Life Is A Highway ... July 9, 2010

Joint Conference Kicks Off Sunday

The 1 CU Conference, a joint conference of CUNA and the World Council of Credit Unions will open on Sunday at the MGM Grand in Las Vegas, with more than 2,800 people from 60 countries attending, and 500 representatives of more than 206 vendors working in the exhibit hall.

The event will begin at 5:00 p.m. PT with the Opening Ceremony and International Flag Parade as attendees parade in their national dress with their flags. The conference goes through Wednesday.

Among the “Crash the 1” group attending the conference is Kim Bindl, Financial Literacy Manager from AmeriChoice FCU in Mechanicsburg. Bindl is one of 15 young credit union professionals under age 30 chosen to participate in the “crash.” In addition to participating in 1 Conference activities, the crashers will hold their own sessions with key thought leaders and credit unions professionals.

Theresa Hilinski, Training Director at Viriva Credit Union, Philadelphia, is attending The 1 Credit Union Conference on a scholarship she received from the National Youth Involvement Board.  

Do You Need The Keys To A Social Media Strategy?

Join the Association as Rory Roland presents Social Media Nightmares & How to Protect Your Credit Union on July 20. This hour-long webinar will provide you with the keys to implementing a successful social media strategy that will protect your credit union and your employees.

Don’t delay: register by Thursday, July 15.

Click here for a preview of the webinar discussion and registration information.

Certificate Program Awards

For a listing of individuals who recently earned certificates from the CUNA correspondence courses for professional development, please click here. Congratulations, everyone!

Asia-Pacific Region Embraces Use Of Credit And Debit Cards

The credit and debit card revolution is spreading across Asia. Card transactions — credit, debit, charge and other payment cards — surged 158% to $1.8 trillion from 2004 to 2009, approaching nearly a quarter of global card volume, says Euromonitor, a research firm.

In Hong Kong, consumers are now paying for everything from a pack of gum to a BMW with plastic. Credit cards are becoming the new status symbol in India. And in South Korea, millions of consumers are pulling out cell phones equipped with card information to pay for purchases.

New technologies, such as cell phone and contactless payments — in which you pass your card over an electronic reader rather than swipe it — promise to speed up Asian consumers' adoption of debit, credit and even prepaid cards, which allow money to be loaded for purchases. Similar technology has been rolled out in the U.S. but hasn't caught on as quickly. In mature credit card markets, it takes time to replace legacy technologies, such as magnetic-swipe machines with new innovations.
USA Today

Amtrak Keystone Line Riders To See Schedule Changes July 12

Travelers using Amtrak’s Keystone Line service between Harrisburg and Philadelphia will see many new schedules starting Monday, July 12.

From July 12 through late August, many schedules for both directions of the service will change due to track improvements being completed. Many eastbound service trains from Harrisburg to Philadelphia will depart earlier from all route stations. On the westbound service, many trains will depart later from the Lancaster and Middletown stations. However, Train 601 will depart earlier.

For more information and the most up-to-date arrival and departure times, visit www.Amtrak.com or call 1-800-USA-RAIL (1-800-872-7245).

Information on the Keystone Line is available at www.CatchtheKeystone.com.

Newsmakers

LANCO FCU congratulates Andrew Prevoznik, the recipient of the 2010 Gerald Fortney Memorial Scholarship for $2,000. Prevoznik attended Cocalico High School, where he was a member of the National Honor Society and the Future Business Leaders of America club. He plans to major in Business at Penn State University.

Mid-Atlantic Corporate FCU raised $10,418 for the Children’s Miracle Network at its Annual Charity Golf Tournament, held on June 17, at Dauphin Highlands in Harrisburg.  A total of 86 golfers participated in this year’s tournament, in addition to tournament sponsors.

Keystone Extra Sneak Peek

Keystone Extra Sneak Peek

How did PA credit union growth compare to national averages for the first quarter of 2010?
How many PA credit unions offer share draft/checking accounts? Credit cards? First mortgages?
Is registration still open for the Penn State Judge/Bradley Credit Union School in August?
What is FRAML?

Find answers to these questions and more in this week’s Keystone Extra Sneak Peek.

Friday Tidbits 

How Hot Is It?

Dog Days is the name for the most sultry period of summer, from July 3 to August 11. Ancient astronomers in Mediterranean countries came up with the phrase "dog days" for the hottest period of the summer, from about July 4 to August 11. The astronomers defined the dog days as extending from 20 days before to 20 days after the conjunction of Sirius (the dog star) and the Sun.

The highest temperature ever recorded in the U.S. was in California's Death Valley. The temperature reached 134 degrees. The hottest record on Earth took place in El Aisisa, Libya, at 136 degrees F.

According the Heat Index (a factored combination of heat and relative humidity), 100 degrees F at 60% relative humidity will warm the human body as much as heat at 136 degrees F at 0% humidity. When the heat index gets above 90, it's time to take some precautions. About 175 people die in this country every year due to excessive heat.

Cool Off With Ice Cream

President Ronald Reagan designated July as National Ice Cream Month in 1984. He also named the third Sunday in July as National Ice Cream Day. Reagan recognized the popularity of ice cream in the United States (90% of the nation's population consumes ice cream) and stated that these two events should be observed with "appropriate ceremonies and activities."

• It takes 12 lbs. of milk to make just one gallon of ice cream.
• The U.S. enjoys an average of 48 pints of ice cream per person, per year, more than any other country.
• The ice cream cone’s invention is linked to the 1904 World’s Fair in St. Louis. An ice cream vendor reportedly didn't have enough dishes to keep up with the demand, so he teamed up with a waffle vendor who rolled his waffles into cones!
• Click here to find out what your favorite ice cream flavor says about you.

National News

National News

Cheney tells Senate leaders: Banks wrong on CU biz lending

WASHINGTON (7/9/10)--In a Thursday letter to Senate leaders Harry Reid (D-Nev.) and Mitch McConnell (R-Ky.), Credit Union National Association (CUNA) President/CEO Bill Cheney noted the "stunning hypocrisy" of the banking industry in threatening to "hold hostage" small business lending legislation because it contains a provision to increase the member business lending cap for credit unions.

The Independent Community Bankers of America (ICBA) has publicly stated that it would oppose legislation that would help community banks provide an extra $30 billion in loans to small businesses through a government-backed lending fund if that legislation included an amendment that would lift the member business lending cap for credit unions.

Cheney decried the ICBA's "all or nothing" approach, which he emphasized goes against doing what is best for the country's small businesses.

"We believe the focus of the small business legislation should remain on one thing only: 'What is best for the struggling small businesses across America?' That is why senators and credit unions support the Udall Amendment to the small business bill," Cheney wrote.

That amendment, which was introduced by Sen. Mark Udall (D-Colo.) last month, would increase the current MBL cap to 27.5% of assets, creating an estimated $10 billion in new small business funding and over 108,000 new jobs at no cost to taxpayers.

"Unfortunately, the ICBA is not focusing on what is best for America's small businesses," Cheney wrote.

Cheney said that by threatening to "hold hostage" the small business lending fund, the ICBA is attempting to "prevent credit unions from providing more credit to small businesses" while also giving up a "significant opportunity to increase community banks' own lending."

Overall, the ICBA's opposition is "not in the best interests of America's small businesses" and does small businesses "a grave disservice."

While the ICBA and others have challenged lifting the MBL cap, Cheney added that "the record reflects that credit unions are experienced in business lending, have a better pay-off record than banks, and need the Udall Amendment to continue their commitment to members with small business needs.
Cheney Letter to Reid and McConnell

CUNA, Fed seek HMDA perspective from CUs

WASHINGTON (7/9/10)--The Credit Union National Association (CUNA) and the Federal Reserve have asked credit unions to comment on the costs, benefits and privacy issues associated with portions of the Home Mortgage Disclosure Act (HMDA) that require credit unions and others to collect and report data on home mortgage loans, home improvement loans, and applications that do not result in loan originations.

The HMDA requires mortgage lenders to provide detailed annual reports of their mortgage lending activity to regulators and the public. The Fed has asked for input on what types of data should be excluded or eliminated, and if any existing data elements should be modified. The Fed has also requested comment on whether some types of institutions or mortgage loans should be excluded from HMDA reporting.

The comment call comes ahead of a series of public hearings that will feature a review of HMDA rules. The first hearing will take place on July 15 in Atlanta, with subsequent hearings set to follow on Aug. 5 in San Francisco, Sept. 16 in Chicago, and Sept. 24 in Washington, D.C.

American Airlines FCU's Vice President and General Counsel Faith Anderson and State Employees CU Senior Vice President Phil Greer, both of whom were recommended by CUNA, will testify at the Atlanta hearing.

After the HMDA hearings, the Fed may issue a plan that incorporates changes addressed in these hearings and comments received.
CUNA comment call

CU input on RESPA 'required use' clarifications needed

WASHINGTON (7/9/10)--The Credit Union National Association (CUNA) has asked credit unions to comment on a recently released Department of Housing and Urban Development (HUD) advance notice of proposed rulemaking (ANPR) which seeks to clarify current prohibitions against the "required use" of affiliated settlement service providers for residential mortgage transactions under the Real Estate Settlement Procedures Act (RESPA).

The HUD rules aim to address situations in which some homebuyers commit to using a home builder's affiliated mortgage lender in exchange for construction discounts or discounted upgrades without sufficient opportunity to review the transaction or comparison shop among other lenders.

One of the questions asked by CUNA is whether the economic incentives provided in the ANPR would inflate appraisals or lower underwriting standards in the loan market.

Credit unions are also asked to comment on whether the home upgrades, settlement discounts, and guaranteed interest rates offered as part of the home purchase process in these situations are illusory, and whether consumers that are offered incentives in these situations would be less likely to comparison shop for these types of settlement services.

CUNA has asked that all comments be submitted by Aug. 20. The HUD is accepting comments until Sept.1.

For the full comment call, use the resource link.
CUNA comment call

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