Credit Union Times Magazine July 3, 2013

Featured Story

Front Page News

News

  • Facing the Deluge, CUs Hire and Seek Outside Help to Cope

    Ask credit union CEOs what keeps them tossing and turning at night, and odds are the answers will focus on a growing flood of regulations and compliance issues.

  • Brooklyn Cooperative FCU Expands Security With Less Intrusion

    It seems safe to say the Brooklyn Cooperative Federal Credit Union was less than satisfied with its previous security firm.

  • Tweaks to Mortgage Rules

    The Consumer Financial Protection Bureau proposed some tweaks and clarifications to its January 2013 mortgage rules on June 24, addressing some credit union concerns.

  • Senate Bill Would Kill The GSEs

    Sens. Mark Warner (D-Va.) and Bob Corker (R-Tenn.) introduced legislation June 26 that would reform America’s housing finance system by replacing the government-sponsored enterprises Fannie Mae and Freddie Mac with a privately capitalized system.

  • Scholarships

    Catholic Federal Credit Union, Saginaw, Mich., recently awarded $123,000 to 295 students with its Msgr. Forbes Scholarship Fund. The college scholarships are open to members of the credit union who meet the criteria based on financial need, community involvement, educational and occupational goals, grade point average and other requirements. ...

  • Colorado CU Member Gives Commemorative Flag

    The display case holding the American flag has a place of honor at the $265 million Sooper Credit Union branch in Grand Junction, although members are quite often surprised when they spot it in the lobby.

Editor-in-Chief's Column

People

  • People

    Charter Oak Federal Credit Union, Groton, Conn., has named Todd Cooke its new mortgage officer. Cooke has more than a decade’s worth of experience in the real estate industry. Cooke is the fourth mortgage officer on Charter Oak’s residential lending team. Cooke is a member of the National Association of...

  • People

    Scient Federal Credit Union, Groton, Conn., announced the addition of Stephen Jacoby, vice president of business development. Jacoby has worked in the financial industry for over 10 years, seven of which were at a credit union in Chicago. He has a proven track record of success in developing strong business...

Opinions

  • Where Are Our Activists?

    Several years ago my wife and I decided that it was time for me to change careers. While I enjoyed life as a businessman, I was always drawn to nonprofit work and working for the benefit of others. With this in mind I did some research, and it turned out...

Lending

Briefs

  • Directions CU Marks 60th Year

    Directions Credit Union is commemorating 60 years of serving members.

  • Chevrons Combine

    Declining deposits and loans, stagnant membership growth and insufficient resources to invest in new technologies has led the board of directors of the $85 million Chevron West Credit Union in Bountiful, Utah, to unanimously approve a merger agreement with the $2.2 billion Chevron Federal Credit Union in Oakland, Calif.

  • Oregon CUs to Merge

    The $34 million, 3,262-member Greater Oregon Federal Credit Union in Burns, Ore., will merge with the $1 billion, 89,677-member SELCO Community Credit Union in Eugene, Ore., by July 1, the credit unions said.

  • Southeast CUs Post Loan, Member Growth

    The 282 credit unions in Alabama and Florida have seen increases in assets, members, and the quality and quantity of loans in first-quarter 2013, according to the League of Southeastern Credit Unions and Affiliates.

  • N.Y. Expansion Powers

    Legislation that expands the ability of credit unions to provide financial services to New Yorkers and their families has passed the State Senate and Assembly. The new measure, sponsored by Sen. Joseph Griffo and Assemblywoman Annette Robinson, enhances the credit union state charter through expanded membership and investment options.

  • Miracle Day Elects Theresa Mann

    Credit Union Miracle Day has elected Theresa Mann, president/CEO of The Partnership FCU, Arlington, Va., as chairman of the charity group.

Focus Report

  • FocusReport: lending

    Higher interest rates and more buyers and sellers are clear signs that the housing market is continuing to recover after years of taking a beating. With that healing, some economists are predicting the current refinance market will shift toward a purchase market. The danger is some credit union mortgage programs...

  • Will Purchase Loan Shift Create Real Estate Earthquake?

    The U.S. housing finance market may be poised for a historic shift away from a long trend of primarily refinancing existing real estate loans to primarily funding new real estate purchases.

  • Mortgage Lenders May Be Heading for Rough Seas

    A former boss used sailing analogies to describe the mortgage market, saying things like, “A rising tide floats all boats.” With refinance loans falling and demand far exceeding supply, it’s hard not to look like an industry captain. Whether it is government subsidized programs, wide margins or vehicles to invest...

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