Credit Union Times Magazine October-21, 2009
Featured Story
What Will the Secondary Mortgage Market Look Like Going Forward?
There are two key medium- to long-term questions hovering over credit union mortgage lenders.
Front Page News
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Matz, Candon Tell Lawmakers CUs Face More Rough Times
WASHINGTON -- They weren't wearing black hats, but when NCUA Chairman Debbie Matz and NASCUS Chairman Thomas Candon appeared before a Senate subcommittee last Wednesday, they had mostly bad news to convey.
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Overdraft Debaters Find Common Ground on Monitoring
Call it what you will. A service, a punishment or financial illiteracy. There is one thing that overdraft program debaters agreed on. Member usage of such programs should be monitored and controlled.
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House Begins Work on CFPA
Credit unions won an early victory as the House Financial Services Committee voted to exempt credit unions
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Consumers Cut Back on Credit -But Some Find a CU Oasis
Major card issuers have cut cardholders credit lines, raised interest rates and hiked fees.
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U.S. Central Offers $4B in Notes
U.S. Central completed an offering of $4.0 billion in medium-term notes last week that are guaranteed by the NCUA's Temporary Corporate Credit Union Liquidity Guarantee Program.
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CUNA and NAFCU Move Closer to Agreement on Additional Capital
CUNA and NAFCU have ironed out more differences in their positions and are closer toward coming up with a policy statement on allowing credit unions to seek additional capital.
News
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CU Alternative Capital Raises Questions on Risk, Return and Disclosure
Credit union trades are optimistic that cooperative institutions will win the right to issue secondary capital to investors.
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Slowdown in CU Member Business Lending May Continue for Some Time
After recent upswings of record growth, member business lending activity continues to slow down in large part because of the drag on the economy.
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House Passes CARD Fix
On a voice vote following minimal debate, the House last Tuesday approved a measure
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Meriwest Credit Union Takes the Big Plunge Into New-Purchase Mortgages
A credit union that seeks to grow its mortgage lending program will almost certainly need to reach out to real estate professionals, according to a credit union that has built up strong relationships with Realtors.
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Lending Pitch Made
Credit unions will be able to help credit-deprived businesses if the cap on member business lending were raised and if certain SBA lending programs were modified,
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Two Troubled Nevada Credit Unions, WestStar and Cumorah, Lose Their CEOs
Two troubled Nevada credit unions, the $174 million WestStar Credit Union and the $157 million Cumorah Credit Union, have replaced their CEOs.
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Fate of Pa. Complex Is Still Uncertain
An entertainment center may face liquidation over bankruptcy protection weeks after Members 1st Federal Credit Union,
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Ill. Credit Unions Answer State Treasurer's Call to Aid the Unbanked
Illinois credit unions are heeding the call of State Treasurer Alexi Giannoulias to promote low-cost or free checking accounts to underserved minorities.
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Teachers CU Part of College's 2010 Outlook Tour
Indiana University will tour the state in November to share its economic forecast on what the nation could see in 2010.
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IDAs for Small Biz
The town of Dryden, N.Y., is hoping Alternatives Federal Credit Union's track record with individual development accounts will help create more small businesses here.
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Wis. League Jump Starts ICU Day
Getting an early start on International Credit Union Day, the Wisconsin Credit Union League was planning to run the annual promotion
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Post Ike, Galveston CUs Relish League Conference in November
Credit union managers in Galveston, Tex., are not even whispering the name "Ike" or "hurricane."
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Idaho League Expanding Its Payroll Processing Business
The Idaho Credit Union League is expanding its payroll processing business across the Northwest with a promotion now underway in four states.
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Fryzel Leads Ethnic Parade
Former NCUA Board Chairman Michael Fryzel was honored by the $1.3 billion Polish and Slavic Federal Credit Union
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FHA Takes on Higher Profile
With much of the rest of the mortgage industry in disarray, the Federal Housing Administration has found itself occupying an expanded market niche.
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Conn. League Offers Compliance Workshop
The Connecticut Credit Union League is determined to help credit unions cope with a rising regulatory burden
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Lenders Run Amok Talk Tempered
News articles that ran last summer in Minnesota about "Lenders Gone Wild" helped prompt a state Senate hearing on safety and soundness.
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Tenn. CU Sues NFL Player's Estate
Old Hickory Credit Union is seeking thousands of dollars stemming from an auto loan to former Tennessee Titan football player Steve McNair.
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Dallas Firm Sets Up Risk Management Wing for CUs
Avidiant Consulting Group is expanding its reach beyond start-ups, mid-cap companies and banks to include an area on the front burner for many credit unions: risk management.
News Briefs
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CU Business Group Touts $2 Billion Milestone
With more than $2 billion in member business loans reviewed, CU Business Group LLC said it has reached another milestone.
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Virtual 'Sophie' Offers Advice
SimpliFi, a new online financial planning tool offered by Alliant Credit Union, features "Sophie," a virtual adviser to walk members through the process.
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NACUSO Reschedules
Credit union board and staff travel restrictions has forced NACUSO to reschedule its business services alliance conference from this November to fall 2010.
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Condo Dispute Ends in Illinois CU's Favor
A jury recently ruled in favor of IH Mississippi Valley Credit Union, deciding that the financial institution will not have to pay developers the $3.5 million they were seeking after the CU moved to foreclose a condo loan.
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Seven CUs Create Student Loan CUSO
Workers' Credit Union announced that it has partnered with six other credit unions to provide private education loans to students of ITT Technical Institutes.
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Maine Court Queried On Card Damages
The last shoe to drop in the Hannaford Brothers card security breach might just help credit unions gradually improve their position on such breaches in the future.
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CUNA Mutual Offers ID Theft Protection
CUNA Mutual Group announced that it is now offering an optional identity theft insurance program for credit union directors, officers and employees as part of its new management and professional liability insurance policy.
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N.H. College Turns to CU Leaders for Recovery Tips
Southern New Hampshire University included credit unions in a series of Webinars on the economic downturn to find out how the financial institutions are managing to fare during the current banking crisis.
Departments
Tech Bytes
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San Diego CU, Desktop Scanner Help Ronald McDonald and Friends
A little bit of Check 21 technology is helping North Island Financial Credit Union help one of its particularly special members help families get through some trying times.
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Open Solutions Canada Uses New Tools to Monitor Massive Transaction Flow
The network minders at Open Solutions Canada are now using some sophisticated software
Special Report
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Opportunity Is Knocking in CU Mortgage Lending; Will You Be Home?
Fall. Time for football, cooler temperatures and budgeting and planning at the nation's credit unions.
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Home Prices Still falling, Just More Slowly, Index Shows
Home prices may still be at the level they were six or more years ago, but the rate at which they are falling appears to be slowing.
Editor-in-Chief's Column
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CFPA Is Indefensible; The Carve Out Intolerable
Creating the Consumer Financial Protection Agency is bad policy; carving out for smaller institutions is even worse.
Columns
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Callahan Offers Special Directory
Callahan & Associates is kick starting its silver anniversary with the launch of a special edition 2010 Credit Union Directory
Opinion
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Recession Brings Opportunity for Healthy CUs, but Beware of Bad Mergers
Some healthy credit unions have called on Sandler O'Neill to discuss the opportunity to add scale through merging with a troubled CU.
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Embracing Social Media May Be Dangerous for Your Members
How cute and cuddly is social media for banking?
Publisher's Notebook
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PUBLISHER'S NOTEBOOK
Tom Davis, NACUSO's president, speaks regularly on credit union sustainability through business networks and collaboration.
On-Site Conference Coverage
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Speakers Debate Regulatory Reform and Need for Attitude Adjustment
SAN DIEGO -- Credit unions have a narrow window of unprecedented opportunity to capture market share.
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Bad Document Management Costs Big
SAN DIEGO -- A functional document management system can reduce operational costs by 20% and improve employee productivity by 30%.
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Brother, Can You Spare a Participation Loan?
SAN DIEGO -- REALTORS Federal Credit Union President/CEO Tom Glatt made it clear he's in the market for participation loans,
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New Card Regs Will Have Steep Cost
SAN DIEGO -- New credit card regulations will banish 150 to 200 basis points of revenue compared to today's average account,
Other
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Correction
An article in the Oct. 7 issue about Fiserv Inc.'s new Acumen account processing platform
Resource Center
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