Daily Briefing for Friday, September 3:
Market Value Accounting For Loans Draws Ire Of CUs, Banks
NORWALK, Conn. – The Financial Accounting Standards Board’s proposal to extend market value accounting to long-term assets – including loans – is creating widespread opposition among the lending community, as credit unions and banks see the havoc market value accounting created on the investment side of the ledger over the past two years.
- Seven CU Plaintiffs Pull Out Of WesCorp Suit
- Bill Gives New York CUs New Source Of Deposits
- Mortgage Rates Continue In Free Fall
- ASI Report Details Troubles In Nevada’s Privately Insured CUs
- Employee Charged With Stealing $150,000 From Dead CU Members
- Hopewell FCU Gets FHLB Grant To Build Habitat For Humanity
- Atlantic City FCU Adds Open Solutions’ DNA Processing System
- University FCU Opens Branch In One-Time Salt Lake City Bank
- Pennsylvania State Employees’ CU Hits A Home Run For Charity
- Credit Officer Took Kickbacks For Loans
This Week's Lead Stories
Business of Business
PHOENIX-With Congress in recess, credit unions are expected to lobby hard in members' home districts for relief from the member business loan cap following new data showing jobs-creating MBLs were the strongest loan category during the first half of the year.
Business of Sharing
MECHANICSBURG, Penn.-AmeriChoice FCU has launched a "My AmeriChoice Story" campaign featuring videotaped stories from members about how the credit union has helped them reach financial goals.
Business of Restarting
MANCHESTER, N.H.-St. Mary's Bank has introduced two loan products whose primary goal isn't making money for the CU. Instead, the loans help members build and rebuild credit, and the CU establish long-term relationships.
A Penny For Your Overdrafts At 1 CU
RALEIGH, N.C.-Coastal FCU has instituted a one-cent overdraft fee for members that correct the problem before 11 p.m. the same day they overdraft or in cases where their account balances are not more than $10 in the red. Accounts that are more than $10 overdrawn after 11 p.m. will be charged the standard $28 fee.
Mobile Moves Beyond iPhone
LAKE JACKSON, Texas-Credit unions are expanding beyond Apple's iPhone to develop mobile banking applications for other devices, in particular those running the Google Android operating system.
Special Report
Back to School
It's back-to-school season, and when CU executives attend the latest crop of continuing education programs, they'll likely see some changes in the curriculum, due in part to the fallout from the troubled economy. Learn what's on tap and what's changed in this week's special report.
Special Report
Credit & Debit Cards
This week's special report explores the link between a strong cards program and member loyalty and profitability. Also on tap: four views on card growth strategies, and a look at what is to come with the Aug. 15 Reg E deadline.
Special Report
Strategic Planning
This is no time for duck-and-cover. That's the consensus of CU leaders and analysts from around the country as strategic planning season gets underway for 2011 and beyond. In this issue Credit Union Journal offers insights from more than a dozen people on all aspects of strategic planning, and while the goal is to provide a broad range of input, some themes emerged regarding not being cowed by the economy and the need for planning to be an ongoing process.
