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LAS VEGAS — Credit unions will likely be facing higher IT security expenses late this year as they implement new NCUA e-commerce procedures affecting online banking, according to the CEO of the $2.3 billion Pennsylvania State Employees CU.

Greg Smith, president of the $2.3 billion Harrisburg-based PSECU, said his CU has already figured it is spending $1 million a year on IT security which he calls “our own kind of milestone” adding he suspects other CUs with similar operations will be sharing the prospect of higher costs.

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