CUNA Seeks 'Credit Union'
As Top-Level Domain Name
WASHINGTON-CUNA has applied for the ".creditunion" domain name from the Internet Corporation for Assigned Names and Numbers (ICANN). ICANN has been taking applications from individuals and groups interested in buying the rights to the new top-level domain names. If the "creditunion" top-level domain is obtained, credit unions will have the option of supplementing or replacing the current web address at a cost of between $100 and $200 per CU, CUNA is estimating. The new domain will likely not be available until 2013.
Settlement Talks Between Siravo, NCUA Break Down
LOS ANGELES-A settlement conference between NCUA and lawyers for former WesCorp FCU CEO Bob Siravo failed to bear fruit and the sessions ended without a deal, according to sources involved in the negotiations. However, the parties are continuing to discuss settlement under court supervision.
NCUA, which has settled civil negligence claims against three of five senior WesCorp figures it sued over the failure of the one-time $34-billion corporate, continues to seek a deal with Siravo and WesCorp's former CFO Todd Lane. Lane has indicated he will not settle the charges.
NCUA initially charged 16 individuals with gross negligence in the 2009 collapse of the corporate giant, which is estimated by NCUA to cost the credit union system $7 billion to resolve.
CUs Rated Highly On Web Experience
WABAN, Mass.--Credit unions were rated highly last week in ratings that rank the web experience that is provided to consumers. Temkin Group's 2012 Temkin Web Experience Ratings asked U.S. consumers to rate the the online experiences of 159 large companies across 18 industries. Finishing highest were Amazon, credit unions, USAA, PNC, Southwest Airlines, eBay, Sam's Club, ShopRite, JCPenney and ING Direct. Amazon.was rated highest at 76%, followed by credit unions at 69%. In the same ratings, CUs also were rated highly on consumer trust (75%), trailing only USAA (78%). The ratings are based on a survey of 10,000 consumers in January.
More Mergers Are Approved
ALEXANDRIA, Va. - NCUA has approved the merger of ailing $80-million REALTORS FCU, billed as the nation's first virtual credit union, into giant Northwest FCU, in nearby Herndon, Va.
NCUA also approved separate requests from $565-million Credit Union of Southern California, Whittier, to absorb two nearby troubled institutions: $40-million Inland Empire FCU in Pomona and $21-million Placentia-based Family 1 FCU.
Other troubled credit unions to be merged out are: $10-million Tri-State FCU, Huntington, W.V. (into Universal FCU in Huntington); $21-million Independence Parkway FCU, La Porte, Texas (into Space City CU, Houston), and $12-million Commercial Metals FCU, Dallas (into America's CU, Garland).
Member Opens Door, Wins $10,000
DALLAS -- A stunned Joyce Davis opened her door last week to a porch crowded with Neighborhood CU leaders handing her a giant $10,000 check with her name on it-representing her winnings in the credit union's Prize Savings Account. CU representatives surprised her as she was getting ready for work in the optical department of a nearby Walmart. Davis, who previously won a $5 prize from the credit union, has a Prize Savings Account, Kasasa Checking account and Money Market account with Neighborhood.
NCU created the Prize Savings Account to encourage more people to save money and plan for their future by rewarding good saving habits with prize drawings.
Corrections & Clarifications
The title of John Rivera, VP-branch sales, with Bellco Credit Union, appeared incorrectly in the May 21 issue.
MADISON, Wis. - Four directors have been re-elected to the CUNA Mutual Holding Co. board. Re-elected were Joseph Gasper, retired president/COO, Nationwide Insurance; Thomas Godlasky, retired CEO, Aviva North America; Robert Marzec, retired audit partner, PricewaterhouseCoopers; and Randy Smith, CEO, Randolph-Brooks FCU. Eldon Arnold, retired president/CEO of CEFCU, was elected board chair, and Alan Peppers, president/CEO of Westerra CU, was elected vice chair.
