Credit Union Times Magazine May 30, 2012

Mobile Wallets Begin to Bulge

By Robert McGarvey

Hungry? No cash in your pocket? Not a problem if you were an employee at SEFCU, the $2.4 billion upstate New York credit union, during an ambitious pilot it ran last summer and fall to test an FIS mobile wallet product at Zia Maria’s Cafe at the SEFCU corporate headquarters...

WesCorp Members Fish for a New Corporate

By Heather Anderson

Still suffering from the bite of losing all their Western Corporate FCU capital in 2009, credit unions report they are still capital shy when it comes to replacing corporate services.

Loan Participations Are Focus of Trade Group

By Michelle A. Samaad

Coming from the banking industry with nearly 30 years of experience, Terry McHugh said it never ceases to amaze him on just how different credit unions are.

Card Portfolio Back Into the Eli Lilly FCU Fold

By David Morrison

The lists of credit unions that had previously sold their card portfolios to banks only to come back into issuing again grew last week as the 60,000-member $1 billion Eli Lilly Federal Credit Union converted a card portfolio that it had previously sold to a bank back to its own...

Mortgage Market Share Grows for Credit Unions

By David Morrison

For the first time ever, credit unions have originated more than 8% of U.S. mortgages originated in any given three month period, according to an analyst with Callahan and Associates.

Global Payments Breach Grows in Severity, Length

By David Morrison

It appears that the card data security breach at card processor Global Payments Inc. may be a good deal larger than card issuers, including credit unions, may have expected.

Eastern Financial Knew the CDO Risks, Says Wall Street

By Michelle A. Samaad

Several Wall Street banks and credit rating agencies are claiming that the former Eastern Financial Florida Credit Union knew the risks going in before investing in $100 million in collateralized debt obligations.

Directed Health Plans Gain

By Myriam DiGiovanni

Consumer-directed health plans have slowly been gaining appeal among employers and employees alike as a way to fight rising health care costs.

CEO Biker Packs Pedal for Charities

By Jim Rubenstein

From Illinois to Virginia, credit union executives have been putting the rubber to the road this spring, joining a host of local and national bike marathons and in the process contributing to successful charity fundraisers.

Editor’s Column: Trust and Integrity Must Be Protected

By Sarah Snell Cooke

Trade publications are criticized by some as cheerleaders for their respective industries. They’re captives of the advertisers. Credit Union Times was founded in 1990 to provide unbiased news coverage the industry was lacking. We work incredibly hard to keep it that way, reporting the good and the bad.

Women to Watch: CEO Kucey Sees Reward in Risk Taking

By Myriam DiGiovanni

Jeanne Kucey, president/CEO at JetStream Federal Credit Union, has always been a believer in the philosophy that great risk leads to great returns.

Efficiencies: Tech Partnership Helps Pima FCU

By Natasha Chilingerian

Pima FCU, a $382.9 million credit union based in Tucson, Ariz., could have spent an unnecessary $160,000 on new cash-dispensing and recycling machines this year. But thanks to the reporting and analytics tools in the CFM S4 cash flow management solution from Chandler, Ariz.-based vendor Cash Flow Management Inc.

Letter: Special Reserve for Yolles Sleep Apnea?

I saw the article about State Employees’ Credit Union and whether it is safe and sound. [“OIG Report Reveals NCUA Questions SECU’s Safety and Soundness,” CUTimes.com, May 16.]

Letter: Examiners Could Use On-the-Job Training

By James D. Holt

As I was perusing the Editor’s Column in the May 16 edition, one of the suggestions caught my attention.

Guest Opinion: Regulatory Modernization Is Welcome News

By J. Kirk Cuevas

Recently, NCUA Chairman Debbie Matz announced an agency initiative to modernize its rules and regulations for federally insured credit unions. While this initiative has not yet fully materialized, any effort that will enhance the ability of credit unions to meet member’s needs and be more competitive in a rapidly changing...

Guest Opinion: Matz Says Diligence Is Key as Demands Grow

By Debbie Matz

Over the last 20 years, the pressure of competition has increased significantly for credit unions. Many non-depository institutions have entered the lending and transaction account spaces historically reserved for financial institutions. The fast pace of innovation in technology and financial products and services have brought new consumer expectations along...

Massachusetts Deposit Insurer Hosts Volunteer Program

By Staff Writer

The Massachusetts Credit Union Share Insurance Corp. is partnering with The Paragon Group to host a new Volunteer Leadership Institute program. The conference will be held at Stowe Mountain Lodge in Stowe, Vt., Sept. 23-26.

Lending Awards Call for Entries by CUNA Mutual

By Michelle A. Samaad

Entries are being accepted for CUNA Mutual’s annual excellence in lending awards, which recognizes outstanding lending results and practices by credit unions.

Steve Jobs Bio Hooks Up With N.J. League Ad

By Myriam DiGiovanni

New Jersey credit unions couldn’t ask for better placement for the New Jersey Credit Union League’s “Banking You Can Trust” ad at a local train station.

NCUA Opens CDRLF Application Process

By David Morrison

The NCUA announced that low-income designated credit union could begin applying last week for grants and low-rate loans. The NCUA also posted a new YouTube video about the Community Development Revolving Loan Fund application process.

Consumer Confidence Continues Its Rise

By David Morrison

Credit union members’ attitudes about the economy continued to improve during the past quarter and are better than they were a year ago, according to data released from the credit union member demographic of the Discover Financial Services’ “U.S. Spending Monitor.”

In Memoriam: Virgil Harris, Apple FCU Chairman

Apple Federal Credit Union announced the passing of longtime Chairman Virgil B. Harris Jr., following an extensive battle with cancer. Mr. Harris, age 81, passed peacefully at home with his family by his side. He is survived by his wife, Diane Stewart Harris, and their two children, Michael and Rachael,...

Lending Competition: New Rivals Woo Small Businesses

By Michelle A. Samaad

The Great Depression and the decades leading up to it forced many to look beyond their comfort zones just to be able to survive another day.

Resources Race to Keep Pace With Tech's Changes

By Marc Rapport

Louis Hernandez watches people using a dongle switch on their iPad to pay their restaurant tab online through Square and knows the future is now.

Serving the Poor Is Challenged by Market Changes

By David Morrison

When it comes to lower income and underserved consumers, the chief challenge facing some mainstream credit unions and banks may not be how to serve them competitively but whether to serve them at all.

Social Media Pivotal, Not Proxy for Brand Awareness

By Myriam DiGiovanni

Once upon a time, credit unions relied solely on traditional methods to market their brand. Today, channels such as Twitter, YouTube, Facebook, Pinterest and others have been touted as the natural evolution, yet the supporting research has been scarce, leaving many to wonder if it was nothing more than just...

Auto Lending: Players Vie for Same Members

By Michelle A. Samaad

Unlike mortgages and business loans, for many financial institutions, including credit unions, auto loans are probably the least likely to have a flood of new competitors entering the space.

Compliance: Payday Lending Enters a New Frontier

By Heather Anderson

Jamie Fulmer, vice president of public affairs for payday lender Advance America, says he welcomes the opportunity to work with the Consumer Financial Protection Bureau, because consistent disclosures would allow his product to be measured by the same metrics as competing short-term credit union loans.

Technology May Be Home Lending Equalizer

By David Morrison

Credit unions that want to remain competitive in housing finance over the next decade will likely have to confront the issue of how to add technology to their mortgage loan origination systems.