Banking Wire articles from December 2004

Banking Wire archives from December 2004

How Patelco Has Cut New Account Fraud Attempts.
December 1, 2004... It takes only three seconds for Patelco Credit Union to notice potential identity fraud in new account applications. The $3.5-billion CU has recently started using an identity validation system to instantly check the address provided on a...

TowerGroup: Adoption Curve For Online Banking Has Yet To Crest.
December 1, 2004... The adoption curve for e-banking has apparently not yet crested. New research from The TowerGroup finds that adoption of e-banking by U.S. households continues to rise steadily. "Online banking has officially become a standard delivery...

7 CUs Migrate To OSI's FiTECH MGR GOLD.
December 1, 2004... Open Solutions Inc. announced that seven credit unions that use its FiTECH MANAGER GOLD core processing system have signed contracts for its e-Commerce Banker(e-CB) suite of web-based financial services. They are: 1st Choice CU, Atlanta;...

SBA Exec Offers Loan Primer; Wants More CUs.
December 1, 2004... The U.S. Small Business Administration reiterated its interest in expanding relationships with credit unions during remarks made here. James Hammersley, director of the Office of Loan Programs for the SBA and who oversees loan policy...

Regulators Urged To Ensure CUs Do More Than Just 'Sell'.
December 1, 2004... The leader of a prominent consumer group is calling upon regulators to do more to encourage credit unions to help members rather than just sell products. Steve Brobeck, who has been the executive director of the Consumer Federation of...

House Members Support CU Tax Exemption.
December 1, 2004... In a major coup, more than two-thirds of the 32 House members from Texas, the second largest congressional delegation, have gone on record in support of the credit union tax exemption. The Texas CU League, as part of its response to the...

People.
December 1, 2004... California Credit Union, Glendale, Calif., named Ron Stratman chief marketing officer and Pat Carey general counsel. Twin Country Credit Union, Olympia Wash., named Tim Johnson senior vice president. Marion & Polk Schools Credit Union,...

The CU Journal Daily.
December 1, 2004... Better Branches Offers 'Better Lobby' SAN FRANCISCO-Better Branches said it has introduced a new solution, called Better Lobby, which automates branch lobby management to help streamline, measure and report non-teller activities. The...

Lessons In Spreading The Word That The CU Is Open For Biz.
December 1, 2004... In the days and weeks after Hurricane Ivan hit here, the primary concern of credit unions was getting back up and running to serve their members. But it doesn't much matter that the credit union is open for business if no one knows it. ...

Product & Service.
December 1, 2004... Americard Is Now OneBridge INDIANAPOLIS-Card processor AmeriCard has changed its name to OneBridge as it expands its business. "The name OneBridge better reflects our vision to be a single source for all card processing needs," said Kim...

Community Page.
December 2, 2004... RFCU Collects Toys For Iraqi Kids WARNER ROBINS, Ga.-Robins Federal Credit Union has been assisting the 115th Signal Brigade in the Toys for Iraqi Kids Project. CCFCU Named Best Small Business MINNEAPOLIS, Minn.-City-County Federal...

Banned Former CU Manager Pleads To Return To CUs.
December 2, 2004... The former manager of Jessop Employees FCU is seeking the unprecedented overturning of a 1999 NCUA prohibition order, which would allow her to work again or get involved with a credit union or bank. In a letter to NCUA, Patricia Watson said...

Consumers Indicate Plans To Spend Slightly More This Holiday.
December 2, 2004... Rising consumer confidence is expected to result in higher spending this holiday season, CUNA said last week in announcing the results of its fifth annual holiday spending survey. "Over the five years we've been doing these surveys, our...

Oregon Rolling Out Statewide Ad Effort.
December 2, 2004... The Credit Union Association of Oregon wants you to meet Bob, the new spokesman for Oregon credit unions. He's part of a two-year multi-media awareness campaign aimed at the general public. Oregon's public awareness campaign comes at the...

It's Beginning To Look A Lot Like- Gift Cards Are To Take Off.
December 2, 2004... It's always the right size and never the wrong color. And this year it may turn into the perfect gift for both the giver and the giver's credit union-gift cards. "Last year there was very little interest in this product at all, but...

Deposit Influx Flat, But Lending Growth Remains Strong.
December 2, 2004... The flood of new deposits that poured into credit unions the past four years continued to dry up in the third quarter, with deposit growth almost flat for the three months ending Sept. 30, NCUA reported last week. That follows growth of...

CUNA Planning To Create Hispanic Outreach Resource Center.
December 2, 2004... CUNA is working to create an Hispanic Outreach resource center to help credit unions reach out to the ever-growing Latino market. The move follows the trade group board's adoption of suggestions from the Hispanic Outreach Task Force. In...

On Deadline.
December 2, 2004... More Bank Profits Draws CUNA's Ire WASHINGTON-CUNA is once again pointing to record earnings by the nation's banks as more reason to "stop obsessing" with credit unions. Third quarter data show U.S. banks earned $32.5 billion in profits,...

The Gift That (Could) Keep On Giving: Wealth Transfers.
December 2, 2004... For credit unions, will it be a case of the gift that keeps on giving, or the gift that goes forgotten? The pending transfer of wealth from aging Americans to family members has been well-documented. What's less well understood is what...

Worth Noting.
December 2, 2004... Dykstra To Chair Calif. League RANCHO CUCAMONGA, Calif.- Diana Dykstra, CEO of San Francisco Fire CU, has been elected chairman of the California Credit Union League. Other board officers are: First vice chairman. James McPheters,...

Things That Happened In Las Vegas-And Didn't Stay There.
December 3, 2004... Weren't able to make it to Sin City last week where both the banks (BAI Conference) and credit unions (California/Nevada league annual-and where we assume there was less sinning) were meeting simultaneously? Here's some of what you missed: ...

Why Every Credit Union Should 'Audit' Its Values.
December 3, 2004... How do you think credit union behavior might change if there was no requirement to prepare annual budgets, publish annual financial reports or to have an annual audit conducted by external auditors? We probably don't like to admit it, but...

CUNA Should Be Thanked For Avoiding GSEs.
December 3, 2004... Every time I read a new headline about real or perceived financial problems and the lack of accountability at Fannie Mae and Freddie Mac, I am thankful to CUNA for keeping the credit union movement out of the various political fights the...

Product & Service.
December 3, 2004... CommonBond Intros New Issue ALBUQUERQUE, N.M.-CommonBond Communications has launched the Winter 2004 issues of Art & Articles, Just For Kids, Just For Teens, and Just For Seniors now with online access. Newsletter Products Online Access...

Former Federal Regulator Says Real Challenge To CUs At The State Level.
December 3, 2004... The former chairman of the federal credit union regulator is urging more be done to fight CU taxation on the state level. "What bankers are doing has nothing to do with taxing credit unions on the national level today," Dennis Dollar told...

Affinity Plus Rolls Out Low-Rate Mortgage With $999 Fee.
December 3, 2004... Affinity Plus FCU has rolled out the "Accelerate Mortgage," which offers low fixed rates based on the 10-year bond, terms from five to 12 years, and a flat fee of $999 to process and close the loan. Fixed rates for terms from five to nine...

Product & Service.
December 3, 2004... PSCU-FS, VyStar In Agreement JACKSONVILLE, Fla..-VyStar Credit Union has signed a long-term debit and credit card processing contract with PSCU Financial Services, St. Petersburg, Fla. PSCU Financial Services will continue to provide...

Some Changes Made In SBA's 7(a) Loan Program.
December 3, 2004... The omnibus spending bill approved by Congress last week will increase the size of allowable loans under the U.S. Small Business Administration's flagship 7 (a) program, but also make it tougher for some borrowers to obtain the loans by...

FTC (Finally) To Set Rules On Private Insurance.
December 3, 2004... The massive spending bill passed by Congress in the waning days of its lame- duck session also included a provision that will finally allow the Federal Trade Commission to set rules for advertisements and public disclosures on private deposit...

Bill Provides Additional $1M For Revolving Fund.
December 3, 2004... The omnibus spending bill also included provisions that will provide an additional $1 million for NCUA's community development revolving loan fund, and renewing the borrowing limit for the Central Liquidity Facility at $1.5 billion. The...

Arnould To Head Up State, Federal Lobbying.
December 6, 2004... The California CU League announced it has promoted its chief state lobbyist Bob Arnould to a new position of senior vice president of government affairs, in charge of both state and federal lobbying. Arnould, 49, came to the league in 1995 and...

People.
December 6, 2004... Security Service Federal Credit Union, San Antonio, Texas, elected Grover E. Jackson to its board. Financial Partners Credit Union, Downey, Calif., named George Shipman senior vice president of lending. MidWest Financial Credit Union,...

The CU Journal.
December 6, 2004... Dealer Leaves CUs Holding The Bag HONOLULU-A local car dealer being investigated for fraud by state authorities filed for Chapter 7 bankruptcy earlier this month, leaving hundreds of thousands of dollars in unpaid debts with area credit...

Texans CU Is Seeking To Spur Cooperative ATM Effort In Austin Market.
December 6, 2004... Seeking to engender greater cooperation among credit unions, Dallas- based Texans CU is offering surcharge-free access to its ATMs in this market to other credit union's members. Last month, The $1.3-billion TCU sent a letter to the CEOs...

Analyst Examines Why CU Penetration Rates Are Flat.
December 6, 2004... The public doesn't care about the difference between banks and credit unions. Everybody wants the same things: good quality products at the right price as conveniently as they can get them. That was the message from Gary Raddon, chairman of...

What Makes Employees Happy? (Hint: Not Just Pay & Benefits).
December 6, 2004... Like all companies, credit unions do any number of things to find and retain employees-pay above-market salaries, offer benefits and flexible hours. But one person who has made a study of successful organizations said that in order to...

Product & Service.
December 6, 2004... CSCU Sponsors Debit Card Forum CHICAGO-Approximately 75 credit union CEOs and others responsible for deibt cards attended the Debit Card Symposium here, sponsored by CSCU. Conference-goers were the first to hear the results of the 2004...

Confessions Of An Ex-Banker: Two Former Bankers Turned Credit Union Execs Share Their Points Of View.
December 6, 2004... Credit unions couldn't have been too surprised by the "confessions" of two ex-bankers here. Coming clean before the California/Nevada league annual meeting here were Rick Dannelley, senior VP with The Golden 1 Credit Union in Sacramento,...

Tech Council Picks Cardwell As Best of Show.
December 6, 2004... During the Bank Administration Institute's giant Retail Delivery Conference here, the CUNA Technology Council searched the trade show floor and awarded its Best of Show award to Online Connection, a software solution from Cardwell. As...

Community Page.
December 6, 2004... PSECU Donates To Rotary Club HARRISBURG, Penn.-PSECU donated $5,000 to the Harrisburg Rotary to help purchase the Harrisburg cow parade bovine, which it plans to take to schools while teaching citizenship and financial literacy. RFCU...

Community Page.
December 7, 2004... PSCU Sponsors Cross City Race FRESNO, Calif.-Pacific Service Credit Union was a corporate sponsor of the Fresno Cross City Race. More than 2,000 participants helped raise funds to benefit St. Agnes Medical Center. BWCU Awards WSU...

CUES Honors Councils, Individuals.
December 7, 2004... CUES has honored its North Carolina, Rocky Mountain, and Michigan Councils as 2004 Outstanding Councils. In addition, CUES' Louisiana Council received the Everett Wood Award for most improved Council. Each received a cash award to put toward...

To Comply With New Law, ACUL Makes Changes.
December 7, 2004... Saying it was seeking to comply with the letter and spirit of the Sarbanes-Oxley Act, the Alabama league's board has made a number of changes to procedures. "Sarbanes-Oxley raised the bar. Though we have complete confidence in our...

Lone Star Remains, But Much Else Is Changing.
December 7, 2004... It's no secret the population of Texas has grown more Hispanic. What many may not recognize is just how quickly the population has changed, and is about to change. In remarks before the Texas league's Leadership Conference & Resource...

Snow Reiterates Support For CU Tax Exemption.
December 7, 2004... In an another major blow to the bankers' crusade to tax credit unions, U.S. Treasury Secretary John Snow repeated the Bush Administration's support for the credit union tax exemption before about 125 credit union executives during an open...

GAO Study Leads To Some Strange Statements.
December 7, 2004... The release of the Government Accountability Office's report denying credit unions' need for a secondary capital alternative set off a weird chain of events, even by Washington standards. First, the Independent Community Bankers...

NCUA, IRS To Partner On Two Workshops.
December 7, 2004... NCUA said representatives from the Internal Revenue Service will participate in the agency's Access Across America workshop Sept. 30 at the IRS office in San Jose, Calif., to teach credit unions about the availability of IRS programs. A...

People.
December 7, 2004... Army Aviation Center Federal Credit Union, Daleville, Ala., announced that Jan Phillips has been elected to the Alabama Automated Clearing House Association board, and LauraLynn Lester to the American Credit Union Mortgage Association Southeast...

Online Venture Seeks To Lower Cost Of Marketing Materials.
December 7, 2004... Tim Taylor, owner of Access Marketing here, has created a new online venture that he says offers quickly accessed, low-cost marketing materials. Called MarketingCreditUnions.com, it has everything from radio ads complete with a variety of...

CU Input Sought Into Survey Of Online Marketing Efforts.
December 7, 2004... Credit union executives are being invited to identify and share online marketing practices and trends in a research project now under way. CUNA Mutual Group, CUNA, the CUNA Technology Council and the CUNA Marketing and Business Development...

Navy Sets Sail On TV.
December 8, 2004... Navy FCU has introduced a TV campaign featuring three different spots in two of its major markets: Hampton Roads, Va., and San Diego. The ads, Navy Fed's first foray into TV, include a 30-second branding spot, a 15-second spot on mortgages,...

EFCU Promotional Tie-In With NBA Team Credited For Loan, Deposit Increases.
December 8, 2004... Energy First CU's "Slam Dunk Services" promotion has been seeing nothing but net-net increases, that is, in loans, checking accounts and new members. The credit union has tied itself in with the NBA's Los Angeles Lakers by going a step...

Community Page.
December 8, 2004... MHVFCU Expands Saugerties Branch Mid-Hudson Valley FCU launches a major renovation of its Saugerties, N.Y. branch. LCUL Recognizes CU Volunteer Louisiana Credit Union League Chairman Glen Beard, presents the Lifetime Achievement...

Four Mythical Creatures Credited For Ending 'Myth' About CUs.
December 8, 2004... Thanks to four mythical creatures, credit unions in the greater Los Angeles area are enjoying increased public awareness of CU membership and automated teller machine availability. A two-year cooperative advertising campaign wrapped up...

Why One CU Tapped Biz Lending Vets To Launch Operation.
December 8, 2004... Tri-Co Federal Credit Union has created a new Business Lending Group for small to mid-sized businesses within its field of membership. Created by its VP of Lending, Margaret A. Frey, a 35-year commercial banking veteran, Tri-Co plans to...

Product & Service.
December 8, 2004... Brass CU Features 24-Year-Old CEO CORVALLIS, Ore.-brass-CU featured Tina Wells, 24 year old CEO of Buzz Marketing Group (BMG) on the cover of its August issue. Wells created BMG as a teenager to assist companies in reaching the teen...

Maine CUs Mark 9/11 With $911 Donations.
December 8, 2004... In the third annual 9/11 tribute by Maine's credit unions, checks for $911 were presented to each of the seven Red Cross chapters in the state by the Maine league. The funds are to go to Emergency Food Relief Fund of each chapter. Since...

Liberty Donates $10,000 To Hurricane Relief Efforts.
December 8, 2004... Liberty Enterprises donated $10,000 to assist the National Credit Union Foundation's fundraising efforts to aid victims of the hurricane-stricken Southeast. The NCUF has activated its National Disaster Relief Fund to support recovery efforts...

News Makers.
December 9, 2004... U.S. Bank Sells Cellphone Minutes U.S. Bank, the third largest ATM operator in the United States, last month became the first major bank in the country to offer prepaid wireless phone minute "top-ups" through its ATMs. Nearly 4,000 ATMs in...

Core Platform: Central Pacific Upgrades As It Moves Into Wholesale: The new Web platform is intended to both entice brokers and stay on top of a slew of mortgage regs.
December 9, 2004... In business for 27 years with over 100 retail offices nationwide, Central Pacific Mortgage is trying replicate its growth and knowledge by building a flexible, decentralized platform for retail originators to entice wholesale brokers into its...

Top Tech Deals.
December 9, 2004... Number one Five on-line security providers-Symantec Corp., Corillian Corp., NameProtect, PassMark Security and Internet Identity-formed the Anti- Fraud Alliance, the first end-to-end anti-fraud and ID theft solution network. Number...

FreshInk.
December 9, 2004... 1. Valley National Bancorp will continue its growth plans in northern New Jersey with the acquisition of NorCrown Bank. The $141 million cash-and-stock deal is expected to boost earnings within one year of the closing, which is expected in...

Agricultural Banking: Dutch Rabobank Can't Reap What It Sowed: Farm Credit Services goes up for bid and back.
December 9, 2004... Glenn Helmers remembers that when his dad's northwest Iowa farm got into serious trouble, there was only one way out: the farm credit system. "In that turbulent period of time, the farm credit system really tried to work with borrowers. In...

Pipeline.
December 9, 2004... Slowly Warming to a Hot Idea Centralized underwriting standards for small business lending can cut delinquencies in half, according to a recent small business lending benchmark study by Baker Hill. Delinquencies for bank respondents with...

On Deadline.
December 9, 2004... Muslim Credit Union Leads In Profitability HOUSTON-Nizari Progressive FCU, which serves the area's practicing Muslims, was the nation's most profitable credit union over $25 million in assets for the third quarter. Data compiled by...

If You Were Donald Trump, You'd...
December 9, 2004... In 2005 The Credit Union Journal will introduce a new feature challenging readers to give us a creative response to a scenario we shall pose. Scenario #1: If you could be Donald Trump for a day and use your credit union to pose a challenge for...

Lawmakers Tell Fed Financials Should Share Profits Resulting From Check 21.
December 9, 2004... A group of top lawmakers called on the Federal Reserve last week to ensure that banks and credit unions are sharing any new profits on "float time" accrued from the new Check 21 law with consumers. In separate letters sent to Fed Chairman...

Brockton CU, Bank Seek Ways To Save Historic 'Liberty Tree'.
December 9, 2004... The banks and credit unions could be teaming to solve another local problem-this one over a local landmark. An historic 200-year-old sycamore, known as the "Liberty Tree," sits on the lot housing Security Federal Bank and branches into the...

Worth Noting.
December 10, 2004... Management Changes At NCUA ALEXANDRIA, Va.-NCUA has announced several management realignments in its headquarters and Region II offices. Examination and Insurance (E&I) Deputy Director Tawana James has been named Director of the Office of...

Read This. There's Something In It For You If You Do!
December 10, 2004... You're more than just open for business. You exist to help consumers keep more of their hard-earned paychecks for themselves. You're there for folks when they're in a jam. And for the most part the response is, "Big deal." For all its...

Study Finds Paradox In Achieving Front-Line, Branch Goals.
December 10, 2004... Financial institutions, including credit unions, are wrestling with overcoming a paradox on the front lines: they are dependent upon a high level of skills from employees who are the least likely to have them. That's a key finding in a new...

First-Time Buyers Offered 100% Financing.
December 10, 2004... Eastern Financial Florida Credit Union has expanded its mortgage loan options to now include a 100% financing product for first-time homebuyers. The offer on loans up to $333,700-up from its previous cap of $225,000-has an added lure -no...

Analysis: Card Penetration Sliding.
December 10, 2004... Analysis of third quarter data indicates that the penetration rate of credit union-issued credit cards among members continues to slip, although overall outstandings appear steady. AssetExchange, a portfolio brokerage firm that helps credit...

A Balanced View of Success: Why Having It All Isn't All That.
December 10, 2004... Just Enough: Tools for Creating Success in Your Work and Life By Laura Nash and Howard Stevenson John Wiley & Sons, 296 pages, $24.95 Forget about hard work, passion, focus or risk-taking. They'll ensure neither success nor...

In Alabama, Bank-by-Video Screens Play Well to Past and Present.
December 10, 2004... It's easy to forget, taking the subway to work every day, that the world outside the huge metropolises is also getting ever more wired. This includes remote parts in northern Alabama. The cars pulling up to the curb may be dialed into Lynyrd...

Outsourcing: Morgan Stanley Finds A Specialist For Mortgages: MSDW jobs out mortgage processing as large institutions figure out what to do with a product that's still siloed.
December 10, 2004... Mortgages are just about the most complicated financial service, so it's not surprising that decisions regarding IT for real estate transactions have more moving parts than other business lines-with wildly swinging volume levels, rate changes...

Image Is Everything: Keeping Tabs On A Law That Will Keep On Giving: The largest banks in the U.S. will be image-enabled by 2006, as well as more than half of other institutions.
December 10, 2004... It's all over but the spending as far as Check 21 is concerned, with the law firmly on the books and check stand-ins moving around the country as if equivalents were always the norm. But investment in technology and other infrastructure...

Techies.
December 10, 2004... Martin Doyle was named president of the electronic security futures exchange OneChicago. * Jonas Lindstrom was scheduled at press time to take over trading technology firm Orc Software as CEO. v Robert Webb will join Equifax as CTO and will...

Check Processing: Options Proliferate, As U.s. Check Use Devolves: Checks are morphing into ACH payments and images. This is forcing players to rethink their strategies.
December 13, 2004... It's true: checking accounts are wildly profitable, generating a whopping $4.2 billion in annual fee revenue on the retail side alone, according to a new report by Celent Communications. However, the nature of the business is changing-and...

Wachovia Checks Deposits Into the 21st Century: The bank holding company hires AFS Direct Merchant for its remote capture solution, a benefit of Check 21 regs.
December 13, 2004... There are all sorts of ways to embrace innovation, and it doesn't always require the deployment of a newly developed piece of technology. Sometimes, in response to a new rule or regulation, an existing function or piece of software can be...

Cards: RBC Brings Canada's Debit Culture To U.S.: RBC is the first Canadian bank to offer debit card usage in the U.S. for its Canadian customers. It's a smart move considering they use debit in droves and visit the states as a matter of course.
December 13, 2004... Canadians like to shop in the U.S., and they like debit cards. And since most people who live north of the border live on or near the border, RBC figures it makes sense to combine debit cards with U.S. retailers before the other Canadian banks...

Equipment Leasing: Instead Of Limping Along, BB&T Opted For An Upgrade: Deal with International Decision Systems aims to improve pricing and give detailed financial performance.
December 13, 2004... BB&T Leasing Corp. wasn't in crisis mode, but there was a sense of urgency. The database system it had used since 1985 to track leases and manage contracts ranging from $10,000 to $10 million was working adequately. But earlier this year,...

Noted and Noteworthy.
December 13, 2004... It isn't possible to be any more down home then Community Bank of Superior, WI. The bank celebrates its 85th anniversary soon, though it won't be with a golf tournament or black-tie event, but a cookbook. Yup, a cookbook. It says recipe...

The Next Four Years: Democrats are bracing for Dubya's second-term "to do" list, which might be longer than a Texas summer. But why is he ignoring the, ahem, elephant in the room?
December 13, 2004... Dear Mr. President: Okay, so you deep-sixed Democratic Senate leader Tom Daschle, and he won't be holding up your agenda any more. Check. And you've stocked the House and the Senate with more GOP followers, so you're even closer to...