Credit Union Journal articles from February 2008

Credit Union Journal archives from February 2008

Balance Sheets Got Ugly In Q4 '07 As CUs Report Big Losses.(Financial report)
February 4, 2008... ALEXANDRIA, Va. -- Credit unions moved billions of additional dollars into their loan-loss reserves in the fourth quarter, creating some of the biggest losses in the history of the industry, according to preliminary fourth quarter data...

Next Job: Build Confidence: Public Service CU Now Going About Work Of Absorbing Troubled Norlarco.
February 4, 2008... DENVER -- Officials of Public Service CU will be trying over the next few weeks to stem the outflow of deposits from Norlarco CU, the failed $290-million credit union it won the bidding for last month. The initial focus of the $630-million...

Check's In The Mail, But...: CU Economists Not Expecting Federal 'Rebate' Checks To Have Big Effect.
February 4, 2008... WASHINGTON -- Some members may soon be coming into their credit unions to cash the so-called rebate checks to Americans from the federal government, but economists are not expecting the one-time payments to have much of an effect on either...

Can A Truly Green Branch Ever Really Be Built?
February 4, 2008... ANGLETON, Texas -- Is it really possible to build a totally green credit union branch? Credit Union Journal posed just that question to design and construction specialists, in addition to asking about the related costs, building features,...

On Deadline.
February 4, 2008... CUs Urged To Actively Manage Savings Rates WASHINGTONCredit unions are being urged to manage their savings rates actively in the wake of another cut in short-term rates last week by the Federal Reservethis time a cut of 50 basis points. ...

Exposure To Mortgages Affects U.S. Central's Ratings.(Brief article)
February 4, 2008... WALL STREET -- Fitch Ratings affirmed the long- and short-term issuer default ratings for U.S. Central FCU at its highest AAA and F1+, respectively, but changed the overall rating outlook for the corporates corporate to negative from stable due...

Web Seminar, Toolkit Now Available For Biz Kid$ Info.
February 4, 2008... FEDERAL WAY, Wash. -- A web seminar and a marketing toolkit are now available online to any credit union interested in learning more about Biz Kid$, the national public television series that is sponsored by Americas Credit Unions. Both the...

Unit Of Iowa League, Corp. Acquires 3 Card Portfolios.
February 4, 2008... DES MOINES, Iowa -- TMG Financial Services has acquired three credit union card portfolios. Selling their portfolios were St. Cloud FCU, St. Cloud Minn., MEMBERS1st Community CU in Marshalltown, Iowa, and Wyo Central FCU in Casper, Wyo. In all,...

TruGrocer OK'd For TIP Charter To Serve Grocery Employees.
February 4, 2008... BOISE, Idaho -- TruGrocer FCU, formerly known as Alberstons Employees FCU, was granted a TIP charter to serve all of the nations supermarket employees, NCUA said. The $210-million credit union was chartered in 1965 with a $5,000 equity...

CUs, CUSO Advance With Plans For Novel 'Xcalibur' Card.
February 4, 2008... FRAZER, Penn. -- Creators of a new secure card payments card are looking for financial backers among credit unions to finance a pilot and bring the Xcalibur card to market. So far, 15 credit unions disbursed throughout the country have...

Clinton Proposes Changes To Credit Card Practices.
February 4, 2008... WASHINGTON -- Sen. Hillary Clinton proposed last week a plan that would curb abuses by credit card companies. That plan would include a cap on interest rates, the creation of an independent regulator for consumer protection in financial...

Post Card from the CU Past.
February 4, 2008... KEESLER AFB, Miss. -- Smartly uniformed staff members fit right in with Keesler Air Force Base military personal in July 1967. Credit union manager Robert D. Wilson reports that staff members appreciated the new uniforms because they saved...

'1151' Memories.
February 4, 2008... WEST PALM BEACH, Fla. -- It was 10 years ago President Clinton culminated an extraordinary effort by CUs when he signed HR 1151 into law. We want to know about your memories: meeting with representatives, getting petitions signed, and so much...

Worth Noting.
February 4, 2008... Regulators Warn Of Scams OLYMPIA, Wash.Two states regulators urged credit unions last week to warn their members about scammers using economic woes to coerce them into bad investments. Regulators in Washington state and Ohio noted that...

CURIA COUNTER - 142.
February 4, 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

Looking For Real Growth? Then Try These REAL Solutions.
February 4, 2008... ORLANDO, Fla. -- Credit unions seeking to grow have no choice but to look to new and different sources of fuel for that growth, and thats where REAL Solutions says comes in. Lois Kitsch, national program manager of the REAL Solutions...

What's Growing This Spring.
February 4, 2008... WHAT: Credit Union Journals Grow Show WHEN: April 27-29 WHERE: ChampionsGate Resort, Orlando, Fla. ON THE VINE: The Credit Union Journal has created the only conference dedicated solely to the No. 1 issue in...

Credit Unions In The Media.
February 4, 2008... A story distributed nationally by McClachey Newspapers focused on financial institutions offering alternatives to the estimated 73-million underserved who often use check-cashers. The hope is that mainstream financial institutions can convert...

Now In The Market.
February 4, 2008... Wincor Nixdorf Unveils ATS System AUSTIN, TexasWincor Nixdorf has rolled out its Automated Teller Safe systems (ATS) through the companys independent dealer, Ellsworth Systems. Huntsville, Ala.-based Redstone FCU will deploy 14 of...

CU's Own Testing Leads To Recall Of Piggy Bank.
February 4, 2008... RALEIGH, N.C. -- A credit unions own analysis of piggybanks it was distributing to young members has led to a national recall of the items as they pose a potential health threat. What started out as a novel way to get young members...

Info On Recalls.
February 4, 2008... In the last year the U.S. Consumer Protection Safety Commission has issued more than 130 lead-related product recalls, most involving childrens toys. Source: www.cpsc.gov (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights...

Board Room View Not Always Sunny, Even When In The Islands.
February 4, 2008... Not surprisingly, Jim This has found a common theme among the credit unions and boards with which he often consults: what to do about the ongoing margin compression. Theyve been able to cover that for the last five years with courtesy pay,...

Calendar.(Calendar)
February 4, 2008... FEBRUARY Feb. 10-12 Credit Union League of Connecticut's CEO Conference, New York City, Site: TBD. For info: 203-265-5657, ext. 113 or soloughlinculct. coop. Feb. 16-19 Education CU Council Annual Meeting, Phoenix, Ariz. For...

How To Create A Scorecard To Measure Branch Performance And Set Goals.
February 4, 2008... With credit unions nationwide incurring high costs for new branches, facing increasing competition, and anticipating impending margin compression, there is a greater premium than ever on maximizing branch sales. Accordingly, many credit...

Journal Series Show Courage In Tackling Topic.
February 4, 2008... I was impressed with the courage the Credit Union Journal showed in printing the recent article related to diversity at the very top levels of the U.S. credit union movement. This sort of honesty and transparency is what it will take for...

How To Keep Your Strategic Planning Focused.
February 4, 2008... Strategic planning is a process that should guide your credit union toward your desired futureor it can be an exercise in futility that drains valuable resources, time and efforts. Too many times credit union strategic planning activity...

Home Foreclosures Zoom 51% As Calif., Florida Lead Way.
February 4, 2008... NEW YORK -- More than 405,000 households were foreclosed upon during 2007, a whopping 51% increase over the 268,532 homes foreclosed upon in 2006, according to new data. During December 2007, foreclosure filings were up 97%, according to...

Hyland Hosts NCUA Web Seminar On Exam Issues.(National Credit Union Administration)(Brief article)
February 4, 2008... ALEXANDRIA, Va. -- Above, NCUA board member Gigi Hyland hosts a web seminar last week on 2008 examination issues from the agencys headquarters. Joining Hyland were, at left, Information Systems Officer Dominick E. Nigro, Jr, and Economic...

Volunteers Sought At GAC To Help Pack Meals For Hungry.(Brief article)
February 4, 2008... WASHINGTON -- In conjunction with the crowds of credit unionists to be in town for CUNAs GAC in early March, Credit Union Development Educators (DE) will be spending a morning helping to pack meals for the hungry. Organized as a DE...

Plans Set For Police Officers' Credit Union Conference.(Conference news)
February 4, 2008... NAPERVILLE, Ill. -- Dr. Geoffrey Nicholson, former executive of 3M Corp., will be the keynote speaker for the Fifth Annual Police Officers Credit Union Conference in May. Nicholson was instrumental in the development of the business of 3Ms...

Question Of CU's Ongoing Relevance Is Opened To Debate.
February 4, 2008... MAUI, Hawaii -- Are credit unions still relevant to the emerging consumer? That question, and several similar queries, were put to an audience primarily comprised of volunteers and directors by Mark Meyer, executive director of the Filene...

New App Uses Mobile Phones To Capture Checks.
February 4, 2008... SAN DIEGO -- Mitek Systems said it has introduced the first mobile banking software that will capture paper checks and other images over cell phone cameras for use by credit unions and banks. The software, known as ImageNet Mobile Deposit,...

Now In The Market.
February 4, 2008... CO-OP Sets Processing Records RANCHO CUCAMONGA, Calif.CO-OP Financial Services reported it has set a record for transactions conducted in a single day, single month and a single year. CO-OP Financial Services, which operates CO-OP Network...

Wisconsin Legislature Latest To Mull Bill Enacting Tighter Data Security Rules.
February 4, 2008... MADISON, Wis. -- Wisconsins CUs have thrown their support behind a bill introduced in the state legislature that would enact some of the Payment Card Industry data security rules as law and make parties responsible for data breaches pay the...

CU-backed provisions not in congress' stimulus plan.
February 4, 2008... WASHINGTON -- Congress moved ahead last week with an economic stimulus package that will rebate as much as $600 each to the average taxpayer, but the bill will not include any of the CURIA provisions credit union lobbyists had hoped to attach...

Penn. Banks To Provide Input On FOM Decisions.
February 4, 2008... HARRISBURG, Penn. -- The Pennsylvania Credit Union Association has reached an agreement with the banking lobby on language that would give the bankers and the general public comment and input on field of membership applications for state...

Agenda.
February 4, 2008... Events NCUA CU Workshops, NCUAs Office of Small Credit Union Initiatives will host 20 training workshops in 2008. The workshop schedule follows: March 15 in Raleigh/Durham, N.C. March 28 in Richmond, Va. April 5 in Columbus, Ohio....

People.
February 4, 2008... Neighbors Credit Union, St. Louis, named John Servos CEO. Texell FCU, Temple, Texas, named Tony Hale CEO. Columbia Credit Union, Vancouver, Wash., promoted Bergen Peterson to SVP of strategic planning and organization development and...

Cellphone Payment Pilot Debuts.
February 4, 2008... PURCHASE, N.Y. -- MasterCard said it has teamed with US Bank and Nokia on a pilot to test the use of cell phones equipped with MasterCards PayPass contactless payment functionality. The pilot, to be conducted in Spokane, Wash., will test...

Breaking Up Is Hard To Pay.
February 4, 2008... RESTON, Va. -- Student loan giant Sallie Mae said it has agreed to terminate its claim to a $900-million break-up fee for its failed takeover in exchange for refinancing from some of the same banks that jilted it. Under the deal, Sallie Mae...

L&N FCU Recieves FHLB Grant.
February 4, 2008... LOUISVILLE, Ky. -- L&N FCU said it received a $150,000 grant from the Federal Home Loan Bank of Cincinnati, which it will use to provide down payment assistance for a local affordable housing project. The Cincinnati FHLB also provided a $66,150...

Savings Challenge Is Launched.(Connex CU arranging Savers Challenge contest)(Brief article)
February 4, 2008... HARTFORD, Conn. -- Connex CU is seeking families to compete for up to $10,000 in its first Savers Challenge contest. The four families will measure their success against predetermined goals based on their individual financial situations. Their...

New Branch Inside Ex-Auto Dealer Has Drive-In Drive-Thru.
February 4, 2008... NORTH SYRACUSE, N.Y. -- What may be the first indoor drive-through teller lanes in America are now operating at a new branch of SECNY FCU here. The indoor drive-through is part of a redesigned former Lexus dealer showroom the credit union...

Now In The Market.
February 4, 2008... LEVEL 5 Helps MFCU Expand ATLANTALEVEL5, a consulting and facilities development firm, has partnered with Martin FCU to develop a strategic retail delivery plan that includes building several new branches. Orlando-based, Martin FCU...

NASA Says Green Branch Surpassing Service Goals.
February 4, 2008... GREENBELT, Md. -- Open just over a month, NASA Federal Credit Union reports its branch of the future that includes many green features, is exceeding member service expectations. This is our branch of the future, says NASA Federal CEO...

TCUL Helps Members Reduce Electricity Costs.
February 4, 2008... DALLAS, Texas. -- Credit Union Resources Inc., the wholly owned service corporation of the Texas Credit Union League, has partnered with Affiliated Power Purchasers International. The AAPI Savings Solution program assists TCUL members in...

PCUA Seeks Volunteers For Green Committee.
February 4, 2008... HARRISBURG, Pa. -- The Pennsylvania Credit Union Association is looking for volunteers to serve on a green advisory committee. Members will discuss how credit unions can be leaders in going green and protecting the environment. No travel will...

Redwood CU Earns Award For Green Reuse Building.
February 4, 2008... SANTA ROSA, Calif. -- Redwood Credit Union here has earned a Top Commercial Real Estate Projects of 2007 award from the North Bay Business Journal. The award recognized the credit union for Green Reuse, or taking an existing commercial building...

Community First Breaks Ground For Green Facility.
February 4, 2008... JACKSONVILLE, Fla. -- Community First Credit Union of Florida has broken ground on the first green-certified branch in the area. The branch will be the first green bank building certified to meet Leadership in Energy and Environmental...

CU Journal Online Survey.
February 4, 2008... WEST PALM BEACH, Fla. -- CU Journal gives readers the opportunity to weigh in on a variety of issues. Below are the results of a recent online poll. To add your two cents or see past surveys, visit www.cujournal.com. In planning new or...

Now in the Market.
February 4, 2008... FCUL Signs With NewGround TALLAHASSEE, Fla.The FCUL Service Group, a wholly owned subsidiary of the Florida Credit Union League, inked an agreement to partner with NewGround, a full-service design and implementation company. NewGround...

Women in CUs share views.
February 4, 2008... Melissa Marquez, CEO of Genesse Co-Op FCU in Rochester, N.Y., and member of the board of the National Federation of Community Development Credit Unions: I am one of seven women serving on the board, which currently has 14 filled seats. The...

Women Optimistic About Gender's Progress In Leadership Roles.
February 4, 2008... WICHITA, Kansas -- One CUNA board member said she is living proof that the representation of women among the credit union movements national boards is growing. And so are the eight other female members of the CUNA board, said Marla S....

Maine's CUs Increase Size of Media Campaign.
February 4, 2008... AUGUSTA, Maine -- Maines credit unions plan to grow their statewide marketing campaign featuring the I Save tagline to a statewide audience this year. TV ads have begun running in the states largest markets Bangor, Portland and Presque Isle. A...

NCUSIF Taking The Biggest Hit.
February 4, 2008... ALEXANDRIA, Va. -- Spiraling losses throughout the credit union industry in many cases will end up with NCUA, which has taken under conservatorship or has plans to take over several of the biggest credit union losers. NCUA has already...

First 2 Grants From CU Aid Are Made.
February 4, 2008... SAN DIEGO -- The first two grants from CU Aida centralized disaster relief fund-raising mechanism offered by the National Credit Union Foundation (NCUF) and dedicated to helping credit unions, their employees, and members recover from major...

As Losses Mount, NCUA Is Adding Examiners, Looking To Tighten Its Supervision.
February 11, 2008... ALEXANDRIA, Va. -- NCUA said last week it has added full-time examiners and is conducting additional supervision to some credit unions in the face of huge losses being reported for 2007. Given that some of the credit unions causing concern...

What Do The Cards Hold?
February 11, 2008... PETERBOROUGH, N.H. -- The good news for credit unions in 2008 is that credit card usage by members will increase, and in some cases, credit unions will see better growth than their banking peers. The bad news is that some of that growth may be...

Refis Begin To Boom: CUs In Markets Across Country Report Surge In Mortgage-Related Apps.
February 11, 2008... RALEIGH, N.C. -- The crisis in the housing market is far from over, but in many areas of the U.S. a quiet mortgage boom is taking place. The Federal Reserves campaign to cut interest rates to spur the national economy has had a sometimes...

Exposure To Mortgages Leads S&P To Downgrade U.S. Central.
February 11, 2008... LENEXA, Kan. -- In another offshoot of the meltdown in the mortgage market, Standard & Poors said last week it downgraded its ratings for U.S. Central FCU, from its top AAA (Triple A) to AA+, citing the corporate credit unions exposure to the...

Won't You Be My Valentine?*: *Provided You Follow All The CU's Policies & Procedures.
February 11, 2008... OGDEN, Utah -- It happens all the time. Two people work together side-by-side every day. A friendship develops. But what happens if it turns into more than a friendship? With Valentines Day just around the corner, Credit Union Journal...

On Deadline.
February 11, 2008... Trial Opens For Former National CDCU Leader SPRINGFIELD, Mass.Federal prosecutors opened their case last week against Carol Aranjo, the one-time national spokesperson for community development credit unions, by saying they will show that...

Loan Growth Outpaced Savings In 2007; Expect Reversal In '08.
February 11, 2008... MADISON, Wis. -- Credit unions closed out 2007 with loan growth exceeding savings growth and the loan-to-share ratio rising to 84.6% from 83.9% one month earlier, according to data released by CUNA. But dont look for that trend to continue...

Charge-offs Expected To Rise.(Brief article)
February 11, 2008... NEW YORK -- Credit rating agency Fitch, Inc. is forecasting that credit card charge-offs will increase by at least 35% during 2008 and that auto loans losses will increase by at least 50%. Losses rose in the last half of last year, ending a...

Bush Is Calling For Huge Cut To CDFI Funding.
February 11, 2008... WASHINGTON -- The president is asking for a $28.6 million appropriation for the Community Development Financial Institutions (CDFI) Fund, a 69.6% slashing of the fund from last years appropriation of $94 million. The CDFI Fund is aimed at...

Post Card from the CU Past.
February 11, 2008... TEXARKANA, Tex. -- Credit Union pioneer R.C. Morgan (right) presented a Texas-shaped plaque in appreciation of support of credit unions to Sen. Lyndon B. Johnson, who went on to become president of the United States. The plaque, from the North...

Worth Noting.
February 11, 2008... NAFCU Backs Savings Campaign ALEXANDRIA, Va.NAFCU said it will support America Saves Week and Military Saves Week, Feb. 24--March 2, two national campaigns that encourage consumers to save and build wealth, and is urging its member CUs to...

CURIA COUNTER - 142.
February 11, 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

Focus On Competitive Earnings-And Getting More Of Them.
February 11, 2008... ORLANDO -- How are credit unions going to differentiate themselves from other financial institutions in a way that will boost household and market penetration in 2008? The answer lies in competitive earnings, according to Peter Duffy,...

What's Growing This Spring.
February 11, 2008... WHAT: Credit Union Journals Grow Show WHEN: April 27-29 WHERE: ChampionsGate Resort, Orlando, Fla. ON THE VINE: The Credit Union Journal has created the only conference dedicated solely to the No. 1 issue in front of...

Now In The Market.
February 11, 2008... CUNA Mutual Group Ranked No. 6 MADISON, Wis.CUNA Mutual Group ranked sixth in the 2007 InfoWorld 100 awards, which annually honors 100 IT organizations that have made the best use of technology in pursuit of business goals. CUNA Mutual was...

Credit Union Facilities, Staff Largely Escape Damage From Cluster of Tornadoes.
February 11, 2008... JACKSON, Tenn. -- A number of credit unions lost power but were reporting no other damage after a powerful cluster of tornados swept through the South killing more than 50 people last week. At presstime, the Tennessee CU League said there...

Missouri League To Vote On A Dues Reduction.
February 11, 2008... ST. LOUIS -- Missouri credit unions will vote on a proposed dues cut at the Missouri CU Associations annual meeting April 1. The leagues board voted last week to change the dues formula, which will result in up to a 17% reduction for some...

Down-To-Earth Problems, Outer Space Themes, & Global Issues.
February 11, 2008... Should the credit unions that have been reporting losses for the fourth quarter be required to disclose that promptly to their members? As Credit Union Journal has been the first to report in both this issue and several recent issues, a...

Calendar.(Calendar)
February 11, 2008... FEBRUARY Feb. 16-19 Education CU Council Annual Meeting, Phoenix, Ariz. For info: www.ecuc.org. Feb. 21 NCUA Board Meeting Feb. 25-28 NAFCU Technology & Security Conference, Planet Hollywood Resort & Casino, Las...

CUNA To Do Due-Diligence On CU Due-Diligence.
February 11, 2008... WASHINGTON -- CUNA has established a Due Diligence Task Force to explore a variety of due-diligence responsibilities, in particular those related to third-party vendors. Henry Wirz, CEO of SAFE CU, North Highlands, Calif., is chairing the...

Comm. Development Fund Sets Several Records.
February 11, 2008... NEW YORK -- The National Federation of Community Development Credit Unions said it set several new records for its Community Development Investment Program, with nearly $8.8 million invested in CDCUs and/or low-income credit unions in 2007. ...

Something About Mary, And Other Issues With Uncivil Behavior.
February 11, 2008... Often we frame our view of civility in terms of anothers uncivil behavior. In our own shops we may have encountered irate members employing coarse language, or witnessed an occasional board member tirade. Employees occasionally lose their cool...

'Negative Outlook' Is Not A Down grade In U.S. Central's Rating.
February 11, 2008... In regards to the story about Fitch reaffirming U.S. Centrals long-term Issuer Debt Rating (IDR) at AAA and its short-term IDR at F1+, I was pleased to note the many positive elements the story covered including the low risk profile, solid...

How CUs View Corporates.
February 11, 2008... WEST PALM BEACH, Fla. -- CU Journal gives readers the opportunity to weigh in on a variety of issues. Below are the results of a recent online poll. To add your two cents or see past surveys, visit www.cujournal.com. CU JOURNAL ONLINE...

Research: How To Isolate A Problem.
February 11, 2008... A billion-dollar credit union, for the first time in its history, was experiencing negative growth. Although management could think of a variety of explanations, they wanted to isolate exactly what had to be done to reverse the trend. ...

What You Learn When You Dress Like Your CU's Mascot.
February 11, 2008... This is a true story. I preface it only because if I didnt have pictures or witnesses Im certain someone would accuse me of making it up. It was a fiercely hot summer day in July in Richmond, Va. My credit union was sponsoring the Stone...

What Can Be Done About Lack of Diversity In CUs Discussed.
February 11, 2008... HERSHEY, Penn. -- As the nation celebrates Black History Month, Credit Union Journal closes out its special report on the diversityor the lack thereofof the credit union movement. While credit union membership essentially mirrors the...

Now In The Market.
February 11, 2008... LAFCU Investment Srvcs. Launched LOS ANGELESuLos Angles FCU has launched LAFCU Investment Services (LIS), which will offer a variety of investment products through CUSO Financial Services, L.P. Services include retirement accounts, estate...