Numerica CU Joins Money Matters

APRIL

COLUMBUS, Ohio - If conversions to bank charters, a seemingly endless parade of mergers and even the first "hostile takeover" attempt by one credit union over another have shaken faith in the cooperative nature of the credit union movement, the corporate credit union network offers a preview of how cooperation can survive a shakeup in the landscape.

Until a few years ago, many credit union executives viewed Asset Liability Management (ALM) as an exercise in futile number crunching being thrust upon them as a necessary evil by the regulators. The general practice was to outsource this function to a third-party for a periodically generated "Asset Liability Management Committee (ALCO) Reports Package" to satisfy the regulators. These reports were then stuffed in a drawer to gather dust.

ARLINGTON, Va. - As the Credit Union Journal was going to press, NAFCU President Fred Becker issued a statement in response to NCUA Chairman JoAnn Johnson saying the agency is reviewing the bid by Wings Financial FCU to put an unsolicited merger bid before members of Continental FCU.

WASHINGTON - In a move that could invite another fight with the bankers, a bill introduced in the House last month would encourage greater member business lending by credit unions.

ALEXANDRIA, Va. - In a rare move, NCUA last week issued a cease and desist order against Dover N.J. Spanish-American FCU directing the $20- million to correct broad violations of the Bank Secrecy Act, the anti-money laundering law.

SALT LAKE CITY - Representatives of NCUA and NASCUS met here three days to discuss current and emerging issues. In addition to the three NCUA board, members, 35 state regulators were also on hand for the National Regulators Meeting. Representatives of both groups are set to meet again for an Interagency Dialogue scheduled during the NASCUS State System Summit, Aug. 10 in Fort Lauderdale, Fla. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

BILOXI, Miss. — It's been nearly 18 months since Hurricane Katrina hit the Gulf Coast on August 29, 2005. The news crews and reporters have moved on to other stories and America's attention has turned to elsewhere.

ATLANTA - A new study has found "significant changes" in the home equity lending market that may affect credit union decisions during 2007.

MONTEREY, Calif. - A group of about two-dozen credit union representatives gave up a Saturday here to learn more about how to increase their credit union's "social impact."

Throughout 2007, the Credit Union Journal, in conjunction with ENCORE Card Services, are profiling the CUs of each U.S. state and D.C in the order they became states. For info: visit www.encore-ecs.coop.

SAN DIEGO - If credit unions continue using good mortgage lending principles they have a real opportunity gain market share even as other mortgage providers stumble.

BILOXI, Miss. - It's been nearly 18 months since Hurricane Katrina hit the Gulf Coast on August 29, 2005. The news crews and reporters have moved on to other stories and America's attention has turned to elsewhere.

ATLANTA - E-payments provider CheckFree Corp. has completed its $206-million acquisition of Carreker Corp., the Dallas-based provider of ACH services and financial institution consulting.

BASKING RIDGE, N.J. - When Affinity Federal Credit Union learned that many of its members who are employed by AT&T were to be switched to a high-deductible health plan, credit union officials knew some money would be moving around, and Affinity wanted to make sure it was on the receiving side of some of those decisions.

DULUTH, Ga. - Credit Union Service Corporation (CUSC) and CO-OP Financial Services hope to consummate their merger by June 1 following a vote of CUSC stockholders approving the combination.

I have been a regular reader of the Credit Union Journal's print edition for many years but just recently discovered the newly redesigned website (www.cujournal.com). It is easy-to-read and navigate and packed full of information. The site is an extremely useful research tool to learn more about almost any topic within the credit union marketplace.

BOSTON - NCUA has agreed to review its merger guidelines to see if they adequately address so-called hostile takeover attempts, such as Wings Financial FCU's bid to acquire Continental FCU.

DALLAS - Credit union CEOs say they are feeling better about economic conditions overall, although they are generally more tempered in the picture for their own credit union, according to the Credit Union CEO Confidence Survey conducted by Southwest Corporate FCU.