Credit Union Times Magazine April-22, 2009
Featured Story
The Gen Y Recipe for Success: Technology Plus Financial Literacy
Credit unions have taken the dive into technology and financial education to try and capture young members, and right now it seems that Gen Yers need a combination of both.
Front Page News
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Georgia Federal's Ad Blitz Hits On the Retreat in Bank Lending
With heavy attention focused on the banking industry's loan pullback, the $540 million Georgia Federal Credit Union decided now is the ideal time to unleash a "humorous but serious" newspaper and billboard pushing mortgages.
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Systemic Risk Authority Debate Is Key to Restructuring Battle
The FDIC has it and the NCUA wants it. Congress wants to give one regulatory agency a lot of power to do it.
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Group of Large CUs Recommends Major Consolidation of the Corporate System
Twelve members of Members Gateway, an Indiana-based innovation CUSO, has advised the NCUA to perform a complete overhaul of the corporate system.
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U.S. Central, WesCorp Portfolio Summaries Show a Growth in Risk
The NCUA's April 10 corporate credit union update included a summary of its analysis of distressed securities held by U.S. Central FCU and Western Corporate FCU.
News
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CUs Merge
The merger of two St. Paul, Minn., credit unions, Fort Snelling Federal Credit Union and Hiway Federal Credit Union became official at the beginning of April.
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CU Business Capital CUs Commit $45 Million to Green Products, New Jobs
Hoping to do their part to push forward one of President Barack Obama's goals of creating more jobs and green products and services,
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CUSOs Form Alliance to Expand Participations
A joint marketing deal has been agreed upon by the Credit Union Acceptance Co. LLC and CU Business Capital LLC.
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Texans CU Names Sauer New CEO
After serving in an interim role since January, Michael Sauer has been named the new president/CEO of $1.8 billion Texans Credit Union, effective immediately.
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Open Solutions: After a Whole Lotta Tryin', We're Movin' on Up
A couple years after deciding to reinvent his company in a remake that "really tested some loyalties," Louis Hernandez Jr. said he thinks Open Solutions Inc. is firmly poised to help his clients-new and old-move ahead.
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Tired of Day-Old Image, First Citizens' Shows Off 'Think First' Rebranding
Deciding its logo, tagline and even colors were getting stale and lacked appeal to young people
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Solutions in Finance Gives CUs a Collections Check-Up
With the unemployment rate the highest in 25 years, a financial institution's collections department has become the most important department,
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Credit Unions Sleepy? Unexciting? Two Young Execs Beg to Differ
The Wall Street Journal may have described credit unions as occupying "the sleepiest
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North Coast Bailout Ads Bring Positive Response
When the $122 million North Coast Credit Union of Bellingham, Wash., ran its "bailouts are for boats" ads,
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Financial Planning a Drain on Time for Some Advisers, Study Finds
Nearly half of advisers surveyed in a new Aite Group report admitted that offering financial planning as a service to their clients is not as important as other uses of their time.
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University Report Says Cooperatives Have Wide-Ranging Impact
Cooperatives create millions of jobs and billions of dollars in revenue.
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Polish and Slavic Opens Sixth N.J. Branch for Members Who've Scattered
The $1.2 billion Polish and Slavic Federal Credit Union has opened its sixth branch in New Jersey as the Brooklyn-based credit union seeks to keep up with members moving out of the area.
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Filene Reports On Mortgages
The Filene Research Institute released a brief that shines some light on mortgage practices over the past few years.
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Boutelle Urges CUs to Be Aggressive in Seeking Loan Business
ARLINGTON, Va. -- A sluggish economy is an ideal time for credit unions to increase their automobile loan portfolios by adapting aggressive but sensible practices,
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Feds Move on Mortgage Scam Crack-Down
Saying that there are too many firms taking advantage of financially vulnerable individuals,
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Corporates Downgraded
Moody's Investors Service downgraded the short-term debt ratings of four corporate credit unions to Prime-3 from Prime-1.
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Market Hiccups Position Mid-Atlantic FCU for Top Lending Ranking
In the tightly competitive District of Columbia business lending market, Mid-Atlantic Federal Credit Union is poised to become the second largest player in the metropolitan area.
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Payday Loan Friends and Foes Debate Federal Legislation
Payday lenders are attacking a piece of federal legislation aimed at protecting consumers from their product by noting overdraft protection plans do not face similar regulations.
News Briefs
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Oregon CU Hires CEO
Kent White will become the new president/CEO of $90 million Oregon Employees Federal Credit Union effective May 26.
Special Report
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Convincing Young Adults to Stake Retirement Plans Is a Hard Sell
When it comes to retirement products, young adults typically don't buy them in large numbers and Generation Y is no exception.
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S. Fla. Educational FCU Expands Gen Y Reach During Literacy Month
South Florida Educational Federal Credit Union reached out to 3,000 students and potential members during this past month as part of its financial literacy month initiative.
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North Shore Freshens Site
North Shore Federal Credit Union has enlisted the help of AgilityWeb to connect with younger members.
Opinions
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Brn btw 8t-Y2K, we # 70m tuff. Wr lkn4 d ryt $fi 2 pRtnR w. Cn u hlp us ot?
If you can't understand the sentence above, chances are you are not a member of Generation Y. The translation appears below,
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Succession Planning: Not Just for CEO's Anymore
When a credit union's leadership changes, continuity in experience and knowledge become critical factors for success-that's why succession planning has become such a powerful executive tool
Editor-in-Chief's Column
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Complacency Is Thine Enemy
We all have dozens of balls in the air all the time, and each time one is handled-or slips from our grasp-a new one pops up.
Letters to the editor
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Grassley Deserves Condemnation
Once again we use a credit union publication to promote an individual because Sen. Charles Grassley (R-Iowa) is on the right committee in the
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From the Editor: Keep Those Letters Coming!
Credit Union Times has a goal for 2009 to include Letters to the Editor in nearly every, if not all, issues. We had letters in nearly every issue of 2008.
Looking Back
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LOOKING BACK
Over the past few months, the downturn in the economy has exposed quite a few scams and scandals.
Opinion
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Why Credit Cards Are the Next Growth Opportunity for Many Credit Unions
Successful businesses find growth opportunities in down economic times.
People
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PEOPLE
Grow Financial Federal Credit Union, Tampa, Fla., announced that Jeff Merwin has joined the credit union as vice president/retail operations.
Events Calendar
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2009 VENDOR CALENDAR OF MEETINGS AND EVENTS
April 2009 April 23-26 2009 CSCU Annual Meeting Harbor Beach Marriott Resort & Spa, Ft. Lauderdale, Fla. For more info: 888-930-CSCU or info@cscu.net
Resource Center
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