Credit Union Times Magazine April-26, 2000
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Economist Mitchell looks to the future
EUGENE, Ore. - What happened? That's what people wanted to know who attended economist John Mitchell's talk at the Education Conference held by the Oregon CU League. After the huge market drop during the week of April 10 a subject on everyone's mind at the conference was the future. Meeting...
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Dollar wants to hear comments on RegFlex
EUGENE, Ore. - Dennis Dollar wants to hear from credit unions. Common sense is missing on the Beltway, Dollar admitted to attendees at the Oregon Credit Union League's 2000 Educational Conference, a fact he recognized based on his own experiences as a credit union CEO in Mississippi. At his credit...
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Hispanic credit union teller wows radio audience
PORTLAND, Ore. - Credit unions in Oregon could scarcely have had a better representative speaking for them than 19-year old Elbia Brambila, a teller at Fred Meyer Employees FCU. The recent high school graduate answered a call for help from Oregon CU League officials and appeared as a guest on...
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Iowa CU League, banking groups present united effort in support of state EFTA
DES MOINES, Iowa - Credit unions in the Hawkeye State historically have not seen eye-to-eye with bankers. During the credit union fight for passage of The Credit Union Membership Access Act, for example, Iowa bankers used whatever resources were available to them to try to defeat the legislation. More recently,...
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CUs cut the home banking wires
WEST PALM BEACH, Fla. - The Internet and wireless devices-two ubiquitous technologies-are combining to give members access to their credit union's Internet banking solution from the palms of their hands. Another tech trend appears to be on the horizon for the credit union industry-offering members the ability to perform banking...
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Cugini takes 41 years of credit union memories with him into retirement
WESTERLY, R.I. - Joe Cugini may have worked for the same credit union for 41 years, yet this month ends a career of amazing variety. One week, he was running a hometown basketball tournament in Westerly, Rhode Island, an annual event sponsored by Westerly Community Credit Union. Another week, he...
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California credit unions flex political muscle
SACRAMENTO, Calif. - California credit unions are well versed and experienced in political lobbying, both on the state and federal levels. CU leaders, gathered here for their annual Government Relations Rally, sought again to flex their political muscle to show elected state officials that they are a force to be...
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Consumer `acceptance' driving NACHA growth
LOS ANGELES - The Internet and e-commerce are reshaping electronic bank transactions in profound ways. And yet new check truncation and point-of-purchase ventures are also creating a host of new product and operational challenges for the ACH network and its financial participants, including credit unions. "When you see the public...
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Credit union members more apt to use their credit union's credit card products
ST. PETERSBURG, Fla. -Sixty-nine percent of credit union members prefer their credit union's credit card over other non-credit union cards according to Card Services for Credit Unions' 2000 cardholder survey results. "This year was the highest level of cardholder and credit union satisfaction in the five years we've been doing...
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Credit unions urged to modernize ACH software on POP checks
LOS ANGELES - With electronic check pilots proceeding at a rapid clip, credit unions need to make sure their ACH software-or that of third party processors-is up to speed to properly recognize new ACH transaction items coming into the system, NACHA - The Electronic Payments Association has warned. The biggest...
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Minnesota leads multi-state effort to support states' right to regulate banks
ST. PAUL, Minn. - If the saying "there's power in numbers" is true, then the 20 states and one commonwealth that have filed an amicus brief with the U.S. Supreme Court in the case of Holmes Foster v. Bank One. Utah involving states' authority to regulate ATM transactions, may accomplish...
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WesCorp's broker/dealer up and running
SAN DIMAS, Calif. - WesCorp's broker/dealer, WesCorp Investment Services, is now open for business. The $12 billion corporate credit union received approval from its board of directors last June to proceed with plans to develop its own broker/dealer. WesCorp recently received membership into the National Association of Securities Dealers and...
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World Council of CUs urges Mexican government to enact CU supervision
MADISON, Wis. - Less than one month after news was made public concerning the millions of dollars swindled from The Puerto Vallarta Credit Union allegedly by the CU's founder and the eventual collapse of the credit union (CU Times, April 12), the World Council of Credit Unions (WOCCU) is urging...
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VISA getting back in the product business
ST. PETERSBURG, Fla. - VISA is planning on unveiling three new card products later this year said Bond Isaacson, president of e-VISA, at Card Services for Credit Unions' 2000 Annual Meeting held here recently. "It's been five to seven years since VISA has had a new product," said Isaacson, referring...
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Trades submit comment on CU `complexity'
WASHINGTON and ARLINGTON, Va. - Extensive trade association comment on NCUA's proposed risk-based net worth (RBNW) requirements rule for "complex" credit unions was submitted by last week's comment deadline with considerable attention being paid to portfolio categories, definitions, and numerical factors constituting "complexity" and RBNW requirements. The proposed rule, required...
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NCUA board finalizes TILA, secondary capital actions; grants SEG status to dining club
ALEXANDRIA, Va. - In regular session April 13 the NCUA Board-dispensing with proposed rulemaking preliminaries because of previously passed prompt corrective action (PCA) purview in the matter-unanimously adopted a final rule permitting the agency to prohibit a credit union from paying principal, dividends, or interest on secondary capital accounts established...
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PSCU officially launches ePSCU, announces record dividend
ST. PETERSBURG, Fla. - Payment Systems for Credit Unions, a provider of credit and debit card servicing for credit unions, has officially launched its new e-commerce division, ePSCU. The new division will focus on Internet strategies for credit unions. The fledgling unit already has an impressive list of partners, including...
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Secret to dealing with the media - don't be shy, be prepared
CLEVELAND - A robbery has just taken place at your credit union. In addition to police cars, a crew from Channel 1, a reporter from radio station NEWS, and a photographer and reporter from the Daily Blab have just pulled into the parking lot. As you walk out of your...
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Technology? You ain't seen nothin' yet
LAKE BUENA VISTA, Fla. - A good percentage of your members use audio response. Your home banking has many members tapping their computer keys to check balances or transfer money. You even allow members to fill out loan applications on-line. Why, you're a credit union ready for the 21st Century,...
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Be on the alert - investment scams and schemes abound
MADISON, Wis. - The lure of get-rich-quick offers can be tempting, but with the majority of these promises delivering nothing more than rip-offs and fraud, state regulators are warning consumers to be on the alert. State regulators report that administrative orders and fraud prosecutions have increased in the last few...
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Looking ahead
LAKE BUENA VISTA, Fla. - Talk about looking into the future and making predictions on what credit unions can expect to see, author and futurist Peter Leyden sketched a positive future from now through 2020, a forecast he says bodes well for credit unions. "Finance has undergone a revolution," he...
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100 Largest Federally Insured Credit Unions
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Maus appointed to board of cavion.com
ENGLEWOOD, Colo. - Dave Maus, CEO of Public Service Employees CU, Denver, and current chairman of CUNA, has been appointed to the board of cavion.com. cavion.com is an Internet solutions provider for credit unions. Its CUiNet is a private dedicated network just for credit unions and credit union vendors. Interestingly,...
In Other News
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MILESTONES
Founders Federal Credit Union, Lancaster, S.C., has celebrated its 50th anniversary. FFCU has more than $653 million in assets and serves 93,715 members. Members 1st Federal Credit Union, Mechanicsburg, Pa., will be celebrating its 50th anniversary later this month. Members 1st FCU has recently topped $500 million in assets and...
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AWARDS
Guadalupe Credit Union of Santa Fe, Albuquerque, N.M., has been selected as the "Employer of the Year" in the small-employer category by Capital City Business and Professional Women. The annual award honors Santa Fe businesses that extend family-friendly benefits to their employees and incorporate employee favorable policies into the workplace....
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DONATIONS
Dade County Federal Credit Union, Miami, has raised more than $4,000 for the American Cancer Society by allowing its employees to "dress down" on Fridays. For this privilege, employees paid $5 each Friday. DCFCU has contributed an additional $1,000 to the Relay for Life annual event in which its employees...
News
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Oregon Credit Union League mulls name change
EUGENE, Ore. - The big news at the Oregon Credit Union League's education conference held here April 13-15 was the proposed name change for the League. If members approve the idea at the Fall Annual Meeting, the new name will be the Credit Union Association of Oregon. League staff members...
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IT'S COMING
With ACH transactions increasing fast, credit unions are advised to be ready to handle transaction items................Page 20
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California CUs lobby against privacy proposals
SACRAMENTO, Calif. - Proposed privacy legislation that would directly affect financial institutions loomed as the overriding issue at the California Credit Union League's annual government relations rally here. Three bills have been proposed in the California Legislature that would limit the sharing of an individual's financial information either between affiliates...
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Mutual Fund and Brokerage Service Providers Directory now available
WASHINGTON-With the continuing popularity of mutual funds it's become more important for credit unions to consider the offering of alternative investments to members. But which ones, and from whom? To help answer those questions, Callahan & Associates here has published a Directory of Mutual Fund and Brokerage Service Providers. As...
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Market volatility may prove a boon to CU financial service providers
EAST LANSING, Mich.-Paper losses of $2 trillion may have caught some wary investors in the proverbial fly paper after the stock market's sudden reality check of April 14th, but the cold shower could lead many credit union members back to their time-tested and trusted service providers for financial planning and...
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A magnolia tree of thanks for retiring ECCU board chair
JACKSONVILLE, Fla.- Nine years ago board Chair Connie Cason nurtured the growth of the Educational Community Credit Union-now ECCU will return the favor by nurturing the magnolia tree that honors her retirement. Considering her efforts for both education and the credit union movement it is fitting that the tree will...
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Who won the race, the Tortoise or the Hare?
DETROIT, Mich.-Dan Pederson is used to the jokes and he doesn't mind. He knows that looking over the decade of the `90s, mutual funds have out-performed other investment vehicles by a wide margin. But he also knows that United States Savings Bonds are still one of the most widely-held securities...
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People who have money worry about it, surveys find
ATLANTA/DENVER-The love of money may be the root of all evil, says the Bible, but love it or hate it, Americans are struggling with just how to deal with it. Separate studies by the Certified Financial Board of Standards and the Financial Planning Association reveal some insights to Americans' feeling...
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State privacy bills fail in committee
SACRAMENTO, Calif. - Two separate financial privacy laws which would limit the sharing of an individual's information by credit unions and other financial institutions have failed to muster enough votes to get out of the state Senate Finance Committee. Both measures are scheduled to be reconsidered by the committee on...
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Kennedy joins Credit Union Affiliates of New Jersey
HIGHTSTOWN, N.J. - Dr. Christopher Kennedy has been appointed Vice President of Association Services of Credit Union Affiliates of New Jersey. He will oversee all association activities, including education, government affairs, public relations and regulatory affairs. Known for his professionalism and knowledge of credit unions, Dr. Kennedy most recently served...
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Ohio Rep. Tubbs-Jones cites predatory lending among key concerns
CLEVELAND - Rep. Stephanie Tubbs-Jones (D-Ohio) has only been in Congress 15 months, but she definitely isn't following the good-old-boys dictum that freshmen should be seen but not heard. Speaking at the Ohio Credit Union System convention April 13-15, Tubbs-Jones made it clear she's concerned about two issues - predatory...
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LOBBY POWER
California credit unions flex lobbying muscles, oppose proposed state privacy legislation......................................Page 12
News Briefs
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DATELINE WASHINGTON
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Southwest Corporate having sucess with special certificates
DALLAS - Southwest Corporate FCU said during the first quarter of 2000, credit unions invested millions of dollars in its high-yield, low-risk special certificates. In the first quarter alone Southwest Corporate has offered nine specially-structured certificates. Over 160 CUs have invested about $110 in the certificates. A special certificate is...
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Bourjolly joins Credit Union Times staff
WEST PALM BEACH, Fla. - Credit Union Times has named Myriam Bourjolly staff reporter, effective April 17. Bourjolly will be responsible for writing the People and In Other News departments of the newspaper, as well as marketing related stories. Bourjolly hails from Dix Hills, N.Y. and has been a resident...
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CUNA satellite broadcast to explore lending strategies
MADISON, Wis., - CUNA's Center for Professional Development and the Training Technology Advisory Committee are hosting a satellite broadcast titled, "Growth Strategies for Credit Unions: Lending Tools and Tactics." The interactive program will present strategic ideas and plans for investigating and examining multiple channels for marketing and delivering credit union...
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Harland acquires Modelware Americas
ATLANTA - John H. Harland Co., a leading provider of checks, database marketing software and direct marketing campaign management software to financials, is expanding its presence in the business intelligence for financials market with the acquisition of Modelware America, a leading company in the emerging field of data stores and...
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CUSO Mortgage interim president killed in boating accident
ALAMO, Calif. - Clark Donley, interim president of CUSO Mortgage for the past 11 months, died April 16 in a fatal boat accident during an offshore powerboat race in the San Francisco Bay. A CUSO Mortgage spokesperson reports that Donley's boat, "Eddie Marine" nose dived into a swell during the...
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Empire Corporate's 23rd annual meeting
ALBANY, N.Y. - Approximately 230 attendees, representing 113 credit unions, turned out for Empire Corporate FCU's 23rd Annual Meeting held here on April 11-12. Mary Ellen Withrow, Treasurer of the United States, was one of the featured speakers. Withrow wowed the crowd with quirky facts about the nation's currency. For...
Tech Bytes
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CUShopper says move spurred by rapid growth
BURBANK, Calif. - CUShopper, provider of a credit union member only online shopping site, said rapid growth was behind its move to a new headquarters that's twice as big as their old headquarters. At press time CUShopper had about 1,300 credit union clients and said it's signing up about 100...
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Computer Consultants offers Maxxar IVR solutions
DETROIT - The Maxxar Corporation announced that credit union data processor Computer Consultants Corporation will be a value-added reseller of its interactive voice response products. Computer Consultants Corporation provides data processing solutions to over 700 credit unions. Under this agreement, Computer Consultants' credit union clients will have access to Maxxar's...
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Benzine and Steffens in new tech positions with CUNA
MADISON, Wis. - CUNA, which has made technology (especially Web-based technology) a prime objective in the last few years, has announced some tech-related promotions. Doug Benzine has been promoted to vice president of e-commerce for CUNA Strategic Services and Dorothy Steffens was named assistant vice president of Web services for...
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Northwest Corporate CU offering MemberStreet
BEAVERTON, Ore. - Northwest Corporate CU is now offering its member CUs MemberStreet, an Internet banking solution provided by Corporate Network eCom, a subsidiary of U.S. Central. Member CUs of Northwest Corporate can offer their members MemberStreet to give them Internet account access; the ability to pay bills; transfer funds;...
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AFS launches browser-based lending solution
EXTON, Pa. - Automated Financial Systems (AFS) has launched AFSCommerce, an end-to-end browser delivered lending solution. According to AFS, AFSCommerce is a tool for originating and servicing lending related products from any point of customer contact. John Shain, president of AFS, said the new solution allows financials to mix and...
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EPL to interface with Diebold ATM solution
BIRMINGHAM, Ala. - EPL, a data processing and financial software provider here, has formed an alliance with Diebold Inc. Under the agreement, EPL's TellerPLUS software will interface with Diebold's Express Delivery Unit. Express Delivery Unit is a transaction facility solution for facilitating automated teller cash dispensing. For more information visit...
Letters to the editor
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More to conversions than first appears
Mike Welch's column, "Loss of Fed charters finally getting attention" in the March 29 issue of Credit Union Times riveted my attention. I have some comments I'd like to make in response. First, a switch of 146 charters from fed to state during a three year period does not a...
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Looking for a reason
I recently read Mike Welch's March 29 column on Fed charter conversions. It was excellent! As a multiple group CU, we have found it is becoming increasingly more difficult to get the support of sponsors to promote membership to their employees. Also, employees seem to be far less attracted to...
Opinion
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New privacy obligations will make demands of credit unions
The privacy protections in the Gramm-Leach-Bliley Act of 1999 will have a significant impact on how credit unions provide diverse products and services to their members. Under Title V of the Act, credit unions, along with all other financial institutions, are required to implement new privacy controls to protect their...
Publisher's Column
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Even the best can bungle customer service
Credit unions strive to do a terrific job of taking care of members, but even the best on occasion can stumble when it comes to providing quality member service because they're not doing as good a job as they think. Less-than-perfect service is more noticeable today than ever before. Consumers...
Publisher's Notebook
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No advertorials here
Some publications must think their readers are so stupid that they can't tell the difference between a paid advertisement and legitimate editorial copy, even when the ad is disguised as a news story. Such reader deception is known as an "advertorial." As the name implies, the copy is a cross...
People
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SOUTH
Monsanto Employees Credit Union, Pensacola, Fla., has announced the following promotions: Judy Phillips, assistant vice president of operations; Brenda Coleman, assistant vice president of lending; Edith Franklin, vice president of accounting; and Resa Thorsen, supervisor of the Eastgate Branch. Central Florida Educators FCU, Orlando, Fla., has promoted Jackie Justice to...
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CENTRAL
North Dakota Credit Union League and Affiliates, Bismark, N.D., has elected the following officers to its board: Chairman Paul Brucker, Mandan Railway Employees Credit Union CEO; Vice Chairman Larry Novak, Western Cooperative Credit Union director; and Secretary Marjorie Lange, First Community Credit Union director.
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SOUTHWEST
Security Service Federal Credit Union, San Antonio, has promoted John Worthington from vice president of marketing to senior vice president of corporate communications. In addition, SSFCU has made the following appointments: Perla Escobar, electronic services manager; George McHenry, asset recovery manager; and Letha Harrelson, business development manager.
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MIDWEST
USA Federal Credit Union, Troy, Mich., has promoted James Kucinski to vice president of human resources. CUNA Credit Union, Madison, Wis., has named Sam Huntington vice president of business development.
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EAST
Atlantic Fleet FCU, Virginia Beach, Va., has made the following appointments: Renee C. Carr, director of planning and business development; Denise L. Owen, consumer loan manager; and Pamela N. Stover, branch manager. New England FCU, Williston, Vt., has announced that Cynthia K. Morgan has been elected to the CUNA marketing...
Events Calendar
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2000 VENDOR MEETINGS & EVENTS CALENDAR
MAY MAY 1-3 CO-OP Network's 2000 Conference & Annual Shareholders' Meeting, Bellagio, 888-987-7111, Las Vegas, Nev. For info: Denise Oller, 800-782-9042, ext. 2560. MAY 2-4 Creditors Law Center's Mapother Advanced Bankruptcy School, Seelbach Hotel, Louisville, Ky. For info: Mary Kay McCubbin, 502-587-5452. MAY 2-5 CU Conferences' CU Smart Card &...
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2000 ASSOCIATION MEETINGS & EVENTS CALENDAR
MAY MAY 3-6 Missouri CU System's Annual Convention, University Plaza Hotel, Springfield, Mo. For info: Lorraine Ellrich, 314-542-0555. MAY 3-4 Alabama CU League's Annual Meeting, San Destin Beach Resort, Destin, Fla. For info: Jerry Weisenfeld, 800-846-8374, ext. 130. MAY 4-6 Arkansas CU League's Annual Meeting, Arlington Hotel & Resort, Hot...
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