The school bell now tolls for Ent Federal at UCCS

Filed under: Banking & Finance |

Ent celebrated the grand opening of its UCCS Service Center on Oct. 2. On hand for the ribbon cutting were (left to right), UCCS Vice Chancellor of Administration and Finance Brian Burnett, , Ent board Chairman James Stewart, UCCS Chancellor Pam Shockley-Zalabak, Ent President and CEO Charles Emmer and UCCS Ent Service Center Manager Cindy Abrams.

Ent Federal Credit Union opened the city’s first financial services branch on a college campus on Oct. 2.

The branch at the University of Colorado at Colorado Springs is the 21st service center for Ent, the region’s largest financial institution.

In what has become a trend, a number of banks and credit unions are establishing college campus branches. The school branches are seen as a way to capture future customers.

The opening of the service center coincides with the launch of the Lion One Card, a university photo ID that doubles as and ATM and Visa debit card for Ent members.

The campus service center will employ students, who can earn internship credit while on the job.

U.S. Bank female executives on top

U.S. Banker magazine has ranked U.S. Bancorp No. 1 for its team of women in executive positions.

The Top Banking Team award was announced in the October issue of the magazine, which also featured two U.S. Bancorp women among the “25 Most Powerful Women in Banking.”

Three bank teams were selected, based on the combined overall performance of senior women who head business units and functional areas across the enterprise.

U.S. Bank nominated a team of women in commercial banking, commercial real estate, consumer banking, corporate banking, payments and wealth management, as well as business support units including credit, finance, human resources, legal, risk, technology and operations.

Pam Joseph, vice chairman for payments at U.S. Bancorp, and Diane Thormodsgard, president of U.S. Bank Corporate Trust Services, Institutional Trust and Custody, were included among the most powerful women in banking.

Joseph, who was featured on the cover, ranked ninth and Thormodsgard ranked 12th.

Tax deadline looms for Katrina states

The Internal Revenue Service is reminding taxpayers from Louisiana, Mississippi and Alabama that were affected by Hurricane Katrina that the deadline for filing 2004 and 2005 individual income tax returns is Oct. 16.

The deadline applies to 31 Louisiana parishes, 49 Mississippi counties and 11 Alabama counties.

An additional six-month filing extension, until April 15, is available to affected taxpayers whose 2005 due date was postponed from April 17, 2006, to Oct. 16, 2006.

If an affected taxpayer needs additional time beyond Oct. 16, he or she must file IRS Form 4868 by Oct. 16 to receive the additional six months.

Hurricane victims who need help with tax matters can also call the IRS at (866) 562-5227.

New NASD penalties tied to firm size

In a change of policy and direction, the National Association of Securities Dealers has announced that it will change its guidelines regarding sanctions and penalties for securities firms and will now take into consideration a broker-dealer’s size when imposing sanctions.

Officials said the change is intended to ensure that penalties are proportionately remedial and not punitive.

The NASD, a self-regulatory organization, has periodically revised its penalty policies, and in March, the organization recommended increasing the minimum sanction for first violations from $1,000 to $5,000.

The move angered small securities firm managers, who complained that the NASD’s heavy handed policy threatened to put them out of business.

Under the new policy, NASD officials will drop the minimum fine standard and consider a firm’s revenue and financial resources, as well as the nature of the firm’s business and the number of employees or associated individuals at the firm when assessing fines and penalties.

Rob Larimer covers banking and finance for the Colorado Springs Business Journal.