Banking Wire articles from August 2008

Banking Wire archives from August 2008

League Brings Back-Up Data Out From Under The Mattress.
August 1, 2008... Pewaukee, Wis. -- Theres no longer any reason to keep the credit unions back-up media underneath the mattress at home, according to Dustin Stone, director, information systems, Wisconsin Credit Union League. But up until four months ago,...

Addison Cafe Online Branch Is Targeting Much Coveted Generation Y.
August 1, 2008... PALO ALTO, Calif. -- The $2-billion Addison Avenue Federal Credit Union has launched the Addison Cafe, an online branch aimed at Generation Y. The site offers the ability to apply for student and auto loans, mortgages, checking accounts,...

ITems.
August 1, 2008... 5 CUs Select Fiservs iSprectrum BROOKFIELD, Wis.Five British Columbia credit unions have selected iSpectrum Financial Technologies Canada, part of Fiserv Solutions of Canada Inc., a business unit of Fiserve Inc. These five credit unions...

Fiserv Signs 3 To Core Processing.
August 1, 2008... BROOKFIELD, Wis. -- Fiserv has signed three credit union clients to core processing contracts, while transitioning one client to a different core processor in the Fiserv family. The newest Fiserv clients include: * Summit Credit Union of...

Three CUs Move To TCCUS.
August 1, 2008... GLASTONBURY, Conn. -- Open Solutions, a provider of integrated, enterprise-wide data processing technologies, said that three credit unions have selected its The Complete Credit Union Solution-sme (Standard Market Edition). The company...

DuPage CU Signs With Extractable.(Website overview)
August 1, 2008... FOSTER CITY, Calif. -- Extractable, a Web strategy consultancy, announced that it partnered with DuPage Credit Union to create a new website that helps the credit union better compete with the growing number of financial institutions in its...

EPL Extends Contract For 5 Years.
August 1, 2008... Birmingham, Ala. -- EPL Inc. and the Guthrie Phillips Group Inc. of Vancouver, British Columbia have extended their contract for five years and renegotiated their agreement to make the collection software affordable for medium- to small...

Harland, Sollen Team Up.
August 1, 2008... BOSTON -- Sollen Technologies, an Internet-based application services provider of product, pricing and best execution capabilities for the mortgage industry, has entered into an alliance relationship with Harland Financial Solutions. Sollens...

CUTEK Signs 2 New CU Clients.
August 1, 2008... MURRIETA, Calif. -- CUTEK, a financial technology consulting firm for credit unions using Symitars Episys[R] core processing system, has signed two credit unions to use its new dual signature solution: Farm Bureau FCU ($430 million; 43,272...

mFoundry Makes 'Fierce 15' List.
August 1, 2008... Sausalito, Calif. -- mFoundry, a mobile financial platform provider, announced it has been named to the annual "Fierce 15" list of the top wireless companies of the year put out by FierceWireless, a daily e-mail newsletter on the wireless...

Symposium Features CU Execs.
August 4, 2008... Indianapolis, Ind. -- FORUM CU, through its CUSO FORUM Solutions, and Trabian, said 11 CU thought leaders will lead education sessions at the 2008 Partnership Symposium, taking place Oct. 12 at the FORUM Conference Center here. Speakers...

Hasta La Vista (OS).
August 4, 2008... NORTH CHARLESTON, S.C. -- Microsoft may have put the nail in the coffin of its own Vista operating system (OS) after releasing Service Pack 3 (SP3) for the XP OS during the past two months, according to a number of credit unions that are...

CUs Call Vista 'A Necessary Evil'.
August 4, 2008... RICHMOND, Ind. -- The few credit unions that told Credit Union Journal that they plan to install the Microsoft Vista operating system arent doing so for any outstanding security benefits, interface enhancements, or processing upgrades....

New Technology Is Aimed At Protecting Data In Transit From CU To Processor.
August 4, 2008... SAN DIEGO -- Symitar will unveil a secure-communications option in an upcoming version of Episys that will, for the first time, protect confidential core data traveling back and forth between the Symitar host and its more than 600 CU clients,...

CU Sees 'Tremendous Shift'.
August 4, 2008... SAN DIEGO -- Credit unions may think they know what theyre doing when they create employee schedules, but a workforce optimization (WFO) vendor told Mission FCU otherwise. In fact, Verint Click2Staff told Mission to bump up its ratio of...

Northeast Tries To Capture Federal Stimulus Checks.
August 4, 2008... PORTSMOUTH, N.H. -- Northeast CU said it has introduced a savings product aimed at encouraging taxpayers to save, instead of spend, their government stimulus payments. The Silver Lining Savings account will pay 4.09% on the first $500...

Timothy Benecke Jumps To Communications Family CU.
August 4, 2008... SAGINAW, Mich. -- Communications Family CU, a $450-million credit union, said it named Timothy Benecke, head of FinancialEdge Community CU, a $55 million credit union in nearby Bay City, as its new president and CEO. Benecke will succeed...

Illinois CUs Discuss Adding REAL Solutions Programs.
August 4, 2008... NAPERVILLE, Ill. -- Partner credit unions involved with Illinois REAL Solutions effort recently met at the Illinois Credit Union League (ICUL) to discuss their next steps in adding programs and/or products to serve low-wealth households, the...

FIs Are Exploring Their Opportunities On YouTube.
August 4, 2008... ATLANTA -- Video sharing sites such as YouTube, Yahoo Video and Google Video have had such a surge in popularity that many financial institutions exploring the advertising opportunities of these sites, according to a new study. ...

Idaho League Taps Top CU Professional, Volunteer.
August 4, 2008... BOISE, Idaho -- The Idaho Credit Union League has named the winner of this years Outstanding Professional of Year Award and Outstanding Volunteer of the Year. Brent Neibaur, CEO of Advantage Plus FCU in Pocatello, was presented the...

Partnership For Success Seminar Schedule Unveiled.
August 5, 2008... CLEVELAND, Ohio -- Credit Union Business Solutions, LLC has announced the Fall 2008 multi-state schedule for its recently launched Partnership for Success seminars. The one-day workshop focuses on enhancing communications specifically between...

DE Class Helps Renovate Building For The Homeless.
August 5, 2008... BAINBRIDGE ISLAND, Wash. -- Participants in the just-concluded Development Education (DE) class here spent a day helping to renovate an apartment building recently purchased by Solid Ground to provide temporary, transitional housing for the...

Recommended & Reading: CU Journal Asked Credit Union Executives: What Are You Reading And What Would You Recommend Others Read This Summer?(Bibliography)
August 5, 2008... For the First Part of this Series, See the June 16 Journal Fred Becker, President, NAFCU, Arlington, Va. Im reading What Got You Here Wont Get You There by Marshall Goldsmith. My interest in Mr. Goldsmiths book is tied directly to...

Saturday Night Live's 'Mr. Bill' Is 'Priceless' In The Latest MasterCard Ad Campaign.
August 5, 2008... NEW YORK -- Mr. Bill, the clay figure who rose to prominence in 1976 on Saturday Night Live and who has appeared in a variety of programs off and on since that time, is back. Known for his optimism despite what could literally be crushing...

NAFCU Names 2008 Award Winners.
August 5, 2008... WASHINGTON -- Six individuals, two credit unions and 14 credit union marketing entries were chosen as winners in NAFCUs 2008 Award programs. This years winners are: Federal Credit Unions of the Year: Services Center FCU in Yankton,...

House Passes Reg Relief Bill For CUs After Adding Help For Banks.
August 5, 2008... WASHINGTON -- The House approved the regulatory relief bill for credit unions last week, but not before combining it with a bill for banks and thrifts. Prospects for the measure, however, remain dim because of the waning days of the...

For Corporate CUs, Numbers Lead To Emphasis On Words.
August 5, 2008... GREENSBORO, N.C. -- The nations corporate credit unions say they have ramped up communications with natural-person credit unions aimed at addressing any concerns over the state of their financial health. The issue: downgrades by ratings...

Account Takes On The ING's Of The World.
August 5, 2008... FLINT, Mich. -- Dort FCU is going head-to-head with online rivals such as ING with a new high-yield, self-service online account that has one very important thing the INGs dont: the credit union reputation. Theres been a lot of concern in...

Corporates Told To Reclassify Member Capital As Equity.
August 5, 2008... ALEXANDRIA, Va. -- NCUA last week said the declining value of mortgage backed securities held by corporate credit unions has prompted it to reclassify membership capital share accounts as equity. Under current accounting for corporates,...

On Deadline.
August 5, 2008... SECU To Invest $1.1B In Student Loan Program RALEIGH, N.C.State Employees CU is investing $1.1 billion to refinance and provide funding for student loans made by College Foundation, Inc. (CFI). The $15.8-billion credit union is joining...

Recovery Gets Underway After Floods As CUs Await Building Permits, Water Heaters.
August 6, 2008... CEDAR RAPIDS, Iowa -- While the recovery from flooding in Iowa, Indiana, Wisconsin and Illinois is far from over, and it is estimated damages will total in billions of dollars, credit unions in this state appear to have turned the corner. The...

Relief Funds Donated.(Conference notes)
August 6, 2008... DES MOINES, Iowa -- Credit unions have begun donating funds to help Iowas CUs recover from floods in the state. Iowa Corporate Central Credit Union donated $100,000 to the Iowa Credit Union Foundations Disaster Relief Fund after issuing a...

One And Done? Not Necessarily, Find 13 CUs Piloting 'Indirect' Test.
August 6, 2008... HOLLYWOOD, Fla. -- A pilot program aimed at addressing one of the most vexing issues in credit unionsturning indirect members into longer-term relationships, has started to show promising results. The pilot program was created by CUNA...

Why Every CU Should Have A Fee Income Committee.
August 6, 2008... HOLLYWOOD, Fla. -- Does your credit union have a fee income committee? It should, according to several analysts, who offered that proposal and others for boosting non-interest income. The analysts did so while noting that although credit...

Lessons From 'Indirect' Members.
August 6, 2008... According to CUNA Mutual, the program being piloted by 13 CUs to turn indirect members into deeper relationships found: * Members welcome phone calls from their credit union. Outbound call representatives received positive responses from...

Appointment Of New NCUA Chairman, Fryzel, Moving Forward In Congress.
August 6, 2008... WASHINGTON -- Congress was expected to ease a logjam on Bush appointments last week with the confirmation of a handful of nominees, including former Illinois regulator Michael Fryzel to be chairman of NCUA. Fryzels appointment was endorsed...

Florida, Alabama Leagues Eye Merger.
August 6, 2008... TALLAHASSEE, Fla. -- The Florida and Alabama CU Leagues said they have entered into discussions about closer collaboration and even a potential merger. The leagues stressed they are early in discussions about what the potential structure...

Is It Time To Turn Out The 'Lites,' Or Is The Party Not Over?
August 6, 2008... First there was (and is) CURIA, and with it much hope and optimism and, naturally, lots of PAC money. And then there was (and is) CURRA, and with it there was tempered hope and semi-resigned optimism, but still, naturally, lots of PAC money....

2008 Call Entries - Best Practices.
August 6, 2008... The Credit Union Journal is announcing its Call for Entries for its Best Practices awards. It's easy to enter! Nominations may be submitted by credit unions, a CUSO, or even another CU. Nominations can also be submitted by suppliers to the...

Evolving Credit Unions Demand What Congress Intended: Option To Change Charters.
August 6, 2008... Consider the irony that charter choice has become all but extinct in the credit union movement, and then along comes the Treasurys proposed Blueprint to consolidate banks and CUs with its requirement of a common federal charter for national...

Only Way To Maintain Relevance: Ask Members What They Need.
August 7, 2008... Ten years ago a Starbucks opened next to a coffee shop in Kansas City, Mo. Today, the coffee shop remains, but the Starbucks is closing its doors, according to the New York Times. Reportedly, Starbucks is struggling across the country, facing...

Wake Up And Smell The Starbucks: A Lesson For CUs.
August 7, 2008... Being a Seattle resident and living in Starbucks hometown, their strategies and actions are often first applied here. Like credit unions they want to continually differentiate themselves and create individual community relevance while promoting...

Now In The Market.
August 7, 2008... Experian Supports Red Flag Rules COSTA MESA, Calif.Experian is reporting that many of its products and services now support Red Flag rules compliance. Red Flag rules went into effect January 2008 as provisions of 2003s Fair and Accurate...

Dan Mica Earns CUs' First Million-Dollar Paycheck.
August 7, 2008... WASHINGTON -- CUNA said it paid just over a $1 million to its President Dan Mica last year, believed to be the first executive in credit unions to top the $1 million threshold. Mica earned a $938,769 salary in 2007, up 4.2% from 2006, and...

CUNA Is Cultivating Congressional Leaders.
August 7, 2008... WASHINGTON -- With names like AMERICPAC, PAC to the Future or Searchlight Leadership Fund, its hard to see what CUNA is spending credit unions campaign contributions on; but each of these so-called leadership PACs represents a vital link to its...

NCUA Opposes Fannie, Freddie Bid on Independent Appraisals.
August 7, 2008... WASHINGTON -- NCUA joined the banking regulators in urging regulators for Fannie Mae and Freddie Mac to scrap a proposal setting independent appraisal rules for the secondary mortgage purchasers. The regulators told the Office of Federal...

Court Dismisses Wrongful Arrest Suit At Spectrum FCU.
August 7, 2008... BALTIMORE -- A federal judge here dismissed a wrongful arrest suit for an armed robbery at Spectrum FCU, in nearby Frederick, that he did not commit. The Judge Andre Davis ruled that police didnt violate James Joness federal constitutional...

AGENDA.
August 7, 2008... Events NCUA hosts credit union development events on July 17, Minneapolis. Federal Reserve Bank of Chicago hosts the Risk Mitigation Summit, Aug. 7 Comment Federal Reserve Board: comments on Truth In Lending and Truth In...

CU Bandit Could Be 'Goatee Robber'.
August 7, 2008... BOSTON -- A man who dropped the loot he had just stolen from Portuguese CU and ran after being confronted by police, may be the same goateed bandit responsible for as many as seven other bank robberies in recent weeks. Police said Gilbert...

BECU Offers Mobile Wallet.
August 7, 2008... TUKWILA, Wash. -- BECU plans to introduce a mobile wallet to its members in the first quarter of 2009. The service, being launched through Firethorn Holdings LLC, will allow members of the $8-billion credit union to check their account...

L&N FCU Targeted by Fake Checks.
August 8, 2008... LOUISVILLE, Ky. -- L&N FCU has notified federal regulators that counterfeit cashiers checks bearing the credit unions name are in circulation, associated with a secret shopping scam. L&N FCU does not issue cashiers check, though it does...

CFO Charged With Embezzlement.
August 8, 2008... MICHIGAN CENTER, Mich. -- The former chief financial officer for Cascades Community FCU was charged with siphoning $339,000 from the CU to cover his stock market losses. Terry Brandt, 56, a vice president at the $26 million credit union,...

Worth Noting.
August 8, 2008... CUs 3rd In Poll Of Consumers NEW YORKCredit unions moved up slightly but still finished third in a survey of consumers who were asked whether their financial services provider has their best interests at heart, even as the survey found...

How Corporate CUs Are Communicating On Balance Sheets.
August 8, 2008... DALLAS -- SOUTHWEST CORPORATE LOCATION: Dallas ASSETS: $12.9 Billion Strategy: To Become More Transparent John Cassidy, CEO of Southwest Corporate, Plano, Texas, spoke for many when he said, If I had to summarize our strategy...

How Corporate CUs Are Communicating On Balance Sheets.
August 8, 2008... GREENSBORO, N.C. -- FIRST CAROLINA LOCATION: Greensboro, N.C. ASSETS: $2.4 Billion Strategy: An Emphasis On Liquidity, Health First Carolina Corporate may need to change its name to First Communication. The corporate has...

How Corporate CUs Are Communicating On Balance Sheets.
August 8, 2008... SAN DIMAS, Calif. -- WESTCORP LOCATION: San Dimas, Calif. ASSETS: $30 Billion Strategy: Adding Two-Way Communication Among the communications steps added by Western Corporate FCU (WesCorp) has been quarterly web seminars to...

How Corporate CUs Are Communicating On Balance Sheets.
August 8, 2008... COLUMBUS, Ohio -- CORPORATE ONE LOCATION: Columbus, Ohio ASSETS: $4 Billion Strategy: Emphasis On Diversification Proactive discussion of issues, attending meetings with member credit unions and posting financial statements...

CUJ Q&A: The Association of Corporate CUs' Brad Miller On Health Of Corporate Network, Liquidity & Other Challenges.
August 8, 2008... WASHINGTON -- The corporate CU network has found itself in the news in recent months as a result of how the ratings agencies view their balance sheets, the performance of certain investments, and other issues. But Brad Miller, executive...

Iowa Group Focused On CU Growth Eyes Expenses, Other Strategies.
August 8, 2008... DES MOINES, Iowa -- To jump-start CU growth in this state, the Iowa Credit Union League has formed the Growth Commission, which is finalizing plans to help CUs lower expenses and invest the savings into strategies to build membership and...

CUJ EXIT Interview: Purdue EFCU's Bill Connors On His 38 Years In CUs: 'Everything Has Changed Except Our Mission'.
August 8, 2008... WEST LAFAYETTE, Ind. -- William Bill F. Connors recently announced he would be retiring as CEO of the $475-million Purdue Employees FCU on July 1. Conners began his career in credit unions in 1970 and has been active in numerous credit union...

ONE: Worker Health & Bottom Line.
August 11, 2008... HOLLYWOOD, Fla. -- Credit unions that commit to safety and health in the workplace from top management and the establishment of a active return to work program can help prevent workplace injuries and reduce the duration and cost of...

TWO: Benefits As A Recruiting Tool.(Conference notes)
August 11, 2008... HOLLYWOOD, Fla. -- Credit unions seeking talented candidates for executive positions should take a hard look at their benefit plans, according to one analyst. Rick Boothby, executive benefits specialist for CUNA Mutual Group, told...

THREE: 'Real & Growing Need'.
August 11, 2008... HOLLYWOOD, Fla. -- Long-term care insurance is one of the most sought-after executive benefits today, while the need for long-term care remains the greatest unfunded liability a person can face in retirement. Other significant risk factors...

FOUR: Time For CUs To Raise Red Flag.
August 11, 2008... HOLLYWOOD, Fla. -- Credit unions are being reminded that they have until Nov. 1 to comply with the identity theft red flag rules enacted by regulators. Among the requirements is that a CU must develop prevention measures based on its own...

Now In The Market.
August 11, 2008... Image Capture Delivers Savings TALLAHASSEE, Fla.A company that was first to go live with the new image capture product from Southeast Corporate Credit Union is reporting significant time and financial savings as a result. Offered through...

What Moves The City That Never Sleeps? Taxi Cabs-And The CU That Finances Them.
August 11, 2008... NEW YORK -- On West 26th Street, in the Chelsea section of Manhattan, is a CU that specializes in automobile-related loansto the tune of more than a half-million dollars each. Its a niche unique to big cities such as New York, taxi cab...

That's Entertainment: How 1 Small CU Serves The Big People.
August 11, 2008... NEW YORK -- Running a New York City credit union sometimes involves opening a checking account for a famous TV personality. But more than likely it means getting accustomed to a fast pace, says John C. Gibardi, CEO of the $15-million...

The Big Apple's Big Price Tag: In Security, Media Costs & Much More.
August 11, 2008... NEW YORK -- Operating a credit union in New York City comes with a high price tag, both in terms of expenses but also in awareness of just how real the threat of terrorist attacks can be. Few know that better than Municipal Credit Union,...

CU Named For Its Community Is Completely Embedded There, Too.
August 11, 2008... NEW YORK -- If Lower East Side Peoples FCU didnt offer financial services, passers-by in Manhattan might mistake it for a community center, says treasurer and CEO Linda Levy. Thats what residents who frequent the credit union in this...

Chicago-Based Alliant Helping To Run Ailing Calif.-Based Kaiperm.
August 11, 2008... OAKLAND, Calif. -- Officials of Alliant CU have been running Kaiperm FCU, as the Chicago-based credit union giant prepares to expand its California footprint with a merger of the ailing $96-million credit union. In an unusual arrangement,...

CMG-MI Offers Help To Flood Victims.
August 12, 2008... SAN FRANCISCO, Calif. -- CMG Mortgage Insurance Company (CMG MI) said it is offering its insured policyholders in parts of the country struck by flooding the ability to take advantage of payment relief options for their members. Members in...

'Secret Diary of Steve Jobs' Author Kicks Off Meeting.(Conference news)
August 12, 2008... CANCUN, Mexico -- Daniel Lyons, tech columnist for Forbes and creator of the popular blog The Secret Diary of Steve Jobs, kicks off the CUES annual conference here, with the session Thinking Differently: Business Lessons from Apple. Lyons...

NCUF, Savings For Life, Aspen Institute Join Forces.
August 12, 2008... WASHINGTON -- The National Credit Union Foundation (NCUF) said it has joined with the Savings for Life Coalition, led by the Aspen Institute, to create a pathway to financial security for all Americans. Savings for Life is part of the Aspen...

Canadian Corporates Finally Complete Merger.
August 12, 2008... VANCOUVER, B.C. -- A long-awaited merger between two large credit union centrals in this country has finally been completed. Credit Union Central of Ontario Ltd. and Credit Union Central of British Columbia have merged into an $8-billion entity...

Fedcon Employees To Merge With COREplus CU.
August 12, 2008... NORWICH, Conn. -- The $2-million Fedcon Employees FCU said it will merge with the $188-million COREplus Credit Union. Fedcon, which has 900 members and which cited slow membership growth in looking to merge, said it will pay a special dividend...

Jefferson County Teachers Takes New eCO CU Name.
August 12, 2008... BIRMINGHAM, Ala. -- The $91-million Jefferson County Teachers CU is changing its name to eCO Credit Union. JCTCU said the name reflects growth in its FOM. change allows the credit union to appeal to its more diverse membership. We took the e...

CEOs Of Thrifts, Banks Cash In Despite Decline.
August 12, 2008... CHARLOTTESVILLE, Va. -- Despite an overall decrease in the total return paid by banks and thrifts of -23.7% in 2007, CEOs of those same institutions saw an increase in compensation of 4.8% over the same period, according to analysis released by...

Ascend FCU Earns Environmental Award.
August 12, 2008... TULLAHOMA, Tenn. -- Cintas Document Management has awarded Ascend Federal Credit Union with an Environmental Award for its recycling efforts. Ascend is recycling roughly a ton-and-a-half of paper a week, Cintas Operations Manager Mark Rose...

An Indepth Look At Credit Union: The Drivers, The Realities, The Alternatives.
August 12, 2008... WASHINGTON -- Has the historic credit union business model of borrowing short, lending long and living on the spread become passe? In the past, fee income helped to make up the difference, but thats proving to be hard to do as well. For...

Arizona FCU Forms Team To Head Off Problems Later.
August 12, 2008... PHOENIX -- Members with 90-mile roundtrips to work. Gas prices topping $4 a gallon. ARMs resetting. And plunging home values leaving behind little or no equity. In Phoenix, Its all adding up, said Amy Hysell, SVP and chief lending officer...

Growth Task Force Offers Advice To Build Membership.
August 13, 2008... NEW YORK -- With membership growth so flat that we almost have shrinking numbers of members, the CUNA Membership Growth Task Force offered up its initial findings and recommendations to help spur on growth. Even though our potential...

CUs Step Up To Plate As Gas Prices Zoom, Expenses Boom.
August 13, 2008... FAIRFAX, Va. -- Rising gas prices are having an effect on some credit unions, whether it be branch traffic or what members are seeking when they are in those branches. Apples branch traffic has gone down, but I cant say for sure as to...

On Deadline.
August 13, 2008... Consumer Dissatisfaction With Banks On The Rise ANN ARBOR, Mich.A new survey shows growing dissatisfaction among consumers with their bank. The survey, from CFI Group, found bank call centers had the largest drop in customer satisfaction...

Patelco Expands Bay Area Footprint By Taking Over Troubled Cal State 9, Sterlent.
August 13, 2008... SAN FRANCISCO -- In one of the biggest fire sales ever in the credit union industry Patelco CU took control last week of two medium-size credit unions that have fallen victim to the areas real estate crash, Cal State 9 CU and Sterlent CU. ...