Credit Union Times Magazine September-24, 2008
News
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Cheap Gas Proves Big Hit in Montana
BILLINGS, Mont. -- A Labor Day awareness campaign linked to discounted gas provided a bonanza of publicity and public good will for the $73 million Billings Federal Credit Union.
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Orange County's Credit Union Is Putting Credit Cards Back on the Books
SANTA ANA, Calif. -- Despite experts' predictions that bank credit card delinquencies will rise to 7% next year, $917 million Orange County's Credit Union is completing the process of moving its credit card portfolio back in-house.
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Bush and SBA Promote HSAs to Women Small Business Owners
WASHINGTON --President Bush and U.S. Small Business Administration Acting Administrator Sandy K. Baruah recently met with women small business owners to promote the benefits of Health Savings Accounts.
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House Panel Hearing on Foreclosures
WASHINGTON -- The Federal Housing Administration told lawmakers last week that it has taken significant steps to make sure that the HOPE for Homeowners Program is up and running by its Oct. 1 implementation date but warned that loans granted under the program would carry higher interest rates.
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Texas League Debits New DVD Series on BSA Compliance
FARMERS BRANCH, Texas -- Reflecting ongoing concern over compliance with the Bank Secrecy Act, the Texas Credit Union League has unveiled what it calls a broad-based e-package for directors, middle managers and others that includes a newly-issued DVD series.
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Apple Financial Services Staffer Wins Travelers High Achiever Award
FAIRFAX, Va. -- Personal, professional and property insurance provider Travelers has named Apple Federal Credit Union's Brenna Alexander-Clarke a 2008 personal insurance high achiever.
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Filene Research Institute Launches Legacy Gifts Fund
MADISON, Wis. -- Credit unions can now support Filene Research Institute through a legacy gifts fund.
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Ensweiler Issues Urgent Appeal for Ike Help
FARMERS BRANCH, Texas -- With dozens of credit union employees losing their homes and other property destroyed in Hurricane Ike, Texas Credit Union League President/CEO Richard Ensweiler issued an urgent call last week for the industry to open up wallets and give generously toward disaster relief.
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Knoxville Area Chapter of Credit Union Joins Child-Friendly Safety City
KNOXVILLE, Tenn. -- A credit union is the latest resident of Safety City thanks to the Knoxville Area Chapter of Credit Unions.
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Woodbury, McManuis for Presidents
RIVERSIDE, Calif. -- Two Altura Credit Union executives are demonstrating the credit union's commitment to community through their service as presidents on local boards of directors.
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Banks' Nonchalance Boosts Business Lending at Michigan Catholic CU
TROY, Mich. -- Does Target moan if customers are treated poorly at Wal-Mart?
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Nevada Foreclosure Ranking Aside, Community One Bets on CUSO Alliance
LAS VEGAS -- Last week's news ranking Nevada among the eight states in nation with the highest foreclosure rates has not fazed Community One Federal Credit Union's plans to offer an alternative for homeowners and shoppers.
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Wis. League Convention Spurs First American CU to Start Leadership Initiatives
BELOIT, Wis. -- A push at the Wisconsin Credit Union League's 2007 state league convention to draw young leaders into the credit union movement inspired First American Credit Union to develop its own future leaders.
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Schwartz to Head Up Mission Federal
SAN DIEGO -- Debra Schwartz has officially been named president/CEO of Mission Federal Credit Union.
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In Hurricane Ike Aftermath, Louisiana CU Repays Texas CU in Kind
FREEPORT, Texas -- Often the credit union philosophy of people helping people shines brightest when the skies turn the darkest.
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FDIC, Texas Regulator Force TDECU to Pull Back on Aggressive Ad Campaign
LAKE JACKSON, Texas -- Texas Dow Employees Credit Union's safe and sound advertising campaign may have created too much buzz.
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KV Merger Faces Member Suspicion but Streamlined Process
AUGUSTA, Maine -- Readers of the Kennebec Journal's Sept. 14 story covering the possible merger of KV Federal Credit Union with Kennebec Savings Bank responded with skepticism to the consolidation.
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Northeast Community CU Awaits Member Verdict on Bank Merger
HAVERHILL, Mass. -- As the $97 million Northeast Community Credit Union waits for its members to decide whether they want to merge with an area bank, those same members can use the CU's Web site to exchange opinions.
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House Subcommittee Holds Hearing on RESPA Reform
WASHINGTON -- A House Financial Services subcommittee held a hearing last week on the Department of Housing and Urban
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Alabama SBA Top Ranking to Redstone FCU
HUNTSVILLE, Ala. -- The Small Business Administration has named Redstone Federal Credit Union as the agency's top lender in Alabama, the credit union reported.
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myCUmortgage, Ohio CUSO, Adds Five More Credit Unions
FAIRBORN, Ohio -- myCUmortgage, an Ohio-based credit union service organization, has added five more credit unions to its roster of mortgage partners.
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Some CDCUs Are Smarting Over Latest Round of CDFI Grants
NEW YORK -- Some community development credit unions came away very disappointed by the latest round of key government grants, according to the National Federation of Community Development Credit Unions.
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CU Failures Prompt NCUA Warning on Mortgage Brokers
ALEXANDRIA, Va. -- The NCUA has issued a letter to credit unions emphasizing the need to carefully examine their use of mortgage brokers and correspondents.
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IASB Reconsiders CU Reporting Standards Based on WOCCU Recommendation
LONDON -- The International Accounting Standards Board has agreed to reconsider the application of its International Financial Reporting Standards to credit unions, based on a comment letter submitted earlier this year by World Council of Credit Unions. The letter was among just a handful of submissions IASB chose to address...
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New England CUs Are Helping Keep Members Toasty This Winter
WESTBROOK, Maine -- With the summer coming to end, credit unions in the northeast are helping members prepare for high winter heating costs by offering energy loan and savings programs.
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HarborOne CU's Multicultural Center Now a Model for Outreach
BROCKTON, Mass. -- The management of HarborOne Credit Union never dreamed a year ago its MultiCultural Banking Center, designed as a deterrent to Boston's payday lending industry, could turn into a community hub for financial education, language training and social services.
Front Page News
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Historic Financial Upheaval Could Strengthen CU Member Relationships
MADISON, Wis. -- As with other sectors, the credit union industry may be wondering what the long-term implications are after the recent unprecedented market upheavals.
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Ike-Battered Texas CUs Start to Recover
HOUSTON -- Credit unions across areas of south Texas ravaged by Hurricane Ike were still picking up the pieces last week, hoping the backup generator would continue working and helping affected employees and members of hundreds of credit unions to recover.
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Advisers Recommend Investors Look Beyond the Fannie-Freddie Takeover
MADISON, Wis. -- Financial advisers are telling investors not to make long-term decisions based on what's happening in the markets today.
News Briefs
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WOCCU Advocates Before Polish Parliament, Officials
GDANSK, Poland -- World Council of Credit Unions officials meeting in Poland during the week of Sept. 14 also made time to meet with Polish government officials to voice their opposition to credit union-hostile legislation that was recently proposed to the Polish Parliament.
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SEC Charges LPL Financial
WASHINGTON -- LPL Financial Corp. has been charged with failing to adopt policies and procedures to safeguard 10,000 of its customers' personal information following a series of hacking incidents involving the broker-dealer's online trading platform, the Securities and Exchange Commission said.
Facilities
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Kelly Community FCU Expands
TYLER, Texas -- Kelly Community Federal Credit Union has broken ground on its latest branch.
Tech Bytes
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Two CUs Sign With CRI Systems
ELKRIDGE, Md. -- Two more credit unions have contracted with CRI Systems Inc. to use the company's Route One indirect lending interface through its CRIterion loan origination software platform.
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Arizona State CU Finds Happiness Among Teller Pods and Cash Recyclers
PHOENIX -- Traditional vaults are being eliminated, members can walk around and look over tellers' shoulders and monthly shortages have been as little as 68 cents, total, for a $1.2 billion credit union with 24 branches.
Special Report
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Wild West Promotion Boosts Tempe CU
TEMPE, Ariz. -- Tempe Schools Credit Union recently wrapped up its western theme auto promotion that the credit union said was its most successful promotion of 2008.
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CUs Capitalizing on Auto Market as Competition Backs Off
RANCHO CUCAMONGA, Calif. -- Bill Meyer, communications coordinator for CUDL, said that one important trend it is seeing in auto lending is the correlation between the slumping auto leasing segment, where banks and captives are leaving the market and credit unions ability to capitalize on this to increase overall market...
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Altier CU Brings Back Cash Back
TEMPE, Ariz. -- For the second time this year, Altier Credit Union is helping its members put some money back in their pockets with its cash back auto loan.
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DealerTrack Partners With Allstate
LAKE SUCCESS, N.Y. -- DealerTrack Aftermarket Services Inc., a subsidiary of DealerTrack Holdings Inc., announced that the Allstate credit division has joined the DealerTrack aftermarket network.
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Florida CU League Partnership With GE Helps CUs in Tough Times
TALLAHASSEE, Fla. -- A partnership that began two years ago between the Florida Credit Union League and General Electric is helping credit unions get rid of a surplus of repossessed cars that many are experiencing due current economic conditions.
Editor-in-Chief's Column
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We All Need to Watch Our Language
Credit unions again and again come to the rescue of their members and each other. TDECU was running an advertising campaign in an effort to provide its members with financial education and, of course, steer their business and others' toward the credit union.
Letters to the editor
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From the Editor: Keep Those Letters Coming!
Credit Union Times has a goal for 2008 to include Letters to the Editor in every issue. We had letters in nearly every issue of 2007.
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Minnesotans Showed Commitment and Heart in Homes for Troops Effort
I read with great interest the Sept. 3 Editor-in-Chief column, which talked about the Homes for Our Troops projects, coordinated in conjunction with the two national conventions. I was disappointed, however, to see that Minnesota's project was barely mentioned.
Looking Back
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Looking Back
HOBOKEN, N.J. -- As gas prices and economic troubles plague airlines and push credit unions tied to airlines into the news, Credit Union Times looks back four years ago when airline credit unions faced similar issues.
NAFCU
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Chairman Fryzel Lays Groundwork for an Activist Tenure at NCUA
WASHINGTON -- Although he did not ride in on a horse or draw a gun, NCUA Chairman Michael E. Fryel made clear at NAFCU's Congressional Caucus that there is a new sheriff in town.
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NBC's David Gregory: Issues Are Not the Only Factors in Voters' Choices
WASHINGTON -- Forget about the brain, target the heart.
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McCain, Obama Advisers Are Noncommittal on CUs
WASHINGTON -- They came, they spoke but made no promises.
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Lawmakers Praise Work of CUs and Pledge More Regulatory Relief
WASHINGTON -- Democrats and Republicans here don't agree on much these days. But the bipartisan group of lawmakers who spoke at NAFCU's Congressional Caucus extolled the work of credit unions before and during the current financial crisis and promised to help them do more by passing regulatory relief.
People
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PEOPLE
EAST
Other
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COMMUNITY EVENTS
Power Financial Credit Union, Miami, invited the community to bring their children in to the credit union for a free DNA LifePrint. The event provided parents with tools recommended by the FBI and the Department of Justice. Approximately 200 children received certified biometric 10 digital fingerprint profiles, high-resolution, full color...
- 7 Strategic Steps for Credit Union Leaders
- Banned Corporate Leaders Can Still Work at Natural Person CUs: NCUA Orders
- OIG Report Reveals NCUA Questions SECU’s Safety and Soundness
- How Five College Town Credit Unions Keep Members Post-Graduation: Slide Show
- NCUA Issues Cease & Desist Against Montgomery County Teachers FCU
