Scott Credit Union, Collinsville, Ill., recently raised over $700 to purchase non-perishable food and other items to support the local AdoptaPlatoon organization. The money was raised during an employee dress down day at the credit union....

Working with consumer groups and members of Congress, NAFCU said that a compromise it sought over H.R. 3609, the Emergency Home Ownership and Mortgage Equity Protection Act, allowing bankruptcy judges to alter mortgages shall be limited to subprime and non-traditional loans, was included in a manager's amendment at mark up....

In a move which some have criticized as not deep enough, the Federal Open Market Committee of the Federal Reserve cut its target for the federal funds rate 25 basis points to 4.25%....

PSCU Financial Services is the lead partner for the 2008 Credit Union Cherry Blossom Ten Mile Run....

With an eye toward adding the accounts of tech-savvy young people and giving strength to the industry's social mission, six U.S. credit unions made the plunge this month into online social networking by hooking up with Zopa Ltd., the British financing firm....

Upon NCUA's announcement of a 9.85% hike in the federal credit union operating fees at the recent November board meeting, NAFCU pointed out that the figure only accounts for the average credit union. The fees could range from 9.85% for a federal credit union with $1 million in assets to 14.18% for a federal credit union with $1 billion in assets before taking asset growth into account, NAFCU asserted....

Transparency and a common tongue were the themes of the NCUA's most recent board meeting as the agency issued a draft of its next strategic plan written purposefully in plain language and revealed the process it uses to set the NCUSIF's normal operating level....

Sometimes timing is everything. For the $700 million Detroit Edison Credit Union, the unfortunate collapse earlier this year of the $250 million Huron River Area Credit Union in nearby Ann Arbor just happens to fit neatly into its strategic expansion for branches and new members....

The Alabama Credit Union League is firming up its public policy on overdraft protection, warning that unnamed financial institutions--primarily banks--are taking advantage of consumers with unsavory practices....

Filene Research Institute has released a study, Cooperative Comebacks: Resilience in the Face of the Hurricane Katrina Catastrophe, which examines how credit unions fared in the wake of the disaster....

A working paper that explicitly avoids taking a formal role in policy discussion has nonetheless been drawn into the energetic debate over the merits and demerits of payday lending....

CU Business Group has released more details on its 2008 National Conference....

BrightStar Credit Union Board Chairman Dr. Dorothy J. Orr, has been named the 2007 CUES Director of the Year....

First Florida Credit Union is the sponsor of this year's annual Children's Christmas Party of Jacksonville....

Larry Halverson, one of the key players at MEMBERS Capital Advisors, will retire at the end of 2007 after 20 years of service....

The good news is the aggregate value of the investment accounts that members have through credit union investment services programs has been increasing in excess of 12% year-over-year since 2005....

Larry Strong, veteran president/CEO of the $425 million Velocity Credit Union here, has given up his title as president, with previous Chief Operating Officer Debbie Mitchell assuming that job....

With the belief that you can never be too young to get excited about savings, Mountain America Credit Union has unveiled a new Web site for kids and teens, www.youth.macu.com....

ICUL Service Corporation and Members United Corporate Federal Credit Union consolidated their check processing operations as of Dec. 10. The combined program is owned and operated by Members United....

A hands-on "extreme hacker lab challenge" will be among highlights of NAFCU's 2008 Technology & Security Conference set for Feb. 25-28 in Las Vegas....

Another New York State legislator has signed on to support the Credit Union Regulatory Improvements Act (H.R. 1537), bringing the total to 139 congressional supporters....

Mike Fletcher, VP of Marketing & Business Development at Point West Credit Union here does a drop-dead serious yet somehow funny presentation titled, "Can Money Make You Sick?"...

Thanks to NAFCU President Fred Becker, "America's best kept secret" is out....

SELCO Community Credit Union has recently awarded 130 small grants totaling $30,200 in supplemental funding to K-12 schools in its service area as part of its 2007 Teachers' Mini-Grants Program....

Individuals with prior military service--a segment that more credit unions are reaching out to--tend to be self-employed, according to new research....

WASHINGTON -- The hope that a White House and Treasury Department backed plan to defer escalating mortgage foreclosures by temporarily freezing teaser rates before they reset isn't perceived as workable or nearly sufficient by investors and mortgage analysts....

It's déjà vu all over again....

A slowing market for CU card portfolios has not stopped TNB Card Services, the card portfolio purchasing and processing arm of credit union owned Town North Bank, from continuing to buy. The CUSO reports that it has purchased 45 card portfolios in 2007 and 150 overall....

Virginia Credit Union has named Cherry A. Hedges financial education director....

A program which hopes to allow consumers all over the country to donate a penny to the United Way every time they use their debit or credit card has gotten its start with a $27 million credit union headquartered in White Plains, N.Y....

Convinced future growth is grounded in Select Employee Group business, the $750 million Xerox Federal Credit Union unveiled what it called a "bold" 2008 strategy, whereby it will seek out CU partners in its priority markets in California and the East Coast....

ALM First Financial Advisors has secured new partnerships with four credit unions....

NACUSO has named Bill Beardsley chairman of its Business Services Advisory Board....

CO-OP Network has expanded its number of surcharge-free ATMs by more than 300 by placing them in Costco Wholesale warehouses, the network announced....

Thomas Greve has been named the new publisher of Credit Union Times, and will start in the role on Jan. 7....

To help assemble a curriculum for its Business Lending Academy, the Pennsylvania Credit Union Association is calling on credit unions that have business lending programs for their input....

Southwest Corporate Federal Credit Union says it has passed the 1,000 mark in credit union branches the corporate is serving with remote deposit services....

CommunityAmerica CUSO One, LLC has named Sean Yokley its new chief operating officer....

NASCUS has appointed Orla Beth Peck, supervisor of credit unions for the Utah Department of Financial Institutions, to its board of directors....

The Treasury Department and Federal Reserve should be told to put a hold on their pending regulations seeking to control Internet banking and the full House Financial Committee should look more closely into the regulatory burdens imposed by the Bank Secrecy Act, according to a Dec. 10 letter CUNA sent Congressman Barney Frank (D-Mass.), chairman of the House Financial Services Committee....

Credit unions which are issuing gift cards through their membership in the Atira program have found a sharp increase in demand this holiday season, according to The Members Group, the CUSO which offers the program....

Credit unions and other financial institutions have been given guidance on their planning for a pandemic from Federal Financial Institutions Examination Council....

Members of NAFCU's board took the opportunity Dec. 5 to tour the headquarters of the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) headquarters in Virginia. The visit was highlighted by a discussion with FinCEN Director James H. Freis, Jr. ...

NCUA Executive Director, Leonard Skiles, told a Dec. 12 hearing of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit that the agency supports the notion of allowing consumers to use only one phone number to reach their financial institutions but wants to make sure that it would remain responsible for addressing the needs of credit union members....

Phishing continues to be popular among the cyber-criminal crowd, the Anti-Phishing Working Group says. ...

BROOKFIELD, Wis. -- Allstate insurance customers now will be able to receive and pay their bills through the more than 3,000 electronic billing and payment Web sites served by CheckFree, the companies say....

Security certifications for IT staff was the topic for the inaugural version of the new podcasts from the Credit Union Information Security Professional Association (CUISPA)....

Cypress Software Systems has placed a veteran of the CUNA LoanLink Center in charge of its customer support and product training. ...

eDominate Inc. is now offering credit unions a paperless loan-origination solution it calls LOS Green....

Cyber-crooks were ever more prolific this year, sharply increasing the number of attacks and their sophistication, according to a leading international Internet security firm....

Michigan State University Federal Credit Union will be offering its 144,000 members online bill pay services through the iPay Technologies platform....

Any forecast for 2008 would be incomplete without considering the events of this past year. Without question, 2007 will be remembered as the year of the subprime meltdown....

Any forecast for 2008 would be incomplete without considering the events of this past year. Without question, 2007 will be remembered as the year of the subprime meltdown.The subprime crisis swept in like a tidal wave, resulting in a groundswell of activity in Washington -- from the White House, Congress and the Treasury -- to address the situation. The Federal Reserve has also acted to stem a possible recession by cutting interest rates several times. At NAFCU, we have been actively involved, working with Congress and the regulatory agencies on a solution while ensuring that policymakers and the media understand that credit unions are doing their part to help fix a problem they did not create.In fact, NAFCU worked day and night to help broker a compromise along with consumer groups and Congress on the mortgage bankruptcy bill (H.R. 3609) in the hopes of limiting its scope to just subprime, non-traditional loans. Though we continue to have reservations about other aspects of the bill, NAFCU's goal has been to ensure that in the process of helping consumers stay above water, credit unions are recognized as a solution and not swept up in a maelstrom of new regulatory burdens. What is truly commendable are the many outreach efforts of credit unions during this challenging time. Whether through letters and phone calls to members, financial education seminars or training frontline employees to recognize members in need, credit unions are helping their members weather the subprime storm.It is the personal service and responsiveness to member needs that has enabled credit unions to continue to thrive. The silver lining in these chaotic economic times is that credit unions have a unique opportunity to go "back to basics" and redouble their efforts to help buoy consumer confidence, promote the value of credit unions and even increase their share of the mortgage market. Building on the solid foundation of good member service, credit unions can leverage the current marketplace to their advantage. This is particularly true given credit unions' outstanding record in serving minorities and low-income borrowers based on recent HMDA data. If credit unions reach out to more minorities and low-income borrowers, they can also make a significant difference in the subprime market. While the subprime issue is extremely important, NAFCU's No. 1 legislative priority remains passage of the Credit Union Regulatory Improvements Act (H.R. 1537). Our 2007 Congressional Caucus brought us record support for CURIA, including securing the co-sponsorship of Congressman Neil Abercrombie, (D-Hawaii) by our Hawaiian members. We are also very pleased that House Financial Services Committee Chairman Barney Frank (D-Mass.) has agreed to hold a hearing on this important legislation in the next session (see page 20).Other positive developments on the legislative front in 2007 included NAFCU's work to introduce the Affordable Financial Services Enhancement Act (H.R. 3113) by House Appropriations Financial Services Subcommittee Chairman José E. Serrano (D-N.Y.). It authorizes the NCUA to permit federal credit unions of all charter types to serve underserved areas. NAFCU also worked with House Small Business Committee Chairwoman Nydia Velázquez (D-N.Y.) who introduced the Credit Union Small Business Lending Act, a bill that would make it easier for credit unions to offer SBA loans. Some of the other issues under review in 2007 included payday lending, data security, bankruptcy reform, overdraft protection and credit card practices. NAFCU Chair John Milazzo provided the only voice of financial institutions in testimony before a House Small Business subcommittee hearing on data breaches. We worked diligently to safeguard credit union interests in all these areas and will continue to do so in 2008.Of course, the bankers continued to rally to extend the Community Reinvestment Act to credit unions. Our demonstrated efforts in serving people of modest means, which are showcased in the recent Home Mortgage Disclosure Act data, give the bankers little leverage to advance their case. However, Chairman Frank has expressed interest in expanding CRA coverage to all members of the financial services community, including credit unions. So our work on this issue will continue in earnest in 2008. The regulatory front proved equally active this year. In December, the Financial Accounting Standards Board issued its business combination rule, which requires credit unions to use the acquisition method of accounting with respect to mergers. This change would create a significant regulatory burden on credit unions if it weren't for the Regulatory Relief Act of 2006. NAFCU is proud that we took the lead in crafting a legislative solution in 2005. We worked with Congressman Spencer Bachus (R-Ala.) to introduce the net worth amendment, which later got folded into the regulatory relief bill.Additionally, we were pleased to see the Department of Defense's final regulation on anti-predatory lending to military service members. The final regulation represents a very thoughtful and deliberative approach to addressing the predatory lending issue by focusing on three key products: vehicle title loans, payday loans and refund anticipation loans. Moreover, we were especially pleased with the department's recognition of credit unions' positive contribution in developing credit products designed to assist service members. The NCUA has now completed its town hall meetings on data collection and CEO compensation. We have met with NCUA Board Member Gigi Hyland, who chairs the NCUA Oversight Task Force, and expressed our concerns about further data collection and the disclosure of salaries. As is the case with respect to CRA, the recently released 2006 HMDA data clearly show the exemplary work of credit unions in serving their members who are financially challenged.With all these issues, even if Congress passes subprime reform measures in 2007, there will still be plenty to tackle in the coming year, especially in a presidential election year. Looking forward to 2008, I am confident that neither NAFCU nor credit unions will be daunted by the challenges we face, but emboldened by the opportunities and ready to chart a new course for success....

In the waning days of December, U.S. Treasury Secretary Henry Paulson ensconced himself in a smoke-filled back room (well, presumably that's where it was; that's where shady deals are so often made) with the heads of several large banks, including Citigroup, Wells Fargo and Washington Mutual. Also present were the heads of the FDIC, the OCC and the OTS. They met to forge a plan to bail out subprime ARM borrowers facing looming resets....

In the waning days of December, U.S. Treasury Secretary Henry Paulson ensconced himself in a smoke-filled back room (well, presumably that's where it was; that's where shady deals are so often made) with the heads of several large banks, including Citigroup, Wells Fargo and Washington Mutual....

You wouldn't think a credit union that withdrew from the consumer market and has no branches would reach $1 billion in assets. ...

Scott Credit Union, Collinsville, Ill., recently raised over $700 to purchase non-perishable food and other items to support the local AdoptaPlatoon organization. The money was raised during an employee dress down day at the credit union....

APPLE VALLEY, Minn. -- When Continental Federal Credit Union's board of directors received a merger proposal package from Wings Financial Federal Credit Union one morning earlier this year, the gesture probably seemed pretty routine....

The national trade associations, federal and state regulators, and American Share Insurance all jumped into the debate in Washington State over whether to permit private primary deposit insurance for the state's credit unions. Ultimately, the Washington Credit Union League and the credit unions that had been advocating for an implementing regulation asked for the rulemaking process to be postponed while they pursued legislative changes to make the private insurance option more feasible....

Entering its fifth year of gestation, the Credit Union Regulatory Improvements Act (H.R. 1537) is closer than ever to becoming reality....

Credit unions and their trade organizations made news--mainstream news--in 2007 as they never have before....

The national credit union trades are not quite sure what to make of the merger of two long-time credit union foes that joined forces this year. ...

Two Los Angeles-area credit unions -- Wescom Credit Union and Kinecta Federal Credit Union -- purchased payday lenders this year, stirring debate in the industry regarding the controversial storefronts....

The IRS continued issuing Technical Advice Memoranda defining what activities it considered unrelated to the business of a credit union and therefore subject to unrelated business income tax....

As might have been expected, credit unions dropping their charters to become mutual savings banks remained every bit as controversial in 2007 as it had been in 2006, but with significant changes to the issues' parameters....

The industry certainly saw its share of mergers, consolidations and acquisitions well as false starts and reconsiderations in 2007....

The downturn in the mortgage market has been blamed for the demise of four credit unions biting the dust this year after posting huge losses from home loans and home equity lines of credit....

University of Iowa Community Credit Union members let their CU know that changing its name to Optiva CU was not an option they were willing to consider.Equally vocal in voting down a name change to Veristate CU were Vermont State Employee CU members....

Barbara Stephens was named president of the African-American Credit Union Coalition....

Automation and the capacity to perform shared branching transactions without actually standing in front of a credit union teller was the top shared branching story of 2007....

Card security took a page out of a Dickens novel this year, beginning with the infamous TJX breach but culminating in increased efforts to strengthen information security standards when it comes to plastics....

Credit unions improved the overall performance of their card portfolios in 2007, even as the credit union card market continued to diversify and fragment....

So much for branches going the way of the dinosaur. Credit unions continued to outgrow their spaces in 2006 as many were either breaking ground or opening the doors to new headquarters....

When credit unions make a commitment to offer home loans and ramp up efforts to help members trapped in resetting adjustable-rate mortgages granted by other financial institutions, they are doing no less than what the Federal Credit Union Act demands they do. So says Jim Blaine, president/CEO of State Employees' Credit Union of North Carolina, the Tar Heel State's largest....

This year marked a significant push for expanded bank broker-dealer activities, setting the stage for granting credit unions similar exemptions....

Tailoring ATM strategies to meet credit unions' own unique membership needs was a trend that continued in 2007, as three nationwide networks began to offer surcharge-free ATM access to participating credit union members....

Another popular mantra this year: alliances between CUSOs and credit unions must continue to flower....

Starting late last September, the U.S. Department of the Treasury, The Financial and Banking Information Infrastructure Committee, and the Financial Services Sector Coordinating Council held a pandemic outbreak response exercise....

Who saw the subprime mortgage meltdown coming? The short answer is that one way or another most credit unions avoided the mess. Maybe they had a crystal ball or maybe, as Brian Turner, manager of Southwest Corporate Advisory Services says, "their conservative nature served them well." ...

Credit Union Times pays tribute to those leaders and pioneers who are gone in this special section. Please note this listing is not exhaustive. We respectfully regret any oversights....

Credit union marketers pulled out all the stops to share the message that membership has its privileges....

For many credit unions, growing their membership bases and establishing stronger relationships with existing members remained the primary focus....

All those co-op ads on TV, radio and the web promoting political advocacy and credit union awareness came into their own during 2007 as scores of CUs across the U.S. joined by both national and state trade groups fashioned retail messages aimed at raising the CU profile as never before....

This year credit unions continued the trend of trading in their old names for a fresh, new brand identity. From the made-up to the descriptive this year's batch of name changes had one overall theme --to help make more consumers aware that they are eligible to join their local credit union. Here is just a glimpse at a few of the CU name changes in 2007:...

Credit unions' efforts to reach out to underserved communities and develop better strategies to serve lower income members took several steps into the credit union mainstream in 2007. ...

In June the U.S. Department of Treasury announced a milestone in the push for direct deposit of Social Security and SSI checks. ...

The credit union industry learned a little something during 2007 about the mettle of those managers who run the state leagues and associations. ...