Credit Union Times Magazine October-28, 2009

CUs Disappointed With CFPA

By Claude R. Marx

Many large credit unions are still subject to additional examinations and concerns remain that federally chartered credit unions could be subject to potentially tougher state regulations.

New Processor With New Approach Takes Aim at the CU Card Market

By David Morrison

Total Systems Services Inc., the second largest card processor based in the U.S., announced last week that it was opening a new division and wants that division to process credit union card transactions.

U.S. Central Management And Directors Sued for Fraud

By Heather Anderson

Corporate America Credit Union filed a lawsuit Oct. 19 in Alabama District Court that claims management and volunteers of U.S. Central Federal Credit Union committed securities fraud.

Member Fights Foreclosure and Fla. CU Over Misapplied Payments

By Michelle A. Samaad

Kathleen Soto said the fight to save her home from foreclosure has caused her stress and migraine headaches and has led to a prescription for anti-anxiety medication.

Tale of Two Leagues: Va. Jumps Into Election Fray; N.J. Sits It Out

By Claude R. Marx

New Jersey's Credit Union League is "watching with interest'' that state's gubernatorial election, but its counterpart in Virginia is taking a more hands-on approach to the race for the state house in the Old Dominion.

Shared Branching Coming to Puerto Rico

By David Morrison

Financial Service Centers Cooperative, one of two nationwide shared branching networks, has announced that 14 credit unions on the island of Puerto Rico have banded together to participate in shared branching through its national shared-branching network.

Ranks of Troubled CUs Grows

By Claude R. Marx

As a result of the sluggish economy, 5.13% of all insured shares are in credit unions with CAMEL 4 or 5 ratings, and there are 326 credit unions with such ratings, NCUA Chief Financial Officer Mary Ann Woodson told the NCUA Board last Thursday.

Ohio CUs Gird for Fight

By Jim Rubenstein

Bolstered by requests from hard-pressed municipalities,

Survey Shows CUs Gaining

By Claude R. Marx

Almost 70% of credit union executives surveyed by NAFCU reported an increase in members switching loans from banks during the past 12 months.

Former CU Faces Corporate Loss

By David Morrison

A former credit union now turned bank may find out that it didn't clear itself from all of its CU relationships in time to avoid losing significant money.

Credit Unions Hurt in Mortgage Fraud Lobby Congress Against Fannie Mae

By David Morrison

Some of the credit unions that had mortgage loans fraudulently sold to Fannie Mae by the now defunct U.S. Mortgage Corp. have begun lobbying Congress in an attempt to recover their money.

International CU Day Marked by Poll, Lunch and a Spat With the ABA

By Jim Rubenstein

To mark International Credit Union Day, the Georgia Credit Union Affiliates released results of a poll that showed the recession is causing Georgia consumers to spend far less than a year ago.

Delaware League Gets First CU for Student Loan Program

By Lindsey Siegriest

The Delaware Credit Union League hasn't officially announced its new student loan program, but it already has a credit union signed up.

TNB Reports an 8% Increase in CU Cardholder Balances

By David Morrison

More evidence that credit unions are bucking the national trend of shrinking credit lines and diminishing use of credit cards.

New Book Combines Pathos and Analysis of Easy Credit Run Amok

By Claude R. Marx

Many accounts of the nation's economic problems go overboard either on the wonkish policy analysis at one end or the heartstring-tugging anecdotes on the other. It is rare to find a writer who strikes the necessary delicate balance.

Indiana CU Teams Up With Pacers for a Full-Court Awareness Press

By Myriam DiGiovanni

Indiana Members Credit Union is hoping its new partnership with the National Basketball Association's Indiana Pacers will be an awareness slam dunk.

Yolo Eases Back Pain

Yolo Federal Credit Union plans to make the most of American Massage Therapy Association's National Massage Therapy week by offering members free five-minute chair massages this week.

TSYS: Can the Giant Card Processor Conquer the CU Market?

By David Morrison

Total Systems Services Inc., the second largest card processor based in the U.S., announced last week that it was opening a new division and wants that division to process credit union card transactions.

More Personal Guarantees Required on Business Loans

By Michelle A. Samaad

Banks are demanding more personal guarantees on small business loans as the lenders continues to put the squeeze on credit access.

Pa. CUs Victims in CD Ponzi Scam

By Michelle A. Samaad

In yet another alleged scam involving certificates of deposit and credit unions, one more person has been arrested for supposedly defrauding three Pennsylvania cooperatives out of $2 million.

Security Service Federal Credit Union Is First To Deploy MasterCard's New Debit Product The $5.2 billion Security Service Federal Credit Union in San Antonio is the first CU to roll out a MasterCard tool to help MasterCard debit cardholders track their d

By David Morrison

The $5.2 billion Security Service Federal Credit Union in San Antonio is the first CU to roll out a MasterCard tool to help MasterCard debit cardholders track their debit card spending online.

CUNA Mutual Issues Flu Alert Warning

The nation's heightened attention to flu outbreaks prompted a new reminder from CUNA Mutual Group about disaster preparation.

CDFI Fund Launches Literacy Pilot Program

A new grant program from the U.S. Department of the Treasury's Community Development Financial Institutions Fund kicked off last week.

Arizona Central CU Closes a Branch

The cost cutting among Arizona credit unions continued unabated last week with the $423 million Arizona Central Credit Union of Phoenix announcing the closing of one of its 12 branches in a follow up to staff cutbacks that have taken 40 jobs since 2008.

Birmingham Attorney Is Mutual Savings CEO

A Birmingham attorney, Douglas Key, has been named by the Alabama credit union regulator as the new president/CEO of the $195 million Mutual Savings Credit Union, which underwent conservatorship by the state last July.

Kan. CUs to Consolidate

Two of Kansas' largest credit unions, Credit Union 1 of Kansas and Credit Unions United, both of Topeka , with combined assets of $250 million, are planning a merger of equals to take place in 2010.

N.J. Green Machine Tracks Down Members

Money was literally on the move during the Dominican Day Parade in Patterson, N.J., courtesy of North Jersey Federal Credit Union's Green Machine.

United FCU Chairman Steinke Passes Away

United Federal Credit Union is mourning the death of Chairman John Steinke.

BECU Opens Branches, Cross Sells by Rolling the Analytical Dice

By Marc Rapport

BECU is using the power of software to "compete on analytics" as it makes decisions on such things as where to site branches and how much to let members take out of ATMs.

Antifraud Solution Deployed at Miami CU

Dade County Federal Credit Union in Doral, Fla., is now using a Web-based case management solution to help it do its part in the fight against financial crime in Miami.

A new Web site for the Connections Online management automation solution has been launched by the Cardwell consultancy. The new Web site (www.connectionsonline.net) includes enhanced educational content on topics such as completing projects more quickly,

A new Web site for the Connections Online management automation solution has been launched by the Cardwell consultancy.

CUNA Council Offers Virtual Server Study

The CUNA Technology Council is offering a white paper on server virtualization, the practice of splitting one computer server into multiple functioning machines.

Compliance Specialist Releases Upgrade

An upgraded version of the Control automated compliance and reporting solution for credit unions and community banks has now been released by Continuity Engine.

Secondary Capital 'Joint Letter' Is Anything But

By Sarah Snell Cooke

CUNA and NAFCU finally submitted their "joint letter" to the NCUA Board regarding secondary capital.

It Depends What 'Member' Means

Unfortunately, Sarah Snell Cooke's Oct. 7 column did not accurately reflect NAFCU's position, the law or regulation in addressing alternative capital that might be provided by "members" of a credit union.

Volunteers Need to Lobby

Overall I agreed with the Editor-in-Chief's column (Sept. 30 issue) and its direction. However, I feel you missed an important opportunity as it relates to volunteers.

HarborOne Credit Union Leverages Tech and Strategy to Grow Efficiently

Over the past three years HarborOne Credit Union has grown by more than $300 million in total assets without adding any additional staff.

Don't Let Vendor Exclusivity Provisions Sneak Up on You

If you don't watch out, they can get you. They lie hidden until you least expect it. Then, they rear their ugly heads to strike. They are called exclusivity provisions-and they can absolutely ruin your day.

CUNA Economist Hampel Warns That a Swift Recovery Is Not On the Way

By Heather Anderson

CHICAGO -- The recession has bottomed out, but don't expect consumer spending to return to 2006 levels again for a long, long time, CUNA's Bill Hampel told the general session crowd at the AICPA National Conference on Credit Unions.

Hyland Advises CUs to Set Aside Up to 30 Basis Points for Stabilization

By Heather Anderson

CHICAGO -- NCUA Board Member Gigi Hyland hit all the hot industry topics in her keynote speech to kick off the AICPA National Conference on Credit Unions last week.

Hyland: U.S. Central Notes Address Liquidity Needs

By Heather Anderson

CHICAGO -- NCUA Board Member Gigi Hyland said U.S. Central Federal Credit Union issued medium-term notes to meet liquidity demands during her keynote speech at the AICPA National Conference on Credit Unions.

NCUA's Kutchey Offers an Encore Due to Popular Demand

By Heather Anderson

CHICAGO -- Current regulations and new ones expected from the NCUA was such a popular topic, the AICPA National Conference on Credit Unions booked the regulator's deputy director of examination and insurance twice.

Panel Advocates Better Internal Controls on Loan-Loss Allowances

By Heather Anderson

CHICAGO -- Most credit unions need better internal controls if they expect to accurately record loan-loss allowances, according to an Oct. 20 panel during the AICPA National Conference here.

High-Touch Modification Programs Better for Credit Unions and Members

By Heather Anderson

CHICAGO -- Half of all borrowers who go into foreclosure don't speak to their lender beforehand, HOPE NOW Alliance Executive Director Faith Schwartz told the AICPA National Conference on for Credit Unions breakout session attendees here.

As Markets Recover, It's Critical for Advisers to Reach Out to Members

This last year has been nothing short of a hair-raising roller coaster ride of emotions for the U.S. investor.

From XCU Capital's Ashes, Executives Emerge to Carry On Brokerage Services

By Michelle A. Samaad

Nearly two years after what was considered to be the first homegrown broker-dealer for credit unions closed shop, several of its former executives have risen from its ashes.

Boomers Are Leaving Credit Unions as They Near or Enter Retirement

By Michelle A. Samaad

A growing number of members in the baby boomer age range are leaving their credit unions as they near retirement, according to research conducted by CUNA Mutual Group.

Race Is On Between CUs and Banks on Short-Term CD Deals

By Michelle A. Samaad

Investors and members looking for the best rates on certificates of deposit are typically steered to credit unions for the sweetest deals.

INVEST Financial Draws on CUNA Brokerage CEO's Record to Build Alliances

By Michelle A. Samaad

With just over a dozen credit unions served, INVEST Financial Corp. may have made some inroads with the hiring of the head of one of the movement's largest brokerage companies as its new leader.

PEOPLE

Holy Rosary Credit Union, Rochester, N.H., announced the promotion of four employees. Carolyn Wood was promoted to branch manager of the credit union's Rochester branch.

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