Credit Union Times Magazine June 1, 2011
Featured Story
GOP Snarls As Bureau Cozies Up To CUs
Credit union trade groups are cautiously optimistic while Republicans are downright frustrated with the early moves of the new consumer bureau.
Featured Story
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Horizon Looks Bright For CUs Growing Their Small Business Presence
Despite having a small percentage of business members, some credit unions believe they are now better positioned to grow their penetration in the small business market than they were prior to the start of the financial crisis a few years ago.
Front Page News
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CUs Fall Behind Banks in Online Satisfaction
After consistently beating out large banks in customer online banking satisfaction, credit unions are lagging behind them for the first time.
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Michigan First Wins Appeal in CUMIS Fidelity Bond Case
A jury has ruled that Michigan First Credit Union was entitled to $5 million in damages from CUMIS Insurance Society Inc. in a case involving a wrongful denial of a fidelity bond claim.
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Evaluating Corporate Prepayment Plan: Wait and See
Credit union executives spent the first week after the NCUA unveiled its corporate credit union prepayment plan studying it and reserving judgment.
News
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Japan’s Disasters Still Felt in Auto Financing and Supply
Three months after a killer tsunami and earthquake engulfed parts of Japan, one of the outcomes is shaping up to be an opportunity for U.S. car manufacturers and shoppers.
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Consultant: Full Speed on Reform Compliance
Despite the uncertainty and legal challenges over the Patient Protection and Affordable Care Act, credit unions need to stay the course and proceed with changes required by the law, said Brad Pricer, senior manager of employee benefits product management at CUNA Mutual during the Texas Credit Union League’s annual meeting.
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CUNA Slams NCUA Rate Risk Proposal
CUNA contends that the NCUA’s proposed rule mandating that most credit unions have an interest rate risk policy isn’t needed because most credit unions have such plans in place while NAFCU just wants the proposal tweaked a bit.
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Teachers, Public Employees, Union Members Face Challenges
A sampling of headlines tells the story. “Governor Orders Education Cuts.” “Public Employees Protest Cutbacks in Ohio, Wisconsin.” “Union Fight Could Reshape American Politics.”
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New PSCU CEO Says Credit Unions Need Focus on Payments
Michael Kelly, the new CEO of PSCU Financial Services, believes credit unions have to significantly improve their payment products and services if they want to remain relevant to their members or even in existence over the long term.
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Associated Credit Union Offers Integrated Web Presence
Amy Baker was a little alarmed recently when she logged onto her familiar online banking website, and it didn’t look so familiar anymore.
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Study: Mobile Banking Not Just for the Affluent
Mobile banking users are not necessarily more affluent than nonmobile bankers, according to Boston-based research firm Aite Group, and credit unions should invest in debit cards, prepaid cards and merchant-funded awards to attract new members.
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Couple Faces Prison, Fines in California CU Scheme
A married couple now living in Las Vegas faces years in prison and potentially millions of dollars in fines for a scheme that wound up bringing down a small federal credit union in California.
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Car Ownership on a Low Income
Members who may not have the ability to buy a car are getting a second chance through North Side Community Federal Credit Union.
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New York Legal Group Lauds Clifford Rosenthal
A group of lawyers that proved instrumental in helping credit unions navigate the details of the U.S. Treasury Department's Community Development Capital Initiative loans has recognized community development credit union leader Clifford Rosenthal for his public service leadership.
Editor-in-Chief's Column
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Where Will the Litany of Woes Lead?
At a recent credit union meeting when I raised the subject of the NCUA’s recent proposal to permit credit unions to voluntarily prepay assessments, earning 0% interest with the agency, CEO heads were shaking. All in disbelief and all in response to the question, “Will your credit union be participating?”
Other
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Brett Wooden and His Amazing Technicolor iPad
You could say Brett Wooden, business development manager at Unitus Community Credit Union, jump-started a credit union iPad movement–and he’d be thrilled.
Opinion
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There Is No One Right Answer on Board of Director Term Limits
Continuity of thinking and governance competencies need to be taken into consideration when looking at board limits.
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The Value of CUs: If Only Gen Y Knew
As a journalist, I usually don’t dive into a new job as an expert on the subject matter I’m asked to report on. Instead, I become one, by reading articles and interviewing experts, whether the topic is technology or fashion. This job is no different. I went into it with...
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CUs Should Seek Efficiencies Before Fees
It is not news to us in the financial services industry that times are tough. Yields are low, margins are nonexistent and loan rates (if we can make loans at all) are at historic lows. Yet with these almost insurmountable challenges, we are expected to continue investing in our businesses...
Letters to the editor
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Capital Plan Seeks to Spark Debate
I read, with interest, Henry Wirz’s letter in the May 11 issue, “Capital Plan Is a Bust.” First, for clarification, the white paper was not “recently released.” It was released on April 12, 2010. Second, the white paper was released under my and my working group’s authorship.
Pictorial
News Briefs
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Casey Duplantier to Retire as CEO of Yorktown CU
After 25 years in the job, 1st Advantage Federal Credit Union CEO Casey Duplantier will retire at the end of the year.
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Truliant Sports Glass Work from Local Artist
Locals recently had a chance to meet Jon Kuhn, a leading glass artist, at a reception held at Truliant Federal Credit Union’s headquarters.
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David Addison Listed as Chair/CEO of Aberdeen Capital Holdings
David Addison, the former president/CEO of the troubled Texans Credit Union, has resurfaced.
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Polish & Slavic Opens Branch in Chicago Area
The 72,000 member Polish & Slavic Federal Credit Union, headquartered in Brooklyn, N.Y., continues to find eager members in the suburbs of Chicago.
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Firefighting Debit Card Continues to Contribute
A debit card designed to help North Carolina firefighters has continued to generate contributions, according to the Local Government Federal Credit Union.
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James Minge New CEO at Texas Trust Credit Union
James Minge has been tapped as Texas Trust Credit Union’s next president/CEO.
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Web Outreach Works for Heartland Credit Union
A monthly On the Money financial education column on Patch.com has helped Heartland Credit Union connect with Inver Grove Heights locals.
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NCUA Issues Alert on Breaches
Federally insured credit unions have been told to ensure they have security measures in place in the wake of several recent online breaches.
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SBA Lenders Receive Honors During National Small Business Week
The $449 million Centris Federal Credit Union was among the top lenders recently recognized by the U.S. Small Business Administration during National Small Business Week.
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Car Buying on Hold for Some
Georgia members are opting to keep their current vehicles longer rather than pay for a new or used automobile.
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Trades Continue to Gear Up for Election
CUNA’s PAC raised $93,774 in April and NAFCU’s raised $14,250, according to forms filed with the Federal Election Commission.
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Joplin Tornado CUAid At $50,000
For the second time in a month, credit union leaders were counting their blessings there were no employees injured in a devastating tornado.
Tech Bytes
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Australia CU Picks Fiserv Platforms
A credit union with 15 branches around the Australian state of Queensland is the latest announced credit union win by Fiserv Inc.
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iPad Support Featured in Wescom Resources Group Upgrade
The latest version of Wescom Resources Group’s mobile banking platform is for credit union members with Apples in their eyes.
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RDC Deployed at Baxter CU
Members of the $1.5 billion Baxter Credit Union have deposited $10 million using their iPhones and Androids in the first six months that the Vernon Hills, Ill., credit union has offered the remote deposit capture service.
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Best of Show to Dwolla
A seven-minute performance won Iowa-based social payments vendor Dwolla one of seven best of show awards at the Finovate Spring 2011 conference May 10-11 in San Francisco.
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Vertifi iPad App Rolled Out
Vertifi Software LLC is now offering a mobile banking application specifically for the iPad, including remote deposit capture using the camera on the iPad 2.
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