Credit Union Journal articles from March 2008

Credit Union Journal archives from March 2008

NCUA Eyes Executive Compensation: Outreach Task Force Calls For Making Member Service Assessment Permanent.
March 3, 2008... ALEXANDRIA, Va. -- Federally chartered credit unions would be required to report the annual compensation of their senior executives to members under a proposal issued by NCUA last week. The proposal tries to satisfy some of the criticism...

How A Quick Fix (HR 1151) Became A Long Battle (CURIA).
March 3, 2008... WASHINGTON -- It started off as a single statement on a single page, before growing to 55 pages long and hundreds of pages of supporting materials. Thats how HR 1151, the Credit Union Membership Access Act, was introduced in the U.S. House of...

CUs Caught In Ideological Trap On Mortgage Bankruptcy Bill.
March 3, 2008... WASHINGTON -- The credit union lobby convinced Senate leaders last week to carve out most credit union mortgages from a bill that would give bankruptcy courts the ability to rewrite the terms of home loans for the first time, just as the bill...

On Deadline.
March 3, 2008... Congress Schedules Hearing On CURIA WASHINGTONThe House Financial Services Committee has scheduled a hearing on credit union regulatory relief for March 6. The hearing will be on several regulatory relief proposals, including CURIA...

Net Income Plunges 53% For Q4; Good News Is Capital Still High.
March 3, 2008... ALEXANDRIA, Va. -- Credit unions are in Washington this week for CUNAs GAC looking to talk politics, but theyll likely find themselves fielding a few questions about their own balance sheets. Net income at the nations credit unions...

NCUSIF Posts $185M Loss During December.(Financial report)
March 3, 2008... ALEXANDRIA, Va. -- Buffeted by several large credit union failures, NCUA said the National CU Share Insurance Fund lost $185.4 million in December, the most losses for one month or for an entire year in the funds existence. In December,...

Post Card from the CU Past.
March 3, 2008... PERTH AMBOY, N.J. -- California CU League managing director Wil Wyatt always had a flair for the dramatic, as well as a devotion to credit unions. On Dec. 30, 1971, he combined the two in a cross-country motor home journey from the Leagues...

Visa Sets Value On IPO Shares.
March 3, 2008... SAN FRANCISCO -- Visa Inc. last week set a projected value on its shares in its planned initial offering, including the Class B shares that will be apportioned to credit union and bank owners of Visa. Visa plans to raise as much as $18 billion...

Worth Noting.
March 3, 2008... Ross Named Michigan Regulator LANSING, Mich.Ken Ross, who spent three years with the Michigan Credit Union League, has been appointed chief regulator for state-chartered CUs here. Ross had been acting commissioner of the Office of...

CURIA COUNTER - 145.
March 3, 2008... At press time, the number of co-sponsors on the CURIA bill. 218 are needed to have a majority. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

A Lesson In How To 'Xceed' Is Planned For Grow Show.
March 3, 2008... EL SEGUNDO, Calif. -- When Teresa Freeborn discusses developing a new business model at the Credit Union Journals Grow Show, she will be speaking from practical and current experience. Thats because the president and CEO of Xerox Federal...

Looking To Grow Your Credit Union This Year? Here's How.
March 3, 2008... WHAT: Credit Union Journals Grow Show WHEN: April 27-29 WHERE: ChampionsGate Resort, Orlando, Fla. WHY: The Credit Union Journal has created the only conference dedicated solely to the No. 1 issue in front of credit...

Now In The Market.
March 3, 2008... Self-Healing ATMs Make Debut DAYTON, OhioNCR has begun offering an ATM that conducts minor repairs to itself, saving owners on maintenance and down time. The company said when a problem arises for one of its SelfServ ATMs, the machine will...

Iowa CUs In Pilot Of Remittances As Means Of Attracting Hispanics.
March 3, 2008... WEST DES MOINES, Iowa -- Three credit unions in Iowa are participating in a pilot program to determine the effectiveness of remittances to attract Hispanic members. The one-year study led by the Iowa Credit Union League (ICUL) and World...

Did You Know?
March 3, 2008... Subscribers to the Credit Union Journal can take advantage of an enormous archive of reporting in the Journal by going to www.cujournal.com and using the search tool to search by names, words and key phrases. (c) 2008 The Credit Union...

Never Again? For The Sake Of Credit Unions, Let's Hope Not.
March 3, 2008... After the long, difficult build up, the news came with sudden, short notice. President Clinton would be signing the Credit Union Membership Act on a Friday, just days away. The news had come as a surprise to everyone, including the trade...

Calendar.(Calendar)
March 3, 2008... MARCH March 9-14 CUNA Collections and Bankruptcy School: Introduction, Catamaran Resort Hotel, San Diego. For info: 800-356-9655, ext.4249 or www.training.cuna.org. March 11-14 CUES School of Sales & Service, Loews, New...

When The Going Gets Tough, Act Counter-Intuitively: In Difficult Times, The Working Class Gives More. Here's Why You Should, Too.
March 3, 2008... When the economy struggles, the charitable world collectively shivers. Investment returns from endowments shrink, reducing foundations ability to make grants and provide needed programs. Corporate giving takes a hit as budgets are scrutinized....

Why CU Vendors Deserve A Little Loving Sometimes.
March 3, 2008... I dedicate this article to all the vendors that choose to focus on credit unions. Like cheerleaders in the stands, they come to our events. They never miss chapter meetings or an opportunity to show their support of the causes we care...

What Is 'High-Performing' CU? Study Seeks To Offer Answers.
March 3, 2008... MADISON, Wis. -- Measuring a credit unions performance against another high-performing credit union raises a difficult question: what is a high-performing CU? Seeking to answer what exactly high-performing means can vary amid the wide...

Group Has 'Reality Check' On Homeowners And Mortgages.
March 3, 2008... SILVER SPRING, Md. -- A Reality Check related to mortgages is proving to be just that. The National Foundation for Credit Counseling (NFCC) is reporting troubling findings from an online diagnostic tool it calls Mortgage Reality Check...

CUJ Q&A: NCUA Chairman Discusses Recent Mortgage-Related CU Turmoil, Losses Other Issues.
March 3, 2008... ALEXANDRIA, Va. -- Extensive losses by some credit unions have led to conservatorships, NCUA management, and ultimately, losses to the National Credit Union Share Insurance Fund. NCUA Chairman Joann Johnson, below, tells Credit Union Journal...

Now In The Market.
March 3, 2008... CO-OP, CU24 Into Walgreens RANCHO CUCAMONGA, Calif.uCO-OP Financial Services announced an expansion of its ATM network to include 631 ATMs in Florida Walgreens pharmacies. Under the deal, Walgreens ATMs will be stickered with the CO-OP...

Dissident Members Call For Investigation Of Conversion Vote At Beehive CU.
March 3, 2008... SALT LAKE CITY -- Members of Beehive Credit Union may have voted to convert to a bank charter, but some are crying foul and vowing to continue scrutinizing what they say are manipulations. According to a statement on the Beehive CU website,...

Buzz Kill At Other Beehive FCU.
March 3, 2008... REXBURG, Idaho -- The sky is not falling; the credit union is not converting to a bank. That is the message Shane Berger, president of Beehive FCU here, is trying to get out as news of the looming conversion to a bank by Beehive Credit...

The Task Force's 12 Recommendations.
March 3, 2008... ALEXANDRIA, Va. -- The National Credit Union Administrations (NCUA) Outreach Task Force provided to the NCUA board 12 recommendations: 1) Collect membership profile data through the AIRES examination process; 2) Collect financial...

People.
March 3, 2008... Insight Financial Credit Union, Orlando, Fla., named Fran Fritz business services manager. Affinity FCU, Basking Ridge, N.J., named Michael Harvey vice president, insurance program manager. TNB Card Services, Dallas, named Doug Farrell...

Town Would Stymie CU Branches.(Brief article)
March 3, 2008... BELMONT, Mass. -- A proposed zoning amendment would make it much more difficult, if not impossible, for credit unions and banks to open a new branch in this Boston suburb. The amendment would require financial institutions to apply for a...

CU Pays For New SEG Referrals.
March 3, 2008... SCRANTON, Penn. -- NET FCU is paying members who help it add select employee groups. The credit union will pay $50 for referral of a new SEG of up to 100 employees that joins, and $100 for SEGs larger than that. In addition, the contact person...

Patelco, Mission Join Forces.
March 3, 2008... SAN FRANCISCO -- Patelco CU is opening a new shared branch in conjunction with Mission SF FCU in the center of the low-income Mission District. The branch will house the community development credit union, its non-profit affiliate, Mission...

Utah CUs, Banks Reach Compromise.
March 3, 2008... SALT LAKE CITY -- Representatives for credit unions last week reached a deal with banks on compromise legislation that would ease restrictions on member business loans for state chartered credit unions. The bill would: eliminate the current...

The Generation Map: Variety Of Initiatives Seek To Capture Youth For CUs.
March 3, 2008... ST.PETERSBURG, Fla. -- Have you created your avatar yet? Chances are that if youve never heard of terms like wiki, widget or avatar, your credit union may be missing out on the opportunity to join a growing number of CUs already marketing...

The CU-Tube: Tinker FCU Offering A Reward For Member Video.
March 3, 2008... OKLAHOMA CITY, Okla. -- Credit unions are increasingly using Internet video outlets like YouTube in an effort to reach the potential mother lode of new members that the Gen Y market segment represents. Tinker Federal Credit Union here is no...

Let's Talk Price: CFOs Discuss How They're Reacting To Rate Cuts, Market Changes.
March 3, 2008... WEST PALM BEACH, Fla. -- As the Fed continues to try to jumpstart the economy by dropping the Fed Funds rate, credit unions are scrambling to reconfigure their pricing strategies. Credit Union Journal asked members of the CUNA CFO Council to...

CUJ EXIT Interview: John Tippets, CEO of $4.7-B AAFCU, Retires With Thoughts On Management, Future of CUs.
March 3, 2008... DFW AIRPORT, Texas -- John Tippets is CEO of the highly successful $4.7-billion American Airlines Federal Credit Union. Hes been at his post for the last 17 years and will retire in June. Credit Union Journal recently spoke with Tippets about...

Into The Wild: Sharing Story Of Dad's 29 Days Of Survival.
March 3, 2008... FORT WORTH, Texas -- John Tippets, CEO of the $4.7-billion American Airlines Federal Credit Union, was 2 years old when his father survived a plane crash in Alaska. Tippets remembers his dad sharing a story of survival, and how he and a group...

Ten Years Later, The Lackluster 'M': The Credit Union Membership Access Act Was A Landmark Bill For Credit Unions. But Membership Growth Has Not Kept Pace With Expectations. A Look At What Has Occurred, And Where Membership is Headed.
March 3, 2008... Washington -- A Special Report for Credit Union Journal readers by Jim Jerving, Correspondent When President William Jefferson Clinton signed the Credit Union Membership Access Act (HR 1151) on Aug. 7, 1998, there were great expectations...

Timeline To The Credit Union Membership Access Act.
March 3, 2008... 1990. Jim Culberson, president of First National Bank & Trust, Asheboro, N.C., convinces four other banks and the American Bankers Association to file a lawsuit against NCUA. The suit argued that AT&T Family FCU of Winston-Salem, N.C., should...

6 Drivers Of Consumers' Financial Behavior.
March 3, 2008... ADISON, Wis. -- Financial decisions are a strange brew of emotions, needs, dreams and a small measure of logic. It is no wonder that a consumers choice of a bank or a credit union may have little to do with a rational choice. For years,...

CUs May Be Able To 'Out-Behave' Retail Rivals In The Financial Marketplace.
March 3, 2008... ASHINGTON -- To stand out and to differentiate ourselves from the crowd is part of the human and organizational condition. But in the commoditized world of financial services, credit unions and banks are running out of ways to...

Credit Unions And The Electronic Word-of-Mouth.
March 3, 2008... HE BLOGOSPHERE -- It is widely recognized that traditional methods of marketingdirect mail, print, TV, radioare losing ground with consumers. Emerging marketing channels such as blogs, buzz, viral and e-mail are gaining purchase as the new...

The One Guy Who Was 'Nuts Enough To Try It'.
March 3, 2008... MADISON, Wis. -- It may be a cooperative movement, but getting credit unions behind the same cause is often more akin to herding cats. Few people know that better than Larry Blanchard. Nearly everyone in credit unions involved with the...

A Year Very Much Worth Remembering, Not Repeating.
March 3, 2008... Nineteen ninety-eight was a year like no other and one, we hope, never to be repeated. In their quest to monopolize the consumer financial services market, in 1990 bankers initiated a lawsuit to limit consumer options to join credit...

The Day HR 1151 Came Within 1 Vote Of Not Making It.(Brief article)
March 3, 2008... On the morning of the House Banking Committee mark-up of HR 1151, I thought the bill was going to die prematurely. But it did notbecause of hard work and the power of one vote. And I will never forget that. In what is now the Financial...

HR 1151 Scrapbook.
March 3, 2008... A CONGRESSMAN GETS CORNERED During the time leading up to HR 1151. I graduated from the National Credit Union Foundations Development Education program in 1996, and at our class auction I purchased a visit to Washington, D.C. to visit with...

No Time To Sit & Dwell.
March 3, 2008... The effort to enact into law the Credit Union Membership Access Act (HR 1151) was effectively a two-year marathon that generated scores of memoriesgood and bad, high and low, exciting and tedious, raw and urbane. One stands out, for some...

Dusty Roads & White Hats: Lessons & Recollections In One State.
March 3, 2008... It is about 110 miles of flat, sage-brush driving between Midland and San Angelo, Texas. But in January, a decade ago, the straight road cut between fields of new snowthe pavement often glazed with ice patches. Not many were out on that...

Day The Senators Called.
March 3, 2008... I vividly recall April 30, 1998. Our Annual Membership Meeting was in session with keynote speaker CUNA Mutual Group CEO Mike Kitchen. While Kitchen was speaking, I was handed a note that Senate Banking Committee Chairman Alfonse DAmato was on...

HR 1151 Scrapbook.
March 3, 2008... MAJOR MILESTONE IN CAREER I have many fond memories concerning H.R. 1151. Over the course of my 16-year career as NAFCU president, it stands out as a major milestone. I recall with great pride the campaign credit unions undertook and our...

HR 1151 Scrapbook.
March 3, 2008... MAJOR MILESTONE IN CAREER As Chair of NAFCU at the time, I saw the battle of the AT&T Family FCU case as a wake-up call for credit unions. I am proud to say we answered with a swift, strategic plan of action to get H.R. 1151 passed. While...

How U.S. Legislation Has Affected World.
March 3, 2008... The credit union movement has not been without its historic periods. In fact, the idea that consumers could come together to pool their funds for joint economic prosperity is pretty historic in and of itself. But there occasionally are...

Testament To An Undeniable Value.
March 3, 2008... R. 1151 was a tremendous victory for credit unions. As former president of Navy Federal Credit Union and a NAFCU board member, it is very gratifying to have been part of this landmark achievement. In fact, perhaps the bond H.R. 1151 created...

A Lesson In Power.
March 3, 2008... Looking back on the remarkable achievement that was H.R. 1151, we can appreciate even more clearly today how its passage crystallized the power of political action in support of consumer choice. The credit union members who mobilized and were...

Co-Sponsor Kanjorski Recalls CU Rally, 'America At Its Best'.
March 3, 2008... WASHINGTON -- The thing I remember the most was the response of the credit union members when we needed them the most to push it (the bill) over the top, observed U.S. Rep. Paul Kanjorski. One of two chief sponsors of the bill, Kanjorski...

Co-Sponsor LaTourette Recalls The Banker Who Is No Longer.(Steve LaTourette)(Brief article)
March 3, 2008... WASHINGTON -- There are really two things that stick out in my mind, said Steve LaTourette, the Ohio Republican who was one of two chief sponsors of HR 1151. The first, he said, was being handpicked by then-House Speaker Newt Gingrich to be the...

A Senator Recalls The 'Substantial Interests' Working Against CUs.
March 3, 2008... WASHINGTON -- My first memory is the serious situation in which the credit union movement found itself after the court decision, said Paul Sarbanes, then the senior Democrat on the Senate Banking Committee. It really raised a major...

How To Make Sure Lawmakers See Grass(roots) Are Greener On CU Side Of The Fence.
March 3, 2008... ARVADA, Colo. -- Banks may have the big bucks, but credit unions have a secret weapon in the political advocacy battle: members. The advocacy program developed by the Credit Union Associations of Colorado and Wyoming, which has been cited...

The CU Journal asked state leagues: The primary lesson for CUs over the past 10 years has been the importance of advocacy. What do you consider your most effective advocacy effort, how has it evolved, and where would you like to improve? Below are their responses.
March 3, 2008... ALABAMA BIRMINGHAMThe Alabama Credit Union League works very hard to lobby lawmakers, provide financial support for credit union-friendly candidates, organize and participate in Hike-the-Hill visits for Congress and the State Legislature....

Grassroots is not a Spectator Sport! Join Our Credit Union Grassroots Team Today!
March 3, 2008... What messages are the advocacy program trying to get out there? Kemm: When we look back at the history of how credit unions were formed, they were formed on the principles of grassroots ownership. The owners have a voice in a democratic...

Where 'Superpriorities' Really Ought To Lie.
March 3, 2008... There it was in black and white: The real difference between credit unions and banks. Among nine superpriorities of the American Bankers Association listed in a recent ABA Banking Journal column by the groups chairman, strongly oppose...

Why NCUA Has Focused On The Rights Of Members As Owners.
March 3, 2008... During my tenure as chairman, one of the most difficult and contentious issues facing NCUA has been the rights of credit union members to decide on the structure of the member-owned financial cooperative. This issue has received attention on...

Agency Seeking To Strike Balance Between Flexibility & Consistency.
March 3, 2008... The recent upheavals in the mortgage market and the credit markets broadly have garnered an extraordinary amount of attention in the media, and with good reason. Ripple effects throughout the economy are now being manifested by slower growth...

A Look At What Will Be NCUA's Key Examination Issues For 2008.
March 3, 2008... When I travel around the country and speak at conferences, one question I always get asked by credit unions is: What are the hot examination issues this year? Recently, I moderated a webinar with NCUA staff squarely on this topic. Two issues...

Off With The Shackles: CUs Are Key To Economic Recovery.
March 3, 2008... As Congress continues to search for the best strategies to jump-start a stalled economy, our elected officials need to fully recognize the significant potential of credit unions to serve as a catalyst in helping businesses and consumers regain...

Why Your CU Should Make Ongoing Director Education A Requirement.
March 3, 2008... Bachelors degree required, MBA preferred. Its not uncommon to see this statement at the end of credit union CEO recruitment ads these days. Even MBA required is not unheard of, as the complexity of leading a financial institution continues...

On Branding: No Magic Bullet To Growth, Just Consistent, Effective Strategies.
March 3, 2008... The issue on everyones mind today: Growth. Credit unions of all sizes, CUSOs, and even consultants and vendors serving the credit union industry are all wrestling with the struggle to grow. I am not going to recount overall industry growth...

Time Now For Deliberate Path To...
March 3, 2008... Its no secret that credit unions are the only financial institutions that cannot raise capital outside of retained earnings. However, some may argue that there is no need for credit unions to raise additional forms of capital because credit...

CUs' Political Views.
March 3, 2008... WEST PALM BEACH, Fla. -- CU Journal gives readers the opportunity to weigh in on a variety of issues. Below are the results of a recent online poll. To add your two cents or see past surveys, visit www.cujournal.com. CU JOURNAL ONLINE...

Wegner Awards Salute Bob Hoel: Leaving class, leading the class, doing it with class.(Company overview)
March 3, 2008... MADISON, Wis. -- Bob Hoel, the recipient of the 2008 Herb Wegner Memorial Award for Lifetime Achievement, remembers a baptism of fire when he first became Executive Director of the Filene Research Institute. Hoel was a tenured professor at...

Wegner Awards Salute SECU Foundation: A solid foundation, a statewide foundation, helping others to build a foundation.
March 3, 2008... RALEIGH, N.C. -- In the summer of 2004, State Employees Credit Union created the SECU Foundation. Less than four years into its work, its been awarded the 2008 Herb Wegner Memorial Award for Outstanding Organization. The foundations work...

Wegner Awards Salute Harriet May: Inheriting a legacy, living a legacy, leaving behind a legacy.
March 3, 2008... EL PASO, Texas -- Its not easy to make an impression at GECU here. While Harriet May, president and CEO at GECU has been named the recipient of the 2008 Herb Wegner Memorial Award for Individual Achievement, shes actually the third Wegner award...

A World Of Difference: WOCCU's Brian Branch Says American CU Leaders Are Often Surprised To Learn How Financial Services Can Significantly Improve Lives From Afghanistan To Zambia.
March 3, 2008... MADISON, Wis. -- After 19 years working with microfinance providers and 17 years holding positions of escalating importance at World Council of Credit Unions (WOCCU), Dr. Brian Branch understands the financial and social needs of many of the...

News from WOCCU.
March 3, 2008... MADISON, Wis. -- The World Council of Credit Unions International Remittance Network (lRnet), which in 2007 surpassed the $2-billion mark in total volume of remittance transactions since its inception in 2001, has expanded its program to Peru...

Ghana's CUs Request Their Own Legal Structure.
March 3, 2008... ACCRA, Ghana -- The Ghana Co-operative Credit Union Association (CUA) is urging the Bank of Ghana (BOG) to move more quickly in working with the countrys parliament to create a legal structure for credit unions in the country. CUA Board...

In Ireland, Keeping The Wolves From Door.(Credit unions joining program for educating teenagers about dangers of getting involved with certain moneylenders)(Brief article)
March 3, 2008... KILDARE, Ireland -- Credit unions here have joined a program aimed at educating teenagers about the dangers of getting involved with certain moneylenders, especially for things they cannot afford. The problem is considered especially...

CUs In Domincan Seen As 1 Answer To Inflation.
March 3, 2008... SANTO DOMINGO -- Dominican RepublicStill feeling the pain from spiraling inflation here two years ago, the Dominican Republic is looking to expand powers for credit unions as part of the solution to problems in retail finance. Representatives...

Idaho's Cus To Partner With Solomon Islanders.
March 3, 2008... BOISE, Idaho -- Three representatives from Idahos credit unions traveled for two weeks to the Solomon Islands as part of a partnership agreement between the Idaho CU League and the Solomon Islands CU League. The goal, according to the Idaho...

Missouri CUa Concludes 3-Year Deal With Barbados.
March 3, 2008... ST. LOUIS, Mo. -- The Missouri Credit Union Association said it has concluded its three-year formal international partnership with Barbados Cooperative and Credit Union League. The two leagues had been working together under WOCCUs...

WOCCU Begins $24.8m Program In Mexico.
March 3, 2008... MADISON, Wis. -- The World Council of Credit Unions (WOCCU) has begun work on a $24.8 million program to further expand rural credit union development in Mexico. The Rural Microfinance Technical Assistance Project builds upon two recent WOCCU...

New Zealand's CUs Object To Analysis Of Product.
March 3, 2008... AUCKLAND, New Zealand -- New Zealands credit unions have raised objections to a newspapers analysis that suggests a credit union-backed retirement savings product is not the good deal credit unions say it is. The Business Herald said it...

Vermont's Heritage Family Partners With Peru CU.
March 3, 2008... RUTLAND, Vt. -- A partnership agreement has been signed between Heritage Family Credit Union here and Cooperativa de Ahorro y Credito ABACO, based in Lima, Peru. The credit union-to-credit union (CU2CU) partnership is a byproduct of the...

Mexican Delegation Visits With Illinois Credit Unions.
March 3, 2008... NAPERVILLE, Ill. -- More than 20 credit union executives from Mexico visited with the Illinois Credit Union League. The group also toured and met with staff members at Members United Corporate FCU, Credit Union 1, and NorthStar CU, all located...

Goal To Share Secret To 15% Membership Growth.
March 3, 2008... PORTO ALEGRE, Brazil -- WOCCU is helping leaders from global credit union movements challenged by slow membership growth to explore the successful growth strategies of the Brazilian credit union movement. The Confederacao Interestadual das...

Lanesboro (Ireland) Reps Visit Laneboro (Mass.) CUs.
March 3, 2008... LANESBORO, Mass. -- Credit unions from Lanesboro recently met with credit unions from Lanesboro, In this case, the Berkshire County Chapter of the Massachusetts Credit Union League hosted Lanesboro Balleyleague Credit Union Chairman, Joe Donlon...