Credit Union Times Magazine April-23, 2008
In Other News
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Donations - Branching Out
United Educational Credit Union, Battle Creek, Mich., awarded two $300 Bright Ideas Partnership grants to Albion Public School's Harrington and Washington Gardner Schools. The grants were applied for by the district media specialist for Albion Public Schools to update the libraries at both schools. The Bright Ideas Partnership Program helps...
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People
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News
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Florida League Signs Partnership with Brazil's SICREDI
TALLAHASSEE, Fla. -- The Florida Credit Union League and Confedera????o Interestadual das Cooperativas Ligadas ao SICREDI, a trade association for Brazilian credit unions, signed the World Council of Credit Unions' 27th international partnership the week of April 7.
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Colo. Service Corp. Offers FoolProof Financial Literacy Program to CUs
ARVADA, Colo. -- A partnership between FoolProof Financial Education Systems Inc. and Credit Union Strategic Partners hopes to help credit unions nationwide become the resource for financial literacy.
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Continental FCU Expansion Results in New Headquarters Office in Tempe
TEMPE, Ariz. -- After growth pushed the main office in El Segundo, Calif. to strain at the seams, Continental Federal Credit Union has moved its administrative office here.
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Pentagon FCU Seeks Spotlight by Touting 4.25% New and Used Auto Loan Rate
ALEXANDRIA, Va. -- Auto loan rates have sunk to the lowest figures in almost two years, according to Bankrate.com, but $11 billion Pentagon Federal Credit Union has taken the business to a new low, offering 4.25% APR on any auto loan if the application is submitted online.
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Credit Union PACs Are Gearing Up to Make an Election Year Impact
WASHINGTON -- Credit union political action committees for CUNA and NAFCU both reported record-breaking contributions last year. And so far this year, the PACs are on target to make a strong showing in an election year.
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NAFCU Launches Full-Service Site for Conference
WASHINGTON -- NAFCU has launched a new full-service Web site (www.nafcu-sandiego.org) for its 2008 Chart a Course for Success annual conference.
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CUs, Banks Leading the Way in Online Satisfaction, Study Finds
ANN ARBOR, Mich. -- Making it easy makes it work. And that makes for a satisfied user who comes back for more.
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First American CU Expands Training To Include Self-Defense Program
BELOIT, Wis. -- First American Credit Union is empowering its staff through job-specific training as well as personal training.
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Spokane Teachers CU Is Exiting Guaranteed Student Loan Market
SPOKANE, Wash. -- Citing new rate-cutting rules and lowering of the guarantee, the $1 billion Spokane Teachers Credit Union is exiting the guaranteed federal student loan business effective this fall.
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Amid Angst and Cries of 'Banker Mischief,' Kansas FOM Bill Signed by Governor
TOPEKA, Kan. -- Kansas has a new landscape for credit union growth, and the affected are still fretting over the outlook.
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Mid-Hudson Valley and Members Embrace Personal Teller Machines
KINGSTON, N.Y. -- Mid-Hudson Valley Federal Credit Union is taking member service to a whole new level.
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Keesler Fund Appeal, Political Tie-In Spur CUNA Homes for Troops Drive
WASHINGTON -- Gaining new industry, veteran and political support, CUNA's carefully crafted "Homes for Our Troops" drive was off and running this month with two groundbreaking events in separate cities coupled with a fundraising appeal to Department of Defense associated credit unions.
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Senate-Approved Mortgage Legislation Moves to the House
WASHINGTON -- The Foreclosure Prevention Act of 2008 was passed in the Senate on April 10 by a vote of 84-12 following discussions by Senators Chris Dodd (D-Conn.) and Richard Shelby (R-Ala.) on its provisions, resulting in a bipartisan effort to gain wide support.
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FHASecure Program to Be Expanded, To Aid 500,000 Homeowners by Year End
WASHINGTON -- Last week's session of the House Financial Services Committee was surprise to learn that the Federal Housing Administration will expand it FHASecure refinancing program.
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Pew Research Finds Middle Class Has Gloomy Outlook Toward Future
WASHINGTON -- A recent Pew Research Center report on the attitudes and lives of the middle class offers a bleak prospect for prosperity held by many Americans.
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LAFCU Launches Summer Loans
LOS ANGELES -- Hinting at available cash for upcoming summer vacations in Southern California, Los Angeles Federal Credit Union is offering a 9.9% APR Personal Unsecured Summer Loan.
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PEMCO Allows Card Photos
SEATTLE -- Pemco Technologies, a card processor for credit unions, has announced that it will offer its customers a new service called Pemco Cre??taCard. The program enables cardholders to create a credit, debit, or ATM card featuring a personal photo of their choice.
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CO-OP Offers at Home Check Scanning
RANCHO CUCAMONGA, Calif. -- Members of participating credit unions will be able to scan checks at home and submit to their credit union accounts via the Internet and a shared branching channel, according to an announcement from CO-OP Financial Services.
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Mortgage Bankers Feel the Squeeze
WASHINGTON -- The Mortgage Bankers of America is now adopting a longer term view of subletting rental space to other companies in order to pay the mortgage on its new headquarters building here.
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Members Mortgage Adds 10 More CUs in Past Two Months
FORT WORTH, Texas -- CU Members Mortgage, a provider of comprehensive mortgage services to more than 850 credit unions, CUSOs and leagues nationwide has added ten more CUs to its roster in the last two months.
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FHLB Refinance Plan Floated
WASHINGTON -- In a program patterned after a Federal Home Loan Bank of San Francisco pilot earlier this year, the Federal Housing Finance Board proposed allowing the Federal Home Loan Banks to expand their Affordable Housing Program homeownership set-aside programs.
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Philadelphia FCU Strolls for SPIN
PHILADELPHIA -- Philadelphia Federal Credit staffers proved that a simple stroll in the park can make a difference.
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AmeriChoice, Mechanicsburg School Offers Honor Bus to WWII Veterans
MECHANICSBURG, Pa. -- Mechanicsburg Middle School students and AmeriChoice Federal Credit Union have joined forces to honor World War II veterans in the South Central Pennsylvania area with the Honor Bus, an expansion of the Honor Flights Network that flew 137 WWII veterans to Washington, D.C.
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United Teletech Financial Celebrates Earth Day with N.J. Shore Beach Sweep
TINTON FALLS, N.J. -- United Teletech Financial FCU is gearing up to celebrate Earth Day by giving reusable grocery bags to all who come into its branches that day.
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White House Opposes Auction Of Home Loans; Frank Agrees
WASHINGTON -- When House Speaker Nancy Pelosi received a letter from the White House opposing an element they believed was contained in Representative Barney Frank's (D-Mass.) draft housing proposal, Frank swiftly responded with a letter of his own, denying the White House's contention.
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Former Countrywide Execs Form PennyMac to Buy Mortgages
NEW YORK -- A group of former Countrywide Financial Corp.'s executives are creating a new firm to capitalize on the breakdown in the mortgage-securitization business.
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T.K. Keith Co. Changes Name to Primax
WAKEFIELD, Mass. -- T.K. Keith Company Inc. has changed its name to Primax, the name of the company's back-end merchant card processing system.
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CU Direct Auto Lending Symposium Revs Up Speaker List
RANCHO CUCAMONGA, Calif. -- CU Direct Corp. has announced the speaker lineup for its 10th annual auto lending symposium, which will be held from June 18-20 at the Venetian Resort Hotel and Casino in Las Vegas. The CUDL program is the nation's largest indirect and point-of-sale lending network for credit...
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Synergent Gains 51st
WESTBROOK, Maine -- Synergent Technology Services has converted its 50th and 51st credit unions to its Symitar Episys core processing platform.
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Carolina Postal's Deb McLean Is Latest 'Who's Who' Inductee for 2008
BIRMINGHAM, Ala. -- Carolina Postal Credit Union Vice President of Marketing and Business Development Deb McLean has been inducted into Who's Who in America's Credit Unions for 2008.
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1st United Services Uses E-Signature Tools to Keep Faraway Members at Home
PLEASANTON, Calif. -- The member was in a bind. He was running out of time. He needed a hike in his credit card limit and he needed it now.
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Amid Rising Losses to Internet Scams, Men Are More Likely Duped, Report Finds
WASHINGTON -- Women may make less than men on average, but they give less to cybercrooks, too, according to a new report.
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Georgia Banking Department Forms Disaster Recovery Coalition
ATLANTA -- The Georgia Department of Banking and Finance has established the GeorgiaFirst Recovery Coalition to ensure that credit unions and banks are ready to deal with emergency preparedness, disaster recovery and business continuity issues.
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Skybus Ticket Refund Requests Rise at Credit Unions, Banks
COLUMBUS, Ohio -- Financial institutions are fielding calls from thousands of passengers requesting ticket refunds after Skybus Airlines here became the latest in a string of recent carrier collapses and closed shop on April 5.
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Financial Regulators Report Limited Progress in Improving Financial Literacy
WASHINGTON -- NCUA Chairman JoAnn Johnson was among a clutch of federal financial regulators reporting progress toward helping Americans improve their financial literacy while acknowledging to federal legislators that there is much more left to do.
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Fiserv Signs Up Seven New CUs To Core Processing Contracts
BROOKFIELD, Wis. -- Fiserv Inc. said it signed seven new credit union clients to core processing contracts--along with a variety of ATM, debit card, bill pay and online banking solutions--in the first quarter of 2008.
Breaking News
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US Federal Brings Pisa to Fundraiser
BURNSVILLE, Minn. -- US Federal Credit Union offered attendees of the Burnsville Chamber of Comerce's BITE of Burnsville a taste of Italy.
Front Page News
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Incumbent First Basin Board Members Retain Seats After Boisterous Meeting
ODESSA, Texas -- After a long and controversial lead up to the First Basin Credit Union annual meeting, members opposed to the attempted conversion to a mutual bank failed to unseat three board members who had supported the conversion.
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CUs Are Adopting Novel Approaches to Card Marketing That Score Turnarounds
ST. PETERSBURG, Fla. -- Credit unions continue to innovate and better manage their credit card portfolios.
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NCUA Board Proposes Expanding CUSO Rules, Clarification of FOIA
ALEXANDRIA, Va. -- The NCUA Board got down to business last week, approving the first of its proposals from the Outreach Task Force as well as proposing expansion of the rules governing credit union service organizations and clarification of the Freedom of Information Act regulation, among other things.
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Wings Hails Delta-Northwest Merger; Delta CU Quiet on Carriers' Future
ATLANTA -- After several months of speculation and stalled negotiations, Delta Air Lines and Northwest Airlines announced on April 14 that the carriers will merge to create the world's largest airline, and their affiliated credit unions are bracing for the impact.
News Briefs
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Museum Directors Approve Premier of Anniversary DVD
MANCHESTER, N.H. -- At an annual meeting, the America's Credit Union Museum board of directors approved plans for a premier showing of a credit union historical video that is being produced to celebrate the 100th anniversary of the founding of the credit union movement in the United States.
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NCUA Meets with State Regulators
ARLINGTON, Va. -- Last week, 38 state agencies and the NCUA met in Tampa, Fla., for the annual NASCUS/NCUA National Regulators Meeting.
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Clarion University Votes To Merge with PSECU
CLARION, Pa. -- Clarion University Federal Credit Union members voted to merge with Pennsylvania State Employees Credit Union at a special membership meeting held April 10.
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First SBA 7(a) Loan Comes to Mid-Atlantic
GERMANTOWN, Md. -- Mid-Atlantic Federal Credit Union has marked a milestone with its first small-business loan under the Small Business Administration's 7(a) loan program.
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New CUSO Extends Fiserv Processing
BROOKFIELD, Wis. -- A group of the nation's corporate credit unions have formed a new CUSO and extended their core processing relationship with Fiserv Inc.
Marketing
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Women of Vision Award Presented to Truliant Director Marjorie Rorie
WINSTON-SALEM, N.C. -- The YWCA of Winston-Salem has recently honored Truliant Federal Credit Union Community Services Director Marjorie Rorie with the 2008 Women of Vison award.
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Altura CU Names Hawaii Winners
RIVERSIDE, Calif. -- Three lucky Altura Credit Union members will soon be saying 'aloha.'
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AFTRA-SAG Virtual Branch Earns Webby Award Honors
BURBANK, Calif. -- The AFTRA-SAG Federal Credit Union virtual branch Web site has made a splash at the 12th Annual Webby Awards.
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Transmission Builders Changes Its Name to Financial Builders
KOKOMO, Ind. -- Transmission Builders Federal Credit Union has joined the growing number of credit unions opting to move ahead in 2008 with a fresh brand image.
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Tinker Members Name Video Scholarship Winner
OKLAHOMA CITY -- Tinker Federal Credit Union members have voted and Oklahoma State University pre-med student Chase Vincent is the winner of the What Money Means to Me $2,000 Video Scholarship.
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Card Programs Growing in Assets, Falling as Percentage of Charge-Offs
ARLINGTON, Va. - As the economy starts to slow, credit unions with credit card assets worth more than $1 million saw their value as assets rise over all as their portion of overall charge offs drops, according to an analysis of NCUA data from 2003 until the end of 2007...
Special Report
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ATM Industry Association CEO Argues That Cash Is Here to Stay
BROOKINGS, S.D. -- Mike Lee, CEO of the ATM Industry Association, has argued in a lengthy opinion piece that cash is likely to remain the dominant payment method for at least the next 25 years and maybe for the next century.
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Risked-Based Pricing Boosts Card Portfolios, but Some CUs Hesitate
DEER PARK, Texas -- Introducing risk-based pricing to a fixed-price card program is axiomatic to bolster lackluster card portfolio performance.
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Pacific Resource Moves Processing to TMG
DES MOINES, Iowa -- The $119 million Pacific Resource Credit Union has signed a long-term contract and converted its ATM and debit card processing to The Members Group, making the Des Moines-based financial services organization Pacific Resource's complete card services provider.
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TNB Card Services Picks Up Another Credit Union
DALLAS -- TNB Card Services, the card processing arm of credit union-owned Town North Bank, has announced that another CU has moved its card processing to the CUSO.
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Card Summit Draws Credit Union Card Executives
LATHAM, N.Y. -- A summit on plastic cards drew more than more than 60 credit union professionals from New York, Pennsylvania and some New England states, according to the New York Credit Union League. The second annual Plastic Card Forum in Ledyard, Conn., jointly hosted by Covera Card Solutions, New...
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CO-OP Financial Meeting Offers Star Business Lineup
RANCHO CUCAMONGA, Calif. -- Attendees of CO-OP Financial Services' Think 2008 conference faced a line up of speakers drawn from among the stars of the contemporary U.S. business scene, CO-OP announced.
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TNB Joins Card Security Council
DALLAS -- TNB Card Services, the card processing arm of credit union owned Town North Bank, has joined the Payment Card Industry Security Standards Council.
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PSCU Unveils Contactless Card
ST. PETERSBURG, Fla. -- PSCU Financial Services, a card processing CUSO for more than 500 credit unions that process cards on the First Data Corp. platform, has announced that it is the first CUSO to launch contactless cards for credit and debit platforms.
Briefs
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Clackamas FCU Plans to Dazzle During Youth Week
MILWAUKIE, Ore. -- At Clackamas Federal Credit Union anything goes during Youth Week. From a life-size kangaroo hopping into branches to money giveaways, the credit union has plans to amaze and engage its younger members.
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Ohio CUs Shine Spotlight on Financial Literacy in April
DUBLIN, Ohio -- Forget just a week, Ohio credit unions are recognizing April as Financial Literacy Month and reminding parents and educators about the importance of teaching financial education at home and in the classroom.
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Mich. First CU Makes Most Of Money Smart Week
LATHRUP VILLAGE, Mich. -- In an effort to further promote financial literacy, Michigan First Credit Union has teamed up with GreenPath Debt Solutions and Wayne State University to host a series of events during Michigan's Money Smart Week, April 20-25.
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RCU Helps Youth Savings Grow
SANTA ROSA, Calif. -- Redwood Credit Union will be celebrating National Credit Union Youth Week with the national theme "Got Green? Grow It at Your Credit Union!"
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Purdue Employees FCU Promotes The Path to Financial Independence
WEST LAFAYETTE, Ind. -- Purdue Employees Federal Credit Union is ready to meet the challenge of helping to raise the financial IQ of its young members.
Opinions
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Use Cards to Turn Tough Economic Times Into Stronger Member Relationships
In light of the economy's current situation, many credit unions have cut back on credit card offerings. But times like this should actually be seen as an opportunity for credit unions to be there for their members and strengthen loyalty. For years, credit unions have operated under the philosophy of...
Opinion
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Your Members Lack Financial Responsibility, Not a Financial Education
I'm going to challenge the assumption that this country has a need for financial education.
Publisher's Column
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Credit Union Financial Literacy Efforts Commendable
Credit unions are to be lauded for their financial education efforts. As demonstrated by credit unions' activities during April, National Financial Literacy Month, they have jumped in with both feet.
Staking Out the Stats
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Flash Survey Results Show Noninterest Is a Significant Source of Income for CUs
ARLINGTON, Va. -- NAFCU recently asked Flash survey participants about the importance and various sources of noninterest income as well as problems related to it
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