Credit Union Times Magazine April 27, 2011
Featured Story
Changed Corporate Rule Approved by NCUA
The NCUA board on April 21 approved a final corporate credit rule that left out two controversial provisions.
Featured Story
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Credit Union Industry Reacts to Failure of Big Texas CU
Crippled by mounting commercial loan losses, the $1.6 billion Texans Credit Union was placed in conservatorship on April 15 by the NCUA.
Front Page News
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Vensure FCU: Poker Patsy or Plotter?
The closing of Vensure FCU raises questions about how NCUA supervised or failed to supervise a federally chartered CU.
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Repeal of Tax Exemption a Death Knell?
A death sentence for credit unions? An impetus to change the business model? Depends on who you ask.
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Coreflood Botnet Shut Down
Federal agents seized and replaced five command and control servers and 29 domain names used by the botnet to hack financial accounts.
News
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New Mich. CUSO Helps Expose Regulatory Weak Spots
Finding the schedule to conduct a quarterly or annual risk management review proved to be a time crunch for CP Federal Credit Union.
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John McKechnie Signs On With Missouri Credit Union Association
Former top NCUA aide John McKechnie, now with a Washington consulting firm, is enhancing his lobbying profile.
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Pennsylvania Treasurer Touts CU Short-Term Loans
A credit union payday loan alternative program that has reportedly saved members $15 million wins plaudits from Keystone treasurer.
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Jeanne D’Arc CU’s Quest: Fun, Unique and Online
For a little over a year a revolution has been slowly building in Lowell, Mass. and Jeanne D’Arc Credit Union is at the center of it.
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Adventure Abounds on Money Island
St. Helens Community FCU hopes that area tweens setting sail for Money Island will find the greatest buried treasure-financial savvy.
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SEC Takes Down Massachusetts-Based Subprime Auto Lender
A Massachusetts subprime auto lender has been charged with allegedly collecting $110 million through the sales of unregistered securities notes.
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TCF Appeals for Another Chance on Debit Interchange Cap
TCF National Bank, a major issuer of debit cards, has gone to a higher court to try again on blocking new cap.
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RSA, Epsilon Breaches Show Fraud Trends Pointing to Online and Mobile Channels
Fraud is inevitable for financial institutions, even when diligent precautions are taken, according to experts in the credit union security space.
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SACU CEO Farver's Transition Plan Was a Decade in the Making
San Antonio Credit Union has a CEO transition plan. It’s been developed over a long time, and it calls for a shift in management style.
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Savings Raffle Campaigns Show Progress Nationally
The credit union campaign to win state-by-state approval for savings promotion raffles picked up steam last week.
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Trashing Those Old ATMs Is Not a Simple Task
The ATM Industry Association wants ATM deployers to exercise more caution when discarding decommissioned ATMs.
Editor-in-Chief's Column
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Time for Credit Union Dribs and Drabs
I took last week off to work around the house, and one of the many things I did was wander the aisles of the local Home Depot. I ended up in the landscaping area with the colorful, eye-catching plants.
News Briefs
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CUNA, NAFCU Speak Out on Risk-Based Pricing Rules
CUNA and NAFCU are asking the Fed for more time and some changes in upcoming rules on pricing disclosures.
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NCUA Offering $200,000 in Financial Literacy Grants
Low-income credit unions can apply for grants from the NCUA to fund financial literacy initiatives aimed at students.
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42 Graduate CUDE Training from NCUF
The National Credit Union Foundation said that 42 credit union executives from two countries graduated from its weeklong Credit Union Developme
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CUNA Mutual Expands Annuities
A partnership between CUNA Mutual Group and Transamerica Life Insurance Co. will bring four new variable annuity choices to members.
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Wine Auction Aids Children’s Hospitals
The credit union industry has come through again for Children’s Miracle Network Hospitals and the children and parents who rely on them.
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Agency Recognizes Hawaii First’s IDAs
Hawaii First Federal Credit Union was recently recognized for the jobs its individual development account program has created.
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NCUF Puts Out Call for Wegners
The National Credit Union Foundation is now accepting nominations for the 24th Annual Herb Wegner Memorial Awards.
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New CEO at Portland, Ore., Credit Union
Northwest Resource Federal Credit Union has named Jim McCarthy president/CEO.
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Leclerc Named New CEO of GHS FCU
GHS Federal Credit Union has found a new president/CEO in Dan Leclerc, Aventa Credit Union's former senior vice president and chief financial officer.
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Western Bridge Elects Board to Lead Transition to New Corporate
The Western Bridge Corporate Charter Committee has elected a seven-member board of directors and a three-person supervisory committee.
Opinions
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Overcoming Excel Spreadsheet Inertia
In 1687, Isaac Newton published a three-volume treatise which revolutionized humanity’s understanding of the physical world. Book One of Newton’s Principia contains Newton’s three laws of motion, which describe the responses of physical bodies to forces acting upon them. Sir Isaac expressed the first law as follows: "Every body persists...
Opinion
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Acting Ethically: Most Try but Fall Short
Most people strive to be ethical and fall short. That is in part because humans are inherently flawed and sometimes can’t resist taking shortcuts.
Focus Report
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The Jigsaw Puzzle: Redefining Tomorrow’s Corporates
Accept this reality: How corporate credit unions were will not be again, at least not soon.
Tech Bytes
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Russian Hack Attack Highlighted
A successful domain name server attack on a large Russian payment processor could be a sign of things to come, a U.S.-based online security firm warns.
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PLANet Tools Get Upgrade at SunGard Availability Services
SunGard Availability Services said it has enhanced the ability of the Web-based continuity planning tool to help credit unions with risk and compliance.
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E-Signatures Go Live at Members FCU
The 8,000 members of the $71 million Members Federal Credit Union in Aurora, Colo., now can sign loan documents by Internet or smartphone.
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Arizona FCU Expands Akcelerant Use
Akcelerant’s loan origination tools have been added by the $1.3 billion Arizona Federal Credit Union to its existing collections software deployment.
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Wescom Adds Three CUs to Mobile Banking Client List
Wescom Resources Group said three large credit unions have gone live with the CUSO’s mobile banking solution in recent weeks.
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CRIF Lending Solutions Integrates New Lending Software With LOANLINER
A new account opening and lending solution from CRIF Lending Solutions is in place at 10 credit unions and integrates with LOANLINER.
Resource Center
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