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Featured Headlines for Thursday March 11, 2010   
Addison Avenue, First Tech Chart $5 Billion Merger March 11, 2010 – Credit Union Times Addison Avenue FCU of Palo Alto, Calif. and First Tech CU, of Beaverton, Ore., are planning a consolidation this summer creating a $5 billion institution using the First Tech name. The proposed combination, still subject to regulatory and membership approval, has been in the works since last October and brings together two of the industry’s high-tech leaders representing a clientele well-versed in the latest online, investment and social media vehicles. Once finalized, the combined credit union will be the 15th largest in the U.S. The combination of two healthy and well-capitalized CUs also underscores a new chapter in interstate expansion and likely emergence of a West Coast force with branch penetration in nine states and a strong member presence in major metro markets including Portland and the Bay area. Read full article on 
Is NCUA Putting Cart Before Horse, er Gorilla, On Corporate Proposal? March 11, 2010 – Credit Union Journal (Subscription) ALEXANDRIA, Va. – Credit union executives and volunteers overwhelmingly are urging NCUA that before undertaking a reform of the corporate system it move to insulate credit unions from the growing losses in the corporates, what one NCUA Board member referred to as the "800-pound gorilla." "What credit union will reinvest in the corporate system unless the toxic assets are segregated so that new capital is not put at risk?" is how Susan Blain, president of Spokane FCU, put it in one comment letter submitted on the corporate proposal. Even while voting to issue the 253-page corporate proposal for comment last November, NCUA Board member Gigi Hyland acknowledged a rescue of the corporate system will not be possible without also addressing the estimated $40 billion of underwater securities owned by the corporates, what she called the 800-pound gorilla. Read full articles on 
Credit CARD Act Rules on CAC Agenda March 11, 2010 – NAFCU Today Recently proposed Credit CARD Act rules as well as foreclosure issues and short-term and small-dollar loan products are on the discussion agenda for the March 25 open meeting of the Federal Reserve Board’s Consumer Advisory Council. The council will discuss proposed Regulation Z amendments released last week to implement Credit CARD Act provisions set to take effect Aug. 22. These include provisions limiting penalty fees, rate increases and a required review of rate increases implemented prior to Jan. 1, 2009. In addition, the panel will discuss the administration’s Making Home Affordable program and other mortgage loss-mitigation efforts; and financial institution products such as tax refund anticipation loans and salary advance products and related consumer protections. Read full article on NAFCU Today
Mica: Reform Should Include Streamlining of Fed Regs March 11, 2010 – CUNA News Now Washington - Financial regulatory reform should include some "streamlining" of federal regulation to keep credit unions and other financial institutions out of the bog of repetitive regulations, but must also ensure credit unions continue to have their own regulator, Credit Union National Association (CUNA) President/CEO Dan Mica told a gathering of Washington insiders at the National Journal's "Power Breakfast" Wednesday. Mica also addressed the need for balance in financial regulatory reform, saying that one of the greatest potential roadblocks to legislative progress would likely be the "politics of the day." However, the CUNA leader added, if the financial reform legislation simply piles on "a whole new set of regulations," Congress and the legislation itself will "hit a major roadblock" in Washington. Mica made his points while speaking as a participant on one of two panels during a forum focusing on financial regulatory reform sponsored by the National Journal publishing group. Mica's panel was made up of representatives of advocacy groups on all sides of financial regulatory reform: The Independent Community Bankers Association, the Financial Services Roundtable, the Consumer Federation of America, and CUNA. Read full article on CUNA News Now
Latest News and Update from the Credit Card Connection March 10, 2010 – Credit Card Connection There are now 735 Credit Unions listed at Credit Card Connection. 600 Credit Unions have 5 Stars and are listed on the Dean's List. We have 26 upgraded Credit Unions on the "Featured Credit Union" Page. The site is now averaging 55,000 visits per month Aside from the direct hits, the TOP referring sites to Credit Card Connection include: www.SuzeOrman.com
www.Oprah.com
www.cbsnews.com
www.moveyourmoney.info
"Featured" Credit Unions are averaging 500+ monthly referrals from Credit Card Connection! Credit Unions in the Zip Code finder are averaging 30-50 monthly referrals. More information 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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