Credit Union Times Magazine January-14, 2009

Consumer Groups Challenge Bank On RAL Funding

By David Morrison

WASHINGTON -- A coalition of consumer and financial activist groups has denounced a bank's announcement that it will use some of the funds it

National Versus Individual Branding Gets Broad Airing in New Filene Study

By Jim Rubenstein

MADISON, Wis. -- A new Filene Research Institute study conducted by a New York university marketing and public policy professor has reopened the hotly debated national branding issue with special attention on attitudes toward individual CU branding.

CUs Across the Country Throw Down the Savings Challenge Gauntlet

By Myriam DiGiovanni

HOBOKEN, N.J. -- Credit unions are leading a savings revolution courtesy of Filene Research Institute's i3 team.

In Hard-Hit South Carolina, CUs Stake Out Loan Relief, Counseling

By Jim Rubenstein

COLUMBIA, S.C. -- In a state with an unemployment rate running as high as 14%, credit unions stepped up their financial counseling programs at year-end as they also searched out new ways to ease member pain on auto, mortgage and consumer loans.

CUs, Indirect Lending CUSOs Hold Own as Overall Auto Lending Slides

By Lindsey Siegriest

CENTENNIAL, Colo. -- In a year when vehicle sales dropped and auto lenders stopped lending, indirect auto lending CUSO CU Direct Connect saw a 54.7% increase in its auto loans.

Exchange-Traded Funds Helps MEMBERS Trust Make National Ranking

By Michelle A. Samaad

TAMPA, Fla. -- For its innovation with exchange-traded funds, MEMBERS Trust Co. is the only credit union entity to earn a listing in Barclays Global Investors iShares' inaugural ETF Managed Solutions Guide.

Hurricane Ike Showed Need for Improved Disaster Planning

By Jim Rubenstein

MADISON, Wis. -- Here's a lesson to be learned from last September's Hurricane Ike:

Robins FCU Names John Rhea CEO

By Myriam DiGiovanni

WARNER ROBINS, Ga. -- Robins Federal Credit Union has found its new leader from within.

Pa. CUs Form Auto Lending CUSO

By Lindsey Siegriest

MOON TOWNSHIP, Pa. -- Early this year Keystone Lending Alliance will begin offering indirect auto lending services to Southwest Pennsylvania-area credit unions.

MnCUN Launches Statewide Fraud Education Campaign

By Lindsey Siegriest

ST. PAUL, Minn. -- The Minnesota Credit Union Network recently launched a statewide fraud prevention campaign aimed at educating the public on how to recognize and report scams.

N.C. CU Ups Student Loans

By Lindsey Siegriest

RALEIGH, N.C. -- State Employees' Credit Union announced plans to increase its student loan funding in

With Airline Sponsor Gone, Aloha Federal CU Unveils New Image

HONOLULU -- Aloha Federal Credit Union has moved forward with a new image nine months after its 56-year-old sponsor, Aloha Airlines, shut down for good.

Southwest Corporate Expands 2009 Training; Focusing on ACH and ALM

By Heather Anderson

DALLAS -- Despite investment losses and budget cuts within the corporate system, Southwest Corporate Federal Credit Union is instead expanding its 2009 training schedule.

Latino Community Credit Union Gets Innovation Grant to Promote Savings

By Myriam DiGiovanni

DURHAM, N.C. -- Latino Community Credit Union earned an innovation grant from the NCUF to promote savings to its underserved members.

U.S. Central's $450 Mil. PIC Conversion Helps Level the GAAP Playing Field

By Heather Anderson

LENEXA, Kan. -- Members of the $36 billion U.S. Central Federal Credit Union not only participated in the aggregate's Dec. 31 conversion of $450 million in membership capital shares to paid-in capital (PIC-II),

Federal Judge Postpones Bellco CU Trial on UBIT Lawsuit

By Claude R. Marx

WASHINGTON -- A federal judge has delayed the trial of Bellco Credit Union's lawsuit against the IRS over $199,000 in unrelated business income taxes paid.

With Deregulation on the Outs, CU Reg Relief May Be Sliced and Diced

By Claude R. Marx

WASHINGTON -- In light of increased skepticism toward deregulation, credit union lobbyists say they will repackage some of their legislative priorities in separate bills.

Automakers Take 'Invest' Sales Boost Nationwide

By Jim Rubenstein

LANSING, Mich. -- Based on early sales success in dealer showrooms, two of the Big Three automakers, General Motors and Chrysler last week expanded the credit union-based Invest in America auto financing program nationwide.

As CUs Gain Market Share, Sagging Mortgage Rates Sour Yields

By Heather Anderson

MADISON, Wis. -- Credit unions were feeling good about their increasing mortgage market share, but the product has started losing its spread.

CUNA Cuts Staff in Light of Recession

By Claude R. Marx

WASHINGTON -- Bowing to the pressures that come with a recession, CUNA has laid off eight employees and eliminated merit increases for senior staff members.

CUs Not on Cloud Nine With HARP, But Some Corporates Are SIPping Away

By Heather Anderson

WASHINGTON -- The Central Liquidity Facility's new Credit Union System Investment Program and Credit Union Homeowners Affordability Relief Program are off and running,

The Troubles of 2008 'Takes Its Toll' As Texans CU CEO Addison Resigns

By Michelle A. Samaad

RICHARDSON, Texas -- David Addison has announced that he will resign as president/CEO of Texans Credit Union on Jan. 31, leaving behind a $29 million loss in 2008 tied in large part to a collapse in comm- ercial lending.

Sandler Mortgage Lending Controversy Touches CRL

By David Morrison

WASHINGTON -- The Center For Responsible Lending, a subsidiary of the $301 million Self-Help Credit Union and a significant participant in the nationwide debate over payday lending and other loan practices,

ShareBuilder Torn on Cuts

BELLEVUE, Wash. -- Deciding which credit union partnerships to keep and which to end has been a difficult process, online broker ShareBuilder Corp. acknowledged.

CU Card Portfolios Promise Continued Strong Performance, Executives Say

By David Morrison

ARLINGTON, Va. -- Executives with card processors, CUSOs and card consultancies agreed that credit union issued credit cards and debit cards will continue to perform strongly in 2009, despite the overall troubled economy.

Subprime Card Issuer Agrees to Refunds

WASHINGTON -- A legal settlement between a federal regulator and a company that specializes in issuing credit cards into the subprime market has offered a glimpse into some of the competition CUs face.

Survey: Widespread Constricting of Credit Lines and Rate Increases

By Claude R. Marx

NAPLES, Fla. -- A majority of participants in a self-described informal online survey conducted by CardTrak.com say they saw their credit card interest rates rise in 2008 and many others have reported a variety of other changes in their cards.

ATM Industry Seen Tracking a Steady Course for 2009

By David Morrison

ARLINGTON, Va. -- Credit unions tailoring their ATM strategies to meet specific member needs, increasing their use of ATM networking and potentially struggling with mandated ATM technology upgrades will likely serve as key ATM strategies in 2009.

More Americans Are Saving Money

By David Morrison

SAN FRANCISCO -- In yet another sign of American's changing emphasis from spending to saving, a survey from Visa indicates that more American consumers are saving for possible emergencies than for any other reason.

SEC Commissioner Says Single Regulator May Untie 'Gordian Knot'

WASHINGTON -- Having a single, independent regulator to oversee credit unions, banks and investment firms "may make sense" given the connections between financial markets, Securities and Exchange Commissioner Luis Aguilar recently said.

Ed Filene Once Again Reaches Out to Teach Cooperative Imperatives

Thirteen million unemployed. Automobile production decimated. An 80% reduction in home building. Daily news of failing banks and investment funds. The descriptions sound familiar, but the year is 1932.

How Credit Unions Can Help Save the U.S. Auto Industry

Auto loans have been the credit union industry's bread and butter business since their origins, and financing a new car or truck has long been a part of the

An Uncertain Economy Calls for Getting in Touch With Credit Card Risk

Although most credit unions experienced positive returns on their credit card portfolios in 2008, today's uncertain economic conditions warrant a review of risk management policies.

The Only Thing We Have to Fear Is Fear Itself

By Sarah Snell Cooke

At the thoughtful and timely suggestion of Mark Meyer, executive director/CEO of the Filene Research Institute, I reviewed President Franklin Delano Roosevelt's inauguration speech. The words crafted in the early 1930s

Sometimes I Feel Like Billy Crystal

A year or two ago, Billy Crystal fulfilled a childhood dream when he signed a one-day contract to play for the New York Yankees. Imagine the excitement of coming to the plate, the awe of standing in the same batter's box

PEOPLE

Oceanside Christopher Federal Credit Union, Oceanside, N.Y., announced that Eva Casale was hired as the vice president of technology.

DIVIDENDS

Corporate Central Credit Union, Muskego, Wis., approved a $600,000 patronage refund for 2008. The refund is the largest payout the corporate has ever had.