Credit Union Journal articles from January 2008

Credit Union Journal archives from January 2008

2008: Credit Unions' 100th Anniversary? It Depends.
January 7, 2008... MANCHESTER, N.H. -- Shouldnt the CU community be preparing to kick off a nationwide celebration of the 100th Anniversary of credit unions in the United States in 2008? Yes, and no. Perhaps fittingly in a community that prides itself on...

CUs Balk At TJX Settlement: Proposal Doesn't Even Begin To Cover The Cost Of The Breach, Critics Insist.
January 7, 2008... EUGENE, Ore. -- Several credit unions have rejected the multi-million dollar settlement with TJX Cos., because the payment wont cover the expenses causes by the retail giants massive data security breach. I think a lot of credit union...

The Year Ahead: The Forecast For CU Fortunes In 2008.
January 7, 2008... WEST PALM BEACH, Fla. -- The economy is slowing, housing prices are declining in many markets, and the squeeze on credit union margins will likely only grow tighter. Yet a number of credit union industry analysts are optimistic about 2008,...

Agenda For Grow Show Unveiled: Journal's 2008 Grow Show To Feature Host of Experts, Analysts And Viewpoints, All With One Goal-Driving Growth.(Conference news)
January 7, 2008... WEST PALM BEACH, Fla. -- Does your list of 2008 resolutions include growing your credit union? Make plans now to be in Orlando, Fla. April 27-29 for a conference dedicated solely to all aspects of growing operations: ROA, lending, membership,...

On Deadline.
January 7, 2008... Massive Phishing Attack Leads To Sites Shutdown LAKEWOOD, Colo.Jeffco Credit Union temporarily shut down its online banking service following what it described as multiple phishing attempts targeting the credit unions members. E-mails sent...

GOP Candidate Romney Speaks At CU Museum.
January 7, 2008... MANCHESTER, N.H. -- GOP Presidential candidate Mitt Romney gave a speech at Americas Credit Union Museum last week. Romneys 20-minute remarks included reference to the news of the assassination of Pakistans former Prime Minister, Benazir...

Credit Card Bills Continue To Be 1st To Go Unpaid.
January 7, 2008... CHANTILLY, Va. -- Credit card bills continue to be the first to go unpaid by consumers who are short on cash to pay bills, according to a new study. The study refutes a trend some analysts had suggested was developing, which is that an...

Long-Time Louisiana CUL Staffer, Carolyn Ricks, Dies.(Louisiana Credit Union League)(Obituary)(Brief article)
January 7, 2008... HARAHAN, La. -- Carolyn Ricks, director of compliance and credit union development for the Louisiana league, has died. Ms. Ricks, 63, was a 30-year veteran of the league, and also served on the board of Louisiana Central. In a released...

WesCorp Restates Earnings, Adds $16M In Income.(Financial report)
January 7, 2008... SAN DIMAS, Calif. -- After a review by auditors, WesCorp has restated its earnings for 2005, made adjustments to its 2006 earnings, and revised its hedge accounting practices for 2007. The result of the restatement, according to the $33-billion...

Wescom Eliminates 100 FTE Positions.
January 7, 2008... PASADENA, Calif. -- Wescom Credit Union has eliminated as many as 110 full-time employee positions as it seeks to address financial losses the credit union experienced during 2007. Wescom reported negative earnings of $6.9 million during the...

CUs Monitor Crisis In Kenya.
January 7, 2008... MADISON, Wis. -- Credit unions were keeping a close eye on Kenya last week as riots escalated over a presidential election. According the World Council of Credit Unions (WOCCU), credit unions in Kenya have not been affected by the recent...

Journal Continues To Add New Features For Readers.
January 7, 2008... WEST PALM BEACH, Fla. -- In this issue the Credit Union Journal launches two new features. The first, below left, Post Cards from the CU Past, is being launched in conjunction with the 100th Anniversary of credit unions in 2008-09. Over the...

'1151' Memories.
January 7, 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...

Post Card from the CU Past.
January 7, 2008... LOUISVILLE, Ky. -- After reading an ad for credit unions in a March 1951 edition of Business Week, Martin F. Schmidt, president of the Coca-Cola Bottling Co., here, contacted CUNA headquarters in Madison, Wis., to find out how to start a credit...

Worth Noting.
January 7, 2008... SLFCU CEO On Fed Council ALBUQUERQUE, N.M.Christopher T. Jillson, CEO of Sandia Laboratory FCU, has been named to the Federal Reserve Boards 12-member Thrift Institutions Advisory Council (TIAC). TIAC meets with Fed governors on...

College Bowl Season Used To Kick Off Incentive Plan.
January 7, 2008... MONTVALE, N.J. -- As football fans across the country geared up for college bowl mania, employees of Paragon FCU had even more riding on it than some of the biggest fans. Thats because the $400-million FCU has implemented a new employee...

Credit Unions In The Media.
January 7, 2008... WINNIPEG, Canada -- A robbery at a branch of Assinboine Credit Union received extra coverage after the Winnipeg Suns longtime and now retired crime reporter, Bob Holliday, found himself standing just a few feet from the robber. Holliday said he...

Now In The Market.
January 7, 2008... FraudMAP Is Released LOS ALTOS, Calif.Guardian Analytics has released FraudMAP, a comprehensive fraud prevention solution for protecting online accounts from fraud and identity theft. Designed to support the end-to-end online risk...

Members United Forms CUSO With Goal Of Boosting CU Competitiveness On HSAs.
January 7, 2008... WARRENVILLE, Ill. -- Members United Corporate Federal Credit Union has established Members Health Network, LLC with the goal of joining technology and services that would make credit unions real competitors in the world of Health Savings...

New Year Starts As All New Years In CU Land Should: Divided.
January 7, 2008... Welcome to 2008. Let me be the first to also say, Happy 100th Birthday, U.S. Credit Union Community! Let me also be the first to say, Happy 99th Birthday, U.S. Credit Union Community, as I like to cover my bases. In any vibrant democracy...

Calendar.
January 7, 2008... JANUARY 2008 Jan. 13-16 Midwest Management Issues Conference hosted by the Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri and Wisconsin leagues, Hyatt Regency, Savannah, Ga. For info: www.mcul.org. Jan. 16-19 American...

News Briefs.
January 7, 2008... $25M-$50M In Assets LT9% 9%11% 11%-13% 13%15%15%17% 17%--19% +19% Total/Avg. Count 110 249 213 180 145 76 83 1,056 Yield 5.90% 5.82% 5.55% 5.61% 5.60% 5.51% 5.52% 5.66% PLL 0.50%...

Letters To The Editor: A Reminder of the How's and Why's.(Letter to the editor)
January 7, 2008... In our January 2008 issue of cent$, our American Airlines Federal Credit Union magazine, I took the opportunity to remind our members of some hows and whys we are different than other providers of financial services. For all business entities...

Rethinking Capital At CUs Vs. Banks.
January 7, 2008... Periodically, outside observers reach the conclusion that the credit union industry is overcapitalized. Dr. William Jacksons Filene Research Institute paper (Credit Union Journal, Dec. 10, 2007) is the latest example. I believe the conclusion...

CUJ Q&A: Author Of Study On Overcapitalization Urges CUs To Put Excess Capital To Work In Their Communities.
January 7, 2008... MADISON, Wis. -- A study from the Filene Research Institute has concluded credit unions are significantly overcapitalized (CU Journal, Dec. 7). That has led to some feedback from credit unions disagreeing with some of the reports conclusions...

'Super Savings Account' Offers More Than A Dividend--A Prize.
January 7, 2008... COLUMBUS, Ind. -- Members who open a savings account at Centra Credit Union here just might win a prize. The $600-million credit union has introduced a program offering monthly drawings to members enrolled in its Super Savings Account...

Get Ready To Grow!: Grow Show Agenda Unveiled for Special '08 Meeting Business Development Conference Now Part of New Event.
January 7, 2008... ORLANDO, Fla.The Credit Union Journal has unveiled the formal agenda for a conference dedicated solely to the No. 1 issue in front of credit unions: Growth. The Journals first-ever Grow Show is set for April 27-29 at the ChampionsGate...

People.
January 7, 2008... CU24, Tallahassee, Fla., named Jim Gowan executive vice president of administration and strategic planning. Security Service FCU, San Antonio, Texas, promoted Kim Le to Boerne service center manager, Anna Busonera-Minor to Culebra service...

First Reported On News.
January 7, 2008... NCUA Publishes Letter To CUs ALEXANDRIA, Va.NCUA has published a Letter to Credit Unions urging scrutiny of all relationships with third parties, noting it has directed its field staff to pursue the same. This guidance was developed to...

READER RESOURCES.
January 7, 2008... Credit Union Journal Subscribers can access all content from the print edition every Monday simultaneously with its publication at www.cujournal.com. Additional resources include: * Front-page news stories are accessible by clicking on the...

New Year, Old Challenge: Focus Will Be On Income.
January 7, 2008... BIRMINGHAM, Ala. -- It will be all about the income in 2008, according to one expert. Former NCUA Chairman Dennis Dollar, currently a principle partner of Birmingham, Ala.-based credit union consultancy Dollar Associates, is forecasting...

Filling The Vacuum Left By Ex-Community Banks.
January 7, 2008... BIRMINGHAM, Ala. -- One person sees a silver lining in both CU mergers and the tough market projected for 2008. Kirk Cuevas, former chief of staff at and counsel for NCUA, and a principle partner of Dollar Associates, is among those who...

2008: The Year Of The Green.
January 7, 2008... WASHINGTON -- Credit un-ions looking to lend the green in 2008 should be thinking green. Nick Connors, industry analyst for Callahan and Associates, said credit unions will be looking for different options in auto lending as the market...

The Year Ahead 2008.
January 7, 2008... Imagine going back just a year ago - who could have imagined then what 2007 would hold? Who foresaw a credit union hostile takeover attempt? A meltdown in the mortgage market (some ignored prognosticators actually did offer warnings)? That the...

CUs Urged To Rethink Strategies In Pricing Various Deposit Products.
January 7, 2008... LOMBARD, Ill.One analyst sees a basic growth issue for credit unions in 2008checking accounts. Mark Riddle, senior research analyst for Raddon Financial Group, said growth is a single-minded focus for most credit unions, especially those...

Advice: Folks Need To Know They're Eligible & Can Borrow.
January 7, 2008... RANCHO CUCAMONGA, Calif. -- Terrin Mendivil believes the tightening lending standards in most markets represent yet another opportunity for credit unions in 2008. She said CUs will have a chance to attract new members. Whereas in recent...

Market Issues Seen As 'Great' Chance For CUs.
January 7, 2008... WASHINGTON -- The doom and gloom being seen and discussed elsewhere is actually great for credit unions. In the case of Michael Werspuik, industry analyst for Callahan and Associates, when asked if the worst was over for the housing market,...

A 'Four-Square' Approach To Driving Credit Union Growth.
January 7, 2008... SAN DIEGO -- Looking ahead to grow? The advice from one CEO is to look back. Orange County Teachers FCU CEO Rudy Hanley, for instance, urges CUs to go back to elementary school recess to illustrate the two primary methods of achieving...

Online Banking Platform Is Enhanced.
January 7, 2008... LAS VEGASCheckFree is preparing to unveil a new release of its online banking platform. The company was offering a demo of its Consumer 5.0 solution during the BAI Retail Delivery Conference here, and among the financial institutions it...

Product Focus In The New Year: The Golden 1 Adds Web-Based College Planning Tool.(influence of new service of Golden 1 Credit Union on management of college education cost)(Brief article)
January 7, 2008... SACRAMENTO, Calif. -- The Golden 1 Credit Union has introduced a web-based college planning service offered by Collegiate Funding Solutions (CFS). Members will have access to the service at the Golden 1 website and will be able to create...

No Crash, No Boom, But A Warning Over Mortgage Resets.(influence of economic conditions on credit unions)
January 7, 2008... RANCHO CUCAMONGA, Calif. -- While some have forecast a recession in the U.S. for 2008, Terrin Mendivil, economist and industry analyst for the California and Nevada CU Leagues, does not agree. That isnt to say, however, that the picture is...

Coastal Launches Realty.
January 7, 2008... RALEIGH, N.C. -- Coastal Federal Credit Union has launched Daymark Realty, a full-service real estate firm serving the Triangle area that will operate as a wholly owned subsidiary of the CU. Coastal teamed up with existing real estate agents to...

MCT FCU Featured In Magazine.
January 7, 2008... ROCKVILLE, Md. -- American Executive magazine recently recognized MCT Federal Credit Union in its magazine as a company undergoing enormous growth and organizational improvement. The credit union said the article focuses on MCTs improved...

Rep. Pearce Sponsors CURIA.
January 7, 2008... ALBUQUERQUE, N.M. -- U.S. Rep. Steve Pearce (R-NM) has agreed to sponsor CURIA after meeting with credit union executives from New Mexico to discuss how credit unions can better meet the financial needs of the states residents. The...

Sprechen Sie Online?
January 7, 2008... PORTSMOUTH, N.H. -- Service Credit Union has launched a new multi-lingual website. To increase the level of member service in New England, where the credit union is headquartered; in Germany, where the credit union serves members on 14...

Mo. Joins CU Search Program.
January 7, 2008... ST. LOUIS -- Consumers looking to join a credit union in Missouri can now find it through Find A Credit Union, the Web-based credit union search program. The Missouri Credit Union Association (MCUA) has officially enabled the link from its...

One Well-Financed Group Seeks To Get Into CUs In 2008...
January 7, 2008... CHICAGO -- This year should see several more concrete steps toward the chartering of one of the best-capitalized credit union start-ups in years. The National Association of Realtors (NAR) is in the initial stages of forming a credit union...

Commerical Real Estate Appears To Be Faring Better.
January 7, 2008... WASHINGTON -- The problems in residential mortgages are not showing up yet in commercial real estate, with the exception of slight increases expected in 2008 in real estate vacancies in some markets, according to the Commercial Real Estate...

Now In The Market.
January 7, 2008... Free Materials Are Downloaded RANCHO CUCAMONGA, Calif.Fifteen percent of CO-OP Financial Services 2,800 credit unions have downloaded free campaignable marketing materials touting credit union access and convenience. Consisting of...

...While 1 CU Seeks To Get Out, Despite Some Challenges.
January 7, 2008... SALT LAKE CITY -- Among the decisions credit unions will be watching in 2008 is how the Office of Thrift Supervision (OTS) rules on Beehive Credit Unions application to move to a bank charter. In late 2007, two members of Beehive Credit...

Product Focus In The New Year.(Credit Union Association of Oregon launching a new online compliance information system)(Brief article)
January 7, 2008... BEAVERTON, Ore. -- Beginning this month, the Credit Union Association of Oregon (CUAO) will launch the Oregon Compliance InfoSight, a comprehensive online compliance information system. The service is free. InfoSight will be a very useful...

Studies Project Surge In Usage Of Mobile Banking.
January 7, 2008... BOSTON -- Mobile operators anticipate that 25% of subscribers will regularly use mobile banking by the end of 2009, compared to approximately 7% at the end of 2007, a new study shows. The study found expectation of strong growth for other...

Site Helps Folks Fulfill 1 New Year's Resolution.(Ohio Credit Union League launching new initiative to financial literate the members)(Brief article)
January 7, 2008... YOUNGSTOWN, Ohio -- The Ohio Credit Union League (OCUL) has launched a financial education initiative called MoneyAndStuff. Release follows a league-commissioned survey that found only 23% of Ohioans make any effort to encourage financial...

The Story Of The First U.S. CU.(La Caisse Populaire Ste.-Marie)(Brief article)
January 7, 2008... MANCHESTER, N.H. -- At the turn of the 20th century, this city had become the textile-manufacturing center of the U.S. But its workers had no place to turn for savings or credit, a fact recognized by Monsignor Pierre Hevey of St. Marie's...

Year-End Bonuses An Annual Differentiator.
January 14, 2008... WASHINGTON -- Millions of Americans were celebrating the credit union difference last week, counting their year-end dividends and interest rebates deposited into their accounts as a result of their membership in the cooperative financial...

Loans-Or Groans?: A Look At Some of The Risks In One '08 Loan Model.
January 14, 2008... BATON ROUGE, La. -- The decline in new car sales has some credit unions turning to independent auto dealers to drive up auto loan volume, but some are cautioning over the risk associated with some dealers sporadic regulatory compliance. ...

Old Building, New Focus As Financial Center Debuts.
January 14, 2008... ST. PAUL, Minn. -- After two years of planning, St. Pauls historic Old Swedish Bank Building will once again become a financial institution. This week, the new Eastside Financial Center will open its doors there, with plans to offer a...

Nov. Data Show Delinquencies Rise To Highest Point In Decade.
January 14, 2008... MADISON, Wis. -- Loan delinquencies continued to rise for credit unions, with the average delinquency ratio moving up to 0.89% for November, the highest in almost a decade, according to CUNA. The delinquency ratio, which was 0.84% at the...

On Deadline.
January 14, 2008... Countrywides Shares Continue To Fall CALABASAS, Calif.Shares of Countrywide Financial Corp., the nation's largest mortgage lender, plunged last week after the company denied rumors that it was planning to file for bankruptcy protection....

Youth Week Focuses On Growing, Saving The Green.
January 14, 2008... MADISON, Wis. -- Add credit union youth to those becoming ecologically sensitive. Got Green? Grow It at Your Credit Union was chosen as the theme for National Credit Union Youth Week, April 20-26. Youth Week will coincide with the annual April...

Hale Resigns At Andrews, Matz Named Acting CEO.
January 14, 2008... SUITLAND, Md. -- Michael Hale, the long-time president of the $810-million Andrews FCU. No reason was given for the resignation. Former NCUA Board member Deborah Matz has been named interim CEO. Matz has served as AFCUs CFO since April 2006....

One-Third Foresaw LSU Victory In Championship.
January 14, 2008... WEST PALM BEACH, Fla. -- At the beginning of the 2007 college football season, the CU Journal used its online poll to allow readers to predict from which conference the national champion would come. With LSUs win, one-third of readers correctly...

CU Journal Online Survey.
January 14, 2008... The 2007 NCAA Division 1 Football National Champion will come from: ACC or SEC 33% Big 12, Big East or Big 10 46% PAC 10, Independent or Other 22% (c) 2008 The Credit Union Journal and SourceMedia,...

Banks, Credit Unions Spar In Court Over Meaning Of 'Local'.
January 14, 2008... HARRISBURG, Penn. -- In a scenario reminiscent of the court challenges that led to passage of HR 1151 10 years ago, lawyers for the banks argued in federal court that NCUA overstepped its legal boundaries when it approved a sprawling six-county...

Does '1151' Mean Anything To You?
January 14, 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. The Credit Union Journal wants to hear about your stories and memories of this historic event: when you...

CCUL Staffer Featured In USA Today In Debate On Female Soldiers.
January 14, 2008... RANCHO CUCAMONGA, Calif. -- A decorated veteran of the war in Iraq who also just happens to be the marketing manager for the California CU League, had her views featured in USA Today. Melia Meichelbock wrote a letter to the editor in...

Worth Noting.
January 14, 2008... Web Seminar On Third Parties ALEXANDRIA, VaNCUA Board Member Gigi Hyland will moderate a web seminar Jan. 29 titled Key Examination Issues for 2008: Evaluation of 3rd-Party Relation-ships and Strategic Planning. The focus will be on the...

CURIA COUNTER - 142.
January 14, 2008... At press time, the number of co-sponsors on the CURIA bill. 217 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

'MAP' Aims To Make Front-Line Staff Front-Line Sellers.
January 14, 2008... ST. PAUL, Minn. -- To turn front-line employees into the fuel behind their credit unions marketing engines, six credit unions turned to a new program dedicated to developing 10 such employees. The Member Advocacy Pathways program teaches...

Bomb Hoax Is Attempted Cover-Up.(Brief article)
January 14, 2008... AUSTIN, Texas -- Police evacuated a branch of LCRA CU after a teller called in a phony bomb threat to cover up his alleged theft. The teller, identified as Nathaniel Hamilton, initially told police he had been passed a note from an unknown...

Post Card From The CU Past.
January 14, 2008... OTTUMWA, Iowa -- In September 1963, Morrell Employees Credit Union employed the Little Man Under the Umbrella as mascot for its womens bowling team. The image, done in blue on white blouses, were balanced by red underarm inserts and slacks,...

Worth Noting.
January 14, 2008... 2 White Papers Are Released MADISON, Wis.The CUNA Councils have released two new white papers focused on creating and thriving in a team environment and creating innovative new products. Thriving in a Team Environment: Leading the Finance...

Kenya's Credit Unions Hold Out For Peace, Progress As Violent Dispute Continues.
January 14, 2008... NAIROBI, Kenya -- Credit unions here are holding their collective breath as they wait to see if the disputed presidential election that sparked deadly riots can be resolved in a peaceful manner. The people are very optimistic that...

Fla.'s Hood To Retire After 20 Yrs.
January 14, 2008... TALLAHASSEE, Fla. -- Guy M. Hood, who has spent more than 20 years as the president of the Florida league, said he will retire in January 2009. Hood joined the league in 1988, and during his career was recognized for numerous accomplishments,...

CUNA Presses NCUA On Subprime; NAFCU On 18% APR Ceiling.
January 14, 2008... WASHINGTON -- CUNA has sent a letter to NCUA urging that examiners be well-versed in provisions of workout arrangements for subprime mortgage loans at credit unions and that they be given adequate training to recognize reasonable workout plans...

One Idea Goes Pretty Much As Planned, Another Does Not.
January 14, 2008... When you turn the pageno, not yetyoull find an opinion piece from David Bartoo analyzing what 2008 holds for credit unions and mergers. Mr. Bartoo writes, Mergers are rarely a result of poor financial performance and short-term trends but...

Calendar.
January 14, 2008... JANUARY 2008 Jan. 13-16 Midwest Management Issues Conference hosted by the Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri and Wisconsin leagues, Hyatt Regency, Savannah, Ga. For info: www.mcul.org. Jan. 16-19 American...

Filene Report Overlooks Role Capital Plays As A CU's First Defense Against Times Of Crisis.
January 14, 2008... As I read the article on Professor Jacksons recent Filene research paper on credit union capital in the Dec. 10 issue I couldnt help but wonder what conclusions might be different if the selected base line of 1990 had been, say 1980 when the...

Despite 3-Year Decline In Mergers, Expect To See Consolidation Accelerate In 2008: The year ahead ...a large-scale consolidation in the industry may occur still remains a possibility.
January 14, 2008... For three consecutive years, the number of mergers receiving preliminary approval from the NCUA has declined to the lowest number of approvals in the decade with just 226 through November 2007. This trend, when coupled with the very low number...

Promoting, Preserving The CU Difference Must Be A Priority.
January 14, 2008... In our January 2008 issue of cent$, our American Airlines Federal Credit Union magazine, I took the opportunity to remind our members of some hows and whys we are different than other providers of financial services. For all business entities...

Advocacy Lessons From WOCCU: Dedicated Missionaries Needed.
January 14, 2008... Last fall I participated in the Eastern European Credit Union Congress where I was asked to speak on credit union advocacy in the United States. The U.S. is not unlike other movements in that governmental bodies determine the fate or vitality...

Where To Find A Port For Your CU During A Stormy 2008: the year ahead: Each credit union must find its own path through the troubled waters predicted for 2008.
January 14, 2008... Over the last 12 months, many credit unions asset and membership growth were flat. And at most of these credit unions there were increased charge-offs attributable to the declining economy. Even with many economists predictions of continued...

Research: How To Make This The Year You Turn Research Into Action.
January 14, 2008... A wise man once said that someone who does not act on an idea is no better off than someone who does not have an idea. The same is true for organizations. Learning new things from research is a step in the right direction, but acting on that...

Actors Federal Teams With Rite Check Check-Cashing On PayNet Deposit Network.
January 14, 2008... NEW YORK -- It shouldnt come as a surprise to anyone that Actors Federal Credit Union here has quite a varied membership. Struggling and working actors give it their all on Broadway and off, while staying alive financially working in...