AWARDS CEFCU, Peoria, Ill., was awarded the Small Business of the Year award and the Distinguished Business of the Year award from the East Peoria, Illinois Chamber of Commerce at the Chamber's recent annual awards banquet. The awards recognized CEFCU's ongoing efforts to provide the financial support needed to assist...
As the gap between the poor and the wealthy continues to widen, State Employees' Credit Union is hoping that a series of investment product and service rollouts will help to correct the disparity.
Firstmark Credit Union has recently unveiled a new Certificate of Deposit designed specifically for members 19 years old and younger.
CenCorp Corporate Credit Union doesn't want to hold on to capital that its members can use better than it can.
Banking economist and longtime columnist for the American Banker Paul Nadler died earlier this month at 77.
The Securities and Exchange Commission will partner with the Federal Reserve Bank of Chicago and the Elder Law Journal of the University of Illinois College of Law to present the Senior Investor Protection Symposium in Chicago on May 18.
NCUA barred four former credit union employees from participating in the operations of any federally insured financial institutions.
River City Federal Credit Union has tapped interactive financial institution training provider TRC Interactive, Inc., to help meet its training needs.
When Cindy Barco comments on the "cozy" size of the new Tropicana Federal Credit Union branch, she smiles and points out the credit union's first office was about the same size, maybe 10 by 14 feet.
Frontier Financial Credit Union has celebrated the opening of its newest location in Sparks.
The Credit Union Regulatory Improvements Act (H.R. 1537) as of last week enjoys the support of 80 total co-sponsors after a dozen more lawmakers signed on.
The Small Business Administration recently named Community First Guam Federal Credit Union as the first credit union on this United States territory here to participate in the agency's loan programs.
Add C-Plant Federal Credit Union to the growing list of credit unions offering Health Savings Accounts to its members.
The House Financial Services Subcommittee on Oversight and Investigations was scheduled to hold a hearing May 10 on the burden and value associated with Suspicious Activity Reports and Currency Transaction Reports.
More than 400 credit union staff and volunteers attended the Kansas Credit Union Association's 72nd Annual Meeting and Convention, held over three days recently at the Sheraton Hotel and Convention Center in Overland Park.
Is the credit union industry unnecessarily up in arms over the possibility of a "hostile takeover" within its own ranks?
The $28 billion Navy Federal Credit Union has lent its support to the Virginia Tech Memorial Fund, a fund established to help the victims and Virginia Tech community recover from last month's mass shooting. The credit union contributed $5,000 to the fund.
Michigan State University students and alumni aren't shy about claiming bragging rights when their sports teams win a crucial game.
An act which would introduce industry card security standards into state law has passed the Minnesota House of Representatives, according to the Minnesota Credit Union Network, the industry trade association which backs the bill.
A group of Democrats, led by freshman Representative Keith Ellison (D-Minn), have introduced a bill to prohibit credit card issuers from universal default practices.
Kansas looks to be a new battleground this summer for bank attacks on field of membership, branch expansion and conversions with formation expected this month of a banker-inspired Interim Credit Union study in the state legislature.
The Senate Banking Committee has scheduled a nomination hearing for David G. Nason as the next Treasury assistant secretary for financial institutions.
With the average age of today's member now at 48 years coupled with increased consolidation in the industry, credit unions are at a crossroads when it comes to differentiation. Newly-installed NACUSO President/ CEO Tom Davis shared with attendees the association's vision for its National Center for Collaboration and Innovation to...
In an effort to help stop identity theft, DEXSTA Federal Credit Union recently held a free community Shred-a-Thon.
The Senate Small Business Committee has slated a markup of the Small Business Lending Reauthorization and Improve-ments Act of 2007 (S. 1256) for Wed., May 16.
CUES and Houston-based Strunk & Associates, L.P. have joined forces to launch a premium checking product designed to promote membership growth.
In the nearly 10 years it has been offering business services and loans, North Island Credit Union has earned a reputation in the community for being a hands-on innovator taking pride in its ability to make home-grown decisions. With the department's staff having a combined 238 years of business lending...
Lender participation in the Small Business Administration's popular 7(a) lending program has not decreased as the result of transitioning to a zero subsidy, the agency recently said.
With the Dollars for Doers program, when Navy Federal Credit Union staffers volunteer, it's the local charities and nonprofit organizations that benefit.
A group of manufacturers, industrialists and entrepreneurs is spearheading an effort to found a low-income, community chartered credit union in the sparsely populated Meigs County in Tennessee.
A former manager of Polish and Slavic Federal Credit Union has been chosen to lead the $1.1 billion CU as its CEO.
FCUL Service Group, Inc. is now able to offer Sprint Nextel service to credit unions and their members at discounted rates.
Remove the Interim from his title, Michael D. Martin has been named president/CEO of $205 million The Tennessee Credit Union.
SRP Federal Credit Union recently held a grand opening and ribbon-cutting ceremony for its new loan center located in North Augusta.
CUNA continues to permeate the more mainstream media markets.
Andrews Federal Credit Union has plans to branch out to Waldorf, Maryland by early 2008.
Iowa officials are hoping a new group will help attract and retain young adults between the ages of 18 and 35 to the state.
TNB Card Services, the card servicing and management arm of credit union-owned Town North Bank, has picked up the card processing business of three more credit unions and is continuing to expand its role as a key card processor in the credit union space.
North Jersey Federal Credit Union has officially cut the ribbon on its newest Broadway branch in Newark.
From Bremerton to Yakima, those Washington credit unions were cheering for young people last week and counting on their future business as nearly 200 CU leaders from across the U.S. showed up for the one-year anniversary of fundraising for "BizKid$", the financial literacy show slated to appear this fall on...
Although credit unions still lag other issuers in the adoption of platinum and other premium card products, there are indications in the card world overall that platinum card usage may not be growing from year to year. A survey of 2,000 adult cardholders conducted by Vertis Communications, an advertising, marketing...
Kent Moon, president/CEO, Member Business Lending, LLC, explored with attendees a variety of models to establish and build relationships with business clients that can support the credit unions goals. He also covered the role that government guaranteed lending programs can play in managing a growing portfolio within the business lending...
A survey from the Discover Card brand has found that men will spend the most money on their wives this coming Mother's Day, the second most on their own mothers, and the smallest amount on their mothers-in-law.
Maine credit unions through their unique volunteer program called Credit Unions Share for ME volunteered nearly 20,000 hours in 2006.
Goldenwest Credit Union is racing to raise funds for seven area schools.
Staff from the House Financial Services Committee were slated to get educated on credit union-to-mutual savings bank conversions late last week.
The New Jersey Credit Union League said last week it has named Cindy Rein-Zima, president/CEO of Hamilton Horizons Federal Credit Union, as head of a five-member search committee to find a replacement for its former president/CEO Robert S. Walls who was dismissed April 23.
The $400 million AllSouth Credit Union has landed a Wal-Mart footprint after years of sticking to a traditional brick and mortar strategy.
NASCUS leadership held its Thirdly Business Meeting May 10 and 11 in Fort Lauderdale to discuss big issues for the state system.
Guardian Federal Credit Union had been working for months to fulfill audit requests at the behest of the Virginia Division of Unclaimed Property, but at the same time CEO Chris Anuswith did not feel it was proper and got fed up. "They visited two years ago and wanted to go...
This is quite the year of change at design/build firm DEI Incorporated.
Skidmore Employees Federal Credit Union will merge with State Employees Federal Credit Union pending NCUA and member approval.
Open Solutions Inc. recently held its second annual Member Business Services Forum designed especially for credit unions interested in offering business and commercial services to their memberships.
During Corporate One Federal Credit Union's Enterprise Wide Risk Management Conference held April 30-May 2 in Las Vegas, NCUA Vice Chairman Rodney Hood stressed the need to look at the big picture when it comes to risk.
Making good on one of its goals to bring more services to members, Continental Federal Credit Union has partnered with XCU Capital Corp. to make it happen with an expanded investment and insurance program.
Mountain America Credit Union Senior Vice President of Human Resources Marshall Paepke has recently caught the eye of Utah Business Magazine and been named one of the "Top 40 Under 40" business leaders in the state.
Beyond the legal documentation and regulatory requirements needed to form a CUSO is a committed investment of trust and knowing what the expectations are.
Redstone Federal Credit Union Vice President of Communications and Business Development Joyce Dye recently received the Business/Industry Award during Alabama A&M University's annual Black Tie Scholarship Ball.
The $2.4 billion Bethpage Federal Credit Union is launching its first card after having sold its card portfolio to the CU Card Association, the card portfolio purchasing subsidiary of the $3.8 billion Wescom Credit Union earlier this year.
Centrix Dueling Lawsuits Being sued by Everest National Insurance, former Centrix CEO Bob Sutton claims subprime auto insurance coverage lapsed on CU-funded loans and may settle with the company. For CUs still holding loans that deal could prove costly. See page 6 for the exclusive story.
IBT Enterprises, a design, construction and consulting firm for financial services and specialty retail industries, has unveiled a new Web site.
This October will mark Central States Mortgage Inc.'s 10-year anniversary of serving the credit union industry, but the CUSO has had to switch gears rather quickly to address a certain disruption.
Credit union organizations participated in a couple of financial literacy inspired events in Washington, D.C. recently.
There is one upside to the Internal Revenue Service's most recent guidance on Unrelated Business Income Tax: state-chartered credit unions can now ask more specific questions on what counts and what cannot be considered. Katherine Weber, a partner with the law firm Messick & Weber P.C., told attendees at NACUSO's...
The Federal Reserve kept their benchmark overnight target rate at 5.25%.
The Federal Housing Finance Board recently approved a new initiative by the Federal Home Loan Bank of Atlanta to aid financial institutions in smaller communities.
Non-interest income has become the great equalizer for a lot of credit unions.
When the strongest tornado to strike an American town came roaring into Greensburg, Kansas on the evening of May 4, it carried away 95% of the community's structures--including an H&R Block office on the town's main street which had a special relationship with the $120 million Mid American Credit Union....
Jennifer Porter Gore will join the Maryland & District of Columbia Credit Union Association, the group recently announced.
WASHINGTON--The Government Accountability Office study released today found that banks wrote off more $100 billion off their taxes in 2004 and took tax credits of ...
WASHINGTON--The Government Accountability Office study released today found that banks wrote off more $100 billion off their taxes in 2004 and took tax credits of ...
New York State Senator Thomas Morahan (R-38th) introduced a bill April 25 to impose the state corporate tax on federal credit unions in New York, but credit union figures have suggested that will never happen.
The new co-op ad campaign launched last month by the Maine Credit Union League underscores an urgency faced by CUs everywhere: online providers and new financial players like State Farm Insurance are expanding rapidly into traditional deposit and loan markets.
What would Washington be without the politics?
Credit union mergers seem to be slowing from the last few years' pace of around 300, and though NCUA approves them for deposit insurance purposes, most are heading toward a state charter, along with their assets.
All that is missing from Local Government Federal Credit Union's new headquarters is the wrapping paper and bow because the facility is basically a gift to its members.
Wescom Credit Union has appointed Peter McNulty as president of CUSO Mortgage, Inc., and senior vice president of Wescom's real estate lending division.
In addition to lobbying for credit unions, CUNA and NAFCU each have one of the top lobbyists on Capital Hill, according to The Hill.
LBS Financial Credit Union surpassed $1 billion in total assets recently.
To provide support to credit unions looking to start or expand their business lending programs, Philadelphia Federal Credit Union and the Credit Union of New Jersey have linked up to form East Coast Business Lenders, LLC. The CUSO actually opened for business in October 2006 and will offer credit unions...
The $51 million Alternatives Federal Credit Union wants people to come to a celebratory dinner and roast for Bill Myers, its retiring CEO.
Who says you can't go home again?
D. Hilton Associates' Marketing and Advertising group has recently walked away with six CUES Golden Mirror Awards including a first place prize for Bluebonnet Federal Credit Union's annual report and three second place awards for California Credit Union, Market USA Federal Credit Union and Altier Credit Union.
The public face of Purdue Employees Federal Credit Union will continue to be NFL New Orleans Saints Quarterback Drew Brees.
Washington State Employees Credit Union is once again teaming up with Seattle's local radio station KOMO AM-1000 and the Seattle Mariners to salute Washington's finest teachers.
CUES has once again recognized the credit union industry's top marketing talent with Golden Mirrors.
Hoosier Hills Credit Union is giving members an opportunity to become $1,000 richer.
Tonawanda Valley Federal Credit Union of Batavia, N.Y. has been signed by USERS Inc. and will convert in October to the DataSafe core processing system, the company says. The $47 million CU currently is a client of Open Solutions' Liberty FiTECH operation, according to the NCUA Web site. The CU...
Server operating systems are at the heart of the IT infrastructure so changes and upgrades are not taken lightly or frequently, according to Forrester Research. The tables shown here are taken from surveys of 147 decision makers at organizations across North America and Europe. Uptime is far more important to...
Constitution Coroprate Federal Credit Union's Web design CUSO, SmartSource Solutions, LLC, has launched two more corporate credit union Web sites--Corporate One FCU, Columbus, Ohio; and First Corporate FCU, Phoenix. The new Web sites can be found at www.corporateone.coop and www.firstcorpcu.org.
Utah Community Credit Union and Mountain America Credit Union were among the winners of the first-annual customer and employee loyalty awards from Allegiance Inc.
The first summer conference of the Credit Union Information Security Professionals Association will be held July 18-20 at the Omni Parker House Hotel.
A veteran of the credit union space is the new national sales manager and credit union relationship builder for Cypress Systems.
The services of an IT security consultant are now being offered by FedComp Inc. to its client base of 1,100 small credit unions.
The Financial Services Roundtable President/CEO Steve Bartlett recently announced that Leigh Williams was selected as the new CEO of its business strategy and technology arm, BITS.
Innovation with a credit union focus just keeps happening at Northwest Community Credit Union, driven by the experienced hands at its CUSO, iTechNorthwest.
IA Systems says $1.6 billion State Employees Credit Union of Maryland will be deploying the company's Web-based loan origination system.
How much does a data breach cost? Many factors come into play, including legal fees, call center time, lost employee productivity, fines, stock losses and consumer abandonment. Forrester Research surveyed 28 companies that had suffered a variety of data breaches and compiled the estimates for the table shown here.
The heavyweights in the anti-phishing world are inviting those responsible for the fight in their own organizations to a first-of-its-kind gathering later this month.
Online banking adoption will continue to grow in the United States, while the industry itself continues to consolidate. Service offerings vary widely among the major vendors, as does the average market size of their clientele. A 52-page report from Celent on the state of Internet banking contains these and a...
Alaska is a good place for pioneers, in this case, one of the first credit unions to deploy an automated lending solution from a company owned by a bank.
ACH origination is ubiquitous among community banks' online service offerings, while far more rare is the bank that offers payroll services or electronic invoice presentment. The table here shows the scope of online banking offerings among 207 institutions surveyed recently by Aite Group for the Independent Community Bankers of America.
Enhanced Software Products Inc. (ESP) is now providing automated platform upgrades to its core processing customers.
The credit union industry employs 217,000 people, has $680 million in assets and serves 85 million members. With total assets expected to jump to $900 billion by 2010, it is essential that executives make every effort to grow with minimal risk and to respond to changing conditions with the most...
As a longtime member/owner of Continental Federal Credit Union and a current human resources industry executive, I agree wholeheartedly with Paul Gentile's comments in his May 2 column on leadership and succession planning. In addition, as an 18-year member of either the supervisory committee or the board of CFCU, Gentile's...
It's no wonder that credit unions have found success offering a wide variety of loans to their members--after all, lending continues to be the foundation of our industry's product offerings. But in today's challenging environment, financial institutions are seeing a lackluster loan demand, as a result of a slower economy...
If you were a seasoned credit union professional who was under a rock for the last five years and suddenly woke up, you would be taken aback to say the least by the myriad of challenges facing credit unions.
There's nothing worse for an editor than seeing the same exact letter to the editor or opinion piece in another publication.
In the April 18, 2007 issue of Credit Union Times we incorrectly printed a picture of Mr. Gordon Simmons, president/CEO of Service Credit Union in Portsmouth, N.H., presenting a $25,000 check with the wrong caption. The picture is reprinted here with the correct information. We regret the error.
Voting Poll Results: Hostile Takeovers Have Just Begun, Say Readers