Credit Union Times Magazine June-10, 2009
Featured Story
Elevations Credit Union Reaches New Heights in Contact Center Efficiency
Elevations Credit Union has experienced a "leap of operational efficiency" since it began using workforce optimization technology in its contact center.
Front Page News
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CUNA Announces More Lay Offs and Five-Day Furloughs for All Employees
The recession and the financial problems of many credit unions are continuing to take their toll on CUNA,
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Two Big Credit Card Portfolios Were Sold in the First Quarter
Two credit unions sold relatively large card portfolios to FIA Card Services last quarter,
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R.I. Shoe Store Shunned by Banks Is Saved From Brink by Coastway CU
Waiting on a shipment one muggy afternoon last week, Francis Jamiel was in good spirits that day, a far cry from how he felt a few months ago.
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NCUA Gets Scant Attention
If absence makes the heart grow fonder, those who are restructuring the way the financial services sector is regulated must love the NCUA.
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On MBL and CRA: Hurry Up and Wait
After a whirlwind of activity on financial services issues this year, Congress' attention is turning to other issues such as health care and energy policy.
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Credit Card Offers With Fees Are Popping Up in Mailboxes
Not only did direct mail card offers continue their slide in 2008, more of the ones that hit consumers' mailboxes carried annual fees, according to Synovate, a market research firm based in Chicago.
News
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A Spike in Credit Union Mergers Is Expected in 2009 and 2010
As inquiries climb, the potential for more credit union mergers, both voluntary and supervisory, particularly in the four sand states is due for a big spike through 2010, two consultants agreed last week.
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Texas Legislature Again Upholds Separate Credit Union Regulator
The Texas legislature has once again backed an independent regulator for credit unions.
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Nev. Problems Will Continue
Nevada credit unions are faring OK amid the state's deep recession, but problems in consumer loan portfolios lie ahead for banks and CUs, according to the state's top supervisor, George Burns.
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Sprucing Up Branches Now Can Pay Off Later, Design Expert Says
During these economic times when spending money on branches may seem foolish, William Bily, vice president of design at design/build firm DEI, said credit unions need to think long-term and act accordingly.
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REALTORS FCU Initial Turnout Yields Auto Loans, E-Checking Accounts
As expected, there were a few wrinkles and some rough patches but not enough to stop REALTORS Federal Credit Union from making its online debut last month.
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Survey: More Are Using Web 2.0
A recent Watson Wyatt survey found that more companies are turning to Web 2.0 technologies such as social networking tools, blogs and Webcasts for internal communications and as part of their overall technology mix.
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Two California CUs Separate Loan Modification From Collections
Two California credit unions, Meriwest Credit Union and California Coast Credit Union, have created teams specifically devoted to modifying real estate loans headed for foreclosure.
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VOTING POLL UPDATE -- CUTIMES.COM
The results of the latest Credit Union Times online voting poll show that, if there is a restructuring of the corporate credit union system,
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Indiana CU Completes Merger
The $1.2 billion Indiana Members Credit Union of Indianapolis said last week it completed a merger with the $13 million Marsh Employees FCU of nearby Fishers.
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Michigan Pilot Programs at Eight CUs Get Members Saving in Tough Times
A new pilot savings program has fostered the opening of 6,000 new accounts at eight Michigan credit unions in just 18 weeks.
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Matz May Face Hurdle
It all depends on what the meaning of recently is. Debbie Matz, President Obama's nominee for chairman of the NCUA,
News Briefs
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Dollar Associates Pulls The Plug on Who's Who
Dollar Associates is discontinuing publication of Who's Who in America's Credit Unions after only one edition.
Corporates
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Early Adoption of FASB Rules Ripples SW Corporate Losses Back to '08
Southwest Corporate FCU gritted its teeth and ripped the Band-Aid off all at once in its newly released April 2009 financials.
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WesCorp Shrank 50% in 2008
Western Corporate Federal Credit Union's audited 2008 financials revealed that the industry's largest corporate lost more than 50% of its assets, from $31.6 billion at year-end 2007 to just over $14 billion as of Dec. 31, 2008.
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NCUA's Revised Share Guarantee Will Include All but Two
The NCUA convinced most of the corporates that originally rejected its Temporary Corporate Credit Union Share Guarantee Program to give it a second chance. Only two wholesale institutions will not participate:
Editor-in-Chief's Column
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Lend Your Voices for Credit Unions
Democrats generally possess a penchant for consumer protectionism, and they now control Congress and the White House.
Letters to the editor
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Remembering Ed Callahan, a Great Man and a Revolutionary
I always suspected that the problem with Ed Callahan was that as a youth he was beaten too often by nuns in parochial school or,
Focus Report
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Service Bureau Software Helps CU Save Hours in Card Reissue
A Bay State service bureau has deployed a software add-on to the XP2 core processing system that it says can save its clients hundreds of hours when responding to the need to reissue thousands of cards.
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Credit Unions Continue to Be Phishing Targets
Credit unions were the target of just over one-fifth of phishing attacks against American financial institutions recorded in March,
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Passageways Holds Fifth Users Conference
Passageways LLC said more than 100 attendees from about 50 financial institutions attended the intranet portal provider's fifth annual users conference at an Indianapolis hotel.
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Dashboard Program Allows Sacramento CU to Pay High Rates on Checking
A computer dashboard working behind the scenes in Austin, Texas, is helping Sacramento Credit Union beat the competition with some of the highest checking account interest rates in California's competitive capital city market.
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Wycom Hires Former Fiserv Sales Exec
Wycom Systems has hired a 25-year credit union industry veteran as its newest sales executive.
People
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PEOPLE
Teachers Federal Credit Union, Farmingville, N.Y., announced that Jennifer Gunn has been named community development and public relations manager.
In Memoriam
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Roger Shelor, Carolinas Telco FCU CEO, Passes
Funeral services were held in North Carolina last month for long-time CEO Roger Shelor, an industry champion who served the $332 million Carolinas Telco Federal Credit Union of Charlotte for 44 years. Shelor was 78.
Other
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Should CUs Brace for Earnings Drop After Mortgage Activity Rises?
ATLANTA -- Amid the mortgage crisis, credit unions doubled new mortgage originations last year, boosting their precentage of marketshare from 2% to 4%.
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Weaknesses and Strengths Are Battling Each Other in Housing
ATLANTA -- Homes are more affordable than they have been since the 1970s, and more people are paying down debt. That's the good news.
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Industry's Losses Prove Sound ALM Judgment Cannot Be Overlooked
ATLANTA -- School was certainly in session during Tom Bowers' presentation at the Georgia Central Credit Union Economic Symposium last week.
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Federal Reserve May Have to Think Beyond MBS Sales, Says CUNA Economist
ATLANTA -- A rise in interest rates could be the unwanted consequence of the Federal Reserve selling mortgage-backed securities to pull the nation into a recovery.
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DONATIONS
State Employees Federal Credit Union, Albany, N.Y., donated $10,000 to Whitney M. Young Jr. Foundation,
Resource Center
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