Credit Union Times Magazine March 14, 2012

Featured Story

Front Page News

  • HarborOne Bid Triggers More Debate

    The proposed conversion of the $1.8 billion HarborOne Credit Union to a mutual bank triggered fresh industry debate last week about the impact and efficacy of conversions as the Brockton, Mass., CU formally tendered its resignation from CUNA and the Massachusetts Credit Union League.

  • Sperry Associates FCU Wins Bond Case

    In a case that has ties to one of the industry’s largest mortgage scams, Sperry Associates Federal Credit Union received a ruling in its favor over losses the financial institution said it suffered behind the scheme.

  • CUSOs Likely to See Final Rule Midyear

    After receiving more than 280 comment letters on the matter, credit unions may see a final amended CUSO proposal by midyear.


Editor-in-Chief's Column

News Briefs

  • Dauchy Leaves Corning CU

    Todd Dauchy has left the $897 million Corning Credit Union in Corning, N.Y., to join Software & Management Associates of Kingwood, Texas, as its chief technology officer, the company said.

  • Chevron FCU, Spectrum FCU Merger Advances

    Having won NCUA approval, the $1.7 billion Chevron Federal Credit Union of Oakland, Calif., said it is merging with the $175 million Spectrum FCU of San Francisco in a deal set for final completion this September following a March 28 member vote.

  • Car Buying May Grow on High Gas Prices

    The recent increase in gasoline prices doesn’t appear to be deterring members and others from buying cars.

  • Catalyst Keeps CO-OP

    CO-OP Financial Services will continue getting payment settlement services from Catalyst Corporate Federal Credit Union and the two organizations said they plan to expand their relationship.

  • BuzzBanking, CUNA Partner

    BuzzBanking Inc. and CUNA Strategic Services have partnered to offer software they said bridges financial and social networks to build a rewards program that helps credit unions grow membership, increase debit card transactions and yield new loan opportunities while earning additional fee and interest income.

  • TDR Proposal Gets Nod from CUNA

    In what CUNA Deputy General Counsel Mary Dunn acknowledged has become a somewhat rare occurrence, CUNA has commented in a largely approving manner on the NCUA's most recent proposal for how CUs should track troubled debt restructured loans.

  • MBL Hike Push Tied to Jobs Bills

    CUNA and NAFCU have been petitioning Congress to add language expanding credit union ability to offer member business loans to two jobs bills that are making their way through the legislative process.

  • Hanscom FCU Opens Insurance Agency

    To meet the insurance needs of its members, Hanscom Federal Credit Union has opened its own insurance agency.

  • Alliance CU Welcomes Babies to Work

    Alliance Credit Union has a few new cute bundles of joy on site.

  • IC FCU Battles Big Banks

    IC Federal Credit Union has set its sights on battling big banks by arming locals with the power of the credit union difference.

  • San Jose CU Celebrates 80 Years

    San Jose Credit Union turned 80 years old this month and will celebrate the anniversary by giving away 80 prizes.

  • Centra CU Says, ‘Thanks a Billion’

    Centra Credit Union said it is now one of the largest locally owned and operated financial institutions in central and southern Indiana. Having surpassed $1 billion in total assets, Centra is also the third largest credit union in Indiana.

  • Bank Defections Fueled by Fees

    Consumer backlash against bank fees, coupled with poor service and unmet customer expectations, has fueled increases in defection rates among customers of large, regional and midsize banks, according to the J.D. Power and Associates 2012 U.S. Bank Customer Switching and Acquisition Study.

  • Whitfield Is New VP at CUNA

    Samuel R. Whitfield Jr. is CUNA's new vice president, legislative affairs.

  • Shell FCU Marks 75 Years

    Shell FCU has been serving Houston’s banking needs for 75 years, and to celebrate it is giving away monthly cash prizes, three cash grand prizes and a 2012 Camaro.

Tech Bytes

  • AACU Picks Symitar

    The $5.9 billion American Airlines Federal Credit Union plans to convert its core processing onto Symitar’s Episys platform, the company and credit union said.

  • COCC Gains CUs, Sets Revenue Record

    Eight new core processing clients signed on at COCC as revenue grew by 6% to a new record, the company said.

  • Wasatch Peaks CU Picks CUDP Platform

    Credit Union Data Processing Inc. of Farmington, Utah, said Wasatch Peaks Credit Union will soon be using its CUProdigy Core platform.

  • cbanc Adds Vendor Access

    Vendors are now being invited to join the cbanc Network, an online repository of financial institution-authored content.

  • First Financial Touts Mobile, High-Tech Branch

    The 8,800 members of the $58 million First Financial Credit Union in Skokie, Ill., have downloaded its new app for smartphones more than 1,000 times in its first month, the credit union and its vendor said.

  • ZashPay Absorbed by Popmoney

    The ZashPay person-to-person payment network launched by Fiserv Inc. in 2009 will be absorbed by the Popmoney network that Fiserv bought last year with its acquisition of CashEdge.

  • JHA Gains 16 Credit Unions

    Sixteen credit unions signed on with the JHA Payment Processing Solutions division of Jack Henry & Associates Inc. during the first half of its 2012 fiscal year, which ended on Dec. 31, the company said.

  • Signs and Re-Signs

    Work for new and returning clients has been lined up from five credit unions so far in 2012, according to, a Web design CUSO in Barre, Vt.

  • MoneyDesktop Adds 7 CUs

    Seven more credit unions have signed on as users of the personal financial management platform from MoneyDesktop of Provo, Utah, the company said.

  • Navigant FCU Deploys Acumen

    Fiserv Inc. said the $1.3 billion Navigant Federal Credit Union in Smithfield, R.I., has decided to deploy the company’s flagship Acumen account processing platform for large credit unions.

  • 16 CUs Move to Symitar Outsourcing

    Jack Henry & Associates said it has moved 16 credit unions running its Symitar core platform in-house to the company’s service bureau offering in the past 18 months.


  • Guest Opinion: Student Debt Poised to Be Next Debacle

    Student loans are poised to become the next big consumer debt debacle. Total outstanding student loan debt is expected to top $1 trillion this year, more than double the amount owed just five years ago. That would push it well above the amount of credit card debt outstanding, which totaled...

  • Guest Opinion: Use Right Audit for Service Providers

    The American Institute of Certified Public Accountants has introduced several reforms to its auditing standards and created another layer of confusion for credit unions that outsource to service providers.

  • Guest Opinion: Learning Can Strengthen Board Culture

    This past year I traveled 300,000 miles globally. The experience helped me connect dots that have serious consequences for business strategy and succession planning. It also reinforced a central theme that is emerging for all of us on boards: Can we learn as fast as the world is changing?

  • Guest Opinion: Peel Back Layers to Grow Income Streams

    In January, we learned the Federal Reserve is unlikely to raise interest rates until late 2014. With recent declining net interest margins, regulatory reform eating away at our fee income, the NCUA’s assessments and other earnings pressures on the horizon, improving noninterest income is more important than ever.

Letters to the editor


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