People's Alliance Federal Credit Union, Brooklyn, N.Y., held a ribbon cutting ceremony for its new office on Atlantic Avenue. PAFCU recently opened this branch to meet the growing needs of an ever-expanding membership. It operates as a full-service financial facility and has a 24-hour ATM located outside. Marine Federal Credit...
The employees of Missoula Federal Credit Union, Missoula, Mont., got quite a bargain when they took part in a turkey donation drive recently. The staff made donations totaling $480, which were matched through a social responsibility program at the credit union. Holly Zeier, who headed up the campaign, then took...
The Tri-County Chapter of the California Credit Union League, Riverside, Calif., was recognized by the league with a "Platinum Chapter Achievement Award" for outstanding achievement in six categories. The six categories evaluated for the award include: PAC fundraising; Richard Myles Johnson Foundation fundraising; Shapiro Group Outreach; Community Service/Political Advocacy; and...
Interchange income and fees represent the smaller part of credit and debit card income, but a part which many credit unions could improve upon, suggested some card experts.
NCUA has confirmed that it will be testifying during a March 27, House subcommittee hearing on subprime and predatory lending.
By a margin of only 2%, the members of the $1.2 billion Think Federal Credit Union have voted to stop being owners and members of a credit union and instead become depositors in a mutual bank.
Clark County Credit Union has taken GAP Insurance sales to new heights.
Griff-land Community Federal Credit Union has merged with Members Source Credit Union.
The Credit Union Cherry Blossom 10 Mile Run and the events surrounding it are fast approaching.
The CUNA Marketing and Business Development Council has re-elected its executive committee officers.
The fallout from the name change flap over "Optiva" at the $544 million University of Iowa Community Credit Union was also triggering a challenge last week to the board's composition.
Credit unions still sitting on the fence about offering Health Savings Accounts because they think it may be too time consuming an effort should take notes from Affinity Federal Credit Union.
Yet another state legislator is hard at work on a bill that would seek to correct the ongoing problem of card data security.
The Credit Union Association of New Mexico and PAYjr have joined forces to help promote financial literacy.
The latest University of Michigan American Consumer Satisfaction Index shows commercial banks reaching a new high of 77 on a scale of 100, continuing a steady upward trend that started in 2000. Wachovia topped the list at 80, followed by JPMorgan Chase and Wells Fargo, each at 72.
In an industry first, CUNA Mutual Group has teamed up with Denver-based Gateway Services Group to offer CUNA Mutual's credit insurance and debt cancellation products.
Two community development credit unions testified last week on how they are battling predatory lenders to educate their members on better financial options.
Some of the members of the $319 million Lafayette Credit Union will lose their branch as the former candidate for conversion to a bank said it is closing a branch in Montgomery County, Md.
BCBSM Federal Credit Union is joining the growing list of credit unions opting for a name change.
Non-interest income has grown in importance because of tight margins.
The "Optiva" branding controversy over credit union name selection turned out to be a prime topic for debate at CUNA's Marketing & Business Development Council conference here. (See related coverage on page 1-36).
The Connecticut Department of Banking is taking a look into disclosures of mutual savings bank conversions to stock-owned institutions.
CUNA's 2006 year-end call report shows credit union assets, loans, shares, net worth and membership all up.
The Iowa Senate and the House of Representatives both voted in favor of capping car title loans at 21% versus the current 264% to 300% that consumers pay.
House Financial Services Committee Chairman Barney Frank (D-Mass.) is trying to dispel a myth that there is a bill in Congress to implement an e-mail surcharge.
In late 2004, Bay Gulf Credit Union stumbled on a market that has helped the financial institution connect with a tight-knit, fiercely loyal group: motorcycle riders.
The push to increase non-interest income is a popular method of offsetting slim-to-none net interest margins, and nowhere has this strategy been more effective than Altura Credit Union.
Taco Bell, a major fast food chain, has decided to test using MasterCard's contactless payment product in some of its stores, the No. 2 card brand said.
Taking note of recent developments on conversions, former NCUA Chairman Dennis Dollar last week called on state and federal regulators and the industry leadership to work much harder at enhancing the value of the credit union charter.
CUNA Mutual Opens Up Sales Channel For the first time ever, CUNA Mutual calls on CUSO to help with sales. Page 4. The Non-Interest Income Factor
There were a number of reasons working against Wings Financial including it looking at the possibility of converting to a mutual savings bank, according to Allan Cooper, board chairman of Continental Federal Credit Union.
The below list highlights the Top 50 credit unions by non-interest income.
CUNA's Regulatory Compliance School traveled to Albany, N.Y. last week.
Leaders across credit union land are buzzing about the impact a merger proposition similar to the one issued by Wings Financial Federal Credit Union could have on the industry going forward.
Visa USA remains optimistic about small business spending even as some economic experts have taken on a more cautious tone about the sector. The card brand has made moving business spending onto cards one of its key strategic goals.
For Wescom Credit Union the third time really is the charm when it comes to insurance agency acquisitions.
Enthusiasm, passion for the job, and accounting/ financial experience count plenty for marketers expecting to move into the top CEO slot at credit unions, but the female challenge in overcoming the good ol' boy network remains formidable. Those were some of the conclusions expressed by three ex-marketers, now CEOs, giving...
While CURIA has essentially the same provisions as previous versions some of the details have been tweaked.
As expected, Continental Federal Credit Union's board of directors unanimously voted March 20 to reject Wings Financial Federal Credit Union's fourth proposal to merge, still calling the move an "unsolicited takeover" attempt.
Even as they acknowledged that the credit union might never honor their request, members of the $319 million Lafayette Federal Credit Union have turned in their signatures seeking a special meeting at which the seven board members who voted to convert the credit union to a mutual bank could be...
An unprecedented collaboration between two of the industry's widely recognized auto buying services and a CUSO has created the first credit union automobile dealership with a national reach.
Tony Budet, president/CEO of University Federal Credit Union in Austin, Texas, has been named president of the Education Credit Union Council. Budet has served on the ECUC board for four years. Other recently elected officers are: oVice president: Eva Gaudio, St. Vrain Valley Credit Union, Longmont, Colo. oSecretary: Truman Baird,...
The $500 million Indiana University EFCU (IU Credit Union) has named Bryan W. Price as its president/CEO. Price will be responsible for the leadership of the IU Credit Union and IU Credit Union Investment Services, Inc. Price succeeds J. Robert Newcomb, who accepted a position as president of SELCO Community...
The credit union trade associations expressed interest to see what NCUA might propose to update its Field of Membership and Chartering Manual to after the board earlier this month nearly denied a regional director's rejection of two community charter applications.
Newtek Business Services announced March 21 that it has acquired a majority economic and controlling interest in CDS Business Services, Inc.
Attendees at Credit Union 24's annual Executive Summit, held this year over April 25-26 near Orlando, Fla., may be among the first to hear from a presidential hopeful. Former U.S. Senator Fred Thompson has been selected to keynote Credit Union 24's Executive Summit in late April, the credit union-owned ATM...
The Federal Open Market Committee voted to hold rates steady at 5.25% during last week's meeting.
Congressman Paul Kanjorski (D-Pa.), a longtime credit union friend who recently re-introduced the Credit Union Regulatory Improvements Act, is recovering from triple bypass surgery. "Congressman Kanjorski is recovering well," Dr. Lawrence Cohn of Brigham and Women's Hospital in Boston, Mass., who performed the surgery, said. "There were no complications. We...
NCUA has announced more workshops in its series to help smaller credit unions along with regulatory and other matters.
The House Small Business Committee has started its work on reauthorizing some of the Small Business Administration's programs.
NCUA Board Member Gigi Hyland, chair of the agency's Outreach Task Force, is working to stir up attendance for her six scheduled town hall meetings, following up on NCUA's Member Services Assessment Pilot. Registration has opened up for the first two. The first Town Hall is slated for Wednesday, April...
The Bank Secrecy Act Webinar that was co-hosted by NCUA and FinCEN Feb. 6 is now available online.
Following up on NCUA's approval of a model privacy disclosure form at its last monthly board meeting, the financial services regulators jointly released the proposed form.
Representatives from the Pennsylvania Credit Union Association have been invited to testify before the FDIC's inaugural meeting of its Advisory Committee for Economic Inclusion (ComE-IN) regarding its Better Choice Program.
America's Community Bankers said that it supports agency efforts to develop a more risk-sensitive Basel IA for community banks and regulators should also provide Basel II banks with a standardized option.
US Biometrics Corp. is taking its multi-factor authentication technology on a trip to the islands, signing its first Caribbean financial institution to a contract to use the company's full solutions suite. Eastern Credit Union, located in St. Joseph on the island of Trinidad, will be using US Biometrics' AccessQ, PassQ,...
XP Systems is offering its credit union clients an e-learning system using interactive, Web-based software from Boston-based OutStart. The OutStart Evolution software allows credit unions to track employees as they progress through lessons at their own pace and on their own schedule, and facilitates creating, maintaining and updating training courses,...
CTCE Federal Credit Union has committed to an identity theft information service from Lending Solutions Inc.
A new service designed to thwart session-hijacking keyloggers and other attacks is being launched by RSA, The Security Division of EMC.
Access Softek Inc. has partnered with Online Resources Corp. to offer what it's calling the industry's first mobile OFX-compatible online banking and bill payment solution for cell phones. Mobile Finance Manager resides directly on the user's SmartPhone-enabled device and allows fund transfers, bill payments, secure e-mails and alerts and multiple...
The Utah League of Credit Unions and CO-OP Financial Services have cut a deal that will allow the 112 Utah credit union league members to join the CO-OP Network under preferential terms.
Another credit union, this one in Ohio, has sold its credit card portfolio to Elan.
PSCU Financial Services, the card servicing and processing CUSO for more than 500 credit unions that use the First Data Corp card platform, has won the business of a very big credit union.
A slowing economy and an inverse yield curve have combined to make this a very challenging time for America's credit unions. While opportunities still exist to grow lending portfolios, now more than ever, it's important for credit unions to generate more non-interest income. Investing in the right enabling technologies is...
On your latest voting poll question regarding whether the Wings' takeover attempt of Continental will cause a trend, yes, there will be more!
Regarding Credit Union Times' online voting poll regarding the Wings Financial FCU/Continental FCU merger proposal, yes, I think the members will benefit.
The Wings Financial FCU takeover attempt of Continental FCU has a number of questions that need to be answered. For example, in the proposed Wings payout to Continental members, does every Continental member get $200, even the ones who, for all intents and purpose are nearly dormant accounts? The yearend...
In response to Credit Union Times online voting poll question regarding the attempted Wings Financial FCU takeover of Continental FCU, I think the takeover bid is setting a dangerous precedent. It is giving the ABA more ammunition in their opposition to credit unions. What makes us different from a bank,...
Looking back 17 years ago finds Credit Union Times publishing its first issue. Headlines that ran in that issue offer some insights to the history of credit unions.
While the American economy is strong as a whole, there still remains a segment of our population that may never achieve the American dream of financial self-sufficiency, because they lack the awareness of and access to the necessary services offered by mainstream financial institutions. The credit union system was established...
I get so many inquiries as to how to better work with this publication on the editorial side. I love to get these because it tells me people value the publication. I hope that's the case because each week a very dedicated team of professionals works very hard to make...
Service Credit Union, Portsmouth, N.H., has appointed Karen Wright to direct marketing officer, and Ruth Leosz and Dana Antonivich to member service representatives I. The CU also promoted Kenneth Seymour to financial services supervisor; Marcus Katkin to manager of the Rochester in-store branch; and Jacqueline Durgin to contact center administrative...
Greenville Federal Credit Union, Greenville, S.C., has named Brian Sponaugle vice president of branch operations and has promoted Matt Tebbetts to vice president, business services and communications. Insight Financial Credit Union, Orlando, Fla., has appointed Debbie Cotton to public relations executive. Connex Credit Union, North Haven, Conn., has named Charlie...
USA Credit Union, Auburn Hills, Mich., has appointed Frederick E. Girard III as senior financial consultant for its Michigan branches. Commonwealth Credit Union, Frankfort, Ky., has named David W. Young vice president of operations; Louise Bryant-Ritchie vice president of finance; and Alan Davis assistant vice president of lending. Georgetown Kraft...
Credit Union Times incorrectly stated that a $100 million credit union would receive approximately $2,000 back from the NCUSIF dividend in the March 21 article NCUA Board to Reopen FOM Manual, NCUSIF Declares $52 Million Dividend. It should have read a $20 million credit union would get $2,000. We regret...
According to the just-expired online Credit Union Times voting poll, the IRS' recent rulings on certain core CU products being subject to the Unrelated Business Income Tax could cause state charters to flip to the federal side.
The Wings Financial FCU/Continental FCU hostile takeover attempt is causing many credit union leaders to wonder if this is the start of a new trend.