Credit Union Times Magazine April-14, 2010

Bellco Credit Union Wins A Clean Sweep on UBIT

By Claude R. Marx

Bellco Credit Union doesn't have to pay unrelated business income tax on its income from credit insurance or on royalties from accidental death and dismemberment insurance.

Pentagon FCU Member Ensnared In Dream Home Mortgage Debacle

By David Morrison

NCUA Board Chairman Debbie Matz has urged credit unions to "redouble" their efforts to help Americans who are struggling with heavy mortgage debt and other real estate loans.

CU Allies Among Targeted

By Claude R. Marx

In a year when many incumbent officeholders are about as popular as Yankee fans in Fenway Park, several key supporters of credit unions will be fighting for their political lives this year.

New Core Processor Lands Old Friend as First CU Client

By Marc Rapport

Twenty-five years after Theresa Benavidez converted Cabrillo Credit Union and its CEO, Robin Lentz, to Symitar's core processing platform, Benavidez and Lentz are doing it again.

CUNA Group Continues to Plot Next Steps on Corporate Model

By Heather Anderson

Although it was not ready to name the 12 members of its "Next Steps" corporate working group at press time, CUNA officials did say it will include several members of its corporate credit union task force, as well as some new selections.

Former Texans CUSO CEO Curley Says He Will 'Vigorously' Pursue $21 Million

By Michelle A. Samaad

More than a month after a bankruptcy court determined that the former president/CEO of Texans CUSO Insurance Group was entitled to $21 million in a wrongful termination case, it appears the fight to collect could linger.

Affinity Group CU Takes 'SmartChoice' Approach to Woo Small Biz Owners

By Michelle A. Samaad

A conversation with a doctor who specializes in Lasik surgery revealed a few eye openers for Carma Peters, executive vice president of marketing at Affinity Group Credit Union.

Georgia CUs Out Front on Most Rates; Banks Take Mortgage Lead

By Michelle A. Samaad

Banks in Georgia appear to have offered better average rates on 15- and 30-year mortgages as credit unions take the lead on car loan rates.

Dallas CU Hopes New SEG Will Lead to a Splash of Young Members

By David Morrison

Credit unions mulling how to better attract younger members might take note of the $275 million Neighborhood Credit Union's most recent SEG addition.

Alaska USA CEO Eckhardt Resigns as CUNA Mutual Director

Citing competing business interests, William B. Eckhardt, a CUNA Mutual board member since 2005 and president/CEO of Alaska USA Federal Credit, has resigned his CUNA Mutual director seat.

Green Award Aided by CU

Financing from a CUSO of MAX, Your Community Credit Union, played a part in helping a Tennessee wire manufacturing plant to earn an energy project of the year honor.

Still in Conservatorship, Mutual Savings Records First-Quarter Profit

The $183 million Mutual Savings Credit Union of Birmingham, Ala., placed into a controversial conservatorship by regulators a year ago, is on the mend and is recording a profit for the first quarter, president/CEO Douglas Key said last week.

CUSO Signs Three CUs

Business lending services are coming to Vermont Federal Credit Union, Heritage Family Credit Union and Coventry Credit Union through new partnerships with Northeast CUSO.

Pacific Service Credit Union Keeps the Fight Going for Elderly

By Michelle A. Samaad

As the SEC reports a rise in investment scams that target the elderly, the Pacific Service Credit Union is doing its part to protect them from financial abuse.

N.C. CU Funds Grant

North Carolina locals can continue "Exploring North Carolina" thanks to State Employees' Credit Union.

NCUA States Its Goals

By Claude R. Marx

Ensuring the safety of credit unions, making regulations more transparent and educating citizens about credit unions are among the proposed goals of the NCUA for 2011-2016.

CUNA Mutual Posts Benefits

During a recent Webinar, CUNA Mutual reported a return of record benefits to bond policyholders in 2009

SE League Debuts 'Leverage' Servicer

By Jim Rubenstein

In a rebranding move, the League of Southeastern Credit Unions has adopted a new name--Leverage--for its newly consolidated service corporation combining entities of the Florida and Alabama leagues.

CUs Find Mortgage Growth by Mixing High Tech With High Touch

By David Morrison

Credit unions are finding some of their strongest ever growth in mortgage underwriting by combining high-tech outreach with a traditionally high touch approach to service-both to their members and real estate professionals.

Large CU Signs for Shared Branching

The more than $1 billion Pacific Service Credit Union has joined the Financial Service Centers Cooperative to start offering its roughly 65,000 members shared branching services.

Chrysler Puts Brakes on Invest Incentives

CUcorp, the Michigan Credit Union League subsidiary that heads the Invest in America program, announced that incentives on Chrysler vehicles have been temporarily suspended for the month of April.

Berrien Teachers' Merging With Otsego

The $276 million Berrien Teachers' Credit Union of St. Joseph, Mich., is expanding its western Michigan footprint by moving ahead with a merger of the $2.5 million Otsego Paperworkers Credit Union.

Mich. Record Proves Biz Lending Experience

Offering business loans for 85 years, Michigan's credit unions have been able to do so "in the same prudent and common-sense manner that they have also handled mortgages and personal loans," Michigan Credit Union League President/CEO David Adams said.

Florida CFO Writes Matz In Support of MBL Hike

The campaign by CUNA and state leagues to win wide lawmaker backing on member business loans drew support last week from an unexpected source-Florida's chief financial officer and a candidate for governor in the August primary.

Vantage Open to Mergers

Southern Arizona's largest credit union, the $1.1 billion Vantage West of Tucson, this month completed the merger of a long-troubled Phoenix CU, and the Vantage management remains at the ready for new Southwest consolidations should they come along.

Brownies Get Up Close and Personal With Currency

Thanks to NuMark Credit Union members of Brownie Troop 301 of Plainfield, Ill., know more about how money is made, how to spot counterfeit money and the importance of saving.

Biz Kid$ Marches On

By Myriam DiGiovanni

Biz Kid$ has a national reach. The show now reaches 99% of public television stations in the country.

Hawaiian Youngsters Are Super Star Savers

The University of Hawai`i Federal Credit Union has found that partnering with three elementary schools has gone a long way in helping children understand the importance of saving money.

Ohio CUs Offer Dose of the Real World

In Fremont, Ohio, high school seniors got a dose of the real world during the "Finance 101:Walk the Walk, Talk the Talk" event sponsored by Fremont Federal Credit Union and Northwest Ohio Credit Unions.

Revitalized Brand Helps U.N. FCU Connect With Worldwide Members

By Myriam DiGiovanni

As vice president of marketing at United Nations Federal Credit Union, Debra Da Costa has to take a global approach in reaching out to members.

Legacy Community FCU 'Does Good' With Big Outreach Promotion

By Jim Rubenstein

The $320 million Legacy Community Federal Credit Union of Birmingham, Ala., has taken community outreach and good-deed performance to new heights this spring.

CUNA and NAFCU Ask Fed for Overdraft Changes

CUNA and NAFCU want credit unions to be able to charge a fee for covering an overdraft fee in some cases even if the consumer doesn't opt in for such coverage, according to letters both trades sent to the Federal Reserve.

NCUA Grants

The NCUA's Community Development Revolving Loan Fund is offering eight kinds of grants to help credit unions that serve low-income communities finance some of their activities.

New Points on How NCUA Examiners Will Evaluate Risk

NCUA examiners will look at items such as the level and nature of inherent balance sheet risks, management expertise and adequacy of reserves allocated, when doing examinations of credit unions.

NAFCU on NCUSIF Equity Ratio

Citing a large number of its members that will be negatively affected if this year's assessments are above 20 basis points,

CRI Adds Wycom Signature

Credit unions using CRI Solutions Inc.'s loan origination platform can now deploy the widely used digital and Web signing solutions from Wycom Systems Inc.

CUSO Offers 'White Hat' Credit Reports

Free credit reports and scores to qualifying users of a CUSO's loan rate-matching service allows credit unions to "wear the white hat" when it comes to offering free credit reports, the company's president said.

Fiserv Adds Bill Pay Widget

A new bill pay widget just launched by Fiserv Inc. will enable millions of consumers to pay bills online without leaving their credit union or bank home page.

Synergent Offers Capture Service

By Marc Rapport

Three Maine credit unions are piloting the launch of Synergent's new member capture service, a browser-based application that integrates with most current flatbed scanners to allow users to deposit checks electronically.

Corporate Credit Union Fallout: Gimme Shelter

By Sarah Snell Cooke

This isn't a rehashing of the corporate credit unions' problems or legacy assets or placing blame. We'll learn about the agency's plans for the legacy assets soon enough (though it has been some time coming). This is about the discovery of next steps.

Overdrafts Can Be Consumer Friendly

Bank of America announced last month that in June it will stop authorizing overdrafts at ATMs and for everyday debit card purchases unless a customer has a linked savings account or credit card.

The Member-Owned Myth

The March 31 Editor-in-Chief's column was a very gutsy and provocative piece. While I am not sure I agree with all of it, there are many issues raised that are critical for credit unions to address.

And Now For Something Completely Different-Or Maybe Not

If you're old enough to remember "Monty Python's Flying Circus," you've probably been around the credit union movement long enough to have seen some pretty dramatic changes.

Why Iron Mike Is a Bad Idea for the NCUSIF

Sailors are well-acquainted with "Iron Mike." The term is used to define the mechanical setting of a fixed course and speed for a vessel.

Staking Out The Stats

A NAFCU Data Flash report showed that vehicles sales in March demonstrated the strongest sales pace since last August.

Bingo, Bango, Bongo. Right Here, Right Now, Real Easy

Bingo, bango, bongo. I don't really know where this funny phrase came from, just something from a distant memory somewhere along the line. What does it mean?

Flash Storage by the Terabyte Takes Hold at Conn. Service Bureau

By Marc Rapport

Deploying technology analogous to "thumb drives on steroids" is helping a venerable Connecticut core processor reach new levels of back-shop efficiency.

Vancity Deploys New Automation to Provide Holistic View of Security

By Marc Rapport

Canada's largest credit union is using two little boxes to provide a single viewpoint of the varied security challenges across its widespread, diverse network.

PEOPLE

Dexter Credit Union, Central Falls, R.I., announced the naming of Richard E. Smith as the new president/CEO

Talented Team Is Behind Tyndall FCU's Growth and Success, Says CEO

By Eileen Courter

Jim Warren evidently believes that a favorite maxim of athletic coaches applies to financial services as well as sports: There is no I in team.

BRANCHING OUT

Andrews Federal Credit Union. Suitland, Md., celebrated the grand opening of its newly redesigned branch in Wiesbaden, Germany.

Genisys Offers Check-Ups

At Genisys Credit Union, a financial fitness program all begins with regular check-ups, so the Auburn Hills, Mich.-based credit union is offering locals free credit reviews with experts.