SECU, Baltimore, Md., has recently celebrated its 50th anniversary. With more than $1 billion in assets and serving over 215,000 members, SECU commemorated the anniversary by running a loan sale with a rate of 5.0%. Over the years SECU has been building member conveniences with such services as Internet Home Banking, 60-second online loan approvals, and 24-hour account access via telephone. Educational Community Credit Union, Jacksonville, Fla., has been awarded the highest rating by the Florida Department of Banking and Finance’s Office of the Comptroller. The agency gave ECCU a “CAMEL 1″ after its annual examination. The CAMEL rating system evaluates five critical elements of credit union operation: Capital adequacy, Asset quality, Management, Earnings, and Liability/asset management. ECCU serves over 80,000 members and has $540 million in assets. United Teletech Federal Credit Union, Tinton Falls, N.J., has been named the Best Bank/Financial Institution in Monmouth County by the Asbury Park Press’ 2001 Readers Poll. The Asbury Park Press is New Jersey’s second largest newspaper and reaches over 500,000 readers daily. This is the first year that UTFCU has received the top honors. UTFCU has $211 million in assets and serves 28,000 members. Redwood Credit Union, Santa Rosa, Calif., has recently celebrated its 100,000 member. For helping the credit union reach this milestone, Kathryn Kempton was rewarded with a weekend getaway. To further celebrate its existing membership another randomly selected member, Bryan Munson won a weeklong vacation getaway.
A correction of this unintended consequence of the 2017 tax cut bill is included the Secure Act, up for a vote this week.
“These are credit unions. We’re not sending people to Mars here.”
A new industry standard to lengthen BINs from six digits to eight digits, is set to begin in April 2022.
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