Credit Union Times Magazine January-16, 2008
In Other News
-
Holiday Donations
Unitus Community Credit Union, Portland, Ore., participated in the fifth annual Helping Hands Holiday Toy Day. Unitus has been participating the Toy Day since 2005 and has donated over $1,000 to Helping Hands along with hundreds of brand new toys, and over 75 employee volunteer hours. On Toy Day clients...
News
-
Digital Mailer Grows: Clients, Products, and Now with WesCorp Buy-In
Eight years ago, Ron Daly committed his future to a new idea and a single client.
-
NACUSO Collaboration, Innovation Center Receives Another $50,000 From PSCU Financial
PSCU Financial Services feels so strongly about collaboration within the industry that it has contributed another $50,000 for a total of $100,000 to NACUSO's National Center for Collaboration and Innovation. The center was created in May 2007 to serve as a clearinghouse for collaborative and innovative efforts.
-
First BizKid$ Airing Gets Wide PBS Penetration
The credit union-sponsored BizKid$ TV show finally went "live" with no less than 279 stations in 43 states signed up to air the pre-taped financial literacy telecast during its first week of national broadcasts in January.
-
ALPS Gives $89,000 YearEnd Dividend
The board of directors of ALPS Federal Credit Union declared a year-end share bonus dividend and loan interest refund for members totaling $89,000.
-
Holidays Brighter for Goldenwest CU Members
Goldenwest Credit Union members got a nice holiday bonus at the end of 2007.
-
Members Receive $10 Million Dividend From American Airlines FCU
For their loyalty and active participation in 2007, American Airlines Federal Credit Union awarded members their share of a $10 million dividend.
-
Georgia CUL Gives Back to Members
The Georgia Credit Union League demonstrated that membership has its rewards as it recently provided a patronage refund to every credit union that attended the 2007 Georgia Credit Union League Annual Convention in Savannah.
-
Small North Carolina CUs Join in Yearend Payouts
The end of the year brought a spate of dividend payouts by North Carolina credit unions including two noteworthy givebacks from two small CUs: a 9% rebate on both loans and deposits from the $8 million North State Telco Credit Union of High Point plus a first-time 4% return by...
-
Holiday Bonus, $750,000 Dividend Given by Chattanooga Area Schools FCU
The holidays were financially sweeter this year for members of Chattanooga Area Schools Federal Credit Union.
-
CULAC Reached Record Heights In 2007, CUNA Reports
Last year proved to be a record setting one for contributions to the Credit Union Legislative Action Council, CUNA's political action committee. According to Richard Gose, CUNA's senior vice president for political affairs, CULAC brought in more than $2 million.
-
Desert Schools Asks What's Your Checking Style?
Desert Schools Federal Credit Union wants to help its members get in touch with their checking style.
-
Personal Care America FCU Creates Life Accounts
Personal Care America Federal Credit Union recently launched three new savings accounts to help members plan for different life events.
-
League-Backed Indirect CUSO Opens In Arkansas
It's been nearly a year on the drawing board, but the Arkansas Credit Union League began 2008 with its own indirect lending CUSO aimed directly at attracting new business and members for small credit unions, which are often cut out of the market.
-
Business Services CUSOs' Feedback to Set Agenda for NACUSO Advisory Board
One of the first objectives Bill Beardsley will take on as the new chairman of NACUSO's Business Services Advisory Board is to find out how many business services CUSOs are actually out there.
-
Member Gateways CUs Due To Join Zopa Test
Organizers of the social network lending pilot launched by British-based Zopa Ltd. said credit unions' role is certain to climb soon, considering the participation of the big Member Gateways consortium of South Bend, Ind.
-
Securities Fraud Lawsuits Increase Due To Subprime Crisis
The number of companies sued in securities fraud class action litigation rose 43% between 2006 and 2007 in large part to the subprime mortgage crisis, according to a report from Cornerstone Research and Stanford University.
-
Housing Projected to Rebound in 2009; Unemployment Rises, Jobs Weak
The National Association of Realtors reported this week that the Pending Home Sales Index of existing sales agreements fell 2.6% in November to 87.6%, ending a slight two-month up tick. The NAR also revised its existing home price estimate for this quarter to a 5.3% year-over-year decline, making for the...
-
Small Utah CU Quietly Aids Grieving Mining Town
It almost went unnoticed five months ago when the $28 million Desertview Federal Credit Union with a little industry help quietly put together a special $58,000 fund-raiser for the families of the Crandall Mine disaster in this central Utah town of 2,200.
-
Recruiting Top-Notch Investment Staff May Require 'Radical' Approaches from Credit Unions
When it came to staffing investment and insurance programs at credit unions, Gateway Services Group discovered the search process presented several challenges mainly because of the very specialized requirements the fields demand.
-
Wescom Says Staff Reduction Not the Result of Sub-prime; Mitchell Sees Billion-Dollar Club CUs Improving Efficiency
When $3.8 billion Wescom Credit Union reduced staffing by about 10% last month--so soon after news of layoffs at $700 million USA Federal--tongues were wagging about the effect subprime lending might be having on California credit unions.
-
Sterlent CU's Loan Portfolio Puts It on Edge of PCA
Sterlent Credit Union here appears to be feeling the bite of the real estate downturn and is losing money, losing members, and may be facing regulatory action.
-
Southwest Corporate Passes 1,000-Branch Milestone in Imaging
Southwest Corporate Federal Credit Union said it has passed the 1,000 mark in credit union branches the corporate is serving with remote deposit services.
-
Hodges Promoted to New CEO of Associated CU
Associated Credit Union has found a new president/CEO from within its ranks.
-
Redstone FCU Names Newberry President/CEO
It's homecoming for Redstone Federal Credit Union's new President/CEO Joseph H. Newberry.
-
CEO Exits Take Small Drop in 2007
In 2007, 1,356 CEOs lost their jobs, an 8.3% decrease from the 1,478 CEOs that left their companies in 2006, according to the new CEO Turnover Report from Challenger Gray & Christmas Inc.
-
Michael Hale Unexpectedly Leaves President/CEO Post at Andrews FCU
Most of the parties involved continue to be tightlipped as to why Michael Hale unexpectedly left his president/CEO post at Andrews Federal Credit Union on Dec. 19.
-
FCUL President/CEO To Retire in 2009
After more than 20 years of service with the Florida Credit Union League, president/CEO Guy M. Hood is set to retire from the League in January 2009.
-
K-25 Federal Credit Union Finds New Identity as Enrichment FCU
K-25 Federal Credit Union has found its new brand identity by honoring its past.
-
Illinois Women Golfers Raise Record PAC Sum
It comes to political fund raising, Illinois women golfers appear to be showing the way after collecting a record $20,750 from a single, ladies-only golf tournament held by the Illinois Credit Union League.
-
Another CU Ups Its Shared Branching Effort
Another Credit Union has stepped forward to offer its members greater access to nationwide services by expanding its commitment to shared branching.
-
The Growing Monster - BSA Continues To Percolate As Issue And Uncertainty For CUs; Authorities Appear To Pick Up Enforcement
The Bank Secrecy Act appears likely to continue as a source of extra work and anxiety for credit unions in 2008, and legal experts expect its enforcement to steadily tighten as the year goes on.
Front Page News
-
Decision Anticipated in 90 Days on Pa. Bank-CU FOM Dispute, Judge Called Well Prepared and Thoughtful
Credit union association attorneys familiar with membership litigation in the U.S. District Court for Middle Pennsylvania have praised a federal judge who was asked to referee a bank-versus-credit union dispute.
-
'Little Guy' Reaches Out to Heartland
CUNA's "Little Guy" is getting legs beyond the Capitol Beltway.
-
Centrix: Lessons Learned or Forgotten?
Even without predatory, subprime loans on their books credit unions aren't immune from the fallout of the subprime mortgage debacle.
-
XtraCash Brings Payday Loan Alternative to the Table, Convinced CU Can Reshape Traditional Model
Mazuma Credit Union was very familiar with the inner workings of payday lending, having partnered with a third-party vendor for nearly four years to offer the loans to its membership.
-
Texans CU Partners with New Gift Card Option; PayJr Hopes To Court More CU Partners
The $1.9 billion Texans Credit Union, headquartered in Richardson, Texas, was the only financial institution partner to use Gift Card Lab during the holiday season.
News Briefs
-
Aimbridge Upgrades Automotive Avenues Web Site
The Automotive Avenues Web site at www.autoaves.com has been revamped, according to Aimbridge Lending Solutions.
-
MnCUN Welcomes Five New VIP Participants
The Minnesota Credit Union Network welcomed 19 participants to its 2008 Vendor Involvement Program on Jan. 1.
-
Latino Community Starts Up Online Banking
Latino Community Credit Union, the $55 million credit union that has made a name for itself serving a primarily Hispanic and immigrant membership since 2000, has taken another step into the credit union mainstream by adding online banking to its Web site (www.cooperativalatina.org).
-
Michigan League Tackling Foreclosure Concerns With 'Crisis Summit'
Calling public attention to the industry's role in fixing the state's mounting foreclosure problem, the Michigan Credit Union League slated a "Mortgage Crisis Summit" and Webinar last week, inviting leading credit union professionals to voice ideas for tackling the issue.
-
NASCUS Clarifies Shared Branching Portion of Study
NASCUS' study of how state-chartered credit unions are serving their members used a carefully drawn up representative sample to include the most accurate data, but on the topic of shared branching participation, the report sowed a little bit of confusion.
Regulatory/Compliance
-
More Reforms to Come In 2008, SBA Promises
Building on what it describes as a strong 2007, the Small Business Administration said more reforms will come in 2008.
-
NAFCU Asks NCUA To Hold Maximum CU Interest Rate To 18%
In what has become a familiar exercise, NAFCU has once again written to the NCUA Board, urging that the agency keep the 18% ceiling on credit union interest rates.
-
IRS Asking For Comment On Refund Anticipation Loan Crackdown
The IRS has published a request for public comment about a potential regulation that could restrict the marketing of so-called Refund Anticipation Loans. Tax preparers offer Refund Anticipation Loans (RALs) to allow taxpayers to cash in on a tax refund without having to wait for a refund check from the...
-
Treasury Converting Social Security Payments To Prepaid Cards
The use of debit cards for government payments is nothing new, but the government's use of prepaid cards took a giant step into the mainstream when the U.S. Government announced it would put millions of Social Security payments on prepaid cards instead of checks.
-
Idaho CUL President/CEO Named to Consumer Advisory Council
The Federal Reserve Board named 10 new members to its Consumer Advisory Council for three-year terms and designated a new chair and vice chair of the CAC for 2008.
-
Former FCU Chair Named New NCUA CFO
NCUA has selected Mary Ann Woodson as its new chief financial officer effective Jan. 14, 2008.
-
After Missouri Law Change, Gateway Metro Converts To FCU
Gateway Metro Credit Union, a state-charted credit union since 1935, has made the switch to a federal charter.
Tech Bytes
-
Be On Alert: CUISPA Sees Fraudsters Targeting Credit Union HELOCs
Persistent thieves are now targeting credit unions in a sophisticated attempt to secure wire transfers from members' home equity line of credit accounts, according to the Credit Union Information Security Professionals Association.
-
Symitar Mobile Service Beta Rollout Includes N.C. Credit Union
A small credit union serving a community nestled into the Blue Ridge Mountains near Asheville is one of three CUs nationwide beta testing Symitar's mobile banking entry beginning this month.
-
USERS Earns Nod from Software Engineering Institute
USERS Inc. is the first credit union core processor and one of only a relative handful worldwide to earn a rigorous software development designation.
-
TFactor Inc. Deploys at Two More CUs
LAS VEGAS -- Two more credit unions are now using the KnowledgePortal360 enterprise training solution from TFactor Inc.
-
Credit Cards Lead Pack in Online Financial Product Applications
Researching and applying for financial products online is still going strong, according to the 2007 North American Technographics Benchmark Survey of 52,000 adults by Forrester Research. The research and advisory firm says credit cards are the dominant financial product sold online, and that overall, online applicants are most often found...
Special Report
-
Two Big Pennsylvania Credit Unions Join CO-OP Network
Two large Pennsylvania credit unions have signed on with CO-OP Financial Services' CO-OP Network to give their members access to surcharge-free ATMs, CO-OP has announced.
-
Another CU Decides To Brings All Card Processing To One Vendor
Another credit union has opted to bring its credit card and debit card processing together with the same processor, citing the streamlined card management and improved fraud management that the move provides.
-
Two More CUs Sell Portfolios To TNB Card Services
TNB Card Services, the card portfolios purchasing and servicing arm of credit union-owned Town North Bank, has announced the purchase of two more credit union card portfolios.
-
Card Sales Peaked And Subsided; No One Buyer Dominant, Stats Show
Could the wave of credit unions selling their card portfolios to banks or CUSO's have crested?
-
mFoundry Mobile Platform Tabbed by PSCU Financial Services
PSCU Financial Services' 1,100 credit unions will soon be offered mobile banking and payment services they can market to their members.
-
Company Introduces Customization to Instant Issuance
Dynamic Card Solutions, the company that brought both credit unions and banks the ability to issue cards on-site, has stepped up its hardware to now allow the issuance of personalized cards on-site.
-
Johnson Speaks Directly To Consumers On Card Use and Security
Taking advantage of the current holiday season, NCUA Board Chairman JoAnn Johnson has taken the somewhat unusual step of addressing consumers directly about their use of credit cards and card safety.
-
Florida CU Rolls Out Payment Card For High Schoolers
The $1.1 billion Community First Credit Union of Florida has rolled out a prepaid card to supplement its financial educational efforts and to allow families to begin giving their teen-aged children greater financial responsibilities.
Opinions
-
Outlook for 2008: Credit Unions Poised to See Revenue Gains in Debit and Credit Card Portfolios
We expect 2008 to be a year of robust activity in plastics that will include expanded capabilities as well as continued growth for credit unions that wisely choose to invest in their portfolios. As CEOs look for ways to build revenue and reduce expenses, we anticipate greater usage of automated...
-
Where The Leagues Will Be In 2008
With so many challenges facing credit unions in 2008, at America's credit union leagues, we take an activist view. That is: We can't, and won't, sit still.
Publisher's Column
-
CUs Should Take a Note from Decision '08
Earlier this month we saw former Arkansas Governor Mike Huckabee (R) come out of nowhere to handily win the Iowa Republican caucus, while freshman Senator Barack Obama (D-Ill.) and former Senator John Edwards (D-N.C.) both defeated the Clinton machine that previously seemed unstoppable.
Quotes Worth Quoting
-
Quotes Worth Quoting
"Our economy aided and abetted by Congress, regulators and central bankers is like a Charlie Brown economy. One would think that having learned a painful and costly lesson, we would gain the wisdom to not repeat it. And yet, time and again, we lull ourselves into the false hope that...
People
-
People
EAST
In Memoriam
-
Long-Time Alta Vista CU Board Member Remembered
Alta Vista Credit Union is mourning the loss of longtime board member Inez Lopez.
-
In Memoriam - CUs Former CUNA Chairman Ken Marin
Educator and credit union leader Kenneth J. Marin, a former CUNA chairman, has died.
Clarifications/Corrections
-
Correction
An article appearing in the Jan. 9, 2008 edition of Credit Union Times on Page 1, entitled, "Study Indicates Community Charters Don't Solve CU Growth Challenges," should have named Mark Weber as head of Weber Marketing Group in Seattle, WA. Weber's first name was reported incorrectly.
From the Board Room
-
West Community CU President Named to Missouri Corporate Board
O'FALLON, Mo. -- The Missouri Corporate Credit Union found a new board member in Gary Hinrichs, president of $106 million West Community Credit Union in O'Fallon, Mo.
-
Long-Time GFCU Board Member Retires
After 38 years, Georgia Federal Credit Union's long-time board member Estelle Harrell has retired.
-
MaPS Credit Union Board Members Re-elected
Community leaders Judy Beebe, Del Cornutt and Joe Phillippay were re-elected to the MaPS board of directors.
-
Altura CU Board Member Honored at Minority and Small Business Gala
Altura Credit Union Board Director Ofelia Valdez-Yeager was recently singled out as the Minority Business Advocate of the Year at the 4th Annual Minority and Small Business Gala and Awards Ceremony of the CHARO Community Development Corporation and its CHARO -- SBA Women's Center.
- 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
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
