Credit Union Journal articles from November 2007

Credit Union Journal archives from November 2007

NCUA Bids Out Healthy Piece Of Norlarco: Paying A Hefty Toll: CUs Will Eat At Least $238M In Liability Costs.
November 5, 2007... FORT COLLINS, Colo. -- NCUA threw in the towel on Norlarco CU last week, moving to sell the failed $320-million credit union and creating one of the biggest work-outs for NCUA since the southwestern real estate bust in Texas in the 1980s. ...

Mortgage Infection Spreads: U.S. Central Posts Nearly $17M Losses Due To Market Meltdown.(Financial report)
November 5, 2007... LENEXA, Kan. -- Increased exposure to the mortgage backed securities market, including the subprime market, caused U.S. Central FCU to report losses of almost $17 million for the third quarter. The losses illustrate how the continuing...

CU Journal Unveils 3rd Annual Best Practices Award Winners.
November 5, 2007... WEST PALM BEACH, Fla. -- CU Journal's editors culled through the largest group of nominations for this special awards program that features innovative ideas that have been test-driven at credit unions across the country. Special report begins...

More Tools Now <at> cujournal.com.
November 5, 2007... WEST PALM BEACH, Fla. -- Credit Union Journal has added additional resources, content and tools for subscribers at www.cujournal.com. The new features and benefits are part of a redesign of the site that makes it cleaner, brighter and...

Leagues Team Up With Their States On Foreclosure Relief.
November 5, 2007... HARRISBURG, Penn. -- Credit union leagues in two separate states are backing their respective governors' plans to help homeowners keep their homes out of foreclosure. The Pennsylvania Credit Union Association said it supports Gov. Ed...

On Deadline.
November 5, 2007... Comprehensive ID Theft Process Now Required WASHINGTON-NCUA and banking regulators instituted new rules requiring all financial institutions to adopt comprehensive procedures to prevent and resolve identity theft. The procedures require...

CUEG Downgrades Economic Forecast For YE 2007, 2008.
November 5, 2007... WASHINGTON -- A group of credit union economists has issued a new economic forecast that is more pessimistic than what was being projected earlier this year, cutting its 2008 CU loan growth outlook by nearly 100 basis points. The Credit...

Southeast Corp Launches Its New Investment CUSO, Accolade.
November 5, 2007... TALLAHASSE, Fla. -- In response to member credit unions asking for investment advice and management help, Southeast Corporate Credit Union has launched a CUSO called Accolade Investment Advisory LLC. The new CUSO will be led by President...

CUNA Lends A Helping Hand On The Hill.
November 5, 2007... CUNA Political Communications Manager Joann Sordellini distributes mints during "CU Helper Day." to commuters emerging from the Capitol South Metro station on Capitol Hill. More than 1,500 mints were distributed. See related item, page 6. ...

STATE STAT-SHOT.
November 5, 2007... Throughout 2007, the Credit Union Journal is profiling the credit unions of each U.S. state and D.C. Rather than appear in alphabetical order, the states are being featured in the order they became states. IDAHO Number of credit...

Worth Noting.
November 5, 2007... Federation Honors WesCorp NEW YORK-Western Corporate FCU (WesCorp) has been recognized for its membership in the National Federation of Community Development Credit Unions (Federation) as a Corporate Credit Union Sustainer, a special...

CURIA COUNTER 135.
November 5, 2007... At press time, the number of co-sponsors on the CURIA bill. 217 are needed to have a majority. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

CUs In California & Across Nation Step Up To Help Victims Of Fires.
November 5, 2007... SAN DIEGO -- Donations of money and clothing, emergency shared branching offers, 0% loans, relief funds, foundations, and warnings of online scams-all were making headlines in the aftermath of a series of wildfires that roared through many...

Credit Unions In The Media.
November 5, 2007... In Business Las Vegas provided coverage of the divided support for the Credit Union Regulatory Improvement Act (CURIA), with banks lined up against it. The story outlined what CURIA would do, updated the number of congressional co-sponsors, and...

Worth Noting.
November 5, 2007... CUNA Councils Release Papers MADISON, Wis.-Two of the CUNA Councils have released new white papers. The first, "A Strategic Approach to Ideal Capital: Building a Consensus," from the CUNA Chief Financial Officer (CFO) Council, overviews...

Calif./Nevada Leagues Forge Deal With Texas League Subsidiary For Compliance Services.
November 5, 2007... RANCHO CUCAMONGA, Calif. -- The California CU League reached an agreement with a subsidiary of the Texas CU League to provide compliance and audit resources to California and Nevada credit unions. The CCUL said the agreement with TCUL's...

Notes On The Helpers, The Not So Helpful, And The Hired Help.
November 5, 2007... Maybe they were just mad they didn't get a mint. In case you missed it, during International Credit Union Week CUNA hosted what it called a "CU Helper Day" on Capitol Hill with CU reps around town holding umbrellas over folks, opening doors...

Tell Your Story to Enter to Win.
November 5, 2007... Is your credit union good at telling the 'credit union' story? Have you found a unique and effective way to communicate to members and prospective members just what it is you are and why you're different? Then take a moment and enter the...

Calendar.
November 5, 2007... NOVEMBER Nov. 8-10 California/Nevada Leagues' Annual Meeting & Convention, Bellagio, Las Vegas, Nev. For info: Neil Schwartz, 909-581-3254 Nov. 10-20 CU Educruises' "The Mexican Riviera Fiesta." Ship: Holland America Cruise...

On Branding: The Secret Weapon: Why You Need A Brand Manager.
November 5, 2007... There's a lot of talk about branding in credit union circles these days. That's because there's a lot of pressure on growth in the financial services industry. The end of the mortgage boom has everyone from banks to mortgage companies...

Improving Your ALM Practices: How To Improve Your Processes, Examination.
November 5, 2007... Given today's volatile rate environment and the potential for greater interest-rate risk associated with growth in real-estate loans, it's likely your credit union's asset/liability management (ALM) planning processes will be a focus of your...

Retention Tensions: Where CUs May Be At Risk.
November 5, 2007... Many credit unions have implemented various document imaging systems over the past few years to stave off the increasing costs of paper-retention and improve member service. In doing so, however, many of these same CUs may unwittingly be...

The Benefits Of An Engaged Employee: Focus On Employee Relationships To Drive Member Relationships.
November 5, 2007... Cultivating a corporate culture of engaged employees results in great benefits to your credit union. "Engaged employees produce more, make more money for the company, and create emotional engagement and loyal customers. They contribute to...

Why Fixing It Doesn't Fix It: One Big Misunderstanding When It Comes To Loyalty.
November 5, 2007... Resolving problems builds loyalty, right? False! False!! False!!! Nothing erodes loyalty more than experiencing a perceived problem or error in the financial and health care industries. Our money and health are very important to us; so,...

CUJ Snapshot: What is Credit Union Direct Lending (CUDL) doing to help credit unions better retain members gained through indirect loans at the auto dealership?
November 5, 2007... Asked of attendees at CUDL's Annual Meeting In Las Vegas Kathleen Brunton, curriculum developer, CUDL, Rancho Cucamonga, Calif. We tell credit unions to contact those new members right away. If they wait, it is a done deal. Some credit...

Eye On The Competition: Key Expands Check Cashing.(KeyBank Corp.)(Brief article)
November 5, 2007... DALLAS -- Check cashing and verification solutions provider VALID Systems announced that KeyBank is expanding its check cashing program to additional markets across the United States. KeyBank initially piloted the program in five urban...

Chase Offers Blink, Freedom.(Chase Card Services)
November 5, 2007... WILMINGTON, Del. -- Chase Card Services and the University of Notre Dame announced the acceptance of blink-the firm's contactless card-at Notre Dame Stadium and the Joyce Center. Cardmembers will be able to use their Notre Dame Visa Card with...

Paper Explores Multi-Generation Mgt.
November 5, 2007... MADISON, Wis. -- The challenges and possible solutions for managing four separate generational groups at credit unions is the subject of a new white paper from the CUNA Human Resources, Training, and Development (HR/TD) Council. The paper, "The...

ATM Surcharges Donated To Hospital.
November 5, 2007... HAMILTON -- Healthcare and Municipal Employees' Credit Union and McMaster Savings and Credit Union have announced a five-year agreement with Hamilton Health Sciences, St. Peter's Hospital and St. Joseph's Healthcare Hamilton that will see all...

CUs Seen Reaching Out To Minorities.
November 5, 2007... CHARLOTTESVILLE, Va. -- CUs were pitched as an effective way to address racial disparities in lending during a public forum here. The forum, hosted by the Piedmont Housing Alliance, a regional nonprofit organization that creates housing and...

SBA Sets New Loan Records In 2007.
November 5, 2007... WASHINGTON -- The U.S. Small Business Administration posted record-breaking loan numbers again in FY 2007, setting new records for both the combined number and dollar volume of loans, and increased loans to small businesses in underserved areas...

Reforms To Improve SBA Loans.
November 5, 2007... WASHINGTON -- The U.S. Small Business Administration is rolling out several major reforms to make its loan programs more effective and its products easier to use. As part of Administrator Steve Preston's agenda to make SBA more...

NC League Launches Anti-Fraud CUSO.
November 5, 2007... GREENSBORO, N.C. -- Advanced Fraud Solutions, the new Credit Union Service Organization owned and operated by the NC Credit Union League, provides plastic-card and counterfeit-check fraud detection programs. These software programs and...

Minn. CUs Pack Meals For Children.
November 5, 2007... MANKATO, Minn. -- Rather than hold its monthly chapter meeting, 66 members of the Southwestern Chapter of the Minnesota CU League helped to pack 18,576 meals for starving children around the world. As part of festivities surrounding...

NCUA Votes Down Corporate Merger Over Capital Payout.
November 5, 2007... ALEXANDRIA, Va. -- The NCUA Board voted in closed meeting against approving the combination of WesCorp FCU and Volunteer Corporate CU, sending representatives of both corporates back to hammer out a new deal in the on-again, off-again merger....

Bid Would Protect Credit Unions On Overdraft Bill.
November 5, 2007... WASHINGTON -- Lawmakers are expected to propose an amendment to pending legislation to rein in abuses in overdraft protection that would enable credit unions to continue to offer the popular programs. A so-called mark-up, or drafting...

CU Lobbyists Fight To Amend Bankruptcy Code.
November 5, 2007... WASHINGTON -- Credit union lobbyists are opposing a proposal to amend the bankruptcy code in a way that would allow bankruptcy court judges to restructure terms and values of outstanding mortgages that have been foreclosed on. The bill would...

Agenda.
November 5, 2007... Meetings 2008 NCUA Board meetings: the NCUA has announced the 2008 schedule of meetings of the NCUA Board. All board meetings are 10 a.m. on a Thursday of each month, with the exception of August, when the board historically does not meet....

People.
November 5, 2007... Point West CU, Portland, Ore., announced that Mike Fletcher joined the Filene i3 class. Northeast Arkansas FCU, Jonesboro, Ark., promoted Sherry Gray to executive vice president/chief operations officer, Brad Clark to senior vice president...

CDCUs Eye Capital Infusion.
November 5, 2007... SAN FRANCISCO -- The National Federation of CDCUs has raised more than $8 million towards its goal of $25 million in new funds to make capital investments in its community development credit unions. Cliff Rosenthal, executive director of...

Auto Employees Finds New Home.
November 5, 2007... SANDY SPRINGS, Ga. -- Fidelity FCU, a former GM employees credit union, has moved its offices here from nearby Atlanta and has converted to a community charter serving the city of Sandy Springs to make way for the closing of the General Motors...

Credit Card Comes With Keypad.
November 5, 2007... SAN DIEGO -- A wafer-thin credit card with a 12-button keypad, an embedded alphanumeric display and microprocessor was rolled-out last week at the International Card Manufacturers' annual Card Manufacturing and Personalization Expo here. ...

CU Offers High Rate, Free ATMs.
November 5, 2007... LANSING, Mich. -- Nu Union CU has introduced a high-rate checking account that also offers free ATMs for members who use the credit union's electronic services. The credit union's SoSMART accounts pay 6% APR on balances up to $25,000 and...

Credit Union Journal Honors Award Winners.
November 5, 2007... WEST PALM BEACH, Fla. -- Implementing ideas that are proven to work-that's what Credit Union Journal readers have told us they want. That's why Credit Union Journal created the Best Practices Awards, bringing you some of the best ideas...

Rebate Keeps Member's Relationship With CU Top Of Mind.
November 5, 2007... HIGHLANDS RANCH, Colo. -- Many financial institutions offer interest rate discounts on loans, but Red Rocks Credit Union developed a program that keeps the credit union fresh in its members' minds via an annual rebate check. The...

How One CU Incented Members To Use E-Bill Pay.
November 5, 2007... BURBANK, Calif. -- Lockheed Federal Credit Union faced a problem familiar to many CUs: members signed up for "free" online bill payment, but were not using the service. The solution: a focused e-mail campaign designed to encourage members...

Automation Slashes Call Report Time By 80%.(Report)
November 5, 2007... SUNBURY, Penn. -- Like many other credit union leaders, Kris Kauffman, CEO of Central Keystone Federal Credit Union, was forced each quarter to devote a significant amount of his time and energy to the 5300 Call Report for the NCUA. ...

Investing In Card Program Pays Off For CFCU.
November 5, 2007... APPLETON, Wis. -- Just one year after Community First Credit Union began promoting and actively managing its new credit card program, outstanding balances were up by 43%, as the CU achieved a 32% increase in purchases, and interest income gain...

eMailbox Slams The Door On Hackers Seeking Member Data.
November 5, 2007... PASADENA, Calif. -- Members at Wescom Credit Union here send confidential financial information over the public Internet, where it becomes fair game for malicious hackers. "Messages sent over the public Internet are subject to many...

Tracking Visits Leads To Shorter Wait Times, More Efficient Staffing.
November 5, 2007... LAUREL, Md. -- Like nearly all credit unions, Tower Federal Credit Union did the best job it could to greet its members, make them feel at home and sign them up to speak with a member service representative as quickly as possible. The trouble...

Teaming Up To Provide Superior Service Scores.
November 5, 2007... HOUSTON -- At the beginning of this year, Smart Financial Credit Union implemented a series of team challenges and incentives titled "Teaming up to Provide Superior Service." The challenges are designed to build teamwork between...

Renamed, Re-branded, Re-Branched: One CU Celebrates Rebirth.
November 5, 2007... MURFREESBORO, Tenn. -- Ascend FCU's new branch design provides its employees with the tools they need to provide their members with the best service possible. The design at its newest branch is not the only thing that's new at the CU-so is...

CU Needed A Hero For Members, Staff To Rally Around: New Brand Answers The Call.
November 5, 2007... RICHMOND, Va. -- Like the caped crusaders (also known as the marketing and business development team members at Call FCU) who helped create it, only iDude was heroic enough to answer the call to duty as this credit union's mascot. About...

Loan Participation Program Allows ECCU To Help Members Build Faith.
November 5, 2007... BREA, Calif. -- The $990-million Evangelical Christian Credit Union (ECCU) here has a long history of making loans to churches across America to build new houses of worship, schools or to expand existing facilities. For the last 20 years, ECCU...

How Kitsap CU Uses Intranet System To Get All Employees On The Same Page.
November 5, 2007... BREMERTON, Wash. -- Kitsap Credit Union put a modern twist on the hoary cliche "Necessity is the Mother of Invention," when it adapted its company intranet to create an automated, electronic accounts payable system. Deborah Tyree, the...

Membership Drive Proves Popular With Coveted Youth Demo.
November 5, 2007... BROOKLYN CENTER, Minn. -- City-County Federal Credit Union realized that what worked for getting new members in the past wasn't working today; it was time to rethink its approach to membership recruitment. The idea: dramatically increase...

Connecting Staff Makes Billion-Dollar Goal Feasible.
November 5, 2007... JACKSONVILLE, Ark. -- Arkansas Federal Credit Union isn't afraid to set a big goal. At about a half billion dollars in assets, the CU is looking to join the billion-dollar club quickly-but to do so, it needed to change the way things were...

How CPCU Used ACH Direct Deposit To Soothe 'Frantic Friday' & Beat Payday Lenders.
November 5, 2007... CHARLOTTE, N.C. -- Carolina Postal Credit Union discovered a unique way last year to serve its harried membership, increase deposits and separate itself just a bit more from local bank competitors. Serving mainly postal and federal workers...

Lots Of CUs Host Seminars, But Ent FCU's Recent 'Financial Expo' Boasted Attendance Of 500.
November 5, 2007... COLORADO SPRINGS, Colo. -- Ent Federal Credit Union celebrated its 50th anniversary with a free "financial expo" for its members. Lois Carlock, Ent FCU's education and event manager, said the expo not only offered financial advice, it gave...

Betting On Subprime Auto Loans While Others Run Away.
November 5, 2007... FISHERS, Ind. -- While FORUM Credit Union had successfully been in the subprime auto business since 2005, it nevertheless recognized that its operation needed to improve. FORUM had been declining auto loan requests from members who had...

Bull's Eye CU's Privilege Pay Program Is Right On Target With 161% Fee Income Boost.
November 5, 2007... WISCONSIN RAPIDS, Wis. -- In the midst of extremely difficult times for its members and community-and the credit union itself-Bull's Eye CU was able to ramp up a service offering that both filled a real need for its members and helped drive new...

MACU Channels Tim Allen's 'Tool Time' To Help Build Nest Egg.
November 5, 2007... WEST JORDAN, UTAH -- Mountain America Credit Union turned to Hollywood as inspiration for its successful "Build Your Retirement" campaign that made the CU the place its members turned to for retirement planning. Comedian Tim Allen's...

Flex Rate Allows Verity CU To Pay Right Rate-Not Always Lowest Rate-On CDs.
November 5, 2007... SEATTLE -- So a guy with a million dollars walks into a credit union... It sounds like the beginning of an old school vaudeville joke. But for Verity Credit Union here, it's precisely what happened with one member. While the man didn't...

Ohio Healthcare Uses ROI From Privilege Pay To Build First HQ.
November 5, 2007... DUBLIN, Ohio -- How do you know when a new product or service has been successful? When it nearly single-handedly allows you to build your first-ever headquarters. That's what happened when Ohio Healthcare FCU launched Harland Financial...

MRM Platform Goes Above And Beyond Call Center Duty At CU.
November 5, 2007... GREENVILLE, S.C. -- Greenville FCU took what is traditionally thought of as a call center solution and used it for just about everything but a call center, which the credit union didn't have at the time. And as backward as that may sound,...

Why Make It Hard To Join? CU Cuts 37 Minutes Off Time To Open Account.
November 5, 2007... PHOENIX -- Arizona Federal Credit Union slashed the time needed to open a new member account to eight minutes from the previous 45 minutes, and with greater accuracy, resulting in both a reduction of expenses and happier members. The...

Maximizing Existing Tool Helps Avoid Buying New Ones.
November 5, 2007... TALLAHASSEE, Fla. -- Fighting the natural urge to run to technology vendors for help, Envision CU instead is taking a hard look in the mirror in order to get more out of its accounting software and business activities. "A lot of the time...

Increasing Member Access Plus Reducing Paperwork = Better Service.
November 5, 2007... LATHAM, N.Y. -- Sometimes the ultimate best practice is simply making the most of what you have. At CUC Mortgage Corporation, an affiliate of the New York State CU League, it has made a best practice out of using every single capability and...

How Patelco Used Automation To Get Out From Under HMDA Documentation.
November 5, 2007... SAN FRANCISCO -- The regulatory compliance required by mortgages-not to mention the volumes of paperwork - is enough to put off many potential lenders. But Patelco Credit Union, which found out the hard way the kind of complications that...

FirstMark's Secret To Improving Branch Efficiency: BOA.
November 5, 2007... SAN ANTONIO, Texas -- FirstMark Credit Union here is crediting the creation of a "Branch Operations Analyst" position for helping to streamline and create efficiencies within its branch network. Specifically, the credit union describes the...

CU Revamps Holiday Club Accounts.
November 5, 2007... SAN ANTONIO -- After doing a product review, the management at FirstMark Credit Union just didn't have that Christmas cheer. Specifically, the credit union felt it was missing opportunities in the area of Holiday Club Accounts, typically a...

Tiny CU Dreams Big: Home Ownership For Its Members.
November 5, 2007... ALEXANDRIA, Va. -- One tiny credit union has a big dream for its membership: home ownership. With approximately $1.2 million in assets and an all-volunteer leadership team, Shiloh of Alexandria FCU is trying to bring the American Dream of...

MCT FCU Turns Employees Into Online Bill Payment Experts, Ambassadors.
November 5, 2007... ROCKVILLE, Md. -- The best salesman is one who is sold on the product himself, so Montgomery County Teachers FCU started out selling its online bill payment product to its staff first. "A promotion is only as good as the support of the...

Interactive, Tracked Education Is Key To Success In Boosting Referrals For Investment Services.
November 5, 2007... PHOENIX -- A two-year, dedicated effort to employee financial education has helped one of Desert Schools Federal Credit Union's CUSOs triple its referrals and profits. Becky Nilsen, CEO of Desert Schools Financial Services, told the Credit...

Under the Microscope: Latest Developments In Research.
November 5, 2007... Moving Beyond Free Checking With Value-added Credit Report Monitoring ATLANTA-Free checking has become a matter of competitive parity, meaning providers must add value to the checking product to retain and strengthen these relationships...

7 Bright Ideas.
November 5, 2007... MADISON, Wis. -- Seven product and service innovations, now available for implementation at credit unions, have been developed by teams made up of members of the Filene Research Institute's i3 Group. Members of i3, which stands for Ideas,...

Medium Size, Large Results: How 'Self-Help' Projects Help Double ROA At One Mid-Sized CU.
November 12, 2007... ByNUM, Ala. -- AOD Federal Credit Union lies midway between Birmingham and Atlanta, in east central Alabama, an area with moderate growth and low unemployment. The moderation in the local economy, however, is belied by the growth AOD FCU...

A CU Journal Series On Thriving CUs.
November 12, 2007... Can credit unions run with the big dogs? And will only the big dogs survive? Since July CU Journal has been examining those issues in this series, beginning with the Great Dane CUs, and then the smaller, Chihauaha CUs. In this issue, we begin...

Congress Eyes New Mortgage Regs To Cut Subprime Abuse.
November 12, 2007... WASHINGTON -- Congress moved last week to pass a variety of new standards aimed at reining in abuses in the subprime mortgage market-but the standards will, if enacted, affect all mortgage lenders, including credit unions. The House...

The Teller Who Bankrupted A CU: NCUA Is Liquidating 70-Year-Old Obelisk FCU After $7M Embezzlement Scheme.
November 12, 2007... NEW ALBANY, Ind. -- Authorities have little hope of recovering any of the $7 million a teller stole from Obelisk FCU, forcing NCUA to liquidate the 70-year-old credit union earlier this year, and sell off its good parts. That's because the...

Some CUs Feeling Pinch, Others Making Most Of Credit Crunch.
November 12, 2007... SAN DIEGO -- It won't be just the hills surrounding the Hyatt Hotel that will be smoldering when credit unions from California and Nevada meet here this week. The mood among many of the credit unions on hand for the California/Nevada...

On Deadline.
November 12, 2007... Merger Brings SSFCU Huge Underserved FOM SAN ANTONIO-CU giant Security Service FCU won approval to serve more than 1.3 million people in five Texas counties designated as underserved as part of its acquisition of Horizon FCU. The action...

NCUA Negotiates First Employment Contract With The Examiners' Union.
November 12, 2007... ALEXANDRIA, Va. -- NCUA last week completed the first collective bargaining agreement with its fledgling employees union, giving covered employees, most of them examiners, 5% raises for the life of the three-year pact. Because the raises...

Williams Elected To CUNA Board.
November 12, 2007... WYOMISSING, Penn. -- Ed Williams, CEO of Discovery FCU here, has been elected to the CUNA board for a three-year term beginning March 3, 2008. Williams, who ran unopposed, will represent District 1, Class A credit unions, which are comprised of...