• Sell the mortgage if you must, but retain the servicing

    Does your credit union's strategic plan include objectives such as increasing the number of member relationships and becoming your members' primary financial institution? If it does, "Should your credit union originate mortgage loans and retain servicing on members' mortgages?" Sometimes the obvious answer is not correct. Credit union managers typically...

  • Antifraud network legislation OK'd by committee

    WASHINGTON-The House Financial Services Committee passed H.R. 1408, the Financial Services Antifraud Network Act, introduced by freshman Congressman Mike Rogers (R-Mich.). The legislation aims at creating an antifraud network between the nation's more than 250 financial regulators to share information in hopes of better preventing financial fraud schemes. The bill...

  • CUNA testifies before the IRS on reporting of interest to nonresident aliens

    WASHINGTON-CUNA Associate General Counsel Mary Dunn testified before the Internal Revenue Service (IRS) in opposition to its proposal on reporting of deposit interest paid to nonresident aliens. Dunn was the only credit union representative to testify. "We don't know how horrendous this is going to be," Dunn told Credit Union...

  • WEST

    Columbia Credit Union, Vancouver, Wash., has named Lisa D. Peake and Craig A. Knipe registered representatives with Financial Network Investment Corporation. In addition, CCU has promoted Michael Florea to assistant vice president of information and technology services. Utah League of Credit Unions, Salt Lake City, has appointed the following officers...

  • Anonymous wants for return to good old days

    My feelings towards anonymous letters are well-known. I think they show cowardice on the part of their authors. If someone feels strongly about something, they ought to be willing to publicly defend their position. Also, by hiding behind a shield of anonymity, they remove an important element of evaluating the...

  • Ins and outs of a member survey

    WEST PALM BEACH, Fla. - When it comes to what members want, there is no such thing as having too much information. If properly crafted, member surveys help eliminate guesswork, identify your CU's strengths and weaknesses and provide valuable market segmentation. Benefits can include increased use of services, improved member...

  • CUNA Mutual Group's Kitchen wants to take partnering with CUs to a new level

    TORONTO - Everything starts and ends with excellence for CUNA Mutual Group President/CEO Mike Kitchen. "If you can't do it with excellence, then don't do it. There's no point in trying to be mediocre. It's pretty hard to motivate staff to be mediocre," said Kitchen during a Credit Union Times...

  • CUNA alerts lawmakers of Renaissance Commission; ABA warns of taxation

    WASHINGTON-As part of CUNA's efforts with the Renaissance Commission, President and CEO Dan Mica penned a letter to his former colleagues on the Hill, explaining the commission and its goals. The letter explained that while the Gramm-Leach-Bliley Act helped to modernize other federal financial institutions' laws and regulations, credit unions...

  • Hughes Aircraft Employees FCU is now Kinecta

    MANHATTAN BEACH, Calif. - It's not changing its name to evolve into something different, it's changing its name to reflect what the credit union has become. That's the message Hughes Aircraft Employees FCU wants its members to get loud and clear. After 61 years with the Hughes name, the credit...

  • Participation loans not just for small credit unions

    SAN FRANCISCO, ANAHEIM and CHATSWORTH, Calif. - When it comes to being able to make member business loans, a credit union's looks can be deceiving. Take Patelco CU in San Francisco, for example. As the fourth largest credit union in California, it would be easy to assume the credit union...