Credit Union Times Magazine August-05, 2009

Minnesota Lawsuit Shines Spotlight On Big Banks' Card Arbitration

By David Morrison

A lawsuit filed by the Minnesota Attorney General Lori Swanson has brought to light a significant difference between credit union card issuers and other, usually larger, bank card issuers.

Wescom Is Picky on Card Portfolio Buys

By David Morrison

The $3.2 billion Wescom Credit Union has purchased credit card portfolios from eight credit unions since launching the service in late 2006.

$6 Mil. Texans Award Is Said to Be Set

By Michelle A. Samaad

According to Kevin M. Curley, the plaintiff and former president of Texans Insurance Group who was terminated in April 2007

RSM McGladrey Sues McGladrey & Pullen

By Lindsey Siegriest

A notice to terminate an administrative services agreement between CPA firm McGladrey & Pullen and RSM McGladrey has turned into a lawsuit.

Chrysler Moves Focus To Cash for Clunkers

By Lindsey Siegriest

After months of strong results from the Invest in America program, Chrysler has announced that it is shifting its focus to the new government incentive program Cash for Clunkers.

As House Panel Votes Aye, CU Trades Oppose Executive Compensation Measure

By Claude R. Marx

Even though only 153 credit unions would be affected, CUNA and NAFCU are both opposing a bill working its way through Congress that would place limits on executive compensation.

MBL Expansion Bill Introduced in House

By Claude R. Marx

Saying that credit unions could be sources of much-needed capital for small business, Rep. Paul Kanjorski last week introduced

Burrell Lands at CU Vendor RiskSpan

By Heather Anderson

Robert Burrell, the former chief investment officer at Western Corporate Federal Credit Union, has taken a new position at RiskSpan,

Siravo's Payout Was Retirement Compensation, Dykstra Says

By Heather Anderson

Dismissed Western Corporate Federal Credit Union President/CEO Bob Siravo did receive a large retirement payout in 2008, but it was from a deferred compensation plan

CUs Could Face Additional Mortgage Disclosure Rules Under Proposed Fed Regs

By Claude R. Marx

The proposed regulations, which are subject to public comments due at the end of November, would require the annual percentage rate to include

Panel Delays Vote on Matz

By Claude R. Marx

Because there weren't enough members at the meeting, the Senate Banking Committee last Tuesday did not vote on the nomination of Deborah Matz as chairman of the NCUA.

Hanscom FCU Welcomes Heroes Home

Hanscom FCU showed its ongoing commitment to supporting U.S. service members by sponsoring a Heroes Homecoming at Hanscom Air Force Base, Mass.

New Title Co.

Seattle-based Prime Alliance Solutions has teamed with the $13 billion Pentagon Federal Credit Union to form Prime Alliance Title LLC, a credit union-owned mortgage title insurance company.

Novartis FCU Finds That Contactless Cards Can Boost Card Use

By David Morrison

Credit or debit cards that don't need to be swiped are nothing new, but credit unions have generally been slower than larger financial institutions to issue them.

Georgia CU League CEO Defends the Health of Banks in His State

By Jim Rubenstein

Georgia credit unions were preparing for increases in deposits and new members following the failure of a Macon banking chain, the 16th shutdown in Georgia this year.

CUC Mortgage Picks Pa. CU

By David Morrison

CUC Mortgage Corp. has picked up the $21 million R-S Bellco Federal Credit Union, based in New Brighton, Pa., as a client.

UW Credit Union Offers Wisconsin Students an All-in-One Card

By David Morrison

The $1.2 billion UW Credit Union has signed a deal with the University of Wisconsin-Madison that will allow students to use their identification cards at the CU's ATMs.

Can Credit Unions Compete Within Wal-Mart Stores?

By Jim Rubenstein

In a number of Wal-Mart stores, customers looking to buy money orders, cash checks or pay bills find themselves faced with a choice: credit union or Money Center?

Michigan First Steps Up Aid Efforts

By Myriam DiGiovanni

With Detroit hit hard by the economy, Michigan First Credit Union has stepped up its efforts to help the local community and charities do more.

Pa. CUs Continue Millions in Loan Aid

By Jim Rubenstein

Even as signs pointed to a stop-gap resolution of Pennsylvania's budget crisis late last week, credit unions across the state continued

Proposed Consumer Financial Agency Is Well-Intended And Fraught With Confusion

Credit unions should take a close look at the well-intended but poorly crafted Consumer Financial Protection Agency, or CFPA, that is scheduled

NCUA Is Pushing To Preserve Power

By Claude R. Marx

Much of the debate around a proposal to create a new agency to regulate consumer financial products centers on a four-letter word: turf.

CU Student Choice Partners with PCUA

Credit Union Student Choice has added the Pennsylvania Credit Union Association as its latest partner.

Gen Y Recap: Convenience Above All

By Lindsey Siegriest

I've been writing this column every month for the past year now and wanted to use this month as a chance to recap some of the Gen Y topics I think are the most important.

Online Financial Resources Are Gaining Traction Among CUs

By Myriam DiGiovanni

As more consumers search for advice and tips on how best to manage their money, Addison Avenue Federal Credit Union recently tapped Wesabe to give members a chance to connect and talk personal finance.

Forrester Cautiously Cites Cloud Computing as Cost-Cutting Cure

By Marc Rapport

As businesses increasingly pursue new, creative ways to slash costs, the concept of cloud computing has been building quite a fan base.

Addison Avenue to Use Jwaala

Addison Avenue Federal Credit Union said it plans to add the personal finance management suite from Jwaala LLC to its online presence by the end of 2009.

LPL Financial In-House Move Keeps Credit Unions' Platform Intact

By Michelle A. Samaad

Nearly two years after acquiring three broker-dealers, LPL Financial Corp. has made the decision to move the entities within the company

When Hiring a Consultant, Don't Be Blinded by Wall Street's Bright Lights

Back in the early 1990s, I was a branch manager at a $2 billion regional bank with a 50-plus branch network.

Decline in the Ranks of Advisers May Boost Online Brokerage Activity

By Michelle A. Samaad

When ING Direct announced earlier this year that it was committed to growing online brokerage firm ShareBuilder Corp. despite news

Economy, Inflations and Cost of Living Weigh on Pre-Retirees

By Michelle A. Samaad

There's more evidence that employees are nervous about not having enough to retire on.

Did You Really Mean to Say That?

By Sarah Snell Cooke

People often misspeak or say things in a manner that doesn't necessarily convey exactly what they mean. It happens. Other times they're flat-out wrong. C'est la guerre.

PUBLISHER'S NOTEBOOK

Since August of 2008, when I earned the CUDE credential, I have been asked to define it by many who see it on my e-mail signature.

World Conference Draws 225 American Registrants

BARCELONA -- Barcelona is a beautiful city with palm-lined streets, old -world architecture made of greys, yellows and pinks. Iron-wrought curlicues protect windows.

Credit Unions Discuss the Global Financial Crisis

By Donna-lane Nelson

BARCELONA -- When 1,054 credit union leaders gather during a world economic crisis they talk about the economic situation.

Women's Leadership Forum Launched; Gender Issues and Poverty Are Focus

By Donna-lane Nelson

BARCELONA -- A reception celebrated the launch of the Women's Leadership Forum brought together 36 women credit union leaders from all over the world. Why?

Service Is Key to Opening Up New Markets, Panel Says

By Donna-lane Nelson

BARCELONA -- It may not be the normal way to design a new credit union, but Luis Pastor, president/CEO of the Latino Community Credit Union in Durham, S.C., never had a business plan.

Session Focuses on Coaching Young Execs

By Donna-lane Nelson

BARCELONA -- What is the difference between a leader and manager?

The Three Loves of Vincente Fox

By Donna-lane Nelson

BARCELONA -- As the six-foot five former president of Mexico, Vincente Fox, marched across the stage, he declared that he had three loves: his wife, credit unions and micro lending.

Becker Urges CUs to Capture Opportunities Offered by Crisis

By Claude R. Marx

NATIONAL HARBOR, Md. -- Noting that in Chinese the characters for opportunity and crisis are the same, NAFCU President Fred Becker used his annual address to urge

Author Scott McKain Urges CUs To Focus on Their Strengths

By Claude R. Marx

NATIONAL HARBOR, Md. -- Credit unions should learn a lesson from Starbucks.

Credit Card Specialist Provides Advice on Increasing Loyalty

By Claude R. Marx

NATIONAL HARBOR, Md. -- Because of the strong trust they engender, credit unions are in a solid position to generate more use of their existing credit cards or enter the market for the first time.

Hyland Urges a Rededication to CU Mission; Hood Gives Farewell Address

By Claude R. Marx

NATIONAL HARBOR, Md. -- NCUA Board Member Gigi Hyland used her appearance at NAFCU's Annual Conference to encourage the credit union movement

Prime Alliance Solutions CEO Urges Credit Unions to Pick Mortgage Specialties

By Claude R. Marx

NATIONAL HARBOR, Md. -- Credit unions should focus on a few mortgage products, do them well and become go-to experts on the housing market in their local media.