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New CUNA Tech Council paper addresses data backup

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MADISON, Wis. (8/4/10)--As credit unions expand their reliance on software solutions and electronic documents, their data backup solutions must keep pace by providing a reliable, efficient means of storing and recovering essential information, says a new CUNA Technology Council white paper. Effective data backup supports the level of service members expect and the level of data security regulators require, according to “Backup Takes Front and Center: Capturing the Growing Tide of Data.” The paper examines:
* How data backup fits within the business impact analysis credit unions conduct as part of business continuity planning; * What factors must be considered in choosing the best solutions for backup and recovery of core processing data as well as information from other systems; * Whether and when to make the transition to disk from tape backup; and * How to adhere to best practices involving encryption, regular testing of backup systems, adequate bandwidth, and a data retention policy.
Representatives from credit unions, data backup solution providers, and core-processing companies share their perspectives in the white paper. Three case studies present examples of organizations that rely on tape backup, evolving disk backup solutions, and a blended approach. The bottom line: As credit unions invest in additional automated systems and migrate from paper documentation to electronic forms, their data storage, backup and restoration solutions must evolve as well, the paper said. For more information, use the link.

PolicyWorks launches a reg compliance blog

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DES MOINES, Iowa (8/4/10)--PolicyWorks, a compliance solutions provider for credit unions, has created a blog, “The Works,” to provide credit unions with up-to-date information on compliance topics. “The Works” will cover topics including Reg E overdraft rules, Reg Z credit card rules, the Bank Secrecy Act and marketing compliance. It also will have industry news and upcoming educational opportunities. The blog “will allow us to share information on a timely basis and have credit unions join in the conversation,” said Justin Hupfer, CEO, PolicyWorks. PolicyWorks is a subsidiary of the Iowa Credit Union League.

ICUL Service Corp. offers text messages on prepaid debit programs

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NAPERVILLE, Ill. (8/4/10)--The ICUL Service Corp. (LSC), a subsidiary of the Illinois Credit Union League, is offering “member alerts” as a free enhancement for 830 credit unions nationwide that have LSC’s Everyday Spend and TravelMoney products. Cardholders can receive texts or e-mails about balance information, transactions or suspicious activity. Members can select their preferences for the program through its website, set low balance thresholds and choose the frequency of regular balance notifications. This year, LSC reduced the monthly cost of the Everyday Spend card to the member to $1.75 per month from $2 per month--a portion of which is reimbursed to the credit union. Competitors like Walmart charge $3 or more per month. The monthly fee to the credit union was also removed. In addition, the number of times in which a member can reload or fund the TravelMoney card is now unlimited, LSC said. Everyday Spend card use has increased 149% since 2009. Use of TravelMoney has grown 125%.