Credit Union Journal articles from November 2003

Credit Union Journal archives from November 2003

Fires Strike CUs, Members, Staff: Calif. CUs Offering Assistance, Across Wide Disaster Area.
November 3, 2003... Credit unions across Southern California last week were reaching out to members and employees alike to provide whatever assistance they could as raging wildfires continued to destroy lives and property. Numerous credit unions have been...

Second Phase Of Secondary Market For Non-Conforming Mortgages Debuts.
November 3, 2003... Community development leaders joined representatives of Fannie Mae here last week to introduce the second phase of a pilot program developing a secondary market for non-conforming mortgage loans. Self-Help Ventures Fund, an affiliate of the...

Advantages Seen For CUs As Check 21 Is Signed Into Law.
November 3, 2003... The Check Truncation Act, the new law better known as Check 21 that industry experts are calling the single biggest event in the history of item processing, has some suggesting credit unions are uniquely positioned to take advantage of the new...

NCUA OKs First TIPs Charter; CU To Serve Insurance Agents.
November 3, 2003... NW Preferred FCU, a 63-year-old credit union chartered to serve employees of Farmers Insurance, was granted the first industry-wide charter by NCUA last week, allowing it to serve more than 100,000 insurance professionals in Washington, Oregon...

2004 Meetings & Events Calendar Is Inside.(Brief Article)
November 3, 2003... The Credit Union Journal's 2004 Meeting s & Events calendar is inside this issue. More than 230 different credit union meetings, events, training sessions and seminars are listed. The information is also available online at www.cujournal.com,...

ON DEADLINE.
November 3, 2003... NCUA OK's PacCorp, WesCorp Merger Plan ALEXANDRIA, Va.-The NCUA board voted in closed meeting last week to approve the merger of Honolulu-based Pacific Corporate FCU into Western Corporate FCU, subject to the Nov. 7 membership vote by...

Mass. CUs Expect To Benefit From Big Bank Merger.
November 3, 2003... New England credit unions are gearing up for another onslaught of angry bank customers looking to become credit union members in the wake of the FleetBoston-Bank of America merger announced last week. "We think the merger is really going to...

Two California Credit Unions Change Their Names.(Brief Article)
November 3, 2003... Two California credit unions have new names. The $138-million Nazarene Credit Union has changed its name to America's Christian Credit Union. The 45-year-old CU serves the Nazarene Church and has formed alliances with a variety of other...

Robber Drops Loot, Is Robbed Himself.(Brief Article)
November 3, 2003... A bandit who robbed a branch of Delaware FCU here dropped the loot while running away, and then was robbed himself when someone else grabbed it. The teenager entered the credit union, leaped over the counter and held tellers at gunpoint as a...

Study Suggests 1% Of All Credit Apps Are Frauds.(Brief Article)
November 3, 2003... As much as 1% of all credit applications submitted to banks are fraudulent, according to a new Gartner Research study released at the Future of Money Summit here. Before the study's release, conventional wisdom had it that application...

Worth Noting.
November 3, 2003... Still No Arrests In Branch Killing WEBSTER, N.Y.-Despite having received more than 500 leads in the shooting at Xerox CU two months ago, there have been no arrests in the case, according to local law enforcement. Police have released...

3 Things You Can Do To Change With Your Credit Union.
November 3, 2003... Change has become part of everyday life in credit unions, and employees who align themselves quickly and enthusiastically with their credit union's change initiatives are highly valued. Aligning yourself is not as difficult as many would have...

Teen Education Program Expands To More Than 200 CUs.
November 3, 2003... CU Succeed, a financial education program for teenagers developed by the New Mexico Credit Union League Services Corporation, recently passed the 200-credit union mark. And the program is still growing. CU Succeed launched in fall 2001 with...

Campaign More Than Doubles Usage Of Electronic Services.
November 3, 2003... Electronic service usage more than doubled at one credit union as a result of four separate interactive marketing campaigns tied to prizes that included a trip for two to Hawaii, a Samsung digital camera, a Sony camcorder and up to $7,000 to...

Product & Service.
November 3, 2003... InfiCorp Adds New Lending Alliances ATLANTA-InfiCorp Holdings, Inc. said it has entered into long-term strategic credit card "Lending Alliances" with four more credit unions to market credit card products to members and potential members....

NWPCU Seeks To Boost Visibility; Sponsors Event Center.
November 3, 2003... In an effort to increase its visibility in the local area, NorthWest Plus Credit Union has signed on as the official financial partner with the city's brand new arena, the Everett Events Center. In addition, NorthWest Plus, a community CU...

Product & Service.(Calendar)
November 3, 2003... CreditRe To Host Seminar HURST, Texas-CreditRe said it will host its first Debt Protection Products Seminar for Credit Unions Nov. 17-18th in Dallas. The two-day event will focus on debt-protection products and what they offer to both...

Employee Association Helps Keep DMFCU Active In Its Community.
November 3, 2003... When people here need help, they know where to turn first-DM Federal Credit Union's employee association. Established by employees at least 15 years ago, the association has become a core provider of community volunteers willing to do...

Community 'Official CU' of Dallas Stars.(Brief Article)
November 3, 2003... Community Credit Union (CCU) has signed on as the "Official Credit Union of the Dallas Stars" for the 2003-04 National Hockey League season. The agreement calls for CCU advertisements to be displayed on fixed and electronic signage in the Stars...

Product & Service.
November 3, 2003... eMerchant View Is Introduced WAKEFIELD, Mass.-Encore Merchant Services has introduced eMerchantView, which allows member businesses that use EMS for their credit card processing. "eMerchantView is a faster and easier way for merchants to...

RCCU Strikes Partnership In Bid To Reach 80,000-Plus Latinos.
November 3, 2003... Riverside County's Credit Union is partnering with the Desert Alliance for Community Empowerment (DACE) in an attempt to reach out to the Latino community. Latinos make up 97% of this town's 22,000 residents, and there are an additional 62,000...

2 Canadian Centrals Scrub Merger.(Brief Article)
November 3, 2003... The Credit Union Central of British Columbia and the Credit Union Central of Ontario (the provincial equivalent of U.S. corporate credit unions) have called off a planned merger. The two Centrals said a number of provincial and federal laws...

PSCU Helps Fund Kenyan's Visit.(Brief Article)
November 3, 2003... Pacific Service Credit Union has donated $2,500 to fund a visit to the U.S. by the Permanent Secretary of Kenya, Benjamin Sogomo. Sogomo's visit stems from increased emphasis by the Kenyan government s on the role of credit unions in the...

S.C, Georgia Managers And Volunteers At Meeting.(Brief Article)
November 3, 2003... More than 89 credit union representatives turned out here for the Georgia-South Carolina Management and Volunteers' Institutes. The respective state leagues began hosting the conferences, which are held simultaneously, last year. Among those...

CUNA Mutual Announces Modifications To Group Life.(Brief Article)
November 3, 2003... CUNA Mutual Group said it has made modifications to its Group Life Insurance product to help the 3,200 credit unions offering the coverage enhance their employee benefits packages. Among those enhancements, the company said, is one that...

Empire Corporate Rolls Out Products Aimed At CUSOs.(Brief Article)
November 3, 2003... Empire Corporate FCU has launched a line of loan products it says are specifically designed to assist Credit Union Service Organizations (CUSOs) with their capital needs. Those products include an advised line of credit, a term line of credit,...

RCCU Has Big Plans For New Mortgage Company.(Brief Article)
November 3, 2003... The $550-million Riverside County's Credit Union has established RCCU Mortgage, LLC, as a new CUSO. It plans to launch services in January 2004 with David Constantino as president/COO. Constantino currently is VP/Chief Mortgage Officer....

CU Manager Testifes On Abuses In Funds Transfers.(Brief Article)
November 3, 2003... Pablo DeFilippi, Manager/ CEO, Lower East Side People's FCU, testified before a state legislative committee investigating abuses in the funds transfer industry. The hearing, organized by the Assembly Standing Committee on Banks, Assembly...

Liberty Initiative To Assist Texas CUs With HELOCs.(Brief Article)
November 3, 2003... Liberty Marketing Services, a division of Liberty Enterprises that provides multi-channel marketing services to credit unions, has rolled out an initiative to help Texas-based credit unions capitalize on a change in state law that allows...

White Named Interim CEO At Constitution Corporate.(Brief Article)
November 3, 2003... The $1-billion Constitution Corporate Credit Union has named Bill White as its interim president/CEO following the resignation of former executive vice president, Greg Gallant. White has been responsible for overseeing the daily operations of...

CU Lobbyists Confident As Fair Credit Is Debated.
November 3, 2003... The debate on renewal of the Fair Credit Reporting Act is expected to reach the floor of the Senate some time this week, probably the last major piece of legislation affecting credit unions to be voted on this year. The debate was being...

Fannie, Freddie Aren't Likely To Get New Parent.
November 3, 2003... The other major piece of legislation effecting credit unions-the restructuring of the regulatory oversight of government sponsored enterprises Fannie Mae and Freddie Mac (and probably the Federal Home Loan Banks-is not likely to be completed...

People.(Brief Article)
November 3, 2003... PSCU Financial Services, St. Petersburg, Fla., named Michael Gulledge director of credit services. Florida State University Credit Union, Tallahassee, Fla., named J. Bradley Blake CEO. DM Federal Credit Union, Tucson, Ariz., named...

The CUJ Daily.
November 3, 2003... Members Take The Money And Run BROOKLYN, N.Y.-Two members of Ukrainian National FCU emptied the credit union vault of $32,490 while employees and management cheered them on. The two, Andrey Dugaev, 32, of Bensonhurst, and Josefina...

Community Page.
November 3, 2003... NJCUL Wins Desjardins Award HIGHTSTOWN, N.J.-The New Jersey Credit Union League received CUNA's Desjardins Youth Financial Education Award. CU Chapter Holds Dinner Dance The Weirton-Wellsburg Chapter of West Virginia CUL's...

The Credit Union Journal 2004 Meetings & Events Planner.
November 3, 2003... JANUARY Jan. 13 CUNA eSchool Financial Management: Part I. For info: 800-356-9655, or www.cuna.org. Jan. 18-21 Minnesota CU Network's Management Issues Conference, Sheraton Gunter Hotel, San Antonio, Texas. For info: Diane...

Corrections & Clarifications.(Brief Article)
November 3, 2003... * A story in the Oct. 20 issue regarding Coast Capital Savings, Surrey, B.C., should have stated it has been involved in only two mergers. The story incorrectly stated a third was planned. The name of Credit Union Central of British Columbia...

Treasury Recognizes Cedar Point.(Brief Article)
November 3, 2003... Cedar Point FCU was recognized last week by the Treasury Department for its retirement planning financial education program. On hand for the presentation were credit union representatives, Treasury Assistant Secretary for Financial Institutions...

ON DEADLINE.(Brief Article)
November 10, 2003... CU Exec Urges Congress To Prevent Preemptions WASHINGTON-Consumer activists called on Congress last week to prevent federal regulators from preempting new state laws aimed at combating predatory lending practices. The recently enacted...

Corrections & Clarifications.(Brief Article)
November 10, 2003... Michelle Profit is the assistant general counsel at CUNA. Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.cujournal.com

GAO Report Finds Disappearing Middle Class Among Cus.
November 10, 2003... A report issued by the federal government last week portrays a credit union movement that is increasingly divided between large, diversified institutions and small, traditional mom-and-pop credit unions. The report by the General...

Members 'Very Satisfied' With Their CU Plunges In New Survey.
November 10, 2003... The number of consumers expressing high satisfaction with their primary financial institution has fallen to the lowest level in almost two decades, with credit unions registering the sharpest drop, according to the 2003 American Banker/Gallup...

Growing Number Of CUs Turning To FHLBs To Boost Liquidity.(Brief Article)
November 10, 2003... Growing numbers of credit unions looking to increase liquidity to expand their mortgage programs are turning to the Federal Home Loan Banks' fledgling secondary mortgage market program, known as Mortgage Partnership Finance. The...

In California, Rebuilding From The Ashes.
November 10, 2003... As the last of California's wildfires neared containment, credit unions from across the nation offered cash donations and established emergency loan programs to help the thousands of people who lost homes and property. State fire officials...

How 1 CU Turned Around Its Card Program.
November 10, 2003... Motor Parts FCU significantly increased the yield and penetration rate of its credit card portfolio using a strategy that some in the industry might consider counterintuitive: it stopped outsourcing credit cards and brought it back inhouse, it...

By Slim Majority, Members Of Columbia CU OK Conversion To Bank.(Brief Article)
November 10, 2003... A slim majority of voting members have approved Columbia Credit Union's conversion to a mutual bank. The vote took place at a special meeting Nov. 3. According to Colleen Boccia, Columbia's vice president of marketing, the vote was 52.25%...

Senate Passes CU-Backed Fair Credit Reporting Bill.
November 10, 2003... The Senate fought back a proposal to preserve the tough new California privacy law last week and easily passed the fair credit reporting bill, sending the credit union-backed measure on for reconciliation with a similar bill passed earlier by...

Police Can Now Monitor Digital Cameras Inside CU.(Green Bay Police Department)
November 10, 2003... The Green Bay Police Department here has a bird's eye view of 1st Security Credit Union following the installation of digital cameras linked to its communications center. The $74-million credit union joined several local businesses that...

Harvey Named CUES Exec Of The Year.(Brief Article)
November 10, 2003... Robert H. Harvey, Jr., president/CEO of Seattle Metropolitan Credit Union, has been named the 2003 CUES Executive of the Year. The presentation was made during a special awards banquet at CUES' 25th annual CEO Network held at The...

Several Credit Union Reps Elected To Offices.(Brief Article)
November 10, 2003... Javier Marin, a 37-year-old Columbian immigrant and president of Dover Spanish-American FCU here, was elected mayor of Dover Tuesday, the first Hispanic mayor ever elected in Morris County. Marin, a Republican and member of the local board of...

CUES Inducts Four Into Its Hall of Fame.(Brief Article)
November 10, 2003... The Credit Union Executives Society (CUES) inducted four people into its Hall of Fame during a special ceremony at its CEO Network here. Inducted were: Wayne Bunker, CEO of Provident Central CU, Redwood City, Calif., who was recognized for his...

3 New Hampshire CUs Pledge $12M To Effort.(Brief Article)
November 10, 2003... Three credit unions here-Holy Rosary Regional CU, Northeast CU and Service CU-have collectively pledged to provide $12 million in loans over the next five years as part of an initiative called the CU Community Outreach. The CUCO program will...

Worth Noting.
November 10, 2003... Delay In Utah Pretrial Hearing SALT LAKE CITY-U.S. District Court Judge David Kimball has postponed a pretrial hearing scheduled for Nov. 12 in the lawsuit filed by two bank trade associations against NCUA. The judge indicated the delay is...

The Survey Says-Time To Stop Believing Just What You Want.
November 10, 2003... It's a little known fact that any gathering of three or more credit union people is required to begin not with the Pledge of Allegiance or national anthem, but by citing the fact credit unions have outperformed banks and thrifts in consumer...

In The Cards: Debit Used For Recurring Payments.
November 10, 2003... Increasing numbers of consumers are using their debit cards to make automatic recurring payments, according to a new survey from MasterCard International. The survey similarly found that fewer households are writing checks for recurring...

In The Cards: ATM/Debit Usage Is Changing.(Brief Article)
November 10, 2003... As the number of consumers with ATM/debit cards continues to increase, the way those cardholders are using those cards is changing, according to PULSE. More consumers are getting ATM cards that can also be used as debit cards for...

Study Suggests Remittances Figures Are Underestimated.(Brief Article)
November 10, 2003... Remittances from the United States to Mexico are higher than many figures suggest, according to a new study. The study, commissioned by the Inter-American Development Bank and Pew Hispanic Center, suggests that remittances from Mexicans in...

Ending Hunger Effort Starts With Walk Across Maine.(Brief Article)
November 10, 2003... Brenda Davis, executive director of Cross Roads Ministries, has begun her walk across the state of Maine here as part of an effort to build awareness of hunger in Maine. November has been designated Ending Hunger Month and Davis' walk is the...

MEMBERS Trust Co. Gets FDIC OK, Opens Its Doors.(Brief Article)
November 10, 2003... MEMBERS Trust Company, the newly formed national trust cooperative providing trust services to credit union members, has opened its doors. Final regulatory approval was received from the FDIC in mid-October, which completed the post-charter...

Study Finds Big Differences In What Members Want In Planning Advice.
November 10, 2003... What do consumers want when it comes to planning for their financial future? That depends on which member you ask. A new study from the Filene Research Institute, "Professional Financial Advice for Consumers: Implications for Credit...

CUJ Resources.(Brief Article)
November 10, 2003... Copies of "Professional Financial Advice for Consumers: Implications for Credit Unions," and other Filene monographs are available free to Institute members; $100 to non-members. Special reports are $50. For info: (608) 231-8550 or visit...

CSSI Elects Board Officers.(Brief Article)
November 10, 2003... Mark Chatfield, SVP and chief marketing officer of the Texas league has been elected to a newly created ex-officio position representing the league service corporation executives on the CUNA Strategic Services Inc. (CSSI) board. The...

Demonstrating Employee Appreciation Cuts Turnover.
November 10, 2003... Arsenal Credit Union knows what it takes to keep employees happy-food, gifts and simple thank-yous. OK, so showing them a good time isn't the only change this $108-million credit union has done in recent years to decrease its turnover...

Japanese Execs Visit U.S. CUs.(Brief Article)
November 10, 2003... Representatives from the Maine Credit Union League and two affiliated CU hosted two representatives from Japan's largest cooperative financial institution for agriculture, the $400-billion Norinchukin Bank. "Credit unions have been able to...

Leading Lenders Lauded By Program.
November 10, 2003... Four credit unions with exceptional lending programs were presented with the CUNA Mutual Group's fourth annual Excellence in Lending Award at the CUNA Lending Council annual conference last week. Jim McCourt of CUNA Mutual Mortgage Corp....

CU Economists Cautious, But Seeing Improvements.
November 10, 2003... Last month's report of 7.2% growth in gross domestic product for the third quarter has credit union economists boosting their own estimates for economic growth. "I'm increasingly optimistic, but somewhat guarded, yet," said David Colby,...

30 Credit Unions Merge During Sept.; 239 So Far.(Brief Article)
November 10, 2003... NCUA approved 30 credit union mergers in September, up from just 19 in August, making a total of 239 for the first three quarters of the year. Included in the September approvals were19 involving one or more small CUs of $5 million of less,...

17 Conversions To Community Most Ever.(Brief Article)
November 10, 2003... NCUA approved another 17 conversions to community charter in September, the most ever approved in a single month. That makes a total of 99 conversions to community FOM so far this year, with three months to go sure to top the previous high of...

Texas Regulator Likely To Ratify FOM Rules.(Brief Article)
November 10, 2003... The state CU Commission is expected to adopt NCUA's new trade-wide, industry-wide and profession-wide field of membership allowances when it votes next month on a variety of FOM reforms. The Commission will vote on a parity measure that...

People.(Brief Article)
November 10, 2003... Dort FCU, Flint, Mich., elected Dana Stoddard and Mark Lewis to its board. Affinity Federal Credit Union, Basking Ridge, N.J., named Atul Dholakia vice president, risk management. University Federal Credit Union, Austin, Texas, named...

International CU Week: CUs Celebrate International CU Day.
November 10, 2003... DALLAS-City Credit Union observed International Credit Union Day with events and activities during the month of October, including a bake sale on Oct. 16,that benefited Credit Unions for Kids. ALBANY-A blood drive was held on Oct. 16 at...

The CUJ Daily.
November 10, 2003... Net Income Rises At U.S. Central LANEXA, Kan.-U.S. Central CU said higher fee income helped raise its third quarter net 8% to $17.7 million, from $16.2 million for the same period last year. Fee income rose 13% in the third quarter to $13...

Maryland CU Reorganizes Its Efforts, Forms An Education Department.
November 10, 2003... Aberdeen Proving Ground Federal Credit Union has created a new in-house Education Department dedicated solely to teaching its new community-based FOM about finances. APGFCU had already been providing financial literacy education through...

Two-Thirds Of CUs In Survey Say Education Becoming Higher Priority.
November 10, 2003... Two-thirds of credit unions responding to a new nationwide survey indicated educational programs have become a higher priority in the past year, and six out of ten said they are considering offering additional new topics in the coming year. ...

More Than 68,000 Kids Now 'Fat Cats'.(Brief Article)
November 10, 2003... State Employees' Credit Union (SECU) reported that since it launched its FAT CAT program in November of 2000 for members 12 and under, some 68,151 accounts have been opened. The program is designed to promote the value of saving money at an...

Youth Advisory Board Formed For Feedback.(Brief Article)
November 10, 2003... Bellco FCU here has formed a "Youth Advisory Board" in order to open the "lines of communication between generations at Bellco Federal Credit Union and determine new products and services the credit union's young members need and want." ...

Californians Share Tips On Financial Literarcy.(Brief Article)
November 10, 2003... An increasing number of credit unions in this state are creating positions dedicated to promoting financial education in their communities, according to credit union representatives attending two quarterly roundtables hosted by the California...

Top 100 Credit Union By Real Estate Loans As of June 2003 YTD.(Illustration)
November 10, 2003... Credit Unions City State Total No. of Loans Navy FCU Merrifield VA 8,717,100.00 State Employees CU ...

RCCU Has Big Plans For CUSO.(Brief Article)
November 10, 2003... The $550-million Riverside County's Credit Union has established RCCU Mortgage, LLC, as a new CUSO. It plans to launch services in January 2004 with David Constantino as president/COO. Constantino currently is VP/Chief Mortgage Officer. ...

Community Page.
November 10, 2003... FCCU Raises $1,660 For Family LOS ANGELES, Calif.-First City Credit Union teamed-up with the Lancaster Jethawks California League baseball team to raise $1,660 for the family of slain Los Angeles County Shreriff's Deputy Stephen Sorensen....

Numerous Relief Efforts Offered, Donations Made.
November 10, 2003... Here's a look at what some of the various relief efforts: * Navy FCU, Vienna, Va., which has numerous members in San Diego, is offering qualified members a loan for up to $15,000 at 6% APR, with terms to five years, no payment due for 90...

The Credit Union Journal Honors Best Practices.(Brief Article)
November 17, 2003... The Credit Union Journal is pleased to bring to our readers our inaugural Best Practices Issue. Inside you will find 14 pages of coverage of some of the Best Practices within the credit union community, as identified by the suppliers to...

Credit Unions Feeling The Squeeze On Income As Result Of Card Settlement.(Industry Overview)
November 17, 2003... Executives throughout the credit union movement are anxiously awaiting word on how the two major card issuers, Visa and MasterCard, will configure their pricing structure for debit transactions for next year. Those executives are still...

Dollar Can Unpack; NCUA Chair Nominee Withdraws His Name.
November 17, 2003... The leading candidate to succeed NCUA Chairman Dennis Dollar on the NCUA Board withdrew his name from consideration last week, sending the search to fill out the three-member panel back to square one. Gilbert Gonzalez, Jr., currently Deputy...