Credit Union Times Magazine January 11, 2012

Featured Story

Front Page News

  • Crash Blossoms Into Coop Trust

    Two years ago, a group of young people who dubbed themselves the Crash Network pushed their way onto the credit union scene at CUNA’s GAC conference.

  • State Conversion in Ky.

    In a historic bid to chart new legal ground on community charters, a Kentucky federal credit union has converted to a state charter, marking the first such switch in the state in 30 years.

  • IBM Members Settle

    An attorney representing the members who filed suit against IBM Southeast Employees Federal Credit Union confirmed that a settlement had been reached regarding alleged fraudulent investments sold through a third-party broker dealer that was working with the credit union.

  • More Dividends

    In late December and early January, three more credit unions announced their end of 2011 member rewards. Two CUs thanked their members with a bonus dividend payout and loan rebate, and one said it awarded members by saving them $10 million in loan payments throughout its history.


  • Corporate Fix Sites Launched

    Shortly before year end, NCUA announced it had launched two new websites to increase transparency of the corporate resolution system.

  • BofA Disputes Reports of Small Business Credit Cuts

    Despite complaints from small business owners, Bank of America is calling recent reports that it is cutting or closing credit lines for all of its small business clients “speculation.”

  • Economy Forcing CUs to Change Collection Methods

    The lingering slowdown that is afflicting the U.S. economy is forcing credit unions to pay more attention to collections, a part of their business that is often forgotten or ignored, according to a new report prepared by the CUNA Lending Council.

  • NCUA Applauds GAO Report

    The U.S. Government Accountability Office on Wednesday issued its report on corporate credit unions and the NCUA. And the report’s title tells the story: “Earlier Actions Are Needed to Better Address Troubled Credit Unions.”

  • Last Year Witnessed a Mobile Banking Lift Off

    In the span of just 12 months, a revolution in financial transactions has occurred. Mobile banking has shifted from nice to have to must have at credit unions across the country as a stampede of institutions have embraced the idea that members demand the convenience of banking from the palm...

  • The Day the NCUA Demanded CU Directors Smarten Up

    The tough NCUA financial literacy requirements for credit union volunteer directors came as a loud wake-up call on Jan. 27, 2011. And the provision came with a requirement that all new directors had to gain financial literacy within six months of their election.

  • Upcoming New ADA Rules Will Prompt ATM Overhauls

    On March 12, the Americans with Disabilities Act’s new standards will become law. One section of the standards calls for new technical requirements for ATMs, including Braille instructions, speech output capabilities and specifications pertaining to keypad layout, display screen visibility and character size and font.

  • BECU Names Porter

    In an unforeseen management shift, Benson Porter, president/CEO of the $5 billion First Tech Federal Credit Union of Palo Alto, Calif., will be taking over the $9.7 billion BECU of Tukwila, Wash., next April, succeeding retiring CEO Gary Oakland.

  • Iowa CU In Signage Flap

    Iowa’s Community Choice Credit Union, embroiled in a signage flap with veterans, learned a thing or two recently about avoiding the passive role when it comes to staying on message.

  • Data Collection to End

    The NCUA said last week that it plans to withdraw a request to extend its program for the monthly collection of financial performance and executive compensation data for large Region 3 federally insured credit unions.

Editor-in-Chief's Column

People Feature

  • VP Denise Wymore Can Finally Dress for Success

    The wardrobe options may have been what initially drew Denise Wymore, vice president of member loyalty at Santa Fe, N.M.-based Del Norte Credit Union to credit unions, but the ability to make a real difference in people’s lives has been what has kept her going 31 years later.


  • Anticipate Members’ Needs to Get There First

    Back in 1908, when Monsignor Pierre Hevey was setting up America’s first modern-day credit union in his Manchester, N.H. home, he probably wasn't concerned with delinquencies and charge-offs. As the founders of the modern American credit union, Hevey and his team focused on services important to his parishioners at the...

  • What's Hindering Today’s Home Loan Borrower?

    Since 2008, governmental agencies have been actively involved in molding and shaping all aspects of mortgage lending in an effort to protect the borrower. Change affecting the industry is a daily discussion in efforts to remain ahead of the game. The Home Valuation Code of Conduct, AIR policy, RESPA, the...

  • Resolutions For 2012

    The year 2011 was one of growth and change for credit unions. Many CUs announced positive news, such as asset growth, improved loan performance and large bonus dividend payouts. The Bank Transfer Day movement increased membership numbers for CUs, and many CU newcomers are in their 20s and 30s. As...

  • Converting CUs Should Not Have to Pay Exit Tax

    I was disappointed that CUNA and NAFCU have taken the position that converting credit unions should pay future corporate stabilization fund assessments. I see this as an exit tax on credit unions. I see it as contrary to the principles of charter choice and free markets. I object to any...

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