Credit Union Times Magazine December-02, 2009

Congress and Public Ramping Up Scrutiny of the Federal Reserve

By Claude R. Marx

Some lawmakers and their constituents are fed up with the Fed.

GAO Interchange Report Offers Grist for All Sides in the Debate

By David Morrison

As perhaps could be expected, the congressionally mandated report from the General Accountability Office on credit card interchange released last month contained a little something for all sides of the card interchange debate.

Are the Four Horseman Approaching the Horizon?

By Michelle A. Samaad

Michael Prior recalled the Y2K hysteria that led many to withdraw their money from credit unions and banks in the weeks and days leading up to Jan. 1, 2000.

Credit Union PACs Are Locked and Loaded for Campaign Giving

By Claude R. Marx

With Congress in overdrive on issues related to credit unions, the trade associations and some individual credit unions are ramping up their giving to be sure that lawmakers know who their friends are.

In Tough Times, Federation Is Raising the Washington Profile of CDCUs

By David Morrison

With credit unions suffering across the country, the National Federation of Community Development Credit Unions has begun stepping up its efforts to make sure that regulators and government officials don't forget about the needs of CDCUs

Membership Growth May Be Tied to Those Seeking a Depository Safe Haven

By Michelle A. Samaad

Only time will tell if some of the industry's recent membership gains are attributed to those seeking a safe haven for insured deposits.

Six Former Employees Banned

By Claude R. Marx

The NCUA has banned six former credit union employees from ever working at a federally insured institutions for being convicted of or admitting to crimes or misdemeanors or after agreeing to the penalty in lieu of litigation.

Filene Study: Bank Fees Hit the Low-Balance Customers Hardest

By Lindsey Siegriest

A recent study from the Filene Research Institute showed that the average annual cost of fees on bank checking accounts is more than twice as high as the annual cost of fees on credit union share draft

Rutgers FCU Is Open to a Merger

By Jim Rubenstein

A merger of two New Jersey credit unions, located three blocks apart and both serving Rutgers University, remained on hold last week following a bitter member-board dispute involving the smaller of the two, the $3

CUNA Survey Predicts Consumers Will Be Less Restrained for Holiday

By Claude R. Marx

WASHINGTON -- More than last year but not as much as when the economy was really humming.

Some Banks' First Impressions Leave Business Owners Cold

By Michelle A. Samaad

Some banks continue to fall short on how they treat their small business customers as the credit union industry touts its reputation for its treatment of members.

Consumer Groups Say Large Card Issuers Are Skirting the Law

By David Morrison

Large card issuers have largely not abandoned their anticonsumer attitudes and practices that helped bring about the most recent credit card regulation, four nationwide consumer groups have charged.

GTE FCU CEO Bucky Sebastian to Retire at End of the Year

By Myriam DiGiovanni

After 21 years, GTE Federal Credit Union President/CEO Wendell A. Sebastian will be retiring at year-end.

Garvin Is New CEO

OMEGA Federal Credit Union has tapped former Security Credit Union Executive Vice President/Chief Financial Officer Troy L. Garvin as its new CEO.

CEO Retires At SPIRE

After 22 years, SPIRE Federal Credit Union President/CEO John Gisler has resigned to pursue other opportunities.

Rally Towel Soaks Up Cheers for Clearview FCU

As a way to generate good will with the college crowd, Clearview Federal Credit Union of Pittsburgh has been distributing free rally towels to students or fans showing a ticket stub for an athletic event at nearby Robert Morris University.

ALM First Creates Merger Solution Division

ALM First Financial Advisors LLC has teamed up with several firms to create a new division that aims to help acquiring credit unions with merger decisions.

AACUL Elects Officers

Brett Thompson, president/CEO of the Wisconsin Credit Union League, is the new chairman of the American Association of Credit Union Leagues.

New Company Offers Access to Credit Scores

Credit unions working with members to help them become more aware of the credit scores might find a company called Credit Karma a useful information source.

Baby Boomer Secrets Focus of a Webinar

CUNA Mutual Group will host a Webinar Dec. 17 on tapping into strategies to serve baby boomer retirees.

Fair Isaac Rolls Out New Credit Scoring Service

Fair Isaac Corp., the company that developed and markets the FICO credit score, has rolled out a new subscription service that it said will help credit unions better measure borrower risk in the current economy.

Digital Insight Partners With Mobile Money

Mobile Money Ventures, a joint technology launch by Citigroup and SK Telecom, has been named Digital Insight's preferred mobile financial services provider, the companies said.

Unitus Gets Positive Community Ride With 'Build a Bike' Day

By Jim Rubenstein

More than a month after the all-day HR event, employees at Unitus Community Credit Union in Portland, Ore. are still talking about the sense of pride,

Members United Corporate Announces $150 Million Loss for October

By Heather Anderson

In a members-only Webcast the morning of Nov. 20, Members United Corporate Federal Credit Union announced a $150 million net loss for October 2009.

Southeast Corporate Will Eliminate Retained Deficit in Step With NCUA

By Heather Anderson

Southeast Corporate Federal Credit Union released its 2008 annual audit Nov. 18, which revealed nothing new except the impairment adjustments other corporates have made,

Balance Sheet Solutions Exceeds $5 Billion in Investment Transactions

By Heather Anderson

Balance Sheet Solutions has exceeded $5 billion in investment transactions for credit unions completed so far this year, on pace for record growth.

It's Curtains for Credit Union Blogger

By Heather Anderson

The anonymous credit union blogger who writes under the pseudonym Will Magnus announced on Nov. 16 that he will be discontinuing his "Unrealized Losses" blog (www. unrealizedlosses.blogspot.com)

COMMUNITY EVENTS

North Jersey Federal Credit Union, Totowa, N.J., participated in two community events to support breast cancer awareness,

Credit Unions Made a Big Splash at Realtors Annual Meeting

By Claude R. Marx

Credit unions made a strong showing at this year's convention of the National Association of Realtors.

Study: Consumers Seek Financial Help

By Myriam DiGiovanni

In what could be good news for credit unions-consumers are looking for help on becoming more financially savvy.

N.C. CU's Card Win

By Claude R. Marx

Piedmont Advantage Credit Union in Winston-Salem, N.C., has long enjoyed a hefty capital ratio, now at 12.5%,

United Nations FCU Marks Anniversary of Swiss Branch Opening

By Michelle A. Samaad

A year after UNFCU Financial Services LLC opened a branch in Geneva, Switzerland, the investment firm is celebrating several anniversary milestones.

Addison Avenue FCU TweetsUp With Members Over a Local Cup of Joe

By Myriam DiGiovanni

Addison Avenue Federal Credit Union has found a way to meet its growing online community face-to-face.

Not a Slow Burn for Michigan CU Adopting 'Wildfire' Name

By Jim Rubenstein

For months the old Communications Family Credit Union of Saginaw, Mich., was on the hunt for a provocative new name to reach a more youthful audience and draw attention.

Many of Us Shun Tweets, Except to Whine and Complain

By Lindsey Siegriest

I have a confession to make. I don't tweet.

Fear of Selling Can Lead to Poor Member Service, Expert Says

By Myriam DiGiovanni

Sell is the four-letter word credit unions need to once again embrace.

hyperWallet, a New Service, Offers Online Global Transfers to Canadian Credit Unions, Consumers

A new global online money transfer service that its creator says can save consumers significantly is now being offered to Canadian credit unions and consumers.

Park Community FCU Deploys New DR Software

By Marc Rapport

Park Community Federal Credit Union in Louisville, Ky., is now protecting its servers - and the data within - with a new disaster recovery solution from Double-Take Software of Southborough, Mass.

Coastal Uses Online Tools

Coastal Federal Credit Union said it added more than 1,100 new accounts in six months using a new online account opening and funding solution from uMonitor.

CSS in Deal With Panini

Panini North America and CUNA Strategic Services have reached an agreement that makes the Italian company the marketing alliance's exclusive check scanner provider.

Leaders Give Positive Feedback on Proposed Corporate Rules

Industry leaders stressed they haven't yet read the 253-pages of NCUA proposed corporate regulations in its entirety or had a chance to discuss it with members or clients.

Despite the Bumps in the Road, CUs Can Be Thankful

By Sarah Snell Cooke

As the entire nation gathered around the dinner table to give thanks last week, it was a mixed bag for credit unions. There are millions of things to be thankful for,

NAFCU Is Providing the Resources to Fight 100 Years of Anonymity

Sarah Snell Cooke's recent column on "Celebrating 100 Years of Anonymity" [Nov. 4] challenged credit unions to get behind a national branding campaign.

LOOKING BACK

This week Credit Union Times takes a look back at a time when credit flowed like water and holiday spending was no problem with a wallet full of a plastic.

Congress Needs to Look Beyond Mega-Bank Abuses in Overdraft Debate

Congress is considering bills to ensure fair overdraft coverage, yet there are thousands of community banks and credit unions already offering fair, consumer-oriented overdraft protection programs.

PEOPLE

St. Mary's Bank, Manchester, N.H., announced the appointment of Robert Whittaker to mortgage loan originator.

MMAs Continues to Bolster Savings

By Michelle A. Samaad

Ahead of regular shares and certificates of deposits, money market accounts continue to make gains, amassing 40% of the credit union industry's savings increase year-to-date.