Banking Wire articles from November 2003

Banking Wire archives from November 2003

Wells Testing E-Mail Alerts For Commercial Base.
November 3, 2003... Wells Fargo & Co., which says its Internet business banking service has been highly successful, will test an e-mail system that notifies customers about things like when wire transfers or other payments clear. The company says that its...

Technology News.
November 3, 2003... Galaxy Enhances NetBranch Plus TROY, Mich.-Galaxy Plus Credit Union Systems has added several enhancements to its NetBranch Plus home banking product, including checks on the Internet, electronic statements and online chat. More than 200...

CU Pioneers Say They're So Close-Yet Remain So Far-From E-Signatures.
November 3, 2003... Credit unions are just one electronic signature away from the golden promise of unadulterated, Amazon.com-like e-commerce. "With e-signatures to replace paper signatures, we can perform most transactions completely online," said David...

SECU Adds E-Statement Option.
November 3, 2003... State Employees' Credit Union has added E-Statements on its website, www.ncsecu.org. "Our members want and expect a secure and comprehensive website from their financial institution that allows them to not only check balances, view images of...

Bringing Down The House (Barriers): For Vermont Development CU, It's Been A Long Road To Offering Mortgages.
November 3, 2003... When Caryl Stewart first approached state banking officials in early 1988, she was told it would be a "piece of cake'' to get her community development credit union approved. "(State officials) said the feds usually come in and rubber...

Minnesota Foundation, CUs Back 'Don't Borrow Trouble' Program.
November 3, 2003... Eight Minnesota credit unions and the Minnesota Credit Union Foundation (MCUF) have made a $15,000 contribution to the "Don't Borrow Trouble Minnesota" program, a public education initiative aimed at stopping predatory lending practices in the...

The Credit Union Journal: 'What's Your Favorite Wrong Prediction?'.
November 3, 2003... Don't Bet The House On One Prediction Bill Hampel, CUNA Economist: "Well, I think my favorite is the guy from Digital who, when the PC was invented, asked who on earth would want a computer in his home. But a current forecast that I find...

Nine Predictions from Futurist Robert Tucker Offered During CUES' AC&E in 1997.
November 3, 2003... 1. Speed of business will become a bigger issue with consumers. 2. Within 10 years most consumers will have stopped shopping for groceries. The reason: The groceries, which will be ordered via PC, will be delivered. "People gravitate to...

Dates Announced For Journal's Biz Development Meeting.
November 3, 2003... The Credit Union Journal has announced the dates for what promises to be its best-yet SEG & Business Development Conference. The Journal will host its fifth SEG & Business Conference on March 4-5 at the Coronado Springs Hotel and Resort in...

As CUNA Chair Steps Down, Sees Lesson From Florida.
November 3, 2003... When CUNA Chairman Barry Jolette steps down from the CUNA board of directors in October, he hopes credit union managers, volunteers and members remember what he says is the real lesson of the disputed presidential election of 2000. "If a...

Canada's Coast Capital Savings Turns To Technology To Trim Its Operating Costs.
November 4, 2003... Credit unions cost too much to run. That unsettling perspective is keeping Joel Rosenberg on his toes. The CIO at Coast Capital Savings CU thinks technology can help give credit unions a fighting chance against their money-spinning...

Overlapping Issues: Community CUs Get Advice From Most Competitive Market.
November 4, 2003... Increasing numbers of credit unions are competing against each other through overlapping fields of membership, but that isn't preventing them from cooperating, too. "The overlaps just hasn't been an issue in many, many years," said Gene...

Administration Backs Plan To Include FHLBs Under New Regulator.
November 4, 2003... Prospects dimmed last week for quick passage of a bill to reform regulatory oversight of the secondary mortgage market as key constituents diverged on their priorities. Members of the Senate Banking Committee expressed support during a...

Media Mogul: How 1 CU Spreads The Word.
November 4, 2003... The best way to get in the newspaper and on the radio station? Own them. Chocolate Bayou Community CU doesn't exactly own a newspaper or radio station, but a special edition newsletter and a low-frequency broadcast emanating from its...

CU Helps Cops Avoid Financial Arrest: Efforts To Help Go Beyond Just Reworking Loans.
November 4, 2003... Their stories are similar. They are all young Pittsburgh police officers, either newly engaged, newly married or about to have their first child and carrying new home loans with Greater Pittsburgh Police FCU. Some have vehicle loans. For most,...

ON DEADLINE: Michigan Lawmakers OK Sweeping Changes.
November 4, 2003... The Michigan Senate last week gave its own testament to the credit union movement by unanimously approving a landmark credit union reform bill on International CU Day. The bill, which now moves over to the House, would allow individual...

CU On 'Today'.
November 4, 2003... To mark International Credit Union Week, nearly 90 CU credit union representatives from New York, New Jersey, the National Credit Union Foundation and even NCUA succeeded in getting themselves on TV last week during a broadcast of NBC's Today...

OCCU Alleges 'Pattern of Racketeering' In Auto Scam.
November 4, 2003... Orange County's Credit Union has filed a lawsuit against numerous defendants alleging a "pattern of racketeering activity" involving more than 180 motor vehicles. The suit claims the CU suffered $285,000 in losses from six fraudulent auto...

NH CUs Pledge $35M For Affordable Housing.
November 4, 2003... A $35 million affordable housing program backed by New Hampshire's credit unions was officially unveiled last week at America's Credit Union Museum here. The initiative was organized by NCUA board member Debbie Matz and has the support of...

Worth Noting.
November 4, 2003... Lyon Named CEO Of NM League ALBUQUERQUE, N.M.-The New Mexico Credit Union League said it has named Sylvia Lyon the new CEO of the league, promoting her from vice president of credit union services. Lyon has been with the league for nine...

Board Meeting Doesn't Have To Be Bored Meeting.
November 5, 2003... It may seem strange. It may seem incongruent. Yet the most important hour of a credit union's life, the time that means the most for its future success, is the ubiquitous, often treated as insignificant, sometimes hard to schedule, and...

Canadian CU Gets A Hand In Managing Risk.
November 5, 2003... Biometrics still may be a fringe technology to some-but to Credit Union Central of British Columbia (Central), fingerprint recognition is the way to secure high-risk applications. "With fingerprint scanning and our Central Portal System, we...

The 2003 Credit Union Journal Technology Panel.
November 5, 2003... The following are members of The Credit Union Journal's Technology Panel. They are all given the opportunity to participate in responding to reader questions, in addition to providing input to The Journal on our technology coverage. John...

Technology News.
November 5, 2003... State Employees Upgrades Its 'ASK-SECU' Line RALEIGH, N.C.-State Employees' Credit Union has significantly upgraded the speed of its ASK-SECU line, the credit union's voice response system. SECU said the upgrade has meant it's a "blazing...

Outsourcing Also Out of Bounds?: Tips On How To Make Sure Taking Advantage of Outsourcing Opportunities Doesn't Allow Somone To Take Advantage Of You.
November 5, 2003... While outsourcing has allowed credit unions to take advantage of some of the great advancements and opportunities offered by today's technology solutions, it has also increased their risk-especially if providers are not fully aware of the...

Ten steps to ensure your outsourcing program is effective and appropriate.
November 5, 2003... 1. Define key roles and responsibilities (e.g., for the outsourcing coordinator, business-department managers, etc.). 2. Establish and maintain comprehensive written policies and procedures. 3. Create a centralized database of service...

Learning From ESP: Strategies And Lessons In Ensuring Your CU Makes The Most of Potential of E-Statements.
November 5, 2003... A few years ago Electronic Statement Presentment (ESP) was seen as the "must-have" feature of the future for commercial businesses and financial institutions. Many organizations scrambled to develop their own software solutions, frequently with...

Firm Finds Financial Planning Really Builds 'Bond'.
November 5, 2003... Financial planning software is helping credit unions better understand their members and "really build that bond," according to Steve Hollenbeck, senior vice president of marketing at CUSO Financial Services. "As representatives...

More Than 400 In Attendance At USERS' Meeting.
November 5, 2003... USERS Inc. drew more than 440 attendees for its EdCon 2003, the company's 20th annual educational conference. The meeting is one of two annual, national meetings that bring together USERS' credit union clients to share best practices, network...

Md. CU Finds Video Clips Often Better Than Print For Marketing.
November 5, 2003... Words are cheap when it comes to selling credit union service. But one small credit union here believes that video is worth a lot more. "Although video won't do any better than print media to market a loan product," said Jon Rhodes, CEO at...

Northwest Corporate Credit Union To Provide E-Investment Solution.
November 6, 2003... Northwest Corporate Credit Union has signed a strategic alliance partnership agreement with SS&C Technologies, Inc, a provider of e-investment solutions. The partnership will give Northwest Corporate Credit Union the opportunity to market...

The Risk From A Can of Pringles-The Other Side Of Identity Theft.
November 6, 2003... As credit unions expand non-face-to-face delivery channels, they need to address risks related to privacy of their own system data, as well as that of individual members, according to one person. The Internet is everywhere-that is,...

Naval Training: Navy Federal Has Created A CD-ROM To Help In Training Its Far-Flung New Employees.
November 6, 2003... Navy Federal Credit Union has packaged key elements from its four-day New Employee Training (NET) program for staff assigned to its headquarters into a four-hour CD ROM for field and branch staff. Developed by a team of employees from...

Mosaic Wins Co-Op's Outstanding Processor Award.
November 6, 2003... Mosaic Software, a provider of transaction processing solutions, has received the Co-Op Network's 2003 Outstanding Processor Performance Award. "The formal recognition by the No. 1 credit union ATM network in the U.S. financial services...

Credit Union 24 Joins With Primary Payment Systems.
November 6, 2003... Credit Union 24 has aligned itself with Primary Payment Systems, Inc. (PPS), which offers risk-management services, to offer clients the opportunity to purchase products that combat check, identity and new account fraud through IDENTITY CHEK...

Software Helps CU Avoid Any Layoffs As Mortgage Market Cools Down.
November 6, 2003... As the mortgage refinancing business cools, many lenders will have to beginhanding out pink slips ot so at Deseret Federal Credit Union, where the mortgage loan program stands on stable ground. "The press is saying that loan volume has gone...

Mid-Atlantic To Offer Web Cash Manager.
November 6, 2003... Mid-Atlantic Corporate FCU said it signed with Politzer & Haney to implement the company's Web Cash Manager Suite to enhance its existing cash management system. A key feature of Mid-Atlantic's Web Cash Manager system is integration with...

MacDill, Aimbridge Develop Connections Option.
November 6, 2003... MacDill FCU said it has teamed with Aimbridge Indirect Lending to develop technology that connects the credit union to their funded loan application data, allowing MacDill FCU to automatically retrieve loan data using electronic file transfers...

S1 Enters Into Venture With SecureWorks.
November 6, 2003... S1 Corp. said it has signed with SecureWorks to market the company's Managed Security Services Internet security system to S1's 4,000 financial institution clients. Atlanta-based SecureWorks provides a full suite of services to defend, assess,...

Diebold, Concord EFS To Offer Turnkey Solution.
November 6, 2003... Diebold Inc. said it has signed with Concord EFS to provide a turnkey ATM program that will include everything from ATM hardware to driving and transaction processing to financing. Concord, which owns the Star ATM network, will provide ATM and...

Arizona Services Corp. Selects Concord EFS.
November 7, 2003... The Arizona Credit Union League Services Corp. has selected Concorde EFS, Inc. as its preferred provider of EFT processing and ATM driving for member credit unions. "We look forward to building upon the long relationship STAR has had with...

NYCE Trademark To Be Placed On 12,000 ATMs.
November 7, 2003... First Data Corp. said its NYCE subsidiary has signed an agreement with Cardtronics Inc., of Houston, to place the NYCE trademark on 12,000 ATMs Cardtronics operates in merchant locations. Membership in the NYCE network fits Cardtronics'...

U.S. Central To Market PortPro Bond Service.
November 7, 2003... U.S. Central CU said it has signed with SS&C Technologies, Inc., to market the company's Internet-based PortPro Bond Accounting Service to corporate credit unions. PortPro is a browser-based desk top solution that also customizes reporting...

SunCorp Revamps Website Adds SunALM.
November 7, 2003... The $3-billion SunCorp Corporate Credit Union has relaunched its website with the "sunny colors" of its corporate identity being applied to its logo, ads, newsletters and all other marketing materials. The goal is to convey the image of...

Empire Corp., SVP Co. To Establish Connectivity.
November 7, 2003... Empire Corporate FCI and SVPCo said they will formally cooperate on establishing system connectivity to allow for electronic exchange of check data and images between their client financial institutions mpire Corporate and SVPCo will work...

RDS' Expanded Offerings Include New Solution.
November 7, 2003... RDS has expanded its service offerings to include an automated solution that assists ASP customers with meeting the government-mandated requirements for Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN)...

e-Solutions Group Announces 7 New Contracts.
November 7, 2003... The e-Solutions Group, a provider of comprehensive Internet banking and cash management solutions and a strategic business unit of Open Solutions Inc., announced seven new contracts with the e-Commerce Banker(tm) (e-CB) product suite. In...

WesCorp Deploys Digital Mailer's 'Snapshot'.
November 7, 2003... DigitalMailer, Inc., an electronic statement and digital communications company, has deployed its electronic statement check image interface for WesCorp's check image product "Snapshot." The company said the first client to take advantage of...

The Questionable Future.
November 7, 2003... If nothing is certain except death and taxes, how can credit unions be expected to plan for the future? In this, the second part of a two-part series, The Credit Union Journal asked several experts to offer some insight into what is to come....

Some Predictions That Were Best Served With A (Big) Grain of Salt.
November 7, 2003... What predictions about the future have missed the mark? The Credit Union Journal asked several people in the credit union community just that question. Here's what they had to say. The 'Why' In Y2K Predictions Jeff Taylor, NAFCU Senior...

Newly Formed CUSO, Xtend, Rolls Out First Product-ID Fraud Insurance.
November 10, 2003... Xtend, Inc., a new CUSO formed at the urging of CU*Answers, is about to launch its first product-identity fraud insurance. It is among many financial, managerial and technical products and services in the works for the group's target...

Aurum Debuts New Card Solution.
November 10, 2003... Aurum Technology, a provider of open and integrated technology-based solutions for community financial institutions, said it has launched a comprehensive and integrated suite of card production solutions designed to enable both new and existing...

Everyone Knows Fannie, Freddie-Or Do They?
November 10, 2003... The high-pitched lobbying contest over reform of the massive secondary mortgage market has apparently drawn little attention among credit unions. Few attendees to last week's National Association of Community CUs' annual meeting in...

Republican Redistricting Plan Targets CU Friend.
November 10, 2003... The Republican-controlled legislature finally approved a highly controversial redistricting plan that targets as many as eight of the state's 15 Democratic U.S. House members for defeat, including long-time credit union advocate Martin Frost....

Agency Is Shrinking, But Budget Is Up by 3%.
November 10, 2003... NCUA previewed a fiscal 2004 budget plan that calls for a 3% rise in spending, including 4.1% pay hikes for agency employees. The $150.4-million spending plan would reduce the NCUA's workforce by another seven positions, on top of the 24...

People.
November 10, 2003... Sun Federal Credit Union, Maumee, Ohio, promoted Dawn Laughlin to vice president of operations. Texas Dow Employees Credit Union, Lake Jackson, Texas, announced that Darla Grimes earned the designation of Certified Compliance Officer...

Maxxar, XP Systems In Telephony Partnership.
November 10, 2003... Maxxar Corp., which provides interactive information solutions and the development and distribution of products providing computer telephony integration, has formed a strategic alliance with XP Systems, a unit of Fiserv, Inc. The alliance...

Lending Solutions Names Lee Kolquist As New CEO.
November 10, 2003... Lending Solutions, Inc. has named Lee Kolquist as its new CEO, replacing interim CEO Mark Johnson. Kolquist has been with LSI in May of 2002 as vice-president of corporate strategy after a 16-year career at Stewart Associates, Inc.-CUNA Mutual...

Financial Finesse, CU Tech Enter Content Partnership.
November 10, 2003... Financial Finesse, a provider of objective financial education programs for credit unions, has formed a strategic alliance with CUTech Inc. to provide content to the 20 credit unions that are members of its Technology Research Consortium (TRC)....

Liberty, MyDas To Offer Online Fraud Education.
November 10, 2003... Liberty has partnered with MyDAS marketing to offer an online fraud education module for credit unions. The new module is offered as part of MyDAS' fee-based, self-guided education modules for credit union staff members through Credit...

Fires Strike CUs, Members, Staff: Calif. CUs Offering Assistance, Across Wide Disaster Area.
November 11, 2003... Credit unions across Southern California last week were reaching out to members and employees alike to provide whatever assistance they could as raging wildfires continued to destroy lives and property. Numerous credit unions have been...

Second Phase Of Secondary Market For Non-Conforming Mortgages Debuts.
November 11, 2003... Community development leaders joined representatives of Fannie Mae here last week to introduce the second phase of a pilot program developing a secondary market for non-conforming mortgage loans. Self-Help Ventures Fund, an affiliate of the...

Advantages Seen For CUs As Check 21 Is Signed Into Law.
November 11, 2003... The Check Truncation Act, the new law better known as Check 21 that industry experts are calling the single biggest event in the history of item processing, has some suggesting credit unions are uniquely positioned to take advantage of the new...

NCUA OKs First TIPs Charter; CU To Serve Insurance Agents.
November 11, 2003... NW Preferred FCU, a 63-year-old credit union chartered to serve employees of Farmers Insurance, was granted the first industry-wide charter by NCUA last week, allowing it to serve more than 100,000 insurance professionals in Washington, Oregon...

2004 Meetings & Events Calendar Is Inside.
November 11, 2003... The Credit Union Journal's 2004 Meeting s & Events calendar is inside this issue. More than 230 different credit union meetings, events, training sessions and seminars are listed. The information is also available online at www.cujournal.com,...

Supermarket Thinking.
November 11, 2003... Do you remember the first time you walked into your local supermarket and discovered that it sold prepared food? That question probably dates me and reveals my New York City provincialism (I'm sure jumbo stores south and west of the Hudson...

Reps Say Fund Woes Have Little Effect - Yet.
November 11, 2003... Diversification and professional management have made mutual funds a favorite of most investors - and the bread-and-butter product for many bank reps. But recent mutual fund problems, including New York Attorney General Elliot Spitzer's probe...

Cusack Joins Bank One from Schwab.
November 11, 2003... Jeff Cusack, formerly senior vice president of managed accounts at Charles Schwab & Co., has joined Bank One to head up its Private Client Services' product and marketing group. His role will be to expand the bank's product line, with an...

Networking and Chemistry Are Key to Finding Right Reps, Say Bank Recruiters.
November 11, 2003... Want to attract and retain good reps? Network like crazy, then give the reps you attract the tools and guidance they need to manage their business effectively. That's the message from participants in a panel discussion on investment rep...

Rep Market Heats Up.
November 11, 2003... Demand for bank investment consultants seems to be heating up. Paul Werlin, president of Human Capital Resources in St. Petersburg, Fla., says that his recruitment firm is the busiest it's been for at least a year. "There's been a...

ON DEADLINE.
November 12, 2003... NCUA OK's PacCorp, WesCorp Merger Plan ALEXANDRIA, Va.-The NCUA board voted in closed meeting last week to approve the merger of Honolulu-based Pacific Corporate FCU into Western Corporate FCU, subject to the Nov. 7 membership vote by...

Mass. CUs Expect To Benefit From Big Bank Merger.
November 12, 2003... New England credit unions are gearing up for another onslaught of angry bank customers looking to become credit union members in the wake of the FleetBoston-Bank of America merger announced last week. "We think the merger is really going to...

Two California Credit Unions Change Their Names.
November 12, 2003... Two California credit unions have new names. The $138-million Nazarene Credit Union has changed its name to America's Christian Credit Union. The 45-year-old CU serves the Nazarene Church and has formed alliances with a variety of other...

Robber Drops Loot, Is Robbed Himself.
November 12, 2003... A bandit who robbed a branch of Delaware FCU here dropped the loot while running away, and then was robbed himself when someone else grabbed it. The teenager entered the credit union, leaped over the counter and held tellers at gunpoint as a...

Study Suggests 1% Of All Credit Apps Are Frauds.
November 12, 2003... As much as 1% of all credit applications submitted to banks are fraudulent, according to a new Gartner Research study released at the Future of Money Summit here. Before the study's release, conventional wisdom had it that application...

New Products.
November 12, 2003... * LaSalle Broker Dealer Services Division has created an FDIC-insured, inflation-protected certificate of deposit. The CDIPs pay a fixed rate of interest semi-annually on the inflation-adjusted principal. Certificates are available in $1,000...

Provider Notes.
November 12, 2003... * Morningstar is dividing its foreign stock mutual fund listings into five categories: foreign large value, foreign large blend, foreign large growth, foreign small-mid-cap value and foreign small-mid-cap growth. The change will affect open-...

Safeco to Sell Investment, Insurance Lines.
November 12, 2003... Safeco Corp. has decided to put its life and investment business up for sale. Michael McGavick, the Seattle insurer's chief executive officer, said in early October that it has become "apparent that we could not be truly excellent in both...

Gearing Up for Success: Wachovia's Jeffrey Smith is profiting from a niche others may never have considered - long-distance truckers.
November 12, 2003... Jeffrey Smith found his market niche on the Interstate - purely by accident. About three years ago, an insurance specialist friend asked Smith to help arrange some financing for a truck manufacturer. "The company re-outfits and...

Secrets of Insurance Success: Training, incentives and a dedication to the product are driving the best programs forward.
November 12, 2003... Selling insurance through banks seems like a natural. So why, then, haven't insurance sales gained much momentum? Some experts blame a silo-like selling approach and skewed compensation incentives. Others believe it's inadequate training....

Worth Noting.
November 13, 2003... Still No Arrests In Branch Killing WEBSTER, N.Y.-Despite having received more than 500 leads in the shooting at Xerox CU two months ago, there have been no arrests in the case, according to local law enforcement. Police have released...

3 Things You Can Do To Change With Your Credit Union.
November 13, 2003... Change has become part of everyday life in credit unions, and employees who align themselves quickly and enthusiastically with their credit union's change initiatives are highly valued. Aligning yourself is not as difficult as many would have...

Teen Education Program Expands To More Than 200 CUs.
November 13, 2003... CU Succeed, a financial education program for teenagers developed by the New Mexico Credit Union League Services Corporation, recently passed the 200-credit union mark. And the program is still growing. CU Succeed launched in fall 2001 with...

Campaign More Than Doubles Usage Of Electronic Services.
November 13, 2003... Electronic service usage more than doubled at one credit union as a result of four separate interactive marketing campaigns tied to prizes that included a trip for two to Hawaii, a Samsung digital camera, a Sony camcorder and up to $7,000 to...