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Credit Union Journal articles from May 2006
Weekly newsletter focusing on the news of the credit union community. Features special reports, year reviews, and opinion columns.
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Credit Union Journal archives from May 2006
DFCU Financial Fights For Its Board: The CU's Latest Project: Saving Its Endangered Directors.(credit union)
May 1, 2006
Police Arrest Trio - But Not Ringleader - Of Hackers Who Have Been Hitting CUs.(credit unions)
May 1, 2006
One CU CEO's Novel Idea For Pursuing A Career.(credit union)(Taunton FCU)
May 1, 2006
Coalition For CU Charter Options Was Mischaracterized.(Letter to the editor)
May 1, 2006
Get Outside The CU In Order To Create A Brand From Inside.(credit union)(Brief article)
May 1, 2006
Board Members Challenged To Take A Hard Look At How They Operate.
May 1, 2006
Reg Relief Unlikely To Include Risk-Based Plan.(regulatory relief )(Brief article)
May 1, 2006
CUNA Donates $250K To Congressional Leaders.(Credit Union National Association)(Brief article)
May 1, 2006
FHLB-Chicago To Float $1 Billion In Debt.(Federal Housing Finance Board)(Brief article)
May 1, 2006
Colo. CU League Now Association; Out-of-Staters Can Join.(Colorado CU League)
May 1, 2006
CAMEL 4 And 5 Credit Unions On The Slow Rise.(Brief article)
May 1, 2006
Getting Buzz For The Brand Not An Overnight Process.
May 1, 2006
Consumers Pessimistic About Housing, Borrowing.
May 1, 2006
Booster Shots For Lending: A Half-Dozen Plus Strategies CUs Are Employing.(credit unions)
May 1, 2006
Are You Tattoo Worthy?(credit union's marketing management)
May 1, 2006
New Mortgage Bank Launched.(Brief article)
May 1, 2006
RSA Expands Online Security Market.(RSA Security acquires PassMark Security )(Brief article)
May 1, 2006
First CU Adds Expedited E-Bill Pay.(credit union)(Brief article)
May 1, 2006
Oregon CUL Taps Ant Hill Marketing.(Credit Union Association of Oregon )(Brief article)
May 1, 2006
The Cost of Making Investments Vs. Making Loans.(Brief article)
May 1, 2006
How To Handle The Pressure.(credit union's finance)(Brief article)
May 1, 2006
Survey: Banks Far More Active In Boosting Fees Than Rates.
May 1, 2006
It All Comes Back To Liquidity.(credit union's finance)
May 1, 2006
Marketing Tools, Market Assumptions.(Brief article)
May 1, 2006
Corporates To Co-Host 'Dare To Compete'.(Brief article)
May 1, 2006
Brooklyn CDCU Moves Into Larger Facility.(Community Development Credit Unions)(Brief article)
May 1, 2006
CU Economists Brief St. Louis Fed Bank.(credit union)
May 1, 2006
South Carolina CU Boosts Outstanding Balances.(South Carolina Federal Credit Union)(Brief article)
May 1, 2006
NASCUS Hosts Kenyan CU Executive.(The National Association of State Credit Union Supervisors)
May 1, 2006
Treasury Officials Meet With Credit Unions.(Brief article)
May 1, 2006
Suggestions Shared On Why CUs Should 'Move Early' In Targeting Hispanic Market.
May 1, 2006
Coalition: Members' Efforts To Derail Conversion 'Tyranny'.(DFCU Financial)
May 1, 2006
CU Innovations On Full Display: CU Journal Conference Highlights Nation's Best Practices.(credit unions)(Brief article)
May 8, 2006... MIAMI -- Who says credit unions can't innovate and compete?
Nearly two-dozen strategies, tactics and ideas were detailed during The Credit Union Journal's inaugural Best Practices Conference at the Hyatt Hotel here. The innovative...
Reg Relief Passes, But Many Sought-After Items Not Included.(rules and regulations)
May 8, 2006... WASHINGTON -- The regulatory relief bill being backed by credit unions and banks for the past five years turned out to be only half a loaf, if that.
The Senate Banking Committee last week approved its version of the bill, which was...
DFCU, Opponents Prepare For Meeting: Both Sides Square Off Over Attempt To Recall Board.
May 8, 2006... DEARBORN, Mich. -- DFCU Financial Credit Union has confirmed it will hold a special meeting of members to vote on a recall of the board, but at press time had yet to provide a date or location for the meeting.
In accordance with its bylaws,...
High APYs In Some Markets Challenge CUs In Pricing Deposits.
May 8, 2006... ATLANTA -- Not all is peachy in Atlanta when it comes to pricing deposit accounts.
Like many markets across the southern U.S., Atlanta has seen a surge in new residents, and financial institutions have noticed, with banks especially...
On Deadline: New Shares Poured Into CUs During March.(reports of Credit unions)(Brief article)
May 8, 2006... MADISON, Wis. -- Credit unions reported one of their best months in several years for savings growth in March, with an estimated $14.2 billion of new shares pouring in, according to CUNA. The savings growth was helped substantially by a fifth...
On Deadline: Hearings on Charter Conversions This Week.
May 8, 2006... WASHINGTON -- Congress will hold hearings this week on credit union-to-bank charter conversions. Witnesses from both sides of the issue will testify. For additional information, see page 12.
(c) 2006 The Credit Union Journal and...
On Deadline: ABA Chairman Not Among The Underserved.(acquisitions, sales and earnings )(Brief article)
May 8, 2006... SALT LAKE CITY -- This year is turning out to be a very good one for Harris Simmons and his banking company, Zions Bancorp, which he heads as president and CEO. When Zions' Board, with Simmons as its chairman, declared a 36-cents a share...
On Deadline: CU24 Eliminates Fee Minimum.(Credit Union 24 Inc. )(Brief article)
May 8, 2006... TALLAHASSEE, Fla. -- Credit Union 24 said last week it has eliminated membership-fee minimums for its member-shareholders in conjunction with its new switch-processing agreement with Fifth Third Processing Solutions.
The credit union-owned...
On Deadline: On Deadline: No Rate Cuts For Officials.(preferential loan rates)(Brief article)
May 8, 2006... ALEXANDRIA, Va. -- Federal credit unions may not provide paid employees who sit on volunteer committees a loan rate reduction offered all employees, according to NCUA.
"A credit union cannot offer preferential loan rates to any of its...
Indictments Pending In D. Edward Wells FCU Case.(loss for the National Credit Union Share Insurance Fund)(Brief article)
May 8, 2006... SPRINGFIELD, Mass. -- Indictments are expected soon against former officials of D. Edward Wells FCU here, which is currently being operated by NCUA, which has placed it in conservatorship.
The Springfield Republican reported that grand jury...
Record $9.6M Deposited As Part Of Youth Savings.(credit union participated in the Youth Savings Challenge)(Brief article)
May 8, 2006... MADISON, Wis. -- CUNA is estimating that credit unions attracted a record-high $9.6 million in deposits from young members as part of the National Youth Saving Challenge held in conjunction with National Credit Union Youth Week. The amount is...
Charter Approved For Start-Up CU To Serve Mrtg. Bank.(credit union)(Brief article)
May 8, 2006... CHICAGO -- NCUA said last week it has approved a charter for a new credit union to serve members of Unified Homeowners of Illinois Association, a group that provides counseling and other services to customers of TWA Corp., a local mortgage...
Irish CU Faces Deposit Run After Rumors Spread.(Monaghan Credit Union)(Brief article)
May 8, 2006... MONOGHAN, Ireland -- One credit union here found itself the victim of a good old-fashioned run on deposits when word spread it was about to collapse due to losses. Although the reports were incorrect, members of Monaghan Credit Union began...
Judge Strikes Down 'Safe Harbor' Provisions In Texas HELOC Rules.(home equity lines of credit)
May 8, 2006... AUSTIN -- While credit unions and other financial service providers will still be able to offer home equity lines of credit, a recent ruling by a state judge could erode or eliminate the "safe harbor" provisions governing such lending in the...
More Gulf Coast CUs In Mergers.(credit unions)(Brief article)
May 8, 2006... NEW ORLEANS -- Several Gulf-area credit unions damaged by Hurricane Katrina last year have thrown in the towel and begun seeking merger partners. NCUA said it approved three such mergers last month, including that of Gulfport CBC FCU, in...
TCUL Supports Ads Supporting Tax.(finance for radio ads)(Brief article)
May 8, 2006... AUSTIN, Texas -- The Texas league has joined with other groups in financing a radio campaign touting a tax proposal. The TCUL contributed $25,000 to the campaign financed by Texans for Taxpayer Relief, which touts a proposal passed by the state...
Worth Noting.(United States. Federal Deposit Insurance Corp.)(University of Massachusetts)(Brief article)
May 8, 2006... New FDIC Chairman Nominated
WASHINGTON-The White House has nominated former assistant Treasury Secretary Sheila Bair as chairman of the FDIC. Bair, who served as one of Treasury's top liaisons to financial institutions, has been teaching...
Is It Really 'Cheating' If The Rules Are All Wrong?(Bob MacDonald)
May 8, 2006... Have you ever "cheated to win?" Most likely, but perhaps not in the way that is implied in the question. If not, then you've "Played It Safe With Hopes For A Tie." And you've most likely lost.
The person who coined the phrase "Cheat to...
How You Can Use Your Data To Level Your Marketplace.(Credit unions)
May 8, 2006... According to statistics published in 2005 by CUNA, there are 9,237 credit unions in the United States. Twenty years ago, this number was 17,672. Despite this near-50% decrease over the past two decades, membership in credit unions had increased...
Product & Service.(Ohio-Marion Community Credit Union said it will offer improved mortgage services)(Tampa Bay FCU has signed a three-year contract with PSCU Financial Services)(Manufacturers' Lease Plans (MLPi) has launched a new division to provide equipment leasing to CREDIT UNOINS offering commercial services)
May 8, 2006... MCU Moves To myCU (Mortgage)
MARION, Ohio-Marion Community Credit Union said it will offer improved mortgage services as a result of a new agreement with myCUmortgage. Marion Community officials called myCUmortgage a time-tested product...
How One CU Has Made Reporting Easier.(Cenla FCU's Information Systems uses Excel-based application to generate reports)
May 8, 2006... MIAMI -- No credit union leader likes to generate reports, and that includes the IT staff who have to provide all the data needed to populate those reports.
Cenla FCU has found a way to make life easier for everyone when it comes to...
CUs Share Best Practice Strategies At Conference.
May 8, 2006... MIAMI -- Innovation. Rule-breaking. Terrific ideas. All were on vivid display last week when The Credit Union Journal hosted its inaugural Best Practices conference, featuring CUs first highlighted in The Journal's Best Practices issue in...
Why Leaders Should 'Cheat'.(Bob MacDonald )(Speech)
May 8, 2006... MIAMI -- What qualifies for a Best Practice? Selling an insurance company just 11 years after you founded it for $540 million would seem to qualify.
But as Bob MacDonald made clear, it was creating Best Practices by "cheating" that made...
Budgeting IT Resources.(Ent Federal Credit Union)
May 8, 2006... MIAMI-Like any credit union going through a core conversion project, Ent FCU placed a moratorium on all requests upon the IT staff until that conversion was complete.
But where the Colorado Springs, Colo.-based credit union created a Best...
Lost Marbles All Part of The Cards.(Dupont Community Credit Union)
May 8, 2006... MIAMI -- Only one person sharing a Best Practices strategy with The Credit Union Journal's Conference here lost her marbles-but then she had planned it all along.
In this case the marbles were part of the marketing that surrounded Dupont...
Old Biz Model Vs. New Realities.
May 8, 2006... MIAMI -- There's a lesson for credit unions to be had in Napster, the famous or infamous, depending on your point of view, music sharing service. And it isn't that people like their music free.
Instead, said Mark Meyer, the Director of...
Call For Entries For Best Practices 2006!(Credit Union Journal is announcing its Call for Entries for its Best Practices awards)(Brief article)
May 8, 2006... WEST PALM BEACH, Fla. -- The Credit Union Journal is announcing its Call for Entries for its Best Practices awards. The Journal published its inaugural Best Practices issue in November 2005, and featured nearly two-dozen peer-leading ideas as...
You See A Teller, Others See A Barrier To Sales.(Level 5)(Brief article)
May 8, 2006... MIAMI -- Where you see a traditional teller line, Level 5 sees an unnecessary barrier between you and your members.
Level 5, a consulting firm for financial services, gets its name from the five levels of service it offers: 1) strategic...
Employee Program Helps BFCU To SOAR.(Bayer FCU )
May 8, 2006... MIAMI -- Many credit union talk about not being "order-takers." Others say they want to create dynamic workplaces where employees can build rewarding careers. Still others seek to truly meet member needs.
Bayer FCU believes it has done all...
A 'Touchpoint' Wherever The Member Lands.(Delta Community credit union)(Brief article)
May 8, 2006... MIAMI -- Many credit unions would love to have Delta Community CU's 160,000 members and $2.4-billion in assets. But not many would enjoy servicing a membership as geographically diverse as the airports its airline-sponsor serves. Many, in fact,...
Instant Card Issuance Proves To Be Popular Feature.(Brief article)
May 8, 2006... MIAMI -- Looking for a credit card best practice? Consider instant issue, suggests one card expert.
Dynamic Card Solutions' Card Wizard offers CUs the ability to instantly issue plastic cards with no fuss, no muss and no wait.
"It...
'The Shift Is On.' Are You Ready?
May 8, 2006... MIAMI -- What can credit unions learn from the Best Practices on display in other industries?
Plenty, according to Bob Vedder, VP-retail media with Newground. Vedder closed The Credit Union Journal's Best Practices conference with peer...
Surprise Witness Slated For Conversion Hearings.(National Credit Union Administration (US government) )
May 8, 2006... WASHINGTON -- Congressional hearings this week on credit union conversions to mutual savings banks won't do much to further a bill that would ease NCUA's powers over the conversion process but will shed a lot of light on what is happening...
People.(State Employees' CU board member Dr. Jim Merrill received the UNC Chapel Hill Distinguished Leadership Award)(Memphis Area Teachers' CU, Tenn., promoted Catherine McCollum to senior consumer loan officer)(Global Credit Union, Spokane, Wash., named ron McKay senior vice president )
May 8, 2006... Community 1 Federal Credit Union, Greenville, S.C., named Mandy Bingham receptionist, and Frankie Turner, Amber Yopp, Megan Smith and Brandi Barnett financial service representatives.
Chuck Prather, a CUSO Financial Service representative...
Don't Forget to Pay Your Car Loan.(on-time system is introduced to remind car-loan repayment)
May 8, 2006... EL PASO, Texas -- A new device is being touted to help scofflaws pay their car loans-or else.
The device, called the on-time system, is a little black box that is installed below a steering wheel that can be seen inside the car. Each time...