Credit Union Times Magazine June-24, 2009

NCUA Keeps Power Under Obama Plan; New Agency Would Oversee Products

By Claude R. Marx

The NCUA would maintain its authority over credit unions, but there would be a new agency to regulate many of the financial products issued by credit unions,

McGrath Pleads Guilty to Fraud and Money Laundering, Faces 20-Year Term

By Heather Anderson

Michael J. McGrath Jr., former president of defunct U.S. Mortgage Corp. and its subsidiary CU National Mortgage,

NCUA Likely to Levy 0.15% Premium

By Claude R. Marx

ALEXANDRIA, Va. -- Credit unions will likely have to pay a premium of 0.15% of insured shares this year to cover expenses associated with the NCUA's rescue of corporate credit unions.

In Wake of Corporate CU Stumbles, CUSOs Moving Cautiously Forward

By Michelle A. Samaad

The dark cloud of conservatorship of one of its parent companies could have caused corporate card provider Procura LLC to take cover from the pending storm.

Concert Program Connects CUs to Gen Y

By Lindsey Siegriest

There's a new program out there helping credit unions connect to Gen Y. Its powerful lure? Music.

Communication Earns Eastern Corporate More Capital in Tough Times

By Heather Anderson

Earlier this month, Eastern Corporate Federal Credit Union discreetly completed a $17.7 million Perpetual Paid-In Capital II subscription offer,

CUs Help Service Members Avoid Financial Wars While on Home Soil

The end of the U.S.'s mission in Iraq is in sight. U.S. troops are set to withdraw from Iraq's urban areas by June 30.

More Vets to Get Homes Thanks to CUs

By Jim Rubenstein

Homes for Our Troops received another big financial boost-$190,000-from New England CUs to help construct homes for wounded Iraq and Afghanistan war veterans.

With Chin Up, Mica Discusses the Challenges Facing Industry, NCUA and CUNA

By Claude R. Marx

WASHINGTON -- With many credit unions hurting, the NCUA's rescue of corporate credit unions and economic woes causing CUNA to announce furloughs and layoffs, this has been an especially challenging time for CUNA President/CEO Dan Mica.

CUs Rank at the Top in U.S. as 'Most Popular,' Says Texas League Poll

By Jim Rubenstein

Credit unions are holding their own in the popularity ranks while banks took a nosedive, according to a Texas Credit Union League phone survey.

SEC Halts Payday Advance Store Ponzi Scheme

By Michelle A. Samaad

The Securities and Exchange Commission has obtained a court order halting an alleged $11 million Ponzi scheme in which a Chicago-based promoter who is a convicted felon promised investors high returns from purported investments in payday advance stores.

Breach Hits Fla. FCU

By Michelle A. Samaad

Members of the $5.8 billion Suncoast Schools Federal Credit Union were recently alerted that thousands of their Visa check cards had been breached.

CU Acts on Retirement Worries

By Michelle A. Samaad

A growing number of companies within health services and those who work in the education field make up a large part of First Financial Federal Credit Union's field of membership.

Debit Card Use and Interchange Likely to Grow During Recession

By David Morrison

Debit card interchange seems likely to continue as a key part of credit union income, according to a recent study from Discover Financial Services and its subsidiary PULSE ATM and EFT network.

IRA Rollovers Migrating to Online Investment Providers, Study Reveals

By Michelle A. Samaad

Investors are seeking out more online investment providers for their individual retirement account rollovers thanks to a renewed interest in the parking place as an option.

FAA Credit Union Offers Go Green Starter Kits to New Members

Going green has never been easier for FAA Credit Union members.

SEFCU Names DeCelle CMO

State Employees Federal Credit Union, Albany, N.Y., has promoted Executive Vice President John DeCelle to chief marketing officer.

CUNA Targets Trust With Product Promos

By Jim Rubenstein

CUNA is revamping how it promotes its products and services by adopting the well-tested trust theme.

Many Say Ratings Will Play a Smaller Role

By Heather Anderson

When the NCUA issues new corporate regulations this fall, it's likely the opinions of the three major ratings agencies-Fitch Ratings, Moody's and Standard & Poor's-will have less influence over NCUA auditors than before.

Survey: Banks Are Losers

A nationally representative survey of 1,155 consumers found a lack of consumer interest in banking with Bank of America, Chase, Citibank and Wells Fargo.

CUAO Names New Lobbyist

Political veteran Jennifer Wagner is the new director of credit union advocacy for the Credit Union Association of Oregon.

NCUA Issues Document With Red Flag FAQs

CUSOs and corporate credit unions are covered by the federal regulations on establishing a system for detecting and preventing identity theft,

Fed Ends Action Against BNY

The Federal Reserve terminated a three-year-old enforcement action against the Bank of New York over the bank's methods for protecting against money laundering.

Hutchinson Deploys WAN Link

Hutchinson Credit Union in Kansas is strengthening its online infrastructure with a piece of high-tech gear from a Minnesota firm.

CUTEK Crafts Collections Package That Integrates With Symitar Platform

CUTEK is now offering credit unions a Web-based collections package that the Symitar specialist says is customizable and "not overflowing with unused features."

Morgan Report Cites HSA Option as Affordable and Popular

By Myriam DiGiovanni

With companies looking to stem rising health care costs, J.P. Morgan has recently issued a report titled "Best Practices for Implementing a Health Savings Account Program."

Balancing CU Needs With Member Needs Is Essential in Rebuilding Process

By Lindsey Siegriest

Credit unions right now are in the middle of a balancing act. Fees are an essential part of building capital to regain stability in this economy,

Hiring More Reps Strongly Tied to Retail Investment Program Revenue Growth

By Michelle A. Samaad

While consolidation within any industry tends to mean the elimination of staff and departments, for credit union investment programs the effect has been just the opposite.

New Laws and Regs Make It Harder to Earn Noninterest Income

By Claude R. Marx

Recently passed and pending legislation will hurt the bottom lines of credit unions by limiting their ability to earn noninterest income.

CUs Can Grow By Taking Small, Innovative Steps

By Sarah Snell Cooke

When I entered college, I knew I was going to study political science, and I knew I liked to write but hadn't considered journalism initially.

In Checking Priorities, Now May Be the Time for Flextime

By Myriam DiGiovanni

If re-evaluating priorities and cutting costs is to a recession as developing a flexible work program is to recruiting and retaining top talent,

Oregon SEG-Community Conversions Eased; Oregon CUs to Merge

By Jim Rubenstein

A new Oregon law enacted this month is providing select employee group-based credit unions expanded power to switch to a community charter but maintain their SEGs.

QUOTES WORTH QUOTING

By Claude R. Marx

Throughout all of my exposure to the audits and examinations, I always felt comfortable that EasCorp was operating in a manner that had safety and soundness as its primary tenet.

PEOPLE

Teachers Federal Credit Union, Farmingville, N.Y., announced that Christopher B. Welga has been named TFCU assistant vice president, risk management.

TruMark Financial CU Sees Strong Growth Despite Recession

By Eileen Courter

When you talk to Richard Stipa, CEO of TruMark Financial Credit Union, you'll hear phrases such as "conservative business model," "grow sensibly," and "clear vision."

Staffing, Unemployment Rate as Top Concerns Among Four CEOs

By Lindsey Siegriest

For four credit union CEOs from both small and large credit unions, staffing concerns and unemployment among members topped the list of challenges they face now.

Mixing the Past and Present: Hanging Out in Beantown

This year's America's Credit Union Conference & Expo lands us in one of America's oldest cities.

Too Many Debit/EFT Networks Can Leave Credit Unions All Wet

By David Morrison

Does your credit union really need all the debit and EFT networks that it currently has?

Fun, Fun, Fun: Boosting Morale With Lots of Creativity and Little Cost

By Myriam DiGiovanni

With anxieties about the economy, increased consumer scrutiny of financial institutions and staffers wondering if their jobs are secure,

Scholarship Iluminates Stumbles Along the Path to Failure

By Claude R. Marx

Management books are a tricky genre. All too often they are either glib and clich?-ridden works that provide quick fixes for executives and their companies or dry numbers-filled tomes that are a pain to wade through.

Picture This: Imaging Pays Off in Efficiencies and Revenue

By Heather Anderson

When Check 21 became law in 2003, credit unions grumbled about the costs and time needed to implement the required imaging technology.

AWARDS

Holy Rosary Credit Union, Rochester, N.H., recognized its Vice President of Lending Suzanne Wilkins for her 25 years of service,

BRANCHING OUT

Greater New Orleans Federal Credit Union, Metairie, La., hosted a ribbon-cutting ceremony and reception for its new West Bank Branch in Harvey, La.