Credit Union Times Magazine February-13, 2008
In Other News
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In Other News
Awards, Branching Out
News
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Most Small Businesses Still Pick Banks Over Credit Unions, Says Aite Study
A mere 9% of small businesses consider credit unions to be their primary financial institution--this at a time when major financial institutions continue to ramp up efforts to reach this pivotal market segment.
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United Heritage Credit Union Launches New Online Banking
United Heritage Credit Union has gone live with a new online banking platform from Digital Insight.
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CO-OP, FSCC Join WOCCU As Associate Members
MADISON, Wis. -- WOCCU just gained two associate members from among the major industry players at a recent board of directors meeting.
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Innovation Challenge Asks Budding Baby Boomer Entrepreneurs 'What's the Big Idea?'
Americans in the emerging baby boomer category are forming small businesses at a rate higher than their younger counterparts.
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Utah CUs, Banks Engage in FOM/Business Loan Clash
Utah credit unions and banks were locked in delicate negotiations with state lawmakers last week to resolve a brewing clash over proposed changes to state laws aimed at easing business lending and field of membership limits.
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Kansas CUs Gird for Banker FOM Bills
With Kansas banks seeking to impose new field of membership limits, credit unions across the state were pumping up their lobbying activities last week to thwart banker-backed amendments to a CU-supported codification bill.
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Credit Unions Earn MLK Memorial Inscription with $1 Million in Donations
After more than a year of fundraising, the credit union industry raised its voice in a show of support honoring Dr. Martin Luther King, Jr. to the tune of $1 million.
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Texas CUL Launches Pro-CU Pitch on Subprime
Aiming to showcase the industry's positive subprime role, the Texas Credit Union League last week unveiled a statewide advocacy campaign to place "true success stories" in a broad cross-section of media outlets ranging from Internet blogs to radio talk shows.
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Another Player Makes Buys - TMG Financial Services Joins Growing Part Of CU Card Portfolio Market
As the pace of credit unions selling their card portfolios has slowed, CU-based purchasers have been among the few continuing to actively announce buys. The latest has announced its first contracts.
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House Financial Services Schedules Hearing On CRA
The House Financial Services Committee has scheduled a hearing, The Community Reinvestment Act: Thirty Years of Accomplishments, but Challenges Remain, for Feb. 13.
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Arizona's Talking About CURIA Hearings
PHOENIX -- There was plenty of Arizona buzz last week about the possibility of congressional hearings during or after CUNA's Governmental Affairs Conference next month.Nobody ...
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Elser Named BECU CFO/VP of Finance & Administration
BECU has announced that Kathy Elser has been promoted CFO/vice president of finance & administration.
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Changing Landscape in 2008 for IT Security ChiefsBy MARC RAPPORT
Credit union IT security managers who think the first and only line in their job description is staying ahead of hackers and reacting to "tactical security events" might want to get with the changing times.
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Missouri League Considering Dues Cut
Acknowledging the impact of the current economy on small credit unions, the Missouri Credit Union Association is considering a reduction in dues next year.
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Pennsylvania League to Bring Business Service Staffers Together
A new professional group for credit union employees serving the member business services market is the brainchild of the Pennsylvania Credit Union Association.
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Prime Alliance Prospers During Mortgage Crisis
While mortgage production was down 15 % across the country last year, Prime Alliance Solutions, Inc. reported an increase of 20% in mortgage transactions from 2006 to 2007.
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CheckFree's Adjustments/Express Upgrade Automates ACH Disputes
Fiserv has announced the release of a new version of its CheckFree Adjustments/Express system, which promises to automate ACH disputes the way it electronically processes check adjustments.
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Leagues Updating Credit Union Philosophy Manual
Who better to preach the gospel than members of the congregation?
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CUNA Mutual, OPEIU Slate 'Rules' Meeting on New Contract
With job security being called "the big issue" by its employee union, CUNA Mutual Group was slated to begin its first preliminary contract talks last week with representatives of Local 39 of the Office & Professional Employees International Union AFL-CIO.
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Survey Finds HSAs A Business Opportunity for Financial Institutions
A recent Wolters Kluwer Financial Services survey finds that for financial institutions offering Health Savings Accounts represent a growing business opportunity.
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Oregon Community CU Donates to Medical Program
Oregon Community Credit Union is lending a helping hand to area medical students.
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Bill Thorla Joins The Golden 1 Team
The Golden 1 Credit Union has named Bill Thorla senior vice president of branch administration and member service call center.
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Tinker Launches Cash Reward, Gift Card Promotion on Patronage
Using gift cards, fee cuts, and cash contests, Tinker Federal Credit Union is hoping to make a strong case with the public that "unlike a bank," it rewards its members with its profits.
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Valley CU Hosts Babies at Work Reunion
Valley Credit Union recently celebrated the 10th anniversary of its Babies in the Workplace program with a reunion of current and past employees and their children who have participated in the program.
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Another CU Launches Payday Loan Alternative Product
The $808 million Andrews Federal Credit Union has begun offering its members an alternative payday loan program.
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Greylock FCU, Girl's Inc. Help Raise Teens' Financial IQ
Greylock Federal Credit Union latest donation to the Financial Literacy Program in the Pittsfield Public Schools is helping the area's youth become more financially savvy.
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IC Federal CU, BALANCE Join Forces
With rising consumer debt, ever-increasing numbers of bankruptcy filings, and growing numbers of predatory financial services, IC Federal Credit Union has teamed up with the BALANCE to arm its members with comprehensive education and counseling from a trusted resource.
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Card Data Protection Bill Moving In Washington State
The Washington Credit Union League is reporting the success of a measure it supports that would allow CUs to recoup their losses when retailers experience card data breaches.
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DHSMV CU and First Florida CU Merger Approved
On Feb. 5 The Department of Highway Safety and Motor Vehicles Credit Union received the final approval from members to merge with First Florida Credit Union.
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CU Strategic Partners Revamps Jobsite
It may be a lot easier for people to find positions within the credit union industry.
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Wings Financial to Serve Black Pilots Organization
The Organization of Black Airline Pilots has selected Wings Financial Federal Credit Union as its official credit union.
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NY Taxis Face Fines If They Don't Take Cards
The New York City Taxi and Limousine Commission has announced it will fine taxi drivers who refuse to accept cards as payments for taxi fares.
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Teres Sees 2007 as Year Of Growth
AUSTIN, Texas -- Teres Solutions Inc. customers generated nearly $44 billion in automated loan volume on its platforms in 2007, the lending software specialist's fifth year in business.
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Considering Wikipedia? Consider This ...By MARC RAPPORT
Credit unions considering going live on the uber-popular Wikipedia do-it-yourself Internet encyclopedia might want to listen to what a Forrester Research analyst has to say.
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Credit Union Investment Programs, Membership Penetration on the Rise
After a little over a year of gathering data from more than 1,300 credit unions and 60 broker-dealers on the scope of their investment programs, reaching more members has become an attainable reality.
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CashEdge Reports $38 Billion in A2A Transfers
CashEdge Inc. said it executed more than $38 billion in account-to-account transfers initiated by consumers in 2007, a 300% increase from the year before.
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Lunch and Learn Program Gets Sunmark FCU Backing Again
Union College's U-Start Business Incubator Lunch and Learn Program will once again be mainly sponsored by Sunmark Federal Credit Union.
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Public Service CU Names Hoel to Board, Overseeing Norlarco
In a follow-up to its plan to take over the failed $230 million Norlarco Credit Union of Fort Collins, Public Service Credit Union of Denver said last week it has selected high-profile industry figure Bob Hoel, formerly of the Filene Research Institute, to serve on the PSCU board and revamp...
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High Desert: Beautiful View Marred by Losses, Declining Home Values
High Desert Federal Credit Union here has operated one of the most successful construction loan programs in the credit union world, but it's not been immune to the downturn that's hit the Golden State's credit unions, said president Tom Brown.
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SELCO Financial Advisor Wins 2007 Gold Pacesetter Award
or providing "high quality" financial and retirement planning services to members, Craig Allen, a financial advisor with SELCO Community Credit Union, recently earned CUSO Financial Services LP's 2007 Gold Pacesetter award.
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Super Bowl CMN Auction Raises $15,000
Thanks to a Super Bowl promotion by the $1.1 billion Arizona State Credit Union, Children's Miracle Network is $15,000 richer.
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BizKid$ Bandwagon Takes Off
For credit unions, the BizKid$ bandwagon has been on a roll for the last six weeks, with "kickoff" parties, raffles, and family events occurring--along with the all-important CU branding and messaging appearing at the end of each TV episode on local public broadcast channels across the U.S.
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Lifetime Wegner Award Winner - Riding The Crest of Change, Wegner Award Winner Reviews Similarities in History
Dr. Robert Hoel, the former long-time executive director of the Filene Research Institute and this year's winner of the Herb Wegner Lifetime Achievement Award, said he fell in love with credit unions primarily by seeing the impact they made in the lives of their members.
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Online Bill Pay Adoption Needs Kick Start, Hand Holding
After an initial growth spurt, consumer adoption of online bill pay seems to be slowing, according to a new report from Forrester Research, and new tactics are now needed to maximize the channel.
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SEFCU Appoints EVP of Wealth Management Services
SEFCU has announced the recent promotion of John Lawler from senior vice president to executive vice president of Wealth Management Services.
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Arrowhead's New Ops Center Approved Despite Developer's Challenge
Arrowhead Credit Union encountered some resistance during last week's city council approval of its new office building, but officials from the $1.1 billion institution say the project's a go.
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NASA Federal Helps Members Fight Identity Theft
NASA Federal Credit Union recently held its first Community Shred Day.
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TDECU Merges with THD District 13
TDECU officials have announced that the credit union has merged with THD District 13 Credit Union.
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First Bristol FCU Earns Highest Rating From BauerFinancial
For the 64th consecutive time, First Bristol Federal Credit Union has achieved a 5-star rating from BauerFinancial, Inc.
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SDCU Launches LTC Insurance Seminar
South Division Credit Union is helping its members learn more about long term care insurance.
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RCU Creates Hotline to Help Troubled Home Loan Borrowers
Royal Credit Union adopted a pro-active approach to the subprime and adjustable rate mortgage loan problems that may arise in the service area of Chippewa Valley.
Front Page News
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S&P Reduces U.S. Central Rating to 'AA+' from AAA; Moody's December Report Cited Sandlot Funding LLC
Standard & Poor's rating agency recently lowered U.S Central's long-term debt rating to AA+, its second highest, from AAA, its highest. The new rating assignment was "prompted by S&P's concern over values of mortgage-related securities in U.S. Central's investment portfolio," according to U.S. Central.
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'Holistic' Approach to Branch Design Trims Costs for Service Teams
David Layman, AIA, is president of Hooker DeJong, the architectural and engineering consulting company here that takes a decidedly different approach to working with credit unions on facilities design. And Donald Mills, CEO of Alpena Alcona Area Credit Union in Alpena is a satisfied client.
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Smaller CU, Big Card Success
Three years ago, the $87 million Canton School Employees Federal Credit Union was so discouraged with the performance of its credit card program that the CU was considering selling it, according to CEO Stan Barnes.
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Business Services Retool Aims to Reposition Synergy One FCU in Growing Virginia County
With a 133% population jump over the past five years and 300 new businesses forming each month in Prince William County here, the time seemed more than right for Synergy One Federal Credit Union to revamp its business services offerings.
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Star One Using New Real-Time Online Login Alert Solution
With one of the highest assets-per-member ratios in the business and a high penetration rate for its online banking channel, Star One Credit Union would seem to be a prime target for fraudsters.
News Briefs
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Michigan League Way Ahead on Tax Free Service
Providing free tax help to low-and moderate-income families is proving a big winner for Michigan credit unions with the Michigan Credit Union League reporting a huge boost in taxpayers taking advantage of its two-year-old "Just File It-We'll Help" program.
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Small CU Consortium Commits to Teres Platform
A tech consortium of five small northern California credit unions has added an automated lending solution to its competitive arsenal.
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Coastal FCU Expands Trusts Team
Kevin Tennyson has joined Coastal Federal Credit Union as the vice president of trust and investment services.
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Latest Bentley CD Appeals Move Case Forward
The latest updates involving the distribution of more than $339 million to those who were impacted in the Bentley Financial Services certificate of deposit Ponzi scheme came on Jan. 31.
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California CU Reaches Out To Business Owners
With a 75-year track record of serving consumers, California Credit Union is hoping to build just as strong of a relationship with business owners.
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CUNA Mutual Creates New Ethics, Compliance Officer Position
CUNA Mutual Group has hired Steve Koslow as senior vice president, chief ethics and compliance officer, a new position for the company.
Facilities
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New HQ for Community Choice
Community Choice Credit Union is moving its corporate headquarters to Farmington Hills, Mich. and has purchased the former Citizens Republic Bancorp office building.
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US Federal CU Unveils Eastside Financial Center
US Federal Credit Union partnered with Thrivent Financial and Lutheran Social Service of Minnesota and opened its doors to the newly renovated Eastside Financial Center.
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PEFCU Facilities Manager Announces Retirement
After 30 years of service, Purdue Employees Federal Credit Union Facilities Manager Dave Melville is retiring.
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DEI Inc. Adds New Execs
Design/build firm DEI Incorporated has added Eric Corti as the executive vice president of construction and Jeannine Long as the vice president of human resources to further strengthen its management team and expand internal and external services.
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LEVEL5 Senior Project Development Manager Earns MCR Designation
Senior Project Development Manager Cheryl Waybright of strategic consulting and financial facilities development firm LEVEL5 has been recognized for completing the professional development series for the CoreNet Global Master of Corporate Real Estate.
Marketing
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FORUM CU, Indiana Fever Search for Teen Entrepreneurs
FORUM Credit Union and the WNBA Indiana Fever are looking for the next Teen Entrepreneur.
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Michigan First Youth Initiatives Honored
Michigan First Credit Union (www.michiganfirst.com) has been awarded the 2007 Generation Next Award, in recognition of its "overall achievement in outstanding contributions to the credit union youth movement" and for "effectively bridging the gap for the next generation of credit union members."
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Affinity FCU Supports Giants While Helping Needy
Affinity Federal Credit Union's Mountain View Branch took its Super Bowl celebration to the next level by hosting a "Souper" Bowl event in support of the Somerset County Food Bank.
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Utah League of CUs Names New Communications Director
The Utah League of Credit Unions recently appointed Jim Bennett as its new director of communications.
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Joyal, Venden Unveil CVJ Solutions
There's a new strategic research, marketing and sales development player in the credit union marketplace--CVJ Solutions.
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Desert Schools Hosts Snoop Bowl 2008
Desert Schools Federal Credit Union recently served as presenting sponsor of a different kind of football event for kids--the 2008 Snoop Bowl. For the fifth year in a row the Snoop Bowl took place one day before the actual Super Bowl in the host city. Held at Hamilton High School...
Regulatory/Compliance
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Washington State CUs Allowed To Have Associate Board Members
Washington's Department of Financial Institutions has issued a letter detailing how the state's credit unions can add "associate board members" to their boards.
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2009 Budget Proposes $17 Billion for SBA 7(a) Loan Program
Under President Bush's proposal, the Small Business Administration's 7(a) guaranteed loan program would receive $17.5 billion and the 504 or Certified Development Company program would get a $7.5 billion boost.
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CUNA Kicks Off Due Diligence Push
As NCUA puts a focus on CU relationships with third-party vendors, CUNA is launching an effort to help CUs cope with the increased attention and scrutiny. The agency previously announced that third-party vendor relationships would be a focus in examinations this year.
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SEC Creates New Office to Expedite $5 Billion to Scammed Investors
To help expedite the distribution of more than $5 billion Securities and Exchange Commission recoveries to injured investors, the agency announced on Feb. 5 the creation of the Office of Collections and Distributions.
Special Report
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Banking on the Box - TruMark Financial Using SIM Appliance to Lock Down the Data
Matt Roedell is well aware of consumer wariness about financial institutions' ability and willingness to adequately lock down personal data.
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American 1 'Shredfest' A Local Hit
JACKSON, Mich. -- Jackson residents concerned about identity theft had a chance to shred their confidential documents for free during American 1 Federal Credit Union's Shredfest.
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Wolters Kluwer, NAFCU Services Podcast Focuses on Internal Fraud Protection
Wolters Kluwer Financial Services and NAFCU Services Corporation is helping credit unions take proactive steps to fight internal fraud with its latest free podcast.
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Beware Of Hackers Seeking Cardholder Information, CUNA Mutual Says
CUNA Mutual has amplified two warnings from Visa USA about hackers seeking to steal cardholder information by compromising financial institution computer systems and networks.
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Perimeter eSecurity Acquires Electronic Communications Compliance Tools
Perimeter eSecurity has acquired a provider of outsourced e-messaging compliance to public and financial services companies.
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Justice FCU Goes Live with AML Solution
Justice Federal Credit Union has gone live on an anti-money laundering solution from Fortent.
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Maine League Raises Record $366,000 In Hunger Drive
The "Campaign for Ending Hunger," sponsored annually by the Maine Credit Union League, hit a record $366,000 in 2007 and drew the praise of the state's first lady, Karen Baldacci at ceremonies last week.
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Survey Says FTP Usage Increases Amid Security Concerns
DUBLIN, Ohio -- File transfer protocol is one of the original means of moving information around the Web and is increasing in use despite concerns about security and reliability, a new survey showed.
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FIS, CSCU Roll Out New Fraud Protection Tool
Fidelity National Information Systems and Card Services for Credit Unions have partnered to roll out a new card fraud protection tool.
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NSC Security Confab to Feature Hacker Contest
NAFCU Services Corp. and Digital Defense will present what they call the "Credit Union Extreme Hacker Challenge" at the 2008 NAFCU Technology and Security Conference in Las Vegas on Feb. 25-28.
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Afilias Joins APWG Steering Committee
The Anti-Phishing Working Group has added an Ireland-based provider of global registry services to the cybercrime-fighting organization's steering committee.
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San Mateo CU Uses Appliances to Protect Branch "Traffic"
Sunnyvale-based Fortinet Inc. is now providing integrated security appliances to San Mateo Credit Union.
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Postilion Data Center Earns PCI DSS
The Postilion Data Center in suburban Atlanta has received a key security nod.
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DigitalPersona Releases New Biometrics Upgrade
DigitalPersona Inc. has released a new version of its widely used fingerprint authentication solution for enterprise networks and commercial applications.
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Dupaco Community, Class Act FCU Buy Code Green Boxes
Code Green Networks said that credit unions in Iowa and Kentucky are among the first to buy its new content inspection appliance for smaller enterprises.
Opinions
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It's Not Too Soon to Develop Contactless Payment Best Practices
Making purchases with the quick wave of a cell phone or a plastic card--rather than a swipe--in front of a reader or scanner is becoming a reality as issuers and merchants begin to show support for contactless payments.
Letters to the editor
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NCUA: Jump! Converting CUs: How High?
As reported in the January 30 edition of the Credit Union Times, the Aite Group consulting firm's survey of larger credit unions entitled, "The Evolution of the Credit Union Market: A Survey of Credit Unions," has generated a lot of talk and speculation.
Publisher's Column
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CRA: It's Not for Everyone
Influential House Financial Services Committee Chairman Barney Frank (D-Mass.) has always been a strong proponent of the Community Reinvestment Act and is looking to revamp the program to bring all financial services providers under the law and revise enforcement capabilities.
Quotes Worth Quoting
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Quotes Worth Quoting
"We know where he is on CRA and we respectfully disagree with him."
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