Credit Union Times Magazine March-08, 2006
News
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NCUF Donates Nearly $27,000 to WOCCU
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Koppel Criticizes Media Focus on Now Rather Than News
WASHINGTON-Self-professed Luddite, former Nightline Anchor Ted Koppel, lamented how technology has changed the media and our lives "not always for the better." He recalled the "old days" of news reporting when he was covering the Vietnam War and how he could barely get garbled messages through the Telex system and...
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Vsoft, IMM Join Forces
LAS VEGAS - Integrated Media Management (IMM), which specializes in output management and document automation technology, and VSoft Corporation, a global information and technology provider of process improvement tools, have teamed up to offer financial institutions more Check 21 options. IMM will offer VSoft's Branch Item Capture, eDesk Genesis, and...
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Checking Into Remote Capture: What Credit Unions Ought to Consider
When the Check Clearing for the 21st Century Act took effect some 16 months ago, it paved the way for what many describe as the greatest advance in check-processing technology since the MICR line - the ability to perform remote capture and transmit electronic image cash letters (ICLs). For most...
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CUNA in the Green: $1.5M Operating Margin
WASHINGTON-CUNA's unaudited financials, as reported during the Governmental Affairs Conference, show the trade association in a strong financial position heading into 2006. According to the report during the Annual General Meeting by CUNA Treasurer Tom Dorety, CEO of Suncoast Schools Federal Credit Union in Tampa, Fla., CUNA had an operating...
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CUNA Looking to Move GAC
WASHINGTON-CUNA is continually breaking records for attendance at the Governmental Affairs Conference and they are beginning to feel a bit cramped. About 4,200 people attended this year's GAC and much of the general sessions and breakouts were standing room only. Due to contractual obligations, the trade association will be holding...
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NFCDCU Moves 2007 Annual Meeting to New Orleans
WASHINGTON - Meeting in Washington in conjunction with CUNA's Governmental Affairs Conference, the National Federation of Community Development Credit Unions' Board has voted to move the organization's annual meeting in 2007 to New Orleans in order to help support the rebuilding effort in the region. "We aren't a huge conference,...
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State, Federal Charters Should Work Together to Preserve CUs
WASHINGTON-The strength and health of the credit union community lies with a strong dual chartering system, NASCUS Chair Linda Jekel director of credit unions for Washington state, said. "Dual chartering also allows the system to effectively work together on common challenges - this function of the dual chartering system could...
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Emotions Run High at Herb Wegner Memorial Awards Dinner
WASHINGTON - The Herb Wegner Memorial Awards Dinner is always a special event at CUNA's GAC, and this year's edition was no different. A powerful video presentation on credit unions' efforts in disaster relief for Hurricane Katrina started the dinner on an emotional note. During the video, USA FCU CEO...
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Hyland Expresses `Glass-Half-Full' Attitude about CU Challenges
WASHINGTON-NCUA Board Member Gigi Hyland encouraged credit unions to look at their current challenges as opportunities. She emphasized that NCUA's efforts to begin documenting credit union service to members of modest means is only a pilot program. "I am absolutely opposed to imposing CRA-like requirements on credit unions," Hyland, the...
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Treasury Officials Thank CU Organizations for Work on PCA Reform, More to be Done
WASHINGTON-Emil Henry, assistant secretary for financial institutions, said Treasury appreciates all the work credit unions and their representatives have done on a risk-based capital framework but is not quite ready to put its seal of approval on it. "This work has led to a number of positive proposals, such as...
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League Service Corps. Working with CUs To Get Comfortable with Image Exchange
WEST PALM BEACH, Fla. - While the rest of the financial world has been busy getting itself image-enabled since October 2004 when Congress passed Check 21 legislation, credit unions have been leveraging their head start with truncation to implement the technology with their credit union clients. In fact, league service...
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Credit Unions Can Help Prop Up Savings
WASHINGTON-Credit unions are equipped to fight the declining rate of personal savings in the United States, Congressman Paul Kanjorski (D-Pa.) stressed to GAC attendees. After speaking out against the huge national deficit and lamenting the negative personal savings rate of Americans, the credit union advocate touted credit unions as part...
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Top Government Officials Back Tax-Exemption at GAC
WASHINGTON-Legislator after legislator took the podium during CUNA's GAC in support of credit unions' tax-exemption. They were met with standing ovations. *Senate Majority Leader Bill Frist (R-Tenn.) told credit unions we are an `over-taxed' nation. "We, I, on behalf of our legislative body, absolutely support the current [tax] exemption for...
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Hood: Strong CU System Comes From Communication, Action
WASHINGTON-Communication, tied to action, is the way to maintain a strong credit union system, NCUA Vice Chairman Rodney Hood said. Hood stated, "Communication requires more than just listening. It requires action." He said that he and the agency had to be willing to adapt to credit unions' needs to fulfill...
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Special Report: Check 21/Image Exchange
Credit union check processors continue to gear up for image exchange of checks. Turn to pages 22-27 for the latest developments.
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Congressman Otter's Family Gets Entrepreneurial With Credit Union
WASHINGTON-A credit union took a chance on Congressman Butch Otter's (R-Idaho) family business when no one else would. His father tried to get a loan from a bank to start a small dairy but was turned down. The Otters' credit union came to the rescue though. "That credit union took...
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Credit Union Difference the Reason for Tax-Exemption, Sarbanes Says
WASHINGTON-The treatment of nonprofit credit unions is different from other financial service providers because of their structure and the work they do, Senate Banking Committee Ranking Member Paul Sarbanes (D-Md.) told GAC attendees. "It is very important for the credit union movement to keep in mind that there are very,...
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First NCUF Breakout Session a Crowded Success
WASHINGTON - The National Credit Union Foundation's very first breakout session at CUNA's Governmental Affairs Conference drew a stranding room only crowd as credit union executives and directors crowded in to hear four executives describe how their CUs had used grants from the Foundation to help them make real change...
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Congressman Michaud Pumps CU Reps Up For Hill Visits
WASHINGTON-Congress-man Mike Michaud (D-Maine), a former credit union board member whom credit unions rallied behind to get elected when he first came to Congress, impressed upon credit unions that every one makes a difference. "In reality, what you're doing here today does make a difference," he said; lawmakers do listen...
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Johnson: NCUA "Not About to Impose CRA" on Credit Unions, Tough on Conversion Disclosures
WASHINGTON-Service to members of modest means is recent and not the only job of credit unions. In remarks to CUNA's Governmental Affairs Conference, NCUA Chairman JoAnn Johnson told participants that the term `modest means' only came about with the 1998 passage of the Credit Union Membership Access Act. She added,...
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1st National Bank Holding Co. Selects NetDeposit
SALT LAKE CITY - The Southwest's largest privately-held bank 1st National Bank Holding Company has tapped NetDeposit, Inc. as its remote deposit capture solution provider. The bank will offer clients NetDeposit's newly launched turnkey solution NDpro Managed Services. 1st National Bank Holding Co. operates retail institutions 1st National Bank of...
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Check 21 Solution Helps Rutgers University Student and Alumni FCU's Growth Strategy
NEW BRUNSWICK, N.J. -Rutgers University Student and Alumni Federal Credit Union (RUSA FCU) President Ken Buren has found that it pays to take the time to find the right Check 21 fit. "About a year ago we started looking into Check 21 and at the time I thought it was...
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Royce Expresses Cautious Optimism on CURIA
WASHINGTON-With 108 co-sponsors to the Credit Union Regulatory Improvements Act (H.R. 2317), it is off to a good start. But doubling that would be better, Congressman Ed Royce (R-Calif.) said. He urged credit unions to encourage their lawmakers to co-sponsor the bill during their visits last week. Royce is the...
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Some Credit Unions Turn Checking Accounts Into PFI Superglue
WEST PALM BEACH, Fla. - With so much focus on image exchange, share draft penetration isn't getting as much attention. The fact is many credit unions are trying to boost share draft penetration in order to become the primary financial institution for more members. A new Callahan and Associates report...
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NetDeposit Launches NDpro Managed Services
SALT LAKE CITY - NetDeposit, Inc. (www.netdeposit.com), a Check 21 software and remote deposit capture solutions provider, has recently unveiled NDpro Managed Services. For financial institutions, NDpro Managed Services provides a hosted, SAS70 Type II-compliant remote capture, clearing and IRD printing solution. The new offering enables banks of all sizes...
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"Deliver Our Message," Mica Urges
WASHINGTON-CUNA President and CEO Dan Mica encouraged credit union officials to be respectful to the lawmakers they meet with during their visits on Capitol Hill but get their point across. "Be respectful, don't be rude, but be forceful," Mica recommended. "Credit unions don't want this war.Consumers don't want this war.The...
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GAC Uncovered
If you happened to miss CUNA's GAC, don't worry. Extensive coverage of the event can be found on pages 28-38.
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Dowdell Joins RemoteDepositCapture.com
PARSIPPANY, N.J. -RemoteDepositCapture.com can now count industry veteran Chris Dowdell as its latest addition. Dowdell brings check processing, payments systems, technical and industry standards expertise to his new position here with over 25 years experience in check processing and payments system products at industry-leading organizations including Chase Bank and BancTec....
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Flaws in Bankruptcy Reform Surfacing, But Overall an Improvement
WASHINGTON-Bankruptcy attorney Charles Williams, with Blalack & Williams, told a very crowded break out session during CUNA's Governmental Affairs Conference that the bankruptcy reform law is a pretty good deal. "It's a very good piece of law," Williams stated. "It's working very good here in early 2006." He pointed out...
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Credit Freezes Debated at GAC
WASHINGTON - A representative from the Consumer Data Industry Association and a lobbyist who works with the Delaware Credit Union League debated some of the finer points of so-called credit freezes, procedures by which consumers can prevent credit reporting agencies from selling their credit reports for opening new credit applications....
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Oxley Asks CUs to Focus on Reg Relief
WASHINGTON-While acknowledging credit unions' interest in moving the Credit Union Regulatory Improvements Act, House Financial Services Committee Chairman Mike Oxley (R-Ohio) told credit unions that right now is the time to push for regulatory relief legislation. "The Credit Union National Association is one of the strongest grassroots organizations I have...
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Labor Secretary Chao Challenges Retirement Summit Delegates to Help with Savings Obstacles; Milazzo Among Delegates
WASHINGTON - There are four distinct groups who are having a hard time saving for retirement, but the obstacles are not insurmountable, U.S. Labor Secretary Elaine Chao told delegates at the recent National Summit on Retirement Savings. Chao was one of several speakers at the summit here March 1-2, along...
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John M. Floyd & Associates Unveils New Executive Search Division
BAYTOWN, Texas - Looking to ensure that only the best are employed at credit unions and other financial institutions, John M. Floyd & Associates has launched a new Executive Search Group division. Created to identify, scrutinize and recruit top caliber candidates for senior managerial positions in the financial industry, the...
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MEMBERS Mutual Funds Revamps, Adds More Analysts
MADISON, Wis. - To help underscore its commitment to and focus on improving portfolio returns, MEMBERS Mutual Funds has undergone several changes. Four mutual funds in the nine-fund family have been renamed to reflect fund realignment. Capital Appreciation is now Large Cap Growth Fund; Growth and Income is now Large...
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Alabama CU League Hopeful Bill to Boost CU Regulatory Officials Will Sail Through
MONTGOMERY, Ala. - In theory, a bill supported by the Alabama Credit Union League is on the fast track and should run into little problem winning approval by legislators. But Will McCarty, the league's vice president of government and public affairs, cautions events unrelated to the bill could halt its...
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Banks Attack CURIA as They Testify for Own Regulatory Relief, CUs Visit Lawmakers
WASHINGTON-The same day credit unions and banks were testifying before the Senate Banking Committee on regulatory relief and as CUNA's Governmental Affairs Conference wound down, the three major national banking trade associations took the opportunity to remind Congress of their opposition to the Credit Union Regulatory Improvements Act (H.R. 2317)....
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Conversion Report Gets More Ink in Wisconsin
MADISON, Wis. - The president/CEO of the Wisconsin Credit Union League, Brett Thompson, is responding again to that study critical of CUs switching to banks written by two University of Wisconsin-Whitewater professors. In a Feb. 25 opinion piece appearing in the Wisconsin State Journal, Thompson wrote that if CUs "went...
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Marie Osmond Celebrates 10 Years of CMN Support with CUNA
WASHINGTON-CUNA and Marie Osmond celebrated 10 years of working with the Children's Miracle Network during the Governmental Affairs Conference. To commemorate the anniversary, Osmond provided laughs and profiles of some of the children CMN has helped in remarks at the opening of the conference. She also wrote a letter to...
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Oklahoma Elected Officials Make Strong Presence at Oklahoma League's GAC
TULSA, Okla. - Nearly half of Oklahoma's state legislators including Gov. Brad Henry showed their support of credit unions at the Oklahoma Credit Union League's 2006 annual governmental affairs conference. The two-day event from Feb. 13-14 was attended by 250 credit union professionals. In his address to conferees, Gov. Henry...
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Crapo Promises Reg Relief Legislation, Advancement "Soon"; NCUA Continues To Push for Risk-Based Capital Reform
WASHINGTON-The credit union and bank representatives at the Senate Banking Committee hearing on regulatory relief managed to maintain civility though some sniping at the end of the industry representatives' testimony occurred. But the credit union representatives handily dismissed the usual `unfair advantage' argument from the bankers during the March 1...
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Micro, Small Business Niche Helps BECU Become One of Seattle's Top SBA Lenders
TUKWILA, Wash. - In a little over two years, BECU's business services division has made its presence felt throughout the Seattle area. The $6.1 billion credit union is ranked third in the Seattle district area for SBA lending as of Jan. 31, 2006, according to the agency's office here. For...
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New York State Credit Union League Receives Grant to Work with Small CUs on Strategic, Success Planning
LATHAM, N.Y. - The New York State Credit Union League is facing the same problem most leagues around the country are dealing with - a diminishing number of credit unions, especially small ones, due to mergers and consolidation. Now the league has launched an initiative to help stave that trend...
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Pennsylvania Court Dismisses Bankers' Challenges to Community Charters, Upholds FOM Expansions
HARRISBURG, Pa. - Credit unions in Pennsylvania last week got the long-awaited news they were hoping for to the bankers' challenges to the community charters Secretary of Banking William Schenck granted to TruMark Financial CU and Freedom CU in 2003. In the order filed on March 1, the Commonwealth Court...
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Washington State Fed-to-State Conversion Bill To Remove Use Tax on the Way to Gov. Gregoire
OLYMPIA, Wash. - In what is being called a resounding vote of credit union support, the Washington legislature is removing penalties and clearing the way for federal credit unions to switch to state charters. Under a bill which passed the Senate 47-0 on Feb. 24 and which awaits the signature...
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Responses to NCUA Collection Comment Request Illuminate Key Concerns
ALEXANDRIA, Va.-Responses to NCUA's request for comment on its modest means and executive compensation data collection effort raise a number of points, according to comment letters the agency received. American Airlines Federal Credit Union CEO John Tippets questioned a number of aspects of the process. First, NCUA would have to...
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Low-Income Focused CUSO Opens Shared Branch in One of D.C.'s Most Financially-Challenged Communities
WASHINGTON - Should federal legislators ever want to see, in person, how much impact a credit union can have in the lives of poor and underserved people, they now need only drive about 20 minutes through Washington, D.C. On a very cold Feb. 26, NCUA Board member Gigi Hyland, leaders...
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DFCU Financial Sues Michigan League, Alleging Interference in Conversion Process
DEARBORN, Mich. - The $1.8 billion DFCU Financial Credit Union has filed a lawsuit against the Michigan Credit Union League, charging the league with "tortuous interference" defamation and acting outside its authority in the matter of the credit union's attempt to convert its charter to that of a mutual bank....
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Credit Union Leaders Form National Center For Member Trust to Defend CU Charter
WASHINGTON - Three prominent and active credit union leaders have mounted an effort which, they hope, will help remind credit union members, lawmakers and the public why people went to the trouble of organizing credit unions in the first place and why credit unions exist. The three leaders involved -...
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Fed Consumer Finance Survey Highlights Changing Demographic of Retirement Account Holder, More than 60% of Families Have One
WASHINGTON - Ownership of tax-deferred retirement assets such as individual retirement accounts tend to increase with families' income and net worth for a number of reasons. According to the Federal Reserve Board's Survey of Consumer Finances (SCF) for 2004, which provides insights into changes in family income and net worth...
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In Attempt to Curb ID Theft, Arizona FCU to Limit Account Access
PHOENIX - Taking a leadership position among both Arizona banks and credit unions on identity theft, Arizona Federal Credit Union is joining a state-sponsored program allowing members to voluntarily restrict access to their accounts. The program, called "Fraud Fighter" accounts, is being launched by state Attorney General Terry Goddard and...
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First Florida CU, a Former CMM and PHH Client, Partners with American Home Mortgage for Increased Services
JACKSONVILLE, Fla. - First Florida CU, like all the credit unions that used CUNA Mutual Mortgage for their mortgage services until it was sold to PHH Mortgage last year, had to choose between using that company or finding another provider. First Florida opted for the latter for 30-year mortgages while...
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Corporate Credit Unions Launch New Branding Campaign
WASHINGTON - Corporate credit unions want credit unions to get the message - corporates have what they need to help them serve members. The Association of Corporate Credit Unions has launched a new branding campaign dubbed "A Perfect Fit", which is designed to promote credit union investment in the corporate...
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NCUA Announces First Economic Empowerment Summit of 2006
ALEXANDRIA, Va.-NCUA recently announced that it has slated an Access Across America Economic Empowerment Summit for Dallas, Texas on April 12. Key issues to be discussed at the free, one-day summit include Health Savings Accounts, homeownership, member business lending, and serving emerging markets. The event will provide information to credit...
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Ent Establishes New Insurance Group
COLORADO SPRINGS, Colo. - Ent has launched a new Ent Insurance Group (EIG) to offer members access to a broad range of insurance products and services. EIG will offer personal liability, property, life and related insurance products plus carry coverage for member businesses through a commercial insurance division. Leading the...
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You won't find much more of an odd couple than this one
You won't find much more of an odd couple than this one. Marv Umholtz (left), infamous in the CU industry for his work with the Coalition for Credit Union Charter Options, and Jim Blaine, CEO of State Employees' CU of N.C., a dedicated credit union purist who is one of...
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Reaction to Hurricane Brings Shared Branching To Beaumont, Texas
ATLANTA - Even though Hurricane Rita's winds and rains damaged property and scattered residents, the wake of the storm has brought shared branching to the Beaumont, Texas area, according to the Credit Union Service Corporation, the shared branching network headquartered in Atlanta. CUSC said that the $236 million Mobiloil FCU...
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NCUA Has $950,000 Available for CU Grants
ALEXANDRIA Va. - NCUA has $950,000 available for credit unions that have been designated "low-income" credit unions. The CUs can use the money to fund different programs to reach out to underserved people. Congress appropriated the money for the Community Development Revolving Loan Fund, a program which has been under...
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MBNA Continued to Draw Big Card Portfolios in 2005
WILMINGTON, Del. - MBNA, the monoline card issuer that was acquired by Bank of America as of Jan. 1 2006, ended 2005 by acquiring five significantly sized credit union card portfolios. The noted card brand put a policy into place in 2005 of only bidding on credit union card portfolios...
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Fidelity National Closes Certegy Wisconsin Facility
MIDDLETON, Wis. - Fidelity National Information Services, which recently merged with card processor Certegy, has announced it will close Certegy's facility in Middleton, Wisconsin and move many of the company's card positions now based there to other facilities. The card processor says that the merger helped it identify areas where...
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Michigan Business Connection Hires Operations Administrator
ANN ARBOR, Mich. - To help with the various layers of operational support, Michigan Business Connection, LC, has hired Dana Lemke as its operations administrator. The business lending CUSO provides commercial underwriting and loan origination services to credit unions throughout Michigan. Lemke, who started on Feb. 6, will oversee MBC's...
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SAC FCU CEO Guretzky to Retire; Served As NAFCU Chairman During Push for H.R. 1151 Passage
OMAHA, Neb. - After nearly 22 years at the helm, Jim Guretzky recently announced his plans to retire as president/CEO of SAC Federal Credit Union. Guretzky, 59, said he will retire in January 2007. Under his tenure, the CU grew to serve nearly 50,000 members and more than $283 million...
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Callahan's Studies Merger Activity
WASHINGTON-Though fewer credit union mergers occurred in 2005 than the previous year, the asset size of the merged institutions is growing. Callahan & Associates Senior Industry Analyst Tom Geggel reported on CreditUnions.com that while credit union mergers had fallen from 331 in 2004 to 302 in 2005, the assets are...
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Former Addison Avenue FCU Exec Snyder Launches Consulting Firm
PALO ALTO, Calif. - A former executive at Addison Avenue Federal Credit Union has struck out on his own to launch a financial services consulting firm for credit unions. Snyder Consulting Solutions opened for business in January and aims to provide services with an emphasis on a scorecard model that...
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Brokerages Split on 2005 Portfolio Sales
ARLINGTON, Va. - Two independent brokerage firms that track the market for credit union credit card portfolios have split slightly this year on how the market performed in 2005. Asset Exchange, the brokerage headquartered in Portland, Oregon, analyzed NCUA's Call Report data and found that 70 credit unions, five more...
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Corning CU Donates $25,000 to Community College
CORNING, N.Y. - Corning Credit Union has donated $25,000 to the Corning Community College's Development Foundation's Major Gifts Campaign From Past to Future Generations. Investing in a Strong Community. The donation will establish a Corning CU Scholarship Fund and ensure the continuation of a $1,000 per year scholarship in perpetuity....
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Meier Joins NYSCUL as Director of Compliance/Associate Counsel
LATHAM, N.Y. - The New York State Credit Union League has added Henry C. Meier, Esq. to its staff roster as director of compliance/associate counsel. He will serve as a liaison between credit unions and regulatory agencies including the NCUA and the New York State Banking Department. Before joining NYSCUL,...
In Other News
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BRANCHING OUT
Greater Cincinnati Credit Union, North College Hill, Ohio, will break ground on a new 4,300 square-foot branch here. The new branch designed by design/build firm DEI Inc., signifies the credit union's dedication to the re-growth of North College Hill. The new facility will include many updated technology features including multiple...
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MILESTONES
Earthmover Credit Union, Oswego, Ill., Loan Officer Lisa Miller has been recognized for 10 years of dedicated service. To honor Miller for her many years of service she was presented a certificate and congratulatory clock as a token of appreciation for her commitment to ECU. Miller started working at ECU...
News Briefs
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ACB Lobbyist Promoted, Hires Accounting Policy Expert
WASHINGTON-America's Community Bankers recently announced the promotion of one of its lobbyists following Dan Berger's move to head up NAFCU's lobbying team. Greg Mesack was promoted to director of government affairs earlier this month after having joined ACB in July 2004. Mesack holds a bachelor's in political science and history...
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NCUA Veteran Named Deputy Executive Director
ALEXANDRIA, Va.-The NCUA Board has approved Region IV Director Jane A. Walters as the agency's new deputy executive director. "Jane Walters has been a tremendous asset to the agency. Her skills and broad experience, particularly in program matters, will greatly assist me as the agency continues to address new and...
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Corrections
A news brief with the headline "Members Business Services Names Gonzales New CEO" that appeared on page 11 in the Feb. 15 issue included the wrong logo for Members Business Services. The correct logo is pictured here. We regret the error.
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New York State Credit Union League Districts Now Called "Chapters"
LATHAM, N.Y. - In a move to better differentiate the New York State Credit Union League's districts from congressional districts, the league is now referring to its 14 districts as "chapters." The league said the move was also made to bring the chapters in alignment with a number of other...
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NAFCU Addresses Interest in BSA with New Newsletter
ARLINGTON, Va.-NAFCU has launched a newsletter to keep busy credit union executives up-to-date on the Bank Secrecy Act in a short and to-the-point manner. The BSA Blast is just that-a blast of the basic information for readers to investigate more in depth on their own time. The monthly two-page newsletter...
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NCUA Offers Proactive Tips for Yield Curve Changes
ALEXANDRIA, Va. - There are several scenarios credit unions might want to consider to prepare for an "inevitable" change in the yield curve, NCUA recently suggested. There's currently not much difference between short-term share deposit rates and investment yields making it difficult for some credit unions to keep return-on-assets from...
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ABA to Continue Courtroom Battles with NCUA
WASHINGTON-The American Bankers Association is looking for opportunities to continue to challenge NCUA decision in the courts, according to Chairman Harris Simmons, CEO of Zions Bank. In a recent column in ABA Banking Journal, he stated that the ABA will continue to educate federal lawmakers "about the competitive inequalities that...
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Jury, 17-Year Veteran of Iowa Credit Union League, Named CEO
DES MOINES, Iowa - Pat Jury, vice president of the Iowa Credit Union League, has been tapped by the League's board to succeed retiring president/CEO Tom Griffiths, effective July 1. Jury began with the league in 1989 as director of government affairs. He's been vice president since 1993. Griffiths announced...
Lending
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New CU BizSource Product to Assess Loans under $50,000
MIDDLETOWN, Pa. - Credit unions needing an origination solution to assess loans under $50,000, will soon have another option to turn to. CU BizSource said it will launch its Bank2Business product this year. With B2B, CU lenders can input a loan application anywhere there is an Internet connection and receive...
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Banks Add Layers of Service to Attract Business Customers, Retaining Deposits Still Critical, Survey Discovers
CHICAGO - More bankers are confident in their ability to woo potential business customers and many of them are beefing up their products and services to get them in the door. According to the new Grant Thornton's Thirteenth Annual Survey of Bank Executives, three-fourths (75%) are planning to offer cash...
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Experian: New Businesses May be Getting a Bad Risk Rap
COSTA MESA, Calif. - The results of a new Experian study reveal a new business venture actually has a lower risk of going 90 days past due on their credit payments in its first year than in the third or fourth season. Experian found that the initial risk of delinquency...
Marketing
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Ent Names New Marketing VP
COLORADO SPRINGS, Colo. - Ent Federal Credit Union has named Jan Johnson Wondra vice president for marketing and eCommerce. She will be responsible for identifying, developing and implementing strategies and marketing programs that drive the growth of existing financial services as well as growth in new service development, new market...
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Freedom FCU Sponsors HS Scoreboard
BEL AIR, Md. - With the installation of a state-of-the-art electronic scoreboard, Edgewood High School sport fans have a lot to cheer about. According to school execs the scoreboard, which features the Freedom Federal Credit Union logo, is the most advanced of its kind in any high school in the...
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CU Conferences Announces Marketing Award Winners
LAS VEGAS - There were two standout marketing award winners at this year's CU Conferences' Business Development Select Employee Group Conference. Walking away with top honors in the annual "Share your Successes" competition was First Entertainment Credit Union. Seeking to recruit younger generations of members, the campaign featured a variety...
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California-Nevada Youth Involvement Network Unveils New Look
RANCHO CUCAMONGA, Calif. - With the new year the California and Nevada Youth Involvement Network - formerly the California Youth Involvement Network - has revamped its logo. "The updated logo design combines the spirit of the original logo with a progressive new look," said CNYIN Board Chairwoman Marissa Lott, marketing...
Special Report
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Kinecta Readies Members for the "Club" Scene; Approach Designed to Make Members Feel Special
MANHATTAN BEACH, Calif. - In 2001, Kinecta Federal Credit Union, formerly known as Hughes Aircraft Employees FCU, launched one of the most successful, effective credit union name and brand changes. Not satisfied with resting on past success, execs here are counting on the latest brand evolution to take the credit...
Letters to the editor
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All Sizes of CUs Benefit From Cooperative Ads
Some say a national marketing campaign disproportionately favors large credit unions. That may not be the case. Credit unions of all sizes benefit from cooperative advertising when educating the two out of every three Americans who are not yet members, about the credit union difference. This is best done through...
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Just Who Are the Underserved?
Editor-in-Chief Paul Gentile's Feb. 22 column on NCUA's data collection program repeatedly references "serving the underserved." My challenge is, I don't know what "serving the underserved" means - it's vague, has no legal basis that I'm aware of, and smacks of euphemism. I would suggest as an industry we should...
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Bone: Scott Off Base on Volunteer Representation
I need to correct some information in Jim Rubenstein's article, entitled "NAFCU At-Large Candidates Share Candid Views on Industry" in the Feb. 15 issue. Bob Scott indicates that the Maryland/D.C. League Association recently appointed a new volunteer advisory committee, but they didn't appoint a volunteer to their board. At the...
Looking Back
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CREDIT UNION TIMES Vol. 9, No. 9 March 4, 1998
Looking back eight years ago finds the credit union industry disappointed by the Supreme Court's ruling against NCUA's interpretation of the Federal Credit Union Act. Announced on the closing day of GAC, credit union trade association leaders were united in their response of a credit union call to action. Without...
Opinion
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Are Credit Union Conversions Fair?
One of the essential issues regarding credit union conversions to mutual savings banks is the matter of fairness. Few would likely object to any credit union action where the members were fully informed of the consequences and consented to the action with eyes wide open. So how do we know...
Publisher's Column
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The Buzz Around CUNA's GAC Wasn't About Bankers or Data
There are usually one or two topics that make up the "buzz" at CUNA's Governmental Affairs Conference. Often bankers and taxation dominate, or a piece of legislation like CURIA. So what was it this year? Going in, I would have put my money on banker attacks, credit unions converting to...
People
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EAST
Mon-Oc Federal Credit Union, Toms River, N.J., has promoted the following employees: Lorraine Lynch to vice president of human resources/training; Andrea McKalvey to vice president of member services; Patricia Fabiano to Toms River branch manager; Jennifer Hanson to Middletown branch manager; and Jennifer M. Grande to Neptune assistant branch manager....
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MIDWEST
Midwest Financial Credit Union, Ann Arbor, Mich., has named Tom Gisewhite vice president of marketing. In addition, the credit union has promoted the following employees: Teresa Myers to vice president of human resources/training; Jacqueline Johnston to assistant vice president of compliance and internal audit; Gautam Kamalapurkar to member service manager;...
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WEST
Global Credit Union, Spokane, Wash., has named Jackie Cardle real estate lending manager and Susan Sprecher and Philip Bruni real estate loan officers. Nevada Federal Credit Union, Las Vegas, has named Robert LaJoie business lending officer.
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SOUTH
Memphis Area Teachers' Credit Union, Tenn., has named Myrna Austill Covington branch director. IBM Southeast Employees' Federal Credit Union, Boca Raton, Fla., has named Curtis Boorse business relationship manager.
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A Path Chosen Prudently
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