Credit Union Journal articles from January 2003

Credit Union Journal archives from January 2003

Calif. FCUs Get Break In Card Ruling; Questions For State CUs.
January 6, 2003... A federal court here delivered credit unions and all federally (nationally) chartered financial institutions an important victory here just before Christmas by permanently barring the state from enforcing a new law requiring card credit card...

Two-For-One Management: After Successfully Tackling One Small CU, CEO Takes On Another.(Jon Hernandez)
January 6, 2003... There are many overachievers in the world, and there are quite a few overachieving small credit unions, but it is hard to match Jon Hernandez-CEO of two CUs-for pure kinetic energy. The 32-year old Hernandez rarely sits still. Married for...

Bank Trade Groups Press For New Tax Exemptions.(Brief Article)
January 6, 2003... Three bank and thrift trade groups are pressing President Bush and his economic advisors for a special tax exemption for interest and dividends. The groups want the tax exemption included in the legislative package currently being...

Bandits Hit Philly CU For $239K On New Year's.(Sentry Credit Union)(Brief Article)
January 6, 2003... Authorities were hunting last week for three men who stormed into Sentry CU just before New Year's Eve and made off with an estimated $239,000, one of the biggest-ever CU robberies. The three men, all armed and wearing ski masks, entered...

Agenda, Content Mean ROI For Attendees.
January 6, 2003... The best way to describe The Credit Union Journal's SEG & Business Development Conference to be held here? Return On Investment. Scheduled for March 10-11 at the Westin Horton Plaza in the heart of San Diego's gaslight district, the packed...

ON DEADLINE.
January 6, 2003... 2002 Closes With Near Record Loan Rates... WASHINGTON-A plunge in mortgage rates to their lowest in a generation propelled home lending to record levels and dragged down all loan rates to decades-lows in 2002. Credit unions and other...

Union Leaders Threaten CU's Viability In Ongoing Strike.(Madison County FCU)
January 6, 2003... Tensions increased between management at Madison County FCU and the Office and Professional Employees International Union, Local 1, as the union's workers braved year-end cold and blustery snowstorms in the third week of their picket. ...

Rate Cuts Not Driving Volume To All Credit Unions.(loan rates)
January 6, 2003... Not every credit union that has ratcheted down its loan rates is seeing an immediate influx of applications. For a long time, IBM Metro Employees FCU, New York City, has been a "loan-challenged" credit union, according to CEO Steve...

Worth Noting.(news briefs)(Brief Article)
January 6, 2003... 3 Million People Added In One Day ALEXANDRIA, Va.-As reported in the Dec.23, 2002 issue of The Credit Union Journal, the NCUA board on Nov. 19 approved a number of FOM expansions. How many? Approximately three-million potential members were...

Ever Wonder What It Is That CRA Really Stands For?(Community Reinvestment Act)(Column)
January 6, 2003... Well, by the time you read this, Eliot Spitzer will have made a cool $1 billion! And, most impressively, the folks paying Mr. Spitzer the $1 billion will have done so "out of the goodness of their hearts." Guess we all stopped believing in...

Treasury Task Force To Examine Patriot Act; Seeking Ideas For Improvement.
January 6, 2003... A task force of top Treasury Department officials is studying the effectiveness of rules implementing the USA Patriot Act and plans to recommend improvements by early June, a senior Treasury official said last week. One of the likely...

Corporates Pay Year-End Bonuses.(corporate credit unions)(Brief Article)
January 6, 2003... Corporate credit unions have begun announcing year-end bonus dividends. The $1.3-billion Georgia Central Credit Union is paying a patronage dividend totaling $460,000 to its member credit unions. The dividend payout will be based on...

The ABC's of The ABQ's: Review How Your CU Sells.(always be qualifying rule for credit union salespeople)
January 6, 2003... During a recent seminar, the speaker made a comment that was very profound and right on the money. He said that no matter how good a sales person you think you are or have been, you never really "sold" anything. The truth is the person bought...

The Recipe For Brand Research & The Art Of Blending Methods.(market research)
January 6, 2003... Even when there is only one destination, there are generally multiple ways to get there. This is true in everyday life; it's also true in the life of a research project. Now, more than ever, credit unions are deploying multiple research...

Older (Often Unhappy) Workers Share Their Opinions.(survey discusses attitudes towards work)(Brief Article)
January 6, 2003... The Conference Board has released a new survey that reveals somewhat discouraging findings: Americans are working longer, even though most don't want to and their employers wish they wouldn't. According to the newly released report, 68%...

Taxation Fights Likely In States As Income Shrinks.(taxation debate comes to credit unions)(Industry Overview)
January 6, 2003... Look for the debate over taxation to return to the credit union movement in 2003-but not on the federal level. Even with the burgeoning federal budget deficit, the federal tax exemption is safe, for now, as few lawmakers have expressed any...

Flood Insurance Program Lapses.(National Flood Insurance Program not reauthorized by Congress)(Brief Article)
January 6, 2003... Millions of borrowers saw their flood insurance lapse at year-end because of the failure by Congress to reauthorize the National Flood Insurance Program. NCUA told credit unions last month that the inaction by Congress will prevent the Federal...

Biggest Failure In CU History Comes To A Close.(credit union Depositors Economic Protection Corp. shut down)(Brief Article)
January 6, 2003... The final chapter in the worst scandal in credit union history was finished last week when the state closed down the Depositors Economic Protection Corp., created a decade ago to resolve the crisis over the Rhode Island Share and Deposit...

People.(news items on credit union employees)
January 6, 2003... Chartway Federal Credit Union, Virginia Beach, Va., named David Ullrich telecommunications manager. Scott Credit Union, Collinsville, Ill., named Frank Padak senior vice president. Teachers Credit Union, South Bend, Ind., announced...

Online Database Matching Prospects With CUs Growing.(CU Match Up database for credit unions)
January 6, 2003... CU Match Up, a searchable database of credit union information designed to pair people with the credit unions they are eligible to join, is growing rapidly despite a non-existent advertising budget, according to its founders. The...

New Account Targets Youth.(Southwest IBM Employees FCU offers account for kids)(Brief Article)
January 6, 2003... What started out as Crawlers, Walkers and Joggers and then advanced to Trikers, Bikers and Hikers is officially Skaters, Boarders and Bladers, the newest kids account being offered at Southwest IBM Employees FCU here. The CU's new...

'World-Famous (Disney) Views' On CU's Checks.(Partners CU launches checks with views of 6 Disneyland Resorts )(Brief Article)
January 6, 2003... The $170-million Partners CU has introduced checks that feature "world-famous views" of six Disneyland Resort attractions, including the spires of "It's A Small World" in Disneyland and "Paradise Pier" in Disney's California Adventure....

Worth Noting.(includes multiple records)
January 6, 2003... Maine Consumers Prefer CUs WESTBROOK, Maine-A new survey here shows Maine consumers rate credit unions in outperforming banks other financial institutions in nearly all of the key, consumer categories, in some cases significantly better....

Peak-Performing Credit Unions During 3rd Quarter, 2002.(credit unions that delivered superior value to their members are identified )
January 6, 2003... On this page are featured credit unions that have been identified, according to one set of criteria, of delivering superior value to their members. Determining how a credit union stands relative to its peers is a complex issue. Callahan &...

Assets $50 to $100 Million.(ranking of credit unions by returns, member service usage)(Illustration)
January 6, 2003... Total Return To Member Rank Credit Union, State Percentile 1 North Star Community, ND 100.00 2 Dow Louisiana, LA 99.8 3 C Plant, KY ...

Assets $100 to $250 Million.(ranking of credit unions by returns, member service usage)(Illustration)
January 6, 2003... Total Return To Member Rank Credit Union, State Percentile 1 Burbank City Employees, CA 100.00 2 Westby Co-op, WI 99.8 3 Popa, CA ...

Assets Over $250 Million.(ranking of credit unions by returns, member service usage)(Illustration)
January 6, 2003... Total Return To Member Rank Credit Union, State Percentile 1 Los Angeles Firemen's, CA 100.00 2 Eastman, TN 99.7 3 Suncoast Schools, FL ...

Volunteers Willingness To Put In Time Helps Ensure Future.(Rolla Federal Credit Union)
January 6, 2003... Rolla Federal Credit Union's volunteers are willing to do most anything-work at weekend business expos, attend evening and Saturday planning meetings, take personal time to attend educational seminars, even wrap 1,000 hot dogs for an open...

Wis. League Creates Director of Small CU Development.(Wisconsin Credit Union League)
January 6, 2003... As part of its effort to give small credit unions more focused attention, The Wisconsin Credit Union League has created a new position-director of credit union development. At the helm of the new position is Leslie Latsch, former senior...

Progeny Announces New Small Business Program.(Progeny Marketing Innovations)(Brief Article)
January 6, 2003... Progeny Marketing Innovations, as part of an effort to tap into small business services, said it is extending the scope of its business into the insurance, utilities and telecommunications industries. Progeny said its new small business...

Product & Service.(WesCorp special deposit offer; new Corporate Central Credit Union office)
January 6, 2003... CUs Race To Buy Certificates SAN DIMAS, Calif.-Over a period of hours, WesCorp said it sold 150 certificates totaling $1.6-billion as part of a special deposit offer. The certificates earned 75 basis points more than the current federal...

Community Page.(credit union events, awards and public service activities)
January 6, 2003... Sen. Ryan Helps SSCU Celebrate WARREN, Ohio-State Sen. Tim Ryan joined Seven Seventeen Credit Union in celebration of International CU Day, by becoming a member and opening an account. VolCorp Donates Phone System NASHVILLE,...

Immigrants: One Word For Many Groups, Possibilities.(credit unions must match marketing and services to diverse needs of immigrant population)
January 6, 2003... A huge immigrant population of more than 30-million people is making its influence felt in the United States and offers credit unions significant opportunities. That was the message sent during a colloquium hosted at the University of...

CU's Building Used By TV Program.(FAA First FCU headquarters in "CSI Miami")(Brief Article)
January 6, 2003... The headquarters of FAA First FCU here is being used as the stand-in for the police headquarters in the television drama, "CSI Miami." It isn't the first time the building has drawn attention. Kelly Chaves, a spokesperson for FAA First,...

CUES Color Codes Info To Ease Website Navigation.(Credit Union Executives Society launching branding effort)(Brief Article)
January 6, 2003... The Credit Union Executives Society (CUES) said it is launching a branding effort that divides the association's offerings into "families." Those "families" include: conferences, executive education, products, strategic services and...

Forecast: No Rate Uptick Until At Least May.(Brief Article)
January 6, 2003... Credit unions should not expect to see any uptick in rates until at least May of 2003, according to John Olivo, senior portfolio manager with Goldman Sachs. During a conference call hosted by Callahan & Associates, Olivo said rates will...

Product & Service.(various news items)
January 6, 2003... Copyright c 2003 Thomson Media. All Rights Reserved. CO-OP 2002 Meetings Are Set ONTARIO, Calif.-The CO-OP Network has released its 2003 meeting schedule. From May 1-3, it will host its 2003 Conference and Annual Shareholders' at the...

Journal Daily.(various news items )
January 6, 2003... Mortgage Refi's Prop Up Economy WEST CHESTER, Pa.-A new study suggests that the boom in mortgage refinancing which prompted trillions of dollars in new loans accounted for as much as 20% of the growth in gross domestic product in the past...

Minn. CUs Seek Community Grants.(Minnesota credit unions)(Brief Article)
January 6, 2003... Three more state chartered CUs have applied to state regulators to convert to community FOMs under Minnesota's recently adopted community chartering rules, including Hormel Employees CU, Austin, which has requested permission to serve more...

Biometric Payments Tested.(Kroger Co. tests payment by fingerprint)(Brief Article)
January 6, 2003... Kroger Co., the largest U.S.-based supermarket chain, is testing payment by fingerprint in three stores in Texas. The biometric payment system requires customers to register for the program by providing an ID, a form of payment (credit or...

CAPFCU Wins A 'Welcome Home'.(Central Appalachian Peoples Federal Credit Union gets award)(Brief Article)
January 6, 2003... The Federal Home Loan Bank of Cincinnati has awarded a $50,000 "Welcome Home" award to the Berea, Ky.-based Central Appalachian Peoples FCU (CAPFCU). This is the second year the credit union has won the award, following the $37,500 grant last...

Penn. CUs Aid Tornado Victims.(credit unions in Pennsylvania)(Brief Article)
January 6, 2003... Credit unions in Pennsylvania have raised more than $13,000 to assist residents of Clark, Penn., which was destroyed by a tornado producing winds up to 155 mph. One person was killed, and several injured, and the homes of many were...

Fannie, Freddie Meet Minimums.(Brief Article)
January 6, 2003... Credit unions can feel better about their major mortgage partners as federal regulator last week certified secondary mortgage giants Fannie Mae and Freddie Mac to have exceeded their new minimum capital requirements. The Office of Federal...

Despite Two Abduction/Robberies, Stats Show Violent Incidents Not On Increase.(Industry Overview)
January 13, 2003... Robberies at financial institutions-and credit unions, in particular-have been edging up over the past few years according to the FBI's Uniform Crime Statistics. Areas, people and institutions that used to think "that doesn't happen here,"...

Retention-Getter: How Some Credit Unions Are Making Changes To The Physical Workplace To Ensure Employees Remain Happy.
January 13, 2003... Are there employee retention devices beyond just salary and benefits? Yes, suggest one group of experts, who say the quality of a credit union's physical workplace should be added to that list. "There's a real trend right now of doing...

108th Congress' Agenda Is Crowded; Bankruptcy Back.
January 13, 2003... With several pieces of unfinished business at hand, the 108th Congress promises to be an eventful one for the credit union lobby. First off, credit unions will try for a fourth time to pass a bankruptcy reform bill after coming tantalizing...

Dollar Expects To Stay Beyond Term, Sees Work To Do.
January 13, 2003... His six-year term on the NCUA Board officially expires in April, but don't look for Chairman Dennis Dollar to be going anywhere soon. The 49-year-old Dollar was appointed by President Bush to head the federal regulatory panel two years...

Arrowhead Launches MBL Program For CUs.(Brief Article)
January 13, 2003... Copyright c 2003 Thomson Media. All Rights Reserved. SAN BERNARDINO, Calf-Arrowhead CU said it has put off plans to start its own bank, temporarily, while it cultivates its new business lending operation. The new service, which began...

Threatened With Job Losses, Striking Workers Return.
January 13, 2003... Striking workers at Madison County FCU, faced with a deadline to return to work or lose their jobs, ended their four-week picket after agreeing to federal mediation, union representatives were still threatening to "shut the place down." ...

For Utah Officials, Education In A Box.
January 13, 2003... Both the Utah League of Credit Unions and the Utah Bankers Association are saying they don't plan to try to introduce bills in the state legislature related to field of membership or taxation. But the league has stepped up its education...

Strunk & Assoc. Wins Case On NSF Program.(Brief Article)
January 13, 2003... A jury in Harris County, Texas has ruled that a Missouri company misappropriated the technology for a bounced check program from Strunk and Associates here. The jury ruled that BancServices Group, along with its sole principal, Glenn Ault,...

FDIC Decentralizes Some Decision-Making.(United States Federal Deposit Insurance Corp.)(Brief Article)
January 13, 2003... The Federal Deposit Insurance Corp. (FDIC) said its field offices will be given more decision- making power. Effective Jan. 1, field offices will be able to sign off on exam reports, approve branch-related applications, and fulfill other...

Worth Noting.
January 13, 2003... Callahan Named Wegner Winner MADISON, Wis.-Edgar Callahan has been named as this year's recipient of the Herb Wegner Memorial Lifetime Achievement Award by the National Credit Union Foundation. Callahan was selected in recognition of...

In 100 Words Or Less, A Credit Union Is Defined As...
January 13, 2003... New Years' resolutions are always individual things, but perhaps the very best thing the credit union community could resolve to do in 2003 would be to collectively answer the question: What are we? No doubt the 8,000-plus readers of The...

What Signs Do Your Credit Union Send To Members?
January 13, 2003... Today's credit union member will most likely use a combination of office visits and Internet transactions. One effective strategy for increasing more deposit and loan activity at your credit union is to encourage members to visit your offices...

Viewpoint Was An Affront To Value Of A Marketing MBA.
January 13, 2003... Credit union executives should take great issue with Ken Bator's column in the Dec. 23 issue of The Credit Union Journal. In it, Mr. Bator advocates a shallow and dangerous course for the credit union movement. It is clear from his comments...

Solving The Case Of Single-Service Member.
January 13, 2003... I was talking with a friend the other day who had a real life marketing challenge. I call it "The Case of the Single Service Member." Last week, after a spirited conversation in the conference room, my friend's credit union decided to...

Plan Would Double Number of Banks, Thrifts Eligible For Subchapter S.
January 13, 2003... A plan that could double the number of banks and thrifts eligible to become tax-advantaged S corporations is expected to be part of an economic stimulus package Congress takes up early this year. Under existing law, only companies with 75...

Bush Stimulus Package Could Effect CU Shares.(President Bush's economic stimulus package could have a major impact on credit unions)(Brief Article)(Industry Overview)
January 13, 2003... Don't believe that the economic stimulus package introduced by President Bush last week has nothing for credit unions. Because if it is adopted it could have a major impact on the credit union movement- particularly the provision to exempt all...

Credit Unions Continue To Push Down Dividends.(Brief Article)(Industry Overview)
January 13, 2003... Credit unions began the new year the same way they did last year by slashing savings rates to new lows. Data compiled by DataTrac Corp. Shows that average rates paid by credit unions on regular shares shed another four basis points in the...

NCUA Clarifies Stop-Loss Plans, Debt Cancellation.
January 13, 2003... A federal credit union need not obtain stop-loss insurance coverage if it implements a debt cancellation program, according to NCUA. Still, such coverage may limit a credit union's exposure to losses from debt cancellation, the agency said in...

FHA Moves To Increase Family Mortgage Limit.
January 13, 2003... The Federal Housing Administration said it has increased its single-family mortgage limit by 7% to match the increases of Fannie Mae and Freddie Mac. As a result, the FHA will now insure single-family home mortgages up to $154,896 in low-cost...

People.(Brief Article)
January 13, 2003... The Richard Myles Foundation, Rancho Cucamonga, Calif., recently elected Marie Alonzo, Mike Gomez, and Carl Stewart to its board. The LoanLink Center, Madison, Wis., elected to its board: Steve Uffman, chairman; Daniel K. Koyle, Paul...

Member Savings At CUs Hit The Half-Trillion Dollar Mark.(Brief Article)
January 13, 2003... Member savings at credit unions hit the one-half-trillion dollar threshold in November of last year, according to analysis released by CUNA. Deposits continue to flow into credit unions, and the industry loan-to-share ratio has slid to 70.4%...

Study Credits Mortgage Refi's With Driving Economy.(Brief Article)
January 13, 2003... A new study suggests that the boom in mortgage refinancing accounted for 20% of the growth in gross domestic product in the past two years. "It is important to realize that the refinancing boom has been instrumental in keeping the economy...

Wis. Corporate's Plans To Open Minn. Office On Hold.(Wiconsin's Corporate Central Credit Union)(Minnesota)(Brief Article)
January 13, 2003... Plans by Corporate Central CU here to open in office in Minnesota have been put on hold as the result of a Minnesota law requiring corporate credit unions to be federally insured. Corporate Central said it is now exploring the legal...

World Council Establishes New Performance Standards.(World Council of Credit Unions)(Brief Article)
January 13, 2003... The World Council of Credit Unions (WOCCU) has established performance benchmarks that require its member organizations to adhere to high-quality standards. At its board meeting here, the WOCCU board agreed to set the new benchmarks and...

CUJ Reader Question #1.(Credit Union Journal)(Do credit union clients see a boost in lending when they put a car or boat on display in their lobbies?)
January 13, 2003... Have any of your credit union clients seen a demonstrable boost in lending when they have put a car or boat on display in their lobbies? Tom Lombardo, HBE Financial Facilities, St. Louis A recent remodeling and expansion program for our...

CUJ Reader Question #2.(Credit Union Journal)(What are the pros and cons of building more space than is needed and then leasing out that space?)
January 13, 2003... What are the pros and cons of building more space than is needed and then leasing out that space to other tenants? What has been your experience with this? Gene Lock, Design Build Concepts, Atlanta While building a larger facility...

Resolving Daycare Concerns A Boon For One Virginia CU.(Northwest Federal Credit Union)
January 13, 2003... Looking to reduce employee tardiness and absenteeism while boosting employee morale? Consider establishing a day care center. That's what Northwest FCU, here, did as a way to combat some of the problems its working parents faced on a day-...

Storming: What Staff Say They Would Like To See.(credit union employees talk about the kinds of spaces they'd like to see at their workplace)
January 13, 2003... The idea is to create a place people want to come to, instead of a place where people simply have to go each work day. In working with credit unions to achieve that goal, DEI Conceptioneer Leanne Thomas-Lawton has listened to CU employees...

Building Blocks.(Coastal Federal Credit Union)
January 13, 2003... Coastal Plans 3 New Branches RALEIGH, N.C.-Coastal Federal Credit Union said it will break ground on the first of three new branches it is planning for this year. In the process, CFCU said its members can look forward to "an entirely new...

Community Page.
January 13, 2003... WSECU Joins In Heart Walk OLYMPIA, Wash.-Washington State Employees Credit Union participated in the Heart Walk, which raised $4,200 for the American Heart Association. The credit union also volunteered to paint eight public housing...

Loan Promo Tied To Charities Drives Volume To Calif. CU.(Brief Article)
January 13, 2003... Michael Duffy, president and CEO of Financial Center Credit Union, got to play Santa Claus on Christmas Eve-handing out checks to four charities in this inland port city in the San Joaquin Valley on Dec. 24. "I didn't wear a Santa suit,...

Significant Opportunity For SEG Penetration Remains.
January 13, 2003... There is a lot of potential for SEG penetration out there. Truth is, businesses and their employees need the products and services that credit unions provide. The problem is that many of them just don't know it yet. The credit unions'...

Product & Service.
January 13, 2003... CUES Publishes New Guide MADISON, Wis.-CUES has published "Managing Uncertainty: A Guide for Credit Unions," which it designed to "expand your awareness about the future and provide assistance to your credit union in planning for potential...

Journal Daily.
January 13, 2003... Deluxe Offers 9/11 Tribute ST. PAUL, Minn.-Deluxe Corp. said last week it has introduced three new check designs, including the 'Heroes Triumph' line which honors the firefighters, police officers, and emergency workers who distinguished...

The Fair Approach: Tech Fairs Used To Boost Usage of Technology; Credit Union Gets Chance To Watch Members Navigate.
January 20, 2003... Electronic services attract the typical 20% of members at this $1.2-billion credit union-a fact that leaves management dissatisfied. "We want to do a little better," said Charlie Roberts, vice president of Information Technology at Travis...

Return From A Shark Attack: CEO Thankful And Back At Work After Being Attacked By Shark Whose Bite Barely Missed Artery.
January 20, 2003... For Julie Given-Glance, president and CEO of Grossmont Schools FCU, life is slowly returning to normal after she survived a harrowing attack by a shark in the waters off the island of Maui two months ago. On Nov. 17, 2002, Given-Glance,...

Utah's CUs Take To Airwaves To Fight New Tax Proposal: Banker In Legislature Behind Plan.
January 20, 2003... The decades-old conflict between the banks and credit unions is expected to come to a head again this week when legislation supported by the banking lobby is introduced to apply the state's franchise tax to large credit unions. Rep. Jeff...

Many SF CUs Not Aware of Law's Effect.
January 20, 2003... The San Francisco City and County Board of Supervisors passed a financial information privacy ordinance on Dec. 16, 2002, and Mayor Willie Brown signed it Dec. 20. Bit one month later many CUs remain unaware of it or mistakenly believe it...

ON DEADLINE.
January 20, 2003... Johnson To Vice Chair ALEXANDRIA, Va.-The NCUA board has voted unanimously to name JoAnn Johnson as the vice chair of the board. "I have long felt that the board should have a vice chair to make it clear beyond question who would chair a...

CU To Market Fujitsu ATMs In Hawaii; Macy's Signs On.
January 20, 2003... A visit to a trade show has started a chain of events that led to an unusual partnership-Honolulu City & County Employees FCU is marketing automated-teller machines manufactured by Fujitsu Transaction Solutions to other CUs in the state of...

Record 23.5M Underserved Added During 2002.(Brief Article)(Industry Overview)
January 20, 2003... A record 23.5-million potential members in underserved and low-income communities in the U.S. were added during 2002, according to NCUA. Over the past two years, federal credit unions have adopted 706 underserved areas, totaling 39.6 million...