Credit Union Journal back issues from September 2002:
Now Or Never For Reform Bill: Congress Returns Under Pressure To Pass Bankruptcy Bill At Same Time Forecast Calls For Increase In Filings.(Brief Article)(Statistical Data Included)
Sep 02, 2002; ... With Congress returning from its August recess this week it will do so under pressure to pass a bankruptcy reform bill and predictions the number of Americans filing bankruptcy is going to continue to rise. Credit union lobbyists remain optimistic the bill will pass, but one ...
No Bubble Here-For Now: Analysts Downplay Fears Mortgage Market Could Burst.(real estate market)(Brief Article)
Sep 02, 2002; ... The bursting of the stock market bubble has led to a flood of deposits into credit unions, much of which has gone into underwriting mushrooming mortgage business. But could the burst of a similar bubble in the mortgage markets come back to haunt credit unions? Since ...
SBA Targeting Credit Unions In Expansion; Banks Plan To Fight Reporting by John Reosti.(Small Business Administration)(Brief Article)
Sep 02, 2002 ... The Small Business Administration (SBA) is preparing to eliminate the restrictions that have kept most credit unions from participating in its guaranteed loan programs. Expanded SBA lending have been a priority for credit unions and their trade groups, especially over the past ...
Analysis Shows NCUA Pay Significantly Above Counterparts.(salaries at the National Credit Union Administration)(Brief Article)(Statistical Data Included)
Sep 02, 2002 ... Looking for a job in financial institution regulation? Look to NCUA. Analysis of salaries paid by various federal financial regulators shows the agency overseeing credit unions pays more-in some cases, significantly more-than do other financial regulators. The analysis was ...
ON DEADLINE.(remembering September 11th, robbery attempt, fee reorganization, employee appointments, shared branching)(Brief Article)
Sep 02, 2002 ... CUNA Calls On CUs To Mark 9/11 Observance WASHINGTON, D.C. - CUNA is urging credit unions nationwide to observe a minute of silence on Sept. 11 to remember the victims of last year's terrorist attacks. Additionally, the trade group is encouraging people to drive with their ...
Mid-Year Numbers Showing Losses Seen As 'Warning'.(Michigan credit unions)(Brief Article)
Sep 02, 2002; ... Michigan Credit Union League CEO Dave Adams is describing mid-year call report data for state-chartered credit unions in the state as a "little bit of a warning." The data from the Office a Financial Services (OFIS) showed a decline in earnings and capital and higher loan ...
California's CUs Again Step In To Help Unpaid State Workers.(credit unions offering interest-free loans)(Brief Article)
Sep 02, 2002; ... More than 2,000 state workers have gone without paychecks since July 15 due to the annual squabble over California's state budget. Some of the state's credit unions are trying to make a difference for members affected by the impasse by offering interest-free loans. Jim Harris, ...
News Briefs.(changes to Soldiers' and Sailors Civil Relief Act requested, Symitar Systems name change, robber identified)(Brief Article)
Sep 02, 2002 ... CUNA Presses For Changes On Soldiers, Sailors Act WASHINGTON, D.C.-CUNA has sent a letter to the House Veterans Affairs Subcommittee on Benefits calling for five changes to the Soliders' and Sailors' Civil Relief Act. In the letter, CUNA asked for: 1. Better ...
Worth Noting.(online database, employee appointments)(Brief Article)
Sep 02, 2002 ... U.S. Treasurer To Speak This Week EL PASO, Texas-United States Treasurer Rosario Marin will be the keynote speaker during the opening session of NCUA's Access Across America workshop here on Sept. 4. Marin will discuss financial literacy issues in America. In addition to ...
How To Get Members To Tell You What They Want.(Brief Article)
Sep 02, 2002; ... I've watched marketing managers and directors sweat out a new financial product introduction, rate changes, branch design and configuration, website launch and other alterations with the anxiety of someone about to be hanged in the morning. They are usually worried about what the ...
Confessions Of An Ex-Banker-And The Lessons Learned Along The Way: As SBL Market Beckons For CUs, How To Avoid Costly Mistakes.(small business loans and credit unions)
Sep 02, 2002; ... Many community banks ignore them, unless they want to borrow $250,000 or more. Large regional and global lenders funnel their loan applications through an automated credit scoring machine rather than make the effort to establish a personal relationship. Internet-based loan brokers feed ...
Mazuma Hits Roadblocks As It Attempts To Help.(Kansas City credit union offers alternative to payday lending operations)(Brief Article)
Sep 02, 2002; ... With nary a bank in sight and a large population of low-income residents in need of cash, payday lenders in midtown Kansas City, Missouri, have the upper hand. On average, they charge between 15% and 18% per $100 borrowed and roll that over every two weeks on any loan that ...
How & Why 1 CU Is Aiding Schools.(Brief Article)(Statistical Data Included)
Sep 02, 2002; ... Community Federal Credit Union has learned something about the public schools in its field of membership-they lack financial literacy programs. But, instead of griping about it, the CU with $270 million in assets is helping change things. This month, CFCU will ...
Corporates Offer Input On NCUA's 704-Related Plan.(Brief Article)
Sep 02, 2002 ... In a letter to NCUA, the Association of Corporate Credit Unions (ACCU) is calling upon the agency to incorporate several revisions to Section 703.100(c) and Part 704 of its rules and regulations. Among the recommended changes: * Exclusion of future-dated ACH items ...
Product & Service.(several credit union-related news briefs)(Brief Article)
Sep 02, 2002 ... $2M Processed In First Year SOUTHFIELD, Mich.-In less than one year of working collectively on a bill payment application, three corporates report they have processed more than $2-million in consumer bill payments. Central Corporate Credit Union here, Empire Corporate FCU, ...
CUs Underselling Themselves To Co.'s? Study Says 'Yes'.(credit unions can do more to help companies give employees financial education)(Brief Article)
Sep 02, 2002 ... Credit unions are in a unique position to work with (sponsors) to reduce employee financial stress and increase workplace performance. MADISON, Wis.-Credit unions that pitch themselves to small businesses as cost-free benefits for employees are underselling themselves, according ...
CUES Introduces 'Tool Kit' To Assist In Training Board Members.(Brief Article)
Sep 02, 2002; ... The Credit Union Executives Society has created what it considers a "functional" and "considerate" gift for volunteers-a Director Tool Kit. Six months in the making, the latest CUES product was introduced last month and already has received a positive response, said George ...
Several Nonprofits Join Forces To Assist With Home Downpayments.(Homeownership Alliance of Nonprofit Downpayment Providers)(Brief Article)
Sep 02, 2002 ... Several non-profit organizations have teamed up to help would-be homeowners accrue downpayments. The newly formed Homeownership Alliance of Nonprofit Downpayment Providers (HAND) will offer downpayment gifts to low- and moderate-income homebuyers who meet FHA qualifications ...
Product & Service.(several credit union-related news briefs)(Brief Article)
Sep 02, 2002 ... Michigan FCU Selects Irwin CLIO, Mich.-Michigan FCU has selected Irwin Mortgage to provide its members with home financing. The company will place Todd Zimmerman inside MFCU's Clio, Mich. Office. Irwin said it will originate mortgages and service them with a non-solicitation ...
Calif. Bankers Blast Privacy Plan.(California Bankers Association)(Brief Article)
Sep 02, 2002 ... The California Bankers Association is criticizing financial privacy legislation that has the support of credit unions and has been passed out of the Banking & Finance Committee of the California State Assembly. "SB 773.does nothing to promote consumer privacy and instead placates or ...
PATRIOT Act Gets Support In Poll.(Brief Article)
Sep 02, 2002 ... Almost 70% of financial industry professionals surveyed say they believe the USA PATRIOT Act will achieve its goal of protecting the U.S. financial system from terrorist financing and money laundering. The survey, conducted by eFunds Corp., found that 31% said they were not very or not ...
Group Critical of Bankruptcy Plan.(Consumer Federation of America criticizes plan backed by credit unions)(Brief Article)(Statistical Data Included)
Sep 02, 2002 ... Critics of the credit union-backed bankruptcy reform legislation are charging that its backers are calling the legislation at the same time they are sending out more credit card solicitations than ever before. The Consumer Federation of America has released an analysis that suggests ...
Ag Loans Target Drought Relief.(agricultural loans, Saskatchewan, Canada)(Brief Article)
Sep 02, 2002 ... Banks and credit unions around Saskatchewan will join with the provincial government in a Livestock Drought Loan Program effective this week. Livestock drought loans will be available to producers in drought-designated regions of the province. Producers will be able to borrow up to $50 ...
Many Connections: Campaign For Home Banking Gets A 43% Response Rate.(Brief Article)(Statistical Data Included)
Sep 02, 2002 ... Bayer Employees FCU here is reporting that more than 4,200 members have signed up for its home banking product since launch in January-a 43% response rate to promotions. "It has been a very successful service introduction," said CEO Bob Burrow. The credit union ...
Take Another Look: New Billboards From Texans Use A Light Approach To Express Serious Rebranding.(Brief Article)
Sep 02, 2002 ... Texans Credit Union will debut some unusual billboards here this week as part of a broader effort to reposition itself in this busy market. In all, six billboards displaying the three different messages shown at left will aim to catch the eyes of drivers. The outdoor boards ...
New Jersey To Offer Credit Union License Plate.(Brief Article)
Sep 02, 2002 ... New Jersey credit union supporters will be able to display their credit union pride with a new state license plate designed in honor of the credit union movement. The plates will go into production once 500 people agree to display the plates on their vehicles, and will only be issued ...
Navy FCU Adds N.A.D.A. Used Car Guide To Site.(Brief Article)
Sep 02, 2002 ... Navy FCU said it has signed a contract with the N.A.D.A. Official Used Car Guide Co. to provide vehicle information "Employees, whether in a call center or at a branch office, now have efficient and comprehensive information at their fingertips. It is now easier for employees at branch ...
Worth Noting.(briefs)(Brief Article)
Sep 02, 2002 ... Card Program Donates $180K COVINA, Calif.-The $292-million Christian Community CU said it donated $180,000 in fiscal year 2002 through its "The Cards that Give to Missions & Ministries" program. That program pays a percentage of interchange income on credit and debit cards to a ...
Kanjorski Makes Clear Position On State Issues.(Brief Article)
Sep 02, 2002 ... Rep. Paul Kanjorski, a stalwart federal credit union supporter, has clarified for the National Association of State CU Supervisors (NASCUS) that he is not biased against state charters. NASCUS has been seeking a clarification from the Pennsylvania Democrat since early this ...
Awards To Recognize Legislators For Efforts.(Credit Union National Association)(Brief Article)
Sep 02, 2002 ... CUNA has established a new program to recognize state lawmakers for their efforts to raise awareness and marshal resources on behalf of youth financial literacy. CUNA's State Credit Union Subcommittee said it will present the Desjardin Financial Literacy Award to state lawmakers as part ...
Financial Literacy Book To Compile Commitment.(Credit Unions Support Financial Literacy in High Schools)(Brief Article)
Sep 02, 2002 ... Separately, CUNA's State CU Subcommittee is completing work on the handbook, Credit Unions Support Financial Literacy in High Schools, which will illustrate the credit union commitment to financial literacy. "We highlight the ...
Hyland To Leave ACCU For Post With Empire.(Association of Corporate Credit Unions)(Brief Article)
Sep 02, 2002 ... Gigi Hyland, executive director of the Association of Corporate Credit Unions (ACCU) for the past five years, said she will leave the job by mid-November in order to accept a position with Empire Corporate Credit Union, Albany, N.Y. ACCU said a nationwide search is now underway to fill ...
30 Indiana CU Leaders Meet With Congressman.(Brief Article)
Sep 02, 2002 ... Leaders of 30 Indiana credit unions along with representatives of the Indiana league met with Rep. Baron Hill (D) here. On Aug. 21 the Indiana league sponsored a meeting between 30 CU leaders from several area credit unions and Indiana's 9th District Congressman, Baron Hill (D). During ...
Wisconsin Credit Unions Meet At Gov's Residence.(Brief Article)
Sep 02, 2002 ... Wisconsin Credit Union League staff, the league board and members of its Government Affairs Committee attended a barbecue last week at the Governor's residence here. Close to 70 people were in attendance for the event hosted by Wisconsin ...
People.(recent appointments)(Brief Article)
Sep 02, 2002 ... PEOPLE I Westerly Community Credit Union, Westerly, R.I., named Peter S.Desillier compliance officer, and promoted Meg Sisco to marketing manager. Telephone Credit Union of N.H., Manchester, N.H., named Paul D. Roy senior vice president/chief financial officer. ...
Community Page.(conations, scholarships etc. from credit unions)(Brief Article)
Sep 02, 2002 ... CU ONE Awards 2 Scholarships FERNDALE, Mich.-Credit Union ONE awarded a $1,000 scholarship to Hazel Park High School graduate Jasen Herrera, and Ferndale High School graduate Caitlin Herrold. FCSFCU Donates To Youth Program GLENDALE, Calif.-1st City ...
Journal Daily.(briefs)(Brief Article)
Sep 02, 2002 ... Corporates Back Biz Loan Group PORTLAND, Ore.-Northwest Corporate Credit Union has entered into a partnership with FirstCorp Credit Union in CU Business Group LLC, Northwest Corporate's recently formed CUSO. CU Business is offering a suite of services targeted at helping member ...
Foundation Still Seeking Recipients For 9/11 Funds.(New York Credit Union Federation)(Brief Article)(Statistical Data Included)
Sep 09, 2002; ... With the one-year anniversary of the Sept. 11 terrorist attacks looming, the New York CU Foundation board had a teleconference late last week to make what are hoped to be final decisions about what to do with the more $1.3-million raised by the credit union family for CU victims of the ...
'CU Row' Emerging In One N.C. Town As Several Small CDCUs Pursue Plan.(community development credit unions;)(Durham NC)(Brief Article)
Sep 09, 2002; ... In a recognition of the difficulties faced by small credit unions, one ailing community development credit union has restructured its charter and moved here as part of a plan to merge with several small CDCUs in the region. Under the emerging plan, Gateway Community Development ...
Reform Down To The Wire: Bankruptcy Bill's Last Days Resemble Its Life.(Brief Article)
Sep 09, 2002; ... A broad bipartisan coalition that carried the bankruptcy reform bill near the goal line threatened to splinter last week just as the end zone beckoned for the credit union-backed measure. Congressional leaders enlisted credit unions in their effort to hold together the ...
Money Markets Grab Biggest Share.(Brief Article)(Statistical Data Included)
Sep 09, 2002 ... Credit unions with more than $50 million in assets now represent more than $400 billion in total assets, or 84% of all credit union assets as of June 30. Analysis by Callahan & Associates conducted as part of its Return of the Member (ROM) rankings showed that during the past ...
ON DEADLINE.(California privacy bill; includes other news)(Brief Article)(Statistical Data Included)
Sep 09, 2002 ... Calif. Privacy Bill Dies SACRAMENTO, Calif.-A so-called "opt-in" privacy bill, which would have required credit unions to obtain permission from members before sharing their confidential financial information with unaffiliated parties, died in the state Assembly. The legislation ...
Report Examines Reasons For Black 'Wealth Gap' In U.S.(Brief Article)(Statistical Data Included)
Sep 09, 2002 ... A new report on wealth among black Americans along with related financial behavior indicates that the typical black household has less than one-quarter the net wealth of the typical American household - $15,500 vs. $71,700. The report further states that the wealth gap is much greater ...
Where To Get Info.(Brief Article)
Sep 09, 2002 ... To reduce the wealth gap between black Americans and other Americans, BET.com and the Consumer Federation of America (CFA) have launched a "Black America Saves" initiative ...
From An IQ of 27 To U.S. Treasurer; 1 Person's Insights.(speech by Rosario Marin)(Brief Article)
Sep 09, 2002 ... In remarks before NCUA's Access Across America workshop here, U.S. Treasurer Rosario Marin urged credit unions to recognize that financial literacy is key to helping low-income people and the "underserved" to reach greater financial security. "Without access to affordable ...
FISI-Madison Now Progeny Marketing.(Brief Article)
Sep 09, 2002 ... FISI-Madison Financial has changed its name to Progeny Marketing Innovations. The company, which provides marketing strategies, products and services to more than 6,500 financial institutions, is making the name change at the same time it is rolling out a comprehensive new ...
Worth Noting.(Brief Article)
Sep 09, 2002 ... Bream To Certegy Card Services CHICAGO-Robert Bream, the well-known president and CEO of United Airlines Employees CU, said he is leaving the nation's sixth-largest credit union after 10 years to accept a position as vice president and general manager at Certegy Card Services ...
The View of 9/11 From Close-Up-And Far Away.(Amy Petty)(Brief Article)
Sep 09, 2002; ... September 11, 2001, has been described by some as the most photographed series of events in history. One credit union person who knows more about dealing with tragedy and trauma than most of us ever will suggests that all the photos and video and even audio recordings may be of benefit ...
What Credit Unions Can Do To Tap A Market Seeking To Be Tapped.(Statistical Data Included)
Sep 09, 2002; ... As noted in the first part of this series (CU Journal, Sept. 2), America's small business owners and prospective entrepreneurs are often left ignored and neglected by most banks- unless they want to borrow $250,000 or more. This multi-billion dollar market is literally "up for ...
Seeking Students As Sign-Ups, Card Offers Deals.(Kelly Tyler Credit Union)(Brief Article)
Sep 09, 2002; ... Kelly Tyler Credit Union is counting on its newest product to help area college students lighten their budget loads, and, in the process, become members. Jennifer Hernandez, marketing specialist at KTFCU, said the $55-million CU has partnered with The Collegiate Card in Waco, ...
CU Staff Form Volunteer Corps.(Security Service Federal Credit Union)(Brief Article)
Sep 09, 2002; ... The $2.5-billion Security Service FCU said it has received overwhelming response to its call for employees to join a new Volunteer Corps, an in-house group that helps raise money for charity. John Worthington, senior VP for corporate communications, said that to date more than ...
Coming Soon, But What Is It?(Financial Center Credit Union uses teaser ads to promote new branch)(Brief Article)
Sep 09, 2002 ... Financial Center Credit Union has opened a new branch here after a month-long series of teaser ads on the side of the building. Among the messages on the building, which the credit union bought from a bank and remodeled, was a giant question mark that appeared alone before being followed ...
Product & Service.(multiple topics)(Brief Article)
Sep 09, 2002 ... 3 More On Board cuboardroom WALLINGFORD, Conn.-Three more credit unions have signed up for cuboardroom, the online communications service that allows CU directors and others to meet electronically. Offered by SmartSource Solutions, LLC, a CUSO of Constitution State Corporate ...
Community Page.(multiple topics)(Brief Article)
Sep 09, 2002 ... GFCU Awards Scholarships ATLANTA-Georgia Federal Credit Union awarded $5,000 in scholarships to nine students. CUs Celebrate Branch Openings * IBM Texas Employees FCU held a grand opening at its new northwest Austin branch. *Community First ...
Regardless Of Results, CUs Should Do Well.(Brief Article)
Sep 09, 2002 ... Despite the fact that the congressional redistricting prompted by the 2000 U.S. Census has forced credit unions into the precarious position of choosing between congressional friends in numerous races, the credit union movement is in good shape to expand its influence for the next ...
Progressive CU Again Leads On Profitability.(ranked most profitable credit union)(Brief Article)(Statistical Data Included)
Sep 09, 2002 ... Progressive CU, the New York-based credit union specializing in loans to taxi cab owners, held tight to top ranking of the most profitable credit unions for the first half of the year, according to Callahan & Associates. Progressive, the nation's most profitable credit union ...
Wis. Bill Would Add 100% Surcharge Tax.(Wisconsin state representatives to introduce legislation designed to discourage ATM surcharges)(Brief Article)(Statistical Data Included)
Sep 09, 2002 ... Three state representatives said they plan to introduce legislation aimed at discouraging ATM surcharges by slapping a 100% tax on all ATM fees. The legislators said they hope their strategy helps to eliminate AM surcharges, because state bans on the assessments have all been struck ...
People. (executive appointments, promotions at various credit unions).(Brief Article)
Sep 09, 2002; ... PEOPLE III Carter Federal Credit Union, Springfield, La., announced that its former Manager Lena Patterson passed away. Arkansas Federal Credit Union, Jacksonville, Ark., named Teri Miessner collections manager, promoted Mary Johnson to North Little Rock branch ...
Journal Daily.(multiple topics)(Brief Article)
Sep 09, 2002 ... Loan Growth Strong At CUs MADISON, Wis.-Credit unions reported a strong 1% growth in their loan portfolios in July, bringing year-to-date loan growth to 4.04%, slightly higher than last year's 3.86% for the same period, according to CUNA. Savings fell by 0.6% during the month, ...
FOM Update. (three credit unions apply for services, Florida).(Brief Article)
Sep 09, 2002 ... Fla. CUs Seek Broad Communities TALLAHASSEE, Fla.-Three state-chartered credit unions have applied to regulators with Division of Banking for large community grants, including OMNI Community CU, Jacksonville, which has requested permission to serve 950,000 residents in Duval ...
50 Colo. CUs Partner With 'Dealership' For Lending.(Colorado)(Automotive Avenues Inc.)(Brief Article)
Sep 09, 2002; ... Fifty credit unions in this state have partnered with an auto "dealership" that seeks to serve members uncomfortable with the pressures of car buying. Steve Bentley, founder and CEO of Automotive Avenues Inc., said his company offers a truly different way of car buying, and it ...
Q&A On Car Sales, Auto Shopping Options, Warranties And More.(Mary Mahoney, assistant vice president with Enterprise Car Sales)(Brief Article)(Interview)
Sep 09, 2002 ... In recent years, car sales through companies like Enterprise have emerged as a significant contributor to loan volume. But showroom pressure at new car dealers, along with attractive 0% and other low APRs, have drawn much of the attention of members. Below, The Credit Union ...
UNDER THE HOOD.(Brief Article)
Sep 09, 2002 ... Liberty Intro's DRIVE MOUNDS VIEW, Minn.- Liberty Marketing Services has introduced an auto loan program called "DRIVE" that the company says integrates database marketing, research, marketing communications and strategies in one package. According to LMS' Tony ...
Assets $50 to $100 Million. (credit unions).(Brief Article)(Illustration)(Statistical Data Included)
Sep 09, 2002 ... Total Return To Member <Pre> Rank Credit Union, State Percentile 1 North Star Community, ND 100.0 2 P.C.M. Employees, WI99.8 3 O.A.S.Staff, DC 99.7 4 C-Plant, KY ...
Assets $100 to $250 Million. (credit unions).(Brief Article)(Illustration)(Statistical Data Included)
Sep 09, 2002 ... Total Return To Member <Pre> Rank Credit Union, State Percentile 1 Westby Co-op, WI 100.0 2 Popa, CA99.8 3 Portland Area Community Empl, OR99.6 4 Burbank ...