Credit Union Journal articles from May 2008

Credit Union Journal archives from May 2008

On Your Marks, Get Set, GROW!: Key Theme At Journal Conference: To Grow, Don't Think About Growth.(Conference news)
May 5, 2008... ORLANDO, Fla. -- Not surprisingly, growth dominated the discussion last week during Credit Union Journals Grow Show here. More surprisingly, perhaps, was that it was generally agreed by many of the fastest-growing credit unions in the country...

Bankers Take The Fizz Out Of Push To Pass 'CURIA Lite'.
May 5, 2008... WASHINGTON -- A withering lobby by the bankers last week killed an effort to bring the credit union regulatory relief bill, known as CURRA, to a vote in Congress, sending the credit union lobbyists scurrying to regroup. We think it would...

How Will Your Members Use Their Economic Stim. Checks?
May 5, 2008... PHOENIX -- As the government prepares to send out economic stimulus payouts and tax refunds, credit unions are trying to motivate their members on the most beneficial ways to spendor savetheir found money. The economic stimulus...

Members Line Up To Withdraw Funds At Troubled CalState 9.
May 5, 2008... CONCORD, Calif. -- Members continued to draw their funds out of ailing Cal State 9 CU at an increasing rate in the first quarter, while losses at the one-time $465-million institution, another victim of the mortgage crisis, continued to grow....

22 Tips, Strategies And Ideas To Help Boost.
May 5, 2008... WEST PALM BEACH, Fla. -- In response to reader feedback, CU Journal offers 22 strategies and tips for improving your credit unions bottom line. As CU decision-makers know all too well, vendors are always claiming their solution can improve...

On Deadline.
May 5, 2008... Chartway To Offer Help To Any Victims Of Storm VIRGINIA BEACH, Va.Chartway FCU last week said it was relaxing some loan app standards for any members affected by the heavy storms that hit the region last week. We understand that cash...

Both CUNA, ABA Prove To Be Fertile Ground For Campaign Cash This Election Season.
May 5, 2008... WASHINGTON -- When he speaks to credit union groups, House Financial Services Committee Chair Barney Frank, likes to tout the benefits of the CU masses, as opposed to campaign largesse, as the main reason Congress likes credit unionsbut the...

Call For Best Practices Entries.
May 5, 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...

CU Ought To Be In Pictures: Personalized Card Draws 2,800.
May 5, 2008... PASADENA, Calif. -- Just eight weeks after introducing its IMAGINE THAT! picture card program that allows members to personalize their plastic cards with their own photos, Wescom CU has seen more than 2,800 images submitted for plalcement on...

Fed Rate Cut Means CUs Must Address Non-Term Share Rates.
May 5, 2008... WASHINGTON -- The Federal Open Market Committee of the Federal Reserve dropped its overnight target rates by .25%, the seventh rate cut since September 2007. In announcing the move, the FOMC said the substantial easing of monetary policy...

Worth Noting.
May 5, 2008... Ohio CUL Launches MoneyAndStuff COLUMBUS, OhioIn response to a new state law calling for financial education in all public high schools by 2010, the Ohio Credit Union League has launched MoneyAndStuff to help educators meet the states...

CURIA COUNTER - 149.
May 5, 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

FAIRWINDS Reaches Out To Young Members With Myth-Busting Ads.
May 5, 2008... ORLANDO -- Fairwinds Credit Union has rolled out a campaign to capitalize on consumer skepticism about financial services and, in the process, pick up new, young members. Backed by an edgy, multi-media campaign that debunks banking myths,...

Big Foot, Loch Ness Monster Are Ready To Offer Consumers The Truth.(Fairwinds Credit Union running a series of innovative Flash Web companion ads)
May 5, 2008... ORLANDO -- Fairwinds Credit Union is running a series of innovative Flash Web companion ads as part of a broader effort to connect with a younger demographic and capitalize on social networking. The ads rely on Bigfoot and three other urban...

What You Should Know From Grow Show: Don't Think 'Growth'.
May 5, 2008... Thinking about growing your credit union? Have growth at the heart of your strategic plan? Do you, the board and the management team spend time talking about growth? Big mistake! If there was a clear theme at the industry-pioneering Grow...

Calendar.
May 5, 2008... MAY May 5-7 CUNA CU Finance for Non-Financial Managers & Volunteers, Grand Hyatt Denver. For info: 800-356-9655, ext. 4249, www.training.cuna.org. May 5-8 CUNA Consumer Lending Schools: Foundation & Advanced, Hyatt at...

New Visa Data Breach Emerges In Upstate NY.
May 5, 2008... CANTON, N.Y. -- Police are investigating hundreds of unauthorized Visa credit and debit card transactions at area financial institutions, the latest in a growing series of data breaches. The victims are believed to have shopped at WiseBuys...

Teller Whose $7M Theft Bankrupted CU Pleads Guilty.
May 5, 2008... INDIANAPOLIS -- The former head teller at now-defunct Obelisk FCU pleaded guilty to stuffing her pockets with wads of $100 bills for four yearsstealing a total of $7 millionto feed her gambling habit, pushing the 37-year-old credit union into...

Readers Weigh In On Bottom Line Enhancement.
May 5, 2008... WEST PALM BEACH, Fla. -- CU Journal gives readers the opportunity to weigh in on a variety of issues. To add your two cents or see past surveys, visit www.cujournal.com. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights...

CU Journal Online Survey.
May 5, 2008... To improve our CUs bottom line this year, we: Have been aggressive in lending 45% Have been aggressive in new member development 20% Have made changes to our fees and pricing 35% (c) 2008 The Credit Union...

All That Measuring Of Loyalty Is Great, But Are You Engaged?
May 5, 2008... Credit unions place a heavy emphasis on building member satisfaction and loyalty. Yet for many, developing deeper levels of trust and loyalty with their members remains an elusive and perplexing process. This may be because these organizations...

Credit Unions In The Media.
May 5, 2008... After 50 years with the same credit union, Betty Phillips was profiled by the Akron Beacon Journal. The story noted how Phillips had initially applied for a job with the Firestone tiremaker, when someone suggested she try Firestone Federal...

Now In The Market.
May 5, 2008... CUDL Symposium Announced RANCHO CUCAMONGA, Calif.CUDL has announced the speaker line-up for its 10th Annual Auto Lending Symposium, which will be from June 18-20, at the Venetian Resort Hotel & Casino in Las Vegas. During this years...

CUJ Quick Reads.
May 5, 2008... St. Marys Unveils Payday Loan MANCHESTER, N.H.St. Marys Bank, the nations oldest credit union, last week announced it is offering its members a payday loan product. Introduction of the new product comes as the state legislature is...

Disney Exec: Tie Member Experience To Your Success.
May 5, 2008... HOUSTON -- Not too surprisingly, the Disney Company has tracked a direct correlation between its guests past experiences at its theme parks and repeat attendance. The company attributes the frequency with which guests have a positive...

Membership Growth On Tap.
May 5, 2008... HOUSTON -- Greater cooperation and challenging the status quo were the buzzwords at the Texas CU Leagues recent Annual Meeting herealong with a moment to recognize an impressive attendance streak. Anne Boatright, CEO of Capitol CU in...

New TCUL Chairman Elected.
May 5, 2008... HOUSTON -- The new league chair is Ayn Talley, CEO of Houston Police FCU. Jada Kelley, CEO of DuPont Goodrich FCU in Nederland, Texas, has moved to vice chair. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved....

Advocacy Remains Priority.(Brief article)
May 5, 2008... HOUSTON -- Texas League CEO Dick Ensweiler told league delegates advocacy remains a top priority, Ensweiler continued. He asked the CUs to encourage their staffers to donate to the leagues political action committee. We have to make sure the...

CUJ Snapshot.
May 5, 2008... HOUSTON -- CU Journal asked attendees at the Texas leagues recent annual meeting how the economy has affected their credit unions growth in loans, savings and members? The economy has had a negative effect in general. We are expanding our...

Aggieland CU Bucks Student Loan Trend.
May 5, 2008... COLLEGE STATION, Texas -- With states lining up to get out of the student loan market, one credit union here is bucking the trend by partnering with the state to make sure the student loan tap doesnt run dry. Aggieland CU and North Texas...

Tough economy, Big Losses Pressing More CUs To Merge.
May 5, 2008... ALEXANDRIA, Va. -- Increasing numbers of credit unions are opting for mergers rather than cope with the difficult economic conditions that are causing them to report losses. Almost half the mergers approved by NCUA in March involved a...

Congress Once Again Eyes CRA Plan for Credit Unions.
May 5, 2008... WASHINGTON -- Look for a push to apply the Community Reinvestment Act to credit unions if the Democrats retain control of the House later this year, as expected. Barney Frank, the Massachusetts Democrat who chairs the House Financial...

CUNA, NAFCU Fight Bid to Rein in Cards' Interchange Fees.(Brief article)
May 5, 2008... WASHINGTON -- CUNA last week called on House members to vote against a proposal aimed at controlling credit and debit card interchange fees, saying the interchange fees should be left to the market. The bill, said CUNA CEO Dan Mica in a...

NCUA Delegates Decision on Rare CU Merger Into Bank.
May 5, 2008... HAVERHILL, Mass. -- In requiring Northeast Community Credit Union to conduct the vote on its merger into nearby Haverhill Bank a second time, the NCUA Board will leave the final decision to the agencys Region One office. Members of the...

Agenda.
May 5, 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: * May 14, Indianapolis * May 30, Jacksonville,...

People.
May 5, 2008... Americas Christian CU, Glendora, Calif., announced that Fawn Imboden was named HRD Networks Human Resources Professional of the Year. BrightStar Credit Union, Miami, Fla., Miami, Fla., named Jason B. Thompson vice president operations. ...

St. Mary's Unveils Payday Loan.
May 5, 2008... MANCHESTER, N.H. -- St. Marys Bank, the nations oldest credit union, last week announced it is offering its members a payday loan product. Introduction of the new product comes as the state legislature is debating curbs on payday loans....

Apple FCU Grows 3 More Branches.
May 5, 2008... FAIRFAX, Va. -- Apple FCU, which serves the educational community in suburban Washington, last week broke ground on a new branch in Kingstowne, one of three new facilities planned this year by the $1-billion credit union. Rollins-PCI...

Goldenwest Gives $50K To Schools.
May 5, 2008... OGDEN, Utah -- Goldenwest CU announced it will donate more than $50,000, raised during the credit unions eighth annual 5K For Schools run, to nine local schools. The race drew the largest crowd in the events history, with 2,600 runners and...

Pen Air Gives $50K To Corps Relief.
May 5, 2008... PENSACOLA, Fla. -- Pen Air FCU said it has contributed $50,000 to the Navy-Marine Corps Relief Society. The organization offers interest-free loans to military families. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights...

Greater Warren CU Promotes CFO.
May 5, 2008... WARREN, Ohio -- Greater Warren CU announced the hiring of Brain McCue as its new president and CEO. McCue has been executive vice president, vice president of finance and controller for the $61 million credit union. (c) 2008 The Credit...

Manager Charged With Embezzling.
May 5, 2008... DEER PARK, Texas -- A former branch manager for Associated CU last week was charged with stealing $246,000 from the credit union by granting loans in the names of relatives and friends without their consent. Edie Minter, 44, was charged...

Workers' CU Gets Training Funds.
May 5, 2008... FITCHBURG, Mass. -- Workers CU said it was awarded a $76,665 workforce training grant from the state. The funds will help train 151 employees at the $600 million credit union. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All...

22 Tips, Ideas & Strategies To Boost Your Bottom Line: Vendors To CUs Are Always Talking About What They Can Do For Credit Unions. So The Journal Asked, "What One Thing Would You Recommend CUs Do Right Now To Improve Earnings?".(Company overview)
May 5, 2008... SYSTEM HELPS BOOST COLLECTIONS SAN ANTONIOWith delinquencies and negative share balances rising at some of the credit unions it serves, SWBC has developed a program to handle early stage calls to members, allowing credit unions to focus on...

U.S. Central FCU Gets Access To The Fed's Discount Window.
May 12, 2008... LENEXA, Kan. -- U.S. Central FCU said it has been approved to access the Federal Reserves credit facilities, including intraday credit and the discount window. Officials at the central bank for credit unions said they have been working...

Mid-Hudson Valley FCU Keeps Branch Open For Business 24/7.
May 12, 2008... KINGSTON, N.Y. -- Its 3 a.m.can you walk into a branch and find a live human teller to help you? You can if youre a member of Mid-Hudson Valley FCU. Mid-Hudson Valley FCU says it has become the first in the nation to launch 24/7 live...

CO-OP Gives CU Members 2 Ways To Find ATMs On The Go.
May 12, 2008... RANCHO CUCAMONGA, Calif. -- Members of CUs that are part of CO-OP Financial Services can now find a CO-OP Network ATM while on the go using their cell phones or their satellite-based navigational units. On the heels of an earlier...

Student Loan Crisis Offers Opportunity: USC CU Launches CUSO To Help CUs Offer Private Student Loans.
May 12, 2008... LOS ANGELES -- USC CU announced last week it is launching a CUSO that will provide servicing and processing for other credit unions to offer private student loans, the latest in a expanding number of credit union initiatives aimed at helping...

Notes from the Grow Show.
May 12, 2008... WEST PALM BEACH, Fla. -- Beginning in this issue readers will find coverage from Credit Union Journals unique and popular Grow Show, which focused on all aspects of growth at credit unions, from business development to better penetrating...

On Deadline.
May 12, 2008... FHLB Chicago Reports Big Loss For The First Quarter CHICAGOThe troubled Federal Home Loan Bank of Chicago reported a first quarter loss of $78 million as it continues to struggle through the mortgage crisis. The report follows last...

Self-Help CU Pilots Foreclosure Resolution.
May 12, 2008... CHARLOTTE, N.C. -- Self-Help CU is planning to buy foreclosed homes in a newly built northwest Charlotte subdivision, then either sell them or rent them with an option to buy as part of a pilot program aimed at alleviating the growing...

Call For Best Practices Entries.
May 12, 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...

Kitsap Turns Vote Into Event, Attracts 1,000 New Members.
May 12, 2008... COLUMBUS, Ohio -- One Washington credit union is reporting it used something as mundane as a member vote on a conversion from a federal to a state charter to not just re-connect with its own members but to attract more than 1,000 new members,...

CUNA Reports Loans Grew 2.8% In March.
May 12, 2008... MADISON, Wis. -- Loans at credit unions increased during March, including fixed-rate mortgages, which were up 2.8%, according to analysis by CUNA. But auto loan balances saw their biggest declines in a decade. CUNA Senior Economist Steve Rick...

Worth Noting.
May 12, 2008... Crear Honored By Polands CUs WARSAW, PolandPete Crear, president of World Council of Credit Unions (WOCCU), has been named winner of the Feniks Prize awarded by the Foundation for Polish Credit Unions, part of the Polish credit union...

CURIA COUNTER - 149.
May 12, 2008... At press time, the number of CURIA co-sponsors in the Senate. 51 are needed for a majority. At press time, the number of CURIA co-sponsors in the House. 218 are needed to have a majority. (c) 2008 The Credit Union Journal and...

28 State Regulators Express 'Serious Concern' Over Proposal.
May 12, 2008... ARLINGTON, Va. -- Twenty-eight state regulatory agencies have signed a comment letter sent to NCUA expressing serious concerns about the agencys Advanced Notice of Proposed Rulemaking related to rules on mergers, charter conversions and...

CU's Van Pool Must Be Jammed Due To Gas Prices, Right? 'Not Necessarily'.
May 12, 2008... PASADENA, Calif. -- Given the rapidly rising price of gasoline, not to mention the often mind-numbing commutes on Southern California freeways, interest in Wescom Credit Unions vanpool program for its employees should be in the fast lane,...

Credit Unions In The Media.
May 12, 2008... USA Today Personal Finance columnist Sandra Block said consumers disappointed in savings rates at banks should also consider credit unions, pointing to bankrate.com data showing CUs outpaying banks on some products. Block clarified that most...

Worth Noting.
May 12, 2008... Apply For Innovation Grants WASHINGTON-Credit unions and their partners can now apply for Innovation Grants from the National CU Foundation. The Innovation Grants are aligned with the NCUFs REAL Solutions. While participation in REAL...

Younger Members, 'Scope Creep,' T-Shirts And So Much More.
May 12, 2008... Think of it as a Growth Spurt. In last weeks issue we featured some of the voluminous amounts of information shared during Credit Union Journals Grow Show. In this issue youll find coverage of the meeting beginning on page 22. And below youll...

Calendar.
May 12, 2008... MAY May 13-16 CUES Experience: Immersion Learning for Marketing, Operations and Technology Leaders. Hyatt Regency, Minneapolis, Minnesota. For info: www.cues.org May 13-16 Idaho CU Leagues Annual Meeting, Doubletree...

Why Being Member-Centric Really Matters To Your CU.(Company overview)
May 12, 2008... Continued credit union growth is predicated on the ability of credit unions to not only keep the members they have, but also attract new members. It is important for credit unions to focus on employees and business operations, but in order to...

Letters To The Editor: Article On Hispanic Marketing Was Right On Target.
May 12, 2008... Bulls eye. Frank Diekmanns editorial on marketing to the Hispanic market (Are You Targeting the Hispanic Market? Heres Why That Strategy Isnt Working, Credit Union Journal, April 21) was on target in raising both considerations and...

Now In The Market.
May 12, 2008... CashEdge Is Awarded Patent NEW YORKCashEdge has been awarded a U.S. Patent for its method of executing an electronic funds transfer, which allows individuals to transfer funds between accounts housed at different financial institutions and...

FedChoice Takes Leap Of Faith To Attract New Members, Open New Accounts.
May 12, 2008... WASHINGTON -- Able to add new members and open new accounts for existing members in a single bound, FedChoice FCU has put together one-day events that have had super results. The first event of its new one-day incentives campaign was dubbed...

CU JOURNAL Online Survey.
May 12, 2008... The winner of the 2008 world series will come from: AL East 40% AL Central 7% AL West 11% NL East 13% NL Central 13% NL West 16% (c) 2008 The Credit Union Journal and...

Simple Formula For Success: Find A Need & Fulfill It.
May 12, 2008... LAS VEGAS -- Several of the most successful companies in America had their roots in the simplest of business concepts: find a need and fulfill it. That was the message from Lisa Renner, CEO of CU Holding Company LLC, based in Lenexa, Kan.,...

NACUSO Elects New Directors, Board Officers.
May 12, 2008... LAS VEGAS. -- NACUSO elected its new boasrd of directors at its annual meeting here. There were seven nominees vying for two open seats that do not require a specific affiliation, and one nominee vying for one Platinum Partner seat. Doug...

CUJ Snapshot.
May 12, 2008... LAS VEGAS -- During NACUSOs annual meeting here, the Credit Union Journal asked attendees: Is your CUSO making money for the credit union? Yes, it is having a positive effect on our bottom line. We have an insurance CUSO. We run GAP and...

Thriving CUs Are Thriving Lenders, And Recession Is New Opportunity, Says Expert.
May 12, 2008... COLUMBUS, Ohio -- An effective lending program is a primary trait of thriving small and mid-sized credit unions, and the economic recession is an opportunity for CUs to improve portfolios, according to former Filene Research Institute Executive...

NCUA Proposes 'Opt-In' Req. For Overdraft Protection.
May 12, 2008... WASHINGTON -- NCUA and banking regulators have proposed new rules barring certain unfair credit card practices and setting new requirements on overdraft protection programs, including allowing members to opt out of such programs, also known as...

'Pay-Go' Foils Credit Union Bid on Student Loan Program.
May 12, 2008... WASHINGTON -- A bid to get credit union non-profit lender status for the federally guaranteed student loan program has been rejected by lawmakers, even as they struggle to stem the exodus of lenders from the Federal Family Education Loan...

2-year-old Political Gambit Finally Pays Off For CUNA.
May 12, 2008... WASHINGTON -- Two years later, one of its biggest political expenditures paid off for CUNA with the introduction in the Senate of the CU Regulatory Improvements Act, better known as CURIA, by Sen. Joseph Lieberman. For Lieberman, whose...

CU-Backed Candidate Wins Louisiana House Race.(CUNA-backed Republican State Rep. Steve Scalise )(Brief article)
May 12, 2008... NEW ORLEANS -- CUNA-backed Republican State Rep. Steve Scalise easily won election in last weeks special race for the states First District House seat, which was vacated last year by Bobby Jindal after he was elected governor. Scalise, who...

People.
May 12, 2008... North Jersey FCU, Totowa, N.J., named Wilson Diaz information technology specialist, Sam Balady information technology administrator Gokcen Kargi clerical assistant, Jenifer Petrocca accounting manager, Ingrid Garcia accountant, Kim Perez...

Merger Creates Ohio's 4th-Largest CU.
May 12, 2008... TOLEDO, Ohio -- Toledo Area Community CU said it has completed its combination with Erie Shores CU, creating the states fourth-largest credit union, now known as Directions CU. Members of the $525-million credit union will have access to...

Four Times A Suspect In Robbery.
May 12, 2008... LYNN, Mass. -- An Iraq war veteran last week was charged with robbing the same branch of St. Jeans CU four times in two months. Derek Christiansen, 34, was charged with four counts of unarmed robbery. Police said Christiansen first hit...

Family First Debuts Payday Loan.
May 12, 2008... OREM, Utah -- Family First FCU launched its own payday loan program that promises lower fees and rates than products offered by area competitors. Unlike payday or cash advance loans, the credit unions Instacash is a monthly line of credit,...

Heir Apparent Promoted To CEO.
May 12, 2008... BOSSIER CITY, La. -- Barksdale FCU said Amo Easterly has retired as CEO and will be succeeded by Rod Taylor, the credit unions chief operating officer for the past 16 years. Easterly has been in credit union management for 48 years and ran...

Chippewa Indians Seek CU Charter.
May 12, 2008... SAGINAW, Mich. -- The Saginaw Chippewa Indian Tribe has applied to NCUA to charter a new federal credit union. The tribe operates the Soaring Eagle Casino and Resort in Mt. Pleasant and the Saganing Eagles Landing Casino in Standish, Mich.,...

Debate Over Use Of Remote Teller Systems Rages On At CUs.
May 12, 2008... ST. LOUIS -- The Remote Teller System (RTS) has been around for years, and with it has been the debate over whether RTS pushes members away or lures them in. Its a debate that is far from being settled, as some credit unions are successfully...

Are any design/build firms taking energy costs/green building seriously, because what we've been shown seem to be off-the-shelf facilities?
May 12, 2008... Tom Auer, VP-architecture, NewGround, St. Louis. Yes. Design/Build firms are taking the issue of energy efficiency and Green Building design seriously, including NewGround. We see the market demand increasing through 2008 and continuing...

Co-Op Shared Branching Encouraging Opt-Out Provision.
May 12, 2008... ATLANTA -- CO-OP Shared Branching has approved a plan proposed earlier by subsidiary Credit Union Service Center Network Inc. (CUSCNI) that encourages shared branching networks to allow CUs to opt-out of third-party, non-credit union owned...