Credit Union Times Magazine October-24, 2007
In Other News
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In Other News
In Other News 10/24/07
News
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UNFCU Financial, Pentegra Align to Broaden Retirement Advisory Offerings
UNFCU Financial Advisors and Pentegra Retirement Services announced a new alliance that will allow Pentegra to offer plan sponsors and participants the financial advisory services of the CUSO, a division of UNFCU Financial Services LLC, a wholly owned subsidiary of $2.5 billion United Nations Federal Credit Union.
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Bachus Names New House Financial Services Committee Member
Congressman Kevin McCarthy (R-Calif.) has joined the House Financial Services Committee, Ranking Member Spencer Bachus recently announced.
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XCalibur Card in Final Stages Before Credit Union Pilot, Aim to Bring Rampant Fraud to Screeching Halt
With the aim of literally stopping fraud in its tracks, XCard Holdings, LLC is prepping to pilot its new XCalibur card with a handful of credit unions.
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Leadership Summit Highlights New Ways To Bolster Membership Lending
A number of industry experts provided insight at Member Business Lending, LLC's Leadership Summit, which took place Oct. 9-11 here.
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N.H. FCU Hosts Fin Lit Fair
New Hampshire Federal Credit Union of Concord recently sponsored the CU 4 Reality Financial Literacy Fair held at America's Credit Union Museum.
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PSFCU Uses Pulaski Day Parade to Reach Younger Members
Polish & Slavic Federal Credit Union saw the perfect opportunity to "parade" its contemporary approach, its commitment to values, and its unique products and services before a younger audience--the Pulaski Day Parade.
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Kent CU Names New CEO
Kent Credit Union has a new CEO in former Community United Credit Union CEO Joseph D. Crawfis.
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Merger Plans for Great American CU, Wescom
On November 13th, Great American Credit Union members will be voting on whether or not to merge with Pasadena-based Wescom Credit Union.
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TCUL Announces 2007 Marketer of the Year
The Texas Credit Union League has named AMOCO Federal Credit Union Marketing Director Tina Linquist, the Texas Credit Union Marketer of the Year for 2007.
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Saugus FCU Teaches the Value Of Savings
he Saugus Federal Credit Union's (SFCU) Youth Savings Program at the Lynnhurst School helps elementary school students learn the value of saving money and watching their savings grow at the credit union.
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SBA 504 Secondary Market Program Makes Debut
With the rollout of its new Small Business Administration 504 Secondary Market Program, Member Business Lending, LLC and WesCorp said it is providing a way for credit unions with ways to reduce regulatory caps, improve return on asset, reduce risk and expand business lending options.
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Bill Spivey Ready For Next Phase of Life, Retires After 52 Years of Movement Service
Not too many in the industry can say they've been steeped in the credit union movement for more than 50 years.
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NuUnion CU Unveils Estate Planning
NuUnion Credit Union has joined forces with American Advisors to provide members with discounted estate planning that includes a free consultation and in-depth needs analysis.
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NCUA Re-Schedules Two 2008 Board Meetings
NCUA announced that it was already re-scheduling a couple of its board meetings for next year.
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NAFCU Lines Up All-Star Cast for 2008 Annual Conference for San Diego
From British comedy to best-selling authors, NAFCU's 41st Annual Conference next year will feature a variety of entertainment in addition to educational opportunities.
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Golden Bay FCU Plans for Continued Financial Success, Members Approve Merger With Meriwest CU
By no means was Golden Bay Federal Credit Union seeking to merge due to financial woes.
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California Governor Vetoes Data Security Bill
In a move which some credit union supporters expected but hoped would not happen, California Governor Arnold Schwarzenegger has vetoed a landmark piece of legislation that would have given credit unions recourse in the courts when damaged by a merchant's card security breach.
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Bellco Waives Foreign ATM Fees
Stepping up an attack on high bank fees, Bellco Credit Union announced last week it has halted all noncustomer ATM charges.
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Credit Union Organizations Voice Serious Concerns with Reg Z Proposal
Crucial changes are needed to the Federal Reserve's proposed Regulation Z changes in order to not overburden consumers or financial institutions, the two national credit union trade associations said in official comment letters.
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July 25, 2007League Management Pacts Now Seem in Vogue; Oklahoma Considering Its Next Move with Poitras Retiring
The recent national push by leagues to reduce program overlap, consolidate and cut costs is bringing heightened interest to those state-to-state management agreements and partnerships among the trade groups.
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Autoland Inc. Expands Service Reach; Seeks CU Partners
Since becoming a credit union service organization, Autoland, the nation's largest and the west coast's leading credit union auto-buying service has signed 13 new credit unions and now serves more than 300 CUs.
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Georgia Representatives: High Time for CURIA Hearing; Two Re-Sign with CURIA
The 13-member Georgia congressional delegation has written House Financial Services Committee Chairman Barney Frank (D-Mass.) and Ranking Member Spencer Bachus (R-Ala.) urging a hearing on the Credit Union Regulatory Improvements Act (H.R. 1537).
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United Teletech Financial Sponsors Monmouth County SPCA in Dog Walk and Pet Fair
On Saturday, October 6, United Teletech Financial (UTF) employees, family, and members participated in the Monmouth County SPCA 14th Annual Dog Walk and Pet Fair held at Brookdale Community College. Volunteers from all over the county brought their families, friends and dogs to enjoy the event and show their support....
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Mann Encourages CUs to Sell CMN Postcards in Lobbies
Credit Union Miracle Day Vice Chair Theresa Mann, also president/CEO of FDIC Federal Credit Union, urged credit unions at the recent Metropolitan Area Credit Union Management Association luncheon to sell postcards in their lobbies to support the Children's Miracle Network.
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House Overwhelmingly Approves Internet Tax Ban Extension
The House voted 405-2 in favor of the Internet Tax Freedom Act (H.R. 3678).
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Credit Union Loan-to-Share Ratio Continues to Exceed 80%
Loan growth just barely exceeded savings growth between August and July, according to CUNA's Monthly Credit Union Estimates.
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Maine Supreme Court Rules in Favor of Credit Unions, Allows IOLTA Use to Continue
Despite questions on certain eligibility criteria, the Maine Supreme Court recently ruled that all of Maine credit unions could indeed offer interest on lawyers trust accounts or IOLTAs.
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$1.2 Billion Wright-Patt Goes with IA Systems LOS Platform
Wright-Patt Credit Union will be using a new loan origination system from IA Systems to automate and accelerate its lending processes and integrate them with its core processor.
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Big Award Could Boost Latino Community Credit Union Even Higher
The $51 million Latino Community Credit Union will add branches and roll out some much needed products, like fixed rate mortgages, should the CU win a large award from a philanthropic partnership between Wachovia Bank and the John D. and Catherine T. MacArthur Foundation.
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Bottom Line Benefits Revealed in Educated Investor Collaborative
After incorporating financial education programs into sales and service programs, several credit union executives recently shared how the transition has helped their financial institutions achieve strong "bottom-line benefits."
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American First CU Taps Teens for Insight to Reaching Younger Members
Wanting to know what teens want from their credit union membership, American First Credit Union recently hosted a teen advisory panel.
Front Page News
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Heads Up! Capital One's New 'Decoupled' Debit Card Could Threaten Core CU Product
Noted credit card issuer Capital One is working on a new debit card product that will allow cardholders to withdraw funds from their credit union share draft accounts and heralds the beginning of what may be another revolution in the retail card market.
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Chandler Quits Connecticut League to 'Return Home to Minnesota'
Citing family worries, Kevin Chandler, the president/CEO of the Credit Union League of Connecticut for the last year and a half, has resigned to return to his home state of Minnesota.
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Becker Clears Air on Several Controversial Issues, Including CUNA-NAFCU Merger
NAFCU President/CEO Fred Becker responded to a number of tough questions during a recent luncheon of the Metropolitan Area Credit Union Management Association.
News Briefs
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Drivers License as Debit Card?
While National Payment Card is capable of using an issued card platform for its decoupled cards, the company so far has seen a lot of its growth in getting consumers in the 21 states that put magnetic stripes on their drivers' licenses to turn those licenses into debit cards.
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News Briefs
News Briefs 10/24/07
Facilities
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Facilities
Facilities 10/24/07
Marketing
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Marketing
Marketing 10/24/07 Issue
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Utah's 'Bob' Ad Campaign Spreading to Ohio
Citing success in Utah and other states, a group of Ohio credit unions led by the Ohio Credit Union League have adopted the "Bob the Credit Union Guy" ad campaign for a 2008 statewide launch.
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Georgia's Own CU's Branding Initiative Plays Up Community Ties and Social Responsibility
After 73 years, the time was right for a change for Georgia Telco Credit Union.
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Altura Credit Union Staffers Take Their Kids to Work
Altura Credit Union staffers gave their children a glimpse into their daily work-a-day world recently when dozens of families participated in Take Your Child to Work Day.
Regulatory/Compliance
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Regulatory and Compliance
Regulatory and Compliance 10/24/07 Issue
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Regulatory and Compliance
Regulatory and Compliance 10/24/07 Issue
Tech Bytes
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Tech Bytes
Tech Bytes 10/24/07 Issue
Special Report
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Treasury and HUD Join Private Sector to Announce Program to Salvage Homeownership
Treasury Secretary Henry Paulson and Department of Housing and Urban Development Secretary Alphonso Jackson were joined by mortgage market participants Oct. 10 in announcing a new alliance to strengthen efforts for struggling homeowners.
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America's Credit Unions at the NAR
The best-kept secret in financial services is also the best-kept secret in mortgage providers: credit unions. But that notion has some chinks in its armor, as ACUMA, the American Credit Union Mortgage Association has been tapping away at realtors' unfamiliarity with CUs as home lenders for several years now by...
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Mortgage Cycle Remembered at San Diego County CU
What goes up must come down and bubbles filled with hot air go 'pfffttt' eventually. That expresses the 'been there, seen that before,' philosophy expressed by Scott Norris, SVP of Real Estate at San Diego County Credit Union (www.sdccu.com) here. "I've been around for thirty years and we've been through...
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Mortgage Workout Not an Easy Path for NIH FCU Member
Michael David Kerns doesn't fit the expected profile of an American in a mortgage jam, but as the housing crisis in America filters down to middle class homeowners, that profile will undoubtedly change. Kerns is a scientist at the National Institute on Aging at the National Institutes of Health in...
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Affinity Plus CU Uses Freddie Mac Securitization Swaps
Adding another arrow to its quiver of real estate options, Brad Volkmann, director of real estate for Affinity Plus CU here related how the CU traded a $17 million portfolio of loans for a security of those loans created by Freddie Mac.
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BECU Offers Paperless Mortgage Story At MBA Conference
The guest speakers at the Mortgage Bankers of America's 94th Annual Convention and Expo here Oct. 14-17 had that "Who's Who" cache, with Richard Branson (Virgin Airlines) Bono (U2), Doris Kearns Goodwin (Pulitzer Prize-winning historian/author) and George Foreman (heavyweight boxing champion) on tap. A panel presentation on Oct.16 also featured...
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BECU Offers Paperless Mortgage Story At MBA Conference
The guest speakers at the Mortgage Bankers of America's 94th Annual Convention and Expo here Oct. 14-17 had that "Who's Who" cache, with Richard Branson (Virgin Airlines) Bono (U2), Doris Kearns Goodwin (Pulitzer Prize-winning historian/author) and George Foreman (heavyweight boxing champion) on tap. A panel presentation on Oct.16 also featured...
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Affordable Housing Fund Passes House
The full House last Wednesday approved the National Affordable Housing Trust Fund Act of 2007 (H.R. 2895).
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Recession Watch is Now On; Hampel Sees 40% Chance
The latest Housing Starts report, showing a drop of 10% for the month in the building of new homes has raised the red flag of recession. The annual level is now 1.19 million, compared to a 1.33 million rate in August, down nearly 31% from a year-ago, making it the...
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A CU Mortgage by Any Other Name
Unitus Community Credit Union Mortgage Lending Manager Dawn McCarn reports that delinquencies there are very low at less than .10% and just four loans were even late in October.
Briefs
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Banks Feeling The $20 Billion Pain of Subprime Crisis
Banks that bet heavily on mortgage backed securities have been taking writedowns on losses in the subprime market and the damage is hurting the bottom line. So far the total estimate is put at $20 billion.
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Fidelity National Info Services and Compass Analytics Deliver Prepayment Models
Fidelity National Information Services, Inc. (www.fidelityinfoservices.com) and Compass Analytics, LLC announced the integration of FIS' Applied Analytics prepayment model into Compass Analytics' mortgage analytics solution, CompassPoint. In addition to intelligent and predictive risk analytics and data for the mortgage industry, FIS' broker, banking and investment customers will now have access...
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Mortgage Special Report Briefs
Mortgage Special Report Briefs 10/24/07
Opinions
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Exploring the New Frontier of Mortgage Lending
Fifty years ago, the former Soviet Union launched Sputnik, the world's first artificial satellite. Few people at that time could envision the role that man-made satellites would play in the development of the modern world. But since then, things have changed dramatically. Today our planet is surrounded by thousands of...
Statistics
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Credit Union Mortgage Lending Solid in Face Of Subprime Problems
Credit unions are showing remarkable strength in both overall lending and especially in first mortgage loans. At mid-year, first mortgage loans are $173.6 billion, nearly $16 billion over the year before.
Letters to the editor
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More CU Trade Associations Needed, Not Fewer: Too Many CUs Already Disenfranchised
In his October 10 Credit Union Times opinion essay, former CUNA Chairman Yuri Valdov contends that dropping his credit union's membership in NAFCU, thereby enabling CUNA to be the sole national voice for credit unions, will somehow cure all of the industry's ills. He couldn't be more wrong. Credit unions...
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Overdraft Protection: Can We Be Trusted?
Extraordinary rendition and credit union "Courtesy Overdraft" programs have two things in common. First, it takes some pretty tortured logic to justify both practices; and, one usually shouldn't place too much confidence in "testimonials" resulting from twisted arms or from twisted consciences.
Opinion
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Employees Still Face Retirement Savings Shortfall
There seemed to be some good news reported recently on employee participation in 401(k) plans. A new study from the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) indicated the average participant balance increased from $67,760 in 1999 to $121,202 at year-end 2006. Could it be employees...
Publisher's Column
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A Week of Smart Moves and Good Public Relations
Some weeks credit unions and credit union organizations just get it right in the public relations realm--last week was one of them. There were a number of great examples of good PR moves that go a long way in boosting the image of all credit unions.
People
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People
People 10/24/07
- The 4 Major Designs of the $100 Bill (Slide Show)
- Anonymous May 7 Target List Includes 12 Large Credit Unions
- Theresa Portillo Sentenced to 6½ Years in Prison for Looting Feminist CU
- WesCorp’s Legacy Losses Outpace Other Corporates
- Stacie Wyss-Schoenborn Seeks Innovation One Step at a Time: Women to Watch
Resource Center
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