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From the October-01, 2008 issue of Credit Union Times Magazine • Subscribe!
$40M for Iowa Business
DES MOINES, Iowa -- In an effort to assist businesses here still recovering from this year's floods, Iowa Gov. Chet Culver has provided $40 million through the newly created Jumpstart Small Business Assistance program.<p>Businesses in Iowa that have received a credit union, bank or Small Business Administration loan, may be eligible for a forgivable loan. The amount of the loan is 25% of the business' SBA loan amount up to $50,000, including $5,000 to reimburse businesses for the full cost of purchasing energy-efficient furnaces, boilers, appliances, air conditioners, hot water heaters, windows and insulation.</p><p>The loan provided will be forgiven if the business reopens within six months of receiving funds and if applicable, upon receipt of documentation that the business has purchased and installed energy-efficient equipment, according to the governor's office.</p><p>Culver also announced a sister program, the Jumpstart Iowa Housing program, which aids homeowners with a down payment on a new house, repairing their current home, or maintaining their mortgages while waiting for a potential buyout from Federal Emergency Management Agency. The maximum award is a $50,000 loan, plus an additional $10,000 for energy-efficient appliances, all of which will be forgiven if the homeowner stays in the house for 10 years.</p><p>The Jumpstart programs, which made their debut two weeks ago, will be administered through the Iowa Department of Economic Development.</p><p> </p><p><strong>Maine CU Protects Kids </strong></p><p>WESTBROOK, Maine -- Central Maine Credit Union teamed up with Synergent Print and Creative Services to help prevent children from becoming victims of identity theft.</p><p>Synergent graphic designers created educational material for the credit union that provided facts on child identity theft, ways it can be prevented and contact information for the three credit bureaus.</p><p>"Our credit union distributes quarterly inserts, messages and takes-ones and updates our Web site on issues such as fraud, phishing and scams. This was one area we wanted to make our members aware of that we had not addressed," said Denise Ouellette, vice president of marketing at Central Maine.</p><p>Synergent has now made this product offering available to all credit unions.</p><p>"Members are thankful for the information provided to them with this insert because they were not aware of the dangers of child identity theft. It makes them more aware of preventative measures they can take to protect their child's identity," Ouellette said.</p><p> </p><p><strong>Pemco Picks Up Mo. CU</strong></p><p>SEATTLE -- Pemco Technologies, a CU card processor headquartered in Seattle, has earned the card business of the $46 million Raytown-Lee's Summit Community Credit Union.</p><p>The 9,000-member CU chose Pemco for its credit and debit processing, along with ATM issuing and acquiring, according to the processor.</p><p>Carrie West, vice president of finance with the credit union, said the transition to Pemco went extremely well. "We couldn't have asked for a better group of people to work with," said West. "We feel this was the best thing for our credit union and membership, and look forward to a long relationship with Pemco."</p><p> </p><p><strong>Mid-Atlantic Corporate to Offer ALM Software</strong></p><p>DENVER -- FIMAC Solutions LLC, a developer of risk management and profitability software for credit unions, has announced that Mid-Atlantic Corporate Federal Credit Union will offer FIMAC's Risk Analytics ALM Model and Balance Sheet Manager software on a private-label basis to its member credit unions.</p><p>ALM Model is a dynamic income simulation and net present value asset and liability management model. Balance Sheet Manager's what-if simulations provide users with a measurement of the impact management decisions will have on balance sheets and income statements.</p><p>Mid-Atlantic will combine the output of these model reports with consulting services and other value added analysis in its offering.</p><p>"FIMAC's experience with credit unions made this relationship a natural fit for us," said Jay R. Murray, president/CEO of Mid-Atlantic. "Through this partnership, our member credit unions will receive state-of-the-art software, while maintaining the friendly customer service they have come to expect from Mid-Atlantic Corporate." </p><p> </p><p><strong>New COO at Share One</strong></p><p>MEMPHIS, Tenn. -- Teri Van Frank has been promoted to the newly created position of senior vice president and chief operating officer of Share One Inc., a provider of core processing and other solutions to more than 60 credit unions.</p><p>Van Frank has been with the company since 1982, first as an administrative assistant and most recently as vice president of customer and Internet service.</p><p>In her new position, she oversees general operations, including customer service, training and education, Internet services, product design, testing and quality assurance, human resources, payroll and benefits administration and contract administration.</p><p>Van Frank, a local native and graduate of the University of Memphis, has 12 employees in her area of responsibilities. Major efforts include a corporate move to new headquarters set for Oct. 1 and a customer conference planned in downtown Memphis on Oct. 19-22.</p><p>Share One (www.shareone.com) is a CUSO owned by its employees and a group of credit unions that includes Southern Security FCU in Memphis.</p><p> </p><p><strong>Nevada Federal Cites Expected Savings </strong></p><p>LAS VEGAS -- Nevada Federal Credit Union said it expects to save more than $200,000 a year using document and receipt management solutions from Integrated Media Management.</p><p>The $826 million credit union has deployed two solutions from New Jersey-based IMM: a document management solution called TotaleAtlas, and TotaleReceipts, which automates teller transaction receipt output.</p><p>Nevada Federal expects to save more than $200,000 a year in paper, courier expenses, document storage and staffing when all 23 of its branches go live with the solutions, said Pete Jenkins, senior vice president of administrative services at the 83,000-member credit union (www.nevadafederal.org).</p><p>"We are furthering our green efforts while also automating the transaction process for more efficient operations and, ultimately, improving member service," Jenkins said. </p><p>IMM (www.immonline.com) now has more than 600 financial institution customers, the company said.</p><p> </p><p><strong>LSI Signs NARFE</strong></p><p>ELGIN, Ill. -- Lending Solutions Inc. said it has signed NARFE Premier Federal of Alexandria, Va., to the company's 24/7 lending and other member services.</p><p>The $126 million CU (www.narfepremierfcu.org) will use LSI's Internet lending platform, indirect underwriting and collections program along with its contact center member services, the company said.</p><p>LSI (www.lendingsolutions.com) now provides 24-hour lending and member service to more than 300 credit unions, the company said.</p><p> </p><p><strong>Compliance Solution Arrives at Continental CU And Mid-America CU </strong></p><p>SAN DIEGO -- Continental Federal Credit Union and the Mid-America Credit Union Association are throwing their weight behind CompliancePal, a solution that aims to comply with the FACT Act Identity Theft Red Flags rules.</p><p>Under the regulation, credit unions, banks and other financial entities are required to perform a risk assessment, identify covered accounts and applicable Red Flags, then map the Red Flags to detection and response procedures and implement a written identity-theft prevention program. Staff training and periodic updates are also required.</p><p>CompliancePal, a Web-based software, walks the user through a series of questions and produces the required risk assessment, mapping of Red Flags to appropriate detection and response procedures, a written program, training materials and the compliance status report, according to the company.</p><p>The software is updated regularly to address new identity-theft schemes and Red Flags so a company can update its identity theft program and maintain compliance. To use the solution, companies sign up online and access the software via the Internet. A demo can be viewed at http://www.compliancepal.com.</p><p>Tom Glatt, president/CEO of $208 million Continental FCU, said the financial institution signed on with CompliancePal to save time, money and enable compliance with the FACT Act.</p><p>Meanwhile, Mid-America Credit Union Association has endorsed Compliance Coach Inc.'s Regulatory University and CompliancePal software solutions. Regulatory University contains more than 250 Web-based courses on a variety of topics for enterprisewide compliance training. The solution also contains a learning management system with detailed tracking and risk-based reporting and analytics that are necessary to pass regulatory examinations, according to the company.</p><p>"The Identity Theft Red Flags Rule is a major concern for our credit union affiliates," said Jeremy Morris, compliance specialist, Mid-America Credit Union Association. "Their methodical approach using the 'five easy steps' really does save time and money."</p>
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