SAN DIEGO -- The American Bankers Association announced earlier this month that Bank of Smithtown Chairman, President, and CEO Bradley E. Rock has been elected as its new chairman for the 2007-2008 association year.

Rock previously served as chairman of ABA's Government Relations Council and has testified before Congress numerous times on regulatory reform. He also was a member of ABA's Community Bankers Council and is a former president of the Independent Bankers Association of New York State. Rock is an attorney and a member of the New York Bar who formerly practiced law specializing in banking, business and education.

"I've always believed that success is a product of teamwork," Rock said. "ABA epitomizes the idea that bankers can accomplish great things by working together. The year ahead will be an opportunity to unite all our resources for the benefit of our industry, our shareholders, our customers and our communities."

He replaces Earl McVicker, chairman and CEO of Central Bank and Trust Co. of Hutchinson, Kan.

Additionally, ABA members voted in favor of merging America's Community Bankers into the group. ACB members overwhelmingly voted in favor of the merger on Oct. 16. ABA Board members are expected to be added.

ABA Chairman-Elect Arthur R. Connelly, chairman and CEO, South Shore Bancorp., currently first vice chairman of America's Community Bankers; Vice Chairman Arthur C. Johnson, chairman and CEO, United Bank of Mich.; Treasurer Warren K. K. Luke, chairman, president and CEO, Hawaii National Bank; and Nominating Committee Co-Chairmen McVicker and Mark E. Macomber, president and CEO of Litchfield Bancorp, Litchfield, Conn. and current ACB chairman, round out the table officers.

Eight new board members were also elected to serve three-year terms.

Steve Punch Named Pacific Service CU CEO

WALNUT CREEK, Calif. -- Pacific Service Credit Union has named Steve Punch its new president/CEO effective Nov. 1.

To facilitate a smooth transition, Tom Smigielski, the credit union's retiring president/CEO, will remain part of the organization as a senior consultant until the beginning of 2008, according to $1 billion Pacific Service. Smigielski has been with the credit union for 17 years.

Punch joins Pacific Service from First City Credit Union in Los Angeles, where he has served as president/CEO since 1995. He is no stranger to Pacific Service having served as its COO from 1991 to 1995. Prior to that, he served at Alaska USA Federal Credit Union for 13 years starting as an assistant marketing manager and rising through the ranks to become senior vice president.

"Steve has the experience necessary to take Pacific Service far into the future," Smigielski, said. "His leadership will bring energy and ideas that will greatly benefit our members, employees and volunteers."

Punch said he is looking forward to working with a "great team."

"I am happy to take the helm at Pacific Service. I have always admired what Tom and the board of directors have accomplished in making Pacific Service an efficient organization with strong financials and an unparalleled commitment to quality member service," Punch said.

Pacific Service Chairman Charlie Diaz said Smigielski has led the credit union to great achievements.

"Tom has achieved many remarkable objectives during his seventeen years with us," Diaz said. "Steve will benefit from that legacy in leading the credit union forward."

Pacific Service serves more than 70,000 members.

Mica Talks Up CUs in Light Of Subprime Crisis on Bloomberg TV

WASHINGTON -- Despite the turmoil in the subprime mortgage market, which CUNA President/CEO Dan Mica discussed recently on Bloomberg TV, credit unions are going strong.

In a live interview, Mica analogized the subprime market problems to the first yard line of a football field. Still it could take a four or more years for the housing market to recover from the side effects, he said. "Although it is important, it is a very manageable problem," Mica told Bloomberg.

Talk of a credit crunch has not stopped credit unions from lending to the average American, he said. Mica also pointed out that they often charge less than other financial institutions. Credit unions are doing well because they were not heavily involved in the type of lending that has damaged the mortgage market.

Credit unions could also aid borrowers in restructuring their loans, Mica added.

Gen Y Audience for Fairfax County FCU YouTube Promo

FAIRFAX, Va. -- Fairfax County Federal Credit Union is turning to popular site YouTube to promote its Gen Y Extreme Checking Account.

FCFCU is currently running a contest using YouTube in which aspiring filmmakers create a 30-second video showing how a Gen Y Extreme Checking Account fits their lifestyle. The winner will receive the grand prize of $1,000 cash and an Apple iPhone, plus have his or her video commercial broadcast on cable TV. The checking account includes a free debit card with reward points, no monthly minimum balance, or maintenance fee and up to six free foreign ATM transactions per month.

Joseph D. Thomas Jr., president/CEO of $230 million FCFCU, is hoping "innovative marketing products and innovative marketing" will go far in reaching the "underserved" Gen Y population.

The contest is open to legal residents of the United States and the District of Columbia age 18 and older. Entry deadline is Oct. 31. Contestants can upload their video to the YouTube group found at www.youtube.com/group/fairfaxcountyfcu, and submit an entry form at the FCFCU Web site, fairfaxcu.org/genycontest.

Becker Applauds New York Times Editorial on Predatory Card Marketing

ARLINGTON, Va. -- NAFCU President/CEO Fred Becker commended an Oct. 5 New York Times editorial addressing Congress' efforts to stop predatory marketing of credit cards to college students in a letter to the editor published Oct. 16.

"In stark contrast to banks, credit unions offer a solid alternative, not heavy pitches," he stated.

Becker pointed to credit unions "creating a positive environment for students to make responsible, well-informed decisions about their finances." He highlighted Campus Federal Credit Union's partnership with Louisiana State University to provide the LSU student identification cards. Students must opt-in to activate any ATM or point-of-sale capabilities.

"Credit unions also offer financial literacy classes like those taught at the University of South Carolina, where all incoming freshmen are required to take Financial Responsibility 101. The course was created by Carolina Collegiate Federal Credit Union, which had been offering it voluntarily for five years," he noted.

Kanjorski Introduces Bill To Curb Abusive Mortgage Servicing, Appraisals

WASHINGTON -- Congressman Paul Kanjorski (D-Pa.) introduced legislation last week to end abusive and deceptive mortgage servicing and appraisal practices, with a keen focus on the subprime market.

The Escrow, Appraisal, and Mortgage Servicing Improvements Act (H.R. 3837) addresses reforms to require escrow accounts for subprime mortgages and include escrow payments in any repayment analysis provided at the time of the mortgage quote. The legislation would also prohibit making a high-cost mortgage without first obtaining a written appraisal of the physical property and establish appraisal standards. It would also allow consumers to obtain copies of all appraisal valuation reports at least three days before closing.

"This bill offers a comprehensive, balanced, and progressive set of solutions to solve a number of perplexing policy issues. It helps protect consumers by improving mortgage servicing, enhancing appraisal quality and standards, ensuring better appraisal oversight, and requiring escrows for those mortgages where borrowers are more likely to experience difficulty in budgeting for the often substantial costs of taxes and insurance," Kanjorski, chairman of the House Financial Services Capital Markets, Insurance, and Government Sponsored Enterprises Subcommittee, stated. House Financial Services Committee Chairman Barney Frank (D-Mass.) is an original co-sponsor to the bill.