Credit Union Times Magazine August-27, 2008
News
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Why Alternative Capital?
WASHINGTON -- Among its many other provisions, the 1998 Credit Union Membership Access Act prevents federally insured credit unions from raising capital by any other means than retained earnings. At the same time, the law put into place a system of Prompt Corrective Action, which effectively set a 7% of...
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NCUA: Give Us Secondary Capital Authority
ALEXANDRIA, Va. -- For its part, the NCUA said it would continue to pursue the changes to its administration of PCA that it has already recommended but appeared open to a change in the law regarding the CU capital definition.
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With High-Turnover FOM, UTFCU Gets Creative With On-Campus Marketing
KNOXVILLE, Tenn. -- UT Federal Credit Union is doing what it can to be the financial resource University of Tennessee students and faculty turn to.
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New Coffee Cups Lead to an All Green Crusade at Seasons Federal
MERIDEN, Conn. -- One small change to eco-friendly coffee cups in its branches last year has helped spark a green movement at Seasons Federal Credit Union.
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Texas Dow Adopts Young & Free Program, Searches for Gen Y Spokesperson
LAKE JACKSON, Texas -- Young & Free is hitting the Lone Star state courtesy of Texas Dow Employees Credit Union.
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19-Year-Old Canadian's Gen Y Site Grows Beyond Buzz and Gains Popularity
LLOYDMINSTER, Alberta, Canada -- Larissa Walkiw has taken Common Wealth Credit Union's innovative social media initiative, Young & Free, and is doing what many didn't think was possible--not only getting credit unions on the Gen Y radar but making them relevant.
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Palisades FCU Offers a Double Up Twist on Skip-A-Payment Program
PEARL RIVER, N.Y. -- Palisades Federal Credit Union invited members to take a load off this summer.
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Texas Dow Employees CU Stings Banks in Blunt Safety and Soundness Campaign
LAKE JACKSON, Texas -- While national headlines expose the questionable decisions and lending practices of some banks and mortgage lenders, Texas Dow Employees Credit Union is making sure consumers know that credit unions are a safe and sound option.
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Rep. Stephanie Tubbs Jones Dies
CLEVELAND -- Congresswoman Stephanie Tubbs Jones (D-Ohio), a strong supporter of credit unions, died Wednesday evening, a day after suffering a brain aneurysm while driving in her Cleveland district.
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Keys Federal CU Uses E-Mail Alert To Help Florida Weather Tropical Storm
HERNDON, Va. -- Keys Federal Credit Union used e-mail as part of its response to Tropical Storm Fay as the storm hit Key West last week.
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Team 'Little Guy' to Run in Carolina Relay Race for Community Grants
ASHEVILLE, N.C. -- In a burst of industry enthusiasm for charity giving and image promotion, credit unions in North and South Carolina are finding the "Little Guy" mascot has mighty strong legs, suitable for carrying CUNA's banner in relay runs while also serving to make "lots of new credit union...
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Trades Take Issue With Proposed NCUA Changes on Underserved Areas
WASHINGTON -- The NCUA's proposed changes to the rules on what constitutes an underserved area could hurt those the rule intends to help by deterring credit unions from applying to serve those areas, CUNA and NAFCU told the agency.
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Oklahoma, Texas Leagues Close to a Deal
TULSA, Okla. -- The outsourcing and partnership pact between the Oklahoma and Texas Credit Union Leagues moved forward last week, with a restructuring deal in 2009 "now very close to being finalized."
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Consultant: Payments Drive Future, Fate of Mobile Channel and Credit Unions
SAN CARLOS, Calif. -- As credit unions consider whether to add the mobile channel, the question is often which of the three modes of delivery to adopt.
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In With the Good, Keeps Out the Bad: Patelco Relies on NAC Solution
SAN FRANCISCO, Calif. -- Among the arsenal of security software and services deployed by Patelco Credit Union is a solution that aims to be polite but firm.
Front Page News
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Alternative Capital - Apathy, Time Obstacles to Consensus
WASHINGTON -- Leading credit union executives and economists suggested competing priorities, combined with apathy and the passage of time have kept credit unions from seeking an alternative source of capital for credit unions.
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First Basin CU Launches Legal Fight After Conversion Plan Washes Out
ODESSA, Texas -- Once again, a credit union that tried and failed to convert to a bank has taken legal action against some of its members who opposed it.
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Florida Development Deal Gone Bad Haunts Michigan CUs' Merger Bid
DEARBORN, Mich. -- A loan participation that went south as part of the current mortgage and economic downturn is haunting a merger involving Michigan's largest credit union.
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A Future of More CUSO, Bank Alliances?
GRAND RAPIDS, Mich. -- Given the marketplace unrest rolling throughout the industry, are the days approaching when CUSOs, many of which take pride in being 100% credit union-owned and served, will seek out more alliances with banks?
News Briefs
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Trades Slate Range of Activities at Convention
WASHINGTON -- Presenting a new home to a returning veteran, policy discussions and parties.
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Corrections
The headline to a brief article (page 12) in the Aug. 6 issue was incorrect. Daryl J. Cady, executive vice president/chief financial officer at St. Mary's Bank CU, is the first female and the first CU executive to serve as board chairman of the Financial Managers Society. She is not...
Regulatory/Compliance
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Fryzel Discusses Share Insurance In First Letter to Credit Unions
ALEXANDRIA, Va. -- NCUA Chairman Michael E. Fryzel used his first letter to credit unions to provide them with a list of resources to help them inform members about the safety of their deposits.
Special Report
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Gateway Services Group Creates Program Resource Center for CUs
DENVER -- Gateway Services Group LLC, an insurance, investment and trust management CUSO, will launch its new consolidated Program Resource Center for its credit union clients.
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Why Innovation Is Important to CUSOs Is Key to Bringing Value to Members
VIRGINIA BEACH, Va. -- Innovation is among the latest buzz words in the credit union industry. However, before setting forth on the newest product or service, identifying exactly what innovation is and how it becomes a focus are some of the critical early steps toward implementation.
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Maine Mortgage, Business Lending CUSOs Link Up to Reach Underserved
PORTLAND, Maine -- Credit unions here in the Pine Tree State looking to start or even bolster their mortgage and member business lending programs have another resource to turn to.
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Which Financial Advisers Really Know How to Prepare Nervous Members?
DEARBORN, Mich. -- If there is a painful lesson coming from Ford Motor Co., which is suffering behind an $8.7 billion second-quarter loss and nearly a decade of sluggish auto sales, Brad Sova is gentle when he shares it with his clients.
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MEMBERS Development Launches Online Advisory Network for Middle Income
WINSTON-SALEM, N.C. -- To appeal to middle-income Americans, particularly those under 45, MEMBERS Development Co. has launched Brightleaf Financial Network, a set of marketing, training and technology tools to help them execute their financial plans online.
Opinions
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Opportunity Is Knocking: The Case for Private Student Lending
Google the phrase "student lending crisis" and you'll be inundated with nearly two million links to a myriad of articles, blogs and editorials detailing the demise of the student lending industry. Before you chalk it up to governmental blunders and greedy bankers and move on to more pressing credit union...
Editor-in-Chief's Column
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Some Bright Spots Shine Through the Economic Gloom
Despite the gloom and doom in the mainstream and trade press regarding the economy--things humming along as they should isn't news--there are many locations that are not affected as much as the headline-grabbing vortexes of California, Florida and some other places.
NASCUS
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Experts Tell Directors They Should Be Visionary but Also Cautious
SEATTLE -- Monitor your credit union's operations, but don't micromanage. Differentiate isolated incidents from trends. Don't do something just because your competition does.
People Feature
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PEOPLE
EAST
Other
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scholarships
Tyndall Federal Credit Union, Panama City, Fla., presented five graduating seniors with $1,000 scholarship awards. The recipients were Trevor Burch, Katelyn Davidson, Carolyn Holmes, Kristina Nguyen and Valerie Simmons. The selection was based on academic performance, extracurricular activities, community service, accomplishments and awards and volunteer work and job experience. Tyndall...
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community events
AmeriChoice Federal Credit Union, Mechanicsburg, Pa., supported a young member in the 2008 York Arthritis Walk. Americhoice raised $425 for the walk in support of Dakota Boring, age 11. Boring is a AmeriChoice Dollar Dog Kids Club member and participated in the walk for the third year in a row....
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Verbatim
American Bankers Association Senior Economist Keith Leggett sent a letter dated Aug. 13 to the NCUA opposing easing restrictions on member business loans, contending that it could threatening the financial health of credit unions and the NCUSIF. The full text of the letter can be found at: www.ncua.gov/Regulations OpinionsLaws/Comments/723/
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