Credit Union Times Magazine December-09, 2009

Conservative Strategies Helped Big California CUs Remain in the Black

By Heather Anderson

Strong risk-management policies tended to result in more conservative decision making and that helped some large California credit unions avoid the losses that have plague others

WesCorp Suit Alleges Negligence

By Heather Anderson

Seven midsized credit unions have filed a negligence and breach of fiduciary duty suit in Los Angeles County Superior Court against officers and directors they say were responsible for the failure of the $18 billion Western Corporate Federal Credit Union.

Football, Fall and Investments: CU's New Division Is a Touchdown

By Michelle A. Samaad

The autumn leaves in Tennessee can only mean one thing: football. With a fall fervor linked to the University of Tennessee, a college with roots dating back to 1794, fans of the Volunteers are as diehard as they come.

Time for Regulatory Restructuring to Take the Dance Floor

By Claude R. Marx

For those who follow financial services restructuring in the House, it's show time.

Federal Reserve Chairman Bernanke Takes Some Heat From Prickly Senators

By Claude R. Marx

Though Federal Reserve Chairman Ben S. Bernanke is likely to be confirmed for a second term, lawmakers of both parties used a hearing last week to express their concern about aspects of his job performance.

LPL Suit Claims Company Reneged On Investors' Settlement Costs

By Michelle A. Samaad

The more than 231 credit unions served by LPL Financial Corp. are not expected to be affected by a lawsuit filed by LPL Holdings Inc.

Iowa League Drops Bank Bid

By Jim Rubenstein

The Iowa Credit Union League has given up on its Federal Reserve bid to buy an Arizona bank and convert it to a wholesale correspondent vehicle.

Survey: Holiday Cash for the Basics

By David Morrison

Call it a hard candy holiday season, but this year almost half of consumers surveyed plan to use any cash they are given as holiday gifts to help meet expenses like groceries,

New WOCCU Initiative Reaches Members Through Women's Groups

By Heather Anderson

World Council of Credit Unions is leveraging existing women's social groups to expand global credit union access in its new Global Women's Leadership Initiative.

Former CEO Shifts Gears and Takes to the Road to Tie Nuptial Knots

By Jim Rubenstein

It may not be as remunerative as heading a credit union, but the former CEO of an East St. Louis credit union is finding success in a new line of business:

WesCorp's Borrowings Raised to $10 Billion

Western Corporate Federal Credit Union gained nearly $2 billion assets during the month of October, but it was primarily from the sale of $1.5 billion in medium-term notes Oct. 28, according to recently released month-end financials.

Defrauded Investors Get $2 Billion From SEC

The SEC said it has returned more than $2 billion, the agency's largest distribution ever, to investors who lost money through a number of illegal schemes.

SELCO Gives $23K

Teachers will have some extra cash to help their students thanks to $23,037 in grants from SELCO Community Credit Union.

Guarantee Extended

The NCUA announced late last month that it has extended the expiration date of the regulator's Temporary Corporate Credit Union Share Guarantee Program by one quarter,

Rebound in CRE Hinges On Access to Credit

Several market tracking tools have indicated credit availability needs to significantly rebound for any hope of a meaningful commercial recovery in 2010.

CU 24 Launches Spanish Web Site

Credit Union 24, one of two nationwide credit union owned ATM and EFT networks, has launched a Spanish language version of its Web site.

Oklahoma Merger Done

Oklahoma Employees Credit Union of Oklahoma City has completed its merger with the $10 million OKC Thrift CU,

Mook Is Alta Vista CEO

Tony Mook, the former president/CEO of the $147 million Cumorah Credit Union, which fell victim to the Nevada recession and succumbed to an out-of-state takeover, has landed a new CEO slot in California.

Addison Ave. Expands

Addison Avenue has officially expanded its reach in San Jose. The move is a result of the Palo Alto, Calif.-based credit union's acquisition of USE Credit Union's San Jose branch.

Big Issuer Card Mailings May Be Heading Higher

An analyst that tracks credit card direct mailings said there are signs that large credit issuers may be returning to direct mail credit card marketing.

Credit Union Card Performance Strong, But Portfolio Sales Up

By David Morrison

Credit unions' card programs performed strongly in the third quarter of 2009, but the numbers of credit unions that have sold their card portfolios ticked higher as more credit unions face pressure

High Demand Prompts First CU to Extend Its $50 Million Loan-A-Thon

By Michelle A. Samaad

When a big national bank decided to stop funding car loans locally earlier this year, the Chandler, Ariz.-based First Credit Union saw others lenders follow suit.

E-Mail Strategy Is Designed to Deepen Relationships and Grow Income

By Myriam DiGiovanni

Members signing up for new accounts is just the beginning at NARFE Premier Federal Credit Union.

Financial Planning For Football Pros

The NFL Players Association has joined forces with financial education program provider Financial Finesse to launch a comprehensive program which gives NFL players the financial guidance they need.

The Golden 1 CU Tweaks the Mega-Banks

By Myriam DiGiovanni

California consumers burned by their banks can head on over to The Golden 1 Credit Union.

Kansas City Credit Union Takes to the Ice to Support the Home Team

By Myriam DiGiovanni

When Kansas City, Mo.'s new professional hockey team, the Missouri Mavericks, hit the ice, Mazuma Credit Union will be there.

Shell Supports Students

Shell Federal Credit Union has teamed up with Sam Rayburn High School to launch an Ambassador program designed to encourage community involvement among students.

Ga. CU Huddles With Youth

Robins Federal Credit Union is taking its young members' opinions seriously.

Many Consumers Prefer the Personal Touch, Says Survey

By Myriam DiGiovanni

When consumers have a question, they prefer to head to their branch for answers, according to a new Mintel Comperemedia survey.

Contest Bolsters School Spirit

Greenbelt, Maryland-based Educational Systems FCU showed school spirit during Great Mills High School's 2009 Homecoming Football

Out-of-Work CU Executive Launches New CU Chat Blog

By Jim Rubenstein

An unemployed marketing executive from an Illinois credit union is making waves on the blog network this fall with a weekly Internet show called "CU Chat Up," which is devoted to CU professionals.

CUs Step Up Funding for Children's Miracle Network in Tough Year

By Lindsey Siegriest

The toll of a weak economy this year has created a set back in sponsorship dollars for the Children's Miracle Network,

NCUA Weighs In on Earnings Reviews and Excess Deposits

By Claude R. Marx

The NCUA issued messages last week on the way examiners should look at earnings and on the pledge of assets to secure excess deposit insurance.

Charitable Giving

Texans Credit Union, Dallas, raised more than $50,000 for the Juvenile Diabetes Research Foundation at the organization's Walk to Cure Diabetes.

CU Movement Has Answered the Call With Outpouring of Support for CMN

The economic turmoil that has severely impacted the nation's financial health hasn't spared the nonprofit sector, including the Children's Miracle Network and the Credit Unions for Kids campaign.

Avoiding Coulda, Shoulda, Woulda

By Sarah Snell Cooke

Everyone these days is mandated to do more with less. Remember the good old days when we had to do less with more? Me neither.

DONATIONS

Chartway Federal Credit Union, Virginia Beach, Va., raised over $400,000 through its charitable arm, the We Promise Foundation.