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CUNA News Now Headlines
CUNA Mutual fine-tuning for the future
CUNA Mutual Group will fine-tune its operations as it heads into the future to build on momentum from the changes it has made in recent years....
NCUA takes action on two CUs in conservatorship
The National Credit Union Administration last week was appointed liquidating agent of Fort Collins, Colo.-based Norbel CU, which was then purchased by San Antonio-based Security Service FCU. And on Friday the agency placed Family First FCU, Orem, Utah, into conservatorship....
CUNA Compliance Challenge covers Reg E overdraft notices
In the July edition of Compliance Challenge, CUNA addresses questions regarding Regulation E....
NCUA starts August with closed board meeting
The National Credit Union Administration will begin August with another closed board meeting, the 13th held this year....
June CU loans, credit quality, membership all up
Credit union loan balances, credit quality and membership all improved in June, according to a CUNA economist's analysis of CUNA's monthly review of credit unions....
Louisiana league launches Smartphone app for convention
Credit union representatives attending the 2010 Louisiana Credit Union League convention and annual business meeting can get more information about the conference through a new Smartphone application....
Credit Union and Mutual Law Blog from Langes+
We recently updated our fixed price products for credit unions and other mutuals. If you want more information ask us for a demonstration. Default notices: templates for every state for default notices for secured and unsecured loans and mortgage enforcement; Compliance services: Quick Call Answers, our phone enquiry service, Document templates, Webinars,...
The major provisions of the Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 commence on 27 July 2010. The Act expands APRA’s supervisory powers in amendments to the Banking Act and other Acts. The Banking Amendment Regulations 2010 (No. 2) also make it clear that “a form of support...
US financial reform and more for Australia
The US Senate has passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. To get an idea of the extent of the changes it’s worth reading Time’s report here and the Wall Street Journal’s report (including short video) here. What is the prospect for further finance sector reform in...
I mentioned the attraction of being able to deposit cheques at an ATM here. Randolph-Brooks Federal Credit Union offers a deposit app for smartphones. It allows members to photograph cheques and deposit them to their RBFCU account....
Could a lender become a shadow director of a debtor?
Under section 9 of the Corporations Act a person could be a director (commonly described as a shadow director) of a company “if the directors of the company or body are accustomed to act in accordance with the person’s instructions or wishes”. Who is a director is important if a...
Proof of service of default notices
The Financial Services Ombudsman has published a note (here) about what a financial institution needs to show to establish to FOS’s satisfaction that, on the balance of probabilities, it sent a document to a customer’s last known address. Langes+ solicitor Joshua Annese has made these comments regarding proof of service default...
CUNA Marketing & Business Development Council: Last 5 News Articles
Greetings have traditionally been an acknowledgment of the other person. "I see you." "Hello." "Greetings." Then, we moved on to, "how are you?" or even, "how's business?"...
OpSS Council White Paper Released on Implementing Business Services
A growing number of credit unions are sensing a market opportunity in developing business services capabilities for their entrepreneur members. Part of the reason is th...
REGULATORY COMMENT CALL: FHA Risk Reduction Proposal
The Department of Housing and Urban Development has requested comments on proposed changes to certain policies that are intended to reduce the risk of loans insured by the F...
Loan Modification is Focus of New Lending Council White Paper
Loan modification is an emerging development within the lending industry and the subject of a new white paper by the CUNA Lending Council....
It's almost trite to suggest that satisfying customers—or members—is easier when you start by satisfying employees. Or that member loyalty and employee loyalty tend to go to...
Verity - Home
Looking for Guests for New Day Northwest
Verity Credit Union will be on New Day NW on Wednesday, August 11. The segment will be on couples with different spending / savings habits, i.e. he’s a shopper, she’s a saver or visa versa. Margaret wants to talk with them about what types of tactics they’ve used to make it...
Tina Hall was just on KING 5 talking about how to help your teen set off to college. Don’t forget to vote for Tina for The Next Top Credit Unoin Executive <object height="288" width="470"><param /><param /><param /><param /><embed src="http://www.king5.com/v/?i=95985124" height="288" width="470"></embed></object>...
Help Verity Employee Go to Finals
You can help a member of the Verity community in 20 seconds or less. Tina Hall was selected as a semi-finalist in an international online competition sponsored by the Credit Union Executive Society (CUES). CUES provides professional development opportunities to support the credit union industry. The competition is designed to encourage...
Verity Talks Credit Scores on KING 5
Verity was recently a guest on KING 5’s new talk show, New Day Northest. Below is a link to the segment. <object height="288" width="470"><param /><param /><param /><param /><embed src="http://www.king5.com/v/?i=93333469" height="288" width="470"></embed></object>...
Is 0% interest on my new car loan really the best deal for me?
A question that a lot of members ask when shopping for a new vehicle is “Is it really better to accept the 0% offer on the interest rate?” There are a number of factors to consider: About 10% of applicants will actually qualify for the 0%, so if you do not have...
Would You Like to Join Verity on KING 5’s New Talk Show?
On Tuesday, May 11, Verity Credit Union will be a guest on KING 5’s new daytime talk show, New Day Northwest, with Margaret Larson. The topic will be credit scores. We are looking for someone who had bad credit in the past and was able to bring their credit score up...
CUNA Technology Council: Last 5 News Articles
Why Some Credit Unions Are Turning to Outsourcing for Their Core Systems
More credit unions are turning to outsourcing their core solution. "Several years ago in the banking world we started to see a lot of banks migrate from an in house solution to outsourcing, and we're starting to see that now in credit uni...
OpSS Council White Paper Released on Implementing Business Services
A growing number of credit unions are sensing a market opportunity in developing business services capabilities for their entrepreneur members. Part of the reason is th...
Final Rule Analysis: FedACH SameDay Service
The Federal Reserve Board (Board) announced rules for FedACH SameDay, a new same-day automated clearing house (ACH) service with Federal Reserve Banks, effective August 2, 20...
Loan Modification is Focus of New Lending Council White Paper
Loan modification is an emerging development within the lending industry and the subject of a new white paper by the CUNA Lending Council....
IT Services, Not Systems, Provide Value
Many people—even those in IT—are confused about the term "IT service," according to CIOupdate.com. While IT services are built on IT systems, neither the...
CUNA Operations Sales & Service Council: Last 5 News Articles
2010 Executive Committee Election - Cast Your Vote!
The CUNA Operations, Sales & Service Council Nominating Committee, led by executive committee member Debbie Baumann from Mazuma CU, is pleased t...
Thinking Ahead Saves Back-Office Hours—And Operating Dollars
Convenience. Simplicity. Value. Every business operates in the hopes its products and services fulfill these attributes for their customers. But how often do we give short shrift to an equally important aspect of product development: making...
OpSS Council White Paper Released on Implementing Business Services
A growing number of credit unions are sensing a market opportunity in developing business services capabilities for their entrepreneur members. Part of the reason is th...
Loan Modification is Focus of New Lending Council White Paper
Loan modification is an emerging development within the lending industry and the subject of a new white paper by the CUNA Lending Council....
Member Service Boosts Market Performance
Great customer service is an ideal so frequently discussed that its value should go without saying, right? Truth is, the degree of time and energy that companies invest in t...
CUNA HR Training & Development Council: Last 5 News Articles
Teller Turnover: Why It Happens and What to Do About It
Is teller turnover a fact of life that we can't do anything about? No it's not! Are the answers simple? No they're not but managing teller turnover should be a strategic initiative, and here's why...
OpSS Council White Paper Released on Implementing Business Services
A growing number of credit unions are sensing a market opportunity in developing business services capabilities for their entrepreneur members. Part of the reason is th...
Final Rule Analysis: FedACH SameDay Service
The Federal Reserve Board (Board) announced rules for FedACH SameDay, a new same-day automated clearing house (ACH) service with Federal Reserve Banks, effective August 2, 20...
Loan Modification is Focus of New Lending Council White Paper
Loan modification is an emerging development within the lending industry and the subject of a new white paper by the CUNA Lending Council....
Career Advancement Still Tougher for Women
In executive positions, many career-driven women are still marginalized within the workforce. Even after taking into account years of experience, industry, and global region...
Filene Research Institute Articles
Virtuous Circle, Part 119: Debt in Focus
The credit union system, when at its best, operates as a virtuous circle. Success, innovation, learning, and funding from any part of the system helps fuel success, innovation, learning, and funding for the rest of the system. The Filene Research Institute and National Credit Union Foundation are perfect examples of...
Thanks to two piloting credit unions, NorthCountry Federal Credit Union and West Community Credit Union, we’re empowering investment property owners with innovative new tools through an innovative program called CU-Homewise. These piloting credit unions are offering a loan program that is built specifically to reduce the risk typically associated with...
Filene recently visited with several guests from an Australian credit union who were on a study tour through the United States. This particular credit union has a unique strategy, which tightly links environmental sustainability to their image. When asked how this successful (and peculiar) strategy came to be, our Australian...
Think your idea is great? Here's $10,000
Great ideas are worth a lot. In this case, a lot means $10,000. That’s sure enough to get my brain running. Filene is excited to be helping judge the entries of the inaugural (and soon-to-be annual) CO-OP THINK PRIZE from CO-OP Financial Services. The call for entry forms and submission...
You feel the burn. So do we. The recent financial climate has forced credit unions to confront new challenges to their stability and sustainability. Challenges for credit unions, in turn, become challenges for Filene. Read Filene CEO Mark Meyer’s piece in the Credit Union Times on how Filene is...
We have selected 19 exceptional credit union executives to join the Institute’s i3 (Ideas, Innovation, Implementation) program, which fosters the development of new ideas and innovations for credit unions. Each member will serve a two-year term and participate in semi-annual meetings arranged by Filene. The next meeting will be held...
That Credit Union Blog
Current Issues in Credit Unions Episode #50.
Faith, Katherine & Rob bring you the show this month. Here are the topics: –Still more Reg Z updates. –Surprises in the CFPB. –Leveraging volunteers. –What constitutes a valid ID? –Katherine’s Big K Roundup. The CIiCU hosts are: Brian Witt Hal Scoggins Farleigh Wada Witt, Attorneys at Law 121 SW...
Ohio Appeals Court Deals Blow to Debt Elimination Scheme
By: Andrew J. Sonderman, Esq. On June 30, the Court of Appeals for the Tenth District (Franklin County) affirmed a summary judgment for a credit union client of the Firm based on a credit card default (BMI Credit Union v. Timothy D. Burkitt, Case No. 09AP-1024) in an Appeal from...
The Impact of the New Federal Financial Reform Legislation on Post-Foreclosure Evictions
By: Larry R. Rothenberg, Esq. President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, (the “Dodd-Frank Act”) in reaction to the financial crisis. In furtherance of the stated objective of insuring financial stability, the Dodd-Frank Act, which is effective immediately, imposes requirements for oversight and...
Everything is Amazing and Nobody’s Happy
Today’s blog comes courtesy of Shari Storm, Senior Vice President and Chief Marketing Officer of Verity Federal Credit Union. Shari is the author of the new book ‘Motherhood is the New MBA”, available here. I often watch this video for the sheer “pick-me-up” of it. http://www.youtube.com/watch?v=8r1CZTLk-Gk With all that’s going...
Rob’s Speaking Schedule for the Rest of 2010!
By: Mala Mason, Marketing Communications Coordinator, WWR Rob is a busy man the rest of the year! Here is a list of where he is speaking and the topics he is speaking on for the remainder of 2010: July 19, 2010 Audience: CUNA Topic: Business Lending Certification Institute Fundamentals Location:...
By Robert Rutkowski This blog has become successful because we provide content here, not advertising. My challenge in talking about this is to tell you about it without selling it. In other words, I have to cover my own story. It’s probably impossible and if this sounds like advertising, feel...
REAL Solutions - Home
From Good to Growth - Reaching the Immigrant Population
The immigrant population is the fastest growing emerging market and credit unions have a tremendous opportunity serve them. Whether through language classes, unique product offerings, or partnerships with community groups, credit unions are poised to help this market succeed....
Linking Saving Money to Winning Prizes with Save to Win: The Michigan Story
This article is the eighth installment in a monthly series of interviews designed to provide REAL Solutions® League Liaisons and other league staff up-to-date strategies used by their peers to grow their REAL Solutions® efforts. This interview describes the efforts of the Michigan Credit Union League to enable several credit...
Help Improve CU Participation in VITA
Debra Chandler, the National Credit Union Relationship Manager from the IRS, has put out a call to complete a short survey about credit union participation with the VITA program. Please take a few short moments to review the survey and respond....
For those of us who have been snipe hunting before, we know they are very difficult creatures to get your hands on! Fortunately, attracting Gen Y and other young adults to your credit union doesn't entail your management team digging through a haystack either....
REAL Solutions Summer Meeting - Albuquerque, NM
It’s official! Our summer 2010 REAL Solutions Field Coach & League Liaison meeting is set for August 25th-26th in beautiful Old Town Albuquerque, New Mexico. To ensure you don’t miss one minute of the amazing sessions we have planned, please plan to arrive prior to the working lunch...
The Wisconsin Credit Union League has launched a program called For a REASON and it does a tremendous job of demonstrating the value of the league and credit unions to the community. In addition to their community service, they also publish their annual report, detailing how Wisconsin credit unions delivered...
Credit Union News
Local bank gets creative with loans [News and Record, Greensboro, NC]
In fact, he had already been in the process of getting one from Navy Federal Credit Union of Virginia Beach, when a banker from Bank of Oak Ridge called him......
Five cheers: Best companies in Jacksonville
Another organization with a large Jacksonville presence made the list: Navy Federal Credit Union......
Editorial: Oxnard, don't go nuclear on credit union
Home Opinion Editorial: Oxnard, dont go nuclear on credit union Editorial: Oxnard, dont go nuclear on credit union ......
Edcomm Banker's Academy Updates Touchpoint System Simulation Training Program
Using Edcomm Banker s Academy s unique Observe-Practice-Demonstrate Model, students will learn a series of real-world transactions including check cashing, deposits, balancing, account opening and customer searches ensuring that all staff at a Bank, Credit Union or Money Services Business (MSB) is fully prepared to serve customers......
Talking Business: Cousins slinging up local-sourced grub
Christopher Keith and Stephanie Keith, both 25 and 2003 graduates of Rainier High School, have opened Dine and Dash in the southwest corner of the Fibre Credit Union administration building at 796 Commerce Ave. It is the former site of Something 2 Go deli in Suite 103......
Pine beetle impact overstated, Bell says
Forests Minister Pat Bell begs to differ with the report from Central 1 Credit Union that projects more than 11,000 jobs will be lost by the time the pine beetle infestation runs its course in B.C. Bell says the credit union economists used data from 2005-06 for their calculations, which...
allCUnews - Supporting a Stronger Credit Union Community
ZashPay Person-to-Person Payments Service from Fiserv Powers Up
Users can now access the service at participating banks and credit unions or ZashPay.com - read more...
NASA Federal Credit Union Launches Mobile Banking Service
customers can manage finances anytime, anywhere through their cell phone or smart phone read more...
Top 10 Reasons to Choose a Credit Union Over a Bank from CO-OP Financial Services
As Banks Struggle with Declining Reputations and Consumer Mistrust, More People are Selecting Credit Unions as Their Primary Financial Institution read more...
150 Credit Unions Choose Mobile Money From Fiserv
Ease of use and integration encourage credit unions to offer convenient, mobile access through a hosted, ASP solution - read more...
Multi-Mode (SMS, APP, WAP) Mobile banking platform prove to be popular among credit union members; mobile usage soars in first six months read more...
Edcomm Banker’s Academy Updates Credit Union Sales and Service Training Program for 2010
New York, NY (allCUnews) July 15, 2010 -- Edcomm Banker’s Academy has made immediate updates to its Credit Union (CU) Sales and Service training program for 2010. read more...
Open Source CU - Home
Request for Participation: Sample transaction data
The first piece we’re building for the Hyperlocal CU prototype (check the link for a page with screenshots, link to the source code, and a link to the prototype) is a transaction register that uses real business names wherever possible. I’d like to make this as realistic as possible,...
Open Source Project #1: The Hyperlocal Credit Union
As I mentioned in my previous post, the first idea I’d like to explore is one I presented at the 2008 Symposium. The idea is to conceptualize a Hyperlocal Credit Union – not “hyper-” in the sense of “very” or “super”, as is commonly used to describe such concepts...
What's next for Open Source CU
1 year, 10 months and 23 days. That’s how long it’s been since my last post on Open Source CU. I would say I’ve had a bad case of writer’s block, or that my latest project has kept me exceptionally busy, or that we focus on clients first,...
It's off to work we don't go...
I get a lot of questions from clients about “Gen-Y” campaigns and microsites. Credit Unions are looking at Gen-Y as “consumers” and wondering how they can grow their Gen-Y membership through consumer services. I think this approach is limited. Of course credit unions need to connect through consumer services,...
I’ve been on a break from OSCU for the past two months (and if I’m being honest, I began my break long before that). The time away has convinced me that it’s probably best for me to step away permanently and let the boys at Trabian take the reins. Not to...
That might not be the right reason to join the Filene Research Institute’s i3 group, but it sure doesn’t hurt. Since its launch in 2005, i3 has graduated 8 participants who went on to become credit union CEOs and 3 who went on to CEO fame elsewhere (at a state...
Current Issues in Credit Unions
Current Issues in Credit Unions Episode #50.
Faith, Katherine & Rob bring you the show this month. Here are the topics: --Still more Reg Z updates.--Surprises in the CFPB.--Leveraging volunteers.--What constitutes a valid ID? --Katherine’s Big K Roundup. The CIiCU hosts are:Brian WittHal ScogginsFarleigh Wada Witt,Attorneys at Law121 SW Morrison Street, Suite 600Portland, Oregon 97204Telephone: 503-228-6044 503-228-6044Fax: 503-228-1741http://www.fwwlaw.comGuy MessickKatherine...
Current Issues in Credit Unions Episode 49
This month, Faith and Rob are joined by newcomer John Porter and special guest, Robbie Wright. Here are the topics: --Regulation Z, even though we hate it.--Chatting about BSA.--Last call on July 1.--Update on the interchange rules.--The buzz on the new governing body for financial institutions--Summer reading recommendations from the Cast...
Current Issues in Credit Unions Episode 48
Faith, Hal, Katherine, Anthony and Rob talk a lot about compliance this month, but it's more interesting than it sounds, really, I promise! --Reg Z update (again!)--How will the interchange rate modifications affect credit unions?--Reg GG tips--Tips on FACTA policy revisions.--CUSOs 101: what can they do and what can’t they do?--At...
Current Issues in Credit Unions #47
Denise Wymore and Carla Day join Brian, Katherine and Rob for our 4th Anniversary Show. Here are the topics: --Social media policies--The iPad as a thin client option for credit unions?--Conferences: dinosaurs or essential for collaboration?--Big K Roundup: live from the NACUSO convention. The CIiCU hosts are:Brian WittHal ScogginsFarleigh Wada Witt,Attorneys at...
Current Issues in Credit Unions Episode 46
Our special guest this month is Eric Richard, Esq., Vice President and General Counsel of the Credit Union National Association. Here are the topics: --Prognosis on financial reform and credit unions.--Credit union litigation update.--Clearing the air on Reg E opt-ins.--Reg Flex Proposed Amendment.--NCUA's proposed rule on fiduciary duties.--Final rules on gift...
It's our 2nd Best of Show! Most of us were at the GAC last week and I just couldn't pull of a show this month. We'll be back with a regular show in March. These best of shows are popular though. Here are the topics: --Managing 3rd party relationships--FACTA from the...
BRUEN Credit Union Blog ....... (Please send comments to cabruen@gmail.com)
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Which U.S. credit union has the worst new worth ratio?
I’m not making this up. I doubt that anyone will get close to this number. I’m just guessing that it is the lowest but it is a pretty fair bet.How about negative -17.11%.Certified Federal Credit Union (6140), Commerce, California ($41 million in assets).Chuck Bruen ...
Mark Udall ... credit union hero
Senator Mark Udall (D-Colo) ... He urged his colleagues to “avoid the associational infighting that would have us believe that this is about banks or about credit unions–because this truly is about small businesses.”Comparing the fight between credit unions and banks to the feud between two 19th Century families in...
ANOTHER ALERT: Stay in the car!!!
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Why does the NCUA need a Chief Economist?
Why would they even need this position? These costs come out of our pockets. This is not only one person but a department. You know he will hire a staff. Someone should investigate and ask questions here. Is the NCUA serious? After 18 years it now comes to light we...
The situation is unbelievable. The ICBA has been aggressively opposing the Udall amendment to the Small Business Lending Fund bill. In a letter to Senator Harry Reid, the ICBA said they would oppose this legislation if it included the amendment to that would permit additional small lending by credit unions.The...
Hopewell Federal Credit Union's Blog
Dealership sales incentives that promote 0% financing, low-rate financing, or rebates can be enticing, but read the fine print before getting too excited. Ads often sound like anyone qualifies and rates are good on just about any vehicle. Often this is not the case. It’s not unusual for dealerships to use these tactics...
Savings for your Wallet and the Environment
Have you been wondering about a fuel-efficient car? There are three types gaining in popularity; the hydrogen fuel cell, compressed natural gas, and plug-in electric car. All could lessen fuel costs and tailpipe gases that contribute to air pollution and global warming. Plug-in electrics These cars will run on a battery-powered...
Another part of the buying process for a car is featured this week, the test drive. When it comes to car shopping, until you get a test drive, you can’t be sure if that particular car or truck is one you could live with happily for several years. Here’s what...
Buying a used car can make smart money sense–if you follow these five easy steps: 1. Always have a mechanic check out a used car before you buy it – even if you’re buying from your mother. Use an independent service shop or diagnostic center. Most charge about $125 for...
Currently Hopewell is offering a great rate on car loans, so now is the time to be thinking about buying a new car. Before you slip behind the wheel for a test drive, it would be well worth your time to do some homework first – including the math part....
Recently you may have seen something in the news about interchange fees and wonder what it all means. An interchange fee is what a merchant pays to the financial institution that issues a consumer’s debit card. The interchange fee is a source of income for the card issuing credit union...