News
Two of the six credit unions that have enrolled in a U.S. Treasury program designed to help homeowners avoid foreclosure say that the program, while promising, will not be the last word on their effort to help members keep their homes....
WASHINGTON — In a 23-minute hearing that was part love fest and part survey of the challenges facing the credit union movement, Deborah Matz, NCUA chair-nominee, promised lawmakers she’d take a balanced approach to regulating credit unions....
Borrowers who claim they were fraudulently lent money by the now failed Huron River Area Credit Union have sued the NCUA in an attempt to stop the agency from collecting on the loans....
CUNA and NAFCU’s Corporate Credit Union Restructure Policy Task Force envisions a corporate credit union system a good deal smaller...
The NCUA recently clamped down on federal credit union payday alternatives after charges surfaced that some credit unions were no better than payday lenders....
A lawsuit filed by the Minnesota Attorney General Lori Swanson has brought to light a significant difference between credit union card issuers and other, usually larger, bank card issuers....
Nearly half of U.S. Central Federal Credit Union’s $2.2 billion base-case loss estimates can be attributed to subprime mortgage-backed securities,...
The NCUA would maintain its authority over credit unions, but there would be a new agency to regulate many of the financial products issued by credit unions,...
Soon, many credit union cardholders may be able to effectively lock and unlock their credit and debit card accounts at will, ...
A threatened revolt by Democratic centrists delayed the start of the House debate on legislation to revamp the way the federal government regulates financial services....
Some lawmakers and their constituents are fed up with the Fed....
Strong risk-management policies tended to result in more conservative decision making and that helped some large California credit unions avoid the losses that have plague others...
Credit unions often portray themselves as the good guys among financial services providers.
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It looks as if the current turbulent chapter of the American auto industry reached a climax last week with the bankruptcy filings of both Chrysler and General Motors.
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In its May 1 weekly corporate update, the NCUA said seized $35 billion U.S. Central Federal Credit Union will report a $2.3 billion other-than-temporary-impairment charge when it releases its March month-end financials....
CUNA and NAFCU were working to minimize the damage to credit unions on interchange fees and other aspects of a bill to strengthen credit card regulation that was being debated in the Senate at press time....
ALEXANDRIA, Va. — Corporate credit unions would face higher capital requirements, more limits on the type of investments they can make and more disclosure requirements...
Although credit unions could be included in legislation to expand the scope of the Community Reinvestment Act,...
Two credit unions, one in Portland, Ore., and the other in Charlotte, N.C., disclosed last week that they stumbled upon a new vehicle for handling infringement clashes on market brands by developing a new “lease agreement” between noncompeting CUs....
Corporate credit union investments took a nosedive early in 2009, and corporate network owners and regulators spent the rest of the year creating and debating ways to pay for the resulting losses....
The $10 billion Southwest Corporate Federal Credit Union and the $4 billion Corporate One Federal Credit Union recorded U.S. Central capital losses and their own securities losses in newly released May financial reports....
The recession and the financial problems of many credit unions are continuing to take their toll on CUNA,...
President Obama’s pick to chair the NCUA, Deborah Matz, will oversee the regulation of an industry that has been sharply affected both by the recession and management and structural changes in recent years....
WASHINGTON — A day after approving a stabilization fund for corporate credit unions, members of a congressional subcommittee asked Chairman Michael Fryzel why the NCUA hadn’t done more to prevent the multibillion-dollar crisis facing credit unions....
Credit unions last week moved a step closer to stretching out the costs of replenishing the NCUSIF resulting from the corporate credit union bailout as the Senate was preparing to vote on a measure to create a temporary stabilization fund....
WASHINGTON — House Financial Services Committee Chairman Barney Frank (D-Mass.) said last week he opposes giving credit unions...
Credit unions dodged a big bullet but still face potential additional regulatory burdens under the bill to revamp the way financial services are regulated unveiled last week by Senate Banking Committee Chairman Christopher Dodd (D-Conn.)....
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....
After just six months on the job, the NCUA’s Office of Corporate Credit Unions dismissed U.S. Central Federal Credit Union CEO James L. Nance on Sept. 25....
The NCUA is rethinking its role as the matchmaker of last resort for troubled credit unions.Because of the recession,...
WASHINGTON — They weren’t wearing black hats, but when NCUA Chairman Debbie Matz and NASCUS Chairman Thomas Candon appeared before a Senate subcommittee last Wednesday, they had mostly bad news to convey....
Many large credit unions are still subject to additional examinations and concerns remain that federally chartered credit unions could be subject to potentially tougher state regulations....
Efforts to include credit unions in the Community Reinvestment Act will be back in focus this week at a House hearing. ...
CUNA President/CEO Dan Mica, who has led the organization during several key political fights for the credit union movement and through difficult economic times...
Following Senate confirmation by unanimous consent, Deborah Matz faces a large and complicated list of challenges as chair of the NCUA at a critical time for the credit union movement....
Ten days after the government took over U.S. Central, the corporate’s political action committee sent checks to the campaigns of Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and Sen. Sheldon Whitehouse (D-R.I.)....
ALEXANDRIA, Va. — Federally insured credit unions found out what they had long expected last week, they will have to pay a 0.15% premium to replenish the NCUSIF and help the Corporate Stabilization Fund repay the loan from the Treasury Department....
Help Wanted: A politically connected individual familiar with the workings of the credit union movement. ...
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....
The $3.2 billion Wescom Credit Union has purchased credit card portfolios from eight credit unions since launching the service in late 2006....
The largest credit union merger announced to date has been called off....
Michael J. McGrath Jr., former president of defunct U.S. Mortgage Corp. and its subsidiary CU National Mortgage,...
Could one master criminal turn out to have been the source of most credit union card security losses since 2007?...
The NCUA is in talks with Wells Fargo and an accounting firm, two of the entities involved in the recovery of $11.8 million from a deceased financial adviser who worked with the defunct New London Security Federal Credit Union. ...
As perhaps could be expected, the congressionally mandated report from the General Accountability Office on credit card interchange released last month contained a little something for all sides of the card interchange debate....
Seven midsized credit unions have filed a negligence and breach of fiduciary duty suit in Los Angeles County Superior Court against officers and directors they say were responsible for the failure of the $18 billion Western Corporate Federal Credit Union....
In a world where lives revolve around cell phones and the Internet, face-to-face human interaction has, in a sense, become as passé as a rotary telephone.
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CUNA Mutual Group is eliminating the jobs of 52 people, cutting expenses and switching to a cash-balance pension to save money, the company announced last week.
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New Jersey credit unions are tapping into what it means to be a cooperative movement with a new student loan program that pools funding and spreads risk....
The $32 billion U.S. Central Federal Credit Union reported last week a $687 million other than temporary impairment for first-quarter 2009....
The huge spike in member business loan delinquencies coupled with several troubling scenarios that continue to come up during examiner visits was the backdrop for a NCUA-hosted Webinar last week....
CLAYTON, Mo. — NCUA outlined its thinking for a new corporate credit union regulatory framework, while at the same time asking credit unions to keep their deposits in corporates....
A bearer of bad tidings with many ideas for improving the health of credit unions. That’s how NCUA Chairman Debbie Matz positioned herself since taking office in late August....
The $750 million IBM Southeast Employees Federal Credit Union was taken to court by a member who is alleging it was negligent in choosing a securities broker-dealer to recommend to its members....
Two credit unions sold relatively large card portfolios to FIA Card Services last quarter,...
Even though Elan Financial Services picked up roughly 140,000 credit card accounts in one transaction from TNB Card Services,...
Credit unions dodged a bullet in the bill passed by Congress last week that will revamp the rules on credit cards; there was no provision included to change the regulation of interchange fees and the other provisions were a mixed bag....
Three days after the NCUA took control of Eastern Financial Florida Credit Union, Space Coast Credit Union, appointed by the regulator to temporarily manage the Miramar, Fla.-based financial institution, has a proposed a merger of the two credit unions....
If, as many expect, Congress creates the Consumer Financial Protection Agency and if the new CFPA limits or eliminates payday loans, what should credit unions do?...
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....
NATIONAL HARBOR, Md. — Costs to natural persons and the issue of whether they have to be connected to corporate credit unions were key issues at last Wednesday’s NCUA town hall meeting....
The small spike in credit union mergers and consolidations this fall, some voluntary and others induced by regulators,...
Call it what you will. A service, a punishment or financial illiteracy. There is one thing that overdraft program debaters agreed on. Member usage of such programs should be monitored and controlled....
Total Systems Services Inc., the second largest card processor based in the U.S., announced last week that it was opening a new division and wants that division to process credit union card transactions....
Texans CUSO Insurance Group filed for Chapter 11 bankruptcy on Sept. 5, citing a soft insurance market and ongoing litigation expenses among its reasons....
The $627 million American First Credit Union is suing to recover against at least two members who have defaulted on exotic car loans,...
The NCUA closed Community One FCU of Las Vegas, and its assets and shares were purchased by America First FCU....
As a possible bankruptcy filing looms for CIT Group Inc., one of the nation’s largest small business lenders, credit unions may not have a choice in bracing for a wave of firms looking to revive their collapsed financing agreements....
The $1.24 billion Polish and Slavic Federal Credit Union has set in motion its largest expansion ever....
In the turbulent auto industry over the past year, credit unions have been benefited from the fallout by capturing an increasing share of the auto...
With heavy attention focused on the banking industry’s loan pullback, the $540 million Georgia Federal Credit Union decided now is the ideal time to unleash a “humorous but serious” newspaper and billboard pushing mortgages....
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....
According to Kevin M. Curley, the plaintiff and former president of Texans Insurance Group who was terminated in April 2007...
ALEXANDRIA, Va. — The NCUA was busy rearranging buckets in its budget, but overall it did not increase credit unions’ expenses during last week’s board meeting....
ALEXANDRIA, Va. — Credit unions will likely have to pay a premium of 0.15% of insured shares this year to cover expenses associated with the NCUA’s rescue of corporate credit unions....
Merchants are using the economic crisis to their advantage when it comes to card interchange....
When Linley Paske decided to switch from her bank to Florida Commerce Credit Union after being approved for a car loan,...
Saying credit unions should not be discouraged from accepting deposits for fear of their negative impact on capital, NCUA Chairman Debbie Matz urged Congress to give credit unions more options in accepting outside capital....
Michael Prior recalled the Y2K hysteria that led many to withdraw their money from credit unions and banks in the weeks and days leading up to Jan. 1, 2000....
The autumn leaves in Tennessee can only mean one thing: football.
With a fall fervor linked to the University of Tennessee, a college with roots dating back to 1794, fans of the Volunteers are as diehard as they come....
While NCUA made clear in a 2005 legal opinion that a CUSO could buy nonperforming loans as part of its debt-collection services, the regulator acknowledged that it had not fully addressed if debt restructuring was allowed.
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The fate of the stabilization fund for corporate credit unions could be decided in the House this week as a congressional panel directs its attention to the health of the corporate credit unions....
The $13.5 billion Pentagon Federal Credit Union has announced that it is the only credit union in the country, at least for now, to directly issue American Express cards....
As if credit unions don’t have enough to worry about with the possibility of the creation of a new regulatory agency, ...
In the aftermath of the NCAA basketball tournament and the opening of the baseball season, there is much talk about defense these days....
Small credit unions told Credit Union Times they take exception to industry leaders who discuss consolidation and mergers as a solution for industry losses....
ALEXANDRIA, Va. — For purposes of whether to grant a community charter, a well-defined local community would have to have 2.5 million or fewer people and have a core area within the community that contains 50% of the jobs and 33% of the population, ...
It’s not just the problems of the corporates.
The financial difficulties of many natural person credit unions–including some of the larger ones–have increased pressure on the NCUSIF and made assessing additional premiums on credit unions inevitable....
Waiting on a shipment one muggy afternoon last week, Francis Jamiel was in good spirits that day, a far cry from how he felt a few months ago....
With many small businesses hurting, the Small Business Administration said it is bracing for a tidal wave of requests for its new deferred-payment, no-fee loan program, which made its debut on June 15.
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Credit unions will have to compete in a credit card market stripped of some of their traditional consumer advantages,...
The closing of more than 3,000 GM and Chrysler dealerships this year won’t shock the credit union auto lending system, but it will force credit unions to refocus and restructure....
At press time, the NCUA was still posting first-quarter financials to its Web site; however, red ink flows liberally through financial reports currently available to the public, suggesting that 2009 is already one for the record books....
“Seasonal employment. Reindeer wanted. New working conditions–lighter loads, fewer stops. Apply S. Claus, North Pole.”...
Now comes the really hard part....
Corporate America Credit Union has filed a complaint with the NCUA Ombudsman that alleges an unresolved six-month exam exception dispute has cost the corporate $1.5 million....
After a long contest that heated up in its final days, the members of the $54 million KV Federal Credit Union have voted not to change their charter and merge with a local community bank....
Credit unions won an early victory as the House Financial Services Committee voted to exempt credit unions ...
Corporate America Credit Union filed a lawsuit Oct. 19 in Alabama District Court that claims management and volunteers of U.S. Central Federal Credit Union committed securities fraud....
Recently revealed court documents from credit union embezzlement cases have raised questions about how the NCUA could better monitor small federally chartered credit unions for fraud....
In general, credit unions appear to be foreclosing on a smaller percentage of their mortgage loans than other financial institutions and...
A short-term annoyance but not a huge burden in the grand scheme of things....
Eastern Corporate Federal Credit Union, Corporate Central Credit Union and Corporate America Credit Union successfully converted member capital shares to paid-in capital or raised PIC with new dollars....
As the economy begins to show signs of life, credit unions converged on Washington to urge lawmakers not to add regulations that would make it harder for credit unions to serve their members....
While credit unions experienced lending growth in the second quarter overall, NCUA data show that CU mortgage lending really took off....
The FDIC has it and the NCUA wants it. Congress wants to give one regulatory agency a lot of power to do it....
U.S. Central Federal Credit Union’s second-quarter financials revealed additional other-than-temporary-impairment charges totaling $537 million....
A notice to terminate an administrative services agreement between CPA firm McGladrey & Pullen and RSM McGladrey has turned into a lawsuit....
Plaintiffs, including credit unions, are piling on to recover $4 million in stolen certificate of deposit funds in what could become a class-action lawsuit against Iowa-based MetaBank....
The dark cloud of conservatorship of one of its parent companies could have caused corporate card provider Procura LLC to take cover from the pending storm....
Credit unions may have more options for core processing if the Fidelity National Information Services purchase of Metavante Technologies is completed....
Heartland Payment Systems’ CEO, Robert Carr, revealed last week that the company has begun to make its end-to-end encryption devices available to its merchant clients....
Regardless of the title behind their names, SEC Chairman Mary Schapiro said all securities professionals should be subject to the same fiduciary duty when it comes to serving investors....
With Congress in overdrive on issues related to credit unions, the trade associations and some individual credit unions are ramping up their giving to be sure that lawmakers know who their friends are....
For those who follow financial services restructuring in the House, it’s show time....
A little over two months since being placed in conservatorship, Eastern Financial Florida Credit Union will merge into Space Coast Credit Union.
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Western Corporate Federal Credit Union eliminated 30 San Dimas, Calif.-based employees last week, adding to the 60 branch processing staff the NCUA had previously announced would be let go over the next 12 months. ...
Lobbyists for credit unions are back on the defensive over interchange fees as a result of measures recently reintroduced in Congress.
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Western Corporate FCU members got their first peek at NCUA-led financials since the institution’s March 20 conservatorship in the form of an early morning May 1 e-mail....
The ongoing recession pulled down another firm last week when TNB Card Services announced the sale of its $300 million portfolio ...
The impact of the recession on Nevada’s already battered economy was again evident when the NCUA closed Ensign Federal Credit Union and authorized EDS Credit Union to buy its shares and assets....
After a period of relative peace, it appears the board of the $1.23 billion Polish and Slavic Federal Credit Union has again begun to feud....
Plagued with a litany of loan losses and unstable operations, Eastern Financial Florida Credit Union has received a cease and desist order from the Florida Office of Financial Regulation for a series of “unsound and unsafe” practices....
New regulation proposals by the Obama administration could potentially put credit unions using student lending programs to capture Gen Y in a compliance crunch,...
As tough it was passing regulatory reform in the House, that may have been the easy part....
Credit unions often differentiate themselves from banks by offering year-end bonus dividends to members....
If absence makes the heart grow fonder, those who are restructuring the way the financial services sector is regulated must love the NCUA....
To Twitter? Or not to Twitter? That is not the question. Rather, ’tis far nobler to decide when and how your credit union will become a part of the “Twitterverse.”...
The economy is making for some tough decisions for employers....
After four months of setting up a litany of online systems and then running nonstop dry runs, REALTORS Federal Credit Union went live on May 1 as the country’s first virtual credit union....
Even though Wright-Patt Credit Union experienced a 200% jump in loan growth over the past year through its mortgage CUSO, the financial cooperative felt it could turbocharge its lending program even more....
A recent CUNA survey on the liquidation of vehicle repossessions found that credit unions are dedicating a significant number of hours each month to processing repossessed vehicles and are not happy with the results they are seeing....
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....
Facing rising delinquencies but not wanting to increase costs by hiring more collections staff, Northwest Federal Credit Union came up with a high-tech solution....
SAN DIEGO — Despite being staged in “America’s Finest City,” the NCUA’s three-city Town Hall tour ended on a somber note here on Oct. 5....
Major card issuers have cut cardholders credit lines, raised interest rates and hiked fees. ...
Kathleen Soto said the fight to save her home from foreclosure has caused her stress and migraine headaches and has led to a prescription for anti-anxiety medication....
The $418 million Southeast Financial Credit Union has filed a suit against the CUNA Mutual Insurance Society, CUNA Brokerage Services Inc. ...
With just two credit unions enrolled in its micro loan program, the SBA said it is doing all it can to boost the industry’s numbers and...
State-chartered credit unions with CUSOs are still waiting for more guidance on if income earned through their subsidiaries would be subject to unrelated business income tax....
Continental Airlines’ recent announcement that it would have to lay off another round of employees after the carrier reported hundreds of millions of dollars in losses is becoming a familiar tune at Continental Federal Credit Union....
A Pennsylvania entertainment megaplex that boasts a bowling alley, arcade games and 10-cent chicken wings recently got a last minute stay of execution thanks to Members 1st Federal Credit Union....
Even though the nation’s economy tanked in 2008 and many Americans had trouble making ends meet,...
Twelve members of Members Gateway, an Indiana-based innovation CUSO, has advised the NCUA to perform a complete overhaul of the corporate system....
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,...
After months of strong results from the Invest in America program, Chrysler has announced that it is shifting its focus to the new government incentive program Cash for Clunkers....
Credit unions around the country that issue fixed-rate credit cards have to decide whether to stick with those cards or follow much of the rest of the card issuing industry and switch to variable-rate cards....
There’s a new program out there helping credit unions connect to Gen Y. Its powerful lure? Music.
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The Washington State Credit Union League showed no signs last week of backing down in its verbal assault against PIMCO, ...
Jack Henry & Associates’ purchase of Goldleaf Financial Solutions will help fill gaps in the company’s product line,...
The courts may wind up adjudicating another aspect of the CU National Mortgage fraud....
With credit unions suffering across the country, the National Federation of Community Development Credit Unions has begun stepping up its efforts to make sure that regulators and government officials don’t forget about the needs of CDCUs...
Though Federal Reserve Chairman Ben S. Bernanke is likely to be confirmed for a second term, lawmakers of both parties used a hearing last week to express their concern about aspects of his job performance....
CUNA Mutual Group has struck a deal to buy CPI Qualified Plan Consultants Inc., a retirement plan record keeper.
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CUNA terminated 18 people in its Madison office last week as part of a previously announced cost-cutting plan.
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The negative impact of the economy on its investments caused CUNA to have to write off almost $8 million last year....
A lawsuit has been filed by Credit Union Liquidity Services LLC, a Texans Credit Union CUSO,...
At press time, the House Financial Services Committee was scheduled to vote on an amendment that would exempt credit unions from having to pay into a fund aimed at rescuing companies deemed too big to fail....
Now that U.S. Central Federal Credit Union has released its 2008 audit, members can begin their own audit process and finally close the books on...
The conservatorships of U.S. Central and WesCorp are the talk of the industry, but for the $2 billion Central Corporate Credit Union, 2009 is the year CenCorp’s annual meeting lacked audited year-end financials....
In 2002, when the NCUA was considering a series of regulations of the corporate credit unions–including a 2% earnings retention requirement–the agency received a comment letter from the Association of Corporate Credit Unions....
ALEXANDRIA, Va. — The NCUSIF’s reserve balance was $5.2 billion last month, including an increase of $1.2 billion in losses for the corporate credit unions,...
Representatives from 11 small corporates gathered at the Monte Carlo casino and hotel in Las Vegas on Dec. 15 to discuss their options for the future,...
The Burbank, Calif-based Technicolor Federal Credit Union abruptly closed June 30 due to an internal investigation into employee misconduct. When it reopened the next day, it was partially staffed by employees on loan from other credit unions....
After a whirlwind of activity on financial services issues this year, Congress’ attention is turning to other issues such as health care and energy policy....
According to the NCUA’s June 5 corporate update, Western Corporate Federal Credit Union will close branch processing facilities ...
CUNA and NAFCU are urging the NCUA to be cautious about limiting credit unions’ ability to offer overdraft protection programs....
Travel perks of credit union directors came under new scrutiny this month following revelations surrounding a whistle-blower’s suit brought last December by the fired CEO of a New Jersey credit union....
The Obama administration last week continued its high-profile support for changes to the laws regulating credit cards....
A federally chartered credit union in New York is challenging a tax that the state imposes on mortgage origination, arguing that its federal charter preempts any state taxation....
At its second to last meeting of the year on Nov. 19, the NCUA Board is scheduled to issue its long-awaited proposed rules for revamping the structure of the corporate credit union system. The meeting will crunch some numbers for the agency’s 2010 budget....
The three credit union trade groups won’t have the chance to make public comments about the proposed NCUA budget this year....
After years of disagreement on how to approach the issue of supplemental capital for credit unions, CUNA and NAFCU last week ...
Concerned over the outcome of the NCUA’s corporate restructuring, the Iowa Credit Union League disclosed a plan last week to buy an Arizona credit card bank to protect its smallest members against a run-up in costs....
U.S. Central completed an offering of $4.0 billion in medium-term notes last week that are guaranteed by the NCUA’s Temporary Corporate Credit Union Liquidity Guarantee Program....
New Jersey’s Credit Union League is “watching with interest’’ that state’s gubernatorial election, but its counterpart in Virginia is taking a more hands-on approach to the race for the state house in the Old Dominion....
According to the National Center for Education Statistics, while the access students have to college has increased over the last three dates, the rates of completion have not changed. For students that start at a four-year college or university, ...
A challenge to PSCU Financial Services’ claim for a new card security technology has brought another card security vendor to the attention of credit unions....
Dismissed CEO Dale Dalbey, Chairman Barbara R. Luckett and board members of the $194 million Mutual Savings Credit Union have filed an injunction...
If successful, will the July 15 lawsuit filed by the California Public Employees’ Retirement System against ratings agencies Moody’s, Standard & Poor’s and Fitch mean credit unions can also sue . . ....
World Council of Credit Unions President/CEO Pete Crear is taking G-20 regulators to task, accusing them of failing to utilize input from financial cooperatives as they create new financial rules and regulations....
Revamping the way credit unions and other financial institutions are regulated and possibly including credit unions in the Community Reinvestment Act....
The NCUA’s April 10 corporate credit union update included a summary of its analysis of distressed securities held by U.S. Central FCU and Western Corporate FCU....
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....
Even though only 153 credit unions would be affected, CUNA and NAFCU are both opposing a bill working its way through Congress that would place limits on executive compensation....
Earlier this month, Eastern Corporate Federal Credit Union discreetly completed a $17.7 million Perpetual Paid-In Capital II subscription offer,...
Lawmakers who work on credit union issues are looking for ways to move forward the NCUA’s proposal to create a stabilization fund for corporate credit unions, though it is not clear when that will take place....
NCUA appears set to review credit union’s payday loan and payday loan alternative programs on a case by case basis....
From loan workouts to other restructuring plans, Telesis Community Credit Union said it is doing all it can to avoid having to send properties down the foreclosure route....
Only time will tell if some of the industry’s recent membership gains are attributed to those seeking a safe haven for insured deposits....
The more than 231 credit unions served by LPL Financial Corp. are not expected to be affected by a lawsuit filed by LPL Holdings Inc....
WASHINGTON — In the wake of an expected $1.1 billion loss by U.S. Central, the NCUA is infusing $1 billion into the troubled credit union and undertaking a series of efforts to shore up the corporate credit union system....
The NCUA explained in greater detail last week how it was able to reduce its initial projection for an insurance premium from 0.30% to 0.15%.
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A House subcommittee has recommended that the Central Liquidity Facility borrowing authority be set at $40 billion and not subject to a cap.
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The NCUA will remain the owner of houses in Florida, at least for the time being....
Because of the pressure of other issues and a recent Federal Reserve regulation, lawmakers have delayed consideration of legislation to place further regulations on overdraft programs until at least early December....
The views of some California CEOs on a host of NCUA policies including mergers, prompt corrective action and risk management is generating some lively dialogue....
The approximately 250 comments posted on the NCUA’s Web site as of press time regarding a corporate credit union restructuring represent viewpoints so varied they’re difficult to group into a majority....
Internal bickering in the Senate is causing a delay in the consideration of the NCUA’s plan to create a stabilization fund for corporate credit unions and an effort to allow bankruptcy judges to rewrite the terms of mortgages....
The NCUA has revealed more details on what may have led to the collapse of New London Security Federal Credit Union after a financial adviser that worked with the cooperative for years allegedly cooked the books that resulted in a $12.1 million loss....
Two friends of credit unions may soon be facing off in the primary for U.S. Senate in New York....
Not only did direct mail card offers continue their slide in 2008, more of the ones that hit consumers’ mailboxes carried annual fees, according to Synovate, a market research firm based in Chicago....
In the six years Black Hills Federal Credit Union has been authorized to do SBA lending, the financial institution said it is proud of its track record.
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Ever since May 13, when U.S. Central Federal Credit Union released first-quarter financials that showed it had exhausted only 23% of its member capital accounts,...
Norlarco Credit Union’s top executives mismanaged its residential loan program and relied on it too heavily as a source of income while state and federal inspectors weren’t rigorous enough in their examinations....
The Obama administration is giving financial institutions more incentives to modify second mortgages, while Congress is trying to make those institutions more accountable for home loans that they make....
The state league leadership from eight Mid-Continent states pledged last week to pursue cost-cutting collaboration and took the first steps toward...
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....
Federal lawmakers were subjected to a duel by data last week. The chain 7-Eleven brought a petition to Washington purporting to show consumer support...
In another indication of economy’s impact on credit unions, NAFCU laid off three full-time employees, announced plans to eliminate a part-time position by the end of the year and eliminate another vacant position....
CUNA and NAFCU have ironed out more differences in their positions and are closer toward coming up with a policy statement on allowing credit unions to seek additional capital....
Financial Service Centers Cooperative, one of two nationwide shared branching networks, has announced that 14 credit unions on the island of Puerto Rico have banded together to participate in shared branching through its national shared-branching network....
It’s been less than a year since Rhett Rowe, a former bank president, took over as CEO of the $318 million Premier Members Federal Credit Union of Boulder, Colo. And he’s got his sights on expansion....
Computer security experts around the country are watching the first prosecution of Albert Gonzalez closely, ...
The Obama administrations plan to replace the Federal Family Education Loan Program with direct student lending got one step closer to becoming a reality with the House voting on and passing the measure....
Town North Bank has confirmed that long-time CEO John Reap has stepped down as CEO. Town North is the only bank owned by credit unions in the U.S.....
Card Analysis Solutions, a CU card consultancy run by Ondine Irving, has launched a Web site, dubbed Credit Card Connection, designed to help consumers find consumer-friendly credit union credit cards....
Could the controversy surrounding overdraft protection and card interchange become the “new tobacco?”...
WASHINGTON — Belco Community Credit Union can keep the community charter that allows it to recruit members in a seven-county area in central Pennsylvania.
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A federal court has approved the distribution of $843 million to more than 257,000 harmed investors stemming from an American International Group SEC accounting fraud enforcement action....
A federal district court judge in Maine dismissed almost all of the legal complaints of consumers whose credit and debit card data were compromised in the Hannaford supermarket data security breach....
Credit unions’ budget crunch, hitting credit unions more sharply after the NCUA’s assessment, is now taking its toll on charities, financial education and lobbying....
The $2 billion First Carolina Corporate Credit Union joined all other corporates except the $100 million Iowa Central Corporate CU in participating in the Temporary Corporate Credit Union Share Guarantee Program....
With the economic squeeze affecting all businesses, now is the time for human resource departments to shine by helping their organizations....
The NCUSIF’s reserve balance was $5.3 billion last month and the fund lost $2.5 million in income, NCUA Chief Financial Officer Mary Ann Woodson told the board last Thursday....
While credit unions have seen some hits in their investment programs, some have reported steady growth over the past three years....
The Securities and Exchange Commission is looking for a few good men and women....
To go along with its Gen Y-centered iLife program, Shell Federal Credit Union in Deer Park, Texas, has added an iSave account....
It pays to be aggressive. According to Technology Credit Union Vice President of Marketing and published author Kathleen Litman, proactive marketing and public relation moves have helped the credit union’s new-member growth while building brand awareness....
When a member turns to his or her credit union for help with long-term financial planning and investment goals, it would help if the employees are able to speak some of the lingo.
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WASHINGTON — Two of the industry’s leading consultants, former NCUA Chairman Dennis Dollar and Callahan and Associates President Chip Filson, were among those weighing in last week on NCUA’s corporate rescue plan....
Credit unions recognized as community development financial institutions have the opportunity to get some of the $787 billion the federal government has decided to spend on economic stimulus....
The merger of two St. Paul, Minn., credit unions, Fort Snelling Federal Credit Union and Hiway Federal Credit Union became official at the beginning of April....
WASHINGTON — A Senate panel last week approved an amendment to raise the NCUA’s borrowing authority from the Treasury Department from $100 million to $6 billion....
Damages from the Heartland Payment Systems card data theft have started tallying up, stretching the abilities and budgets of some smaller credit unions....
The NCUA wants Congress to create a stabilization fund financed by a larger line of credit from the Treasury Department so credit unions can spread out over seven years premiums for the cost of placing U.S....
The House Financial Services Committee last Wednesday approved a measure to put additional restrictions on credit unions and other credit card issuers....
It’s not much compared to December’s financial carnage, but U.S. Central Credit Union is off to a positive start in 2009....
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....
Don’t eliminate corporate credit unions but see to it that the NCUA does a better job of policing them....
RALEIGH, N.C. — With a track record of more than seven million borrowers and $6.5 billion in disbursed funds to microbusinesses, North Carolina’s credit unions and banks have certainly taken notice of Grameen America....
The campaign by Pennsylvania credit unions to provide loan relief to financially strapped state employees was ramped up last week as lawmakers and the state’s governor, Edward Rendell, wrangled over solutions to a budget crisis producing payless Fridays....
ATLANTA — NCUA officials continued to catch heat from the corporate bailout plan as they fielded fast and sometimes furious questions at the agency’s Risk Mitigation Summit Feb. 19....
Credit unions should do more to evaluate their risks and then set capital goals to reflect those risks, argued the author of a CUNA paper meant to guide credit unions through making those evaluations....
The merger trend among small credit unions, particularly in Wisconsin, surfaced anew last week with disclosure by the $1.4 billion Landmark Credit Union that it had merged with four small Milwaukee area CUs....
Hoping to do their part to push forward one of President Barack Obama’s goals of creating more jobs and green products and services,...
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....
Saying that credit unions could be sources of much-needed capital for small business, Rep. Paul Kanjorski last week introduced...
WASHINGTON — A coalition of consumer and financial activist groups has denounced a bank’s announcement that it will use some of the funds it ...
RYE, N.Y. — Police have charged John P. Walsh, the former chief operating officer of Affina Brokerage Services LLC, a subsidiary of USAlliance Federal Credit Union, with allegedly stealing $2.5 million from the CUSO....
With a growing number of lenders continuing to tighten their standards, credit unions hoping to grow small business loan operations may be missing other opportunities to establish long-term relationships....
Innovation and economic policy are among the topics scheduled to be discussed at CUNA’s America’s Credit Union Conference and Expo....
Members of the $53 million KV Federal Credit Union got their ballots to begin voting on whether to convert their credit union to a bank charter and merge it with nearby Kennebec Savings Bank late last week....
WASHINGTON — Free liquor, free food and inspirational speeches from their congressional allies....
A recent study from the Filene Research Institute showed that the average annual cost of fees on bank checking accounts is more than twice as high as the annual cost of fees on credit union share draft ...
CHARLOTTE, N.C. — With locals growing nervous over economic and job concerns, Carolina Postal Credit Union has launched a new campaign to help ease their fears....
Corporate credit union human resources departments are working overtime helping their employees cope with a tough task: watching an angry industry determine their future....
LOS ALAMOS, N.M. — The nominations and elections committee at the $312 million Del Norte Credit Union declined to nominate a sitting board member and former chairman for re-election to the board along with a former supervisory committee member....
With an eye on the state’s 14.1% unemployment rate, the $1 billion Michigan Schools and Government Credit Union said last week its program to aid adult workers in finding new jobs “has more significance than ever.”
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Last week, Wisconsin Gov. Jim Doyle put an end to a measure that would have allowed Educators Credit Union in Racine, Wis., to continue to sell cars.
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In a move reflecting continued economizing by the industry, the Colorado and Wyoming Credit Union Associations are making plans for a formal merger later this year as part of the ongoing consolidation trend among state leagues....
Credit unions now have another option to provide members surcharge-free ATM access....
A.M. Best, a full-service credit rating organization for the financial service industries, gave CUNA Mutual Group a financial strength rating of A (excellent)....
Montgomery County (Maryland) Public schools recently moved its summer pay program, which allows employees to set money aside throughout the school year for summer expenses,...
The steady stream of bank failures this year–25 in all–continues to boost deposit and loan business for credit unions...
Connecticut credit unions not only got holiday cheer and a greeting card but also the 2010 dues bill from the state league....
AUGUSTA, Maine — As a new state legislature takes office, Maine credit unions are optimistic about developing relationships with lawmakers, including contacts with the Business, Research and Economic Development Committee, ...
HOBOKEN, N.J. — Considering the current economic climate, some CUs are finding that the timing couldn’t be better for credit unions to help consumers pump up their financial muscles.
In fact more consumers are taking a closer, harder look at their debt....
After recording $85 million in permanent impairments in April and May, Constitution Corporate Federal Credit Union updated members on its cost containment and capital recovery plans....
As inquiries climb, the potential for more credit union mergers, both voluntary and supervisory, particularly in the four sand states is due for a big spike through 2010, two consultants agreed last week....
Credit union boards need to use a common sense approach to keep extravagant or excessive travel expense by volunteers under control,...
Testing out a new caregiver-safe harbor theme, a group of Washington State credit unions have launched an updated branding campaign called “Membership Means Something.”...
Credit unions could be playing defense again as Congress makes another attempt to put additional regulations on credit card issuers....
Michigan credit unions showed significant growth in deposits, new auto loans and small business loans, according to fourth-quarter data from the Michigan Credit Union League....
The swine flu outbreak kicked disaster preparedness plans into high gear among credit unions last week. Regulators and trade groups sounded warnings about the need to have proper communications ...
As global financial services provider ING takes a look at cost-cutting measures to stay in the black, at least one division with a tie to the credit union industry has already been impacted....
It’s no secret that Gen Y is an online generation that wants instant access to everything, including their financial institutions. The issue that credit unions should be looking at is what Gen Y is doing with that instant access....
Credit union trades are optimistic that cooperative institutions will win the right to issue secondary capital to investors. ...
As a result of the sluggish economy, 5.13% of all insured shares are in credit unions with CAMEL 4 or 5 ratings, and there are 326 credit unions with such ratings, NCUA Chief Financial Officer Mary Ann Woodson told the NCUA Board last Thursday....
While all corporate credit unions can offer investment services, it was important to distinguish that the industry should have an alternative such as CUSOs if credit unions want to offer investments with durations of 12 months or longer....
The end of the U.S.’s mission in Iraq is in sight. U.S. troops are set to withdraw from Iraq’s urban areas by June 30. ...
Gesa Credit Union has come a long way since its founding in 1953 when General Electric employees formed the cooperative after local lenders weren’t willing to make consumer loans.
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Some movement has occurred in the lawsuit regarding the Pennsylvania federal credit union being sued for allegedly not labeling its ATMs with the required fee notices....
LOMBARD, Ill. — Now, more than ever, small business owners may be turning to their peers to find the best credit unions and banks....
China, Australia, Poland and Canada have models in place now that could propel credit unions past their competitors....
Now that her children are grown and living their lives, Kathy Keenan-Swanson said she’s ready to take on another calling....
Look to the corn fields. That’s how Vidar Jorgensen describes it as interest is continuing to build on the opening of a credit union in North Carolina by an international micro- lending bank....
A joint marketing deal has been agreed upon by the Credit Union Acceptance Co. LLC and CU Business Capital LLC....
Despite the lobbying efforts of CUNA and NAFCU and voting mostly along party lines,...
Robert Burrell, the former chief investment officer at Western Corporate Federal Credit Union, has taken a new position at RiskSpan,...
MADISON, Wis. — A new Filene Research Institute study conducted by a New York university marketing and public policy professor has reopened the hotly debated national branding issue with special attention on attitudes toward individual CU branding....
WASHINGTON — NCUA Vice Chairman Rodney Hood has been on the board since 2005 and before that had an extensive career in the banking industry and working on rural credit issues at the U.S. Department of Agriculture....
CUNA staked out a position on the new Consumer Financial Protection Agency somewhere in between the Obama administration and those who don’t want any new regulator at all....
Citadel FCU will be able to serve an area of five million people in the Philadelphia area as a result of NCUA’s decision to grant it a community charter....
When Truliant Federal Credit Union Senior Vice President Ginger Salt was turned away from a recent town hall meeting with Rep....
ARLINGTON, Va. — Although credit unions and banks are often at odds, the ABA’s Chief Economist Keith Leggett used an appearance before credit union executives to focus on areas of common ground....
WASHINGTON — MIT Federal Credit Union exemplified the opportunities that exist for credit unions in this current market by taking the place of Citibank as a lender for private student loans at the MIT Sloan School of Management....
Much of the debate surrounding corporate credit unions has centered around the NCUSIF insurance premium hike....
WASHINGTON — The leaders of CUNA and NAFCU touted the virtues of credit unions in interviews in a range of print and broadcast venues recently....
Credit cards can be an effective form of advertisement for a credit union. Just think about how many times a day a card is pulled from a wallet and seen by cashiers, friends, family and the next person in line.
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The exchanges were quick and, a few times, heated. But for the most part, the tweets were insightful between small business owners, lenders and others during a recent Twitter town hall hosted by Intuit Inc.
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The liquidity situation at corporate credit unions will be the NCUA’s focus when it examines possible changes in the Temporary Corporate Credit Union Liquidity Guarantee Program at its meeting on May 20....
Since Eastern Financial Florida Credit Union was placed in conservatorship more than three weeks ago,...
Despite the financial and economic pressures facing West Coast credit unions, including losses associated with the conservatorship of Western Corporate Federal Credit Union, ...
There was more bad news last week for credit union meetings and travel....
After nearly a year in formation, the new League of Southeastern Credit Unions, combining the Florida and Alabama Credit Union Leagues, becomes legal and official on Jan. 4....
LANSING, Mich. — Chrysler Corp. will join General Motors Corp. in the auto financing program of the Michigan Credit Union League and CUNA to provide low-rate car loans and price discounts to members through next June, it was announced last week.
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PITTSBURGH — After 25 years, United Community Federal Credit Union 12 staffers have decided not to be represented by Teamsters Labor Union....
Depending on whom you ask, the SBA’s America Recovery Capital loan program is either a real credit relief provider or padded with so many strict and unrealistic guidelines that lenders do not want to even bother....
A new study from Forrester Research Inc. titled, “What Makes Credit Union Customers Different?” sends the message that credit unions should not ignore the opportunities that have come out of the recession....
A few credit unions joined banks last week in an effort to recoup some of the losses they have taken as a result of the largest card data breach ever....
Superior Choice Credit Union is suing the NCUA, alleging it sold loans improperly when acting as conservator for the now-defunct Norlarco CU....
The NCUA was scheduled to issue rules on overdraft protection to align its rules with those of the Federal Reserve and other financial regulators at its meeting last Thursday....
Help is out there for credit unions that are baffled about what do to about attracting younger generations of members....
Did you realize that you can sign up for Credit Union Times daily e-newsletter completely free of charge?...
During a conversation at a NACUSO meeting in 2005, Bill Beardsley and Keith Reed found that they had many things in common....
Credit unions and their allies clashed once again with merchants and consumer advocates over additional efforts to regulate interchange fees during last Thursday’s hearing before the House Financial Services Committee....
After recent upswings of record growth, member business lending activity continues to slow down in large part because of the drag on the economy....
Bolstered by requests from hard-pressed municipalities,...
ALEXANDRIA, Va. — From the new rules for corporate credit unions to the impact of the recession on natural person credit unions, NCUA Chairman Debbie Matz faces an array of issues during her first few months at the agency....
Homes for Our Troops received another big financial boost–$190,000–from New England CUs to help construct homes for wounded Iraq and Afghanistan war veterans....
As of June 30, U.S. Central Federal Credit Union’s investment losses have burned through nearly $2 billion in member capital, and it shows on retail corporate balance sheets....
ST. LOUIS — Offering its own version of a stimulus package to aid the industry, the Missouri Credit Union Association is returning nearly a quarter of its dues for 2009 to its members....
Representatives from Grameen America were scheduled to meet with business and academic leaders on Feb.25 to discuss the next phase of opening a branch of the microlending bank in Fayetteville, N.C....
Western Federal Credit Union has filed a lawsuit against Chrysler Deputy Chief Executive Jim Press for defaulting on a loan....
Like most retail corporates, the $9 billion Southwest Corporate Federal Credit Union announced big July month-end losses,...
After serving in an interim role since January, Michael Sauer has been named the new president/CEO of $1.8 billion Texans Credit Union, effective immediately....
Revenues from shared-branching arrangements are among the items subject to the unrelated business income tax, according to an IRS technical advice memorandum....
Dismissed Western Corporate Federal Credit Union President/CEO Bob Siravo did receive a large retirement payout in 2008, but it was from a deferred compensation plan...
HOBOKEN, N.J. — Credit unions are leading a savings revolution courtesy of Filene Research Institute’s i3 team....
NEW YORK — The suicides of two foreign tycoons, the loss of at least $50 billion in assets and a regulator catching heat for failing to follow through on several red flags waved over a 10-year span....
Credit union economists agree on why credit unions are booking more mortgages on their balance sheets: Secondary market prices are discounted and consumer loans not only bring credit risk, but demand is low....
Looking to have an even stronger presence within its hospital-based field of membership, three New York credit unions have entered into talks to discuss a possible merger....
The failure last week of Alabama’s $25 billion Colonial Bank, a multistate operation with nearly 350 branches,...
Steve Delfin, executive director of the National Credit Union Foundation, will step down from that position on Dec. 31, 2009 to become CEO of America’s Charities....
The Iowa Credit Union League has given up on its Federal Reserve bid to buy an Arizona bank and convert it to a wholesale correspondent vehicle....
CHARLOTTE, N.C. — While local football favorites the Carolina Panthers may not have made it to the Super Bowl, Charlotte Metro Credit Union pulled pigs out from under a blanket at game time....
Even as credit unions have only a measly 2% share of the mortgage market, Prime Alliance Solutions Inc. believes that the industry is in a position to command double-digit penetration over the next five years....
DURHAM, N.C. — There’s been a quiet misconception in the industry that reaching out to serve Latino communities may equate to extending a handout, Carlos Calderón has noticed....
There has been a changing of the guard at the National Federation of Community Development Credit Unions....
Patrick La Pine, executive vice president and head of association services for the Michigan Credit Union League, has been named president/CEO of the newly formed League of Southeastern Credit Unions, effective Aug. 3.
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Economic hits and likely regulatory changes have made developing back-office collaboration essential if credit unions are to survive, according to a new report...
Seven former credit union employees have been banned from working at federally insured financial institutions because they have been convicted or pled guilty to crimes or agreed to a consent decree....
Marking its second major buy over the past few months, Intuit Inc. said it will purchase online personal finance provider Mint.com in a cash transaction worth approximately $170 million....
Just how much of an impact levying a share insurance fund premium to shore up the corporate credit union network will have on the delivery of products and services to members remains to be seen....
It’s hard to say if Bernard Madoff’s $65 billion Ponzi scheme has led to more exposure of smaller-scale frauds, but it seems the Securities and Exchange Commission is staying busy these days weeding out scammers....
While every business is seeking out economies of scale, the $117 million Summit Credit Union of Greensboro, N.C.,...
The $1 billion Pacific Service Credit Union, headquartered in Walnut Creek, Calif., has announced that a recent redesign of its card program has reduced the card rates for most of its cardholders....
TULLAHOMA, Tenn. — Ascend Federal Credit Union recently received national media attention when a frustrated Bank of America credit card holder closed her account.
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Pennsylvania credit unions along with banks were singled out last week by Gov. Edward G. Rendell for “acting in a socially responsible” ...
It’s a new day at Charter Oak Federal Credit Union.
After 70 years, the Groton, Conn.-based credit union has revamped its image to take “relationships beyond banking.” ...
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....
The outspoken head of a Los Angeles area credit union, who for a time flaunted his CU’s safety and soundness record before running into NCUA disfavor, took on a new cause last week: bailouts....
A new report has documented that the Payment Card Industry data-security system that credit unions, banks,...
Credit unions without federal insurance could face additional requirements for informing members about their insurance status, as a result of a proposed rule by the Federal Trade Commission....
The economic woes of the sand states continue to cause problems for credit unions....
CUNA’s political action committee has more than $700,000 in its coffers and NAFCU’s PAC has more than $144,500, according to reports filed with the Federal Election Commission last month....
On a voice vote following minimal debate, the House last Tuesday approved a measure ...
Almost 70% of credit union executives surveyed by NAFCU reported an increase in members switching loans from banks during the past 12 months....
The $18 billion State Employees Credit Union, Raleigh, N.C., is partnering with a nonprofit, government regulator and statewide broadcaster to help save more North Carolina homes from foreclosure....
WASHINGTON — With many credit unions hurting, the NCUA’s rescue of corporate credit unions and economic woes causing CUNA to announce furloughs and layoffs, this has been an especially challenging time for CUNA President/CEO Dan Mica....
Unable to achieve scale, the $14.5 billion Vancity Credit Union said it has sold the majority of its retail loans offered through its online banking division after the service failed to take off....
ARLINGTON, Va. — CUNA President/CEO Dan Mica said the economic crisis, coupled with the large number of vacancies in the Treasury Department are combining to create many unknowns about federal policies affecting credit unions....
Families willing to expose their finances are helping credit unions get consumers excited about saving. And with the buzz about financial makeover contests, two credit unions have found their contestants....
The industry’s quandary on overdraft protection policies and the prospect of restrictive legislation in Congress drew lively and intense debate at last week’s convention of the New Jersey Credit Union League. ...
TMG Financial Services, the only credit union-owned purchaser of CU card portfolios actively in the market, is looking for credit unions to help it purchase more....
A couple years after deciding to reinvent his company in a remake that “really tested some loyalties,” Louis Hernandez Jr. said he thinks Open Solutions Inc. is firmly poised to help his clients–new and old–move ahead....
Some credit unions are considering selling their credit card portfolios to meet income and balance sheet pressures....
The proposed regulations, which are subject to public comments due at the end of November, would require the annual percentage rate to include...
COLUMBIA, S.C. — In a state with an unemployment rate running as high as 14%, credit unions stepped up their financial counseling programs at year-end as they also searched out new ways to ease member pain on auto, mortgage and consumer loans.
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BEAVERTON, Ore. — You can learn some interesting things looking at the reports from your third-party call center....
A handful of areas in credit unions’ trust and investment services realm could be affected by the Treasury Department’s proposed Consumer Financial Protection Agency....
Credit unions in Fargo, N.D., and its Minnesota neighbor across the flooded Red River in Moorhead learned a thing or two about coping with Mother Nature last week as nearly a dozen offices closed ...
The fallout of the economy has put areas like overdraft fees and credit cards under the microscope with new legislation drafted to protect consumers....
Call it a hard candy holiday season, but this year almost half of consumers surveyed plan to use any cash they are given as holiday gifts to help meet expenses like groceries,...
GALENA PARK, Texas — The Crosby-Huffman Chamber of Commerce has changed the format of its annual expo in the hopes of benefiting local credit unions and other local businesses....
A card marketing innovation that surveys have shown can help drive card use is coming to CUs that process with TNB Card Services in the next 18 to 24 months....
SEATTLE — Seattle Metropolitan Credit Union is getting consumers fired up about credit unions....
An Austin, Texas, banking research and development firm says it’s offering rewards checking to help community banks and credit unions take back market share from the largest national banks.
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An effort to make current data security measures significantly more secure is poised to get underway. The Accredited Standards Committee X9,...
Not long after Chrysler announced it was filing for bankruptcy, the Big Three automaker also announced it was reinstating incentives for the Invest in America program....
The NCUA-managed U.S. Central Federal Credit Union released its 2008 audit late in the afternoon on Sept. 11 as NCUA Chairman Debbie Matz...
Sometimes even the best circumstances bring challenges....
When it comes to a government bailout for credit unions, the talk among Missouri credit unions is: don’t go there....
The squeeze on credit and efforts to emerge from an economic downturn may drive more mergers this year than the fallout from the NCUSIF assessments....
Despite repeated assertions that the economy has moved out of recession and is moving toward recover, a major card brand’s recent survey of small business owners finds pessimism still dominant....
CLEARWATER, Fla. — Card Services for Credit Unions is looking back on a healthy year for credit union card programs.
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ST. LOUIS — The Missouri Credit Union Association is going back to the drawing board with its 2009 plans to build a special home for a wounded Iraqi vet....
Hope Community Completes American Savings Merger
Nearly a year in process, the $117 million Hope Community Credit Union, a Jackson, Miss. community development CU, has completed a merger with Memphis-based American Savings Credit Union....
The IRS said there are tax-saving opportunities available to small businesses under the American Recovery and Reinvestment Act....
NCUA Region I Director Mark Treichel has been named acting director of the agency’s Office of Corporate Credit Unions, the agency announced last week....
Despite suffering a $46 million loss in 2008, Texans Credit Union said it is ready to travel the road to recovery....
In a response to the credit crunch and to complaints that recent government programs have favored Wall Street over Main Street...
United Federal Credit Union of St. Joseph, Mich. has come up with a novel way to reach the Gen Y college crowd: let them “rant, vent and complain” about their experience with banks and soon enough they’ll switch to United Federal....
The NCUA is closely monitoring Ensign Federal Credit Union, which recently told the agency that its liabilities exceed its assets....
Steve McDonald, the new CEO of credit union-owned Town North Bank said that while the bank has no immediate plans to rejoin the market for credit union card portfolios, he would not rule it out for the future....
Lending Solutions Inc., a lending services consultant for financial institutions, announced a new addition to its auto loan recapture program, Recapture Pro....
A credit union that seeks to grow its mortgage lending program will almost certainly need to reach out to real estate professionals, according to a credit union that has built up strong relationships with Realtors....
A former credit union now turned bank may find out that it didn’t clear itself from all of its CU relationships in time to avoid losing significant money....
A recent CUES and Aite Group report takes a closer look at how credit unions need to evolve to ensure future growth....
Small business lender CIT Group Inc. recently announced that it will suspend dividend payments on some of its stock to improve liquidity, preserve capital and thwart bankruptcy....
ARLINGTON, Va. — A lawyer whose practice includes helping credit unions convert their charters to mutual banks reminded the industry last week that while credit unions may get access to alternative capital in the coming year, th...
Troy Martens, vice president of consumer and real estate lending at Truliant Federal Credit Union, jokes that five years ago, area Realtors knew Truliant more as a place to go for car loans than for mortgages....
Corporate Central Credit Union announced that they have filled a current vacant board position with Jim Schrimpf, president/CEO of Brewery Credit Union....
Last week’s Iowa Credit Union League convention contributed to the 100th anniversary celebration of credit unions by opening a special museum in the exhibit hall and offering $100 commemorative posters drawn by a Des Moines artist depicting CU history....
When Ent Federal Credit Union noticed last year that only 500 of its 195,000 members were using its free automatic savings transfer service,...
Deciding its logo, tagline and even colors were getting stale and lacked appeal to young people...
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....
Because there weren’t enough members at the meeting, the Senate Banking Committee last Tuesday did not vote on the nomination of Deborah Matz as chairman of the NCUA....
CENTENNIAL, Colo. — In a year when vehicle sales dropped and auto lenders stopped lending, indirect auto lending CUSO CU Direct Connect saw a 54.7% increase in its auto loans.
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ATLANTA — The NCUA has chartered a new community development credit union....
CUNA and NAFCU have been tightening their respective belts in response to the recession. They’ve also ramped up programs to help credit unions do the same....
The Group of 20 meeting in London could have permanent implications for U.S. credit unions, said Dave Grace, World Council of Credit Unions’ vice president of association services....
The Pennsylvania Credit Union Association reacted quickly last week in opposing a proposal to eliminate the tax exemption for credit unions and other nonprofits....
World Council of Credit Unions is leveraging existing women’s social groups to expand global credit union access in its new Global Women’s Leadership Initiative....
If credit unions can move beyond the myth that consumer loans follow the same track as business loans, it would be a strong, first step to spotting red flags early on....
WASHINGTON — After a more than six-year political battle, Kenyan President Mwai Kibaki signed a measure to create a stronger regulatory structure for the country’s credit unions, known there as savings and credit cooperatives (SACCOs)....
The $9 billion Members United Corporate FCU posted potential loss scenarios in its portfolio update on its Web site, www.membersunited.org.
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State-chartered credit unions have another three months to come up with identity-theft protection programs as a result of the Federal Trade Commission’s decision to extend the deadline for enforcing Red Flags....
A two-day car sale held by Michigan First Credit Union not only exceeded previous years numbers in total cars sold, ...
In a key victory for credit unions, the Internal Revenue Service let last week’s deadline for appealing the verdict against...
For the first time in years, surcharge-free ATM access will contract....
Showing that credit unions are not exempt from the impact of a struggling economy, three credit unions recently announced staff cuts....
At the culmination of nearly six years of litigation, Illinois credit unions will soon be recipients of $6.2 million...
Two commercial real estate loans serviced by Business Partners LLC that are currently going through a receivership and a bankruptcy were participated out to other credit unions....
WASHINGTON — Federally insured credit unions will no longer have to report certain financial transactions over $10,000, as a result of amendments to the Bank Secrecy Act, which take effect Jan. 5.
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LANSING, Mich. — The consolidation trend hit Michigan trades last week when the Michigan Credit Union League agreed to manage the much smaller Michigan Association of Credit Unions....
The $4 billion Alaska USA Federal Credit Union said last week it expects to complete the purchase and assumption of $110 million High Desert FCU within the next 90 to 120 days....
The Texas legislature has once again backed an independent regulator for credit unions....
When it comes to how consumers perceive big banks and their personal financial expectations for the next six to 12 months, two categories emerge: worried and confident....
Saying that the current rules governing how financial institutions must calculate the value of assets are a “major contributing factor to the nation’s financial crisis,”...
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....
Larger goodwill loan amounts will be considered on a case by case basis through Aug. 31, the Small Business Administration said in response to lenders concerns....
CUNA and NAFCU are pumping up their lobbying expenditures but not giving as much as in previous cycles, according to recently filed reports....
The Federal Financial Institutions Examination Council has released a policy statement supporting prudent commercial real estate loan workouts....
Senate Banking Committee Chairman Christopher Dodd assured credit unions last week...
Under fire for the July 31 conservatorship of the $193 million Mutual Savings Credit Union, Alabama’s...
Credit unions will be able to help credit-deprived businesses if the cap on member business lending were raised and if certain SBA lending programs were modified,...
Some of the credit unions that had mortgage loans fraudulently sold to Fannie Mae by the now defunct U.S. Mortgage Corp. have begun lobbying Congress in an attempt to recover their money....
The Financial Service Centers Cooperative, one of two nationwide shared branching networks serving credit unions,...
Both CMG Mortgage Insurance and the Federal Home Loan Bank of Boston...
Nearly six years in the making, the final prototype of a biometrically enhanced card designed to combat fraud before it occurs is set for a test-run among several credit unions this fall....
DENVER — Default management and residential collateral firm Integrated Asset Services released its IAS36 House Price Index for December on Feb. 10, which included the firm’s anticipated 10 hardest hit counties list....
More than 500,000 Social Security recipients have signed up to receive their benefits on a prepaid debit card, and more than 88% said they would recommend that other recipients sign up....
Financial Accounting Standards Board Chairman Robert H. Herz announced a new agenda project Feb. 18 that could potentially ease fair market accounting rules, which have caused huge unrealized losses and OTTIs for corporate credit unions....
The new president/CEO of the fledgling League of Southeastern Credit Unions, Patrick La Pine, had an exciting first month in office....
With the unemployment rate the highest in 25 years, a financial institution’s collections department has become the most important department,...
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,...
Hanscom FCU showed its ongoing commitment to supporting U.S. service members by sponsoring a Heroes Homecoming at Hanscom Air Force Base, Mass....
TAMPA, Fla. — For its innovation with exchange-traded funds, MEMBERS Trust Co. is the only credit union entity to earn a listing in Barclays Global Investors iShares’ inaugural ETF Managed Solutions Guide.
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The NCUA, which has run High Desert Federal Credit Union since last October, plans to merge it with another credit union by June 30, the agency recently announced....
Credit union mergers are certain to become “more pre-emptive and complex” and require greater competency by CU management, according to a new Filene Research Institute study....
OMNI Community Credit Union, Battle Creek, Mich., has adopted a new marketing and operational twist to the year-end dividend payout....
CU Business Group recently reminded its nearly 300 credit unions that its operations are separate from those of its eight corporate credit union owners....
WILMINGTON, Del. — Despite grim news from its parent company that 7,000 job cuts are scheduled, ING DIRECT said it is moving forward with its plans to grow ShareBuilder Corp....
To help guide credit unions looking to operate as leanly as possible in these challenging economic times, the Credit Union Executives Society has released a series of cost-control manuals.
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Citing economies of scale, the $61 million Desert Energy Credit Union of Tucson, Ariz., has agreed to a voluntary merger with the $330 million Pima FCU.
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The merger trend in Florida showed no signs of letting up last week with the troubled $220 million Sarasota Coastal CU entering merger talks with $650 million Achieva CU of Clearwater....
GREENBELT, Md. — The NCUA should be careful when revamping the corporate credit union system so as not to deprive natural person credit unions of vital services,...
Nevada credit unions were girding for more bad news this fall as regulators began to clamp down on balance sheet calamities...
Instead of being nickel and dimed by the banks, the folks at Lan-Con Electric Inc. get a little something back every month from the northeast Indiana credit union where they now do their commercial banking....
The tragic shootings of three Pittsburgh policemen April 4 galvanized police credit unions last week,...
In expanding its Denver footprint, Security Service Federal Credit Union in San Antonio said last week it is merging the $13.7 million...
From tax enticements to hire new employees to tax write-offs for investors, SBA Administrator Karen Mills said the agency’s partnership with credit unions and other lenders will continue to help kick start the small business sector....
ALEXANDRIA, Va. — The NCUA chartered 1st Bergen Federal Credit Union, which will be open for anyone of who lives, works or worships in Bergen County, N.J....
Nevada credit unions are faring OK amid the state’s deep recession, but problems in consumer loan portfolios lie ahead for banks and CUs, according to the state’s top supervisor, George Burns....
Kenya’s credit unions, known as savings and credit cooperatives, or SACCOs, serve nearly 20% of the economically active population....
At least one company stands to gain from the concern about a possible premium to replenish the NCUSIF....
As an example of the industry’s push to economize, the Alabama and Florida Credit Union Leagues gave final approval to their combination....
The $4.1 billion San Francisco-based Patelco Credit Union has announced that Ken Burns was slated to take the helm after CEO Andy Hunter retired May 1....
The $18 billion Western Corporate Federal Credit Union last week announced $356 million in other-than-temporary-impairment charges....
John Walsh, who served as chief financial officer of Affina Brokerage Services LLC, has pleaded guilty to embezzling more than $2.5 million from USAlliance Federal Credit Union, which owns the subsidiary....
Pennsylvania credit unions along with CUNA have won a key legal victory from a state court in the five-year legal battle with the banking lobby over “well-defined” field of membership rules....
Effective Oct. 31, CO-OP Financial Services will take over CUNA Mutual’s LoanLink Center. The LoanLink Center is a 24 hour call center that offers member services and indirect lending for credit unions....
Two troubled Nevada credit unions, the $174 million WestStar Credit Union and the $157 million Cumorah Credit Union, have replaced their CEOs....
To mark International Credit Union Day, the Georgia Credit Union Affiliates released results of a poll that showed the recession is causing Georgia consumers to spend far less than a year ago....
To see who could drum up the most referrals for investment services, a couple years ago, a credit union leased a very expensive,...
Members of the $53 million KV Federal Credit Union have begun mailing in their ballots that will determine the future of their institution....
The $480 million Water and Power Community Credit Union, headquartered in Los Angeles, has moved...
ALEXANDRIA, Va. — The NCUA has a new top enforcer.
Region V Director Melinda Love was named director of the agency’s Office of Examination and Insurance last week....
Even in a bad economy, two of the five credit unions with the strongest credit card growth over the last year only recently got back into card issuing after selling their card portfolios....
Columbia University students interested in Polish history, culture, society, economy and political life will have another avenue for their studies because the $1.2 billion Polish & Slavic Federal ...
If California Attorney General Jerry Brown’s investigation into the three major credit rating agencies turns up any violations of California law and sets a legal precedent, will the NCUA file suit to recover losses...
Overcoming months of unforeseen delay, the Missouri Credit Union Association in cooperation ...
The Wall Street Journal may have described credit unions as occupying “the sleepiest...
Six former credit union employees have been banned by the NCUA from participating in the affairs of any federally insured financial institution....
Seattle-based Prime Alliance Solutions has teamed with the $13 billion Pentagon Federal Credit Union to form Prime Alliance Title LLC, a credit union-owned mortgage title insurance company....
FARMERS BRANCH, Texas — In an out-of-the-box pitch for industry awareness, the Texas Credit Union League is venturing into online radio blogs and social networking via the launch of a monthly “BlogTalkRadio” program....
Kansas Gov. Kathleen Sebelius has appointed Carol Malecki, past president of Educational Credit Union, to the Kansas Credit Union Council....
About a year and a half ago, the Risk and Insurance Management Society looked into the possibility of starting a credit union for its 10,000 members....
Credit unions received a temporary reprieve when the Treasury Department and Federal Reserve delayed to next June 1 the compliance deadline for the regulations aimed at banning Internet gambling....
INDIANAPOLIS — Indiana Members Credit Union is making a run for the commercial business of new and potential members with cash tools long the exclusive province of banks....
The current economy has tossed some difficult dilemmas at credit union CEOs in general, but for those nearing the end of their terms it creates the daunting question of what’s needed most right now: fresh blood or experience?...
PASADENA, Calif. — Credit union land has been a natural place to find co-opetition–cooperation among competitors–since the term emerged, and it would be hard to find a better example than the relationship between Wescom Resources Group and Symitar....
In a move to retain baby boomers who have a tendency to leave credit unions after a certain age, CUNA Mutual Group has partnered with Humana Inc. to offer a suite of Medicare products.
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Two credit unions and a stranded CU member recently discovered just how personal the people helping people part of the credit union philosophy could be....
With 2008’s loan portfolio activity passing 2007’s by 32%, Member Business Services said the momentum is continuing despite California being among the country’s hardest hit states when it comes to lending....
The $7 billion The Golden 1 Credit Union has purchased a $500 million private placement, short-term revenue anticipation note issued by the State of California....
The credit union industry is mourning the loss of Ed Gallagly, a passionate leader and former CEO of floridacentral Credit Union for 44 years....
In a consolidation on the drawing board for months, the $1.7 billion HarborOne Credit Union of Brockton, Mass., announced last week a merger with the $88 million Nations-Heritage FCU of Attleboro....
With developers and landlords anxious to deal, construction crews eager for work and attractive locations available, it seems a good time to open another branch or build a new headquarters....
A paper authored by Card Services for Credit Unions and Callahan & Associates seeks to guide more credit unions into adopting broader array of payment services for their members....
MADISON, Wis. — First it was Washington, D.C., then Missouri and Oklahoma. Now Wisconsin is getting a Credit Union House in the New Year thanks to a new facility by the Wisconsin Credit Union League.
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CHARLOTTE, N.C. — CUNA Mutual Group and Carolina credit unions have teamed up to tee off to help raise money for the Victory Junction Gang Camp....
Some providers are wondering whether they will be able to continue offering a pension plan as they scramble to make changes to their strategic asset allocations in an effort to pull through the recession....
More small businesses are turning to credit unions to meet their financial needs, The Wall Street Journal recently discovered....
While last year’s Life Takes Visa ad campaign depicted Visa credit card uses for trips to the Olympics or other exotic travel,...
Three North Dakota credit unions earned three of the top five honors in the champions of affordable housing lender awards from the state’s Housing Finance Agency....
CUDL and the Minnesota Credit Union Network announced that they have entered into a marketing agreement....
Fidelity National Information Services completed its merger with Metavante and has launched the new, larger firm into a new brand....
An entertainment center may face liquidation over bankruptcy protection weeks after Members 1st Federal Credit Union,...
Banking just got a little more convenient for Microsoft staffers....
Receiving no help from the Federal Reserve, CUNA and NAFCU are pinning their hopes ...
In normal times, the behind-the-scenes workings of the Federal Reserve might not have the makings of a drama-filled novel-like book....
WASHINGTON — Jennifer Wahlen, who has been the No. 2 person in NAFCU’s political operation, is ascending to the top job....
The $86 million MTC Federal Credit Union, headquartered in Greenville, S.C., doesn’t need anyone to market its credit card....
In a year that brings new challenges, the Filene Research Institute is hoping to provide credit unions some fresh solutions with its “Key Findings: Blueprints for Innovation” report from its i3 innovation group....
Neither the $8.9 billion Members United Corporate Federal Credit Union nor the $20 billion Western Corporate Federal Credit Union revealed any shockers in their July financial reports....
When the $122 million North Coast Credit Union of Bellingham, Wash., ran its “bailouts are for boats” ads,...
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....
MADISON, Wis. — Here’s a lesson to be learned from last September’s Hurricane Ike: ...
WASHINGTON — CUNA’s loss is Dupaco Community Credit Union’s gain. CUNA Vice President of Editorial Communication David Klavitter is going back to his old stomping grounds, albeit in a job with much more responsibility....
The ranks of online bankers and bill payers grew by more than 2 million households in America last year....
America’s First Federal Credit Union announced that former President/CEO John Stehpenson Jr. has passed away....
In cash-strapped California, many school districts were forced to eliminate programs this summer, slash operational and maintenance costs and implement hiring freezes to get ready for the start of the new school year....
The trillion-dollar growth in individual retirement account assets was part of the motivation behind MEMBERS Trust Co.’s product launch that includes features of a trust....
PITTSFIELD, Mass. — A typical day at Greylock Investment Group may mean a member wanting to buy 100 shares of a $10 stock or advising a client who is on a fixed income and has $6 million in assets....
SEOUL, South Korea — South Korea’s 994 credit unions continued their collaborative approach to the movement by moving to a single centralized IT system to serve their combined five million members....
First Tech Credit Union and Oregon Community Credit Union joined forces with brass|MEDIA Inc. to provide free personal finance resources and instructional materials to Oregon students and teachers.
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The third credit union to implement the Gen Y-targeted Young & Free marketing campaign has announced the winner of its spokesperson search....
Federal law enforcement authorities on both coasts struck blows against both ATM skimming and credit card identity theft last week...
With the adoption of new regulations, a $1.6 billion Grand Rapids, Mich., credit union could soon buy an ailing bank....
A consumer research firm found that not only do credit unions outperform commercial banks in customer satisfaction by a wide margin,...
Credit unions from across the nation once again celebrated National Credit Union Youth Week, April 19-25. ...
SALT LAKE CITY — Mountain America Credit Union is helping its members better manage their finances with the launch of FinanceWorks, a free comprehensive money management tool powered by Quicken....
The $705 million Advantis Credit Union of Portland, Ore. is perfecting the notion of a sales blitz to gain market awareness with a $20 million deposit surge–drawing 400 new members–as part of a two-day promotion to open a new branch....
America’s First Federal Credit Union is helping to keep safe those who serve the community by providing bulletproof police vests to several local police departments....
The SBA’s top credit union lender in the country, Mountain America Credit Union, said it helped create 700 jobs in Utah last year....
As expected, the Iowa Bankers Association, joined by the American Bankers Association, is mounting a challenge to the Federal Reserve application of the Iowa Credit Union League to buy an Arizona bank....
The Federal Reserve last week approved proposed rules to end credit card issuers’ ability to apply payments to the lowest interest balances first....
Illinois credit unions are heeding the call of State Treasurer Alexi Giannoulias to promote low-cost or free checking accounts to underserved minorities....
Concerned with a dramatic drop in employment in the air transportation industry, ...
Four years after the SBA was widely criticized for how it handled the processing of disaster relief loans following Hurricane Katrina in 2005,...
While most businesses are cutting back on expenses, many credit unions are still giving and giving in a way that will help build the future....
ATLANTA — To help understand why the world is in the current financial crisis, it would help to define what the crisis really is....
A television series aimed at children and sponsored by credit unions has won next year’s Herb Wegner Award....
Nearly half of advisers surveyed in a new Aite Group report admitted that offering financial planning as a service to their clients is not as important as other uses of their time....
Pacific Service Credit Union has continued to give this year despite the economic conditions....
Jeff Russell wants credit union executives to consider participations in credit union-issued credit card loans as one way they can boost their investment income in hard economic times....
A new analysis from research firm Market Rates Insight may have credit unions think twice before shuttering branch doors....
WASHINGTON — Clients of Gordon B. Grigg and his firm ProTrust Management Inc. were allegedly defrauded out of $6.5 million through a bogus claim that their money would be invested in the federal...
Coastal Federal Community Credit Union has planted a victory garden to provide food for the area’s homeless....
Tempe Schools Credit Union is sending its newest credit union employee to travel the country in hopes of spreading credit union awareness....
What can you expect if you’d like to move up to a new job or need to hire some people this year?...
In a bad economy, Autoland has seen some bright light the past couple of months as California residents scrambled to beat an impending sales tax increase....
First-quarter 2009 mortgage loan volume is up, according to credit unions, with many reporting nearly double the originations compared to last year’s same quarter....
ARLINGTON, Va. — The nation’s economic woes triggered action on Capitol Hill and at the NCUA that kept NAFCU President/CEO Fred Becker and his staff very busy in 2009....
WASHINGTON — With an activist new president and a Congress eager to revamp the rules for the financial services industry, CUNA President/CEO Dan Mica and his colleagues have many balls in the air right now....
SAN DIEGO — National Lending Associates Inc. launched its Custom Loan Source program, a customizable alternative tuition funding program for credit unions, through its Education Loan Source Inc. subsidiary....
CU Takes Bank to Court to Prove M Stands for Members 1st
A Metro Bank rebrand in Pennsylvania is not exactly going as planned....
The BizKid$ T.V. show, the industry-funded financial education production on the Public Broadcasting Network, has been nominated for...
John DuPree Sr., longtime pioneer in the community development credit union movement and founder of the $1.3 million Shiloh of Alexandria Federal Credit Union, headquartered in Alexandria, Va., has died....
On college campuses there’s new buzz late last month about social networking with the $1.6 billion Michigan State University FCU of East Lansing signing up with YouTube and establishing an e-commerce and marketing division....
A CUSO that specializes in helping firms image and store their documents electronically has warned credit unions that electronic storage may not be best for all their mortgage documents....
The news coming out of Members United Corporate Federal Credit Union’s August financial reports was a transaction that won’t be recorded until September....
CommunityAmerica Credit Union is now using a new data-loss prevention solution to help protect against internal and external threats....
CUcorp., the marketing subsidiary of the Michigan Credit Union League,...
Speaking at an Aug. 4 hearing before the U.S. House Subcommittee on Finance and Tax, OSU Federal Credit Union CEO Rick Hein told legislators...
Credit Union Student Choice has announced a new marketing partnership with Overture Technologies....
The Credit Union Association of New York is backing Assembly Minority Leader James Tedisco in the special election for the U.S. House seat formerly held by U.S. Sen. Kirsten Gillibrand, D-N.Y....
The Association of Vermont Credit Unions is determined to make credit counseling services pervasive at all CUs in the state....
Credit or debit cards that don’t need to be swiped are nothing new, but credit unions have generally been slower than larger financial institutions to issue them....
It won’t have the drama or high profile of a Supreme Court confirmation, but the Senate Banking Committee was scheduled to hold a hearing July 22 on the nomination of Deborah Matz as NCUA Board chairman....
Even before arriving at Aspire Federal Credit Union, Paul Perez was very familiar with the taxicab medallion business....
Should CEOs get involved in the health care debate and risk finding themselves on TV during one of those town hall meetings? ...
ATLANTA — VSoft Corp. and Integrated Media Management have announced a joint offering of their services to help financial institutions meet the closure deadlines the Federal Reserve has set for its check processing centers....
Lawmakers still hadn’t approved the California budget at press time, even after an emergency Presidents’ Day session that ran late into the night...
NEW YORK — According to Fitch Ratings the outlook for private U.S. mortgage insurers looks more than a little bleak....
The $84 million West Texas Credit Union recorded extreme changes in its financials since June 2008, back when it reported a healthy 12.00% net worth....
ALEXANDRIA, Va. — NCUA Board Member Michael Fryzel recently completed 13 months as board chairman during a tumultuous time for the economy...
The process of handling whistleblower complaints and enforcement tips is undergoing some changes, the Securities and Exchange Commission said....
“The American Debt Relief Challenge” is seeking to do what the NCUA pushed so hard for a couple years ago: provide quantifiable evidence of the credit union difference....
U.S. home prices fell 3.0% in February, according to the Denver-based Integrated Asset Services monthly IAS360 House Price Index....
How do you follow up after inviting locals to Pay It Forward?...
ARLINGTON, Va. — In the end, the consumer will likely have the final say on whether check imaging makes it all the way to the ATM....
Longtime former California Bear Credit Union Board Chairman Reverl Williams has died at the age of 74....
After taking time to restructure from bankruptcy and focus on the Cash for Clunkers program, Chrysler is now offering a new Invest in America incentive to credit union members....
Love helped American Eagle Federal Credit Union Board Vice Chairman Raymond Gandy enter the record books by successfully swimming the English Channel....
As the impact of the current economy has taken its toll on corporate credit unions, CUNA Mutual has had to adapt its bond program accordingly....
VIENNA, Va. – In light of the tumultuous state of the economy and the challenges to the credit union movement, Credit Union Times recently spoke to Navy Federal Credit Union President/CEO Cutler Dawson in his office....
NEW YORK — The corporate credit union stabilization plan recommended by the NCUA will wipe out this year’s earning from almost every community development credit union in the country and may “permanently shutter” a number of them....
Cooperatives create millions of jobs and billions of dollars in revenue....
Central States Mortgage Co., the mortgage origination CUSO that closed its doors March 9 handing the business over to a Detroit provider, has formally filed for bankruptcy protection in a Milwaukee court....
Credit unions and other financial institutions would receive financial incentives for rewriting the terms of loans of consumers in danger of losing their homes, under a plan unveiled last week by President Obama....
The April 17 release of the NCUA’s PIMCO summary was a disappointment to those hoping for specific information about which corporates were responsible for what percentage of the system’s $5.9 billion worth of charges to the share insurance fund....
Credit unions that want to make more business loans could get their wish....
The SBA’s preferred lender program has added the $315 million USC Credit Union to its ranks....
What’s the next move to strengthen the credit union industry while making it more relevant to future generations? How about a Gen Y branch franchise or a Web site that promotes more credit union collaboration?...
The $1.2 billion Polish and Slavic Federal Credit Union has opened its sixth branch in New Jersey as the Brooklyn-based credit union seeks to keep up with members moving out of the area....
Georgia credit unions were preparing for increases in deposits and new members following the failure of a Macon banking chain, the 16th shutdown in Georgia this year....
With hopes of reflecting a more diverse field of membership, FAA Eastern Region Federal Credit Union has changed its name to Aspire Federal Credit Union....
GTE Federal Credit Union is making it easy for young locals to better connect with its new U22 account....
WASHINGTON — Credit unions who have exemplary executives, volunteers, marketing programs or political activism can enter NAFCU’s annual awards competition....
Bill Cheney, president/CEO of the California and Nevada Credit Union Leagues, received $545,178 in salary and benefits...
Carolina Postal Credit Union gave the credit union umbrella man a makeover in honor of the credit union’s 75th anniversary....
WOODLAND, Calif. — The Small Business Administration has granted Yolo Federal Credit Union preferred lender status....
Bad Banker Image Sends Gen Y Members to City-County FCU
A three-month marketing campaign at City-County Federal Credit Union landed the credit union new members in the highly sought-after 18-34 age group....
During these economic times when spending money on branches may seem foolish, William Bily, vice president of design at design/build firm DEI, said credit unions need to think long-term and act accordingly....
1st United Services Credit Union recently participated in the Alameda County take your child to work day event....
With all the headlines about big bank bailouts, pointing out an alternative financial institution option makes common sense, right?...
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....
With a $10,000 incentive, seven families have until the end of the year to prove that they have what it takes to improve their financial lives....
The $431 million Smart Financial Credit Union in Houston found that it paid to bring its processing of all of its debit transactions to one processor, according to TNB Card Services, the firm that won the business....
Southeast Wisconsin credit unions that lost millions in the March bankruptcy of Central States Mortgage Co., a CU-owned CUSO, have reached a settlement allowing them to recover claims totaling $72 million....
NCUA Board Member Gigi Hyland has been active on a number of issues since joining the agency’s board in 2007 and before that...
The Delaware Credit Union League hasn’t officially announced its new student loan program, but it already has a credit union signed up....
Kinecta Federal Credit Union going green is more than just a statement....
Internationalization of financial system regulations is a trend that will include credit unions, said Dave Grace, World Council of Credit Unions vice president of association services....
Student lending CUSO Credit Union Student Choice will now be pairing its private loan product with financial education services.
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Corporate Central Credit Union closed its PIC-50 offering July 31 with more than $47 million converted to PIC from member capital shares. ...
WASHINGTON — The two big credit union political action committees flexed their political muscles at record levels last year....
Launching new marketing campaigns in the wake of bank failures and the trend of looking for merger opportunities were on the minds of California CU executives last week....
The Filene Research Institute released a brief that shines some light on mortgage practices over the past few years....
CUC Mortgage Corp. has picked up the $21 million R-S Bellco Federal Credit Union, based in New Brighton, Pa., as a client....
WARNER ROBINS, Ga. — Robins Federal Credit Union has found its new leader from within.
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TexasOne Community Credit Union announced that its President/CEO Dennis Dorman has retired....
Lloyd Jones, chairman of the $25 million Mattel Federal Credit Union of El Segundo, Calif. and a CU volunteer for 44 years, has been named “Director of the Year” for 2009....
Repeated many times this holiday season have been scenes of tears, laughter and joy as military families jam base conference centers,...
The $1 billion Truliant Federal Credit Union is replacing its mortgage origination system with the Loan Producer system from the Dallas-based Financial Industry Computer Systems, Inc....
BELLEVUE, Wash. — UC4 Software (www.uc4.com) said three credit unions have recently deployed its workload automation software to enhance their core processes, the company said....
Credit unions should use the debate over financial regulation to highlight their strengths while preparing for a system that might feature one large agency that regulates financial services....
Like her predecessors, Karen Mills has taken up the torch of increasing the number of credit unions that are Small Business Administration lenders....
Credit unions in Georgia continue to outpace banks with lower interest rates on loans and credit cards and fewer fees....
Robert Manning, keynote speaker at the NCUA’s recent Risk Mitigation Summit, said he’s been working with the agency to create an opinion letter on his responsible debt relief algorithm so credit unions can implement it....
The more than 2,000 credit unions that have a relationship with Fidelity National Information Services will be able to offer their members remittance and wire services through Western Union,...
That first meeting a member has with an adviser may be a strong factor in determining whether an investment program can generate long-term revenue for a credit union....
As expected, there were a few wrinkles and some rough patches but not enough to stop REALTORS Federal Credit Union from making its online debut last month....
The credit union movement has faced a number of economic and regulatory challenges in recent months. ...
Even though donations to the Pete Crear Fund were down in 2008 compared to 2007, the African-American Credit Union Coalition said it remains committed to using the donations to continue its various programs....
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....
In an effort to increase credit union membership in rural Kenyan villages, the World Council of Credit Unions has introduced a laptop-anchored system that brings services directly to members....
It’s close to high noon in Texas. Credit unions and local bankers are swaggering up Main Street from one direction and out-of-state mega-banks are approaching from the other....
Welcome to the darker side of social media where the conversations turn less friendly, more confrontational and in some cases can feel like a never-ending assault....
TACOMA, Wash. — TAPCO Credit Union offered its members sweet deals on its auto loan rates this Valentine’s Day....
The Obama administration’s regulatory reform agenda hit another bump in the road last week when a key House panel delayed consideration of a measure to create a new agency to regulate consumer products....
The National Credit Union Foundation’s 2010 Wegner Awards will recognize credit union leaders known for their pioneering and innovative work in insurance and organization....
The $1.2 billion UW Credit Union has signed a deal with the University of Wisconsin–Madison that will allow students to use their identification cards at the CU’s ATMs....
Nebraska Energy Federal Credit Union announced the appointment of its new CEO, Stan Fraser....
Still wrestling with large loan losses, Arizona Federal Credit Union of Phoenix is closing four of its branches next month....
Northwest Federal Credit Union generated $221,000 in auto loans during its members-only car show....
While raising the 12.25% member business lending threshold has been a front burner issue for the credit union industry for some time,...
The dispute arising over an unusual court challenge of a politically charged conservatorship...
MADISON, Wis. — A series of mixed signals could impact membership growth this year....
A recent Watson Wyatt survey found that more companies are turning to Web 2.0 technologies such as social networking tools, blogs and Webcasts for internal communications and as part of their overall technology mix....
The Securities and Exchange Commission has charged Locke Capital Management Inc. with fraud for allegedly creating a fake, Switzerland-based billion dollar client in an attempt to attract legitimate investors....
Consumers who hate their ride are heading to US Federal Credit Union for a new set of wheels....
Furloughs are becoming increasingly viewed as a viable option for controlling labor costs while retaining talent, ...
It’s really hard to give a blanket protocol for monitoring yourself online....
The heavy compliance burden coupled with restrictions on travel are giving CUNA’s online training program a shot in the arm in 2009....
Eight people have been banned by the NCUA from working at federally insured financial institutions because of their past actions while working for a credit union....
SANDUSKY, Ohio — Vacationland Federal Credit Union said it will convert its core processing operation to the CU*BASE system from CU*Answers this fall....
Credit unions that offer remote-deposit capture can make use of the NCUA’s new questionnaire to evaluate risks and control practices....
DES MOINES, Iowa — Thanks to Iowa credit unions, through the Iowa Credit Union Foundation, the Children’s Miracle Network can make the most of a total $130,401 donation....
Auto Financial Group, an online provider of financing products for credit unions, joined in partnership with Credit Union Lending Systems to offer Auto Financial Group’s DrivingSense product to credit unions....
Two California credit unions, Meriwest Credit Union and California Coast Credit Union, have created teams specifically devoted to modifying real estate loans headed for foreclosure....
Credit unions wanting to strengthen their relationships with automobile dealers and to better comply with a range of rules and regulations aimed a...
Reminding listeners that credit unions are still lending, Sheilah Montgomery, president/CEO of 1st Choice Credit Union,...
North Carolina credit unions have teamed up the Little Guy mascot for a new fundraising campaign...
Money One Federal Credit Union is among the latest to launch a suite of business banking services....
After recently receiving questions about the rules on how volunteers are paid i...
In a number of Wal-Mart stores, customers looking to buy money orders, cash checks or pay bills find themselves faced with a choice: credit union or Money Center?...
MOON TOWNSHIP, Pa. — Early this year Keystone Lending Alliance will begin offering indirect auto lending services to Southwest Pennsylvania-area credit unions.
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SCHAUMBURG, Ill. — Members of Motorola Employees Credit Union are bracing for pension and 401(k) plan cuts from Motorola Inc. as the mobile communications giant becomes the latest employer to slash benefits to manage through the recession....
Batch processing is not exclusive to financial services. But the need for accuracy may be singular....
The Pennsylvania Credit Union Association announced last week it has started pilot testing video messaging using top trade brass to communicate more readily with members on topical issues....
It may not be as remunerative as heading a credit union, but the former CEO of an East St. Louis credit union is finding success in a new line of business:...
Federal Reserve Board Chairman Ben Bernanke told the recent Global Financial Literacy Summit meeting in Washington that there needs to be “systemic changes to correct weaknesses that have emerged in the current CDFI model.”
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The $69 million Hope Community Credit Union and its principal sponsor, the Enterprise Corp. of the Delta, celebrated the launching of a branch on Mississippi’s Gulf Coast, an area still recovering from damage from previous severe hurricanes....
The confession of a man in the robbery of a Pennsylvania credit union was thrown out by the U.S. Supreme Court last week because authorities waited too long to bring him to court....
For the first time ever, more U.S. consumers participate in rewards programs tied to their credit and debit cards than participate in airlines’ rewards, according to a business research firm....
SAN DIEGO — Now here’s a doggone-good branding success story, and the $700 million USA Federal Credit Union gets to tell all about it: ...
Credit unions can soon access the most current information on regulatory issues in the latest edition of Compliance, A Journal for Credit Unions....
CUNA and NAFCU both praised a proposed NCUA rule allowing more flexibility to FCUs that participate in the Obama administration’s program for rewriting and refinancing certain mortgages....
BATON ROUGE, La. — Neighbors' Federal Credit Union spent a week furthering the education of its employees....
A two-day test-drive event held by Perfect Circle Credit Union, in support of the Invest in America program, won the praise of General Motors executives even though the event turnout was low....
Ever wonder what you would do if you became CEO for a day? Meriwest Credit Union Collections Manager Julie Jaquith recently got to find out....
North Florida credit unions helped the U.S. Secret Service and police in Jacksonville crack down on an ATM fraud that caused $300,000 in CU losses over 18 months....
Allegacy Services LLC has grown its insurance division with the purchase of Estate and Business Insurance Services LLC, an insurance agency located in Winston-Salem, N.C....
Genisys Credit Union is assisting its out-of-work members by offering a free résumé printing service.
Through May 31, the credit union will make seven copies of a member’s resume for them to send out or take on an interview....
SPOKANE, Wash. — Even a team of 30 technology professionals need a little help now and then to protect a far-flung network serving about 40 credit unions spread across the country....
The ink is barely dry on the regulations, and the program hasn’t officially started, yet Navy Federal Credit Union has already received 2,000 inquires about the Obama administration’s programs ...
It looks very promising for two bills set to be signed by Michigan Gov. Jennifer Granholm that would allow credit unions to become members ...
Indiana University will tour the state in November to share its economic forecast on what the nation could see in 2010....
Addison Avenue Federal Credit Union is giving consumers a push to help kick their big bank habit....
Is your credit union making the most of meeting members’ financial literacy needs?
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NORTH RICHLAND HILLS, Texas — Cypress Software Systems has hired a veteran of the credit union technology sales space to lead its expansion efforts into that market....
WILMINGTON, Mass. — Share One Inc. said it will be converting Touchstone Federal Credit Union to the NewSolutions core processing solution....
ALBANY, N.Y. — SEFCU has partnered with Savings and Growth for Education Scholars to offer its members tuition discounts at 225 private colleges....
The results of the latest Credit Union Times online voting poll show that, if there is a restructuring of the corporate credit union system, ...
Harland Financial Solutions said several more credit unions are now using its UltraData Enterprise core processing solutions, including the newly merged Genisys CU of Auburn Hills, Mich....
CUDL and Prime Alliance announced the speaker line-up for their new joint symposium....
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....
The town of Dryden, N.Y., is hoping Alternatives Federal Credit Union’s track record with individual development accounts will help create more small businesses here....
APPLE VALLEY, Minn. — Wings Financial Federal Credit Union has become the official financial institution for Women in Aviation International, a 7,000-member group that encourages women to pursue pilot, astronaut and other aviation careers....
YAKUTAT, Alaska — A Check 21 solution that automates check processing at the teller line is the newest offering from Wycom Systems....
Nothing is better than having members talk up their credit union and EverythingCU wants to make it easier....
A Canadian credit union has become the 101st user of Open Solutions Inc. latest core processing system....
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....
Even though the average age of members at Altier Credit Union is between 45 and 65, the financial institution is banking on a new online solution to make 20...
VISTA, Calif. — Bluepoint Solutions Inc.’s teller capture product will now be offered to the 5,200 credit union and bank clients of Open Solutions Inc. in a new reseller agreement.
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The goal all along was to get Kansas and NCUA examiners on the same page....
More evidence that credit unions are bucking the national trend of shrinking credit lines and diminishing use of credit cards....
The Filene Research Institute turns 20 this year and is celebrating its service to the credit union industry through research and scholarly studies.
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The NCUA’s plan to guarantee deposits at corporate credit unions–which could result in a premium levied on natural person credit unions–was one ...
Call it yet another sign of the impact of harder times on the economy. The Mortgage Bankers Association has puts its award-winning Washington headquarters building on the market less than year after the association bought it. ...
The Golden 1 is so committed to growing the online channels that members can, frankly, use it or lose it in some cases....
1989 – Filene incorporates with support from charter members ...
Lost in the finger pointing of today’s financial calamity is the fact that feeding the beast of consumption is at the foundation of our system’s failure....
In times of financial struggle, some of the first things that people let fall by the wayside are car payments and car insurance payments....
A court has approved all of the motions requested after Texans CUSO Insurance Group LLC filed for Chapter 11 bankruptcy...
Of the myriad of small businesses, those with no employees or those with just one employee probably rank at the top when it comes to running their shops the leanest and meanest....
Whether it is getting TARP funds for credit unions or gaining support for expanding the use of the Central Liquidity Facility, ...
Some of the alleged victims of David K Henke, the former CEO of the $6 million Rapids Municipal Credit Union, felt cheated on Nov. 2 when he failed to appear to answer embezzlement charges. Little did they know that he had already committed suicide...
September 2009 financial reports are creating two distinct corporate credit union camps: ...
Lobbyists with the Wisconsin Credit Union League expect to support a rate cap of 36%...
ST. PAUL, Minn. — The Minnesota Credit Union Network recently launched a statewide fraud prevention campaign aimed at educating the public on how to recognize and report scams.
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WASHINGTON — What does Martin Eakes, CEO of the $301 million Self-Help Credit Union, have in common award-winning actress Glenn Close and music pr...
Credit unions are holding their own in the popularity ranks while banks took a nosedive, according to a Texas Credit Union League phone survey....
Western Corporate Federal Credit Union gained nearly $2 billion assets during the month of October, but it was primarily from the sale of $1.5 billion in medium-term notes Oct. 28, according to recently released month-end financials....
All three NCUA Board members, several other regulators and key lawmakers on issues related to credit unions...
This spring the $355 million SAC Federal Credit Union launched a rebranding venture already getting positive public feedback for contrasting CUs and banks, plus industry attention for its softer military tone....
In 2007 Bill Cosby (yes, that Bill Cosby) and Alvin F. Poussaint authored the thought-provoking book Come On People…On the Path From Victims to Victors in which they recount stories from hundreds of community “call-outs” in cities across the country....
7-Eleven Employs Its Broad Reach to Launch Interchange Signature Drive 7-Eleven Inc., which owns 6,300 convenience stores across the country,...
Marketing Director Maureen Johns and her $201 million City Credit Union of Dallas have won CU Members Mortgage’s first ever marketing achievement award....
Fears of rising health care expenses, unemployment and business taxes are the greatest concerns this year for roughly 60% of CEOs of Silicon Valley-based businesses....
The NCUA’s final town hall meeting, a Webcast that allowed viewers to ask live questions anonymously,...
Integrated Asset Services’ latest house price index (HPI) reported a 0.5% drop in national home prices for the month of July....
ARLINGTON, Va. — A sluggish economy is an ideal time for credit unions to increase their automobile loan portfolios by adapting aggressive but sensible practices,...
At a time of uncertainty for the economy in general and credit unions in particular, Credit Union Times recently sat down with NAFCU President Fred Becker for a wide-ranging discussion....
NEW YORK — For the first time, the IRS has provided a grant to help a coalition of credit unions provide volunteer income tax assistance to their lower income members....
RALEIGH, N.C. — State Employees’ Credit Union announced plans to increase its student loan funding in ...
The NCUA insists it intends to hold WesCorp’s distressed securities to maturity, but the May 1 announcement that the seized $20 billion...
A simple reward system is drawing a young crowd to DuPont Goodrich Federal Credit Union....
WALTHAM, Mass. — The decision by some credit unions to no longer manage their data processing systems in-house and increased penny-pinching has created opportunities for Credit Union On-Line Inc....
It’s becoming more of a balancing act for credit unions as some of them consider whether a merger may be in their best interests for the long term....
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....
Teachers Federal Credit Union’s Evalina Robinson, manager of fraud loss prevention, recently appeared on LI Talks, Long Island News 12 to discuss identity theft and fraud....
TNB Cards services has launched a Web site to help its client credit unions better market their credit and debit cards....
Saying that there are too many firms taking advantage of financially vulnerable individuals,...
World Council of Credit Unions’ 2008 Statistical Report reveals modest growth in both the number of credit unions and members served, with 53,689 credit unions reporting nearly 186 million members. ...
With speech making, picture taking and a cookout, CUNA’s leadership all but wrapped up year-long anniversary celebrations last week marking the founding of credit unions with a gathering in Estes Park, Colo., to commemorate CUNA’s chartering 75 years ago....
HONOLULU — Aloha Federal Credit Union has moved forward with a new image nine months after its 56-year-old sponsor, Aloha Airlines, shut down for good.
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According to a Charles Schwab survey of more than 1,200 independent financial advisers, early signs of economic recovery could come by early fall....
NCUA, CUNA and NAFCU are still working with officials of the Treasury to find a way for credit unions to participate in programs aimed at helping financial institutions deal with troubled assets....
PORTSMOUTH, N.H. — Service Credit Union is now offering remote signature capture to its particularly far-flung membership....
Still considered a sweet spot for credit unions, microlending is quickly gaining interest among larger, billion-dollar banks amid the widespread credit access rut....
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....
Getting an early start on International Credit Union Day, the Wisconsin Credit Union League was planning to run the annual promotion...
Moody’s Investors Service downgraded the short-term debt ratings of four corporate credit unions to Prime-3 from Prime-1....
Scaling back underperforming operations, America’s Christian Credit Union of Glendora, Calif. recently closed two of its branches. ...
The Securities and Exchange Commission has obtained a court order halting an alleged $11 million Ponzi scheme in which a Chicago-based promoter who is a convicted felon promised investors high returns from purported investments in payday advance stores....
DALLAS — Despite investment losses and budget cuts within the corporate system, Southwest Corporate Federal Credit Union is instead expanding its 2009 training schedule....
Power Financial Credit Union wants to help make over a small business with help from office product retailer Staples....
Credit Union Executives Society has announced the 2009 Golden Mirror Awards winners....
PROVIDENCE, R.I. — Andera Inc. said it added 77 new clients, including 23 credit unions, in 2008....
Now that the NCUA has approved its new regulations defining underserved areas and overseeing how federal credit unions add them to their fields of membership, will federal credit unions get back to adding them?...
The Pennsylvania model on payday alternatives has now become something for banks to look at, ...
Just in time for fall, Advantis Credit Union has helped spruce up some Portland-area homes during the REACH Community Development Paint-and-Repair-A-Thon....
Credit union managers in Galveston, Tex., are not even whispering the name “Ike” or “hurricane.”...
HARRISBURG, Pa. — Citing the impact of NCUA actions on credit unions and the gloomy economy, the Pennsylvania Credit Union Association is cutting registration fees by 50% for its annual meeting and convention in May....
Reminding current and prospective member credit unions about the association’s value, NAFCU is using a new tagline to describe itself in public relations and advertising vehicles....
Members of the $5.8 billion Suncoast Schools Federal Credit Union were recently alerted that thousands of their Visa check cards had been breached....
Two researchers for the Filene Research Institute have authored a report arguing that credit unions should partner with tax preparation companies to offer tax preparation for a fee to lower income employees....
WASHINGTON — Rep. Carolyn Maloney (D-N.Y.) has been a key player on many issues relating to financial services and economic policy....
WASHINGTON — The program has been around for more than two years but the Small Business Administration is hoping a new campaign will remind car and truck dealers that their business is welcome at the agency....
The $1.2 billion Indiana Members Credit Union of Indianapolis said last week it completed a merger with the $13 million Marsh Employees FCU of nearby Fishers....
Credit unions running the Fiserv Galaxy core processing platform are being offered an aggregate pricing model for 24/7 contact center services from Lending Solutions Inc....
Wauna Federal Credit Union President/CEO Robert Blumberg, Mohawk Valley CU CEO Crystal Sicilia, and City Federal CU CEO Kevin M....
Credit Union 24 announced that four more CUs have joined its network, and credit unions worth more than $4.3 billion in assets have renewed their contracts....
Representatives from all 14 chapters of the Credit Union Association of New York and executives of the association went to Washington recently...
The Idaho Credit Union League is expanding its payroll processing business across the Northwest with a promotion now underway in four states....
An effort by the $1.8 billion HarborOne Credit Union to serve underserved and immigrant communities ...
CHICAGO — CUNA Brokerage Services Inc. has been selected as Alliant Credit Union’s financial advisory services partner....
The National Credit Union Foundation has released the results of its survey of REAL Solutions’ impact....
A growing number of companies within health services and those who work in the education field make up a large part of First Financial Federal Credit Union’s field of membership....
Affinity Plus Federal Credit Union has become part of an extreme makeover.
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DURHAM, N.C. — Latino Community Credit Union earned an innovation grant from the NCUF to promote savings to its underserved members.
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The merger trend took center stage last week with a trio of Milwaukee area credit unions, all affected by February’s collapse of Central States Mortgage Co., opting to look for merger partners.
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The $18 billion State Employees’ Credit Union is trying to find a soft spot with the IRS as the cooperative continues to make the case that it can help the agency find recipients of unclaimed tax refunds....
Vermont credit unions are now pushing iBelong branding in a co-op TV awareness campaign that began this week....
WASHINGTON — Instead of 20% returns guaranteed to come every 30 days, investors lost at least $25 million in yet another Ponzi scheme....
The Kansas Credit Union Association is joining some of its peers this month on a dues reduction to aid members hit by the NCUA assessment....
Expanding its eastern Iowa growth, the $161 million Ascentra Credit Union of Bettendorf, Iowa, said it is in the process of completing a merger ...
Former NCUA Board Chairman Michael Fryzel was honored by the $1.3 billion Polish and Slavic Federal Credit Union...
Many accounts of the nation’s economic problems go overboard either on the wonkish policy analysis at one end or the heartstring-tugging anecdotes on the other. It is rare to find a writer who strikes the necessary delicate balance....
Rich Weissman, president/CEO of DMA Institute Think Tank,...
Fitch Ratings took negative ratings action on individual corporates on Feb. 10, citing economic turmoil, credit market disruptions and exposure to potential write-downs of their paid-in-capital and PIC II investments at U.S. Central....
BancVue CEO Gabriel Krajicek has a set of products he believes will help credit unions and community banks effectively win the marketing war against big national banks....
In response to the Heartland card breach, CU*Answers is providing credit unions with tips on how to help protect members against fraud attacks....
When a recent seminar hosted by Power Financial Credit Union for first-time home buyers produced a standing-room only crowd,...
Nearly half of small businesses still rely on traditional methods to promote their companies even though many of them are establishing a presence on Facebook, Twitter, LinkedIn and MySpace, according to a survey....
The $1.2 billion Eastern Corporate Federal Credit Union and its Kansas City-based communications firm, MJB Public Relations Group, have been awarded a Bronze Quill from the Kansas City/International Association of Business Communications. ...
Though Senate Banking Committee Chairman Christopher Dodd (D-Conn.) has for a long time been interested in clamping down on what he sees as misleading practices...
Owners of depleted corporate capital aren’t likely to get it back, even if loss estimates that supported the write-downs were too high, according to a statement issued Nov. 16 from NCUA Chairman Debbie Matz....
The World Council of Credit Unions welcomed the credit union associations of Azerbaijan and Uzbekistan....
PHOENIX — Desert Schools Federal Credit Union is mourning the loss of longtime board director Mary Pat Garry, a dedicated local high school teacher who passed away suddenly at the age of 69....
President Obama’s pick to chair the NCUA, Deborah Matz, will oversee the regulation of an industry that has been sharply affected both by the recession and management and structural changes in recent years....
In a move to better align its chief operating officer’s duties to touch every spot of member contact and membership growth,...
A new joint venture between MEMBERS Capital Advisors and another Wisconsin-based investment firm is poised to not only offer more funds but also free up more time for asset managers to manage CUNA Mutual Group’s general fund....
The American Credit Union Mortgage Association has begun to lobby Congress and the administration in support of extending the $8,000 homebuyer tax credit....
Who says you can’t go home again?...
From Maine to Texas, the financial crisis and the corporate shocks buffeting credit unions have given rise to innovative approaches...
Fitch has also placed all individual ratings on rating watch negative. The rating outlook is stable for all long-term IDRs.
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BancVue is jointly funding the KASASA marketing effort in Season FCU’s community because Seasons is the first CU in the area to begin offering the products....
Teachers Federal Credit Union’s successful mortgage refinance business scored the credit union some cable TV face time....
Lending Solutions Inc. announced that it has added nine new credit union clients in the past few months....
Debit card interchange seems likely to continue as a key part of credit union income, according to a recent study from Discover Financial Services and its subsidiary PULSE ATM and EFT network....
The $814 million Nevada Federal Credit Union, using an ad hitting on “an out-of-state credit union” coming into town,...
JACKSONVILLE, Fla. & MADISON, Wis. — No credit union likes to have cards compromised in a security breach, but the insurer for the majority of credit unions ...
Credit unions can learn tips on how to help members manage finances in this economy through Webinars being held by CUNA....
SAN JOSE, Calif. — Meriwest Credit Union launched a financial literacy monthly series that will go on through out the year for both adults and teenagers....
There’s a new online resource for credit union board members–the CU CheatSheet blog (www.cucheatsheet.blogspot.com)....
Three lobbyists for credit unions made the list of the most influential advocates compiled by The Hill newspaper....
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....
GTE Federal Credit Union announced that it laid off 5% of its workforce at its Tampa, Fla., headquarters and will be closing three branches....
With much of the rest of the mortgage industry in disarray, the Federal Housing Administration has found itself occupying an expanded market niche....
OAS Staff Federal Credit Union has become the first credit union nationally to build functional prosthetic hands for land mine victims.
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The $166 million North Jersey Federal Credit Union has come up with a way to boost the local business economy and offer members a variety of perks....
The Winthrop Rockefeller Foundation has approved a $250,000 deposit into $117 million–Hope Community Credit Union....
In yet another move to give small businesses more tools to help turn the economy around, Goldman Sachs Group Inc. has launched a $500 million initiative that could include credit unions....
California’s real estate problems have resulted in a flood of mortgage-related bills that are well intentioned but ultimately bad for credit unions, said Bob Arnould,...
NCUSIF premium and impairment charges, and a lack of accounting guidance from the NCUA on how to record them on 5300 reports, continues to be an challenge for credit unions....
ST. LOUIS — Thinking about building green? Design/build firm NewGround suggested that credit unions start going modular rather than traditional....
Given their respective financials, whether a merger of Space Coast Credit Union and Eastern Financial Florida Credit Union would be in the best interests of both fields of membership remains to be seen....
The Iowa Credit Union Foundation has drawn praise from the State of Iowa for its effort to help lower income Iowans save to purchase a home....
To help provide greater liquidity for credit unions and other lenders, the SBA plans to launch a secondary-market guarantee program....
The $405 million generations Federal Credit Union, headquartered in San Antonio,...
The Connecticut Credit Union League is determined to help credit unions cope with a rising regulatory burden ...
CUNA is certain its grassroots effort this spring, including 20,000 e-mails and phone calls to the NCUA and lawmakers, helped turn the tide to get the corporate stabilization law signed by President Obama.
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Opportunity is knocking for credit unions as a recent J.D. Power and Associates study reveals that brand image matters most to consumers when selecting a retail bank....
Staffers at Smart Financial Credit Union joined forces and donated funds to help send 11-year-old Sabrina Blum to the 2009 Odyssey of the Mind World Finals at Iowa State University in Ames....
With Detroit hit hard by the economy, Michigan First Credit Union has stepped up its efforts to help the local community and charities do more....
FAIRWINDS Credit Union is helping bring the best of Broadway to Orlando locals....
Investors are seeking out more online investment providers for their individual retirement account rollovers thanks to a renewed interest in the parking place as an option....
As credit unions continue to weather the economic storm, it may take achieving economies of scale and scope to reassure members that their financial institutions will remain healthy for the long term....
The South Carolina Credit Union League is downsizing its board next year from 14 to seven and extending director terms to three years....
With the message of encouraging credit unions to seize market share, NCUA Vice Chairman Rodney Hood will be one of the keynote speakers at NACUSO’s annual conference in May....
The idea of a potential merger between two of Florida’s largest credit unions has the Florida Bankers Association livid....
Credit unions can and should persevere in building both revenue and membership during this economic downturn....
The push toward internal cost-cutting at credit unions and their trade groups has an Oklahoma face this month...
Goldenwest Credit Union has kicked off its mobile branch services with a simple text message....
The recession continues to wreak havoc on a handful of Latino credit unions, including at least two community development CUs.
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The first member of an Iowa credit union to save for a home through an individual development account has closed on her first home....
A picture truly is worth more than words....
Teachers Federal Credit Union, Farmingville, N.Y., announced that 11 of its employees have earned degrees by attending after-work classes taught by Dowling Institute professors at the credit union’s headquarters....
Even as signs pointed to a stop-gap resolution of Pennsylvania’s budget crisis late last week, credit unions across the state continued...
CUDL has announced the winners of its 2009 Auto Lending Best Practices Awards and Diamond Awards....
Though 23% of credit union executives surveyed said their institution experienced an increase in liquidity risk, 59% of respondents don’t expect a change during the next year, according to NAFCU’s Flash Report....
It doesn’t come as too much of a surprise that 401(k) accounts are being hammered by the economic downturn....
The SBA said it has proposed increasing size standards for 71 types of businesses with most in the retail, hotel and food service sectors in an effort to open access to its programs....
One of the South’s largest YMCA affiliates, the 300-employee Heart of the Valley YMCA of Huntsville, Ala., ...
If you are eager to achieve a specific goal that involves others, don’t force or mandate, instead nudge or coax....
International design and implementation firm NewGround announced an expansion of its IT/mission critical resources....
Gesa Credit Union is gearing up for the November launch of its first investment program....
Indiana Members Credit Union is hoping its new partnership with the National Basketball Association’s Indiana Pacers will be an awareness slam dunk....
A commercial lending and leasing referral program targeted at credit unions by CIT Group Inc. and MicroBilt Corp. was terminated due to a lack of interest....
Fiserv, Inc. has announced that its loan servicing platform is compliant with the U.S. Treasury Department’s guidelines on home loan modifications....
CU*Answers announced its newest promotion for its CU*Drive Campaign, a certificate of deposit online promotion through its Me 247 Online Banking system....
CUNA Mutual Group is adapting with the times and has launched a new employment practices liability coverage and risk management offering....
Yolo Federal Credit Union plans to make the most of American Massage Therapy Association’s National Massage Therapy week by offering members free five-minute chair massages this week....
Going green has never been easier for FAA Credit Union members....
CMG Mortgage Insurance Company is offering a new CD-ROM that focuses on the value of mortgage lending at credit unions....
After some initial hesitancy, Indiana and Illinois credit unions appear to be on a roll when it comes to shared branching,...
Total Systems Services Inc., the second largest card processor based in the U.S., announced last week that it was opening a new division and wants that division to process credit union card transactions....
The most recent Discover Financial Services’ U.S. Spending Monitor survey suggests that credit unions will have to wait a bit longer for members’ credit card use to return to previous levels....
State Employees Federal Credit Union, Albany, N.Y., has promoted Executive Vice President John DeCelle to chief marketing officer....
A new best practices report from CUNA highlighted eight credit unions that have increased their auto lending programs while the rest of the auto industry has been shrinking....
If the past five years are any indication, as long as unemployment goes up, deposit interest rates may stay low....
Banks are demanding more personal guarantees on small business loans as the lenders continues to put the squeeze on credit access....
The $58 million Entrust Federal Credit Union provided another example of a credit union coming through for its members recently when it helped a member access cash while overseas....
CUNA is revamping how it promotes its products and services by adopting the well-tested trust theme....
A nationally known CU card consultancy is working on launching a Web site that will help consumers find consumer friendly credit union credit cards in their area....
Xceed Financial Federal Credit Union has tapped experiential brand development agency Creative Brand Communications to help refine its brand....
BrightLeaf Financial Network, a consumer financial planning service offered exclusively through credit unions, has introduced a new version of its Web-based service....
A bad economy is a great time to remind consumers how rewarding it can be to give–even if it’s only $10....
The Workers’ Credit Union’s Townsend, Mass., branch is getting a green edition makeover, complete with a geothermal heating and cooling system....
Industry groups from Mississippi to Washington State were quick to trumpet membership gains and loan growth. ...
Online banking use has increased during the ongoing recession as consumers are apparently keeping a closer eye on their finances, according to a new survey....
DigitalMailer has teamed with documents services provider Standard Register to help credit unions with print and mail service....
Affluent investors said they have moved significant amounts of their retirement money around over the past year in a search for better value, personalized advice and a financially-sound provider....
Two years ago Meriwest Credit Union decided to make its community a priority by developing a financial education program that has flourished over this past year....
Indirect Lending Technologies of Salt Lake City said its Web-based indirect lending system now integrates with the collateral management system from VINtek....
LENEXA, Kan. — Members of the $36 billion U.S. Central Federal Credit Union not only participated in the aggregate’s Dec. 31 conversion of $450 million in membership capital shares to paid-in capital (PIC-II),
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ARLINGTON, Va. — Just as one longtime nemesis of credit union card programs sputters to a halt, another has been jump-started....
When NAFCU picked the site for this year’s Annual Conference & Exhibition at the Gaylord National on the Potomac in National Harbor, Md., the facility hadn’t even been built yet....
Illiana Financial Credit Union (www.illiana.org) is planning to go after younger members with an adoption of a range of online banking services from PM Systems Corp....
The automated request tracking system at WESCO Net Web Services has just recorded its 10,000th Web site update request, the company said....
The CEO of the only credit union owned bank in the U.S. has been recognized by a local chamber of commerce as citizen of the year....
Online banking led online card use among a survey of Internet users in eight countries around the world that aimed to find out how secure people felt using the Internet....
Eight credit unions are now beta testing a lead-generation tool that matches consumers seeking loans with participating credit unions after the consumers buy a credit report....
Bank-Fund Staff FCU Chief Financial Officer Frank Vassallo has joined the Credit Union Economics Group....
While member business loans are up 16.3% over the past year, most of the gain occurred in 2008....
The $701 million DuPont Community Credit Union headquartered in Waynesboro, Va., has taken banking to its community’s streets and outdoor events through a mobile ATM....
Agents of Xtend Inc. recently completed a call center university training program designed to provide education, team building, and industry awareness....
Wachovia customers who invested in auction-rate securities before the market for those securities collapsed will receive their share of $7 billion in liquidity,...
Nonprofit counseling agencies in Virginia will have more money available to use to help people avoid foreclosure as a result of the release of $50,000 in grant money by Virginia Attorney General Bill Mims....
The stock market may continue to roil as questions emerge on the details of the Treasury Department’s economic stability plan....
Although some data show that the economy is picking up, consumers are still wary....
Even as national statistics for bank robbery appear to be dropping nationwide,...
This year’s Health Care Credit Unions International’s annual conference will focus on helping members survive in today’s economy....
WASHINGTON — A federal judge has delayed the trial of Bellco Credit Union’s lawsuit against the IRS over $199,000 in unrelated business income taxes paid....
WASHINGTON — Credit union lobbyists are seeking to limit the damage from what they see as an all-but-certain congressional passage of legislation allowing bankruptcy judges to rewrite the terms of mortgages....
WASHINGTON — Federal credit unions and other credit card issuers will be banned from charging interest on repaid debt and not providing adequate notice on when payments are due under regulations approved
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FAYETTEVILLE, N.C. — The “megabank credit union” line of the American Bankers Association got a fresh airing in North Carolina last week following the opening of a new Navy Federal CU branch serving the Fort Bragg Army Base here.
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Recognizing that economic times are particularly rough for charities, Texans Credit Union helped raise $194,000 for the United Way in 2008....
Talk about Lou Dobbs’ worst nightmare....
A show of solidarity among Virginia Credit Union League chapters recently resulted in a sea of red scarves flooding the lawn of the Commonwealth of Virginia’s General Assembly Building in Richmond, Va....
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....
Starting this week, GFA Federal Credit Union is offering free financial consultations in honor of America Saves Week....
NewGround, the design-build firm, has expanded its reach to the United Kingdom....
Consumers are expecting more from their financial institutions, so CUNA has added four new courses through its CPDOnline self-study program with an eye on helping credit union staffers ...
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....
Representatives from Japan’s Agricultural and Fishery Cooperative Savings Insurance Corp. and the Norinchukin Institute got a lesson on credit unions when they visited California Agribusiness Credit Union....
Don’t count new branches out....
Scotlandville Magnet High School students have been lining up to be a part of LA DOTD Federal Credit Union’s first student-run high school branch, the Hornet’s Nest CU....
“Somewhere, a disgruntled, stressed-out employee is sitting in a break room, beneath the fluorescent lights, thinking up a new fraud scheme right now.”...
Partners Federal Credit Union helped members’ dreams come true at its winter SALSA car sale held in the Walt Disney World Resort Epcot Wonder parking lot....
The book Insidious cites the following trends....
Fiserv Inc. said one of its largest customers, wireless giant Verizon Communications, has signed a multiyear extension for the company’s electronic bill pay solution....
During a recent records-storage facility visit to Maryland, President Barack Obama unveiled a new round of lending initiatives targeted at helping small businesses....
The Federal Reserve Bank’s announcement of its intent to collapse all paper check processing into the Cleveland office by fourth quarter 2009...
WASHINGTON — Despite the numbers of economic and regulatory challenges the industry now faces, credit unions the have invested funds to support the National Credit Union Foundation...
WASHINGTON — In light of increased skepticism toward deregulation, credit union lobbyists say they will repackage some of their legislative priorities in separate bills.
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COVENTRY, R.I. — There’s one thing that Adam Quinlan is still in awe over as the newly hired vice president of Coventry Credit Union’s commercial services division: no prepayment penalties....
SAN DIEGO — The complexity of collateralized debt obligation values and the effect of U.S. Central’s losses is causing some retail corporates to delay December 2008 financials...
WASHINGTON — It’s a below the radar campaign for a vacancy that won’t occur for more than two months....
NCUA regulation, not GAAP accounting standards, require corporate credit unions to eliminate retained deficits by impairing capital, said Scott Waite, member of Financial Accounting Standards Board’s small business advisory committee....
MADISON, Wis. — Many American credit union managers may be faced with financial do-or-die decisions this year, but the dire situation for Kenya’s credit unions is literally do-or-die.
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WASHINGTON — It’s not as alluring a topic as Michelle Obama’s fashion choices nor does it resonate with the public like a tax bill, yet for credit unions and their advocates here there are few subjects...
In yet another alleged scam involving certificates of deposit and credit unions, one more person has been arrested for supposedly defrauding three Pennsylvania cooperatives out of $2 million....
Why would a company with nine employees scattered around the country and a comfortable niche long carved for itself in the rough-and-tumble world of credit union technology venture into the crowded Check 21 arena?...
The U.S. Department of the Treasury Community Development Financial Institutions Fund has recently launched a new financial education and counseling pilot program....
Local Government Federal Credit Union announced 11 new advisory council members to eight of its 22 councils across the state....
State Employees’ Credit Union is helping its members stay in their homes through its new mortgage assistance program....
Secretary of Health and Human Services Kathleen Sebelius and Small Business Administration Administrator Karen Mills recently released a new report, ...
Credit unions participating in Invest in America can now use one of three bundle campaigns from Nationwide Marketing Solutions to promote the program....
Enterprise Car Sales made a $50,050 donation to the National Credit Union Foundation....
Two Virginia credit unions, Beacon Credit Union and Big Island 1013 Federal Credit Union, merged last week....
In the aftermath of the NCAA basketball tournament and the opening of the baseball season, there is much talk about defense these days....
It’s becoming the mantra for troubled times: things will get worse before they get better....
Western Corporate Federal Credit Union’s dismissed board members officially conceded to the NCUA April 6, releasing a statement saying the group unanimously voted...
The Florida Office of Financial Regulation discovered 15 practices at Eastern Financial Florida Credit Union that either needed immediate attention or complete overhauls....
One Michigan resident will win $100,000 through a pilot savings program supported by the Filene Research Institute, the D2D Fund and the Michigan Credit Union League....
The hero charity checking account, unveiled two years ago by the $475 million First Citizens’ Federal Credit Union in Massachusetts...
LenderLive Network Inc. has expanded its mortgage underwriting quality control services in response to increased client demand....
Members of the $920 million Elevations Credit Union will soon have help with their estate planning needs....
CUNA Mutual Group and Lee & Mason Financial Services Inc. have partnered to offer a commercial foreclosure property and liability insurance policy for credit unions’ member business loans....
With the failure of the $147 million Cumorah Credit Union fresh on their minds, Nevada credit union CEOs ...
For Don Wolford, vice president of operations and chief financial officer of the $60 million Winston-Salem City Employees Credit Union,...
PORTLAND, Ore. — It’s time for credit unions to get their members talking and Psst, a word of mouth marketing agency created exclusively for banks and credit unions, is ready to help....
Credit unions and banks lost a key round in the fight over control of student loans last week when a House committee voted for an Obama administration plan to replace the Federal Family Education Loan Program with direct student lending...
The National Federation of Community Development Unions has waded into the controversy over how the NCUA should handle the losses at corporate credit unions and has come down firmly in the camp of taking government help....
The Obama administration and House Financial Services Committee Chairman Barney Frank (D-Mass.) reversed course last week on key provisions of a measure creating a new regulatory agency on financial products...
The $1.4 billion Baxter Credit Union has joined the other 60 CUs that service more than $1 billion in mortgage loans, ...
In the tightly competitive District of Columbia business lending market, Mid-Atlantic Federal Credit Union is poised to become the second largest player in the metropolitan area....
Credit unions should take a close look at the well-intended but poorly crafted Consumer Financial Protection Agency, or CFPA, that is scheduled...
LANSING, Mich. — Based on early sales success in dealer showrooms, two of the Big Three automakers, General Motors and Chrysler last week expanded the credit union-based Invest in America auto financing program nationwide.
...
BOSTON — A new report released by Aite Group highlights key issues in the credit union movement as a result of the financial crisis....
A slew of credit union mergers this month underscore strategies for the future....
WASHINGTON — Despite industry efforts, two congressional panels last week advanced legislation to put additional restrictions on credit card issuers....
The current regulatory structure and failings by some regulators has resulted in inconsistent enforcement of antidiscrimination laws among lenders, a report by Congress’ investigative arm concluded....
The $9 billion Southwest Corporate Federal Credit Union reported no third-quarter investment impairments on its nonagency mortgage-backed ...
NCUA will upload credit union membership data during regular examinations and take extraordinary steps to ensure the confidentiality of information, the agency said in a letter to credit unions....
WASHINGTON — Credit unions could make more business loans and not count it against their member business loan cap as a result of a provision in the $825 billion stimulus package passed by the House last week....
The $4 billion Alaska USA Federal Credit Union offers membership to those who live or work in Alaska and Washington.
...
Nine credit unions from six states shared $17.15 million that the U.S. Treasury Department has awarded to credit unions out of the most recent round of funds. ...
To combat a low penetration rate on transaction accounts, Pacific Service Credit Union has launched four new checking accounts....
WASHINGTON — CUNA President Dan Mica told lawmakers last week that placing credit unions under the same regulator as banks would be like “having a chicken being put into the fox lair.”...
With the pressing task of reversing a 50% drop in SBA loan guarantees, Karen Gordon Mills was recently confirmed as the 23rd administrator of the Small Business Administration....
Were the revisions made to the NCUA’s Corporate Credit Union Share Guarantee Program enough to convince the four holdout corporates to sign on?...
COLUMBUS, Ohio — The American financial services landscape is looking quite a bit like the Bizarro World depicted in Superman comics where everything is the exact opposite of normal.
...
ST. PETERSBURG, Fla. — The nation’s largest CUSO has joined the mobile banking wave. PSCU Financial Services is offering credit unions a solution that allows credit unions to choose between two widely used formats...
The ink is barely dry on the credit card rules’ overhaul and CUNA and NAFCU are asking lawmakers and the Federal Reserve to clarify or change provisions....
A new pilot savings program has fostered the opening of 6,000 new accounts at eight Michigan credit unions in just 18 weeks....
For nearly 25 years, the $130 million Sioux Falls Federal Credit Union has maintained a branch in a major local hospital to serve employees....
Bucky Sebastian has another reason for wanting the merger between GTE Federal Credit Union and Suncoast Schools Federal Credit Union to go through: a new $850 million member business lending cap....
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....
Visa has pulled Heartland Payment Systems, the merchant processor that suffered a security breach that may have compromised more than 100 million credit and debit cards,...
A 100% increase in demand, fueled by California’s job losses and foreclosures, was enough to convince Los Angeles-based ByDesign Financial Solutions to merge with Richmond, Va.-based ClearPoint Counseling Solutions....
Mike Haselden, president of Texans Insurance Group, resigned Nov. 2 to pursue another career opportunity, Texans Credit Union confirmed last week....
Visa USA has stepped out with a set of best practices that it has offered retailers to help them encrypt credit and debit card data in their systems....
Credit unions kept their go-to guy in the Senate last week when Banking Committee Chairman Christopher Dodd announced he would stay in that position....
The Santa Rosa, Calif.-based Redwood Credit Union is encouraging members to “dream big” with their new “Big Picture, Big Value” photo contest....
Microlending is appropriate in some cases, but for those among the world’s lowest income brackets, savings is the best solution....
Pacific Service Credit Union of Pleasant Hill, Calif., continued a long standing tradition by donating more than $70,000 ...
NASCUS will honor the 100th anniversary of the state credit union charter at its annual state system summit in Boston from August 20-22....
The credit union glass is half full.
...
DES MOINES, Iowa — Nine credit unions in Iowa are helping low-income members save for their future through an individual development account program....
Creditors’ concerns with the SBA and getting more credit unions to participate in the agency’s loan programs were among the topics at a recent roundtable....
ALEXANDRIA, Va. — The increased revenues from premiums and recapitalization is offsetting some of the losses to the NCUSIF, and the fund’s net income was $150 million last month, NCUA staff reported to the board last Thursday....
The FBI office in Knoxville, Tenn., wants to make sure images of its most recent serial bank robber are larger than life....
Payday lenders are attacking a piece of federal legislation aimed at protecting consumers from their product by noting overdraft protection plans do not face similar regulations....
In order to educate students about good financial practices Nassau Educators Federal Credit Union took steps to first educate teachers....
Much of the debate around a proposal to create a new agency to regulate consumer financial products centers on a four-letter word: turf....
MADISON, Wis. — Credit unions were feeling good about their increasing mortgage market share, but the product has started losing its spread....
ARLINGTON, Va. — Yet another piece of bad news coming out of the 2008 holiday season was increased incidents of fraud involving gift cards. ...
The $545 million Memphis Area Teachers Credit Union, shaken by last spring’s management upheaval marked by the resignation of the CEO and the later removal of five top officers, strove mightily last week to put its best face on a turnaround....
The March 20 conservatorships of U.S. Central and WesCorp are causing some to question Part 704 rules that permit expanded investment authorities....
Credit unions entering the student lending market this year are seeing their programs take off like Michael Phelps in the pool....
The $1.3 billion Chartway Federal Credit Union, Virginia Beach, Va., is up front about its merger intentions and considers itself in an elite class of national suitors....
HARRISBURG, Pa. — These are certainly serious times. And Emmor Boslet doesn’t mean to make light of them by suggesting she might do better to bring a couch into her office....
Though Congress was away last week, CUNA and NAFCU continued to encourage lawmakers to make changes to the Central Liquidity Facility ...
WASHINGTON — Credit unions and other financial institutions were dealt a setback last week when the House Judiciary Committee last Tuesday approved a bill giving judges the power to reset the terms of mortgages for people in bankruptcy proceedings....
Steve Winninger has seen firsthand how a physical impairment isn’t a barrier to being a valuable contributor in the workplace. But it was a recent tour of a Michigan company’s new facility that convinced him even more.
...
Federal credit unions could be subject to additional subpoenas for information from state attorneys general as a result of a U.S. Supreme Court decision issued last week.
...
Western Corporate Federal Credit Union is preparing to launch a consumer economic podcast that features Dwight Johnston, vice president of economic and market research....
The U.S. Central-Wescorp crisis that consumed credit union management last week turned into almost a nonevent in the public forum....
Central States Mortgage Co., the Wauwatosa, Wis. CUSO now in bankruptcy court, dropped its long-standing racketeering lawsuit last week against its former CEO and founder. The court moved ahead with naming a receiver for the firm,...
The $1.2 billion Chartway Federal Credit Union has decided to promote its own credit card program while big bank issuers are losing ground....
National Credit Union Foundation Executive Director Steve Delfin leaves the foundation at a time when the patterns of how and why Americans contribute to charitable or nonprofit efforts ...
HOBOKEN, N.J. — When it comes to credit unions embracing technology, the issue is not to just do it, but to figure out how to do it in the right way for the credit union.
...
OKLAHOMA CITY — An executive with the $90 million U.S. Employees Credit Union credits a renewed focus on lending and a new card product for a more than 26% increase in the CU’s card portfolio balances....
Thanks to a combination of a poor economy, the corporate expense and management succession, mergers among small Kansas credit unions appear to be spiking. ...
It all depends on what the meaning of recently is.
Debbie Matz, President Obama’s nominee for chairman of the NCUA,...
Jump-starting slowed loan activity at Eastern Financial Florida Credit Union is probably one of the top checklist items for Space Coast Credit Union officials appointed to save the troubled financial institution....
The Central Liquidity Facility was set to keep its lending ceiling at $41.5 billion, under a provision of a bill to fund the government that the Senate was set to pass....
CUNA Mutual Group and its wholly owned property casualty subsidiary CUMIS Insurance Society,...
A fairly common policy intended to discourage robberies at banks and credit unions drew some fire after a Muslim woman complained that she was being discriminated against because of her headscarf or hijab....
Are credit unions positioned to absorb another round of foreclosures? Industry experts say yes, despite real estate reporting services releasing all-time high monthly and quarterly default numbers....
Even though Space Coast Credit Union suffered some losses after merging with troubled Eastern Financial Florida Credit Union, the cooperative said the numbers are in line with its initial projections....
The $5.2 billion Security Service Federal Credit Union in San Antonio is the first CU to roll out a MasterCard tool to help MasterCard debit cardholders track their debit card spending online....
Co-op advertising in metro District of Columbia with an emphasis on safety and awareness is getting a big boost from credit unions this fall with a $180,000 radio, bus and Web campaign that will be launched this week....
News articles that ran last summer in Minnesota about “Lenders Gone Wild” helped prompt a state Senate hearing on safety and soundness....
Old Hickory Credit Union is seeking thousands of dollars stemming from an auto loan to former Tennessee Titan football player Steve McNair....
Avidiant Consulting Group is expanding its reach beyond start-ups, mid-cap companies and banks to include an area on the front burner for many credit unions: risk management....
When the NCUA issues new corporate regulations this fall, it’s likely the opinions of the three major ratings agencies–Fitch Ratings, Moody’s and Standard & Poor’s–will have less influence over NCUA auditors than before....
The NCUA Board could soon have another dose of Yankee ingenuity.
...
Congress shouldn’t rush to restructure the way financial services are regulated and consider all options, including ending the NCUA’s status as an independent agency, Rep. Paul Kanjorski (D-Pa.) said at the NCUA symposium last week.
...
A credit union in New York and another in Ohio have joined Credit Union 24. Their addition takes the credit union-owned ATM and EFT network to 455 credit unions,...
Good advice may be hard to come by, but a new online service from Credit Union Info Inc. is offering experience and advice for free....
WASHINGTON — Bowing to the pressures that come with a recession, CUNA has laid off eight employees and eliminated merit increases for senior staff members.
...
WASHINGTON — If House Financial Services Committee Chairman Barney Frank (D-Mass.) is his chamber’s answer to Santa Claus, then credit unions can expect a lot of coal and just a few goodies this year....
WASHINGTON — Concerned about the impact on their balance sheets at a time of economic tumult...
WASHINGTON — As expected, the 2009 economic shakedown and belt tightening is taking a heavy toll on conference programming and trade operations not to mention travel, salaries, hotel bookings and entertainment....
WARRENVILLE, Ill. — Balance Sheet Solutions’ popular SimpliCD program has announced it will expand to benefit institutional members of natural person credit unions....
WASHINGTON — A credit union volunteer played a key role orchestrating the military’s involvement while the political director of a trade association waited in line for four hours in subfreezing temperatures....
The NCUA has banned six former credit union employees from ever working at a federally insured institutions for being convicted of or admitting to crimes or misdemeanors or after agreeing to the penalty in lieu of litigation....
Determining the value of securities involves so much subjectivity, said NAFCU President/CEO Fred Becker,...
WASHINGTON — The Central Liquidity Facility’s new Credit Union System Investment Program and Credit Union Homeowners Affordability Relief Program are off and running,...
WASHINGTON — As Congress was working to release the additional $350 billion in Troubled Asset Relief Program funds, credit unions and their allies were trying to get ensure they get a piece of the pie....
WASHINGTON — Judging by the NCUA’s laundry list of potential regulatory, operational and organizational changes facing corporate credit unions, the $1 billion U.S....
SOUTHFIELD, Mich. — Michigan First Credit Union has won over $5 million in damages against its former insurer Credit Union Mutual Insurance Society....
Stand up, speak out and embrace the truth is the advice public relations experts have regarding how credit unions should handle being the latest to be swept away by the financial crisis wave....
NEW YORK — Moody’s Ratings Service released the results of its regularly scheduled credit union industry review on Dec. 22 and delivered a lump of coal to the financial stockings of every corporate it rates....
PRINCETON, N.J. — Despite increased policies and procedures to safeguard credit and debit card data, there has been another major breach of card data security....
For the first time in its nearly 11-year history, LendingTree.com has signed a credit union to its online lending exchange....
Two years ago, warehouse lending was in its heyday as bankers reaped billions in revenue from short-term lines of credit to fund secondary market loans....
PINE BROOK, N.J. — CU National Mortgage is still servicing loans, but the company is no longer originating new mortgages....
Federal Reserve Chairman Ben Bernanke reassured lawmakers he’s not aiming to nationalize big banks during his Feb. 24 appearance before the Senate Committee on Banking, Housing and Urban Affairs....
RICHARDSON, Texas — David Addison has announced that he will resign as president/CEO of Texans Credit Union on Jan. 31, leaving behind a $29 million loss
in 2008 tied in large part to a collapse in comm-
ercial lending.
...
HOBOKEN, N.J. — This summer the MBA interns are coming, and the timing couldn’t be better.
...
WASHINGTON — Credit unions are hoping that the Treasury Department will open the coffers of the Troubled Asset Relief Program when the department unveils new rules soon....
At least six separate civil complaints, including one brought by a bank and another by a credit union member on his own behalf, have been filed against Heartland Payment Systems seeking damages for the firm’s card security data breach....
MECHANICSBURG, Pa. — It made perfect sense for Members 1st Federal Credit Union to build a funding bridge to help microbusinesses in Cumberland County. ...
Callahan and Associates’ President Chip Filson and Executive Vice President Jay Johnson broadcast the shot heard around the credit union world March 24 when they publicly challenged the NCUA’s...
BAYTOWN, Texas — A good New Year’s resolution for credit unions in hurricane country, which as Ike showed in September can extend a thousand miles inland, is to put some serious distance between your home base and your backup center.
...
SALT LAKE CITY — It turns out that a bank charter is not in the future of the $190 million Beehive Credit Union after all....
Four corporate credit unions declined to extend the NCUA’s temporary corporate credit union share guarantee program just before the agency’s deadline....
Nobody wants a visit from the repo man, and it’s times like these that keep him pretty busy....
Edgar F, Callahan, who as a regulator, CEO and consultant had a vast influence on the shape of the modern-day credit union movement, died on March 18 in Sacramento, Calif., after a long illness. He was 80....
WASHINGTON — Treasury Secretary Timothy Geithner never mentioned credit unions when he spelled out his plan for rescuing troubled financial institutions....
Congress gave credit unions some good news last week....
WASHINGTON — The Center For Responsible Lending, a subsidiary of the $301 million Self-Help Credit Union and a significant participant in the nationwide debate over payday lending and other loan practices,
...
WEST LAFAYETTE, Ind. — The good news back on the farm is that growers and ranchers haven’t been hit–so far–as hard as their city cousins in the current economic climate when they seek business loans....
HOBOKEN, N.J. — There’s a common thread found among direct and indirect credit union auto lenders that have seen success in their programs over the past year; strong dealer relationships....
The prospect of an ABC-TV network exposé of credit union executive travel rattled the industry public relations machine last week....
SAN DIEGO — Fourth-quarter financial reports reveal that many credit unions increased their loan-loss provisions 100% or more over last year; for many, accounting for impaired loans is wreaking havoc on capital positions....
Just at the point where a significant number of community development credit unions have an opportunity to apply for more federal funds,...
ALEXANDRIA, Va. — NCUA Chairman Michael E. Fryzel said any program to buy bad mortgages from credit unions should not be financed by the NCUSIF, but by the Treasury Department’s Troubled Asset Relief Program....
SANTA CLARA, Calif. — A California credit union known for being on the cutting edge of technology has signed on to offer a bank’s remittance services not only to its own members but to other banks and credit unions as well....
Credit unions, working with the banks and moderate Democrats, seemed poised to get changes to a bill allowing bankruptcy judges to modify mortgages that will make it somewhat more palatable....
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....
Open Solutions Inc. was listed among 283 companies most likely to default on their debts by Moody’s Investors Service....
RICHARDSON, Texas — Texans Commercial Capital has been charged with breach of contract for allegedly reneging on several loans, according to a claim filed by Realty America Group LLC....
WASHINGTON — No riots broke out. But when the issue of the NCUA corporate credit union came up CUNA’s Governmental Affairs Conference,...
WASHINGTON — The NCUSIF received some breathing room and access to more money to deal with emergencies as a result of amendments approved by the House Financial Services Committee last Wednesday....
There’s more to Fiserv’s new look than an orange logo with a period at
the end....
PRINCETON, N.J. — The recent data security breach at Heartland Payment Systems may be the largest ever....
Industry executives reacted last week with a combination of utter dismay, resignation, confusion plus a wary determination to get through the US Central-Wescorp crisis, while girding for the next surprise event from the NCUA....
WASHINGTON — There are a number of ways credit unions can provide relief to struggling small businesses and bring in revenue at the same time, the Small Business Administration and CUNA said at a year-end meeting.
...
SAN BERNARDINO, Calif. — Some West Coast credit unions that racked up a dismal performance for 2008 were not afraid last week to speak out about inequities in TARP funds being channeled into banks....
Details have emerged in court documents showing why Pine Brook, N.J.-based U.S. Mortgage Corp. and its credit union division, CU National Mortgage, suddenly shut down last month....
The sudden shutdown of Central States Mortgage Co.’s 220-employee headquarters in Wauwatosa, a Milwaukee suburb,...
Credit unions may get what they have long wanted–an increase in the cap on member business loans. ...
LENEXA, Kan. — U.S. Central cleared up some of the who-knew-what-when mystery surrounding the aggregate corporate’s $1 billion bailout and resulting insurance premium levy on natural person credit unions....
WASHINGTON — Credit unions were the good actors during the lead up to the current economic crisis, but that doesn’t mean their good behavior will be rewarded....
Credit unions debuted in the latest University of Michigan American Consumer Satisfaction Index by thumping banks, achieving an 84 on the index’s 100-point scorecard compared to 75 for banks....
Armed with 70 auditors and bureaucrats, the NCUA placed both the $34 billion U.S. Central Federal Corporate Credit Union and the $23 billion Western Federal Corporate Credit Union into conservatorship March 20,...
WASHINGTON — Hurry up and wait.
That’s what credit unions are contending with when it comes to their top priorities in the new Congress and administration....
Suncoast Schools Federal Credit Union and GTE Federal Credit Union, both hit hard by the Florida housing market collapse, announced a proposal for the largest credit union merger to date at nearly $8 billion in combined assets....
Credit unions may have to gear up to defend their lending practices and other efforts to serve the underserved....
WASHINGTON — Testimony from credit union regulators during a Senate Banking Committee hearing last week focused on maintaining a distinction between the bank and credit union regulators....
MONTGOMERY, Ala. — It was a painful encounter when MAX Community Credit Union lost out on a plum equipment leasing contract with a local medical facility to a larger bank....
The cost cutting among Arizona credit unions continued unabated last week with the $423 million Arizona Central Credit Union of Phoenix announcing the closing of one of its 12 branches in a follow up to staff cutbacks that have taken 40 jobs since 2008....
A Birmingham attorney, Douglas Key, has been named by the Alabama credit union regulator as the new president/CEO of the $195 million Mutual Savings Credit Union, which underwent conservatorship by the state last July....
A new grant program from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund kicked off last week....
The nation’s heightened attention to flu outbreaks prompted a new reminder from CUNA Mutual Group about disaster preparation....
The SEC said it has returned more than $2 billion, the agency’s largest distribution ever, to investors who lost money through a number of illegal schemes....
The Federal Reserve Board on May 8 approved revisions to its Regulation Z mortgage disclosure requirements that implement provisions of the July 2008 Mortgage Disclosure Improvement Act....
A merger of two New Jersey credit unions, located three blocks apart and both serving Rutgers University, remained on hold last week following a bitter member-board dispute involving the smaller of the two, the $3...
WASHINGTON — More than last year but not as much as when the economy was really humming.
...
Some banks continue to fall short on how they treat their small business customers as the credit union industry touts its reputation for its treatment of members....
Large card issuers have largely not abandoned their anticonsumer attitudes and practices that helped bring about the most recent credit card regulation, four nationwide consumer groups have charged....
It’s graduation time. Twenty-seven credit union executives are the latest graduates of the CUES CEO Institute.
...
After 21 years, GTE Federal Credit Union President/CEO Wendell A. Sebastian will be retiring at year-end....
OMEGA Federal Credit Union has tapped former Security Credit Union Executive Vice President/Chief Financial Officer Troy L. Garvin as its new CEO....
FEDERAL WAY, Wash. — The BizKid$ financial literacy show continues to show it has legs, signing up with Public Broadcasting System and its big credit union sponsors for a third season starting in January.
...
MADISON, Wis. — Ralph Swoboda, former CUNA and Affiliates president, has joined the ProCon Group LCC as a principal and co-owner....
BELLEVUE, Wash. — Deciding which credit union partnerships to keep and which to end has been a difficult process, online broker ShareBuilder Corp. acknowledged....
ELGIN, Ill. — Six credit unions so far have adopted a new call-back feature from their electronic lending provider, Lending Solutions Inc., the company said....
After 22 years, SPIRE Federal Credit Union President/CEO John Gisler has resigned to pursue other opportunities....
SHREVEPORT, La. — The African-American Credit Union Coalition said it is moving its 2009 annual conference from Chicago to Las Vegas.
...
NAFCU’s marketing team was awarded three American Graphic Design Awards of Excellence by Graphic Design USA magazine....
Looking at 2009, collaboration is going to be a key part of the credit union industry....
Kent White will become the new president/CEO of $90 million Oregon Employees Federal Credit Union effective May 26....
CUNA Mutual has a new executive vice president/chief financial officer, Jerry Pavelich....
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....
The $43 million Members Advantage Community CU of Barre, Vt., and the $11 million Caswell CU, Burlington, Vt., are merging to form the sixth largest credit union in the state....
Credit union news the past few weeks has been flooded with opinions on the NCUA’s corporate bail out plan....
iPay Technologies announced that it has partnered with MY CU Services, a subsidiary of Mid-Atlantic Corporate Federal Credit Union, to provide its bill payment product to all of the credit unions that use MY CU bill payment services....
A nationally representative survey of 1,155 consumers found a lack of consumer interest in banking with Bank of America, Chase, Citibank and Wells Fargo....
The nomination period is now open for NACUSO’s 2009 CUSO collaboration and innovation award. The award will be judged on the following criteria:...
BEAVERTON, Ore. — When Microsoft announced that it would have to cut 5,000 jobs, First Tech Credit Union said it knew the layoffs were coming....
In an effort to woo more small businesses, the SBA said it has temporarily expanded its 7(a) loan program to allow businesses to qualify based on net worth and average income....
Credit unions in Washington, D.C., and Maryland can take advantage of FoolProof as a way to educate their members and others in their community about personal finance issues....
Piedmont Credit Union is now using keystroke encryption software to enhance its own internal data security and is offering the same solution to its members....
Sources close to the $3.7 billion Southeast Corporate Federal Credit Union said that Association of Corporate Credit Union Executive Director Brad Miller has been selected to replace retiring CEO Bill Birdwell....
Credit Union Service Network clients can now receive external call center support services through CUNA Mutual Group’s LoanLink Center....
According to recent FDIC data, Georgia’s banks continue to be hammered by losses. ...
For its lending efforts, the $3 billion Randolph-Brooks Federal Credit Union has been named the Small Business Administration’s top 7(a)...
Data mining tools in First Neshoba Federal Credit Union’s new core processing system has helped it quickly identify members in need, the Mississippi credit union said....
WEOKIE Credit Union Foundation, Oklahoma City, recently presented its Money Talks financial education program to students in the Putnam City School District....
Further extending it virtual outreach, REALTORS Federal Credit Union has joined Credit Union 24’s ATM network.
...
PCSU Financial Services has announced a dividend for its member credit unions of $45.4 million, an amount it claims is the largest dividend from any CUSO ever....
Joseph E. Toochin, CUES 2009 director of the year, is vice chairman at United Nations Federal Credit Union....
Six individuals, two credit unions and 14 credit union marketing entries have won awards in NAFCU’s 2009 award programs....
CIT Group Inc. has filed for Chapter 11 bankruptcy protection in part to get rid of $10 billion in debt, the small business lender announced Nov 1....
New CEOs have taken the helm at two of Arizona’s largest credit unions, the $507 million First CU of Chandler and the $420 million Arizona Central of Phoenix....
Minnesota Credit Union Political Advocacy Director Monica Weber rolled up her sleeves and got to work during the Innovate to Motivate conference in New Orleans....
To help increase its membership base throughout the northeastern region of the country, Wings Financial Credit Union has created a new position: manager of business development....
Credit Union Student Choice has added the Pennsylvania Credit Union Association as its latest partner....
SALT LAKE CITY — For his efforts in helping to provide $12 million in financing and the creation of 100 new jobs, Matthew Ashton has put Mountain America Credit Union in the business lending spotlight....
The National Federation of Community Development Credit Unions has reiterated its long-standing policy of opposing the imposition of the Community Reinvestment Act on credit unions....
CUSOs Credit Union Student Choice and myCUmortgage announced that they have joined together in a partnership agreement....
Sooper Credit Union’s newest select employee group is retail giant Sports Authority,...
Alvin W. Jordan, the former president/CEO of the Iowa Credit Union League, died April 18. He was 101....
President Barack Obama’s 2008 campaign manager, David Plouffe, has been tapped to help credit unions harness the power of social media....
Fiserv Inc. this month plans to begin offering what the company said will be the first secure Internet PIN debit transaction functionality available through a payments network....
The ugliest credit union Web site has been found.
iDiz Inc. announced the winner of its free credit union Web site makeover contest, iHateMyUglySite.com....
OnPoint Community Credit Union is mourning former longtime board chairman Dwayne Osburn, who died at age 84...
South Texas credit unions are not altering their marketing strategy as they continue to take banking pot shots following the failure of the $13 billion Guaranty Bank....
Only a very small number of online banking customers visit phishing sites each year, but half of those who do end up providing their log-in credentials to the fraudsters who put the fake site up on the Web....
A northern Minnesota credit union has become the first in that state to join the network of credit unions using the Fynanz Inc. turnkey private student lending platform, the company said....
San Francisco Fire Credit Union has moved its broker-dealer program to CUSO Financial Services LP....
The Portsmouth, N.H.-based Service Credit Union attracted hundreds of new members by holding its first-ever Black Friday One-Day Sale....
Dollar Associates is discontinuing publication of Who’s Who in America’s Credit Unions after only one edition....
NCUA Region 1 Associate Regional Director of Operations Anthony LaCreta and Members United Corporate FCU’s Senior Vice President...
Visa will remain the only card accepted underneath the Olympic rings for at least a little while longer....
GMT Corp. said it will be deploying its GMT Planet workforce optimization solution at American Eagle Federal Credit Union in East Hartford, Conn....
With more than $2 billion in member business loans reviewed, CU Business Group LLC said it has reached another milestone. ...
Credit Union 24’s member credit unions have re-elected the organization’s chairman.
The board chose Mansel Guerry for a second term as chairman...
Alliant Credit Union said it is reaching out to the younger set by offering the personal finance management and social networking platform from Geezeo as part of the $6.6 billion institution’s online
banking presence....
As a way to generate good will with the college crowd, Clearview Federal Credit Union of Pittsburgh has been distributing free rally towels to students or fans showing a ticket stub for an athletic event at nearby Robert Morris University....
Teachers will have some extra cash to help their students thanks to $23,037 in grants from SELCO Community Credit Union....
The move by state leagues to economize conference planning picked up steam with the Missouri Credit Union Association and the Oklahoma Credit Union League scheduling a joint fall leadership conference and expo in Branson, Mo.
...
Online Resources Corp. said it has launched the next generation of its online banking and bill pay services and that approximately 200 clients already have signed up....
GECU announced University of Texas at El Paso engineering student Krystal Hoganson, as the grand prize winner of its Savings Challenge ’09-College Edition....
Tremont Credit Union has been tapped to service the city of Boston’s new $350,000 microloan fund....
Columbia Credit Union’s new leader is actually a familiar face....
Mid-Atlantic Corporate Federal Credit Union’s first president/CEO, John H. Bixler Jr., passed away Aug. 17....
The Fairfield County Ohio Federal Employees FCU became the 14th credit union closed by the NCUA
this year....
Brett Thompson, president/CEO of the Wisconsin Credit Union League, is the new chairman of the American Association of Credit Union Leagues....
ALM First Financial Advisors LLC has teamed up with several firms to create a new division that aims to help acquiring credit unions with merger decisions....
The NCUA announced late last month that it has extended the expiration date of the regulator’s Temporary Corporate Credit Union Share Guarantee Program by one quarter,...
Anderson Kelliher, Minnesota House Speaker, recently discussed the state’s budget problems during a speech before the Minnesota Credit Union Network....
University Federal Credit Union in Texas is using a new piece of software to add accountability and reduce errors in its back-office management of fees....
As President Obama met with bankers last week to discuss how they can help small businesses recover, CUNA President/CEO Dan Mica continued to reiterate that credit unions are doing their part and could be doing much more....
American Eagle Federal Credit Union has wrapped up its Bank Smart, Drive Smart campaign by giving lucky longtime member Linda Klemba the keys to her new 2009 Smartfortwo Passion Coupe....
The $194 million Mutual Savings Credit Union’s original August 24 court date to challenge its conservatorship has been delayed. ...
Reflecting Denver’s housing shortfall, the $920 million Elevations Credit Union of Boulder is closing a metro branch and laying off 13 employees, or 6% of its workforce come Jan. 30....
Credit unions working with members to help them become more aware of the credit scores might find a company called Credit Karma a useful information source....
Credit Union 24, one of two nationwide credit union owned ATM and EFT networks, has launched a Spanish language version of its Web site....
Several market tracking tools have indicated credit availability needs to significantly rebound for any hope of a meaningful commercial recovery in 2010....
After 81 years of being identified with a niche group, Atlanta City Employees Credit Union has changed its name to Credit Union of Atlanta to reflect its diverse membership....
CO-OP Financial Services has finished buying CO-OP LoanLink from CUNA Mutual Insurance Group, the CUSO has announced....
CU Alliance LLC, a CUSO holding company, said it has issued a dividend payment between 4% and 15% to its owners....
Two of Kansas’ largest credit unions, Credit Union 1 of Kansas and Credit Unions United, both of Topeka , with combined assets of $250 million, are planning a merger of equals to take place in 2010....
Money was literally on the move during the Dominican Day Parade in Patterson, N.J., courtesy of North Jersey Federal Credit Union’s Green Machine....
Roshara Holub, president/CEO of the Missouri Credit Union Association and past chair of the American Association of Credit Union Leagues, is retiring in December 2010....
CUNA Mutual Group will host a Webinar Dec. 17 on tapping into strategies to serve baby boomer retirees....
Oklahoma Employees Credit Union of Oklahoma City has completed its merger with the $10 million OKC Thrift CU,...
United Federal Credit Union is mourning the death of Chairman John Steinke....
Mountain America Credit Union is mourning the loss of longtime Chairman H. Floyd Tanner....
Mobile Money Ventures, a joint technology launch by Citigroup and SK Telecom, has been named Digital Insight’s preferred mobile financial services provider, the companies said....
Fair Isaac Corp., the company that developed and markets the FICO credit score, has rolled out a new subscription service that it said will help credit unions better measure borrower risk in the current economy....
Tony Mook, the former president/CEO of the $147 million Cumorah Credit Union, which fell victim to the Nevada recession and succumbed to an out-of-state takeover, has landed a new CEO slot in California....
Strategic Mortgage Solutions’ Tracy Ashfield will moderate an ACUMA-produced Webcast on July 7 that will provide information about how credit unions can participate in government stimulus benefits like the $8,000 first-time homebuyer tax credit.
...
Invest in America has expanded its credit union member discount program to two new businesses....
More than a month after the all-day HR event, employees at Unitus Community Credit Union in Portland, Ore. are still talking about the sense of pride,...
Addison Avenue has officially expanded its reach in San Jose. The move is a result of the Palo Alto, Calif.-based credit union’s acquisition of USE Credit Union’s San Jose branch....
Strategic Mortgage Solutions’ Tracy Ashfield will moderate an ACUMA-produced Webcast on July 7 that will provide information about how credit unions can participate in government stimulus benefits like the $8,000 first-time homebuyer tax credit.
...
In a members-only Webcast the morning of Nov. 20, Members United Corporate Federal Credit Union announced a $150 million net loss for October 2009....
School’s out and Ohio credit unions are declaring “The Summer of Money” ...
Southeast Corporate Federal Credit Union released its 2008 annual audit Nov. 18, which revealed nothing new except the impairment adjustments other corporates have made, ...
Balance Sheet Solutions has exceeded $5 billion in investment transactions for credit unions completed so far this year, on pace for record growth....
The anonymous credit union blogger who writes under the pseudonym Will Magnus announced on Nov. 16 that he will be discontinuing his “Unrealized Losses” blog (www. unrealizedlosses.blogspot.com)...
North Jersey Federal Credit Union, Totowa, N.J., participated in two community events to support breast cancer awareness,...
The search for a new leader has ended at Healthcare’s Cooperative Credit Union....
Credit unions made a strong showing at this year’s convention of the National Association of Realtors....
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....
In what could be good news for credit unions–consumers are looking for help on becoming more financially savvy....
Two credit unions, one in Erie, Pa., and the other in Houston, are now promoting a Web-based program ...
The Federal Reserve Board recently reported that Cleveland, Chicago, Minneapolis and Dallas are among the cities...
Autoland, the nation’s largest credit union auto buying service, announced that its AutolandDirect dealer referral program ...
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....
SimpliFi, a new online financial planning tool offered by Alliant Credit Union, features “Sophie,” a virtual adviser to walk members through the process....
Credit union board and staff travel restrictions has forced NACUSO to reschedule its business services alliance conference from this November to fall 2010....
A jury recently ruled in favor of IH Mississippi Valley Credit Union, deciding that the financial institution will not have to pay developers the $3.5 million they were seeking after the CU moved to foreclose a condo loan....
Workers’ Credit Union announced that it has partnered with six other credit unions to provide private education loans to students of ITT Technical Institutes....
The last shoe to drop in the Hannaford Brothers card security breach might just help credit unions gradually improve their position on such breaches in the future....
CUNA Mutual Group announced that it is now offering an optional identity theft insurance program for credit union directors, officers and employees as part of its new management and professional liability insurance policy....
Southern New Hampshire University included credit unions in a series of Webinars on the economic downturn to find out how the financial institutions are managing to fare during the current banking crisis....
Columns
Editor-in-Chief's Column
Happenings on Capitol Hill kept credit union groups hopping last week, not the least of which was the glimpse that NCUA Chairman Michael Fryzel gave into the agency’s plan for the corporates....
Sitting through NCUA Board Member Gigi Hyland’s 75th anniversary celebration of the Federal Credit Union Act, two things struck me: ...
When I entered college, I knew I was going to study political science, and I knew I liked to write but hadn’t considered journalism initially....
At the thoughtful and timely suggestion of Mark Meyer, executive director/CEO of the Filene Research Institute, I reviewed President Franklin Delano Roosevelt’s inauguration speech. The words crafted in the early 1930s ...
It’s depressing to write week after week and put out a magazine week after week about the current state of the nation’s financial crisis....
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....
As you flip through the pages of Credit Union Times this week, you’ll find a few changes for the New Year–a bit of early spring cleaning you could say. ...
The credit union community has dwindled from more than 22,000 institutions in the 1970s to roughly 8,000 today....
The NCUA seems to be the Big Bopper these days, exhibiting all kinds of gyrations from the agency’s partial release of the Clayton reports to the advancing of Debbie Matz’ nomination and the NCUA Board meeting last week....
Even in these unprecedented times, credit unions in general have shown themselves to be prudent lenders and a source of stability for their members as the availability of credit from banks has dried up....
I’m not much of a gardener, but I do enjoy–masochistic as it may seem–weeding, mulching, digging, raking and planting. ...
America was founded of the people, by the people and for the people. The very people that credit unions serve–from the well-to-do heiress to the 40-something exec to the person turning widget No. 23 in the factory....
There is nothing worse than mediocrity except, perhaps, hollow mediocrity....
We all have dozens of balls in the air all the time, and each time one is handled–or slips from our grasp–a new one pops up....
Since this issue is dated April Fool’s Day, I wish it was a joke, but it’s not a joke. Credit unions are taking bailout money....
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,...
Credit unions generally act as a cooperative movement at all levels. However, the latest troubles of the corporate credit unions are betraying a different side....
Amid all the gloom and doom news of the day, it is nice to be able to highlight some good news stories....
Yet again, corporate credit union news comprises the bulk of our front page. And, as in the past, most of it ain’t good....
Washington is still finding time for credit unions despite all the turmoil in the financial markets and the economy....
Natural person credit unions have been called upon to serve their duty as industry patriots as the NCUA last week approved a measure to help stabilize the corporate credit union system as U.S....
The National Community Reinvestment Coalition needs to learn who its real friends are. If this group was anything more than a mouthpiece for the bankers,...
Credit Union Times launched our Twitter effort at NAFCU’s 42nd Annual Conference & Exhibition this week. It’s been an interesting learning experience. Though I proposed it, I have to admit I was skeptical....
CUNA’s initial estimates for its annual Governmental Affairs Conference indicated that attendance was going to be way down. As credit unions and vendors are pulling tight on the purse strings,...
People often misspeak or say things in a manner that doesn’t necessarily convey exactly what they mean. It happens. Other times they’re flat-out wrong. C’est la guerre....
Democrats generally possess a penchant for consumer protectionism, and they now control Congress and the White House....
President Obama has announced his intent to nominate Debbie Matz for a return trip to the NCUA Board....
Every day, Credit Union Times staff tries to put itself in our readers’ shoes....
Credit unions are making a lot of changes these days, many possibly out of necessity....
Credit union executives and volunteers from across the country traveled to Boston last week to celebrate 100 years of credit unions and 75 years of CUNA....
It’s September. Kids are back in school, Congress and NCUA are back in session, and the weather here can’t make up its mind....
Now is a scary time to be involved in any type of corporate governance. Finger-pointing opportunities abound and liability for mistakes or even what appeared to be solid decisions just six months before can turn around and bite you....
“As I see it, we’re now in the cleanup phase for the banking industry.”
—FDIC Chairman Sheila Bair...
Credit unions serve a great purpose. Credit unions step in for many to offer a hand up when consumers have been back-handed by other financial services providers. Credit unions don’t serve “the man.” They serve the people....
The town hall held by the NCUA last week was much livelier than the previous one. ...
NAFCU brought in a number of lawmakers to its Congressional Caucus this week, which demonstrated that credit unions do draw some attention from their members of Congress. Attendees also mobilized on Capitol Hill despite a taxi cab strike....
Yet again, a major card data security breach made headlines across the country as Radisson revealed an information breach of its hotels in the U.S. and Canada....
The president last week sent a 152-page wish list to Congress for what he wants out of the proposed Consumer Financial Protection Agency. ...
CUNA President/CEO Dan Mica brought CUNA a certain level of stature that the credit union community really hadn’t seen before....
CUNA and NAFCU testified before a congressional subcommittee last week, and have on several occasions this year–too bad it couldn’t be under better circumstances....
Credit unions claim to be cooperatives and often brag about how this industry works together for the common good. Some even denounce the use of the word industry to describe credit unions, preferring community or movement....
Creating the Consumer Financial Protection Agency is bad policy; carving out for smaller institutions is even worse....
If re-evaluating priorities and cutting costs is to a recession as developing a flexible work program is to recruiting and retaining top talent,...
“So if you walk into a bank, or walk into a credit union or you walk into a big bank or you walk into an independent mortgage broker or you go to an independent mortgage company you get the same simple mortgage...
CUNA and NAFCU finally submitted their “joint letter” to the NCUA Board regarding secondary capital. ...
I traveled a couple weeks ago to meet with colleagues, and the issue of health care reform came up at dinner....
In issuing its corporate credit union rule at last month’s board meeting, the NCUA did demonstrate that it was listening to the many concerns outlined at the town hall meetings that were held,...
As we all go through the rollercoaster of the budget season and I’m pecking away at this column from a Las Vegas hotel room,...
The recent Veterans Day holiday marked the cessation of combat in The Great War in the 11th hour of the 11th day of the 11th month....
Credit unions enjoy solid bipartisan support in Congress. Very few lawmakers would intentionally set out to harm credit unions. On the other hand, no one is going to stake their political career on credit unions....
As the entire nation gathered around the dinner table to give thanks last week, it was a mixed bag for credit unions. There are millions of things to be thankful for,...
It’s that time of year again, folks. It’s time for reflecting on the past year and making resolutions while forecasting what’s to come....
This year credit unions are making big efforts to celebrate their 100th anniversary. Some have put together events to mark the occasion,...
For a number of reasons, some 401(k) plan providers are turning down withdrawal requests from investors....
Across the country, CUSOs with ties to U.S. Central Federal Credit Union and WesCorp are following one of the NCUA’s goals as it takes over the struggling corporates: maintain a “business as usual” posture....
An arbitration panel ruled that CASE Credit Union is entitled to $1 million from Prudential Equity Group LLC for alleged losses it suffered as a result of investing in collaterized mortgage obligations.
...
Management at corporate-owned Primary Financial Co. LLC is celebrating a banner 2008 and hoping its SimpliCD program’s success will help the CUSO keep the momentum going this year....
While younger people tend to be more indifferent and not ready to change their saving patterns, some older Americans are more at ease with their retirement plans.
...
There were 1.3 million bankruptcy filings in the year that ended on June 30, a 35% increase over the previous year’s total of 967,831, according to data compiled by the Administrative Office of U.S. Courts. ...
Two Washington-area credit unions, FDIC FCU and National Science Foundation FCU, have merged to form the $105 million Partnership FCU....
Taking a cue from their members coping with the recession, state credit union leagues are exploring ways to cut costs and enhance revenue....
With so many credit union travel budgets being sliced, the Marketing Association of Credit Unions found the ideal location to honor high achievers: cyberspace.
...
SAN FRANCISCO — The Financial Accounting Standards Board’s Jan. 7 decision to make adjustments to fair value accounting rules won’t affect credit unions much, but it’s an important step in the right direction, ...
New Jersey Credit Union League President/CEO Paul Gentile recently talked up the credit union difference on the local “It’s Your Money” personal finance show....
A new Oregon law enacted this month is providing select employee group-based credit unions expanded power to switch to a community charter but maintain their SEGs....
This summer North Jersey Federal Credit Union injected some financial literacy into the typical fun-in-the-sun activities....
The California/Nevada Credit Union League is making plans this month to marshal higher levels of CU cooperation to sharply reduce credit union costs across a broad front,...
The latest results of the Credit Union Times voting poll showed that credit unions have seen an overall decline in auto loans so far this year....
CUNA Mutual Group said it will sell its individual retirement account services division to Ascensus, a retirement services firm....
The $376 million Connex Credit Union has introduced its enhanced line of business services and products. ...
In my column last month, I wrote about how credit unions need to start embracing the technology that many banks use.
...
DES MOINES, Iowa — In one of his pitches to the NCUA on why credit card loan originations can help the industry better compete, Jeff Russell said the window is wide open to carve a niche given that the top 10 issuers, ...
Paragon Federal Credit Union President/CEO Richard Rays has never taken lightly the trust members, his board and the community at large have in him....
Last week I watched a video from the New Jersey Credit Union League of President/CEO Paul Gentile doing a man on the street survey asking people if they know what a credit union is....
There is no doubt that the Credit CARD Act of 2009 has changed the payments landscape in a major way for all issuers both large and small....
In the wake of the news on Dan Mica’s and Fred Becker’s latest salaries, Credit Union Times looks back to their paydays in 2004....
According to Irving Picard, the trustee overseeing the liquidation of Bernard L. Madoff Investment Securities LLC,...
Everyone these days is mandated to do more with less. Remember the good old days when we had to do less with more? Me neither....
When developing or implementing a new or refreshed training program, much is said about what to do, but little is mentioned about what not to do....
Three credit unions have made the top 10 cut of best in the nation for benefits....
Connex Credit Union, North Haven, Conn., has been recognized by the Connecticut Credit Union Association as the No. 1 credit union...
Credit unions fear that the NCUA’s decision to levy premium to shore up the NCUSIF will result in an already difficult year becoming even worse....
Desert Schools Federal Credit Union, Phoenix, awarded one $10,000 scholarship...
Callahan & Associates is kick starting its silver anniversary with the launch of a special edition 2010 Credit Union Directory...
AIG bonuses, banker bailouts, Ponzi schemes, high unemployment and a recession spelled marketing O-P-P-O-R-T-U-N-I-T-Y for credit unions....
First Capital Federal Credit Union, York, Pa., staff and members brought donations of nonperishable food to WROZ-FM’s broadcast location from the parking lot of the cred...
In her May 13th column Editor-in-Chief Sarah Snell Cooke ended with the statement, “Fortunately, the credit union community is working to find a credit union solution to a credit union problem....
I would like to provide a quick response to the recent national coverage of Bank of America, JPMorgan and Wells Fargo cutting some overdraft fees....
In the discussions of alternative capital between CUNA and NAFCU (cutimes.com, Sept. 28), CUNA is once again wrong in trying to let credit unions get TARP funds....
Finally in September, we saw U.S. Central’s audited financial statements for December 2008....
I am deeply disappointed in Dan Mica and CUNA for not representing the majority of credit unions on two issues.
...
I chose Fort Campbell Federal Credit Union, Clarksville, Tenn., as my financial institution of choice because of its low interest rates, higher than average dividends and excellent service. It never dawned on me to receive other than that.
...
Your recent article (cutimes.com, July 31) about our payday loan alternative gave readers a less-than-flattering impression. I feel compelled to respond....
I’m taking Sarah Cooke’s advice (CU Times, Oct. 8, 2008), and I think you should as well. [“If credit unions truly don’t see a value in two [trade] groups, we’ll certainly find out as the credit unions vote with their feet.”]...
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....
In Sarah Snell Cooke’s column of Sept. 30, she hit the nail on the head of a significant issue for both the NCUA and credit unions. And the impact of failing to deal with this issue could be extremely costly to the NCUSIF,...
I just had to write to commend you and your staff on the excellent Centennial Edition of Credit Union Times. I am relatively new to the credit union movement–five years–so I thoroughly enjoyed reading the history of credit unions in this country.
...
These days the media is routinely displaying stories about how bankers spend huge amounts of money, presumably taxpayer money,...
Recently, various media outlets reported for all to see the latest spat between the credit unions’ two major trade associations,...
My letter about credit unions who were attempting to demand a half a pound of flesh from their members was not clear (CU Times, Aug. 26)....
Many excellent points were made in Sarah Snell Cooke’s recent column on PR pros working with the news media (CU Times, Aug. 19)....
Once again we use a credit union publication to promote an individual because Sen. Charles Grassley (R-Iowa) is on the right committee in the...
If we want to put an end to the credit union movement, we should accept TARP funds from the government....
CUNA recently announced that any cram-down legislation is DOA....
The CUTimes.com poll published on April 29 shows an urgent need for Credit Union Development Education training on the competitive advantages of the credit union charter....
Is “courtesy pay” really a courtesy? As long as I have been in credit unions, conventional wisdom has said there are only two reasons to charge a fee:...
Battle lines have been drawn between consumer groups and financial institutions–and between credit unions–on legislation regarding mortgage cram-downs....
An article in the Sept. 23 issue caused dissention and some anger. I have gotten calls that my remarks ...
I was saddened to see the comments (CU Times, Sept. 23) from a 30-year credit union veteran executive concerning too much energy being used to prop up small and weak credit unions....
As we are all aware, natural person credit unions are being asked to restore the NCUSIF after the effects of the losses at U.S. Central are recognized....
I will be retiring July 31 after spending 41 years in the credit union system. I joined a Texas credit union in 1968 as collection manager....
As one of thousands of Texans who work for international companies, ...
Credit Union Times has a goal for 2009 to include Letters to the Editor in nearly every, if not all, issues. We had letters in nearly every issue of 2008....
I just finished reading Sarah Snell Cooke’s Jan. 28 column, “E Pluribus Unum: Out of Many, One,” and I thought it was the best piece I have read by her or either of her two predecessors...
Last week the Senate passed a housing bill that is good for credit unions. It contains two critical legislative provisions for our industry...
To burden credit unions with the cost of funding NCUA’s Stabilization Plan during a recession merits comment....
I always enjoy Editor-in-Chief Sarah Snell Cooke’s comments, and agree fully that better and stronger attendance by credit union members to Capitol Hill and district offices is crucial to legislative successes (CU Times, Sept. 30)....
Even though recently released statistics (CU Times, Aug. 26) note that credit card programs are performing well and only three credit unions sold their portfolios in the second quarter of 2009,...
Well, there is some bad news and some bad, bad news.
The bad news is not really news....
In light of dismal economic news and tightening budgets, many credit unions are switching to e-statements as a cost-cutting strategy....
Credit Union Times has a goal for 2009 to include Letters to the Editor in nearly every, if not all, issues. We had letters in nearly every issue of 2008....
I always suspected that the problem with Ed Callahan was that as a youth he was beaten too often by nuns in parochial school or,...
Now Is Not the Time to Throw in the Towel on Credit Union Taxation
Bucky Sebastian is the dean of the credit union CEO corps. ...
Credit Unions over $500 million account for approximately 3% of the industry. Even at $100 million, small credit unions still account for approximately 80% of the industry....
I must respond to the letter from Bill Brooks in the Aug. 26 issue regarding CU payday loans. I believe Bill,...
A few weeks ago, two NCUA representatives went on camera at NAFCU and said that the industry needed to come together to save the corporate system....
It is unfortunate that credit unions seem to have forgotten their primary mission....
The financial issues surrounding the corporate credit union system have reached watershed proportions....
A March 4 CU Times opinion article refers to the additional value accorded credit unions by participating in an ATM/POS...
I would like to help balance the debate on market-to-market accounting–it really depends on whether or not you are buying or selling....
As a subscriber to Credit Union Times I can recall only a few articles on the National Cooperative Business Association,...
The decision by the NCUA to place U.S. Central Corporate FCU and WesCorp FCU into conservatorship will result in an even higher losses compared to what was announced at the end of January....
I fully respect Kirk Kordeleski’s decision to “vote with his dues dollars” as he expressed in his letter of Jan. 21, Trades’ Head-Butting Hurts CUs....
In tumultuous times such as these, it’s no surprise that credit unions will not always be unanimous about the variety of issues they face. ...
As CUNA’s representative on the board of the National Cooperative Business Association, I would like to respond to Bill Slach’s letter in the Sept. 9 issue...
Bill Slach’s Sept. 9 letter to Credit Union Times [“Linking Up With Other Co-Ops”] offered the observation that “credit unions may be missing the boat when they do not partner with other cooperative organizations.” ...
A June 10 article, “Two Big Credit Card Portfolios Were Sold in the First Quarter,” missed a larger part of the story. ...
The unprecedented liquidity problem on approximately $18 billion of the corporates’ downgraded securities are unrealized losses, and, as you stated in Letter 09 CU 02, the exposure is difficult to define....
Cu Times Editor-in-Chief Sarah Cooke’s column of June 17, urges credit unions to upgrade their technology, especially by implementing a transactional Web site. ...
Credit Union Times has a goal for 2009 to include Letters to the Editor in nearly every, if not all, issues. We had letters in nearly every issue of 2008....
Credit Union Times has a goal for 2009 to include Letters to the Editor in nearly every, if not all, issues. We had letters in nearly every issue of 2008....
After reading the letter to the editor, “CU Founding Fathers Would be Disappointed in Today’s Movement,” in the Nov. 25 issue,...
I wonder how many were struck by the irony when Dan Mica thanked President Obama for keeping the NCUA independent when just a short time ago he was asking for TARP funds, just in case of an emergency.
...
I think it is time that credit unions reconsidered the whole issue of conferences....
A recent letter from a third-party vendor mischaracterized my position on indirect lending and NCUA’s role in supervising that activity at credit unions [CU Times, Nov. 4, page 16]....
I couldn’t agree more with Sarah Snell Cooke’s Nov. 4 column (“Celebrating 100 Years of Anonymity”)....
Unfortunately, Sarah Snell Cooke’s Oct. 7 column did not accurately reflect NAFCU’s position, the law or regulation in addressing alternative capital that might be provided by “members” of a credit union....
Sarah Snell Cooke’s recent column on “Celebrating 100 Years of Anonymity” [Nov. 4] challenged credit unions to get behind a national branding campaign....
Overall I agreed with the Editor-in-Chief’s column (Sept. 30 issue) and its direction. However, I feel you missed an important opportunity as it relates to volunteers....
In the recent opinion piece, “Embracing Social Media May Be Dangerous for Your Members” (Oct. 21), ...
Credit Union Times has a goal for 2009 to include Letters to the Editor in every issue....
This is a response to the Oct. 21 John Jaser’s op-ed on 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....
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]....
Bravo to Corporate America CU in suing U.S. Central. Finally, some natural person credit unions will be represented by their corporate credit union...
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....
This week Credit Union Times takes a look back in time at NAFCU’s 1996 annual conference....
Credit Union Times takes a look back this week to 1993 to review predictions made at that time for the future of credit unions....
In preparation for our 2009 Leadership Awards, Credit Union Times is taking a look back at last year’s award winners.
...
As NCUA Chairman Debbie Matz wrapped up live town hall meetings last week and prepares for a digital town hall meeting next week, Credit Union Times takes a look back at her time as an NCUA board member....
Over the past few months, the downturn in the economy has exposed quite a few scams and scandals....
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,...
Vol. 18 No. 8
February 21, 2007
Two years ago CUNA was looking to gain the attention of young Capitol Hill staffers with the “Little Guy.”...
Thirteen years ago, the role of a credit union teller was beginning to evolve. Advances in technology were creating more remote-access opportunities for members and predictions were made about the future of the teller position.
...
This week Credit Union Times takes a look back at a time when credit flowed like water and holiday spending was no problem with a wallet full of a plastic....
In these unprecedented economic times, there are really only two ways to deal with this financial crisis: increase revenues or cut operating expenses....
Fractured image. Increased fees. Tightened loan standards. Consolidation.
...
The Golden 1 Credit Union’s data center experienced a complete loss of power last February. This resulted in a hard crash of the mainframe system as well as all networks and other in-house systems....
In spite of the headlines and the constant refrain on the evening news, business lending is alive and well in our community....
The HR news pipeline has been filled with information regarding the COBRA subsidy enacted in February as part of the American Recovery and Reinvestment Act of 2009. Don’t feel alone if you’re still not sure what, exactly, to do about it....
Isaac Newton once said, “I can calculate the motions of the heavenly bodies but not the madness of people!”...
Once upon a time, groups of idealistic men and women formed credit unions based on financial need and the philosophic premise that,...
One of the few things we can be sure of in the current situation is that we cannot control the forces shaping the economy....
Successful businesses find growth opportunities in down economic times....
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....
It’s been nearly four years since Hurricane Katrina ravaged Mississippi and Louisiana, and there are still many physical and emotional reminders of how our lives–both personally and professionally–were turned upside down....
Out of today’s economic turmoil will emerge tomorrow’s opportunities. Credit unions need to take advantage of these opportunities....
For more than a decade I have worked with credit unions in North America of all sizes and all orientations (community, SEG-based, single sponsor)....
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....
The stabilization of corporate credit unions, mortgage cram-downs and the Community Reinvestment act all are critical issues facing credit unions and CEOs as we ply our way through this challenging economy....
The NCUA’s recent approval of payroll services as a permitted service will help credit unions be even more competitive in the small business market...
The trouble with our times is that the future is not what it used to be. Too many credit unions are living on borrowed time as well as outdated business models....
Jeffrey Pfeffer, a Stanford professor and author, points out that Detroit automakers have pandered to Wall Street rather than listen to their customers,...
In the early months of the financial meltdown, credit unions were being hailed as the silver lining around the dark financial cloud....
This year is a milestone time for the state credit union system. ...
RANCHO CUCAMONGA, Calif. — CU Direct Lending Corp. announced that for the second consecutive year the board of directors approved a $1.3 million dividend payment to its 85 member credit union shareholders....
Credit unions feel as if they are being hit in all directions. From the overall economic downturn to the corporate credit union crisis to the mortgage lending mess,...
As we gather for NAFCU’s 2009 Congressional Caucus, it seems that many ghosts of legislative reforms past are coming back to haunt us....
Nothing is more unsettling than an abrupt and rapid change in your paradigm. Such a change creates the need to rethink everything....
Many of the developing countries served by the World Council of Credit Union have felt the impact of the global economic downturn. In countries like Colombia economic struggles are nothing new....
If you’ve ever been tasked with determining where to allocate your online marketing budget to get the best return on investment but couldn’t decide between the many options available to you,...
Has your credit union consistently received a CAMEL 1 or 2 rating from your regulator?...
AUBURN HILLS, Mich. — Genisys Credit Union teamed up with community organizations to help prevent members prevent foreclosures. ...
A criminal indictment announced last week charged three people with the largest hacking and identity-theft case in history....
An increasing number of banks and credit unions have recently started to explore the concept of willingness-to-pay or customer price sensitivity in their pricing....
With all the bad publicity generated about the banking industry, I expected the results of a recent poll I posted on LinkedIn to be vastly different. The poll consisted of only one statement with two possible choices: ...
There has never been a more appropriate time for all financial institutions, particularly CUs,...
The past six months have been an economic roller coaster. Public perceptions of the financial industry have been changing rapidly....
What does it take to lower delinquencies? Today’s economic climate challenges credit unions to practice early interventions and maintain a proactive attitude toward preventing growing defaults....
The U.S. Census Bureau reports that credit unions hold only 6% of assets among U.S.-based depository institutions. So, the industry has plenty of competition; 94% of the market belongs to the competition....
Times were different when DigitalMailer was launched in 2000. Back then, the U.S. economy was experiencing growth, ...
Start a new year with a new administration and a new Congress. Add legislators and regulators pushing forth aggressive agendas....
Let’s be honest–most of the time during the current recession, most credit unions have been able to stand on the sidelines without being too directly impacted....
There are strategic differences in credit union circles today about what promises to be a tough 2009,...
Some healthy credit unions have called on Sandler O’Neill to discuss the opportunity to add scale through merging with a troubled CU....
While headlines remind us daily of the nation’s economic difficulties and the steady rise in mortgage delinquencies and home foreclosures, a more positive message deserves more attention....
The financial services industry is weathering a storm of consumer doubt, fear and anger. In an era of decreasing loyalty,...
When the notorious bank robber Willie Sutton was asked why he robbed banks, he replied, “Because that’s where the money is.”...
In credit union board meetings I have been presenting research explaining how the country and CUs spiraled into a financial and economic catastrophe,...
How cute and cuddly is social media for banking?...
Over the past three years HarborOne Credit Union has grown by more than $300 million in total assets without adding any additional staff....
Recently I was thinking about some of the very tough banking competitors we had a few years ago....
I believe in the American Dream. You work hard, pay your bills, save some money along the way. You should also be able to buy a home....
If you don’t watch out, they can get you. They lie hidden until you least expect it. Then, they rear their ugly heads to strike. They are called exclusivity provisions–and they can absolutely ruin your day....
For nearly a decade, NASCUS has steadfastly worked to build support for supplemental capital. ...
Financial responsibility may be the biggest issue in financial literacy today, but people really do need to know more about handling their finances better. And it seems that no one is in a better position to do so than credit unions....
Credit unions should not rush out to change their fixed-rate credit cards to variable-rate cards, a credit union consultant is advising, until after the overall card market settles down a bit....
Do you believe that micromanaging is counterproductive? That directing the CEO’s employees is inappropriate? And that it is important to use members’ money wisely?...
Whether a credit union’s goal is attracting Generation Y and the Millennials, extending its presence beyond physical branch locations or increasing efficiency without compromising member service,...
Congress is considering bills to ensure fair overdraft coverage, yet there are thousands of community banks and credit unions already offering fair, consumer-oriented overdraft protection programs....
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....
There are bells. There are whistles. And then there’s integration–the key feature in any system for automating member financial services....
Digital signage is no longer considered revolutionary in the financial industry. It’s proven its capabilities and value. ...
Traditionally, processing of transactions, insurance claims and other aspects of consumer-based plans have been handled internally....
In today’s corporate environment, the customer satisfaction index is getting more attention than ever before and for good reason....
A year or two ago, Billy Crystal fulfilled a childhood dream when he signed a one-day contract to play for the New York Yankees. Imagine the excitement of coming to the plate, the awe of standing in the same batter’s box ...
We live in a world of numbers. As finance executives we rely on percentage points, ROA and marketing ROI analysis and valuation of assets....
Thanks to the conservative lending policies of credit unions, Credit Union Times was featured in the May 4 issue of min’s b2b newsletter as a magazine...
It has been a few months since I last provided a blatant pat on the back to the staff of Credit Union Times....
Since August of 2008, when I earned the CUDE credential, I have been asked to define it by many who see it on my e-mail signature....
In recent months, I have heard from a number of readers and advertisers that their copy of Credit Union Times is looking a little thin. Well, there is a recession going on, and thin is in for the time being.
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Many new words have we added to our vernacular these days–Blackberry, blog, twitter, spyware, Google, and dotcom (or the more popular dotgone). I could go on, but you get the idea. I want to talk about blogs....
Tom Davis, NACUSO’s president, speaks regularly on credit union sustainability through business networks and collaboration. ...
Throughout all of my exposure to the audits and examinations, I always felt comfortable that EasCorp was operating in a manner that had safety and soundness as its primary tenet....
“I have no intention of being a member of the potted plant caucus.’’ ...
“A liquidation would be a real disservice. Even if they liquidate, they are going to have to clear up many commitments to members...
“Our biggest concern is what’s really driving credit union members not repaying loans isn’t bad faith or negligence on their part; instead,...
“Credit unions have survived difficult economic periods and stressful conditions...
“It is neither right nor responsible after you’ve recovered with the help of your government...
“I think in this environment with economics being the way they are, people are trying to cure things at the macro level....
A recent article published on The Raddon Report Web site, theraddonreport.com, by Marcus Rothaar reported that Gen Y is more optimistic about the economic future than other generations....
The day after the NCUA explained its actions to conserve U.S. Central and WesCorp, Callahan and Associates held a Webinar that was highly critical of NCUA’s actions...
Data from Callahan & Associates’ “First Look” program showed that while credit union operating expenses have increased from last year,...
Data from CUNA’s Monthly Credit Union Estimates shows that even in the recession credit union loan growth outpaced savings growth....
The latest data from the NCUA on federally insured credit unions reported positive savings and loan growth in the majority of categories in 2008, while return on average assets declined as loan loss reserves increased....
Fiserv, a provider of financial services technology solutions, recently sponsored a survey...