Credit Union Times Magazine March-17, 2010

Corporate Comment Letters Debate Who Is to Blame and Who Will Survive

By Heather Anderson

NCUA officials have repeatedly said they want credit unions to determine the future structure of the corporate system.

Mich. Regulator Halts Ponzi 'Hydra' That Snared CU

By Michelle A. Samaad

Calling it a "multilevel Ponzi hydra" that promised sky-high returns in the crude oil bond market, the Michigan Office of Finance and Insurance Regulation said it has stopped a Ponzi scheme

Despite Court Ruling, Texans Disputes Judgment

By Michelle A. Samaad

Does the latest chapter in a three-year old legal case involving the terminated executive of an insurance CUSO and Texans Credit Union hinge on semantics?

Pushing to Open Queens Minority CU

By David Morrison

If everything goes according to plan, the East River Development Alliance, a community development organization headquartered in Long Island City, N.Y., will open the first minority-owned credit union in the New York City borough of Queens this April.

Despite Insurance Firm Sale, Arrowhead Vows to Maintain Member Service

By Michelle A. Samaad

Nearly eight years after the $851 million Arrowhead Credit Union bought a firm to bring a plethora of insurance services to its membership, it recently announced that losses and lackluster profits led to the cooperative selling the subsidiary.

Addison, First Tech to Merge

By Jim Rubenstein

Two of the largest and most tech-savvy credit unions on the West Coast, Addison Avenue FCU of Palo Alto,

Ind. League Gives Back

In a series of steps to aid its members during the recession, the Indiana Credit Union League is extending a dues rebate for the second straight year

CU's Relationship With Housing Authority Enlarges Mortgage Offerings

By David Morrison

Low- and moderate-income members of the $1.2 billion UW Credit Union now have an additional option for getting a mortgage, one which might enable them to obtain a loan underwritten and sold by the credit union.

CU Card Portfolio Sales Slow Due to Lack of Sellers or Lack of Buyers

By David Morrison

Credit union card portfolios continued the improved performance they have demonstrated in the last several years in 2009, and the card portfolio sales continued their slow pace as the volumes of card assets that changed hands rose a bit.

Oklahoma Employees CU Goes Step Further to Aid Furloughed Employees

By Michelle A. Samaad

While 11 Oklahoma state agencies have put in place furlough plans for their employees, Oklahoma Employees Credit Union is bracing for even more salary cuts among its members this year.

Research Outlines Gen Y's Love of Debit Cards

To help financial institutions break down the barrier to Gen Y, two companies have conducted studies and research on the wants and needs of this heavily sought after generation.

FICO Seeks to Take Scores to New Level

By David Morrison

Fair Isaac Corp. wants the next generation of scores to not only reflect a record of how well or poorly consumers have paid their debts in the past but also to predict how they are likely to react to future economic events.

Conference Aids Credit Unions Racing to Prepare CDCI Applications

By David Morrison

More than 100 executives from credit unions, CUSOs, regulators and advisory firms dialed into a March 4 conference call to find out what credit unions will have to do to obtain money under the U.S.

Perlitsh: WesCorp Suit Was a Hobson's Choice

By Claude R. Marx

ARLINGTON, Va. -- Even though his credit union is the lead plaintiff against former and current directors and employees of Western Corporate Federal Credit Union,

NCUA Reluctant to Change NCUSIF Operating Level

By Claude R. Marx

Although the majority of NCUA Board members are Democrats, when it comes to the question of lowering the NCUSIF's operating level,

Key Senator Says Strength Trumps Location for Consumer Agency

By Claude R. Marx

WASHINGTON -- In real estate, it's all about location, location, location.But as credit unions and other financial service providers awaited a draft of the Senate regulatory restructuring,

Steve Fowler Named New CEO of South Carolina League

By Jim Rubenstein

The South Carolina Credit Union League has tapped its veteran lobbyist, Steve Fowler,

Phishing Gains Across Brands

Crime syndicates are expanding their efforts well beyond big banks and online merchants as they phish for cyber victims, according to a major antifraud collaboration.

Fiserv Links Banking With PFM

Fiserv recently announced a new online banking product that integrates online banking with personal financial management tools.

Fiserv Cites Boardroom Enrollment

About 10% of Fiserv Inc.'s client base has enrolled so far for what the company is calling its new "thought leadership community."

Patrolmen's FCU Helps Fight Card Fraud

In an effort to help the Chicago Police Department fight card fraud, Chicago Patrolmen's Federal Credit Union donated swipe card readers to the department.

Re-Using ID, Passwords Increases Risk, Says Firm

Most online bankers re-use their log in credentials on other Web sites, opening themselves up to particularly vulnerable avenues of cyber attack.

EasCorp Expands Capture

Eastern Corporate Federal Credit Union is now offering credit unions remote deposit capture for the Google Android platform.

Warning on ATM Scam

Students at Michigan State University are being warned about an ATM scam that has hit campus over the last few weeks.

Phishing Gains Across Brands

Crime syndicates are expanding their efforts well beyond big banks and online merchants as they phish for cyber victims, according to a major antifraud collaboration.

Filene Report Focuses on Gaining More Wallet Share

By Myriam DiGiovanni

Banks may not be getting any consumer love, but that doesn't necessarily translate into a lasting membership growth boon for credit unions.

Bethpage New Image Demotes 'Credit Union'

By Myriam DiGiovanni

Bethpage Federal Credit Union is proof that consumer trust doesn't always translate into greater awareness.

Municipal CU Plants Its Name on Brooklyn Ballpark

Fans of New York's minor league Brooklyn Cyclones will now be enjoying games in the newly named MCU Park.

NCUA to Revamp Merger and Assumption Procedures

The NCUA is working on making changes to the process by which it undertakes mergers and purchase and assumptions but will continue to not allow all potential partners review proposals.

Four for NAFCU

NAFCU has selected four credit union executives for the Financial Crimes Enforcement Network to consider for the vacant seats on the committee that advises the agency on Bank Secrecy Act matters.

CU Lawyers Switch Firms

Florida lawyers Bruce Boiko and Michael Lozoff are now part of the financial services industry practice of the Miami law firm Shutts & Bowen.

Symitar Groups Develop Independently

By Marc Rapport

User groups are an integral part of doing business for IT professionals who work with major core processing systems, at the company and credit union level alike.

Authors Help You Avoid 'If It'd Been a Snake It Would've Bit Me'

By Claude R. Marx

In the technology heavy and overscheduled lives that people lead, it is becoming more difficult to stay well organized. Training the brain and using appropriate technology are among the best ways to accomplish that goal.

Is the NCUA Clueless? Or Is It Seeking to Kill Off the Corporates?

By Sarah Snell Cooke

Does everyone feel they had their say regarding the NCUA's proposed rules for corporate credit unions?

Why Is MBL Increase Not a Slam Dunk?

What are we paying for with CUNA dues? One thing is influence in Congress by giving money to credit union supporters to help in their election and re-election campaigns.

An Alaskan Story: Does the NCUA Protect the Status Quo?

As a member and past chair of the board of directors of the $43 million ALPS Federal Credit Union in Sitka, Alaska, I would like to share with your readers an Alaskan story.

Use Tech to Grease Opportunities in Tough Times

In the course of a normal workweek, I end up communicating with several folks at credit unions-most of who are in a managerial or leadership position within their organizations.

Get to Know Them and Those Mysterious Gen Yers Are Not So Mysterious

Sometimes being a young person in credit unions feels like being a monkey in a cage. A novelty to be poked and studied and questioned and dissected.

What Do Young Credit Union Members Really Want? Asking Them Is a Start

By Myriam DiGiovanni

Want to connect and reach out to young members? Then it is time to do research, observe and discover what young members in your area actually want and need.

Sunmark Takes a Personal Approach and Taps Staffers for Market Insights

Sunmark Federal Credit Union has taken a layered personal approach to reaching out to Gen Y.

People

Bethpage Federal Credit Union, Bethpage, N.Y., announced the promotion of Linda Armyn to senior vice president.

Donations

Charter Oak Federal Credit Union, Groton, Conn., announced that it has chosen to partner with the Women's Center of Southeastern Conn., by pledging over $30,000 in funding.