Hearings

Bethpage FCU named James Breen SVP of Information Systems and promoted Linda Armyn to SVP Corporate Development and Government Affairs.

NEW YORK-Five community development credit unions have joined with this city's Department of Consumer Affairs to create a special account for unbanked consumers that won't let the user overdraft the balance in the account.

Recent snowstorms inspired the Norwich, N.Y., branch of Visions FCU to put a special message on its outdoor sign. With more than 17 inches of snow on the ground, branch manager Stephanie Barbaro and her staff took the opportunity to remind the community that although they have no choice but to deal with what Mother Nature sends their way, they don't have to put up with rates and feels banks pile up on them.

CLARKSDALE, Miss.-NCUA said it liquidated Friendship Community FCU, a one-time $2.5 million credit union, and assigned the member accounts to Shreveport FCU, a $76 million community development credit union in nearby Shreveport, La. Friendship Community, which had just $860,000 in assets and negative net worth at the time of liquidation, is the third CU failure so far this year. Under a purchase and assumption deal with NCUA, Shreveport FCU will keep the tiny credit union's lone Clarksdale office open as a branch to serve members.

DUBUQUE, Iowa-Dupaco Community CU said its Dupaco Insurance Services CUSO has purchased Town & Country Insurance. Town & Country is a local agency based in Peosta, Iowa.

NEW ORLEANS-NCUA has approved the merger of The Times-Picayune Employees FCU, which served employees and retirees of the city's daily newspaper, into New Orleans Firemen's FCU, a $125 million credit union based in nearby Metairie. The Times-Picayune has had declining sponsor support and reported a tiny loss of $16,435 for 2009, even after an $89,000 for 2008, but had a whopping 33% net worth at year end. The Times-Picayune credit union was one of two serving newspaper employees that were merged out last month. The other was First Edition Community CU, the $40 million CU for employees of the Arizona Republic, which was combined with $1.1 billion Vantage West CU.

BEAVERTON, Ore.-The Oregon state Senate recently passed a credit union public funds bill that removes the current $250,000 limitation on the amount of public fund deposits a credit union can receive. The new law will be implemented in January 2013, according to the Credit Union Association of Oregon. The league and other supporters have emphasized the issue is extending the choice of public entities to seek a fair and competitive rate of return on "the people's money."

2 Texas CUs Launch 2nd Node

GRAND RAPIDS, Mich.-Dealing with a tough economy? Save on backoffice expenses by joining a CUSO. Need to increase products and services available to members? Gain access to more offerings by being part of a CUSO.

WASHINGTON-Credit unions that have financial ties to CUSOs have, on average, higher long-term growth rates and lower expense ratios, according to Callahan & Associates.

HERNDON, Va.-Two CUSOs with seemingly unrelated service areas are working together to improve on something increasingly important-collections.

OLYMPIA, Wash.-Dr. James This, founder of the Paragon Consulting Group, believes credit unions continue to look for ways to work together, despite the ever-increasing number that are competing due to charter expansion and consolidation.

MIDDLETOWN, Penn.-Members of Mid-Atlantic Corporate FCU here will have to make a long-term commitment to the institution or potentially face higher costs for products and services when its new structure goes into effect.

WARRENVILLE, Ill.-Corporate credit unions are lobbying NCUA mightily for their future, with one plan emerging that would combine all 27 corporates into a single entity serving the whole country.

NEW YORK-The economy recovery will be tepid throughout 2010, leading to sustained high unemployment and low interest rates in the foreseeable future, according to one analyst.

NCUA Chairman Deborah Matz has spent the past few months leading Town Halls across the country and online. Matz has referred to it as a "listening tour." Credit unions have been happy to oblige with an earful.

A recent report makes the assertion that "by 2013, the cost of regulatory compliance and risk management will have priced Tier 3 and Tier 4 financial institutions out of the market." However, this Compliance Tax can be addressed, and I believe the solution is found in technology.

A Gallup Poll conducted last June revealed that only 22% of Americans have a "great deal" or "quite a lot" of confidence in banks. And they have even less faith in the people who run them.

SAN DIEGO – Mitek Systems last week said it signed with NetDeposit to provide mobile deposit capabilities to its financial institution customers.