Credit Union Times Magazine September-29, 2010

Oregon Hot Spot for Mergers

By Jim Rubenstein

Expanding your financial education efforts beyond the classroom walls and drawing relevant parallels from life, including pop culture, may help the lessons sink in.

Pop Culture and Field Trips Drive Home Personal Finance Lessons

By Myriam DiGiovanni

Expanding your financial education efforts beyond the classroom walls and drawing relevant parallels from life, including pop culture, may help the lessons sink in.

Sperry Board Dumps CEO

By Michelle A. Samaad

Senior management is the among the first casualties at Sperry Associates Federal Credit Union as the cooperative attempts to correct a number of troubled capital, operational and lending issues recently ordered by the NCUA.

In Launching Finance CUSO, TMG Rides What Could Be a Wave of Change

By David Morrison

Citing changes in some long established economic patterns and the strengths of credit union cooperation, TMG Financial Services launched a finance CUSO that will help other CUSOs fund their operations, particularly their lending.

The NCUA's Denial of Vantage CU Conversion May Be Headed to Court

By Jim Rubenstein

Denied its NCUA application to convert to a federal charter in a contentious case, the $654 million Vantage CU of Bridgeton, Mo., may take its complaint to federal court.

CUNA Promotes a Get-Out-Vote Drive for the Mid-Term Elections

By Jim Rubenstein

In advance of the Nov. 2 elections, CUNA is stepping up its grassroots advocacy with what it calls a refined "partisan communication" campaign aimed at bringing more direct involvement by CU members with candidates.

MAC Unveils NOW Awards

The Marketing Association of Credit Unions wants to honor your virtual, viral and electronic efforts by kicking off the MAC Marketing NOW awards.

Sale of Impaired Bond Nets $7.5 Million Gain for Members United

By Heather Anderson

The $7.4 billion Members United Corporate FCU found a way around accounting rules that prevent investors from recovering bond losses once they are written down as OTTI: sell it rather than hold it to maturity.

Members Partners With Altisource

Members United Corporate FCU announced Sept. 22 it had signed a strategic alliance with Altisource Portfolio Solutions.

California Commissioner Warns Against Short-Sale Fraud

By Heather Anderson

California Real Estate Commissioner Jeff Davi warned the state's financial institutions in a fraud alert that his department has noticed a sharp increase in short-sale fraud.

Tinker FCU's Robot Lures Kids to Save

Could a cute robot made of cardboard and recycled bits along with his sidekicks Penny, Pig and Boxy make savings fun for kids?

Report Recommends Corp Evolution

CUNA's Corporate Credit Union Next Steps Working Group released its report Sept. 20, announcing the Terry West-chaired team thinks the current corporate system might evolve into the best provider of credit union financial services.

Hoosiers Say Think of Us First

Indiana Members Credit Union's latest awareness message to locals is pretty clear- Think Of Us First.

Partners 1st Merger

The $236 million Partners 1st Federal Credit Union of Fort Wayne, Ind., will be adding to its footprint next month when it merges with the nearby $2 million Food Marketing FCU.

SE Corp Helps After Robbery

Southeast Corporate Credit Union, headquartered in Jacksonville, Florida, recently provided support to a smaller local CU in the wake of a burglary.

Tech Jobs Recover

The once high-charged job market for high-tech workers showed some meager signs of life in the first half of 2010, according to the TechAmerica Foundation.

FICO Rolls Out Package to Help CUs More Accurately Target Card Offers

The Fair Isaac Corp., the parent of the widely used FICO credit score, is emphasizing the ways some of its analytical tools can help credit unions and other card issuers better target their card offers.

First North Carolina Charter in 10 Years

The first new North Carolina charter in 10 years, Shepherd's Federal Credit Union, opened for business this month in Charlotte.

Akcelerant-Symitar Pact

Akcelerant said it has signed a partnership agreement with Symitar, allowing the company to market its collections software and other solutions to credit unions running on the widely used core processing system from Jack Henry & Associates.

Conn. League Joins Scam Alert Rollout

A national program aimed at educating consumers and tellers about high-tech fake check scams has gotten under way with a rollout in Connecticut.

Consumers Tap 401(k)s To Stop Foreclosures

Ninety-eight percent of 401(k) hardship withdrawals made in 2009 were used to prevent eviction or home foreclosure, according to a new survey.

Cashed-Out CDs Used To Pay Credit Card Debt

Looking for ways to pay down credit card debt and lines of credit, during the first half of the year, consumers cashed in about $29 billion from their maturing certificates of deposit to do so.

Australian CU Reaches Out to Aboriginal Members

Credit unions in the U.S. have faced a similar dilemma when marketing to immigrant populations: How does an institution communicate with members who can neither understand English nor read or write their own native language?

In Slogging Our Way to Survival, We Must All Hang Together

By Sarah Snell Cooke

As I write this, the entire credit union industry is jittery with anticipation regarding Friday, Sept. 24 with the corporate credit union regulation and legacy asset plan and possible execution of it.

Mudville Redux: Putting the Regulators on Waivers

By Claude R. Marx

At first glance, credit unions and baseball do not have a great deal in common.

Don't Wait to Provide Your Members With the Best Credit Card

As the final pieces of the CARD Act have slid into place, the mainstream media have been touting this legislation as a win for consumers.

CU Supplemental Capital Is a Decade Overdue

NASCUS and state regulators remain steadfastly supportive of supplemental capital for credit unions.

Verbatim

The NCUA Board on Sept. 16 approved a share insurance fund premium of 12.42 basis points. At that board meeting Chairman Debbie Matz read a statement. An excerpt:

ACUMA Seeks to Navigate a New Path for CUs Through Unfamiliar Terrain

By David Morrison

LAS VEGAS -- The American Credit Union Mortgage Association wanted attendees at its 2010 annual conference to walk away with two convictions.

Downturn Fundamentally Changed CU Mortgage Operations, Executives Say

By David Morrison

LAS VEGAS -- The economic downturn has forced many credit unions to take a more "real world" approach to their mortgage lending.

Matz Says Solving Corporate Woes Will Help Industry Turn Corner

By Claude R. Marx

WASHINGTON -- The NCUA's finalization of its revamped corporate credit union rules and plan for dealing with legacy assets will enable the industry to begin turning the corner on a "painstaking and frustrating period," Chairman Debbie Matz said.

Kanjorski Eyes GSE Reform

WASHINGTON -- Overhauling, not eliminating, Fannie Mae and Freddie Mac will be the top priorities of Congress' reform efforts next year, Rep. Paul Kanjorski (D-Pa.) told attendees.

Warren Says New Agency, CUs Will be on 'Same Side'

By Claude R. Marx

WASHINGTON -- The woman leading the setup of the new Consumer Financial Protection Bureau said she hopes to work closely with credit unions and if "this thing works out right, consumers and credit unions will be on the same side of the line."

Corporate CU Network Fallout Reveals the Opportunities to Be Had

What has the diminished role of corporate credit unions meant for CUSOs of natural person credit unions? The answer is some challenges but lots of opportunities.

Divesture From CUSOs Not a Likely Trend as CUs Seek Revenue Streams

By Michelle A. Samaad

With a vested stake in nearly a dozen CUSOs, Workers' Credit Union has tried, tested and proven theories on why it makes operational sense to extend its reach in several directions.

Building Presence Is Behind CUNA Mutual's New Insurance Alliance

By Michelle A. Samaad

CUNA Mutual Group is making it clear that the 12-year relationship with its auto and home insurance underwriter is as strong as ever.

Kern Schools FCU Breaks Through

Kern Schools Federal Credit Union was recently recognized by CUSO Financial Services LP for its investment and insurance program.

Big CUs Join Student Lending CUSO

Credit Union Student Choice has added three more credit unions to its client base, all in the billion dollar asset range.

Low Rates Boost Mortgage Apps

Members continue to turn to credit unions for mortgage and refinance opportunities as evident at myCUmortgage.

Firm Seeks to Buy CU Loans

Clarity Member Services, through its parent company, The Money Source of Melville, N.Y., announced its new service to purchase closed loans from credit unions.

Speeding Up Service Requests

KIVA Group Inc. and MeridianLink have aligned to give community and regional financial institutions the ability to expedite the fulfillment of service requests.

Financial Planning Model Is Set To Morph Under New Regulations

By Michelle A. Samaad

With new regulations on the way that will impact how financial advisers interact with their clients, financial planning is poised to become a more scrutinized solution.

Focus Report: CUSOs

As credit unions look for ways to build revenue, including off the balance sheet, CUSOs remain a viable alternative, advocates say.

People

Hanscom Federal Credit Union, Hansom, Mass., announced that Kevin Reagan has been named assistant vice president of mortgage operations.

Community Events

Andrews Federal Credit Union, Suitland, Md., participated in Rep. Donna Edwards (D-Md.) job fair at the Prince George's Sports and Learning Complex in Landover, Md.

Donations

BayPort Credit Union, Newport News, Va., is providing local teachers with 25 grant opportunities up to $300 each to fund innovative financial literacy programs in the classroom.