Credit Union Times Magazine November-21, 2007
In Other News
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In Other News
BRANCHING OUT, DONATIONS,
News
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Credit Union Times Editor/Publisher Paul Gentile Named CEO of New Jersey Credit Union League
Credit Union Times Editor/Publisher Paul Gentile has been named president/CEO of the New Jersey Credit Union League.
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SSFCU Earns Top Nods for Leukemia and Lymphoma Society Fundraiser
Security Service Federal Credit Union has once again earned one of the, "Top Corporate Team," honors for raising over $50,000 for the Leukemia and Lymphoma Society's annual Light the Night Walk.
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Credit Union Merger Activity Declined in 2007
The perception may be evident that credit union mergers are on the upswing, but NCUA statistics show a significant decline from a year ago based on several factors, according to David Bartoo, head of a merger consulting firm here.
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Security of Texas Joining Colorado CU Association
Recognizing the industry push toward multi-state operations, the Credit Union Association of Colorado has landed its first out-of-state member, the $4.1 billion Security Service Federal Credit Union of San Antonio.
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TNB Announces it Has Purchased 140 CU Card Portfolios Since '02
TNB Card Services, the card processing and portfolio management arm of credit union-owned Town North Bank, has purchased 140 credit union card portfolios since 2002, the CUSO said.
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Credit Unions Featured in December Issue of Money Magazine
CUNA, NAFCU, and various credit unions were lauded in a recent Money Magazine article.
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NCUA Provides Corporates New Instructions on Future-Dated ACH Transactions
NCUA issued a guidance letter to corporate credit unions recently providing new instructions on accounting for future-dated automated clearinghouse transactions.
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Scott CU Offers Visa Gift Cards
Scott Credit Union wants to help its members cross a few more gifts off their holiday shopping to do list by offering Visa gift cards.
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BusinessWeek.com Recognizes brass|MEDIA CEO as A Best Entrepreneur Under 25
Bryan Sims has been recognized by BusinessWeek.com as one of the "Best Entrepreneurs Under 25" on its 2007 list. The nomination marks the first time an entrepreneur from the Northwest has been named to the young set of "movers and shakers."
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Bankers, CU Executives Mingle for Vegas Tech Conference
Texas bankers and credit union executives have been rubbing shoulders and coursing the aisles of the annual TechMecca Conference for six years now but next week the groups will do it again with two new wrinkles.
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Cooperative Federal CU Wins CUNA Lending Award
A community development credit union in Syracuse, N.Y., has been recognized by CUNA for its lending program to lower income members and communities.
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Lending Protection May Counter Shrinking Margins
In gaining a "share-of-wallet" that can result in a win-win for the member and credit union, there are several options credit unions might consider.
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Demographics, Competition Strike at Heart of Lending Growth
Increasing spread pressure, changing demographics and competition at every corner are making the lending environment more challenging than ever.
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Most Find Faults in Pandemic-Related Business Continuity Plans
After a three-week, voluntary pandemic flu exercise hosted by the Treasury Department and others, most of the more than 2,700 participants realized gaps in their continuity plans.
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Congress Keeping Busy with Mortgage-Related Legislation
Efforts to alleviate the troubled mortgage market and head off future problems with the subprime market are keeping the congressional schedule full these days.
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Dialing in 'Mobile Banking 2.0': Security, Familiarity a Key to Success in New Delivery Channel
With cellphones outnumbering home computers 2-to-1, Aite Group's Nick Holland believes it inevitable that mobile banking will become as second nature as its online counterpart.
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CUAO Finds 'Volunteer of the Year' at SELCO Community CU
The Credit Union Association of Oregon has named long-time SELCO Community Credit Union board volunteer Betty James as the Volunteer of the Year for 2007.
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PFCU Benefit Raises $7,200 For Katrina Survivors
Philadelphia Federal Credit Union is continuing to do what it can for Hurricane Katrina survivors.
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Massachusetts CU Offers 'Hero' Account, Donation to Military
As a way of saying "thank you" for serving in the military, the $400 million First Citizens' Federal Credit Union is offering rate cuts and a special loan and checking package coupled with a $50 CU donation to a veteran's organization of the member's choice.
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First Florida CU Hosts Child Safety Seat Event
Just in time for the holidays First Florida Credit Union has teamed up with the Tallahassee Police Department to host a free Child Safety Seat Check Event for concerned parents and caregivers.
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PEFCU Proves Membership Has its Perks
Purdue Employees Federal Credit Union is lending a hand to Purdue students strapped for cash this holiday season.
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Life Insurance Comes to First Florida CU Members
First Florida Credit Union has added insurance benefits to its roster of products and services.
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Family First FCU Opens Home and Business Loan Center
Family First Federal Credit Union has opened its Home and Business Loan Center as a means to improve the way the company serves its members by expanding and centralizing its home mortgage department along with business and commercial loan services.
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CUNA Believes Full House Action on Overdraft Legislation Delayed Until 2008
While the Consumer Overdraft Protection Fair Practices Act (H.R. 946) has not gone away, CUNA has received strong indications that it has been delayed.
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Congresswoman Berkley Adds Name to CURIA
Time is ticking away before Congress' Thanksgiving recess, but another co-sponsor has been added to the Credit Union Regulatory Improvements Act (H.R. 1537) in time.
Front Page News
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International Shared Branching Starts Up In Ecuador
For the first time ever, two credit union shared branching systems in different countries are able to talk to one another and handle transactions, according to an announcement from the World Council of Credit Unions, which has sponsored the effort to develop the connection.
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Visa Set For IPO; Longstanding Dispute With AMEX Settled But Issuers, Including CUs, Will Pick Up Bill
As part of readying itself for what may be the second largest initial public offering of stock in U.S. history, Visa USA has settled its longstanding litigation with American Express. The leading card brand will not bear the costs of the settlement itself but has instead passed it off to...
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MEMBERS Trust Builds Reverse Mortgage Center As Another Layer to Estate Planning
Aiming to get in on the ground floor within the credit union industry, MEMBERS Trust Company is gearing up to roll out its own reverse mortgage program.
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Kneading 'The Finest' Dough: A New Way of Starting a Credit Union from Scratch
Three years ago when New York Police Department Deputy Inspector Paul McCormack and Retired Sargent Kevin Madden traveled with their Gaelic Football club to play the Dublin Guards, they did not imagine they would come back with the mission to establish a credit union.
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NCUA Union Makes Significant Budget Impact; Final $158 Million Budget Represents 4.4% Increase
The NCUA Board last week approved a higher than initially anticipated increase in its budget following an agreement on a bargaining contract between NCUA management and the National Treasury Employees Union.
News Briefs
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CUNA Declares New Board Members
CUNA announced two new board members who will take office at the close of the group's Governmental Affairs Conference in the spring.
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Congress Acknowledges Financial Literacy in Head Start Bill
Congress recognized the importance of financial literacy in the conference report on the Head Start for School Readiness Act (H.R. 1429), which re-authorizes the Head Start program.
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Ongoing Operations Signs 50th Credit Union
Ongoing Operations, LLC recently marked a milestone by signing on its 50th credit union.
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Stewart Ramsey New Fort Campbell FCU CEO
Fort Campbell Federal Credit Union has appointed Stewart Ramsey president/CEO.
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Mortgage Forgiveness Language Included in House Approved AMT Bill
The House narrowly passed the Temporary Tax Relief Act of 2007 (H.R. 3996) on Nov. 9, which included language to eliminate mortgage debt forgiveness from gross income for tax purposes.
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CDFI Changes Leadership
The U.S. Treasury's Community Development Financial Institutions fund has gone through a change in leadership even before the end of the Bush Administration. Kimberly Reed, current CDFI Director, has announced her intention to resign and enter the private sector and a replacement has already been named.
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Fiserv's Yabuki Wins 'Innovator Award'
Bank Technology News has named Jeffery Yabuki, president and CEO of Fiserv Inc., as a winner of one of the publication's Innovator Awards for 2007.
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NCUF Chosen for Large HUD Grant
The National Credit Union Foundation has been chosen by the U.S. Department of Housing and Urban Development to administer a grant of more than $700,000 to support home ownership counseling.
Facilities
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TruMark Financial CU Opens Doors to Whitemarsh H.S. Branch
TruMark Financial Credit Union has recently celebrated the opening of the first student-operated credit union branch in Montgomery County at the Plymouth Whitemarsh High School.
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Three IBT Staffers Earn LEED Accreditation
Design/build firm IBT Enterprises, LLC has reached another milestone in its pursuit of environmentally friendly building practices.
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Discovery FCU Headed to Wilson H.S.
Discovery Federal Credit Union has recently partnered with the Wilson School District Board of Directors to open a student-run branch at Wilson High School.
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DEI Gives Back to Community
Design/build firm DEI continues its tradition of reaching out to the community by once again "adopting" a class of fourth graders from Winton Hills Academy, a school located in a low-income area here.
Regulatory/Compliance
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NCUA Announces Record CDRLF Loan Volume
NCUA recently announced that its Community Development Revolving Loan Fund has maxed out and set a new record.
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Consolidation Could Cut Back on SBA 7(a) Form Redundancy, CUNA Suggests
To eliminate redundancies of forms used by the Small Business Administration's 7(a) loan program, consolidation may offer some relief, CUNA suggested in a comment letter to the agency.
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SEC Proposes Online Apps for Mutual Funds, Others Seeking Exemptions
The Securities and Exchange Commission has proposed that mutual funds and other companies seeking exemptions under the Investment Company Act of 1940 submit their applications electronically so investors can access them sooner and the commission can consider them more quickly.
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New NCUA Associate Director of External Affairs to Join PACA Team
NCUA Chairman JoAnn Johnson announced today that Jeremy Carl has been appointed associate director of external affairs.
Tech Bytes
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Kentucky CUSO Commits to Rembrandt
Alliance Institutional Services LLC says it will use the Rembrandt Lending System from Wolters Kluwer Financial Services for its member business services.
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L9 Partners with American Technology Services on Web Site Services
American Technology Services Inc. has partnered with L9 to sell the CUSO's Web site solution to financial institutions.
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Malware Attacks Surge in Third Quarter
Malware attacks that focus on obtaining personally identifiable information surged in the third quarter of 2007, according to a new report from Cyveillance.
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Open Solutions Offers MShift Mobile Banking to Client List
Open Solutions Inc. now will be offering its clients the mobile banking platform from MShift Inc., a Silicon Valley wireless specialist that has been gaining traction lately in the credit union space.
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New Jersey CUSO to Distribute E-Banking ATM
Tellagent LLC has signed a multi-year agreement with Pantel Systems Inc. to distribute the company's e-banking ATM and other financial products and services.
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Passageways Adds New Modules
Passageways is adding two new modules to its set of portal solutions: the Knowledge Management and Learning Management applications.
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RTP FCU Goes First with OneBridge Interface
RTP Federal Credit Union is the first CU to go live with a real-time interface with its core processing system from credit and debit card processor OneBridge Inc.
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Passageways Signs Four More CUs
Passageways has added four more credit unions to the list of financial institutions using the CUSO's intranet portal solutions.
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Cypress Software Names Exec, Announces Alliance
Cypress Software Systems has named a new key executive and announced a new alliance with a small business credit risk specialist.
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San Antonio Citizens FCU Pre-Approving Loans with Aimbridge Solution
San Antonio Citizens Federal Credit Union is expanding its relationship with Aimbridge Lending Solutions, adding the Colorado-based company's Loan Generations Services.
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Two-Sided Card Customization Launched at BAI by DCS
What's being called the first patent-pending, instant-issuance product that offers full, over-the-edge card personalization has been introduced by Dynamic Card Solutions.
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Wincor Nixdorf Debuts Compact ATM At BAI
Wincor Nixdorf is showing off a compact, new ATM at the BAI Retail Delivery exhibition in Las Vegas.
Special Report
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Forums Sparks Honest Dialogue at NACUSO Business Services Collaborative
With a promise to provide a series of intimate roundtables for open and sometimes brutally honest discussions on business services and the role CUSOs can play in meeting credit unions' needs, NACUSO recently held its third annual Business Services Collaborative.
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Michigan Business Lending Feeling Impact of State's Woes
A few trouble spots have emerged within the business lending realm at some of Michigan's credit unions and banks as the state continues to grapple with its economic woes.
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'Buy CUSO' Campaign Builds Early Momentum with $25,000 Donation
The message is clear and needs to be heard, advocates say: 'Buy CUSO' and "keep the money in the family."
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Draws, Flaws in Starting, Maintaining Business Lending Program
The responses to the pluses and minuses of starting and maintaining a successful business lending program were as varied as their approaches during a spirited roundtable held during NACUSO's Business Services Collaborative.
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ASI FCU Beacon to Members Still Reeling From Katrina
Many of the members served by ASI Federal Credit Union live in the Ninth Ward here and were devastated by the destruction that Hurricane Katrina caused more than two years ago.
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Regulatory Roundtable Covers Litany Of Timely Areas
A number of regulatory issues in business lending were up for discussion during a session that spilled over into areas of examiner qualifications and waiver use.
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Member Business Loans Grow Nearly 20% Since 2002
Credit unions are on track to grow member business lending 20% by the end of the year.
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Managing Cap on Member Business Lending Most Common Complaint, NCUA MBL Program Officer Hears
Since coming aboard in July as NCUA's new member business lending program officer, Margaret Ross is getting an earful from credit unions.
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NCUA Board Member Hyland Applauds SBA's Patriot Express Strides
The early success of the Small Business Administration's Patriot Express Loan initiative is good on a number of fronts for credit unions, NCUA Board Member Gigi Hyland said.
Opinions
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Credit Unions and the SBA, Perfect Together
Credit unions and the U.S. Small Business Administration are important partners bolstering America's small businesses.
Publisher's Column
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The Time Has Come
Tables turned. Instead of writing about the news this week, I made the news.
On-Site Conference Coverage
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Mitchell Named CEO of 'Career Connections' Firm
Gene O'Rourke named MyDAS co-founder Sue Mitchell CEO of his executive headhunting firm at the California and Nevada Credit Union Leagues Annual Meeting last week. The company, which operates the Career Connections placement service, has also changed its name to O'Rourke, Mitchell and Associates.
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League Members Approve District and Assembly Changes
In an attempt to increase efficiency, add value to elected officials, and better represent all asset sizes and geographical locations, members of the California Credit Union League approved changes to its delegate system during its annual meeting last week.
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Leagues Overwhelmingly Approve Another Year of Advocacy Funding
California and Nevada credit unions overwhelmingly approved another year of advocacy campaign funding during the league's annual business meeting sessions. Nevada credit unions unanimously supported the 2008 campaign, with roughly 95% of California credit unions declaring aye.
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Foundation Presenters Introduce Cooperative Social Responsibility Concept
National Credit Union Foundation Executive Director Steve Delfin and DE Program Director Tom Decker debuted some new material during a breakout session at the California and Nevada Credit Union Leagues annual meeting last week.
People
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People
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