Credit Union Times Magazine February 8, 2012

Micro Loans Take Off Through Collaborative Mentorship

By Michelle A. Samaad

Among the 20-plus organizations served by Choices Federal Credit Union is a group of small business development centers.

GTE CEO Faults Fannie on Foreclosure

By David Morrison

The 177,000-member, $1.4 billion GTE Federal Credit Union faces a $51,000 fee from Fannie Mae because it only used foreclosure attorneys the government-backed mortgage giant approved and ordered it to use.

Delta Community CU Hit With $75 Million Award

By Michelle A. Samaad

In a case of breach of contract, a judge has awarded a real estate developer $75.4 million judgment against Delta Community Credit Union.

Business Loan Fraud Cases Advance

By Michelle A. Samaad

Two major credit union cases involving business loan fraud made news over the past week.

Cordray Pledges to Go Easy

By Claude R. Marx

Saying that credit unions and small banks “had very little, really nothing to do with causing the financial crisis,” Consumer Financial Protection Bureau Director Richard Cordray renewed his commitment to ensure that they don’t face unnecessary additional regulatory burdens.

Kinecta CEO Sees Signs of Mortgage Recovery

By Jim Rubenstein

California’s $3.1 billion Kinecta Federal Credit Union, party to a delayed mega-merger with the $1.1 billion NuVision CU, is in recovery mode this month, tending to a battered mortgage portfolio.

Orman’s NCUSIF Gig Should End Now, Says NAFCU

By David Morrison

NAFCU has asked that the NCUA stop using material from financial advice guru Suze Orman after she launched a decoupled debit card program that could hurt credit unions.

Affinity Credit Card Draws in New Members

By David Morrison

It’s rare that a novice credit union member signs up for his or her CU’s credit card right off the bat. The first account is usually a savings or share account, often followed by a checking account for the debit card. Sometimes if there is an indirect lending program, new...

CUs Hit On Tech Expertise

By Jim Rubenstein

Credit unions expecting to profit markedly and gain many new accounts from Bank Transfer Day fallout and Occupy protests will need to drastically step up their technology game, according to a California research firm.

CUES Celebrates Its 50th Year

By Natasha Chilingerian

The Credit Union Executives Society started in 1962 as a CUNA department known as the CUES (which at the time stood for Credit Union Executive Services) Managers Society. Now in its 50th year, the organization is the go-to resource for credit union leaders. CUES’ wealth of services includes educational programs,...

Overdraft Revenue Declines, Study Finds

By Natasha Chilingerian

Credit unions lost $1.4 billion in overdraft revenue in 2011 due to a bank-initiated overdraft price increase and the increasing popularity of alternative short-term loans, according to a new study from Lake Bluff, Ill.-based research firm Moebs Services.

CEO Foulke’s Charity Work Lauded

By Jim Rubenstein

In 2012, Bruce Foulke, the president/CEO of the $1.1 billion American Heritage Federal Credit Union of Philadelphia, ranks among the CU doers, or is, as the World Council of Credit Unions puts it, “a special breed” when it comes to overseas charity work.

Wealth Management Trends Reveal Opportunities and Voids

By Michelle A. Samaad

Changes that began to surface in the wealth management realm in 2008 are expected to be realized this year.

Hispanic Youth May Be Overlooked Segment

By Myriam DiGiovanni

As credit unions continue their Gen Y outreach efforts, they may want to take a closer look at the Hispanic market.

Business Lending Gains May Come From Fresh Capital Seekers

By Eileen Courter

While the degree of optimism varies, a sampling of perspectives from business lending CUSOs suggests an economic upturn may be underway.

Editor’s Column: The Examiner as the Examined

By Sarah Snell Cooke

The examination process at the NCUA went on trial last week. Not before a court but before Congress, though it could end up in court, too, if legislation in Congress makes it through to law. The Financial Institution Examination Fairness and Reform Act (H.R. 3461) would create an ombudsman within...

Letter to Editor: Release Those CAMELs

I was very happy to see both Chip Filson and Jim Blaine support the release of CAMEL ratings (CU Times, Jan. 25, page 1).

Letter to Editor: Newt May Be Right on GSEs

I think that Newt Gingrich may be right about credit unions being government-sponsored enterprises. Consultant Dennis Dollar and others have criticized the presidential candidate and former speaker of the House for describing credit unions as GSEs.

Guest Opinion: Show Gen Y the Credit Union Difference

At 80 million strong, Gen Y will soon control the nation’s wealth, posing a mammoth opportunity for credit unions. Born during the early 1980s and the late 1990s, the group is more than three times the size of Generation X and exerts major influence on American culture.

Gen Y Back Talk: Practicing Patience

By Natasha Chilingerian

It seems credit unions are doing all they can in their quest to build younger membership by introducing new products and services. But research still points to an overall industry struggle in the Gen Y market.

Guest Opinion: Securitization Is on a Comeback

Slowly and surely, trickles of deals are getting financed. Markets, as we all know, are cyclical, with some bubbles, booms, and busts.

THINK Announces Award Finalists

With a $10,000 grand prize presented by MasterCard at stake, three finalists have been named for the second annual CO-OP THINK Prize, created in 2010 to inspire innovative solutions to the issues confronting the credit union industry.

Jury Indicts Developer

A federal grand jury recently indicted Lee Baker Jr., a prominent real estate developer, for alleged fraud for making false statements to obtain loans from Denali Alaskan Federal Credit Union.

WOCCU Calls for Service Award Nominations

The World Council of Credit Unions has issued a call for Distinguished Service Award nominations. Award recipients will be recognized at the World Credit Union Conference, July 15–18 in Gdansk, Poland.

Silver State Pares Losses

Silver State Schools Credit Union lost its position as Nevada’s largest credit union last year, along with $8.4 million. The troubled Las Vegas credit union said it posted a net loss of $2.8 million in the fourth quarter, and finished the year with a net loss of $8.4 million, but said...

Credit Union of Colorado Launches New Foundation

Credit Union of Colorado has launched a new foundation to build upon the organization’s history of philanthropic commitment to its members and the communities where they reside. The new Credit Union of Colorado Foundation will focus on two areas of interest, human services and education.

Golden 1 Beats Big Banks, Survey Shows

The Prime Performance 2011 California bank and credit union survey has ranked The Golden 1 Credit Union the top financial institution in several categories, including overall customer experience. The survey distinguishes Golden 1 as a top performer in customer service and satisfaction.

Butke Joins NCUF Board

Lee Butke, president/CEO of Corporate One FCU in Columbus, Ohio, has joined the board of directors of the National Credit Union Foundation. Butke joined the board at NCUF’s board meeting on Jan. 24 in Scottsdale, Ariz., and is the new Association of Corporate Credit Unions representative on the board.

New York FCU Is Liquidated

The 6,800-member Eastern New York Federal Credit Union in Napanoch, N.Y., was liquidated by the NCUA on Jan. 27.