Credit Union Times Magazine August-01, 2007
In Other News
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In Other News
METRO Credit Union, Warren, Mich., recently opened its ninth student-run high school branch, located inside Dakota High School. The program is tied to the Marketing and Business/Finance programs and is designed to educate students about the importance of being wise consumers, consistent savers and responsible borrowers. It provides money management...
News
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Grekis Named CUNA Mutual's Financial Service Rep of The Year
CUNA Mutual Group has named Costas Grekis its Financial Service Representative of the Year.
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Judges Named for Lending Excellence Awards
The judges and the categories they'll be judging have been named for the eighth annual CUNA Mutual/CUNA Lending Council Excellence in Lending Awards, which recognizes outstanding lending results by credit unions.
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Two Credit Unions Honored by Treasury For 'Go Direct' Program
The Department of Treasury recently honored two credit unions for the "exceptional" results with the agency's "Go Direct" campaign.
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Ivy Makes Credit Union Second Home To Help Visually Impaired
Ivy, a guide dog in training, has been a fixture at Greater Watertown Federal Credit Union using the financial institution as a training ground to help assist the visually impaired.
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Regulator Encourages CUs To Participate In Pandemic Exercise
NCUA Chairman JoAnn Johnson urged credit unions to see how they and the financial services sector will fare in the event of a pandemic.
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NCUA Explores New Investments for FCUs, Cuts Budget at Board Meeting
The NCUA Board looked to expand federal credit union investment powers and cut the budget while setting the record straight on catastrophic act reporting and records preservation at last week's board meeting.
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Treasury Proposes Repeal of CU Tax-Exemption to Pass on to Corporations; CUNA Says No
A recent Treasury analysis highlights the repealing the credit union tax-exemption as one of the key methods of increasing tax breaks for corporations, which CUNA stated is entirely unacceptable.
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SBA's New Patriot Express Loan Program Captures Credit Union Interest
Nearly a month and a half since the Small Business Administration launched its new Patriot Express Pilot Loan program, 19 credit unions have been approved to participate.
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Maine Shared Branching Takes Big Leap
Maine, long a minor player on shared branching, has been making big gains, now with 60 locations, thanks in part to a word-of-mouth promotion, it was reported last week.
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Credit Union Youth Contacts Showing Gains, Says NYIB
Ventures in youth marketing and financial literacy are at last on a firm upswing, according to the National Youth Involvement Board.
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Colorado CUs Provided New By-law Options
Colorado Commissioner of Financial Services Chris Myklebust recently announced a series of by-law options for state chartered credit unions regarding merger authorization and mutual savings bank conversions following industry-wide controversy on the matters.
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Serrano Bill Would Allow All FCU Charters to Adopt Underserved Areas
The credit union lobby appears to have a supporter in Congressman Jos?(C) E. Serrano (D-N.Y.) and he is someone in a very good position for credit unions to have a friend.
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NCUA, NASCUS Renew and Update Document of Cooperation
NCUA Chairman JoAnn Johnson and NASCUS Chairman Linda Jekel signed an updated Document of Cooperation last week, which formalizes the state and federal regulators' continued commitment to cooperatively ensure the safety and soundness of all federally insured, state-chartered credit unions.
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Regulators Issue Joint Statement on BSA Enforcement
NCUA and the other federal financial regulators recently issued a statement to assist credit unions and other financial institutions in their Bank Secrecy Act compliance efforts.
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CUNA Sponsored Event Hosts Political Powerhouses
Charlie Cook (center), editor of the Cook Political Report, outlines presidential candidate current polling numbers to more than 100 congressional staffers gathered with political pundits Tuesday, July 24, for the latest (fourth of eight) 2008 presidential election "Power Breakfasts," organized by National Journal and MSNBC. CUNA co-sponsors the series. In...
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Navy Federal Expands in Georgia
Navy Federal Credit Union President/CEO Cutler Dawson recently made the opening remarks during an official opening ceremony at the credit union's new Roswell Branch.
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New Brand: Federation Rolls Out Brand that Emphasizes Different Aspects of its Mission
The National Federation of Community Development Credit Unions has adopted a new brand that it hopes will help it emphasize its dual roles of helping build up community development credit unions and helping mainstream credit unions explore how to better serve low income members and communities.
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Allco CU Stung by Subprime Mortgage Losses; Auto Leases, MBLs Also in Jeopardy
The subprime mortgage losses suffered by the stressed-out Allco Credit Union here have made the mainstream and CU trade press recently, but there is more fire amidst the smoke raised by a late June story in the Milwaukee Journal Sentinel.
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Underserved and Minorities Better Served by CUs NAFCU Tells Congress
NAFCU Director of Legislative Affairs Brad Thaler wrote key members of Congress that credit unions are better serving those of modest means and minorities than for-profit financial institutions
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NCUA Squashes Media Reports Agency Has 'Hostile' Takeover Proposal on Table, Reincorporating FCU Bylaws More Pressing
NCUA recently reiterated that it has not issued a prepared proposal regarding "hostile" takeovers within the credit union industry contrary to published reports.
Front Page News
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NCUA Salaries: Lack of Bargaining Agreement Halts Pay Adjustments; Senior Staff Exceed Vice President, Other FIRREA Agencies
NCUA's senior staff salaries have been the subject of news stories for some time now because they often exceed other federal financial depository institution regulatory agencies, but now the regular pay structure is making news.
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Lyndon Tells NCUA it Did Due Diligence on Centrix; Some CUs Questioned Claim Values
While the eventual legal outcome of lawsuits filed against credit unions by Lyndon Insurance, including The CU of Texas, may drag on, Credit Union Times has learned that Lyndon assured NCUA back in late August of 2005 that it was not aware of loan alterations changing coverage of Centrix loans.
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Bethpage Mortgage Program Aims to Help Its Own Employees Afford Housing in Still Surging Long Island Market
While the subprime mortgage crisis is now mainstream news, the real estate contraction has eluded the north and south shore of the Long Island, N.Y. peninsula, where home values have done nothing but go up, up, up. The average price of a home here is currently $419,000.
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One of Industry's Most Recognized Volunteers Saluted At NAFCU Annual Conference
Former NAFCU Secretary Dave Gilbert, chairman of Aberdeen Proving Ground Federal Credit Union, received not only a gold plate and certificate in recognition of his service to NAFCU, but also two standing ovations during NAFCU's Annual Business meeting.
News Briefs
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New Jersey Bankers Hit CURIA in Business Journal
New Jersey bankers, stung that five members of the state's Congressional delegation are co-sponsors of CURIA, have been using a state business journal to fight back.
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Conn. League President Witnesses Tearful Subprime Testimony
As a member of Governor M. Jodi Rell's Task Force on Subprime Lending, Credit Union League of Connecticut President/CEO Kevin Chandler heard testimony on how one Connecticut resident in particular was hit by predatory lending.
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Wild Card Legislation Signed into Law in New York
New York Governor Eliot Spitzer has signed credit unions' "wild card" bill into law, according to the state league, which has been working the issue for many years.
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CU Joins ISO With Turnpike ATMs
A Pennsylvania CU has added an ATM Network that will likely help its members driving on summer vacations.
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CDFI Fund Seeking Research Proposals
The U.S. Treasury Department's Community Investment Financial Institutions Fund is seeking research projects that will focus on different aspects of the CDFI industry, according to an announcement from the fund.
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CURIA Co-Sponsors Jump To 119
Co-sponsorship of the Credit Union Regulatory Improvements Act (H.R. 1539) jumped to 119 after another member of Congress returned to sign onto the legislation for the 110th Congress.
Lending
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Nondiscrimination is a Supervisory Priority for NCUA, Marquis Tells Congress
As an agency priority, NCUA keeps an out for discriminatory practices through various methods, NCUA Director of Examination & Insurance Dave Marquis told a congressional subcommittee last week.
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Greystone Residential Funding Forges Relationship with Freddie Mac
Greystone Residential Funding, Inc. an emerging leader in wholesale lending, announced it has formed a new business relationship with Freddie Mac to bring more lending options to credit unions and other local community lenders.
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Pre Foreclosure Data Reporting Company Expands
Default Research Inc. (www.defaultresearch.com) has added the District of Columbia, Illinois, Maryland and North Carolina to the list of states covered in its foreclosure data. The company believes that families in economic distress in those areas will be helped by the Default Research foreclosure leads.
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Wright-Patt Credit Union Recognized for Minority Mortgage Program
Wright-Patt Credit Union here recently won Prime Alliance's "Best Surging Market Strategy" Award at the mortgage CUSO's annual conference, a prize worthy of particular note because of the area's declining real estate market (a 3.3% foreclosure rate).
Tech Bytes
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USERS Inc. Signs Indianapolis CU
Drover Street Federal Credit Union will be converting to USERS Inc. core processing and online banking solutions in December.
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Colorado CU Switching to UltraData Service Bureau
Arapahoe Credit Union has signed a seven-year deal to run its core processing through Harland Financial Solutions' Enterprise Services Center in Des Moines, Iowa.
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AFTECH Nets Associated School Employees CU
Credit union data processor AFTECH has signed the $61 million Associated School Employees Credit Union, Youngstown, Ohio, as a new client.
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TFactor Adds Web Conferencing to E-Learning Platform
Web conferencing has been added to the KnowledgePortal360 learning management system for credit unions, according to TFactor Inc.
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Company Launches FCRA-Compliant Small Loan CRA
DataX Ltd. is now offering what it calls the first FCRA-compliant credit reporting agency specifically developed for underserved, non-traditional borrowers seeking micro-loans and other services not supported by traditional credit bureaus.
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Authentication Specialist Announces Mobile Anti-Phishing Tool
Green Armor Solutions is offering what it calls the first complete authentication platform for securing Web site access from mobile devices.
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Ongoing Operations Secures Another Business Continuity Partnership
Ongoing Operations, LLC continues to form partnerships to help credit unions with their business continuity plans.
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eCU Says Online Honor System Works
The honor system is working, according to eCU Technologies.
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LSI Adds SilverCloud Online Knowledge Software to Call-Center
Lending Solutions Inc. is partnering with SilverCloud Knowledge Systems to add an online knowledge-management component to LSI's lending center services, the companies say.
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Digital Dialogue Adds Web-Based Q&A
Digital Dialogue has added a Web-based question-and-answer application to its member-service offerings.
Special Report
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Reaching Out to Small Businesses Remotely One Way to Boost Non-Interest Income
As credit unions continue to work through and around squeezed margins, reaching out to small businesses may be one way to generate non-interest income.
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Into The Fog: Lawmakers Tackle Tricky Interchange Issue; No Action Likely Any Time Soon
More confusion than clarity appeared to mark the House Judiciary Committee's Antitrust Task Force's first foray into the topic of credit card interchange on July 19.
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Overdraft Programs a Significant Part of Non-Interest Income That Continues to Draw Controversy
Programs that seek to protect credit union members from the full impact of checks drawn on insufficient funds are both a significant source of non-interest income for CUs and the subject of continuing scrutiny.
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No Fundamental Change in Interchange Expected, Experts Say CUs Should Watch Other Card Profitability Factors
Credit unions which rely on credit card interchange for part of their non-interest income are probably safe to go for at least the next decade if not forever, according to banking and financial industry experts.
Opinions
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Non-Interest Income Can Offset Declining Net Interest Margin, Increasing Expenses
What's a credit union to do in the face of shrinking margins? Part of the answer may be to explore new ways of generating non-interest income.
Statistics
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Large Credit Unions Seeing Stronger Non-Interest Income
Once a dirty word in the credit union industry for its relation to "fees," non-interest income is now a major contributor to credit unions' income streams.
Publisher's Column
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Lack of Consensus, While Natural, Is Dangerous in 2007
Newsflash: Credit union leaders agree on very little in 2007. It's true. Yes it's a cooperative industry (or movement, for those of you who cringe when you hear industry). Yes, credit unions share information, successes, failures, etc. more than other businesses would dare to. Yes, credit unions rely on each...
Quotes Worth Quoting
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Quotes Worth Quoting
"Consumer advocates usually criticize financial institutions for nickle and diming consumers, but one thing no one wants to admit is that banking has become a nickle and dime business. As long as margins stay as tight as they have become and the field remains competive, financial institutions are going to...
NAFCU
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On-Site Coverage: NAFCU's 40th Annual Conference
Service could be credit unions' secret to fairing better than other financial institutions in the evolving economy.
People
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People
Service Credit Union, Portsmouth, N.H., has promoted Patrick Kimball to financial services supervisor; Kimberly Barrett to member services supervisor; Greg Kennedy to manager of the Pease Branch; Sarah McCoomb and Kimberly Boulay and to member services representatives level II; Courtney Morgridge to contact center administrative representative; Randy Corbin to contact...
Clarifications/Corrections
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Correction
In the "Phase Two of Conversion Underway, Progress Steady as $3 Billion State Farm FCU Completes 12 Credit Union Consolidation" article that ran on page 26 in the July 18th issue, there were several references to State Farm Federal Credit Union using services at State Farm Bank. The services are...
From the Board Room
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Redwood CU Names New Officers
Redwood Credit Union has re-elected three volunteer officials to its Board of Directors for the 2007-2010 term--incumbents Rod Dole, June Funk and Dave Imoto.
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Truliant FCU Names Lafayette Jones to Board
The Truliant Federal Credit Union Board has appointed Lafayette Jones to serve as a member for the remainder of the current term that was recently vacated. Jones will also stand as an incumbent for the 2008 election.
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Affinity FCU Names Kzirian Board Chair
Affinity Federal Credit Union has elected Michael T. Kzirian board chairman and two board directors John M. Gumersell and Irena Kaler.
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