Credit Union Journal articles from September 2001

Credit Union Journal archives from September 2001

ON DEADLINE.(Brief Article)
September 3, 2001... New Secondary Player? WASHINGTON, D.C.-Two members of the House and Senate have indicated they plan to introduce bills by the end of September that would allow Ginnie Mae to compete with Fannie Mae and Freddie Mac in the secondary mortgage...

U.S. Credit Unions Set To Hit Major Asset Milestone.(Brief Article)
September 3, 2001... America's credit unions are nearing a major milestone as they approach $500 billion in total assets. But even more noteworthy is that while it took credit unions some 90 years to reach the half-trillion-dollar mark, an economic analysis...

Calif. Banks Object To Proposal Before It's Even Proposed.(Brief Article)
September 3, 2001... Before credit unions even have a chance to lobby California's regulator on the the issue of alternative capital, the state's bankers are expressing opposition to any such plans, claiming alternative capital is just another way credit unions can...

Trade Groups Work To Pare Down List For Regulatory Relief Bill.(Brief Article)
September 3, 2001... The credit union trade associations are keeping their fingers crossed when it comes to regulatory relief from Congress-but don't look for it this year. Both CUNA and NAFCU are working with NCUA to narrow down the list of requests from...

Bankruptcies In Sharp Rise, But...(Brief Article)
September 3, 2001... The 25% increase over one year earlier in personal and business bankruptcies to a record 400,394 is not being reflected in credit union data, although a slight spike might be felt, according to analysis by NAFCU. NAFCU Economist Jeff Taylor...

Managing Growth: Gary Wallace Talks About Managing A Credit Union That's Grown From $2.5-Million In Assets To $480-Million.
September 3, 2001... Gary Wallace is not the kind of guy who likes to toot his own horn. If anything, he says, he's just smart enough to surround himself with people who make him look good. "I have a superior staff," he said. "If I do not come in tomorrow,...

Study Finds 50% Of Larger CUs Using Indirect Lending.(Brief Article)
September 3, 2001... Callahan & Associates here has released a study on indirect lending that it says shows that approximately 50% of all credit unions of more than $50 million in assets are now involved in indirect lending. Approximately one-half of that group...

Renaissance Commission Urged To Remember States.(Brief Article)
September 3, 2001... In implementing the Renaissance Commission recommendations, the credit union movement must make a simultaneous major investment in updating state credit union laws and regulations, the National Association of State Credit Union Supervisors...

CUES Moves Headquarters To Facility In Fitchburg, Wis.(Brief Article)
September 3, 2001... The Credit Union Executives Society (CUES) will be operating out of its new headquarters effective Aug. 27. Located in Fitchburg, Wis., just outside Madison, Wis., the two-story, 30,000-square-foot, prarie-style facility was overseen by TJK...

Hoosman Elected Chair Of African-American Coalition.(Brief Article)
September 3, 2001... The African American Credit Union Coalition (AACUC) has named Hubert Hoosman chairman of the group. Hoosman was appointed during the AACUC's third annual meeting here. Hoosman has been president and CEO of Educational Employees Credit Union in...

Study Says Members Less Affluent Than Customers.(Brief Article)
September 3, 2001... Credit union members remain less affluent than bank customers, according to analysis of Federal Reserve Board data by the Filene Research Institute. The newly updated study, entitled "Who Uses Credit Unions?," segments credit union and...

Texas League President Hosts Majority Leader.(Brief Article)
September 3, 2001... Texas Credit Union League President Richard Ensweiler hosted Texas congressman and House Majority Leader Dick Armey (R) at a reception at his home earlier this week. According to a spokesperson for the league, approximately 40 people were on...

CUNA Urges Fed To Consider Changes To Online Banking Regs.(Brief Article)
September 3, 2001... CUNA has sent a comment letter to the Federal Reserve offering recommendations on how its regulations may be adapted to facilitate online banking and lending. Among those recommendations: the board should revise its definition of an acceptable...

California Privacy Bill Dubbed 'Bad News' By Cus.(Brief Article)
September 3, 2001... The passage of a hotly contested privacy reform bill by this state's legislature is being called "bad news" by California's credit unions. The California league is saying the bill as it stands now will have a negative effect not just on...

Beach Plans To Retire In 2002.(Carroll D. Beach of the Colorado credit union system)(Brief Article)
September 3, 2001... Colorado CU System President Carroll D. Beach announced he will retire on June 1, 2002, after nearly 30 years with the league. Beach joined the Colorado league in 1973, and was involved in the creation of numerous other organizations, including...

Six Recommended For Seats.(Brief Article)
September 3, 2001... CUNA has recommended six credit union leaders for seats coming open soon on the Federal Reserve Board's Consumer Advisory Council (CAC), in a letter to the Fed. The council is made up of credit union, bank and thrift representatives from all 12...

Secondary Market Is Created.(Brief Article)
September 3, 2001... The Federal Home Loan Bank of Seattle is creating a secondary market for home mortgages made on tribal lands to encourage more banks to lend to Native Americans. The Home Loan Bank last week said it had received permission from the Federal...

A World Of Difference In A Very Short Time.(World Council of Credit Unions)(Brief Article)
September 3, 2001... Five years ago if you were a reporter covering the World Council of Credit Unions (and it didn't take long to call roll) and you were to ask, say, about the "China Project," your response from WOCCU would inevitably be, "Never heard of it." ...

Lagging Economy Beginning To Weigh On Credit Union Performance, Suggests Analysis.(Brief Article)(Statistical Data Included)
September 3, 2001... An analysis of the June numbers by CUNA Mutual's Credit Union Trends Report finds the "economy continues to weigh heavy on credit union (CU) operating results and trends." The analysts said they found "economic weakness and increasingly...

CUs At Paris Meeting Told To Look To Europe For Biz Model.(Brief Article)
September 3, 2001... Credit union representatives from around the world in attendance at the World Council of Credit Union's three-day International Credit Union Leadership Institute here were told to look to Europe for the model of where the world is headed. ...

CUES: CEO Pay Being Tied To Performance.(Brief Article)
September 3, 2001... Credit union executive compensation is increasingly being tied to incentives tied to performance factors such as earnings and loan growth, according to findings released by the Credit Union Executives Society (CUES). CUES said its new...

Walt Disney's Advice To Credit Unions.(Brief Article)
September 3, 2001... Behind the magic, the mouse ears and Cinderella's castle, there is a serious, for-profit business called Disney that believes the serious, not-for-profit credit union industry can learn a lot from Mickey and Walt. That's just what Joel...

Disney Exec Suggests Matrix For Decision-Making.(Brief Article)
September 3, 2001... Wish you had a handy-dandy way to make every single business decision-a tool that everyone down to the front-line staff could use for every possible problem? The magical world of Disney offers its service matrix as a quick-and-easy tool for...

Delta CU Offers Wireless Access.(credit union)(Brief Article)
September 3, 2001... The $1.8-billion Delta Employees Credit Union has signed an agreement with Air2Web Mobile to offer wireless account access to its 165,000 members. Members will be able to access their accounts via any digital text-enabled cell phone or...

SCC, CUcorp Merge Programs.(Service Centers Corp.)(credit union)(Brief Article)
September 3, 2001... Service Centers Corp. and CUcorp, a subsidiary of the Mighigan league, have announced plans to merge their debit card programs. Under the agreement CUcorp will market SCC's SC24 ATM and debit services to Michigan CUs. The agreement will...

Mid-States Overhauls Website.(Brief Article)
September 3, 2001... The $3.5-billion Mid-States Corporate FCU has unveiled a new website. The new site, created by Mid-States' internal Web design team, utilizes Macromedia FLASH which incorporates sound and motion while maintaining a quick download time. The...

TNB Offers HELC-Secured Card.(Brief Article)
September 3, 2001... Homecomings Financial, which provides lending services to mortgage brokers, has partnered with TNB Card Services of Dallas to issue a Platinum MasterCard tied to a home equity line of credit. TNB said it will begin issuing the cards in...

FBI Requests Help After Spree.(Brief Article)
September 3, 2001... The FBI is asking credit unions to provide tips to investigators pursuing the robber of 14 credit unions across a multi-state area. Investigators have released a description of a man suspected of holding up credit unions in Illinois, Wisconsin,...

Colo. Regulator OK's Trust Co.(Brief Article)
September 3, 2001... The Colorado Banking Commission granted permission last week for Members Trust Company of Colorado to offer trust services in Colorado. The board voted 7-1 to grant a trust company charter to the company owned by six Colorado credit unions and...

Dollar To Present CU Certificate.(Brief Article)
September 3, 2001... The Shiloh of Alexandria FCU's efforts to make the most of President Bush's faith-based initiative will be recognized Friday when NCUA Acting Chair Dennis Dollar presents a federal certificate to the CU during a special ceremony. Shiloh,...

Another Rate Cut Is Predicted.(Brief Article)
September 3, 2001... On the heels of the sixth interest rate cut since the start of the year, one credit union economist is predicting there is at least a 50/50 chance the Federal Reserve Board will cut rates one last time before year-end. "They want to make...

Few Tears To Be Shed For Helms.(Brief Article)
September 3, 2001... The decision by Republican Sen. Jesse Helms, a veritable institution in North Carolina, to retire at the end of his term in 2002 rather than run for a sixth term isn't being being met by statements of regret by credit unions. Although the North...

CCUL Signs With Online University.(Brief Article)
September 3, 2001... The California Credit Union League said it has entered into a marketing and licensing agreement with MyDAS Marketing to provide MyDAS' Credit Union University online training and education modules at a discount to league-member credit unions....

PEOPLE.(Brief Article)
September 3, 2001... REGION II Fort Belvoir Federal Credit Union, Fort Belvoir, Va., elected to its board: Richard Freeman, chair; Pamela Boyer, 1st vice chair; William Phillips, 2nd vice chair; Elaine Skreptack, secretary; Leslie Poole, treasurer; Donald...

NAFCU Surveys CUs On SEG Approval Process.(Brief Article)
September 3, 2001... In a survey of its membership regarding the SEG approval process by NCUA, NAFCU said it found that 15.5% indicated the agency had denied a SEG application for groups over 500 members, and nearly 21% reported they were denied a SEG application...

20M Potential Members Added To CUs' FOM.(Brief Article)
September 3, 2001... During 2001, NCUA said it has approved 8,342 multiple common bond expansions and 88 single common bond expansions, which together added just fewer than 2.1-million new potential members. That's still fewer than the number of potential...

NCUA's Expansion Approval Rate At 93.5%.(Brief Article)(Statistical Data Included)
September 3, 2001... During the first half of the year NCUA had a multiple common bond expansion approval rate of 93.5%, denying just 37 applications and deferring 546. Overall, it approved 8,342 such expansions. For single common bond expansion applications, NCUA...

Small Groups Requiring About 1 Day To OK.(Brief Article)(Statistical Data Included)
September 3, 2001... NCUA approved multiple common bond credit union expansion requests for groups 500 or fewer in just a little over a day on average during the first half of the year, according to numbers released by the federal agency. The process slowed...

Study Finds Investments In CUSOs Up Sharply.(credit union service organizations)(Brief Article)(Statistical Data Included)
September 3, 2001... Credit unions continue to "vigorously" invest in Credit Union Service Organizations (CUSOs), and beefing up their wholly-owned CUSOs with offerings in insurance and financial planning services, according to a new report. The just-released...

The Top 10 CUSO Investments By Credit Unions.(credit union service organizations)(Brief Article)(Statistical Data Included)
September 3, 2001... (part 1 of 2) Rank St Credit Union CUSO 1 CA Provident Central PSC 2 MI SOC SOC Real Estate 3 WA Boeing Employees CUBIWEB.Com 4 VA Pentagon PFG,...

CUNA Mutual Intro's New Response Center.(Brief Article)
September 3, 2001... CUNA Mutual Group's Credit Union Protection Division has created a Credit Union Protection Response Center that it says will allow credit unions to have the majority of their questions answered by the first person on the other end of the line....

CUs Start To Sign Up With MDC.(Brief Article)
September 3, 2001... MEMBERS Development Co. and CUNA Mutual Group are reporting the first credit unions have now signed up for the account aggregation services being offered by MDC/CUNA Mutual in conjunction with the Redwood Shores, Calif.-based Yodlee. Credit...

Empire Corp. NJ Move Complete.(Brief Article)
September 3, 2001... Empire Corporate reports it has completed the move of its offices to a new location here. The previous location was Hightstown, N.J. The new operations site offers 9,500 square feet of space, a training room for member use, and state-of-the-art...

Minnesota Life The Place To Work.(Brief Article)
September 3, 2001... Minnesota Life Insurance Co. has been included in CityBusiness' 2001 list of Great Places to Work in the Twin Cities. In the special edition in which the list of Great Places To work appeared, CityBusiness explained that 774 public and private...

Utah League Execs, State Senator Killed In Mishap.
September 3, 2001... Utah State Sen. Pete Suazo, who was also an employee of the Utah league, was killed over the weekend in an all-terrain vehicle accident. He was on a bow-hunting trip in a central Utah canyon, and his body was discovered underneath his ATV by...

Study Suggests Bank Directors Are Underpaid.(Brief Article)
September 3, 2001... The nation's top banks lag in paying their board members in equity and salary, according to a study released by Pearl Meyer & Partners. The 12 banking firms that were included in the study of 200 companies paid their board members an...

Defense CUs Given Frank Talk About Role Of Biz Ethics.(Brief Article)
September 3, 2001... Credit unions here were given some frank talk about business ethics. And fittingly, since the audience was made up of military credit unions, the talk included some salty language. The good news is that credit unions can bring out the best...

Surprise: Many Defenders Of Payday Lenders Are Members.(Brief Article)
September 3, 2001... The credit union movement has been quite critical of the payday lending industry. But a challenge has arisen in the form of who is defending payday lenders: many credit union members. What should be an easy sell to lawmakers is turning into...

CU-VOTE To Hire Full-Time Leader.(Brief Article)
September 3, 2001... The board of CU-VOTE, a credit union consumer advocacy council , has approved plans to hire a full-time director of the organization. Chairman Joe McGee of University FCU said, "I am excited about where we are in the development of CU-VOTE and...

HAFCU Named 'Best' By Air Force.(Brief Article)
September 3, 2001... Hanscom Air Force Credit Union in Hanscom AFB, Mass. was named "Best Air Force Credit Union for 2001" by the U.S. Air Force. The award was presented to the credit union during the recent Defense Credit Union Council conference here by the...

CUs Aim To Sponsor DC Race.
September 3, 2001... NAFCU said it will join more than two dozen D.C.-area credit unions in co-sponsoring the 30th annual Cherry Blossom road race, a 10-mile race that is part of the National Cherry Blossom Festival. The Metropolitan Area Credit Union Management...

Statement Of Commitment In NJ.(Brief Article)
September 3, 2001... The Credit Union Affiliates of New Jersey (CUANJ) has released a Statement of Commitment to Members that it says demonstrates its total support for CUNA's Project Differentiation. CUANJ's efforts in Project Differentiation are spear-headed by...

Corrections & Clarifications.
September 3, 2001... * Due to a production error, Liberty was omitted from the Aug. 27th Buyer's Guide of The Credit Union Factbook. The following item should have appeared: Liberty, based in Mounds View, Minn., is the credit union movement's leading provider...

The Five Proposals.(Brief Article)
September 3, 2001... The five methods of raising capital suggested by the California Cleague's Alternate Sources of Credit Union Capital Task Force are: membership capital shares; member investment shares; non-member subordinated debt; leased capital, and member...

Letter From Dollar Offers List For Regulatory Relief Plan.(National Credit Union Administration chairman Dennis Dollar)
September 10, 2001... NCUA called on Congress last week to provide credit unions with a number of initiatives that would expand the services and products they may offer their members. In a letter to the House Financial Services Committee, which is drafting...

At Home With Loans: Affinity Plus FCU Says The Key To Success Is Simple: Loans, Loans, Loans.(Brief Article)
September 10, 2001... The signs of success are easy to see at Affinity Plus FCU: it recently surpassed the $600-million mark, home equity loans and lines of credit have increased by 39% over the previous year, and it has been ranked one of the top lenders among...

Calif. Energy Crisis Has Fallout That Few Anticipated.(hold on California aid to credit union)(Brief Article)
September 10, 2001... The California energy crisis has created a fallout that the state's credit unions hadn't anticipated. As California's regulator pleads lack of resources to the backlog of credit unions impatiently waiting to complete state charter...

Do Your Branches Send A Message?(Brief Article)
September 10, 2001... What message does your credit union branch send: safety and strength? Staid and stark? Open and accessible? Even if you've never thought about it, your facilities say something very distinct about you. "Semiotics" in the architecture world...

FOM (Again): Just What Congress Intended By Membership Law Is Being Debated Once More.(credit union membership)(Brief Article)
September 10, 2001... Lawyers for the American Bankers Association told a federal appeals court panel last week that NCUA violated the intent of the CU Membership Access Act by manipulating restrictions of select employee groups (SEGs), one of the main focuses of...

ON DEADLINE.(local credit union news)(Brief Article)
September 10, 2001... Conspiracy Is Alleged CINCINNATI-An alleged credit union robber, shot dead last Friday after robbing CinFed Federal Employees FCU, was part of a ring of five bandits who robbed at least three area banks and credit unions, police said....

Pennsylvania Trio Arrives In Kenya For Consulting.(Pennsylvania Credit Union League, research)(Brief Article)
September 10, 2001... The Pennsylvania Credit Union League's Kenya Action Team has arrived in that country for a two-week trip that is part of the league's partnership with Kenya and the World Council of Credit Unions. The team of three, including league VP Rick...

NY Foundation Grants To Assist Education Efforts.(New York Credit Union Foundation, finance)(Brief Article)
September 10, 2001... The New York Credit Union Foundation has announced $12,500 in grants to help CU staff further their financial and credit union-related education. Of the grant money, $5,000 will put free educational materials into small CUs. Credit unions with...

Securian Rep, AKA Elvis, Performs At The Jake.(Securian Financial Network Inc.'s Jim Penney tribute to Elvis Presley)(Brief Article)
September 10, 2001... Jim Penney, a client management rep with Securian Financial Network, performed a tribute to Elvis Presley by singing the national anthem and Take Me Out to the Ballgame before 40,000 fans at an Indians-Twins game at Cleveland's Jacobs Field....

Ex-Bank Teller Files Suit Following Two Robberies.(Bonnie Smith vs. Fifth Third Bank, United States)(Brief Article)
September 10, 2001... A bank teller who was at the receiving end of two robberies during her career has filed suit against her employer, Fifth Third Bank, in Hamilton County Court. The suit by Bonnie Smith charges the bank with failing to provide adequate security...

How To Spend $25 Million? In Michigan, Some Ideas.(by Dave Adams, Michigan Credit Union League)(Brief Article)(Statistical Data Included)
September 10, 2001... Nearly every state credit union league has had to face up to unforeseen budget issues at some point. But in Michigan, the issue is different-a lot different. Michigan Credit Union League President Dave Adams said members can expect an...

The Golden 1 To Return Sale Proceeds To Members.(Golden 1 Credit Union)(Brief Article)
September 10, 2001... The Golden 1 Credit Union is handing $20 million to members from the $30 million sale of its interests in the STAR ATM Network when it was sold to Concord EFS Inc. in February. The windfall is the result of the CU's $150,000 investment in...

Credit Union House To Open Doors.(Credit Union National Association, Washington, D.C.)(Brief Article)
September 10, 2001... CUNA and the state leagues Tuesday will cut the ribbon on Credit Union House at 403 C St. NE, just blocks from Capitol Hill, establishing a command center for CU visitors meeting with their congressional delegates. Initially, not all of...

Number Of Conversion Apps On Tap For NCUA.(National Credit Union Association)(Brief Article)
September 10, 2001... The NCUA board is expected to approve as many as five community charter conversion requests during its monthly meeting this week. With more than 60 community charter conversions through the first seven months of the year, NCUA is on pace...

Worth Noting.(various; Credit Union news)(Brief Article)
September 10, 2001... Study: Bank Directors Underpaid NEW YORK-The nation's top banks lag in paying their board members in equity and salary, according to a study released by Pearl Meyer & Partners. The 12 banking firms that were included in the study of 200...

Snow In Miami? For-Profit Members? Very Peculiar.(insurance company claims)(Brief Article)
September 10, 2001... Guess everyone knows that the more you run over a dead cat the flatter it gets. Peculiar thinking has always held a strange fascination for me. Ideas and thoughts lodged out there somewhere between the absurd and the profound are remarkably...

How To Avoid Making Mistakes In The Rush To Be Convenient.
September 10, 2001... What do members want? Convenience. But don't let the rush to offer as many retail delivery channels as possible lead your credit union to start building and investing in technology willy- nilly, cautioned one strategic planning consultant. ...

Branch's Design In Keeping With Route 66 And Automotive Theme.(Fontana, California, credit union)(Brief Article)
September 10, 2001... The ATM sits in the back of an old truck, the cue line is marked by vintage parking meters, antique gas pumps stand sentinel, and a gleaming 1967 Cherry Red Mustang is up for grabs at Arrowhead CU's new branch in Fontana. For the credit...

Facilities Briefs.(credit union facilities)(Brief Article)
September 10, 2001... Biz Soars Inside Grocery Store ATLANTA-International Banking Technologies (IBT), which designs and builds branches for locations in supermarkets and storefront locations, said it has completed the first two of what will eventually be nine...

Product & Service.(credit unions)(Brief Article)
September 10, 2001... Autoland Celebrates 30th Birthday LOS ANGELES-Autoland, the car buying service for credit unions, turned 30 years old on Aug. 23. The company reported it sold $270-million in vehicle sales in the most recent year, and averages between 50...

Dwindling Federal Budget Surplus Could Pinch CUs.(credit unions)(Brief Article)
September 10, 2001... Usually credit unions don't ask for much in the way of federal appropriations. But the disappearing federal budget surplus (not counting Social Security funds) could have an impact on several credit union initiatives. The first is the...

Pro-CU Senator Will Be Missed.(Phil Gramm)(Brief Article)
September 10, 2001... Add Sen. Phil Gramm to the list of Senate retirees. Gramm, a staunch credit union supporter, announced last week he will not run for a fourth term when his current term expires at the end of 2002. Gramm was a major factor in passing HR...

CUNA Cultivates Possible Congressional Newcomers.(Credit Union National Association)(Brief Article)
September 10, 2001... One of the strategies CUNA has adopted in recent years as it increased its campaign contribution capabilities is to seek out potential newcomers to Congress, those running for open seats, to build relationships with them at an early stage. ...

Program Aims To Introduce Credit Unions, Native-Americans To Each Other.(Brief Article)
September 10, 2001... Credit unions, meet American Indian housing and business leaders. American Indians, meet credit unions. That's the basic thrust of an upcoming pilot program being sponsored by the National Credit Union Foundation (NCUF), the National...

Learning More About Current Users Key To Getting New Users.(Brief Article)
September 10, 2001... What's the best way to target market a product or service? Look at who currently uses that product or service. That's where Affinity Plus FCU starts out when it wants to promote a particular program. "I start by looking at the people who...

Journal Daily.(Brief Article)
September 10, 2001... Florida CUs Seek Huge FOM Swath TALLAHASSEE, Fla.-Tropical Financial CU, the state's 10th largest credit union which recently converted from federal charter, has applied to state regulators to expand its field of membership to serve more...

Community Page.(miscellaneous brief articles)(Brief Article)
September 10, 2001... CCU Partners With High School SAN DIEGO, Calif.-Cabrillo Credit Union was selected as a business partner for Scripps Ranch High School in conjunction with the San Diego City School's Partnerships in Education program. "We strive to be a...

Some Well-Known Names.(credit union membership rules case)(Brief Article)
September 10, 2001... After the Supreme Court ruled NCUA's multiple groups FOM policy illegal in February 1998 the high court sent the case back to lower court Judge Thomas Jackson. It was Jackson who had questioned during proceedings two years earlier whether...

ON DEADLINE.(Brief Article)
September 10, 2001... Scammer Busted By Alta One BAKERSFIELD, Calif. -Alta One FCU tipped the police to an alleged scam after a man attempted to withdrawa money from his account following a deposit of a check for more than $800,000, which he claimed was from a...

CU Staff In New York, D.C. Accounted For; Branches Destroyed In Attacks: Huge Number Of Members Expected To Be Among The Victims Of Blasts.(XCEL Federal Credit Union)(Brief Article)
September 17, 2001... The credit union movement, so interwoven into the American fabric, found itself being rocked last week as terrorists struck in New York and Washington, D.C. The attacks were all too reminiscent of the 1985 bombing of the Alfred H. Murrah...