Banking Wire articles from September 2007

Banking Wire archives from September 2007

Del-One Members Grab For Cash.
September 4, 2007... Dover, Del. -- At the grand opening celebration of its West Dover branch and corporate center, Del-One Federal Credit Union had a prize wheel, hot dogs, fresh-baked pretzels, face painting, balloon animals, a live remote radio broadcast and...

Langley Creates 'Mini-Branch'.
September 4, 2007... NEWPORT NEWS, Va. -- Langley FCU and Calvary Christian Academy held a ribbon-cutting ceremony for a newly constructed mini branch at Tower Place in Hampton. The facility was established to encourage children to save. Students also count...

CUs Brave Sectarian Violence To Bring Movement To Afghanistan.
September 4, 2007... CALGARY, Alberta -- When operating in an area of conflict, Randy Spears knows the first step is to establish security and guard the perimeter. Only then can business proceed with any degree of seeming normality. That's true of all U.S....

Lewis: WOCCU's Global Influence 'Unrecognized'.
September 4, 2007... CALGARY, Alberta -- World HIV/AIDS activist Stephen Lewis knew he was among kindred spirits at the World Council of Credit Union's conference here last week, and he spoke plainly about the value the organization and its partner groups were...

Now In The Market.
September 4, 2007... GrooveCar Launches Xpress LEase HAUPPAUGE, N.Y.-GrooveCar, Inc. unveiled CU Xpress Lease, its new turn-key auto lease program that is being offered through New York credit unions to franchised auto dealers. GrooveCar officials said this is...

WOCCU Targeting Consumers In New Fundraising Efforts.
September 4, 2007... CALGARY, Alberta -- Noting declines in government funding sources at all levels, the World Council of Credit Unions will launch its first direct-mail fundraising campaign targeting consumers outside the credit union movement. The WOCCU board...

CU Contributions Help CUNA Build Up CURIA Sponsors.
September 4, 2007... WASHINGTON -- Campaign contributions from CUNA continued to find their way to key sponsors of CURIA-the CU Regulatory Improvements Act-as the credit union lobby works to convince Congress to move the five-year-old bill to a hearing or vote....

Capital's Credit Unions Help Clear Airport Security Lines.
September 4, 2007... WASHINGTON -- Congressional FCU and Pentagon FCU have agreed to help enroll government employees in a new program that will speed them through airport security lines. The two credit unions will help a private contractor, called Clear, to...

House Panel OKs Affordable Housing Trust Fund Program.
September 4, 2007... WASHINGTON -- The House Financial Services Committee last week approved a bill creating a National Affordable Housing Trust Fund, which would provide as much as $1 billion a year to help build affordable homes. But the Fund, which would...

NCUA Bylaw Ruling Nullifies Entire MAUI Teacher's Board.
September 4, 2007... MAUI, Hawaii -- Members of Maui Teacher's FCU were required to elect a new board by special ballot after NCUA ruled that the five-person panel was elected in violation of the credit union's own bylaws for the past 20 years. NCUA removed...

Wings Financial FCU Adds Sun Country Airlines To FOM.
September 5, 2007... APPLE VALLEY, Minn. -- Wings Financial Federal Credit Union announced it has partnered with St. Paul, Minn.-based Sun Country Airlines to serve the carrier's more than 1,000 employees. The partnership with Sun Country comes nearly a month...

Tough Days, Tough Nights, Seeing All The Sights & Sites.
September 5, 2007... Credit unions have been breathing something of a sigh of relief over the bullet that has been dodged to date with subprime mortgages. Most credit unions didn't make the "Easy to Get Into, Bear To Get Out Of" home loans, so while rising rates...

Michigan Court Case Is Troubling; Why All Credit Unions Should Be Aware Of It.
September 5, 2007... The strength and health of the credit union movement relies in large part on the preservation of the dual chartering system. In fact, the entire American financial services system rests on the foundation of dual chartering for depository...

Letters To The Editor: 'Demonizing' One Reason For Confidentiality.(Letter to the editor)
September 5, 2007... Credit Union Journal Publisher Frank Diekmann's column dated July 23 missed the point about the Coalition for Credit Union Charter Options' lawsuit against NCUA concerning the agency's over-reaching anti-conversion regulations. The point is...

The Flaw In Branching: CUs Focus On The Bricks, But Not What Sticks When Opening Branches.
September 5, 2007... Over the last five years branch networking has exploded. As more and more credit union branches are built, I've noticed one consistent flaw. Most credit unions are skipping the final, most critical step in opening a new or remodeled...

What To Think About With Cash Recycling Units.
September 5, 2007... Efficiency is a powerful concept for any business, and retail financial services is no exception. Efficient credit union branches are better at winning new members, keeping them happy, serving them quickly, and doing it at a lower cost than the...

CU Journal Asks: Attention Little Dogs!
September 5, 2007... In the July 16 issue the Credit Union Journal we provided in-depth coverage of whether the future for CUs is reserved for the big dogs. Do you agree? Disagree. Take a minute or two, log onto www.cujournal.com and click Letters to the Editor and...

On Same Day, Navy Federal Opens New Branches In Four Locations.
September 5, 2007... VIENNA, Va. -- With the opening of four new branches in Atlanta, Navy Federal Credit Union has found a way to grow its membership while sticking close to its military heritage. While Naval Air Station Atlanta in nearby Marietta has been...

C Plant FCU Goes Back To Its History To Develop Its Future.
September 5, 2007... PADUCAH, Ky. -- Credit unions searching for new members or a stronger community image might fare better looking to their past instead of advice from a high-powered design team. When opening its last branch last year, C Plant Federal Credit...

Now In The Market.
September 5, 2007... OneBridge Adds Contactless Feature INDIANAPOLIS-OneBridge has added contactless payment processing to its suite of payment processing solutions. Officials said OneBridge's clients will now be able to issue Visa payWave as an added feature...

Florida Venture Continues To Cause Losses At CUs.
September 6, 2007... FT. MYERS, Fla. -- NCUA is counting the losses, expected to eventually run into the tens of millions of dollars, from three failed credit unions caught up in a land speculation scheme-gone-array here. The three credit unions, Norlarco CU,...

Bracing For Impact: CUs Resisted Subprime Temptation, But That Doesn't Mean They Won't Feel The Hit.
September 6, 2007... COLORADO SPRINGS, Colo. -- The current tumult in the mortgage market has pushed dozens of subprime and exotic lenders out of business, but credit unions that resisted the temptations of the 2003-2005 real estate boom may emerge relatively...

CU Questions Why Examiner Is Taking Member Data Home.
September 6, 2007... DENVER -- NCUA is charged with overseeing the security of member data; but is the agency also putting it at risk? One credit union CEO here believes it is following a recent examination. Christine Wiley, CEO of Rocky Mountain Law...

How Will Subprime Mortgage Meltdown Effect Credit Cards?
September 6, 2007... ST. PETERSBURG, Fla. -- Problems in the first mortgage market mean credit unions should keep a closer eye on their card portfolios, according to several analysts. At issue is a big question over how those problems will pay out: will...

On Deadline.
September 6, 2007... Check Forgers Hoist On Their Own Petard SALT LAKE CITY-Nine suspects were charged with running a counterfeit check ring that created bogus business checks and cashed them at most of the city's major CUs and banks. The ring messed up...

Arkansas CUL Creates CUSO To Enhance Value, 'Stickiness' Of League Membership.
September 6, 2007... LITTLE ROCK, Ark. -- With many credit union leagues struggling with affiliation, one league is hoping that by creating its own CUSO it will add more value to the credit unions it serves. "When our board had its planning session last year,...

Scammers Resort To Low-Tech 'Vishing' Attack On Two CUs.
September 6, 2007... BEAVERTON, Ore. -- Members of two credit unions on opposite ends of the continent have been receiving automated calls with a similar pitch-access to their accounts has expired and they must call a toll-free number to "reactivate." The...

Widespread Scam Hits New Hampshire.
September 6, 2007... PORTSMOUTH, N.H. -- One week before the vishing attempt in Oregon, residents of New Hampshire began receiving telephone calls purportedly from Northeast CU on Aug. 13. Peter Kavalauskas, the credit union's CEO, said he received a call at his...

Federation Celebrates 7th CDCU Institute Class.
September 6, 2007... MADISON, Wis. -- The seventh class of students has graduated from the National Federation of Community Development CUs (Federation) CDCU Institute. More than 50 students attended the full week-long session, representing 33 CUs. ...

STATE STAT-SHOT.
September 6, 2007... Throughout 2007, the Credit Union Journal is profiling the credit unions of each U.S. state and D.C. Rather than appear in alphabetical order, the states are being featured in the order they became states. KANSAS Number of credit...

Worth Noting.
September 7, 2007... CUs Pledge $50K For Relief Efforts MADISON, Wis.-Following a mid-August earthquake in coastal Peru, credit unions and individuals have pledged $50,000 for relief efforts. The earthquake killed more than 500 peple and destroyed more than...

How 1 CU Achieved 697% ROI With Its 6-Minute Loan Guarantee Program.
September 7, 2007... WALNUT CREEK, Calif. -- Pacific Service Credit Union put its reputation for efficiency on the line with a "six-minute guarantee" on loan approvals. Though the CU did have to make good on its guarantee-having to pay off just twice in 50...

Tap The Equity In Your Vacation.
September 7, 2007... WALNUT CREEK, Calif. -- In response to numerous requests from its members, Pacific Service Credit Union recently unveiled new home equity loan products, which are secured by vacation homes or rental property. The loans are capped at 70%...

Now In The Market.
September 7, 2007... Automated Lending Aids Decisions AUBURN HILLS, Mich.-USA FCU has added Digital Dialogue's automated lending system that will help speed up loan decisions at the San Diego, Calif.-based $700-million credit union with 58,500 members. ...

Credit Unions In The Media.
September 7, 2007... As part of its "Get Gephardt" consumer assistance feature, KUTV in Salt Lake City featured a member of Mountain America Credit Union who was unable to stop her account from being debited by a local distributor for Direct TV. Despite her...

CUNA Throws Support Behind Plan To Institute Private Insurance In Wash. State.
September 7, 2007... WASHINGTON -- CUNA President Dan Mica sent a letter to the Washington State Department of Financial Institutions expressing support for choice when it comes to private insurance versus federal insurance for state- chartered credit unions where...

White Hats Beware: It Only Takes One Crisis To Cause A Stain.
September 7, 2007... I got my start in this financial reporting business by covering one of the real positive feel-good stories of the 20th century: the savings and loan crisis. It was sort of like getting your dream job of covering the NFL as a beat reporter and...

It Doesn't Take A Child Genius To Recognize Brands That Work.
September 7, 2007... I was running my weekend errands with my 3-year-old in tow. As we approached one of our usual haunts, my child pointed to the red bullseye on the side of the building and confidently looked up at me at said, "Mommy, that says Target." I...

SEG Marketing Is Alive, Well-And Thriving-In Baltimore.
September 7, 2007... With apologies to Mark Twain, "Reports of the death of SEG marketing are greatly exaggerated." There has recently been discussion in the credit union movement about our migration toward community marketing and away from SEG marketing. I...

Research: Marketing Without Research Becomes Stab In The Dark.
September 7, 2007... Ever wonder if anyone really sees those billboards? Are the right people really hearing the ads on what are supposedly the area's most popular radio stations? And if those potential members saw the TV ad, do they remember anything about it?...

Opportunities Abound.
September 10, 2007... DALLAS -- Credit unions may have a big opportunity ahead of them in their credit card portfolios as a result of subprime and housing market woes, but they will have to be very careful as they negotiate those troubled waters. "There's a...

Diebold Granted 5 U.S. Patents.
September 10, 2007... NORTH CANTON, Ohio -- Diebold was granted five U.S. patents that will allow consumers to use their cellphones to conduct ATM functions. The patents cover processes that will enable consumers to use their cellphones to locate and get...

PULSE Introduces PINless Pay.
September 10, 2007... HOUSTON -- PULSE EFT Association is now offering lenders, utility companies and certain other billers a new payment option that allows consumers to automatically pay recurring bills using a debit card without entering their PIN. ...

FSCC Partners Up With FMSI.
September 10, 2007... ATLANTA -- Financial Service Centers Cooperative, Inc. (FSCC), announced a strategic partnership with Atlanta-based Financial Management Solutions, Inc. (FMSI) to offer CUs a powerful suite of branch performance tools. The preferred...

PAYjr Teams With Serverside.
September 10, 2007... DALLAS, TEXAS -- PAYjr has joined together with global technology provider, Serverside Group, to offer teens a chance to design their own PAYjr Visa Buxx Card, a prepaid card for teenagers. Serverside's software enables teens to upload,...

CSCU Gives Back Last Year's Fees.
September 10, 2007... CLEARWATER, Fla. -- Card Services for Credit Unions (CSCU) said it will return a cash patronage dividend to member credit unions equal to 100% of its membership fees from 2006. Credit union-owned CSCU has 3,200 member credit unions...

Why 1 CU Is Backing Program To Develop Female Leaders.
September 10, 2007... NEEDHAM, Mass. -- As the "Young Women Leaders of Tomorrow" program enters its second year, it's adding nine more high schools-bringing the number of schools in the program to 31. Young Women Leaders of Tomorrow, a program of the Direct...

Smart Card Guide Targets Reluctant Members.
September 10, 2007... PRINCETON JUNCTION, N.J. -- Credit unions that have small business owners as members who are reluctant to expand into contactless payments can now point those members toward a new white paper that answers their questions. The Smart Card...

Teen Financial Literacy Is Focus Of Session.
September 10, 2007... BOISE, Idaho -- Teachers and credit union professionals gathered at four training sessions across Idaho as part of an effort to teach teachers how to teach teens about finances, and why such skills are important. LaRaye O'Brien from the...

People.
September 10, 2007... Redwood Credit Union, Santa Rosa, Calif., elected to its board: Rod Dole, chair; Greg McGuirk, vice chair; Jim Olmsted, secretary; Robert Steele, treasurer; June Funk and Dave Imoto. Elected its supervisory committee: Lou Funk, chair; Steve...

Anonymous Grant To Fund IDA Pilot.
September 11, 2007... DES MOINES, Iowa -- A $425,000 grant from an anonymous donor will fund a pilot program to introduce Individual Development Accounts to Iowa credit unions. The fund will be used by the Iowa CU Foundation to help seven CUs enroll 186...

Cops Collar 'Tattoo Bandit'.
September 11, 2007... PORTLAND, Ore. -- An ex-con on parole for a bank robbery sentence was arrested in connection with as many as eight credit union robberies in the past two months. Marc Rzegocki, 54, nicknamed "CU Tattoo" because of his heavily tattooed...

Patelco Helps Hurricane Victims.
September 11, 2007... SAN FRANCISCO -- Patelco CU is offering free remittances on funds sent to Mexico through Sept. 30 to assist victims of Hurricane Dean. Patelco recently began offering a remittance program on which it typically charges a $7.50 flat fee per...

Four Plead Guilty in ATM Plot.
September 11, 2007... CLARKTON, N.C. -- The last of four suspects who used dynamite to access a North Carolina SECU ATM here last December-but failed to get at the cash- pleaded guilty to the failed robbery attempt. The group jammed dynamite into the door frame...

Suspect Pleads Guilty In AOL Scam.
September 11, 2007... HARTFORD, Conn. -- A man who schemed to steal subscriber information from America Online members, then used the information to steal hundreds of thousands of dollars from bank and credit union accounts, pleaded guilty to conspiracy and...

Certificates Pitched As Way To Get Out Message On The CU Difference.
September 11, 2007... MADISON, Wis. -- A Green Bay Packers fan's passion for the game has led him to create a new way to reconnect with credit union members. Credit union consultant John Vardallas works with credit unions around the nation extolling his brand...

Piedmont Aviation CU Teller Credited With Saving More Than 20 Lives.
September 11, 2007... WINSTON SALEM, N. C. -- Dana Padgett doesn't just talk about helping people. A teller with Piedmont Aviation Credit Union for the last year and a half, Padgett recently took the initiative to warn apartment residents of a fire resulting in...

Under The Microscope: Consolidating ID Management Will Help Banks Manage Security Ops.
September 11, 2007... LONDON -- Banks need to invest in consolidating identity management across the enterprise so end-users can have a single sign-on across all product systems, channels and locations in order to facilitate and simplify identity management. ...

Under The Microscope: Study Delves Into Characteristics Of Highly Successful CUs, How To Be One.
September 11, 2007... PHOENIX -- C. Myers corporation has released a white paper for credit union leaders focusing on redefining and managing success in light of a rapidly changing world. The company said the purpose of the white paper is to share the...

Valley Bell Offers Rebates For Green Auto Loans.
September 11, 2007... ELGIN, Ill. -- Valley Bell CU is partnering with the state Treasurer's office to encourage green auto lending. Under the "Green Rewards Program," members who finance a new hybrid, electric or fuel cell vehicle purchase through the credit...

Marine CU Offers No-Interest Flood Loans.
September 12, 2007... FOND du LAC, Wis. -- Marine CU has made $1 million in no-interest loans available for victims of the recent flooding who need help with clean-up, supplies, temporary housing or day-to-day needs. Funds will be distributed on a first come...

Long-Time Michigan CU Figure Chuck Kolin Passes.
September 12, 2007... FLINT, Mich. -- Charles (Chuck) Kolin, retired CEO of Elga CU and former chairman of the Michigan CU League, died Aug. 24 at 76. Kolin began his credit union career as a volunteer with Elga CU in 1960 and was named CEO of the credit union in...

Maine CUs Hit the Small Screens In Statewide Ad.
September 12, 2007... AUGUSTA, Maine -- A statewide credit union marketing campaign returned to Maine's television stations this morning in all three major markets: Bangor, Portland and Presque Isle. Nearly 4,000 commercials sporting the "I Save" tag will air...

Veridian CU Funds $35K In Financial Lit. Programs.
September 12, 2007... WATERLOO, Iowa -- Veridian CU has awarded $35,000 to help fund five financial education programs. The grants will fund: "Operation Threshold" to teach homeownership in Waterloo; Junior Achievement's "Our Region" financial literacy...

DuPont Community CU Fights Phishing Attack.
September 12, 2007... STAUNTON, Va. -- Members of DuPont Community CU were being warned to ignore an e- mail that invites them to share their account information. The phishing attempt reads, "Dear DuPont Community C.U. Cardholder, You have 1 new Security Message...

Meeting Members Halfway.
September 12, 2007... BROOMALL, Penn. -- Franklin Mint FCU here meets with its members who are past due on mortgages or home equity loans. If the member indicates he or she is having a payment shock issue with another lender, the credit union turns over the file...

An Unprecedented Situation Puts Cards-Not Homes-First.
September 12, 2007... COLORADO SPRINGS, Colo -- Ent FCU sold its credit card portfolio several years ago, but SVP- Chief Lending Officer Bill Vogeney said there's "a sense" consumers will tap their credit cards to keep their mortgages afloat. He said the number of...

The Sounds Of Silence.
September 12, 2007... COLORADO SPRINGS, Colo. -- What are credit unions in some markets hearing and seeing from competing banks in response to the mortgage market slowdown? Not much, according to one CU here. "We haven't heard 'boo' from the banks," said Bill...

Surprise At Home: CDCUs Report Coverage Of Subprime Mortgage Problems Has Led To More Inquiries.
September 12, 2007... NEW YORK -- Community development CUs say they share the nation's concerns about problems in subprime mortgages and the resulting tighter credit, but tell CU Journal that it's too early to predict how it will affect their financial offerings...

CUJ Q&A: Where Wescom CU, Which Has Aggressively Build Mortgage Business, Sees New Opportunities.
September 12, 2007... The $3.9-billion Wescom Credit Union CU West Mortgage, a full- service retail mortgage CUSO, and merged it with CUSO Mortgage, which Wescom acquired in 2006. Jane Wood, Wescom's executive vice president and chief operating officer, shared the...

How First Michagan CU Has Structured Its Relationship Pricing.
September 13, 2007... LATHRUP VILLAGE, Mich. -- First Michigan Credit Union has uncovered a cost-effective strategy to cultivate greater member wallet-share that also doubles as an expense-free way to satisfy member complaints. And the credit union says its members...

MD CUs Lobby Gov. To Get On List Of Approved Institutions.
September 13, 2007... COLUMBIA, Md. -- The Maryland and District of Columbia Credit Union Association (MDDCCUA) is trying to determine how a recent ruling by the state treasurer that counties and municipalities cannot deposit funds in a credit union will impact the...

Now In The Market.
September 13, 2007... Freddie Mac, Greystone Join Forces MIDDLESTON, Wis.-Greystone Residential Funding, Inc. has announced a partnership with Freddie Mac. Freddie Mac's customers gain access to an expansive mortgage product menu, innovative technology, and a...

Now In The Market.
September 13, 2007... Kinecta Financial Realigns Groups MANHATTAN BEACH, Calif.-Kinecta Financial Management Company LLC will discontinue its consulting services to other CUSOs, and realign in order to focus on its investment and insurance services Kinecta...

CUs Seen As One Beneficiary Of Globalization Of Markets.
September 13, 2007... HONOLULU -- Credit unions could be among the beneficiaries of the growing trend toward globalization of markets, according to one-time Labor Secretary and well-known author Robert Reich. The growing trend toward global markets means an...

Robert Reich On Federal Budget, Health Care, Tough Questions.
September 13, 2007... HONOLULU -- Robert Reich, the former secretary of labor in the Clinton Administration, also offered these observations to NAFCU's recent annual meeting: Fiscal Issues and the Federal Budget: "Social Security not a problem. The big problem...

DOD Official Explains Intent Of New Lending Proposal.
September 13, 2007... HONOLULU -- The Department of Defense is looking to work with regulators and credit unions to strengthen rules related to abusive credit practices, according to a spokesperson. David Chu, under secretary of defense for personnel and...

Notes from NAFCU.
September 13, 2007... NAFCU's annual conference drew almost 2,000 people to Honolulu, most of whom were volunteers. Most attendees stayed at the Hilton Hawaiian Village and were bused to the convention center, site of the meeting and trade show. When NAFCU...

Getting On Board: NCUA Board Members Rodney Hood & Gigi Hyland On Priorites, BSA, CRA & More.
September 13, 2007... HONOLULU -- NCUA Board Members Rodney Hood and Gigi Hyland responded to these questions during NAFCU's annual meeting last week. The questions were presented by NAFCU Chairman John Milazzo. Q: What priority has changed for you over the last...

People.
September 13, 2007... St. Jean's Credit Union, Salem, Mass., named Patricia Tarr Lynn branch manager and Lisa Campbell branch and operations center manager. Point West Credit Union, Portland, Ore., named Amy Nelson training and education manager. Workers'...

What Subprime Mortgage Meltdown Means To CUs: Market's Downward Spiral Presents Investment Opportunities.
September 14, 2007... WALL STREET -- The recent meltdown in the mortgage market is presenting opportunities for credit unions, according to several analysts. Market changes are eliminating some market competition and positioning credit unions as a safe...

What Subprime Mortgage Meltdown Means To CUs: Take Action Now To Avoid Getting Sideswiped By Subprime Woes.
September 14, 2007... ARLINGTON, Va. -- Credit unions generally didn't jump on the subprime mortgage bandwagon, but that doesn't mean they won't get sideswiped as the wagon streaks downhill. Credit Union Journal talked with several CU economists about how the...

What Subprime Mortgage Meltdown Means To CUs: No Retreat: CUs Positioned To Help Members-And Selves.
September 14, 2007... TUKWILA, Wash. -- Now is not the time for credit unions to bury their collective heads in the sand. Several analysts told the Credit Union Journal that while credit unions in large part have not originated the kinds of subprime mortgage...

Casting A Wide Net: CU Uses Voicemail To Boost Car Sale.
September 14, 2007... LATHROP VILLAGE, Mich. -- Michigan First Credit Union is putting the "auto" back in auto loans, using automated voice messages to boost turnout at its biannual car sale. The $463-million credit union is using the voice messages to remind...