Credit Union Times Magazine January 23, 2013

Tax Reform Leaders in New Congress Support Credit Unions

By Heather Anderson

As credit unions hunker down in defense of their federal tax exemption, the industry does have one thing in its favor. There are no known enemies among leadership on the House Ways and Means or Senate Finance Committees.

New Mortgage Rules Make Documentation Biggest Challenge

By Heather Anderson

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

By Natasha Chilingerian

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

By Michelle A. Samaad

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.

Discover Hopes Old Debit Card Becomes New Again

By David Morrison

The Discover card brand is moving forward with an effort to reintroduce a signature debit card into a market that is still experiencing a period of turbulence after the adoption of new federal regulations.

Financial Advisers Build Loyalty Beyond Relationships

By Michelle A. Samaad

Now that Bank Transfer Day has come and gone, some credit unions have been working hard to expand those new relationships centered on one facet that longtime members often tout: loyalty.

Fannie Mae FCU Chief Reflects on Merger

By Peter Strozniak

Forty years ago, Helen Bunn became the manager of Fannie Mae Federal Credit Union. At that time the credit union served less than a 1,000 members and managed assets of just $125,000.

Summit Credit Union's Program Aims to Pump Up Women

By Myriam DiGiovanni

Summit Credit Union wants women to realize stepping into their first million can be a reality –all it takes is Red SHOES.

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

By Sarah Snell Cooke

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...

Women to Watch: After ‘Dark Side,’ SVP Reynolds Lytle Strives to Do Right

By Myriam DiGiovanni

For Rebecca Reynolds Lytle, senior vice president of lending at San Francisco Federal Credit Union, truly effective leadership boils down to doing the right thing and treating others as you would like to be treated.

FedComp Stays Committed to Small Credit Unions

By Natasha Chilingerian

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...

Taxes, Capital and MBL: Sherman Talks 113th Congress

By Heather Anderson

Acting as primary sponsor for supplemental capital legislation and co-sponsoring every credit union bill that crosses his desk, Congressman Brad Sherman (D-Calif.) has long been a supporter of credit unions.

Guest Opinion: Dan Mica on the New Congress

By Dan Mica

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

By Bill Brooks

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...

APG FCU Celebrates 75 Years

By Staff Writer

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

By Staff Writer

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

By Staff Writer

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

By Staff Writer

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

By Michelle A. Samaad

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

By David Morrison

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.