Credit Union Times Magazine July-14, 2010

MBL Hike May Fall Victim to Procedure and Politics

By Claude R. Marx

CUNA and NAFCU often say that during the recent financial crisis their members wore the white hats.

TNB Sells Card Processing Business to Fifth Third Processing Solutions

By David Morrison

After almost 35 years processing credit union credit card transactions, Town North Bank has sold off its last stake in card processing.

Traditional Core Processors Survive and Thrive After Techno Boom

By Marc Rapport

The traditional core processing model is alive and well despite the buffeting winds of change and challenge, and in fact, could be a bit of a growth industry.

Merger Trend: Which Way Did They Go?

By Joyce Moed

Jennifer Lehn, chair of the CUNA Operation, Sales and Service Council, has firsthand experience in CU mergers.

NCUA Serves U.S. Central Defendants; What Does It Mean?

By Heather Anderson

The NCUA served 18 former executives and directors of U.S. Central with demand letters, alleging their breach of fiduciary duty contributed to the conserved corporate's losses.

Debt Firm Settles With Clearview FCU Over Name

By Michelle A. Samaad

Clearview Federal Credit Union said a Florida debt settlement firm has agreed to change its name after the cooperative filed a suit claiming trademark infringement.

Sam's Club Makes Foray Into Small Business Loans

By Michelle A. Samaad

After learning that 15% of its small business members were denied a loan to keep their operations running, Sam's Club launched a national pilot program that would make capital available to them.

Credit Union Complaints Lead to SBA Efficiencies

By Michelle A. Samaad

Hearing the cries of credit unions frustrated with what some say is the cumbersome process to become an SBA lender, the agency set out to streamline the procedure in August 2008.

NCUA to Develop Merger Registry and Offers Guidance

By Claude R. Marx

Credit unions that want to be considered as potential merger and purchase and assumption partners will be able to sign up for a registry the NCUA is developing, NCUA Chairman Debbie Matz announced in a recent letter to credit unions.

Wisconsin Merger

The merger of the $70 million State Central Credit Union of West Allis, Wis., into the $1.5 billion Summit CU is now nearly complete, but State Central members received a bonus last month recognizing their loyalty-a $5.2 million dividend.

Chartway Completes Utah P&A, Eyes Further Merger Opportunities

By Jim Rubenstein

The $1.6 billion Chartway Federal Credit Union has consolidated a second NCUA-conserved Utah credit union, the $139 million SouthWest Community FCU of St. George, Utah.

Arrowhead Fallout Vons CU Exec Turns Banker Discard Into Shared Branching Solution

By Heather Anderson

Thanks to a good relationship with its sponsor group and a stroke of luck, the $330 million Vons Employees FCU opened a full service,

Cheney Discusses his Agenda and Style as He Takes the Helm at CUNA

By Claude R. Marx

Bill Cheney, who has spent almost his entire career in credit unions, most recently as president/CEO of the California and Nevada Credit Union Leagues,

Mica Reflects On Highs and Lows of Tenure at CUNA

By Claude R. Marx

Dan Mica stepped down after 14 years as CUNA's president/CEO on July 1. Mica, who had been a member of Congress and a lobbyist on behalf of the

GrooveCar Offers Credit Union-Centric iPhone/iPad App

GrooveCar, an auto service provider, has launched an iPhone/iPad app that features a credit union section allowing members to view credit union offerings.

Car Sales Bump Along

Total vehicle sales were down from May to June, continuing their bumpy ride through 2010.

CU Business Group Signs Remote Deposit Pact

NetDeposit LLC and CU Business Group have signed an agreement to bring remote deposit capture to the CUSO's more than 300 credit unions.

First CU Gets SBA Award

The $452 million First Credit Union is the latest in the industry to be recognized by the SBA for its lending efforts.

Small Biz Is Debt Wary

Buying and leasing new equipment and taking on new debt are two decisions small business owners are sitting on until they see sustained signs that the economy is recovering.

Planning, Strategic Focus Deliver HQs Built to Last

By Myriam DiGiovanni

When it comes to building a new corporate headquarters credit unions need a little imagination.

CUNA Mutual Committee to Screen 401(k) Programs

CUNA Mutual Group has formed a five-person committee to assure plan sponsors that the investment options in one of its 401(k) programs have been thoroughly screened and monitored.

Four-Year CDs Offer Best Returns

Consumers appear to be responding to aggressive premiums offered on 48-month certificates of deposit at banks.

WOCCU Pairs Louisiana and Ghana CUs

Louisiana credit unions have added a third international partnership to their ranks, as Jefferson Financial Credit Union of Metairie, La., and Ghana's GESRO Co-operative Credit Union signed an agreement of mutual support in late June.

Fynanz Launches Blog

Student lending program provider Fynanz, Inc. has revamped its cuStudentLoans.org website to feature a college financing blog, Ken's Korner.

Dr. Phil, Rachael Ray: Could Filene's Gabel Be Oprah's Next Star?

Filene Research Institute Chief Innovation Officer Denise Gabel is pitching a TV show to Oprah to help out a small business owner.

Credit Unions Positioning to Take Advantage of Student Loan Opportunities

By Lindsey Siegriest

For credit unions offering private student loans, opportunity is the one common word they are all shouting.

Through Extremes, Nevada Federal Credit Union Continues Writing Mortgages

By David Morrison

At times, the mortgage program at Las Vegas-based Nevada Federal Credit Union has felt like an oasis of stability in the middle of a real estate market that has swung wildly from one extreme to another.

Regional Banks Are Favored by Phishers

Regional banks continued to command the attention of phishing fraudsters in February, according to RSA, the security division of EMC.

Vendor Management Solution Offered

An intranet portal specialist has partnered with a consulting group to offer what the credit union specialists call a comprehensive vendor management program.

WoltersKluwer Revamps Research System

WoltersKluwer has made changes that it says will make its IntelliConnect easier to navigate and find information on it.

CUNA Redesigns Website

Following six months of planning, CUNA has unveiled the newly revamped cuna.org.

Synergent Offers Member Check Capture

Three Maine credit unions are piloting the launch of Synergent's new member capture service,

Women, Defined Contribution Plan Holders Likely to Open Trust Accounts

By Michelle A. Samaad

For some credit unions, it continues to take a whole lot of arm twisting to prove that offering trust services to their members is really worth the effort and time commitment needed to see a steady return on investment.

Chippewa Tribe's Credit Union Expected to Open in August

By Eileen Courter

One of the largest employers in northern Michigan is about to open a credit union.

United Nations FCU Aids Members in War-Torn Regions

A new line of international term life and personal accident insurance products aim to provide members of the United Nations Federal Credit Union with more protection in war-torn and humanitarian crisis regions around the world.

Adviser Contributions Capped

Investment advisers will soon have to abide by new SEC rules that curb campaign contributions to elected officials given with the hope of getting lucrative contracts for the management of public pension plan assets.

Study Argues That CUs Have Many Disadvantages in Marketing Payday Loans

By David Morrison

On the heels of a report critical of some credit union payday loan alternatives and just as the NCUA has proposed regulations governing short-term,

Duke Professor: Don't Fight Human Irrationality, Work With It

By Claude R. Marx

If you are a boss you might want to consider the possibility that paying your employees big bonuses isn't likely to improve their performance. Also, if your spouse or partner dumps you it may hurt for a little while, but eventually you will get over it.

New Password-Stealing Malware Is Reported

One in every 3,000 computers monitored by a global security specialist is infected with a new version of the Zeus password-stealing malware, said Trusteer, a New York-based company.

Geezeo Signs Unitus CU

Geezeo has signed the $805 million Unitus Community Credit Union in Portland, Ore., as the newest user of its personal financial management, web community platforms and social media tools, the company said.

New York City Credit Union Group Hits on Faith-Based Worries

By Jim Rubenstein

A New York group is organizing to protect future growth and assist managers on compliance and balance sheet worries for continued viability of faith-based credit unions.

SBA Approves First Lenders for New Mortgage Loan Pool

Nine banks are the first approved lenders for a new SBA loan pool origination program that will assemble and sell pools of 504 program first mortgage loans to help jump start a secondary market.

Patriot Express Loans Top $500 Million

Credit unions and other lenders have helped the SBA's Patriot Express loan program reach the $500 million mark.

CU Vendors Take the Good With the Bad When it Comes to Consolidation

By Joyce Moed

CUSOs and vendors agree that mergers in the credit union industry continue to have an impact on their business models, but it's not necessarily a negative one.

Financial Overhaul Bill Slated for Vote in Senate

By Claude R. Marx

The regulatory restructuring bill-which CUNA and NAFCU are opposing because of the interchange provisions-is likely to come up for a vote in the Senate this week, and odds are it will pass.

Texas Regulator Seeks Reimbursement for 'Unusual' Exams

Citing "extraordinary" costs in special cases, the Texas Credit Union Department wants to be reimbursed from the industry for certain examination expenses, it was disclosed last week.

The Golden 1 Has State Employees Covered

The Golden 1 Credit Union is once again offering zero-interest State Budget Payroll Loans to workers experiencing pay cuts as a result of the California legislature's budget impasse.

Symitar President Hooker Burress to Retire

After a decade at Symitar, Kathy Hooker Burress plans to retire as division president at the end of the year, according to parent company Jack Henry & Associates.

OTS Mourns COO Steven Markwell

Open Technology Solutions is mourning the loss of Chief Operating Officer Steven P. Markwell who died at the age of 47.

Mortgage Translation Required in California

Credit unions operating in California must provide written mortgage loan translations in five languages, according to a release from the state's Department of Financial Institutions.

Cadillac Drops Invest in America

The Cadillac division of General Motors Corp. has left Invest in America, the auto discount program run by the Michigan Credit Union League now in its second year.

CU Student Choice Adds GTE FCU

Student Lending CUSO Credit Union Student Choice announced its 150th credit union partner.

Texans Claims Case Settled

By Michelle A. Samaad

The $1.6 billion Texans Credit Union is not providing any details only saying it has settled a three-year long clash involving Kevin Curley, the former president of Texans Insurance Group.

Meet the Next Top Credit Union Executives

After more than 10,000 votes, six finalists have emerged from 41 applicants to fight for the title of the Next Top Credit Union Exec.

Phillips: Forget the Cool Factor and Focus on Millennials' Needs

By Myriam DiGiovanni

Looking to engage meaningfully with younger consumers? Then stop assuming and start connecting through a common interest rather than trying to sell credit unions.

MBA Students Surpass Expectations at Xceed Financial

By Luigi Condina

MBA students at Pepperdine University had long been offered courses working with local banks, but a case study program launched in the first quarter of 2010 introduced the school to the credit union industry.

Capturing Generation Y: Ready, Set, Transform

Generation Y is expected to have a profound impact on the way in which business is conducted for decades to come. The financial services sector is not exempt from this transformation.

Interchange Battle Scars Could Make Their Mark on Business Lending Fight

By Sarah Snell Cooke

The Independent Community Bankers of America had the right idea with regard to interchange regulation. I'll probably have to run for cover at the CUNA/WOCCU 1 Conference this week for stating that, but it's true.

You Can Change Us or We Can Change You: The Choice is Yours

By Lindsey Siegriest

Credit unions are at a crossroads right now. More consumers are aware of credit unions thanks to media attention and more people are flocking from banks to credit unions. The issue at hand is how can credit unions leverage this for the future?

CFPB: A Positive for Consumers and Financials

In the financial services legislation being considered by Congress, of greatest interest to consumers is the creation of a new Consumer Financial Protection Bureau.

Establish Crisis Communications Plan

By Claude R. Marx

When it comes to protecting your credit union's reputation from crisis-driven adversity, I've found it pays to expect the unexpected.

Effective Workforce Optimization Can Improve Branch Sales and Service

Competition to retain and win customers is stiff between banks and credit unions.

Feeling the Burn: Filene Flexes New Muscles for the New Normal

I haven't slept well since September 2008. Around the time the financial crisis began, the Filene Research Institute was holding its annual Big Bright Minds meeting in Portland, Ore.

PEOPLE

Saugus Financial Insurance Agency, LLC, Saugus, Mass., welcomed as president Jeanne Grant, successor, longtime associate and daughter of

More People

United Teletech Financial Federal Credit Union, Tinton Falls, N.J., named Leon Maganza as outside mortgage team leader. Maganza has nearly 20

SimplifyIT, a Small Intranet Provider, Focuses on Living Up to Its Name

By Marc Rapport

Keep things simple. That's the philosophy of Jason Wells, founder of SimplifyIT, a provider of intranet-driven knowledge management and help desk solutions to about 20 credit unions.

New Orleans CU Adds Mobile and Alerts

Greater New Orleans Federal Credit Union has become the latest small credit union to provide mobile services. The CU has also added account alerts to its home banking service.

U.S. Online Banking in Middle of Pack

Security concerns seem to be keeping the United States and Canada in the middle of the pack when it comes to online banking adoption, according to a new report.

IMN Names Capp As New VP

Strategic marketing of the Credit Union On and Banking On e-communications solutions from IMN will now be under the control of a new executive, the company said.

Core Processor CU*BASE Offers Gender Generator

CU*Answers will help credit unions keep men and women apart in the latest iteration of its CU*BASE core processing system.

VSoft Lands Ariz. Federal

VSoft Corp. is launching a new software-as-a-service version of its image capture and processing platform and has landed Arizona Federal Credit Union as the first user, the company and credit union said.

'What happens in Vegas...'

If you get nervous in the spotlight, watch out for flying Frisbees and tennis balls at David Copperfield's traditional Vegas Magic Show.

Viva Las Vegas!

When discovered by Spanish explorers in 1829, the lush springs and underground wells of the region offered travelers much needed respite from the harsh westward trek for California gold.

PSCU Marks First Year of Data Integrator That Has Human Touch

By Marc Rapport

For about a year, PSCU Financial Services has been using a piece of integration software that sits atop its new IBM

Tech-Savvy Small CU Finds Happiness in High-Tech, High-Touch Niche

By Marc Rapport

Judy Makela gets by with a little help from her friends-in this case, the vendors that enable her little Oregon credit union to offer high-tech tools while maintaining its high-touch approach to its small membership.

BRANCHING OUT

San Juan Mountains Credit Union, Lakewood, Colo., joined shared branching through CU Service Network in order to

Coaches Give CU Executives an Extra Pep in Their Step

By Lindsey Siegriest

Every now and then would you like to have a personal cheerleader-someone on the sidelines to offer a voice of encouragement, advice and an extra little push? There are professionals out there who can offer just that.

CEO Named One of 50 Most Influential People

Bethpage Federal Credit Union president/CEO Kirk Kordeleski was selected as one of the 50 Most Influential Long Islanders of 2010.

Elevations CEO Named to Filene Research Council

The Filene Research Institute recently named Elevations Credit Union President/CEO Gerry Agnes to serve on its research council.

Michigan Catholic CU Appoints New CEO

Michigan Catholic Credit Union announced the appointment of its new CEO Robert Grech.