Credit Union Times Magazine March-10, 2010

Worries Over U.S. Central

By Heather Anderson

A nearly $500 million fourth-quarter other-than-temporary impairment blew through what was left of the $35 billion U.S

Lower East Side People's FCU Shows Its Grit by Turning a First-Time Profit

By David Morrison

The most striking thing a visitor notices about New York City's Lower East Side People's Federal Credit Union is how much it feels like Jimmy Stewart's Bailey Building and Loan in Frank Capra's classic film "It's a Wonderful Life."

Study:Volume Beats Price For Overdraft Programs

By Lindsey Siegriest

The debate over overdraft programs offered by financial institutions has mainly revolved around the issue of price, but volume is another, more important, factor involved that often gets overlooked.

Branches: Knowing When to Hold 'em, Knowing When to Fold 'em

By Myriam DiGiovanni

Is the death knell sounding for branches? Can we expect more closings or will there be a surge in branching taking advantage of the current economic environment?

Brooklyn Businesses Reiterate Urgent Need for Credit and Loan Access

By Michelle A. Samaad

Samira Rajan is being realistic about the possible shift in small business activity likely to occur when the economy returns to a robust and healthy state.

Sentate Bill Would Give Fed More Consumer Powers

By Claude R. Marx

After months of bipartisan bashing of the Federal Reserve's actions during the recession,

Silver State Schools Details Its Tough Year and CEO Vows to 'Rebuild'

By Jim Rubenstein

The privately insured Silver State Schools Credit Union of Las Vegas, on an urgent campaign to restore its balance sheet following a $22 million capital infusion and a $51 million net loss in 2009, sought last week to reassure its members.

Bankruptcies Up by Almost One-Third

By Claude R. Marx

The country's economic difficulties took an acute toll on individuals and businesses last year as the number of filings for bankruptcy rose by 31.9%,

Aspire Federal Credit Union Offers Options for Buyers of Recalled Toyotas

By Lindsey Siegriest

The recent auto recalls by Toyota Motors has led Aspire Federal Credit Union in Clark, N.J., to reach out to members with a unique offer.

State Bills on CU Public Funds Score One Big Win, Two Losses

By Jim Rubenstein

The jury is still out, but it so far has been a mixed bag for CUNA and state leagues when it comes to passing public funds legislation this year with one major victory in Oregon but defeats in New Mexico and Colorado.

Arrowhead CU Sheds Insurance CUSO

By Michelle A. Samaad

The $851 million Arrowhead Credit Union has sold it insurance subsidiary, Sawyer Cook Insurance, several publications recently reported.

Irritated Small Businesses Continue to Look Elsewhere for Better Service

By Michelle A. Samaad

Frustration among small business owners toward their banks appears to be growing, and a number of them said they are making plans to jump ship over the next two years.

CDOs Helped Bring the End to a Washington CU That Converted to a Bank

By David Morrison

One of the more than 30 credit unions that have converted to or merged with mutual banks became the 209th bank to fail since 2000 and the 22nd to fail this year

Poland CU Leader Bierecki Named to Presidential Council

By Heather Anderson

Poland's successful credit union movement will have representation among President Lech Kaczynski's advisers, as part of the newly created National Development Council.

Navy Gets Boost From Rewards Card

By Jim Rubenstein

Navy Federal Credit Union is finding a big payoff in its cash rewards program linked to a Visa credit card.

Kinecta FCU Enlists Korn/Ferry to Find CEO

By Lindsey Siegriest

To aid in its search for a new president/CEO, Kinecta Federal Credit Union has enlisted the help of executive recruiting firm Korn/Ferry International.

Corporate America's U.S. Central Case Advances to Discovery

By Heather Anderson

U.S. District Judge Inge Johnson advanced U.S. Central Federal Credit Union's fraud securities suit into discovery phase on March 2 when she denied the so-called "director defendants" motion to dismiss.

Web Reveals Dickens Severance Tussle

By Heather Anderson

An NCUA Feb. 25 online posting mistake revealed previously confidential negotiations between disposed U.S. Central FCU Executive Vice President David Dickens, U.S. Central and the regulator.

SecureWorks Identifies

A new piece of malware targeted at stealing the financial credentials of customers of large and mid-sized U.S. banks is now making the cyber-rounds, according to SecureWorks.

Private Equity Firm Completes PrimeVest Buy

PrimeVest Financial Services Inc., a broker-dealer with credit union clients, is one of three firms that has been acquired by Lightyear Capital LLC, a private equity firm, from ING.

Minnesota League Adds to Vendor Network

The Minnesota Credit Union Network's vendor involvement program recently added six new companies and renewed participation with 20 others.

Finegold Acquired by State National Cos.

The assets of Finegold Insurance Agency, a firm that provides services to credit unions, were acquired by State National Companies, a collateral protection insurance firm.

Andrews FCU Hires Commercial Director

The $848 million Andrews Federal Credit Union found its new director of commercial credit in the automotive industry.

N.C. League Is Moving

After 73 years in Greensboro, its founding home city, the North Carolina Credit Union League is moving its headquarters to Raleigh next year to bolster its public advocacy.

Healthy CUs Merge

The mergers last week of two medium-sized-and healthy-credit unions, one in Wisconsin and one in Colorado,

Chairman McCulley

OMNI Community Credit Union is mourning the loss of longtime credit union activist and board chairman Bobby J. McCulley, who passed away at the age of 72.

Jack Henry Revives Alogent Name to Branch and Remote Deposit Products

Jack Henry & Associates is reintroducing the Alogent brand to its ProfitStars division's line of branch and remote deposit solutions for large financial institutions, the company said.

Arizona State Online Opening

Arizona State Credit Union said it is now the first statewide credit union in Arizona to offer online account opening.

Calif. CU First New Fiserv Core

Christian Community Credit Union in San Dimas, Calif., has become the first U.S. credit union to commit to the Acumen core processing platform from Fiserv Inc.

Harland Cites Cavion Signings

Harland Financial Solutions said it signed more than 120 new users of its Cavion Internet Banking services in 2009, the third consecutive year of 100-plus sales.

CUBUS Adds Notification

By Marc Rapport

CUBUS Solutions is now offering its CUNotify online notification applications to credit unions running on core systems from Open Solutions Inc.

CCG Catalyst Names Partner

CCG Catalyst has named a former Fiserv Inc. executive as a partner of the Phoenix-based consultancy.

Fiserv Added 30 Credit Unions in 2009 as Core Processing Clients

Thirty more credit unions became Fiserv core processing clients in 2009, along with 116 new credit union users of its credit and debit card solutions, the company said.

Going Paperless

First Nebraska Educators & Employee Groups Credit Union is now using electronic document technology to save paper, money, time and the environment.

LSI Adds 15

Lending Solutions Inc. said it has signed 15 more credit unions as users of its lending and member service contact center in the past quarter

Credit Unions Need to Star in Their Own Reality Show

By Sarah Snell Cooke

CUNA Senior Economist Steve Rick said in a recent News Now article that credit union delinquencies haven't been this high since President Reagan was in office.

On Operations and Capital: No Excuse for Arrogance and Ignorance

The board, management and staff at Suncoast Schools FCU have worked diligently over the past couple of years to deal with the economic meltdown that has occurred in southwest Florida. In particular

POS Debit Transactions: Good for CUs and Members

While nearly all credit union members appreciate the convenience of ATM use and the ever-expanding networks of surcharge-free ATMs,

NCUA's Dereliction of Responsibility

If the collapse of credit union corporate exposed anything at all, it brought to light the dereliction of the NCUA's oversight responsibilities which played heavily on corporate failures.

PEOPLE

Tobyhanna Army Depot Federal Credit Union, Scranton, Pa., announced the promotions of two employees.

Q&A: CPA Veteran Talks ALLL Funding

By Heather Anderson

Industry CPA veteran Michael Sacher has been providing expertise to credit unions on accounting and finance, internal control, asset liability management and governance issues for 30 years.