BIRMINGHAM, Ala. – Several area African-American parishes are planning to combine their credit unions into single community development institution. Two of the largest churches in the area, Guiding Light Church and New Hope Baptist Church, have already agreed to join the conglomeration, which they say is not quite a merger, Jefferson Community Development FCU and New Hope Community Development FCU. Other churches planning to participate are Ellwood Community Church in Selma, which recently started its own credit union, and New City Church in Birmingham. Organizers are looking at possible participation for as many as a dozen predominantly African-American churches in Birmingham that operate their own credit unions, most of them under $2 million in assets. The pastors plan to discuss their plans next week at the annual A.G. Gaston Conference in Birmingham.

BAKERSFIELD, Calif. – A local businesswoman, her husband and mother were charged last week with a credit insurance fraud that took a couple of local credit unions and CUNA Mutual Group for hundreds of thousands of dollars. Authorities charged that Shawn Dodd, 40, used loans from Kern Central CU to buy sports cars, a boat and a motor home--all secured with credit disability through CUNA Mutual–then defaulted on the loans for what was a dubious back injury. Dodd also bought a truck with a loan from GMAC, which was secured by credit disability from Universal Underwriters Insurance. Her husband, James Dodd, 48, was charged with securing a $104,000 loan from Kern Schools FCU to buy another motor home based on phony loan documents. The vehicle was eventually repossessed and sold at a loss of $46,000 to the credit union. And Shawn Dodd’s mother, Barbara Bayird, was charged with fraudulently obtaining a $45,000 loan from the credit union to buy a Corvette. Shawn Dodd allegedly claimed the two were working for her company at inflated salaries to qualify for the loans. The investigation was conducted by the California Insurance Department and CUNA Mutual Group.

FORT WORTH, Texas – Larry Duckworth, who went from revered to reviled among credit unions when he decided to convert OmniAmerican CU to mutual savings bank, died here Thursday morning. Duckworth, 59, had suffered a heart attack last year and was recovering from heart surgery last month. Duckworth, who went to work at OmniAmerican in 1986 and became CEO in 1990, was well-respected as an innovator as he built the institution to be one of the biggest in Texas, with over $1.4 billion in assets. But Duckworth and the credit union became the focus of much criticism when they, along with nearby credit union giant Community CU, converted to a mutual savings bank in 2005. The institution, now known as OmniAmerican Bank, is expected to file for an initial public offering of stock any day.

PORTLAND, Ore. – Online services provider Corillian Corp. reported yesterday that its net income for the fourth quarter rose slightly to $779,000, or two cents a share, on sharply higher revenues. Revenues for both the fourth quarter and full year were up significantly, by 20% and 25%, based on the company’s acquisition last year of InteliData Technologies. Still, the company reported a loss of $1.1 million, or two cents a share, for the full year.

McLEAN, Va. – Mortgage rates declined slightly this week, after rising for the past few weeks, according to Freddie Mac. The average for the 30-year, fixed-rate loan dipped to 6.28% this week, from 6.34% last week; while the average for the 15-year, fixed-rate mortgage slipped to 6.02%, from 6.06%. ARM rates also moved lower, with the average for the five-year ARM falling to 5.99%, from 6.04%; and the average for the one-year ARM falling to 5.49%, from 5.54% last week.

OLYMPIA, Wash.– The Washington CU League joined Attorney General Rob McKenna, the AARP and legislators in encouraging the state Legislature to give all Washington residents the opportunity to freeze access to their credit reports when issues of identity theft arise. “Under our current law, a pickpocket could snatch your wallet, a scam artist could trick you into providing personal information over the phone or computer, your home could be broken into and personal documents could be taken – but you have to wait until further damage is done before you can block access to your credit report,” McKenna said. “It’s like having a law that says you can’t put a deadbolt on your door until your house has been burglarized."

CALABASAS, Calif. – Digital Insight announced it is now offering WebSideStory’s HBX Analytics through its Web Center. HBX Analytics will help credit unions and banks make decisions about the development, deployment, expansions and effectiveness of their Internet initiatives based on member/customer intelligence. Since the agreement was finalized in November, more than 150 financial institutions have implemented HBX. Digital Insight, which was acquired Intuit Inc., provides online services for more than1,400 financial institutions, about half of them credit unions.

WICHITA, Kan. – The state’s only community development credit union, Communities United CU, is in financial trouble again and seeking assistance from the credit union community. Officials with the $2.3 million said they need a short-term infusion of as much as $200,000 to remain solvent, as state examiners are scheduled to visit next week. The 10-year-old credit union, which provides a variety of low-income products and services, was only saved two years ago with an infusion of $50,000, but officials say they need longer term capital commitments of as much as $500,000 for long-term viability. The credit union is on the forefront of several low-income initiatives, including Individual Development Accounts, tax preparation for low-income people, and financial education.

CHATTANOOGA, Tenn. – Tennessee Valley CU will help one local woman’s dreams come true at the annual Riverbend Festival next summer. Credit union employees and volunteers will team with Habitat for Humanity to build a home at the festival. Volunteers will work around the clock through the nine-day festival until the new home is complete. After completion the house will be taken down from a platform and moved to a permanent location.

MOSS POINT, Miss. – Hope FCU said yesterday it is partnering with Cisco Systems to provide students and families in the Moss Point School District with low-cost personal computers. Families with students will be able to buy a reconditioned computer for $200 or a new Dell computer for $500. The CDCU will provide low-rate loans and Cisco Systems will guarantee the loans. Participants will be given the option of paying half the cost upfront, or financing a larger amount with $10 to $15 monthly repayments. The computer program is part of a $3.3 million Cisco project, called Systems 21st Century Schools Initiative that aims to rebuild the area’s technology after Hurricane Katrina.

ALEXANDRIA, Va. – Del-One FCU will try again to set a new standard for field of membership when it asks NCUA next week to allow it to serve the entire state of Delaware. The full NCUA Board will hear an appeal of a decision first rendered six years ago, denying the statewide FOM, ruling it violated provisions of the FCU Act, even though tiny Delaware only has around 800,000 people, far fewer than many other community charters approved by the federal regulator. Instead, the credit union, then known as Delaware FCU, was granted approval to serve the capital city of Wilmington and the town of Georgetown. In its 2000 ruling, NCUA said while the statewide charter complied with part of the requirements, as the state’s boundaries amount to a “well-defined” area, it does not comply with the requirement that it be a “local community, neighborhood or rural community.” The credit union has about $100 million in assets and 30,000 members. Numerous state chartered credit unions are authorized to serve the entire states.

IOWA CITY – Members opposing the new name for University of Iowa Community CU have petitioned to recall the new moniker, Optiva CU, even after it was approved by state regulators and as the credit union continues to buy letterhead, cards, checks and signs bearing the name. The group, which needs 100 signatures under credit union bylaws to force a special meeting to rescind October's narrow six-vote ballot, have submitted a petition with 150 names calling on the $500 million credit union to recast the vote. Members complained of the credit union's plans to expand interstate, the shedding of traditional ties to the University, and the nature of the name, which one described as 'non-descript.' Jim Kelley, senior vice president for marketing at the credit union, said he believes a small group is behind the petition. “We’ve received the petition and are reviewing it,” he told The Credit Union Journal yesterday, adding that they plan to complete the name-change on March 1 and have already purchased materials to reflect the switch. The change to Optiva was developed by well-known Weber Marketing Group at a cost of $250,000. Kelly said with the new name they want to emphasize the membership rights of a broad spectrum of the region, a community charter encompassing 14 counties in eastern Iowa. The credit union attracted national attention three years ago when its attempt to buy a local bank was quashed by state regulators.

BROOKFIELD, Wis. – Former FDIC Chairman William Seidman, now a Fiserv director, took advantage of a run-up in Fiserv shares to new highs this week by cashing in his remaining 35,436 options to net a quick $1.5 million. Seidman, who became famous as during the S&L bailout when he headed the Resolution Trust Corp., exercised 843 options at $10.67 and 34,593 options at $11.11, then sold all of the share Monday at $53.27, as they hit a new high, according to a filing with the Securities and Exchange Commission. Fiserv shares closed yesterday at a new high of $53.78. Seidman, now 84, has been a Fiserv director since 1992 when he retired from the S&L bailout.

LAPEER, Mich. – A former branch manager for Lapeer County Community CU was charged with embezzling more than $20,000 from the credit union. Charlotte Beers, 50, of North Branch, was arrested Tuesday and released on bond. Beers was fired as manager of the Deerfield Township branch of the credit union because of the embezzlement allegations, according to the state police.

SAN FRANCISCO – BankServ announced yesterday that its DepositNow system for depositing paper checks online can now be used with Windows Vista Business and PASS Commerce Center for desktop computers. Businesses and individuals that subscribe to DepositNow can scan checks using their desktop PC, then deposit them online. The company plans to introduce a version of DepositNow soon that will be integrated with Microsoft’s Small Business accounting system.

PORTLAND, Ore. – Online services provider Corillian Corp. said yesterday it is now integrating support for Windows CardSpace into its Internet banking products and services. Windows CardSpace is a component of the .NET Framework 3.0 available on Windows Vista and XP, which helps store a person’s digital identity in a security-enhance way, and provides an interface for choosing the identity for an online transaction. The integration of Corillian’s Voyager platform into Windows CardSpace will protect users from a variety of identity related attacks.

MOUNTAIN VIEW, Calif. – Financial software giant Intuit Inc. announced yesterday it has completed its acquisition of Digital Insight, following Tuesday’s approval of the $1.3 billion deal by Digital Insight shareholders. Digital Insight, the provider of Internet banking services for 1,400 financial institutions–half of them credit unions–is one of three credit union outsourcers, including Open Solutions and John H. Harland, in the process of being taken over. Intuit, the maker of the popular online tax programs Quicken and TurboTax, plans to use Digital Insight’s connections with credit unions and banks to tap into the small business market. Digital Insight CEO Jeff Stiefler will remain as head of the Digital Insight subsidiary of Intuit.

ATLANTA – John H. Harland Co. said yesterday that expenses related to its pending takeover by M&F Worldwide pushed down fourth quarter profits by 35% to $13.6 million, or 52 cents a share, while revenues for the period also declined by 1% to $263.8 million, compared to the fourth quarter last year. The pre-tax costs for the pending merger amounted to $12.6 million. Fourth quarter results also included an impairment charge of $3.5 million resulting from the company’s decision to sell its printed products operations in Mexico, which are now reported as discontinued operations. For the full year profits declined 10% to $68.1 million, or $2.55 a share, all related to the merger and Mexico operations costs. Fiscal year revenues rose by 8% to $1.05 billion. M&F, which is controlled by corporate raider Ron Perelman, has agreed to pay $1.7 billion for Harland, and plans to combine its Clarke American check printing operations with that of Harland’s to create the largest check printer in the U.S.

SPOKANE, Wash. – The FBI raided three separate homes yesterday morning and arrested three brothers and charged them with the November 20 armed hold-up at Safeway FCU. The brothers, identified as Brad and Dustin Rockstrom, both 24, and their Gregory Rockstrom, 21, were captured at two of the homes. The brothers were armed with handguns and yelled at everybody in the credit union to get down on the ground while they rifled through the cash drawers and made their escape. The three were tracked to Brad Rockstrom's home because a witness saw the getaway vehicle, which belongs to their sister. Authorities said it was unusual to arrest more than one family members–let alone three-for the same robbery.

MONETT, Mo. – Jack Henry & Associates, one of the largest remaining credit union outsourcers, reported a 28% rise in profits for its fiscal second quarter, ended Dec. 31. The company reported second quarter net income of $27.8 million, or 30 cents a share, up from $21.6 million, or 23 cents a share, for the second quarter last year. Second quarter revenues rose 13% to $167.2 million, fueled by strong growth in the company’s electronic processing business. Jack Henry said 350 financial institutions now use its Check 21 Remote Capture product, with the volumes of each customer increasing. For the first six months of its fiscal year, Jack Henry reported a reported a 12% rise in revenues, to $317.9 million, and a 20% surge in net income to $49.2 million, or 53 cents a share, compared to the first half last year.