EFCU, TNB Card Services Partner

COLORADO SPRINGS, CO - Air Academy Federal Credit Union is offering a new loan product called Smart Solution.

JULY

AUSTIN, Texas - Credit unions lacking a succession plan to respond to a planned or unplanned senior level vacancy can expect to endure a long period of turmoil, according to a new study.

ARCHER, Neb. - Steve Lamon remembers when the price of corn topped $5.50 per bushel-and what it meant for his credit union, Archer Cooperative Credit Union here.

Redwood CU Enters Napa Market With a Big Bang

WASHINGTON - Loan delinquencies at the nation's banks rose in the first quarter to their highest since 2001, according to the American Bankers Association.

WASHINGTON - The Federal Reserve last week amended its Reg E, Electronic Funds Transfer Act, so that merchants will no longer be required to make a receipt available for debit card purchases of $15 or less.

I read with interest your facilities feature articles (CUJ May 14). Good information.

For some reason in Credit Union Land we've decided to pick this moment in time to all figure out what we want to be when we grow up. I know here in the Richmond, Va. area, most, if not all, the credit unions have or are in the process of rebranding. It seems to be our magic eraser, a chance to start over, and make our old, stale brands fresh and new in the minds of our members and potential members.

It was like a Gen Y focus group on steroids everywhere you looked. High schoolers by the hundreds-one person said there were more than a thousand-a glued-together-by-acne-cream mass of iPods and cell phones and chattering girls and voice-breaking boys divided into cliques of six to eight as if they were all connected by a Slinky, snapping back anyone who strayed too far away.

I am writing to suggest that the time has come for closer dialogue between our credit union trade associations, CUNA and NAFCU, to examine the possibilities of merger in order to better protect and defend the credit union charter from attacks from the newly forming American Bankers Association. From their letter to member banks:

DAYTON, Ohio – NCR said last week its board approved the distribution of shares in connection with its pending spin-off its Teradata data warehousing operations. Under the plan, each NCR shareholder will receive one share of the newly public Teradata for every share of NCR stock they own. The spin-off is expected to take place in the third quarter. The surviving company, NCR will house the company’s existing ATM and financial self-service kiosk and point-of-sale terminal manufacturing operations.

HOUSTON – Cardtronics Inc. reported Friday that it continues to operate at a loss, even as it builds the nation’s biggest ATM network and a critical touchpoint for credit unions. The privately held company, which is in the process of acquiring 7-Eleven Financial Services and its 5,500 ATMs, said first quarter losses widened to $3.4 million, form $3.1 million for the first quarter last year. Revenues increased 8% to $74.5 million for the first quarter. For fiscal 2006, Cardtronics reported an $800,000 loss, compared to a $3.8 million loss for 2005. The 7-Eleven operations, which includes 3,500 ATMs and 2,000 Vcom self-service financial kiosks, reported $163.7 million in revenues for fiscal 2006, and net income of $11.2 million. For the first quarter of 2007, the 7-Eleven reported $41.5 million in revenues for the operations, and $2.5 million in net income. The 7-Eleven operations, which connect to the CO-OP Financial Services and are about to connect to Financial Service Centers Cooperative, have grown to be a critical touchpoint for credit unions. Cardtronics already provides ATM services to hundreds of credit unions through a deal with the Credit Union 24 network and through its wholly owned Allpoint network.

HAMILTON, Ontario –Healthcare and Municipal Employees’ CU and McMaster Savings and CU have announced a new five-year agreement with Hamilton Health Sciences, St. Peter’s Hospital and St. Joseph’s Healthcare Hamilton that will see all ATM surcharges from machines at those locations returned to the hospitals. This will result in an injection of more than $1 million into the healthcare system throughout the next five years. More than $500,000 was returned to the hospitals under a previous five-year agreement. Under the agreement, HMECU and MACCU will give the full $1.50 surcharge charged to nonmembers for their ATM withdrawals to the participating hospitals.

KANSAS CITY – At least two thieves were shown on video trying to blow up two ATMs at the Mazuma CU branch last Wednesday night in a failed attempt to steal cash. The video shows what appears to be two men with partially concealed features, and dark clothing facing the video camera. The video shows the men going to both ATMs carrying some sort of explosive and duct tape. They tape the explosives to the ATMs, light the fuses and run. But possibly because of the rain that fell overnight, nothing happens. So they have to go back. They both crouch down near an end ATM, and tape the explosives to the machine. They turn to run, the explosion occurs, you can see smoke, and then a big explosion leaves the machine totally useless. The thieves failed to get any cash. The same thieves apparently went down the road and tried to blow up another ATM, but failed there as well.

INDIANAPOLIS – The Federal Home Loan Bank of Indianapolis announced Friday it has hired Milton Miller, the former chief financial officer at the Bank and recent retiree, as its new president and CEO. Miller started with the Indianapolis FHLB in 1978 and rose to chief financial officer in 1985, then retired form that job last December. Miller will succeed Brian Fike, who has served as interim CEO since last December.

WASHINGTON – Four Federal Home Loan banks awarded more than $30 million in affordable housing grants to members over the last two weeks–but not a cent of it to their credit union members. Representatives of the FHLBs–in Boston, Pittsburgh, Cincinnati and Dallas–said the awards were reflective of the applications they received for the funds, and not the result of any bias by the directors, none of whom represent credit unions. The lone FHLB to award funding to credit unions so far this year was the San Francisco Bank, which awarded just over $1 million of its $34.7 million AHP funds to credit union members. The 12 FHLBs are the largest source of affordable housing funding in the country and provided more than $150 million in such grants last year.

ANTIGO, Wis. – CoVantage CU has created its own version of a reverse mortgage, with no monthly maintenance fees and low start-up costs. The CoVantage Easy Reverse Mortgage is offered for homeowners who are 62 or older with a steady source of income for up to 10 years. Unlike most reverse mortgages, the CoVantage product has no monthly payments until the loan is due at the end of the loan term.

SANTA ANA, Calif. – Orange County Teachers FCU helped raise $40,000 for the Education Foundation for Orange County Schools, which provides teacher grants throughout Orange County. The funds were raised in conjunction with the Orange County Department of Education during the third annual Education Foundation Golf Tournament last month. The Education Foundation has awarded more than $193,000 in grants to 150 teachers since its inception in 2003. The funds help teachers purchase or create materials for programs to help inspire students who excel in core subjects.