Credit Union Journal articles from November 2004

Credit Union Journal archives from November 2004

Can Members Afford To Borrow: In 2005 The Median House Price in California Is Projected To Surpass $500,000, Raising The Question.
November 1, 2004... How difficult is it to enter the high-priced housing market in the San Francisco Bay Area? According to the CEO of one credit union here, the best mortgage loan her average loan officer could qualify for would only allow him or her "to buy a...

Bank, CU Harmony In Hawaii Unfortunately Not The Model Everywhere, CUs Reminded.(Credit Unions)
November 1, 2004... Even in paradise, there are snakes. Though CUNA CEO Dan Mica tried to avoid bashing banks, in keeping with the Aloha Spirit of the host city of CUNA's Future Forum, Mica still felt a need to issue yet another call to arms to credit unions...

Penn. Merger Will Create Near-$1-Billion CU.(Credit Union)(Brief Article)
November 1, 2004... Citadel FCU and Atlantic CU have announced plans to merge and form a credit union with assets approaching $1 billion. The new organization will retain the Citadel name and will be approximately $950 million in asset size, serve more than...

CUNA Backs Two Last-Minute Efforts For Candidates.(Credit Union National Association )
November 1, 2004... Taking advantage of one of the loopholes in campaign finance law, CUNA last week paid for two last minute advertising campaigns for credit union-favored congressional candidates that were independent of the candidates' campaigns. The ads,...

On Deadline.
November 1, 2004... Johnson Wants To Expand Reg-Flex ALEXANDRIA, Va.-NCUA Chairman JoAnn Johnson said last week that she decided after the agency's 'Summit' on capital to move to expand the Reg-Flex program, which eases regulations on the healthiest credit...

Navy Fed's 'Green' Call Center Wins Acclaim.(Navy Federal Credit Union)
November 1, 2004... Navy Federal Credit Union's new state-of-the-art call center in Pensacola has become Florida's first commercial building to receive LEED (Leadership in Energy and Environmental Design) "Gold" Certification, making it a certified environmentally...

'Hero' Rep Is 'Getting Dragged Through Mud'.(Steve LaTourette, republican)(Brief Article)
November 1, 2004... Ohio credit unions were working to see that congressional credit union champion Steve LaTourette was able to survive a tough race for his sixth term. The 50-year-old Ohio Republican, chief sponsor of HR 1151, the 1998 CU Membership Access Act,...

SECU To Underwrite Scholarships At All NC High Schools.(State Employees Credit Union )
November 1, 2004... In what has become the most ambitious education endowment ever for credit unions, North Carolina State Employees CU said it plans to provide college scholarships to every one of the state's 330 high schools through its newly formed SECU...

National CU Foundation Names 2005 Herb Wegner Honorees.(National Credit Union Foundation)
November 1, 2004... The National Credit Union Foundation has named the recipients of its 2005 Herb Wegner Awards. Recognized for their work were: * James Likens, president and dean of Western CUNA Management School, who will receive the Lifetime...

Worth Noting.
November 1, 2004... Christmas Club Pays Out DUBUQUE, Iowa-It's that time of year. Dupaco Community CU said it is paying out $3 million in Christmas Club deposits to some 3,300 members who have been saving up for the holidays. "As we approach the holiday...

Lessons In How To Demonstrate The Value of Collaboration.
November 1, 2004... There is a lot to be learned about leadership from traditions. One such lesson is apparent from the annual Returns Day Celebration in Georgetown, Del.-purported to be the only such celebration that still occurs each election year. The...

Scranton Closes Thoroughfare For CU's Vehicle Sale.(Credit Unions)
November 1, 2004... This wasn't your average credit union vehicle sale. Tobyhanna Army Depot FCU not only got the city's permission to drape a double-sided banner across a major thoroughfare announcing the one-day event, it convinced city officials to block...

Product & Service.
November 1, 2004... AIG Offering Discount On Games GREENSBORO, N.C.-AIG United Guaranty is offering three new interactive training CDs for mortgage professionals and said it is also offering a "substantial discount" on its teaching games, "Deception...

PSCU-FS Urges Caution Following Court Ruling.(PSCU Financial Services)
November 1, 2004... PSCU Financial Services is urging credit unions to be cautious and to not rush in with new credit card portfolios following a U.S. Supreme Court decision allowing financial institutions to issue all brands of major credit cards. As...

Georgia Central Buys Stake In MBL CUSO.(Member Business Solutions (MBS), LLC)(Georgia Central Corporate Credit Union)(Credit Union Service Organization )(Brief Article)
November 1, 2004... Georgia Central Credit Union is purchasing an ownership stake in Member Business Solutions (MBS), LLC, a CUSO formed by Southeast Corporate Credit Union to help credit unions serve the financial needs of member businesses. "We are joining MBS...

Study: Up To 70% Of FIs To Add Prepaid Gift Cards.(Financial Institutions)(Brief Article)
November 1, 2004... Approximately 70% of financial institutions plan to add prepaid gift cards in the next two years to their payment programs, according to a new survey. In its survey, Dove Consulting found that currently, 21% of financial institutions offer...

Two Texas CUs Agree To Share ATM Access.(Credit Unions)(Automated Teller Machine )(Brief Article)
November 1, 2004... Randolph-Brooks FCU and Air Force FCU have agreed to share ATMs and offer no-surcharge access. Together, the two CUs have nearly 70 ATMs in South Texas and 262,000 members. "This partnership is a testament to that cooperation, allowing the...

As Elections Neared, CUs Turn On The PAC Spigots.(Credit Unions)(Pre-Authorized Contribution )
November 1, 2004... It was down to the wire in dozens of congressional races, and credit union groups, especially CUNA and its league affiliates, along with NAFCU were doing all they could to see that favored candidates were able to finance any campaign activities...

Donations To Leadership PACS A Way Around Caps.(Pre-Authorized Contribution )
November 1, 2004... The Fund for America's Future. Blue Dog PAC. Growth and Prosperity PAC. America's Leadership PAC. So-called leadership PACs like these are helping credit unions and other interest groups circumnavigate the new law banning unregulated soft...

People.(Brief Article)
November 1, 2004... CU Cooperative Branching, LLC., Harahan, La., elected to its board: Arno Easterly, chairman; Ken Bordelon, vice chairman; Darryl Long, treasurer; and Connie Kennely, secretary. National Youth Involvement Board, Madison, Wis., elected Rachel...

The CU Journal Daily.(Credit Union)
November 1, 2004... CCUL Endorses Both Candidates DENVER-The Colorado CU System has made an unusual endorsement in the race for the state's third congressional district-they have decided to endorse both candidates, less they offend either one who may...

CUNA Future Forum Coverage.(Credit Union National Association )
November 1, 2004... Weren't able to make it to Hawaii last week for CUNA's Future Forum? On this page is a round-up of events, comments and developments during the meeting, which was formerly known as the Symposeum. Lack Of Membership Growth Called A Concern...

Awareness of ID Theft Is Doing Little To Stem Activity, Risk Expert Tells CUs.(Credit Unions)
November 1, 2004... Despite considerable media attention, identity theft continues to increase, and credit unions should step up efforts to educate their front-line staff and members to stem the problem, a risk expert told more than 75 attendees of a CUNA Future...

Community Page.
November 1, 2004... PCU Gives To Family Services NEWPORT, R.I.-People's Credit Union raised $260 from a raffle and donated it to Child and family Services. CCU Receives Circle of Caring Award Crescent Credit Union, Brockton, Mass. was recognized with...

Texans Rolls Out Special 'Futures' Account Aimed At Students.(Texans Credit Union )
November 1, 2004... Texans Credit Union is capturing the attention of its youth market with an impressive campaign that includes free backpacks and a chance to win an iPod mini. The "Texans Futures" student account for students ages 15 to 24 promises "your...

Holiday Card Just For CUs Makes Its Debut.(Credit Unions)(Brief Article)
November 1, 2004... With the holiday season approaching, credit unions are being offered a new way to break through all the card clutter. While many credit unions invest in cards and send greetings to SEG contacts, community leaders, members and others, those...

Clinton Visits Alternatives, Meets Members.(Hillary Rodham Clinton)(Alternatives Federal Credit Union )(Brief Article)
November 1, 2004... ITHACA, N.Y.-Sen. Hillary Clinton (D-NY) appeared at Alternatives Federal Credit Union to congratulate it on its $1.4 million Community Development Financial Institution award. Sen. Clinton expressed particular interest in how the award will...

NCUA: CUSO May Use CU's Routing Number.(National Credit Union Administration )(Credit Union Service Organization )(Credit Unions)(Brief Article)
November 1, 2004... NCUA said last week a federal credit union can use its status as a federally insured depository to obtain a routing and transfer number from the Federal Reserve for use by an affiliated CUSO providing item processing for other credit unions. In...

More Than 600 Visit CU Booth At Fair.(credit union)
November 1, 2004... More than 600 visitors to the L.A. County Fair stopped by a credit union-sponsored booth to see if they were eligible to join. At the booth fair-goers received a demonstration in how to use the California Credit Union League's CU Match Up...

Bush Win A Plus For Tax-Exemption; CU Friends Win Seats.(George W. Bush)(credit union)
November 8, 2004... The credit union lobby spent millions of dollars on elections the past two years but not a cent on the presidential race. Yet last week's reelection of President George W. Bush is expected to reap millions of dollars of benefits for the...

A Salute To Credit Union Best Practices.(Brief Article)
November 8, 2004... Inside this issue, The Credit Union Journal brings its readers our second annual Best Practices issue. The Journal asked vendors and providers to credit unions to identify client credit unions they believed had done the best job of...

CUSO Group Retools, Aim To Grow Use of CUSOs.(Credit Union Service Organizations)
November 8, 2004... The National Association of Credit Union Service Organizations (NACUSO) has announced restructuring and management changes, and a realignment of its mission and long-range objectives. The changes being made suggest the group plans to...

CU Directors Turn Feisty At Talk Of Aging, Need For Succession Plans.(credit union)
November 8, 2004... An overflow crowd of credit union directors turned out for an educational session during CUNA's Future Forum here, but many didn't agree with what was being said. Raising their hackles was discussion that touched on the age of credit union...

Matz Wants To Use Contingency Funds For Smaller CUs.(credit unions)(Debbie Matz)
November 8, 2004... NCUA Board Member Debbie Matz is pushing a Small Credit Union Initiative that could be rolled out in 2005. Matz wants to use some of the contingency funding for personnel that was included in NCUA's budget for 2005 that was recommended...

On Deadline.
November 8, 2004... NFCDCU Distributes $500K In Grants To CUs NEW YORK-The National Federation of CDCUs has awarded $500,000 in grants to mainstream credit unions to help them better serve low-income communities. The grants were targeted especially towards...

Court Finds Irish League Has 'Abused' Its Position.(Irish League of Credit Unions )(Brief Article)
November 8, 2004... The Irish League of Credit Unions has been found by this country's high court to have "abused" its position in the market for credit union representation. The 170-page decision from Justice Nicholas Kearns upheld action that had been taken...

Economic Improvements Seen In Credit Union Data.(Brief Article)
November 8, 2004... Lending at credit unions continues to grow, with the national average loan-to-share ratio rising to 74.2% in September, according to just-released data. According to CUNA, September's figure is an improvement from the credit union industry...

CUNA Will Finish Year In Black.(Credit Union National Association)(Brief Article)
November 8, 2004... CUNA said it had a small net income of $124,400 for the first eight months of the year and expects to be profitable for 2004, for the second year in a row. CUNA Treasurer Alan McMorris reported at last month's CUNA Board meeting in Honolulu...

CUES To Induct 3 Into Hall of Fame.(Credit Union Executives Society)(Brief Article)
November 8, 2004... CUES will induct three credit union executives into its Hall of Fame when it hosts its CEO Network here this week. Mary Cunningham, CEO of USA Federal Credit Union, San Diego; Ludovico De Carlo, former CEO, Pacific Marine Credit Union, Camp...

Worth Noting.
November 8, 2004... Florida Relief Fund At $785K TALLAHASSEE, Fla.-The Florida CU League reported its Hurricane Relief Fund has now raised $785,794 to help victims of the four hurricanes that struck this state. To date, the FCUL, through its Foundation, has...

A Different View On What Lies Ahead For Corporate CUs.(credit union)
November 8, 2004... A quote from a credit union CEO appeared recently suggesting that the mergers of corporates should be expedited and that the final number will probably be between six and 10. The reasoning was financial in nature and centered on the...

One CU's Step-By-Step Approach To Expanding To Community Charter.(credit union)(Excerpt)
November 8, 2004... About This Article This article is an excerpt from a thesis authored by David L. Thieme, CEO of General Credit Union in Fort Wayne, Indiana. It was written as part of the SWAT Team Project Thieme completed for the Credit Union Executives...

What Credit Union Regulators Think About CU CEO Compensation.(credit union)(chief executive officer)
November 8, 2004... What do credit union regulators think about CEO compensation? Every credit union official should be intensely curious about this question, especially compensation for CEOs of large and fast growing credit unions. Credit union officials...

Not Courting Boomers? Then Watch Them Leave.
November 8, 2004... By now you are aware it is estimated that the Baby Boomers, those born between 1945-65, stand to inherit as much as $10 trillion during the next decade (if they're good). It will mark the largest intergenerational transfer of wealth in the...

Among i3's First Ideas: Untapped Borrowers.
November 8, 2004... There was a lot of talk about innovation at CUNA's Future Forum, but members of the Filene Research Institute's i3 think tank shared ways that they are actually making innovation happen. The i3 group, which stands for ideas, innovation and...

Some 'Quick Hit' Ways To Spark New Ideas.
November 8, 2004... Interested in trying out some "quick hits" at your credit union? Denise Gable, VP-strategic directions with Spokane Teachers Credit Union, and also an i3 member, offered five quick and easy ways to spark innovation. 1. Idea Desk. Similar...

Product & Service.
November 8, 2004... Sidney FCU Selects Fiserv EFT BROOKFIELD, Wis.- Fiserv EFT/CNS unit has signed a five-year agreement for ATM device-driving services and electronic funds transfer (EFT) processing with Sidney FCU of Sidney, New York. Fiserv will provide...

Three CUs, NCUA Share Best Practice Strategies.(credit unions)(National Credit Union Administration)
November 8, 2004... Three credit unions and one NCUA board member shared their own best practices with other CUs during a California league-hosted webinar. The participants shared ideas on a successful checking program for members with troubled financial...

Product & Service.
November 8, 2004... Fiserv Intros Gift Card Offering BROOKFIELD, Wis.-Fiserv, Inc., in conjunction with FSV Payment Systems, Inc., has rolled out FLEXGIFT, a turnkey stored-value gift card that financial institutions can offer to their consumer and commercial...

Expanded Insurance Sales A Boost To Bottom Line.
November 8, 2004... Credit Union: Smart Financial, Houston Nominated By: State National Nominated For: Deployment of various insurance coverages Smart Financial Credit Union is having the best sales of after-market products in its 70-year history, a...

How One Credit Union Is Using A Crystal Ball. Really.
November 8, 2004... Credit Union: First Tech Credit Union, Beaverton, Ore. Nominated By: Summit Information Systems, Corvallis, Ore. Nominated For: Automated Advisor Hub While Crystal Ball-the newest tool being used at First Tech Credit...

One CU's Strategy For Increasing Yield Without Increasing Risk.(credit union)
November 8, 2004... Credit Union: Schools Financial, Sacramento, Calif. Nominated By: WesCorp, San Dimas, Calif. Nominated For: Investment Strategy It is the Holy Grail of investment strategies: increase yield without increasing risk exposure....

How One CU Boosted Auto Lending By 300%.(credit union)
November 8, 2004... Credit Union: Financial Resources FCU Nominated by: CUNA Mutual Group, Madison, Wis. Nominated for: Lending Practices Financial Resources FCU underwent a complete redesign of its loan program last year, turning the...

Use Of E-Statements Cuts Operating Expenses By $250,000.
November 8, 2004... Credit Union: Fort Knox Federal Credit Union, Kentucky Nominated By: USERS, Inc., Valley Forge, PA Nominated For: Internet banking and e-statements Fort Knox Federal Credit Union cut its annual operating expenses by nearly a...

Home Banking Option Speaks Language Of Members.
November 8, 2004... Credit Union: PanAm Horizons FCU, Homestead, Fla. Nominated by: AFTECH, Malvern, Penn. Nominated for: Spanish language home banking PanAm Horizons Federal Credit Union has added home banking to its already long list of products and...

Knowing More About Members Has Improved Service.
November 8, 2004... Credit Union: Shell Employees FCU, Houston Nominated by: XP Systems Nominated for: Leveraging Database Info Emeril Lagasse popularized the phrase, "Let's kick it up a notch" on his two cooking shows on the Food Network. In...

Donkey Vs. Elephant? It Didn't Matter To CUs.(credit unions)
November 8, 2004... Whichever party was going to win control of Congress last week one thing was clear-a credit union majority would continue to rule Capitol Hill. That's because of the great strides the credit union lobby has made over the past decade in...

Credit Union Execs Open Wallets For Candidates.(Brief Article)
November 8, 2004... Credit union executives heeded the call to get more involved in the political process these elections, with top managers dipping into their personal funds as never before to make campaign contributions. Perennial leaders, such as Rudy...

Fannie Mae Uses Its PAC To Support Other PACs.(political action committee)(Brief Article)
November 8, 2004... Secondary mortgage market giant Fannie Mae, fighting off congressional attacks over the last year, has used its newly formed political action committee to pour hundreds of thousands of dollars of contributions into the campaign funds of key...

People.
November 8, 2004... Memphis Area Teachers' Credit Union, named Jodie Edwards Covington branch director. The Alabama Credit Union League, Birmingham, Ala., named Ann Fraiser development specialist. Redstone Federal Credit Union, elected Brian Godsy to its...

The CU Journal Daily.(credit union)
November 8, 2004... Airline, CU Reach Settlement APPLE VALLEY, Minn.-Wings Financial FCU, formerly known as NWA FCU, said it has settled a suit with its financially ailing corporate sponsor over the use of Northwest Airlines' well-known name and logo. Under...

Community Page.
November 8, 2004... FAATCFCU Raises Money For CULAC NORTHFIELD, N.J.-FAA Technical Center Federal Credit Union held Tropical Tuesday to raise money for the CULAC 1151 Club. More than $560 was raised through bake sales and raffles. MFCU Savvy Savers Play...

An Early Adapter of Electronic Security Now Moving Into Biometrics.
November 8, 2004... Credit Union: San Antonio City Employees FCU Nominated By: Digital Defense Nominated For: Deployment of network security SAN ANTONIO-San Antonio City Employees FCU prides itself on being ahead of the curve when it comes to...

Georgia Central Invests In MBS.(Member Business Solutions, LLC)(Brief Article)
November 8, 2004... Georgia Central Credit Union is purchasing an ownership stake in Member Business Solutions (MBS), LLC, a CUSO formed by Southeast Corporate Credit Union to help credit unions serve the financial needs of member businesses. "We are joining...

International CU Day News.(credit union)
November 8, 2004... CUs Celebrate International CU Day! * WOODBRIDGE, Va.-Fort Belvoir Federal Credit Union celebrated International Credit Union Day with an event that featured local businesses, a kid's corner, fire department demonstrations, and food. ...

Everyone's Just A Shade Of Brown.(Brief Article)
November 8, 2004... Hawaii isn't just a tropical paradise, it's almost utopia. Well, maybe not utopia, but during Dennis Tanimoto's welcome to Future Forum attendees the Hawaii CU League CEO noted that Hawaii is often called the "Melting Pot of the Pacific"...

Microphone Operation For Dummies.(Brief Article)
November 8, 2004... Taylor Mason returned as the emcee of CUNA's Future Forum and shared a little tidbit from his days as a champion on the television show "Star Search." Mason, a ventriloquist and comedian, related how there was some trouble during his initial...

Real Life (And Death) CU Stories.(Credit Union)(Brief Article)
November 8, 2004... One of the themes of the conference was the need for credit unions to tell their stories, so CUNA invited Patrick Adams of St. Louis Community Credit Union to serve as a CU troubadour. Adams related the story of Hawaiian Air Depot FCU,...

Banks On The Attack-In 1949!(Brief Article)
November 8, 2004... During the chairman's report to the membership at CUNA's Annual General Meeting, Dick Ensweiler read from yet another bank-sponsored ad attacking credit unions for trying to go beyond their mission. The ad was put together by a group calling...

The Long Distance 'Personal' Vote.(Brief Article)
November 8, 2004... All politics are local, but some politics are more than just local, they're personal. CUNA Lobbyist John McKechnie told The Credit Union Journal that, ironically, the most personal decision the average American made on election day was for the...

Concern Over Lost Exclusivity.(Brief Article)
November 8, 2004... One person says that credit unions racing to convert to community charter may be losing a precious commodity: exclusivity. "My board asked me about converting to a community charter, and I just don't think that's the right move for us,"...

CUNA: Counting Coins A Change To Consider.(Credit Union National Association)
November 8, 2004... Despite an estimated $10 billion in change sitting in American households, just 25% of credit unions offer automated coin counting services for their members, according to a new white paper from CUNA and De Le Rue. The paper, "Credit Union...

Special Mortgages To Those Near Bus Stops.(Brief Article)
November 8, 2004... San Antonio Federal Credit Union (SACU) has joined with VIA Metropolitan Transit and Fannie Mae to launch the "Smart Commute Initiative." The program gives potential home buyers who live within one-quarter mile of select VIA bus stops the...

Study: 70% of FIs To Offer Prepaid Gift Card.(financial institutions )(Brief Article)
November 8, 2004... Approximately 70% of financial institutions plan to add prepaid gift cards in the next two years to their payment programs, according to a new survey. In its survey, Dove Consulting found that currently, 21% of financial institutions offer...

Loan Promo Reels In $24M In New Lending.(Brief Article)
November 8, 2004... Educational Employees Credit Union is rolling out a lending campaign that has a goal of $24 million in new loans and an increase of 7% in net loan revenue. Created by Redbeard Communications, the campaign's creative employs a montage using...

Largest Crowd Ever At SACCU Meeting In Africa.(Savings and Credit Cooperative Association Africa )
November 8, 2004... More than 300 people from 19 counties participated in the annual Savings and Credit Cooperative Association Africa (SACCA) Congress here. It was the largest attendance in the history of the meeting. The meeting, aimed at discussing issues...

NCUA, Agencies Publish Bounced-Check Guide.(National Credit Union Administration)(Brief Article)
November 8, 2004... NCUA has joined with its federal bank and thrift counterparts to publish a new consumer resource, "Protecting Yourself from Overdraft and Bounced-Check Fees." The brochure's key message to consumers is that the best way to avoid overdraft and...

CU Gets Itself-And Charity-In The Doghouse.(credit union)(Brief Article)
November 8, 2004... Need a custom doghouse built? You might want to call Arrowhead Credit Union. Participating in the Humane Society of San Bernardino Valley's "Sit, Stay and Nibble" event, which included food, wine, a silent auction and a live auction of...

Ontario Banks, Credit Unions Join In Surcharge-Free ATM Alliance.(Automated teller machines)(Brief Article)
November 8, 2004... This province's credit unions are joining HSBC Bank Canada, The National Bank and other financial institutions on THE EXCHANGE ATM Network to expand and enhance member service. THE EXCHANGE is a shared network of ATMs across Canada that allows...

Small Calif. Town Celebrates Return Of Services.(Inwood Credit Union )
November 8, 2004... This small, isolated town on California's northern coast has access to financial services again after a credit union has opened up here. Oakland-based Inwood Credit Union has opened a branch, filling a vacuum created when Westamerica Bank...

'Know What You're Giving Up': Ads Target Members Of Mich. CU Seeking To Become Bank.
November 15, 2004... The Michigan Credit Union League has launched an awareness campaign to ensure members of Lake Michigan Credit Union know what they will be "giving up" should they vote in favor of its conversion to a bank. From Nov. 8 to Dec. 8, the CU's...

Help For Those In The Middle: Calif. League Program Offers Resources To Mid-Sized Credit Unions.
November 15, 2004... While everyone else is trying to eliminate the middle man, the California Credit Union League is trying to help. While resources are already in place to help small credit unions, and many large credit unions are reasonably self-sufficient,...

CU-Backed Issues Likely To Get Put On The Backburner.(Credit Union)
November 15, 2004... Budget and organizational issues will dominate the "lame-duck" session in the waning days of the 108th Congress this week, likely pushing such CU-backed issues as bankrupcty reform and CURIA off onto the 109th Congress next year. "They...

One CU's Experience In Automating The Mortgage Process.(Credit Union)
November 15, 2004... At credit unions, mortgage programs are often clunky outsiders-the technologies won't talk to other systems and employees are stuck retyping documents, checking compliance and coordinating with third-party services. That's changing at...