found a creative way to not only recruit and retain employees, but also generate goodwill in the community. The credit union has recently unveiled its new Employer Assisted Housing program that offers down payment assistance for its employees to buy a...

  • MCUL Earns Advertising, Publications Honors

    NORTHVILLE TOWNSHIP, Mich. - Once again the Michigan Credit Union League has been singled out for excellence at CUNA's Pro and Blockbuster Awards. In the Blockbuster category, for best league advertising program, MCUL received the "Best of Show" award for the Michigan Credit Union Brand Campaign and first place for...

  • MAX, Mayor Team Up For Baseball Day in Montgomery

    MONTGOMERY, Ala. - When Mayor Bobby Bright declared July 10th as Baseball Day here, MAX Your Community Credit Union!, stepped up to "home plate" to lend the city a hand in celebrating by sponsoring the 34th Southern League All-Star Game at Riverwalk Stadium. The Southern League All-Star Game is a...

  • Allegacy FCU Takes Lifestyle Marketing to New Levels

    WINSTON-SALEM, N.C. - A recent Allegacy Federal Credit Union public relations event may have newlyweds here saying "I do" to joint checking accounts. Given the popularity of June weddings, the credit union sent their own "bride and groom" complete with a chauffer out in a convertible covered with the Allegacy...

  • SELCO Promotes Larson to Marketing VP

    EUGENE, Ore. - SELCO Community Credit Union has promoted Bonnie B. Larson from director of marketing to vice president of marketing. Larson will supervise a team of five marketing specialists, and will focus on strategic planning and increasing SELCO's marketing impact for both the credit union and the numerous divisions...

Regulatory/Compliance

  • FDIC Looks at Deposit Insurance Updates

    ALEXANDRIA, Va. - NCUA has issued a regulatory alert notifying federally insured credit unions of changes to appraisal standards that will take effect shortly. NCUA's Regulatory Alert 06-RA-04 was issued to ensure credit unions were aware of modifications made by the Appraisal Standards Board to the Uniform Standards of Professional...

  • Growth of Trust-Friendly States May Help Credit Unions

    NEW YORK - Members looking to establish trusts may have an edge in certain states. Alaska continues to be among the most trust-friendly states, having recently revised its trust code to make it more difficult for divorcing spouses to seize assets, the Wall Street Journal reported. New Hampshire became one...

  • NCUA Sticks with XML as Banking Regulators Go XBRL

    WASHINGTON - NCUA has found that its own customized XML-based software is most suitable for credit union call reports despite the other federal banking regulators' moves to XBRL. XBRL, or eXtensible Business Reporting Language, was created specifically for the reporting of business and financial data, according to XBRL International, a...

  • Power Failure Leads to Long Weekend for NCUA HQ Staff

    ALEXANDRIA, Va. - A power outage at NCUA's Alexandria, Va. headquarters led to an unexpected day off. Staff at NCUA's Duke Street headquarters, which also houses the Region II offices, got an extra long weekend with the power outage occurring the Monday before the Fourth of July. NCUA Director of...

  • President Nominates Mishkin to Fed Board

    WASHINGTON - The president has announced another nominee to fill an open seat on the Federal Reserve Board. Frederic S. Mishkin, a professor at Columbia University, has been nominated to fill the remainder of a 14-year term expiring Jan. 31, 2014. Mishkin currently serves as the Alfred Lerner Professor of...

  • SEC Seeks Feedback for Broker-Dealer Study

    WASHINGTON - The Securities and Exchange Commission recently published a draft contract proposal in preparation for a study comparing how the different regulatory systems that apply to broker-dealers and investment advisers affect individual investors. Broker-dealers are regulated under the Securities Exchange Act of 1934. Investment advisers are regulated under the...

Tech Bytes

  • Entrust and Addison Avenue FCU Reach Agreement on Patent Suit

    DALLAS - Security vendor Entrust and Addison Avenue Federal Credit Union have reached an amicable agreement and settled Entrust's patent infringement lawsuit against the CU. Entrust sued Addison Avenue in March after learning of the CU's two-factor authentication product for online services. Entrust claimed Addison Avenue infringed on its grid...

  • EMC Corp. to Acquire RSA Security

    HOPKINTON, Mass. - Information management giant EMC Corp. is buying RSA Security Inc. for about $2.1 billion. "Businesses can't secure what they don't manage, and when it comes to securing information, that means simply two things-managing the data and managing access to the data," says Joe Tucci, chairman, president and...

  • Philadelphia FCU Commits to Web-Based Expense Control/Reporting Platform

    PHILADELPHIA - Employees at Philadelphia Federal Credit Union will soon be surfing the Web to purchase supplies and file their travel expenses. The organization is the first credit union to sign up to use the expensewatch.com on-demand expense control and reporting system. A Web-based application-service provider, expensewatch.com offers three modules-travel...

  • Del Norte CU Makes Move To USERS

    SANTE FE, N.M. - Del Norte Credit Union will be converting its core processing to the USERS Inc. in-house platform and deploying the Fiserv unit's member relationship, cross-selling and Spanish online banking solutions. The conversion to the DataSafe system will take place in April 2007, according to the $285 million...

  • Denali Alaskan Centralizes Security in One Department to Deliver Consistent Policy

    ANCHORAGE - At most credit unions, system security is the bailiwick of the IT department. At Denali Alaskan Federal Credit Union, a 47,000-member credit union with nine branches in Anchorage, Fairbanks, Juneau, and Wasilla and $336 million in assets, security is a department unto itself, charged with developing and implementing...

  • Phishing Fraudsters Continue Casting Wide Net as Hack Attacks Reach 20 Years

    HELSINKI, Finland - Twenty years after the first PC virus was set loose, organized criminal gangs are flooding the online world with increasingly wide phishing scams. That's the view from F-Secure Corp., the international Internet security firm, which found in a recent scan of top-level domain names (.com, .net, .biz,...

  • Online Resources Completes Purchase of Princeton eCom

    CHANTILLY, Va. - Online Resources Corp. has completed its acquisition of payments processor Princeton eCom for $180 million in cash and an earn-out of up to $10 million. Online Resources now serves more than 2,200 financial institutions and 1,600 billers and says it expects to process more than 200 million...

Special Report

Letters to the editor

  • Thanks for the Concern

    Words alone cannot describe my appreciation about the concern for my feelings about Lafayette FCU's conversion attempt expressed by Paul Gentile in his editorial dated June 28. It is certainly good to have the editor-in-chief express his concern for my feelings rather than his contempt for my actions. Mr. Gentile...

  • Second Guessing as Blood Sport

    Editor-in-Chief Paul Gentile's column in the June 28 issue demonstrates the temptation and danger of constant second-guessing that is rampant in our movement. Mr. Gentile is critical because NCUA Vice Chairman Rodney Hood had the temerity to address the N.C. bankers to let them know that there was a lot...

  • Canceling Card Programs Isn't the Answer to Combating Fraud

    With daily reports in the media about identity theft and security compromises, many people both inside and outside the payments industry are incorrectly concluding that fraud is a crisis. Certainly, fraud damages the credit of thousands of consumers and generates significant losses to credit unions and other financial institutions. But...

People

  • SOUTHWEST

    U.S. New Mexico Federal Credit Union, Albuquerque, N.M., has named Randy Hill its new human resource director. Security Service Federal Credit Union, San Antonio, has promoted Ruby Mata to manager of its Nacogdoches Service Center. The CU has also named Tina Conchin director of MIS projects.

  • WEST

    Kinecta Federal Credit Union, Manhattan Beach, Calif., has named Jasiri Daire, manager of mortgage loan sales. Rogue Federal Credit Union, Medford, Ore., has promoted Heston Charlton to special services manager.

  • MIDWEST

    Teachers Credit Union, South Bend, Ind., has promoted Rick Nettesheim to executive vice president - chief operating officer and Waylon Peterson to senior vice president of investment services, trust services and IRAs. Postal Credit Union, Woodbury, Minn., has promoted Kelly R. Johnson to vice president of member remote services and...

Beyond the Job

Opinion

Billlionaires Club

Publisher's Column

Publisher's Notebook

  • PR: The Basics Count

    Credit Union Times is fortunate to be on the press release list for thousands of credit unions. Truth be told, our e-mail boxes are flooded with press releases every day, and we welcome all of them! But it would be nice to see a return to the basics. Too many...

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