Credit Union Journal articles from June 2008

Credit Union Journal archives from June 2008

$32B Navy FCU Explains Move To Expand FOM Beyond Navy.
June 2, 2008... MERRIFIELD, Va. -- Why did the largest credit union on the face of the earth seek an even larger field of membership? Because, said Navy FCU in explaining its FOM expansion to the Department of Defense, it is the only credit unionindeed, the...

Hearing Set For NCUA Nominee: But The 2008 Elections And Race For White House Cloud Fryzel's Prosects.
June 2, 2008... WASHINGTON -- After a five-month wait, NCUA nominee Michael Fryzel will finally get a hearing before the Senate Banking Committee this week, but observers continue to doubt whether the Republican appointee will ever be voted by the full...

Supervisory Comm. Members Challenge Move Made By Board.
June 2, 2008... LOS ALAMOS, N.M. -- Controversy over an invalidated supervisory committee election continues to swirl around Del Norte Credit Union, as a perhaps former, perhaps current member of the committee is leveling new charges of conflict of interest....

Pain In The Gas: CUs Look To Cut Travel, Help Employees With Rising Costs.
June 2, 2008... KNOXVILLE, Tenn. -- The rapidly rising price of gas has credit unions seeking ways to reduce travel between facilities by staff and to help employees cope with the costsa cost that could affect employee retention and recruitment. At least...

On Deadline.
June 2, 2008... CU-Backed Candidate To Face Ex-ABA Lobbyist BOISE, IdahoA credit union-backed candidate here has won a Republican primary to fill the Senate seat vacated by retiring Sen. Larry Craig (R-ID.) Idaho Lt. Gov. Jim Risch will now face Democrat...

Q1 Data Show Loans Slowing, CUs Adding To Reserves.
June 2, 2008... ALEXANDRIA, Va. -- While sinking mortgage numbers were the most glaring in the data released by NCUA for federally insured credit unions during the first quarter of the year (see related story, page 12), the data also shows: * During the...

Customer Satisfaction With Their Bank Slides In Study.
June 2, 2008... WESTLAKE VILLAGE, Calif. -- Customer dissatisfaction with their retail banks has declined, according to a new study. The J.D. Power and Associates 2008 Retail Banking Satisfaction Study found bank customers unhappy due to issues with...

Patelco Plans To Address 'Confidence' Of Ex-CU's Members.
June 2, 2008... SAN FRANCISCO -- Having been selected by NCUA to take over troubled Cal State 9 Credit Union, where members have been consistently withdrawing funds, Patelco Credit Union said one of its first tasks will be to restore confidence. NCUA took...

NCUA Notes No 'Run' At Cal State 9.
June 2, 2008... ALEXANDRIA, Va. -- Patelco Credit Union was among several bidders for the assets of failed Cal State 9 Credit Union. NCUA Spokesperson John McKechnie said Patelco was chosen because of the financial suitability of the package it offered, and...

Worth Noting.
June 2, 2008... CUs 100th Birthday To Be Noted In Congress MANCHESTER, N.H. NAFCU this week will unveil an exhibit to celebrate its history as part of the 100-year anniversary celebration of U.S. credit unions at Americas Credit Union Museum. In addition,...

Card Balances Up By Nearly 10% Over One Year Earlier.
June 2, 2008... PORTLAND, Ore. -- Credit card balances among CU members grew by nearly 10% at the end of the first quarter of 2008 over the same period one year earlier, while credit unions continue to gain strength in the overall card market. ...

Payday Lender Group Critical Of Proposal.
June 2, 2008... WASHINGTON -- A trade group representing the payday lending industry criticized a proposal for model payday loan alternatives, saying if adopted the plan would eliminate not just payday lenders but many of the programs offered by credit unions,...

Police CU Conference Draws Crowd.(Conference notes)
June 2, 2008... KANSAS CITY, Mo. -- More than 80 people representing 17 credit unions turned out for the Fifth Annual Police Officers Credit Union Conference here, the largest attendance in the shows short history. Organizers said attendees rated the show a...

BC Plan Guidance Released By Regulators.(Federal Financial Institutions Examination Council)(Business Continuity )(Brief article)
June 2, 2008... WASHINGTON -- The Federal Financial Institutions Examination Council (FFIEC) has issued updated guidance for examiners, financial institutions, and technology service providers to identify business continuity risks and evaluate controls and...

Now In The Market.
June 2, 2008... Southeast Offers Help With Plans JACKSON, Miss.Leaders of CUs in the hurricane-prone southeast got lessons in prepration as part of Build A Plan in a Day Business Continuity workshop hosted by Southeast Corporate and conducted by the...

Wll Thy Evr Lrn 2 Hv A Cnvstn? & Other Questions & Insights.
June 2, 2008... So Im bumming a ride on a late afternoon last week in Philadelphia with a couple of credit union execs who are giving me a lift back to the train station when the talk turns to member service and whether todays generation is capable of...

2008 Call for Entries Best Practice.
June 2, 2008... The Credit Union Journal is announcing its Call for Entries for its Best Practices awards. It's easy to enter! Nominations may be submitted by credit unions, a CUSO, or even another CU. Nominations can also be submitted by suppliers to the...

Calendar.(Financial Conference)(Brief article)(Calendar)
June 2, 2008... JUNE June 2-4 U.S. Central Financial Conference, Silverado Hotel, Napa, Calif. For info: 913-227-6386. June 2-5 Alliance of CUs Annual Meeting, Naples, Fla. For info: www.allianceofcreditunions.org. June 5-6 CU...

Are You Ready To Be The Vince Lombardi Of Your Credit Union?
June 2, 2008... You are the coach of your credit union. While this may seem like an overly simplistic analogy, the statement is true. Your effectiveness as a leader is directly related to you believing your role as a coach and subsequently understanding your...

NASCUS Applauds CUNA Chair Dorety's Call For PCA Reform.
June 2, 2008... NASCUS, the professional association of state credit union regulators, applauds CUNA Chairman Tom Doretys emphasis on the importance of capital reform in the CUJ Q&A feature of the May 19, 2008 edition of the Credit Union Journal. Dorety...

Worth Noting.
June 2, 2008... Groundbreaking Video Now Online WASHINGTONVideo showing the groundbreakings for the two Homes for Our Troops homes being supported by CUNA can now be seen at www.cuna.org/initiatives/homesforourtroops/index.html. CUNA, along with the...

Why CUs Should Never Settle For Less Than A 7-Sided Leader.(Conference notes)
June 2, 2008... FORT MYERS, Fla. -- Great leadership can be distilled down to seven key elements, and one leader implored credit unions never to settle for a leader with anything less than all seven. Pat Williams, co-founder of NBAs Orlando Magic and a...

Mortgage Mess Puts CUs In Driver Seat In Dealing With GSEs.
June 2, 2008... FORT MYERS, Fla. -- Credit unions may not have made the mortgage mess, but theyre part of the clean-up crew, and that is giving them new power when dealing with government sponsored enterprises like Fannie Mae and Freddie Mac. Youre seeing...

CUJ Snapshot.
June 2, 2008... PITTSBURGH -- Credit Union Journal asked CUs at the Pennsylvania CU Associations annual meeting, How is the economy affecting your members? Thomas Heyl, CEO of the $9-million MSA Employees, in Pittsburgh The economy isnt affecting us...

Study: 'Can Sustainability Be Woven Into Strategic Plans?'.
June 2, 2008... MADISON, Wis. -- Can the broader issue of sustainability in all aspects of life be woven into credit unions strategic thinking? It can be, according to a new study that notes the trend toward a more sustainable future is large and important...

OnPoint Community CU To Offer Cards For 1st Time.
June 2, 2008... PORTLAND, Ore. -- This Fall OnPoint Community Credit Union is launching credit cards for the first time in its 75-year history. The CU, which went community in 2006, is the largest in Oregon with $2.6 billion in assets and 186,000 members....

Mortgage Losses Grew 34% at CUs In First Quarter.
June 2, 2008... ALEXANDRIA, Va. -- Loan losses grew 34% at credit unions in the first quarter, while mortgage delinquencies continued to increase, portending continued troubles further into the year, according to NCUA. The average charge-off ratio rose to...

Bellco CU Files Lawsuit Against IRS Over UBIT.
June 2, 2008... DENVER -- Bellco CU, one of the largest state-chartered credit unions in the country, has filed suit against the Internal Revenue Service over the taxing agencys practices for assessing Unrelated Business Income Taxes, or UBIT. The...

Banks Team With CUs To Challenge On-Base Card.
June 2, 2008... ALEXANDRIA, Va. -- The Association of Military Banks of America has joined defense credit unions in asking the Department of Defense to terminate an on-base credit card program awarded to JPMorgan Chase. The banks and credit unions claim...

AGENDA.
June 2, 2008... Events NCUA Office of Small credit union initiatives is hosting a series of Credit Union Workshops tailored for CUs with assets of $50 million or less at locations across the country: * June 5, Portland, Ore. * June 7, Salt Lake...

People.
June 2, 2008... Greylock FCU, Pittsfield, Mass., named Michael A. Fazio senior vice president financial planning and investment services and Anthony Clement was promoted to vice president. Alabama Telco Credit Union, Birmingham, Ala., promoted Kim Murdoch...

E1 Financial Opens In East LA.
June 2, 2008... LOS ANGELES -- State Senate Majority Leader Gloria Romero became a member of E1 Financial CU at its new branch in her home area of East Los Angeles to help celebrate the credit unions new initiative in this low-income community. The new...

CDCU Targets Bedford-Stuyvesant.
June 2, 2008... BROOKLYN, N.Y. -- Federal officials presented a check for $394,000 to Brooklyn Cooperative FCU officials to help mark the community development credit unions newest branch, in the low-income Bedford-Stuyvesant neighborhood. The new branch...

Hughes FCU Opens New HQ.
June 2, 2008... TUCSON, Ariz. -- Hughes FCU opened a new headquarters here and a seventh branch in it. All seven branches are about to add Saturday hours. The $400-million credit union plans to maintain its branch at its former headquarters building. ...

CU Awards $129,200 In Scholarships.
June 2, 2008... SAGINAW, Mich. -- Catholic FCU said it granted $129,200 in scholarships to 286 area college students who are members of the credit union through their annual Monsignor Forbes Scholarship Fundone of the largest credit union scholarship programs....

How To Keep From Getting Cut In The 'Scissors Economy'.(Conference notes)
June 2, 2008... SAN DIEGO -- Is your credit union prepared for the Scissors Economy, or are you about to be cut out by consumers who seek to slice costs by serving themselves? Todd Buchholz, managing director of the $15-billion Tiger hedge fund and former...

One Person Sees Economy Bouncing Back By Year-End.(Conference notes)
June 2, 2008... SAN DIEGO -- The American real estate market has been in a recession for two years, but at least one economist believes it may be near bottomwhich should allow the overall economy to recover by the end of this year. Joe LaVorgna, chief...

CUJ Snapshot.(WesCorps provide a lot of services)
June 2, 2008... SAN DIEGO -- As the economy continues to be a hot topic, Credit Union Journal asked attendees of WesCorps recent Future Forum here, What is your corporate doing to help your CU get through the economic slowdown? Las Vegas, Nevada is the...

More Mergers On Way Means More CUs Must Rethink Brand.
June 2, 2008... GREENWOOD VILLAGE, Colo. -- The second half of 2008 should look much like the first half when it comes to mergers among credit unions. Whats important at any time, one company is reminding, is that when a merger calls for a name change, the...

Competition For Checking Accounts Will Be Heating Up.
June 2, 2008... NORRISTOWN, Penn. -- Spending marketing dollars wisely will be a must in an ongoing tight economy that has banks moving in on credit unions checking account business, cautions one national CU marketing firm. The competition is really...

Despite Economic Crunch CUs Should Resist Cutting Marketing.
June 2, 2008... LOUISVILLE, Ky. -- Marketing is often among the first cuts when the economy is slow, yet most CUs arent looking to slash marketing budgets this year, according to a quick survey from one digital signage company. What remains critical even...

Economy May Recover Quickly, But Margin Pressure Continues.
June 2, 2008... LOMBARD, Ill. -- A slumping economy will eventually recover, perhaps even in the second half of this year, but pressures on margins will continue in 2008 or 2009 and beyond for that matter, according to one analyst. We all feel the pain...

CUs Should Turn To Technology To Help Bolster Lagging Growth.
June 2, 2008... MINNEAPOLIS, Minn. -- Credit union performance during the second half of the year will depend on how well the industry addresses a familiar challengegrowth, says one technology provider that is emphasizing the effort really starts as soon as...

Take Advantage Of Economic Opportunity To Add Products.
June 2, 2008... SAN ANTONIO -- Delivering additional products to members can be easier during the kind of weak economy expected during the remainder of 2008, contends Harland Clarke here, which is further predicting members will be very receptive to CU...

Promoting ID Theft Solutions A 'Smart Strategy' Right Now.
June 2, 2008... FRANKLIN, Tenn. -- A tough economy makes promoting identity theft solutions a smart strategy, especially during the remainder of 2008, according to Affinion Group here. The provider of marketing and security solutions says such an...

Strategic Radar Helps CUs With Economic Forecasting.
June 2, 2008... TALLAHASSEE, Fla. -- When it comes to forecasting the second half of 2008, it helps to have some Radar. Thats one benefit Credit Union 24 said its credit unions now have available to them, a service it calls Strategic Radar Dynamic...

Instant Issue One Way CUs Can Boost Non-Interest Income.(Financial report)
June 2, 2008... ENGLEWOOD, Colo. -- The search for additional ways of generating non-interest income has more credit unions turning to instant-issue debit cards this year, reports Dynamic Card Solutions, which expects the slow economy to continue the trend in...

How To Be More Strategic With Your Marketing Dollars.
June 2, 2008... ROSEVILLE, Calif. -- While one company reports marketing budgets are still intact this year (see related story), Matrix Manager here says many of its clients are feeling a budget squeeze and being more focused as a means of getting the most out...

Rising Gas Prices Contributes To Demand For Convenience.
June 2, 2008... SAN DIMAS, Calif. -- Rising gas prices may be contributing to a significant increase in shared branch transactions, reports Financial Service Centers Cooperative, which is recommending increasing shared branch promotion to the CUs it serves....

Card Portfolio Growing Even More Valuable.
June 2, 2008... DALLAS -- TNB Card Services has seen a slowdown in credit unions selling credit card portfolios and expects that trend to continue as CUs seek to offset poor performing auto and mortgage loan portfolios, the card processor says. According...

How CRM Can Make Most Of Marketing.
June 2, 2008... FRISCO, Texas -- With marketing budgets tightening due to shrinking margins, leveraging CRM solutions to drive organic growth should be high among CU priorities, says technology giant Fiserv. Credit unions need to be very strategic with...

Lending Opportunities Could Be On The Rise.
June 2, 2008... SAN DIMAS -- Spikes in commodity prices, rising consumer debt, and little or no wage growth have WesCorp predicting a tougher economy in the second half of 2008. And while the corporate CU here is cautioning that market conditions will...

Rising Unemployment, Rising Need For Access.
June 2, 2008... ATLANTA -- Rising unemployment will make account access more important to members in the second half of 2008, predicts a shared branching expert who also recommends two solutions to extend CUs reach. Given the economy, I think members are...

cujournal.com Survey.
June 2, 2008... What are you looking for from your vendors Help cutting costs 15% Help increasing efficiencies 32% Help boost membership and revenue 32% Fewer phone calls 22% (c) 2008...

Other Growth Tips From Grow Show.
June 2, 2008... ORLANDO, Fla.During Credit Union Journals recent Grow Show, companies that had partnered with the show and who were on hand were asked what solutions and suggestions they would offer to help credit unions grow during the remainder of the year....

How Other Defense CUs View Navy Expansion.
June 2, 2008... FORT BRAGG, N.C.The CEO of $261-million Fort Bragg FCU has three words for Navy FCU as the worlds largest credit union expands to serve all members of the military: bring it on! Look, we already had the third largest complete overlap in the...

New Va. High School Rivalry: Who Can Outsave The Other.
June 2, 2008... FAIRFAX, Va. -- Thanks to Apple FCU, two high schools here recently added a new competition: attempting to out-save one another. Students and staff of Stonewall Jackson High School and Osbourn Park High School, both in Manassas, Va.,...

Affinity FCU Rolls Out Site For College-Bound Students, Folks.
June 2, 2008... BASKING RIDGE, N.J. -- Affinity FCU has launched the Affinity Education Resource Center (AERC) at www.affinityfcu.org/education to help both college-bound students and their parents better understand savings options, borrowing for college, and...

Andrews FCU Launches Ads As It Enters Washington Market.
June 2, 2008... SUITLAND, Md. -- Andrews FCU has launched an ad campaign aimed at helping it penetrate the competitive Washington, D.C. market. Themed Imagine the Possibilities, the campaign includes spots on cable TV, transit, and print with three different...

CUES Comes To You (And Cuts Costs) With New Program.
June 2, 2008... MADISON, Wis. -- The Credit Union Executives Society has introduced CUES in CUs, which it says is aimed at helping to cut staff training costs by bringing a CUES trainer to the credit union. CUES in CUs is a versatile new service that makes...

CEO Judy Tharp Featured On Cover of Forsyth Woman Mag.(Piedmont Aviation Credit Union )(Brief article)
June 2, 2008... WINSTON-SALEM, N.C. -- Piedmont Aviation Credit Union CEO Judy Tharp is featured on the cover of the June issue of Forsyth Woman Magazine and is featured inside in an article headlined, One Womans Leadership Journey. The article encompasses...

Branch Staff Is Restructured.
June 2, 2008... DALLAS -- Due to rising gas prices, City Credit Union has restructured its branch employees to work at the branch closest to their home. In addition, several back-office employees are working four 10-hour days. Senior management and some...

Downturn Seen As Opportunity For CUs & Small Biz.
June 9, 2008... PORTLAND, Ore. -- The commercial lending market remains strong and growing for credit unions, with banks helping to send business CUs way, according to the leaders of four CUSOs. The opportunities for credit unions, the CUSOs told Credit...

CUs Offer Strategies For Building Share Of Mortgages.
June 9, 2008... WASHINGTON -- While other mortgage lenders are shutting down, credit unions are rolling out the welcome mat, with mortgage originations skyrocketing 53% in the first quarter of 2008 compared to the same time last year, according to Callahan &...

Corporate CU Writedowns Put Focus On Fair-Value Accounting.
June 9, 2008... SAN DIMAS -- As much as attention has focused on billion-dollar securities writedowns at the worlds largest financial companies, the fingerprints of fair-value accounting are nowhere more evident than in the arcane and isolated milieu of...

Political Intrigue May Cloud Fryzel's NCUA Nomination.(National Credit Union Administration)
June 9, 2008... WASHINGTON -- Armed with one of the longest resumes of any NCUA nominee, Chicago lawyer Michael Fryzel breezed through a confirmation hearing before the Senate Banking Committee last week. But the prospects for the Republican candidate to...

On Deadline.
June 9, 2008... Ringleader Of Young ID Thieves Gets Jail Time TUCSON, Ariz.The head of a ring that manufactured phony credit and debit cards to drain accounts at credit unions and banks was sentenced to more than five years behind bars. Robbin Brown,...

Newspaper's Mistake Leads To Run At CU.
June 9, 2008... CROSSETT, Ark. -- A local newspaper that incorrectly reported two Arkansas CUs filed for bankruptcy spurred a $639,000 run on money at one of the CUs and damaged reputations for both, report CEOs of the affected institutions. On May 26,...

CUNA, League Backing Iraq War Hero In Maine House Race @ti#By Ed Roberts, Washington Bureau Chief.
June 9, 2008... PORTLAND, Me. -- In one of its largest efforts of its kind, CUNA has spent almost $113,000 over the past week on independent mailings on behalf of Democrat Adam Cote, an Iraq war hero running in next weeks Democratic Primary for the state 1st...

Worth Noting.
June 9, 2008... Driving Force Of Largest Student-Run CU Retires DENVERWhen Donna Duvall-Serrano retired last week her career accomplishments were more than just a math teacher at Kent Denver School. Duvall-Serrano was the driving force and organizer in...

Stang Looks Ahead To New Challenges For CU Movement.
June 9, 2008... PHOENIX -- As Troy Stang treks from the Arizona desert to the green forests of Oregon to take over the Credit Union Association of Oregon, he told Credit Union Journal his top priority will be to build on the leagues advocacy efforts started by...

Poitras Reflects On His Time As A CU Leader.
June 9, 2008... WILSONVILLE, Ore. -- Despite the many challenges facing credit unions, the retired president of the CU Association of Oregon Geme Poitras believes the cooperative model will continue to thrive. Poitras, who became OCUA CEO in 1992, is ready...

How 1 CU Made Its Gen Y Members Boom, Lopping 7 Years Off Average Member Age.
June 9, 2008... MINNEAPOLIS, Minn. -- City-County FCUs boom! Club has been a growth boon to the CU in the category many credit unions covetGen Y. The initiative aimed at ages 13-22 claims 6,190 participants, which has helped lower the average age of the credit...

Ohio Caps Payday Loan Rates.
June 9, 2008... COLUMBUS, Ohio -- Ohio joined the growing list of states restricting payday lending recently, when Gov. Ted Strickland signed legislation to limit the annual rates on the short-term loans at 28%. The new law also limits a borrower to four...

Message In A Bottle? No. But It Does Make It Across The Sea.
June 9, 2008... Consider the observation, below, for a moment: Many of the countrys middle classes would never dream of borrowing from a credit union, associating it with the sort of scrimping and saving their parents did. Most of the new middle class...

2008 Call for Entries - Best Practices.
June 9, 2008... The Credit Union Journal is announcing its Call for Entries for its Best Practices awards. It's easy to enter! Nominations may be submitted by credit unions, a CUSO, or even another CU. Nominations can also be submitted by suppliers to the...

CALENDAR.(Brief article)(Calendar)
June 9, 2008... JUNE June 11-14 Florida CU League Convention & Expo, JW Marriott Orlando Grande Lakes Resort. For info: www.FCUL.org, jtalleyFCUL.org or 800-342-1266. Hotel: 407-206-2300. June 11-14 National Federation of Community...

Why CUs Can't Afford To Neglect The 'Back End' Of Mortgage Loans: Potential Fraud.
June 9, 2008... Much has been written over the past few years about the growing threat of mortgage fraud. Beyond the FBI statistics, MBA workshops, and the burgeoning industry in fraud detection software for loan originations, the threat of closing table fraud...

U.S. Central Deserved More.
June 9, 2008... Headlines everywhere are focused on todays uncertain economy and continuing market dislocation. Daily, we hear of another mortgage lender or other big bank in trouble. To be sure, this is a time not seen in the financial industry in recent...

Negative Tone Is Disappointing.
June 9, 2008... I am disappointed with the tone of the CU Journal report of our May 21 announcement about our pending merger with US Alliance CU. We are pleased to be joining with an organization whose 57-year history of service to government employees and...

Weber To CUSC VP As It Books First $1.5 Million.
June 9, 2008... WASHINGTON -- Credit Union Student Choice, the new CUSO launched to offer student lending services via credit unions, has named Mike Weber as its first VP-marketing. Weber had been VP-marketing and PR with Dupaco Community CU in Dubuque, Iowa,...

Empower CU To Pay A Bonus Dividend Of $150K.
June 9, 2008... MILWAUKEE, Wis. -- For the first time in its history, Empower Credit Union said it will pay a bonus dividend of approximately $150,000. The $133-million ECU has 5,800 members. Empower Credit Union is successful because of our borrowers and...

Collins Tapped To Lead Growth Of $360M CIF.
June 9, 2008... MADISON, Wis. -- The National Credit Union Foundation has named Josie Collins to its new Resource Development & Donor Relations Director. The NCUF said Collins will now take the lead on growing the $360-million Community Investment Fund,...

Mid-Atlantic FCU Wins Workplace Excellence Award.
June 9, 2008... GERMANTOWN, Md. -- Mid-Atlantic FCU here was selected as a Workplace Excellence Award Winner by the Alliance for Workplace Excellence. It is the second year MAFCU has won the award, which requires nominees to complete a comprehensive assessment...