Credit Union Times Magazine March-12, 2008
In Other News
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News
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Corporate Liquidity Robust, Could Fuel Industry Market Share Growth
Despite all the negative news coverage regarding foreclosures, devalued investments and their effect on liquidity and capital, the credit union industry is in great shape, said executives from two corporate credit unions located in areas with high foreclosure rates.
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Mountain America Business Services Open House a Big Draw
For the third year in a row, Mountain America Credit Union has hosted its business services open house with the latest gathering drawing nearly 100 people.
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Maryland, DC League Alliance Brings Business Services to Members
Credit unions affiliated with the Maryland & District of Columbia Credit Union Association will have another resource to turn to for their business service needs.
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Affinity FCU Brings Coaching to Small Businesses
Affinity Federal Credit Union recently teamed up with ActionCOACH for a free coaching workshop for small business owners.
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Remote Deposit Capture Growing Addition to Banks' Product Lineup
Considered to be among the newest offerings within the financial services industry, remote deposit capture is now offered by nearly three-quarters of the 30 largest U.S. banks with more than 37% of community banks doing the same, according to a new report from Aite Group, LLC.
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Johnson Steps Up on PCA Reform and Risk-Based Capital
Sometimes the life of a federal regulator is all about preparing yourself for the question that never really comes.
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Winston-Salem Foundation Makes LCCU Forsyth County Branch Reality
The Winston-Salem Foundation has awarded a $100,000 grant to Latino Community Development Center to support the opening of a Forsyth County Latino Community Credit Union branch in Winston-Salem, North Carolina.
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Three CUs Commit to uMonitor Solutions
Three more credit unions have committed to using the uMonitor online account opening and funding solutions.
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Wisconsin CRA Bill Introduced, Panned by League
In a ramped up anti-credit union attack by bankers on Community Reinvestment Act compliance, the Wisconsin Bankers Association said last week it has introduced a bill in the state legislature aimed at the "large, nontraditional Wisconsin credit unions" that need to document serving low income and minorities.
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Utah Business Loan Bill Heads to Governor
Utah credit unions at last will be getting relief in making business loans following passage of a compromise bill hammered out between the Utah League of Credit Unions and the Utah Bankers Association and now ready for the signature of Governor John Huntsman, Jr.
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Better Choice Payday Loans Top $2.7 Million in Pennsylvania
Sixty-four Pennsylvania credit unions with 181 locations have now signed up for the 'Better Choice' payday alternative program with loan outstandings reaching $2.7 million, according to the Pennsylvania Credit Union Association.
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Pro-CU Column Highlights Texas Media Tour
SAN ANTONIO -- The Texas Credit Union League's advocacy push to court the media and spread the word about the CU role in grappling with the mortgage and credit crises paid off with one positive dividend last week: a tongue-in-cheek critique of the bankers' stance on the Credit Union Regulatory...
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Norlarco's Hamer: Dealt Bad Hand or Saw the Cards?
"It could have been worse," said Bob Hamer, former CEO of Norlarco Credit Union, which has now been completely absorbed by Public Service Credit Union of Denver.
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APGFCU Tops in Maryland for Youth Financial Literacy Efforts
The National Youth Involvement Board has singled out Aberdeen Proving Ground Federal Credit Union as No. 1 in Maryland for youth financial literacy efforts.
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S1 Names New Vice President
S1 Corp. has hired a 25-year technology veteran to be its new vice president in charge of the e-commerce provider's corporate product strategy, data center hosting, and managed services operations.
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Fiserv Follows '2.0' with 'CU7'
Fiserv Inc. has launched a new campaign to leverage the collective technologies and marketing strengths of its seven credit union core processing divisions.
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Payday Lending Fight Evolves: New Venues, Media Being Drawn Into the Fight
The ongoing fight to further regulate or eliminate payday lending in different states and provide consumers with alternative products for short-term loan needs continues to percolate and change, drawing in new media and opening new fronts.
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America Rocks GAC
Following the Americana 'Red, White & You' theme, the band America kicked off the 2008 Governmental Affairs Conference at its new location in the Washington Convention Center. See complete coverage of CUNA's GAC on pages 24-27.
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Birmingham CU Switching to XP Systems
Jefferson County Teachers' Credit Union will be converting to an in-house core processing system from XP Systems.
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Bank Insurance, Securities Association Honors PSECU's Investment Program
Recognizing its investment program, the Bank Insurance & Securities Association has awarded PSECU its Award of Excellence for Program of the Year among community-based financial institutions, making it only the third credit union in the award's seven-year history to receive the recognition.
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Lockheed FCU Tops California's Best Place to Work
Small thoughtful gestures matter most to Lockheed Federal Credit Union staffers.
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Greensboro CU Uses Postilion, CUBC For Business Services
Premier Federal Credit Union is using a joint offering from CU Business Capital LLC and Postilion to offer online solutions to small businesses.
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Executive Benefits Group Debuts at SWBC Investment Services
SWBC Investment Services, LLC, is expanding its service offerings.
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CME Federal CU Opens Communications with New Portal
CME Federal Credit Union is giving its staffers a voice through its new corporate-wide portal.
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Boulder Valley CU's Green Efforts Get Noticed
Boulder Valley Credit Union's eco-conscious business philosophy is making a splash in the community.
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Baton Rouge CU Chooses Extractable
A Web strategy consultancy has been called in to help Campus Federal Credit Union update its Web site, six years after its latest launch.
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African-American CU Coalition Pete Crear Fund Receives Nearly $80,000
The African-American Credit Union Coalition will be able to continue some of its ongoing mentoring, financial education and global projects thanks to dividends invested in the Pete Crear Fund.
Front Page News
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CURIA Introduced in Senate; CU Supporters Opt for Second, Pragmatic Bill
In previous years much of the credit union political news that has come out of CUNA's Governmental Affairs Conference has come from lawmakers' remarks made on stage at the conference. But this year, with a hearing before the House Financial Services Committee scheduled for the last day of the conference...
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Prospects of CU Regulatory Relief Brings About Deep and Thorough Discussion
The possible passage of a credit union regulatory relief bill of some sort prompted deep and thorough discussion of the need for that relief, as of press time, at a March 6 hearing before the House Financial Services Committee.
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FSCC Announces New ATM and Processing Alliances
Financial Service Center Cooperative, one of two nationwide credit union-owned shared branch networks, has announced a pair of alliances that promises to help further the expansion of service options for credit union members nationwide.
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Gen Y Entrepreneurs Shake Up CU Industry, Helping to Reveal Authenticity
Who says it is the slacker generation Credit Union Times spoke with five innovators who are not only under 30 but are also making a significant impact in the credit union industry bringing a fresh, progressive perspective to a traditionally stodgy industry.
News Briefs
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Andrews FCU Turns 60, Refreshes Brand Image, Web site
Andrews Federal Credit Union is shaking things up at 60.
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CEFCU Removing Obstacles to Member Savings
CEFCU is encouraging members to save by reducing the amount needed to open a savings account from $25 to $5.
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Missoula FCU Annual Meeting Goes Green
For Missoula Federal Credit Union green is the theme for this year's annual meeting.
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CUs Taking Lead On Schwarzenegger's Bank On California Initiative
California credit unions have taken the lead on Governor Arnold Schwarzenegger's new Bank on California initiative.
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Whatcom Educational CU Deploys Document Management Tools
Whatcom Educational Credit Union (www.wecu.com) has deployed a new document management solution across its 12-branch network to help automate its compliance initiatives.
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Belvoir FCU Donates to Gold Star Wives
Belvoir Federal Credit Union has donated $1,500 to Gold Star Wives of America, Potomac Chapter.
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Ecuador Credit Union Tour Dates Announced
To experience the credit union movement in Ecuador, the World Council of Credit Unions has announced the dates for its 2008 Cooperative Learning Tours to the South American country.
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CUES Names CEO Institute Scholarship Recipients
CUES has named the winners of three partial scholarships for its 2008 CEO Institute program: Boyd Gustke, chief lending officer, Connexus Credit Union; Callie Huff, chief marketing /education officer, NationsHeritage FCU; and Thomas Vigueras, president/CEO, Health Associates FCU.
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CSCU Webcast Shines Light on Youth Marketing
Card Services for Credit Unions and Visa USA recently teamed up to provide 300 member credit unions a fresh new look at youth marketing during a free Webcast, exclusively for CSCU members.
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Habla Espanol at CreditUnionNewsletters.com
Credit Union's Virtual Assistant is doing its part to help credit unions better communicate and connect with the Hispanic market.
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Portfolio Upgrades Likely Amid Bad Market News, MEMBERS Capital Finds
Despite a "flurry of bad news" in the markets recently, opportunities still exist to upgrade its portfolios, MEMBERS Capital Advisors recently reported.
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Credit Unions Cap 2007 With Nearly $200 Billion Surplus
Credit unions finished 2007 with just over $196 billion in surplus funds, according to the latest Credit Union Trends Report from CUNA Mutual Group.
Special Report
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E*Trade Reshuffles, Names New CEO
The board of directors of E*Trade Financial Corp. have elected Chairman Donald Layton as its new CEO effective immediately.
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More Than 450 Attend CUNA Brokerage FOCUS Conference
More than 450 credit union financial advisors participated in CUNA Brokerage Services Inc's. recent week-long national sales conference aimed at enhancing reps' development and taking their businesses to the next level.
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CDs Account for Bulk of Deposit Growth
Over the past three years, certificates of deposits have accounted for 118% of all deposit growth.
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Broker-Dealer Report Reveals Aftermath of SEC Fee Changes
The practices of the broker-dealer and investment adviser industries and their relationships with investors are housed in a new RAND Corporation report, put together at the request of the Securities and Exchange Commission.
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Investors Settle with American Partners FCU
Fourteen investors have settled lawsuits they filed three years ago against American Partners Federal Credit Union and three people connected with it, accusing them of deliberately selling risky investments to benefit themselves and the credit union, according to the Greensboro News Record.
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Members Deserve Independent, Unbiased Financial Education and Advice
Do you have an "investment department" or a "financial planning department" at your credit union?
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Top 25 Institutions Hold 92% of Trust Assets
While still a relatively new area for credit unions, trust services continue to command a profitable niche for other financial institutions.
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Bank Investments Cause Drop in Vancity Profits
Vancity experiences a drop in profits in 2007 in part due to a $13.9 million write-down of non- bank asset-backed commercial paper owned by the credit union's subsidiary, Citizens Bank of Canada, which held $77 million of the investments.
Publisher's Column
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CURIA, CURRA, CRA, GAC--The Whole Alphabet Soup
Credit unions just can't stop making news, particularly in Washington. Of course this last week, Capitol Hill got a huge dose of credit unions with CUNA's Governmental Affairs Conference taking place from March 2-6.
Publisher's Notebook
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Publisher's Notebook
As the new publisher of Credit Union Times, I am now responsible for the Publisher's Notebook in which I will have the ability to offer views on topics of interest. I confess this is a little daunting as I have spent my publishing career on the business side of the...
GAC
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CUNA General Meeting Outlines 2007 And Future Plans
CUNA held its 74th annual general meeting at GAC on March 3 that reflected on how far credit unions have come, and how much is yet to come.
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CUNA Legislative and Political Update Gives Lobbying Tips
CUNA's legislative and political update at the Governmental Affairs Conference last week stressed the importance of being politically active and gave advice on how to get involved.
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Colin Powell Encourages Credit Unions To Keep Building Hope, Diversity
Colin Powell, former chairman of the Joint Chiefs of Staff and Secretary of State, told attendees at CUNA's Governmental Affairs Conference that they need to keep at work preserving hope and should never forget that the great strength of America rests in how it welcomes immigrants who come to the...
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Record Crowd Celebrates CU Heroes at Wegner Awards
WASHINGTON -- More than 1,100 people paid $200 apiece to attend National Credit Union Foundation's Wegner Awards Dinner this year, gathering for the first time in a ballroom of Washington's Grand Hyatt hotel to roar their approval of three credit union heroes.
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GAC Focuses on Whether and How CUs Should Respond to Economic Slump
CUNA's Governmental Affairs Conference displayed its usual elements this year. Politics, legislation and Hill visits played a part, as did a customary defense of credit unions from banker attacks and a measure of pageantry at the opening general session.
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Credit Union Times Honors CU Leaders
Credit Union Times' 2007 CEO of the Year MECU CEO Bert Hash (right) attended Credit Union Times' Awards reception to congratulate our 2008 CEO of the Year, Tom Glatt, CEO of Continental FCU. See full coverage in the March 19 issue.
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Membership Growth Task Force Reports Findings Reaches Out for Best Practices
The membership growth task force, appointed by former CUNA Chairman Allan McMorris, reported five specific focus areas and urged credit union leaders and employees to share some of their member growth success stories at GAC last week.
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Two Years Ahead for UBIT Court Challenge
CUNA Mutual Group Senior Vice President Larry Blanchard moderated a panel discussion and update on unrelated business income tax at GAC that reported an expected two years ahead on the recent suit filed with the Wisconsin Federal Court.
People
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Clarifications/Corrections
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Correction
In the fi-linx article that ran in the Feb. 20 issue, the name "Check Casher" was mistakenly mentioned. The correct name is CheckChecker. We apologize for the error.
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