Credit Union Times Magazine July-04, 2007
In Other News
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News
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Newtek, Discover Enter Payment Card Agreement
Newtek Business Services, Inc. has entered into a merchant acquiring agreement with Discover Financial Services, a business unit of Morgan Stanley, to offer an integrated payment card processing package.
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Technology Groups FCU, Mutual Security CU to Merge
Technology Groups Federal Credit Union and Mutual Security Credit Union have announced merger plans.
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Ongoing Operations Opens Portland-Based Disaster Recovery Center
Ongoing Operations, LLC has opened its second disaster recovery center in Portland.
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Assistant Secretary Nason To be Sworn in by Paulson
Treasury Secretary Henry Paulson was slated to swear in David G. Nason as assistant secretary for financial institutions just after deadline.
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Credit Unions Take Wal-Mart 'Money Centers' in Stride
The credit union buzz over Wal-Mart's new "Money Centers" was a collective shrug last week.
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Credit Union Trades Say Wal-Mart Banking Piques CU Interest
Credit unions may have to contend with one more colossal competitor in the market following Wal-Mart's recent announcement to expand its Money Centers, but it has been done before.
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NCUF Aid Vehicle Supports Charleston Fire Victims
Joining "in support of our fallen brethren," firefighter credit unions from across the U.S. and backed by CUNA used their Web sites and direct mail last week to drum up donations from their members to support the families of the victims of the calamitous June 18 warehouse fire.
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IRS Declares Interchange Fees Safe From UBIT; Planned UBIT Lawsuit Could Come Late this Year
The IRS has publicly released rulings recently in Technical Advice Memoranda stating that credit card interchange fees are not subject to unrelated business income tax.
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Survey Shows Credit Unions Sharply Lead Banks in 'Customer Advocacy'
American consumers consider credit unions to be twice as likely as many of the nation's biggest banks to do what's best for the consumer, not the institution's bottom line, a new study shows.
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Credit Unions and Banks Team Up in New Jersey to Support Card Breach Bill
Marking an unusual team-up with bankers, the New Jersey Credit Union League is taking the lead in the state legislature this summer by spearheading a data breach bill protecting consumers and holding retailers responsible for breach costs.
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Xerox FCU Exec to Lead Gesa CU
The $650 million Gesa Credit Union has named Christina Brown its new president/CEO.
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Bill Myers Hitting the Ground Running with REAL Solutions
Bill Myers, retiring CEO of the $52 million Alternatives Federal Credit Union, headquartered in Ithaca, N.Y., already seems poised to hit the ground running as one of the new Field Coaches with the National Credit Union Foundation's REAL Solutions program.
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Long-Time AACUC Board Member Hale Welcomes New Talent
One of the African-American Credit Union Coalition's key architects and long-time board members says he's all for bringing in new talent to keep the momentum going.
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Financial Reps Meet Up at CUNA Mutual's College for Financial Planning
Financial services representatives from across the country recently attended CUNA Mutual Group's College for Financial Planning here as part of their preparation for the Certified Retirement Planning Counselor examination.
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HRValue Hired for New Jersey League CEO Search
The New Jersey Credit Union League confirmed last week it has hired HRValue Group, a Plymouth, Mich., search and recruiting firm, to help find a new president/CEO.
Front Page News
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ABA and ACB Announce Plans To Merge, CU Trades Must Be Vigilant
Two longtime credit union foes are joining forces in the most literal sense: the American Bankers Association and America's Community Bankers have announced merger plans.
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NCUA Should Stay Out of the Board Room When it Comes To Mergers
Commenters on NCUA's proposed regulation regarding the disclosure of executive compensation in a voluntary merger generally agreed that such decisions should be left up to the board of the credit union.
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Most Commenters Tell NCUA To Scrap Member Access Reg
Credit union and charter choice advocates alike for the most part urged NCUA to forget about its proposed regulation on member inspection of credit union books, records, and minutes.
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CUNA Mutual Wants Credit Unions to 'Discover' All that It Offers
NASHVILLE -- CUNA Mutual's Discovery Conference opened with a lively, unscripted panel session with some of the top leaders in the industry. (From left): WesCorp CEO Bob Siravo, CO-OP Financial Services CEO Stan Hollen, Credit Union Times Editor/Publisher Paul Gentile, Fiserv CU Division President Joe Barry, and CUNA Mutual CEO...
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Industry Welcomes Treasury Initiative to Streamline BSA; CUNA Creates Task Force
Credit union representatives and their regulator applauded a recent Treasury and Financial Crimes Enforcement Network announcement that it would be seeking ways to streamline Bank Secrecy Act compliance.
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Texas CU Commission Taking Hard Look at Unsolicited Mergers, Rule Bans Luring Members
In what might be the strongest regulatory effort to date that addresses unsolicited merger attempts within the movement, Texas state-chartered credit unions could potentially have more protections than those in other states.
News Briefs
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Congressman Meeks Participates in New York State League Credit Union Roundtable
Congressman Gregory Meeks (D-N.Y.) recently participated in the New York State Credit Union League's Metropolitan Chapter roundtable at Melrose Credit Union in Queens.
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NY 'Wild Card' Bill for CUs Nearly Law
State chartered credit unions in New York are awaiting the governor's signature on a bill that would provide them parity with their federal counterparts.
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CURIA Co-Sponsorship Now at 107
The Credit Union Regulatory Improvements Act (H.R. 1537) recently gained three more co-sponsors bringing the total to 107.
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Members Approve Mega Canadian CU Merger
Credit unions voted June 22 at special general meetings here to merge Credit Union Central of Ontario Limited and Credit Union Central of British Columbia to create Central 1 Credit Union.
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Orlando Sentinel Article Quotes Becker on CU Payday Loan Alternatives
The Orlando Sentinel recently ran an article featuring a victim of payday advance rollovers who was ultimately rescued from the burden by his credit union.
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NAFCU Encourages 'Voluntary Mergers'
NAFCU said it still is concerned about future "hostile" merger attempts nearly two months after the dust has supposedly settled over the Wings Financial Federal Credit Union merger campaign.
Marketing
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Snoopy 'Stays Cool' at Redwood CU
Redwood Credit Union is a sponsor of the City of Santa Rosa's "Peanuts on Parade" program, honoring the work and contributions of longtime Santa Rosa resident Charles M. Schulz.
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Travis CU Unveils Deployment Guide for Military Members
Travis Credit Union is helping to make it easier for its military members to handle their finances overseas with its recently launched deployment guide. Available on its Web site www.traviscu.org, the deployment guide entitled, Financial Preparations Before Deployment, describes services to help members deal with their accounts; options for designating...
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Cuckoo for Credit Unions Helps Smaller CUs Compete
Smaller credit unions under $500 million are going Cuckoo to compete with bigger banks--and that is a great thing.
Regulatory/Compliance
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NASCUS Holds New Commissioner Orientation
NASCUS welcomed two new state regulators into its fold at its Washington, D.C.-area headquarters June 20-21.
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SBA Names Mazuma Credit Union SBA 7(a) Express Lender
The Small Business Administration selected Mazuma Credit Union as a 7(a) program Express lender.
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NCUA Liquidates Cambria FCU
According to a local newspaper report, NCUA liquidated $2.7 million Cambria Federal Credit Union last week.
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IRS Circulating Revised Form 990 Draft For Comment
The IRS is currently circulating proposed updates to its Form 990 for tax-exempt organizations, which has not been touched since 1979.
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NASCUS' Fortney to Serve as Women in Housing and Finance President-Elect
NASCUS President/CEO Mary Martha Fortney was recently elected to serve as president-elect of Women in Housing and Finance.
Tech Bytes
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UPost Honor Deposit Solution Hits 30-Client Mark
Thirty credit unions are now using the online honor deposit system UPost from eCU Technologies.
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Open Solutions Signs CU on Trinidad To Payments, Core Pact
Open Solutions Inc. says it has signed a five-year deal to provide core processing and complementary services to Eastern Credit Union of Trinidad and Tobago.
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Study Finds Call Centers Can Help Build Member Loyalty and Generate Positive Buzz
When it comes to member loyalty credit unions can't afford to overlook their call centers.
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Northwest Corporate Commits to Episys Platform
Northwest Corporate Federal Credit Union will be going directly to Symitar for its core processing, the organizations say.
Special Report
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Portals to Success - Passageways Passes Century Mark as Client, Product Lists Burgeon
Summer has arrived as another season of milestones for Passageways, LLC.
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Navy Federal Depends on TRIAD to Help Automate Human Decisions in Credit Card Management
An increasingly crucial part of the credit card portfolio management team at Navy Federal Credit Union is a piece of software that engages in something called adaptive analytics.
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Amplify Goes with Travitor for E-Learning Tools
Amplify Federal Credit Union will be providing its staff training through a Web-based learning and content management system from Las Vegas-based Travitor Media LLC (www.travitor.com).
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KeyPoint CU Offers Mobile Banking Through MShift
KeyPoint Credit Union has become the latest financial institution to commit to the mobile online banking solution from MShift.
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Tracking Solution for Compromised Cards Offered by CUTEK
A solution integrated with the Episys core system to track and manage credit card alerts is the latest offering from CUTEK, a consultancy for credit unions using the Symitar system.
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Survey Shows Correlation Between Online Banking, Shopping
Online shoppers tend to be online bankers who pay bills online and value security when doing all this e-commerce activity, according to a new survey.
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Stanford FCU Among First to Use Security Tools for VMWare
Stanford Federal Credit Union is making sure it doesn't get caught in the proverbial catbird seat when it comes to securing its virtual network. The $801 million CU is one of the first users of the new V-Agent virtual appliance protection system from Catbird Security.
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Spam Continues to Grow in Volume; Effect Seen Lessening
Spam continues to grow in volume, but e-mail users seem to be less bothered by it, according to the latest survey results by the Pew Internet & American Life Project. The survey, conducted in February and March, indicates that e-mail users have become more sophisticated about dealing with spam through...
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Data Recovery Makes the Next Leap Toward Web-based, Software Planning
While businesses of all shapes and sizes, including credit unions, often point to data security as a vital issue, perhaps not all that many have centralized, enterprise-wide business continuity mechanisms in place in case of a data emergency, according to a new report.
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COCC Converting Image-Processing Clients to Fed's Inclearing System
COCC continues to grow its Check 21 business, this time announcing plans to convert a majority of its check-processing clients to the Federal Reserve Bank's image inclearing product.
Opinions
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The Benefits of Integration: Service, Cost, Member Benefits
n the past, credit unions were content to use their core systems to handle transaction processing. If they needed a different service, like ATM or online banking, they simply added that provider as a standalone unit. In time, credit union operations began looking like abstract paintings--with a splash of this...
Publisher's Column
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Bankers and Shrimpers Get Together
Consolidation has happened on all levels of the bank and credit union industries so last week's announcement that the American Bankers Association and America's Community Bankers are merging is no big surprise.
On-Site Conference Coverage
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State Charters Must Think UBIT Whether They Like it or Not
While the credit union industry will certainly challenge the IRS' interpretation of its Unrelated Business Income Tax and how it applies to state-chartered credit unions, state charters in the meantime must make some accounting adjustments.
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CU Leaders Cover Big Picture Issues
In a freewheeling, unscripted opening session, some of the industry's top leaders gave their take on some of the most pressing issues in the industry.
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Optimistic Kudlow Addresses Discovery Attendees
CNBC's Larry Kudlow painted some bright pictures for Discovery attendees.
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Baxter Credit Union Wins Roy F. Bergengren Award for High Achievement
Baxter Credit Union is the 2007 recipient of CUNA Mutual Group's Roy F. Bergengren Award for High Achievement.
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CUDL's AutoSMART Hits Record
CUDL reported high penetration numbers for its AutoSMART program and Web site (www.cudlautosmart.com).
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Jim Jordan Takes Over as CUDL Chairman
im Jordan, president/CEO of Schools Financial Credit Union of Sacramento, has been elected the new chairman of CU Direct Corp. for the ensuing year.
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CUDL Signs With Manheim on Independents
In a bid to expand its reach to independent auto dealers, CU Direct Corp. announced last week it has reached an agreement with Manheim Automotive Financial Services of Atlanta to offer the firm's inventory financing/funding package to client credit unions.
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Indirect Scene Very Different for CUs in Different Regions
Based on regional conditions, two very different economic scenarios seem to be playing out this summer for credit unions involved in indirect lending, according to speakers at last week's Annual Lending Symposium sponsored by CU Direct Corp.
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Tighten Auto Tracking, Warns Biernacki
Credit unions risk being outmaneuvered by big banks and the captives if they fail to tighten up their tracking and monitoring of auto loan data, a leading indirect lender, Larry Biernacki, president/CEO of the $509 million Arkansas Federal Credit Union, Jacksonville, Ark., warned last week.
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Speed Up Indirect Approvals, CU Lenders Warned
After years of what were described as "troubled relationships," credit unions are now getting high marks from auto dealers on their ability to bring in profitable business, an automotive publisher and former Evansville, Ind. dealer told CU loan executives here.
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Nonprime Loans Hold Credit Union Opportunity, Says CMG Exec
With careful controls, credit unions stand to reap profits from lagging auto portfolios by offering more nonprime loans, according to a CUNA Mutual Group executive.
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Pension Protection Act of 2006 Brings New Opportunities, Burdens
The Pension Protection Act of 2006 has created new opportunities and responsibilities for employers, according to some CUNA Mutual financial experts.
People
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People
EAST
People Feature
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First CU Hires to Facilitate Business Relations
Trina Brown joins First Credit Union with more than 30 years of financial services experience as the new business relationship officer in the business services department.
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