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March 18, 2009
News
Auditors Debating Corporate, NPCU Accounting for U.S. Central Losses
The debate continues over how much, if any, of U.S. Central Federal Credit Union’s December capital losses will be absorbed by retail corporates....
Credit Card Legislation Back on the Agenda
Credit unions could be playing defense again as Congress makes another attempt to put additional regulations on credit card issuers....
Superior Choice CU Sues NCUA for $10M
Superior Choice Credit Union is suing the NCUA, alleging it sold loans improperly when acting as conservator for the now-defunct Norlarco CU....
NCUA Goes After Deceased Financial Adviser’s Estate to Recover CU’s Losses
The NCUA has filed an $11.8 million claim to recoup losses against the estate of a deceased financial adviser who worked with the defunct New London Security Federal Credit Union....
Texans CU Reduces Operating Expenses to Make Up for $46 Million Loss
Despite suffering a $46 million loss in 2008, Texans Credit Union said it is ready to travel the road to recovery....
Canadian Parody Says Thanks but No Thanks to $3 Billion in Bank Fees
When Coast Capital Savings recently set up an eight-foot greeting card in busy, downtown Vancouver lambasting bank fees, it didn’t take much prodding to get people to sign it....
Combined Alabama/Florida Leagues Underscore Economic ‘Urgency’
As an example of the industry’s push to economize, the Alabama and Florida Credit Union Leagues gave final approval to their combination....
Visa Launches New Card Ad Campaign That Reflects the Times
While last year’s Life Takes Visa ad campaign depicted Visa credit card uses for trips to the Olympics or other exotic travel,...
Sen. Schumer Plans to Introduce Measure Lifting MBL Cap
Credit unions that want to make more business loans could get their wish....
CU Development Education Training Program Gets Early Registrants
The National Credit Union Foundation announced that its Credit Union Development Education training class is already half full with paid registrations before marketing materials were even launched....
Shell In 40 Under 40
Truliant Federal Credit Union Marketing Communications Supervisor Ryan Shell was recently named one of the The Triad Business Journal’s top 40 leaders under 40....
Symposium Lineup Slated
CUDL and Prime Alliance announced the speaker line-up for their new joint symposium....
CUES Announces Three Scholarship Winners for CEO Program
Wauna Federal Credit Union President/CEO Robert Blumberg, Mohawk Valley CU CEO Crystal Sicilia, and City Federal CU CEO Kevin M....
Elevations CU Promotes Burkhard and Restructures COO Role
In a move to better align its chief operating officer’s duties to touch every spot of member contact and membership growth,...
AICPA Provides NCUSIF Assessment Guidance
The American Institute of Certified Public Accountants released accounting guidelines for credit unions March 10 to assist in accounting for the costs associated with the NCUA’s Corporate Stabilization Plan....
CUNA Mutual and CUMIS Draw Fitch Downgrade
CUNA Mutual Group and its wholly owned property casualty subsidiary CUMIS Insurance Society,...
Repossessions, the Credit Union Way
Nobody wants a visit from the repo man, and it’s times like these that keep him pretty busy....
Picatinny FCU Sues Fannie Mae To Recover CU National Loans
The $247 million Picatinny Federal Credit Union continued legal action over alleged fraud committed by Pine Brook, N.J.-based U.S. Mortgage Corp. and its subsidiary, CU National Mortgage....
Wisconsin Mortgage CUSO Closes And Takes Credit Union With It
The sudden shutdown of Central States Mortgage Co.’s 220-employee headquarters in Wauwatosa, a Milwaukee suburb,...
Rep. Johnson Introduces Measure To Include Credit Unions in CRA
Credit unions may have to gear up to defend their lending practices and other efforts to serve the underserved....
CUANY Awards Velázquez
Citing her work on behalf of credit unions, the Credit Union Association of New York gave U.S. Rep. Nydia Velázquez (D-N.Y.) its legislator of the year award....
Special Report
Driving Sense Product Brings Auto Lending To Life for Auburn Hills, Mich., Credit Union
Last August, Cornerstone Community Financial started offering Auto Financial Group’s driving sense product to provide members with financing options as the Big Three auto makers announced lease program terminations....
New Partners Added to Invest in America
CUcorp announced that it has added two new partners to the Invest in America program....
CUDL Helps CU Save Time
CUDL announced that over 150 credit unions nationwide have now signed up for its new decision manager decision engine....
CUs Find the Fuel to Rev Up in Struggling Auto Lending Market
It’s almost impossible to avoid. Turn on any TV or pick up any newspaper and you’re sure to find at least one story about the struggling economy and its negative impact on the financial services market....
Columns
Editor-in-Chief's Column
The Time Is Ripe for Credit Unions: Just Do It
An entity is considered relevant or not based upon its connection or importance to the times. Given the fall from grace of the for-profit,...
Growing Visibility for Credit Union Problems Attracts Media
These days the media is routinely displaying stories about how bankers spend huge amounts of money, presumably taxpayer money,...
Bankruptcy Court Is Best Jurisdiction for Cram-Downs
Battle lines have been drawn between consumer groups and financial institutions–and between credit unions–on legislation regarding mortgage cram-downs....
LOOKING BACK
In the wake of the announcement of what would be the biggest credit union merger to date between GTE Federal Credit Union and Suncoast Schools Federal Credit Union,...
To Press On or Not to Press On? Six Things Every CU Should Do in 2009
There are strategic differences in credit union circles today about what promises to be a tough 2009,...
Time Is Running Out to Come to Grips With the CU Credit Problem
In credit union board meetings I have been presenting research explaining how the country and CUs spiraled into a financial and economic catastrophe,...
People
PEOPLE
Jeanne D’ Arc Credit Union, Lowell, Mass., announced the following promotions: Jennifer Burgess is the new assistant treasurer and loan servicing manager....
Other
Bowing to Innovation, Young CEO Says Experience Is Overrated
With the challenges financial institutions are facing today, experience is a good thing, but getting a fresh young perspective on things can also be important....
Florida Commerce Credit Union Promotes CFO Cecilia Homison to CEO
Florida Commerce Credit Union announced that its chief financial officer has been appointed as the credit union’s new CEO....
Complex Credit Card Portfolio Details Hide Both Devils and Angels
ORLANDO, Fla. — While credit cards are the most profitable credit union loan portfolios,...
Prevent Fraud by Assessing Past Experiences
ORLANDO, Fla. — One approach to preventing fraud is to build Falcon strategies based on previous fraud strategies....
More CUs Are Closing And Reissuing Cards
ORLANDO, Fla. — Credit union card consultants attending at the school observed a greater percentage...
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