Credit Union Times Magazine November-22, 2006
In Other News
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MILESTONES
DuPont Fibers Federal Credit Union, Richmond, Va., recently celebrated 50 years of service. The official organizational meeting of the Spruance Rayon Employees Credit was held on June 12, 1956. Fifty years later, DFFCU has over 22,000 members, $160 million in assets and has expanded membership eligibility to over 130 SEGs....
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DONATIONS
First Service Federal Credit Union, Columbus, Ohio, recently hosted its third annual charity golf outing at The Country Club at Muirfield Village, raising $7,482.17 for the Children's Miracle Network with proceeds going to Columbus Children's Hospital. Over 100 golfers enjoyed 18 holes of golf, lunch, dinner and a silent auction....
News
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Allegacy FCU Taps TransUnion for ID Management/Compliance
Allegacy Federal Credit Union has turned to TransUnion to enhance its credit risk, identity management and compliance processes.
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Gentile Named Editor/Publisher of Credit Union Times
Credit Union Times has named Paul Gentile as editor/publisher. In his new role, Gentile will assume full responsibility for the publication.
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Credit Union Trades Say NCUA Data Show CUs Get the Job Done; Bank Trades Skeptical
While many are still sifting through all the data included in the NCUA's 83-page Member Service Assessment Pilot Program, credit union trades seemed pleased with the results while the bank trades wanted time to take a deeper look at the results.
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Delta Community CU Stays Focused Amid US Airways Merger Speculation
As US Airways continues pursuing its bid to buy Delta Air Lines, Delta Community Credit Union said it plans to the stay the course.
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Vantage CU CEO Attends 'Moving' King Memorial Groundbreaking, Credit Union Leaders Committed to Raising $2 Million for Memorial
On a gray, autumn morning, a national dedication nearly a decade in the making broke ground on the Tidal Basin here.
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CUMAnet Launches Innovative 6/2 ARM Program
The Credit Union Mortgage Alliance Network has launched an adjustable rate mortgage product that allows credit unions to offer their members a 6/2 adjustable rate mortgage with a lower, fixed-interest rate for the first six years of the loan and a rate that only adjusts every two years after that.
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Fourth Quarter Membership May Mirror 2005's Slowdown
The fourth quarter will be the "real test" on whether there tends to be a slowdown in membership numbers at the end of the year.
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Credit Unions, Community Banks Outscore Large Banks in Customer Satisfaction
Credit unions and community banks, with a few notable exceptions, outrank large banks in customer satisfaction and loyalty, a new survey found.
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Dan Rather Fondly Remembers Credit Unions, Says Bush Will Begin to Worry About Shaping His Legacy
Rather also told the CU audience that while the nation has been preoccupied with the Middle East, more attention should be given to the Pacific Rim from an economic and strategic vantage based on the exploding populations in India and China and the strength of Japan's military power plus the...
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TransUnion Latest Utica College CIMIP Member
TransUnion has joined Utica College's Center for Identity Management and Information Protection. CIMIP is a research collaborative composed of elite public and private sector organizations including the Federal Bureau of Investigation, United States Secret Service, LexisNexis, IBM and three prominent universities. The organization is dedicated to using applied research to...
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ITRC Digs to Find Out Why Phishing, E-mail Scams Work
The Identity Theft Resource Center has set out to find out why despite best efforts, consumers still respond to scams ranging from lottery offering and phishing to account verification e-mails.
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Still Much Ado About Nothing? More Proof Banks Continue to Dominate Small Business Market
When it comes to wooing the small business market, there's more evidence that commercial banks clearly remain the dominant players.
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'Selling the Experience' Key to Lending Success
Credit unions wanting to elevate their lending programs should differentiate themselves by being innovative beyond product offerings, said Judy Tharp, vice president, Lending Solution Development for CUNA Mutual Group. Tharp addressed credit union leaders during CUNA Lending Council's annual conference.
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Johnson to Address Unbanked Conference
NCUA Chairman JoAnn Johnson will serve as a featured speaker at the Regional Conference on Reaching Unbanked People, scheduled for Monday, Dec. 4, in Edinburg, Texas at the University of Texas-Pan American.
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Van Ouwerkerk, Noll Singled Out by CUES as Leaders of the Year
During the annual CEO Network, CUES named Travis Credit Union President/CEO Patsy Van Ouwerkerk the 2006 CUES Executive of the Year and Langley Federal Credit Union Senior Vice President/Chief Marketing Officer Brett Noll the CUES Future Leader.
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Columbia Credit Union Expels Members Who Fought Bank Conversion
Members of the $725 million Columbia Community Credit Union voted to expel the two board members and one supervisory committee candidate who belonged to an organization that led the CU's resistance to a move to change its charter to a mutual bank in 2003.
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Retired NCUA Examiner/Union President Pleads Guilty to Illegally Accessing NCUA Computer
NCUA Inspector General William A. DeSarno announced that retired NCUA Region I Examiner Ray Lindeman Jr. pleaded guilty to unauthorized access of a government computer.
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CUNA Intends to Pursue Legislative Fix to Underserved Area Limits
Following the release of NCUA's Member Services Assessment Pilot Program report, CUNA informed members of Congress that it would be pursuing legislation to allow all federal credit union charter types to adopt underserved areas.
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CUES Elects 2006-2007 Board
The 2006-2007 CUES board officers have been announced.
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CUES Councils, Top Recruiters Take Honors
CUES honored the following councils during CUES' members-only conference, CEO Network 2006, at the Four Seasons Resort Aviara.
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Clearview Offers ID Theft Seminars
For Clearview Federal Credit Union knowledge is the key to helping its members fight back against identity theft. The credit union has recently held two free informational seminars for local residents.
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New PSCU Exec Ruwe Looking to Build Credit Union Card Security Expertise
The business has changed a great deal since Steve Ruwe, PSCU Financial Services' first chief risk officer, started working with credit cards. In 1979, Ruwe, then a 24 year-old lending officer at Gary-Wheaton Bank, a community bank in the Chicago area that was small enough that it celebrated when it...
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Payday Lending Taking Over Nevada, Says Beal
Nevada is emerging as a kind of subprime capital said Nevada Federal Credit Union CEO Brad Beal.
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IRS Sets HSA Limits For 2007
To reflect the increases in the cost of living, the Internal Revenue Service has raised Health Savings Account limits for next year.
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Cyveillance, NAFCU Services Corporation Partners in Anti-Phishing Protection
Cyveillance, an online risk monitoring and management solutions provider, has teamed up with NAFCU Services Corporation to offer and promote Cyveillance's anti-phishing and online credit/debit card monitoring solutions.
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Mica Analyzes Election Results for USA Today
CUNA President/CEO Dan Mica, a former Democratic congressman from Florida, provided his views on the election outcome and its impact on the legislature in two post-election articles that appeared in USA Today. According to Mica, in a story on congressional gridlock, the next two years are just about 2008. "America...
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On the Inside
CUES Doles Out Awards Find out who took home leadership awards from CUES. Page 20. Special Report: Fraud Fraud remains a top concern of credit unions. See pages 22-23 for the latest fraud news.
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Consumers Still Perceive Some Identity Theft Risk With Data Breach
An estimated 49 million adults in the U.S. indicate that they have been told that their personal information had been lost, stolen or improperly disclosed over the past three years.
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FOLIOfn, Pentagon FCU Form Portfolio Partnership
Pentagon Federal Credit Union and FOLIOfn Investments, Inc. have partnered for an exclusive offer that allows members to buy or sell securities portfolios for $15 each.
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Phishers Shifting Gears, Targeting Higher Income Earners
The number of U.S. adults that are either sure or think that they have received phishing e-mails has nearly doubled since 2004, according to a survey by Gartner, Inc. Financial losses stemming from phishing attacks have risen to more than $2.8 billion in 2006. "The good news is that, this...
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Bankruptcy Reform Oversight Hearing Planned in Lame Duck
The still Republican-controlled Senate is looking to hold an oversight hearing on bankruptcy reform this Congress.
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'Hip Hop' Ads Urged to Reach Youth; Credit Unions Can Be Afraid to Use New Media in the Newest Ways
Credit unions expecting to successfully penetrate the youth market ought to start using "hip hop" icons, music and fashion in their ads, on the Internet and on iPods, according to a Los Angeles ad executive. "It doesn't mean you have to go for 'Snoop Dogg' but you have to appeal...
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CUNA Mutual Honors Credit Unions for Excellence in Lending
A fifth credit union, in a new category, joined four others in recently receiving CUNA Mutual Group's Excellence in Lending awards at the CUNA Lending Council's 12th annual conference.
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CUES and Korn/Ferry Partnership Produces 'Executive Solutions'
Credit union executives searching to add talent to their team can now access a solution provided by a partnership between CUES and global talent management firm Korn/Ferry International. The new Executive Solutions service has been produced uniquely for credit unions and covers leadership development from executive searches to coaching, succession...
Front Page News
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California/Nevada League Credit Unions Laud Cheney for 'Seamless Transition'
Delegates to last week's annual convention of the California/Nevada Credit Union Leagues got to cheer their new boss, Bill Cheney, on two fronts. First, the former Xerox Federal Credit Union CEO from El Segundo, Calif., had made it through the first eight months on the job with nary a hitch....
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Wescom Uses the 'Central' Credit Union Charter to Enter Card Portfolio Market
The $3.5 billion Wescom Credit Union has decided to go into the market for credit union card portfolios even though its original idea of purchasing an industrial loan corporation fell through.
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NCUA Budget Increase Below Inflation; Operating Fees, OTR Down
NCUA approved a 0.81% budget increase last week for 2007, but planned ahead for a larger increase in 2008, while knocking down federal credit unions' operating fees and the overhead transfer rate from the NCUSIF.
News Briefs
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Hyland Speaks on Financial Literacy Day
NCUA Board Member Gigi Hyland spoke before the fifth annual Financial Literacy Day, an event sponsored by the National Federation of Community Development Credit Unions.
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CU Establishes Disaster Relief Account for N.C. Community Hit Hard by Tornado
Early indications are that five residents of Riegelwood, N.C., a town where 90% of residents belong to the $66 million Riegelwood Federal Credit Union, have been killed in a tornado that hit the town on the morning of Nov. 16. The town and surrounding areas were under a tornado watch...
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Think FCU Starts Using Media Early
The leadership of the $1.2 billion Think Federal Credit Union appears to have adopted an early media strategy in its proposal to members that they should convert their credit union to a mutual bank. Even though the CU has not yet completed the ballot review process with NCUA, the paper...
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SBA Uses $12 Million Grant To Open More Women's Centers
A $12 million grant from the Small Business Administration will be used to open 19 new Women's Business Centers.
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September 2007 NCUA Board Meeting Postponed
The NCUA Board announced last week that it would postpone its September 2007 monthly board meeting by one week. The NCUA Board will now meet Sept. 27 rather than Sept. 20. The change was necessary due to a scheduling conflict.
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Pacific Service CU Members to Receive $1.4 Million Bonus Rebate
As a measure of its continued financial strength, Pacific Service Credit Union said members will get their share of a $1.4 million rebate. The $1 billion credit union said its members will receive a rebate based on 5% of interest earned on all existing funds on deposit and all new...
Tech Bytes
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S1 Staying the Course on Plan to Get Deeper into Credit Union Market
A focus on business services, integrated end-user experience and partnerships is going to help drive S1 Corp.'s new push for credit union business, the company says. "We've hired a sales team to specially focus on the credit union space," says Baron Unbehagen, senior director of product marketing and alliances for...
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CUs' Rapid Adoption of Online Mortgage Lending Pushes Mortgagebot's Success Despite Declining Real Estate Market
All indicators show the mortgage market is continuing to soften, but don't tell that to Scott Happ. While home sales nationwide have declined, the CEO of Mortgagebot expects sales in 2006 to rise about 30% to reach $22 million in revenue.
Opinions
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Credit Unions Caught Off Guard by Plastic Card Losses, But Have the Power to Take Control of Fraud Exposure
Change is said to be the only thing that's constant. And in the last year, credit unions that issued plastic cards witnessed plenty of changes. As we continue to operate in a world of constant change, it's important to occasionally take stock of past events in order to learn and...
Publisher's Column
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Still Glad No One Defined 'Modest Means'
So you have been in the industry for years and think you know credit unions? Have you heard of this: Credit unions should only serve people who are impoverished, destitute, unemployed or on welfare. That's directly from the Federal Credit Union Act--NOT! But if you have been following the saga...
Staking Out the Stats
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Staking out the Stats
A new study, 2006 Cost of a Data Breach, suggests that data breaches may be costing companies more than experts had earlier predicted.
People
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MIDWEST
First American Credit Union, Beloit, Wis., has promoted Sherri Forrest to commercial lender. Heritage Credit Union, Madison, Wis., has appointed Ann Yehle, principal of Sherman Middle School, to serve on its board of directors.
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WEST
The Golden 1 Credit Union, Sacramento, Calif., promoted Tom Genessy to senior vice president and chief information officer. Global Credit Union, Spokane, Wash., named Mellie Price graphic designer, marketing department. California Credit Union, Glendale, Calif., has appointed John D. Bretthauer to chief lending officer. Point Loma Credit Union, San Diego,...
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SOUTH
MPS Credit Union, Miami, has named Valorie Grant, CCUE, to its senior management team as vice president of marketing and business development. Keys Federal Credit Union, Key West, Fla., has promoted Scott Duszynski to vice president of strategic analysis.
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VENDOR
InterContinental Warranty Services, Inc., Deerfield Beach, Fla., has promoted James Hawk to CEO; Sandra Torres to senior vice president of marketing and sales; Eric Wikander to senior vice president of operations; and Mark Rodriguez to director of national business development. The company has also appointed Michael Arena to director of...
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EAST
Service Credit Union, Portsmouth, N.H., appointed Amy Needham and Darlene Gagnon to member service representatives, level I at its Keene Branch; Shannon Coco to financial service representative I at its Manchester Branch; Alisha Crothers to contact center representative I at its contact center; Dayna Sewall to e-learning specialist in the...
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