BRUEN Credit Union Blog ....... (Please send comments to cabruen@gmail)

Just tidding up around here

Wed, 7 Jan 2009 00:01:00 -0800

Really love this comment!

Tue, 6 Jan 2009 14:16:12 -0800

This comment was attached to the end of an email from a prominent and well known Southern California CEO whose name I don't have the permission to use. //Chuck

"Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming; WOW-- What a Ride!"

Important story on fraud ...

Tue, 6 Jan 2009 19:53:23 -0800

How Not To (Allegedly) Embezzle - Part 1 of… [Internal Fraud Prevention]

Ah, internal fraud. The kind of thing that only happens to other financial institutions…

2009 ushers in a whole new group of people that (allegedly) believed they were smarter than the regulations, rules, digital footprints, and security systems in place to deter theft. And they may have been, for awhile, but anyone that steals from a credit union always seems to get caught in the end (anyone that successfully stole from their CU and left without getting caught is more than welcome to prove me wrong. I’ll just need your Name, Address, former CU, dates, amount stolen, and method to verify your claim).

Rather than launch into a mostly drab discussion on how internal fraud prevention methods should be both adhered to and tested with the utmost scrutiny (if you have an Internal Auditor, they’re already saying that), CU Potential will endeavor to bring to all interested parties the methods each individual (allegedly) used to strip the CU of a bit (or a lot) of cash, in the hopes that other CUs will take a look at their own policies and make any necessary adjustments. [Read story at Christian Mullins blog].

10 reasons why credit unions rule

Wed, 7 Jan 2009 00:01:00 -0800

Posted Jan 06 2009, 08:22 AM by Karen Datko Rating: Filed under: banking, Blueprint for Financial Prosperity, banks, loans, interest rates, credit unions This post comes from partner blog Blueprint for Financial Prosperity.

Credit unions exist to help their members. Commercial banks exist to enrich their shareholders.

You read that right. That's why credit unions often have better interest rates on both loans and deposits. Commercial banks are businesses. Their sole purpose is to figure out how to make more money from customers (you). Interest rates on accounts are often very low (or nonexistent), and they always try to sell you new products.

Credit unions, by law, have to have membership requirements. Credit unions are often tied to a geographic area or particular group, and as long as you qualify you can join. For instance, the Pentagon Federal Credit Union is one of the better-known credit unions, because of its once mighty CD rates (still competitive if you look at terms of three-plus years), and if you aren't active/retired military or work in defense, you can become eligible by joining the National Military Families Association. There are membership rules, but there are ways around them.

Here are 10 reasons why you should try to find a way to join (sample rates listed below were from Dec. 12): [Read story at Blogs.moneycentral.com].

Interesting that Mass credit unions don't pay payroll or property taxes.

Tue, 6 Jan 2009 00:01:00 -0800

Bay State credit unions see delinquent loans surging.

Delinquent loans at the 10 largest Massachusetts credit unions are up 42 percent this year, but without any major hits to their conservative investment portfolios, they appear to be on more stable footing than some rival community banks that took big losses.

One credit union to watch is Digital Federal Credit Union, the state’s largest credit union and one of the biggest in the country. Digital, which has $4.3 billion in assets, posted net income of $20.4 million during the first nine months of this year, a 12 percent gain over the same period in 2007 — and noteworthy when you consider that many financial institutions are reporting profit declines or losses.

Among Massachusetts community banks, only Rockland Trust Co. generated more net income ($22.6 million) than Digital during that period. But as community bankers will point out, credit unions can have a lower cost structure because of some tax breaks. Credit unions, for example, do pay payroll taxes and property taxes. [Read story at Boston.bizjournals.com].

I'm (a taxpayer) paying for my neighbor's GM car

Tue, 6 Jan 2009 00:01:00 -0800

The WSJ ran an editoral last week that reminded us all that we are paying for our neighbor's new 0% financed General Motors car. Besides being unhappy as a taxpayer at being forced to subsidsize vehicle purchases, it really rubs salt-in-the-wound when we come to work at the credit union and then have to compete against our own government's bailout money to car manufactuers. It is sort of like a double shakedown.

Little Christmas (twelve days after Christmas) January 6

Sun, 4 Jan 2009 17:35:07 -0800

In Rome, "Epiphania" was transformed into Befana, the great fair held at that season, when sigillaria of terracotta or baked pastry were sold

In some European cultures, the greenery put up at Christmas is taken down at Epiphany, in other cultures it remains up until the Meeting of the Lord (February 2).

The Irish call this day Little Christmas or "Women's Christmas"

The Dutch call this day Driekoningendag (Three Kings' Day).

In France, on Epiphany people eat the gâteau des Rois in Provence or the galette des Rois in the northern half of France and Belgium. This is a kind of king cake, with a trinket or a bean hidden inside.

In Portugal, Epiphany, on 6 January, is called dia dos Reis (day of the kings), during which the traditional Bolo Rei (King cake) is baked and eaten.

In Spain, Mexico, Cuba, Puerto Rico and some other Latin American countries Epiphany day is called El Día de los Reyes (The Day of the Kings), i.e., the day when a group of Kings or Magi, as related in the second chapter of the gospel of Matthew, arrived to worship and bring three gifts to the baby Jesus after following a star in the heavens. This day is sometimes known as the Día de los Tres Reyes Magos (The day of the Three Royal Magi)

In Louisiana, Epiphany is the beginning of the Mardi Gras season, during which it is customary to bake King Cakes, similar to the Rosca mentioned above. The one who finds the doll (or bean) must provide the next king cake. The interval between Epiphany and Mardi Gras is sometimes known as "king cake season." [Wikipedia - Epiphany]

Cool biker!!!

Tue, 6 Jan 2009 00:01:00 -0800

Student volunteer-run credit union at the University of Missouri

Mon, 5 Jan 2009 00:01:00 -0800

Tigers Credit Union was founded in 1984 as “Missouri Student Federal Credit Union” by a group of students as the first financial institution on the University of Missouri–Columbia campus. Since then, Tigers has remained a student volunteer-run, not-for-profit financial organization dedicated to serving the needs of students, alumni, faculty and staff at MU, Stephens College and Columbia College. Conveniently located in Brady Student Commons on the MU campus, we offer a complete range of products to help our members manage their money now and in the future.

For the second year in a row I'm posting Eric Bruen's memorial to his beloved Colts

Sun, 4 Jan 2009 16:58:34 -0800