Banking Wire articles from April 2005

Banking Wire archives from April 2005

Sniff, Scurry, Hem & Haw: Re-examining The Credit Union 'Cheese'.
April 1, 2005... While recently reflecting upon the challenges and accomplishments credit unions endured and celebrated during 2004, the widely read book by Spencer Johnson, M.D., entitled Who Moved My Cheese? (first published in 1998 now in its 135th...

New Tool For Determining Who Actual Competitors Are.
April 1, 2005... THE WOODLANDS, Texas -- A new product has debuted to help credit unions peer into what "the bank down the street" is about to bring to market. Brian Kidwell, research vice president at D. Hilton Associates Inc., said that there is "a...

Calif. Investment CUSO Reports Inflow Of Member Funds.
April 1, 2005... SANTA ANA, Calif. -- Orange County's Credit Union's new Investment Services Division is picking up steam, a spokesperson said. According to Bill Partin, senior vice president of investment services for Orange County's CU, and CEO of OCCU...

Product & Service.
April 1, 2005... SSFCU To Offer 'Driving Sense' HOUSTON-Auto Financial Group, an online provider of residual-based financing products for CUs, has signed an agreement with Security Service FCU, which calls for the credit union to offer AFG's Driving Sense...

In Rush To Community Charters, Two CUs Find Growth In SEGs.
April 1, 2005... PALM SPRINGS, Calif. -- While many credit unions have expanded into community charters, others are reporting far more success by turning familiar ground: select employee groups (SEGs). Missy Rostkowski, manager of business development and...

One CU's Four-Step SEG Program.
April 1, 2005... PALM SPRINGS, Calif. -- Michael DeShazo, VP-member services for San Diego-based Cabrillo Credit Union, told The CUNA Marketing Council his CU has a four-step procedure to working with SEGs. For starters, he said many credit unions would...

Diamond Award Winners Are Named: Tinker FCU Wins Competition's Best.
April 1, 2005... PALM SPRINGS, Calif. -- Tinker FCU, Oklahoma City, Okla., won the Competition's Best Award from the CUNA Marketing & Business Development Council during Diamond Awards ceremony here. The credit union won for its "We Get It" campaign. Other...

13 Young CU Execs Selected To Join Filene's i3 Group.
April 1, 2005... MADISON, Wis. -- The Filene Research Institute and the Center for Credit Union Innovation have chosen 13 credit union executives to join the 26 inaugural members of its i3 group "dedicated to stimulating the development of new ideas and...

Study Measures Financial Impact Of Alabama's CUs.
April 1, 2005... BIRMINGHAM, Ala. -- An Economic Impact Study performed by the Center for Business and Economic Development at the University of Alabama shows that credit unions have a significant positive impact on the state's economy. The study,...

More Than 250 Turn Out For Oregon CU Day At Capitol.
April 1, 2005... SALEM, Ore. -- More than 250 credit union employees, members, volunteers, and supporters turned out for the Credit Union Association of Oregon's (CUAO) 2005 Credit Union Day at the Capitol. The theme of this year's event was "Oregon's...

FORUM To Utilize SilverCloud Info Management.
April 4, 2005... INDIANAPOLIS -- FORUM Credit Union will utilize Portsmouth, N.H.-based SilverCloud information management systems on its website as a means to provide fast answers and accurate information for the credit union's 80,000 members. "We are...

Summit Rolling Out Contact Management.
April 4, 2005... CORVALLIS, Ore. -- Summit Information Systems, a unit of Fiserv, Inc., has rolled out the first phase of its new contact management solution. This critical component known as the Enterprise Relationship Management (ERM) Suite, has been...

More CUs 'Cruising' With Symitar Systems.
April 4, 2005... SAN DIEGO -- Symitar, Inc., a wholly owned subsidiary of Jack Henry & Associates, Inc. that provides credit unions with software systems and related services, said that during December 2004 its Cruise platform was selected by five credit...

First Alliance Latest To Select USERS.
April 4, 2005... VALLEY FORGE, Penn. -- USERS, Inc., a unit of Fiserv, Inc. said that the $83-million First Alliance Credit Union in Rochester, Minn., has selected its DataSafe system and will convert in July. "USERS' browser-based software was universally...

Union Square CU Implements Biz Imaging.
April 4, 2005... WICHITA FALLS, Texas -- The $174-million Union Square CU has implemented a document imaging, indexing, storage, retrieval and management solution from Business Imaging Systems, Inc. "The system is intuitive and easy to use by tellers-a...

GoldLeaf Intro's Remote Deposit Express.
April 4, 2005... BRENTWOOD, Tenn. -- Goldleaf Technologies has launched its Remote Deposit Express service, enabling community financial institutions to accept check deposits electronically from merchants. The service is an optional module now available on...

Calif. CU Using Software To Better Target Members With Marketing Messages.
April 4, 2005... MONTEREY PARK, Calif. -- A credit union here is using software that allows it to tailor its advertising to fit the needs of one member at a time. Michael Harden, chief operating officer of the $765-million, 38,000- member F&A Federal...

Solution Saves AFCU From Having To Build New Storage Facility.
April 4, 2005... BELMONT, Mich. -- COWWW Software, a provider of web-based archiving, retrieval, and document distribution solutions for credit unions, has provided the $572-million American First Credit Union with its COLD/Imaging and Retrieval solution,...

Small Credit Unions At 4th Quarter, 2004.
April 4, 2005... WASHINGTON, D.C. -- Determining how a credit union stands relative to its peers is a complex issue. Callahan & Associates, Washington, D.C., has attempted to do so with its Return to the Member ranking system. According to Callahan's,...

The CU Journal Daily.
April 4, 2005... A Credit Union Just For Kids MADISON, Wis.-In what is believed to be a first, CUNA CU and Summit CU have partnered with the Boys & Girls Club of Dane County to charter a new credit union exclusively for kids. Officials hope to open the...

CUNA Mutual Expanding Number of Online Webinars.
April 5, 2005... MADISON, Wis. -- CUNA Mutual Group said it is expanding its series of investment Webinars for credit unions in response to requests for additional investment education. The Webinar topics and dates are: * Investment Risk Return Profile...

CUs, Banks In Joint ATM Venture At Chicago Airports.
April 5, 2005... CHICAGO -- A partnership between two credit unions here and two banks has installed 14 ATMs at this city's two airports. A joint venture between Alliant Credit Union (the former United Airlines Employees CU), LaSalle Bank, minority-owned...

PSCU-Financial Services Pays Record $21.6M Dividend.
April 5, 2005... ST. PETERSBURG, Fla. -- PSCU Financial Services declared patronage dividends of $21.6 million, payable to its more than 500 member credit unions nationwide. This is the tenth consecutive year that the company has issued dividends, bringing...

Card Transactions a Sure Bet for the Future.
April 5, 2005... With all the attention devoted lately to the Check Clearing in the 21st Century Act, a.k.a., Check 21, it's easy to forget that payments by physical check have been eclipsed for the first time in history by electronic payments. Yet that's...

Credit Union 24: From a Humble Philosophy...
April 5, 2005... In 1981 four Florida credit unions banded together to provide "all- time tellers" to their credit union members. Sharing system costs and operational philosophies, these EFT pioneers launched a member-owned, cooperative ATM network, and...

The Debit Card Revolution.
April 5, 2005... The first bank credit card was issued in 1951 and America quickly fell in love with plastic. Sure, there were some fees and interest charges, but living on "pay later" credit became a financial lifestyle for millions. In 1969, the first...

The Case for Executive Education: While executive education is paramount, credit unions shouldn't overlook continuing education for their directors.
April 5, 2005... You're a senior executive at a credit union. You've been around for years, and know your credit union inside and out. The same holds true for your market. So why bother with continuing executive education? According to Fred Johnson, the...

Prestigious Executive Education Opportunities Are Key to Credit Union Leaders' Success: The only constant in life, or so the old saying goes, is change.
April 5, 2005... This is especially true in today's challenging financial services marketplace with increasing competition, industry consolidation and intensifying member needs. How can credit union leaders be certain they're maintaining trusted relationships...

Eye On The Competition.
April 5, 2005... ABN Amro Gets Affinity Pact with Ford ANN ARBOR, Mich.-ABN Amro Mortgage Group has entered into an affinity agreement that allows it the potential to lend to 250,000 Ford Motor Co. employees and retired employees, The American Banker said....

GAO: 'Most Consumers Understand Basics Of Credit Reports, But...'.
April 5, 2005... WASHINGTON -- The Government Accountability Office (GAO) released a report last week that found consumers understand the basics of consumer reporting and the process for settling disputes, but could not benefit from "targeted educational...

First Financial Continues To Underwrite Health Care For Kids.
April 6, 2005... LUTHERVILLE, Md. -- Saying it was responding to a growing need for finance assistance for child health care services, First Financial of Maryland Federal Credit Union has donated more than $75,000 to Baltimore and Carroll County Public School...

Tower FCU Signs Up 2,000 Members For BillPay, E-Statements.
April 6, 2005... LAUREL, Md. -- The $1.5-billion Tower FCU said it signed up more than 2,000 members during the first month of a two-month campaign for its online billpay, electronic statements and debit cards during which it gave away stuffed black bears as...

St. Mary's Bank Opens New Mortgage Center, Cuts Processing Time.
April 6, 2005... MANCHESTER, N.H. -- St. Mary's Bank has opened a mortgage center. "Consumers can apply for a mortgage in minutes using the method that works best for them, whether it's online, by phone or in person at any of St. Mary's branches," the credit...

Pharming Is Twist Of Phishing.
April 6, 2005... NEW YORK -- Security experts are now concerned about a new Internet-related fraud known as "Pharming" and which aims to fool online users through a virus that alters the behavior of Internet browsers so that when a user logs on a banking site...

CFCU Expands Student Network.
April 6, 2005... PLYMOUTH, Mich. -- Community Financial CU said it opened its 21st student-run branch last month in Hillsdale Middle School in Northville. The $320-million CU has adopted the education field as its main cause and has dedicated three full-time...

Finance Board Chief Pleads Guilty.
April 6, 2005... WASHINGTON -- John Korsmo, a former chairman of the Federal Housing Finance Board, agreed Tuesday to plead guilty to making false statements to a U.S. Senate committee and an agency inspector general who was investigating his role in a...

75 CU Reps On Hand In Florida For Bill's Passage.
April 6, 2005... TALLAHASSEE, Fla. -- More than 75 credit union volunteers and staff from Florida were on hand when the Senate Committee on Banking and Insurance unanimously approved a bill last week that would expand the community chartering powers of...

Credit Unions Changing FOMs, Names.
April 6, 2005... KETTERING, Ohio -- Day Air Credit Union has been approved to serve anyone in Montgomery, Greene or Warren counties. It also serves more than 350 SEGs. "The decision by the Ohio Division of Financial Institutions couldn't have come at a better...

Product & Service.
April 6, 2005... Corporate One Names Speakers COLUMBUS, Ohio-Corporate One FCU has announced its speakers for its second annual Economic Forum scheduled for April 6 in Indianapolis at the Sheraton Indianapolis Hotel & Suites. Speakers include Brian Cote,...

Three States, Three Approaches To CU Advertising.
April 6, 2005... WASHINGTON -- Three states are pursuing three different strategies in promoting the credit union message and responding to attacks, ranging from humorous radio ads, offbeat TV spots and mandatory fee assessments to credit unions. Here's a...

Product & Service.
April 7, 2005... ITI and Alogent In Agreement LINCOLN, Neb.-Information Technology, Inc. (ITI), a subsidiary of Fiserv, and Alogent Corp. have entered into an agreement to provide financial institutions with the ability to streamline payment processing by...

Union Representing CUNA Mutual Workers Hoping For Best From New CEO.
April 7, 2005... MADISON, Wis. -- The Office and Professional Employees International Union Local 39, which represents workers who have been without a contract at CUNA Mutual Group for more than a year, said it's been getting mixed messages from the...

CUNA Mutual Mort. Intro's Subprime Mortgage Offering.
April 7, 2005... MADISON, Wis. -- CUNA Mutual Mortgage Corp. has entered the subprime mortgage market, one of the fastest growing segments of the market. The company's initial offering through credit unions will be 30- year, fixed-rate loans for "caution"...

Nifty, Cool & Hoppin': At Chetco FCU's New Branch, Ozzie & Harriett Meet Members In One CEO's 'Labor of Love'.
April 7, 2005... CRESCENT CITY, Calif. -- The 1950s live-at least at the newest branch of Chetco Federal Credit Union. Almost every feature of the recently opened branch is from half a century ago, including a kitchen with working appliances, a television...

Authorities Make Arrests In Robbery Ring That Has Struck CUs In Midwest.
April 7, 2005... ST. LOUIS -- Seven men and one woman were charged last week in one of the most brutal-and successful-bank robbery rings, a ring that allegedly stole more than $1.4 million during nine heists in Missouri, Illinois and Ohio over the past five...

Peak-Performing Credit Unions During 4th Quarter, 2004 Ranked.
April 7, 2005... WASHINGTON, D.C. -- On this page are featured credit unions that have been identified, according to one set of criteria, of delivering superior value to their members. Determining how a credit union stands relative to its peers is a...

S.C. CU's Newspaper Ad Turns A Slow Month Into A 'Very Good Month'.
April 7, 2005... GREENVILLE, S.C. -- The $70.5-million, 16,400-member Greenville Federal Credit Union changed what would have been a slow January into a "very good month" by running an ad comparing itself to banks. "If banks had CD rates this high, they'd...

Long-Time CU Friend Sarbanes To Step Down.
April 7, 2005... WASHINGTON -- Sen. Paul Sarbanes, the ranking Democrat on the Senate Banking Committee and the self-styled conscience of credit unions, announced he won't seek reelection in 2006 when his fifth term expires. The Maryland Democrat, rated...

Mid-Atlantic CUs In ATM Deal With Allpoint.
April 7, 2005... WILMINGTON, Del. -- State credit union leagues in Delaware, Maryland and Pennsylvania have signed a deal with the Allpoint to provide their member credit unions with access to the surcharge-free ATM network at discounted rates. Three...

'Provisional' Credit Is OK'd.
April 7, 2005... ALEXANDRIA, Va. -- NCUA said a federal credit union may give members immediate, "provisional" credit for deposits a member has promised to make within a certain time frame, such as an electronic deposit, but which the credit union has not...

Baker Backs New Plan For Freddie, Fannie.
April 8, 2005... WASHINGTON -- A new regulatory scheme to oversee the secondary mortgage market and specifically its two biggest players, Fannie Mae and Freddie Mac, will almost certainly include the Federal Home Loan Bank System, a growing source of...

People.
April 8, 2005... Lansing Automakers Federal Credit Union, named Robin L. Frucci CEO. Affinity Federal Credit Union, Basking Ridge, N.J., named Robert Birkhahn vice president and chief lending officer. Wescom Credit Union, Pasadena, Calif., named TIm...

The CU Journal Daily.
April 8, 2005... Illinois Judge Orders State To Stop SPRINGFIELD, Ill.-A state judge last week ordered the state government to immediately stop using money from three funds used to finance financial institutions regulation for general government expenses....

Two Small Corporates Say Relationships Are What Help Them To Prosper.
April 8, 2005... PARKERSBURG, W.V. -- Size isn't a requirement for some small corporate credit unions to prosper. While smaller may mean fewer services, the shortfall can often be offset by building closer relationships, CEOs of two such corporates told The...

Alert Staff Helps Save Member.
April 8, 2005... NEWPORT NEWS, Va. -- Employees of Langley FCU here helped one member avoid losing $3,600 in a phony check scam. When LFCU member, Becky Grantham visited LFCU's Yorktown, Va., branch she had with her four $900 United States Postal Money...

CUs Support Tsunami Relief Efforts.
April 8, 2005... * Point West CU, Portland, Ore. contributed $3,619 to Mercy Corp and Northwest Medical Teams for Tsunami relief. * MECU of Baltimore placed collection boxes in its branches to go to the American Red Cross and the National Credit Union...

Penn. CUL Seeking Items From State's History.
April 8, 2005... HARRISBURG, Penn. -- Visitors of the Pennsylvania Credit Union Association might be baffled to be greeted at the entrance by walls lined with custom- designed trophy cases That's only because they're still empty. PCUA officials expect...

Service Offers CFOs Investment Advice.
April 8, 2005... MADISON, Wis. -- CUNA Mutual Group, in conjunction with its investment advisor affiliate, MEMBERS Capital Advisors, has launched a new program aimed at helping chief financial officers enhance credit union financial performance through...

CUJ Q&A: Tom Graves Has Worked At CUs From Alaska to California To Guam, But Says He's Finally Home At His New Post In Washington.
April 8, 2005... SEATTLE -- After 29 years "on the road," Tom Graves, the new president and CEO of King County Credit Union here, says he is "coming home." Graves, who was born and raised in nearby Renton, Wash., came to King County CU after two-plus years...

CU Becomes Collection Point For One-Million Pennies.
April 8, 2005... MUNISING, Mich. -- Munising Community Credit Union helped its local library raise more than $10,000-one penny at a time. The $19.2-million credit union was the official collection site of the Million Penny Campaign launched by the Friends...

Experts Share Tips On Avoiding Crashes In Indirect Auto Loans.
April 11, 2005... ORLANDO -- It was simultaneously described as a "savior" and as "scary," which pretty well sums up the credit unions' sometimes-tempestuous love affair with it: indirect auto lending. "We were on the brink, and then along came indirect...

CU Finds Success After Opening Its Own Auto Dealership.
April 11, 2005... MARGATE, Fla. -- While most credit unions are contemplating indirect lending as a way to boost auto loans, City County CU decided it wanted to go direct-very direct. So direct, in fact, that the $230-million CU now owns an auto dealership...

Kicking The Tires On AutoBranch's Operation.
April 11, 2005... MARGATE, Fla. -- Think you'd like to copy AutoBranch's success? The concept germinated at City County CU for 10 years-and then it took another five years to find the right location-but CCCU CEO Bill Marquardt and COO Lloyd Gill said they'd be...

Roadside Attractions.
April 11, 2005... AA's Image Gets A Makeover DENVER-Automotive Avenues, a division of Aimbridge, has chosen Redbeard Communications to enhance its brand image with credit union members and the local population. The campaign enriches Automotive Avenues'...

Redwood CU Creates The 'Ultimate Car-Buying Experience'.
April 11, 2005... SANTA ROSA, Calif. -- Redwood Credit Union believes it has found a way to make the most of its repossessed autos and create "the ultimate auto buying experience" for members by creating a one-stop shop for everything from buying a car to GAP...

Roadside Attractions.
April 11, 2005... Security Service Slects AFG HOUSTON-Auto Financial Group, an online provider of residual-based financing products for CUs, has signed an agreement with Security Service FCU, which calls for the credit union to offer AFG's Driving Sense...

Bill Passes To Allow Check Cashing For Non-Members.
April 11, 2005... WASHINGTON -- The House Financial Services Committee overwhelmingly approved a bill last week that would allow credit unions to provide check cashing and wire transfer services to non-members within their fields of membership. Rep....

School Superintendent Uses CU Account To Drain Funds.
April 11, 2005... PATTONSBURG, Mo. -- The former superintendent of a tiny school district here confessed to stealing as much as $845,000 from the school coffers, which he gambled away at riverboat casinos. Ronnie DeShon, 50, who resigned as superintendent in...

WOCCU Reps Visit With Iran's Credit Unions.
April 11, 2005... MADISON, Wis. -- Two representatives of the World Council of Credit Unions (WOCCU) have met with credit unions in Iran. WOCCU Chairman L.R. (Bobby) McVeigh and Interim CEO Brian Branch visited the country's credit unions as part of a broader...

Banks Aggressively Seek Deposits.
April 11, 2005... SALT LAKE CITY -- Banks are also feeling the pressure to raise deposit rates and reduce account fees to attract cash, and that will continue in 2005, as many expect the Federal Reserve to steadily increase rates. Doyle Arnold, chief...

Motivation Behind Mergers: A Look At What's Driving Many CU Combinations.
April 12, 2005... SEATTLE -- Glenn Christensen, managing director of CEO Advisory Group here, spends his time in search of partners for credit unions seeking a merger. "We give assistance so that they can find the most compatible credit union for a merger,...

Necesita Hablar Espanol?: Just How Dominant Will Spanish Become In U.S.?
April 12, 2005... EL PASO, Texas -- When the first credit union in the United States opened its doors in the early 20th century, it was known to its primarily French-speaking members as La Caisse Populaire-Sainte Marie. Today, the only vestige of its...

CU Testimony Calls For Passage Of Anti-Predator Bill.
April 12, 2005... KANSAS CITY, Mo. -- Although Congress was in recess last week, the House Subcommittee on Rural Enterprise, Agriculture and Technology held a special hearing here with Arkansas FCU CEO Hank Klein testifying that credit unions find "predatory...

CCU Members Get Conversion Pitch; $20,000 Is Offered.
April 12, 2005... PLANO, Texas -- The $1.4-billion Community Credit Union has sent its disclosure materials to members as it seeks to convert to a mutual savings bank. As part of the process it is offering $20,000 in cash prizes to members to get them to...

On Deadline.
April 12, 2005... Survey Shows CU CEO Confidence At New Low DALLAS-Confidence in the economy continues to wane among credit union CEOs, as an increasing number indicate they believe economic conditions for CUs are likely to worsen, according to Southwest...

Journal Scan.
April 12, 2005... KANSAS CITY, Mo.-Arkansas FCU CEO Hank Klein testified before the House Subcommittee on Rural Enterprise, Agriculture and Technology on behalf of NAFCU, saying CUs find "predatory lending in any form unacceptable." - Page 1 PLANO,...

CU Groups See 'Opportunity Of Lifetime' On Reg Z.
April 12, 2005... WASHINGTON -- Credit unions are making the most of the "opportunity of a lifetime" to effect change to Regulation Z, better known as Truth in Lending. "This is a real opportunity for not just credit unions but all lenders to achieve...

NAFCU Survey Finds Slight Skid In LTS Ratio.
April 12, 2005... ARLINGTON, Va. -- Participants in NAFCU's Flash Report Survey saw their loan-to-share ratio decline in January over December, despite strong loan growth. The reason, of course-even stronger deposit growth. Credit unions that participate...

Worth Noting.
April 12, 2005... Sanders Will Keynote Discovery MADISON, Wis.-Best-selling author Tim Sanders will keynote CUNA Mutual Group's Discovery Conference 2005, "Experience the Power" in Orlando, Fla., June 15-18. Sanders is Leadership Coach for Internet giant...

Lesson: 'I Forgot To Remember That I Couldn't Do It'.
April 12, 2005... We spent the Christmas holidays in Colorado and for the first time in my life, I went cross- country skiing. One day we were at Ski Cooper, the highest Nordic Park in North America, and there was one hill that was getting the best of me. Every...

Truck Hits Washington CU.
April 13, 2005... EVERETT, Wash. -- Members and employees of Washington State Employees Credit Union got a surprise when a pick-up truck came crashing through the side wall of the building. A 66-year-old woman told police she was driving her son's truck and...

Coastal FCU Seeks Balance In Unveiling its New Image.
April 13, 2005... RALEIGH, N.C. -- The $1.48-billion Coastal Federal Credit Union here wanted to balance projecting a more modern image with keeping the same brand that has led it through rapid expansion, especially during the past year. So the...

Airline Workers Quick To Take Advatage Of CU's Offer.
April 13, 2005... CHICAGO -- In the first 10 days since rolling out a program to help airline workers hurting from salary cuts in that industry, Alliant FCU said some 249 members had signed up. The credit union created its Member Assistance Program to...

Product & Product.
April 13, 2005... MarketShare Report Introduced THE WOODLANDS, Texas-D. Hilton Associates Inc. (DHA) has introduced DHA Market Share Report, which it said is designed to allow credit unions to assess how they compare to all the financial institutions in a...