News

The Texas Credit Union League warned against complacency in Bank Secrecy Act and Office of Foreign Assets Control compliance following a $160 million money laundering judgment against the old Wachovia Bank, now part of Wells Fargo.

Bob Miles, PSCU Financial Services' former director of security, is now chief security officer with the new Financial Services Division of Cyber Operations LLC, an Alabama-based IT security firm with operations in St. Petersburg and Orlando, Fla.

Around 26 credit unions have applied for funds under the Treasury Department's Community Development Capital Initiative, according to NCUA officials participating in a Web event about the program today.

The planned $4.6 billion, mega-merger of First Tech Credit Union and Addison Avenue FCU points to new industry thinking on future combinations of equals, according to Callahan & Associates.

Consumer prices didn't move last month, the Labor Department reported today.

The troubled $851 million Arrowhead Credit Union of San Bernardino, Calif. is selling off five of its branches to the $3.9 billion Alaska USA FCU, it was announced Thursday.