Credit Union Journal articles from October 2003

Credit Union Journal archives from October 2003

Beating The Drum At Future Forum.(Credit Union Naitonal Association)
October 6, 2003... For some time CUNA has been banging the drum about all it does for its affiliated member credit unions. Last week, it did so literally. Seeking to put some pep into a late-season conference that has suffered lagging attendance and was even...

Mich. Bankers Seek Concessions In Pending FOM Bill.(field of membership)(Brief Article)
October 6, 2003... State Senate leaders fended off lobbying efforts by the Michigan Bankers Association last week to roll back expansive field of membership allowances included in a credit union reform bill making its way through the legislature. But the...

Wis. Reform Bill Provision Gives Workers Claims Over Creditors.
October 6, 2003... The state Assembly last week approved a credit union reform bill for the third time but this time the measure has already been passed by the Senate, which means the bill is on its way to the governor for his signature. Lawmakers also...

BECU Makes Big Commitment To Stores.(Boeing Employees Credit Union to introduce service centers in Safeway grocery stores)
October 6, 2003... Boeing Employees CU will roll out 30 Express Service Centers inside Safeway grocery stores throughout the Puget Sound region over the next 14 months in what is thought to be the largest partnership between a grocer and a credit union to date....

ON DEADLINE.(briefs)
October 6, 2003... CUNA Projects Return To The Black For 2003 RENO, Nev.-CUNA, which has been battling red ink each of the last two years, is on track to break into the black for fiscal 2003. CUNA Treasurer Don Larsen, president of Community CU, Tacoma,...

Louisiana Latest State In Which Bank Rattles Sabers.
October 6, 2003... The Louisiana Credit Union League is keeping a close watch on the Louisiana Bankers Association (LBA) after the bank trade group listed "credit union competition" as a primary issue for banks in the state. While the league indicated that...

Analyst: Squeezed Margins Demand Two Responses.(Chip Filson)
October 6, 2003... Despite moderate growth in recent years, credit unions hold just 6.4% of financial institution assets. Revenue growth remains flat, while operating expenses continue to rise. So how can credit unions succeed under those conditions in 2004?...

Worth Noting.(briefs)
October 6, 2003... CUNA Elects Ensweiler Chairman RENO, Nev.-The CUNA Board Wednesday elected Dick Ensweiler, president of the Texas CU League, as its new chairman, the first league president to serve in the role lected as vice chair was Juri Valdov,...

Too Bad The Lobby Often Not Seen As Part of Your Brand.
October 6, 2003... "Wanted: Members!" This is how the old-west style sign read as I walked into the branch of a $100-million-plus credit union recently. It was tough to miss as it was displayed right beside the rate board. In fact it was the first thing that...

Auto Expert Helps RCCU Keep Members Close To Home.(Riverside County Credit Union)
October 6, 2003... There are many options when it comes to automobile referral services, but Riverside County's Credit Union says its "Auto Expert" service is unique in the benefits the program provides for both its partner CUs and their members. Riverside...

Corporate Central Seeks New CEO.(Corporate Central Credit Union)(Brief Article)
October 6, 2003... Corporate Central Credit Union has retained D. Hilton Associates Inc. to conduct a national search for a new president, following current CEO March Schroeder's announcement that he will retire in mid-2004. Schroeder has served as...

Product & Service.
October 6, 2003... CUVA Adds Cartoons To Resource LAKEWOOD, N.J.-CUVA has added cartoons to the material it is making available to credit unions for use in member newsletters. Credit unions that subscribe to www.cunewsletterreference.com get articles, quotes,...

Okla. CUs Plan Shared Branches.(Oklahoma's credit unions)(Brief Article)
October 6, 2003... Oklahoma's credit unions plan to significantly expand shared branches in the state. Oklahoma league spokesperson Lisa Finley said over- competitive issues had stymied expansion of shared facilities in Oklahoma beyond the six stand alone...

CUNA Seeks COO Replacement.(Credit Union National Association)(chief operating officer)(Brief Article)
October 6, 2003... CUNA has started a search for someone to oversee its Madison, Wis. operations. CUNA Chief Operating Officer Pete Crear is currently responsible for the Madison campus, but Crear is moving to a new position as Executive VP-External...

T&CFCU Named Company Of Year.(Human Rights Commission of Michigan)(T and C Federal Credit Union)(Brief Article)
October 6, 2003... T&C FCU is being recognized as the Company of the Year by the Human Rights Commission of Michigan. Nominated by three of its members, the credit union has been an active supporter of a local AIDS walk, of WAGS (Wonderful Animals Give...

Apple FCU Ready To Open New HQ.(Apple Federal Credit Union'S new headquarters)(Brief Article)
October 6, 2003... Apple FCU plans to open its new 10,000-square-foot headquarters here. The new office complex, which will include three other tenants, will include a 24-hour ATM, drive-thru lanes, and safety deposit boxed for the first time. Local...

Vermont Eyes CU Modernization.(Brief Article)
October 6, 2003... Credit unions in the Green Mountain State are working with state regulators on a proposal to update the state's credit union statute for the first time in 35 years to give them parity with federal charters. The main focus of a draft prepared by...

Ala. CUs Campaign For Image.(Alabama Credit Union League)(Brief Article)
October 6, 2003... The Alabama CU League's CU-Vote subsidiary said it will launch a statewide campaign aimed at enhancing the credit union image amidst the state's ongoing financial crisis. Wesley Emmons, director of CU-Vote, said the image campaign is aimed...

Savings Are Flowing Into CUs.(Brief Article)
October 6, 2003... Share growth picked up again last month after a brief summer lull, with an estimated $6.7 billion of new deposits flowing into credit unions in August, according to CUNA. Part of the reason was a fifth payday in August, which helped swell...

Fannie Mae, Freddie Mac To Get New Oversight.
October 6, 2003... Congress is almost sure to approve legislation by the end of the year that will create a new regulatory scheme overseeing the two secondary mortgage market giants, Fannie Mae and Freddie Mac. But if the legislation simply results in moving...

People.
October 6, 2003... Memphis Teachers' Credit Union, Memphis, Tenn., named Jason P. Hill director or in-store branches at the Covington Kroger store, and in the Oakland Kroger store. State Department Federal Credit Union, Alexandria, Va., named Jan N. Roche...

The CUJ Daily.
October 6, 2003... Federal Grants To Aid Homebuyers WASHINGTON-The House is expected to vote passage of a bill that will provide $400 million in grants to help low-income people make downpayments and help finance closing costs on their first homes. The...

Many CUs Missing 'Critical Opportunity' To Reposition Selves, Says One.
October 6, 2003... As baby boomers edge toward retirement, their attitudes about money are taking a sharp turn. Instead of earning to spend, they are saving to pay off debts, according to Charlene Stern, SVP of NewGround, a design-build and branding firm for...

Also In-Store.(EECU)(Brief Article)
October 6, 2003... FORT WORTH, Texas-The $514-million EECU has opened two in-store branches and is preparing to build two more. Working with Atlanta-based IBT, EECU has opened the facilities inside Albertson's grocery stores. "We were looking for a...

Journal Reader Facilities Questions: Branch, Retailing Advice For Community Charter Converts.
October 6, 2003... Reader Question: We are converting to a community charter, and we're on a tight budget. Is there anything we can do to make our two existing branches stand out in the community? Are there any changes, either internally or externally, that...

How To Use The Journal Facilities Panel.(Brief Article)
October 6, 2003... The Credit Union Journal has assembled an unparalleled panel of experts on facilities-related questions to answer questions from readers on a wide range of topics. Take advantage of the panel by e-mailing your question to Lisa Freeman at...

Community Page.(Christian Community Credit Union)
October 6, 2003... CCCU Donates $200,000 To Missions COVINA, Calif.-Christian Community Credit Union donated $200,000 to Christian-related causes through its Cards that Give to Missions & Ministries credit card program very time members make a purchase using...

Analyst Reviews Various Strategies For Generating Income As Spreads Narrow.
October 6, 2003... Depressed loan rates and the resulting narrow spreads, coupled with the rising cost of serving expanding memberships, has forced credit unions to live on less, according to one expert. The result: many credit unions are finding it necessary...

Corrections & Clarifications.
October 6, 2003... A headline in the Sept. 30 issue incorrectly stated that Mickey Wilson was elected chair of CUNA. Ms. Wilson is the new chair of CUES. Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com...

More CUs Create Foundations To Show Community Support.
October 13, 2003... The increasing prominence of credit unions in communities across America and the attendant spotlight are prompting credit unions to wade deeper into civic projects. To facilitate these efforts, Pentagon Federal Credit Union and several...

GSE Reform Put In Jeopardy By Congress.
October 13, 2003... The effort to reconfigure federal oversight over the secondary mortgage market was put in turmoil last week when Congress abruptly cancelled a key vote in the face of new opposition by competing constituencies. The House Financial Services...

Politician: Checks Are Nice, People Better.
October 13, 2003... Credit unions have set records in recent years for political action fundraising. But one politician told credit unions the check is nice, but delivering people is even nicer. The comment came during an interactive panel discussion at...

Navy Fed Adds 1.4 M Potential New Members.
October 13, 2003... NCUA said last week it has cleared the way for Navy Federal Credit Union to erase several exclusionary clauses preventing field of membership (FOM) overlaps which will provide as many as 1.4 million potential new members to the nation's largest...

A Day in The LIFE VII.(Brief Article)
October 13, 2003... It begins in the East Coast, and then travels across the United States to all regions. It is The Credit Union Journal's 2003 Day in the Life of Credit Unions project to celebrate International Credit Union Week. Thirteen credit unions were...

ON DEADLINE.
October 13, 2003... Trouble Brewing At Home Loan Banks PITTSBURGH, Pa.-Two more home loan banks reported financial losses raising the profile of the regional mortgage financiers just as the cry in Congress is being raised for regulatory reform of the system....

Paperless Technology Is Poised For 5-Year Boom.
October 13, 2003... Image replacement and ACH originations are likely to experience the most dynamic growth over the next five years in a sign that digital technology and pending check image legislation are starting to deliver on the long-awaited promise of...

Check Law Could Have Drawbacks.(Brief Article)
October 13, 2003... Recently passed legislation facilitating electronic check truncation could have some unintended consequences on the profitability and even viability of checking-share draft accounts, according to one expert. Mark Webster, of electronic...

World Is Celebrating CU Week.(Brief Article)
October 13, 2003... Credit Unions accross the globe are celebrating International Credit Union Day and International Credit Union Week this week. Copyright 2003 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.cujournal.com

Fake CU Ad Scam Is Spreading.(Brief Article)
October 13, 2003... The fake credit union ad scam continues to spread, with the advertisements now appearing in newspapers in 10 states. Ads from "First Rate Credit Union" have appeared in Utah, Pennsylvania and North Carolina, after earlier appearing in...

Worth Noting.
October 13, 2003... Grommesh Is Recognized SAN FRANCISCO-Mike Grommesh, SVP with The Golden 1 CU in Sacramento, Calif., is one of two people being recognized by the Western Payments Alliance (Wespay) for his lifetime contributions to the payments industry....

Thoughts On Forums, Help Wanteds, Continents, Etc.
October 13, 2003... CUNA rolled the dice with its recent Future Forum in Reno (get the clever gambling reference!) and came up a winner. It's too bad there weren't more people there to experience it. (Side note to city of Reno: there's only so much you can mask...

Outsourcing Also Out of Bounds?: Tips On How To Make Sure Taking Advantage of Outsourcing Opportunities Doesn't Allow Someone To Take Advantage Of You.
October 13, 2003... Credit unions today rely on third-party service-provider relationships for many, and in some cases, nearly all of their information technology (IT) needs. These partners provide critical services that involve sensitive member information. ...

The Painfully Uninsured: Layered Approach To Collateral Protection Is One Strategy Credit Unions Should Investigate.
October 13, 2003... Of the many challenges presented by collateral protection (e.g. force-placed insurance), credit union executives are becoming painfully aware of the necessity to have a program in place that detects red flags, anticipates problems and covers...

Thoughts On Forums, Help Wanteds, Continents, Etc.
October 13, 2003... The rush to embrace small business lending and services could mean credit unions are overlooking something-it can be an expensive endeavor. Christine Barry, an analyst with Celent Communications who specializes in commercial lending, small...

Kinecta Financial Wins CUSO Of The Year, Best Practices.(Brief Article)
October 13, 2003... Kinecta Financial & Insurance Services, the CUSO of the $3-billion Kinecta Federal Credit Union, recently won the 2003 CUSO of the Year Award-Best Practices Recognition from the National Association of Credit Union Service Organizations...

Product & Service.
October 13, 2003... LSI Selects Central States Mrtg. ELGIN, Ill.-Lending Solutions Inc. (LSI), a provider of lending call center services, has selected Central States Mortgage as its mortgage partner. Central States is one of the largest mortgage credit union...

Battle Over GSE Oversight Is Turning Into Turf War.
October 13, 2003... Watching the growing legislative contest over the reform effort for Fannie Mae and Freddie Mac reminds me of an old joke about watching a hockey game: I went to the fights last night and a hockey game broke out. What reminds me of the...

People.(Oak Trust Credit Union)(Brief Article)
October 13, 2003... The North Carolina Credit Union League, Greensboro, N.C., elected Richard Jefferson to its board. Security Service Federal Credit Union, San Antonio, Texas, named Kristin Popowich service center manager. Oak Trust Credit Union,...

Topping The Bank (TOWER): CU Teams Race Up 75 Flights Of Stairs To Raise Money.(Brief Article)
October 13, 2003... Teams from the California Credit Union League, Orange County Teachers FCU, and Water & Power Community CU climbed 1,500 steps in a fundraiser for the benefit of the Stuart M. Ketchum Downtown YMCA. Participants in the 11th annual "Stair...

CUSO Offers Insurance Guide To Consumers.(Brief Article)
October 13, 2003... Topline Investment Services, the CUSO of TopLine Federal Credit Union, is offering free, no obligation individualized life insurance analysis and college planning guides. Each guide, which includes easy-to-understand information, graphs...

The CUJ Daily.
October 13, 2003... tlantec OKd To Exit CU System ALEXANDRIA, Va.-NCUA approved an application form @tlantec Financial FCU to convert to a mutually owned savings bank, the 27th credit union defector approved for conversion. The $90-million credit union...

Q&A With Dollar On Letters, PCA And More.
October 13, 2003... In keeping with the interactive nature of CUNA's Future Forum here, NCUA Chairman Dennis Dollar offered no prepared remarks and instead responded to questions from the audience on the value of comment letters, risk-based PCA, and more. Below is...

Back To The Future (Forum) Notes.
October 13, 2003... Looking back at the Future (Forum): Emerging Pink Flags * CUNA President Dan Mica ran through his standard litany of credit union successes (growth to $618 billion in assets, industry capital at 10.6%, etc.), but in his brief remarks...

Life After Enron: What New Laws, Scrutiny Mean For Board Members.
October 13, 2003... The failure of Enron and the huge questions it raised about accountability and governance has caught the attention of credit union directors. During a breakout session at CUNA's Future Forum entitled, "Governance: Life After Enron," a show...

What Does The Average Joe (And Jose) Know About Credit Unions? Not Much.
October 13, 2003... Think the average consumer knows all about credit unions? No one left with that impression after a group of a half-dozen consumers formed a panel during CUNA's Future Forum and shared what they "knew" about credit unions with an audience...

Economic Upturn Could Mean Employees Leaving To Pursue New Options.
October 13, 2003... An improving economy would be welcome news to many, but it would also renew hiring challenges for credit unions trying to attract and retain good employees, according to one expert. Yvonne Evers, president and CEO of Middleton, Wis.-based...

3 Conditions Required To Keep Employees Engaged, Happy.(Brief Article)
October 13, 2003... Credit unions must put three conditions in place if they want to keep employees engaged and productive, according to one analyst. Marcus Buckingham, senior consultant with the Gallup Organization, told the CUNA Future Forum that "employees...

Strohl Systems Get's CTC Best In Show.(Brief Article)
October 13, 2003... The CUNA Technology Council presented its 2003 Best of Show award to Strohl Systems, based in King of Prussia, Penn. The company was recognized for its PLANet online community planning tool. The award was presented by the CTC to the company...

Ariz. CU Partners To Offer Health Care Plan.
October 13, 2003... Arizona State Savings & Credit Union recently formed a partnership with PacifiCare Health Systems to offer health insurance to students of the three largest colleges in the state. The program, known as "Arizona Student Choice," is...

FOM Expansions Lead MTWCU To A New Name.(Brief Article)
October 13, 2003... The $110-million Southern Massachusetts Credit Union here is reporting steady growth after changing its name recently from that it held for its first 81 years: Massachusetts Telephone Workers Credit Union. The credit union made the name...

H&R Block Reports 33 CUs Now In Tax Program.(Brief Article)
October 13, 2003... H&R Block said that participating CUs in its Credit Union Tax Services program have grown to 33, up from 15 at the same time last year. Those 33 credit union represent nearly 4.5-million members.The service offers free online federal tax...

Group Tours SACU's Affordable Home Area.(Brief Article)
October 13, 2003... San Antonio Federal Credit Union (SACU) hosted representatives from Caja Popular Mexicana (CPM), the Mexican Credit Union; the World Council of Credit Unions (WOCCU), and the Texas Credit Union League (TCUL) as part of an effort to expand...

Magazine Recognizes Alaska USA Federal.(Brief Article)
October 13, 2003... Alaska USA was identified as one of the top Alaskan businesses in the October 2003 edition of Alaska Business Monthly ach year the magazine ranks the top 49 businesses in the state based on gross revenues. This is the first year that not for...

Survey: Corporate Misdeeds An Opportunity To Highlight Co-op's Ethics.
October 13, 2003... A new survey has found that less than half of Americans think investor-owned corporations are ethically governed. The survey found significantly greater public trust in businesses that provide more consumer control and board accountability. ...

Biz Development Meeting Dates Set.(Brief Article)
October 13, 2003... The Credit Union Journal will host its fifth annual SEG & Business Development Conference March 4-5, 2004. The meeting will be held at a premier location, Disney's Coronado Springs Resort, hailed for its conference facilities, location...

Community Page.
October 13, 2003... PNWFCU Awards 2 Scholarships PORTLAND, Ore.-Pacific NW Federal Credit Union awarded $750 college scholarships to Aaron and Ernest Esres. CUNA School Names Graduates RANCHO CUCAMONGA, Calif.-CUNA Management School awarded the...

CUs Hope To Get Some On-Camera Time With Today Show's Al Roker.(Brief Article)
October 13, 2003... Credit union staff and volunteers from New York and New Jersey plan to stand outside the "Today Show" studio in a bid to get International Credit Union Week recognized by the morning news and talk show. According to the New York Credit...

Insurer Gets CU Charter.(Brief Article)
October 13, 2003... NCUA said it approved a charter for Cornerstone National Insurance FCU, the first new federal credit union chartered in Missouri in 14 years. The new credit union will serve employees of Columbia, Mo.-based Cornerstone Management Partners,...

Coke FCU Digests Minute Maid.(Brief Article)
October 13, 2003... The Coca Cola Family FCU said it has merged with Minute Maid Co. FCU, sponsored by Coke's wholy owned subsidiary, creating a credit union bottling up more than $125 million that serves more than 12,000 members. Members of Houston-based...

More Investment Powers Sought.(Brief Article)
October 13, 2003... NAFCU urged NCUA to expand the investment powers for federal credit unions under the latest round of regulatory relief. NAFCU asked the NCUA Board, which expanded FCU investment powers earlier this year with an allowance to buy commercial...

Consumer Groups Seek Halt To National Preemptions.(Brief Article)
October 13, 2003... A broad-based coalition of consumer and civil rights groups called on the Office of the Comptroller of the Currency to halt efforts to preempt anti-predatory lending law passed by the states. In a letter sent to OCC, the group called the...

Community Page.
October 13, 2003... Golf Open Raises $250,000 BEAVERTON, Ore.-First Tech Credit Union organized the fourth annual Credit Unions for Kids Hank & Moose Open, which raised more than $250,00 to benefit Doernbecher Children's Hospital and Credit Unions for Kids....

Canada's Coast Capital Savings Turns To Technology To Trim Its Operating Costs.
October 20, 2003... Credit unions cost too much to run. That unsettling perspective is keeping Joel Rosenberg on his toes. The CIO at Coast Capital Savings CU thinks technology can help give credit unions a fighting chance against their money-spinning...

Overlapping Issues: Community CUs Get Advice From Most Competitive Market.
October 20, 2003... Increasing numbers of credit unions are competing against each other through overlapping fields of membership, but that isn't preventing them from cooperating, too. "The overlaps just hasn't been an issue in many, many years," said Gene...

Administration Backs Plan To Include FHLBs Under New Regulator.
October 20, 2003... Prospects dimmed last week for quick passage of a bill to reform regulatory oversight of the secondary mortgage market as key constituents diverged on their priorities. Members of the Senate Banking Committee expressed support during a...

Media Mogul: How 1 CU Spreads The Word.
October 20, 2003... The best way to get in the newspaper and on the radio station? Own them. Chocolate Bayou Community CU doesn't exactly own a newspaper or radio station, but a special edition newsletter and a low-frequency broadcast emanating from its...

CU Helps Cops Avoid Financial Arrest: Efforts To Help Go Beyond Just Reworking Loans.
October 20, 2003... Their stories are similar. They are all young Pittsburgh police officers, either newly engaged, newly married or about to have their first child and carrying new home loans with Greater Pittsburgh Police FCU. Some have vehicle loans. For most,...

ON DEADLINE: Michigan Lawmakers OK Sweeping Changes.
October 20, 2003... The Michigan Senate last week gave its own testament to the credit union movement by unanimously approving a landmark credit union reform bill on International CU Day. The bill, which now moves over to the House, would allow individual...

CU On 'Today'.(Brief Article)
October 20, 2003... To mark International Credit Union Week, nearly 90 CU credit union representatives from New York, New Jersey, the National Credit Union Foundation and even NCUA succeeded in getting themselves on TV last week during a broadcast of NBC's Today...

OCCU Alleges 'Pattern of Racketeering' In Auto Scam.(Orange County's Credit Union)(Duty Free Auto Club)
October 20, 2003... Orange County's Credit Union has filed a lawsuit against numerous defendants alleging a "pattern of racketeering activity" involving more than 180 motor vehicles. The suit claims the CU suffered $285,000 in losses from six fraudulent auto...

NH CUs Pledge $35M For Affordable Housing.(New Hampshire)(Brief Article)
October 20, 2003... A $35 million affordable housing program backed by New Hampshire's credit unions was officially unveiled last week at America's Credit Union Museum here. The initiative was organized by NCUA board member Debbie Matz and has the support of...

Worth Noting.
October 20, 2003... Lyon Named CEO Of NM League ALBUQUERQUE, N.M.-The New Mexico Credit Union League said it has named Sylvia Lyon the new CEO of the league, promoting her from vice president of credit union services. Lyon has been with the league for nine...

Board Meeting Doesn't Have To Be Bored Meeting.
October 20, 2003... It may seem strange. It may seem incongruent. Yet the most important hour of a credit union's life, the time that means the most for its future success, is the ubiquitous, often treated as insignificant, sometimes hard to schedule, and...

Canadian CU Gets A Hand In Managing Risk.
October 20, 2003... Biometrics still may be a fringe technology to some-but to Credit Union Central of British Columbia (Central), fingerprint recognition is the way to secure high-risk applications. "With fingerprint scanning and our Central Portal System, we...