News

In the latest evidence of declining check volumes and the need for credit unions to pare costs, Members United Corporate Federal Credit Union said this week it is planning to buy and merge the item-processing unit of the Illinois Credit Union League.

CO-OP Financial Services, the parent CUSO of the surcharge free CO-OP ATM and EFT network, has signed a deal with the Pennsylvania Credit Union Association which will allow PCUA to sponsor its member credit unions into the network.

In the five years since it reversed course from opposing credit union credit card portfolio purchases to actually buying them, TNB Card Services announced it has purchased more than 120 as of this week.

CUNA Mutual Insurance Society says that its recent cut of 27 jobs from its Madison call center has to do with its ongoing effort to restructure its operations and nothing to do with the recent move to try to merge with Iowa based CUNA Mutual Life Insurance.

NCUA issued a legal opinion letter (06-1214) preempting Virginia's Division of Unclaimed Property challenge to a federal credit union's dividend and fee practices regarding inactive accounts.

Borrowing a leaf from its Michigan counterpart, the Utah League of Credit Unions has launched a "member information" Web site to help discourage the planned conversion of the $177 million Beehive Credit Union to a mutual bank.