Looking back this week just two years ago, CUNA Mutual Group was in the midst of a mass mailing to try and help credit unions reduce plastic card fraud losses. Credit unions were slammed with plastic card losses in 1997. CUMIS took in $13 million in card coverage premium in `97, and paid out $33 million in losses. In 1998 and 1999 plastic card losses dropped as more CUs went to CVV/CVC protection and started utilizing neural networks. Also in the news this week two years ago were continued efforts by Reps. Paul Kanjorski (D-Pa.) and Steve LaTourette (R-Ohio) to convince members of the Senate to support H.R. 1151, the Credit Union Membership Access Act. During this week LaTourette and Kanjorski issued a letter to members of the Senate outlining the differences between credit unions and banks. This week two years ago CUNA President/CEO Dan Mica was fighting what he viewed as severe restrictions on member business lending from being included in H.R. 1151. Mica eventually got some of what he wanted with MBL, but not everything.
Credit Union Times Vol. 9, No. 2 June 3, 1998
Comments
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