Credit Union Times Magazine June-14, 2006
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North Island CU Recognizes Small Biz Workplace Excellence
SAN DIEGO - For its positive work environment, North Island Credit Union presented the "Excellence in the Workplace" award to Inter@ctivate, Inc. at the recent 2006 San Diego Small Business Awards luncheon.
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Tenth Largest CU Sticks with PULSE
HOUSTON - The $3.9 billion Security Service FCU, the 10th largest CU in the country, has continued its relationship with the PULSE EFT Association, one of the leading ATM/EFT networks, which has joined the Discover card brand.
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Philly Fed Names New President
PHILADELPHIA-The Federal Reserve Bank of Philadelphia board of directors announced last week its selection of Charles I. Plosser as its new president. The Board of Governors of the Federal Reserve jointly approved Plosser, a professor of economics and former dean at the William E. Simon Graduate School of Business Administration...
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Special CUNA Future Forum Issue: Something for Everyone
As credit union leaders flock to Orlando to attend CUNA's Future Forum, they'll find this special CUNA Future Forum 112-page issue of Credit Union Times waiting for them. This issue is chock full of in-depth enterprise stories, special features and many other unique elements. The following guide is provided to...
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Boulder City Millionaires? One CU CEO Isn't Counting the Deposits Yet
BOULDER CITY, Nev. - You're CEO of a credit union that has nine out of every 10 residents as a member, and stories are circulating that virtually every one may become a millionaire.
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NAFCU's Revenue Growth Exceeds Rise in Expenses; $600K Surplus in $11M Budget
ARLINGTON, Va. - NAFCU's surplus revenue in 2005 represented more than 5% of its budget, NAFCU President and CEO Fred Becker pointed out. "Thanks to the hard work of our board and staff, NAFCU had another excellent year financially, turning in a surplus of over $600,000 on a budget of...
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Boy Scouts Had It Right: `Be Prepared' For Everything; a New Era for Business Continuity
WASHINGTON - Over the last year, speculation of major hurricanes and pandemic influenza have worked their way into the lives of Americans while terrorist attacks on American soil after 9/11 have remained in the back of the minds of many.
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Alaska USA Trust's Bill Eckhardt Has Seen What Trust Services Can Bring to Members; Collaboration May be the Best Route
ANCHORAGE, Alaska - Bill Eckhardt has seen several evolutions in trust services and he's in a prime spot to do so.
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A Decade in, Mica in Uncharted Territory for a CUNA CEO; Bankers Still Boil His Blood-Lawsuits Could Be Next
WASHINGTON - Dan Mica has bravely ventured where no CUNA CEO in recent memory has gone before: 10 years leading the trade association.
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Internships Work Out `Beautifully' at GCM Federal Credit Union
CU Times Correspondent-at-Large
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NASCUS Apprises State Regulators on Progress of Data Collection
ARLINGTON, Va. - With the clock continuing to tick to the Sept. 1 deadline when NASCUS and state regulators are required to provide the House Ways and Means Committee with specified information on state chartered credit unions, the association continues to hold regular teleconferences with state regulators to give them...
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CUNA, NAFCU Promote CU Representation on FHLB Boards
WASHINGTON - In response to a proposal sent out by the Federal Housing Finance Board, CUNA and NAFCU wrote in support of the board providing more information on directors' experience and skills in the Federal Home Loan Bank Board election process and including credit union representatives on the boards.
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Bankers Object To Wal-Mart Check Cashing
FRAMINGHAM, Mass. - Against a backdrop of bankers once again crying foul over forays by Wal-Mart Stores, the Massachusetts Department of Banking this week began holding a series of statewide public hearings on the retailer's application to cash checks at its stores. Taking a jibe at the banker complaints, the...
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Mica: CUNA Dispelling Notion that it Can't Run a Business
WASHINGTON - CUNA President/CEO Dan Mica is well aware of the notion many in the industry have about CUNA not being able to run a business.
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Polish Governmental Leaders Support Growing Credit Union Movement
WARSAW and GDANSK, Poland - The Polish credit union movement, started in the early 1990s, has grown partially because of the support of the top officials and partially because it offers financial opportunities the country's banks do not.
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Nearly Majority of Households at Risk for Retirement Shortfall, Survey Reveals
BOSTON - Almost 45% of working-age households are "at risk" of being unable to maintain their pre-retirement standard of living in retirement, according to the new National Retirement Risk Index developed by the Center for Retirement Research at Boston College. Younger households are particularly vulnerable, as are those with low...
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CUNJ, Trenton Times Employees FCU Merge
EWING, N.J - Credit Union of New Jersey and Trenton Times Employees Federal Credit Union have merged effective June 1.
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At Long Last, CUs Will Have a Voice On Visa Board; Hackney Breaks Ground
SAN FRANCISCO - In a move credit unions have sought for years, Visa USA, the world's largest card brand, has named an executive from the credit union industry to its board of directors.
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Community Development Revolving Loan Fund Makes a Difference for LICUs
ALEXANDRIA, Va. - Though NCUA's regulatory and insurance functions are fully funded by the credit union industry, each year the agency goes to Congress to fight for a small appropriation to lend a helping hand to its low-income designated credit unions.
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There's More to Orlando Than Mickey!
The first thing that pops into most people's minds when they think of Orlando is Mickey Mouse and Disney World, but the bustling city offers so much more. Credit Union Times asked some local credit union leaders to offer up some local flavor advice on must see attractions while in...
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Trades Pull Together for Good of CUs in Legal Challenges
WASHINGTON and HARRISBURG, Pa. - A number of factors play into why the credit union trade associations get involved in litigation, but the top priority is their membership.
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Some Credit Unions Look `Outside' to Make Marketing Message Stick with Members
WEST PALM BEACH, Fla. - Sometimes less really is more, especially when it comes to outdoor advertising. That's what Ventura County Credit Union discovered when it staked its claim along California's historic route 101 with a sunny billboard. Connecting with Los Angeles to the south and Santa Barbara to the...
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Snyder: Increased Incidental Powers Mean Credit Unions Need Same Performance Standards as When CUSO Offered Service
NEWPORT BEACH, Calif. - The expansion of incidental powers opened doors for credit unions to offer many products and services they once depended on CUSOs to provide directly to members themselves. But this opportunity has come with a new set of best practices, and some CUSO experts say credit unions...
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Vu Recognized for Mentoring Young Women, Helping Launch Private Banking Divisions for High-Net Worth Members
SAN JOSE, Calif. - Kim Vu says one of her passions is giving back, especially to young girls who may think their economic background, gender or race is a barrier to the abundance of opportunities waiting for them.
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Twelve State Farm Credit Unions Receive NCUA Approval to Merge Creating One, $3 Billion CU
BLOOMINGTON, Ill. - It's official. In what would be one of the largest mergers in credit union history, State Farm Credit Union has received the green light to merge 12 of its credit unions. NCUA gave the preliminary approval June 6, said Tom DeWitt, president/CEO, State Farm-Great Lakes Federal Credit...
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Small North Carolina CUs Become `Poster' CUs for Social Good, Growth; Have Faced Down Tough Times and Won
KANNAPOLIS, N.C. - Given the downsizing in textiles and manufacturing, it's hardly surprising North Carolina ranks high in having what might be the nation's poster credit unions for economic survival and social responsibility.
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Don't Kill the Messenger! Dealing With Press in Cases of `Crisis' Can Be Vital for a CU's Image
MADISON, Wis. - It's the type of news most credit unions might not be so eager to talk about: a CEO's sudden "resignation," the discovery that an employee has been funneling money from member accounts or a credit union wanting to convert to a bank.
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Credit Unions' Mortgage Lending Practices will Cushion Their Exposure to Foreclosures in Rising Rate Market
MADISON, Wis. - Nationwide, mortgage lenders are bracing for what some experts have predicted will be a sharp increase in foreclosures as adjustable rate mortgages that were very popular during the last refinance boom, reset. Credit unions won't be immune to this trend, but if industry mortgage experts' assessments are...
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Cost of Compliance Becomes Cost of Doing Business; How Are CUs Dealing?
WASHINGTON - While credit unions and other financial services providers continue to work to lighten their regulatory load, complying with a myriad of regulations has become a cost of doing business, and the burden has grown in recent years.
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Credit Unions Make Themselves Heard on Capitol Hill, Hill Staffer-turned-CUNA Lobbyist Magill Says
WASHINGTON - Even before joining CUNA as its new top lobbyist, John Magill knew credit unions can "make a joyous noise" when they want to.
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NCUA Copes with Heavy Congressional Criticism, Ongoing Banker Attacks, and Even CU Trade Association Complaints
ALEXANDRIA, Va. - NCUA has taken its fair share of lumps recently from the bankers, legislators, and even the credit union trade associations.
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Rising Interest Rates and Tightened Liquidity Underscores Importance of Pipeline Management
VIENNA, Va. - In both a rising and declining mortgage rate environment, pipeline management is a valuable risk management tool. Add to that mix the liquidity crunch credit unions are now dealing with as interest rates rise and pipeline management, say credit union mortgage lending experts, becomes a "critical" tool...
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National JACL CU Fights to Hold on to its Roots While Thriving and Growing
SALT LAKE CITY - For Japanese-Americans who lived in the U.S. during World War II the end of the war didn't just mean the victory of the country over Japan. It also marked their release from the internment camps they were forced to live in during the war and their...
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Darden School Discount for CUES Members
MADISON, Wis. - CUES members are now eligible to receive a 10% discount off the registration fee when they attend Strategic Marketing Management, an executive education program offered through Darden School of Business Administration, University of Virginia, Charlottesville, Va. The program covers topics such as customer and competitor analysis, brand...
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For Second Consecutive Year, CUs Line Up Behind Fannie Mae's American Dream Team Program
WASHINGTON - Fannie Mae's 2006 American Dream Team Program internship is underway, and just as they did when the program was inaugurated in 2005, credit unions have stepped up not only to serve as mentors for the selected interns, but also to help administer the 2006 program.
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Lifetime Achievement Award Goes to Lockheed Georgia Employees' FCU President/CEO
DULUTH, Ga. - Lockheed Georgia Employees' Federal Credit Union President/CEO Edwin J. Collins, has recently been honored with the Lifetime Achievement Award for his efforts in advancing the credit union movement. The Lifetime Achievement honor is bestowed by the board of Georgia Credit Union Affiliates to individuals who have dedicated...
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Duke University Invests $5 Million in Latino Community Credit Union
DURHAM, N.C. - Duke University has committed to deposit up to $5 million in the Latino Community Credit Union over the next five years, the CU announced on June 6.
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House Subcommittee Approves NCUA Appropriation; CDFI Gets a Nudge
WASHINGTON - Funding for two NCUA programs and Treasury's Community Development Financial Institutions Fund received approval from a House Appropriations subcommittee on June 7.
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IRS Expands Taxpayers' Options for Direct Deposit of Refunds
WASHINGTON - Hoping to encourage higher savings and more banking, the Internal Revenue Service said it will create a new program to allow taxpayers who use direct deposit to divide their refunds in up to three financial accounts.
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Card Regulatory Scene is the `Wild Frontier'-Additional Disclosures on the Way
ARLINGTON, Va. - The biggest news on credit card regulation is that the rules governing credit card programs really haven't been updated in many years, according to different sources which track credit cards and their regulation.
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Pennsylvania Supreme Court Agrees to Hear Bankers' Appeal of CU Taxation Questions
HARRISBURG, Pa. - In the latest chapter of a case that dates back to 2004, the Pennsylvania Supreme Court last week agreed to accept an appeal filed by the Pennsylvania Bankers Association and area banks to review the tax status of credit unions in Pennsylvania.
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Colorado CUs Expect to Merge By End Of July
ASPEN, Colo. - Two Colorado credit unions expect to have a merger deal completed by July 31 pending NCUA approval.
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Fourth Annual Latino CU Conference Touts Immigrant History with CUs
DURHAM, N.C. - The history of credit unions' work with immigrants was the theme of the 4th Latino Credit Union Conference that was kicked off in Durham on June 7. Four credit union CEOs told approximately 200 CU executives, board members and advocates about how their CUs have worked with...
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Lobbying Reform a Win-Win for Credit Unions
WASHINGTON - No matter how Congress slices it, credit unions can only benefit from any reform on lobbying practices, CUNA President and CEO Dan Mica said.
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Metavante Pushes HRA Convenience
MILWAUKEE - Metavante Corporation is aiming to make consumer directed health care more convenient with its health care benefit debit card, the MBI Benefits Card.
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PSCU to Offer Free Card Security Seminars
ST. PETERSBURG, Fla. - PSCU Financial Services, the cooperative for credit unions which process their card transactions with First Data Corp., will offer a series of one-day seminars, free, for CU managers interested in tightening up their card fraud prevention programs.
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Bankruptcies 1Q 2006 Drop, Up for 12-Month Period
WASHINGTON - Bankruptcy filings in the first quarter 2006 dropped precipitously to about a quarter of what they were in the last three months of 2005, according to the Administrative Office of the U.S. Courts.
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Three Credit Unions Tap Wolters Kluwer for Deposit Documentation System
MINNEAPOLIS - To help generate documents and disclosures for deposit and individual retirement account transactions, including those for business members, three credit unions have partnered with Wolters Kluwer Financial Services.
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HBE Names New CIO
ST. LOUIS, Mo. - Design/build firm HBE Corporation has recently named Scott Berlinger chief information officer. Berlinger will be responsible for leading and managing HBE's information technology, including the firm's technical infrastructure and operations. He brings more than 30 years of domestic and international experience managing industries in their effective...
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Experian Says Consumers Carrying More Debt
IRVINE, Calif.-Experian Consumer Direct, one of the big three credit reporting bureaus, announced recently the results of a nationwide study on consumer debt that shows consumers have increased their debt by more than 12% over the past two years.
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T&C Federal CU CEO Honored for Service
BLOOMFIELD HILLS, Mich. - T&C Federal Credit Union CEO Dianne Addington has been awarded the Michigan Credit Union League 2006 Distinguished Service Award.
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Apple CU Sends Teachers to School
FAIRFAX, Va. - It might be difficult for an elementary school student to accept the idea, but yes, teachers also spend time in the classroom learning.
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CEFCU Donates $250,000 to Local Musuem
PEORIA, Ill. - CEFCU is doing its best to enhance the museum experience.
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Man Robs CU From Drive-Thru Lane
LAS CRUCES, N.M. - Threatening to detonate a bomb from his cell phone, a man robbed First Light Federal Credit Union from one of its drive-thru lanes.
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Number, Size of Failed CUs Generally Down
ALEXANDRIA, Va. - The number and size of credit unions that are failing is generally pretty low, according to information obtained from NCUA via the Freedom of Information Act.
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Indiana CUs Get Media Nod for Financial Literacy Efforts
INDIANAPOLIS - With the growing financial literacy problem a political "hot button" issue, Indiana credit unions are quick to point out they are up for the challenge.
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American Heritage Welcomes Troops
PHILADELPHIA - American Heritage Federal Credit Union is proud to help the 228th FSB Community Alliance give a heroes welcome to local National Guard troops.
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Orlando At-a-Glance: Service Industry Dominates this 109 Square-Mile City
Demographics Population (Projected 2005):
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Edentify, MyPublicInfo Unveils IdentitySweep
BETHLEHEM, Pa. and ARLINGTON, Va. - Edentify, Inc. a provider of identity management solutions, and MyPublicInfo, a consumer identity protection service, have teamed up to give consumers a leg up in the fight against identity theft.
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Wolters Kluwer Offers CUs Free Biz Services, Lending Webinar
MINNEAPOLIS - Credit unions looking for the latest trends and biggest challenges with member business services, have another resource to turn to.
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Achieva CU Joins $500 Million Club
LARGO, Fla. - Achieva Credit Union has hit the $500 million in assets milestone-staffers and members alike are celebrating.
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Name Change Reflects "Core Beliefs" of CU
BOISE, Idaho - Albertsons Employees' Federal Credit Union announced that it will officially change its name to TruGrocer Federal Credit Union on Oct. 1, 2006.
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SC Telco FCU, Liberty FCU to Merge
GREENVILLE, S.C. - SC Telco Federal Credit Union and Taylors, South Carolina-based Liberty Federal Credit Union have announced merger plans.
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529 College Savings Plans Up 38% to $75 Billion
WASHINGTON - Assets in 529 college savings plans rose to an estimated $75.1 billion at the end of the first quarter of 2006, up 38% from $54.5 billion in the same quarter one year ago, according to the College Savings Foundation.
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Indianapolis, Atlanta, Dallas Top List Of 10 Highest Metro Foreclosure Rates
IRVINE, Calif. - RealtyTrac's latest foreclosure numbers for the first quarter 2006 are out, and the data show Indianapolis, Atlanta, Dallas, Memphis and Denver in the top five spots, and Sun and Rust Belt cities dominating the remaining spots.
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CURIA Stands Tall at 121 Legislative Supporters
WASHINGTON - The Credit Union Regulatory Improvements Act (H.R. 2317) has 121 lawmakers signed on in support of the bill, which sounds like a lot, but what do 121 legislators really amount to?
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Delta Community CU Recognized for Community Service Initiatives
ATLANTA - Delta Community Credit Union was recently recognized for three achievements involving their community service programs.
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Research FCU CEO Volunteer Efforts Honored
WARREN, Mich. - Research Federal Credit Union CEO Catherine Roberts has been presented the Michigan Credit Union Foundation's 2006 Community Volunteer Award for her outstanding service and volunteerism outside the credit union movement.
News
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Creditor Resources Inc. Solidifies Focus on Technology With New Subsidiary, CRI Systems, Inc.
ATLANTA - Creditor Resources, Inc. has always focused on technology in serving the credit union market, but the company is taking it a step further with the launch of its new tech subsidiary, CRI Systems, Inc.
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Irish League of CUs Deals with String of Negative Media Reports
DUBLIN, Ireland - Liam O'Dwyer, CEO of the Irish League of Credit Unions, says the country's CUs are not in jeopardy despite a series of events that led to a number of Irish newspapers questioning the stability of Irish credit unions.
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Welcome to Orlando!
CUNA's Future Forum has landed in Orlando, and Credit Union Times is also getting into the action with this special 112-page Future Forum issue. See page 3 for a handy reader's guide to help find stories fast. From technology and legislative news to people features and statistics, there's something for...
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Two More Become ID Theft Victims Stemming from Michigan CU Data Theft
ANN ARBOR, Mich. - Following the theft of personal data from the University of Michigan Credit Union this spring, two more people have come forward saying they have been victimized.
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Babies More Than Just Cute Smiles-In Credit Union Workplaces They Are a Boon To Retention and Employee Morale
SAN JOSE, SACRAMENTO, and LIVERMORE, Calif. - At Valley Credit Union, Schools Financial Credit Union and UNCLE Credit Union there are a few new credit union additions who do little more than play, eat and even sleep during business hours yet are charming members and fellow staffers alike.
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Tale of the Tape.Backup Solution Goes Online at NASA FCU
UPPER MARLBORO, Md. - No one at NASA Federal Credit Union needs to worry now about backup tapes being eaten by the dog or destroyed by dropping them down the stairs. Those are just some of the stories that Richard Heitmann has heard in his role as vice president of...
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Eastern Financial Counting on Mobile Recovery Units if the Worst Happens
MIRAMAR, Fla. - In the Sunshine State, where the "big one" seems to hit again and again, one of the state's largest credit unions has prepared for hurricane season in a big way.
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Callahan to Host HSA Webinar
WASHINGTON - Still sitting on the fence about offering Health Savings Accounts?
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Princeton eCom Signs Veridian, Utah Community Credit Unions
PRINCETON, N.J. - Veridian Credit Union in Iowa and Utah Community Credit Union have committed to using the PayAnyone integrated electronic payment and bill presentment solution from Princeton eCom, the company says.
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Credit Unions' Card Portfolios Continue to Improve Performance
ARLINGTON, Va. - Even though Asset Exchange, the leading independent broker of credit union credit card portfolios, reported that 13 CUs sold their credit card portfolios, worth $97.5 million, in the first quarter of 2006, overall the CU industry continued to show favorable growth from their card portfolios.
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SWBC Earns SAS 70 Level II Certification, Enhances Security and Customer Service
SAN ANTONIO - Credit unions outsourcing functions such as insurance and mortgage lending want assurance that vendors are handling their member data efficiently and with every conceivable security precaution. To that end, Southwest Business Corporation has taken steps to bolster the security and reliability of its technology systems.
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Three Largest CUs are One, Two, Three in IRAs, Keogh
WASHINGTON - The country's three largest credit unions-Navy FCU, State Employees CU of N.C. and Pentagon FCU-hold the top three spots in member usage of IRAs and Keogh accounts.
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Stanford FCU Continues on Leading Edge with PassMark, Now RSA Security
PALO ALTO, Calif. - Stanford Federal Credit Union has long been on the leading edge of technology, so perhaps it's not too surprising the CU was the initial user of security tools that now are sweeping much of the online banking world. That would be those from PassMark Security, a...
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Credit Unions See Jump in Hacker Attacks; Vigilance Required To Fight this 24/7 War
ATLANTA - You've seen them on television, Secret Service agents scanning the crowd during a presidential visit. What are they looking for? Anything out of the ordinary. Someone obviously sweating when it's a cool day. A man with his hands in his pockets when everyone else is applauding or waving.
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Savings Down Slightly in April with Loans Still on the Rise
WASHINGTON - Savings were down a bit in April with loans increasing pulling credit unions' loan-to-savings ratio up to 78.8% at the end of the month, according to CUNA's Monthly Credit Union Estimates.
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Financial Insights Sees Core System Spend Growing, Credit Unions Taking Different Path than the Big Banks
FRAMINGHAM, Mass. - Spending on core systems at banks and credit unions alike continues to be a growth industry, although their paths often diverge based on size. And whether the approach is to update piece-by-piece or "rip and replace," the task remains daunting for front office and back shop alike,...
In Other News
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BRANCHING OUT
Eastern Financial Florida Credit Union, Miramar, Fla., has opened its Palm Springs branch in Hialeah. The CU's Palm Springs branch is a full service branch offering traditional teller services, auto loans, a suite of mortgage products and business lending services. In addition, the branch has a 24-hour walk up ATM...
News Briefs
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ACCU Pulls New Project Coordinator from NAR
WASHINGTON - The Association of Corporate Credit Unions has named Margot Meyer as its new project coordinator, replacing Josh Jones. Meyer was formerly with the National Association of Realtors in the public affairs division. Prior to NAR, Meyer was a marketing specialist for NASA Goddard Space Flight Center. "I'm very...
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NCUA Among Best Places to Work in Government
WASHINGTON - NCUA was ranked the 38th best place to work in the federal government of subcomponents and smaller agencies according to employee satisfaction in a new survey.
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Weiking New CUAO Communications Manager
BEAVERTON, Ore. - The Credit Union Association of Oregon has hired Laura Wieking as manager of communications. Wieking comes to CUAO from the Pear Bureau Northwest, a nonprofit marketing association for fresh pears grown in Oregon and Washington. Her responsibilities at the bureau ranged from industry and consumer newsletters and...
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New ICU Day Theme Focuses on `Difference'
MADISON, Wis. - A new theme has been selected for this year's International Credit Union Day.
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New Exec Committee for CUNA CFO Council
MADISON, Wis. - The new executive committee and officers for the CUNA Chief Financial Officers Council were recently announced during the 12th annual CUNA CFO Council Conference and Roundtable held in Palm Springs, California. Brian McVeigh, senior vice president and CFO for NuUnion CU in Lansing, Mich., was re-elected council...
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Patelco, ShareBuilder Partner to Bring 401(k) Plans to Small Businesses
SAN FRANCISCO - In an effort to bring large company 401(k) benefits and pricing to the small company marketplace, Patelco Credit Union recently began offering a 401(k) program for that niche. The plan, administered through ShareBuilder, consists exclusively of exchange traded funds, making this the first time small businesses can...
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New CEO Takes Over Reins At CUMIS of Canada
BURLINGTON, Ontario - Kenneth W. Lalonde took over as the new president and CEO for the CUMIS Group of Canada and venture manager of the Credit Union Insurance Services (CUIS) program on June 5, 2006. He replaces Michael Porter who retired in May 2006.
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Two CU Conversion Bills Before Mass Legislature
BOSTON - Two bills impacting the conversion of state chartered credit unions to banks are before the Massachusetts legislators, according to a column in the June 6 Boston Globe.
Marketing
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MacDill FCU Pitches Summer Dreams to Members
TAMPA, Fla. - MacDill Federal Credit Union is helping members escape the ordinary this summer with a new "Field of Dreams" loan campaign. With low rates for loans on almost every mode of transportation that can be used during the summer vacation season from cars, RVs and motorcycles to pleasure...
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ABA Marketing Network Awards United Teletech Financial CU
TINTON FALLS, N.J. - Who says bankers and credit unions can't get along?
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Call FCU's Superpowered Campaign Unmasks the Office Hero in SEG Market
RICHMOND, Va. - Forget the X-Men, Superman or even Spiderman, Call Federal Credit Union has the Office Heroes and they've got everyone talking.
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Drive the Competition Crazy
In his book Mind Capture, Tony Rubleski indicates one way to drive your competition crazy is to have fun with your members. How? sMail creative and fun greeting cards throughout the year. sHave contests involving cool prizes, discounts or popular TV shows or movies. sSend your customers birthday, anniversary and...
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Feel Like David Vs. Goliath? That's a Great Position for CUs to Fight Mega Banks
SPRING LAKE, Mich. - When you compare your marketing budget to that of the giant bank down the street, do you feel like David trying to down Goliath with a pitiful slingshot?
Regulatory/Compliance
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Fed Announces June 22 Consumer Advisory Council Meeting
WASHINGTON - The Federal Reserve Board last week announced its next meeting of the Consumer Advisory Council.
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April Sees Fewest Mergers Yet this Year
ALEXANDRIA, Va. - At this point, the month of April had the fewest credit union mergers this year, according to NCUA's monthly Insurance Report of Activity.
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Bank Regulators Release Rural Underserved List for CRA Credit
WASHINGTON - The federal bank and thrift regulatory agencies June 1 announced the availability of the latest list of distressed or underserved nonmetropolitan middle-income geographies for which banks can receive "community development" credit.
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Nomination Hearings Held In Senate Banking Last Week
WASHINGTON - The Senate Banking Committee was slated to hold confirmation hearings on a number of financial services-related nominees on June 8.
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GAO Study on NCUA Vacancies a No-Go So Far
WASHINGTON - Late last year, two banking groups tried to make some hay out of a higher than desirable vacancy level at NCUA, but NCUA has not been contacted about a study thus far.
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SBA Gives Small Businesses More Time to Apply for Disaster Loans
WASHINGTON - Small business owners dealing with financial losses in the aftermath of Hurricanes Katrina and Rita have more time to apply for an SBA Economic Injury Disaster Loan, the agency recently said.
Tech Bytes
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XP Systems Technology Forum Draws 500 to San Antonio
MOORPARK, Calif. - More than 500 credit union staffers, business partners and XP Systems employees participated in the Fiserv core processing unit's annual Technology Forum in Texas.
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A2A Transfers Could be One More Way for CUs to Become Members' PFI
PASADENA, Calif. - Though online banking is expected to grow exponentially throughout the decade, few credit unions have embraced all its facets with equal fervor. But as consumers become more comfortable with managing their accounts over the Internet and savvier about the service options that refinements in technology and security...
Special Report
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Appealing to Younger Members Involves a Space of Their Own at CU Branches
WEST PALM BEACH, Fla. - With a growing family-oriented consumer culture, the next great credit union branch convenience could be including kids spaces in the design.
Opinion
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Contrasts in Banker, Credit Union Priorities and Leadership
The other day, as I was riding to the Treasury Department to outline credit union and CUNA financial education and literacy efforts before the meeting of the Treasury's Financial Literacy and Education Commission, I got to thinking about contrasts-particularly between credit unions and banks.
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Consolidation Trend Continues for all the Right Reasons
The consolidation trend continues as more and more credit unions, small and large, healthy and troubled, consider merger as a legitimate strategic response to increasing competition for market share.
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Business Continuity Planning for Credit Unions; Outside Resources Important for Any Good Plan
The ongoing threat of terrorism, the impact of last year's hurricane season, and the pending avian flu pandemic have once again turned the attention of the public, the regulators, and managers nationwide toward Business Continuity Planning (BCP). This intensified focus directs leaders throughout every industry to review their situations and...
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Covera Card Solutions Finds Success with CO-OP
LATHAM, N.Y. - Covera Card Solutions, formerly the New York Credit Union League's Card Services program, has found a good deal of success since signing on with CO-OP Network for ATM processing.
Publisher's Column
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Perception vs. Reality of Big CEO Jobs
Simone Lagomarsino, Robert Stuart and Dave Mooney. These are three examples, but there are many more.
People
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VENDOR
Financial Service Centers Cooperative, Inc. has named Robert Shepard sales manager. MeridianLink, Inc., a technology provider for the credit union system, has named Doug Glagola as vice president of mortgage industry relations. TRC Interactive Inc., a leader in interactive financial institution training, recently hired Cheryl Reesy as its new online...
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WEST
Kinecta Federal Credit Union, Manhattan Beach, Calif., has named Judith Colburn, manager of consumer loan underwriting. Silver State Schools Credit Union, Las Vegas, re-elected Leonard Petoske and George Ann Rice to three-year terms on the CU's board of directors. Group Health Credit Union, Seattle, has promoted Gena Chriscaden to branch...
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INMEMORIAM
Paul Gee, director emeritus for Kinecta Federal Credit Union, Manhattan Beach, Calif., recently passed away. Gee was a longtime credit union volunteer, beginning his service to the CU, which was then Hughes Aircraft Company Employees Federal Credit Union, as a volunteer in 1973. He served on the CU's board of...
Beyond the Job
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CitizensFirst CU CEO Finds Purpose in Missionary Work
OSHKOSH, Wis. - CitizensFirst Credit Union President/CEO Carla Altepeter doesn't believe in coincidences as much as destiny.
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SeaComm FCU AVP Shannon Boyce One Sharp Shooter
MASSENA, N.Y. - With accuracy as such a high job priority is it any wonder that SeaComm Federal Credit Union Assistant Vice President of Finance Shannon Boyce is a world champion in muzzle loading?
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Beyond the Job
If you have something you would like included in Beyond the Job contact the Credit Union Times reporter you typically deal with or call Editor-in-Chief Paul Gentile at (732) 460-6040 or e-mail pgentile@cutimes.com. Please note, color photos, preferably of the person doing one of their Beyond the Job activities, should...
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Lussier Hides from Troubles by Soaring Through The Clouds
WEBSTER, Mass. - Webster First Federal Credit Union President and CEO Mike Lussier tries to spend at least a few days a week with his head in the clouds.
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Jacobson Uses Musical Talent to Write, Perform 9/11 Tribute to `Fallen Heroes'
MELVILLE, N.Y. - Music has always been part of David Jacobson's life. But the tragedy of 9/11 let the 43-year old president of indirect lending company GrooveCar use his talents in a way he never anticipated by inspiring him to write a song he performed in public on July 4,...
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NAFCU's Somers Rescues, Nurtures Abandoned Horses
ARLINGTON, Va. - Since the age of eight, NAFCU Public Relations Manager Rebecca Somers has always yearned to have a horse, but financially it just wasn't feasible.
Billlionaires Club
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Kase's Management Style Changes as Landmark CU Grows from $2 Million to $1 Billion During his Tenure
NEW BERLIN, Wis. - Ron Kase, president/CEO of Landmark Credit Union, points out his management style has changed over the years.
From the Board Room
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Oregon Community Credit Union Honors 46-Year Volunteer
EUGENE, Ore. - Oregon Community Credit Union has paid tribute to the recently retired board director Donald Moon Lee's 46 years of dedicated service by creating a $2,500 scholarship in his name that will benefit University of Oregon students working in the Housing Department. Lee, a former UO Housing Department...
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From Neches FCU EVP to Board Member Andrea Johnson Enjoys Keeping Feet Wet in Credit Union Pool
PORT NECHES, Texas - Former Neches Federal Credit Union Executive Vice President Andrea Johnson may have retired from her position, but she is still maintaining her credit union ties by serving on the board. It is appropriate since Johnson's whole 36-year credit union career has been at Neches FCU. "I...
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CommunityAmerica Credit Union Elects New Chairman
LENEXA, Kan. - Allison Waggoner has been elected the new chairman of $1.5 billion CommunityAmerica Credit Union. Waggoner's credit union experience started in 1991 when she joined the board of Yellow Financial Credit Union, the credit union serving staff members of her employer at the time, Yellow Freight, now YRC...
Letters to the editor
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Umholtz Doesn't Get It
It's no surprise that Marvin Umholtz got it wrong about credit unions once again in his June 7 letter, "You Know You're an Industry When." After all, Mr. Umholtz approaches the subject of "industry" vs. "movement" from the only perspective he knows-that of a for-profit banker. As evidence against being...
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Credit Unions Need to Return Equity; Plenty of Examples on How to Do It
David Morrison's article, "Should the Earnings of Credit Unions That Convert to Banks be Taxed", (CU Times May 24, 2006) was a great survey of the issue. As a long-time CU board member and volunteer (Navy Federal) and as a retired CEO of a charity (501 (c) 3), I have...
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Being a Movement Still Means Something
I was disappointed to find after I voted on Credit Union Times' voting poll about whether we are working in a credit union "movement" or "industry" that so many of my colleagues voted either "no" it is not a movement or it "doesn't matter" whether we are a movement or...
Looking Back
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Credit Union Times Vol. 11, No. 24 June 14, 2000
Looking back six years ago finds a flurry of last minute lobbying efforts by NCUA and credit union trade associations paying off as the arcane $600 million Central Liquidity Facility cap was lifted by a House committee.
Resource Center
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FFIEC Proposed Guidance on Social Media and How it Affects...
To learn how you and your institution can stay compliant with the new proposed FFIEC...
The Rise of "Mobile Commerce" and How it Affects YOU!
Could plastic cards become a thing of the past? This white paper explains what constitutes...
Key Indicators of High Performing Credit Unions
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
