Credit Union Times Magazine July-19, 2006
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Community 1st CU Taps Terry Maloy As New CEO
OTTUMWA, Iowa - Terry Maloy has been named the new president/CEO of Community 1st Credit Union.
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HAR-CO Maryland FCU Celebrates Southampton Marathon of Achievement Winners
BEL AIR, Md. - HAR-CO Maryland Federal Credit Union recently honored the Southampton Middle School Marathon of Achievement winners with a dinner reception and awards banquet.
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BVS Performance Systems Offers New Bird Flu Checklist
CEDAR RAPIDS, Iowa - BVS Performance Systems has come out with a new toolkit to help credit unions ensure they are prepared for a possible pandemic.
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Capital Communications FCU Online Banking Member a National Winner
ALBANY - Paying bills online paid off for one lucky Capital Communications Federal Credit Union member.
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On Eve of Big Race, Centrix Cancels Sponsorship
DENVER - Citing a need to concentrate on "core business," Centrix Financial, LLC, the struggling subprime auto lender, has canceled its title sponsorship of the Denver Grand Prix only weeks before the worldwide event takes place.
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Altura CU Honored for Customer Service Ancient Greece Style
RIVERSIDE, Calif. - This year's Hemet/San Jacinto Valley Chamber of Commerce Olympus award ceremony traveled back thousands of years to ancient Greece.
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Another CU Sells Card Portfolio to Elan
BOSTON - Elan Financial Services, a subsidiary of U.S. Bank, continues to attract CUs which are looking to sell their credit card portfolios. According to Kessler Financial Services, which brokered the deal, the $143 million Solidarity Community FCU, headquartered in Kokomo, Indiana, has chosen to sell its card business to...
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Lots of Notable Changes in the Corner Office
SHREWSBURY, N.J. - Last week saw a number of high-profile CEO changes at credit unions.
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Bacino One Step Closer to FHFB Role
WASHINGTON - Former NCUA Board Member Geoff Bacino during his confirmation hearing last week for his nomination to serve on the Federal Housing Finance Board. Turn to page 28 for full details and pictures of the hearing.
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Carol Aranjo and Others in D. Edward Wells Alleged Fraud Case Arrested
SPRINGFIELD, Mass. - Concrete progress is finally being made in the investigation of the downfall of D. Edward Wells Federal Credit Union after more than three years. Carol Aranjo, former CEO of the community development credit union, as well as her husband and one son were arrested Friday, July 7,...
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DFCU Case Awaits Judge's Decision on Jurisdiction; Special Meeting Which Could Recall Board Members at Stake
DEARBORN, Mich. - The attempt of initially two, and now three, DFCU Financial members to force the credit union to hold a special meeting at which all or part of the board of directors could be removed now awaits the judge's decision about whether his court has jurisdiction to make...
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House Overwhelmingly Approves Internet Gambling Bill
WASHINGTON - The House approved a bill last week to prevent the use of credit cards and fund transfers for illegal Internet gambling. Congressman Jim Leach (R-Iowa), a primary sponsor of the bill, said, "The ball is now in the Senate's court. Hopefully this multi-year effort will end this year...
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Barriers Still Exist for Trust Services, Trillion Dollar Wealth Transfer Could Help Break Down Walls, Experts Offer
MUNCIE, Ind. - The stats have been bandied about from a number of sources but whether credit unions are taking heed remains questionable, at least according to some industry watchers. Depending on who is providing the data, it's been estimated that somewhere between $41 trillion and as high as $141...
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MCUA, CUs Continue to Push Down Several Tracks as Judge Denies Request to Amend Decision in Missouri FOM Case
JEFFERSON CITY, Mo. - Cole County Circuit Court Judge Richard Callahan underscored on July 5th his March 24th decision that struck down the state's field of membership regulation, by denying a request to amend that decision.
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ASI Names Hink VP of Sales & Marketing
DUBLIN, Ohio - John Hink was recently named the vice president for sales and marketing for American Share Insurance. He replaces Nick Damopoulos who retired.
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Association of Corporate CUs Seeks `Right' Amount of Capital for FHLBs
WASHINGTON - The Association of Corporate Credit Unions wrote the Federal Housing Finance Board in opposition to its recent proposal that would overhaul the Federal Home Loan Banks' capital system and likely lessen the chances of member dividend payouts.
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MSIC Awards $1.4 Million Special Refund to Members
WESTBOROUGH, Mass. - It pays to belong to the Massachusetts Credit Union Share Insurance Corporation.
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Credit Unions Say Goodbye to SBA's Hector Barreto
WASHINGTON - To thank him for his dedication, credit union groups were among those that were scheduled to co-host a farewell reception for Hector Barreto, administrator of the Small Business Administration.
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Student Leadership Group Learns about CUs from Hood
ALEXANDRIA, Va. - NCUA Vice Chairman Rodney Hood addressed a group of visiting students from the National Student Leadership Conference at NCUA's headquarters earlier this month.
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CommonWealth One FCU, Providence Hospital FCU Merge
ALEXANDRIA, Va. - CommonWealth One Federal Credit Union has merged with Providence Hospital Federal Credit Union effective July 1, 2006.
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Insight Financial a Campaign Stop for Representative Mealor
ORLANDO, Fla. - Florida State Representative David Mealor recently made a campaign stop at Insight Financial Credit Union.
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Merger Complete for Genesee First FCU, Shiawassee Community Credit Union
FLINT, Mich. - Genesee First Federal Credit Union and Shiawassee Community Credit Union have officially merged.
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$1.6 Billion Eastman CU Moving to Open Solutions
GLASTONBURY, Conn. - The $1.6 billion Eastman Credit Union is converting to Open Solutions Inc.'s core system. Eastman is migrating from XP Systems, a subsidiary of Fiserv. Eastman was with XP for 17 years. The CU cited Open Solutions' relational database, business services functionality, and real-time disaster recovery as reasons...
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Coast Capital Breaks New Branding Ground with Julie
SURREY, British Columbia - Coast Capital Savings' new online greeter "Julie" is generating quite a branding buzz.
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NCUA Approves Large Duplicate FOM for Coastline FCU
ALEXANDRIA, Va. - NCUA's Region III office approved a very large community expansion for Coastline Federal Credit Union in Jacksonville, Fla. in May.
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Buffett Bill Now at $1,600
OMAHA, Neb. - Warren Buffett's autographed $1 bill was fetching $1,600 as the latest bid in the Nebraska Credit Union League's "e-bid for Kids" auction raising money for Children's Miracle Network. The $1,600 represents the highest online bid submitted so far in the auction, which began July 5 and ends...
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Massachusetts Earns NASCUS Re-accreditation
ARLINGTON, Va. - The Massachusetts Division of Banks has earned its third consecutive certificate of accreditation from NASCUS. NASCUS accreditation is valid for a five-year period subject to an annual review process that enables the state accredited agency and the NASCUS Performance Standards Committee to measure progress and improvement. NASCUS-accredited...
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Minnesota CU Network Seeks Chandler's Replacement
BLOOMINGTON, Minn. - The Minnesota Credit Union Network is proceeding with a full search this month for a new CEO following the departure of Kevin Chandler, its former president and CEO, who landed a like job in June at the Connecticut Credit Union Association.
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Lawsuit Alleges Credit Bureaus Allowing Inaccurate Scores
GREENVILLE, S.C. - The three major credit reporting bureaus hurt consumers by allowing some credit card issuers to not report their cardholders' credit lines, according to a lawsuit filed by a Greenville, South Carolina man.
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U.S. Central Exits Data Processing Game
LENEXA, Kansas - U.S. Central Credit Union has notified corporate credit unions that it will be migrating out of the core process- ing business.
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United FCU, First Resource FCU Talk Merger
ST. JOSEPH, Mich. - United Federal Credit Union and First Resource Federal Credit Union have announced an intent to merge.
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Bacino Gets Senate Banking Confirmation Hearing to FHFB
WASHINGTON - Former NCUA Board Member Geoff Bacino, currently nominated to the Federal Housing Finance Board, said during his confirmation hearing last week that his experience serving on the NCUA Board should translate to the new post if confirmed.
In Other News
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AWARDS
Mark Holmes, the vice president and marketing director for Eastern Financial Florida Credit Union, Miramar, Fla., was named the United Way of Broward County Volunteer of the Year for 2005. A member of the United Way campaign cabinet, Holmes' efforts to help identify new sponsor companies, increase Eastern Financial pledges...
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DONATIONS
Houston Texas Fire Fighters Federal Credit Union, Houston, has awarded Rebecca Becknal, Blake Besselman, Alisa Chandler, Christopher Hagan, Justin Hutchens and Meghann Lowdermilk each with a $1,000 scholarship. All of the winners were judged on academic achievement, character, leadership, community involvement and an essay. This is the second year in...
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BRANCHING OUT
Eastern Financial Florida Credit Union, Miramar, Fla., recently opened its 25th branch. The new office, located in Hialeah, was immediately busy with 12 members opening safety deposit boxes on the first soft opening day. The branch, managed by Esther Jacomino, also set records for new account activity for a new...
News
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No More Core for U.S. Central
U.S. Central Says Goodbye to Core Processing. Page 4.
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Fiberglas FCU Adds Investment, Legal, and Tax Services
NEWARK, Ohio - Members of Fiberglas Federal Credit Union now have access to investment, legal and tax services.
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College Trust Program Has Already Helped N.C.'s State Employees' CU, CEO Blaine Lobbies for Expansion to all Credit Unions
RALEIGH, N.C. - Senior staff at State Employees' Credit Union enrolled in a local university's trust services program is one way Jim Blaine is ensuring they're prepared to meet with members. The CEO of the $13 billion State Employees' Credit Union has been in talks with officials at Buies Creek,...
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Loan-to-Share Ratio Tops 80% in May
WASHINGTON - "Not-so-bad" loan growth and negative savings growth pushed credit unions' loan-to-share ratio up over 80% in May, according to CUNA's Monthly Credit Union Estimates.
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Special Report: Investments/Trusts
Read about the latest trust/investment news in the special report on pages 22-24.
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Bellco CU Makes Strides in Investment Program Through Emphasis On Integration, Keeps Eye on Increasing Penetration
GREENWOOD VILLAGE, Colo. - While Bellco Credit Union had been offering investment services to its members for years, it had unfortunately reached a point where some changes needed to be made.
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Missouri Farmers Union CU Takes Socially Responsible Approach to Investing
JEFFERSON CITY, Mo. - Investing in the livelihoods of mostly rural, low-income, independent farmers is so important to Missouri Farmers Union Credit Union that it's careful about the investment decisions it makes. The $867,000 credit union, launched in 2004, serves 133 members, according to NCUA data. It recently became a...
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NAFCU Services Corp., Pentegra Partner in Retirement Plan Alliance
ARLINGTON, Va. - NAFCU Services Corp. has added Pentegra Retirement Services to its list of Preferred Partners to offer credit union members qualified retirement plans such as 401(k) plans and other defined benefit plans. The White Plains, N.Y.-based Pentegra manages more than $3 billion in qualified plan assets and offers...
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SEC to Hold First-Ever Senior Summit as Protection Against Fraud
WASHINGTON - To help thwart the growing number of investment fraud cases against senior citizens, the Securities and Exchange Commission was scheduled to hold its first-ever Seniors Summit July 17. The summit's agenda will include a session on seniors and investment fraud, an enforcement and examination update, and a panel...
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African-Americans' Retirement Savings May Pose Opportunity for CUs
NEW YORK - Some industry experts say penetration of investment services to members tends to be low but one minority group could be a way to increase numbers. According to the 2006 Black Investor Survey from Ariel Capital Management and Charles Schwab, the median black worker has saved $59,000 for...
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Attitudes, Behaviors Towards Investments Widely Vary Among Different Generations, Report Finds
CAMBRIDGE, Mass. - When it comes to investments, the age of the investor is certainly a strong predictor of behavior and perceptions. According to an extensive report from Forrester Research Inc. titled The Generations Of Financial Services Consumers-Examining How Financial Needs Differ Across Generations Of US Consumers, senior citizens, defined...
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Trend Shows More Being Forced to Retire Early
ATLANTA - While many Americans will have to work right up to the traditional retirement age of 62 or beyond, a growing trend shows some are being forced to retire sooner than they planned.
News Briefs
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Randolph Brooks Signs Up With The CO-OP
ONTARIO, Calif. - The $2.4 billion Randolph-Brooks Federal Credit Union has signed up with the CO-OP Network, the surcharge-free ATM network subsidiary of CO-OP Financial Services, the CO-OP has announced.
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CUMAnet Names von Schaumburg President
BASKING RIDGE, N.J. - The Credit Union Mortgage Alliance Network has appointed Daniel von Schaumburg as the CUSO's president, effective immediately. Prior to his appointment, von Schaumburg worked for more than 18 years for Affinity FCU, one of CUMAnet's member CUs. He began working for the credit union as a...
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Steven Preston Sworn in To Head SBA
WASHINGTON - The U.S. Small Business Administration has officially named Steven Preston as its next administrator, replacing Hector Barreto.
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Think Tank Analyst Suggests CU Members Should be Paid In Conversions
WASHINGTON - Alex Pollock, a fellow at the conservative leaning American Enterprise Institute, a Washington D.C. think tank, has suggested that credit union members whose credit unions wish to convert to mutual or stock banks ought to be compensated in some way for the ownership of the CU they are...
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Catholic Hospital Network Invests $500,000 in Capitalizing CDCUs
NEW YORK - The nation's fourth largest Catholic health system, Trinity Health, has invested $500,000 with the National Federation of Community Development Credit Unions to help the Federation capitalize CDCUs.
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Former CUNA Exec Claims Firing Was Unjust, EOC Hearings Could Be Prelude to Lawsuit
MADISON, Wis. - Former CUNA Senior Vice President Mike Miller filed a complaint with the Madison Equal Employment Opportunities Commission claiming he was fired after complaining about comments he felt were inappropriate.
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CUNA Generates Thousands Of Reg Relief Comments Over July 4 Recess
WASHINGTON - CUNA feels its grassroots efforts over the Fourth of July congressional recess really paid off.
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Defense Finalizes On-Base Rule as Instruction
WASHINGTON - The Department of Defense finalized its rule last week on personal commercial solicitation on military bases.
Credit/Debit/ATM
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The Golden 1 CU Proud Security Innovation Worked to Counter ATM Theft
SACRAMENTO, Calif. - The $6 billion The Golden 1 Credit Union is taking particular satisfaction that technology innovations that originated with the CU were instrumental in the recovery of one of the CU's ATM's.
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Australian Committee Recommends Adopting PIN and Chip Card Technology
CANBERRA, Australia - A report from the economics committee of the Australian parliament has recommended that the nation adopt card technology which would replace the use of signatures with the combination of personal identification numbers and computer chips.
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Credit Union Finds Rewards Programs Popular with Members
ST. PAUL, Minn. - Members of the $1 billion Affinity Plus FCU have reacted well to a fairly comprehensive rewards program that the CU has put into place. In addition to offering a standard rewards program on its card products, Affinity has started offering points for interest payments on loans,...
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Harbor One Rolls Out Business Credit Card
BROCKTON, Mass. - The $1.3 billion HarborOne Credit Union has rolled out its first credit card aimed at small and medium sized businesses. The new card went to Stephen Mendoza, owner of the Precise Instrument Company, a firm which sells and services microscopes.
Marketing
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Valley CU New Campaign Reaches for the Sky
SAN JOSE, Calif. - Valley Credit Union has reached "new heights" with the unveiling of its Peak Checking, a high-yield checking account alternative.
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Bayer FCU Scoops Up Serving of Member Appreciation
ELKHART, Ind. - Members craving a great sundae didn't have to look any further than Bayer Federal Credit Union.
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Navy Federal Branch Wins Float Contest
VIENNA, Va. - Navy Federal Credit Union's St. Mary's branch made a splash at this year's St. Mary's Fourth of July parade.
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USA CU Promotes Safety
AUBURN HILLS, Mich. - USA Credit Union is making a difference in its community by hosting the Second Annual Safety Town Family Fair.
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E1 Financial Revs Up Soap Box Derby
ALHAMBRA, Calif. - E1 Financial Credit Union is getting in the racing game-soap box derby racing that is.
Tech Bytes
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WRG Signs Two More CUs to Episys Integration Solution
PASADENA, Calif. - Two more credit unions will be using Wescom Resources Group's integration solution to customize software for their Symitar Episys platforms. They are $514 million Utilities Employees Credit Union of Reading, Pa., and $171 million Community One Credit Union in Las Vegas. The CU Integrator tools allow programmers...
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Synergent Reaches Electronic Check Collection Milestone
WESTBROOK, Maine - Synergent, a subsidiary of the Maine Credit Union League, has reached a milestone in its Check Processing & Support Services Division by having the 100th branch begin using its Electronic Check Collection product. As of June 26, Synergent's Check Processing & Support Services is now receiving ECC...
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Mid-Atlantic Re-Ups with Digital Defense for Security Compliance
SAN ANTONIO - Digital Defense Inc. says it has renewed its security compliance and risk management contract with Mid-Atlantic Corporate Federal Credit Union. Larry Hurtado, president and CEO of the San Antonio-based online security specialist, says the big corporate has many of the same compliance requirements as its member credit...
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Clarke American Adds IVR To Customer Service Menu
SAN ANTONIO - Credit unions calling customer service at Clarke American will now be served with the same interactive voice technology many use to serve their own members. The company, a provider of checks and related products to financial institutions, says it has invested in an IVR system that centers...
Special Report
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AmeriChoice Branch Open Sundays
MECHANICSBURG, Pa. - AmeriChoice Federal Credit Union is standing out from the competition by being the first credit union in South Central Pennsylvania to be open on Sundays. "We are very excited to be able to offer our members more convenient hours and service by opening on Sundays," said Carol...
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Neighbors Credit Union Opens Second Florissant Branch
FLORISSANT, Mo. - Neighbors Credit Union has cut the ribbon on a new Florissant branch. The cash ribbon totaling $500 was donated to Florissant Ambassadors, which is dedicated to enhancing the quality of life within the City of Florissant and the surrounding area by collectively championing causes and undertaking projects...
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Holy Rosary Credit Union Branch Heads to High School
ROCHESTER, N.H. - Holy Rosary Credit Union is gearing up to launch a student run, credit union branch at the Richard Creteau Regional Technology Center this fall. Partnering with the Rochester School Department, HRCU's "teaching" branch is designed to introduce students to all aspects of banking. The timing turns out...
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Achieva CU Grand Opening a Home Run
LARGO, Fla. - Achieva Credit Union tapped Devil Rays' second baseman Jorge Cantu to help make its East Lake branch grand opening a memorable one. Cantu, who signed autographs and posed for photos with hundreds of fans, also managed to save a win for the Rays over the Atlanta Braves...
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Virginia CU Branch Opening a `Shredfest'
RICHMOND, Va. - What better way to ring in two new branches than to help members fight identity theft? Virginia Credit Union recently sponsored free shredding events at two new locations in Colonial Heights and Mechanicsville. Cintas Shredding, a document destruction company, shredded up to three boxes of paper per...
Opinions
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Love Those Deposits.In Search of the 24 Karat Relationship Through 401(k) Reviews
There is clearly quite a bit of ardent courting going on these days as mega banks and investment houses from around the globe are in hot pursuit of deposits. These colossal international conglomerates appear to have set their sights on American consumers at large and they are actively wooing many...
Looking Back
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CREDIT UNION TIMES Vol. 9, No. 31 July 30, 1997
Looking back nine years ago, finds NCUA Chairman Norman D'Amours warning attendees at the 30th annual NAFCU Conference & Exhibition that the next battle with bankers will be over taxation.
Opinion
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Credit Union Conversions: Ripe for Abuse.and Reforms
Few issues generate stronger emotions or wider ranges of opinions than credit union conversions. Skepticism about the motivations and misunderstandings about the processes for conversions are pervasive. Understanding is increasing, however, that conversions raise many salient issues: How should and do credit unions differ from banks? Who does and should...
Publisher's Column
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An Association for Every Occasion-Which to Belong to?
NAFCU and CUNA are the main national credit union trade associations, but the credit union industry is home to tons more regional and niche associations.
People
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SOUTH
MACO Educators Federal Credit Union, Woodstock, Ga., has promoted Jerry Jordan to chief operating officer and Kathy Day to vice president of branches. Memphis Area Teachers' Credit Union, Memphis, Tenn., has promoted Marc Burford to business development coordinator and has named Chris Copeland marketing assistant. Alabama Telco Credit Union, Birmingham,...
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WEST
Nevada Federal Credit Union, Las Vegas, has hired Kristen Williams as central processing assistant vice president; Carmenie Hughes, Cynthia Disisto, Jetoon Patel, Joyce Maestas, Rae-Shaunda Paige, and Tessa Hernandez as financial service representatives II; Quiana Gibson as central processing tech I; Kenneth Hughes and Roger Sedillo as real estate loan...
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EAST
STCU Credit Union, Springfield, Mass., re-elected Rosemarie Mazz-Moriarty, Roland Joyal, and Kenneth Ketchum and elected Erin O'Leary all to three-year terms on the CU's board. Penn East Federal Credit Union, Scranton, Pa., has promoted Linda McCauley to accounting clerk and named Kristen Maro teller supervisor of the Clarks Summit branch....
Resource Center
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