Credit Union Times Magazine September-08, 2010

NCUA Levels Fraud Charges in Amended WesCorp Suit

By Heather Anderson

The NCUA Board, serving as conservator plaintiffs in the Western Corporate FCU lawsuit, filed an amended complaint

Federal Reserve Reaching Out to CUs on Debit Interchange Rule

By David Morrison

The Federal Reserve Board has reached out to credit union trade associations as part of its first steps toward crafting a cap on debit card interchange.

San Francisco Taxi Medallion Program Expands Niche for CUs

By Michelle A. Samaad

In labyrinthine San Francisco, taxi cabs are always in high demand to help tourists and residents navigate the city's tight spaces.

CUs Not as Tolerant of Dormant Accounts as in the Past

By Michelle A. Samaad

In some credit union circles, it remains a taboo subject: making the decision to sever relationships with those members who have dormant, low-fund accounts that have become too expensive for the credit union to maintain.

CUs Cited as Potential Tax Revenue Booster

By David Morrison

A report from an economic advisory panel to the Obama Administration broke into the usual late summer political doldrums last week and returned credit unions to the perennial tax debate again.

Judge Dismisses Corporate Central CU vs. U.S. Central FCU and NCUA

U.S. District Judge Lynn Adelman dismissed the $1.8 billion Corporate Central CU's case against conserved U.S. Central FCU and the NCUA.

Compensation: A Tale of Two National CU Trade Associations

By Claude R. Marx

The CUNA CEO's compensation package drooped last year while NAFCU's rose, IRS forms stated.

Feinberg Meets With Southeast League on Oil Spill Claims

Kenneth Feinberg, the Obama administration's claims czar on the BP oil spill, has now heard directly from Southeast credit unions that they're ready to provide check assistance to the victims and are hoping a loan guarantee plan can be set up.

NCUA Named as Latest Defendant in New London Security Federal Credit Union Legal Disputes

By Michelle A. Samaad

More than two years since New London Security Federal Credit Union was liquidated after alleged investment fraud led to its

OMNI Adopts iPads

It's out with paper board packets and in with iPads at OMNI Community Credit Union.

Sperry Assoc. FCU Files Suit to Recover Participation Loans Under Defunct Eastern Financial Florida CU

By Michelle A. Samaad

Three months after Sperry Associates Federal Credit Union signed a letter of understanding and agreement with the NCUA to repair troubles within its loan program,

Texas Dow Employees Increases Courtesy Pay Usage

Texas Dow Employees Credit Union wasn't sweating the Aug. 15 Reg E overdraft opt-in deadline.

Maryland and D.C. CUs Endorse Mayoral Challenger

The Maryland and D.C. Credit Union Association has endorsed the challenger in the current race for mayor of the District of Columbia.

Pannier New REALTORS FCU CEO

After serving in the acting role since Aug. 1, REALTORS Federal Credit Union has named Jane Pannier its new president/CEO.

San Francisco Fire CU's Dykstra Will Lead California and Nevada Leagues

By Heather Anderson

Diana Dykstra, president/CEO of the $670 million San Francisco Fire Credit Union, has been selected to lead the California and Nevada Credit Union Leagues, the organizations recently announced. She will begin her new role as president/CEO on Oct. 18.

Midwest Experiences Several Small Credit Union Mergers

By Jim Rubenstein

From the Twin Cities to St. Louis, the pace of credit union merger deals in the Midwest was steady this month.

Atlanta CU Carries Out Slain CU CEO's Vision With Branch Re-Opening

By Michelle A. Samaad

The re-opening of a Credit Union of Atlanta branch to serve in a historic and underserved area downtown here was one project the late President/CEO Dean Gaymon was working on before he passed away in July.

Superior CU Rolls Out the Welcome Mat for Furry and Finned Friends

By Myriam DiGiovanni

Superior Credit Union has taken its pet-friendly policy to a new level. Whether they have fins, feathers or fur, pets can have accounts at the Collegeville, Penn.-based credit union.

Wisconsin Bankers Attempt to Thwart MBL Cap Increase, League Says

By Michelle A. Samaad

The Wisconsin Credit Union League is once again calling out bankers, this time on their claims that credit unions are not doing enough to serve the underserved.

CDFI Fund Awards Almost $13 Million to Community Development CUs

By David Morrison

The U.S. Treasury Department's Community Development Financial Institutions Fund has announced it will make almost $13 million available to qualified community development credit unions.

SecureWorks Uncovers New Sophisticated Fraud Attack

Every day criminals are finding new ways to commit acts of fraud and to steal information from consumers and financial institutions.

CUNA and NAFCU PACs Rev Up for the 2010 Election Season

By Claude R. Marx

As the fall campaign season kicks into high gear, CUNA's political action committee has $1 million in its coffers for upcoming political activities.

Utah Credit Union League Rebrands as Utah's Credit Unions

The Utah League of Credit Unions has a new public face and brand: it's now the Utah Credit Union Association and online it's simply utahscreditunions.org.

Irish Best Practices

CUNA Mutual Group Ireland hosted 50 credit union managers and directors, as well as Ireland's credit union regulator, legislators and industry trade organizations, during a "Future of Finance" conference in Dublin, Ireland.

Why Accounts for Child Performers? It's All About Member Service

By Eileen Courter

Why would a credit union want to offer little-known, highly specialized accounts that often carry very small balances, could sit on the books for more than a decade, and aren't a real profit center?

NCUA Warns Credit Unions on Indirect Lending

NCUA wants credit unions to exercise significant care when making loans in partnership with third-party vendors or organizations.

Iowa CUs Aid Flood Victims

Iowa credit unions contributed dollars and relief help to aid victims of the July 24 flooding at Lake Delhi dam and on the Maquoketa River.

ProDraft CUSO, Ohio Bank Form Pact

Credit union owners and clients of ProDraft Services Inc. will have access to correspondent banking services through the CUSO's partnership with Cincinnati-based Fifth Third Bank.

Unemployment Tied to Rates

Deposit rates tend to fall when unemployment rates are high, according to an analysis that looked at trends over the past 10 years.

CUES, Geezeo Offer PFM Tool

CUES has teamed up with Geezeo to offer personal financial management tools to credit unions.

PSCU, Alabama Firm Create Referral Alliance

PSCU Financial Services and Legacy Member Services, an Alabama-based check product provider, have formed a referral partnership for small business checking services and other solutions.

Baxter Picks Broker-Dealer

The $1.5 billion Baxter Credit Union has signed on with CUSO Financial Services LP for broker-dealer services.

First Citizens' Buys Branch From Bank

Before it fell vacant a year ago, the prominent property in Mattapoisett, an old Massachusetts shipbuilding town, had always been occupied by a bank?most recently Sovereign Bank.

Soldiers and Credit Union Execs Paired for Charity

The Homes for Our Troops charity will gain from a golf promotion that pairs soldiers and executives from the $150 million Mid Missouri Credit Union.

High Desert Adds Shared Location

Financial Service Centers Cooperative added a second location in Southern California's high desert region, deploying a Vcom terminal July 26 in an Apple Valley, Calif. 7-Eleven store.

CUNA Council White Paper: As Data Evolve, Adjust Backup Plan

By Marc Rapport

Natural and man-made disasters, technical interruptions, security breaches and theft all pose threats to the data that keep credit unions running.

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Hudson River Community Credit Union, Corinth, N.Y., announced that CEO Susan Commanda will serve a one-year term on the Community Credit Union Committee.

Capital Rules Change Could Have Residual Effect on CUs

By Claude R. Marx

American credit unions aren't subject to international capital requirements, but changes to these requirements could prompt the U.S. government to allow supplemental capital.

N.Y.'s SEFCU Buys Mortgage Originator

The $2 billion SEFCU credit union, headquartered in Albany, N.Y., has purchased an area mortgage origination firm to expand its mortgage offerings.

1st Financial Promotes Nelson to Top Spot

Frank Nelson, president for the last year of the $220 million 1st Financial Federal Credit Union, Wentzville, Mo., has been promoted to CEO. He replaces Nina Pilger, who left the CU last month.

Matz to Address Oregon Credit Union Executives

NCUA Board Chairman Debbie Matz will hold a town hall meeting with Oregon credit union executives and will address

Cardinal Community Credit Union Names CEO

Cardinal Community Credit Union has tapped former KPMG Peat Marwick Senior Manager Christine Blake to be its new president/CEO.

SECU Donates $5M

State Employees' Credit Union members have once again demonstrated the value of credit unions by helping make a new cancer center in Western North Carolina a reality.

Credit Union Times Welcomes Web Editor

Credit Union Times has added a new member to its team. Marygrace Murphy has joined the staff as assistant editor starting Sept. 7.

Will NCUA Play Good Corporate/Bad Corporate?

By Heather Anderson

If accounting rules are preventing NCUA from successfully separating toxic assets from corporate balance sheets without

SE Corp Investment CUSO Nearing $1B Under Managemen

Excess liquidity, low term deposit rates and a changing corporate network have boosted the two-year-old Accolade Investment Advisory, LLC to $905 million currently under management.

Corporate America Hires General Counsel

The $3.6 billion Corporate America Credit Union announced Aug. 30 that it has hired Ben F. Hayley as general counsel. He will report to CEO Thomas Bonds.

First Carolina Conference Filling Up

Registration is on pace compared to previous years for the $2 billion First Carolina Corporate Credit Union's annual Financial Conference next week.

Members United Reports $4.6M July Loss, But No New Capital Impairments

The $8.9 billion Members United Corporate FCU reported a $4.6 million net loss for July 2010, driven by $8 million in new other-than-temporary-impairments from its latest investment review.

New VACORP Business Plan

Provided the NCUA releases its final corporate rule in September, the $1.4 billion Virginia Corporate FCU will add a session to its Oct. 13 Financial Strategies Conference in which it will unveil its new business plan.

Economic Slump Doesn't Halt Growth at $1B America's First CU

By Eileen Courter

Following a strategic planning session in 2005, America's First Credit Union-then boasting just above $600 million in assets-set a goal of reaching $1 billion within five years.

Taxes and Bankers and WesCorp-Oh My!

By Sarah Snell Cooke

The taxation issue brought up in a report by a quasi-administration panel is as much rite of passage into budget season as a learner's permit is to a nearly 16-year-old.

A Gen Y Swan Song

By Lindsey Siegriest

I am sad to say that after almost three years at Credit Union Times this will be my last Gen Y Back Talk column.

Credit Cards Lead Weak Loan Growth

Credit cards led the way in what was overall very weak credit union loan growth in the second quarter, according to data reported to the NCUA.

Members Can Not Afford To Lose Small Church CUs

Merger is a dirty word in the world of small credit unions-the definition here being under $10 million-and frequently relating to church credit unions that may or may not be community development credit unions.

WOCCU Recognizes Women's Issues

I read your Aug. 18 editorial, "Women's Issues Are Not Just Women's Issues," with great interest.

Gen Y Is Pass?-Discover Gen Next Before It Is Too

2007 was 10 years ago. I know mathematically that is not true. However, in terms of American cultural evolution 2007 was 10 years ago.

New iPhone App Offers Locations of Free Maine ATMs

Maine credit union members who use iPhones now have access to an app that can help them locate surcharge-free ATMs nearby.

Allpoint Announces Deal With Kroger

Credit unions belonging to the Allpoint network will now be able to offer their members fee-free ATM access at 800 Kroger stores across the country, according to Allpoint owner Cardtronics, the largest independent ATM deployer in the country.

When Requesting Vendor Proposals, Do It the Right Way

Repeated regulatory assessments, increased credit risk, drops in key revenue sources and increasing compliance burdens are all making it harder than ever for credit unions to stay healthy and continue to serve members. To meet these

Merchants Leading Cause of Card Fraud, Credit Unions Say

Credit unions responding to NAFCU's August Flash survey reported that merchants were the leading source of the credit and debit card fraud attempts they were seeing.

One-Third of Western European ATM Markets Shrank Last Year

A market research firm in London has reported that one-third of western European ATM markets shrank last year, a trend that some ATM analysts privately worry could happen in the U.S. as well.

Credit Processing Solution Choices

With the current economic environment and recent legislative enactments, credit unions are under increasing pressure to find new sources of revenue and maximize existing sources.

Card Offers Up, Research Firm Says

A market research group that specializes in tracking card data said consumers are putting more on their credit cards now than at any time after the start of the economic downturn.

CU 24 Announces a Strong 2Q

Credit Union 24, one of two nationwide credit union-owned ATM and EFT networks,

CO-OP Lands $5.6 Billion Credit Union

CO-OP Financial Services has announced that the $5.6 billion Security Service Federal Credit Union will join its popular surcharge-free ATM network.

CommunityAmerica CU Goes With PSCU Financial Services

The $1.8 billion CommunityAmerica Credit Union has chosen PSCU Financial Services to process its credit card, signature debit card, PIN debit card and ATM transactions, the payments CUSO has announced.

People

GrooveCar Inc., Hauppauge, N.Y., named Domenick Pupo director of business development. Pupo holds more than 20 years experience in the retail

Donations

Financial Center, Indianapolis, has raised more than $26,000 for the American Red Cross, contributing to the Haiti earthquake relief effort.