Credit Union Times Magazine December-16, 2009

Democrats Squabble as House Debates Regulatory Restructuring

By Claude R. Marx

A threatened revolt by Democratic centrists delayed the start of the House debate on legislation to revamp the way the federal government regulates financial services.

NCUA Still Seeks $11M From Adviser's Mismanagement

By Michelle A. Samaad

The NCUA is in talks with Wells Fargo and an accounting firm, two of the entities involved in the recovery of $11.8 million from a deceased financial adviser who worked with the defunct New London Security Federal Credit Union.

Chairman Matz Prods Congress on Capital

By Claude R. Marx

Saying credit unions should not be discouraged from accepting deposits for fear of their negative impact on capital, NCUA Chairman Debbie Matz urged Congress to give credit unions more options in accepting outside capital.

SEC Wants Rules Parity

By Michelle A. Samaad

Regardless of the title behind their names, SEC Chairman Mary Schapiro said all securities professionals should be subject to the same fiduciary duty when it comes to serving investors.

Mortgage Fraud Court Case Grows

By David Morrison

The courts may wind up adjudicating another aspect of the CU National Mortgage fraud.

Telesis Community CU Works to Avoid Foreclosure Process

By Michelle A. Samaad

From loan workouts to other restructuring plans, Telesis Community Credit Union said it is doing all it can to avoid having to send properties down the foreclosure route.

CUNA Reinforcements Welcomed in D.C.

By Claude R. Marx

WASHINGTON -- Free liquor, free food and inspirational speeches from their congressional allies.

ABA's Leggett Cozies Up to CUs

By Claude R. Marx

ARLINGTON, Va. -- Although credit unions and banks are often at odds, the ABA's Chief Economist Keith Leggett used an appearance before credit union executives to focus on areas of common ground.

NCUF Executive Director Stepping Down

By David Morrison

Steve Delfin, executive director of the National Credit Union Foundation, will step down from that position on Dec. 31, 2009 to become CEO of America's Charities.

Private Student Loans Under Scrutiny

By Lindsey Siegriest

The fallout of the economy has put areas like overdraft fees and credit cards under the microscope with new legislation drafted to protect consumers.

OMNI Community CU of Battle Creek Rebrands Its Dividend as 'Cash Rebate'

By Jim Rubenstein

OMNI Community Credit Union, Battle Creek, Mich., has adopted a new marketing and operational twist to the year-end dividend payout.

Feds Delay Compliance Date on Internet Gambling Law

By Claude R. Marx

Credit unions received a temporary reprieve when the Treasury Department and Federal Reserve delayed to next June 1 the compliance deadline for the regulations aimed at banning Internet gambling.

IRA-Trust Combo Set

By Michelle A. Samaad

The trillion-dollar growth in individual retirement account assets was part of the motivation behind MEMBERS Trust Co.'s product launch that includes features of a trust.

CU-Run Best Wishes Continues to Bring Tears, Joy to Military

By Jim Rubenstein

Repeated many times this holiday season have been scenes of tears, laughter and joy as military families jam base conference centers,

No New OTTI at Southwest

By Heather Anderson

The $9 billion Southwest Corporate Federal Credit Union reported no third-quarter investment impairments on its nonagency mortgage-backed

Chartway FCU Sets Up Midwest Merger

By Jim Rubenstein

The $1.3 billion Chartway Federal Credit Union, Virginia Beach, Va., is up front about its merger intentions and considers itself in an elite class of national suitors.

Foundation Brings Money Talks to Schools

WEOKIE Credit Union Foundation, Oklahoma City, recently presented its Money Talks financial education program to students in the Putnam City School District.

CUSOs in Partnership

CUSOs Credit Union Student Choice and myCUmortgage announced that they have joined together in a partnership agreement.

Phishing Catch Small But Potentially Profitable

Only a very small number of online banking customers visit phishing sites each year, but half of those who do end up providing their log-in credentials to the fraudsters who put the fake site up on the Web.

Alliant Goes With Geezeo

Alliant Credit Union said it is reaching out to the younger set by offering the personal finance management and social networking platform from Geezeo as part of the $6.6 billion institution's online banking presence.

NCUA Closes Ohio CU

The Fairfield County Ohio Federal Employees FCU became the 14th credit union closed by the NCUA this year.

Elevations Cuts Staff

Reflecting Denver's housing shortfall, the $920 million Elevations Credit Union of Boulder is closing a metro branch and laying off 13 employees, or 6% of its workforce come Jan. 30.

Mo. League CEO to Retire

Roshara Holub, president/CEO of the Missouri Credit Union Association and past chair of the American Association of Credit Union Leagues, is retiring in December 2010.

Floyd Tanner, Chairman At Utah CU, Passes

Mountain America Credit Union is mourning the loss of longtime Chairman H. Floyd Tanner.

Report Reveals Varied Opinions, Tough Competition in Vendor Market

By Marc Rapport

When asked to name their top vendors, credit union and bank technology executives can't seem to agree, said a new report released by research and advisory firm Aite Group.

Cubus Solutions Markets Through CUsource

CUsource, a Montana-based CUSO provider of technology and real estate services, is now offering the cost-saving and green applications of Cubus Solutions, the companies said.

CU*Answers Gathering Draws 50 Participants

The recent fifth-annual CEO Strategies Week held by technology provider CU*Answers attracted 50 credit union CEOs from around the country, the CUSO said.

CU President Elected to COCC Board of Directors

By Marc Rapport

Tina Sbrega, president of GFA Federal Credit Union in Gardner, Mass., has been elected to a three-year term on the board of COCC of Avon,

Erasing Repossession Stigma Is Goal of CUDL, GE Capital Alliance

By Michelle A. Samaad

For some, it's known as one of the industry's dirtiest words: repossession.

Pennsylvania CUSO Helps Midsize CUs Search for Low-Hanging Fruit

By Michelle A. Samaad

Like many in the midsize asset credit unions category, Tri-County Area Federal Credit Union is on a mission to grow net worth and income in 2010 after the industry's downturns forced the cooperative to run more lean and mean.

Collaborating for Growth-Do You Have The Right Partnerships?

With abundant opportunities today for growth through credit union mergers and acquisitions, organic growth may seem old school and pass?.

Proposed Corporate Rules Are a No-Go

By Sarah Snell Cooke

In issuing its corporate credit union rule at last month's board meeting, the NCUA did demonstrate that it was listening to the many concerns outlined at the town hall meetings that were held,

A Rose by Another Name May Smell Sweeter

After reading the letter to the editor, "CU Founding Fathers Would be Disappointed in Today's Movement," in the Nov. 25 issue,

Leverage 24/7 Support to Build Loyalty and Ensure Long-Term Success

The financial services industry is weathering a storm of consumer doubt, fear and anger. In an era of decreasing loyalty,

PEOPLE

St. Mary's Bank, Manchester, N.H., announced the promotions of Daryl J. Cady to executive vice president, chief operating officer and treasurer and Steven J. Macek to senior vice president,