Credit Union Times Magazine June-20, 2007
In Other News
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In Other News
In Other News
News
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Colorado State ECU Helps Young People Establish Credit
Colorado State Employees Credit Union wants to give young people credit--the kind of credit that can help them get a good job or reasonable insurance rates.
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Mica Tells How to Make the Most of 10 Minutes with Your Lawmaker in The Hill
As a former member of Congress, Hill staffer, and now lobbyist, CUNA President/CEO Dan Mica handed out advice for legislative visits to readers of The Hill newspaper in its "K Street Insiders" section.
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Four More Credit Unions Sell Card Portfolios to TNB
Four more credit unions have sold their credit card portfolios to TNB Card Services, the card portfolio purchasing and servicing arm of credit union-owned Town North Bank. TNB Card Services now owns and manages the card portfolios of more than 125 credit unions, the firm said.
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D. Hilton Associates Sponsors Third Annual SERP Survey
D. Hilton Associates is sponsoring its third annual Supplemental Executive Retirement Plan survey for the credit union industry.
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SilverCloud Adds Four FIs To Client List
SilverCloud Software says it has signed four new users of its knowledge-management system.
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TraceSecurity Providing Security Suite to HawaiiUSA FCU
TraceSecurity Inc. has been signed to a four-year deal to provide HawaiiUSA FCU with a variety of training, assessment and testing solutions.
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Mission Federal CU Settles with CU of Texas Over Centrix Loans
In more fallout from the Centrix bankruptcy, Mission Federal Credit Union here announced a settlement over its purchase of Centrix loans bought as participations.
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Limit 'Courtesy Overdraft' Consumer Groups Urge
Two powerful nationwide consumer groups, the Consumer Federation of America and Consumers Union, have urged that overdraft loan programs be limited to depositors who wish to use them and not applied to all accounts.
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Hood 'Blueprint' Initiative to Look to Colleges for Future CU Talent, Membership
During an address at the Big Ten Credit Union Conference held at the University of Notre Dame, NCUA Vice Chairman Rodney Hood announced his "Blueprint for 2020" Initiative to bolster the bonds between colleges and credit unions.
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Jeff Kline Named CEO of MEMBERS Development Company
MEMBERS Development Company has named Jeff Kline its CEO.
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More Rules Coming? Federal Reserve Rules on Card Practices Not Finalized Yet, Legislators Signal Appetite for More
With their constituents complaints about credit card practices ringing in their ears lawmakers on the House Financial Services Committee from both sides of the aisle signaled their displeasure with many current credit card management practices and a willingness to regulate them further.
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Credit Union Member Bankruptcy Filings Double, Percent Net Charge-Offs Due To Bankruptcy Creep Up
Bankruptcy professionals seem to be getting their arms around the new bankruptcy law requirements as bankruptcy filings increase among credit unions.
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Just One Late Car Payment Dramatically Drops Credit Score
A study from Experian, one of the three big credit reporting bureaus, has found that the credit scores of people with perfect car payment histories can be as much as 100 points higher than those who have even one late payment.
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Wings Financial Secures Deal to Serve JetBlue Airways
Marking its first major partnership since withdrawing a controversial merger proposal, Wings Financial Federal Credit Union announced on June 13 that it has secured an agreement with JetBlue Airways to offer products and services to the more than 11,000 crewmembers of the New York-based carrier.
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Credit Union Tax Services and NSC Renew Partnership
NAFCU Services Corporation and Credit Union Tax Services announced the renewal of their partnership, building on a four-year effort serving the credit union industry.
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CUNA Chief Awarded CEO Outstanding Communicator
The Cooperative Communicators Association has presented CUNA President/CEO Dan Mica with the CEO Outstanding Communicator Award.
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CUNA Reports 'Another Healthy Fiscal Year' for 2006
CUNA and CUNA Strategic Services' 2006 combined financial strength beat out the previous two years, according to CUNA's Annual Report.
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Underbanked Put Intangible Elements as High as Convenience, Low Prices, Study Finds
Underbanked and lower income consumers and communities want convenience and low prices just like mainstream consumers do, but a recent study found that they also want intangible things like greater trust and a personal connection that credit unions may be better positioned to offer.
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Mountain America CEO Inducted into Hall of Fame
Mountain America Credit Union President and CEO Gordon Dames has been inducted into the Utah League of Credit Union's Hall of Fame.
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More than 100 CUSOs Link up with NACUSOMatch
NACUSOMatch, the association's new, online exchange listing, has already signed on 117 CUSOs a little over a month since its launch.
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New BofA American Express Card Will Target Ultra Wealthy
Bank of America is introducing an American Express card that it said will be targeted toward its wealthiest depositors.
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Senate Confirms New Treasury Assistant Secretary for Financial Institutions
Earlier this month, the Senate confirmed Treasury Deputy Assistant Secretary for Financial Institutions David G. Nason to be elevated to the assistant secretary spot.
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Stroud Reappointed to Mo. CU Commission
Community Financial Credit Union President/CEO Cathy Stroud has been reappointed to the Missouri Credit Union Commission.
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PSECU Hosts In-house CU Attorneys Conference
PSECU recently hosted its 13th annual conference for in-house credit union attorneys.
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Quorum FCU Loan Pro Runs and Runs; Helped Raise Thousands for Charities
He's the marathon man of New York credit unions.
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NYCUF Raises $10,000 from Outgoing Chair Celebration
The New York Credit Union Foundation raised $10,000 from a testimonial dinner for Vicky Matteson, outgoing chair of the New York Credit Union League, the Foundation has announced. More than 70 credit union executives and supporters attended the dinner, which was held at a restaurant in the Albany area.
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Hyland: Insight Gleaned from Outreach Town Hall at NFCDCU Gathering
NCUA's Outreach Task Force has gained a lot of insight from the credit union community as the town halls continue, NCUA Board Member Gigi Hyland said.
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Consulars Send Four Credit Union Leaders to Mexico City
If your credit union is trying to provide services to a Mexican immigrant population, and you haven't yet developed a relationship with your local Mexican Consular's office, you've already missed out on an outstanding opportunity.
Front Page News
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Credit Union Groups Say DoD's Dual APR/MAPR Confusing, Advocate for Longer Compliance Period
While generally supporting the Department of Defense's anti-predatory lending regulation, credit union organizations made numerous recommendations for improvement.
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Credit Unions Ratchet-Up Efforts to Battle Home Foreclosures
Everywhere it seems credit unions are energized with efforts to keep the American Dream of home ownership alive. Whether it's attempts to help people avoid foreclosure or launching first-mortgage programs, credit unions are trying harder to fill gaps in home lending.
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League Member Decline Raises Alarms; Member CUs Asked to Help Rally Support
State credit union leagues are starting to suffer sharp pains from so-called "disaffiliations" and the trend has grabbed CUNA's attention.
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Wescom Buys Southern California CU Check Casher;
As part of its effort to reach out to lower income and underserved communities, the $3.9 billion Wescom Credit Union has purchased a noted check cashing firm and says it will continue to operate it as a check cashing CUSO.
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Walking The Walk? Federation Challenges NCUA to Put Policy More Into Practice on Some Key Issues
As the credit union industry begins to self-consciously turn more toward serving lower income communities, the National Federation of Community Development Credit Unions is urging NCUA to make sure it makes practical changes to help it do so.
News Briefs
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CURIA Earns 100th Co-Sponsor
The Credit Union Regulatory Improvements Act (H.R. 1537) reached 100 co-sponsors last week as press time was running out.
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NY Poised to Become First State with CDFI Program
If Governor Eliot Spitzer signs the legislation, New York will become the first state in the country to have a Community Development Financial Institutions program of its own.
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Raddon Financial Group Sets Forum for $500 Million CUs
Raddon Financial Group is inviting CEOs and directors of credit unions of $500 million or larger to its CEO/Directors' Forum set for Aug. 1-3 at The Ritz-Carlton, Half Moon Bay on the California coast near San Francisco.
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NAFCU Elects Four Officers, Gilbert Departs
During its recent meeting, the NAFCU Board re-elected three to leadership positions and elevated another.
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Think Gets Nod From OTS On Charter Change
The $1.3 billion Think Federal Credit Union, Rochester, Minn., has gotten the nod from the Office of Thrift Supervision on its application to change its charter to that of a federal mutual savings bank.
Corporates
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Central CU Fund Members Approve Members United Merger
Eighty-two percent of member credit unions of $270 million Central Credit Union Fund voted to approve the merger with $13.5 billion Members United Corporate Federal Credit Union, and they did it in person.
Credit/Debit/ATM
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HarborOne Billing TJX for $590,000 in Costs From Card Breach
In what might seem a quixotic gesture of optimism, the $1.4 billion HarborOne Credit Union has not turned first to lawyers or to litigation to recover money it said it lost in a recent card security breach. It has sent the retailer that caused the breach a bill--for $590,000.
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Cab Riders in The Big Apple Will Soon Be Able to Pay with a Wave
Visa USA's effort to spread contactless payments even further has continued to gain ground, this time moving into the back seats of New York City taxicabs.
Data Processing/Tech
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Open Solutions Inc.'s Latest Acquisition is IA Systems
The acquisitive Open Solutions Inc., which returned to a private structure last year, has purchased IA Systems, a well-known lending software provider serving credit unions.
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Harland Financial Solutions Adds EVault Backup to Service Bureau
Harland Financial Solutions says it has added the secured online backup and recovery services of EVault Inc. to the core processor's Enterprise Services Center offerings.
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Roundtable for Big CUs Planned at CUISPA Confab
Baxter Credit Union is organizing a roundtable for billion dollar credit unions during the Credit Union Information Security Professionals' Summer IT Risk Management Summit.
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Texas League CUs Offered TraceSecurity Services
TraceSecurity Inc.'s compliance, security updating, encryption and social-engineering assessment services will now be offered to the 600 or so credit unions that belong to the Texas Credit Union League.
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Bluepoint Solutions Names New CEO; Company to Add Banks to Mix
Document management and Check 21 solutions provider Bluepoint Solutions has a new CEO.
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CU Business Capital, Postilion Form Joint Marketing Agreement
CU Business Capital, LLC and Postilion, a division of S1 Corp., have entered into an agreement to provide Postilion's Business Internet Banking in conjunction with CUBC's complete business services approach.
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Aimbridge Changes Name to Aimbridge Lending Solutions
Aimbridge has changed its name to Aimbridge Lending Solutions.
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IMM Says 20 CUs Now Using Digital Signature Solution
Integrated Media Management says it now has 20 credit unions using the company's TotaleAtlasWeb online digital signature and document solution.
Facilities
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Financial Resources FCU Branches Out to Underserved in Flemington
With the help of Flemington Borough Mayor Bob Hauck, Financial Resources Federal Credit Union cut the ribbon on its new Flemington branch.
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US Federal CU Celebrates New Look
After undergoing recent remodeling projects, US Federal Credit Union's Bloomington Branch celebrated its new look with weeklong Grand Re-Opening festivities.
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Redwood CU Hosts Napa Grand Opening Festivities
Redwood Credit Union has made a splash with the grand opening of its full service Napa branch on First Street.
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Affinity FCU Celebrates St. Peter's University Hospital Branch's First Year
Affinity Federal Credit Union has recently celebrated the Saint Peter's University Hospital Branch's first anniversary.
Lending
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CUDL's James Gone to Maui
The locals in Maui always say, "Here today, gone to Maui" and it's now true for CUDL's Market Research Analyst Joe James, who left to compete in the King's Trail Triathlon there on June 10 to raise money for the Leukemia & Lymphoma Society's Team in Training.
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CUDL Names Joe Greenwald New VP of Marketing & Communications
CU Direct Corporation, which administers the CUDL indirect auto lending program, announced that Joe Greenwald has been appointed its vice president of marketing and communications.
Marketing
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Riverside City Council Race Heats Up, Altura CU VP in Run-Off Election
Altura Credit Union Vice President of Marketing Donna Michalka is setting her sights on a Riverside City Council seat.
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CU Central Falls Sets Sail with New Name--Navigant
It is a new day for Credit Union Central Falls.
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US Federal CU Tips Fundraising Scales
US Federal Credit Union packed on the pounds for Minnesota FoodShare.
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United Heritage CU Offers Members Checking Rewards
United Heritage Credit Union is showing members it pays to have a checking account.
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Cabrillo CU Takes Silver for Radio Spot
Cabrillo Credit Union, and its partners, Carlsbad City Credit Union, and Sharp Credit Union were honored with the silver medal in broadcast and video at the 2007 MAC awards.
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Latino Credit Union Raffles a New Car To Encourage Member Savings
Hendrick Honda and the Latino Credit Union have teamed up to encourage member savings by offering the chance to win a car.
Regulatory/Compliance
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GAO Initiates Reg Relief Study on Consolidation of Financial Services Regulators
The Government Accountability Office hosted a daylong forum June 11 to look at the desirability of merging financial services regulators, among other items.
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FDIC Warns Institutions Not to Respond to Fake Letters Circulating
The FDIC has alerted member banks and the Office of the Comptroller of the Currency to fraudulent letters circulating appearing to be from the FDIC and instructed recipients not to respond to them.
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Hood Challenges CUs to Increase Homeownership Among the Underserved
In his keynote address at the opening session of the National Federation of Community Development Credit Unions' Serving the Underserved Conference, NCUA Vice Chairman Rodney Hood pointed out that June is National Homeownership Month and encouraged credit unions to increase homeownership among the underserved.
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Conserved Obelisk FCU Merged into $649M Centra CU
NCUA took over $55 million assets Obelisk Federal Credit Union back in April and has now found a merger partner for it.
Special Report
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SBA Disputes New York Times' Claims on Bank Participation
With claims of a distortion of the facts, the Small Business Administration has once again criticized The New York Times for a recent article discussing the agency's operation.
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CU Conferences Hosts Business Lending, Services Conference
The agenda for the Business Lending and Other Business Services Conference is packed with timely topics and industry heavyweights.
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Kent Moon Implores Time is Now for Credit Unions to Get off the Fence with Business Lending
If you're looking for the hype man for business lending within the credit union movement, look no further than Kent Moon.
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Bankers Launch Lending CUSO for Credit Unions, Banks, Convinced the Two Can Work in Harmony
It may be a first for the credit union industry: a business lending CUSO that serves both banks and credit unions.
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Virginia Credit Unions' Business Lending Programs Spotlighted
Several Virginia credit unions were recently profiled on the strides their business lending programs have made with members.
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Creating Regional Presence, East Coast Business Lenders Debuts to Serve New Jersey, Pennsylvania
All of the traditional routes to bring business lending to members at Credit Union of New Jersey were considered, but ultimately, all agreed having a "local flavor" became the guidepost.
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House Committee Hearing Addresses SBA Micro Lending
The House Committee on Small Business was scheduled to hold a hearing June 14 entitled "Strengthening SBA's Micro-lending Initiatives," to review the value of these initiatives to small businesses.
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SBA Helps Veterans, Military with Patriot Express Loan Program
The Small Business Administration is piloting a new loan program to assist veterans and members of the military with starting or expanding small businesses.
Opinions
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Business Lending and Deposit Services--An Equation for Growth
Industry experts and credit unions often indicate that a business lending and deposit services program can be a great way for a credit union to better serve members and achieve growth goals.
Statistics
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Credit Unions Continue to Make Strides In Member Business Loans
Compared to the banking industry's commercial loan growth, credit unions' member business loan growth made bigger strides in 2006.
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Small Business Use of Loans, Deposits Not Necessarily Tied Together
Since November 2004, commercial and industrial loan activity has steadily increased, but there appears to be no connection between small business owners use of loans and their inclination to use other related products and services.
Letters to the editor
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Credit Union Vendors Should Support Movement
Vendors, like Fuze, who focus a significant portion of their business with credit unions commonly say they are strong supporters of the credit union movement. In most cases what that means is that they believe in the basic tenets of the movement and believe their products and services help credit...
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National Enquirer? Don't Give it a Second Thought
After reading Paul Gentile's Editor's Column in the May 30 issue regarding the National Enquirer comment, I felt compelled to write to you in support of the excellent service you provide to the credit union field. I am completing my first three-year term as director at the Nassau Educators Federal...
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Rogers Is Wrong About Edwards-Noice
I have just read Bill Roger's letter to the editor in the June 6 issue regarding Nationwide Federal Credit Union's conversion and his criticism of Paula Edwards-Noice. It is clear from his letter that Mr. Rogers has never spoken personally with Paula, and is not aware of the unique facts...
Publisher's Column
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The Credit Union Check Casher/Payday Lender Association, Why Not?
Check cashers, payday lenders, pawn shops...the scourge of financial services. What's a credit union to do to compete against these fringe players? Buy one of course. That's exactly what $3.9 billion Wescom Credit Union did recently.
Staking Out the Stats
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Survey Finds Small Businesses Thinking Green
A growing number of small business owners are showing consumers they care about the environment by going green.
People
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People
People
People Feature
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E-Markets Emerging, New Position Created
With the techno-age upon us, TopLine Federal Credit Union created a new position at its headquarters to handle all e-markets.
Clarifications/Corrections
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Correction
In the June 11 Special Report on Auto Lending a story on DealerTrack contained two errors: the company signed up 100 new CUs from Jan. '06- May '07, not Jan. '07- May '07 as written. Also, the reference in support for the 70-80% of financing being indirect is from the...
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