Credit Union Journal articles from December 2004

Credit Union Journal archives from December 2004

Anti-CU Resolution Sent To Congress: Utah Legislature Asks To Be Able To Tax Federal Credit Unions.
December 6, 2004... A two-year study by a specially appointed task force on the credit union-bank wars here wound up where it began, with the panel approving a resolution last week seeking to tax credit unions, this time asking Congress to allow states to tax...

Are Credit Unions Getting Money's Worth?: As CUs Take To Airwaves, 1 Challenge Is Measuring 'Return'.
December 6, 2004... Not since the 1970s, when Chad Everett, star of the then hit series "Medical Center," was spokesperson for credit unions in a national campaign backed by CUNA, have credit unions taken to the airwaves as they will in 2005. The Credit Union...

Lawsuit Leads CUs To Withdraw Gift Cards In 3 States.(Credit Unions)
December 6, 2004... Credit unions in Massachusetts, New Hampshire and Connecticut are bailing out of gift card programs to avoid any negative press associated with lawsuits filed by Attorneys General in these states against the gift card program operated by mall...

Suspect In Two Abduction-Style Robberies Confesses.
December 6, 2004... A suspect in six abduction-style robberies at at least two credit unions and other financial institutions has confessed to participating in the crimes and is being held without bail. In statements made to FBI Special Agent Jeffrey Moore,...

On Deadline.
December 6, 2004... Loan Growth Remains Strong During October MADISON, Wis.-Loan growth continued to be strong at credit unions in October, according to CUNA. Loans expanded by 0.6% during October, pushing year-to-date loan growth to 9.2%, the strongest since...

The Dates Are Set!: 6th Annual SEG and Business Development Conference.(Calendar)
December 6, 2004... The Credit Union Journal will host its Sixth Annual SEG & Business Development Conference March 31-April 1 at the Renaissance Hotel SeaWorld in Orlando. Watch for details, and get ready to attend the original and still most popular conference...

Focus Groups Helping Refine Cal./Nev. Campaign; Ads To Debut Mid-January.
December 6, 2004... The California and Nevada Credit Union Leagues are tentatively targeting Jan. 17, 2005, as the initial air date for their $6 million public advocacy campaign, a spokesman for the California league told The Credit Union Journal. Funding for...

NCUA Guides Corporates On BCP.(business continuity planning)(National Credit Union Administration)(Brief Article)
December 6, 2004... NCUA issued a guidance letter to corporate credit unions on business continuity planning (BCP). The agency noted that although corporates have disaster recovery plans in place that focus on catastrophic events, those plans most likely to not...

CLC Exec Committee Grows By 3.(Credit Union National Association Lending Council)(Brief Article)
December 6, 2004... Three new seats were added to the CUNA Lending Council executive committee during the most recent elections, which made for a total of five vacancies. Re-elected as chair was Joe Brancucci, VP-lending with BECU in Tukwila, Wash., while Chris...

FAIRWINDS Backs Alumni Center.(Brief Article)
December 6, 2004... FAIRWINDS CU and the University of Central Florida Alumni Association are teaming up to build the FAIRWINDS Alumni Center on the UCF Campus. The credit union is not only donating to the building fund but is also providing a loan to help finance...

Ads Responding To Conversion Attempt Prompt Feedback.(Lake Michigan Credit Union)
December 6, 2004... "Thank heaven for the powerful full-page ad in the Nov. 7 Press pointing out the disaster that awaits the members of Lake Michigan Credit Union . . ." stated Michael Johnston, a teacher and LMCU member, in his letter published in the Grand...

CUNA: Let FCUs Set Their Own Bylaws.(Credit Union National Association )(Federal Credit Unions)(Brief Article)
December 6, 2004... CUNA is calling for federal credit unions to be given more options when it comes to their bylaws, including the ability to draft their own bylaws consistent with guidance provided by NCUA. In a comment letter to the agency, CUNA urged it to...

Worth Noting.(Brief Article)
December 6, 2004... Bill Includes CU Appropriations WASHINGTON-There were several funding provisions related to credit unions included in the fiscal year 2005 omnibus appropriations bill approved by Congress, including, a borrowing authority cap of $1.5...

Are You Ready To Report.
December 6, 2004... The Credit Union Journal will be adding a full-time reporter position effective Jan. 1 in its West Palm Beach, Fla. office. Interested parties should send resumes, clips to Editor, P.O. Box 4387, W. Palm Beach, FL 33402. Copyright 2004...

Does Board Have Same Standard For Itself As Management?
December 6, 2004... Let me ask a few questions. Would a good credit union manager employ staff that don't have the appropriate qualifications, skills and experience? Would a good manager not have some form of ongoing staff training? Would a good manager not...

Cameras Gone, Damage Remains: Florida CUL Sorts Through Requests For Help.(Florida Credit Union League )
December 6, 2004... The four hurricanes that ravaged Florida have long since drifted off the nation's radar screen, but the Florida Credit Union League hasn't forgotten that for many residents of the Sunshine State, the aftermath of the storms continue to take a...

Two More CUs Change Names.(Credit Unions)(Brief Article)
December 6, 2004... Aldine Teachers Credit Union has changed its name to InvesTex Credit Union. Founded in 1952 to serve local teachers, the credit union has grown to $59 million in assets as it has expanded its charter to most of the people living and/or working...

Why Every CEO Should Read GAO Report On Corporates.(Chief Executive Officers)(General Accounting Office)
December 6, 2004... It is not likely to show up on Oprah's favorite book list, but the 100-plus page United States Government Accountability Office's September 2004 report on corporate credit unions is still a must read for credit union officials. Every...

The Seven Sins To Avoid When It Comes To Doing Research.
December 6, 2004... There are seven sins in credit union research. Committing one or more of them totally defeats the goals of any research project, which is to gather and act upon data to move the organization forward. They are: 1. Failure to communicate...

Product & Service.
December 6, 2004... Politzer & Haney Now P&H NEWTON, Mass.-Politzer & Haney, Inc., a provider of business banking solutions, has changed its name to P&H Solutions, Inc. The company said the change was made to more accurately reflect its position as a leading...

Advice On Measuring Success, Members, The CU, & More.(Credit Unions)
December 6, 2004... Several experts had advice for attendees at Mid-States Financial Strategies Forum here. Below is a look at some of the information that was shared. Productivity Vs. Success Are productivity and success related? Credit union industry...

TAG Applications Begin.(technical assistance grants )(Brief Article)
December 6, 2004... The Treasury Department announced last week that it is now accepting applications for technical assistance grants through its Community Development Financial Institutions Program. More than two-dozen credit unions received technical...

Product & Service.
December 6, 2004... PSB Lanches FastTrack Service LAKE FOREST, Calif.-PSB, The Marketing SuperSource, has launched a new online product, FastTrack, aimed at reducing the time and cost to market for customers seeking marketing capabilities. FastTrack offers...

One Person's View On How The Flux Within Banks Can Be Tapped By Credit Unions When it Comes To Small Business.
December 6, 2004... Ongoing acquisitions of community banks by larger banks is only creating more opportunities for credit unions in the small business market, according to one person. Joe Sullivan, president of Market Insights, told the California league's...

Three Bankers Talk About How They Differentiate Themselves.
December 6, 2004... If credit unions learned one thing during the Bank Administration Institute's Retail Delivery Show here, it was that what it takes to compete with the "big boys" is a relative concept. Case in point were representatives from three banks...

Looking Back Shows You Got To Read It Here First.
December 6, 2004... It's that time of the year again when one reviews all that they've done during the year. In the case of this column and this newspaper, that would be quite a lot. 2004 was another banner year for The Credit Union Journal. If you didn't...

People.
December 6, 2004... Financial Profiles Inc, Carlsbad, Calif., named David Oates marketing director. DEI Incorporated, Cincinnati, named Christi Elam accountant, and John Baker and Dave Garber site managers. Security Service Federal Credit Union, San...

The CU Journal Daily.(Credit Unions)
December 6, 2004... NCUF Disburses $313K In Grants MADISON, Wis.-The National CU Foundation announced Tuesday $313,000 in grants for credit union development projects. The recipients are: Financial Health CU, East Lansing, Mich., to fund financial...

What's New Around The Curve? Why Bill Pay Is Booming, And What's Next.
December 6, 2004... When Matt Lawlor looks at the credit union marketplace, he sees a series of adoption curves. The curve rising most sharply right now is online bill pay, even if credit unions don't yet recognize it, said Lawlor, chairman and CEO of Online...

Study: More CUs Offering Bill Pay, And For Free.(Credit Unions)(Brief Article)
December 6, 2004... More credit unions are offering online bill pay, and more and more are doing so for free, according to a new survey. CUNA's Center for Research & Advice said its 2004-2005 Credit Union Fees Survey found that nearly 60% of credit unions now...

As Rates Rise, 'Bump Up' Option CDs Begin To Appear.
December 6, 2004... With rates rising, LA DOTD FCU has created a new share certificate program that includes options to bump up the dividend rate and lower or eliminate penalty fees. The "Bend and Stretch" campaign that began in mid-September offers several...

Why 1 CU Is Operating 20 'Student CUs' In 6 Districts.(Community Financial Members Federal Credit Union)
December 6, 2004... Fifteen years since opening its first student credit union, Community Financial Members Federal Credit Union now boasts 20 such operations in six school districts. The elementary, middle school and high school-based credit unions are part...

Product & Service.
December 6, 2004... Redbeard Donates Its Services HOLLISTER, Calif.-Redbeard Communications, a brand strategy and creative design firm specializing in the financial industry, donated its design expertise to benefit the E Cubed Foundation (Encourage, Educate,...

Community Page.
December 6, 2004... ACUL Supports Child ID Program BIRMINGHAM, Ala.-The Alabama Credit Union League joined forces with the American Football Coaches Association to protect the safety of Alabama's children through the National Child Identification Program. ...

Grandmother Helps Nab Scammer Fleeing CU.(Credit Unions)(Brief Article)
December 6, 2004... Janice Lewis, a 60-year-old grandmother, helped nab a scammer fleeing from Verity Credit Union. Lewis was entering a JCPenney department store to do some Christmas shopping when she saw a handcuffed man in his underwear was running in her...

CUNA Mutual Intro's Plan To Help ID Theft Victims.(Credit Union National Association )
December 6, 2004... Through a partnership with Intersections, Inc., CUNA Mutual Group is offering a new solution that allows credit unions to provide their members with a means of monitoring the three credit bureaus to detect signs of identity theft. ...

Bank Group Responds To Comments In CU Journal.(Credit Union)
December 6, 2004... In response made to The Credit Union Journal, the Independent Community Bankers of America has sent a letter to HUD Secretary Alphonso Jackson protesting Jackson's comments that CUs are close to their communities, but banks are not. "While...

Study Indicates Financial Lit Programs Have Effect.(financial literacy program)(Brief Article)
December 6, 2004... None too surprisingly, a new study says that students who participated in a financial literacy program are showing significant improvement in their financial knowledge, behavior and confidence immediately after completing the course. The...

Nine Out Of 10 CUs That Offer Cards Are Issuers.(Credit Unions)(Brief Article)
December 6, 2004... Nearly nine out of 10 credit unions that offer credit cards continue to do so as issuers, according to a new survey. The 2004 Card Processing Executive Survey from Business Development International found that 86% of credit unions remain...

Michigan OKs 2005 Creative Campaign.(Brief Article)
December 6, 2004... The Michigan league's Cooperative Advertising Forum has finalized its 2005 creative campaign and adopted guiding principles for its $1-million pool of matching placement funds. The forum replaces the Michigan Credit Union Marketing Alliance...

Members Question Board On Motives Behind Conversion Attempt.
December 13, 2004... A special meeting for members of Lake Michigan Credit Union last week, culminating the month-long vote to convert the $1.1-billion CU to a mutual savings bank, did little to sway votes from many in attendance, some who openly expressed concerns...

Breaking Ground: New Strategies Driving CU Decisions On Where To Place Branches.(credit union)
December 13, 2004... Credit unions are expanding their branching strategies, but are doing so with a more thoughtful, tactical approach, according to facilities experts. "Credit unions are becoming much more strategic than they were in the past," suggested Tom...

Group Seeks To Speed Separation From CMG Union.(Cuna Mutual Group)
December 13, 2004... White collar members of CUNA Mutual Group's employee union have begun discussions with the Office & Professional Employees International Union aimed at expediting a vote to create their own collective bargaining unit. The talks are aimed...

Four Are Arrested In Abduction/Robberies.
December 13, 2004... Four suspects have now been arrested and charged in a string of kidnap-style robberies at credit unions, banks and check-cashers in which employees of the businesses were abducted, then forced to open their facilities for the crooks. The...

Victim In Abduction/Robbery Waits For Arrest In Her Case.
December 13, 2004... Jeep Country FCU Branch Manager Kathy Scholl is really happy that four suspects in a string of about 12 abduction-style robberies in Columbus, and a suspect in several abduction-style robberies in Milwaukee, Wis., have been arrested. Now...

On Deadline.
December 13, 2004... Muslim Credit Union Leads In Profitability HOUSTON-Nizari Progressive FCU, which serves the area's practicing Muslims, was the nation's most profitable credit union over $25 million in assets for the third quarter. Data compiled by...

If You Were Donald Trump, You'd...
December 13, 2004... In 2005 The Credit Union Journal will introduce a new feature challenging readers to give us a creative response to a scenario we shall pose. Scenario #1: If you could be Donald Trump for a day and use your credit union to pose a challenge for...

Lawmakers Tell Fed Financials Should Share Profits Resulting From Check 21.(federal)
December 13, 2004... A group of top lawmakers called on the Federal Reserve last week to ensure that banks and credit unions are sharing any new profits on "float time" accrued from the new Check 21 law with consumers. In separate letters sent to Fed Chairman...

Brockton CU, Bank Seek Ways To Save Historic 'Liberty Tree'.(credit union)(sycamore tree)(Brief Article)
December 13, 2004... The banks and credit unions could be teaming to solve another local problem-this one over a local landmark. An historic 200-year-old sycamore, known as the "Liberty Tree," sits on the lot housing Security Federal Bank and branches into the...

Worth Noting.(credit unions-appointments)
December 13, 2004... Management Changes At NCUA ALEXANDRIA, Va.-NCUA has announced several management realignments in its headquarters and Region II offices. Examination and Insurance (E&I) Deputy Director Tawana James has been named Director of the Office of...

Read This. There's Something In It For You If You Do!(Editorial)
December 13, 2004... You're more than just open for business. You exist to help consumers keep more of their hard-earned paychecks for themselves. You're there for folks when they're in a jam. And for the most part the response is, "Big deal." For all its...

Study Finds Paradox In Achieving Front-Line, Branch Goals.
December 13, 2004... Financial institutions, including credit unions, are wrestling with overcoming a paradox on the front lines: they are dependent upon a high level of skills from employees who are the least likely to have them. That's a key finding in a new...

First-Time Buyers Offered 100% Financing.
December 13, 2004... Eastern Financial Florida Credit Union has expanded its mortgage loan options to now include a 100% financing product for first-time homebuyers. The offer on loans up to $333,700-up from its previous cap of $225,000-has an added lure -no...

Analysis: Card Penetration Sliding.(Brief Article)
December 13, 2004... Analysis of third quarter data indicates that the penetration rate of credit union-issued credit cards among members continues to slip, although overall outstandings appear steady. AssetExchange, a portfolio brokerage firm that helps credit...

Product & Service.
December 13, 2004... PSCU-FS Intro's CUAlways ST. PETERSBURG, Fla.-PSCU Financial Services has launched CUAlways, a member services solution designed for credit unions to provide uninterrupted, high-touch, full-service consumer support for their members 24x7....

New HQ Also The Best Place To Meet In Town.
December 13, 2004... FORUM Credit Union has opened a 620-seat conference center as part of a $25-million expansion plan that will triple the size of its headquarters. The opening of the conference center completed the first phase of the 155,000-square-foot...

Members Rewarded For Years of Loyalty As CU Turns 50.(Credit Unions)(Brief Article)
December 13, 2004... Finance Center Credit Union wanted to thank its members on the occasion of its 50th anniversary-and it wanted something more than just another special loan or CD rate. The answer: a dividend payment of $2 per year of membership, up to...

Product & Service.(credit union news)
December 13, 2004... TNB Conference Jan. 26-28 SAN ANTONIO-TNB Card Services' 2005 Executive Card Conference will be held Jan. 26-28 at the Westin La Cantera Resort here. The 2005 Executive Conference is open to all TNB credit union executives and credit and...

BREAKING GROUND: New Thinking Driving Branch Locations.
December 13, 2004... Credit unions are expanding their branching strategies, but are doing so with a more thoughtful, tactical approach, according to facilities experts. "Credit unions are becoming much more strategic than they were in the past," suggested Tom...

Bankruptcy FIlings Remains Relatively High.(Brief Article)
December 13, 2004... Bankruptcy filings among consumers remain high. According to data released Dec. 3 by the Administrative Office of the U.S. Courts, there were 388,864 new non-business bankruptcy filings in the U.S. during the quarter ended Sept. 30, 2004,...

Wisconsin Banks Reach Settlement On Back Taxes.(Brief Article)
December 13, 2004... The Wisconsin Department of Revenue said it has reached settlements with 87 banks that owe back taxes to the state, with at least 80 more agreements currently in the works. To date, the settlements stipulate payments totaling $24 million in...

Analysis: 48 Card Programs Sold During 2003.(Brief Article)
December 13, 2004... During the third quarter of 2004, 48 credit unions sold their card programs, totaling $393 million in receivables, according to analysis by card portfolio brokering firm Brookwood Capital. The company projected that if sales continue at the...

The Steps 1 CU Took Before Building Branch.(credit unions)
December 13, 2004... GFA FCU didn't just blindly branch out in hope of growth-it used marketing research to determine not only the location of its newest branch but also the design of the branch to fit the potential membership in that area. The $209-million...

Regardless Of Outcome, CU Support For Winner.(credit union)
December 13, 2004... NAFCU-backed Republican candidate Charles Boustany topped Democratic State Sen. Willie Landry Mount, the CUNA-backed candidate, in last week's run-off election for the state's seventh House District, one of the two final congressional elections...

E-Payments Pass Paper Payments For First Time.(Brief Article)
December 13, 2004... The Federal Reserve reported last week that electronic payment transactions exceeded check payments in the U.S. last year for the first time ever. The number of electronic payment transactions was 44.5 billion in 2003, compared to 36.7...

Opponents Reload For Fight With The GSEs.(Brief Article)
December 13, 2004... Signaling a ratcheting up of the Fannie Mae and Freddie Mac controversy, a group of high-powered competitors to the secondary mortgage market giants has reloaded for their fight in next year's Congress to rein in the two companies. FM...

People.(appointments )(Brief Article)
December 13, 2004... Security Service Federal Credit Union, San Antonio, Texas, recently promoted William Perez to manager of its Service Center. The Indiana Credit Union League, Indianapolis presented Dr. Stephen Lovejoy the volunteer achievement award and Ann...

The CU Journal Daily.(credit union-briefs)(Greylock Federal Credit Union said it has acquired Read-Shaw Insurance Agency)(National Association of Community Credit Unions named Marcus Schaefer as its new chairman)
December 13, 2004... Ukraine Protests Fueled By U.S. CUs CHICAGO-The protests in the Ukraine which led that country's Supreme Court to overturn last month's disputed election results got an assist from America's Ukrainian credit unions, which are preparing a...

Colorado CUL Restructures, Lays Off Some Employees.(Colorado Credit Union League)(Brief Article)
December 13, 2004... The Colorado Credit Union League is reorganizing a number of its business units, including its service corporation, Colleague, and the CU Service Network (CUSN), and will likely be eliminating some jobs. The biggest changes involve its card...

CUNA Names Winners of Herring, Maxwell Awards.(Brief Article)
December 13, 2004... Winners of the 2004 Dora Maxwell Social Responsibility and Louise Herring Philosophy in Action Awards have been named. The first place winners of the Dora Maxwell Award include St. James Hospital of Newark FCU, Newark, N.J.; PEOPLES Community...

Credit Union 24 In Alliance With MoneyPass Network.(Brief Article)
December 13, 2004... Credit Union 24, Inc., which provides ATM & POS network services to more than 410 credit unions in 23 states, said it is entering into an alliance with Genpass, Inc., manager of the MoneyPass surcharge-free EFT network and the second-largest...

Cherry Blossom CU Run Sets $1M Goal For Funds.(credit unions raise money for Children's Miracle Network)(Brief Article)
December 13, 2004... Organizers of the 2005 Credit Union Cherry Blossom 10-Mile Run have set a goal of surpassing $1 million in total funds raised for the Children's Miracle Network. To help reach the goal, credit unions are sponsoring a number of special events in...

Delegation From California Tours Mexico's Largest CU.(Caja Popular Mexicana)(Brief Article)
December 13, 2004... A delegation from nine California credit unions and the California Credit Union League visited Mexico's largest and most progressive credit union, Caja Popular Mexicana, to experience Mexican credit union operations, discuss how to better reach...

Speak of the Devils.
December 13, 2004... At the same time Kathy Scholl of Jeep Country FCU was telling The Credit Union Journal that a policeman in the branch has made the branch safer, two masked gunmen preparing to rob University of Toledo-Medical College of Ohio FCU last week ran...

Community Page.
December 13, 2004... CU Chapter Holds Dinner Dance WEIRTON, W.V.-The Weirton-Wellsburg Chapter of Credit Unions held a dinner dance to celebrate International CU Day. In additional news, guest speakers Bill Mckenzie and John Sorrenti spoke at a chapter...

Small Credit Unions At 2nd Quarter, 2004.(Callahan & Associates)(Brief Article)
December 13, 2004... 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 $2 Million.(Illustration)
December 13, 2004... Total Return To Member Rank Credit Union, Stat Percentile 1 Brook Park Municipal Employees, OH 100.00 2 Goodyear San Angelo, TX 99.94 3 Alderson Fci, WV ...

Assets $2 to $5 Million.(credit unions' performance)(Illustration)
December 13, 2004... Total Return To Member Rank Credit Union, Stat Percentile 1 Louisiana Machinery Employees, LA 100.00 2 Utica Police Department, NY 99.92 3 Tec/twc, TX ...

Assets $5 to $10 Million.(Illustration)
December 13, 2004... Total Return To Member Rank Credit Union, Stat Percentile 1 Huron Area Education, SD 100.00 2 Fcile, KY 99.93 3 Arkansas Farm Bureau, AR...

Assets $10 to $20 Million.(Illustration)
December 13, 2004... Total Return To Member Rank Credit Union, Stat Percentile 1 Triniservice, ND 100.00 2 P S I Terre Haute Division, IN 99.93 3 Communications & Catholic,...

Assets $20 to $50 Million.(Illustration)
December 13, 2004... Total Return To Member Rank Credit Union, Stat Percentile 1 Missouri Electric Cooperatives, MO 100.00 2 Central Keystone, PA 99.94 3 Winnebago County...

Some Of The Comments Made By Members of Lake Michigan Credit Union During meeting.(Brief Article)
December 13, 2004... "It makes me angry that people in charge would betray the very institution they represent. If you don't like it, why don't you go to a mutual savings bank?" Another member simply wanted to know whether casting his ballot at the last minute...

Corrections & Clarifications.
December 13, 2004... * In follow up to a story on Coast Central CU that appeared in the Oct. 18 issue, Diebold has issued a clarification of a statement it made. Diebold had stated that it recommends firewalls to protect its IP-based ATMs. It added, "Diebold's...

A Home For Returning Wounded Soldiers.
December 20, 2004... Wounded soldiers returning from Iraq, along with their families, will have new convalescent space at Walter Reed Army Hospital here, thanks to Pentagon FCU. The credit union's new non-profit foundation helped furnish and supply the new...