Credit Union Times Magazine August-12, 2009

Consumer Group Bashes CUs for Pushing 'Predatory' Payday Loans

By David Morrison

The NCUA recently clamped down on federal credit union payday alternatives after charges surfaced that some credit unions were no better than payday lenders.

Retail Corporate CEOs Keep Spreading the Bad News

By Heather Anderson

When retail corporates officially told members how badly U.S. Central's second-quarter losses had damaged their own capital coffers, they received little response.

NCUA Reiterates Payday Regulations

By Claude R. Marx

Following complaints from a prominent consumer organization and other groups, the NCUA recently spelled out limits on alternative payday loan products that federal credit unions can offer.

U.S. Central Posts $470M Loss

By Heather Anderson

U.S. Central Federal Credit Union's second-quarter financials revealed additional other-than-temporary-impairment charges totaling $537 million.

Members United, Southwest Corp Will Take U.S. Central Hits in July

By Heather Anderson

The news contained in June 30 financials released by Members United Corporate Federal Credit Union and Southwest Corporate Federal Credit Union was quickly trumped by U.S. Central's announced June losses,

Option ARM Securities Helped Hit WesCorp With a $538 Million Net Loss for June

By Heather Anderson

Nonagency mortgage-backed securities were primarily responsible for a $538.3 million net loss reported by the $19 billion Western Corporate Federal Credit Union for the month of June.

House Passes Executive Compensation Measure Along Party Lines

By Claude R. Marx

Despite the lobbying efforts of CUNA and NAFCU and voting mostly along party lines,

IRS Speaks On UBIT Again

By Claude R. Marx

Revenues from shared-branching arrangements are among the items subject to the unrelated business income tax, according to an IRS technical advice memorandum.

All About the Money: Balance-Sheet Pressures Forcing Card Portfolio Sales

By David Morrison

Some credit unions are considering selling their credit card portfolios to meet income and balance sheet pressures.

The Golden 1 Credit Union Starts Offering FHA-Insured Mortgages

By David Morrison

A combination of the economic downturn and a changing real estate market has led $7.5 billion The Golden 1 Credit Union to start offering mortgages eligible for insurance from the Federal Housing Authority.

Hood Reflects on Professional and Personal Rewards of NCUA Tenure

By Claude R. Marx

ALEXANDRIA, Va. -- NCUA Vice Chairman Rodney Hood, who will leave the board upon confirmation of NCUA Chair-Nominee Debbie Matz after serving since November 2005,

NCUA Bans Six for Wrongdoing

Six former credit union employees have been banned by the NCUA from participating in the affairs of any federally insured financial institution.

Health Care Reform Debate Is Raising Cooperatives' Profile

By David Morrison

The National Cooperative Business Association confirmed that the general profile of cooperatives has risen significantly as part of the ongoing debate over health care reform.

Calif. CU Persists in Donations

By Lindsey Siegriest

Pacific Service Credit Union has continued to give this year despite the economic conditions.

brass/Media Study Finds That Young Adults Rely On Their Parents Most for Financial Advice

Is your credit union making the most of meeting members' financial literacy needs?

Higher Turnouts Prompt Power Financial to Host More Financial Sessions

By Michelle A. Samaad

When a recent seminar hosted by Power Financial Credit Union for first-time home buyers produced a standing-room only crowd,

Nassau Educators FCU Teaches Teachers About Financial Literacy

By Lindsey Siegriest

In order to educate students about good financial practices Nassau Educators Federal Credit Union took steps to first educate teachers.

CMG Hires New CFO

CUNA Mutual has a new executive vice president/chief financial officer, Jerry Pavelich.

U.S. Central's Conservatorship Threw GAAP Wrench Into CLF's Books

By Heather Anderson

In a strange twist of accounting fate, U.S. Central Federal Credit Union's majority stake in the Central Liquidity Facility was negatively affecting the CLF's ability to borrow and could have affected

Vantage Credit Union Tees Off Vantage Credit Union recently held a putt-off in place of its annual golf tournament to help raise scholarship funds for area high school students. In addition to playing two holes created by the Vantage Credit Union marketi

Vantage Credit Union recently held a putt-off in place of its annual golf tournament to help raise scholarship funds for area high school students.

FTP Link Adds Security and Efficiency to Student Choice Operations

By Marc Rapport

Secure links to an FTP site are helping a young CUSO handle $1.5 million to $2 million a day in approved applications for student loans that credit unions can then keep on their own books.

Core Processing Giant, Fiserv Celebrates Its 25-Year Anniversary

Fiserv Inc. is now 25 years old.

ILT Adds AppOne

Integrated Lending Technologies will be integrating the AppOne document management solution for lenders with its dealer indirect lending and leasing origination platform.

Seattle CU Gets Upgrade

Express Credit Union in Seattle said it will be able to better serve its expanded base of low- to moderate-income membership now that it has upgraded to Open Solutions' flagship core processing platform.

Media Winds Blow Dust on CUs' White Hat

By Sarah Snell Cooke

The credit union industry generally has been treated by the mainstream press as the knights in shining armor relative to the banking villains when it comes to overdraft protection.

SCHOLARSHIPS

Desert Schools Federal Credit Union, Phoenix, awarded one $10,000 scholarship

Nevada Federal Is Proud to Serve Its Members With Payday Loans

Your recent article (cutimes.com, July 31) about our payday loan alternative gave readers a less-than-flattering impression. I feel compelled to respond.

Loan Sharks' Auto Device

I read your article about auto starter interruption devices in the July 8 issue of the Credit Union Times and assume this is a paid advertisement.

Bad Day at the Office: the Life of an Information Security Officer

You are responsible for your credit union's information security, and as you pull into work you notice a news crew standing outside the building.

Real Test for Online Banking Is How It Hits the Bottom Line

Online banking continues to grow in popularity. The convenience that a member has of being able to handle their finances from the comfort of their own home at any time. Yet more than 2,700 credit unions do not offer online banking to their members.

Stanford FCU Uses Technology to Hold Onto Student Membership

By Lindsey Siegriest

Stanford Federal Credit Union turned to technology to tackle the problem of retaining its college student members after they graduate.

Step Beyond Youth Marketing and Be Willing to Move to Youth Immersion

Nearly every credit union has invested in youth marketing.

After Months of Research, Addison Avenue FCU Explores All Channels

By Myriam DiGiovanni

At Addison Avenue Federal Credit Union, improving the member experience means exploring every possible electronic channel.

Dupaco Creates Gen Y Task Force

By Lindsey Siegriest

Dupaco Community Credit Union has created an employee task force to create new and innovative ways to tackle the Gen Y issue.

Nielsen Finds Teenagers Are Not as Out There as Thought

It may be time to rethink those assumptions about teenagers.

PEOPLE

Franklin Mint Federal Credit Union, Broomall, Pa., announced that Marc Ernest has assumed the role of vice president for the Chester County area.

ONLINE VOTING POLL UPDATE -- CUTIMES.COM

The results from the latest Credit Union Times voting poll showed that credit unions are using a combination of different approaches to deal with the economy and the NCUIF premiums.