Banking Wire articles from November 2007

Banking Wire archives from November 2007

Fraud, Scams & Other Goblins: A Comprehensive Analysis Of How Security Threats to Credit Unions & Members Are Evolving-And What You Can Do.
November 1, 2007... MADISON, Wis. -- Fraud, con games and other criminal activities inhabit a dark place in our emotional architecture. We marvel at the ingenuity of these misdeeds, but we are also saddened at the loss of a victim's life's savings. The financial...

CUs Caught In Congressional Reforms To Mortgage Market.
November 1, 2007... WASHINGTON -- A bipartisan consensus to rein in abuses in the subprime mortgage market threatened last week to sweep credit unions, banks and other mainstream lenders into the maelstrom. A bill introduced last week by leaders of the House...

Florida Land Bust Toll Rises: Eastern Financial Files $30M Foreclosure, Norlarco Members Continue To Flee CU.
November 1, 2007... FORT COLLINS, Calif. -- Credit unions are proving they are not immune to fallout from the crash in the mortgage markets, especially in Florida. Norlarco Credit Union, which is currently under NCUA conservatorship due to a huge failure of...

NCUA Budget: Federal Charters To Pay More Operating Fees.
November 1, 2007... ALEXANDRIA, Va. -- NCUA said last week it expects to hold the annual increase in spending to around 3%, which will mean an increase in operating fees assessed federally chartered credit unions. The proposed $156.9-million budget, still...

On Deadline.
November 1, 2007... NCUA Votes To Begin Enforcing FCU Bylaws ALEXANDRIA, Va.-Frustrated over the lack of judicial enforcement of CU bylaws, the NCUA Board voted last week for a new regulation that will give the federal regulator enforcement power over federal...

Calif. Fires Shut Down-But Don't Destroy-Area Credit Unions.
November 1, 2007... SAN DIEGO -- Wind-driven fires that raged for days in many areas of Southern California spared credit unions, their employees and their members, according to reports available at press time. A total of 15 named fires raged across the region...

Fire Relief Loans Offered.
November 1, 2007... NORTHRIDGE, Calif. -- Even with some of the fires still burning out of control last week, Matadors Community Credit Union began offering a low-rate, no-fee Fire Relief Loan to victims of recent fires across Southern California. The Fire...

Worth Noting.
November 1, 2007... FirstLight Creates Memorial Fund EL PASO, Texas-FirstLight FCU has created a memorial fund for the benefit of an injured soldier whose children were killed on the way to the hospital to see him. FirstLight has also made an initial...

Extra! Extra! You Can't Read All About It At Register-Guard FCU.
November 1, 2007... SPRINGFIELD, Ore. -- Can a credit union be expected to grow if it's unable to market to its primary membership? For Register-Guard Federal Credit Union, inability to reach its members using standard marketing tools has been a situation...

Credit Unions In The Media.
November 1, 2007... The Polk County (Florida) Business Journal featured John Santarpia, CEO at Community First CU in Mulberry, Fla. in a Q&A. In the interview Santarpia talked about his life and how he came to credit unions. He urged those hoping to enter the...

Now In The Market.
November 2, 2007... Natco CU Chooses Sedona KING OF PRUSSIA, Penn.-SEDONA Corp. announced that Natco CU has selected SEDONA as its MRM application and services provider. Natco CU, located in Richmond, Indiana, is a Bradford-Scott Data Corp. client using...

Forget Room 1408: Far Scarier Hotel Room This Halloween.
November 2, 2007... I tried be polite about it, to tell him no thanks, but he had formerly worked as a time-share salesman and was keenly skilled at not taking "no" for an answer. He invited me in again, and once more I declined. His response was subtle and...

Nightmare On Your Street: How To Employ The Emerging Best Practices In Fighting Fraud.
November 2, 2007... Be afraid. Be very afraid. They're out there, walking among us. Well-organized hordes of fraudsters roaming your online banking channel like the undead, often unseen and unheard until it's too late. Their greatest advantage is...

Trick Or Treat?: Those Online Tricksters Just Keep Getting Trickier This Season.
November 2, 2007... During the Halloween season we all see the warnings about what is a Trick and what is a Treat. These educational messages are meant to alert us to those things that might seem enjoyable but, in reality, are really scary. When I see these...

Case Study: How 1 Chicago CU Cut Plastic Card Fraud: We knew there had to be an answer, and we implemented this process to find it.
November 2, 2007... Over the last several years, CUNA Mutual Group has focused on plastic card fraud and the implications it has on the credit union marketplace. Below is a look at how one credit union, Alliant Credit Union in Chicago, took a serious, head-on...

CU Lobby Prepares for Exit of Congressional Republicans.
November 2, 2007... WASHINGTON -- The credit union lobby, which had built up close ties with Republican leaders in Congress for the past decade while the GOP controlled the legislative process, has been forced to change directions now that the Democrats hold the...

CURIA Sponsorship Brings Campaign Cash To Lawmakers.
November 2, 2007... WASHINGTON -- CUNA continued to shower sponsors of its credit union bill with campaign contributions last month, paying out $55,000 to 25 of the 135 House sponsors of the legislation, known as the CU Regulatory Improvements Act. The...

NCUA Grants Charter for New Faith-Based CDCU.
November 2, 2007... BROOKLYN, N.Y. -- NCUA said it has approved a charter for a low-income credit union to be run by tiny Beulah Church of the Nazarene, only the fifth new credit union chartered this year. The faith-based credit union will serve the 933...

NCUA's Chief Financial Officer Dennis Winans To Retire.
November 2, 2007... ALEXANDRIA, Va. -- Dennis Winans, chief financial officer for NCUA and a fixture in senior management at the federal regulator for more than a decade, will retire at year end, the agency announced yesterday. Winans, a former-Marine...

People.
November 2, 2007... Synergent, Westbrook, Maine, named David McStowe account executive. Silver State Schools CU, Las Vegas, named Gary L. Hails vice president of lending. HarborOne Credit Union, Brockton, Mass., named Edward Alfieri Plymouth branch...

Program For Disabled Launched.
November 5, 2007... NEW YORK -- The National Federation of Community Development CUs celebrated National Disability Employment Awareness Month with a new program aimed at expanding credit union services to disabled Americans. The program will try to try teach...

CU Provides Immigrant Education.
November 5, 2007... EL PASO, Texas -- West Texas CU announced a unique partnership with the Mexican Consulate to offer free education programs to Mexican nationals living in the U.S. through the Mexican government's "Plaza Comunitaria" program. The credit union...

DFCU Sets Huge Member Payout.
November 5, 2007... DEARBORN, Mich. -- DFCU Financial announced it will pay its members a special dividend of more than $17 million for the second straight year. Eligible members will receive a 0.5% dividend on their 2007 average loan and deposit balances, to...

CU, Oil Drillers At Odds Over Land.
November 5, 2007... OKLAHOMA CITY -- The Oklahoma Independent Petroleum Association is crying foul over the winning bid by Oklahoma Employees CU to buy a parcel of land near the state capitol to build a new headquarters. The oil drillers say the CU's winning...

READER RESOURCES.
November 5, 2007... Credit Union Journal Subscribers can access all content from the print edition every Monday simultaneously with its publication at www.cujournal.com. Additional resources include: * Front-page news stories are accessible by clicking on the...

Smaller Markets Show Fastest Growth Rate Of Identity Theft.
November 5, 2007... SAN DIEGO -- Identity theft is growing fastest in America's smaller markets. A study conducted by ID Analytics Inc., a provider of identity risk management solutions, examined data from January through December 2006 to determine where...

ID Thieves' New Target: Kids.
November 5, 2007... IRVINE, Calif. -- Identity thieves are increasingly setting their sights on children. Child identity theft, the stealing of a minor's personal information and the establishment of lines of credit in his/her name, is being reported at an...

Advice For Parents.
November 5, 2007... Experian's Maxine Sweet has this advice for parents to safeguard their children's identity: * Educate your children about the importance of keeping personal information private. Teach them to come to you should anyone ask for their Social...

Now In The Market.
November 5, 2007... Minn. Effort Fights Lottery Fraud ST. PAUL, Minn.-The Minnesota Credit Union Network (MnCUN) has joined with several other groups in the state in an effort to combat foreign lottery and sweepstakes fraud in Minnesota. According to the...

Consumers Identify What They Consider Perfect Mix Of Card Security Features.
November 5, 2007... SAN FRANCISCO -- What do consumers consider the perfect mix of security features when it comes to their plastic cards? A new survey from Javelin Strategy & Research has found, not surprisingly, that "Identity fraud is a major pain point for...

Johnson Urges Problems Be Recognized.
November 6, 2007... NEW YORK CITY -- NCUA Chairman JoAnn Johnson said the financial services world needs to acknowledge there is a problem in reaching the unbanked, that financial education is essential to change people's lives, and giving credit unions the...

Corporate To Take Forum To Mexico.
November 6, 2007... COLUMBUS, Ohio -- Rather than waiting for the market to come to it, Corporate One FCU is going to the market. The corporate said it will hold the annual Winter Operations Forum in Queretaro, Mexico, Jan. 26-30, 2008, in collaboration with World...

Utah Leads In Check Scams.
November 6, 2007... SALT LAKE CITY -- Which state leads the nation in consumer complaints over fraud and scams? According to the Federal Trade Commission (FTC), it's Utah, where approximately 35,000 bogus checks are presented at the state's banks and credit...

Digital Defense Releases TEAM Update.
November 6, 2007... SAN ANTONIO -- Digital Defense Inc., which provides information security and risk management solutions, has released an updated version of its Security Training, Education, and Awareness Module (TEAM) Learning Management System (LMS) with an...

The Wicked pitch of the east.
November 6, 2007... Editor's note: CU Journal correspondent Jim Jerving has been on the board of the $137-million Heritage Credit Union for five years, and is currently its vice chair. Here is HCU's story. Heritage Credit Union in Madison, Wis., was originally...

How To Help Members Protect Themselves.
November 6, 2007... CALABASAS, Calif. -- Helping members with common sense security tips is a means of securing home banking. Scott Mackelprang, vice president of security and compliance with Digital Insight developed the following guidelines: * Install a...

2 CUSOs Help Small CUs Boost Security.
November 6, 2007... PONTIAC, Mich. -- There are several business models in operation that offer small credit unions the opportunity to act as "big dogs" in security and fraud prevention. The Affinity Group's friendly merger and the CU Resource Group CUSO are cases...

You've Got Mail-And You May Be Rich: The Nigerian 419 Scam Keeps Going.
November 6, 2007... LAGOS, Nigeria -- Receiving an e-mail from Nigeria with promises of wealth from an inheritance or gold mine brings merriment to bored cubicle dwellers, as well as "Who would be dumb enough to fall for that?" The answer is that many...

Global Credit Union Assets Surpass The $1 Trillion Mark For The First Time.
November 6, 2007... MADISON, Wis.-For the first time in history, global credit union assets have now surpassed $1 trillion. That's according to the World Council of Credit Unions, which has released its 2006 Statistical Report. That report found that global...

CU Gains Ground-Floor Advantage In Planning Student Branch.
November 6, 2007... HOWELL, Mich. -- Student branches are nothing new to credit unions, including LOC Federal Credit Union, which already supports 10 limited-service student operations, But the opportunity the $120-million community credit union was given to...

Homeownership For The Birds: SECU Helps Feathered Friends.
November 7, 2007... Raleigh, N.C. -- State Employees' CU advocates homeownership not only for its members, but also for the area's wildlife population. SECU is cashing in on the bluebird housing market, which has been literally soaring in sales since 2002,...

Worth Noting.
November 7, 2007... SCFCU Recognized By SCBIZ NORTH CHARLESTON, S.C.-South Carolina Federal Credit Union has been named one of the Best Places to Work in South Carolina by SCBIZ. The Best Places to Work program recognizes 20 companies that provide the...

Expert Says For Best Results, Mix And Match 'Executive Skills' To Jobs, Tasks.
November 7, 2007... LAS VEGAS -- "Executive skills" are not limited to executives, but they do map neatly to characteristics needed in the workplace, according to the author of books on success in business. Chuck Martin, chairman and CEO of Madbury,...

CUs Learn To Spot Problems When Examining Balance Sheet Risk.
November 7, 2007... LAS VEGAS -- Every credit union seeks to minimize risks in its balance sheet, and participants in a WesCorp-led workshop here learned how to spot potential problem areas. Brad Cunningham, WesCorp's vice president of financial consulting...

Now In The Market.
November 7, 2007... ADR Teams with Wolters Kluwer MINNEAPOLIS-Wolters Kluwer Financial Services announced that business forms vendor Automotive Dealer Resources, LLC will expand its product offerings to include Wolters Kluwer Financial Services' preprinted...

Searching For A Product Or Service Provider? New Tool Has The Answers.
November 7, 2007... WEST PALM BEACH, Fla. -- Searching for a provider of a particular product or service for your credit union? A new tool is available to help guide those decisions. Now on www.cujournal.com is a complete list of providers by business line...

Solution Eyed For IPO Scheming.
November 7, 2007... ALEXANDRIA, Va. -- Steven Bisker is no Johnny-come-lately to the conversion game. The former NCUA attorney has been fighting for years to stop credit unions from converting to mutual savings banks, and has been instrumental in blocking...

Visa Unveils New Payment Device.
November 7, 2007... SAN FRANCISCO -- Visa rolled out a new "fob" payment device, no bigger than your thumb, which can be used to replace the ubiquitous credit/debit card. The Visa Micro Tag is designed to attach easily to a key ring, and allows cardholders to...

Zag Gets $13.5M In New Funding.
November 7, 2007... SANTA MONICA, Calif. -- Zag, the parent of Autoland, a popular online car buying service for credit unions, has received $13.5 million in new equity financing. The company plans to use the additional capital to expand its offerings,...

NCR Completes Teradata Spin-Off.
November 7, 2007... DAYTON, Ohio -- NCR Corp. is spinning off its Teradata warehousing division into a separate company, leaving its core financial self-services unit on its own again. Teradata's stock will trade on the New York Stock Exchange under the...

Staying Secure Outside A Bank's 'Green Zone': How do you protect data when business opportunity is beyond the firewall? Enter "De-perimeterization.".
November 8, 2007... With headquarters in London and interests sprawled across Asia, the Middle East and the African continent, Standard Chartered is at once a very modern and very traditional Anglo commercial enterprise. It is a radically decentralized and...

Bank Brokerage's 25th Anniversary.
November 8, 2007... Bank brokerage was born on Nov. 5, 1982, on a balmy Florida morning when broker Al Doremus at Coast Federal Bank, a savings and loan (S&L) institution in Sarasota, Fla., closed the first sale. "It was the very first stock trade in the...

The New Establishment.
November 8, 2007... From newcomers to those taking on new assignments, these women's star quality has them front and center. A look at whose influence is gaining ground and growing fastest. 1. SALLIE KRAWCHECK Chairman and CEO, Citi Global Wealth...

Putting Team Dynamics To Work.(Company overview)
November 8, 2007... When considering executives' performances across a banking enterprise, there is little doubt that the whole is greater than the sum of its parts. In its second annual ranking of the Top 3 Banking Teams, U.S. Banker examines the effect of gender...

Peer to Peer: They're not bankers, but their prowess in the financial-services field is legendary: Meet the other women who matter.(Company overview)
November 8, 2007... 1 ZOE CRUZ Co-President // Morgan Stanley When it comes to making money and surviving political tumult, Zoe Cruz, co-president of Morgan Stanley, is clearly someone with excellent instincts. She has been at Morgan Stanley...

Nation's Fastest-Growing County Spurs Upstart's Extra Effort: Sure, Scottsdale, AZ, is hot in terms of rising mercury, but it's also heating up as a center of de novo activity. One local startup, Goldwater Bank, is putting itself in a league of its own.
November 8, 2007... Arizona has become a new hotbed of banking, and one startup is making a name for itself with one-of-a-kind customer service. While most community banks tout their personalized service as a refreshing change from that of the big banks,...

En Garde! Banks and PayPal Will Clash: The payments space is prime territory for banks and their non-bank brethren to cross swords, with new offerings constantly on tap. The menace from interlopers like PayPal grows ever greater.
November 8, 2007... Look out, banks: PayPal and its non-bank siblings in payments are gaining. The San Jose, CA-based firm is expanding further into the consumer- payments space and offering more bank-like services. And even though the firm says it is a...

Cal State 9 CU Cited By Agency.
November 8, 2007... CONCORD, Calif. -- State regulators have issued a cease and desist order against financially ailing Cal State 9 CU, which racked up $9.1 million in losses in the first half of the year. The credit union reported more than $26 million in...

Erie FCU Receives $10,000 Grant.
November 8, 2007... ERIE, Penn. -- Erie Federal Credit Union said it has received a $10,000 grant from the Pennsylvania Credit Union Foundation to fund its financial education program. The credit union announced it has partnered with the Erie Times,...

Horizon FCU Pampers Its Pets.
November 8, 2007... WILLIAMSPORT, Penn. -- Horizon FCU is holding a Pampered Pet contest at each of its branches. Members can enter their pet by submitting a photograph and two items from the Lycoming County Society for the Prevention of Cruelty to Animals'...

Congress Eyes Reforms to Mortgage Market Regulation.
November 9, 2007... WASHINGTON -- In the face of the broadening meltdown of the mortgage market, Congress is pushing for significant changes to the regulation and oversight of the market that would affect all mortgage lenders. Among the reforms being sought...

New Player in Credit Union Conversions Is CU Insider.
November 9, 2007... NORWELL, Mass. -- A credit unions' representative has emerged as a major player in the effort to take advantage of a new state law facilitating the conversion of credit unions to banks. Michael Hanson, who served briefly as state Banking...

Underserved Additions Help CU Giants Flourish.
November 9, 2007... ALEXANDRIA, Va. -- NCUA reported it approved an application from Kinecta FCU to add more than 5.5 million residents in surrounding low-income communities to its field of membership, by far the largest underserved expansion ever granted. ...

FBI Freezes 'Iceman' Cards Hacker.
November 9, 2007... PITTSBURGH -- A computer expert who served as a confidential source for an elite FBI computer crime squad was indicted on federal charges of stealing confidential information from Pentagon FCU, Citibank and others to traffic in stolen credit...

New Frontiers.
November 9, 2007... Building a successful business depends on your ability to outmaneuver the competition. You can do it simply by communicating more effectively with banks' typical brokerage clients-retirement age, mass affluent; most advisors' bread and butter....

Small-Bank Brokerage Is On The Rise.
November 9, 2007... Community banks' investment revenue grew by 9.5% from the first quarter to the second quarter of 2007, totaling $129.7 million, according to an Oct. 3 analysis by Michael White Associates. Total first-quarter revenues for community banks were...

How to Give the Love And Finesse the Cross-Selling: Small businesses want the best service from banks-and they want it cheap. And more banks are more willing to pay for it in redeemable points. Just add cross-selling.
November 9, 2007... The newest trend in small-business loyalty relationships may carry the rather bland moniker of "enterprise awards" or "enterprise loyalty," but the terms belie the importance of the one-two punch in perfectly grooming a group for cross-selling....

'Money Goes to Money.'But Can Banks Get That Right?: U.S. banks like Wachovia, Bank of America and Fifth Third are beefing up their wealth-management divisions, while smaller banks rely on deep relationships to keep going strong. Which strategy is right?
November 9, 2007... A number of U.S. banks are beefing up their wealth-management divisions. And that has prompted questions from some corners about whether that strategy is in the best interests of customers, or if the drive for size is fueled by nothing more...

Money Management: A New Sense Of Control For Seniors: Elder-focused bill pay offers payment and money management services for older consumers, who often aren't in a position to manage their daily finances for themselves.
November 9, 2007... It's the kind of scenario that nobody wants to think about-the failing health of a family member. And when the issue does surface, mundane financial matters are the last thing on a families' mind. For Harvest Capital, a $10 million-asset...

Mortgage: Running Up The Credit Score: Carteret Mortgage is using new software as part of an effort to help borrowers find ways to improve their scores. It's one of the few ways to get approval in a tepid real estate market.
November 9, 2007... The availability of mortgage credit is getting tight. And while it would probably be a stretch to say subprime loans are drying up, the spigot for less-than-perfectcredit borrowers won't be nearly as robust in future as earlier in the decade....

UPS Delivers for Its Employees' CU.
November 12, 2007... ONTARIO, Calif. -- In one of the biggest single sponsor expansions ever, UPS FCU said NCUA has approved its expansion to serve all 325,000 employees of United Parcel Services and their family members nationwide. The 23-year-old CU currently...

K-25 FCU Gets Enriched Identity.
November 12, 2007... OAK RIDGE, Tenn. -- K-25 FCU is shedding its original identity and being renamed Enrichment FCU to help members and potential members focus on its new community charter. It was chartered in 1950 to serve employees of the Oak Ridge Gaseous...

Police Station Doesn't Deter Robber.
November 12, 2007... ROYERSFORD, Penn. -- A man who robbed Superior Credit Union at gunpoint was apparently undeterred by the police station next door. The lone gunman made off with about $3,000, police said. The incident occurred around 9:30 am. (c)...

KCU Launches Mobile Banking.
November 12, 2007... SANTA CLARA, Calif. -- KeyPoint Credit Union is now offering free worldwide mobile banking that allows members to use cell phones, smart phones and PDAs to access accounts. The credit union's "Go KeyPoint" system combines MShift's mobile...

MetLife Targets Banks With New LTC Product.
November 12, 2007... Insurer MetLife thinks banks can be the distribution channel of choice for its new, simplified long-term-care product. "Our LTC sales through banks are modest, maybe 5% of total sales," says Paul Sylvester, Metlife's national sales manager for...

Wachovia Pitches HSAs for Retirees.
November 12, 2007... Wachovia, preparing to enter the health savings account (HSA) fray, hopes to differentiate itself by presenting its version of the product as particularly suited to retirees. The development of Wachovia's HSAs will be led by the retirement...

Using Banker 'Common Sense' To Predict Loan Defaults.
November 12, 2007... Amid the recent financial-market volatility, a damaging undercurrent of industry complacency came into view as financing institutions were blindsided by the visible threat of increased default levels and exposure. For middle-market...

True Leaders Shine In Tough Times. Get Ready.: Yes, these days suggest an absence of genius, but what of common sense?
November 12, 2007... Syndicated columnist Walter Lippmann once observed that "the genius of a good leader is to leave behind him a situation which common sense, without the grace of genius, can deal with successfully." While people may object to the political...

Loyalty Cards: Card Issuers Issue Perks: New loyalty programs from firms like MasterCard cater to the rich by offering preferential service for restaurants and spas.
November 12, 2007... To woo high net worth, firms are pulling out all the stops, including evolving traditional loyalty into something that almost amounts to a personal automated high-end concierge. "The values of these people are changing," says Leslie Ehrlich, a...

Mobile Banking's Second Act.
November 12, 2007... After an ill-fated spate of mobile-banking initiatives earlier this decade, banks are poised to offer wireless services, convinced that the technology is ready for prime time-even if carrier relations and technical standards remain unresolved....

Ohio CUs Are Offering Special Loans To Help Victims Of Flood Rebuild Homes.
November 13, 2007... DEFIANCE, Ohio -- In response to the needs of members whose homes flooded last month in Ottawa, Ohio, Midwest Community Federal Credit Union here has offered unsecured deferred-interest loans to help those affected cover the costs of...

Credit Unions In The Media.
November 13, 2007... The decades-old fight between banks and credit unions was highlighted by the Pueblo Business Journal, Colorado, which featured criticism of Ent FCU here by local banks. The story highlighted bank complaints that the $2.1-billion Ent is larger...

Worth Noting.
November 13, 2007... 45-Year CU Veteran Retires FITCHBURG, Mass.-Norman Boudreau, the CEO of IC FCU since 1963, has set his retirement for next August, which will mark 45 years at the credit union. Boudreau, 74, will continue to serve on the board of the...

Sen. Obama Pledges His Support Of CUs.
November 13, 2007... TALLAHASSEE, Fla. -- Democratic Presidential candidate and Illinois Sen. Barack Obama told credit union representatives here he is s strong supporter of the CU cause. The Florida Credit Union League's Director of Legal Affairs Andy Price,...