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August 12, 2009
News
Consumer Group Bashes CUs for Pushing ‘Predatory’ Payday Loans
The NCUA recently clamped down on federal credit union payday alternatives after charges surfaced that some credit unions were no better than payday lenders....
Retail Corporate CEOs Keep Spreading the Bad News
When retail corporates officially told members how badly U.S. Central’s second-quarter losses had damaged their own capital coffers, they received little response....
NCUA Reiterates Payday Regulations
Following complaints from a prominent consumer organization and other groups, the NCUA recently spelled out limits on alternative payday loan products that federal credit unions can offer....
U.S. Central Posts $470M Loss
U.S. Central Federal Credit Union’s second-quarter financials revealed additional other-than-temporary-impairment charges totaling $537 million....
Members United, Southwest Corp Will Take U.S. Central Hits in July
The news contained in June 30 financials released by Members United Corporate Federal Credit Union and Southwest Corporate Federal Credit Union was quickly trumped by U.S. Central’s announced June losses,...
Option ARM Securities Helped Hit WesCorp With a $538 Million Net Loss for June
Nonagency mortgage-backed securities were primarily responsible for a $538.3 million net loss reported by the $19 billion Western Corporate Federal Credit Union for the month of June....
CUs Learn About Gen Y Through Online Event
In an effort to gain Gen Y members many credit unions reach out to these members in an attempt to teach them about credit unions....
House Passes Executive Compensation Measure Along Party Lines
Despite the lobbying efforts of CUNA and NAFCU and voting mostly along party lines,...
IRS Speaks On UBIT Again
Revenues from shared-branching arrangements are among the items subject to the unrelated business income tax, according to an IRS technical advice memorandum....
All About the Money: Balance-Sheet Pressures Forcing Card Portfolio Sales
Some credit unions are considering selling their credit card portfolios to meet income and balance sheet pressures....
The Golden 1 Credit Union Starts Offering FHA-Insured Mortgages
A combination of the economic downturn and a changing real estate market has led $7.5 billion The Golden 1 Credit Union to start offering mortgages eligible for insurance from the Federal Housing Authority....
Hood Reflects on Professional and Personal Rewards of NCUA Tenure
ALEXANDRIA, Va. — NCUA Vice Chairman Rodney Hood, who will leave the board upon confirmation of NCUA Chair-Nominee Debbie Matz after serving since November 2005,...
NCUA Bans Six for Wrongdoing
Six former credit union employees have been banned by the NCUA from participating in the affairs of any federally insured financial institution....
Health Care Reform Debate Is Raising Cooperatives’ Profile
The National Cooperative Business Association confirmed that the general profile of cooperatives has risen significantly as part of the ongoing debate over health care reform....
Calif. CU Persists in Donations
Pacific Service Credit Union has continued to give this year despite the economic conditions....
brass/Media Study Finds That Young Adults Rely On Their Parents Most for Financial Advice
Is your credit union making the most of meeting members’ financial literacy needs? ...
Higher Turnouts Prompt Power Financial to Host More Financial Sessions
When a recent seminar hosted by Power Financial Credit Union for first-time home buyers produced a standing-room only crowd,...
Nassau Educators FCU Teaches Teachers About Financial Literacy
In order to educate students about good financial practices Nassau Educators Federal Credit Union took steps to first educate teachers....
CMG Hires New CFO
CUNA Mutual has a new executive vice president/chief financial officer, Jerry Pavelich....
Departments
Corporates
U.S. Central’s Conservatorship Threw GAAP Wrench Into CLF’s Books
In a strange twist of accounting fate, U.S. Central Federal Credit Union’s majority stake in the Central Liquidity Facility was negatively affecting the CLF’s ability to borrow and could have affected ...
Vantage Credit Union Tees Off Vantage Credit Union recently held a putt-off in place of its annual golf tournament to help raise scholarship funds for area high school students. In addition to playing two holes created by the Vantage Credit Union marketi
Vantage Credit Union recently held a putt-off in place of its annual golf tournament to help raise scholarship funds for area high school students....
FTP Link Adds Security and Efficiency to Student Choice Operations
Secure links to an FTP site are helping a young CUSO handle $1.5 million to $2 million a day in approved applications for student loans that credit unions can then keep on their own books....
Core Processing Giant, Fiserv Celebrates Its 25-Year Anniversary
Fiserv Inc. is now 25 years old....
ILT Adds AppOne
Integrated Lending Technologies will be integrating the AppOne document management solution for lenders with its dealer indirect lending and leasing origination platform....
Seattle CU Gets Upgrade
Express Credit Union in Seattle said it will be able to better serve its expanded base of low- to moderate-income membership now that it has upgraded to Open Solutions’ flagship core processing platform....
Columns
Editor-in-Chief's Column
Media Winds Blow Dust on CUs’ White Hat
The credit union industry generally has been treated by the mainstream press as the knights in shining armor relative to the banking villains when it comes to overdraft protection....
SCHOLARSHIPS
Desert Schools Federal Credit Union, Phoenix, awarded one $10,000 scholarship...
Nevada Federal Is Proud to Serve Its Members With Payday Loans
Your recent article (cutimes.com, July 31) about our payday loan alternative gave readers a less-than-flattering impression. I feel compelled to respond....
Loan Sharks’ Auto Device
I read your article about auto starter interruption devices in the July 8 issue of the Credit Union Times and assume this is a paid advertisement....
Bad Day at the Office: the Life of an Information Security Officer
You are responsible for your credit union’s information security, and as you pull into work you notice a news crew standing outside the building....
Real Test for Online Banking Is How It Hits the Bottom Line
Online banking continues to grow in popularity. The convenience that a member has of being able to handle their finances from the comfort of their own home at any time. Yet more than 2,700 credit unions do not offer online banking to their members....
Focus Report
Stanford FCU Uses Technology to Hold Onto Student Membership
Stanford Federal Credit Union turned to technology to tackle the problem of retaining its college student members after they graduate....
Step Beyond Youth Marketing and Be Willing to Move to Youth Immersion
Nearly every credit union has invested in youth marketing. ...
After Months of Research, Addison Avenue FCU Explores All Channels
At Addison Avenue Federal Credit Union, improving the member experience means exploring every possible electronic channel....
Dupaco Creates Gen Y Task Force
Dupaco Community Credit Union has created an employee task force to create new and innovative ways to tackle the Gen Y issue....
Nielsen Finds Teenagers Are Not as Out There as Thought
It may be time to rethink those assumptions about teenagers....
People
People Feature
PEOPLE
Franklin Mint Federal Credit Union, Broomall, Pa., announced that Marc Ernest has assumed the role of vice president for the Chester County area....
Other
ONLINE VOTING POLL UPDATE — CUTIMES.COM
The results from the latest Credit Union Times voting poll showed that credit unions are using a combination of different approaches to deal with the economy and the NCUIF premiums....
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