Credit Union Times Magazine July-21, 2010

Reg Overhaul's Arduous Odyssey Culminates With Senate Passage

By Claude R. Marx

The Senate last Thursday overcame strong Republican opposition and passed comprehensive regulatory overhaul legislation 60 to 39. All but one of the 58 Senate Democrats supported the measure, and all but three of the chamber's 41 Republicans opposed it.

MBL Hike in Legislative Limbo

By Claude R. Marx

The combination of election-year politics and the desire of lawmakers not to have to choose between credit unions and community bankers have helped erect a series of roadblocks to raising the cap on member business lending.

High Touch and High Tech Fuel Reg E Opt-In Successes

By Lindsey Siegriest

Credit unions are scrambling to get members to opt-in to overdraft or courtesy pay programs by the Aug. 15 deadline in order to retain noninterest income.

TNB Card Sales Betray A Bank on the Brink

By David Morrison

The $955 million Town North Bank reached the brink of undercapitalization when it sold its card processing business to Fifth Third Processing Solutions on July 6 for an undisclosed price.

Michigan Legal Battle Over Trademark

By Michelle A. Samaad

Raising a number of concerns, the $550 million Michigan First Credit Union said it is moving forward with a suit against First Michigan Bancorp Inc. for trademark infringement.

NCUA Says Scrutiny of Troubled MBLs, Support for Cap Hike Do Not Conflict

By Michelle A. Samaad

With the NCUA beating the drum even louder lately to increase the member business lending cap, the regulator is still aware of the troubled loan portfolios that have plagued some credit unions.

Investors Provide $85 Million in Notes to Fuel CUNA Mutual Growth

By Michelle A. Samaad

Building capital for future projects, CUNA Mutual Group said it has entered into an agreement with institutional investors to issue $85 million in fixed-rate, 20-year surplus notes.

FICO Rolls Out Latest Version of Debt Collection Software

By David Morrison

The Fair Isaac Corp. released a revamped edition of its debt collection software that the data company said will be easier and less expensive to deploy and use.

NAFCU Conferees to Witness Latest Chapter of Cubs-Cardinals Rivalry

By Claude R. Marx

When attendees at NAFCU's annual conference spend Friday afternoon watching the Cardinals-Cubs game, they will see a part of history in the making. The teams compete for loyalty among fans and rich histories that are rife with symbolism.

NAFCU's Becker Assesses State of Credit Unions and Economy

By Claude R. Marx

After a rough 2008 and 2009, conditions are slightly better this year for many credit unions. During his 10 years as NAFCU president/CEO, Fred Becker has observed many highs and lows in the credit union movement.

New NCUF Leader Hopes Foundation Stays on Innovation Track

By David Morrison

Bucky Sebastian, the National Credit Union Foundation's newest executive director, hopes the foundation can continue down its innovative path-both toward helping credit unions overcome their different challenges and toward improving its own operations.

Fynanz Reaches Milestone With 50 CU Partners

The addition of two new credit union partners has pushed student lending program provider Fynanz to reach the milestone of 50 credit union partners.

Indiana CU Sponsors B-Ball

Indiana Members Credit Union has teamed up with the WNBA's Indiana Fever as an official sponsor.

Fewer Banks, but More Deposits

Deposits continue to grow at a rapid pace even as the number of banks has decreased.

CUES Teams With BoardSource

CUES has teamed with BoardSource to offer credit union volunteers more education options through its Center for Credit Union Board Excellence.

Downey FCU-Mentored Students Win

Seven high school students in a financial education program mentored by the $153 million Downey FCU won first place in a California Council on Economic Education-sponsored competition.

N.J. League Steps Up Pitch for Muni Funds

The final push for New Jersey legislation allowing credit unions to receive municipal funds may not come until September, but CUs were making their case about filling a void left by the market exit of JPMorganChase regarding $500 million in deposits.

Aid for Tornado Victims

Toledo area credit unions have been fundraising to help victims of the recent tornadoes that ravaged rural communities in Wood County, Ohio, and severely damaged the offices of the $8.9 million Woodco FCU of Millbury.

WOCCU Conference Auction Goes Virtual

World Council of Credit Unions is taking its conference fundraising auction online.

McMurry Keeps SE Corp Chair

PowerNet Credit Union President/CEO Tim McMurry will lead volunteers at chairman of the $3.2 billion Southeast Corporate FCU at least one more year.

Southwest Rings Rate Risk Alarm

Interest rates have been holding steady for months, but a new article from Southwest Corporate's Asset Liability Management Services urges credit unions to position themselves for the inevitability of rising rates.

Bike Ride Over, Hope Campaign Raises $161,000 for Troops

North Carolina credit unions involved in several fundraising events to aid a national support the troops charity were reaping heartfelt praise as outstanding community leaders after collecting a chart-topping $161,000.

Arrowhead Banned From New MBL

By Michelle A. Samaad

Nearly a month after it was placed into conservatorship by the NCUA, Arrowhead Central Credit Union has been prohibited from accepting any new member business loan applications.

In NCUA Deal, Security Service FCU To Take Over Norbel Credit Union

By Jim Rubenstein

Expanding its Colorado footprint, the $5.5 billion Security Service Federal Credit Union of San Antonio is planning a takeover of the ailing $120 million Norbel Credit Union of Fort Collins, Colo.

Online Resources Names New CEO

A veteran manager of enterprise software companies has been named the new president/CEO of online banking pioneer Online Resources Corp.

Ohio Names Ex-Banker as Credit Union Regulator

Ohio has a former community bank CEO, Carolyn Bradford, as its new credit union regulator.

CUs Make Summertime Into Savings Time

Summertime and the savings is easy as credit unions do their part to help consumers hold onto their hard earned dollars.

CPA Firm Rebrands As McGladrey

There's a new look and feel to RSM McGladrey Inc. and McGladrey & Pullen LLP.

PrimeWay FCU Names New CEO

PrimeWay Federal Credit Union has tapped former Mountain America Credit Union Senior Vice President of Branch Administration/Government Affairs Annette Zimmerman as its new president/CEO.

MCUA Sets Timetable On Holub Successor

The Missouri Credit Union Association is looking to hire a replacement for its retiring president/CEO, Roshara Holub, within the next 90 days, according to the group's chairman, Stan Moeckli.

CUSO Alliances Focus of White Paper

A new white paper from the CUNA Lending Council examines ways lending departments can build strong relationships with CUSOs.

Mobile Soars at OnPoint

OnPoint Community Credit Union said it has seen use of its new mobile banking platform grow by an average 33% each month since its launch earlier this year.

Navigating the Choppy Seas of a Risky Business

By Sarah Snell Cooke

Credit unions are in the risk business. If you don't take risk, you go out of business. It's as simple as that. However, take too much risk and you go out of business, too.

An Arms Race in PAC Contributions

By Claude R. Marx

Money may make the world go 'round, but it doesn't always translate into political clout.

Looking Back

Two years ago at the World Credit Union Conference, Australian credit unions shared stories about the impact of an interchange cap.

Great Leaders Will Offer Us a Bright Future

As I come to the end of my term as a board member and chair of NAFCU, it is with particular pride that I reflect upon how our industry has evolved over the last decade.

Taxes, Board Pay and Interchange Are Focus for Three Global CU Leaders

By Heather Anderson

LAS VEGAS -- Australian credit unions pay both taxes and volunteers. However, like in the U.S., the loss of interchange income is a sore subject.

Credit Union Governance Issues Extend Beyond Borders

By Heather Anderson

LAS VEGAS -- Governance took center stage during a session that featured three international regulators.

Executives Debate the Causes and Effects of the Corporate Crisis

By Heather Anderson

LAS VEGAS -- Can corporates promise members they won't again leverage risk to chase yield and avoid a fourth systemic crisis?

A Five-Minute Peek Into the Global Credit Union Movement

LAS VEGAS -- Speed networking was the objective of a WOCCU-moderated late afternoon session. Participants played musical chairs, spending five minutes together learning about each other's credit union and culture.

NAFCU's 43rd Annual Conference & Exhibition

The NAFCU sponsored conference will place heavy emphasis on both the problems and the opportunities that present themselves to American credit unions.

'Thinking Big'

This super-sized city is home to the world's largest:

Getting Around The Second City

Chicago History Museum

The New Economy Forces Industry Leaders to Adapt

By Lindsey Siegriest

The economic environment over the past few years has produced rapid changes. Some changes have brought opportunity, others have brought hardship and tough times and some will continue to force credit unions to adapt.

Losing Never Felt So Good at USFCU

This summer some 72 US Federal Credit Union staffers were able to slip into something smaller thanks to the 92-Day Challenge.

Changing Habits Still Require Investment Adviser Creativity to Meet Them

By Michelle A. Samaad

As members contemplate the moves they need to make with their investment plans in light of layoffs and market fluctuations, are those credit unions that have yet to enter that realm really losing out?

Credit Unions Understand and Embrace Demand for PFM Tools

Personal financial management is hot.

Consumers Take More Proactive Approach to Long-Term Planning

In response to the recession, consumers have regrouped and are doing the best they can to rebuild their financial foundations.

Social Media Chaos Creates Opportunities

Last night I was chatting with an old high school friend on Facebook who I hadn't spoken to in years. With the expansion of social media we were able to reconnect.

Employers Skeptical on Health Care

A Towers Watson health care reform survey revealed that employers have little hope that the Patient Protection and Affordable Care Act will help them achieve their top goals to decrease health care cost and improve workforce health.

People

St. Anne's Credit Union, Fall River, Mass., announced that Tim Souza joined the credit union as a mortgage originator at the Seekonk loan center.

Awards

Heritage Federal Credit Union, Newburgh, Ind., was honored with the Diamond Merit Award in recognition of outstanding marketing and development achievements in the credit union industry.

Donations

HAPO Community Credit Union, Richland, Wash., is working to connect soldiers serving in Iraq and Afghanistan with their families in the U.S. Partnering with Operation Thank You.