Credit Union Times Magazine January 23, 2013

Featured Story

Front Page News

  • New Mortgage Rules Make Documentation Biggest Challenge

    Because credit unions already generally abide by new final qualified mortgage and ability-to-repay rules released Jan. 10 by the Consumer Financial Protection Bureau, the most difficult compliance burden will be to document the process, said John Bundy, compliance manager for CUNA Mutual.

  • Pano Logic Shutdown Shows Little Impact on CUs

    The out-of-the-blue October closure of Pano Logic, a Redwood City, Calif.-based provider of virtual end user systems, shocked its clients, which included at least three credit unions–the $3.4 billion Redstone Federal Credit Union of Huntsville, Ala.; the $701 million Vantage Credit Union of Bridgeton, Mo.; and the $1.35 billion Central...

  • Auto Repossessions Need Many Benchmark Tests

    As the recession snaked its way into the economy in 2008, credit unions braced for the impact it would have on members in unemployment, rising debt and underwater mortgages.


Editor-in-Chief's Column

  • Editor’s Column: Listen With Your Head and Your Heart

    You’re sitting at your desk, poring over spreadsheet after spreadsheet, making correlations, drawing conclusions and often coming up with more questions than answers. Reports flow in on new vendor possibilities and issues with existing ones that require you to analyze and determine the best course of action. Many tangible matters...

People Feature

Tech Bytes

  • FedComp Stays Committed to Small Credit Unions

    After 30 years in business, the Fairfax, Va.-based core data processing system provider FedComp Inc. made the decision to move the 130 credit unions using its Internet banking product VirtualCU onto the Boise, Idaho-based Database Management Services’ more modern HomeCU. That’s left FedComp to put more resources into its flagship...



  • Guest Opinion: Dan Mica on the New Congress

    It’s the time of the year when pundits are analyzing the recent election and predicting what will happen in the new Congress during 2013.

  • Usury Endorsed by the Government Is Repugnant

    Usury is pernicious at best, but government-endorsed usury lite helping people in dire financial straits is flat out repugnant. There is just no justification for participation in this vile activity. Government sanctioned usury lite is still hurtful to the downtrodden. There is never a valid reason to do the wrong...

News Briefs

  • APG FCU Celebrates 75 Years

    APG Federal Credit Union of Aberdeen, Md., last week celebrated 75 years of continued growth, and service to its members and communities.

  • Bay Media FCU and San Francisco Fire CU Merge

    The $12 million, 1,643-member Bay Media Federal Credit Union in San Francisco has merged into the $824 million, 42,146-member San Francisco Fire Credit Union.

  • Virginia League to Move Staff to Capital

    In support of its governmental affairs and regulatory work, the Virginia Credit Union League is relocating key members of its staff to a newly purchased office building just two blocks from Capitol Square in downtown Richmond.

  • New CEO at South Florida Educational FCU

    The board of directors of South Florida Educational Federal Credit Union has selected Mike DiBenedetto to succeed William Page as president/CEO of the $800 million Miami-based credit union.

  • Credit Union Execs Show Pessimism

    An increasing number of executives are pessimistic about the 2013 outlook for their credit unions because of more regulations, low interest rates and a weak economic recovery, according to a Web survey of 271 credit union leaders by Abound Resources, an Austin, Texas-based management consulting firm.

  • Five New York CUs Join CUC Mortgage Client List

    CUC Mortgage Corp., a mortgage CUSO affiliated with the Credit Union Association of New York, ended 2012 with the addition of five more New York credit unions.

  • Reedy to Retire; Meyer Named CEO

    1st MidAmerica Credit Union announced that President/CEO Don Reedy will retire at the end of May this year, ending a 35-year career with the organization. The 1st MidAmerica board of directors has selected EVP/Chief Operating Officer Alan Meyer to be Reedy’s successor, effective June 1.

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