Credit Union Times Magazine July-29, 2009

Matz Receives Quick and Friendly Treatment at Confirmation Hearing

By Claude R. Marx

WASHINGTON -- In a 23-minute hearing that was part love fest and part survey of the challenges facing the credit union movement, Deborah Matz, NCUA chair-nominee, promised lawmakers she'd take a balanced approach to regulating credit unions.

U.S. Central PAC Gave Money to Sen. Dodd While in Conservatorship

By Claude R. Marx

Ten days after the government took over U.S. Central, the corporate's political action committee sent checks to the campaigns of Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and Sen. Sheldon Whitehouse (D-R.I.).

Mom and Pop Shops Likely to Feel Brunt of CIT's Financial Struggles

By Michelle A. Samaad

As a possible bankruptcy filing looms for CIT Group Inc., one of the nation's largest small business lenders, credit unions may not have a choice in bracing for a wave of firms looking to revive their collapsed financing agreements.

Corporates Ponder New Capital

By Heather Anderson

Eastern Corporate Federal Credit Union, Corporate Central Credit Union and Corporate America Credit Union successfully converted member capital shares to paid-in capital or raised PIC with new dollars.

Continental FCU Stays the Course as Airline Stacks Up Big Losses

By Michelle A. Samaad

Continental Airlines' recent announcement that it would have to lay off another round of employees after the carrier reported hundreds of millions of dollars in losses is becoming a familiar tune at Continental Federal Credit Union.

CalPERS Suit Against Rating Agencies Could 'Go the Distance'

By Heather Anderson

If successful, will the July 15 lawsuit filed by the California Public Employees' Retirement System against ratings agencies Moody's, Standard & Poor's and Fitch mean credit unions can also sue . . .

Pa. Credit Unions Step Up Aid to Employees

By Jim Rubenstein

The campaign by Pennsylvania credit unions to provide loan relief to financially strapped state employees was ramped up last week as lawmakers and the state's governor, Edward Rendell, wrangled over solutions to a budget crisis producing payless Fridays.

Building Relationships With Realtors Is Seen as Key to Mortgage Success

By David Morrison

Troy Martens, vice president of consumer and real estate lending at Truliant Federal Credit Union, jokes that five years ago, area Realtors knew Truliant more as a place to go for car loans than for mortgages.

Debit Card Is A Hit With Social Security Recipients

By David Morrison

More than 500,000 Social Security recipients have signed up to receive their benefits on a prepaid debit card, and more than 88% said they would recommend that other recipients sign up.

Credit Unions That Sold Card Portfolios Come Roaring Back Into Issuing

By David Morrison

Even in a bad economy, two of the five credit unions with the strongest credit card growth over the last year only recently got back into card issuing after selling their card portfolios.

Letting the Other Guys Market Your Card

By David Morrison

The $86 million MTC Federal Credit Union, headquartered in Greenville, S.C., doesn't need anyone to market its credit card.

CU Scholarship Awards Are Still Going Strong During Recession

By Lindsey Siegriest

While most businesses are cutting back on expenses, many credit unions are still giving and giving in a way that will help build the future.

Filene's Latest Innovation Effort: Online Matchmaking for CUs

By Myriam DiGiovanni

What's the next move to strengthen the credit union industry while making it more relevant to future generations? How about a Gen Y branch franchise or a Web site that promotes more credit union collaboration?

CU Student Choice Partners With Overture

By Lindsey Siegriest

Credit Union Student Choice has announced a new marketing partnership with Overture Technologies.

Merger Prospects, Bank Failures on California Minds

By Jim Rubenstein

Launching new marketing campaigns in the wake of bank failures and the trend of looking for merger opportunities were on the minds of California CU executives last week.

Agency Bill Postponed

By Claude R. Marx

The Obama administration's regulatory reform agenda hit another bump in the road last week when a key House panel delayed consideration of a measure to create a new agency to regulate consumer products.

CUs, Community Banks Offered Suite of Products to Best the Big Banks

By David Morrison

BancVue CEO Gabriel Krajicek has a set of products he believes will help credit unions and community banks effectively win the marketing war against big national banks.

BancVue Splits Marketing Costs

By David Morrison

BancVue is jointly funding the KASASA marketing effort in Season FCU's community because Seasons is the first CU in the area to begin offering the products.

Smart Financial CU Supports Odyssey of the Mind Competition

Staffers at Smart Financial Credit Union joined forces and donated funds to help send 11-year-old Sabrina Blum to the 2009 Odyssey of the Mind World Finals at Iowa State University in Ames.

Filene Report Looks to Imagery to Support and Aid Low-Income Savers

By Myriam DiGiovanni

A picture truly is worth more than words.

Referral Program Never Took Off

By Michelle A. Samaad

A commercial lending and leasing referral program targeted at credit unions by CIT Group Inc. and MicroBilt Corp. was terminated due to a lack of interest.

CUs Lose Fight on Student Loans

By Claude R. Marx

Credit unions and banks lost a key round in the fight over control of student loans last week when a House committee voted for an Obama administration plan to replace the Federal Family Education Loan Program with direct student lending

At SBA Roundtable, Renewed Agency Reaches Out to Credit Unions

By Michelle A. Samaad

Creditors' concerns with the SBA and getting more credit unions to participate in the agency's loan programs were among the topics at a recent roundtable.

Web Site Only a Mother Could Love Is Found

The ugliest credit union Web site has been found. iDiz Inc. announced the winner of its free credit union Web site makeover contest, iHateMyUglySite.com.

Florida Credit Unions Learn Counseling and Collections Go Hand-in-Hand

By David Morrison

Call it a sign of the times, but two credit unions in Florida have found themselves on the innovative edge of credit unions collections.

TNB Rolls Out Photo Credit Cards

By David Morrison

Credit unions processing their card transactions with TNB Card Services can now offer their members the same sticky card technology that major issuers use.

Visa Cardholders Stunned to Find $23 Quadrillion in Charges

About 13,000 Visa prepaid cardholders were shocked to find they had been charged $23,148,855,308,184,500 for small purchases like sodas

Members Group and TMG Financial Are Growing Through Hard Times

The Members Group and its card portfolio purchasing arm TMG Financial Services posted strong growth even through the current economic downturn.

CU 24 Adds Clientele

Twenty-nine current credit union clients have renewed their contracts with the Credit Union 24 so far this year, and the company has picked up an additional 21.

Downturn Offers Big Opportunity for CUs to Market Small Business Cards

Economic uncertainty. Increased regulation. Heightened legislative focus. Without a doubt, these are unprecedented times.

Desert Schools FCU New Campaign Focuses on Everyday Challenges

By Myriam DiGiovanni

Desert Schools Federal Credit Union's new awareness campaign focuses on addressing consumers' real concerns, from "How do we make the most of our money?"

LA DOTD FCU Sought a New Path and Found It on Main Street

By Myriam DiGiovanni

LA DOTD Federal Credit Union is going mainstream with a new name. The $103 million credit union will now be known as Main Street Financial FCU.

Nassau Educators FCU Racks Up Double-Word Score With Game Branding

By Jim Rubenstein

Nassau Educators Federal Credit Union in Westbury, N.Y., is managing a healthy 20% gain

Joining the Twitterati While Keeping Up With NAFCU

By Sarah Snell Cooke

Credit Union Times launched our Twitter effort at NAFCU's 42nd Annual Conference & Exhibition this week. It's been an interesting learning experience. Though I proposed it, I have to admit I was skeptical.

In Wake of CARD Act, Now Is the Time to Rethink Credit Card Pricing

There is no doubt that the Credit CARD Act of 2009 has changed the payments landscape in a major way for all issuers both large and small.

After 41 Years With Credit Unions, Retiring CEO Savors His Great Ride

I will be retiring July 31 after spending 41 years in the credit union system. I joined a Texas credit union in 1968 as collection manager.

Looking Back

This week Credit Union Times takes a look back in time at NAFCU's 1996 annual conference.

Fryzel Focuses on the Future, Eyes Town Halls on Corporates

By David Morrison

NATIONAL HARBOR, Md. -- Perhaps taking a cue from the forwardly focused Obama Administration, outgoing NCUA Board Chairman Michael Fryzel emphasized the need for the NCUA to look more forward than backward as the agency prepares for a new chairman.

Myths About Serving Immigrants

By Sarah Snell Cooke

NATIONAL HARBOR, Md. -- Neighborhood Economic Development Advocacy Project Associate Director Deyanira Del Rio explained that exploring anything new may be a scary proposition right now for some credit unions, but it's critical for others.

Current Environment Begs for a Traditional Credit Score Re-Evaluation

By Sarah Snell Cooke

NATIONAL HARBOR, Md. -- With the economy slumped and unemployment soaring, credit unions can't afford to wait to re-evaluate the credit scores within their portfolios, one analyst said at NAFCU's 42nd Annual Conference & Exhibition.

PEOPLE

Nutmeg State Federal Credit Union, Rocky Hill, Conn., announced that Mike Nowicky was promoted to vice president, operations.

The Golden 1 VP Bikes to Work, Leaves 25 Pounds and Stress Behind

By Heather Anderson

Tom Genessey, senior vice president and chief information officer at The Golden 1 Credit Union, had an epiphany a couple of months ago during an early morning bicycle workout.

COMMUNITY EVENTS

United Teletech Financial Federal Credit Union, Tinton Falls, N.J.,