Credit Union Times | Accurate and Timely CU News

Cormode Steps Down From Symitar

By Staff Writer

SAN DIEGO - Symitar President Bruce Cormode resigned from Symitar this year due to health problems. Cormode first went on leave, but he determined he needed to permanently leave the company and focus on his health. Parent company Jack Henry & Associates said there would always be a place for...

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December 20, 2005

D.C.-Based CU Organizations Roll Up Their Sleeves for Disaster Recovery

WASHINGTON-Everyone wanted in on helping credit unions in the areas hardest hit by Hurricane Katrina and other storms this summer. NCUA activated its emergency response policies, helped get and keep credit unions up and running by various means as necessary, and sent economic development specialists to the areas to help...

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December 20, 2005

2005: The Year of Card Fraud, Public Learns to Fear "Breaches"

WASHINGTON - Credit unions dropped millions, if not tens of millions of dollars in 2005 on the cost of closing and reissuing credit and debit cards for members whose card data was compromised in a series of enormous breaches of card security. The names of the cases, which came in...

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December 20, 2005

NCRC Kept Service Issue Bubbling in 2005

WASHINGTON - The National Community Reinvestment Coalition kept up its periodic attack on credit unions for allegedly not doing enough to serve low-income communities in 2005, thus helping to keep the topic alive. NCRC is the umbrella group of more than 800 groups and institutions, including the National Federation of...

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December 20, 2005

Industry Still Waiting on IRS Guidance for 457(f) Plan Treatment

WASHINGTON - Several developments in the ongoing guidance phase from the IRS on the treatment of 457(f) deferred compensation plans occurred this year. It's been more than a year and a half since an IRS private letter ruling which told a federal credit union that, as a federal instrumentality, it...

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December 20, 2005

MBNA, Bank of America to Merge

WILMINGTON, Del. - If the market for CU card portfolios continues to slow next year, one reason may be the pending merger between card giant MBNA and Bank of America. Announced at the end of June and scheduled to be completed by the end of 2005, the merger between the...

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December 20, 2005

SBA Sought Out Credit Unions to Help Rebuild Gulf Coast, NCUA Made Appeals as CUNA Asked for More Clarity

WASHINGTON - The destructive hurricanes that tore through several states this year forced many government agencies to get creative real quick on how to rebuild homes and businesses. Among them was the SBA, which had previously come under fire from some small business owners for how slow the agency was...

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December 20, 2005

CUNA Mutual and Union Settle Bitter Labor Dispute; Company Begins Three-Year Re-engineering Initiative

MADISON, Wis. - CUNA Mutual endured one of its most bitter battles with its union ever in 2005. For over a year, the company and the Office of Professional and International Employees Local 39 sparred over a new collective bargaining agreement. The battle was very public. It included picketing at...

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Top News Stories

Cormode Steps Down From Symitar

Credit Unions (And Bankers!) Learn to Repeat After Chairman Thomas: Transparency, Accountability, and Verifiability

ABA Up to its Old Tricks with Renewed Hope, New Lawsuits

Recommended Just For You

News Stories

D.C.-Based CU Organizations Roll Up Their Sleeves for Disaster Recovery

2005: The Year of Card Fraud, Public Learns to Fear "Breaches"

NCRC Kept Service Issue Bubbling in 2005

Industry Still Waiting on IRS Guidance for 457(f) Plan Treatment

MBNA, Bank of America to Merge

SBA Sought Out Credit Unions to Help Rebuild Gulf Coast, NCUA Made Appeals as CUNA Asked for More Clarity

CUNA Mutual and Union Settle Bitter Labor Dispute; Company Begins Three-Year Re-engineering Initiative