Credit Union Times Magazine November-04, 2009

Overdraft Vendors Share the Wealth With CU Leagues and Trades

By Lindsey Siegriest

The controversy about overdraft programs is not only about the programs and how they are implemented. It is also about who is profiting from them.

Cumorah Credit Union Collapse Is Nevada's Third This Year

By Jim Rubenstein

The trauma of Nevada credit union failures took its third victim last week, the $147 million Cumorah Credit Union of Las Vegas, the first major privately insured CU to collapse under the recession's weight.

CFPA: Political Wrangling Ahead

By Claude R. Marx

Now comes the really hard part.

Texans CUSO CEO to Depart

By Michelle A. Samaad

An employee at Texans CUSO Insurance Group LLC told Credit Union Times on Oct. 29 that Mike Haselden, the CUSO's CEO, will be leaving the company.

NCUA Won't Hold Budget Forum

By Claude R. Marx

The three credit union trade groups won't have the chance to make public comments about the proposed NCUA budget this year.

NCUA Takes Over First Delta Federal, Victim of Nine-Year Embezzlement

By David Morrison

NCUA has taken control of a community development credit union that had been serving one of the lowest income communities in the nation for more than 28 years.

CUNA and NAFCU Are Funding the Campaigns of Key Leaders

By Claude R. Marx

Reps. David Obey (D-Wis.) and Sam Graves (R-Mo.) have rarely had tough re-election races and neither legislator serves on the committee with primary jurisdiction over credit unions.

Texans Insurance CUSO Gets More Bankruptcy Relief

By Michelle A. Samaad

A Texas judge granted Texans CUSO Insurance Group LLC relief on its final cash collateral hearing nearly a month after the subsidiary filed for Chapter 11 bankruptcy protection.

Kansas CUSO Record Exams Aim for Congruency

By Michelle A. Samaad

The goal all along was to get Kansas and NCUA examiners on the same page.

The Golden 1 CU Unearths Solid Growth by Mining Online Veins

By Marc Rapport

The Golden 1 is so committed to growing the online channels that members can, frankly, use it or lose it in some cases.

Fall Financials Are Separating Corporates Into Haves and Have-Nots

By Heather Anderson

September 2009 financial reports are creating two distinct corporate credit union camps:

Questions Prompt Matz and Her Staff to Reveal New Plans at Virtual Town Hall

By Heather Anderson

The NCUA's final town hall meeting, a Webcast that allowed viewers to ask live questions anonymously,

WesCorp Issues $1.5 Billion Debt

By Heather Anderson

The $18 billion Western Corporate Federal Credit Union issued $1.5 billion in three-year notes last week, according to transaction information provided by the NCUA.

Two Colorado CUs, Aventa and Pueblo City, Set to Merge Next Year

By Jim Rubenstein

Two Colorado credit unions, the $130 million Aventa Credit Union of Colorado Springs and the $15 million Pueblo City Employees FCU, said last week they are merging effective next March.

Better Choice Draws FDIC

By Jim Rubenstein

The Pennsylvania model on payday alternatives has now become something for banks to look at,

ACUMA Lobbies Congress and Administration for Tax Credit Extension

By David Morrison

The American Credit Union Mortgage Association has begun to lobby Congress and the administration in support of extending the $8,000 homebuyer tax credit.

Federation Counting on Small Biz Proposals to Spark More CDFI Activity

By Michelle A. Samaad

Over the past few weeks, community development credit unions have been in the spotlight as potential catalysts for reigniting the burnt out small business market.

SBA Forms Secondary Market for 504 Loans

By Michelle A. Samaad

To help provide greater liquidity for credit unions and other lenders, the SBA plans to launch a secondary-market guarantee program.

Okla. Credit Union House Hosts Cost-Cutting Powwow for Nine Leagues

By Jim Rubenstein

The push toward internal cost-cutting at credit unions and their trade groups has an Oklahoma face this month

New Book Hails the Record Stake of Foreign Investments in the U.S.

By Claude R. Marx

Talk about Lou Dobbs' worst nightmare.

iQ Credit Union's Headquarters Renovation Snags Design Award

Design-build firm EHS Design's renovation of the iQ Credit Union headquarters in downtown Vancouver, Wash., has received the 2009 Community Pride Design Award.

NewGround Goes to U.K.

NewGround, the design-build firm, has expanded its reach to the United Kingdom.

Surveys Find Members Are Likely to Keep Tight Grip on Wallets

By Eileen Courter

What you see-members boosting savings but not rushing over to the loan department to borrow money-is likely what you will get for a while.

Branch Building May Slow but Not Expire, CUNA Council Report Says

By Myriam DiGiovanni

Don't count new branches out.

Book Underscores Employee Fraud Risk

By Eileen Courter

"Somewhere, a disgruntled, stressed-out employee is sitting in a break room, beneath the fluorescent lights, thinking up a new fraud scheme right now."

Trends in Employee Fraud

The book Insidious cites the following trends.

White House Includes CDFI CUs in Latest Round of Small Biz Loan Relief

By Michelle A. Samaad

During a recent records-storage facility visit to Maryland, President Barack Obama unveiled a new round of lending initiatives targeted at helping small businesses.

Treasury Launches Financial Education Counseling Program

The U.S. Department of the Treasury Community Development Financial Institutions Fund has recently launched a new financial education and counseling pilot program.

Insurance Report Released

Secretary of Health and Human Services Kathleen Sebelius and Small Business Administration Administrator Karen Mills recently released a new report,

New Champion's Account Piggy Backs on Hero Success at First Citizens

By Jim Rubenstein

The hero charity checking account, unveiled two years ago by the $475 million First Citizens' Federal Credit Union in Massachusetts

Trust Services At Elevations

Members of the $920 million Elevations Credit Union will soon have help with their estate planning needs.

Nevada Federal Does 'the Right Thing' by Cutting 30 Jobs

By Jim Rubenstein

With the failure of the $147 million Cumorah Credit Union fresh on their minds, Nevada credit union CEOs

N.C. Exec Volunteers for 'Flight of Honor'

By Jim Rubenstein

For Don Wolford, vice president of operations and chief financial officer of the $60 million Winston-Salem City Employees Credit Union,

CU Offers Prize for Dreaming Big

The Santa Rosa, Calif.-based Redwood Credit Union is encouraging members to "dream big" with their new "Big Picture, Big Value" photo contest.

Pacific Service CU Continues to Give

Pacific Service Credit Union of Pleasant Hill, Calif., continued a long standing tradition by donating more than $70,000

Gunter Promoted to CEO At Healthcare's Coop

The search for a new leader has ended at Healthcare's Cooperative Credit Union.

Wings Expands Its Home Base

People living in 13 counties in the Minneapolis-St. Paul-area are now eligible for membership at the $2.3 billion Wings Financial Credit Union.

Two CUs Go Online To Aid Unemployed

Two credit unions, one in Erie, Pa., and the other in Houston, are now promoting a Web-based program

Stimulus Funds Aids Real Estate Projects

The Federal Reserve Board recently reported that Cleveland, Chicago, Minneapolis and Dallas are among the cities

AutolandDirect Goes Nationwide

Autoland, the nation's largest credit union auto buying service, announced that its AutolandDirect dealer referral program

McCaughey, Former CU President/CEO, Passes Away at 87

Community Trust Credit Union is mourning the loss of longtime credit union advocate and former President/CEO John McCaughey Sr. who died at the age of 87.

Young CEO Creates CU of the Future With New Branch, New Ideas

By Lindsey Siegriest

Tammy Williams, president/CEO of $61 million Best Advantage Credit Union,

Filene Summer Fellow Gives Xceed Financial a New Outlook

By Lindsey Siegriest

The Filene Research Institute is working on releasing a report on its summer fellowship program targeting MBA students to attract young, innovative thinkers to the industry.

QUOTES WORTH QUOTING

"In Kansas, we approach it from the standpoint of

Big Guys Are Dressing in Sheep's Clothing, Singing the CU Mantra

By Lindsey Siegriest

Since starting this job, I've learned about some great things that credit unions do.

Scholarships

MaPS Credit Union, Salem Ore., awarded $11,000 in scholarships to 10 Marion and Polk county students.

International Credit Union Day

First Credit Union, Chandler, Ariz., held a canned food drive to celebrate International Credit Union Day.

Branching Out

Kent County Credit Union, Grand Rapids, Mich., hosted a grand opening celebration at its newest branch location in Cedar Springs.

Portland CU Continues Going Viral

By Myriam DiGiovanni

Northwest Resources Federal Credit Union has discovered that a little word of mouth can go a long way.

Altura CU Hooks Up With Local College to Partner on Annual Report

By Myriam DiGiovanni

Altura Credit Union has found a way to breathe new life into its communications within the halls of Riverside City College.

Celebrating 100 Years of Anonymity

By Sarah Snell Cooke

This year credit unions are making big efforts to celebrate their 100th anniversary. Some have put together events to mark the occasion,

Face Up to Facebook et al.: Social Media Are Here to Stay

In the recent opinion piece, "Embracing Social Media May Be Dangerous for Your Members" (Oct. 21),

Keep Those Letters Coming!

Credit Union Times has a goal for 2009 to include Letters to the Editor in every issue.

Reap the Benefits of Social Media

This is a response to the Oct. 21 John Jaser's op-ed on social media.

Analysis Shows Worth of Social Media

John Jaser's Oct. 21 op-ed entitled "Embracing Social Media May Be Dangerous for Your Members" suggests that the rewards of social media are not worth the risk.

Matz Shows Indirect Lending Bias

I was very disappointed to read the negative comments regarding indirect lending made by NCUA Chairman Debbie Matz in her speech at the town hall meeting in San Diego [CU Times, Oct. 14].

Three Cheers for U.S. Central Suit

Bravo to Corporate America CU in suing U.S. Central. Finally, some natural person credit unions will be represented by their corporate credit union

There Must Be a Firewall Between Corporates and Natural Person CUs

In her Oct. 7 column, Editor-in-Chief Sarah Snell Cooke mistakenly equated the support or nonsupport of corporate credit unions to the support or nonsupport of smaller credit unions.

Capital Issues Leave Even Well-Managed Credit Unions Completely Defenseless

Restrictive capital requirements combined with the inability to raise secondary capital has left even well-managed CUs completely defenseless to the first-lien the system has on their capital.

Optimal Platform Integration Helps Create a Seamless Member Experience

There are bells. There are whistles. And then there's integration-the key feature in any system for automating member financial services.

Before You Buy, Know How to Kick the Tires of a Digital Signage System

Digital signage is no longer considered revolutionary in the financial industry. It's proven its capabilities and value.

Key Questions to Ask When Outsourcing Benefits Administration

Traditionally, processing of transactions, insurance claims and other aspects of consumer-based plans have been handled internally.

Tough Times Demand Cementing the Dealer-CU Relationship

In today's corporate environment, the customer satisfaction index is getting more attention than ever before and for good reason.

Unlocking the Secrets to Successful Online Account Opening

Imagine if there was a credit union branch that would only report account balances or collect payments for bills.

Truliant Uses Hardware to Do Software's Job in Systems Management

By Marc Rapport

Truliant Federal Credit Union is now using a set of "help desks in a box" to upgrade software, keep track of inventory and answer questions.

Online Application Abandonment Can Be a Costly Dilemma

By Marc Rapport

The online application process for mortgages and other loans, credit cards and other financial products may be convenient and a cost saver, .

Weston, Mass., Credit Union Gains Wisdom by Using Credit Union On-Line

By Marc Rapport

Barbara Griffin didn't mind being used as a guinea pig by her little credit union's service bureau, especially since it added some Wisdom to her operation.

Agriculture FCU Prepares for Electronic Services

Agriculture Federal Credit Union will soon be using a new suite of online and electronic products

T8DESIGN Changes Its Name to T8 Webware

T8DESIGN, a provider of Web development and management services to credit unions and banks, has changed its name to T8 Webware.

Geezeo and iPayn In Joint Offering

Geezeo's personal financial management and social networking system is now being offered jointly

Reconciliation Tool by SQN

SQN Banking Systems has added image cash letter reconciliation tools to its list of fraud detection and process improvement products for the financial services industry.

Security Service Goes Live on Enhancements

A sweeping core system upgrade at Security Service Federal Credit Union is the centerpiece of a 10-year information technology strategy plan at Texas' largest credit union.

Philadelphia FCU Offers Web Channel for Remote Signatures

Philadelphia Federal Credit Union is now integrating multiple third-party applications

Purdue Employees FCU Deploys High-Tech Scrubbing Tools

Purdue Employees Federal Credit Union has bought some high-tech tools to help with the snail mail.

Open Solutions Expands Deal With Re-Seller uMonitor

Open Solutions Inc. has expanded its role as a re-seller of uMonitor's account opening and funding,

Fiserv Touts 2009 Account Processing Contract Renewals

In the first eight months of 2009, 217 credit unions renewed their account processing contracts with Fiserv Inc., the company said.

Three More Core Signings for Harland

Three more credit unions have committed to the UltraData Enterprise core processing platform, according to Harland Financial Solutions.

MeridianLink Signs Up Three More CUs

MeridianLink Inc. said it has added three more credit unions to its list of clients using the company's account opening and automated lending solutions.

Matrix Manager and Lending Solutions Offer Turnkey Auto Loan Recapture

Lending Solutions Inc. and Matrix Manager are offering what the companies call a turnkey auto loan recapture program for credit unions.

Forrester Says Ubiquitous iPhone Takes Mobile Banking to New Heights

By Marc Rapport

The iPhone is more than just the hottest accessory to tote around.

Opportunities Abound as Web-Savvy Generation Dominates Online Banking

By Marc Rapport

Brace yourselves, credit unions. For the next five years, your primary online banking customers will be a tech-savvy bunch with high expectations.

People

EAST Picatinny Federal Credit Union, Mount Olive Twp., N.J., announced that Justin Hendrickson is the branch sales manager of its newest office in Mount Olive.