Navy FCU Selects WAUSAU-FS

The Quad City Times provided coverage of IH Mississippi Valley CU’s ongoing fight to keep online scammers from stealing from its members and the credit union. The paper noted that the CU has had to fight off 85,000 scam attempts, such as phishing. The story included insights from the CU’s Laura Ernzen, who noted that a few members have fallen for such scams but overall there have been few problems.

PASADENA, Calif. - Wescom Credit Union here will consolidate 11 branches, discontinue Sunday hours in most locations and further reduce its workforce, the latest sign of how Southern California’s slow and even reversing mortgage market is affecting some credit unions.

AUGUST

OK, so apparently there is one more item you should add to the verboten list of things you shouldn’t bring up at dinner or among polite company. In addition to sex, politics and religion, add financial institution “examinations” and “examiners.”

In response to Frank Diekmann’s column in the July 21 issue, the new sheriff, Michael Fryzel, needs to clean up Dodge City and, as Mr. Diekmann implied, his own deputies. The NCUA became complacent and turned its focus away from safety and soundness to a myriad of other things, including The Office of Small Credit Union Initiatives, Access Across America and the Bank Secrecy Act. In the meantime the examination process failed to detect and prevent credit union failures, prompt corrective action failed and the problem resolution process turned problem credit unions into disasters.

I read with great interest Frank Diekmann’s editorial in the July 21 issue on NCUA and the current losses being experienced in the NCUSIF. A couple of items to note:

Today’s investors are caught in a battle between rising inflation and a slowing economy, translating into a debate over whether interest rates will be moving lower or higher in the near future. The variables continue to change daily, but one factor has been constant–the rising price of oil.

Here we are again beginning to think about planning for next year. Now that we know the NCUA examiners will be asking to review our “Strategic Plan,” it may be time to put a bit of extra effort into our standing document this year.

WASHINGTON - Though Congress is unlikely to pass legislation to reform credit card practices this year, the Federal Reserve board is likely to implement some reform by year-end in response to a deluge of consumer comments on similar proposals.

EVENTS

CHARLESTON, S.C. - NCUA last week placed tiny Port Trust FCU into liquidation, which was chartered less than two years ago.

FERNDALE, Mich. - The City Council of this enclave of 25,000 residents is exploring moving the city hall into the second floor of Credit Union One’s offices, which would be the first credit union to house a city hall.

WestStar Credit Union, Las Vegas, named Dick Holtzclaw senior vice president and chief financial officer.

PHOENIX - Desert Schools FCU is introducing a dental insurance plan to its members, one of the first credit unions in the country to do so.

RIVERDALE, Ill. - A 23-year-old woman, part of a self-described “Bonnie and Clyde” duo, was found guilty by a federal jury of the Jan. 19, 2006, armed robbery of more than $250,000 from Acme Continental CU.

PHOENIX - Succession planning may be moving off the CU back burner, says a national executive search firm that’s seen requests for succession planning consultation significantly increase over the last two years.

OTTAWA, Ill. - Jack Teausant has a simple way of assessing the state of board succession planning at many credit unions: go to a large credit union convention and take a good look at attendees.

NEW LONDON, Conn. - State Attorney General Richard Blumenthal last week called on NCUA to disclose more information about the prior week’s closure of New London Security FCU, hours before its investment advisor plunged to his death in an apparent suicide.

GROTON, Conn. - Not waiting for this year’s strategic planning session to address the road ahead, Charter Oak Federal Credit Union here discussed future objectives at its quarterly employee meeting.