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TOM SAKASHSTAFF NEWSWRITER

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Products

CUSN partners with CO-OP Financial Services (03/04/2010)

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LAKEWOOD, Colo. (3/5/10)--Credit Union Service Network (CUSN) has partnered with CO-OP Financial Services to provide external call center lending and member support services to CUSN clients. The agreement will create new avenues and resources for marketing to CO-OP Member Center’s 98 customers and potential customers in Colorado, Idaho, Iowa, Nebraska, New Mexico and Wyoming. CUSN will generate leads and interest for CO-OP Member Center’s lending solutions and member services, the companies said in a release. The CO-OP Member Center is based in Fort Worth, Texas, and is a wholly owned subsidiary of Rancho Cucamonga, Calif.-based CO-OP Financial Services. LoanLink Services from CO-OP Member Center starts with loan processing, including recording applications and underwriting. Member Services covers after-hours and as-needed call center duties, handling account inquiries, transactions and other member interactions. CUSN offers products and services that helps connect credit unions to members.

CUNA Council adds session on opportunities from economy

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MADISON, Wis. (3/5/10)--Credit unions can discuss leveraging the opportunities from the current economic climate--including The Huffington Post’s “Move Your Money” campaign--in a new session to the 2010 CUNA Marketing and Business Development Council Conference March 21-24 in Washington, D.C. The town hall-style session will cover recent bank backlash, actions credit unions are taking to grow and maintain membership and the opportunity for changes in public policy that give credit unions added potential. Leading the session will be:
* Mark Wolff, senior vice president of communications, Credit Union National Association (CUNA); * Richard Gose, CUNA senior vice president of political affairs; and * Carol Payne, vice president of communications and marketing, California and Nevada Credit Union Leagues.
“Credit unions have been given an unprecedented opportunity in today’s economic climate,” said Anne Legg, chair of the council and vice president of marketing, Cabrillo CU, San Diego. “Banks have the lowest trust levels and credit unions have very high trust levels. How can credit unions leverage this advantage? This session is essential--a get-together of hundreds that includes no-holds-barred discussion, dialogue and brainstorming and idea-sharing.” Following the session will be a Washington Insider’s Reception, where attendees can meet with leaders who interact with Congress, the Obama administration and the National Credit Union Administration. For more information, use the links.

CU card portfolio grew at 6.5

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PORTLAND, Ore. (3/5/10)--Credit union credit card portfolios grew at 6.5%, according to AssetExchange, a credit union credit card portfolio advisory firm that analyzed portfolios of about 2,100 credit unions with portfolios of $1 million or more. From those portfolios, AssetExchange found that:
* Outstanding balances grew at an annual rate of 6.5% between December 2008 and December 2009 to $35 billion, continuing the trend of mid-single digit growth. Total assets at the credit unions grew at an annual rate of 9.7% over the same period; * Card accounts grew at a 2.9% annual rate during the same period to 12.6 million; * The percentage of portfolios that grew more than the rate of inflation during the previous 12 months increased to 70% from 66% in the fourth quarter of 2008. Eighty-four percent of portfolios grew versus 67% for the same time period in 2008; * Cards as a percentage of total assets declined to 4.8% in the fourth quarter, down from 4.9% in the same quarter of 2008 because credit union assets continued to grow faster than card balances; * Credit card penetration continues to trend near 18%; and * Seven card portfolios with about $42 million in balances sold during the fourth quarter. In 2009, 24 portfolios with about $325 million in outstandings were sold, an increase from the $98 million worth of portfolios sold in 2008 but below 2007 levels.
AssetExchange data were taken from National Credit Union Administration call report data. Inflation values at 2.72% between December 2008 and December 2009 were from the U.S. Department of Labor Bureau of Labor Statistics.