Credit Union Times Magazine February-18, 2009

Dollar and Filson Urge Calm in Wake of NCUA Corporate Bailout Plan

By Jim Rubenstein

WASHINGTON -- Two of the industry's leading consultants, former NCUA Chairman Dennis Dollar and Callahan and Associates President Chip Filson, were among those weighing in last week on NCUA's corporate rescue plan.

Microbusiness Lender Planting Seeds in N.C.

By Michelle A. Samaad

RALEIGH, N.C. -- With a track record of more than seven million borrowers and $6.5 billion in disbursed funds to microbusinesses, North Carolina's credit unions and banks have certainly taken notice of Grameen America.

Surge to Create More Business Deposit Relationships Swells

By Michelle A. Samaad

LOMBARD, Ill. -- Now, more than ever, small business owners may be turning to their peers to find the best credit unions and banks.

Missouri CU Association Gives Back $500,000 in 2009 Dues

By Jim Rubenstein

ST. LOUIS -- Offering its own version of a stimulus package to aid the industry, the Missouri Credit Union Association is returning nearly a quarter of its dues for 2009 to its members.

Mica Discusses Impact on Credit Unions of Political, Economic Uncertainties

By Claude R. Marx

ARLINGTON, Va. -- CUNA President/CEO Dan Mica said the economic crisis, coupled with the large number of vacancies in the Treasury Department are combining to create many unknowns about federal policies affecting credit unions.

Consultant Notes That Alternative Capital Would Carry Its Own Burdens

By David Morrison

ARLINGTON, Va. -- A lawyer whose practice includes helping credit unions convert their charters to mutual banks reminded the industry last week that while credit unions may get access to alternative capital in the coming year, th

Top 10 Hardest Hit U.S. Counties Are All in California and Florida

By Heather Anderson

DENVER -- Default management and residential collateral firm Integrated Asset Services released its IAS36 House Price Index for December on Feb. 10, which included the firm's anticipated 10 hardest hit counties list.

Love Named NCUA Director of Office of Examination and Insurance

By Claude R. Marx

ALEXANDRIA, Va. -- The NCUA has a new top enforcer. Region V Director Melinda Love was named director of the agency's Office of Examination and Insurance last week.

NAFCU Promotes Wahlen

By Claude R. Marx

WASHINGTON -- Jennifer Wahlen, who has been the No. 2 person in NAFCU's political operation, is ascending to the top job.

Federation: Corporate Rescue Plan May Scuttle Some CDCUs, Puts Many at Risk

By David Morrison

NEW YORK -- The corporate credit union stabilization plan recommended by the NCUA will wipe out this year's earning from almost every community development credit union in the country and may "permanently shutter" a number of them.

National PACs Reached Record Political Involvement in 2008

By Claude R. Marx

WASHINGTON -- The two big credit union political action committees flexed their political muscles at record levels last year.

Valentines From TAPCO

By Lindsey Siegriest

TACOMA, Wash. -- TAPCO Credit Union offered its members sweet deals on its auto loan rates this Valentine's Day.

PCUA Cuts Fees for Its Annual Convention in May

By Jim Rubenstein

HARRISBURG, Pa. -- Citing the impact of NCUA actions on credit unions and the gloomy economy, the Pennsylvania Credit Union Association is cutting registration fees by 50% for its annual meeting and convention in May.

Alliant CU, CUNA Broker Form Bond

CHICAGO -- CUNA Brokerage Services Inc. has been selected as Alliant Credit Union's financial advisory services partner.

Corporates Face More Actions

By Heather Anderson

Fitch Ratings took negative ratings action on individual corporates on Feb. 10, citing economic turmoil, credit market disruptions and exposure to potential write-downs of their paid-in-capital and PIC II investments at U.S. Central.

Fitch Rating Actions

Fitch has also placed all individual ratings on rating watch negative. The rating outlook is stable for all long-term IDRs.

CUs Standing Behind NCUF; Foundation Seeks Means to Make Investing Easier

By David Morrison

WASHINGTON -- Despite the numbers of economic and regulatory challenges the industry now faces, credit unions the have invested funds to support the National Credit Union Foundation

Psst...Did You Hear About the Word of Mouth Marketing Agency?

By Myriam DiGiovanni

PORTLAND, Ore. -- It's time for credit unions to get their members talking and Psst, a word of mouth marketing agency created exclusively for banks and credit unions, is ready to help.

Nine Iowa Credit Unions Recognize Member Needs Through IDAs

By Lindsey Siegriest

DES MOINES, Iowa -- Nine credit unions in Iowa are helping low-income members save for their future through an individual development account program.

CU National Shuts Door on Originations

By Heather Anderson

PINE BROOK, N.J. -- CU National Mortgage is still servicing loans, but the company is no longer originating new mortgages.

Geithner Plan Still a Mystery to CUs

By Claude R. Marx

WASHINGTON -- Treasury Secretary Timothy Geithner never mentioned credit unions when he spelled out his plan for rescuing troubled financial institutions.

Dallas Realty Firm: Texans Commercial Failed to Fund Its Approved Loans

By Michelle A. Samaad

RICHARDSON, Texas -- Texans Commercial Capital has been charged with breach of contract for allegedly reneging on several loans, according to a claim filed by Realty America Group LLC.

Independent Valuations Pulled Rug Out From Under U.S. Central and Corporates

By Heather Anderson

LENEXA, Kan. -- U.S. Central cleared up some of the who-knew-what-when mystery surrounding the aggregate corporate's $1 billion bailout and resulting insurance premium levy on natural person credit unions.

Swoboda Joins ProCon

By Claude R. Marx

MADISON, Wis. -- Ralph Swoboda, former CUNA and Affiliates president, has joined the ProCon Group LCC as a principal and co-owner.

Majority of CUs Have at Least One CUSO Partner

Looking at 2009, collaboration is going to be a key part of the credit union industry.

Is the NCUA Corporate Bailout Plan Good or Bad?

Credit union news the past few weeks has been flooded with opinions on the NCUA's corporate bail out plan.

Tinker FCU Tinkers With New SAN to Reap Savings and Efficiencies

By Marc Rapport

OKLAHOMA CITY -- Oklahoma's largest credit union says a three-year slimming down of a key piece of its technology infrastructure is paying off in both dollars and sense.

Canadian Credit Union Re-Ups With Open Solutions for Core Processing

SUMMERLAND, British Columbia -- Summerland & District Credit Union said it will be adopting the latest core processing platform from Open Solutions Inc.

Settlement Portal Specialist Seeks Credit Unions for 2009

By Marc Rapport

GLEN BURNIE, Md. -- Ben Renko III is looking for a few good credit unions. Really, just a few, maybe one a year, to use his company's portal solution for vendor management.

Teres Solutions Integrates Lending Platform With LSI Support

By Marc Rapport

AUSTIN, Texas -- Teres Solutions said its automated lending platforms are now integrated with the member support center operated by Lending Solutions Inc.

These Times Test the Soft Side of CUs

By Sarah Snell Cooke

Credit unions generally act as a cooperative movement at all levels. However, the latest troubles of the corporate credit unions are betraying a different side.

An Open Letter to Corporate Credit Union CEOs

As we are all aware, natural person credit unions are being asked to restore the NCUSIF after the effects of the losses at U.S. Central are recognized.

Bloodletting Is Not the Answer

Well, there is some bad news and some bad, bad news. The bad news is not really news.

LOOKING BACK

Vol. 18 No. 8 February 21, 2007 Two years ago CUNA was looking to gain the attention of young Capitol Hill staffers with the "Little Guy."

Credit Unions Competitive Advantage in 2009: Reputation

For more than a decade I have worked with credit unions in North America of all sizes and all orientations (community, SEG-based, single sponsor).

CUDL Pays Dividend

By Lindsey Siegriest

RANCHO CUCAMONGA, Calif. -- CU Direct Lending Corp. announced that for the second consecutive year the board of directors approved a $1.3 million dividend payment to its 85 member credit union shareholders.

Genisys CU Helps Prevent Foreclosures

AUBURN HILLS, Mich. -- Genisys Credit Union teamed up with community organizations to help prevent members prevent foreclosures.

PEOPLE

Holy Rosary Credit Union, Rochester, N.H., announced the promotion of Angela Huppe to information technology manager.