Credit Union Times Magazine April-11, 2007
In Other News
-
DONATIONS
DONATIONS Royal Credit Union, Eau Claire, Wis., recently held its first blood drive at its Corporate Center. RCU met the goal set by the American Red Cross of 35 pints of blood. Of the 35 donors, 18 were first time donors. The blood collected during this five-hour event is estimated...
News
-
Vantage Financial Changes Name To Reward One CU
Vantage Financial Credit Union is counting on its new name to help members better understand the credit union difference.
-
Desert Schools Promotes Three To SVP in Reorganization
Positioning itself for future asset growth, the $2.9 billion Desert Schools Federal Credit Union announced last week it has added what it calls "a new layer of management structure" by promoting three vice presidents to senior vice presidents.
-
CUSO Financial Distributes $4 Million To Credit Unions
A strong performance in 2006 from CUSO Financial Services, LP led the CUSO to distribute $4 million of its $6 million 2006 net income to its credit union limited partners.
-
Those Ohio CMN 'Marchers' on Cincinnati Trek
A hardy group of Ohio credit union executive "marchers" braved biting cold winds as well as enjoyed 80-degree temps to take part in a daily walkathon last week from Columbus to Cincinnati to benefit Children's Miracle Network.
-
Hood Presents Faith-Based FCU Charter During Church Service
NCUA Vice Chairman Rodney Hood personally presented Reid Temple AME Church Federal Credit Union with its new federal credit union charter during a recent service.
-
ACB Hires Experienced New SVP/Legislative Counsel, Promotes Four in Government Affairs
America's Community Bankers recently announced that Barbara L. Shycoff will serve as its new senior vice president and legislative counsel and the promotions of four others in government relations.
-
Royal CU Investment Rep Earns Top Honors
Dan Anderson, vice president of Royal Credit Union Investment & Insurance Services, has been named the highest producing registered representative nationally in the Financial Investment Division of the Financial Network Investment Corporation for 2006.
-
Outgoing N.C. CU League Chapter Chairman Gets Gift of Lifetime: a NASCAR Spin
As a token of appreciation, the Tarheel Chapter of the North Carolina Credit Union League came up with the ideal gift for its departing chairman, Paul Phillips of Durham: a day at the races.
-
Navy Federal Goes with iDashboards Performance-Monitoring Solution
Navy Federal Credit Union is now using dashboard software from iDashboards to share how the business is doing among the several thousand employees responsible for the performance of the world's largest credit union.
-
Fiserv Reaches Imaging/ Clearing Milestones
It's milestone time at Fiserv.
-
Wings Financial: $200 Payments Could 'Damage' Continental's Earnings, Continental Says Offer is a Quick Fix
One of the "benefits" Wings Financial is offering members of Continental Federal Credit Union is $200 each should the merger ever be approved.
-
Recognition Given to CDCU CEO
Joy Cousminer, CEO of the $10 million Bethex Federal Credit Union and longtime community development credit union leader has been recognized once again for the work she and the credit union have offered people in her community. The most recent recognition came in the form of a U.S. flag that...
-
Dover N.J. Spanish American FCU Consents to C&D for BSA Violations
Dover N.J. Spanish American Federal Credit Union agreed to a cease and desist order from NCUA for "substantial Bank Secrecy Act compliance problems," NCUA recently announced.
-
MVFCU Wins Award of Merit for Political Action, Runner Up for CU Times Award
Merrimack Valley Federal Credit Union received the CUNA Marketing & Business Development 2007 Award of Merit for Political Action (non-agency) for a second time in 2007 at the recent convention.
-
Sovereign Bank Unveils Online HSA Education
Sovereign Bank has launched new online Health Savings Account Learning Tools for health insurance brokers, employers and employees.
-
500th NAFCU Certified Compliance Officer Graduates
The NAFCU Certified Compliance Officer program recently graduated its 500th student.
-
Eastern Financial Florida CU Marks $200 Million in Business Loans Milestone
Eastern Financial Florida Credit Union recently announced it has funded more than $200 million in business loans since launching its commercial lending program three years ago. The $2.3 billion CU announced March 30 it has funded more than $200 million in business loans. Eastern Financial Florida CU's commercial underwriting and...
-
Florida CU League Teams Up With Brazilian Network
The Florida Credit Union League has inked a deal with SICREDI, a Brazilian credit union network, to facilitate an international partnership, according to the World Council of Credit Unions, which facilitated the deal.
-
NYCUF Unveils New ID Theft Prevention Project
The New York Credit Union Foundation has launched a new grant-funded project, Who are You? Identity Thieves Really Want to Know!
-
NTEU Suit Challenges Federal Intern Program in Use by NCUA, NCUA Not Named in Suit
The National Treasury Employees Union is suing some federal agencies for their use of the Federal Career Intern Program that was initiated by an executive order under President Bill Clinton.
-
Frank Circulates 'Dear Colleague' Letter on Predatory Lending
In an environment of rising foreclosure rates, House Financial Services Committee Chairman Barney Frank (D-Mass.) sent out a letter to his fellow members of Congress looking for their support in determining government's role in the scenario.
-
Savings Beat Out Loans in February; Auto Loans See Drop
CUNA's latest monthly credit union estimates showed loans decreasing and savings jumping in February.
-
In Youth Pitch, Wisconsin League Offers Incentives to 35 and Under Crowd
Taking action to halt the "graying membership" problem, the Wisconsin Credit Union League announced last week it is offering free registrations to CU members who bring staffers or directors "35 or younger" to the trade group's annual convention next month.
-
Study Looks into Member Loyalty Drivers; Member Service and Value Are Key
The Filene Research Institute teamed up with Satmetrix to look at credit unions' stable market share despite strong member loyalty and high customer/member satisfaction polling among financial services providers.
-
Visa Rolls Out Allowance Calculator
Visa USA has introduced three new Web-based allowance calculators designed to help parents get a better grip on their kids' spending habits while simultaneously giving their children a solid money management foundation.
-
Keeping Up with the Phish: Best Practices to Minimize Phishing Pitfalls
In a few years, phishing has gone from a largely unknown Internet crime to one of the most prevalent, with increasingly sophisticated and creative attacks targeting even the smallest of credit unions. In fact, the Anti-Phishing Working Group, a global pan-industrial and law enforcement association focused on eliminating fraud and...
-
More than 30 Michigan CUs Now Offer Career Transition Loans
As Michigan's economy struggles to shift gears after hitting a massive speed bump created by a declining domestic auto industry, the state's credit unions are helping displaced workers train for new jobs.
-
Banking Agencies Seek Comment on Expanded Exam Cycle for Certain Institutions
Federal bank and thrift regulators recently requested public comment on proposed interim rules expanding the range of small institutions eligible for an extended 18-month on-site examination cycle.
-
Mountain America Brings Business Remote Deposit to Small Business Owners
To make the busy lives of small business owners a little less hectic, Mountain America Credit Union has started offering business remote deposit.
-
Tom Farin to Keynote New England CU Council on Deposit Pricing
The New England Financial Executives Council will present a deposit pricing educational program by Tom Farin of Farin and Associates.
-
Capital Communications FCU Joins Community for Extreme Makeover
Long after the Extreme Makeover: Home Edition cameras and crew have gone home Capital Communications Federal Credit Union is still doing its part to ensure the Oatman-Gaitan family has a true fresh start.
-
CO-OP Serves as Sole Sponsor for CMN Champions; Hollen Challenges Other CU Vendors to Do the Same
CO-OP Financial Services has served as the sole sponsor to Children's Miracle Network's Champions Across America and CEO Stan Hollen is urging more credit union vendors to follow CO-OP's lead.
-
CO-OP Financial Services Signs Again With eFunds
CO-OP Financial Services, the parent of the credit union-owned, surcharge free CO-OP Network has signed on again with eFunds to provide third-party services for the network, according to CO-OP.
-
Missouri 'Compromise' FOM Bill Appears Headed for Passage
Missouri appears headed for enactment of a compromise field of membership law that puts limits on branch expansion beyond contiguous counties, but also is expected to end years of litigation in state courts.
-
Bernanke Comments on Evolution of CRA at Community Affairs Research Conference
Requirements of the Community Reinvestment Act have changed with time and experience and, going forward, that must continue for it to remain relevant, according to recent remarks by Federal Reserve Board Chairman Ben Bernanke.
-
Credit Union Reps Help CMN Patients Decorate Piggybanks, Present $828K Check
Credit union dignitaries visited the Children's National Medical Center in Washington, D.C. to help bring the young patients a bright and colorful day.
-
CUNA, Affiliates Make a Tradition of 'Working the Bags' for Cherry Blossom Runners, NAFCU Volunteers Fan Out
Ensuring a successful Cherry Blossom race takes a lot of volunteers to make sure the runners are taken care of from water to taking care of their belongings.
-
ISI Says HSAs Poised to Take Off in 2007
Information Strategies, Inc. has issued a new estimate on year-end and future growth based on interviews with HSA, CDH and more traditional plan users as well as corporate and custodial managers.
-
NAR Economist Advises Credit Union Mortgage Lenders to Seize Opportunity
David Lereah, senior vice president and chief economist for the National Association of Realtors told ACUMA attendees meeting here on April 2 that "the worst is over in housing," and "housing affordability is improving," advising credit union mortgage lenders that "opportunities arise when there are crises." The American Credit Union...
-
Twenty Years of Experience Helps Chetco FCU's Business Lending Program Stay Innovative, Thwart Complacency
With more than 20 years invested in its business lending program, Chetco Federal Credit Union has grown to become the "800 pound gorilla" in the highly competitive marketplace here.
-
Consumers Want Instant Messaging for Customer Service, Better Site Navigation from Online Brokers
Topping their wish list of things they would like to see from their online brokers was better Web site design and navigation, instant messaging for customer service, and trade cost, according to a new survey from Aite Group.
-
Health Savings Accounts Still On the Rise In 2007
Health savings accounts seem to be on their way to living up to the media hype.
-
Open Solutions Hosts HSA Luncheon
- Open Solutions Inc., a leading provider of integrated enabling technologies recently joined New Jersey-based Information Strategies Inc., to co-host an event for financial institutions on Health Savings Accounts in Washington, D.C.
-
Employee Turnover: What They Aren't Telling You When They Leave; Things Credit Unions Should Look For
When F. Leigh Branham was talking with a credit union CEO, the CEO proudly told Branham he meets with every new employee shortly after they're hired.
-
Colorado Association Selling 'Safari Youth' Program to Wisconsin Firm
Citing service and distribution handicaps, the Credit Union Association of Colorado said last week it has sold its "Savings Safari Youth Program" to one of its partners, ProAdSpec Inc., a Cottage Grove, Wis. promotion firm.
-
On The Inside
Special Report: Insurance/Health Savings Accounts
-
BizKid$ Finally Rolls with First PBS Airing
At last, "JA's BizKid$," the financial literacy show being financed by credit unions, is enjoying its national debut, at least in a pilot format.
-
1st CU Merges With United Consumers CU
The membership of 1st Credit Union approved a merger with United Consumers Credit Union.
-
Governor Praises Maine CU Financial Literacy Efforts
A partnership between Maine's credit unions, the Maine Council on Economic Education, and the Maine Jump$tart Coalition, has received strong praise from Governor John Baldacci as he officially proclaimed the month of April as "Financial Literacy for Youth Month in Maine."
-
Suncoast Schools FCU Offers 'Home Solution' to Bring Hillsborough County Staffers Home Ownership
Suncoast Schools Federal Credit Union is helping School District of Hillsborough County employees live the American dream of homeownership.
-
Fiserv Sponsored Callahan & Associates Webinar Series Talks Up HSAs
Callahan & Associates and Fiserv are doing their part to help educate credit unions on the growth opportunities Health Savings Accounts can provide.
-
CMIS Policyholders Receive E-mail From CUNA Mutual's Union Urging 'No' Vote on Merger and Redomestication
Last week, credit union CEOs around the country received an e-mail directing them to a Web site that urges CUNA Mutual Insurance Society (CMIS) policyholders to "Vote No on CUNA's Proposal" to merge CMIS with CUNA Mutual Life Insurance Company and to change CMIS' state of incorporation from Wisconsin to...
-
IBT Kicks Service, Offerings Up; Develops Niche Through Synergistic Partnerships and Innovation
For design/build firm IBT Enterprises Chairman and CEO Mylle Mangum it feels good to see the company living up to its potential.
-
TIC FCU and Identity Theft 911 Partner for Members
TIC Federal Credit Union is helping its members fight back against identity theft.
-
PCUA Presents Better Choice at Panel Meeting; Agency Proposes Small-Dollar Lending Pilot
The FDIC Advisory Committee on Economic Inclusion endorsed an agency plan to create a two-year pilot for banks to establish reasonably priced, small dollar loan programs.
-
NAFCU Services Corp. Selects First Card Services Preferred Partner
NAFCU Services Corporation, NAFCU's preferred partner program has named a card consultant firm to the program for the first time. Alliance Financial Services LLC provides consulting, advisory and brokerage services to payment card issuers, and specializes in helping credit unions maximize the value that they have in their credit and...
-
Small Biz Chair Introduces CU Business Lending Bill that Eases Credit Unions' Use Of SBA Programs
Legislation was introduced in the House just prior to the congressional spring recess to expand credit union business lending authorities while making it easier for credit unions to participate in SBA guarantee programs.
-
Connex CU, CU Members Health Plan Team Up for Health Care Savings
Connex Credit Union has teamed up with Credit Union Members Health Plan to offer an effective way to reduce annual health care costs.
-
Discover Rolls Out New Rewards, Affinity Cards
Discover Financial Services, a business unit of Morgan Stanley, has introduced a newly enhanced reward card and an affinity card tied to women's basketball.
-
TNB Adds to CU Card Team
TNB Card Services, the card servicing and processing arm of credit union-owned Town North Bank, has added another executive to work with its growing number of credit union processing clients and agent issuing clients.
-
Greylock Insurance Agency Takes Personal Approach to Generating Sales
For Greylock Federal Credit Union wading into the insurance agency pool has been another opportunity to personalize the member experience.
-
Visa Terminals Streamlining Ballpark Concessions
San Francisco Giants fans at AT&T Park are spending less time in concession lines and more time enjoying the game as Visa USA is stepping up deployment of concession terminals that streamline the experience at point of sale.
-
ICBA Celebrates Community Banking Month
More than cherry blossoms are blooming in Washington as members of the Independent Community Bankers of America are gearing up for Community Banking Month in April.
-
SEC Restructures Six District Offices to Regional Offices
Effective April 2, the Securities and Exchange Commission said that each of its six district offices nationwide will become a regional office reporting directly to the agency.
-
John Butler Now at Treasury
Credit unions have a new friendly face at the Treasury Department these days.
-
Catholic Church Rolls Out Evangelism Card
Catholics around the country have begun to receive information on an affinity credit card that will allow them to support the Roman Catholic Church's Society for the Propagation of The Faith with their card purchases.
-
Wescom Insurance Services Strategic Moves Pave Way for Success
What started in 2004 as a way to deepen the Wescom Credit Union member relationship has turned into Wescom Insurance Services--an insurance CUSO that just keeps growing.
-
New WOCCU Project in Bolivia Seeks to Expand CU Services to Poorest Areas
Rural poor residents in the mountainous countryside of Bolivia are among those the World Council of Credit Unions most wants to reach with its new awareness campaign, according to an announcement from the international credit union body.
-
CUSC Member CUs Vote to Go With CO-OP; Move Still Feels More Like Partnership Than Buy Out
The stage is set for the Credit Union Service Center Corporation, the shared branch network which has built its business by working closely with credit union leagues, to become an affiliate of CO-OP Financial Services on or around June 1.
-
Saphier Exits MDDCCUA
The Maryland and D.C. Credit Union Association announced that Greg Saphier, government affairs manager, has left the organization.
Front Page News
-
Credit Unions Raise $828,000 for Children's Miracle Network in Annual Cherry Blossom Run
Fortunately storm clouds held off the rain forecast for April 1 so runners of the 35th Annual Credit Union Cherry Blossom 10-Mile Race had only their stamina to contend with.
-
Beyond Emotion, Buzz, Wings' 'Takeover' Sounds Alarm on Complacent Credit Unions
Do unsolicited mergers have a place in the credit union industry particularly for those that are struggling and would welcome the opportunity to merge to stay competitive? The industry frenzy created by the unprecedented way $1.6 billion Wings Financial Federal Credit Union has pursued $182 million Continental Federal Credit Union...
News Briefs
-
Co-ops Explain Their Benefits on the Hill
The National Cooperative Business Association scheduled a briefing on Capitol Hill late last month to share the good cooperatives do for their communities.
-
Henry Prior Retires from Power Financial Credit Union
Henry Prior, president/CEO of Power Financial Credit Union, retired March 31 after 10 years at the helm.
-
William Porter Ends 26-Year Legacy, Retires From Municipal CU
Municipal Credit Union has announced that William Porter, the credit union's CEO for the last 26 years, has retired effective Feb. 28
-
CUNA Declares April Project Zip Code Month
CUNA is pushing to boost its Project Zip Code participation beyond the already 60 million credit union members identified with its first ever Project Zip Code Month.
-
Kansas CUSO Legislation Amendment Signed by Governor
On March 30, Kansas Gov. Kathleen Sebelius signed an amendment that gives credit unions more flexibility with investing in their CUSOs.
-
New Iowa Law Caps Car Title Loans at 21%
Car title loan lenders in Iowa will soon be required to cap loans at 21% thanks to a newly-signed law.
Tech Bytes
-
Fuze Adds HSA Calculators To 'Knowledge Pack'
Knowledge management specialist Fuze Digital Solutions has added calculators for health savings accounts (HSAs) to its financial calculators and personal finance "knowledge packs."
-
USERS Adds Real-Time Vaulting to Disaster Recovery Services
USERS Inc. is now offering real-time vaulting as part of its business recovery services.
-
Summit Announces First Signing for Canadian Service Bureau Platform
Summit Information Systems says it has signed the first service bureau client of its new Canada-specific software platform. Prime Financial Savings and Credit Union in Hamilton, Ontario, has committed to use the iSpectrum banking system for five years. The $65 million (Canadian) CU serves Hamilton-Wentworth, London and Ingersoll. "Our marketplace...
-
Texas League Signs ConSentry to Address Security Needs
The Texas Credit Union League has partnered to offer its members access to ConSentry Networks' LANShield Controller and InSight Command Center to enable identity-based access control across the LAN.
-
Cyveillance Reports Rising Malware Use, Phishers' Focus on Credit Unions
Credit unions continue to attract increasing attention of phishers, pharmers and other malware attackers, according to a new report from Cyveillance.
-
BayLands FCU Deploys Hyland ECM System
BayLands Federal Credit Union is deploying enterprise content management (ECM) software from Hyland Software Inc. to improve and integrate business processes across its three locations, the CU says. Chartered originally to serve employees of a local paper mill, BayLands (www.baylandsfcu.org) expanded to a community charter and began a search for...
-
Latinos Are Fastest Growing Demographic, But Survey Finds Low Use of Internet
Credit unions deploying Spanish-language options in their telephone and online service channels know well that Latinos are the fastest-growing ethnic group in America. But that group's use of the Internet is not necessarily keeping pace, primarily for reasons of relatively low levels of education and limited English, according to a...
Opinions
-
Is Your Credit Union Maximizing its Insurance Distribution Potential?
Did you know that federally insured credit unions issued almost $500 billion in total loan volume during 2005? Of this total, first mortgage and auto loans accounted for the large majority. This fact alone exemplifies the tremendous opportunity for credit unions to cross-sell insurance products to their members.
Letters to the editor
-
Wings Story All Too Common in Banking Sector
I found myself following the Continental FCU and Wings Financial Federal Credit Union story in the Credit Union Times for the past few weeks. What I find amazing is the number of parallels to the banking industry I see with this saga by Wings Financial.
-
Wings' Buyout Money is Suspect
While I have been in the credit union movement for over 30 years and it is disturbing to see the high handed tactics being used by one credit union against another.
Opinion
-
How to Address Signature Fraud Problems and Combat The Ongoing Check Fraud Problem
Check fraud results in the loss of billions of dollars a year for banks, financial institutions and retailers, regardless of size or location. Identity falsification, in particular, formerly the specialty of professional forgers, has become widespread. Advances in technology are partly to blame. Highly-sophisticated and low-cost technology is now available...
Publisher's Column
-
Now More Than Ever Credit Unions Must Tout Their Advantages
Banker attacks, bank conversions, intense competition, hostile takeovers. All these threats mean credit unions can't keep the credit union advantage a secret, they must promote it. "It's Your Credit Union! The Story of Credit Union Membership"
Quotes Worth Quoting
-
Quotes Worth Quoting...
"From our standpoint it would be a significant expansion of credit union business lending powers."
People
-
MIDWEST
Three Rivers Federal Credit Union, Fort Wayne, Ind., has appointed Linda Smith to vice president of member business services.
-
WEST
White Crown Federal Credit Union, Denver, Colo., has appointed Edward Leachman as president/CEO. OnPoint Community Credit Union, Portland, Ore., has named Leslie VanBlaricom branch manager in McMinnville. Ent Federal Credit Union, Colorado Springs, Colo., has promoted Jay Olson to director of risk management and Rachel Trojanovich to controller. Ray Ito...
-
VENDOR
CMG Mortgage Insurance Company announced that Ira Oskowsky has been named regional sales director for 2006. Helen Durniok has been appointed executive vice president of Amert Escrow, the newest CUSO of Riverside, Calif.-based Altura Credit Union. Heartland Payment Systems, Inc., a provider of credit/debit card processing, payroll and payment services,...
-
SOUTH
BrightStar Credit Union, Hollywood, Fla., has named Colette Alhabahbeh branch manager of the Hollywood Branch located on Hollywood Boulevard. Keys Federal Credit Union, Key West, Fla., has announced that Branch Manager Tim Saunders has been elected as first vice president of the Lower Keys Chamber of Commerce. Georgetown Kraft Credit...
-
EAST
Family First Federal Credit Union, Rochester, N.Y., has named Ray Yorkey mortgage consultant. Pennsylvania State Employees Credit Union, Harrisburg, Pa., has elected Frank J. Breiner, George J. West, and Joseph Sassano to serve on its board. Scott Jordan, senior mortgage counselor at Mid-Hudson Valley Federal Credit Union in Kingston, N.Y.,...
Resource Center
View All »
Winning the War on Cybercrime: The Four Keys to Holistic...
This white paper examines the importance of adapting to changes in fraud attacks without significant...
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,...
