Credit Union Journal articles from April 2008

Credit Union Journal archives from April 2008

Treasury Reform Plan Ignites Firestorm Among CU Lobby Groups: Plan Would Merge NCUA Out Of Existence, Blur CU Charter.
April 7, 2008... WASHINGTON -- A regulatory reform proposal by the Treasury Department that would combine NCUA with the banking regulators ignited a firestorm last week among the credit union lobby groups, some of whom insisted the plan could mean the end of...

Second Chance For CUs At Student Loan Carve-Out.
April 7, 2008... WASHINGTON -- Representatives from three of the biggest student lenders among credit unions are scheduled to meet with key lawmakers this week in an effort to claim a place in last years carve-out for non-profits from the major cuts in federal...

You've Closed The Loan- Now, Can You Collect On It?
April 7, 2008... DALLAS -- The question for credit unions in 2008 wont be whether or not to ramp up collections activity but how soon to start collections and whether or not to do it in-house. There is a marked increased in collections activities centered...

Do You Know To Whom You're Lending?: CUs Are Re-evaluating Underwriting Process As Crunch Continues.
April 7, 2008... BROOMALL, Penn. -- The economic slowdown has credit unions across the country taking another look at their loan underwriting standards. Those that havent done so are being urged to make sure they do. It makes sense to periodically...

On Deadline.
April 7, 2008... TJX to Settle With MasterCard Holders FRAMINGHAM, Mass.TJX Cos., which paid $40.9 million in December to settle claims with credit union and bank Visa issuers over last years massive data breach, has agreed to provide $24 million to...

Elevations CU's Bill Sterner Dies After Heart Attack.
April 7, 2008... BOULDER, Colo. -- Bill Sterner, the well-respected CEO of Elevations CU and a long-time credit union activist, died following a heart attack he suffered March 28. Sterner, 66, joined the CU, then known as University of Colorado CU, in 1997 as...

Mich. League Teams With Gov. To 'Save The Dream'.(Michigan league joining Gov. Jennifer Granholmin on a media tour to spread the word about a package of legislation)(Brief article)
April 7, 2008... NORTHVILLE TOWNSHIP, Mich. -- Michigan league CEO David Adams will be joining Gov. Jennifer Granholmin on a media tour around the state to spread the word about a package of legislation the governor has signed being called Save the Dream. ...

Teller In Critical Condition After Shooting At SECU.(State Employees Credit Union of Maryland Inc.)(Brief article)
April 7, 2008... CHARLOTTE, N.C. -- A teller was in critical condition at a nearby hospital last night after she was shot during a robbery at the State Employees CU branch here last week. Police were searching for four people who fled after the hold up,...

Bill Would Allow NY CUs To Be Part Of Deposit Program.
April 7, 2008... LATHAM, N.Y. -- The New York State Assembly passed a bill that would allow New York state and federal credit unions to participate in the Excelsior Linked Deposit Program, which is aimed at making capital available to small businesses. The...

Corporates Downplay Subprime's Affects On 2007 Statements.
April 7, 2008... WASHINGTON -- When corporate credit unions shortly release their 2007 year-end financials, it is not expected most will be reporting any significant losses as a result of failed investments in mortgage-backed securities, according to a...

Post Card from the CU Past.
April 7, 2008... DALLAS -- Female employees of Safeway Centrex Federal Credit Union here stay in shape to serve members through daily after-hours aerobics classes in the credit union's lobby. Credit union manager Janice Brabham (front left) teaches the 1981...

CUNA Steps Into Ky. FOM Case.
April 7, 2008... FRANKFORT, Ky. -- CUNA has filed a friend of the court brief in the Kentucky Court of Appeals saying a lower court ruled incorrectly in applying federal administrative law precedents to a credit union field of membership lawsuit. At issue is a...

Study Sheds New Light On Costs, Affects Of Multi-Factor.
April 7, 2008... AVONDALE, Ariz. -- A new study sheds light on the costs and challenges being felt by credit unions as they administer and support multi-factor authentication (MFA) and other authentication products and services. The study, conducted by...

Worth Noting.
April 7, 2008... Call For Wegner Nominations MADISON, Wis.Nominations are now being accepted for the credit union communitys highest honor: the 21st Annual Herb Wegner Memorial Awards presented by the National Credit Union Foundation. Nominations are due...

CURIA COUNTER - 148.
April 7, 2008... At press time, the number of co-sponsors on the CURIA bill. 218 are needed to have a majority. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

On Agenda: Strategy Behind BECU's 12%-15% Annual Growth.
April 7, 2008... TUKWILA, Wash. -- To grow your credit union, dont focus on growthfocus on making members happy. Thats BECUs strategy, and it must work. The credit union has recorded membership growth of 12% to 15% for each of the last three years....

The GROW Show: No Famous Keynotes. No Golf Tournament. Just CU Growth.(Conference news)
April 7, 2008... Just 21 Days Left To Grow Your Credit Union! WHAT: Credit Union Journals Grow Show WHEN: April 27-29 WHERE: ChampionsGate Resort, Orlando, Fla. WHY: The Credit Union Journal has created the only conference...

Now In The Market.
April 7, 2008... Retton To Join Think Meeting RANCHO CUCAMONGA, Calif.Mary Lou Retton, the first American woman to win an Olympic gold medal in gymnastics in 1984, has been added to the speaker roster for CO-OP Financial Services Think 2008 conference. The...

Smoke & Fears: Lessons In How Washington Deals With Change.
April 7, 2008... I knocked twice, positive I had heard some shuffling behind the door. Still no answer. I thought about checking the address, but had been here a half-dozen times before and was positive I was in the right place. 1776 Duke Street? Yep. The name...

Calendar.
April 7, 2008... APRIL April 7-11 CUNA Residential Mortgage Lending School, The Westin Buckhead Atlanta. For info: 800-356-9655, ext. 4249, www.training.cuna.org. April 7-10 American Association of Credit Union Leagues Compliance and Auditors...

Orange County Teachers FCU Changing Its Name To SchoolsFirst FCU.
April 7, 2008... SANTA ANA, Calif. -- Orange County Teachers Federal Credit Union, the nations largest credit union for school employees and their families, officially changed its name to SchoolsFirst FCU April 2. The CU said the new name is intended to...

On Branding: A Big Lesson In Branding From A Small CU In A Small Market.
April 7, 2008... As members file into Guadalupe Credit Unions 60th annual meeting it feels like a joyous family reunion. The setting is the school cafeteria at Santa Maria de la Paz Catholic Community Church, just 50 yards behind the church itself. It is late...

Why This Is A Good Time To Offer Mortgages.
April 7, 2008... Youre feeling pretty good about yourself these days. While lenders all over the country were pushing risky loan products, you werent. Negative amortization? Never. 100% LTV? No way. High debt-to-income ratios? Not you. Adjustable rate mortgages...

California CUs Welcome The Scrutiny.
April 7, 2008... As NCUA considers adding examiners nationally as well as within Region 5 (Credit Union Journal, March 28), the California Credit Union League welcomes the agencys proactive approach to helping credit unions make important financial decisions...

Special Loan Program For Underserved Reports It Doubled Volume Projections.(Financial report)
April 7, 2008... MARLBOROUGH, Mass. -- The New Hampshire Credit Union League is reporting credit unions in the state have more than doubled projections for the amount of loans made in a special program for underserved communitiesand did so a year early, to...

The 3 Common Characteristics Of Successful Companies.
April 7, 2008... MONTEREY, Calif. -- There are three simple things that make any organization, including credit unions, stand out in their markets. Identifying those three things isnt the challengenot surprisingly, executing them is. But all is not lost,...

Five Characteristics Of A Leader.(Brief article)
April 7, 2008... MONTEREY, Calif. -- According to Joe Sullivan, the five characteristic traits of a leader are: 1. Vision. You cannot take action if you do not have vision. 2. Passion. I think we have in financial services a leadership vacuum. Its...

Now In The Market.
April 7, 2008... New Scoring Data Features Introd GARDEN GROVE, Calif.Credit reports issued by Informative Research include a new feature that lets mortgage originators instantly view key borrower score information and access credit score improvement tools....

Product, Service Introductions By Credit Unions.
April 7, 2008... INTELLIGENT CHECKING DEBUTS VANCOUVER, Wash.IQ Credit Union has introduced a new product is is calling Intelligent Checking, which pays a higher interest rate and offers other benefits. Intelligent Checking pays a 5.75 APY on balances...

Compromise Seen on Mortgage Relief Bill.
April 7, 2008... WASHINGTON -- The Senate was working last week on a compromise housing relief bill that was not expected to include the controversial provision to allow bankruptcy court judges to restructure mortgages. The measure is opposed by the credit...

Bush Admin Won't Intervene In Student Lending Market.
April 7, 2008... WASHINGTON -- The Bush administration refused to engineer a rescue of the troubled student loan market, even as major lenders continued to exit the market. Treasury Secretary Henry Paulson told lawmakers they have no plans to add liquidity...

TJX Escapes Fines In Huge credit card Data Breach.
April 7, 2008... WASHINGTON -- The Federal Trade Commission will require TJX Cos. to submit an independent security audit to it for the next 20 years but will not issue a fine against the national retailer for the huge data breach that compromised millions of...

Agenda.
April 7, 2008... Events NCUA Office of Small credit union initiatives is hosting a series of Credit Union Workshops tailored for CUs with assets of $50 million or less at locations across the country: * April 11, Philadelphia * April 26, Portland,...

People.
April 7, 2008... Service Security FCU, San Antonio, Texas, named Sandra Quinn senior mortgage officer, Kathy Gonzales service center manager and Mike Cubeta assistant vice president of legal services. The Credit Union Association of Colorado and Credit...

A CDCU Grows In Texas.
April 7, 2008... HOUSTON -- The Neighborhood Centers Inc., a low-income community development corporation, has submitted an application to the Texas CU Division to charter a credit union for the mostly Hispanic southwestern portion of the city. The group...

Foreclosed Homes On Bus Tours.
April 7, 2008... MARLBOROUGH, Mass. -- Digital FCU said its DCU Realty LLC unit is offering local residents bus tours of foreclosed properties to help boost real estate sales and lending. The Foreclosure Bus Tours were conducted on two Saturdays earlier this...

'Sports Cap Bandit' Gets 7 Years.
April 7, 2008... SACRAMENTO, Calif. -- A man convicted of seven area credit union and bank robberies last week was sentenced to a year in prison for each of the heistsa total of seven years behind bars. Brian Traynor, 42, was dubbed the Sports Cap bandit...

STFCU Blogs For Young Members.
April 7, 2008... SCHENECTADY, N.Y. -- In an effort to woo young members, Schenectady Teachers FCU has introduced its own members blog. The Internet log is part of a comprehensive campaign to attract so-called Generation Y and includes podcasts and financial...

Proposed Charters/Proposed Federal Agencies.
April 7, 2008... PROPOSED CHARTERS Financial institutions, including CUs, would be offered one of three charter options. Federal Insured Depository Institution For all lenders with federal deposit insurance Federal Insurance Institution ...

Reactions From CU Trades.
April 7, 2008... Fred Becker, CEO, NAFCU: The (Blueprint) fails to take into account the unique role of credit unions and the benefits they provide to the American consumer. The Treasury blueprint calls for consolidation of the national bank, national savings...

Fiserv Units Unveil Financial Platform For Users Of Facebook.
April 7, 2008... BROOKFIELD, Wis. -- In an effort to reach the growing Gen Y marketplace, Fiserv is debuting a new application built on the Facebook platform that will let members manage their finances directly from the popular social networking utility. ...

Now In The Market.
April 7, 2008... CUSN Adds Two More CUs LAKEWOOD, Colo.uCU Service Network announced that Capitol View Credit Union and First Class Credit Union have joined shared branching as issuing credit unions. The two CUs now have access to more than 3,140 U.S....

Winner Knows How To Shop.
April 7, 2008... PHILADELPHIA -- John ODonnell demonstrated the greatest ability to keep a running tab on the cost of groceries and as a result beat out five other members of American Heritage FCU here as part of a shopping contest. ODonnell finished the race...

Teen Winners Are Named.(Kellogg Community Creek Federal Credit Union naming the four winners of its Teen Financially Made Contest)(Brief article)
April 7, 2008... BATTLE CREEK, Mich. -- Kellogg Community FCU has named the four winners of its Teen Financially Made Contest. Shelby Schueman, Brittany Schultz, Marissa Morgan and Aaron Betts were selected as the winners after submitting a 250-word essay...

TWCU Is Growing, Moving.(Telephone Workers' Credit Union)(Brief article)
April 7, 2008... BOSTON -- Telephone Workers CU received permission from state regulators to move its headquarters out of the downtown financial district to suburban Braintree, Mass. The move will facilitate expansion of the $530-million credit union, which...

Hood, CU-Seeking Tribe Visit.
April 7, 2008... FLANDREAU, S.D. -- NCUA Vice Chairman Rodney Hood met with representatives of the Flandreau Santee Sioux Tribe (FSST) and Mid America Credit Union Association at a special town hall meeting here at the Royal River Casino and Hotel. The meeting...

Digging Out Of The Hole: How CUs Are Reaching Out To Members In Financial Trouble.
April 7, 2008... MERRIFIELD, Va. -- Despite the fact credit unions largely didnt get trapped in the mortgage morass that has dragged down so many other lenders, they are having to reach out to members who are now in financial trouble due to loans they have...

CUJ Q&A: How CUs Are Refocusing On Collections Efforts.
April 7, 2008... ROCKVILLE, Md. -- With loan delinquencies on the rise, many credit unions are considering ramping up their collections activities both in-house and outsourced. For information on the latest collections strategies and trends, the Credit...

Mortgage Bill Dies Quiet Death: But Effort To Allow Bankruptcy Courts To Restructure Mortgages Still Has Support.
April 14, 2008... WASHINGTON -- A controversial measure that would have allowed troubled homeowners to file for bankruptcy to get their mortgages rewritten was quietly put to death last week when the Senate voted to remove it from its mortgage rescue package....

Visa IPO Windfall Helps Erase 4Q Losses For CUs.
April 14, 2008... WALL STREET -- Last months landmark initial public offering for Visa couldnt have come at a better time for credit unions, many of whom received shares in the IPO. The windfall meant million-dollar payouts for dozens of credit unions and...

United States Of Texas: CUs In The Lone Star State Are A Microcosm Of The Market Conditions & Challenges Being Faced By CUs Across The Nation.
April 14, 2008... DALLAS -- Ask Texas credit union leaders about their forecasts for their own operations, and most are pretty optimistic. But ask them about the economy or even other CUs, and they are downright pessimistic. The dichotomy in Texas explored...

Educators CU Is Defending Its Used Auto Sales Program.
April 14, 2008... RACINE, Wis. -- Educators CU is appealing the state regulators order to shut down its successful used auto sales, following complaints from the auto dealers lobby. The order issued last month by the Office of CUs found the $950-million...

Stash The Cash: Booming Liquidity Pushes CUs To Rethink Investments.
April 14, 2008... DULUTH, Ga. -- The good news: some credit unions have grown anywhere from 10% to 30% in asset size over the last two months. The bad news: what to do with all that extra cash? Credit Union Journal turned to the same people credit unions do...

On Deadline.
April 14, 2008... Massachusetts CUs Seek Consumer Lending Parity BOSTONThe Division of Banks has proposed amendments to its credit union rules giving state chartered credit unions parity with federal charters on consumer loan maturities, indirect lending,...

30 Under 30 To Be A Fountain Of Youthful Wisdom For CUs.
April 14, 2008... CHICAGO -- A group of 30 credit union leaders, all under the age of 30, joined here recently to discuss marketing campaigns, credit union products, and recruiting strategies. Dubbed the 30 under 30 group, Filene Research Institute has...

Centrix Deal Leaves Little More Than Scraps For CUs.
April 14, 2008... DENVER -- A federal bankruptcy judge is expected later this month to approve the reorganization of failed subprime auto lender Centrix Financial, but the plan leaves little, if anything, for unsecured creditors, including more than 140 credit...

CU Journal, WOCCU Take Readers On Journey To Peru, Chile.
April 14, 2008... LIMA, Peru -- Seven women representing U.S. and Canadian credit unions trekked across Peru and Chile to learn more womens leadership and brought back valuable lessons learned in the midst of abject povertyand a partnership between the World...

Post Card from the CU Past.
April 14, 2008... MINNEAPOLIS -- Albert Hofstede, mayor of Minneapolis, mans the shears with R.V. Atkinson, treasurer-manager of Minneapolis Federal Employes Credit Union, to cut the ribbon at the opening of the credit union's new 1974 headquarters. Looking on...

Worth Noting.
April 14, 2008... Falk To Succeed Connors At Purdue Employees WEST LAFAYETTE, Ind.William Bill F. Connors, CEO of the $475-million Purdue Employees FCU, said he will retire July 1 but provide consulting services through Dec. 31 of this year. Bob Falk,...

CURIA COUNTER - 148.
April 14, 2008... At press time, the number of co-sponsors on the CURIA bill. 218 are needed to have a majority. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

Grow Show Attendees Will Go Home With 7 Tips To Boost Marketing.
April 14, 2008... BROOKFIELD, Wis. -- Those who go to Grant Johnsons educational session at the Credit Union Journals Grow Show not only will receive a takeaway of pertinent information to improve their marketing efforts, he also promises attendees a free gift!...

The GROW Show: No Famous Keynotes. No Golf Tournament. Just CU Growth.(Conference news)
April 14, 2008... Just 14 Days Left To Grow Your Credit Union! WHAT: Credit Union Journals Grow Show WHEN: April 27-29 WHERE: ChampionsGate Resort, Orlando, Fla. WHY: The Credit Union Journal has created the only conference...

Credit Unions In The Media.
April 14, 2008... The Times-Picayune in New Orleans highlighted a new branch planned by ASI FCU that will be bilingual and will target Latino workers. The story noted that among those eligible for service will be undocumented workers who are in the U.S....

Now In The Market.
April 14, 2008... CO-OP Adds My Deposit RANCHO CUCAMONGA, Calif.CO-OP Financial Services is offering CUs a way for members to make check deposits from their homes and small businesses. CO-OP My Deposit, which only requires a desktop scanner and...

Discover to Buy Diners Club.
April 14, 2008... RIVERWOOD, Ill. -- Discover Financial Services, the parent of the PULSE EFT network, has signed an agreement with Citigroup to acquire venerable Diners Club International, one of the first credit card brands, for $165 million, the companies...

Brothers Eyed For 15 Robberies.
April 14, 2008... TYLER, Texas -- Two half brothers, charged in November with two area bank robberies, are scheduled to be brought back to federal court in connection with as many as 13 additional credit union and bank heists. Derrick Van Hodges, 34, and...

DNA Links Suspect To Murder.
April 14, 2008... NEW HAVEN, Conn. -- A suspect arrested in the January armed robbery at Workers FCU has been tied to the slaying of a local man the week before by DNA collected at the murder scene. Antwan Byrd, 32, of Hartford, is being charged in...

ECU Names Polando Interim CEO.
April 14, 2008... BOULDER, Colo. -- Elevations Credit Union has named COO Evelyn Polando as interim president and CEO while a search is underway to replace Bill Sterner, who died after suffering a heart attack. Polando joined Elevations as VP-operations in 1999,...

Arrow Merges Into Spectrum FCU.
April 14, 2008... OAKLAND, Calif. -- The $2.7-million Arrow Credit Union is being absorbed via merger by the $136-million Spectrum FCU in San Francisco. Arrow was founded to serve employees of Mothers Cookies, which closed in 2006 when Arrow had assets of $5...

The Kind of Passion That Could Take You Around The World.
April 14, 2008... Certain subjects lend themselves to perpetual debate: Red Sox vs. Yankees. Red states vs. blue. Pretends to know which wine to order vs. the rest of us. And then theres credit union careers vs. most others. There remains a fundamental...

Calendar.
April 14, 2008... APRIL April 15-18 CUNA Sales & Service Culture Institute, Omni San Diego Hotel. For info: 800-356-9655, ext. 4249, www.training.cuna.org. April 15-18 Texas CU Leagues Annual Meeting, George R. Brown Convention Center,...

Measuring Success: Why Members Of Citadel FCU Frequently Give It The High Five.(Company overview)
April 14, 2008... PONTE VEDRA, Fla. -- At Citadel FCU, its all about the fives. The $1.1-billion, Thorndale, Penn.-based Citadel has placed significant emphasis on what it calls Citadel Class Service and a campaign called Strive for Fives. The fives is a...

How To Implement Orientation Training For Your CU's New Directors.
April 14, 2008... No one except bats enjoy living left in the dark. Ok, there are some other nocturnal animals, but this is not about them. This is about directors, new directors, who want to contribute to your credit unions success and to see positive results....

Research: Awareness Is First Step To Attracting New Members.
April 14, 2008... Gaining new members requires a two-step sale. First, people need to become aware of what credit unions are and their eligibility to join. Only then can they be sold on a specific credit union. Awareness surveys and other non-member studies are...

Charity In Bloom: CUs Raise More Than $1M For CMN At Annual 10-Mile Race.
April 14, 2008... WASHINGTON -- More than 600 credit union volunteers worked at last Sundays 36th Annual Credit Union Cherry Blossom Run, which has been credit union-sponsored since 2002. Nearly half of the more than 12,000 runners were estimated to be credit...

Filene Study: Increasing CU Access To Alternative Capital Serves The Public Interest.(Report)
April 14, 2008... MADISON, Wis. -- The public interest would be well-served were credit unions given greater access to alternative capital sources, according to a new report from the Filene Research Institute. The report, authored by Filenes former Executive...

WWII Vets Sponsored By ACFCU.
April 14, 2008... MECHANICSBURG, Penn. -- AmeriChoice FCU here is helping to underwrite the cost of transporting local World War II veterans, along with students at a local middle school, to Washington for tours and ceremonies at the World War II Memorial. ...

CUNA Generates Campaign to Thwart Treasury Proposal.
April 14, 2008... WASHINGTON -- CUNA is calling on thousands of credit union executives and directors to write letters to Treasury Secretary Henry Paulson in opposition to the Bush administrations proposal to merge NCUA into the FDIC. In a Call to Action,...

Furor Dissipates Over Hostile CU Takeover.
April 14, 2008... WASHINGTON -- Despite massive opposition by credit union groups to last years hostile takeover attempt by Wings Financial FCU, there appears to be little, if any interest among credit union executives in having NCUA regulate against hostile...

Bid For Rare FHLB Merger Unable To Reach Agreement.
April 14, 2008... CHICAGO -- The Federal Home Loan Bank of Chicago, creator of the FHLBs secondary mortgage market program, announced it has terminated negotiations with the FHLB of Dallas on a rare combination of two FHLBs. After extensive analysis and due...

People.
April 14, 2008... Clark County Credit Union, Las Vegas, named Tina Rice commercial loan assistant and Sherry Klingensmith information systems specialist. America First CU, Ogden, Utah, named Breanne Moore manager of its Orem Wal-Mart branch, Mai Nguon...

Merger To Create Large Minn. CU.
April 14, 2008... ST. PAUL, Minn. -- St. Paul FCU said it has agreed to merge with Capital Trust FCU, creating one of the largest credit unions in the Twin Cities with almost $140 million in assets. Capital Trust FCU, with almost $47 million in assets,...

GFCU Launches Advertising Agency.
April 14, 2008... PITTSFIELD, Mass. -- Greylock FCU announced it is offering advertising and marketing services through its in-house ad agency. Greylock Marketing Group will provide an experienced team of communications professionals with expertise in...

CU Pilots MasterCard Platform.
April 14, 2008... SAN ANTONIO -- Security Service FCU will be the first MasterCard customer to implement the companys new Integrated Processing Solution debit processing platform, MasterCard announced. The new platform will provide credit unions and banks...