Credit Union Times Magazine May-14, 2008
Breaking News
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S&P Affirms AA- Rating On CMG
SAN FRANCISCO -- CMG Mortgage Insurance Co. announced that Standard & Poor's has affirmed the company's AA- insurer financial strength rating, with a negative rating outlook.
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Credit Unions New Source for Small Business
NEW YORK -- As banks continue to tighten their loan standards, small-business owners are getting creative in finding financing sources including at credit unions, the Associated Press reported in a May 2 article.
Front Page News
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Credit Union Trades Balk at NCUA's Outreach Task Force Recommendations
WASHINGTON -- Costly and anti-competitive: that's the opinion of the credit union industry's three largest trade associations about two of the key recommendations of the NCUA's Outreach Task Force.
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Nassau Educators Eyes Deposit
WESTBURY, N.Y. -- Mike Egan is so excited about remote-deposit capture that while falling into a deep, anesthetic sleep prior to a recent surgery, he mumbled the words over and over.
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Experts See Little Peril in Uptick
DETROIT -- As more car buyers try to lower their monthly payments by taking out longer auto loans, experts are seeing the number of upside down buyers grow.
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Amid Bank Exodus, Student Loan Market Opens for CUs via CUSO-Backed Alliance
WASHINGTON -- Just as some of the major competitors in the student loan business are jumping ship to stem losses from the subprime mortgage meltdown, more than a dozen players in the credit union space have collaborated to form a new entity to bring college loans directly to members.
News Briefs
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Iowa Economic Stimulus Legislation CU Inclusive
DES MOINES, Iowa -- Gov. Chet Culver's (D) signature on Senate File 2430, commonly known as the Economic Stimulus Bill, is good news for Iowa credit unions.
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Colorado Association Adds Hoel and REAL Solutions
COLORADO SPRINGS, Colo. -- Staking out new ground on aiding the underserved and financial literacy, the Colorado and Wyoming Credit Union Associations have recruited Robert Hoel, formerly of the Filene Research Institute, to its foundation board and also signed on to the REAL Solutions program.
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N.C. Study Finds CUs Saved Consumers $529 Million
GREENSBORO, N.C. -- North Carolina credit unions have saved consumers $529 million in a single year as a result of lower fees and loan costs plus higher deposit rates, according to an updated research study produced by a University of Alabama economist and former finance adviser at the Federal Reserve...
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Fed Funds Lowered
WASHINGTON -- The Federal Reserve dropped interest rates to their lowest point in four years as it cut the benchmark interest rate by 25 basis points to 2.0% as expected by economists.
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Ent CU Hoping for Swift Approval of Its Merger With US Alliance
COLORADO SPRINGS, Colo. -- Ent Credit Union here is awaiting approval from the NCUA of its merger with US Alliance CU of Denver after its members adopted the board and management's recommendation by a 9-to-1 margin.
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Mortgage Builder Software Partners With Optimal Blue
SOUTHFIELD, Mich. -- Mortgage Builder Software Inc., a loan origination software company to credit unions and other financial institutions, announced it has created a partnership with Optimal Blue, the developer of a Web-based platform coupling decisioning technology with content management.
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Phoenix CU Touts FHLB Membership
PHOENIX -- Membership in the Federal Home Loan Bank of San Francisco is proving financially fruitful in liquidity and balance sheet management to the $1.1 billion Arizona State Credit Union.
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State Employees CU Buys the Remains of XCU Capital Corp. to Take In-House
RALEIGH, N.C. -- Seeing an opportunity to further meet the needs of what it considers the neglected investor, the $15 billion State Employees Credit Union has bought the remains of XCU Capital Corp., a credit union-owned broker-dealer and investment advisory firm that was acquired by LPL Financial Corp. in August...
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As Resource for Financial Education, Credit Unions Are 'FoolProof'
COLORADO SPRINGS, Colo. -- If you ask Colorado and Wyoming Credit Union Associations President John Dill, FoolProof is just the spark needed to further credit union financial education efforts.
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CUSOLaw.com Site Receives Facelift
MEDIA, Pa. -- Aimed at encouraging and educating credit unions about the benefits of collaboration through credit union service organizations, the CUSOLaw.com Web site has been revised and enhanced with new features.
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Small CUs Find Coin Counters Out of Sorts
RIVERSIDE, Calif. -- Two credit unions that received previously owned coin counters from another CU have uncovered some bugs.
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Funds Sought for Maine Flood Relief
WESTBROOK, Maine -- The Maine Credit Union League and the National Credit Union Foundation have launched a disaster relief effort for CU members and employees hurt by the state's recent flooding.
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Desjardins Group History Provided Ample Time to Build Canadian Presence
LEVIS, Quebec -- A shared branching network started in 1967. A credit union with one single CUSO providing all the services and products members need. Banks trying their hardest to mimic the cooperative model but missing the mark.
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Workers' Credit Union Funds HealthAlliance Hospital Cyber Stations
LEOMINSTER, Mass. -- Workers' Credit Union has provided funding to HealthAlliance Hospital for the launch of Community Resource Cyber Stations throughout the hospital.
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Hero Account Nets $22,000
FAIRHAVEN, Mass. -- The Hero Account of First Citizens' Federal Credit Union is proving an ideal vehicle this year in demonstrating support to the military.
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Mexican Mother's Day Drives Remittances and Leads to WOCCU Pilot Launch
DES MOINES, Iowa -- Thanks to the popularity of Mother's Day in Mexico, a $7 million credit union here planned to launch its new remittances product Saturday, May 10.
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Slowing Economy, Uncertainty Not Slowing CU Remittances
WASHINGTON -- Credit unions that offer remittances have not experienced the slower pace reported in a recent survey.
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GTE FCU Offers HQ As Tampa Backup Site
TAMPA, Fla. -- Compatible technology infrastructure was cited as a key reason for the selection of GTE Federal Credit Union's headquarters as a backup site for the city of Tampa in the event of an emergency that disrupts municipal services.
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In Employee Recognition, Plaques May Not Be Enough
MAITLAND, Fla. -- A well-meaning company figured it was doing the right thing when it presented handsome recognition plaques to outstanding employees.
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Westerra CU Promotes Realtor Rally With Harley Davidson Photo Ops
DENVER -- Westerra Credit Union drew attendees of the 2008 Realtor Rally to its booth with a staged photo opportunity with a Harley Davidson motorcycle.
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New Specialty Certifications Awarded
MADISON, Wis. -- A total of 51 individuals from 12 different states were awarded Certified Credit Union Executive designations, which brings the total to 2,581 individuals nationwide.
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Security Service FCUHelps Marine Fabricators Save a New Way
INGLESIDE, Texas -- Security Service Federal Credit Union is providing some 800 employees of Gulf Marine Fabricators with a new way to save.
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32 New Credit Union Clients Help Grow CUSO Financial Services by 30%
SAN DIEGO -- CUSO Financial Services LP has grown 30% thanks to the addition of 32 new investment programs over the past year, the credit union broker dealer and investment adviser recently reported.
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Winthrop CU Joins With Founders FCU
ROCK HILL, S.C. -- In a merger that took place on May 1, Winthrop Credit Union became a part of Founders Federal Credit Union.
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IRAs Continue to Boost Retirement Assets
WASHINGTON -- Individual retirement accounts held $4.8 trillion in assets as of September 2007 boosting Americans' overall retirement assets to $17.8 trillion, according to the Investment Company Institute.
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WOCCU Takes Pre-Emptive Stance Against CU Tax Threats in Costa Rica
SAN JOSE, Costa Rica -- U.S. credit unions aren't the only financial cooperatives that face taxation threats at the hands of bank lobbying efforts.
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Kyrgyzstan Delegation Learns Lending at First Community CU
JAMESTOWN, N.D. -- Six business and government representatives from Kyrgyzstan and their Washington-based translator visited $263 million First Community Credit Union on April 25.
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Housing Bill May Face a Bush Veto
WASHINGTON -- At press time, the House was close to passing a measure that would make government mortgages more widely available, though President Bush has threatened to veto the measure because it is too expensive.
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N.Y. League Accepts First Puerto Rican CU
LATHAM, N.Y. -- The New York State Credit Union League has broken new ground by accepting as an associate member its first Puerto Rican Credit Union, the league has announced.
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Minnesota CU Network Hosts Partners From Paraguay for Regulatory Meeting
ST. PAUL, Minn. -- The Minnesota Credit Union Network participated on the welcoming end of a regulator exchange with Paraguay last month as part of the league's WOCCU international partnership with Paraguayan credit union association Central de Cooperatives del Area National Ltda. (CENCOPAN).
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Pastor Sues Arrowhead CU After Faulty Fraud Arrest
SAN BERNARDINO, Calif. -- The $1 billion Arrowhead Credit Union is facing a lawsuit filed by local pastor after he was mistakenly arrested for check fraud.
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Retailers Make Interchange Point Out of Gas Prices
WASHINGTON -- Retailers are trying to tie the issue of card interchange to the high gas prices that Americans currently experience.
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CUAC Sees Regionalization Trend in Admitting Another Out of State CU
ARVADA, Colo.--The Credit Union Association of Colorado recently added Warren FCU in Cheyenne, Wyo., to its membership as it presses ahead with what it sees as a trend toward industry regionalization.
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CUs Leery of Appraisal Rule Changes
WASHINGTON -- A federal proposal to make home appraisers more independent of financial institutions would do harm more than good and increase costs for consumers, according to officials of the two leading credit union trade associations.
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California Foreclosure Relief Bill Awaits Governor's Signature
SACRAMENTO, Calif. -- Labeling Senate Bill 1137 as an "urgent" bill may speed up help for troubled California families facing the loss of their homes.
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U.S. Central Doubles Liquidity With Two Credit Lines From Fed
LENEXA, Kan. -- U.S. Central will nearly double its liquidity resources May 22, when the wholesale corporate gains access to the Federal Reserve Bank's intraday and discount window credit lines.
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New Card, Overdraft Rules Propose Opt-Out, Reducing Available Credit, Trades Say
WASHINGTON -- Recently proposed regulations would lead to additional costs and reduced revenue to credit unions and could make credit less available to consumers
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Sterlent Credit Union Moves From Shaky Ground to Insolvency
PLEASANTON, Calif. -- The struggling Sterlent Credit Union here is now an insolvent financial institution.
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CUNA to Join Fight
WASHINGTON -- CUNA has joined the Electronic Payments Coalition, a group including banks, banking associations, CUSOs and NAFCU, organized to oppose federal legislation to mandate a settlement on card interchange.
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U.S. Central Announces Board Election Results
LENEXA, Kan. -- U.S. Central has announced the election results from last month's annual meeting and spring conference, where six of the corporate's nine board seats were up for grabs.
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Trades Optimistic, but Offer No Timetable for Bringing Up CU Reg Relief
WASHINGTON -- Officials of the two national credit union trade groups spent last week mostly working behind the scenes to shore up support for legislative efforts to provide regulatory relief for credit unions.
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Eastern Financial Florida CU Tees Off With Charity Golf Tourney
MIRAMAR, Fla. -- Eastern Financial Florida Credit Union has raised $53,000 at its annual charity golf tournament, Swing 4 the Kids.
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SaaS Uptake on the Upswing
CAMBRIDGE, Mass. -- Software as a service continues to be rapidly adopted by American enterprises, according to Forrester Research. The technology formerly known as application service provider is now in place at 16% of North America's largest enterprises, up a third from the previous year, the think firm found in...
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More Hispanics Go Mobile
CAMBRIDGE, Mass. -- Credit unions serving large Hispanic memberships may not want to neglect the mobile channel. According to a new report from Forrester Research, 26% of Hispanic adults used wireless mobile devices to check financial accounts in 2007, up 10 percentage points from the year before. In fact, overall,...
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Global Imaging Market
WELLESLEY, Mass. -- The global market for imaging components was worth $40.4 billion in 2007 and is expected to grow to $58.7 billion by 2012, according to a new technical market research report from BCC Research (www.bccresearch.com). The new report said image analysis will have the largest share of the...
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Eastern Financial Florida CU Unveils Program to Send Food Aid to Haiti
MIRAMAR, Fla. -- Eastern Financial Florida Credit Union is lending a helping hand to its Haitian neighbors by launching a Help for Haiti campaign.
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Wescom Resources Group Completes Best Tech Practices SAS Audit
PASADENA, Calif. -- Wescom Resources Group has successfully completed the SAS 70 Type II audit.
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Survey Looks at Retirement, Financial Planning Offerings
BROOKFIELD, Wis. -- Retirement and financial planning programs, a new survey published by the International Foundation of Employee Benefit Plans, finds that 70% of responding organizations offer retirement or financial planning education to employees.
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US Federal Credit Union Teams Up With College to Honor Film Artists
BURNSVILLE, Minn. -- US Federal Credit Union is partnering with Minneapolis
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Budget Training Has Real-World Focus
SAN JOSE, Calif. -- Meriwest Credit Union has recently unveiled a pilot program designed to provide student budget training.
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Fecher Receives Award As Professional of Year
FAIRBORN, Ohio -- Wright-Patt Credit Union Inc. President/CEO Douglas A. Fecher was awarded the Professional of the Year Award by the Ohio Credit Union League.
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NACUSO: SEC's Changes in Privacy Reg May Impact CU Investment Programs
NEWPORT BEACH, Calif. -- A proposed change from the SEC regarding the Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Personal Information may have an impact on investment representatives' relationships with members, the National Association of Credit Union Service Organizations has discovered.
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Ford Urges CU Employees To Give More of Themselves
PORTLAND, Maine -- Actor and former first son Steve Ford told employees of Maine credit unions to broaden their horizons and do more to help people.
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Credit Unions Lag in Check 21 Adoption, Aite Group Says
BOSTON -- Credit unions are way behind their big competitors when it comes to the introduction of remote deposit technology, according to a new report from Aite Group. The firm found that all 20 of America's largest banks have adopted the technology, as have 45% of small banks. Only 4%...
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Maine Credit Unions Break Volunteer Record With Share for ME Program
WESTBROOKE, Maine -- Volunteers from Maine credit unions have demonstrated the people helping people philosophy by setting record-breaking numbers of hours volunteered by credit union staff and directors in 2007.
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Allegiance Study Translates Member Engagement Into Economic Payback
SOUTH JORDAN, Utah -- Just as all the children in Garrison Keiler's Lake Wobegon are above average, all your members are exceptionally dedicated and loyal to their credit union.
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NAFCU Economic Indicators Are Better Than Expected
ARLINGTON, Va. -- NAFCU's Macro Flash Data Reports on the country's gross domestic product and employment figures were slightly higher than expectations and much better than anyone expected, respectively, given current struggles in the economy.
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MBA Chairman-Elect Kittle Looks Back to 1934 in Opening Speech
BOSTON -- Mortgage Bankers Association Chairman--Elect David Kittle went back in time for his opening remarks to attendees at the MBA National Secondary Conference and Expo here last week. All the way back to 1934.
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A CUREN Comes to the Great Plains To Help Foster Mortgage Growth
KANSAS CITY, Mo. -- As more credit unions are offering mortgages through in-house or outsourced programs, the need to network with one another is being met by the formation of Credit Union Real Estate Networks.
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Grow Financial CU Adopted Some Retail Concepts to Design New Branch
TAMPA, Fla. -- To better serve its members Grow Financial Credit Union is infusing some retail design into its future branches.
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Mountain America, TruHome Donate $10,000 to BUY CUSO Campaign
NEWPORT BEACH, Calif. -- To help promote ongoing efforts to encourage credit unions to consider seeking partnerships within the movement first, Mountain America Credit Union and TruHome Solutions LLC have donated $5,000 each to NACUSO's BUY CUSO campaign.
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Filene Adds Research Fellow
MADISON, Wis. -- The Filene Research Institute has added Dorian Stone to its team of research fellows.
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NY CUs Push for Deposit Law Change
ALBANY, N.Y. -- Credit unions here are renewing their efforts to change a century-old law that bans state and local governments from depositing money in any financial institution other than a commercial bank.
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Randolph Brooks FCU Signs Exclusively With PULSE
HOUSTON -- The $3 billion Randolph Brooks Federal Credit Union has signed on again with the PULSE EFT Association, a subsidiary of Discover Financial Services, for ATM and EFT services.
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Deadline Nears for WYCUP Scholarship Program
MADISON, Wis. -- The World Council of Credit Unions is urging applicants for the Young Credit Union People Scholarship Program to submit their completed nomination materials as the June 2 deadline is approaching.
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Gas Guzzlers Choking Drivers' Wallets
ARLINGTON. Va. -- It was bound to happen given the rising price of gas: American consumers are passing up SUVs and trucks for smaller, fuel-efficient cars.
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Going Mad for Harleys
BOULDER, Colo. -- In a city known both for its eco-friendliness and affinity for freewheeling, Elevations Credit Union here is helping its members jump on a Harley-Davidson motorcycle by lowering its best rate on Harley motorcycle loans to correspond with the same rate as its automobile loans.
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MasterCard to Offer Gas Savings To Small Business Card Users
PURCHASE, N.Y. -- Credit unions offering credit and debit MasterCards to small businesses could benefit from a new MasterCard program.
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Mendo Lake CU Opens Full-Service Green Branch
UKIAH, Calif. -- Mendo Lake Credit Union has opened a full-service green branch.
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CUTEK Offers Electronic Dual Signature Solution
MURRIETA, Calif. -- CUTEK is now offering Symitar credit unions a dual signature solution that allows two people to input information on an electronic document at two different times and locations.
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Fannie Mae Raises Funds
WASHINGTON -- Fannie Mae, the government sponsored enterprise that buys more home loans than any other entity, defied the markets by posting a quarterly loss May 5 of $2.2 billion. The Fannie Mae tempered the bad news with some good: It pledged to raise an additional $6 billion from investors...
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De La Rue Cash Systems Appoints Chris Reagan Its New President
LISLE, Ill. -- De La Rue Cash System announced the appointment of Chris T. Reagan as its new president.
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Promotional Moves At CUES
MADISON, Wis. -- There have been a few changes at CUES with the promotion of Dawn Poker, Lucy Roidt and Karin Weiss.
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CUNA Mutual Opens Ireland HQ
DUBLIN, Ireland -- CUNA Mutual Group's International Division has expanded its European operations by opening new European headquarters in Dublin, Ireland.
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MCU Renews Civil Service Sports Series Sponsorship
NEW YORK -- Municipal Credit Union is a big fan of the Civil Service Sports Series and will continue its sponsorship for 2008.
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Missouri CUs Fight Elder Financial Abuse
JEFFERSON CITY, Mo. -- Missouri credit unions are heading the charge to stop financial abuse of the elderly in the state.
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Pennsylvania Association Offers Policy Pro Compliance Library to Members
HARRISBURG, Pa. -- The Pennsylvania Credit Union Association, moving to ease the compliance burdens on CUs, has purchased an online library of policies as a free service for members.
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Filene Unveils Youth Plans
MADISON, Wis. --The Filene Research Institute is helping credit unions find strategies to attract younger members, younger professionals and younger volunteers with its CU Tomorrow initiative.
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Small CU Credit Card Portfolios Are Now Gaining a Large Share of Attention
ALEXANDRIA, Va. -- According to NCUA data, roughly half of credit card issuing unions have card portfolios valued at less than $1 million and this little-known fact reflects a reality about the credit union card industry.
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Hill Newspaper Calls CU Lobbyists Powerful
WASHINGTON -- Congressional staffers and other lobbyists give high marks to three of the credit union's top representatives in Washington, according to a leading political newspaper.
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SWBC Unveils New Name, Slogan
SAN ANTONIO -- SWBC will soon be known as the financial services company formerly known as Southwest Business Corp.
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Kansas Credit Union May Not Return to Greensburg After 2007 Tornado
GREENSBURG, Kan. -- When tornado - ravaged Greensburg residents finally rebuild their small community, it will likely lack a credit union.
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Evangelical Christian CU Forecloses On 15-Acre Calif. Church Campus
BREA, Calif. -- Not even Ambassador Family Church could avoid California's current plague of foreclosures.
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CU Voices Will Be Heard On Financial Literacy Panel
WASHINGTON -- A federal panel making recommendations on ways to improve the public's knowledge of personal finance will receive input from several people who are quite familiar with the work of credit unions.
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First Citizen FCU Appoints Inkley as Senior Vice President of Lending
FAIRHAVEN, Mass. -- First Citizens' Federal Credit Union has appointed Kevin J. Inkley to the senior vice president of lending position.
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United Southeast FCU President/CEO Larry Stapleton to Retire Next Month
BRISTOL, Tenn. -- After 44 years in the credit union movement, President/CEO of United Southeast Federal Credit Union Larry Stapleton has announced his retirement.
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Business Partners Gathering Focuses On Collaboration and Best Practices
CHATSWORTH, Calif. -- With this year's theme of Built to Compete, Business Partners LLC's business services symposium in April focused on collaboration and best practice exchanges.
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As Ranks of the Frail Grow, Large CUs Look to Mergers for Balance Sheet Cure
FOREST GROVE, Ore. -- Strategic industry consultants on both coasts report an increase in CU clients with assets of $100 million and more asking about their merger options.
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TSYS Arrives Ready to Play in CU Card Processing and Portfolio Markets
WILMINGTON, Del. -- For the first time, an organization has formed that will bring card processor Total Systems into the at the credit union card processing and portfolio market.
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Right Adviser, Staff Incentives, Service Help Revive Sound CU's Investment Program
TACOMA, Wash. -- Throughout the 1990s, Sound Credit Union's investment program languished as it tried to find its fit with members and employees who weren't totally convinced about promoting products and services that they felt weren't in the best interests of the membership.
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Gloves Come Off in Legal Arguments Against Charter Change Group
RICHMOND, Va. -- CUNA and NAFCU didn't pull any punches in their legal argument supporting NCUA in its fight with the Coalition for Credit Union Charter Options.
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N.Y. League Meets State Senate Leader
LATHAM, N.Y. -- A group of credit union leaders along with New York State Credit Union League representatives met with State Senate Minority Leader Malcolm Smith (D-Metropolitan) to talk with him on credit union issues and the importance of New York credit unions.
Facilities
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Apple FCU Branches Out in Fairfax Co.
FAIRFAX, Va. -- Apple Federal Credit Union has broken ground on its 12th branch in Fairfax County. The Kingstowne branch is slated to open in late 2008.
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Travis CU Relocates Merced Branch
VACAVILLE, Calif. --Travis Credit Union has recently celebrated the relocation of its new full-service branch in Merced.
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New Headquarters for Jeanne D'Arc
LOWELL, Mass. -- Soon the historic Tremont Yards in downtown Lowell will count Jeanne D'Arc Credit Union as its latest resident.
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IBT Makes Fastest Growing List
ATLANTA -- Design/build firm IBT Holdings, LLC has been named one of Atlanta's fastest-growing private companies by The Atlanta Business Chronicle.
Regulatory/Compliance
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Presidential Panel Seeks Ideas On Improving Financial Literacy
WASHINGTON -- A federal panel aimed at improving the public's understanding of personal finance issues wants help from the public.
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NAFCU Says Don't Over Regulate Fannie Mae and Freddie Mac
WASHINGTON -- Congress should not respond to the problems of Fannie Mae and Freddie Mac so strongly that those corporations would have less money to buy mortgages from credit unions, NAFCU told the chairman and ranking member of the Senate Banking Committee.
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Feds Say Money Laundering Rare in Residential Real Estate
WASHINGTON -- Money laundering is not common in the residential real estate industry and most of those involved in the practice are not affiliated with real estate-related business, according to a U.S. Treasury Department report.
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NCUA: Federal Credit Unions Are Depository Institutions
WASHINGTON -- Federal credit unions are depository institutions as defined by law, according to an opinion issued by the NCUA.Sheila Albin, the agency's associate general counsel, said that by accepting deposits, in the form of shares, credit unions fulfill their role under federal law of "promoting thrift among its members...
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NCUA Says CU Counsels Can Perform Third-Party Reviews
WASHINGTON -- In-house counsels at credit unions can review contracts with third parties as long as they have no connections to the outside organization, according to an NCUA legal opinion.
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Feds Levy Fine on Nigerian Bank for Money Laundering
WASHINGTON --The Treasury Department has imposed a $15 million civil penalty against Nigeria's United Bank for not complying with anti-money laundering rules.
Tech Bytes
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FedComp Releases New Core Platform
FAIRFAX, Va. -- FedComp Inc. has released a new core processing system for credit unions it said is its most sophisticated yet.
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Canadian CUs Commit To Summit System
BURNABY, British Columbia -- Five credit unions in British Columbia have recently selected the core processing system from Summit Financial Technologies Canada, according to Fiserv Inc.
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Over 1,600 at Open Solutions Conference
GLASTONBURY, Conn. -- More than 1,600 people attended Open Solutions Inc.'s recent 2008 Annual Client Conference in Orlando, Fla., the company said.
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Passageways Makes a Move Into Canada
WEST LAFAYETTE, Ind. -- Passageways is making its way into Canada.
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Bradford-Scott Data Re-Signs 25 Customers
INDIANAPOLIS -- Bradford-Scott Data said it has recently renewed five-year agreements with 25 of the credit unions currently using the Sharetec core data processing system.
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Core Processor Trinergy Adds Third CU to Roster
CHICAGO -- A $60 million Caribbean credit union has become the third CU to use Chicago-based Trinergy LLC as its core processor, the company said.
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PSCU Urges CUs to Join New Risk Alliance
ST. PETERSBURG, Fla. -- PSCU Financial Services is urging industry participation in the VMAlliance, a vendor risk management resource expected to launch in the second quarter of 2008.
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FICS Promotes Graham
DALLAS -- FICS has a new president. Susan Graham has been named the new president of Financial Industry Computer Systems, succeeding Dawn Gibbs, who is now CEO/chairman of the board of the provider of in-house origination and servicing technology to the mortgage industry.
Special Report
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Dollar: Restraints Will Drive More to Bank Conversions
BIRMINGHAM, Ala. -- Among the drivers that could move credit unions to consider converting to mutual savings banks are member business lending restraints, said Dennis Dollar, president of Dollar Associates, a credit union consulting firm.
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CUNA Council White Papers Explore Business and Microlending
MADISON, Wis. -- The CUNA Operations, Sales and Service Council has released a new white paper titled Taking Care of Business Members.
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Small-Business Owners' Uncertainty May Set Stage for Credit Unions to Pursue
OVERLAND PARK, Kan. -- Mike Hales recalls making his first business loan in 1968 after returning from deployment in Vietnam. Over the past four decades, he has seen the commercial lending peaks and valleys both in the credit union and banking arena
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Once Hovering Close to Member Business Lending Cap, AM Community Sees Relief
KENOSHA, Wis. -- While AM Community Credit Union has offered business loans since 1999, the ongoing grip on capital and credit access of late has played a part in helping to boost the financial institution's business lending program.
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Business Lending Programs Continue Momentum, Caution Still Consideration
MADISON, Wis. -- Member business lending continues to be a potential source of revenue for credit unions, with business loans growing 18.6% since June 2006, according to the 2007 CUNA Member Business Services Survey.
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SBA Recognizes Six Banks and Two Financial Corps. With Business Lending Awards
WASHINGTON -- Six banks and two small business finance corporations were recently named the top 7(a) and 504 lenders by the Small Business Administration for their efforts in helping small businesses with their financing needs.
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IRS Launches Campaign To Help Small Businesses
WASHINGTON -- The IRS has launched a campaign to help educate new self-employed small-business owners about federal tax responsibilities.
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SBA Grants Lenders a 45-Day Operating Procedure Extension
WASHINGTON -- The Small Business Administration has agreed to grant a 45-day extension for implementation of the newly streamlined Standard Operating Procedure based on feedback from credit unions and lenders on meeting the initial implementation deadline.
Opinions
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The Examiners Are Coming So It's Best to Be Prepared
The most important thing a credit union must do in either participating in or originating member business loans is have well-written board approved policies in place.
Letters to the editor
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There Is a Credit Union Difference
I am sure that all of us in credit union land often hear the question, what's the difference between a bank and a credit union? A recent occurrence in regards to plastic cards confirmed once again, at least for us, that there truly is a big difference. As issuers of...
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Considering Personal Teller Machines
I enjoyed reading about the use of personal teller machines at Coastal CU and at Mid-Hudson Valley CU (CU Times, April 23, 2008). I think they offer the opportunity to merge the teller line and the call center. We have tried that. Tellers have wait time between members. During that...
Looking Back
Publisher's Column
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Take Multiple Routes on Your Path to Growth
Credit unions are working harder and harder these days to grow. Every week it seems we have articles on credit unions net interest margins tightening, overall membership growth declining, mergers, or success stories regarding credit union growth. To be successful, growth must be viewed as a multi-faceted concept.
People
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People
EAST
From the Board Room
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Kent CU Board Directors' Honored
KENT, Ohio -- Kent Credit Union Board Directors Bill Burns and Ron Moss have been named the 2008 Volunteers of the Year by the Ohio Credit Union League.
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Board Results In at MIT FCU
CAMBRIDGE, Mass. -- At its 68th annual business meeting, the MIT Federal Credit Union announced the results of the 2008 Board of Directors' election. The directors elected for three-year terms include Richard R. Fenner, Richard B. Flanagan and Maura Lavalle.
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RCU Elects Board Officers
SANTA ROSA, Calif. -- Redwood Credit Union has recently re-elected three volunteer officials to the board of directors for the 2008-2011 term.
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New Board at Western Division FCU
WILLIAMSVILLE, N.Y. -- Effective May 1, the following individuals began serving as board of directors and supervisory committee members of Western Division Federal Credit Union.
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Travis CU Board Member Retires
VACAVILLE, Calif. -- After 34 years of service, Travis Credit Union board member Billy M. Perkins has retired.
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Wolters Kluwer Unveils Site to Help CUs Comply With FACT Act
WASHINGTON -- Help is on the way for credit unions who are trying to put together their federally-mandated identity theft protection plans.
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HSAs Gain Popularity
WASHINGTON -- HSAs are here to stay.
Voting Poll
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Readers Believe There Will Be No Check-Free U.S. in the Future
HOBOKEN, N.J. -- With the technological advancements and innovations in the financial industry credit unions are using the latest tools to move away from paper to electronic transactions.
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How Is the Current Economy Affecting Business Loans?
HOBOKEN, N.J. -- With the current economy, Credit Union Times wants to know in its current voting poll how these conditions have impacted your credit union's business loan requests.
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Readers Believe There Will Be No Check-Free U.S. in the Future
HOBOKEN, N.J. -- With the technological advancements and innovations in the financial industry credit unions are using the latest tools to move away from paper to electronic transactions.
Other
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Scholarships
MidWest Financial Credit Union, Ann Arbor, Mich., announced the recipients of its annual Scholarship Award. Emily Hilsabeck and Ariel Schepers were presented with $1,500 scholarships by President Mike Stevens at MidWest's annual meeting. A four-person committee reviewed the applications and selected the recipients based upon their academic achievements, community and...
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Donations
Community One Federal Credit Union, Las Vegas, concluded its annual United Way of Southern Nevada campaign by donating over $5,600. Employees could make donations during the campaign through payroll deductions or by participating in events over the two-week fundraising period. Employees purchased eBingo cards to participate in online bingo throughout...
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