In an historic first, member credit unions in the now-defunct North and South Dakota Leagues convened here last week for the first annual conference of the Mid-America Credit Union Association with an expected attendance of 400.
A little known North Dakota law adopted in March and enabling credit union-to-mutual bank conversions in two years has been added to the national conversion dialogue and lexicon.
Oregon consumers prefer opening an account at a credit union over a bank by a ratio of 40% to 33% with 27% unsure, according to a survey conducted by the Credit Union Association of Oregon.
Allied Solutions has recently completed the purchase of a 25% ownership interest in Integrity Systems.
Mark Zook has been named CEO of MaPS Credit Union's primary subsidiary, MaPS Service Agency, Inc.
A credit union activist who played a key role in opposing a credit union's conversion to a mutual bank has had her home vandalized.
Prime Alliance Loan Servicing has been named Fannie Mae's preferred agent for private label subservicing of credit union mortgage loans.
ARLINGTON, Va. -- NASCUS is generally supportive of the Credit Union Regulatory Improvements Act (H.R. 1537) with some additions and subtractions, President/CEO Mary Martha Fortney said.
Nearly six years in the making, the Securities and Exchange Commission recently said it's ready to move forward on approving a regulation that will extend broker-dealer exemptions to banks by July 2.
NASCUS announced that it has added one new speaker and a panel of credit union experts to address a number of hot button issues during its State System Summit in Fort Lauderdale, Fla. Aug. 9-11.
NCUA Chairman JoAnn Johnson congratulated the Department of Treasury's Office of Financial Education on its fifth anniversary.
Acknowledging that it was "overwhelmed" by the aftermath of the 2005 Gulf Coast hurricanes, the Small Business Administration said it's ready this time after a major restructuring of its disaster assistance program.
The top credit union runners from the 2007 Credit Union Cherry Blossom 10-Mile Run received their honors at an awards luncheon at the World Bank hosted by Bank-Fund Staff Federal Credit Union May 30.
Looking to tap a state poised for more lending growth, Member Business Lending, LLC has opened a regional operations office in Honolulu.
A landmark data breach bill protecting credit and debit card holders from identity theft and creating new requirements on breach notification was progressing through the California legislature last week winning an overwhelming 55-2 bipartisan vote in the state Assembly.
A recent trip to Cambodia was an eye-opening experience for Bill Raker, president and CEO of the $715 million US Federal Credit Union. Raker was traveling as part of a collaborative effort between the World Council of Credit Unions and the Credit Union Foundation of Australia to strengthen credit union...
Credit Unions have once again traveled to Capitol Hill in an attempt to build a case for increased federal regulation of card data security, this time at a hearing before the Subcommittee on Finance and Tax of the House Small Business Committee.
In a move which could be seen as a triumph over a long standing nemesis, Fidelity National Information Systems, the leading processor of credit union card transactions, has purchased Asset Exchange, arguably the most well-known broker of credit union credit card portfolios.
Payday lenders that are members of the Community Financial Services Association have had to begin complying with the Association's revised best practices, which the CFSA says will better protect consumers in payday lending transactions.
The members of Prime Financial Federal Credit Union in Wheeling have voted to merge with First Choice America Community Federal Credit Union.
Elan Financial Services, a subsidiary of US Bank, has purchased the credit card portfolio of the $250 million Potlatch No. 1 Federal Credit Union headquartered in Lewiston, Idaho. The purchase brings 5,000 card accounts worth $6.6 million in outstanding balances to Elan, according to the Kessler Group, which brokered the...
Firstmark Credit Union is making it easier for teachers to do their job.
The $1.2 billion Veridian Credit Union, formerly the John Deere Community Credit Union, has turned to corn, the material of fuel and feed, for the plastic it uses in its membership cards.
Newtek Business Services, Inc. is adding payroll services to its list of offerings.
Membership growth, or the lack thereof, is a pressing issue most credit unions continue to grapple with.
Having more in common than most may think, ShareBuilder Corp. and Wal-Mart Stores Inc. have come together to make investing easier for those new to investing and at the same time, put a dent in the nation's dismal savings rate.
If the membership campaign works, by the end of the year not too many people in the Jackson area won't be aware of American 1 Credit Union.
Members of the $314 million Lafayette Federal Credit Union who are unhappy with their board's leadership say they will continue working toward a special meeting at which some or all of the board members who supported the credit union's attempt to convert to a mutual bank could be recalled, according...
Cardtronics Inc, the largest independent service organization ATM deployer in the country and the parent of the Allpoint Network, has announced plans to acquire the U.S. ATM operations of 7-Eleven Inc. The acquisition, tagged for $135 million, would add more than 5,500 ATMs to Cardtronics' portfolio, expanding the independent sales...
Ascend Federal Credit Union has taken its branches to new heights with its latest branch.
Founders Federal Credit Union, title sponsor for the Raise a Racket Classic, along with other local sponsors helped raised over $84,000 for St. Jude Children's Research Hospital.
The Federal Reserve Board issued an order of prohibition against former Primebank officer William R. Kahler.
A Pennsylvania credit union has found itself caught in the middle of a lottery scam.
Fidelity National Information Services, Inc. announced that Space Coast Credit Union has renewed its existing credit and debit card processing agreement and has expanded its relationship by adding ScoreCard Rewards to signature debit transactions.
Rose Bartolomucci of Munroe Falls has been named deputy superintendent of credit unions in Ohio.
Texans Credit Union will be converting to The Complete Credit Union Solution from Open Solutions Inc., the company says.
Prudential Financial announced June 6 that it will be closing its equity research and trading business Prudential Equity Group.
Spokane Federal Credit Union has been named one of Washington's Best 100 Companies to Work For by Washington CEO Magazine.
A survey from the Discover card brand shows that while 43% of fathers surveyed want to receive a gift card on the June 17 Father's Day, only 26% of gift givers plan to give them gift cards.
The office of Washington State Attorney General Rob McKenna announced a multi-state settlement with ChoicePoint.
The governor of Maine is expected to sign a bill into law that tightens requirements in order to promote responsible subprime mortgage lending.
OmniAmerican Bank, formerly OmniAmerican Credit Union, has a new CEO, according to the Fort Worth Star-Telegram. The former credit union CEO turned banker, Larry Duckworth, died unexpectedly on Feb. 8.
WASHINGTON -- CUNA's latest "Mica Minute" posted on You Tube capitalized on the recent release of the Government Accountability Office study on banks' tax savings and income versus credit unions.
ORLANDO, Fla. -- Credit union managers have a lot on their hands these days allowed Barbara Bauer, vice president of the Omnia Group, a professional hiring expert and a savvy mentor in coping with workplaces where employees span the generations from Greatest to boomer to Y and younger.
The $1.4 billion HarborOne Credit Union has inaugurated what it calls a "Multicultural Banking Center" to fight predatory lending among lower income and immigrant communities.
CO-OP Financial Services CEO Stan Hollen presents a $10,000 check to the Children's Miracle Network. Next to Hollen is Miss America Lauren Nelson and other supporters of CMN.
Issuing a plea for industry unity to stop conversions, the retiring head of the Arizona Credit Union League has criticized conversion advocates as greedy and "get rich" schemers.
Changes at CU Fiserv Units Joe Barry returns to USERS. Get the scoop on page 12. Action on Data Security Data security legislation is hot in Washington, D.C. and in California. Page 20.
Elvis and Marilyn Monroe were in town so it must be Vegas. Participants were faced with a blast from the past when they entered the exhibit hall of CUNA's first-ever America's Credit Union Conference & Expo held last week. See pages 38-43 for complete conference coverage.
Mission Federal Credit Union here lost $8 million in 2006, much of it due to Centrix Financial loans. The once soaring subprime auto lender whose Portfolio Management Program was halted by the NCUA's Risk Alert in June 2005 went bankrupt and reorganized. But some credit unions are left with the...
After strong pressure from the credit union community, New York Senator Thomas Morahan (R-Westchester/Rockland) has withdrawn his bill to tax federal credit unions in the state.
Despite a lot of noise created by the bankers over the credit unions' "tax subsidy" as an unfair advantage, a new Government Accountability Office study shows that banks tax savings are far more than credit unions.
Talk about seeing the silver lining.
There's been more changes at two of Fiserv's seven credit union core processing subsidiaries today.
NAFCU announced that Patty Briotta has been named its new public relations manager.
Security Service Federal Credit Union, the largest CU in San Antonio, second largest in Texas and 11th in the U.S., has reached more than $4 billion in assets.
NAFCU President/CEO Fred Becker had a letter published in the June 11 edition of BusinessWeek, calling attention to credit union efforts to provide a solid alternative to predatory lenders.
To help businesses in the East Baton Rouge Parish, the Enterprise Corporation of the Delta /Hope Community Credit Union and ACCION USA have expanded their business microloan program.
To meet the needs of its members' requests, Sperry Associates Federal Credit Union has rolled out a business services program.
Eastern Financial Florida Credit Union is expanding its presence in Florida through a merger with OMNI Community Credit Union.
Southeast Corporate has announced plans to expand its Virtual Deposit product.
The merger package for the proposed merger between the $12.3 billion Southwest Corporate, Dallas, and the $1.1 billion Northwest Corporate, Portland, Ore., arrived at NCUA a few weeks ago.
FirstCorp CEO Pete Pritts wants FirstCorp's credit union members to know the "cool" new things members can do with image exchange capabilities.
In mid-April U.S. Central became the administrator of Sandlot Funding LLC, an asset-backed commercial paper financing conduit.
An April NCUA guidance letter to corporate credit unions on credit and market value risks of mortgage-backed securities has some corporates touting their safety and ensuring their members they are not at risk from the subprime market.
City County Credit Union has recently hosted a special community open house at its Pembroke Pines branch as part of its special initiative to service the financial needs of the Caribbean community in Broward County.
Design/build firm IBT Enterprises has hired Kathy Harkey to serve as senior vice president of sales for national accounts and the southeast region.
Desert Schools Federal Credit Union recently celebrated the grand re-opening of its Beardsley location.
Empire Affiliates, a division of TACCU, has broken ground on its new South Diamond Street branch.
Park Community Federal Credit Union has recently purchased and broken ground on its first branch in Indiana.
The new Michigan First Credit Union headquarters is making quite an impression with area residents.
Greylock Insurance Agency is expanding its footprint in Berkshire County with the purchase of Gallup & Casey Insurance Services, Inc.
The $332 million JAX Federal Credit Union has found itself in the uncomfortable position of having to notify 7,500 members that their CU inadvertently exposed some of their personal data on the Web search engine Google.
To help protect small businesses from the dangers of software piracy, the Small Business Administration and the Business Software Alliance have teamed up to help with the effort.
EMC Corp. is continuing to broaden its online security offerings, this time acquiring Verid Inc., a Florida-based provider of knowledge-based authentication solutions to financial institutions, telecoms and retailers.
USA Federal doesn't fund a remarkable number of classic car loans...about one or two a month...but what makes the product interesting is the underwriting.
Tony Boutelle is prepping for Credit Union Direct Lending's 9th Annual Auto Lending Symposium on June 20-22, 2007 at the Venetian Resort & Casino in Las Vegas. It will be CUDL's biggest show ever he said, and once again, an opportunity to relay the importance of the CU-owned option for...
DealerTrack, the auto lending financing source for 22,000 car dealerships wants more credit unions to know that it's the "go-to" provider to those that want to increase their indirect loan portfolio. Mark Brown, vice president of lenders solutions at DealerTrack told Credit Union Times they have the "broadest dealer network,...
Members First Credit Union is helping members get into a hybrid car.
From the out of the archives and into the blogosphere department: Chuck Bruen proudly reported in his blog (http://cbruen.com/blog/) recently that the King of Rock and Roll, Elvis Presley got an auto loan from the former MGM Credit Union (now First Entertainment Credit Union).
The $3 billion Desert Schools Federal Credit Union unveiled a new e campaign designed to promote its auto loan programs; specifically Member Value Pricing and Dealer Direct.
State National Companies provides Collateral Protection Insurance (CPI) to approximately 340 credit unions and John Pearson, executive vice president, national sales manager thinks it's still a misunderstood product, but an often necessary one.
See page 50 for chart.
See Chart on page 50.
"If You're There, We're There," is what Credit Union Times declared on the front page of its May 30 issue. It said it "prides itself on being where credit union leaders are."
Many industry observers believe the credit union industry is at a crossroads. While "they" may have disagreements about the whys and the wherefores of the matter, nearly all industry participants are in agreement that credit unions must grow in order to survive. This means coasting along doing business as usual...
There's so much happening, this week I offer a potpourri of analysis of recent credit union events.
Log on to www.cutimes.com and readers will find a brand new Web site.
A history of increased efficiency and large transaction volume are two reasons CO-OP Financial Services believes it will succeed in the market for credit union credit card processing.
CO-OP Financial Services, the parent CUSO for CO-OP Network has announced that its member credit unions will receive a record patronage dividend this year.
In the face of conversion "rhetoric," CO-OP Financial Services is committed to retaining its strong credit union character as it pursues further signups with ATM/electronic funds processing groups, a number of which are league-sponsored, according to CO-OP Chairman David Maus of Denver.
Breaches may be high profile these days, but credit unions are witnessing an improvement in fraud conditions on plastic cards, according to a CUNA Mutual Group security executive.
Embarking on several new expansion bids during the remainder of 2007, CO-OP Financial Services has signed a tentative deal with Costco Wholesale Corp. to provide ATM surcharge-free access at 350 of its stores and on another front is making plans for credit card processing by yearend.
Based on recent history, no two credit union-to-bank conversions are alike, underscoring the need for groups strongly opposing the trend to keep up their guard, according to Wendell "Bucky" Sebastian, the chairman of the National Center for Member Trust.
CUNA Chairman Allan Kemp McMorris, president/CEO of Oakland County Credit Union, held up Navy Federal Credit Union as an example of a credit union working to combat slow membership growth.
LAS VEGAS -- In the business of serving emerging markets, the scenario is certainly not "build it and they will come." In the session Untapped: Creating Value in Underserved Markets at the CUNA America's Credit Union Conference & Expo, John Weiser explained that with a bit of research and creativity,...
LAS VEGAS -- Christopher Gardner, whose life inspired the blockbuster movie Pursuit of Happyness, went from homelessness to president/CEO of Gardner Rich & Co., a stock brokerage, but his greatest success was ensuring he was there for his son. Gardner's primary goal was to be able to say he was...
LAS VEGAS -- Credit unions need to get back to the basics in order to survive and thrive into the future, NCUA Chairman JoAnn Johnson said. She highlighted credit unions' starting point in the United States. "They were pooling to help everyone; it was to help all of the members,"...
Chuck Underwood, author of the soon-to-be released The Generational Imperative, said that credit unions can use the study of the behaviors of the various generations to determine how best to market to them.
The rising cost of college and campus credit card offers are contributing to the increasing indebtedness of college students on campuses everywhere across the nation and credit unions can be part of the solution.
Americans are looking to move out of the routine in jobs and financial services as industries commoditize in search of meaning and positive experiences.
When communicating with members, the verbal communication is likely the least important to a first impression, according to Stacey Hanke, executive consultant for 1st Impression Consulting, Inc.
Elvis helped Rick Olson, America's Credit Union Conference & Expo emcee and credit union sales and member service speaker, wecome everyone to the conference and get in that "Viva Las Vegas" frame of mind.
In a time when membership growth has been declining, successful small and mid-size credit unions have been able to mine additional value from existing members.
Ann Davidson of CUNA Mutual's risk management department said credit unions "really need to shut the door in [a fraudster's] face and not let them in."
The over $223 million Mobiloil Federal Credit Union recently obtained talent from outside the CU industry and from the TV industry when it appointed Jody Swango as its new marketing director.
Local Government Federal Credit Union has found a unique way to shine a spotlight on its volunteers.
Robins Federal Credit Union Board Chairman Harold Sawyer has been named one of the Georgia Credit Union Association's Moses C. Davis Volunteers of the Year.
Fort Belvoir Federal Credit Union Board Director Lee Gazzano has recently received the Dora Maxwell Award CUNA.
The Summit Federal Credit Union Senior Vice President/Chief Operating Officer Laurie Baker has recently been elected to the New York State Credit Union League board.