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November 4, 2009
November 4, 2009 Issue
News
Overdraft Vendors Share the Wealth With CU Leagues and Trades
The controversy about overdraft programs is not only about the programs and how they are implemented. It is also about who is profiting from them....
Cumorah Credit Union Collapse Is Nevada’s Third This Year
The trauma of Nevada credit union failures took its third victim last week, the $147 million Cumorah Credit Union of Las Vegas, the first major privately insured CU to collapse under the recession’s weight....
CFPA: Political Wrangling Ahead
Now comes the really hard part....
Texans CUSO CEO to Depart
An employee at Texans CUSO Insurance Group LLC told Credit Union Times on Oct. 29 that Mike Haselden, the CUSO’s CEO, will be leaving the company....
NCUA Won’t Hold Budget Forum
The three credit union trade groups won’t have the chance to make public comments about the proposed NCUA budget this year....
NCUA Takes Over First Delta Federal, Victim of Nine-Year Embezzlement
NCUA has taken control of a community development credit union that had been serving one of the lowest income communities in the nation for more than 28 years....
CUNA and NAFCU Are Funding the Campaigns of Key Leaders
Reps. David Obey (D-Wis.) and Sam Graves (R-Mo.) have rarely had tough re-election races and neither legislator serves on the committee with primary jurisdiction over credit unions....
Texans Insurance CUSO Gets More Bankruptcy Relief
A Texas judge granted Texans CUSO Insurance Group LLC relief on its final cash collateral hearing nearly a month after the subsidiary filed for Chapter 11 bankruptcy protection....
Kansas CUSO Record Exams Aim for Congruency
The goal all along was to get Kansas and NCUA examiners on the same page....
The Golden 1 CU Unearths Solid Growth by Mining Online Veins
The Golden 1 is so committed to growing the online channels that members can, frankly, use it or lose it in some cases....
Fall Financials Are Separating Corporates Into Haves and Have-Nots
September 2009 financial reports are creating two distinct corporate credit union camps: ...
Questions Prompt Matz and Her Staff to Reveal New Plans at Virtual Town Hall
The NCUA’s final town hall meeting, a Webcast that allowed viewers to ask live questions anonymously,...
WesCorp Issues $1.5 Billion Debt
The $18 billion Western Corporate Federal Credit Union issued $1.5 billion in three-year notes last week, according to transaction information provided by the NCUA....
Two Colorado CUs, Aventa and Pueblo City, Set to Merge Next Year
Two Colorado credit unions, the $130 million Aventa Credit Union of Colorado Springs and the $15 million Pueblo City Employees FCU, said last week they are merging effective next March....
Better Choice Draws FDIC
The Pennsylvania model on payday alternatives has now become something for banks to look at, ...
ACUMA Lobbies Congress and Administration for Tax Credit Extension
The American Credit Union Mortgage Association has begun to lobby Congress and the administration in support of extending the $8,000 homebuyer tax credit....
Federation Counting on Small Biz Proposals to Spark More CDFI Activity
Over the past few weeks, community development credit unions have been in the spotlight as potential catalysts for reigniting the burnt out small business market....
SBA Forms Secondary Market for 504 Loans
To help provide greater liquidity for credit unions and other lenders, the SBA plans to launch a secondary-market guarantee program....
Okla. Credit Union House Hosts Cost-Cutting Powwow for Nine Leagues
The push toward internal cost-cutting at credit unions and their trade groups has an Oklahoma face this month...
New Book Hails the Record Stake of Foreign Investments in the U.S.
Talk about Lou Dobbs’ worst nightmare....
iQ Credit Union’s Headquarters Renovation Snags Design Award
Design-build firm EHS Design’s renovation of the iQ Credit Union headquarters in downtown Vancouver, Wash., has received the 2009 Community Pride Design Award....
NewGround Goes to U.K.
NewGround, the design-build firm, has expanded its reach to the United Kingdom....
Surveys Find Members Are Likely to Keep Tight Grip on Wallets
What you see–members boosting savings but not rushing over to the loan department to borrow money–is likely what you will get for a while....
Branch Building May Slow but Not Expire, CUNA Council Report Says
Don’t count new branches out....
Book Underscores Employee Fraud Risk
“Somewhere, a disgruntled, stressed-out employee is sitting in a break room, beneath the fluorescent lights, thinking up a new fraud scheme right now.”...
Trends in Employee Fraud
The book Insidious cites the following trends....
White House Includes CDFI CUs in Latest Round of Small Biz Loan Relief
During a recent records-storage facility visit to Maryland, President Barack Obama unveiled a new round of lending initiatives targeted at helping small businesses....
Treasury Launches Financial Education Counseling Program
The U.S. Department of the Treasury Community Development Financial Institutions Fund has recently launched a new financial education and counseling pilot program....
Insurance Report Released
Secretary of Health and Human Services Kathleen Sebelius and Small Business Administration Administrator Karen Mills recently released a new report, ...
New Champion’s Account Piggy Backs on Hero Success at First Citizens
The hero charity checking account, unveiled two years ago by the $475 million First Citizens’ Federal Credit Union in Massachusetts...
Trust Services At Elevations
Members of the $920 million Elevations Credit Union will soon have help with their estate planning needs....
Nevada Federal Does ‘the Right Thing’ by Cutting 30 Jobs
With the failure of the $147 million Cumorah Credit Union fresh on their minds, Nevada credit union CEOs ...
N.C. Exec Volunteers for ‘Flight of Honor’
For Don Wolford, vice president of operations and chief financial officer of the $60 million Winston-Salem City Employees Credit Union,...
CU Offers Prize for Dreaming Big
The Santa Rosa, Calif.-based Redwood Credit Union is encouraging members to “dream big” with their new “Big Picture, Big Value” photo contest....
Pacific Service CU Continues to Give
Pacific Service Credit Union of Pleasant Hill, Calif., continued a long standing tradition by donating more than $70,000 ...
Gunter Promoted to CEO At Healthcare’s Coop
The search for a new leader has ended at Healthcare’s Cooperative Credit Union....
Wings Expands Its Home Base
People living in 13 counties in the Minneapolis-St. Paul-area are now eligible for membership at the $2.3 billion Wings Financial Credit Union....
Two CUs Go Online To Aid Unemployed
Two credit unions, one in Erie, Pa., and the other in Houston, are now promoting a Web-based program ...
Stimulus Funds Aids Real Estate Projects
The Federal Reserve Board recently reported that Cleveland, Chicago, Minneapolis and Dallas are among the cities...
AutolandDirect Goes Nationwide
Autoland, the nation’s largest credit union auto buying service, announced that its AutolandDirect dealer referral program ...
McCaughey, Former CU President/CEO, Passes Away at 87
Community Trust Credit Union is mourning the loss of longtime credit union advocate and former President/CEO John McCaughey Sr. who died at the age of 87....
Departments
Young CEO Creates CU of the Future With New Branch, New Ideas
Tammy Williams, president/CEO of $61 million Best Advantage Credit Union,...
Filene Summer Fellow Gives Xceed Financial a New Outlook
The Filene Research Institute is working on releasing a report on its summer fellowship program targeting MBA students to attract young, innovative thinkers to the industry....
QUOTES WORTH QUOTING
“In Kansas, we approach it from the standpoint of ...
Big Guys Are Dressing in Sheep’s Clothing, Singing the CU Mantra
Since starting this job, I’ve learned about some great things that credit unions do. ...
Scholarships
MaPS Credit Union, Salem Ore., awarded $11,000 in scholarships to 10 Marion and Polk county students. ...
International Credit Union Day
First Credit Union, Chandler, Ariz., held a canned food drive to celebrate International Credit Union Day....
Branching Out
Kent County Credit Union, Grand Rapids, Mich., hosted a grand opening celebration at its newest branch location in Cedar Springs....
Portland CU Continues Going Viral
Northwest Resources Federal Credit Union has discovered that a little word of mouth can go a long way....
Altura CU Hooks Up With Local College to Partner on Annual Report
Altura Credit Union has found a way to breathe new life into its communications within the halls of Riverside City College....
Special Report
Editor-in-Chief's Column
Celebrating 100 Years of Anonymity
This year credit unions are making big efforts to celebrate their 100th anniversary. Some have put together events to mark the occasion,...
Face Up to Facebook et al.: Social Media Are Here to Stay
In the recent opinion piece, “Embracing Social Media May Be Dangerous for Your Members” (Oct. 21), ...
Keep Those Letters Coming!
Credit Union Times has a goal for 2009 to include Letters to the Editor in every issue....
Reap the Benefits of Social Media
This is a response to the Oct. 21 John Jaser’s op-ed on social media....
Analysis Shows Worth of Social Media
John Jaser’s Oct. 21 op-ed entitled “Embracing Social Media May Be Dangerous for Your Members” suggests that the rewards of social media are not worth the risk....
Matz Shows Indirect Lending Bias
I was very disappointed to read the negative comments regarding indirect lending made by NCUA Chairman Debbie Matz in her speech at the town hall meeting in San Diego [CU Times, Oct. 14]....
Three Cheers for U.S. Central Suit
Bravo to Corporate America CU in suing U.S. Central. Finally, some natural person credit unions will be represented by their corporate credit union...
There Must Be a Firewall Between Corporates and Natural Person CUs
In her Oct. 7 column, Editor-in-Chief Sarah Snell Cooke mistakenly equated the support or nonsupport of corporate credit unions to the support or nonsupport of smaller credit unions....
Capital Issues Leave Even Well-Managed Credit Unions Completely Defenseless
Restrictive capital requirements combined with the inability to raise secondary capital has left even well-managed CUs completely defenseless to the first-lien the system has on their capital....
Optimal Platform Integration Helps Create a Seamless Member Experience
There are bells. There are whistles. And then there’s integration–the key feature in any system for automating member financial services....
Before You Buy, Know How to Kick the Tires of a Digital Signage System
Digital signage is no longer considered revolutionary in the financial industry. It’s proven its capabilities and value. ...
Key Questions to Ask When Outsourcing Benefits Administration
Traditionally, processing of transactions, insurance claims and other aspects of consumer-based plans have been handled internally....
Tough Times Demand Cementing the Dealer-CU Relationship
In today’s corporate environment, the customer satisfaction index is getting more attention than ever before and for good reason....
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