Credit Union Journal articles from April 2004

Credit Union Journal archives from April 2004

Board Narrowly Survives Recall Effort At Columbia CU: Plan To Convert To Bank Is Dropped, But Critics To Press On.
April 5, 2004... The embattled board of Columbia CU, on trial for its failed bid to convert the credit union to a bank, narrowly survived a member revolt last week. The eight directors up for recall in the rare member initiative retained their seats by...

Several Factors Are Ringing Alarms For Insurance Providers.
April 5, 2004... A combination of economic factors, more expansive fields of membership and the increasing sophistication of products and services credit unions offer are creating some disturbing insurance trends as well as some new opportunities, according to...

Special Marketing Report.
April 5, 2004... Inside This Issue Readers Will Find A Giant Section of Marketing Coverage & Dozens of Ideas. Coverage Begins On Page 11. Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.cujournal.com

With Replacement Delayed, Dollar To Resign From NCUA.
April 5, 2004... NCUA Chairman Dennis Dollar decided last week he couldn't wait any longer for the White Hose to appoint a successor and announced he will leave the NCUA Board April 30. Dollar said the resignation will enable him to pursue certain jobs,...

Payday Lenders On Offensive Against CUs.(payday lenders see credit unions behind efforts to limit their business)(Dezenhall Resources LLC is heading payday lenders education campaign)
April 5, 2004... Under attack from community groups and forced to the sidelines by some state legislatures and banking regulators, payday lenders are going on the offensive. The industry's largest trade group has hired a well-known crisis management firm,...

On Deadline.
April 5, 2004... Kerry Says He Favors CU Tax Exemption WASHINGTON-Democratic presidential candidate Sen. John Kerry (D-MA) has sent a letter to CUNA supporting the CU tax exemption. "Credit unions' focus on member service means that your organization...

Question For New York CUs: For Whom The Toll Bills?
April 5, 2004... Credit unions in New York are being hit with a new invoice: from Canada. And despite the fact New York's CUs have tried to help boost revenue for the country, efforts to resolve the problem have gone nowhere. At issue is a system...

Northwest CU Launches 'Wings' Brand.
April 5, 2004... APPLE VALLEY, Minn.-NWA Federal Credit Union has created a new division-Wings Financial FCU-to reach out to all airline employees under the TIPS charter it received in December. The move was not precipitated by NWAFCU's trademark dispute...

Worth Noting.(credit unions briefs)
April 5, 2004... Anthrax-Affected CU Returns WASHINGTON D.C.-Nearly two-and-one-half years after being forced out of its offices due to the risk of exposure to anthrax, $20-million Washington Postal Employees FCU has returned to its former quarters in the...

Board Recall Isn't The Real Lesson From Columbia CU.
April 5, 2004... We're guessin' that in all that decades-long talk by the banking industry about "leveling the playing field" that they didn't have in mind the kind of meeting that took place among the members of Columbia Credit Union last week. Somewhat...

The Minority (Marketing) Report: It Isn't Enough To Know That Various Minority Groups Belong To Your Credit Union. It's Necessary To Know The Groups Within The Groups If You Want To Succeed.
April 5, 2004... The 2000 U.S. Census has revealed that Asian and Hispanic populations are growing at incredible rates. Their purchasing power has also grown. The University of Georgia's Selig Center for Economic Growth estimates that Hispanic buying power will...

Everyone Is Talking About Service; Why Are So Few Delivering?
April 5, 2004... One of the ways I make my living is doing service training with credit unions. And by no means am I or credit unions alone in this effort. There are thousands, if not tens of thousands, of people and companies whose sole function is to consult...

CUNA Mutual, Union At Impasse With Outsourcing Big Sticking Point.
April 5, 2004... CUNA Mutual Group and the Office and Professional Employees International Union Local 39 failed to renegotiate contracts for some 1,400 employees by the April 1 deadline and were still in talks as The Credit Union Journal went to press. ...

Senate Offers Own Plan On GSE Oversight.(Senate Banking Committee's new regulatory scheme for Federal Home Loan Banks)(government-sponsored enterprises )
April 5, 2004... The Senate Banking Committee was expected to vote last week on a new regulatory scheme for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, the government-sponsored enterprises that dominate the secondary mortgage market. The...

Trades Still Lobbying For Relief, But Aren't Hopeful.(CU Regulatory Improvement Act)(Brief Article)
April 5, 2004... The credit union trade associations continue to gin up their troops to lobby Congress for the separate regulatory relief bills. But privately, the lobbyists concede that the chances of either bill getting passed before the end of Congress this...

House Overwhelmingly OKs Increase For SBA.(Brief Article)
April 5, 2004... The House overwhelmingly approved a bill Wednesday to increase funding for the U.S. Small Business Administration's guaranteed loan program by more than $3 billion, and lift the cap on individual loans above the current $750,000. The bill...

They Get It. Got It?: Edgy Campaign Plays On Personality Of Hollywood FOM.
April 5, 2004... First Entertainment Credit Union here is rolling out a new branding effort around the theme, "We Get It. An Alternative Way To Bank." The "We Get It" reference is aimed at reinforcing the message that the credit union understands the...

Member Service Reps Armed With Range Of Life Stage Materials.(Brief Article)
April 5, 2004... DUBUQUE, Iowa-Five years in the making, Dupaco Community Credit Union has armed its member service reps with a comprehensive package of materials aimed at members' lifestages. Rather than provide all members with a one-size-fits-all...

Where Everybody Knows Their Name (But Not Much Else): Firm Says System Vastly Improves Knowledge of Members.
April 5, 2004... What do you really know about your members? Sure, you call them by first name, acknowledge their special occasions and provide them with products and services you think might be useful. But, that doesn't even skim the surface of who...

CUMarketingDept. To Expand.(Brief Article)
April 5, 2004... CUMarketingDept.com is changing its name and expanding its focus with a new company to be called EverythingCU.com. The company said the move follows the discovery that 30% of its 4,300 members came from management areas outside of marketing....

Visions, Ink Marks 25th Year.(Brief Article)
April 5, 2004... Visions, Ink., a provider of marketing communications support, is celebrating its 25th anniversary. To mark the occasion, it is offering special incentives at www.visionsink.com and conducting drawings for video messaging software. A year-end...

Whaddaya Looking At? Philly FCU's Advertising.
April 5, 2004... An in-your-face public awareness campaign launched by Philadelphia Federal Credit Union last fall has done more than just turn heads toward the $465-million institution. Karen Eavis, vice president of marketing at PFCU, said the bold...

One CU's First Step To Growth: Asking How It Would 'Destroy' Itself.(WestStar Credit Union)
April 5, 2004... When Keryn Marlatt started out at WestStar CU in Las Vegas, she was dying to launch a television ad campaign. And she did-seven years later. "The first thing I wanted was to do those ads, but I didn't for seven years," said Marlatt,...

Biz Bites.(Brief Article)
April 5, 2004... Keryn Marlatt of WestStar Credit Union in Las Vegas said that before it rolled out its branding effort and subsequent advertising, it began by researching some key questions, primarily about itself. Among those questions: What is...

A Rethinking Of The Branch 'Experience'.
April 5, 2004... With emerging competitors such as State Farm Bank and the increasing commoditization of financial services, credit unions will have to get outside of their comfort zones in order to compete, according to one consultant. "State Farm has...

Open Houses Help Groups, Attract More Business.
April 5, 2004... Northwest Community Credit Union recently hosted an open house to support different not-for-profit organizations in the home cities of its 12 branches. The program, is known as the "Statewide Community Celebration Open House." Kent White,...

Lessons From Purple Cows, Sliced Bread & Paint Cans.
April 5, 2004... The key to credit union success? Be the purple cow. That's according to CUNA Mutual Group's Debrah Watterson, who suggested that while it's one thing to see a bunch of cows in a field, it's something else again to see a purple cow in the...

Biz Bites.(Credit Unions of North America statistics)(missed opportunities for business)(Brief Article)
April 5, 2004... Why should credit unions have a sense of urgency about missed opportunities? According to Debra Watterson of CUNA Mutual, credit unions capture just: * 3 of 10 auto loans * 3 of 10 HELCs * 1 of 10 mortgages * 1 of 10 student...

Biz Bites.(Brief Article)
April 5, 2004... Kevin Blair, CEO of Newground, said a number of trends are influencing branch design, including: Going Gray: Blair noted that the aging of America is an important influence to keep in mind. Feminine Influences: "Eighty percent of...

'Free' Always A Powerful Message, But CEFCU Has Improved Upon It.
April 5, 2004... In a world where "free" and "all you can eat" are the two most powerful marketing pitches, sometimes the key to SEG and business development is as simple as popcorn. CEFCU Business Development Manager Gary Nester has the free giveaway down...

Googoplex In Education Deal With Children's Theater.(Credit Union National Association's youth magazine)(sponsorship of youth financial literacy program)
April 5, 2004... CUNA's online youth magazine, Googolplex, will come alive starting next fall as its content becomes subject matter for stage shows to teach middle school children about financial literacy. The unique approach is the brainchild of the...

Loan Volume Zooms With Offer To Win Two 'Z' Cars.
April 5, 2004... When South Carolina Federal Credit Union said it wanted members to get some Z's, it wasn't talking about sleep. The CU with more than $900-million in assets gave away two platinum-colored Nissan 350Z automobiles as part of an...

Product & Service.(credit unions briefs)
April 5, 2004... MBS Selects Rembrandt Lending ST. CLOUD, Minn.-Bankers Systems, Inc. said that Member Business Solutions, LLC, a CUSO of Southeast Corporate FCU, Tallahassee, Fla., has selected its Rembrandt Lending System to help it "establish effective...

Animated Characters Being Used In First Cooperative TV Campaign In NJ.
April 5, 2004... The New Jersey Credit Union League and 33 of its member CUs were expected to launch their first statewide advertising campaign with a 30-second animated television spot. The educational commercial will air in four flights through December,...

What Members Of Columbia Had To Say About Their Credit Union.
April 5, 2004... Outside of the unprecedented outpouring of support by employees of Columbia Credit Union for its board, the vast majority of rank-and-file members attending the special meeting were clearly in favor of ousting the board. Most were angered...

The Final Vote: The vote tally for the CCU board.
April 5, 2004... Retain Recall Mark Ail 6,832 6,269 Edwin Bell 6,972 6,093 Robert Byrd 6,787 6,306 William Byrd III 6,729 6,350 Constance Jones 6,914 6,160 Dale...

One Newspaper's View Of Events At Columbia Credit Union.(Brief Article)
April 5, 2004... Below are excerpts of an editorial in the newspaper The Columbian following the special membership meeting at Columbia Credit Union. Columbia Credit Union's directors stuck now somewhere between "Whoopee!" and "Whew!" find themselves still...

Johnson Praises NFCU's Efforts.(Brief Article)
April 5, 2004... At Navy Federal Credit Union's annual meeting here, NCUA Vice Chair JoAnn Johnson had praise for the work NFCU does in serving its unique members. "There aren't many financial institutions in the marketplace today that are willing or able...

Sweepstakes Encourages Move To E-Statements.
April 5, 2004... Seeking to get members to switch to E-statements, State Employees' Credit Union (SECU) is sponsoring a sweepstakes that will award a five-night Western Caribbean cruise for two, including airfare, to two lucky winners. There will be two...

'Think Beyond The Bank' Effort Is Updated.(Brief Article)
April 5, 2004... Digital Credit Union here is rolling out a new campaign that builds upon the "Think Beyond the Bank" effort it launched last Fall. Created by Boston-based Cronin-Wallwork Curry (CWC), the new initiative, which includes two 15-second television...

Extra! Extra! Read All About It: 2 CUs Create Newspapers.(Brief Article)
April 5, 2004... Dupaco Community Credit Union found a way to get its annual report some newspaper coverage-by publishing the report in newspaper form. The eight-page broadsheet is four-color on the front and back covers and black-and-white inside, and...

Reward Program Popular, But Revisions Sought.
April 5, 2004... Point West Credit Union recently unveiled a system to reward members with points that allow them to get better loan or savings rates, or waive fees for certain services. Just a few months after the August 2003 launch, however, the CU's...

People.
April 5, 2004... RDS, Indianapolis, Ind., promoted Kent Campbell to vice president of information technology, Crystal Yeagy to vice president customer service and operations departments, and Kristi Lowell to vice president marketing and sales departments and...

'Combat-Tested' Tips On Marketing To Community.
April 5, 2004... For credit unions making the transition from the captive audience of a single sponsor or a few familiar SEGs to a community charter, business development to a larger FOM can be a scary prospect. Two speakers at the California Credit Union...

Product & Service.(briefs)
April 5, 2004... CUcorp, NYCE In Agreement NORTHVILLE TOWNSHIP, Mich.- CUcorp, a subsidiary of the Michigan league, has entered into an EFT marketing agreement with NYCE Corp. to provide Michigan credit unions with products and services related to NYCE's...

Police CUs To Get Own Conference.
April 5, 2004... Bator Training & Consulting, Inc., here has developed a conference to address specific issues relating to credit unions that serve law enforcement officials. The event, scheduled for July 15-16 at the Palmer House Hilton in downtown Chicago...

Community Page.
April 5, 2004... USAAFCU Breaks Ground For HQ USAA Federal Credit Union breaks ground at the site of its new headquarters building in San Antonio, Texas. CACU Donates To Historical Society LENEXA, Ken.-CommunityAmerica Credit Union donated $10,000...

The CU Journal Daily.(briefs)
April 5, 2004... Check Cashers Agree To Fee Cap HARRISBURG, Penn.-The state of Pennsylvania has struck a deal with check cashers in the state that cash government checks to place a cap on the fee charged for the service. Secretary of Banking Bill...

Community Page.
April 5, 2004... EFCU Hosts Colorado Legislators COLORADO SPRINGS, Colo.-Ent Federal Credit Union officials discussed potential issues facing the state with Sens. Ed Jones and Andy McElheny. PAFCU Has Free Mortgage Seminar HAPPAUGE, N.Y.-People's...

Collateral Issues: As More CUs Enter Business Lending, They Must Also Learn To Better Understand How Collateral Is Different, Says Expert.(Credit Unions)
April 5, 2004... Consumer and mortgage loans are secured by collateral that is clear and marketable. Security for commercial lending, on the other hand, can be murky-meaning credit unions must be able to glean information from alternate sources. Linda...

Business Decisions: Some Long-Time Credit Union Advantages Waiting To Be Leveraged In Business Services, Says One Person.
April 5, 2004... Business services are not a fad; in fact, business lending is the direction credit union lending is headed, according to one person. That was the message from Larry Middleman, president and CEO of CU Business Group, a Portland, Ore.-based...

Data Shows Strong 2003 For Corporate CUs.(credit unions)
April 5, 2004... Year-end 2003 data shows corporate credit unions experienced record growth last year. Total assets held by the nation's 29 corporate credit unions increased by $4.9 billion, or 7.1%, to $73.8 billion at year-end 2003, up from the $68.9 billion...

EECU The Official Credit Union of The Brahmas.(Brief Article)
April 5, 2004... The $520-million EECU here has signed on as the official credit union of the Fort Worth Brahmas, a minor league team playing in the Western Professional Hockey League. EECU kicked off its partnership by holding a "Hat Trick" contest. Any...

PSCU Financial Pays $11M Patronage Dividend.(Brief Article)
April 5, 2004... PSCU Financial Services is paying an $11.7-million patronage dividend to its more than 500 member credit unions nationwide. It is the ninth consecutive year the company has done so, during which it has paid out more than $86 million. "Despite...

CUs Again Jointly Sponsor RI Championships.(Credit Union Classic High School Basketball Championships)(Brief Article)
April 5, 2004... For the fourteenth consecutive year, Rhode Island credit unions, the Rhode Island Credit Union League, and Empire Corporate FCU jointly sponsored the annual Credit Union Classic High School Basketball Championships. The state championship...

More Than 30 Turn Out For Day In Annapolis.(Credit Union Day)(Brief Article)
April 5, 2004... More than 30 credit union representatives from Maryland were in attendance at the second annual "Credit Union Day" at the state capitol, hosted by the Maryland league. Long-time credit union lobbyist James R. Brown led a breakfast briefing,...

Paraguay CU Reps Get Tour, Advice In Minn.
April 5, 2004... Representatives of Paraguay's credit union trade association (CENCOPAN) who have been touring this state as guests of the Minnesota Credit Union Network took time to visit with St. Marys Federal Credit Union (SMFCU) for an afternoon of...

Workshop Focuses On MBLs.(Member Business Lending )(Brief Article)
April 5, 2004... The ongoing interest in business lending was more than evident here, when more than 230 credit union executives turned out for an NCUA-sponsored workshop here on the subject. The workshop was part of Board Member Debbie Matz' Partnering...

Glitch Halts ACH Transactions: More Than 2,000 CUs Affected By Bug At U.S. Central.(credit unions)
April 12, 2004... U.S. Central was caught up and running its APEX ACH system in real time as The Credit Union Journal was going to press, but natural-person credit unions were still bracing for a flood of bounced checks after a glitch at the corporates'...

PEFCU, Electric Co-op Strike A Unique Agreement.(Purdue Employees Federal Credit Union and Tipmont Rural Electric Membership Corporation)
April 12, 2004... The NCUA has granted a unique FOM arrangement between Purdue Employees Federal Credit Union and Tipmont Rural Electric Membership Corporation of Linden, a cooperative that provides electric power to 20,000 rural households and commercial sites,...

New Challenges To Columbia Board: Suit Says Board Members Violating Own Term Limits.
April 12, 2004... Having survived a highly publicized recall vote, the embattled board of directors at Columbia Credit Union faces a new legal challenge from dissident members, who filed a motion in state court alleging several board members are in violation of...

Credit Union-Sponsored Race Raises Profile, Funds For CMN.
April 12, 2004... Credit unions helped to raise more than $325,000 for the Children's Miracle Network as part of the Credit Union Cherry Blossom Run here last week. Shown above at the event are, from left, CUNA CEO Dan Mica, legendary runner Bill Rogers, CUNA...

On Deadline.(Bush signs new Small Business Administration funding bill into law)(General Motors to open industrial loan company)(Brief Article)
April 12, 2004... Bush Signs New SBA Funding Bill Into Law WASHINGTON-President George W. Bush last week signed into law legislation that boosts by more than $3 billion the Small Business Administration's (SBA) 7(a) loan program guaranteeing small business...

Wescom Mentoring Group Aiming To Launch CU.(credit union)(Valley Economic Development Center)
April 12, 2004... Government officials here, with the assistance of Pasadena, Calif.-based Wescom CU, are working to gain approval from NCUA to open a community credit union in this working-class suburb of Los Angeles. Joe Schaeffer, Wescom's senior...

Letters To Hill, FDIC Defend CU Tax Status.(Capitol Hill)(Federal Deposit Insurance Corporation)(credit union)(Brief Article)
April 12, 2004... CUNA sent two letters to Capitol Hill last week defending the credit union tax exemption. CUNA said the letters from CEO Dan Mica point out the "playing field is level enough" for banks and credit unions, and that the not-for-profit focus...

Prediction: Growth To Double.(Brief Article)
April 12, 2004... CUNA predicts credit unions should see the rate of membership growth nearly double over last year's 1.1% as a result of a strengthening job market and economy. CUs can also expect to see the Federal Reserve raise short-term interest rates,...

Worth Noting.(brief)(Wisconsin Credit Union League )
April 12, 2004... Deadline To Enroll In DE Program MADISON, Wis.-The deadline is May 7 to sign up for the National Credit Union Foundation's Development Education (DE) program. The six-day program explores the social mission and uniqueness of credit unions...

Reverse Media Relations, Reverse Hirings, Reverse Thinking.(Editorial)
April 12, 2004... Unbeknownst to all those who were sitting in the Hilton Hotel at the time, at precisely the same moment CUES' Marketing, Operations & Technology Conference was putting on a session in New Orleans on "Building A Credible Image With The Media,"...

Why Your CU May Want To Have Language Policy.(Credit Union)
April 12, 2004... Today, the melting pot of different cultures in America has become, in many instances, more of a salad-with each part maintaining its unique identity within the whole. According to the 2000 U.S. Census figures, one of every six U.S. residents...

Some Members Pushed Out, Others Are Pulled.
April 12, 2004... Why do consumers leave one financial institution for another? The answer to this question comes from understanding the concept of "push vs. pull" and the acceptance that "push" factors are exponentially more powerful. Regrettably, from a...

Columbia Employees Not Paid For Votes.(Brief Article)
April 12, 2004... I want to express my disappointment in the fact finding and reporting of your staff. I read the article "Employees Rescued Embattled Directors," (www.cujournal.com, March 30) after Sunday's Special Meeting regarding the recall or retention...

No Employees Were Paid To Back Board.(Brief Article)
April 12, 2004... I attended the Sunday Special Meeting of Columbia CU. Your article in your online edition (www.cujournal.com, March 30), "Employees Rescued Embattled Directors," stated that the paid staff has volunteered their time to support the board. No...

For Repos That Didn't Get Much Lovin', Firm Adds Online Category.(TitleAuctions)(Econo-Lot)
April 12, 2004... TitleAuctions, a technology company that helps credit unions auction repossessed cars on the Internet, has added a new feature that it says credit unions can use to increase their return on "rough" inventory. The new service is known as...

Study Blasts FDIC For Helping Payday Lenders Skirt Rules.(Federal Deposit Insurance Corp.)
April 12, 2004... A new study is strongly critical of the payday lending industry's tactics for building profits, and of the FDIC for its role in making it possible for the lenders to do business. "Payday lenders use loopholes in state laws, rent bank...

In Saturated Card Market, Analyst Says No Annual Fee, APR Still Do The Trick.(Credit card)(Annual Percentage Rate )
April 12, 2004... What does it take to get members to act on a card solicitation in a market that is already oversaturated? Not too surprisingly, one analyst said it comes down to no annual fee and the card's APR. Chuck Price of the Raddon Financial...

Read All About It-New Name.(brief)(First Edition Community Credit Union)(Brief Article)
April 12, 2004... The $53-million Arizona Media Credit Union has changed its name to First Edition Community Credit Union. The CU said it made the change to "better represent the credit union's wide diversity in its membership and to position the credit union...

Product & Service.(brief)(Volunteer Corporate Credit Union)
April 12, 2004... VolCorp To Host Seminar Series NASHVILLE, Tenn.-Volunteer Corporate Credit Union will be offering a free seminar series for credit unions through its Consulting Services Department. The four seminars include Knowing Your Balance Sheet...

New TV Ads Put Emphasis On Products.
April 12, 2004... Arizona Federal Credit Union has advertised on television for two years, but recently upgraded both the look and the message of its TV spots. The credit union began a three-part advertising campaign the first week of February. Steve...

CUES Honors Individuals, Credit Unions.(Credit Union Executives Society )(Brief Article)
April 12, 2004... The Credit Union Executives Society (CUES) honored a number of people for their professional accomplishments during its Marketing, Operations & Technology Conference here. Named as Operations Professional of the Year was Larry Kunkel of FORUM...

8,000-Plus In Credit Union Mini-Marathon.(CU Cherry Blossom 10-Mile Run)(Brief Article)
April 12, 2004... More than 8,000 runners, of which at least 3,600 were credit union members, participated in the 32nd annual running of the CU Cherry Blossom 10-Mile Run. The race included a "race within a race" for members of Congress and their staff...

People.(appointments)
April 12, 2004... Manheim, Atlanta, named Austin McBride assistant general manager, Butch Herdegen general manager, Tony Markese assistant general manager, Greg Price auction manager, Barry McCammon assistant general manager, and Rob Mowers has joined a...

New Tool Helps Credit Unions Address And Resolve Internal Problems.(Brief Article)
April 12, 2004... Extreme Arts & Sciences here has unveiled a new interactive learning tool that helps credit unions to identify internally where they can improve and how to resolve a range of issues. Called "Get to the Point," the CD-ROM was developed in...

BECU Rolling Out Services Aimed At Businesses Up To $10M In Sales.(Boeing Employees' Credit Union)(Brief Article)
April 12, 2004... BECU is expanding into small business services. The $4.6-billion credit union is defining small business as those with up to $10 million in annual sales and up to 100 employees. BECU began offering small business services at two of its 20...

Community One FCU Overhauls Checking Account, Offering Three Tiers.(Community One Federal Credit Union's new services)(Brief Article)
April 12, 2004... The $160-million Community One Federal Credit Union has introduced a new Lifestyle Checking account that comes with three tiers. The account-holder will never be charged teller or phone service fees with any of the new Lifestyle checking...