Credit Union Times Magazine May 4, 2011
Featured Story
Vensure Sues NCUA to Stop Takeover, Says Poker Ties No Secret
Vensure Federal Credit Union has sued the NCUA in federal court to prevent the agency from taking control of its operations.
Featured Story
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Microsoft Kinect: From Living Rooms to CU Branches?
Kinect for Xbox 360, a controller-free, $150 gaming device that allows users to operate their Xbox consoles solely through bodily gestures and voice commands, has made a splash among video game and electronics enthusiasts. But is there a practical application for Kinect outside the gaming world–say, in credit union branches?...
Front Page News
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On-Site Coverage: Visa Security Summit: Chip and Pin Is In
WASHINGTON — If nothing else, card-issuing credit unions should feel assured that an awful lot of intelligent people go to work every single day with no higher priority than helping to keep their card data secure.
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Brouhaha Shadows Improvements At Conserved Arrowhead CU
It’s been 10 months since the NCUA’s takeover of the once $900 million Arrowhead Credit Union of California, but the efficacy of the conservatorship continues to rankle many in the industry.
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CU Grassroots Work to Delay Fed Interchange Rule
To prepare for possible action in Congress on delaying the Federal Reserve’s interchange rule, credit unions redoubled their grassroots efforts on the issue during the recent recess.
News
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Unitus Board Term Limit Policy Reignites Discussion
The industry debate over term limits for directors surfaced anew last week with Unitus Community CU of Portland, Ore. announcing that it has adopted new guidelines to deal with the sensitive matter.
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National CU Trade PACs Warming Up
Top political strategists for CUNA and NAFCU said it is too early to determine what the national political trends will be next year but they are determined to ensure that credit unions have more allies on Capitol Hill who can help further the industry’s agenda.
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FICO Says It Cracked the Strategic Defaulter Code
Credit unions servicing a significant number of mortgages might benefit from a new tool to help determine which mortgage holders were at the highest risk for choosing to default, FICO said.
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Online Resources Partners With Small-Dollar Loan Service
A small-dollar loan service for directly paying bills will soon be offered by Online Resources Corp. to its customer base of direct billers, including utilities and financial institutions.
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Merchant-Funded Rewards Make Cards Cheaper for CUs
A majority of the credit unions around the country that issue cards will soon be able to offer merchant-funded rewards.
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Filene Undertakes Study to Determine Social Media Value
As many continue to question the value of social media–whether tweets, friends and video posts on YouTube can actually help credit unions grow–Filene Research Institute has taken a closer look at the topic in a new report, The State of Social Media in Credit Unions: Opportunities and Challenges.
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Fort Worth Credit Union Gives Voice to Spokesgal Gabby
Fort Worth Community Credit Union has helped local women “get their worth on” thanks to Gabby.
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New Jersey CU’s New CUSO Carves Out Indirect Niche
Getting New Jersey car dealerships to partner with credit unions for vehicle financing has been a hard nut to crack for some.
News Briefs
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UCF FCU Goes for CoreSoft
The $46 million UCF Federal Credit Union in Orlando, Fla., has committed to being the first credit union to use the new core processing platform from Atlanta-based imaging specialist VSoft Corp.
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Alloya Name of New Corporate Credit Union
Alloya is the name chosen by the Members Advisory Council of Members United Bridge for the new corporate they are creating.
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Alabama's Mutual Savings Credit Union Touts Financial Recovery
The $172 million Mutual Savings Credit Union of Birmingham, Ala., conserved two years ago, shared its turnaround during its annual meeting.
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Corporate One Announces Board Members
At its recent annual meeting, the $4.2 billion Corporate One Federal Credit Union of Columbus, Ohio revealed two re-elections and one newly elected member to its board of directors.
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Virginia CU Adds Mobile Banking
CommonWealth One Federal Credit Union of Alexandria, Va., is adding mobile Web and text banking with an eye toward boosting services to its younger members.
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Biller Direct Payment Competition Seen Heating Up
A new report from Aite Group said biller direct payment adoption continues to grow while competition heats up among vendors of the multi-channel offering.
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Mid-Atlantic CUSO Offers Payment, ACH Tools
MY CU Services, a CUSO of Mid-Atlantic Corporate Federal Credit Union, said it will now offer the ProfitStars ACH and payments management solutions to the corporate’s 800 credit union members and other corporates.
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Martinez New CEO at Heritage Community
Heritage Community Credit Union has promoted Celeste Martinez, former executive vice president/chief operating officer, to president/CEO.
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The Golden 1 Names Scott Vick CFO
The Golden 1 Credit Union has named Scott Vick senior vice president/chief financial officer.
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Allied Solutions Buys Bay Area Insurance Services Provider
Allied Solutions LLC said it has bought a Bay Area insurance services provider and made its president a new regional sales vice president for the Indiana-based firm.
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Oregon Employees FCU Offers Digital Filing Cabinet
A secure, online digital filing cabinet is now being offered to the 9,400 members of the $94 million Oregon Employees Federal Credit Union in Salem.
Editor-in-Chief's Column
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NCUA Exam Questions Linger as More CUs Fail
Regulators are often the center of attention, but lately the NCUA has taken the spotlight. Unfortunately for the agency, it’s been low-hanging fruit.
NACUSO
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NCUA Sells Importance of Increased CUSO Authority to Stay Ahead of Losses
LAS VEGAS — The common thread running through some of the credit unions that have recently experienced significant lending and operational troubles was the connection those losses had to their CUSO relationships.
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CUSO Investment Gives CUs An Edge
LAS VEGAS — Data show that credit unions that have invested in a CUSO have a competitive advantage over those that have not.
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Panel Reveals CUSO Lessons, Do-Overs
LAS VEGAS — If three of the industry-notable CUSOs could go back in time and apply what they know now to what was happening during the pitch-and-launch phase, the lessons would be aplenty.
Opinion
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Executive Compensation: A Strategic Partnership Between Boards and Management
In late January, the NCUA announced some new rules, and clarified others, applicable to boards of federally chartered credit unions. Everyone is focused on the new NCUA requirements for financial literacy in board members, but some may be overlooking an even more important pronouncement: The NCUA stated that while boards...
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Help Wanted in the Financial Planning Department
This month, I’ll celebrate my birthday, but I’m not sure how much celebrating I’ll do. At 28, I’m back in my hometown in Oregon after two cross-country moves and more than one journalism career blip thanks to the economic downturn.
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Putting Employees First Helps Richard Branson Succeed, CUs Too
The March 30 article recounting New Jersey Credit Union League’s Reality Check caught my attention. We can feel disheartened and like our efforts are for naught…or we can seize the opportunity to steer this movement in a new direction.
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Increasing Investment Service Usage Among Members
You do what?' is a common question asked by members when they learn that investment services are available at their credit union.
Insurance/Investments
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Retirement Plan Providers Prep for New Fee Disclosure Rules
Come 2012, transparency may take on a new meaning regarding fees retirement plan providers will be required to share.
Resource Center
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