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CU Members Mortgage creates lending makeover package

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DALLAS (2/7/13)--CU Members Mortgage has created a lending analysis package to help credit unions evaluate potential mortgage loan penetration in specific markets--a stepping stone to revamping their mortgage programs.

CU Lending Makeover is designed to analyze growth strategies, potential rate fluctuations and purchase money expertise.

The program analyzes current market volume and demand in a specific marketplace, allowing a credit union to see the growth opportunity in potential dollars earned, the company said. Dallas-based CU Members Mortgage evaluates a credit union's current approach to home loan programs and makes recommendations to increase activity. 

The makeover program also provides a customized proposal, drawn from the company's work with more than 1,000 credit unions nationwide, to bolster a credit union's mortgage program.

CU Members Mortgage said it will assist credit unions in finding ways to put their new program into action and review progress as credit unions move forward with active solutions to reach more members.

Shazam publishes EMV specifications

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DES MOINES, Iowa (2/7/13)--The SHAZAM network has released chip-and-PIN or Europay MasterCard Visa (EMV) network specifications to its industry partners in anticipation of U.S. migration to the EMV standard.

"By publishing our network's required changes early, SHAZAM's goal is to ease the development efforts of issuers, acquirers and merchants in the industry," said Dan Kramer, SHAZAM senior vice president. "As the U.S. moves toward EMV implementation, SHAZAM certification requirements will be very straightforward and closely aligned with existing certification requirements."

SHAZAM also is assisting in developing a common U.S. application identifier (AID). "We are fully committed to a common solution," said Terry Dooley, SHAZAM senior vice president and chief information officer. "A priority for us is working with all industry stakeholders on the enhancement of the terminal selection process to provide network choice at the time of the transaction."

SHAZAM will soon publish an EMVCo-certified common core definitions-compliant application and EMV card-profile specifications.

EMVCo was formed in 1999 by Europay International, MasterCard International and Visa International to manage, maintain and enhance the EMV Integrated Circuit Card Specifications for Payment Systems, according to the EMVCo website.

SHAZAM is participating in several industry groups, discussing how to implement the new payment technology, Kramer said. The groups include the Secure Remote Payments Council, SmartCard Alliance, EMV Migration Forum, Merchant Advisory Group and EMVCo.

Calif league, CURoots discuss transferring ownership

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ONTARIO, Calif. (2/7/13)--The California Credit Union League says it is in discussions with CU Roots Cooperative about transferring CURoots' ownership to the California League Services Corp.

CURoots offers shared compliance and specialty internal audit services, which will continue uninterrupted, said the league.

"This represents a great opportunity for CURoots users and potential users who will benefit from the streamlining of efforts and the cost savings," said Gary Perez, CURoots board chairman and CEO of USC CU in Los Angeles.

"The ownership of CURoots would expand from 18 organizations to 324 credit unions that own the California and Nevada Credit Union Leagues," said leagues President Diana Dykstra.

All member credit unions will be eligible for CURoots' preferred member pricing. A special meeting of CURoots' membership is set for Feb. 15 to vote on the sale and transfer of assets. A simple majority is required for approval.