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Name Changes Worth Another Look

Staff Writer | December 16, 2003

As 2003 comes to a close more credit unions hitched a ride on the name change wave. Whether it was to reflect a new field of membership or just a new change in attitude, credit union name changes were the order of the day in 2003. Here are a few...

Troubled CDCU Headed by Former NFCDCU Chair Liquidated

Staff Writer | December 16, 2003

ALEXANDRIA, Va.-D. Edward Wells Federal Credit Union of Springfield, Mass. ($4.9 million in assets) was liquidated this year after a tumultuous battle for power. More than a year ago, D. Edward Wells' management, then led by CEO Carol Aranjo, former chair of the National Federation of Community Development Credit Unions,...

National Credit Standards Survive with ID Theft Additions

Staff Writer | December 16, 2003

WASHINGTON- President George W. Bush signed the Fair and Accurate Credit Transactions Act, H.R. 2622, into law Dec. 4 during a signing ceremony in the Roosevelt Room of the White House. The president remarked on how the law would help Americans across all income levels retain access to affordable credit....

Craig Blasts Simmons, Warns CUs to Expect Renewed Attacks

Jim Rubenstein | December 16, 2003

LAS VEGAS - Credit union directors meeting here recently for the annual Director Conference of the Credit Union Executives Society were given a history lesson on bank attacks in Utah and a grim reminder that more is in store for their institutions in 2004-05, except the assaults look to be...

Mortgage Rates Hit Record Lows, CUs' Mortgage Portfolios Hit Record Highs

Staff Writer | December 16, 2003

MADISON, Wis. - The end of 2003 is witnessing the curtain call on 30-year low mortgage rates that continued through the middle of the third quarter when they started to inch up. But not before credit unions managed to stow away a record number of mortgage originations and refinances. According...

7 Members of the NASCUS Search Committee

Staff Writer | December 16, 2003

Four Regulator Members (appointed by NASCUS Chairman Roger Little, director, Credit Union Div., Michigan, who also serves as ex officio for the search committee.) *Chairman Jim Forney, superintendent of Credit Unions, Dept. of Commerce, Credit Union Div., Iowa *Jerrie Lattimore, administrator, Commerce Dept., Credit Union Div., North Carolina *John Smith,...

Martinez Resigns as HUD Secretary

Staff Writer | December 16, 2003

WASHINGTON - Mel Martinez has resigned as Secretary of Housing and Urban Development. His resignation is effective at noon on Dec. 12. Martinez assumed the responsibilities of HUD's 12th secretary on Jan. 24, 2001. Among some of HUD's achievements under his leadership have been: the launching of the Blueprint for...

Seasons Greetings From Credit Union Times

Staff Writer | December 16, 2003

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CEOs With Employment Contracts Earn More

Staff Writer | December 16, 2003

MADISON, Wis. - A recent CUNA E-Scan's 2003-2004 CEO Total Compensation Survey finds that it pays for CEOs of large credit unions to have written employment contracts or agreements. According to the survey CEOs with such contracts earn higher base salaries and bonus awards. "With 30% of large credit union...

Credit Unions Meet Interchange Cuts Head on by Increasing Debit Card Volume

David Morrison | December 16, 2003

ARLINGTON, Va. - A steadily rising volume of both transactions and cards have helped reduce credit unions' pain from a one-time 33% hit they took in the interchange they receive from their so-called signature debit products. Signature debit transactions are those conducted with a Visa or MasterCard branded card that...