Credit Union Times Magazine March-25, 2009

Industry Urges Step Up in NCUA Oversight of Corporate Credit Unions

By Claude R. Marx

Don't eliminate corporate credit unions but see to it that the NCUA does a better job of policing them.

Desolate Economic Landscape Doesn't Engulf Michigan CUs

By Lindsey Siegriest

Michigan credit unions showed significant growth in deposits, new auto loans and small business loans, according to fourth-quarter data from the Michigan Credit Union League.

NCUA Board Agenda Includes Overdrafts

By Claude R. Marx

The NCUA was scheduled to issue rules on overdraft protection to align its rules with those of the Federal Reserve and other financial regulators at its meeting last Thursday.

California CEO Tests Anti-Bailout Sign

By Jim Rubenstein

The outspoken head of a Los Angeles area credit union, who for a time flaunted his CU's safety and soundness record before running into NCUA disfavor, took on a new cause last week: bailouts.

Obama Administration Increases Access to Small Business Loans

By Claude R. Marx

In a response to the credit crunch and to complaints that recent government programs have favored Wall Street over Main Street

SBA Reconsiders Goodwill Policy

Larger goodwill loan amounts will be considered on a case by case basis through Aug. 31, the Small Business Administration said in response to lenders concerns.

Credit Unions Score Hat Trick in North Dakota Housing Finance Awards

By Heather Anderson

Three North Dakota credit unions earned three of the top five honors in the champions of affordable housing lender awards from the state's Housing Finance Agency.

Utah CU Aids Jobs

By Michelle A. Samaad

The SBA's top credit union lender in the country, Mountain America Credit Union, said it helped create 700 jobs in Utah last year.

Seven Florida Families Race to Financial Finish Line, Hoping for a $10,000 Reward

With a $10,000 incentive, seven families have until the end of the year to prove that they have what it takes to improve their financial lives.

Investment Firm Creates Phony Swiss Billion-Dollar Client

By Michelle A. Samaad

The Securities and Exchange Commission has charged Locke Capital Management Inc. with fraud for allegedly creating a fake, Switzerland-based billion dollar client in an attempt to attract legitimate investors.

CEO Takes To Airwaves

By Michelle A. Samaad

Reminding listeners that credit unions are still lending, Sheilah Montgomery, president/CEO of 1st Choice Credit Union,

Credit Unions Getting Inquiries on Obama Mortgage Relief Plan

By Claude R. Marx

The ink is barely dry on the regulations, and the program hasn't officially started, yet Navy Federal Credit Union has already received 2,000 inquires about the Obama administration's programs

NCUA Corporate Rescue Plan Was Born From Consulting Firm's Report

By Claude R. Marx

The NCUA's plan to guarantee deposits at corporate credit unions-which could result in a premium levied on natural person credit unions-was one

Treasury Vacancies Pose Challenges

By Claude R. Marx

Whether it is getting TARP funds for credit unions or gaining support for expanding the use of the Central Liquidity Facility,

City Credit Union of Dallas Wins CU Members Mortgage Marketing Award

By Heather Anderson

Marketing Director Maureen Johns and her $201 million City Credit Union of Dallas have won CU Members Mortgage's first ever marketing achievement award.

Heartland Dropped From Compliant List

By David Morrison

Visa has pulled Heartland Payment Systems, the merchant processor that suffered a security breach that may have compromised more than 100 million credit and debit cards,

Anti-Robbery Rule Runs Into Multi-Cultural Reality for Navy FCU

By David Morrison

A fairly common policy intended to discourage robberies at banks and credit unions drew some fire after a Muslim woman complained that she was being discriminated against because of her headscarf or hijab.

Door Opens for CU Warehouse Lending

By Michelle A. Samaad

Two years ago, warehouse lending was in its heyday as bankers reaped billions in revenue from short-term lines of credit to fund secondary market loans.

CU Leader Edgar Callahan, 80, Passes

By Claude R. Marx

Edgar F, Callahan, who as a regulator, CEO and consultant had a vast influence on the shape of the modern-day credit union movement, died on March 18 in Sacramento, Calif., after a long illness. He was 80.

Open Solutions Is on Default Danger List

By Lindsey Siegriest

Open Solutions Inc. was listed among 283 companies most likely to default on their debts by Moody's Investors Service.

In Senate, Cram-Downs Are Medicine And MBL Cap Is the Spoonful of Sugar

By Claude R. Marx

Credit unions may get what they have long wanted-an increase in the cap on member business loans.

Credit Union Regulators to Senate Banking Panel: CUs Are Unique

By Claude R. Marx

WASHINGTON -- Testimony from credit union regulators during a Senate Banking Committee hearing last week focused on maintaining a distinction between the bank and credit union regulators.

NCUA, Members United Brief Execs on Corporates

NCUA Region 1 Associate Regional Director of Operations Anthony LaCreta and Members United Corporate FCU's Senior Vice President

The Golden 1 Goes All Out to Achieve Face Time With the Community

By Myriam DiGiovanni

The Golden 1 Credit Union believes showing that the credit union is part of the larger community is the way to stand out in the particularly competitive California market.

Piedmont Aviation Credit Union Unveils New Name and New Look

Piedmont Aviation Credit Union is accentuating the positive with its new name Piedmont Advantage Credit Union.

Kinecta Member Wins Photo Contest

A picture has been worth $1,100 for Kinecta Federal Credit Union member Rebecca Lin.

Employer Health Care Benefits Take the Long-Term Path

A recent Hewitt Associates report finds that when it comes to health care benefits, employers are taking a more long-term view by focusing on programs with an eye on improving employee health and productivity.

Don't Forget About Your Most Important Asset

Yes, the economy has taken a dramatic nosedive. Yes, natural person credit unions are taking a big hit to their bottom line to help the corporate credit unions.

Be Careful What You Wish For

By Sarah Snell Cooke

Credit unions serve a great purpose. Credit unions step in for many to offer a hand up when consumers have been back-handed by other financial services providers. Credit unions don't serve "the man." They serve the people.

CUs Fear NCUSIF Premium Impact

Credit unions fear that the NCUA's decision to levy premium to shore up the NCUSIF will result in an already difficult year becoming even worse.

Supporting an Opportunity for Hope to Blossom in the Developing World

Many of the developing countries served by the World Council of Credit Union have felt the impact of the global economic downturn. In countries like Colombia economic struggles are nothing new.

QUOTES WORTH QUOTING

"I think in this environment with economics being the way they are, people are trying to cure things at the macro level.

PEOPLE

Members 1st Federal Credit Union, Mechanicsburg, Pa., announced that Melody Schaefer has been named business deposit services sales officer.

What do you think should be done about mark-to-market accounting?

U.S. Central's $1.2 billion other than temporary impairment and the NCUA's resulting insurance levy on credit unions have spurred discussions regarding the now-controversial mark-to-mark accounting standards.

COMMUNITY EVENTS

Neighbors Credit Union, St. Louis, recently organized a team to take part in the walk now for autism at Forest Park.

SCHOLARSHIPS

DuPont Goodrich Federal Credit Union, Nederland, Texas, recently devised a way to offer all high school and college students an opportunity to earn scholarship money.