Credit Union Times Magazine June-11, 2008
News
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Ent FCU Absorbs US Alliance, but Loan Losses Will Likely Be Charged Off
WINSTON SALEM, N.C. -- If you can say it and visualize it then you can save for it.
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Credit Union Association of Oregon Picks Troy Stang as New President/CEO
BEAVERTON, Ore. -- Troy Stang, vice president of marketing at the $1.8 billion Arizona Federal Credit Union in Phoenix, will become president/CEO of the Credit Union Association of Oregon on July 1.
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Closing In on $1 Billion: First City CU and SCE FCU Announce Strategic Merger
LOS ANGELES -- The boards of the $356 million First City Credit Union and the $430 million SCE Federal Credit Union have signed letters of intent to merge the two institutions. Dennis Huber, CEO of SCE, will head the surviving First City, which will have more than $785 million in...
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Ohio Governor Joins the Pack and Signs Bill Rejecting Predatory Payday Lending
COLUMBUS, Ohio -- In a state particularly hard hit by both the downward housing spiral and manufacturing-based job cuts, Ohio Gov. Ted Strickland joined 14 other states and the District of Columbia by capping interest rates. Gov. Strickland signed into law last week legislation that limits interest rates to 28%.
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Bethpage FCU Holds Annual Air Show
BETHPAGE, N.Y. -- Bethpage Federal Credit Union drew a record breaking number of 503,000 people to its 2008 Memorial Day Weekend 5th Annual Air Show.
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As Losses Mount, Kaiperm FCU Receives Merger Proposal From Alliant CU
OAKLAND, Calif. -- Kaiperm Federal Credit Union here has lost $2.1 million in the first quarter of 2008 and has a return on assets of close to negative 9%, making for a troubled outlook for recovery in a down economy and slumping housing market. But Credit Union Times has learned...
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Housing Market Little Improved
WASHINGTON -- As housing officials hoped they'd finally seen the bottom of the housing market, things seemed to grow ever worse as available home prices declined steeply and inventory rose.
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Trade-Backed Candidates Advance in Calif., N.J. and N.M.; Face Runoffs in Ala.
WASHINGTON -- CUNA and its state affiliates had a string of successes in last week's congressional primaries on both sides of the aisle.
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Despite Commercial Lending Grip, Banks Report Shift from Nonbank Sources
WASHINGTON -- Large and midsize businesses continued to feel the squeeze over the last three months from nearly 55% of domestic banks, according to the Federal Reserve Board's April 2008 senior loan officer opinion survey on bank lending practices.
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Patelco CEO Andy Hunter, Team CU's Guiding Light, Will Retire Next Year
WASHINGTON -- As a child growing up in the Chicago area, Andy Hunter aspired to be the shortstop for his beloved Chicago Cubs.
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Interstate Branching by Credit Unions in the Northwest on Upswing
PORTLAND, Ore. -- Inter-state branching by credit unions is on a minor upswing in the Northwest.
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Founders CU Boosts Membership With Mergers, Advertising and Ace Staffing
LANCASTER, S.C. -- In times of stale member growth, $1.4 billion Founders Credit Union has shown an expertise in gaining members, reporting a 9.6% membership increase over last year.
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Teres Client List Hits 175
AUSTIN, Texas -- More than 175 credit unions and other financial institutions are now using the direct and indirect lending automation solutions from Teres Solutions Inc., the company said.
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State Department FCU Buys Capture Solution From VSoft Corp.
ALEXANDRIA, Va. -- State Department Federal Credit Union plans to deploy a new Web merchant capture solution from VSoft Corp., the company and credit union said.
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WRG Signs More Service Bureau Clients
PASADENA, Calif. -- Three more credit unions have become service bureau users of their Symitar Episys core processing systems through Wescom Resources Group.
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Philanthropic Portal Proving
WEST LAFAYETTE, Ind. -- A special intranet portal sale by Passageways LLC has garnered $6,300 so far for local charities, the company said.
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Merger Remains on Ice for US Airways and United Airlines
TEMPE, Ariz. -- Employees of US Airways were recently
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Digital FCU Honors State National
Digital FCU Honors State National
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Marketing Veteran, Mike Weber, Joins Credit Union Student Choice
WASHINGTON -- Mike Weber, former vice president of marketing and public relations at $507 million Dupaco Community Credit Union, has been hired by Credit Union Student Choice as its new vice president of marketing.
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Open Solution Inks Deal for Re-Seller
GLASTONBURY, Conn. -- Open Solutions Inc. continues to expand its international reach, this time partnering with a Brazilian provider.
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HSA Clearing Says the Time Has Come for HSAs With Webinar Series
LAKE GENEVA, Wis. -- It is summertime and once again HSA Clearing Corp., a health savings account turnkey program provider, wants to show credit unions that now is the time to start offering HSAs.
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Symitar to Re-Sell Encryption
MILPITAS, Calif. -- Symitar will be a re-seller of a storage encryption appliance from nCipher, a British provider of identity management and data protection solutions.
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STERLENT: Insolvent California CU Yields to Patelco Management Agreement
By CAROL ANNE BURGER
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FRYZEL: Senate Panel Has Few Questions for NCUA Chairman Nominee
By CLAUDE R. MARX
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Want to Add Green to the Credit Union IT Palette? Join the Crowd
By MARC RAPPORT
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Celent Report Says Payment Options Are a Vital Enterprisewide Upgrade
By MARC RAPPORT
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Jwaala Claims Its Spot As Passionate Online Personal Finance Manager
By MARC RAPPORT
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Georgia FCU and University of Georgia Form Alliance on Tax Assistance
ATHENS, Ga. -- Georgia Federal Credit Union partnered with the College of Family and Consumer Sciences at the University of Georgia to provide the volunteer income tax assistance program this year.
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Arrowhead CU CEO Sharp to Receive Honorary Doctorate Degree For Community Contributions
By HEATHER ANDERSON
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CALIFORNIA: Foreclosures and Economy Are Behind ROA Plunge
By HEATHER ANDERSON
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Students Win When They 'Feed the Pig'
FAIRFAX, Va.-- Students and staff of Stonewall Jackson High School and Osbourn Park High School took their competition to new heights by trying to out save one another.
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BizKid$ Financial Literacy Show, Now on 311 Stations, Gets USA Today Plug
FEDERAL WAY, Wash. -- The national push by credit unions to promote and brand the BizKid$ financial literacy show on public TV picked up new steam last week, with 311 stations now signed on and Hawaii the latest state to carry the episodes.
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Aite Group Report Finds Mobile and Online Banking Poised for Fast Growth
By MARC RAPPORT
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Community Events
South Division Credit Union, Evergreen Park, Ill., is hosting a free community shred event on June 26. South Division is encouraging members to bring in up to three banker's size boxes of unwanted personal documents to shred. Also, as part of the statewide credit union consumer education drive I Belong...
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This Ain't Your Father's Debit Card, Proves Oak Ridge's Y-12 FCU
ST. PETERSBURG, Fla. -- PSCU Financial Services is driving home the point that rewards programs are not just for credit cards.
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Bay Federal Credit Union Bowls For Big Brothers and Big Sisters
CAPITOLA, Calif. -- At the Santa Cruz Boardwalk Bowl on the weekend of April 26 and 27, if you were Bowling for Kids' Sake, it didn't matter what your score was; the idea was to have fun and raise funds for Big Brothers Big Sisters of Santa Cruz County. This...
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Weber Marketing Creative Director, Strategist Launches Brand Web Site
SEATTLE -- Jeffry Pilcher, creative director and strategist at Seattle-based Weber Marketing Group for the past eight years, has formed his own on-line branding firm, publication and blog.
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Colorado's Members Mortgage and Centennial Lending Forge Partnership
By CAROL ANNE BURGER
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Hood Will Address Illinois CUs
WASHINGTON -- NCUA Board Vice Chairman Rodney E. Hood is scheduled to be the featured speaker at the Illinois Credit Union League's Small CU Asset Size Conference in August.
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Meriwest CU CD Special Creates National Buzz and Lures New Members
SAN JOSE, Calif. -- More than 400 persons are now members of Meriwest Credit Union thanks to a popular certificate of deposit promotion.
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Sharing Investor Information Hits Home, Desert Schools Financial Tells SEC
By MICHELLE A. SAMAAD
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Community Educators CU Lobbies in D.C. for an Increase in NASA Budget
By CLAUDE R. MARX
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Impel Takes Holistic Approach to Build Credit Union Business Service Programs
Impel Takes Holistic Approach to Build Credit Union Business Service Programs
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RSA Security Shows Credit Unions Still Apple of Phishers' Eyes
BEDFORD, Mass. -- Attacks on credit unions as a share of the thieves' market fell in April, but they still remained a favorite target of phishing fraudsters, according to the latest report from RSA Security. Meanwhile, the overall number of attacked brands decreased slightly during the month but still was...
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N.Y. State League Discusses Range of Subjects During Hike the Hill
ALBANY, N.Y. -- Financial literacy, allowing governments to deposit funds in credit unions and a dose of state politics were the big items on the agenda of the New York State Credit Union League's annual conference late last month.
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US Federal Sponsors LifeSmarts
BURNSVILLE, Minn. -- US Federal Credit Union has recently supported both area and national youth at the 2008 National LifeSmarts Championship. LifeSmarts is an Internet-based program that teaches teens the importance of being an informed consumer. The organization is open to all U.S. students in grades 9-12, where they will...
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Jeanne D'Arc CEO Mark S. Cochran Name to Who's Who
LOWELL, Mass. -- Jeanne D'Arc Credit Union President/ CEO Mark S. Cochran has been inducted into Who's Who in America's Credit Unions for 2008.
Front Page News
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Patelco Takes Charge of Sterlent; Calif. Regulator Defends Actions
PLEASANTON, Calif. -- The insolvent Sterlent Credit Union here is now operating under a management agreement with Patelco Credit Union of San Francisco. The $98 million asset institution posted a net income loss for the second quarter of $5.5 million and has been operating under a cease and desist order...
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Dodd Questions NCUA Nominee Fryzel About Role and Power of Credit Unions
WASHINGTON -- It didn't take long for Michael E. Fryzel to have to defend credit unions before a panel of lawmakers.
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California Economy Socks CU ROAs
RANCHO CUCAMONGA, Calif .-- With nearly one-third of all California credit unions reporting negative ROA during the first quarter, and relatively healthy credit unions announcing mergers, some are wondering just how bad things will get in the Golden State.
News Briefs
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Rep. Heller Gets Lobbied
WASHINGTON -- One of the newest members of the House Financial Services got a first-hand education on credit unions.
Facilities
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Georgia's Own Credit Union Hosts EcoFriendly Branch Grand Opening
Atlanta --Congressman Tom Price, Alpharetta Mayor Pro Tem Jim Paine and representatives of the North Fulton Chamber of Commerce joined officials from Georgia's Own Credit Union for the grand opening of its environmentally friendly Alpharetta location.
Regulatory/Compliance
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Corporate America Family CU Goes First With Vendor's Red Flag Tools
ELGIN, Ill. -- Seeking to please auditors urging more rigorous authentication of new and current members, Corporate America Family Credit Union turned to its online banking vendor.
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CUNA Concerned on IRS Regulation
WASHINGTON -- Some of the additional information that the IRS wants from nonfederal credit unions could be misconstrued and could disclose salary information of nonsenior executives, CUNA told the federal agency.
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Michigan First CU Sponsors Good Schools Poetry Contes
DETROIT -- The Skillman Foundation and Good Schools Resource Center at Marygrove College have named nine local students the winners of its first Good Schools Poetry Contest.
Tech Bytes
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Arizona Federal Speeds Up, Smoothes Out Core Deployments With Testing Software
By MARC RAPPORT
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America First Now First CU on AT&T Mobile Banking Site
By MARC RAPPORT
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Mid-Atlantic Buys New ACH Origination Software From Fundtech
MIDDLETOWN, Pa. -- Mid-Atlantic Corporate Federal Credit Union (www.midatlanticcorp.org) has bought new ACH origination software from Fundtech Ltd.
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Andera Signs 200th Institution
PROVIDENCE, R.I. -- Online account opening and funding pioneer Andera Inc. said it has signed its 200th financial institution customer.
Special Report
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Andrews FCU Ad Campaign Urges Members to Dream the Impossible Dream
SUITLAND, Md. -- Andrews Federal Credit Union hopes to help get members dreaming again.
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Members CU Says Savings Is a Matter of Imagining It and Then Achieving It
WINSTON SALEM, N.C. -- If you can say it and visualize it then you can save for it.
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Credit Unions Can Profit From Cost-Effective Card Customization Technology
LONDON -- Credit unions and smaller issuers can now launch card customization programs that deliver strong ROI through an off-the-peg version of Serverside Group's flagship AllAboutMe online card designer.
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GTE FCU Is Using Techie Gadgets to Bring Members In and Lure New Ones
TAMPA, Fla. -- GTE Federal Credit Union hopes to make the most of branch traffic with its latest Get In and Win membership promotion.
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Average Joe Icon, Master of All Media, Trumpets CUs as a Better Way to Bank
ARVADA, Colo. -- An Average Joe has got 18-35 year olds buzzing and it is no wonder since he seems to be everywhere from radio, television and billboards, to posting his own Facebook profile and MySpace page.
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SunCorp Uses Silent Whistle Software to Help Build Ethical Culture
By MARC RAPPORT
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AVERAGE JOE: Blunt Awareness Campaign Wins Applause and Awards
By MYRIAM DI GIOVANNI
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Andrews FCU Ad Campaign Urges Members to Dream the Impossible Dream
By MYRIAM DI GIOVANNI
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Members CU Says Savings Is a Matter of Imagining It and Then Achieving It
By MYRIAM DI GIOVANNI
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Credit Unions Can Profit From Cost-Effective Card Customization Technology
LONDON -- Credit unions and smaller issuers can now launch card customization programs that deliver strong ROI through an off-the-peg version of Serverside Group's flagship AllAboutMe online card designer.
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GTE FCU Is Using Techie Gadgets to Bring Members In and Lure New Ones
By MYRIAM DI GIOVANNI
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When Too Much Is Indeed Too Much: Did We Invite the Devil to the Dance?
Recently, I was chatting with a fellow marketer at an extremely large credit union and asked if she was going to attend one of the upcoming national credit union marketing conferences.
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Credit Unions Can Profit From Cost-Effective Card Customization Technology
LONDON -- Credit unions and smaller issuers can now launch card customization programs that deliver strong ROI through an off-the-peg version of Serverside Group's flagship AllAboutMe online card designer.
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When Too Much Is Indeed Too Much: Did We Invite the Devil to the Dance?
Recently, I was chatting with a fellow marketer at an extremely large credit union and asked if she was going to attend one of the upcoming national credit union marketing conferences.
Opinions
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Corporates, Credit Unions Tethered Together Form Steady Ship in Stormy Seas
One doesn't need to leave the house anymore to start feeling nervous about the state of the American economy.
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When Too Much Is Indeed Too Much: Did We Invite the Devil to the Dance?
Recently, I was chatting with a fellow marketer at an extremely large credit union and asked if she was going to attend one of the upcoming national credit union marketing conferences.
Editor-in-Chief's Column
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Networking: CUs Best Friend or Worst Enemy
Networking is an excellent way for credit union executives to find out what's going on around them in the community and get tips on how to do things better or trends coming down the pike. Networking also lets your competition in on your strategies and could provide greater competitive pressures...
Letters to the editor
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A Great Vendor Can Turn Into a Bad Vendor If Not Aligned With CU's Business Plan
I am the Chairman of the CUNA committee for due diligence. CUNA formed the Due Diligence Task Force earlier this year to respond to concerns from credit unions and their regulators over how to best meet credit union's due diligence responsibilities involving third-party vendors without unnecessary duplication of effort. The...
Looking Back
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Looking Back
HOBOKEN, N.J. -- Serving the underserved and low-income groups was the main topic across the front page of Credit Union Times 12 years ago.
On-Site Conference Coverage
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Time Changes Everything but With Help and Luck Some Can Be Restored
MANCHESTER, N.H. -- When St. Mary's Bank Credit Union CEO Ron Rioux made the conversion from the banking industry to credit unions 15 years ago, he only needed to look up hill for a better understanding and inspiration.
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NAFCU Commemorates CUs' Commitment to Service With Museum Room
MANCHESTER, N.H. -- NAFCU helped kick off the 100th anniversary celebration of America's Credit Union Museum, the site of the original St. Mary's Bank Credit Union--America's first--on June 4.
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Herbst: Ratings Not the Only Factor in Corporate Investments
LEDYARD, Conn. -- Members United Corporate Federal Credit Union CEO Joseph Herbst told attendees at the corporate's Economic Forum here that unrealized losses are just that.
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Enterprise Risk Management: Better Than Chicken Soup for the CU Soul
LEDYARD, Conn. -- If you take on risk, as credit unions do, you have to have enterprise risk management.
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Bear Stearns Is Tale Of Two Bailouts
LEDYARD, Conn. -- Really it was only one government bail out--Bear Stearns--but to hear it from these economists, it might sound like two different stories.
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Economists Disagree on the Nation's Economic Plight but Not the Future of CUs
LEDYARD, Conn. -- A diverse set of economists addressing Members United Corporate Federal Credit Union's Economic Forum last week agreed that credit unions' conservative business practices should prove a boon in the current market environment.
People
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People
EASTFirst New York Federal Credit Union, Schenectady, N.Y., announced the promotion of Vincent LaChance to assistant branch manager of the Colonie branch. LaChance started at First New York in December 2002 as an accounting clerk. His most recent position was management trainee.St. Anne's Credit Union, Fall River, Mass., announced Ross...
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People
People Feature
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Awards
Texas Credit Union Foundation, Farmers Branch, Texas, awarded its Focus Awards in four categories: individual, project NEFE network, credit union and credit union chapter to honor commitment to financial education. Phillip Crocker, director of business development at Resource One Credit Union was given the individual focus award. A+ Federal Credit...
From the Board Room
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Corporate One Board Members Elected
COLUMBUS, Ohio -- Corporate One Federal Credit Union has elected First Trust Credit Union President Ronald J. Budzinski; KEMBA Financial Credit Union President/CEO Gerald D. Guy; and PSE Credit Union President Janice L. Thomas to its board of directors.
Resource Center
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