Credit Union Times Magazine November-14, 2007

News

• CUNA Sponsors Power Breakfast for Political Debate, Exposure--Election Takes Center Stage

  By Sarah Snell Cooke

  How much can Hillary Clinton help or hurt Democrats in the 2008 election year? Will a Republican presidential candidate emerge to solidify the traditional socially conservative Republicans? Pundits attempted to answer these questions and more during a Power Breakfast hosted by National Journal and CUNA.

• Financial Plus FCU Kicks Off Commercial Lending Program

  By Staff Writer

  Financial Plus Federal Credit Union recently kicked off its commercial lending program with a commercial mortgage to finance the expansion of a local small business.

• CO-OP Network Executives in New Speakers Bureau

  By Staff Writer

  Executives with CO-OP Financial Services, the parent CUSO of the nationwide CO-OP Network, are making themselves available in a formal way through a speaker's bureau to speak to credit union meetings and groups.

• Financial Services Committee Approves Mortgage Reform Legislation, Full House Action Expected This Week

  By Sarah Snell Cooke

  The House Financial Services Committee reported out a bill that aims to prevent future mortgage-related abuses but has the potential to ensnare credit unions with additional regulatory burdens.

• Treasury Under Secretary Tells Financial Services of Efforts to Forestall Foreclosures

  By Staff Writer

  During a panel of government officials and others testifying before the House Financial Services Committee Nov. 2, Treasury Under Secretary for Domestic Finance Robert K. Steel explained the administration's efforts to help stem the rising tide of foreclosures.

• Travis CU CEO Ouwerkerk Reaches New Heights, Speed

  By Staff Writer

  Who needs Tom Cruise when you have Travis Credit Union CEO Patsy Van Ouwerkerk?

• Fiserv Sells Health-Related Businesses to Concentrate on Financials

  By Marc Rapport

  After years of serial buying, Fiserv Inc. is selling.

• Six Small Pennsylvania CUs Start Joint Web Site to Preserve Future

  By Jim Rubenstein

  With the financial help of NCUA and the Pennsylvania Credit Union Association, six small credit unions are operating a joint Web site and collaborating in marketing and other areas to protect what they said is their future and further the CU cause.

• Kwon-Moore Strengthens CU Lobbying Career with Move to Calif./Nev. League

  By Sarah Snell Cooke

  Seasoned credit union lobbyist Debbie Kwon-Moore will take over as the California/Nevada Credit Union Leagues' director of federal government affairs Nov. 19.

• Huron River Haunted by Ghosts of Florida Real Estate Loans; Purchase and Assumption May Not Be Far Off

  By Staff Writer

  The losses at Huron River Area Credit Union may have already sunk the CU and the footsteps of a purchase and assumption may not be far behind. HRACU may well go the way of Norlarco Credit Union in Fort Collins, Colo., which the NCUA put up for sale to the...

• Kitsap Preps for Fed-to-State Charter Conversion After Failed Conversion Two Years Back

  By Jim Rubenstein

  Two years ago management of the $600 million Kitsap Community Credit Union was both stunned and puzzled by members rejecting a long-sought bid to convert to a state charter so the CU could expand in several neighboring counties.

• Pennsylvania Supreme Court Postpones Arguments in Freedom, TruMark FOM Case

  By Staff Writer

  The bankers' three-year-old community chartering case involving Freedom Credit Union and TruMark Financial CU before the Pennsylvania Supreme Court is getting delayed again until next March.

• Transmission Builders FCU, LSI Partner

  By Staff Writer

  Transmission Builders Federal Credit Union has turned to lending center services and consulting provider Lending Solutions Inc. to help fill its loan-by-phone, Internet lending and indirect underwriting service needs.

• Successful Competitive Adapters: Innovations FCU

  By Heather Anderson

  How did they do it?

• Americans' Life Insurance Needs Provide CUs Opportunity to Wear White Hats While Building Non-Interest Income

  By Myriam DiGiovanni

  LifeHelp Chairman/CEO Henry Cuenca says credit unions still aren't recognizing the knock of opportunity life insurance presents.

Front Page News

• 'Election 2008? But It's Still 2007!'Legislative Efforts Start Earlier Than Ever

  By Eileen Courter

  Does it seem as though the campaign cycle starts earlier and earlier, with coverage of potential candidates and televised debates occurring well in advance of actual elections?

• Steep Real Estate Losses Tank Cal State 9 CU; Conserved by California DFI

  By Staff Writer

  The death rattle at Cal State 9 Credit Union here finally shook the California Department of Financial Institutions (DFI) into action by forcing the insolvent CU into conservatorship and handing it over to the NCUA on Friday, Nov. 2. NCUA officials promptly dismissed CEO James Wong and the board of...

• Credit Union Community Responds as Senators Seek Reg Relief Input

  By Sarah Snell Cooke

  NCUA, CUNA and NAFCU responded to the call from four senators for their top regulatory relief priorities in considering an overall financial services bill.

• NCUA Says FCUs Can Hold Onto Visa Stock After Conversion

  By Sarah Snell Cooke

  On Nov. 1, NCUA issued a legal opinion stating that federal credit unions can hold onto their Visa stock after the conversion of Visa USA to a subsidiary of Visa Inc.

• 'The Tipping Point' Presents a Sobering Challenge: Fail, Merge or Adapt

  By Heather Anderson

  The financial services market is so over saturated, institutions in some areas are faced with three choices: fail, merge or adapt.

News Briefs

• News Briefs

  By Staff Writer

  News Briefs in the 11/14/07 issue

• News Briefs

  By Staff Writer

  News Briefs for the 11/14/07 Issue

Regulatory/Compliance

• Regulatory and Compliance

  By Staff Writer

  Regulatory and Compliance for 11/14/07 Issue

Special Report

• Sarasota Coastal, Galaxy Team Up to Launch Automated CU Alternative to Payday Lenders

  By Marc Rapport

  Lynne Truschel used a bit of shoe leather and some high-tech help from her friends as her credit union launched its part in the effort to wean folks off payday lenders in Sarasota.

• Report Indicates Mobile Banking Gaining Traction

  By Eileen Courter

  If you're annoyed by a constant stream of people chatting on their cell phones as you walk down the street or try to enjoy a quiet meal in a restaurant, you may want to see those phones as a business opportunity.

• Aimbridge Lending Solutions Expands Web-Based Services

  By Staff Writer

  Aimbridge Lending Solutions is now offering credit unions what it calls its Loan Generation Services, a process for capturing pre-approvals at the branch, over the phone or on the Web and making them accessible to members and dealers over the Internet.

• The View from Vista: IT Hands Prepare for the Inevitable Next Upgrade

  By Marc Rapport

  Almost like election season, IT managers find they have to decide every few years when to change operating systems to the next version of Windows.

• COCC Upgrade Slashes OFAC/FinCEN Compliance Time

  By Marc Rapport

  A Web-delivered free upgrade to its core processing system has sharply reduced the work involved with meeting stringent new Department of Homeland Security reporting requirements, COCC says.

Briefs

• Data Security Organizing Group to Have CU Voice

  By David Morrison

  The organization that developed and updated the so-called card data security standards for the credit and debit card industries will now have a credit union voice--PSCU Financial Services. PSCU is the payment processing CUSO with over 500 credit union owners who use the First Data Corp. card platform.

• Open Solutions Inks Pact with Biometrics Specialist

  By Staff Writer

  Clients of Open Solutions Inc. can now offer their members and customers the fingerprint authentication services of US Biometrics Corp., the companies say.

• Special Report Briefs

  By Staff Writer

  Special Report Briefs for the 11/14/07 Issue

• CEFCU Goes with VSoft for Straight-Through Imaging Flow

  By Staff Writer

  Citizens Equity First Credit Union plans to use a set of imaging solutions from Atlanta-based VSoft Corp.

Statistics

• Data Processing and Technology Statistics

  By Staff Writer

  Data Processing and Technology Statistics for 11/14/07 Issue

Letters to the editor

• Paying Board Members Can Help Attract Needed Talent and Recognize Key Role Of Directors

  By Staff Writer

  Compensating credit union board members--It's an idea whose time has come! This is another example of a much-needed modernization to ensure credit unions remain viable financial institutions. Paul Gentile was absolutely right when he said in his August 8, 2007 column, "It's all about the members, not the volunteers."

• CEOs, Boards Must Prepare Now for Merger Question

  By Staff Writer

  Over the past year we have lead sessions with CEOs and chairmen concerning mergers and growth. This caused me to read the article titled "Merger Clarity", by Myriam DiGiovanni in the November 7, 2007 edition, with great interest. The article presented credit union board leaders' ideas and solutions concerning how...

Opinion

• Steering Car Loans Your Way; Used Car Market Still a Very Fertile Area for Credit Unions

  By Staff Writer

  For credit unions looking for ways to increase loan volume, used car sales are an excellent vehicle. And the more credit union employees understand new car depreciation and how to help members maximize the value of used cars, the easier it will be to drive up loan volume.

Publisher's Column

• News Worth Noting: Fiserv, Corporates, Etc.

  By Staff Writer

  There were some interesting news items this past week that deserve comment: