Banking Wire articles from September 2008

Banking Wire archives from September 2008

Leader of CUSO Doing Manufacturing Housing Finance Sees Role For CUs.
September 2, 2008... SAN ANTONIO -- Hes a former banker who loves the service side of the credit union movement. Hes also NAFCUs Professional of the Year for credit unions with more than $150 million in assets. Stephen Hennigan is executive vice president for...

Latest Link On Facebook: Visa Business Network.
September 2, 2008... SAN FRANCISCO -- The Visa Business Network has created what it says is the first ever application dedicated to connect businesses on Facebook. Visa knows first hand that small business owners have big ideas and ambitions and that...

CU Offers 'Store Full' Of Reality For High Schoolers.
September 2, 2008... FAIRFAX, Va. -- Adults often say high school kids need a dose of reality when it comes to their finances, and Apple FCU here is giving them oneor, in this case, a store full. The credit union has been sponsoring the Apple Federal Credit...

Redwood CU Adds New 'Move Money' Offering.
September 2, 2008... SANTA ROSA, Calif. -- Union has introduced Move Money, an online service that allows members to move funds electronically between accounts. Members can access Move Money through their RCU Online home banking, and can use the service to transfer...

Pennsylvania Credit Union Association Is Big Winner In Pro & Blockbuster Awards.
September 2, 2008... WASHINGTON -- CUNA has named the winners of its 2008 Pro & Blockbuster Awards for excellence in public relations, marketing, and advertising by state leagues and league service corporations. The Best of Show Pro Award went to the...

Credit Union ONE Staffer To Mark 90th Birthday.
September 2, 2008... FERNDALE, Mich. -- Longstanding Credit Union ONE employee Harry Nowell will celebrate his 90th birthday on July 8. Harry Nowell, born in Montreal, Quebec in 1918, began working at Credit Union ONE in 1981, the third career in his lifetime....

CU Sponsors Financial Lessons For Military.
September 2, 2008... PENSACOLA, Fla. -- Kelvin Boston, host of the PBS series Moneywise with Kelvin Boston, came to the Gulf Coasts U.S. Navy Installations to teach financial readiness tools to area military personnel as part of a program sponsored by Pen Air FCU....

Polish & Slavic Takes CU On The Road With Truck.
September 2, 2008... BROOKLYN, N.Y. -- Polish & Slavic FCU now has the ability to take the credit union on the road following its introduction of a 40-foot truck that can act as a mobile branch. P&SFCU said it will take the vehicle to meet with various...

Fault-Tolerant Virtual Machines.
September 2, 2008... Intense competition and high rewards for innovation make the financial services industry one of the biggest and most aggressive adopters of new technology; so its no surprise that financials have been leading adopters of virtualization...

What's Driving IT Spend For Basel II.
September 2, 2008... The financial industrys largest banks and broker-dealers have faced considerable challenges in their efforts to improve financial risk management and satisfy evolving regulatory requirements generated by the Basel II Capital Accord. Current...

79 Volunteers Help AFCU To Help 1,200 With IRS.
September 3, 2008... ITHACA, N.Y. -- With the help of 79 dedicated volunteers, Alternatives Federal Credit Unions Community Tax Program filed more than 1,200 federal tax returns, returning an average of $1,514 to clients served as part of its participation in the...

Texas Banking Chief James Is Set To Retire.
September 3, 2008... AUSTIN -- Texas Banking Commissioner Randall James will retire Aug. 31 after more than 15 years with the Texas Department of Banking. James was hired as deputy commissioner in 1991 and has spent almost nine years as the commissioner. He said...

CU Sponsors Discount On Gas Price.
September 3, 2008... SAGINAW, Mich. -- Team One Credit Union here sponsored discounted gas at a local 7-Eleven. The credit union provided a 25-cent-per-gallon discount on 4,000 gallons of gas overall pumped into consumers cars. High gas prices are on everyone's...

Gas Allowance For Staff.
September 3, 2008... CUDAHY, Wis. -- Prime Financial Credit Union said it has begun making a monthly Gas Allowance deposit into employees accounts to help offset the rising cost of fuel. The funds are going to full-time employees who are not in an executive or...

City CU Relocates Workers Closer To Home.
September 3, 2008... DALLAS -- At City Credit Union here, branch employees have all been relocated so as to work at the branch closest to their homes. In addition, several back-office employees are working four 10-hour days, four days per week. Senior management...

0% Bike Loans.
September 3, 2008... LUBBOCK, Texas -- Texas Tech FCU is helping students beat the rising costs of gas by teaming with the university to offer students interest-free loans up to $500 to buy a bike this fall. The one-year loans will be offered to any students who...

Carpool Incentives.
September 3, 2008... LAKE MARY, Fla. -- CFE FCU here has initiated a program offering incentives to employees who carpool with at least three people. Each carpool is being rewarded with $50 a month for six months to offset the cost of commuting. Carpool groups are...

Gas Rebates.
September 3, 2008... RICHMOND, Va. -- Members who use a Virginia CU credit card will receive a 5% rebate on gasoline for the summer months of July and August. The rebate applies to credit card purchases at any gas station in the U.S. to help with summer travel....

cujournal.com Survey.
September 3, 2008... In response to increases in gas and other expenses, our CU has: Provided a one-time bonus or gas cards to employees 4% Are providing assistance on an as-needed basis 6% Are allowing more telecommuting or flexible...

How Gas Prices Affects Branches.
September 3, 2008... ATLANTA -- Each uptick in the price of gas will only reinforce the value of conveniently located branches, and could have some unforeseen consequences on other facilities, according to one analyst. Oil prices may have gone up so far so fast...

Data Shows Home Foreclosure Filings Soar By 53%.
September 4, 2008... PLANO, Texas -- Southwest Corporate Credit Union reported that June foreclosure filings rose 53% from a year earlier while actual repossessions almost tripled. According to RealtyTrac, more than 252,000 properties, or one in every 501 U.S....

Telesis Offers Hang Ten Certificate.
September 4, 2008... CHATSWORTH, Calif. -- Telesis Community CU has introduced its new Hang Ten certificate, paying an extraordinary 10% Annual Percentage Yield for a five-month term. The certificate is available for new and existing members who open their first...

WORTH NOTING.
September 4, 2008... WOCCU Releases World CU Data MADISON, Wis.CUs around the world added approximately 5-million new members during 2007, according to World Council of CU (WOCCU) data. WOCCUs 2007 Statistical Report shows 49,134 CUs operating in 96 countries...

MoneyAisle.com Brings Small Banks To Fore, May Add CUs Soon.(Website overview)
September 4, 2008... BURLINGTON, Mass. -- A new website that allows small and mid-sized banks to compete online for consumers savings business may be expanded to include credit unions, and a lending component will be added, too, says the sites founder. ...

Goldsmith Kicks Off NAFCU Mtg.
September 4, 2008... SAN DIEGO -- Author and management consultant Arthur Goldsmith kicked off NAFCUs conference last week with lessons on management. Among the best advice he has, said Goldsmith, whose most recent book is What Got You Here Wont Get You There, is...

Bancography Names Top CU Brands.
September 4, 2008... BIRMINGHAM, Ala. -- Among the nations largest credit unionsassets of at least $1 billionMountain American Credit Union in West Jordan, Utah holds the most powerful brand, followed by Arrowhead Credit Union in San Bernardino, Calif. and JSC...

Community Helps Curb Robberies.
September 4, 2008... CARSON, Calif -- Two credit unions and the Compton Police Department are working together to stop CU robberies. Board and staff members as well as the CEOs of Mid-Cities Financial and Star Harbor CUs attended a robbery prevention training...

Now In The Market.(Website overview)
September 4, 2008... Banc Insurance Purchases BIS EAST GRANBY, Conn.-Banc Insurance Services, a provider of turnkey insurance agency solutions, said that its management team and a group of private investors has purchased BIS from Jack Henry & Associates Inc....

Perhaps Understanding This Target Audience Isn't As Easy As Pie.
September 4, 2008... Can you really understand the plight of the underserved if you are eating a $17 slice of pie? I had just this conversation with someone recently during CUNA Mutuals Discovery Conference at the Westin Diplomat in Hollywood, Fla., when this...

Why The 'Two-Legged Lending Stool' Isn't Enough To Serve CU Membership.
September 4, 2008... Recent CU Journal Views and Opinions writers have correctly addressed the need for credit unions to maintain relevance with their membership. One writer suggested we wake up and smell the coffee. Im reminded as well of Credit Union Journals...

'Day in the Life' Sign-Ups Welcome.
September 5, 2008... WEST PALM BEACH, Fla. -- This year will mark the 12th anniversary of one of the most extraordinarily unique projects within the credit union communityCredit Union Journals Day in the Life Project. This year our goal is to make it bigger than...

How CUs Can Reel In The Whales Instead Of Just Minnows.
September 5, 2008... The mortgage lending industry can be likened to commercial fishing, and we see two distinctive types of fisherman competing within the space. The big-bank national mortgage lenders act as a fleet of large, modern fishing trawlers, casting and...

What Can Your CU Learn From Kidnapping Caper At Call FCU?
September 5, 2008... There are few moments of truth in our business, but when they come it makes everything we do worthwhile. They come when you get a letter of thanks from a grateful member or when youre recognized for your work by your peers. Mine came when...

On Branding: 9 Free Ways To Buff Up Your Brand.
September 5, 2008... Gas prices are going up. Home sales and new home starts arent going anywhere. And grocery prices are starting to make gas look cheap. Yes, if feels like overnight our economy went from busting through the seams to just plain bust. And everyone...

Buying & Selling Auto Loan Portfolios: New Options Help Credit Unions Mitigate Risk.
September 5, 2008... William Shakespeare probably didnt have the subprime mortgage crisis in mind when he penned the famous phrase Neither a borrower nor a lender be, but his words come close to describing the current environment consumers face when seeking...

Considering Indirect Lending? Start At The End And Work Back.
September 5, 2008... Indirect lending can be an excellent way to enhance your lending program. Certainly, this is a risk-based program with a great risk/reward situation involved. While many credit unions have entered the market with great reward, some have...

Tax Hearing Was Turning Point for NCUA's Johnson.
September 5, 2008... WASHINGTON -- During her six-and-a-half years on the NCUA Board, the low point for JoAnn Johnson was undoubtedly her grilling before the House Ways and Means Committee in November 2005, while she was still getting her sea legs as chairman of...

Supervisory Committee Nixed for Lack of Volunteers.
September 5, 2008... HARRISBURG, Penn. -- State regulators have approved a request by NBA CU to reduce its board size from 11 to nine directors and to eliminate its supervisory committee, as volunteers are growing harder to come by. We feel that hiring an...

University CU Approved for large FOM expansion.
September 5, 2008... BOSTON -- State regulators said they have approved the expansion of University CU from employees of a dozen area credit unions to include as many as 100,000 students at those schools. The $43-million credit union was chartered to serve...

NCUA Clears TTFCU Cards Deal.
September 5, 2008... LUBBOCK, Texas -- NCUA approved a program proposed by Texas Tech FCU to allow students, faculty and alumni of Texas Tech University to buy gift cards at the credit union to finance millions of dollars of football tickets, refreshments and...

$200M In Vet Mortgages Offered.
September 8, 2008... BOSTON -- Military veterans will have access to as much as $200 million of low- and no-down payment mortgages from 50 credit unions and banks under a new program unveiled by Massachusetts governor and the participating institutions. The Home...

CU Promo Offers To Fill Your Tank.
September 8, 2008... TEMPE, Ariz. -- Altier CU is offering one lucky member a way to escape the rising cost of gas for one year. Everyone opening an Altier checking account from July 15 through Sept. 15 will be entered in the credit unions Gas for a Year...

American Airlines FCU Has New CEO.
September 8, 2008... FORT WORTH, Texas -- American Airlines FCU said Angela Owens, its chief operating officer the last two years, has succeeded John Tippets as president and CEO of the $5 billion CU. Owens, named heir apparent in 2006, has been with AMR Corp...

Enabling The Disabled: How 1 CU Found New Lending Niche.
September 8, 2008... EAST LANSING, Mich. -- Option 1 Credit Union here has built a niche in making loans to people with disabilities, helping to boost its loan portfolio and its image in the community. Partnering with United Cerebral Palsy of Michigan (UCPM),...

Best Investment A CU Can Make: A Good Loan.
September 8, 2008... ORLANDO, Fla. -- Investing can be tricky business in the current market environment, but fortunately for credit unions, the strategy is simple: the single best investment a credit union can make is a quality loan. Our business is very...

Now In The Market.
September 8, 2008... Allegiance Offers Consulting SALT LAKE CITYAllegiance, Inc., a provider of Enterprise Feedback Management (EFM) solutions, has introduced Best Practices Consulting Services. Allegiance experts use data gathered through the Allegiance...

CUs' Newest Mortgage Competition: Insurance Agents.
September 8, 2008... LOS ANGELES -- CUs have been lauding the fact that many other mortgage lenders have been backing away from the market, leaving the field openbut it turns out theyre not the only ones who noticed that open field. The Wealthbridge Network,...

Now In The Market.
September 8, 2008... NAFCU Selects Preferred Partner WASHINGTONuNAFCU Services Corp. has selected SAS as its Preferred Partner for business intelligence, predictive analytics and risk assessment. NAFCU Services and SAS said they have identified four key...

CUs' Auto Lending Share Down, But 'Credit Crunch' Could Reverse Trend.
September 8, 2008... LAS VEGAS -- The skyrocketing price of gasoline has put a serious crimp on credit unions traditional bread and buttercar loansbut some are suggesting there are still opportunities for CUs in this market. The key is for credit unions to take...

OCCU Is Delving Into Independent Dealer Arena.
September 8, 2008... EUGENE, Ore. -- Oregon Community Credit Union is readying to be a part of the launch of a new initiative designed to mitigate the risk in booking auto loans with independent car dealers. According to Tony Boutelle, Credit Union Direct...

How To Mitigate Risk Working With Independent Dealers.
September 9, 2008... LAS VEGAS -- Credit unions entering into or considering indirect lending relationships with independent auto dealers were cautioned to be aware of the risk of the dealer going out of business before receiving title to the vehicle. Its a lesson...

CUs Must Tap Loyalty To Boost Auto Loans In Troubled Times.
September 9, 2008... The tables have turned against banks and finance companies and in favor of credit unions, meaning CUs stand to benefit in the form of improved auto lending, according to an industry insider. Rich Apicella, practice executive for automotive...

Now In The Market.(Conference notes)
September 9, 2008... Akcelerant Awards Arizona FCU SCOTTSDALE, Ariz.Akcelerant hosted its Customer Conference here with more than 175 attendees on hand. During the meeting, Arizona FCU was presented with the companys Pioneer Award for its continued innovation...

European Union Offers First Formal Definition Of CUs In Recent Report.
September 9, 2008... BRUSSELS, Belgium -- A report adopted by the European Parliament promoting the value of volunteerism and designating 2011 as the European Year of Volunteering contained what is thought to be the first formal definition of credit unions to be...

Indian Cooperative Banks Tour US CUs To Learn The Regulatory Ropes.
September 9, 2008... LOS ANGELES -- A delegation of 11 CEOs and board chairmen from state cooperative banks of India visited Nevadas Community One FCU and Californias Water and Power Community CU, following visits to CUs in New York, Washington and CUNA Mutual in...

Costa Rican Movement Working To Defend CUs' Tax-Exempt Status.
September 9, 2008... SAN JOSE, Costa Rica -- Representatives of the World Council of Credit Unions (WOCCU) mounted an effort to head off anti-credit union sentiments here calling for revoking the tax exemption. The contingent, which included officials from...

Irish CU League Taps Kieron Brennan To Head Trade Association.
September 9, 2008... DUBLIN, Ireland -- The Irish League of Credit Unions has named Kieron Brennan as its new CEO. Brennan had previously headed up the not-for-profit group Pobal, which focuses on the funding of community development projects, and manages projects...

St. Lucia CUs Are Struggling With Skyrocketing Loan Delinquencies.
September 9, 2008... CASTRIES, St. Lucia -- He originally set out for Kenya, but civil strife in that country led him to the island of St. Lucia instead, where his work with credit unions is now being lauded. He is Steven Lutz, senior VP/CFO with GECU in El Paso,...

Minnesota CU Network Plays Host To International Visitors Program.
September 9, 2008... ST. PAUL, Minn. -- The Minnesota Credit Union Network hosted participants of the International Visitor Leadership Program (IVLP) as part of the groups three-week visit to the United States. Seven international visitors visited the leagues...

WOCCU: IASB Accounting Standards Could Hurt Small, Medium-Size CUs.
September 9, 2008... MADISON, Wis. -- Certain provisions in the International Accounting Standards Boards (IASB) proposed accounting standards for small and medium-sized enterprises (SMEs) could be detrimental to credit unions, according to WOCCU. The trade...

National Australia Bank To Support Large Indigenous-Owned Institution.
September 10, 2008... MELBOURNE, Australia -- National Australia Bank Ltd. (NAB) said it will extend a offer a $1 million, interest-free loan to help underwrite the building of credit union branches to serve indigenous populations in this countrys Australias...

South Africa Passes Nation's First Cooperative Financial Legislation.
September 10, 2008... Madison, Wis. -- South Africas government has passed the Cooperatives Banks Act, marking the first financial cooperative-specific legislation to be passed in English-speaking Africa, according to the World Council, which assisted the Savings...

Florida League Teams Up With Brazilian CU Trade Association.
September 10, 2008... PORTO ALEGRE, Brazil -- The Florida Credit Union League (FCUL) and Confederacao Interestadual das Cooperativas Ligadas ao SICREDI (SICREDI), a trade association for 130 Brazilian credit unions, have signed a partnership agreement in an effort...

Virginia CU League To Partner With Estonian Union Of Credit Co-ops.
September 10, 2008... LYNCHBURG, Va. -- The Virginia Credit Union League (VCUL) has signed a partnership agreement with the Estonian Union of Credit Cooperatives (EUCC) to provide support and expertise to that countrys cooperative movement. Many of our credit...

Now In The Market.
September 10, 2008... TMG Makes Best Place To Work DES MOINES, IowaTMG (The Members Group) has been named one of the best places to work by the Des Moines Business Record, finishing among the top three on the list of best places to work among large companies in...

IndyMac Failure Reverberates At CUs Across California, U.S.
September 10, 2008... PASADENA, Calif. -- In the wake of the IndyMac Bancorp failure credit unions across the country have been taking steps to reassure members about the safety of their deposits and the National CU Share Insurance Fund. The biggest bust of a...

Congress Announces A Proposed Ballout Of Fannie Mae, Freddie Mac.
September 10, 2008... WASHINGTON -- Shares in Fannie Mae and Freddie Mac gyrated last week after the government proposed measures that would transform the traditional implicit guarantee of the two mortgage giants into an explicit one. The proposals came as the...

CUs Team With Banks To Help Kill Interchange Reform Legislation.
September 10, 2008... WASHINGTON -- In a temporary truce, credit unions and banks joined last week in a withering lobbying effort that effectively killed a bill aimed at lowering credit card interchange fees. Though the House Judiciary Committee voted to endorse...

Not Just Playing Games: Aliens, Mazes Offered On Some CU Sites.
September 10, 2008... WINDSOR, Ontario -- Youre the short, blue alien with two long antennae, trying to hover your way across town to the credit union, where youll deposit the coins you grab on your journey. So goes the adventure in a Flash-based, online game...

NCUA Taking Tougher Stance With Exams.
September 10, 2008... SAN DIEGO -- Credit unions that have long been strong CAMEL 1 and CAMEL 2 operations could see downgrades during the rest of the year, according to a supervisory examiner with NCUA. In addition, ongoing balance sheet problems, risks, and a...

On Deadline.
September 11, 2008... PESCU Wins Appeal Against B.J.s, Fifth Third PHILADELPHIAPennsylvania State Employees CU won a huge victory after a U.S. appellate court sided with the CU in a fight with B.J.s Wholesale and Fifth Third Bank, ruling that the wholesaler and...

Aranjo Faces Long Prison Term.
September 11, 2008... SPRINGFIELD, Mass. -- A federal judge ruled that Carol Aranjo, former president of now-defunct D. Edward Wells FCU, could receive more than 12 years in prison on Sept. 15the day she is scheduled to be sentenced for embezzling $1.5 million from...

Texans Forms Tactical Svcs CUSO.
September 11, 2008... RICHARDSON, Texas -- Texans CU has launched a new CUSO that will provide advice on risk management and fraud protection, operations, and consulting services. Innovative Support Solutions risk management services range from transaction risk...

FCFCU Provides Mortgage Program.
September 11, 2008... FAIRHAVEN, Mass. -- First Citizens FCU said it has joined other credit unions and banks in a new state-backed program to provide subsidized mortgages to military veterans. The Home for the Brave program will offer vets discounted mortgage...

Outgoing NCUA Chair Talks Of Taking Heat, What Lies Ahead.
September 11, 2008... SAN DIEGO -- Calling her term on the NCUA board one of the most rewarding experiences of both her professional and personal life, outgoing NCUA Chairman Joann Johnson said she would do it all again if she couldand that includes the painful...

Restated Earnings Has Put U.S. Central FCU In The Red For The First Time.
September 11, 2008... LENEXA, Kan. -- U.S. Central FCU reported that the continuing deterioration in the mortgage markets had a key role in restated earnings for 2007showing instead of a $6.9-million net for the year, as reported earlier, it had a $50.7 million...

WORTH NOTING.
September 11, 2008... NFCC: 80% Have Foreclosure Worries SILVER SPRING, Md.More than eight-in-10 of the more than 10,000 consumers who have taken the National Foundation for Credit Counselings (NFCC) during the first six months of 2008 have indicated concern...

SELCO Breaks Out By Giving Members A Break In TV Ads.
September 11, 2008... EUGENE, Ore. -- And the Big Break goes to...SELCO Community CU, which managed to break out of the crowd of financial services advertising with its Your Big Break contest that allowed the CUs members to vie for the opportunity to produce the...

CUNA Council Members Are Taking To New 'Professional Facebook'.
September 11, 2008... MADISON, Wis. -- To better keep its 4,600 members in close contact, the CUNA Councils have developed a professional Facebook a networking site that gives users the ability to find news, advice and other information about members across the...

Now In The Market.
September 11, 2008... CSSI, Digital Insight In Alliance MADISON, Wis.CUNA Strategic Services and Digital Insight, a unit of Intuit, have entered into an alliance. The agreement includes consumer Internet banking, member business services, Finance Works (due in...

New Sheriff In Town Should Ask Hard Questions Of Deputies.
September 12, 2008... When Michael Fryzel assumes the chairmanship of the National Credit Union Administration next month, hell represent more than just the latest in a line of presidential appointees who survived all the deal-cutting and trade-offs needed in...

Advice And Strategies For Effectively Engaging In Vendor Contract Negotiations.
September 12, 2008... When a credit union engages a vendor in contract negotiations for a new technology platform, the process often becomes muddied, lines are blurred and terms of service become unclear. Without proper due diligence, oversights on behalf of the...

Mica Deserves Every Dollar of His Salary.
September 12, 2008... The recent letter to the editor regarding CUNA CEO Dan Micas (CU Journal, July 7) salary was disturbing and disappointingnot from the perspective of what his benefit package is or how much he gets paid, but from the perspective that the writer...

Where Have The Regulators Been All This Time?
September 12, 2008... Editors Note: this letter was written in response to NCUA Warns of Tougher Supervisory Stance (CU Journal Daily Briefing, July 11). I have a question! Where were the regulators during the time all of this nonsense was underway? We will face...