Credit Union Times Magazine January-20, 2010

CFOs Perched on Hot Seat

By Heather Anderson

Credit union chief financial officers are being asked to provide more reporting and education these days, often to the point that it gets in the way of their ability to actively manage their positions.

Regulators Issue Advisory on Managing Risks From Rising Interest Rates

Financial institutions should make frequent use of stress tests and have well-established risk measuring and monitoring systems to guard against the risks caused by rising interest rates.

Mobile Phishing Highlights Need for Greater Security

By David Morrison

At least nine credit unions were subject to a mobile phone phishing attack that sought to lure credit union members into giving up their financial information to fraudsters.

Elections Are Casting a Shadow on Credit Unions' Legislative Agenda

By Claude R. Marx

Congress has placed financial service providers on the defensive during the past four years. But with an election scheduled for this year, the political pressures will be even greater.

Homegrown Businesses' Word of Mouth Boosts Erie Federal's Lending

By Michelle A. Samaad

When a bank in Indiana known for its robust business lending program was bought by a larger competitor in 2008, it left many local firms scrambling for other financing alternatives.

Silver State Talks Roll On

Negotiations were reportedly continuing in secret last week between the Nevada Financial Institutions Division, American Share Insurance Corp. and the troubled $883 million Silver State Credit Union.

CFS Launches New Portfolio

The credit union broker dealer and investment firm CUSO Financial Services LP has rolled out ActivePassive Portfolios, a new offering involving index and actively managed funds.

Patriot FCU Alliance Helps Disaster Recovery

Silver Peak Systems said it has provided Patriot Federal Credit Union with a solution that aims to improve disaster recovery procedures through real-time data replication and centralized backups.

PSCU Financial Reports Strong 2009

The end of 2009 saw PSCU Financial Services reaching a number of financial milestones.

CO-OP Financial Services Hires

Two new hires recently came aboard at CO-OP Financial Services.

Unitus Community CU Offers Auto

The $799 million Unitus Community Credit Union has linked up with Smartway Advisors to help high-risk members get deals on auto loans and interest rates.

Ohio University CU Builds on Basics to Expand SEG Relationships

Since its founding in 1955, most of Ohio University Credit Union's growth has sprouted up through its original sponsor, a connection that germinates to this day.

Outside Perspectives, Real Examples Aim to Reshape CUSO Model

By Michelle A. Samaad

With investment and partnerships in nearly a handful of CUSOs, UMassFive College Federal Credit Union can safely say it knows the power behind collaboration.

Building Member Loyalty Goes Beyond What's Fuzzy and Feel-Good

Statistically, the attributes that are the strongest drivers of loyalty among credit union members are quality service, a belief that the credit union delivers value and ease of conducting business.

Donning White Hats, Credit Unions Bask in National Media Limelight

By Jim Rubenstein

Through ads, Internet postings and public statements, credit unions nationwide were enjoying the public rant against big banks last week highlighted in congressional hearings and in myriad network and cable TV news shows

N.C. Senator Talks Job Creation With CUs

By Michelle A. Samaad

In North Carolina last week, the emphasis on "jobs, jobs, jobs," grew more intense as credit unions and small business owners came together to express their urgency.

Invest in America Adds Partners, Is Optimistic

The Invest in America program has added two new benefit partners and released 2009 numbers that CUcorp CEO David Adams said make him optimistic about the program in 2010.

NCUA's Marquis Says All Sides to Blame for Problems of Corporates

By Claude R. Marx

ARLINGTON, Va. -- In the prelude to the most recent crisis facing corporate credit unions, everybody messed up some.

Self Help Federal Credit Union Continues to Expand on West Coast

The $73 million Self Help Federal Credit Union, the California-based credit union that is an affiliate of the $350 million Self Help Credit Union in North Carolina has gotten a bit bigger.

Canadian Cooperatives Complete CUMIS Sale From CUNA Mutual

By Michelle A. Samaad

Once majority-owned by CUNA Mutual Group, the acquisition of CUMIS Group Ltd. was completed on Dec. 31, the company's buyers Canada-based Central 1 Credit Union and Co-Operators Life Insurance Co. said.

Viva la Educaci?n y los Mariachis at Latino Community Credit Union

By Myriam DiGiovanni

There has been a lot to celebrate at Latino Community Credit Union.

Two Years In, EasCorp's Remote Deposit Marks $300 Million Milestone

By Michelle A. Samaad

The latest, shiniest innovation can be all the rage among credit unions, but the proof ultimately lies in actual member usage.

Calif. CU Wins Award

The Hispanic Chamber of Commerce of Marin has presented Redwood Credit Union its outstanding business diversity award.

Web Site Aimed at Hispanics

CUNA and Coopera Consulting, a subsidiary of the Iowa Credit Union League, have joined forces to help credit unions reach out and better connect with first- and second-generation Hispanic Americans.

N.C. CU Aids Museum

State Employees' Credit Union is showing its support to the North Carolina Museum of Natural Sciences.

Let the Sun Shine In

Vons Credit Union is looking to lead the green movement in El Monte, Calif., by example.

SELCO Opens First Walmart Branch

The $841 million SELCO Community Credit Union of Eugene, Ore. expects to be an Oregon trendsetter by opening its first full-service Walmart branch.

NAFCU: Long Struggle Ahead for Auto Industry

The latest NAFCU Macro Data Flash Report on vehicle sales showed that while sales continued on an upward trend through the end of 2009 the auto industry still faces a long battle to return to prerecession numbers.

MBS Underwrites $1 Billion in Loans

Member Business Solutions LLC recently marked a milestone as it passed the $1 billion mark in underwritten loans.

Michigan CUSO Issues $700,000 Dividend

The credit union owners of core data processing CUSO CU*Answers will receive their share of a $700,000 dividend.

CUNA Awards CUs

CUNA has narrowed the field and selected its national 2009 Dora Maxwell Social Responsibility and Louise Herring Philosophy in Action award winners.

Kamm Replaces Burns At Technology CU

Technology Credit Union has found a new leader to usher in the new year.

New CEO at NW Preferred

NW Preferred Federal Credit Union has found its new leader within its walls.

Kinecta Taps Lumm

Longtime credit union industry veteran Steve Lumm has been tapped to serve as interim president/CEO of Kinecta Federal Credit Union.

Haiti Earthquake Spares

Greta Greathouse, chief of party for World Council of Credit Unions' Haitian HIFIVE microfinance program, reported to WOCCU headquarters via e-mail that staff members are uninjured and accounted for.

CUNA Marketing Council Offers Raft of Youth Strategies

By Myriam DiGiovanni

The latest white paper from the CUNA Marketing & Business Development Council shines a light on youth marketing.

California Credit Union Goes Mobile With New Fiserv Offering

Merced School Employees Federal Credit Union in California is now offering Fiserv Inc.'s new mobile solution to its 36,000 members.

Affinity FCU Readying RDC Launch

Remote-deposit capture will soon be offered to the entire membership of the $2 billion Affinity Federal Credit Union, Basking Ridge, N.J., the credit union said.

CU*Answers to End Deposit Encoding

In another sign of the Check 21 times, CU*Answers said it is going to stop offering direct deposit encoding processing to its clients, effective April 30.

Wisconsin CUs Go With VSoft Tools

Two Wisconsin credit unions have implemented remote check image processing from VSoft Corp., the Atlanta company said.

Virtual Users Meet Held by uMonitor

uMonitor said about half its client base attended its recent two-day users conference, presented virtually.

Share One Endorses Verafin Solution

Share One said it now is recommending the antifraud and anti-money laundering solutions of Verafin to the Memphis, Tenn.-based core processing CUSO's client list of about 65 credit unions.

Service Credit Union Names CIO

A credit union technology veteran has been named the new chief information officer at $1.3 billion Service Credit Union in Portsmouth, N.H.

SecureWorks Buys Security Firm

SecureWorks is the new owner of a 10-year-old managed security services and consulting operation based in the United Kingdom, the Atlanta-based company said.

Future Shock: Getting Back to Old-Fashioned Basics

By Sarah Snell Cooke

All businesses, including credit unions, must face a new reality.

Outlook for 2010: Time to Batten Down the Hatches

To forecast what lies ahead in 2010, one has to consider the enormous legislative and regulatory challenges of 2009.

QUOTES WORTH QUOTING

"The president has talked on a number of occasions about ensuring that the money that tax payers put up to rescue our financial system is paid back in full."