Credit Union Journal articles from April 2003

Credit Union Journal archives from April 2003

Utah: Big 3 Apply For Fed Charter.(America First Credit Union, Mountain America Credit Union, Goldenwest Credit Union)
April 7, 2003... The three credit unions targeted by the recently concluded tax fight here made good on their threat and have moved to flee their state charters. NCUA officials said last week they have received applications from the three credit unions:...

Iowa: Effort To Resuscitate Tax.(Iowa Bankers Association seeking tax on state's largest credit unions)
April 7, 2003... The Iowa Bankers Association, which helped draft the bill to tax the state's largest credit unions, was working last week to resuscitate the dying measure, rendered lifeless by the prior's week's decision by Senate leaders to withhold action...

Deal Creates Funds Transfer Giant.(First Data Corp. to acquire Concord EFS)
April 7, 2003... First Data Corp. said last week it has agreed to acquire Concord EFS, marrying the country's two largest electronic funds transfer networks and establishing the dominant position in the movement of money across the world. The deal will...

How Should Credit Unions Respond To Banks? Like Gandhi, O'Reilly or Somewhere In between?
April 7, 2003... Have credit unions run out of cheeks to turn? The constant bank attacks, especially in the states, have kept credit unions on the defensive, but some credit unionists are saying it's time for a more confrontational, offensive approach and...

CPI Is Getting New Emphasis As CU Market, Economy Evolves.(collateral protection insurance)
April 7, 2003... Between an unsure economy and the uncertainty of war, credit unions are increasingly relying on insurance to mitigate the risky lending environment, according to several insurance experts. "There's more of a trend back to CPI (collateral...

ON DEADLINE: National ATM Network Is On The CU Horizon.(Brief Article)
April 7, 2003... A new surcharge-free national ATM network was introduced last week just as the two largest networks were consolidating with the proposed merger of First Data Corp. and Concord EFS (see related story on this page). ATM National, a...

Bank Groups Sharply Critical Of NCUA Decision On FOM Rules.(National Credit Union Administration expanded field of membership rules)
April 7, 2003... As expected, the major bank trade associations have issued sharp criticisms of the NCUA board's approval of expanded field of membership rules at its most recent meetings. Both the American Bankers Association and America's Community...

Union-Backed Candidates Win Control.(Madison County Federal Credit Union)
April 7, 2003... A six-month contest for control of union-sponsored Madison County FCU culminated last week with organized labor regaining control of the beleaguered CU. Union-backed candidates won four of the $65-million credit union's seven board seats...

CUs Beware: 'Predators' Also On The Prowl In Online Services Competition.
April 7, 2003... Competition in the financial services sector is a given, but the chairman and CEO of technology vendor Digital Insight is warning credit unions and their community bank counterparts that they should beware of "predators" lurking in the online...

CUs Support Troops.
April 7, 2003... Credit unions have placed orders for more than 300,000 "Operation: Helping Hand" brochures within one week of The National Association of Federal Credit Union's launching the initiative designed to raise money for the Armed Services Relief...

Worth Noting.(brief items)
April 7, 2003... N.J. League Adds New Helpline HIGHTSTOWN, N.J. -The Credit Union Affiliates of New Jersey is now offering a toll-free help line. The goal is to have the "Credit Union Helpline" serve as a credit union's one stop location for all credit...

How To Keep Newsletter Out Of The Circular File.(credit union member newsletter)
April 7, 2003... The member newsletter has become a time-honored, credit union tradition. In fact, production has become almost ritualistic as most marketers diligently produce new and unique issues on a quarterly, or even monthly, basis. The unfortunate...

Putting A Little Giddy'Up Into An ATM Installation.
April 7, 2003... It was like a scene from Back to the Future Part III, folks young and old in Western regalia hooting and a' hollering as a horse-drawn wagon strolled into town carrying the very latest in technology. The curious walked alongside the...

SECU Helping To 'State' Case.(State Employees' Credit Union radio campaign in North Carolina)(Brief Article)
April 7, 2003... For the second straight year, State Employees' Credit Union here is providing the funding for a statewide radio campaign that highlights services the state of North Carolina provides to its citizens. Like last year's campaign, it is...

NJ CUs Put Message On Transit.(Credit Union Affiliates of New Jersey transit bus marketing campaign)(Brief Article)
April 7, 2003... CU Affiliates of New Jersey has launched an advertising campaign using exterior messages on transit buses. The ads state that credit unions are nonprofit financial cooperatives and offer unbeatable rates, while also highlighting the...

'Night On The Town' Rolls Out.(MasterCard promotino)(Brief Article)
April 7, 2003... Looking to boost debit card usage, MasterCard has launched a "Priceless Night on the Town" sweepstakes that seeks to build on its "priceless" ad campaign. The card association said that nearly 250 financial institutions have signed on to...

Product & Service.(brief items)
April 7, 2003... Southeast Signs 100th Contract TALLAHASSEE, Fla.-Southeast Corporate said the 100th contract has been signed for its item processing and imaging services. The "100th" credit union is actually three, since three credit unions that were...

CUs' Business Lending Success Earns Ire Of Bankers, Local Media Coverage.
April 7, 2003... Three Spokane credit unions made headlines in a local newspaper because their business-lending programs were causing consternation among area banks. But are credit unions really a threat in the business-lending space? The Credit Union...

Next Step In Online Banking? It's Not With Members, But Employees.(training credit union staff for online banking needs)
April 7, 2003... Online banking is a hot topic at most financial institutions, but many credit union managers are wondering what the next step is to speed adoption by members. According to several people at the Digital Insight National Conference here, the...

Low-Budget Methods For Boosting Online Usage Are Shared.
April 7, 2003... How can credit unions encourage members to do more transactions online without spending a lot of money on marketing? Speakers at an educational session at the Digital Insight National Conference here shared some creative thoughts. Mike...

Product & Service.(brief items)
April 7, 2003... WesCorp Launches 'imagEaze' SAN DIMAS, Calif.-WesCorp has unveiled a new imaging solution that provides credit unions with added versatility in serving their members, the corporate said. The service, called imagEaze, provides WesCorp...

CUNJ Adds E-Statement Program.(Credit Union of New Jersey )(Brief Article)
April 7, 2003... The Credit Union of New Jersey has launched an E-statements program for all 29,000 of its members at no charge. With 3,500 members using home banking, the $150-million credit union said E-statements were the logical next step. "Members...

Analyst: 'Incentives, Other Short-Term Strategies Result In Short-Term Relationships'.
April 7, 2003... Credit unions may be building predatory and fleeting relationships with their members by leaning on incentive programs and other short-term strategies, according to one person. "Do incentives help your organization grow the way you want,...

Lockheed Develops In-House Process To Measure SEGs.
April 7, 2003... Most credit unions that serve SEGs agree it's imperative to know the value those SEG's employees are bringing to the credit union. Where the uncertainty begins is in knowing how to do that. One credit union that has developed in-house a...

'Like A Bank. Without The Bank Part': How 1 CU Has Managed A Transformation.(Kinecta Federal Credit Unio)
April 7, 2003... "Like a Bank. Without the Bank Part." The wry humor behind that slogan is reflective of a significant change that has occurred at one Manhattan Beach, Calif.-based credit union. It reflects a new attitude, a new name and a new, expanded...

Viewpoint Off-Base: Bill Has Stong Support.(Editorial)
April 7, 2003... Although Ed Roberts' March 10 coverage of CUNA's continuing efforts to pass a bankruptcy abuse prevention bill is generally on point, I dispute his contention that "enthusiasm for the credit union-backed bill is waning." According to...

Questionable 'Facts' Backed Weak Position.
April 7, 2003... Jim Blaine has been a respected member of the credit union community too long for me to imply that he deliberately manipulated figures to prove his rather naive point regarding the impact of bankruptcy (CU Journal, Feb. 24). I will, however,...

Bankers Reach New Low With Accusation.(Letter to the Editor)
April 7, 2003... Editor's Note: The letter below is in response to an opinion piece authored by John Sorensen, president of the Iowa Bankers Association, and published in the Des Moines Business Record. The "Saddam" reference referred to in the letter is...

Time To Express Your Support For The Troops.(Letter to the Editor)
April 7, 2003... Since many of our 57,500 members are active military personnel who are stationed in Southern California, as well as Japan, Korea, Guam and around the world, we feel compelled to express our unconditional support and prayers for the U.S....

Marketing Minute: Solving The Case Of The (Un)Balanced Sheet.(Brief Article)
April 7, 2003... I was talking with a friend the other day, and she had a real-life marketing challenge. I call it "The Case of the Unbalanced Balance Sheet." Apparently, the credit union's senior staff meeting came and went, and my friend was still having...

Those Who Read The Bankruptcy Reform 'Book' Will Find Most Pages To Their Liking.
April 7, 2003... Just as some folks read a book and come away with different interpretations, so too it seems will CUNA and Jim Blaine continue to disagree on the merits of the Bankruptcy Abuse Reform Act that is again before Congress. "Read the whole book,"...

Tight Marketing Budgets Only Add To Importance Of Selecting A Partner.
April 7, 2003... Doing more with less. It's a concept that has become prevalent in today's tough economic times. It is no surprise that marketing budgets are often among the first expenses to be cut, but experienced marketers know that maintaining these...

Small Credit Unions At 4th Quarter, 2002.(Brief Article)
April 7, 2003... Determining how a credit union stands relative to its peers is a complex issue. Callahan & Associates, Washington, D.C., has attempted to do so with its Return to the Member ranking system. According to Callahan's, Return to the Member is...

Assets $0 to $1 Million.(credit unions)(Illustration)
April 7, 2003... Total Return To Member Rank Credit Union, State Percentile 1 Brook Park Municipal Employees, OH 100.00 2 Police, WI 99.92 3 Quality Oil, NC ...

Assets $1 to $2 Million.(credit unions)(Illustration)
April 7, 2003... Total Return To Member Rank Credit Union, State Percentile 1 Carlisle, OH 100.00 2 Burlington Municipal Employees, IA 99.87 3 Des Moines Water Works, IA ...

Assets $2 to $5 Million.(credit unions)(Illustration)
April 7, 2003... Total Return To Member Rank Credit Union, State Percentile 1 Edison, OH 100.00 2 Utica Police Department,NY 99.93 3 Wickiffe Paper Mill, KY ...

Assets $5 to $10 Million.(credit unions)(Illustration)
April 7, 2003... Total Return To Member Rank Credit Union, State Percentile 1 Northeast Alabama Postal, AL 100.00 2 Union Trades, WV 99.94 3 Dacotah, SD ...

Assets $10 to $20 Million.(credit union assets)(Illustration)
April 7, 2003... Total Return To Member Rank Credit Union, State Percentile 1 The Archer Cooperative, NE 100.00 2 Geismar Complex, LA 99.93 3 United Northwest, KS ...

Assets $20 to $50 Million.(Credit Union assets)(Illustration)
April 7, 2003... Total Return To Member Rank Credit Union, State Percentile 1 Dannemora, NY 100.00 2 Central Keysone, PA 99.94 3 South Bend Firefighters, IN...

CU FOM Effectively Now Includes All Americans.(fields of membership of federally insured credit unions )(Brief Article)
April 7, 2003... Sometime this month the number of Americans within the fields of membership (FOM) of federally insured credit unions is expected to hit the 600 million mark. Over the past four years, since passage of the landmark credit union law known...

Texas The Latest To Seek Secondary Capital, But...
April 7, 2003... Credit unions in the Lone Star State, like those in at least half a dozen other states, are seeking powers from the state legislature to allow them to offer alternative, or secondary, capital instruments. The credit union lobby wants to...

NCUA Puts In Place Plan To Monitor CD Brokers.(National Credit Union Administration)(Brief Article)
April 7, 2003... NCUA, left unawares by several CD broker-related scandals in recent years, set a new monitoring program aimed at allowing them to keep better tabs on credit unions' activities in the vast CD market. The move comes as regulators are still...

People.(credit union executive appointments and moves)(Brief Article)
April 7, 2003... Beanstalk Networks, West Palm Beach, Fla., named Robert Debbs general manager of sales and business development. Earthmover Credit Union, Aurora, Ill., announced the retirement of Dona Brauer. The Missouri Credit Union Association,...

The CUJ Daily.(news briefs)
April 7, 2003... CUs Pitch Modified HELOC Bill AUSTIN, Texas-Credit unions, opposed to a home equity line of credit bill introduced in the House, are lobbying for a separate HELOC bill in the Senate that encompasses most of their priorities. "The...

Community Page.(briefs)
April 7, 2003... MCUL Fights Childhood Cancer WESTBROOK, Maine-More than 300 spectators saw 30 teams participate in the Maine Credit Union League's Swish-Out Childhood Cancer Challenge, which raised $7,433. T&CFCU Sponsors 2 Workshops PONTIAC,...

Baxter CU Offering Spanish Site.(Baxter Credit Union Spanish language web site)(Brief Article)
April 7, 2003... Baxter Credit Union (BCU) has unveiled a Spanish website and online banking service. The new Spanish web site (www.tubcu.org) seeks to meet the needs of the credit union's 20,000, Spanish-speaking members. "BCU has strong ties to our...

Indirect Lending Meeting Held.(Brief Article)
April 7, 2003... Representatives from a number of large credit union met here to discuss cooperative strategies for increasing market share in the indirect auto lending market as part of the first-ever national indirect auto lending summit. The meeting,...

Utah CUs, Teachers In Summit.(Brief Article)
April 7, 2003... Teachers from around this state will gather at Thanksgiving Point, Utah on Friday, April 11 to attend the Jump$tart $tart $mart event. The Utah Jump$tart teacher's summit is designed to provide educators with skills, ideas and resources to...

How Credit Unions Are Supporting Troops.
April 7, 2003... SAN ANTONIO-San Antonio Federal Credit Union (SACU) has unveiled the "SACU Wall of Honor" as a tribute to active duty military personnel who are SACU employees or members of employees' families. The Wall of Honor is in the lobby of the SACU's...

APCO ECU Hits $1 Billion.(APCO Employees Credit Union assets)(Brief Article)
April 7, 2003... APCO Employees Credit Union has hit the $1 billion in assets mark. The credit union marked the event by awarding one lucky member approximately one hour's interest on a $1-billion share, account, which equaled $3,200 in the CUs "Hour on the...

Two More Name Changes.(Philadelphia District Railway Postal Clerks FCU now named Eagle One FCU; Post Tribune EFCU merged into MemberSource FCU)
April 7, 2003... Two more credit unions are involved in name changes and mergers. Eagle One FCU is the new name for the former Philadelphia District Railway Postal Clerks FCU here. In Merriville, Ind., Post Tribune EFCU has merged into MemberSource FCU...

Education Resolution In Mont.(Brief Article)
April 7, 2003... A non-binding resolution encouraging the Montana Board of Public Education to incorporate financial education into the content and performance standards established for Montana's public schools and which also urges the Boards of Trustees of...

ON DEADLINE.(news briefs)
April 7, 2003... Sallie Mae Gets Into Mortgages RESTON, Va.-Sallie Mae, the dominant player in the student loan market, said it has acquired Pioneer Mortgage, a Novi, Mich., mortgage banker, signaling its expansion into the mortgage lending market. It is...

Corrections & Clarifications.(Correction Notice)
April 7, 2003... * An opinion piece in the March 17 issue whould have been attributed to Kent Greenfield, a member of the Utah League of Credit Unions' board. * The acronym for Kinecta Federal Credit Union (KFCU) appeared incorrectly several times in the...

The Big Credit Union What If.
April 14, 2003... Banks Are Assailing Credit Unions For Expanding Fields of Membership. How CUs Got Where They Are Demands Understanding Where They Were, Say Those Involved, Who Also Offer Responses To The Question: 'What If NCUA Had Stuck To The Bankers'...

CU-Supported Reg Relief Bill Past First Hurdle.
April 14, 2003... A key congressional subcommittee easily passed a regulatory bill heavily laden with credit union provisions last week, and have now passed the bill on to the full committee. "Today's mark-up was relatively proforma," said John McKechnie,...

Judge Rejects Bid To Stop Conservatorship; Accusations Fly.(of D. Edward Wells FCU)
April 14, 2003... Citing evidence of management improprieties, a federal judge here all but rejected a legal challenge to the NCUA's takeover of D. Edward Wells FCU, the only black-owned financial institution in western Massachusetts and a leader in the...

On Deadline.(Brief Article)
April 14, 2003... CUDL Expands To Fla. RANCHO CUCAMONGA, Calif.-Credit Union Direct Lending (CUDL), the large point-of-sale lending network for credit unions, is continuing its expansion by moving into Florida and operating for the first time in...

CU Tax Bill Officially Dead In Iowa; Proposal Still Alive In Ore.
April 14, 2003... The credit union tax bill was officially laid to rest last week when legislative leaders decided they would not take the bill off the shelf for a vote this year. The death of the tax bill here made credit unions four for four in this...

CU Witness Urges Congress To Pass Truncation Bill.
April 14, 2003... Testifying on behalf of CUNA, a credit union executive urged Congress last week to pass the Check Clearing for the 21st Century Act. Celia Woodham, director of operations at Chartway FCU in Virginia Beach, Va., told the House Financial...

Take 6 Minutes And Log On To This Survey.
April 14, 2003... Readers of The Credit Union Journal are encouraged to take a moment now and participate in The Journal's first-ever online survey of the technology market. Participation involves between six and eight minutes of time, and all participants...

Worth Noting.
April 14, 2003... Steil Out As Maryland CUL CEO COLUMBIA, Md.-Saying it is seeking a different direction for the league, the Maryland Credit Union League board chose not to renew the contract of its president, Robert Steil, effective April 11. Steil has...

Lessons For You From Dorothy, Tin Man And Scarecrow.
April 14, 2003... The Wizard of Oz is generally thought of as a children's movie, but it is actually a terrific blueprint for building accountability in credit unions. Just as Dorothy, the Lion, Tin Man, and Scarecrow had to journey out into the unknown to...

There Is Still A Place For Telemarketing, But It Is Not At The Dinner Table.(Editorial)
April 14, 2003... Don Schultz, Professor of Integrated Marketing at Northwestern University, has been quoted as saying, "Stop communicating to the masses. The organizations that are in difficulty are those who are caught in mass production and mass...

Investing In The Future Is A Better Approach Than Cost-Cutting Efforts.
April 14, 2003... The Chinese ideogram for crisis is the symbol for danger next to the symbol for opportunity. The challenge for credit union executives faced with both an increasingly competitive environment and an economic downturn is to identify and act upon...

In Anticipation Of New Battles, Utah League Hires Director Of State Republican Party.
April 14, 2003... With a major legislative battle continuing to brew, the Utah League of CUs added considerable muscle to its lobbying team last week with the appointment of Scott Simpson, head of the state Republican Party, as its new chief lobbyist. The...

Korean Group, CMG To Partner.(Brief Article)
April 14, 2003... Dr. Augustine Lim, the new chairman of the National Credit Union Federation of Korea (NACUFOK) visited the Credit Union Center Campus here as part of a new partnership between CUNA Mutual and NACUFOK to introduce credit disability and credit...

The 31st Running of Credit Union: Cherry Blossom Ten Mile Run.
April 14, 2003... With more than 70 credit unions and CU organizations from across the country, 7,000 runners (3,800 of whom identified themselves as credit union members), 30 CU teams fielded by about 20 credit unions and more than $190,000 raised for the...

Product & Service.
April 14, 2003... Automotive Avenues Added To List DENVER-Automotive Avenues, a subsidiary of The Aimbridge Group, has been added to the referral list by consumer advocate Tom Martino and the website www.troubleshooter.com. Automotive Avenues is a one-stop...

CUNA Presses Fed For More Flexibility On APR/APY Rules.(Brief Article)
April 14, 2003... CUNA and NAFCU weighed in on the Federal Reserve's proposed revisions of guidelines implementing the Home Mortgage Disclosure Act (HMDA), and while both groups applauded the Fed's attempts to provide more flexibility to financial institutions,...

WOCCU Asked To Participate In Remittances Task Force.(Brief Article)
April 14, 2003... The Council of Credit Unions, Inc. (WOCCU) has been invited by Inter-American Dialogue to join a task force on remittances. Supported by the Rockefeller Foundation, the 15- member task force-with members from the United States, Mexico, Central...

New York Foundation Backs Training On IRnet System.(New York Credit Union Foundation)(International Remittance Network)(Brief Article)
April 14, 2003... The New York Credit Union Foundation provided several IRnet training sessions to CUs in New York City, Long Island and Rochester at no charge. IRnet is the International Remittance Network, which is run by the World Council of Credit...

Canadian CUs Seek To Capitalize On Consumer Disillusionment With Banks.(credit unions)(Brief Article)
April 14, 2003... Credit unions here are trying to capitalize on consumers' growing disappointment with their banks by promoting credit unions as a more consumer-friendly option for financial services. Originally launched back in August, the Credit Union...

UTFCU Uses Magic Word For Generation Y: Free.(University of Tennessee Federal Credit Union)(Brief Article)
April 14, 2003... UT Federal Credit Union here is targeting the Generation Y segment of its university-related membership with an offbeat campaign keyed to one theme: Free. The $104-million UTFCU, which serves the University of Tennessee, said that it has...

CUNA Presses For Limited Exemption On Dividends.(credit unions)(Brief Article)
April 14, 2003... CUNA hopped on the tax-cut bandwagon and called on Congress to include in its economic stimulus package a limited-income tax exemption for credit union dividends (interest). The credit union proposal falls in line with the Bush...

Condrill Named As Newest CUNA D.C. Lobbyist.(Brief Article)
April 14, 2003... CUNA has hired a new lobbyist for its legislative team, Margaret Condrill, former chief counsel to the then-Republican minority of the House Energy and Commerce Committee under Rep. Michael Oxley (R-OH), now the powerful chairman of the House...

After 35 Years, Bumgardner Retires; Treichel New RD.(National Credit Union Association regional director)
April 14, 2003... With little fanfare, NCUA announced last week that its longtime Region I director, Layne Bumgardner, had retired after almost 35 years with the agency. Bumgardner headed the agency's northeast regional office for most of the past 13...

Savings Continue To Flow In; $12.3B Added In Feb.($12.3 billion of new savings flowed into credit unions in February)(Brief Article)
April 14, 2003... Another $12.3 billion of new savings flowed into credit unions in February, one of the biggest months ever, according to CUNA. About $21 billion of new savings poured into CUs in the first two months of the year, rivaling the start in each of...

Data Indicate Flight From Fed Charter Is Slowing.(flight from federal charter has decelerated over the past two years.)(Brief Article)
April 14, 2003... The flight from federal charter has decelerated over the past two years. Data obtained by The Credit Union Journal from NCUA under the Freedom of Information Act shows there are just six applications in the pipeline to switch to state charter...

Sallie Mae Acquisition Signals Ongoing Expansion.(Pioneer Mortgage)(Brief Article)
April 14, 2003... Sallie Mae, the dominant player in the student loan market, said it has acquired Pioneer Mortgage, a Novi, Mich., mortgage banker, signaling its expansion into the mortgage lending market. It is the second mortgage banking acquisition for...

People.(St. Louis's Gateway Metro Credit Union)(promotions)
April 14, 2003... St. Louis's Gateway Metro Credit Union, St. Louis, promoted Larry Pixley to expand his VP duties, Debra Presson to VP, and Joyce Thurston to chief lending officer. SunCorp Corporate Credit Union, Denver, Colo., announced that SVP Wayne F....

The CUJ Daily.
April 14, 2003... NCUA Unveils Call Report Changes ALEXANDRIA, Va.-NCUA said it has introduced several changes to its 5300 call reports for the March, first quarter cycle, for both the long forms for credit unions with more than $50 million in assets, and...

Community Page.(Steel Works Community FCU donated $1,000 to the Rotary Club's annul Mardi Gras event which benefits the Jimmy Carey Memorial Stadium renovation project)
April 14, 2003... SWCFCU Donates To Rotary Club WEIRTON, W.V.-Steel Works Community FCU donated $1,000 to the Rotary Club's annul Mardi Gras event which benefits the Jimmy Carey Memorial Stadium renovation project. SWCGFCU Expands ATM Service ...

Lousiana CUL Staffer Lost To 'Senseless Act'.
April 14, 2003... A Louisiana CU League Member Services Consultant here died in her home of "undetermined causes" according to local press reports. The league said Catherine Mayeux, who served the New Orleans and Bayou area, was lost in a "senseless act of...