Credit Union Times Magazine April-02, 2008
In Other News
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Branching Out / Awards
Branching Out / Awards
News
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Aging Baby Boomer Market Ripe for Credit Union Attraction, Retention Prospects
As the baby boomers inch their way into retirement, credit unions are faced with the prospect of the most influential demographic needing retirement products as well as the challenge of how to attract their business.
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AEA of Arizona Again Captures 'Best of' Honor in Yuma County
Marking some kind of local record, the $344 million AEA Federal Credit Union has done it again: It was named "Best Financial Institution in Yuma County" for the seventh year in a row.
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NYCUF Coordinates LifeSmarts Contest
For the second year in a row, a new team of high school students from Irondequoit High School in Rochester, NY, captured the 2008 New York State LifeSmarts title when they bested 12 teams that converged in Albany from around the state to compete in the statewide finals.
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SECU Foundation Breaks Ground on Another N.C. School Housing Project
Another economically disadvantaged North Carolina county will be able to help stabilize its teaching population thanks to a project being financed by the State Employees' Credit Union Foundation.
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Sharetec Adds Six CUs To Client List
Sharetec Systems Inc. said six credit unions have recently decided to convert to its core processing system.
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Cypress Software Hires Brian Lee as New Vice President for Development
Cypress Software Systems has named a new vice president of software development.
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Marketplace Demands Help Filene i3 Innovation Projects Move to Fruition
What started out in 2004 as a group of industry movers and shakers coming together to bring real solutions to credit unions has blossomed into several projects prepped for actual implementation.
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'Boomer-Preneurs' Speak: Keep Checking Simple, Make Payroll and Accounting Easy
Mazuma Credit Union wanted to gauge how many baby boomers were seriously considering starting their own businesses.
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Members Leap Over Each Other To Get At E53 FCU CD Offer
For one day, members and nonmembers played leap frog in a big way at E53 Federal Credit Union.
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CUNA Mutual Urges Ongoing Vigilance to Thwart Crafty HELOC Scams
A call center supervisor reacting to a CUNA Mutual alert about a sophisticated fraud scheme aimed at home equity lines of credit thwarted a potential loss of $548,000.
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Enterprise and NewGround Create Digital Signage Graphics for CUs
Enterprise Car Sales and NewGround, a design company have joined to promote credit union member interest in special used car values through a digital signage graphics program.
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Widening Gap - Study Finds Some CUs Grow Services While Bulk Lags; Experts Differ on How to Correct
A few more credit unions successfully stepped up their efforts to expand the average number of the products and services their members use and build their average account balances in 2007, but most did not.
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AltaOne Question Marks Spark Buzz About New Member Center
RIDGECREST, Calif. -- For AltaOne Federal Credit Union a question mark helped get area residents buzzing.
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NCUF Redeploying $200,000 for More Flexible Disaster Relief
Seeking more flexibility in how disaster donations are disbursed, the National Credit Union Foundation took steps last week to help out Alabama tornado victims at the same time it got donor approval to redesignate $200,000 in California wildfire contributions from last year.
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SECU of Maryland Staff Attends Small Business Training Program
CU Business Capital LLC and State Employees Credit Union of Maryland recently conducted a small business training program.
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Lobbyists Work to Keep CU Interests Before Lawmakers as New Rules Percolate
Increased regulation for the financial services industry appears to be one of the most likely outcomes of the current financial crisis, but credit union lobbyists are working to promote credit union interests in the new conversation.
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MagTek Offers Card Features via Ultradata
MagTek Inc. said its IntelliCAT card issuance and PIN selection system has now been integrated with the Ultradata core processing system.
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Sekurus Introduces iLOCATE Tracking, a Global Positioning System
Sekurus Inc., which focuses on protecting auto assets through management and tracking systems that secure the subprime auto loan portfolios of auto dealerships and financial institutions, recently announced iLocate, a global positioning system that utilizes digital cell phone technology to track vehicles anywhere in the world.
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CMBDC Committee Members Named
The CUNA Marketing and Business Development Council has named the members of its new executive committee and officers.
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Marketers Shine at CUNA Conference
Rob Kimmett, Kelley Parks and Sean McDonald recently took center stage at the CUNA Marketing and Business Development Council Conference.
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Frank Unveils Mortgage Rescue Bill That Would Provide $300 Billion
On the heels of the White House-blessed and Treasury-approved bailout of Bear Stearns, Representative Barney Frank (D-Mass.) offered his mortgage rescue legislation to Congress.
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Alabama Telco Makes NCUSIF Switch
Effective April 1, Alabama Telco Credit Union is changing its deposit insurance to insurance provided by the National Credit Union Share Insurance Fund.
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Gary Spivak Joins North Jersey FCU
North Jersey Federal Credit Union has hired Gary Spivak as a financial adviser with its CUSO, North Jersey Investment Services.
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Member One FCU CEO Dick Williams Announces Retirement
After 36 years Member One Federal Credit Union CEO Dick Williams is retiring.
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Aging Population, Growing Demand Propels MEMBERS Trust to $500 Million
A milestone nearly five years in the making, MEMBERS Trust Co. is celebrating reaching $500 million in assets under management.
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Three More CUs Sign On for Service Coverage from LSI
Lending Solutions Inc. said it has signed up three more credit unions as clients of its member service center in Elgin.
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Pennies for United Way
Covera Card Solutions is offering credit unions the opportunity to participate in United Way's Pennies for Change program to their members. Through this program, members of participating credit unions can opt to donate one penny every time they use their credit or debit card to make a purchase. The pennies...
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TruHome Solutions Hires New Mortgage Sales Manager
TruHome Solutions, a mortgage lending CUSO, has recruited Ed Powell as its new mortgage sales manager.
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Co-operative Payroll Names EVP
Jan Harding-Baker has been promoted to executive vice president at Co-operative Payroll Solutions LLC, a payroll and tax processing CUSO.
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The Golden 1 CU Assists Smaller CUs
The Golden 1 Credit Union announced a new compliance program that is designed to help Shapiro Group credit unions in California stay current on required compliance, security and operational training.
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Empower CU President Makes Forty Under 40 List
Empower Credit Union President Jennifer Schilling has been honored by the Milwaukee Business Journal as a "Forty Under 40" award winner.
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Forrester Report Identifies New Jobs for Arduous Social Networking Strategies
Creating and running social network applications can be a daunting task for credit unions and other organizations facing a need to effectively deploy these new mass communications tools.
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Sunmark FCU Facilitates Networking
Sunmark Federal Credit Union will be a sponsor for the Rensselaer Polytechnic Institute Incubator's Networking Series for 2008.
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US Federal CU Recognizes HEROs of Volunteerism
Within the walls of US Federal Credit Union lurks a few HEROs.
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Mountain America CU Business Services Member Raves About Bank Switch
Jim Ackerman, owner of Ascend Marketing, is raving about switching his business accounts from a major bank to Mountain America Credit Union.
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Idaho First Lady Appears in Ads
The wife of Idaho Governor C. L. Otter is becoming a TV pitchwoman on education for the Idaho League of Credit Unions next month.
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Redwood CU, California Preferred To Merge in June
Redwood Credit Union and California Preferred Credit Union have announced plans to merge on June 1, 2008.
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Another Credit Union Figures Out How to Strengthen Moribund Card Program
The $900 million NASA Federal Credit Union has discovered, as have other credit unions, ways to improve what had been a moribund credit card program into a higher performing asset.
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NASCUS System Summit To Feature Gee And Sims
ARLINGTON, Va. -- Idaho State Regulator Gavin Gee and Brass Media's Bryan Sims are among the speakers lined up for the annual NASCUS State System Summit.
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Mobile Banking Offered by Gesa CU
Mobile banking is the latest offering from Gesa Credit Union.
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Hyland Highlights NeighborWorks Mission in WHF Speech
NCUA Board member Gigi Hyland addressed the Women in Housing and Finance at the group's pubic policy luncheon on March 25 and chose to call attention to the valuable work being done by NeighborWorks. Saying the efforts being of NeighborWorks was always relevant, it has never been more so than...
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Eastern Corp. FCU's ALM & Investment Academies Reach 10-Year Milestone
Eastern Corporate Federal Credit Union's ALM & Investment Academies reached the 10-year milestone earlier this month, when 50 students completed coursework at Babson College in Wellesley, Mass.
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FORUM Sells Software Business To Akcelerant
Akcelerant Software LLC has added 29 credit unions to its client base in one stroke of the pen with the purchase of the TAPS lending software business from FORUM Solutions.
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Eli Lilly FCU Adds 16 CUs To Members Auto Source Buying Service
Through its CUSO, LCU Financial Services LLC, Eli Lilly FCU here has now added 16 Indiana-based credit unions to Members Auto Source, which provides auto-buying services to CU members.
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Modeling Can Help Credit Unions Find Just Right Spot to Build That New Branch
We've all heard the phrase "location, location, location," but what if selecting the right site could make a difference of as much as $100 million in deposits?
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Carolina Postal CU 'Hoopty Love' Campaign Takes on a Life of Its Own
Talk about organic growth. Carolina Postal Credit Union is still riding the wave of its popular "I Love My Hoopty" campaign.
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Core Processors Seen as Key Drivers of Mobile Banking Deployment
The time has come for mobile banking to gain serious traction, and core processors will have a particularly crucial role, according to a veteran observer of the financial services technology scene.
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VINtek Launches TitleMyCar.com
VINtek, a provider of automotive collateral management services for automotive finance lenders, announced the launch of TitleMyCar.com, a direct-to-consumer auto loan documentation portal. TitleMyCar.com is used by direct auto lenders in conjunction with virtual lien perfection services also provided by VINtek (www.vintek.com).
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CUs Display Strong Showing in 2007, but Sagging Economy Begins to Show
Credit union assets and net worth continued to increase through 2007 as earnings followed their recent downward trend, according to a recent NCUA Letter to Credit Unions (08-CU-04).
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Patriot Loans Appeal to Military
Small business owners with military ties are gravitating to the Small Business Administration's Patriot Express Loan Initiative in a big way.
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Franchises Remain an Untapped Business Loan Market
Franchises still remains an untapped market for credit unions and banks even though this business sector's numbers have increased 65% over the past five years.
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Glatt Consulting Launches Net Promoter, New Member Satisfaction System
Glatt Consulting LLC has released its new Net Promoter consulting solution for credit unions.
Front Page News
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Renting a Car Dealership Plan Pays Off For Sentinel FCU and Soldier-Members
Shirley Stover's initial idea was for Sentinel FCU to just buy its own car dealership so it could offer more car choices and better deals to the soldiers at Ellsworth Air Force Base here. But Sentinel FCU, a $48 million-in-assets CU, couldn't afford that, CEO Nancy Ellwein told Stover, so...
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Northeast CUs Begin Process of Reissuing Cards After Data Breach
Credit unions in Maine and scattered across other New England states are bracing themselves for potential costs in closing and reissuing credit card accounts after another U.S. retail chain reported a card security compromise.
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Banking Meets Facebook - Credit Unions, Core Processor Work to Meet Gen Y'ers Where They Live
You don't have to be a math professor to understand the implication of these numbers.
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Credit Union Goes to Court - Should Debtors Keep Cars Without Complying with Reaffirmations?
CUNA and the North Carolina Credit Union League have submitted arguments to the U.S. District Court for Eastern North Carolina in support of an effort to prevent credit union members who have entered into bankruptcy from keeping cars they owe the CU for if the bankruptcy court does not approve...
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In Setback, Kansas CUs Prep to Meet FOM Limits Under Cleared Bill
The state's eased laws on statewide branching for credit unions seem about to end and could cause a reduction in CU membership growth.
News Briefs
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America's Conference Announces Speakers
The keynote address at the America's Credit Union Conference and Expo this summer will be given by HGTV cofounder Susan Packard.
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DealerTrack Launches Independent Network
DealerTrack Holdings Inc. here announced a new platform to connect independent dealers to its network of financial institutions. The DealerTrack Independent Network is a new Web-based platform connecting independent dealers and financing sources, including credit unions. The platform will include risk-mitigation capabilities that enable dealers to provide additional financing options...
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Iowa CUs Pledge More Student Loan Help
Reaching out to ease the liquidity squeeze in the student loan market, the Iowa Credit Union League said last week that member CUs are prepared to provide funding for Iowa college students through the Iowa Student Loan Liquidity Corp.
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District Court Sets Judge in UBIT IRS Case
The case between the IRS and a Wisconsin credit union has moved closer to going to trial.
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Credit Union 24 Board Appoints Alliant CU CEO
Alliant Credit Union President/CEO David Mooney has been appointed to Credit Union 24 Inc.'s board of directors.
Facilities
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Saugus FCU Mentors Students on Banking Experience
Saugus Federal Credit Union recently gave Oaklandvale Elementary School students some hands-on banking experience.
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UIECU Celebrates Five Points Facility
University of Illinois Employee's Credit Union has recently celebrated the opening of its new Five Points branch. According to UIECU Executive Vice President Greg S. Anderson, the new facility establishes high visibility in a rapidly developing area.
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PrimeWay FCU Opens Doors In North Houston
PrimeWay Federal Credit Union recently hosted a ribbon cutting ceremony for the newly relocated and expanded North Houston Greenspoint branch.
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OnPoint Community Heads To Wilsonville
OnPoint Community Credit Union is branching out and will open a new facility in Wilsonville, Ore., one of Portland's largest suburbs.
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Vantage CU Celebrates Wood River Opening
Vantage Credit Union celebrated its merger with Community Educational Federal Credit Union with a Wood River branch VIP ribbon cutting ceremony and public grand opening celebration attended by city and local officials as well as current and former credit union board members.
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Clearview FCU Branches Out
With its new Hopewell Township location Clearview Federal Credit Union has opened its seventh branch. More branches are slated to be opened in 2008.
Regulatory/Compliance
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NCUA Issues Two Prohibition Orders
The NCUA Board has issued an order prohibiting two individuals from participating in the affairs of any federally insured financial institution.
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Half of All Checks Are Consumer To Business, Fed Study Reveals
Nearly half of all checks written today are consumer to business, according to a recently released study by the Federal Reserve.
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Hood Stresses Homeownership During Hard Times at NFCDCU Seminar
NCUA Vice Chairman Rodney E. Hood addressed attendees of the National Federation of Community Development Credit Unions Mortgage Lending Seminar and commended them for their positive work in the current economy and stressed the importance of continuing to "be a part of the solution."
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Agencies Seek Public Comments on Revised Flood Insurance Q&A
The federal bank, thrift, credit union and Farm Credit System regulatory agencies are requesting public comments on new and revised interagency questions and answers regarding flood insurance for the Interagency Questions and Answers Regarding Flood Insurance that was first published in 1997.
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FinCEN Issues Deficiencies Advisories On Iran, Uzbekistan, Turkish Cypriot
The Financial Crimes Enforcement Network issued advisories to banks and other financial institutions of serious deficiencies in the anti-money laundering systems of the Republic of Uzbekistan, the Turkish Cypriot administered area of Cyprus, and the Islamic Republic of Iran.
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SBA Seeks Oversight, Risk Feedback at Public Forums
NAFCU is encouraging credit unions to make their voices heard during a series of public comment meetings hosted by the Small Business Administration on its lender oversight and credit risk management systems.
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Federal Reserve Bank of St. Louis Appoints New President/CEO
The board of directors of the Federal Reserve Bank of St. Louis appointed James B. Bullard as the bank's new president/CEO.
Special Report
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Despite Rebates, New Car Sales Reach Low Point
What was the cost of automakers' incentives in 2007?
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Technology Ramps Up Enterprise Car Sales Program at Schools Financial CU
Schools Financial Credit Union is now increasingly using online communications with members to inform them of new products and special lending programs because monthly measurement of service satisfaction proves it reinforces loyalty.
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DealerTrack Affords Quick Response to More Than 400 Credit Unions
Because approximately 90% of all franchised automotive dealers in the United States are active users of DealerTrack's credit application portal, David Trindler, the company's senior vice president of network solutions, wants CUs to know its process affords a quick response, which is key to getting the loan.
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CUDL AutoSmart Program and Web Site Recognized for Excellence by Summit
The CUDL AutoSmart Program and Web site has been presented with Summit International's 2007 Marketing Effectiveness Award for outstanding achievement.
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CUDL Resources Run Deep in Sweeping Effort to Expand Its Dealer Network
Sitting atop their multistoried booth at the National Automobile Dealers Association conference here in mid-February, CUDL President/CEO Tony Boutelle and Executive Vice President Jerry Neeman surveyed the traffic below and glanced across the cavernous exhibit hall at the Moscone Center.
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Outmaneuvering Dealers, Truliant FCU Scores with Zero-Rate Auto Loans
How can credit unions compete with auto dealer's zero-financing offers? One way that's never been tried by CUs, according to officials at Truliant FCU here, is a program they conceived called the zero-rate loan.
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After Paring Down, Autoland Extends Its Ownership Reach
It's not been easy these past six months, admitted Mark Chandler, president of Autoland Inc., the auto buying CUSO resource for hundreds of credit unions nationwide, most notably in California, Oregon and Washington. "We've felt the bad economy here as much as anyone, but things are looking great. We had...
Letters to the editor
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Despite Gurus' Claims, Branches Have Not Gone the Way of the Dinosaur
Your recent comments (CU Times, March 19, 2008) about the importance of branching to the growth and sustainability of credit unions are right on target. Your facts supporting the benefits of branching match the findings from CEO Advisory Group's 2008 National Growth Study.
Opinion
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In Bad Times, Credit Unions Make a Difference in Members' Lives Today and Tomorrow
The stories are told almost daily on the evening news broadcasts. Another homeowner is facing eviction, having failed to make that ever increasing mortgage payment. Another brokerage firm is in trouble. Banks scrambling to dig out of the hole that was created by making real estate loans that may have,...
Publisher's Column
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Trades Can't Do All the Work to Fight Bankers
The banking trades are working at all levels of the government to make life increasingly unpleasant for credit unions. This is why credit unions need to be politically active at all levels at all times.
Quotes Worth Quoting
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Quotes Worth Quoting
"There's something to women and bill payment services and identifying a marketplace here."
People
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People
East, South, Midwest, West
From the Board Room
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Vantage West CU CEO Named to CUES Board of Directors
CUES has recently appointed Vantage West Credit Union CEO Robert D. Ramirez to its board.
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Oregon Community CU Names New Slate of Board Officers
Oregon Community Credit Union has elected new board officers.
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Fiberglas FCU Gives Away Meeting Dinner After Big Blizzard
While its 68th Annual Meeting was canceled due to blizzard conditions, Fiberglas Federal Credit Union still found a way to give back to the community.
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CFA Mourns Former Chairman, Senator Howard Metzenbaum
Members and staffers of the Consumer Federation of America are mourning the loss of its former chairman, retired Senator Howard M. Metzenbaum.
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San Antonio Director to Hall of Fame
San Antonio Federal Credit Union Board Director Sue E. Turner was recently inducted into the San Antonio Women's Hall of Fame.
Voting Poll
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Most CUs Reassess Disaster Plan Annually
With credit unions struck by snow in the Midwest and tornadoes and flooding elsewhere, Mother Nature has reminded credit unions once again how important disaster preparedness is.
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Is There a Check-Free U.S. In The Future?
HOBOKEN, N.J. -- With the ongoing development of technology in the financial industry Credit Union Times wants to know your opinion on a check-free United States.The United States will be check-free by:-2015-2020-2030-Never, there will always be checks.
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