Credit Union Times Magazine June 29, 2011

Will NCUA Suit Force Banks to Settle?

By Claude R. Marx

See you in court. After failing to reach an agreement with two of the largest investment bank to recover losses from mortgage-backed securities sold to corporate credit unions, the NCUA last week filed civil lawsuits against RBS Securities, a Royal Bank of Scotland unit, and J.P. Morgan Securities. The agency is...

CUs Ask: What Do Women Want?

By Myriam DiGiovanni

With many women issuing the final word on financial decisions, marketing to this group seems to be taking off at credit unions.

CUs Offer Up Support for Corporate Prepayment Plan

By Claude R. Marx

Credit unions in a range of sizes mostly indicated a general willingness to participate in the NCUA’s corporate credit union assessment prepayment plan. But some said they wanted more information on, or modifications to, the proposal.

Debit Card Breach Hits Ohio Credit Unions

By Natasha Chilingerian

A debit card fraud breach that began swarming Northeast Ohio in April is said to have affected tens of thousands of accounts and dozens of financial institutions, including at least seven credit unions.

War on Scammers Escalates at Boeing Employees CU

By Michelle A. Samaad

When it comes to stopping fraud, the $9.6 billion Boeing Employees Credit Union is trying to stay two steps ahead of scammers attempting suspicious transactions.

CDCUs to Get $10 Million From Bank of America

By David Morrison

Bank of America will make $10 million available for deposits in community development credit unions across the country, according to the National Federation of Community Development Credit Unions.

NCUA’s Fenner and Love Set to Retire

By Claude R. Marx

NCUA General Counsel Robert Fenner and Office of Examination and Insurance Director Melinda Love both plan to retire later this year, the agency announced last week.

Regional Leagues Face New Scrutiny

By Jim Rubenstein

The churning debate on the form, methods and cost of conveying the industry’s advocacy message through the state league network undergoes more scrutiny this week as yet another group of leagues tie the knot this Friday to officially organize the Denver-based Mountain West Credit Union Association.

Minn. CUs Gird for Shutdown

By Jim Rubenstein

Contingency plans, including loan relief products and skip a payment plans, were put in place last week by Minnesota credit unions girding for a state government shutdown July 1.

Community Partnerships Can Pave the Way for Goodwill

By Myriam DiGiovanni

Never underestimate the power of innovation and a mutually beneficial partnership within your credit union’s local community.

Financial Education Gap Is One CUs Can Help Bridge

By Myriam DiGiovanni

As the need for financial literacy rises, credit unions continue to explore different ways to reach younger members.

Sallie Mae-CU Link Helps Spur Lending Growth

By Natasha Chilingerian

The popularity of Sallie Mae’s Smart Option Student Loan referral program has increased significantly among credit unions since its inception. About 500 credit unions are now participating in the program, which allows them to refer members to student loans that are underwritten, funded and serviced by Sallie Mae and earn...

MBL Needs More Than Pomp and Circumstance

By Sarah Snell Cooke

I read Marv Ulmholtz’ newsletter regularly and the June 22 edition did not disappoint. I split about 50/50 as far as agreeing or disagreeing with his views, but I enjoy his writing style, including referring to himself as “this correspondent.”

Trailblazers 40 Below: CU Vice President Leads a Culture Revolution

By Myriam DiGiovanni

Matt Monge, vice president of people and development at Fort Campbell Federal Credit Union, has launched a culture revolution, and he’d like every credit union to join.

Learning From Mistakes Is One Key to Success

By Claude R. Marx

SAN ANTONIO — Be interdependent and learn from your mistakes, engage your customers and innovate but be careful what risks you take.

The Pros And Cons Of New Capital

SAN ANTONIO — Allowing credit unions to access supplemental capital would help them grow better but could cost them their tax-exempt status, CUNA Mutual Senior Vice President of Strategy and Business Development John Lass told a breakout session of America’s Credit Union Conference.

CUNA Says It Is Pushing Back on ‘Over Regulating’

By Claude R. Marx

SAN ANTONIO — The NCUA and other regulators are over regulating to prevent another financial crisis, and CUNA is trying to push back to give credit unions more autonomy. That was the message of CUNA's top executives during a panel discussion at America's Credit Union Conference.

CUNA Economists Predict Slow But Steady Improvement

SAN ANTONIO — The economy will improve slightly, but consumers will continue to be cautious about spending and talking on new debt, CUNA's top economists said at a session during America's Credit Union Conference.

Cooperative Principles Can Help CUs Thrive

Focusing on the benefits to members and the community will result in policies that will help credit unions be more appealing than their competitors.

Legislation, Evaluation at the Top of Dykstra’s Agenda

By Natasha Chilingerian

Going into her new role as president and CEO of the California and Nevada Credit Union Leagues in October 2010, Diana Dykstra had nearly three decades of experience working for California credit unions, which allowed her to build many relationships. So it made sense that becoming head of a league...

Plan B for Tackling the Interchange Fee Cap

I don’t think it’s too much of a stretch to say that our industry’s fight against a Draconian interchange fee cap reached epic proportions in the weeks leading up to the June 8 vote in the Senate on the Tester-Corker amendment to delay and study the Fed’s proposed rule. Credit...

How to Make That Digital Connection With Today’s Consumer

Consumers have a new tool in their tool belt today: the mouse. Today’s consumers are using the Internet to find information, obtain advice and buy products at an increasing pace. Though face-to-face customer interaction and phone calls are not going away, they’re no longer enough. To stay relevant to your...

Is NCUA Up To the Business Lending Challenge?

By Claude R. Marx

When it comes to member business lending, credit unions are reminiscent of Oliver Twist.

Does Your Credit Union Use Social Media for Outreach?

Business Members Are Demanding More

By Michelle A. Samaad

One of the biggest mistakes credit unions can make in serving their business members is treating them like their traditional members.

Gen Y Back Talk: Not Too Cool for School

By Natasha Chilingerian

Going to school is in right now. And not just for 18-year-olds, but for 28 and 29-year-olds, too. Layoffs, low-paying jobs, miserable days at the office and unsuccessful job searches are among the many reasons why Gen Y members are seeking second or even third degrees. And their end goals...

Reaching Gen Y Through Mom and Dad

By Mark Arnold

Credit unions know they must get younger. Decreasing the average age of your membership is a strategic goal for many credit unions. There are several initiatives, such as Currency Marketing’s Young and Free, that are having a great deal of success. The Filene Institute also has given many ideas for...

Becker Named CEO

ISPFCU of Springfield, Ill., last week announced that Megan Becker had been promoted to chief executive officer.

Industry Healthier

Notwithstanding poor performance on membership and loans, the industry’s overall health improved markedly in the first quarter, according to the HealthScore survey compiled by Glatt Consulting LLC.

High Anxiety

The latest release of the Money Anxiety Index shows an increase in the level of consumers’ financial anxiety. May’s index at 91.9 (January 1975 = 100), reflects a 0.6 point increase over April of this year, and a 3.7 point increase from the same month last year. The higher the...

Magnolia Purchases Valued Members

Magnolia FCU purchased and assumed the assets of Valued Members FCU, which the NCUA liquidated on May 31 after conserving it last month because of its financial problems. It is the ninth federally insured credit union liquidated in 2011.

Tips on Service

A First Data survey entitled “The New Consumer & Financial Behavior,” provided insight and tips for financial institutions looking to better serve today’s consumer and beyond.

Storm Shelter Loans

A credit union headquartered in Oklahoma City has begun offering its members loans they can use to finance the construction of tornado shelters. This year has been a record year for killer tornadoes across the Midwest and South.

Nice Guys Meditate First

By Claude R. Marx

Professional athletes often thank God after they or their team perform exceptionally well. More often than not there is an evangelical Christian tilt to their message and to any subsequent advice they may give about how to have a spiritually fulfilling life.

FAIRWINDS Finds Loyal Facebook Friends

By Marc Rapport

Sometimes those fans on Facebook are real friends. Just ask FAIRWINDS Credit Union.

Loanliner Goes Mobile

A mobile version of the widely used loanliner.com lending software has been rolled out by CUNA Mutual.

Software Manages the Teller Line

Financial Management Solutions Inc. said it has deployed its Teller Management System software at the $344 million Global Credit Union of Spokane, Wash.

Collections Services Added to CenterPoint Site

By Marc Rapport

Allied Solutions LLC has added Lending Solutions Inc.’s Web-based collections service to its CenterPoint aggregated solutions site, the companies said.