Credit Union Times Magazine March-11, 2009
Featured Story
Examiners Taking Closer Look at CUSO Hiring Practices, Operating Risks
Given some of the troubled loans that have caused losses at credit unions, the industry is already starting to see the impact as NCUA examiners move their visits closer together.
News
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Washington State CUs Launch Branding Campaign to Calm Jittery Consumers
Testing out a new caregiver-safe harbor theme, a group of Washington State credit unions have launched an updated branding campaign called "Membership Means Something."
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U.S. Central's January Financials Show a Little Improvement
It's not much compared to December's financial carnage, but U.S. Central Credit Union is off to a positive start in 2009.
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Three CUs Join Two Banks to Sue Heartland Over Breach Damages
A few credit unions joined banks last week in an effort to recoup some of the losses they have taken as a result of the largest card data breach ever.
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Charter Oak FCU Blends Hometown and Contemporary for New Look
It's a new day at Charter Oak Federal Credit Union. After 70 years, the Groton, Conn.-based credit union has revamped its image to take "relationships beyond banking."
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NCUA Names Treichel Acting Head of Corporate Office
NCUA Region I Director Mark Treichel has been named acting director of the agency's Office of Corporate Credit Unions, the agency announced last week.
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CUNA Urges Task Force
Saying that the current rules governing how financial institutions must calculate the value of assets are a "major contributing factor to the nation's financial crisis,"
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NCUSIF Controversy Generates More Interest in Private Share Insurance
At least one company stands to gain from the concern about a possible premium to replenish the NCUSIF.
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Wall Street Journal Touts CU Business Loan Popularity
More small businesses are turning to credit unions to meet their financial needs, The Wall Street Journal recently discovered.
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America's First FCU Helps Keep Police Safe
America's First Federal Credit Union is helping to keep safe those who serve the community by providing bulletproof police vests to several local police departments.
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CDCU Movement Mourns Pioneer
John DuPree Sr., longtime pioneer in the community development credit union movement and founder of the $1.3 million Shiloh of Alexandria Federal Credit Union, headquartered in Alexandria, Va., has died.
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California Bear CU Chairman Passes
Longtime former California Bear Credit Union Board Chairman Reverl Williams has died at the age of 74.
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United FCU Hopes Simple Awareness Campaign Will Bring Big Rewards
With all the headlines about big bank bailouts, pointing out an alternative financial institution option makes common sense, right?
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Pete Crear Fund Continues Backing AACUC Programs Despite Donation Drop
Even though donations to the Pete Crear Fund were down in 2008 compared to 2007, the African-American Credit Union Coalition said it remains committed to using the donations to continue its various programs.
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CUDL Offers Tools on Working With Auto Dealers
Credit unions wanting to strengthen their relationships with automobile dealers and to better comply with a range of rules and regulations aimed a
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Compliance Guide Is Online
Credit unions can soon access the most current information on regulatory issues in the latest edition of Compliance, A Journal for Credit Unions.
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Harland Financial Announces New Core Processor Signings
Harland Financial Solutions said several more credit unions are now using its UltraData Enterprise core processing solutions, including the newly merged Genisys CU of Auburn Hills, Mich.
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New Platform for Canada CU
A Canadian credit union has become the 101st user of Open Solutions Inc. latest core processing system.
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Will Demand Grow When NCUA Starts Approving Underserved Areas Again?
Now that the NCUA has approved its new regulations defining underserved areas and overseeing how federal credit unions add them to their fields of membership, will federal credit unions get back to adding them?
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LSI in Joint Pricing Model Offering For CUs Using Fiserv Galaxy Platform
Credit unions running the Fiserv Galaxy core processing platform are being offered an aggregate pricing model for 24/7 contact center services from Lending Solutions Inc.
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Summit Asks Members to Pay Forward
A bad economy is a great time to remind consumers how rewarding it can be to give-even if it's only $10.
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Florida Mega-Merger Primed to Turbo Boost MBL Cap, Expand Trust Services
Bucky Sebastian has another reason for wanting the merger between GTE Federal Credit Union and Suncoast Schools Federal Credit Union to go through: a new $850 million member business lending cap.
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Senate Poised to Pass CLF Hike
The Central Liquidity Facility was set to keep its lending ceiling at $41.5 billion, under a provision of a bill to fund the government that the Senate was set to pass.
Front Page News
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LendingTree.com Marks Milestone by Signing Its First Credit Union Partner
For the first time in its nearly 11-year history, LendingTree.com has signed a credit union to its online lending exchange.
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Four Corporates Don't Participate In NCUA Share Guarantee Program
Four corporate credit unions declined to extend the NCUA's temporary corporate credit union share guarantee program just before the agency's deadline.
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Bankruptcy Legislation Changes Make It Less Unappealing to CU Trades
Credit unions, working with the banks and moderate Democrats, seemed poised to get changes to a bill allowing bankruptcy judges to modify mortgages that will make it somewhat more palatable.
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CU National Mortgage Court Files Reveal Details of Alleged Fraud
Details have emerged in court documents showing why Pine Brook, N.J.-based U.S. Mortgage Corp. and its credit union division, CU National Mortgage, suddenly shut down last month.
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Mammoth Merger Planned for Colossal Florida Credit Unions
Suncoast Schools Federal Credit Union and GTE Federal Credit Union, both hit hard by the Florida housing market collapse, announced a proposal for the largest credit union merger to date at nearly $8 billion in combined assets.
News Briefs
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Microloan Fund Debuts
Tremont Credit Union has been tapped to service the city of Boston's new $350,000 microloan fund.
Editor-in-Chief's Column
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What's Wrong With the CU World Today
Credit unions claim to be cooperatives and often brag about how this industry works together for the common good. Some even denounce the use of the word industry to describe credit unions, preferring community or movement.
Letters to the editor
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Open Letter to NCUA Board: Revamp Corporate System
The unprecedented liquidity problem on approximately $18 billion of the corporates' downgraded securities are unrealized losses, and, as you stated in Letter 09 CU 02, the exposure is difficult to define.
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Keep Those Letters Coming!
Credit Union Times has a goal for 2009 to include Letters to the Editor in nearly every, if not all, issues. We had letters in nearly every issue of 2008.
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Credit Unions Should Reconsider Travel as Board Payment
I think it is time that credit unions reconsidered the whole issue of conferences.
Opinion
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Financial Literacy: Are Credit Unions Really the Answer?
Financial responsibility may be the biggest issue in financial literacy today, but people really do need to know more about handling their finances better. And it seems that no one is in a better position to do so than credit unions.
Publisher's Notebook
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We're Hip: Hot N Cold on the Blogs
Many new words have we added to our vernacular these days-Blackberry, blog, twitter, spyware, Google, and dotcom (or the more popular dotgone). I could go on, but you get the idea. I want to talk about blogs.
Focus Report
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To Aid Innovation, NCUA Should Provide for CUSO Pilot Programs
These unprecedented times create an opportunity for credit unions to flourish in the coming decades if we harness the power of collaboration and pair that with innovation to meet the needs of consumers.
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Transactional CUSOs Search for Better Ways to Help Member CUs
Credit union service organizations that primarily help credit unions manage credit, debit, ATM and other payment transaction say that
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UNFCU Brings Services to CDCUs
The National Federation of Community Development Credit Unions and UNFCU Financial Advisors have teamed up to bring a suite of programs to community development credit unions.
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Vulnerable Marketplace Brings CUSOs Together to Create Compliance Force
On the surface, it looks like a marriage consummated by the turbulent financial downturn and a stream of fairly new regulations.
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Growth of Multilingual Communities New Niche for Texas Credit Unions
Spanish is considered to be the fastest growing language spoken in the United States. However, in places like Amarillo, Texas, Burmese, Somali, Vietnamese and Farsi dialects are being heard just as much.
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CUSOs Move From Collaborations to Collaborating
We really are fortunate to be working in an industry where collaboration and sharing of ideas are still prevalent.
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Auto Service CUSO Restructures to Cope With Economic Downturn
The downturn in the auto industry has put auto lending CUSO Auto Expert in the position many other companies are finding themselves in these days: how to bring down costs to make up for loss of revenue.
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Despite Federal Pullback, Student Lending Opportunities for CUs Remain Strong
Possible changes in the student lending marketing outlined in President Obama's 2010 budget proposal will not impair the strong opportunities credit unions have has private student lenders,
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PSCU Financial and Member Loyalty Form Alliance to Explore Member Service
PSCU Financial and Member Loyalty Group LLC have partnered to find out how effectively credit unions serve their members.
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Building Awareness
To help credit unions be the first point of contact for members shopping for a home, DigitalMailer Inc. and CU Realty Services LLC have signed a marketing deal.
People Feature
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PEOPLE
Teachers Federal Credit Union, Farmingville, N.Y., named Stephen Kohlmann assistant vice president-investments.
Other
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Despite Economy, Things Are Looking Up for CDFIs With Obama Support
WASHINGTON -- The economy's metrics are all be down and unemployment is rising, but community development financial institutions have found a place in the sun.
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DONATIONS
Connex Credit Union, North Haven, Conn., recently donated 1,500 diapers to the United Way of New Haven.
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