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Featured Headlines for Friday March 9, 2010   
CU Marketing Officer Burns Sunrise Hour to Complete Her Tome March 9, 2010 – Credit Union Times Verity Credit Union Chief Marketing Officer Shari Storm has taken multitasking to a whole new level. In addition to working full-time at the $380 million credit union, Storm, a wife, mother of three girls ages 6, 4 and 2, and a popular blogger, landed a book deal with a big publishing house in New York resulting in her penning her first book, Motherhood Is the New MBA. A young author contest winner in grade school, Storm dreamed of being a writer, but in college, she couldn’t figure out the practical business side of how to make money, so she tucked her dream away. A few years later after having children, inspired by her husband quitting his job to live his dream of working in the film industry, Storm discovered just what story she wanted to tell. "When I had my kids I found it to be motivating helping me be a more creative, more energetic problem solver, but the books out there for working moms were about how hard the work-life balance was or the wage gap or how to deal with post-partum," Storm said. "There was nothing about what I was experiencing and what a powerful management training program parenthood can be. Once the idea solidified I saw parallels everywhere." Read full article on 
Trio Charged In Card Skimming Ring March 9, 2010 – Credit Union Journal (Subscription) LOS ANGELES – Three men on Monday were charged with stealing more than $2 million from area credit unions and banks by skimming credit card numbers at local gas pumps. The suspects are accused of installing sophisticated skimming devices on computerized pay pumps at gas stations to record credit and debit card information and personal identifying numbers from unsuspecting customers. The three, identified as Albert Jose Gonzalez, 39, Josue Albizuras, 42, and Cesar Echeverria, 28, were arrested Feb. 25 after a three-year investigation by the L.A. County Sheriff’s Department and FBI. They face multiple counts of conspiracy, identity theft, grand theft and computer access fraud. Read full articles on 
4th Insured CU Closed Last Friday March 9, 2010 – NAFCU Today NCUA on Friday announced the liquidation of Lawrence County School Employees FCU of New Castle, Pa., which suffered more than $3.4 million in losses in the third quarter, NCUA data show. Lawrence County School Employees FCU had $2.6 million in assets and 1,085 members at the time of its closing. NCUA resolved the case through a purchase-and-assumption transaction with First Choice FCU, which took on a portion of the institution’s assets, loans and shares. First Choice has $22.3 million in assets and 4,415 members. NCUA said Lawrence was the fourth federally insured credit union liquidated this year. Read full article on NAFCU Today
CUNA sets record straight on CU tax treatment March 8, 2010 – CUNA News Now WASHINGTON and MADISON, Wis. - Credit Union National Association (CUNA) economists have analyzed a study in Georgia about the impact of credit unions' tax exemption and determined the study is not a complete look at the exemption. The study report--written by Thomas G. Noland of the University of South Alabama and Edward H. Sibbald, a BB&T executive in residence at Georgia Southern University--was published in Southern Business Review (Winter 2010) and compares credit unions in Georgia with similar-asset Georgia banks. They state the "original justification for the tax exempt status of credit unions was the idea that credit unions served lower income borrowers and depositors." Read full article on CUNA News Now
Chile’s Credit Unions Spearhead Earthquake Recovery - COOPEUCH to Coordinate WOCCU Support March 4, 2010 – World Council of Credit Unions SANTIAGO, Chile — The massive 8.8-magnitude earthquake that struck southern Chile Feb. 27 has displaced 1.5 million people and is estimated to have claimed more than 700 lives. Chile's financial cooperatives, with the assistance of the country's largest credit union, have undertaken efforts to assist their members with emergency relief despite the fact that many credit unions and their branches were damaged or destroyed. COOPEUCH, Chile's largest credit union and Latin America's second largest financial cooperative, is collecting funds through its charitable foundation, Fundación COOPEUCH, to help credit unions and their members affected by the quake nationwide rebuild their homes and businesses. World Council of Credit Unions (WOCCU) will make a donation to the credit union foundation from its own disaster relief funds and invites interested individuals and credit unions to contribute funds for Chilean credit union rebuilding and relief. WOCCU staff members have been trying to assess earthquake damage to the country's credit unions but have struggled with communication issues, according to Brian Branch, WOCCU executive vice president and COO. Read full article on 
Local news from around the country on the CU News Page Find out what the CU Community is talking about on the CU Blogs Page. Past featured headlines in the Archives.
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Featured Case Study: The Benefits of Electronic Statements - Nutmeg State Federal Credit Union uses Statement2Web to transition from paper statements to 21st century electronic communications Submited by Statement2Web by OMI Nutmeg State Federal Credit Union (NSFCU) has a long history of financial service and innovation. This Connecticut-based credit union was originally started in 1935 by employees of Southern New England Telephone which is now part of AT&T. Even in the best of times, credit unions must steadily grow membership to survive, and over the years NSFCU has continually expanded its scope and services. In addition to opening its doors to AT&T, NSFCU also serves over 215 select employee groups, and the communities in and around Hartford County. NSFCU was founded on the simple premise: “dividends in fellowship.” Indeed, in order to join, members purchase a five dollar “share” and become part owner; each with an equal vote for the board of directors. This tradition must be working, because nearly seventy five years later the credit union continues exceed the expectations of its members. Less Paper, More Service: You would think a financial institution with such a long history would be buried under stacks of paper, but just the opposite is true. NSFCU has recently begun to eliminate paper by offering electronic statements to its members. Once they opt-in to e-statements, members are given access to a fully customized portal where they can view, download, and print their statements, and peruse a complete history of their activities and transactions. Read full Case Study Statement2Web by OMI Partner Page |
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