Credit Union Times Magazine October-25, 2006
In Other News
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DONATIONS
The BECU Foundation, Tukwila, Wash., recently awarded 32, $2,000 scholarships to student members of BECU. Scholarship recipients are selected based on academic achievement, leadership, school service, and strong community involvement. Volunteering at camps for children with cancer and disabilities, traveling to other countries to build houses for local families, and...
News
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NAFCU Pulls Out the Stops for Big 40th Annual Conference & Exhibition
NAFCU's Annual Conference & Exhibition is returning to Honolulu for its 40th anniversary. The likes of NAFCU President/CEO Fred Becker and Chairman John Milazzo will likely be caught at a luau or jamming out to "Help Me Rhonda" during the group's 40th Annual Conference & Exhibition scheduled for July 17-21,...
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CU CEOs Pessimistic on Economic Expectations, Member Financial Conditions
Once optimistic about economic expectations at their credit unions, chief executive officers are now feeling pessimistic.
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Episys Consultant Hagman Joins eCU Technologies
Debbie Hagman, a former Symitar employee and a consultant on Symitar's Episys system, has been hired to join the programming and consulting division of eCU Technologies, the technology CUSO of Pennsylvania State Employees Credit Union.
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Plan Administrators Need Not Panic on Pension Protection Act Provisions, CUNA Mutual Assures
Since most credit union plans are relatively well funded, the recently signed Pension Protection Act of 2006 is not a "panic type" of legislation, CUNA Mutual Group has assured.
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Clark County CU VP Touts Improving Nevada Investments in Campaign Run
Mark Andrews is running for the Nevada State Treasurer post and says his credit union experience will help turn the state's investment portfolio around.
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Federal Agency Securities Still Reign Supreme for Credit Union Investments
When it comes to where credit unions are parking investments, federal agency securities claim the top spot. The top 50 credit unions in investments have turned to the securities followed by corporates, according to data from Callahan & Associates, Inc. Only a handful of credit unions have looked to U.S....
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New Presidents at Fiserv's USERS and Galaxy Data Processing Units
Two of Fiserv's seven credit union data processing units landed new presidents last week.
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CUNA Mutual Offers Webinars on Pension Protection Act
CUNA Mutual Group is conducting a series of free Webinars for credit unions to learn how the Pension Protection Act of 2006 will affect them.
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At Banker Convention, FDIC Head Praises CU's Payday Product
It may have raised a few eyebrows at a bankers' convention, but there was FDIC Chairman Sheila Bair singling out State Employees' Credit Union of Raleigh, N.C. in telling bankers just how to manage a successful payday loan product.
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Alabama CU and FundsXpress Renew
Alabama Credit Union has extended its partnership with FundsXpress until 2010.
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Surplus Funds Down 8%, CUs Still Liquid
System-wide there remains adequate liquidity, but the ratio of surplus funds-to-assets has steadily eroded to its current level of 25.9%.
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Overseas Servicemen Drive Bill Pay Adoption at Fort Campbell FCU
Fort Campbell Federal Credit Union has now been offering online bill pay for five years and about 1,300 active bill payers are using the service as the adoption pace continues to pick up, the CU says.
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Briefs Period Extended in Miller vs. CUNA
Attorneys in the wrongful termination case against CUNA were granted an additional week to submit their initial briefings in the matter.
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On The Inside
Special Report: Investments/Trusts Trusts and investment return are more important now than ever given the thinning margins credit unions are experiencing. See pages 24-27 for the Investments/Trusts Special Report. Billionaire's Club Learn how Ron Collier helped bring Indiana Members Credit Union into the elite Billionaire's Club. Page 28.
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Members Using Financial Planners, But Not Through CUs, Survey Shows
A recent study conducted by Callahan's Internet Strategy Consortium revealed that 51% of online members have met with a financial planner/advisor, but only 6% used the credit union for this service.
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CUMAnet's Multi-Partner Loan Participation Program Secondary Market for CU Mortgages
Credit union clients of the Credit Union Mortgage Alliance Network (CUMAnet) who have been limited in the mortgage loans they can make because of liquidity concerns, now have a new program to choose from that creates a unique secondary market within the CUSO's CU client community and keeps the mortgage...
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Eastern Financial Florida CU, GTE Federal CU Make The Principal 10 Best Cut
Only two credit unions have made The Principal's 10 Best Companies for Employee Financial Security--Eastern Financial Florida Credit Union and GTE Federal Credit Union.
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NCUA Takes Swift Action to Implement Reg Relief
Less than a week after the Financial Services Regulatory Relief Act was signed into law, NCUA jumped on the chance to put related regulations in place for credit unions.
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Departing ABA Chairman Simmons Hints at Forced Bank Conversion Attack on Large CUs in 2007
Using the conversion ploy, the American Bankers Association appears ready to launch a new legislative attack next January on its favorite target, the so-called "large bank-like credit unions," with a possible bill forcing them to convert to a mutual savings bank charter based on business lending across state lines.
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Fitch Rates CUNA Mutual's Restructuring 'Very Strong'
Several CUNA Mutual subsidiaries recently received an AA- or Very Strong rating from Fitch Ratings.
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Polish and Slavic FCU Helps Keep Historic Parade Going
The $1 billion Polish and Slavic Federal Credit Union became the chief sponsor this year of New York's annual Pulaski Day Parade. Polish Americans marching in the parade commemorate General Casimir Pulaski, a Pole who was killed in action while fighting for American independence in 1779.
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Lt. Governor Addresses Indiana League Convention
Indiana Lt. Governor Becky Skillman served as the keynote speaker at the league's 72nd Annual Meeting and Convention last month at the Convention Center in Indianapolis.
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States Adopt Rules to Beef up IOLTA Revenues
The past several months have seen the high courts in several states adopt amendments to IOLTA rules and guidelines with the goal of increasing IOLTA revenues, the National Association of IOLTA Programs reports.
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FSCC Distributing CUNA Survey
Financial Service Centers Cooperative, one of the three nationwide shared branching networks, will distribute the results of CUNA's 2006-2007 National Member Survey at no charge to its member credit unions.
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African-American CU Coalition Members Meet with African Congress to Share Deposit, Lending Strategies
Audia Williams wasn't expecting more than 200 people to attend her breakout session at the recent Africa Savings and Credit Co-operative Association African Congress held here, but her knowledge of setting deposit rates stirred interest in the packed room. Williams, president/manager of $8 million Union Settlement Federal Credit Union, was...
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PCUA to Launch $2.25 Million CU Awareness Campaign in 2007, Will Replace 33-Year Old SNAP Campaign
Pennsylvania credit unions, like most throughout the country, are facing diminishing numbers of members and a low overall lack of awareness by consumers. The Pennsylvania Credit Union Association is taking the bull by the horns and has approved an 18-month credit union awareness campaign to reverse that trend.
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New BECU Accounts Rewards Members Regardless of Account Volume
BECU has launched two accounts that provide unusually high incentives for members to begin and maintain their savings.
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Visa Survey Finds Checks Losing Ground
A survey sponsored by Visa USA indicated that a steady stream of business managers and financial executives are moving more of their commercial transactions away from the use of checks.
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American First CU Unveils Latino Community Advisory Council
In an attempt to better serve its Hispanic members, American First Credit Union has recently formed the Latino Community Advisory Council.
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Quality, Depth of Member Relationships Still Top Priority
The quality and depth of relationships with members continues to be a major concern for the industry. According to CUNA Mutual Group's just-released August Credit Union Trends Report, at 88.5 million, credit unions have added 1.4 million members. Through August, membership gains have averaged 180,000 per month, including the estimated...
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Hearing Leaves DFCU Petition Situation Up in the Air
On Oct. 12, a Michigan state court heard the first arguments in whether the $1.7 billion DFCU Financial would have to finally hold the special meeting at which members could recall one or all members of the board.
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Arizona Credit Unions Collaborate to Bring Affordable Trust Services to Members
Through a three-way collaboration, eight Arizona credit unions are now able to bring trust services to their members.
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Earthquake Shakes Hawaii CUs But Doesn't Knock Any Down
The largest earthquake to rock the Hawaiian Islands since 1975 woke Hawaiians out of their slumber early on the morning of Sunday, Oct. 15, and fortunately did not cause much damage to credit unions.
Front Page News
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IOLTAs Growing for Credit Unions, in Sync With 'People Helping People' Mission
Their purpose can go far in helping the poor who cannot afford legal services and supporting improvements to the justice system.
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Post: CUNA Mutual's Rapid-Fire Changes Now Showing Results; What's Next?
If you were out of the industry for two years, came back and checked in on CUNA Mutual, it might be hard to recognize. CUNA Mutual, the giant credit union insurer/financial services provider that touches almost all credit unions in some way or another, isn't what it used to be....
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NCUA Projects Small Budget Increase, OTR Down But Issues Remain
Credit unions, regardless of charter, were given a reason to breathe a little easier last week during NCUA's Budget Briefing and Public Forum. NCUA Executive Director Len Skiles told participants that the agency was expecting a slight 0.82% increase in the budget for next year at $1.2 million. At the...
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Open Solutions Going Back to Private Structure in $1.3 Billion Deal
Some private firms spend years positioning themselves to go public. Open Solutions, Inc. has been there, done that and is now reversing course. Open Solutions went public back in November of 2003. It appeared to be a terrific move for the firm as not only did its stock price surge...
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Wescom CU Acquires CUSO Mortgage Inc., Acquisition Doubles Wescom's Mortgage Volume
Wescom Credit Union and CUSO Mortgage Inc. have had a relationship for the last two years, but now they've gone a step further.
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Reg Relief Signed into Law, CU and Banker Groups to Seek More
Six years of work on the Financial Services Regulatory Relief Act culminated in its signing into law Oct. 13, but left financial services lobbyists hungry for more.
News Briefs
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Credit Unions Get Creative For ICU Day
Credit unions around the world are gearing up for International Credit Union Day on Oct. 19 and finding creative ways to demonstrate how credit unions are living this year's theme, "Making a World of Difference."
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Think Files to Become a Mutual Bank
The Office of Thrift Supervision, the federal regulator for mutual banks and thrifts, has received the application from the $1.2 billion Think Federal Credit Union to change its charter to that of a mutual bank.
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Cleaver to Join CURIA Co-Sponsorship
Credit union issues are on lawmakers' radar screens, even in the midst of one of the tightest election seasons in memory.
Regulatory/Compliance
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Fed Governor to Keynote NCUA Risk Mitigation Summit
Fed Governor to Keynote NCUA Risk Mitigation Summit
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NCUA Activates Emergency Assistance After Bi-Coastal Natural Disasters
NCUA is working to assist credit unions and their members in areas affected by the recent snowstorm in Buffalo, N.Y. and an earthquake that struck the Big Island of Hawaii.
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Hood Encourages N.C. Credit Unions to Try Health Savings Accounts
NCUA Vice Chairman Rodney Hood praised credit unions for helping to maintain a strong economy and urged them to push further into the new realm of Health Savings Accounts.
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Variety of Chartering Activity Takes Place in September
NCUA was busy with chartering activity from community charter conversions to state-to-federal and vice versa and private to federal insurance.
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President Signs Internet Gambling Legislation into Law
After years of struggling, former House Banking Committee Chairman Jim Leach (R-Iowa) has gotten his Internet gambling bill on the books.
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Fed Governor to Keynote NCUA Risk Mitigation Summit
Federal Reserve Board Governor Susan Schmidt Bies will headline NCUA Vice Chairman Rodney E. Hood's upcoming Risk Mitigation Summit, Hood announced recently. Hood made the announcement during an address at VACORP's Financial Strategies Conference. The summit is slated for Jan. 11, 2007 at the U.S. Chamber of Commerce. The free...
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Record Snow Postpones Buffalo NCUA Small CU Workshop
NCUA was forced to postpone its Small Credit Union Workshop that was scheduled for Oct. 14 in Buffalo, N.Y. due to a record snow that fell in the area prior to the event. The agency plans to notify affected credit unions and resend registration materials once the event has been...
Opinions
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Pension Protection Act Benefits Credit Unions and Members
In an election year gift to taxpayers, Congress passed and the President signed the Pension Protection Act of 2006 to provide greater security for pension plans and to encourage saving for retirement.
Letters to the editor
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CUNA and NAFCU 'Getting Along' Isn't the Problem on Capitol Hill
When I began my career NAFCU and CUNA were embattled in a legislative fight with the banking industry over the passage of the Credit Union Membership Access Act -- a legislative fight that the credit unions won due in part to an excellent array of Washington insiders as well as...
Looking Back
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Credit Union Times Vol. 11, No. 43 October 25, 2000
Looking back six years ago finds the controversial Community Action Plan proposal passing in a 2-1 vote. Board Member Dennis Dollar cast the sole dissenting vote on the IRPS 00-1 proposal, which he generally favored except for the CAP.
Publisher's Column
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New Banker Chairmen More of the Same, But Maybe Less Zealous
Some credit union leaders breathed a sigh of relief when long-time nemesis Harris Simmons' term as chairman of the American Bankers Association expired last week.
People
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MIDWEST
Affinity Plus Federal Credit Union, St. Paul, Minn., has announced that Dave Larson, vice president of branch services, has been appointed to serve on Leadership Saint Paul, developed by the Saint Paul Area Chamber of Commerce. Three Rivers Federal Credit Union, Fort Wayne, Ind., has promoted Lisa Cooper to branch...
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EAST
American Eagle Federal Credit Union, East Hartford, Conn., has named Peter Melly business banking manager. AmeriCU Credit Union, Utica/Rome/Watertown, N.Y., has named Martha Furgison and Randall Savicki member financial advisors to AmeriCU Services, LLC, the CU's wholly-owned subsidiary. Jersey Shore Federal Credit Union, Northfield, N.J., has appointed Jean Walker to...
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WEST
Nevada Federal Credit Union, Las Vegas, has named Kerri Ballard, Emelda Alvarado, and Crystal Lorenzo financial service representatives II; La Toya Christopher and Yan Pang financial service representatives I; Jeff Rosenblatt real estate loan officer; and Samson Wu software engineer. The CU has also promoted Connie Foss, Valerie Littleton, and...
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MIDWEST
Affinity Plus Federal Credit Union, St. Paul, Minn., has announced that Dave Larson, vice president of branch services, has been appointed to serve on Leadership Saint Paul, developed by the Saint Paul Area Chamber of Commerce. Three Rivers Federal Credit Union, Fort Wayne, Ind., has promoted Lisa Cooper to branch...
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SOUTH
Arkansas Federal Credit Union, Jacksonville, Ark., has announced that Donna Pearson, the CU's quality control manager, has earned the NAFCU Certified Compliance Officer Certification.
Billlionaires Club
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Growing Branch Network Builds Member Loyalty, Helps Indiana Members Credit Union Reach $1 Billion in Assets
Ron Collier readily acknowledges that Indiana Members Credit Union probably won't ever be on the "leading edge" of the newest products and services.
In Memoriam
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Georgia FCU Founder Vernon E. Carne Dies
Vernon E. Carne, the founder of Georgia Federal Credit Union, passed away Oct. 6 at the age of 87.
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The Golden 1 CU Mourns Passing of Iconic IT Leader
The credit union industry has lost one of its most innovative technology leaders.
Clarifications/Corrections
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Correction
In the article entitled $1.2 Billion Think FCU Proposes Charter Change" from the Oct. 11 issue, Paul Kundert was incorrectly identified as the former CEO of Think FCU. Kundert was the former president and chief operating officer. We regret the error.
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