Credit Union Times Magazine August-22, 2007
In Other News
-
AWARDS
AWARDS
-
BRANCHING OUT
BRANCHING OUT
-
DONATIONS
DONATIONS
News
-
Slow and Steady Aims to Win the Race for NuUnion Credit Union's Trust Services Program
Since its roll out in 2005, it's been a slow yet steady stride for trust services at NuUnion Credit Union but that has been the expectation from the beginning and it will continue to be the case at least for the next decade.
-
CU Develops Financial Literacy Curriculum for Learning Disabled Students
Students with learning disabilities can now pick up financial literacy skills from a program which is tailored to their needs thanks to a new curriculum released by the $12 million Syracuse Cooperative Federal Credit Union.
-
ACUMA Chairman Joins Call to Aid Mortgage Subprime Victims
The nation's mortgage meltdown is triggering a call to action among credit unions with mortgage specialties.
-
Carolinas CUF Supports Alamance County Self-Sufficiency Program
The Carolinas Credit Union Foundation has recently awarded a $10,000 Micro Community Grant to the Alamance County Community Services Agency in Burlington.
-
UNFCU Financial Helps CUs Deliver Insurance
NEW YORK -- Three Washington, D.C.-based international credit unions have turned to UNFCU Financial Advisors, part of UNFCU Financial Services LLC, a United Nations Federal Credit Union CUSO, to provide insurance services for their members. UNFCU Insurance Advisors, a division of UNFCU Financial Advisors will offer property, casualty and liability...
-
Sleek New Look for GrooveCar
GrooveCar, Inc. an online/offline automotive resource and buying support service, is driving into the future with a fresh new look.
-
NuUnion Honors Legacy Member
NuUnion Credit Union has recently honored one of its legacy members, Benjamin Holderied.
-
For UW Credit Union Going "Green" Earns Silver
It is nice for a credit union to be recognized for doing its part to save the environment.
-
CUES Names Peplowski to Directors Advisory Panel
CUES has selected Detroit Edison Credit Union Director Robert M. Peplowski, as the newest member from the CUES Directors Educational Forum to serve on its Directors Advisory Panel.
-
NCUA Chairman Joins CUES Directors Conference
CUES has announced that NCUA Chairman JoAnn Johnson is scheduled to give an NCUA update during the general session at its annual Directors Conference, Dec. 2--5, Hilton Waikoloa Village, Big Island, Hawaii.
-
Homeowners And Risk Are Root of the Problem
Mortgage analysts said homeowners and the problems they are having making their monthly mortgage payments, combined with an undervaluing of the risks in securities backed by mortgages, are at the root of the current financial upheaval.
-
MacDill FCU "Grows" into New Brand Identity
MacDill Federal Credit Union has recently planted the seed for its new brand identity and it is growing on members and employees alike.
-
FHLB Office Move No Threat to Southwest Corporate
Southwest Corporate Federal Credit Union said that a merger of two regional offices of the Federal Home Loan Bank (see related item page 10) will not have a major impact on Southwest Corporate or the other approximately 80 credit unions that might be impacted.
-
First Delaware CU Starts Shared Branching Through Pennsylvania
The $38 million American Spirit Federal Credit Union has become the first Delaware CU to sign onto shared branching through a relationship with the Pennsylvania Credit Union Service Centers, PaCUSC has announced.
-
Twelve New Members Selected to Join Filene's i3 Group
The Filene Research Institute has chosen 12 rising credit union executives to replace members of the group who have fulfilled their three-year term encouraging the development of new ideas and innovations for credit unions.
-
A Little Creativity, Community Partnership Help Small Credit Unions Deliver Big For Annual Meeting
Who says you need a big budget to treat members during the annual meeting.
-
NAFCU Supportive of NACHA Risk Management Efforts
NAFCU wrote NACHA generally in favor of its Transaction Origin Identification Proposal, part of a NACHA initiative to implement a comprehensive risk management strategy.
-
After President's Press Conference, Becker Goes Straight to the Top on Tax-Exemption
After reading a report in the Washington Post of a press conference held by President George W. Bush recently, NAFCU President/CEO Fred Becker decided that writing the Treasury Secretary and the IRS Commissioner was not enough.
-
SEFCU EVP Testifies in Congressional Field Hearing On Seniors & Credit Card Debt
SEFCU Executive Vice President John DeCelle testified on credit card practices affecting seniors during an August recess congressional field hearing in New York earlier this month.
-
NASCUS Responds to Private Insurance Dual Chartering 'Threat' Alleged by Becker
After NAFCU commented to Washington's Department of Financial Institutions recently that private primary deposit insurance "threatens" the dual chartering system, it was like waving a red flag in front of NASCUS.
-
League Lobbyist to Replace CUNA's Sagar as Vice President of Legislative Affairs
California & Nevada Credit Union League Director of Federal Government Affairs Ryan Donovan will be joining CUNA's staff Sept. 4.
-
Credit Unions Making Significant Push For Time at Home With Legislators
Even though U.S. Representative Melvin Watt's visit last week to the $143 million Charlotte Metro Credit Union was not part of the formal push among credit unions to meet their representatives in their home districts this year, credit union lobbyists say it's the kind of thing they hope happens a...
-
Big Michigan Merger Finalized as Community Choice and Research Tie Knot
After nearly two years of planning, two Detroit area credit unions--the $191 million Community Choice of Livonia and the $225 million Research Federal of Warren--are merging with a computer conversion slated to be completed last weekend.
-
Federal Regulators Issue Subprime Language
NCUA and other federal financial regulators have proposed adding additional paragraphs of text at least one chart to consumer statements on subprime mortgage loans.
-
IBT Enterprises, Design Build Concepts Merger Touted as Synergistic Match
Serendipity is how IBT Enterprises CEO Mylle Mangum describes the recent merger of IBT Enterprises and Design Build Concepts.
-
Forum 'Lays Out' Burial Financing as Hot New Product
The product may be a bit offbeat but Forum Credit Union of Indianapolis discovered this year that listening and responding to business customers pays off.
Front Page News
-
Keeping On An Even Keel Upheaval in Financial Markets Could Be Opportunity for Credit Unions
Credit unions should not be concerned by the ongoing turbulence in the markets for securities, particularly those involved with subprime mortgage loans or backed by so called jumbo mortgages, according to a leading credit union economist.
-
AACUC Poised for More Growth Under New Leadership
This year marked several milestones for the African-American Credit Union Coalition and the group said it plans to stay on track to do even more over the next year.
-
Hyland Speaks on Transparency, Member-Centricity and Promise of Town Halls
NCUA Board member Gigi Hyland revealed that her original career dream was to be an ornithologist but comparative literature and the law eventually won out.
-
Congressional Interest May Drive Increased NCUA Attention to Fair Lending
NCUA examiners appear to be looking more closely than they have been in recent years at how well credit unions comply with federal fair lending regulations, according to attorneys who work with credit unions.
News Briefs
-
U.S. Central Sees $16.5 Million Loss in Porfolio
U.S. Central Credit Union informed its members recently about $20 million in unrealized investment-related losses appearing on its July 31, 2007 financial statement.
-
Parents Magazine Features Mica Sharing Financial Literacy Tips
The time to start teaching children about money management is when they're in elementary school, CUNA President/CEO Dan Mica advised in an article in the August issue of Parents magazine.
-
Yingling Argues That CU Activities Merit Taxation
The running argument via letter between bank and credit union lobbyists and the U.S. Treasury Department has continued this week as Edward Yingling, President and CEO of the American Bankers Association sent a follow up letter on the matter.
-
Synergy One Gives Students an Online Edge
Parents of college-bound children have another resource to turn to for their financial planning needs.
-
NAFCU Finds Growing Optimism About Economy, Finds Little Usage of Excess Insurance
NAFCU's August Flash report found mounting optimism among members who participated in the association's monthly survey even as, unsurprisingly, it reported that NAFCU member credit unions dislike private share insurance.
Credit/Debit/ATM
-
American Express Rolls Out Prepaid Offering
Customers who give students prepaid cards to help meet back to school expenses will have a chance at a free gift for doing so, according to the American Express card brand.
-
TNB Picks Up Another Good Sized CU Card Portfolio
TNB Card Services, the credit card portfolio processing and servicing arm of credit union-owned Town North Bank, continues on a CU card portfolio buying roll.
-
Elan Picks Up Three CU Portfolios
Three more credit unions have reported selling their credit card portfolios to Elan Financial Services, a subsidiary of US Bank, Elan has said.
-
Federal Court Issues Order Against Some Prepaid Card Issuers
Federal authorities say they have shut down what they have called a "scam" in the issuing and sale of prepaid cards.
-
$10 Million Connecticut CU Makes a Splash With Allpoint
A CU in Connecticut without an ATM of its own will start offering its members fee-free ATM access through Allpoint.
Facilities
-
Apple FCU Opens First Loudon County Branch
Apple Federal Credit Union has officially opened the doors to its first branch in Loudoun County.
-
PrimeWay Celebrates North Houston Groundbreaking
PrimeWay Federal Credit Union has broken ground for the relocation and expansion of its North Houston Greenspoint area location.
-
MaPS Credit Union Branches Out in Woodburn
MaPS Credit Union has opened its latest branch in Woodburn.
-
Waterbury Connecticut Teachers FCU Opens First Danbury Branch
Thanks to Waterbury Connecticut Teachers Federal Credit Union, this year's back-to-school season will bring teachers in Greater Danbury local access to their credit union.
-
Gwinnett FCU Hosts Norcross Branch Grand Opening
Gwinnett Federal Credit Union held an official Grand Opening Celebration with a ribbon cutting ceremony at its Norcross branch
Marketing
-
Travis CU Teams Up for Diversity Fair
Travis Credit Union has joined forces with the community to help sponsor the Vacaville Annual Cultural Diversity Fair, which celebrated its 10th year at the Ulatis Community Center. This year's Fair them was "Many Voices, One Song".
-
Eastern Financial Names New Marketing Manager
Eastern Financial Florida Credit Union recently named Jacqueline Larena-Lacayo marketing manager.
-
Power Financial Reaches Out to Divorcees
Power Financial Credit Union is lending a helping hand to recently divorced women.
-
Truliant FCU Sponsors 2007 National Black Theatre Festival
Truliant Federal Credit Union has once again become a sponsor for the 2007 National Black Theatre Festival.
-
Teachers CU Hits Streets for Director
Teachers Credit Union is looking to locals for its next television spot.
Regulatory/Compliance
-
CUNA Seeking Comment on IRS Proposed Changes to Form 990
CUNA has asked the credit union community for its views on the proposed redesign of the IRS' Form 990, which CUNA and many credit unions file.
-
Fed Injects Funds in Markets
The Federal Reserve has announced that it is providing liquidity to help calm the financial markets after its recent decision not to raise rates.
-
Dallas and Chicago FHLBs Announce Preliminary Merger Discussions
The Federal Home Loan Banks of Chicago and Dallas have jointly announced that they are evaluating the benefits and feasibility of combining the two institutions.
-
Credit Union Members' Data Must Be Protected, Hyland Emphasizes
NCUA Board Member Gigi Hyland addressed the latest best practices credit unions may consider in order to protect their members from data breaches and security risks during a recent podcast.
-
California CU Service Expansion Bill Withdrawn in Senate; CCUL Organizes Lobby Day
A bill to allow California-chartered credit unions to provide wire transmittal and check cashing services for nonmembers was recently withdrawn in the Senate, according to a local newspaper account.
-
CUNA Writes Fed in Favor of Restrictions on Predatory Lending Practices
CUNA has written the Federal Reserve Board in favor of curbing certain predatory lending practices in light of the board's recent hearings on home equity lending.
-
NCUA Announces Missouri CU Development Workshop
NCUA announced the scheduling of a Credit Union Development Workshop on Sept. 15 in Kansas City.
Tech Bytes
-
Consultancy Hires Symitar Veteran
CUTEK has hired a 21-year veteran of Symitar as the consultancy's new sales and marketing director.
-
Open Solutions Canada Lands Client For TCCUS
Open Solutions Inc. has signed another Canadian user of its flagship core platform, The Complete Credit Union Solution.
-
Passageways Now Offers Hosted Portal
Passageways LLC is now offering its intranet portal solutions in a hosted environment.
-
Visa Security Validation Earned by Postilion
Postilion has earned Visa Payment Application Best Practices validation for its payment applications used by credit unions and banks.
-
Alliance Struck by Yodlee, Andera
Yodlee and Andera are joining to offer a combined account opening verification and funding solution to financial institutions.
-
Fiserv DirectSource Cracks Top 10 List Of Print Distributors
The sheer group buying power of serving more than 3,600 clients has helped propel Fiserv DirectSource into the top 10 list of American print distributors, the company says.
-
Online Resources Completes Purchase Of ITS
Online Resources Corp. has added 150 new clients to its payment origination and settlement network with the closing of its latest acquisition--Internet Transaction Solutions Inc. of Columbus, Ohio.
-
Members United Expands Imaging Offerings from VSoft
Members United is adding merchant and ATM image capture capabilities to the imaging solutions the corporate is offering its 2,100 credit union clients.
-
AdeptMedia Signs Nine CUs for Targeted Marketing
AdeptMedia Corp. has been awarded nine new contracts from credit unions that will use the software company's targeted online marketing and digital printing tools.
-
eCU Technologies Signs Clients for Episys Efficiency Studies
eCU Technologies will be providing its Episys Efficiency Studies service to three of its credit union clients, the tech CUSO of Pennsylvania Employees State Credit Union says.
-
Our Community CU Signs with Lending Solutions Inc.
Our Community Credit Union has signed on to use Lending Solutions Inc.'s loan-by-phone, Internet lending and indirect underwriting solutions, the company and credit union say.
Special Report
-
Franklin Mint FCU Puts Case-Management Software on the Fraud Beat
Busting fraud may soon be a profit center at Franklin Mint Federal Credit Union.
-
BT the New IT? Blending of Tools and Processes Seen as Key to CIO Success, Relevance
Ten million bucks invested in a sophisticated customer relationship management system and what do you get?
-
NuUnion CU Goes Disk-to-Disk-to-Tape with New Backup Box
The IT managers at NuUnion Credit Union decided a conversion to an open core processing platform was a good time to go ahead and move their data backup solution to an appliance that could handle 40 servers handling everything from online banking to tellers' printers at more than a dozen...
-
Corporate Network eCom Goes with Metavante for Billpay Tools
Corporate Network eCom (www.memberstreet.com) is moving its billpay business to Metavante.
-
Silver State Schools Retires Dot Matrix Printers in Favor of Server-Based System
Dot matrix printers are finally seeing the sun set in the West, at least when it comes to printing checks at one big Las Vegas credit union.
Opinions
-
Revamping Call Center Systems Key to Maintaining Solid 'Virtual' Member Service
Communication is one of the most important functions credit unions perform with their members.
Letters to the editor
-
Gentile Off the Mark on Industry Assumptions
I was disappointed to read Paul Gentile's column in the August 1 issue that suggested large credit unions run this industry and, moreover, that they are apathetic about CURIA. Neither of these assertions could be further from the truth.
-
Large CEOs Care About CURIA
Paul Gentile suggested in his Aug. 1 column that the large credit union CEOs who control the industry "could care less" if CURIA passes or not. This has not been my experience. At $200 million, we certainly don't fall in the large credit union category, but in the circles I...
-
CURIA Support is Deeper Than Gentile Knows
The allegation in Paul Gentile's Aug.1, 2007 column of a lack of support for CURIA by large credit union CEOs, and insinuation that it's part of a plot to take over smaller credit unions, are not only unsupported, they're wrong, potentially damaging to the entire credit union movement, and give...
Opinion
-
Huffing and Puffing -- Is the Taxation Wolf Gaining Steam or Blowing Smoke?
Since applying federal corporate taxation to credit unions would expose significant risk to the insurance fund by reducing annual reserves by over 30%, it is only natural that credit union leaders have recently been looking out the window to see if the wolf's recent huffing and puffing about taxes is...
Publisher's Column
-
Some Well Deserved Kudos
It's easy to fall into the trap of thinking the media only covers the bad news, the ugly stories, the dirty laundry. I think the coverage is just more ubiquitous and exhausting than ever before, so it's always going to seem like the bad stuff is overblown.
Quotes Worth Quoting
-
Quotes Worth Quoting
"Look at VyStar they've grown exponentially since their name change but at first people were like what is that? Now it is a powerhouse name in northeastern Florida. What I tell people who complain about the name change is that ultimately it is not about a name but our service,...
On-Site Conference Coverage
-
On-Site Coverage: 30th Annual National Directors Convention
'Micro-Managing' by Volunteers Questioned
-
Former AACUC Interns Continue to Forge Careers in Credit Union Industry
For some college students, choosing a career in the credit union industry might be low on the totem pole but former interns that came through the African-American Credit Union Coalition's internship program say they have discovered an untapped area for professional development.
-
Tom Schauer, CEO of TrustCC
Tom Schauer, CEO of TrustCC did a presentation on IT exams and how to be sure your CU is compliant.
-
Rick Stanton of WesCorp
Rick Stanton of WesCorp did a Check 21 update that highlighted the paradigm shift in consumer payment habits.
-
Doug Lacy-Roberts of the Washington Division of Credit Unions
Doug Lacy-Roberts of the Washington Division of Credit Unions did a breakout session on the strategic concerns of member business lending.
-
Likens IDs CU Balance Sheet Challenges, FOM Composition, Fiscal Shortfall and More
At the NASCUS State System Summit here, Dr. Jim Likens, president and dean of the Western CUNA Management School delivered an assessment of CU balance sheet and growth challenges and some ideas for how they can be faced up to without losing the CU spirit. He did so in an...
-
Effective Partnerships are Important To Disaster Recovery
"Financial services is essential to the operation of our country", said D. Scott Parsons, former deputy assistant secretary, department of Treasury because it is based on confidence, and without that, the center cannot hold. But apart from the importance of maintaining the financial markets and commerce, what financial institutions need...
-
Craig Beach, vice president of marketing and business development for CUSC did a presentation
Craig Beach, vice president of marketing and business development for CUSC did a presentation on complying with the Bank Secrecy Act.
-
Take the IRS to Court Over UBIT, Blanchard Advises
What the credit union movement needs is a few good plaintiffs, Larry Blanchard said to NASCUS attendees here for the organization's State System Summit.
-
Barrett Burns, president and CEO of VantageScoreSolutions
Barrett Burns, president and CEO of VantageScoreSolutions did a breakout on Vantage Score, a new scoring model that allows lenders to score more consumers more accurately and consistently, according to the company.
-
NASCUS Leadership Changes Hands as Thompson and Reynolds Assume Posts
At the NASCUS State System Summit hereon August 9, Mendell Thompson, CEO of America's Christian CU told attendees that he and George Reynolds, senior deputy commissioner of the Georgia Department of Banking and Finance were following the "Chair Babes" JoAnne Fillwock and Linda Jekel as NASCUS Chairman and CU Advisory...
-
Barbara Stephens Named New AACUC Chairman in Midst of Heavy Campaigning
Weeks of heavy campaigning for seats on the African-American Credit Union Coalition's board came to an end during the group's recent conference.
-
NCUA's Tawana James, Alonzo Swann Receive Industry Lifetime Achievement Recognition
A walk down memory lane filled with tears, laughter and accolades set the stage for the Alonzo Swann and Tawana James, this year's recipients of the Peter Crear Lifetime Achievement Award.
-
History of African-American-Owned Co-ops Traced Back to End of Civil War
Mostly undiscovered and unknown, the history of African-American owned cooperatives in the United States has shown that they were pivotal in helping create wealth during times of inequality.
-
'Hostile' Merger Attempt May Cause Credit Unions to Reconsider Repeat
Credit unions considering a merger campaign similar to the one executed by Wings Financial Federal Credit Union, may want to think twice.
-
African-Americans in Maryland, D.C Gravitate to Credit Unions
When it comes to penetrating the African-American population and meeting their financial needs, credit unions in Maryland and the District of Columbia are going above and beyond.
-
Credit Unions Can Spot Pitfalls Early, Cummings Touts
Unlike some lenders including banks, credit unions have the distinction of being able to spot financial pitfalls most likely sooner than members can, Rep. Elijah Cummings (D-Md.) told attendees at the African-American Credit Union Coalition's annual meeting here.
-
Hood's Hopes Credit Unions Considered in FCC Goal of Increased Minority-Owned Telecom Companies
The Federal Communications Commission is on a strategic mission to increase the number of minorities owning cable companies, radio stations and other telecommunications-related entities and NCUA Vice Chairman Rodney Hood is hoping credit unions can play a part.
-
Bert Hash, chairman on the AACUC internship committee
Bert Hash, chairman on the AACUC internship committee and recently-crowned CEO of the Year by Credit Union Times, has worked tirelessly with his team to build the coalition's internship program.
-
Tessema Tefferi, associate director of regulatory affairs at NAFCU
Providing legislative updates on CURIA and other timely industry issues, Tessema Tefferi, associate director of regulatory affairs at NAFCU, also discussed consumer protection bills regarding credit cards, data security and overdraft fees.
-
Ongoing Staff Training Essential to Preventing Fraud
Protecting a credit union and its members from fraud requires familiarity with current scams, use of fraud prevention tools and ongoing training for employees, according to a risk management expert Chetta Hebron-Byrd, risk manager with CUNA Mutual Group, told AACUC conference attendees that it's important to understand the mentality of...
People
-
People
EAST
Billlionaires Club
-
'Staying Relevant,' Top Notch Staffers, Putting Members First Helps FORUM CU Surpass $1 Billion in Assets
When FORUM Credit Union recently surpassed the $1 billion in assets mark, the senior executives came bearing steaming cups of coffee, doughnuts, cash gifts and hand-signed thank you letters from the CEO to employees at all of the financial institution's 13 branches.
People Feature
-
Seasoned Professional Heads New Business Development at Paragon
Richard Rays, president/CEO of Paragon Federal Credit Union, recently announced that Pedro L. Barry had joined the company as vice president of new business development.
Resource Center
View All »
A Path Chosen Prudently
In today's complicated credit card landscape, choosing the correct path between self-issuance or agent banking...
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,...
