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CSS renews expands alliance with Newtek

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MADISON, Wis. (1/19/12)--CUNA Strategic Services Inc. (CSS) has renewed and expanded its relationship with The Small Business Authority, powered by Newtek Business Services, to include health and benefit insurance products.

Since 2003, CSS has worked with The Small Business Authority to provide small business services. Now, credit union small-business members will have access to group health, life, group accidental death and dismemberment (AD&D), short-term disability (STD), long-term disability (LTD), dental and vision, as well as individual and family health.

"Credit unions can meet an important need of their small-business members through this new suite of health and benefits products," said Bill Cheney, president/CEO of the Credit Union National Association and CSS. "Our long-standing alliance with The Small Business Authority provides an ideal platform for credit unions and small businesses to be successful."

The strategic alliance relationship includes products such as small-business loans, credit- and debit-card processing services, Web-hosting services, connectivity, data storage, security, network infrastructure, business tax services, Web-based payroll services, and accounts receivable financing.

"This is probably the most important product and service offering that we will be involved with in 2012, and working with CSS as well as credit unions to solve their members' issues surrounding health insurance is an honor and a challenge," said Barry Sloane  CEO/chairman of the The Small Business Authority. "Never before have credit union members and Americans been so challenged to protect their health and families."

CMG MIs Ez Decisioning accepts GSE loans for coverage

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SAN FRANCISCO (1/19/12)--CMG Mortgage Insurance Co. (CMG MI), a provider of private mortgage guaranty insurance, has launched EZ Decisioning, a new set of program guidelines.

Conforming mortgage loans that meet the EZ Decisioning criteria and have received a valid Desktop Underwriter Approve/Eligible, Desktop Underwriter Expanded Approval/Eligible or a Loan Prospector Accept/Eligible are eligible for CMG MI mortgage insurance coverage.

EZ Decisioning program features some expanded eligibility guidelines, dropping credit scores to 620 for loan-to-value (LTV) ratios less than or equal to 95%.  Borrower contributions have been eliminated for borrowers with credit scores of 720 and above. 

"By aligning this program with the government-sponsored enterprises approval process, we anticipate greater efficiencies for our customers and ourselves," said CMG MI Kim Shaul, senior vice president and general manager.

CU Centers Shared Branching grew in 2011

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INDIANAPOLIS (1/19/12)--Shared branching network Credit Union Centers grew by 10% in 2011, adding 31 new branches in its primary market of Indiana and Illinois and 434 branches nationwide.

Members of the network now have access to more than 300 Indiana and Illinois branches, which includes 4,444 national locations.

Among the new clients that joined Credit Union Centers shared branching network in 2011:

  • CEFCU, $4.4 billion assets, Peoria, Ill.;
  • Southwest Chicago (Ill.) Chapter CU, $19 million;
  • Chicago (Ill.) Patrolmen's FCU, $355 million; and
  • Members Choice CU, $110 million, Peoria.
 

The additional credit unions represent a 30% increase in assets of Credit Union Centers participants. Along with adding new locations and increased assets last year, Credit Union Centers grew the number of members it serves to more than 2.05 million, an increase of 15%.

CU Direct Corp. lending conference announced

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ONTARIO, Calif. (1/19/12)--CU Direct Corp., a credit union service organization and parent company for CUDL, Lending Insights, Lending 360 and CUDL Retail brands, will hold its 14th annual conference May 16-17 in Chicago.

The lending conference's speaker line-up includes keynotes by Brett King, best-selling author of BANK 2.0, strategic adviser to the global financial services industry and founder and chairman of Movenbank, and Mark Meyer, CEO of the Filene Research Institute.

The event will include educational sessions covering industry topics such as business intelligence, portfolio management, credit union efficiencies, marketing, risk management and compliance.