Credit Union Times Magazine November 23, 2011

Decker Nomination: Total Silence Descends

By Claude R. Marx

When it comes to the status of Carla Decker’s nomination to the NCUA board, on Capitol Hill and at the White House the silence has been deafening.

Post-Bank Transfer Day: Building Ties That Bind New Members

By Michelle A. Samaad

Fresh out of college a few years ago, Tyler Leonhardt accepted a position at Bank of America.

Becker, Cheney Weigh In on Regulatory Relief

By Claude R. Marx

WASHINGTON — If banks are getting regulatory relief credit unions deserve the same opportunity.

Oregon CU Embraces Occupy Portland

By Michelle A. Samaad

As several more mayors moved to shut down Occupy encampments, demonstrators continue to be steadfast in promoting credit unions as the only alternative to banks.

Member Sues Suncoast Over Mortgage Mess

By David Morrison

A Tampa Bay teacher has sued the 511,000-member $4.9 billion Suncoast Schools Federal Credit Union in Florida court, charging the CU repossessed her car after she fell behind on her mortgage payments.

Coupons Offer Auto Dealer Connections and Member Incentives

By Michelle A. Samaad

With the decline in vehicle loans expected to be a drag on overall loan growth well into 2012, credit unions may be searching for even more ways to boost revenue.

Air Academy FCU Lays Off 19 in Branch Makeover

By Jim Rubenstein

Even as it absorbs its lumps and lays off employees from the slump in home lending, the $419 million Air Academy Federal Credit Union of Colorado Springs, Colo., made clear last week it is on a mission to emphasize online and electronic tools.

Corporate Merger Mania on the Horizon?

By Robert McGarvey

There may be only four or five corporate credit unions within 10 years. There isn’t that much business out there. "The small won’t survive,” predicted John Fiore, CEO of Motorola Employees Credit Union and a key figure in the recapitalizing of Members United as Alloya. “Within a couple years we...

NCUA Rethinks Corporate Too Big to Fail Policy

By Robert McGarvey

What a difference 10 months makes. That’s a prevailing thought in corporate credit union circles as executives digest the reports, unconfirmed by the NCUA, that two of the leading bidders for the failed Western Bridge corporate are Alloya (formerly Members United) and Catalyst (formerly Southwest Bridge plus Georgia Corporate). This...

Inspector General Tells NCUA to Beef Up Data Protection

By Claude R. Marx

The NCUA needs to do a more thorough review of how it protects the privacy of its computer users and data, according to a report by the agency’s Office of Inspector General.

Fraud: Report Points to Need for Robust Prevention

By Natasha Chilingerian

Cybercrime and malware are the top online fraud threats financial institutions face today, and they’ll continue to top the list of threats over the next two to three years, according to a new report from research firm Aite Group.

RDC Reaches Adoption Plateau, Says Report

By Natasha Chilingerian

Adoption of commercial remote-deposit capture, which refers to business customer-specific RDC solutions, grew by just 10% in 2011 while mobile RDC has become a priority for U.S. financial institutions and vendors, said a new Celent report, “State of Remote Deposit Capture 2011: Signs of a Maturing Market.”

Short-Term Loans Help Members Break the Debt Cycle

By Natasha Chilingerian

Short-term loans are in demand. According to a recent Wall Street Journal report, payday lender and pawn shop share prices jumped in October. Some credit unions are taking this opportunity to provide similar products, but at a lower cost and with a different philosophy in mind. While payday lenders encourage...

Silver States Loses Top Spot, Plans Branch Closures

By Jim Rubenstein

Perhaps it was bound to happen given the continuing financial slide of the $667 million Silver State Schools Credit Union.

Editor's Column: A Little Bit of Fear Could Go a Long Way

By Sarah Snell Cooke

For possibly the first time, credit unions last week testified before a joint subcommittee hearing on the Communities First Act, legislation that was drafted by a former community banker primarily to benefit community banks. Kudos to the trades for getting the invites; that’s a first step toward gaining greater recognition...

‘Polluting the Digital World’

By Marc Rapport

A London-based consultancy has released a new report it said shows that social media channels are not necessarily the best way to connect with all consumers.

New Software at Arsenal CU

By Marc Rapport

Newly deployed management software will help the $167 million Arsenal Credit Union in Arnold, Mo., lower the call abandon rate and improve member service in its contact center, the credit union said.

FSI Posts CU Gains

By Marc Rapport

Eleven credit unions in the past 16 months have been added to the client list of approximately 160 financial institutions served by Financial Services Inc. of Glen Rock, N.J., the company said.

Xtend Gains Two More CUs

By Marc Rapport

Xtend Inc. said it has gained two more credit union owners and contacted with two others for call center services.

FORUM CU Taps Doug True as CEO

By Marc Rapport

The $927 million FORUM Credit Union has named its longtime chief technologist Doug True as its next CEO.

Treasury FCU Adds Trusteer

By Marc Rapport

Boston-based Trusteer said its Rapport Web browser anti-malware solution will be offered to the 23,000 members of the $161 million Treasury Department Federal Credit Union in Washington, D.C.

EasCorp Adds Clients

By Marc Rapport

Ten more credit unions have committed to deploying mobile remote deposit capture service from the Vertifi Software LLC subsidiary of EasCorp, the Burlington, Mass., corporate said.

Guest Opinion: Matz Says NCUA 2012 Budget Will Protect CUs

By Debbie Matz

Here’s a news flash: The NCUA’s annual budget is a sound investment by credit unions to protect their bottom lines.

BrightStar CU Throws a Party

To celebrate its 65th anniversary, BrightStar Credit Union of Sunrise, Fla., recently held a “Party in the Park” for the entire community

Ohio CUs Grow Business Lending

By Michelle A. Samaad

Member business lending at Ohio’s credit unions are becoming strong portfolio components.

Transfer Day Caution From J.D. Power

By Jim Rubenstein

Despite the euphoria, a top researcher for J.D. Power & Associates warned credit unions last week against “popping the champagne corks too early” in expecting sustainable gains from Bank Transfer Day. That’s because their data continue to show real consumer intransigence about moving accounts.

Sperry FCU Celebrates

Sperry Federal Credit Union marked its 75th Anniversary recently when long-term members gathered at its main branch in Garden City Park, N.Y., to commemorate the milestone.

United FCU to Expand

On pace to double its asset base twice in the next decade and add 500 jobs by 2020, United Federal Credit Union announced plans to expand its headquarters to accommodate its growing workforce.

People First FCU Picks Albert as CEO

By Myriam DiGiovanni

People First Federal Credit Union Senior Vice President/Chief Operating Officer Jeffrey Albert has been promoted to president/CEO.

Fraud Penalties Hit $3 Billion

By Michelle A. Samaad

The Securities and Exchange Commission said this year will mark the highest number of enforcement actions filed in the agency’s history.

TDR Reporting Hurts Us

By Michael Poulos

I wanted to compliment Credit Union Times for an excellent article on TDR reporting [Nov. 2, page 1].

Debt Protection Demand Increases

By Natasha Chilingerian

While credit insurance and debt protection have been long-time staples for credit unions as part of their loan add-on product suites, some experts noticed that they are becoming more of a priority as the industry continues to seek new noninterest income streams.

Insurance, Retail Investments Biggest Fee Income Lures

As the industry grapples with the expected drop in fee income once generated through debit card interchange fees, other areas may have the potential to make up for some of the losses.

Guest Opinion: Economy Grows From Partnership

By Dave Adams

We never forget defining moments in history and where we were when they were defined. That certainly is true of the financial crisis that rocked our country’s financial system, businesses and our overall economy in 2008. Like other industries, credit unions strongly felt the impact of the lack of demand...