Credit Union Times Magazine January 9, 2013
Featured Story
Texans Ex-CEO David Addison Sued by NCUA
The NCUA filed suit late last month against David Addison, former CEO of Texans Credit Union, accusing him of breach of fiduciary duty and gross negligence that led to the $1.4 billion credit union’s April 2011 conservatorship.
Front Page News
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Students Loans Are Profitable Niche for Credit Unions
Last year was not the most glowing year for student loans, reputation-wise. The Consumer Financial Protection Bureau’s release of numerous negative comments from the public on their experiences as private student loan borrowers, comparisons of student loans to the burst mortgage bubble and the fact that national student loan debt...
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Fire the CEO: When the Time Has Come
No job is harder for a board of directors of a credit union, but no job is more crucial than knowing when to separate the cooperative from a lagging chief executive officer and having the strength to act.
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MBL Hike Lower on CUNA Priorities
CUNA announced new legislative priorities for 2013 that include four key agenda items: preserving the credit union tax exemption, reducing regulatory burden, engaging in housing finance reform and advancing credit union charter enhancements.
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Interchange Pinch Felt by Many CUs
A CUNA survey of some of its member credit unions suggests credit unions with less than $10 billion in assets have begun to take a hit to their debit card interchange even though they were not supposed to feel the impact of a debit interchange cap.
News
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Delta Community Names Interim CEO
Hank Halter, a current board member at Delta Community Credit Union, has been named interim president/CEO effective Jan. 1 while the $4.3 billion cooperative continues its search for a permanent successor to replace retired CEO Rick Foley.
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Obamacare Fosters Disquiet Among Credit Unions
It’s clear that the Patient Protection and Affordable Care Act, otherwise known as Obamacare, is the law of the land. But it’s not so clear yet how the new law will impact credit unions over the next two years when the bulk of the health reform laws go into effect.
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Mortgages With Short Terms Attract Boomers
Retirement plans and paying off the mortgage have traditionally gone hand-in-hand as people approaching retirement anticipate eliminating a payment that typically claims the largest single chunk out of the monthly budget.
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Chetco FCU First NCUA Liquidation of 2013
After 15 months in conservatorship, the NCUA liquidated the $259 million Chetco FCU of Harbor, Ore., effective Dec. 31.
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Vigilance Is Watchword on Taxation
According to industry veteran John McKechnie, who was working on Capitol Hill back in 1986, the last time credit union tax exemption was on the Congressional chopping block, a “volatile” environment on Capitol Hill means credit unions should be vigilant when it comes to protecting their tax-exempt status in 2013.
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Members Show Clout On Conversion Bids
It's tempting to attempt to predict how many credit unions might try to jump to a bank charter in 2013. But that is hard to say. It's easier to observe some trends that came to the fore in 2012 and are likely to continue next year.
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More Credit Unions Join The Cards Club
Credit cards are likely going to continue their expansion into the credit union industry in 2013 as more credit unions start to issue cards and credit unions that already issue them expand their programs.
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Auto Lending: Solid Growth Is Likely
With a combination of used vehicles reaching their maturity mark for some car drivers and record financials from manufacturers that have emerged from a dismal scene, 2013 may shape up to be a solid year for auto lending growth.
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Member Business Lending Growth This Year Despite Hike Stall
The fight to increase the current 12.25% member business lending cap has been a long and arduous one.
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Student Loan Woes Eased by Credit Unions
Student loan debt remains a stress-inducing burden for many college students, recent grads and their families.
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NCUA Board Poised for Turnover
The NCUA Board will experience significant turnover in 2013 when President Obama is expected to appoint candidates to fill two out of three spots left vacant by Gigi Hyland, who resigned in October 2012, and Michael Fryzel, whose term ends Aug. 2, 2013.
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Compliance CUSOs on the Rise
Regulatory compliance, invoicing and other areas that may have been under the priority radar a few years ago, have aggressively come to the forefront at many credit unions.
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Mortgage Share Set to Expand in 2013
It seems likely that 2013 will contain two distinct aspects for credit union mortgage programs. On the one hand, it seems certain that credit unions will continue to take a greater share of the overall mortgage market.
Editor-in-Chief's Column
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Editor/Publisher's Column: Adjusting to the Realities of a New Year
Forget that jobless claims were revised upward, even higher than initial projections. The New Year is a time for optimism. As California CU League Economist Dwight Johnston wrote in his commentary in the Trust for Credit Unions e-newsletter, “This was the fifth year in a row of triple-digit gains on...
People Feature
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Can’t Never Crosses Attorney Michael Bell’s Lips: Trailblazer 40 Below
Never tell Michael Bell, attorney and counselor at Royal Oak, Mich.-based law firm Howard & Howard, something can’t be done without a ready response to two simple words: Why not?
Lending
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Riding Wave of Record Loan Growth, Credit Unions Prep for 2013
A much anticipated gift arrived during the holidays when third quarter data showed credit unions posted their strongest loan performance in history.
Opinion
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Guest Opinion: Margin Pump Up With Limited Options
While some believe the overall financial condition of the credit union industry has improved since a near collapse several years ago, the number of credit unions considered for conservatorship is still high.
Opinions
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Guest Opinion: Business Loans Are Economic Kindling
Washington was embroiled in a game of fiscal chicken at the end of the year. Unemployment is high at 7.7%. The 2.5 million people who are unemployed but so discouraged that they’re not actively looking are unchanged from 2011.
People
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People in the News
America’s First Federal Credit Union, Birmingham, Ala., has appointed Audra Weber as the new vice president of human resources and training. Weber has been with America’s First since 2011 and was formerly the assistant vice president of human resources. . .
Resource Center
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