News

Unemployment rose to 8.9% in April-the highest level since September 1983-as businesses cut 539,000 non-farm jobs, the Department of Labor reported today.

NCUA Vice Chairman Rodney Hood said although there are already "good examples" of CUSOs providing payday lending alternatives, he is hoping credit unions will create a national solution to payday lending alternatives.

Westerra Credit Union of Denver announced today it expects to top $1 billion in assets and 88,000 members by July 1 when it finalizes a merger with $163 million Jeffco Schools CU of Lakewood; Jeffco members approved the merger Thursday.

The $3 billion Teachers Federal Credit Union has partnered with MEMBERS Trust Co. to offer a reverse mortgage program to its members.

Robert Carr, the CEO of Heartland Payment Systems, reported that the processors' 2008 card data security breach has cost the firm almost $13 million.

In a sign that the overall payments industry attitude toward encryption and card data security might be changing, Heartland executives told analysts and reporters that the company saw a competitive advantage in developing end to end encryption.