Credit Union Times Magazine September 26, 2012
Featured Story
Life Raft For Small CUs Is Floated
If the NCUA board’s proposed $30 million limit to define small credit unions stands, 1,603 credit unions would be excluded from risk-based net worth requirements and a provision of the interest rate risk rule, according to the NCUA’s action memo on the topic.
Front Page News
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Recovery Uneven, But CUs Are on A Rocky Mountain High
The economic recovery in Colorado is a rocky one, with some industries and cities rebounding while others continue to struggle. However, the state’s credit unions seem to be on a Rocky Mountain high.
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Members Shift Into Repair Mode
Matching contributions to employee 401(k) plans had either been scaled way back or completely eliminated as firms looked for ways to rehydrate dry revenue streams to weather the Great Recession years of 2008 and 2009.
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Merger Plan Scrapped
The $3.4 billion Corporate America Credit Union and the $185 million Louisiana Corporate Credit Union announced Sept. 17 that they have called off their merger plans.
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Hard Questions on Impact of Bank Transfer Day
With the one-year anniversary of Bank Transfer Day approaching, credit unions continue to tout how the national financial institution-switch movement helped catapult their new member figures into record territory. But that success has forced some credit unions to deal with unprofitable new accounts, an industry expert said.
News
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Portfolios Can Gum Up the Mergers Works, Execs Say
Too many merging credit unions disregard credit and debit card portfolios in their merger negotiations and preparations and this can result in needless expense and member problems, according to credit union and CUSO executives.
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After Many Tiny Cuts, Start Up CU Opts for Merger
In the end it wasn’t any one thing that led the Inspire Community Development Federal Credit Union to look for a merger partner. It was the impact of many smaller things.
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Irish CUs Lent a Helping Hand
Faced with the knowledge that the economy will not be improving in the foreseeable future, the Irish credit union community is looking for options to save as many credit unions as possible.
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Student Branch Casts Wide Skills Set
Lake Catholic High School students in Mentor, Ohio, are receiving a bottom-line lesson in finance by co-operating a credit union on-site at their school thanks to the $166 million Cardinal Community Credit Union.
Editor-in-Chief's Column
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New-Fangled Bits and Bytes Might Help
The NCUA is making efforts to streamline that can often go unnoticed when so many other compliance issues have been hitting credit unions. Some, such as Dodd-Frank requirements, are beyond the agency’s control. Others like the CUSO and participations rules are seemingly in perpetual limbo, lurking in a corner for...
Regulatory/Compliance
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Technology May Be the Cure for MFOEL Migraines
Cloud-based computing and e-signatures are the aspirin to the multi-featured open ended lending headache credit unions have been suffering from since the NCUA first issued the rules back in 2009, said John Levy, executive vice president and co-founder for Integrated Media Management, a Linden, N.J.-based technology vendor.
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Examiners Get Onto Your Cloud
Matt Gerber said he’s gotten a lot of calls lately from credit unions with an immediate need they haven’t had before. The examiners are coming and his clients need to prove they have their heads in the clouds.
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Video Tellers on Pace to Expand FOMs, Reach Underserved
Video teller machines, which the NCUA now considers service facilities when considering credit union field of membership expansions, are poised to take root on a wide scale over the next two to three years.
Opinion
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No Good Deed Goes Unpunished
Credit unions have a long and rich heritage of serving as trusted financial intermediaries for Main Street America. But the overwhelming burden of broad-stroke financial regulations and their attendant compliance costs have severely threatened credit unions’ ability to do what they do best, driving economic growth and stability in their...
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‘Selling’ Need Not Be a Dirty Word
In 2010, the Filene Research Institute conducted a study, “Customer Experience and Credit Union Opportunities.” One of the key takeaways from the report centered on a perplexing fact.
Letters to the editor
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Letter: The Matz-Blaine Feud Obscures Real Problems
The Matz-Blaine tense exchange at the NASCUS Summit wastes valuable time and energy that should be better used to address real problems facing fellow citizens. (“Matz Announces Low-Income Initiative,” Sept. 12 issue, page 10.)
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Letter: Derivative Transactions May Be Helpful to CUs
Recently, I was introduced to a financial concept that I call interestrateriskderivativeswapcap. The word may not flow as easily, but it does have an interesting sound to it and combines, for the most part, much of what needs to be looked at when proposed as a risk-management option for credit...
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Letter: Meltdown’s Impact on Small Credit Unions
The decline in the number of small credit unions is very visible. I just finished an analysis of the local credit unions in my service area, and I think I have found some interesting information that may explain what is happening. I looked at the last five year period, June...
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Letter: Benefits on a Cloud
Thank you for bringing your readers’ attention to the benefits–and concerns by some–of cloud computing.
News Briefs
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Leominster CU Appoints Paul Gilbody CEO
Leominster Credit Union has appointed Paul D. Gilbody president/CEO of the Leominster, Mass.-based credit union. Gilbody succeeds Gordon R. Edmonds who served as president/CEO since 2007. Edmonds will retire from the credit Union on Sept. 30.
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Advancial FCU Celebrates 75th Anniversary
Advancial Federal Credit Union, Dallas, celebrated its diamond anniversary with baseball-themed contests.
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HealthFirst FCU Taps Lynda Quirion
Lynda Quirion has been appointed the new president/CEO of HealthFirst Federal Credit Union.
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San Mateo Credit Union Marks 60-Year Birthday
San Mateo Credit Union recently marked its 60th anniversary with a reception for members and local dignitaries at the San Mateo County History Museum.
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Tax Exemption Repeal Would Cost Billions: NAFCU
Ending credit unions federal tax exemption would cost the country billions in lost revenue and jobs, according to a study commissioned by NAFCU.
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Centris VP to CFPB Board
The Consumer Financial Protection Board announced that Centris Federal Credit Union Vice President of Alternative Financial Services Laura Castro de Cortes has been invited to serve as an inaugural member of the CFPB’s consumer advisory board.
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Matz Sets Town Hall
NCUA Board Chair Debbie Matz will hold a town hall webinar at 3 p.m. on Oct. 4, the agency said.
Other
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Donations by Credit Unions
Donations of time, money and effort.
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Branching News
Branch openings, groundbreakings, announcements
People
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People in the News
Hirings, promotions, career moves.
Resource Center
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