Credit Union Times Magazine May-19, 2010

SBA Says Normal Oversight Is Behind Reviews of ARC Loans

By Michelle A. Samaad

The SBA's Office of Inspector General has confirmed it is reviewing a sample of 300 American Recovery and Reinvestment Act loans as a usual oversight measure and not because those loans have a tendency for a higher number of defaults.

Spotting 2 + 2 = 5 Is Easier Said Than Done

By Claude R. Marx

Fraud is easy to hate but hard to detect. While the vast majority of credit unions are run honestly, it is difficult sniff out malfeasance and fraud at those that aren't.

Jack Henry Pockets iPay Tech

By Marc Rapport

The last major independent provider of bill pay to credit unions has been purchased by its biggest customer, but its president said it's business as usual for his customers and end users.

Adams Predicts a Silver State Profit

By Jim Rubenstein

Conditions seem to be improving for Nevada's largest and most troubled credit union, the $819 million Silver State Schools Credit Union, according to its private insurer, American Share Insurance of Ohio.

Vermont Is Poised to Become First State With a Card Interchange Law

By David Morrison

Vermont might become the first state to enact a law regulating whether and how retailers pay card interchange fees.

MaPS CU Brings Members Into CUSO Model That Frees Up Needed Equity

By Michelle A. Samaad

Rapid asset growth had proved to be a problem for MaPS Credit Union.

CUs Fighting Interchange Provision in Senate

By Claude R. Marx

At press time, CUNA and NAFCU and their allies were fighting to kill an amendment to further regulate interchange fees that their adversaries were couching in populist terms.

CUs Chime In Against GSE Amendment

By David Morrison

Credit unions were among the groups that came out against last week's attempt to add the reform of Fannie Mae and Freddie Mac to the financial regulatory reform package in the U.S. Senate.

Duffy Continues to Predict Uncertain and Uncomfortable Times for CUs

By Claude R. Marx

GREENBELT, Md. -- Combine an uncertain economy with an unknown size of the NCUA assessments to pay for the problems of corporate credit unions and you have a recipe for rocky days ahead.

WOCCU Will Weigh In on G-20 Financial Inclusion Plans

By Heather Anderson

World Council of Credit Unions has been invited to comment on a G-20 proposal to increase financial services access to the world's poor.

iPad and Other Tablets May Boost Mobile Banking

By Eileen Courter

You've heard the hype about the iPad and seen the photos of excited people waving their new purchases.

IMM Creates iPad App for Loan Docs

By Marc Rapport

Credit unions using document software from Integrated Media Management can now allow their members to use iPads to fill out and sign loan documents.

Banks Gearing Up Now for End of SBA 90% Guarantee

By Michelle A. Samaad

When the Recovery Act made it possible for credit unions and other lenders to take advantage of a 90% guarantee from the SBA, as of April, small business owners received their share of $23 billion.

Lawmakers Support Literacy

Getting state lawmakers to join in support of financial literacy projects has become a top priority in 2010 for the $1.3 billion Genisys Credit Union of Auburn Hills, Mich.

CU, Examiners Faulted In Eastern Financial Failure

By Claude R. Marx

Extensive investments in collateralized debt obligations, unrealistic growth patterns that went unchecked and the failure of state and federal examiners to

NEWS

Workers' Credit Union, Fitchburg, Mass., elected Eric D. Shapiro, Patrick L. Muldoon, Raymond J. Martino and Melissa Maranda as new members to its board of directors.

Some Credit Unions Are Seeing Movement On US Mortgage Corp. Losses

By David Morrison

Some of the more than 20 credit unions that suffered losses when a vendor executive fraudulently sold mortgages written to Fannie Mae have made progress in getting at least some of their money and mortgages back.

'Fat Finger' Theories Aside, Members Are Advised to Stay on Track

By Michelle A. Samaad

Huddled in a room last week, SEC Chairman Mary Schapiro met with the leaders of the six exchanges to get to the bottom of what caused unusual trading activity and enormous stock market selloff on May 6.

Franklin Mint FCU EVP Named CUSO CEO

Michael B. Magnavita, Franklin Mint Federal Credit Union executive vice president and chief financial officer,

Spokane Teachers CU President/CEO to Retire

After 30 years at Spokane Teachers Credit Union, 20 of which he served as president/CEO, Steven L. Dahlstrom will retire effective at the end of this year.

Administration Officials Laud Apple Federal CU

In a Huffington Post editorial, Secretary of the Treasury Timothy Geithner, U.S. Secretary of Education Arne Duncan and White House Senior Adviser Valerie Jarrett singled out Apple Federal Credit Union

Luring Recession-Weary Members Helps Boost Demand for Marketers

By Eileen Courter

The latest Credit Union Executive Society's compensation survey shows that marketing executives and business development executives earn somewhat less than their peers.

Squirrel Duo Returns for an Encore

By Myriam DiGiovanni

First Tech Credit Union's dynamic squirrel duo, Chuck and Leroy, are at it again. This time they're appealing to new members.

Wellness Linked to Innovation

Credit unions looking to encourage employee innovation may want to consider a wellness program.

Filene Think Tank Opportunity

Opportunity is knocking at Filene Research Institute.

Scrubbing Addresses: Long Island CU Uses Fast Tools on Snail Mail

By Marc Rapport

Nowadays, a bad address can cost more than just wasted postage. That's why People's Alliance Federal Credit Union has joined a growing list of organizations using automation to keep up with snail mail.

SECU Adds Homegrown E-Alerts, Text Messaging Tools

By Marc Rapport

State Employees' Credit Union in North Carolina has added electronic alerts and text messaging to its online and mobile offerings.

CO-OP Buys Into Ongoing Operations

CO-OP Financial Services is the newest part-owner of a Maryland CUSO that provides business continuity and disaster recovery services to credit unions.

Looking at the Present With an Eye on the Past

By Sarah Snell Cooke

In 1997, the Treasury Department performed a study aimed at improving credit unions.

IT Talking Points Your CFO Will Love

I have nothing against chief financial officers. It's a tough position with a lot of pressures that can easily be misunderstood.

HR Executives Wrestle With Health Care Reform and Rising Costs

By Myriam DiGiovanni

Credit union human resource professionals face the difficult task of reducing health care plan costs while keeping employee benefit packages robust enough to draw and retain top talent.

IRS Rules That Children's Health Care Coverage Is Usually Tax Free

As a result of the Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax free to the employee, according to the Internal Revenue Service.

Transforming HR to Be Strategic

HR leaders are always looking for new approaches to achieve business goals, be viewed as a strategic part of the business and ensure the organization is recruiting, retaining and rewarding top talent.

Technological Bells and Whistles Are Needed, but a Backup Plan Is a Must

By Jim Rubenstein

Though Gulf Coast credit unions-veterans of hurricanes Katrina and Ike,

Winter Storms and Spring Floods Pave the Way for Hurricane Season

By Marc Rapport

For Hugh Smallwood, it was record snowfall around the nation's capital that made him think of hurricanes.

NCUA Provides Rules and Guidance on Gearing Up for Hurricanes

By Claude R. Marx

That's what the NCUA advises credit unions to do as they begin the process of preparing for the hurricane season. It favors an optimistic, yet realistic, approach.

DONATIONS

State Employees' Credit Union, Raleigh, N.C., announced a $4 million grant to the North Carolina Museum of Natural Sciences via the SECU Foundation,

BRANCHING OUT

American Eagle Credit Union, St. Louis, opened its new branch in Florissant. To celebrate the new branch location the credit union held an open house ribbon-cutting ceremony and a family day.