Credit Union Times Magazine April-07, 2010
Featured Story
CU of Texas Counts on High-Tech Marketing to Refuel Investment Program
There was a time when Credit Union of Texas members who wanted to shift some of their retirement assets around had to suffer through the painfully laggard and low-tech service offered by the credit union's broker-dealer.
Front Page News
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Government Is Ally in Tax Fight
Fights over taxes usually find credit unions and the U.S. government on opposite sides.
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Despite Lending Risks, Industry Still Sees SBA as a Viable Buffer
Even though Black Hills Federal Credit Union is the largest SBA lender in South Dakota,
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Structure of Consumer Agency Will Shape Its Impact on CUs
An independent consumer financial regulator might be less sensitive to the safety and soundness implications of potential new rules than one housed inside the Federal Reserve.
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Is Indirect Lending a Romp In the Devil's Playground?
Getting members gained through indirect lending to become full members or multiproduct members has always been an issue of debate,
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Expert Urges CUs to Evaluate Impact of Landmark Health Care Laws
As speculation grows about the recently passed health care reform legislation, CUNA Mutual Employee Benefits Consultant Brad Pricer urges credit unions not to panic.
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NACUSO Counsel Questions Link Of Bad MBLs, Personal Guarantee
While acknowledging some credit unions have had problems within their member business lending portfolio over the past year,
News
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NCUA and Trades Weigh April NCUSIF Adjustment Impact
The NCUA will soon reveal April's 1% capitalization deposit adjustment, expected along with the agency's March financial statements.
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Ambac Restructuring Could Mean Bad News for Corporate-Held MBS
The Wisconsin-based monoline insurer subsidiary of Ambac Financial Group has restructured its residential mortgage-backed securities guarantees into a separate,
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Regulations Aim to Close Gaps On Conversions and Mergers
Though there aren't any conversion applications pending, past problems during certain merger past efforts triggered the draft rules that the NCUA issued on the subject last month.
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New Gift Card Regs Said to Have Little Adverse Impact on CU Issuers
CUSOs that issue and sell gift cards, often though agent issuing programs with credit unions,
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Albert Gonzalez, Mastermind Heartland Hacker, Gets 20 Years
Albert Gonzalez, the hacker who led a multinational group of friends and associates through some of the biggest retail hacks of card data in history,
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Anheuser-Busch CU Keeps Assets From Competitors With Trust Services
Even though the $1.2 billion Anheuser-Busch Employees' Credit Union has had a fairly vibrant investment program since 1988,
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Illinois League Merchant Alliance Aims to Help CUs Tap Small Biz Market
For many credit unions, the sweet spot in the small business market is the mom-and-pop sector-those shops that generate respectable annual revenue and employ a handful of staffers.
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After 42 Years of Service to the CU Industry, Pat Yokley Retires
CommunityAmerica Credit Union announced that after 42 years in the credit union industry, Chief Administrative Officer Pat Yokley is retiring.
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Utah League Urges Caution on Consumer Debt
With a rise in foreclosures and delinquency filings, Utah apparently has become a late blooming sand state,
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GFA Federal Credit Union Pays Dividend
The $300 million GFA Federal Credit Union of Gardner, Mass., is keeping its word to members of a merged credit union about a rebate following paid off loans.
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Redstone Sets Up Card Dining Club Link
The $2.7 billion Alabama's Redstone Federal Credit Union is a firm advocate that CUs must stress member value over rate and convenience to ensure growth.
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Average Rate on Rewards Checking Is 3.3%
Rewards Checking, the interest-bearing program becoming more popular among banks and credit unions,
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Nonprofits Welcome BECU Branch
The $8.6 billion BECU shared the recent celebration of its newest branch opening with several nonprofits,
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Regulators: Ease Up on Loan Criteria
Financial regulators, including the NCUA, say while they understand that the downturn has led lenders to significantly scale back their business lending activity,
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Alliance Brings Member Discounts
Members of the $1.8 billion SEFCU will receive discounts on products and services from the Albany, N.Y.-based cooperative through a new program with area businesses.
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Homeless, Youth Center Gets Boost
A new maternity home that serves homeless and runaway youth recently received a 0%, $500,000 construction loan through North Carolina's State Employees' Credit Union's foundation.
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New Mexico Credit Union Association Hits $1 Million Hospital Goal
The Credit Union Association of New Mexico is fulfilling a five-year commitment by completing a $1 million fundraising campaign to build a pediatric emergency unit for the University of New Mexico Children's Hospital in Albuquerque.
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Navy FCU Gets Boost From Rewards Card
Navy Federal Credit Union is finding a big payoff in its cash rewards program linked to a Visa credit card.
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Reg E Forces Overdraft Changes
A recent survey conducted by economic research firm and overdraft program provider Moebs Services showed that 1,800 banks and credit unions have made changes to
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CU Foundation Allows DE Earmarks
In a move that it said will continue to strengthen and deepen the Development Education program,
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CUs Warned on Banks Emerging from 'Survival Mode'
The banking industry may be licking their wounds these days, but "once they get their TARP funds back,"
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Credit Union-Based FoolProof Now Boasts 10,000 Users
After its first credit union pilot two years ago, FoolProof, the financial literacy package of the Credit Union Associations of Colorado/Wyoming,
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Wake Up On BSA
The Texas Credit Union League, citing a $160 million federal fine against a large bank for money laundering violations,
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U.S. Central Case Going to Trial
Corporate America Credit Union won the right to advance to the discovery phase of its case against U.S. Central Federal Credit Union's former directors and executives.
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Public Funds Bills Make Progress as Oregon Governor Enacts New Law
The campaign by CUNA and state leagues to win lawmaker support for the deposit of public funds in credit unions made important gains last week,
News Briefs
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SBA Loans Get Another Recovery Reprieve
The SBA's two largest loan programs recently received another extension that is estimated to support nearly $1.4 billion in small business lending under legislation signed by President Obama March 26.
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Airline Group Takes Off
The $2.5 billion Wings Financial Credit Union has been selected as the official credit union for the Regional Airline Association, a trade group representing 32 airlines and 280 associate members.
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Minn.'Willing to Gamble' On MBL Cap Raise
While some credit unions have experienced losses, it's still may be worth it for them to take a chance on what would happen if the 12.25% of assets member business lending cap was lifted.
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CUNA Mutual, Teres Integrate Platforms
CUNA Mutual Group and Teres Solutions Inc. said have integrated CUNA Mutual's online loan application system, loanliner.com, with the Teres Solutions SAIL lending automation platform.
Tech Bytes
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Branch Capture Added to CO-OP Imaging Suite
CO-OP Financial Services is now offering credit unions the ability to batch and electronically submit deposited checks for clearing at the branch level.
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iPhones Locator
iPhone-using members of Ent Federal Credit Union can now use their smart phone to find the $3 billion credit union's nearest service center or ATM, including shared branches and CO-OP Network ATMs around the country.
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Bellco ATMs Scan Checks
Bellco Credit Union said it now has check imaging in place at 50 of its ATMs, following a February conversion to payment processing from CO-OP Financial Services.
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Nassau Educators FCU to Launch a Mobile Triple Play Service
Members of the $1.4 billion Nassau Educators Federal Credit Union will be able to use any of the three channels of mobile banking delivery when the credit union launches its "triple play" service on April 5.
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Debit Payments Near 960 Mil.
The ACCEL/Exchange debit payments network recorded nearly 960 million transactions in 2009,
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Mobile Grows
Mobile banking continues to grow in popularity as cell phone adoption becomes nearly universal among American adults
Special Report
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Retirees' Uncertainty Shakes Financial Service Provider Relationships
Some retirees and pre-retirees who are opting for traditional solutions and managing their income on their own are giving the cold shoulder to some financial service firms hawking their wares.
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Effective Investment Programs for Cost Conscious Credit Unions
This economy has presented some of the greatest challenges most of us have seen in our lifetimes.
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Fear of Higher Inflation Prompts Short-Term CD Abandonment
Credit union members and bank customers were clearly anticipating that inflation would rise in late 2009 or early 2010 due to the massive liquidity in the market.
Editor-in-Chief's Column
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Time to Reset the Play Clock at CUNA and in Congress
The clock is slowly ticking down on Dan Mica's tenure at CUNA. There were rumblings back in August 2009 questioning why he was announcing his exit 16 months in advance. Well,
Columns
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Internet, Friends and Parents: Gen Y Triple Threat
For my column last month, instead of sharing my thoughts I decided to reach out to some of my Gen Y peers to see why they chose their financial institutions.
Letters to the editor
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Brave WesCorp Plaintiffs Are Exercising Their Fiduciary Duties
In his letter to the editor (March 24 issue), SAFE Credit Union CEO Henry Wirz suggested that Glendale Area Schools FCU and six other credit unions had plenty of other options rather than to file suit against the WesCorp directors.
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Symitar Has No Interest in Taking Away Corporate Credit Union Business
As the person interviewed for your online story of March 23 ("Symitar Eyeing CUs Unwilling to Recapitalize"),
Opinion
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Despite the 6,000 Miles the From Starting Line, I'll Be There in Spirit
What a difference a year makes.
Other
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AWARDS
GFA Federal Credit Union Gardner, Mass., received the first place Dora Maxwell Social Responsibility Recognition Award and the second place Louise Herring Award for Philosophy in Action from the Massachusetts Credit Union League
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PEOPLE
Minnesota Credit Union Network, Washington, announced that Mark D. Cummins, president/CEO
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