Credit Union Journal articles from June 2004

Credit Union Journal archives from June 2004

Measuring The Competition: Credit Unions Talk About How They Stack Up Against Other Providers.(Brief Article)
June 7, 2004... What does the big bank on the corner have that the credit union down the street doesn't? The Credit Union Journal asked a dozen California credit unions just that question, probing for the types of deposit and loan products along with...

SEC Proposed Rule Would Allow CUs To Begin Offering Sweep Accounts.(Securities and Exchange Commission)(credit unions)
June 7, 2004... The Securities and Exchange Commission proposed rules last week that will allow credit unions to offer mutual fund Sweep Accounts, allowing members to authorize their credit union to automatically sweep funds in or out of their accounts to or...

Oregon CUs Call Off Merger Due To Issues Of Alignment.(Oregon Community Credit Union)
June 7, 2004... Portland Teachers Credit Union and Eugene-based Oregon Community Credit Union have called off plans for what would have been one of the largest-ever credit union mergers. The decision came one month after both credit unions issued a joint...

On Deadline.
June 7, 2004... Bank Trade Groups Unite Against CUs WASHINGTON-The nation's three leading trade associations for banks said last week they have joined together to fight credit unions and work towards the repeal of the credit union tax exemption. The...

CUNA, CUNA Mutual Provide ID Theft Prevention Kit.
June 7, 2004... All U.S. credit unions last week should have received instructions on how to download an ID theft prevention kit, courtesy of CUNA and CUNA Mutual. "The information will identify key action steps for credit unions to educate members,...

CUNA Mutual, University of Wisconsin Propose Land Swap.(Credit Union National Association)(Brief Article)
June 7, 2004... CUNA Mutual Group and the University of Wisconsin are trying to gain state and city approval for a proposed land swap in which no money would change hands. "The university owns the land that is directly across the street from us and has...

'Empty Rhetoric' Of Banks Criticized As Profits Soar.(Brief Article)
June 7, 2004... The nation's banks enjoyed significant profits during the first quarter of 2004, prompting CUNA to categorize the industry's criticism of credit unions as "empty rhetoric." Data assembled by the FDIC said the 9,116 commercial banks and...

Worth Noting.(Credit Union Review Board appoints Dennis D. Degenhardt)(HealthAmerica CU Is new name of Health Services Credit Union )(Calendar)
June 7, 2004... WesCorp Sets Town Hall Dates SAN DIMAS, Calif.- WesCorp has announced the names of credit unions that will host its 2004 town hall meetings, at which there will be interactive discussions on the economy, interest rate activity, investment...

Food For Thought From Lunch With CU Board Members.
June 7, 2004... I have, over the years, poked the occasional jest at the demographic of the average credit union board member (Why did actor George Burns resign his CU board seat just prior to his death? He got tired of the other board members calling him...

Gov. Asks For Credit Unions' Help In Getting Capital To Businesses.(Jennifer Granholm)
June 7, 2004... Gov. Jennifer Granholm asked credit union leaders to help her turn Michigan into an "economic global powerhouse" by giving young entrepreneurs access to capital and providing financial expertise to help their businesses grow. "We want our...

League CEO Wants To See More Joint Marketing Efforts.(Council of Economic Advisors)(Brief Article)
June 7, 2004... Michigan league President Dave Adams, who was recently appointed to the governor's Council of Economic Advisors, is calling on CUs to join together to promote the industry's uniqueness by supporting joint marketing efforts. "In spite of...

Police Conference Adds Roundtable.(Police Officers' Credit Union Conference)(Brief Article)
June 7, 2004... The first-ever Police Officers' Credit Union Conference to be held here in July has added a marketing roundtable to its day two agenda. The discussion will center on strategies to successfully market to the law-enforcement profession and will...

Baby Boomers Now Have New Financial Concerns.
June 7, 2004... For the past 50-plus years, the financial services community has largely-and understandably- focused its efforts on helping individuals accumulate wealth in preparation for buying houses, for educating children, and ultimately for their...

A Different Viewpoint On The 80/20 Principle.
June 7, 2004... As every credit union CEO knows, there is a world of difference between efficiency and effectiveness. The 80/20 principle states that 80% of your results are caused by only 20% of the effort invested in obtaining those results. A quick look at...

Does Your Branch Need A Makeover?(Credit Union Journal )(Brief Article)
June 7, 2004... Do you have a branch or facility sorely in need of a visual improvement? Do you wish a team of contractors and workers would just arrive one day and rebuild your facility? Well, The Credit Union Journal can't arrange that, but we have arranged...

Marketing Minute: The Case of The Unfortunate Marketing Disincentive.
June 7, 2004... I was talking with a friend the other day and she had a real- life marketing challenge. I call it the Case of the Dis-Incentive. My friend is the VP of Marketing and Business Development at a mid-sized credit union. With senior management's...

Campaign Focuses On Key Bank, CU Differences.(credit union)
June 7, 2004... As part of its ongoing brand identity promotion, Jeanne D'Arc Credit union here has launched a significant advertising campaign comparing the focus of banks to that of credit unions. The campaign, which uses billboards, newspapers, postcards...

Wescom CU Absorbs Unocal FCU.(credit union, Unocal Federal Credit Union)(Brief Article)
June 7, 2004... The $2.6-billion Wescom Credit Union here has absorbed via merger the $115-million Unocal Federal Credit Union. However, the 9,400-member Unocal FCU will be able to retain its name as it will continue to operate under the Unocal name as a...

Product & Service.
June 7, 2004... Interim Servicing Option Is Offered SOUTHFIELD, Mich.-Mortgage Builder Software, Inc., a provider of complete mortgage lending software solutions, said it now offers an alternative solution for mortgage bankers needing interim servicing...

Analyst: Expand Investment Options, Don't Keep It Secret.(National Association of Credit Union Service Organizations)
June 7, 2004... Credit unions need to act now and offer investment products and small business services, one analyst is urging. Gary Raddon, chairman of Raddon Financial Group, told attendees at NACUSO's annual conference here when the CU movement decides...

Survey: Card Rewards Matter, Even If Not Used.(Brief Article)
June 7, 2004... More than one-third of credit card holders have enrolled in some type of rewards program for five years or more, but nearly half of that group has never redeemed points for a reward in the respective program, according to a new survey....

Product & Service.
June 7, 2004... SECU Joining With Enterprise RALEIGH, N.C.-State Employees' Credit Union (SECU) has partnered with Enterprise Car Sales, a division of Enterprise Rent-A-Car, to help provide quality, late-model used vehicles to its members at a reasonable...

Measuring The Competition: Credit Unions Talk About How They Stack Up Against Other Providers.
June 7, 2004... What does the big bank on the corner have that the credit union down the street doesn't? The Credit Union Journal asked a dozen California credit unions just that question, probing for the types of deposit and loan products along with...

FIs Increasingly Turn To Premiums-Yes, Toasters- To Attract New Business.(financial institution)
June 7, 2004... Until the late 1980s when the financial services market was finally deregulated, very often the only thing that differentiated one financial institution from another was what they were giving away, known as "premiums." It was out of the...

Five CUs Sponsor Job Fair For Workers Axed By Local Bank.(credit unions)
June 7, 2004... Five credit unions in New York sponsored a job fair to help soften the blow for some 170 people who will be terminated when their local employer, Binghamton Savings Bank, merges with Partners Trust Financial Group on June 30. The bank,...

WesCorp Buys CU Support Services.(Credit Union Support Services)(Brief Article)
June 7, 2004... WesCorp is buying Credit Union Support Services (CUSS) and its book of business. Spokane, Wash.-based CSS is owned by six area credit unions, and offers item processing and check imaging services to 16 local credit unions and one bank customer....

WSECU's 450 Employees Get New Wardrobe, Image.(Brief Article)
June 7, 2004... The $1-billion Washington State Employees Credit Union (WSECU) has introduced an employee apparel program it says is designed to "freshen up and professionalize" the image of its 450 employees. All employees throughout the state now wear...

Agencies Eye Guidelines For Overdraft Protection.(Brief Article)
June 7, 2004... Federal regulators expressed concern last week about how overdraft protection is being marketed and proposed guidelines for credit unions and banks to follow. A directive issued by NCUA and the banking agencies advises that financial...

NAFCU Celebrates Bill Donovan's Anniversary.(National Association of Federal Credit Unions )(Brief Article)
June 7, 2004... More than 70 credit union officials and Washington operatives gathered here last month to commemorate the 25th anniversary of Bill Donovan at NAFCU, the longest-serving credit union lobbyist. The event was billed as a roast and included...

CUs Report Booming Loan Growth Of 1.2%.(Credit unions)(Brief Article)
June 7, 2004... Credit unions reported a 1.2% growth in loans in April, the highest loan growth since last August, according to CUNA. That brings loan growth for the first four months of the year of the year to 2.4%, the highest since 2000, according to Bill...

Everything Is Bigger In Texas-Even The FOMs.(Brief Article)
June 7, 2004... Lone Star credit unions continue to reach for broader markets, with First Educators CU, Houston, receiving permission form state regulators to serve almost four million people in Harris and Montgomery counties. Also, Members Choice CU,...

CUNA Joins FBI, Coaches In Child I.D. Initiative.(identification, Credit Union National Association)(United States. Federal Bureau of Investigation American Football Coaches Association)(Brief Article)
June 7, 2004... CUNA helped kick off a new program last week that will help credit unions provide fingerprint identification kits to parents in an effort to thwart child abductions. Under the program, in which CUNA joins the American Football Coaches...

People.
June 7, 2004... CUES, MADISON, Wis., announced 42 credit union executives completed the Credit Union Executives Society's CEO Institute, an advanced executive education series designed specifically for CEOs and senior management. The 2004 CEO Institute...

Oregon, Southwest Wash. CUs Raise $1 Million For CMN.(Brief Article)
June 7, 2004... Credit unions of Oregon and Southwest Washington are reporting they raised more than $1 million during the past campaign year for Credit Unions for Kids, a Children's Miracle Network (CMN) program that benefits children's hospitals in the...

NCUA Chairman Leads Workshop At Virginia FCU.(Brief Article)
June 7, 2004... NCUA Chairman JoAnn Johnson visited the Queen of Peace Arlington FCU as it hosted a "Train the Trainer" workshop conducted by the National Federation of Community Development Credit Unions. Eighteen credit union staff members and volunteers...

Sports Arena To Change Name To Credit Union Centre.(Brief Article)
June 7, 2004... Five credit unions in this market are splitting the $1.6-million cost over 10 years to change the name of this city's arena, Saskatchewan Place, to Credit Union Centre. One-million dollars of that fee is being paid upfront. The five credit...

Fillwock Recognized With Distinguished Service Award.(Brief Article)
June 7, 2004... JoAnne Fillwock, president and CEO at Financial Health Credit Union, East Lansing, Mich., was presented with the Distinguished Service Award by the Michigan league and inducted into the Michigan Credit Union Hall of Fame. NASCUS President and...

St. Mary's Bank Donates $100K To Biz Incubator.(Amoskeag Business Incubator)(Brief Article)
June 7, 2004... St. Mary's Bank has donated $100,000 to the Amoskeag Business Incubator in support of a $1-million capital campaign. The nation's first credit union said the money is to help support the Incubator's community economic development programs, fund...

Data Show Small CUs As Likely To Add SEGs.(Brief Article)
June 7, 2004... Is it just the large credit unions that are growing? No, according to NAFCU's Director of Regulatory Affairs, Gwen Baker. Baker noted that while she often hears that it's only large credit unions adding SEGs and growing, data show that while...

Bonus Cash Used To Highlight GFCU's New ATM, FOM.(Brief Article)
June 7, 2004... Seeking to raise awareness of a new ATM location and its new community charter, Georgia Federal Credit Union mixed in some $50 bills with $20 bills inside the new ATM. It then tied the promotion to the Twilight Criterium Bike Race with...

Product & Service.
June 7, 2004... ACG Now Offering Korean ATMs ATLANTA-ACG ATM-Remarketers, provider of ATMs, kiosks and and parts, is now a national distributor of Korea-based Nautilus Hyosung Inc.'s Ubitus 7040 automated teller machine (ATM). "The Ubitus 7040 is...

Pacific Service Wins MACQUEE.(Brief Article)
June 7, 2004... Pacific Service Credit Union was awarded the Best In Show MACQUEE prize from the Marketing Association of California. The award was presented during MAC's annual conference in North Lake Tahoe, Calif. Pacific Service CU's entry was one of...

The CU Journal Daily.(Torrington Municipal & Teachers FCU)(credit union)
June 7, 2004... Swap To Facilitate Renovation COQUILLE, Ore.-City officials have agreed to a three-way deal under which the city will purchase the 35-year-old downtown home of Oregon First Community CU, to build a new city hall, and the credit union will...

Community Page.
June 7, 2004... CTFCU Makes $20,000 Contribution MYRTLE BEACH, S.C.-Carolina Trust Federal Credit Union made a $20,000 contribution to the Victory Junction gang Camp for chronically and terminally-ill children. CFCU Opens 4 In-Store Branches ...

CMBS Market Is Offering CUs Promise Of Diversification.(commercial mortgage-backed securities)(Credit Unions)
June 7, 2004... A year after NCUA opened the faucet to the commercial mortgage-backed securities (CMBS) market, credit unions have been slow to wade into the water. But at least one credit union has dipped its toe in and found the CMBS market inviting....

SunCorp Strong Despite Losses.(Suncorp Federal Credit Union)
June 7, 2004... SunCorp FCU got a vote of confidence from Wall Street last week in the face of a stumble in the securities market. Standard & Poor's said it won't downgrade the corporate's top A-1+ rating on its commercial paper despite a loss of almost...

A Differing View On The Benefit To CUs Of Rising Rates.(credit unions)
June 14, 2004... When it comes to rising interest rates, conventional wisdom has it that credit unions will be hurt by diminishing margins. The thinking is that as interest rates rise, credit unions will be stuck holding lower-yielding paper-both loans and...

With Less Than 6 Mos. To Go, What To Do About Check 21.(Check 21)
June 14, 2004... Credit unions and other financial institutions are trying to gear up for the implementation of the Check Clearing for the 21st Century Act-better known as Check 21-but there's just one problem: the actual details of how to make the law a...

Targeting Credit Unions: $1,000 'Bounty' Offered For Photos.
June 14, 2004... Responses to an American Bankers Association "bounty" of $1,000 to any banker who can provide photographic evidence of a credit union that is "overreaching" has ranged from the serious to the humorous. CUNA President/CEO Dan Mica blasted...

Analysis: Banks 'Wasting Time' On Credit Unions.
June 14, 2004... It's the dirty little secret of bank lobbying: credit union bashing is a waste of time. Years of pounding on the nonprofits have yielded little headway. In fact, the banking industry's big Supreme Court victory limiting credit union...

Why 1 CU Exiting An Indirect (And Profitable) Auto Lending Program.
June 14, 2004... In a move that runs counter to the general trend among credit unions, Affinity Plus FCU said last week it has terminated its once-profitable indirect lending program to focus more on direct relationships with its members and potential members....

On Deadline.(Hawaii Federal Credit Union)(brief)
June 14, 2004... Authorities Close In On Phony CU Scammers TORONTO-As The Credit Union Journal was going to press, Canadian law enforcement officials were expecting to issue arrest warrants for numerous suspects they believe are responsible for the phony...

Analysis: Members With Cards Decrease.(Brief Article)
June 14, 2004... The percentage of members who held CU-issued credit cards declined slightly during the first quarter of this year, according to analysis by AssetExchange. Using data from NCUA 5300 call reports and based on approximately 2,200 credit unions...

CUNA Mortgage Forms Entity To 'Leverage' Collective Strength.(Credit Union National Association)(SHAREX)(Brief Article)
June 14, 2004... CUNA Mutual Mortgage Corp. has formed a new entity, SHAREX, to help credit unions, CUSOs and leagues maximize their mortgage business opportunities by leveraging the mortgage lending activities of the entire CU movement. "By combining the...

Worth Noting.(brief)(First Educators Credit Union )(Smart Financial Credit Union)
June 14, 2004... CUNA Returns To Profitability WASHINGTON-CUNA said last week it returned to profitability in 2003, for the first time in three years. The credit union trade group reported net income of $269,000 last year, compared to a loss of $2.3...

It's Tough To Make A Call On Latest Bank Volley Against CUs.(credit unions)(Brief Article)
June 14, 2004... Just what to make of these latest volleys from the nation's banking industry against credit unions? In a twist on the old axiom "If you can't beat 'em, join 'em," the banking trade groups have adopted the motto, "If you can't beat 'em, join...

Latest Threat Needs To Be Taken Seriously.(credit unions)
June 14, 2004... Washington, D.C. is the town where ketchup has been counted as a vegetable in school kids' lunches and where plans to spend $10 billion we don't have are replaced with another to spend $5 billion we don't have-and then counted as a savings of...

Seriously, Now. You've Got To Be Kidding.(Column)
June 14, 2004... There's no time to waste. America's credit unions need to move and move quickly in response to this latest assault from the banking industry in which a $1,000 "bounty" is being offered for actual photographs of a credit union overstepping its...

Crowd Shares Ideas On How To Expand Mortgages.(Panel Discussion)
June 14, 2004... More than 200 credit union representatives turned out here for the latest NCUA Partnering and Leadership Successes (PALS) workshop, this time to talk about affordable mortgages. "I hope the ideas shared in this workshop will inspire more...

Two More CUs Offering 40-Year Fixed Mortgages.(Brief Article)
June 14, 2004... Two more credit unions have expanded into fixed-rate mortgages with 40-year terms. The $165-million MidWest Financial Credit Union here said it was partnering with UMHS Financial to offer the product. UMHS serves the University of Michigan...

Product & Service.(brief)(Statewide Federal Credit Union)
June 14, 2004... RSA Endorsed By CUNA Mutual AMHERST, N.Y.-Remarketing Services of America, Inc. (RSA), a unit of Fiserv, Inc. has been selected by CUNA Mutual Group as its endorsed vehicle remarketing program. CUNA Mutual will market RSA's services to...

Worth Checking.(brief)
June 14, 2004... Southwest Corp. Schedules Check 21 Clinics DALLAS-Southwest Corporate FCU will conduct a series of low-cost Check 21 Clinics in 13 cities this summer. "The Check 21 Clinics are specifically designed to be a hands-on session during...

With Focus On Check 21, Opportunities & Issues Related To ARC Often Overlooked.(Accounts Receivable Conversion)
June 14, 2004... Check 21 may be what everyone's talking about, but the "next generation" of check processing also includes Accounts Receivable Conversion (ARC). "Check 21 simply mandates you must accept a substitute check, it gives legal status to the...

Fed Won't Regulate Bounce Protection.(Brief Article)
June 14, 2004... The Federal Reserve said last week it won't issue new rules to regulate overdraft, or "bounce" protection, despite calls to do so by consumer groups. These kinds of programs, which are becoming increasingly popular among credit unions, allow...

Remittance Market Breaks Out Into Free-For-All.(Brief Article)
June 14, 2004... Increasing competition from banks, credit unions and money transfer companies has heightened competition and driven down pricing in the international remittance markets, according to a new study issued this week by the Pew Hispanic Center. But...

Home Loan Bank Chief Alex Pollack Resigns.(Brief Article)
June 14, 2004... Alex Pollack, widely credited with creating the secondary mortgage market among federal home loan banks, resigned as president of the Federal Home Loan Bank of Chicago, the bank announced last week. Pollack, head of the Chicago bank the past 12...

CUNA Hopes To Make Splash At Conventions.(Credit Union national Association)(Brief Article)
June 14, 2004... CUNA is making plans for the political party conventions later this summer. The credit union trade group, which has been expanding its political profile, has budgeted $200,000 to spend sponsoring events and other expenses at the Democratic...

People.(brief)(promotions, appointments)
June 14, 2004... The Hawaii Credit Union League, Honolulu, elected to its board: Fred Asuncion, chairman; Janet Rychener, vice chairman; Mel Chiba, secretary; Scot Tsuchiyama, treasurer; Gordon Sam, Sylvia Young, and Wallace Watanabe. The league recognized...

Members of i3 Group Hold Inaugural Meeting.(Brief Article)
June 14, 2004... Members of of i3, a diverse group of 26 CU leaders identified as the "next generation" by the Filene Research Institute and the Center for Credit Union Innovation, have held their inaugural meeting. "What sets this group apart from more...

Kinecta Expands Insurance Offerings.(Kinecta Federal Credit Union)(Apollo Agencies Inc.)(Brief Article)
June 14, 2004... Kinecta Federal Credit Union recently acquired Apollo Agencies Inc., a multi-lines insurance agency headquartered in Tustin, Calif. The credit union did not disclose the terms of the deal, which was effective June 1. Kinecta FCU made the...

Community Page.(brief)
June 14, 2004... CCU Receives Marketing Award SAN DIEGO-Cabrillo Credit Union received a first place award in the electronic marketing category from CUNA Marketing Council. In additional news, the credit union helped sponsor a jog-a-thon to benefit...

The CU Journal Daily.(brief)
June 14, 2004... Students 'Millionaires' For a Day SAGINAW, Mich.-Seven students earned dividends on $1 million deposited in their accounts for a day as part of Team One CU's "Millionaire for a Day" Contest. About 100 students at six local elementary...

National, Live Video Response Scheduled By CUNA.(Credit Union National Association)(Brief Article)
June 14, 2004... CUNA said it would host, for the first time, a live, national video program delivered over the Internet via streaming video. It is designed to outline the threat to credit unions' tax-exempt status and suggest steps that credit unions can take...

Authorities Nab 2 Suspects In Phony CU Scam.
June 21, 2004... Canadian law enforcement said they have arrested and charged two suspects they believe are responsible for a multi-state scheme that bilked hundreds of victims through phony credit unions advertised in U.S. newspapers over the past year. ...

Heartland CUs Breathe Easier After Arrests.(Heartland Credit Union)
June 21, 2004... Before the caller had even finished her sentence, the member service rep at Greater Iowa CU was referring her to the state attorney general's office. Sadly, it was yet another consumer who had fallen for the bogus "Heartland Credit Union"...

Senators Are Banking On Credit Unions For Fifth Year In A Row.
June 21, 2004... For at least the fifth year in a row, the most popular financial institution for U.S. senators is not a bank, but a credit union. More than a third of the 100 senators, 43, have one or more accounts with the U.S. Senate FCU, according to...

Members Get The Skinny With Low-Carb Promotion.(Escambia County Employees Credit Union)
June 21, 2004... Escambia County Employees Credit Union's new "carb-friendly" loan promotion won't make its members look better spending their money. But, says Marketing Specialist Kurt Stenerson, the campaign that borrows from the popular Atkins Diet...

On Deadline.(brief)(VFW FCU)(New Mexico Credit Union League changes to Credit Union Association of New Mexico)
June 21, 2004... Pentagon, VFW FCUs Merge ALEXANDRIA, Va.-NCUA said it has approved a request from Pentagon FCU to acquire VFW FCU, a $3-million Kansas City, Mo., credit union, in the $6.5-billion credit union's fifth merger in the past two years. Over...

Calif. CU Workers Average 4.35% Pay Increases.
June 21, 2004... Management and non-management employees at California's credit unions averaged a 4.35% increase in salary over the past year. According to the source of the study, the California Credit Union League's 2004 Credit Union Compensation Survey,...

SSFCU Commits $10M To Housing Program.(Security Service Federal Credit Union)(Brief Article)
June 21, 2004... Security Service FCU said it is committing $10 million to a program to help families of modest means purchase homes. The credit union has entered into a partnership with Neighborhood Housing Services (NHS) to help those families qualify for...

'This Ain't No Duck' In Michigan.(Brief Article)
June 21, 2004... Michigan's credit unions have responded to the banking industry's "If it walks like a duck, quacks like a duck..." statements about CUs with this message that it has distributed to legislators (along with stuffed yellow ducks). Copyright...

Worth Noting.(brief)(appointments)(Brief Article)
June 21, 2004... McDonnell Exits CMG Board MADISON, Wis. -Brian McDonnell, CEO of Navy FCU, Vienna, Va., has resigned from CUNA Mutual's board to spend more time focusing on Navy Federal. Eldon R. Arnold, CEO, CEFCU, Peoria, Ill., will fill McDonnell's...

CDCUs Told Commitment, Good Works Insufficient To Sustain Ongoing Growth.(Community development credit unions )
June 21, 2004... Community development credit unions gathered here were told that if they want to survive, they must start investing in several key areas, specifically strategic planning. NCUA Board Member Debbie Matz told the National Federation of...

Partnering Examples Are Shared.(National Credit Union Association )(Brief Article)
June 21, 2004... NCUA Board Member Debbie Matz offered the following models as examples to CDCUs of partnerships she said should be emulated: * Some smaller CUs partner with larger CUs to pay for their volunteers and staff to attend training programs. ...