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Summit FCU member wins 100000 in sweepstakes

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ROCHESTER, N.Y. (9/11/08)--A member of Rochester, N.Y.-based The Summit FCU is the grand prize winner of the $100,000 Bonus Bucks Sweepstakes sponsored by Digital Insight Corp. The member, Brandon W. Fritts of Hilton, N.Y., received a check for $100,000 Wednesday at The Summit headquarters in Greece, N.Y. Digital Insight, a provider of online banking services and a CUNA Strategic Services provider, conducted the sweepstakes between May and June. To enter, members or customers of participating financial institutions had three options:
* Enroll as a new online bill payer; * Make online entries such as bill payment; and * Mail in an entry form.
Fritts was chosen from more than 700,000 eligible entries. The Summit FCU was among 486 participating financial institutions.

Postal service taps Diebolds security program

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NORTH CANTON, Ohio (9/11/08)--ATM manufacturer Diebold will implement a multi-site video security program for the U.S. Postal Service (USPS) under a three-year agreement. Diebold Security will install cameras, encoders, software and networking equipment. It also will provide education and training with maintenance and support services at targeted postal service sites. Diebold will build the new security system on open architecture to allow for future expansion or reconfiguration. A federal government mandate requires all federal agencies to migrate their network systems to IPv6, which will replace the current IPv4 system. Diebold will install systems compatible with both protocols. The USPS relies on video security to combat robberies, burglaries and other security breaches indoors and outdoors, Diebold said. Diebold is a CUNA Strategic Services provider. For more information, use the resource link.

Texas league develops BSA DVD series

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FARMERS BRANCH, Texas (9/11/08)--The Texas Credit Union League has developed a new Bank Secrecy Act Compliance DVD series aimed at helping credit unions with compliance. “Training is an area of particular importance to our credit unions, and specifically, compliance training,” said Dick Ensweiler, league president/CEO. The DVD, “Probing the Particulars,” is a follow-up to the overview and introductory information provided in the league’s 2006 Bank Secrecy Act Compliance DVD. It takes an in-depth look at what is required in the Currency Transactions Reports and Suspicious Activity Reports (LoneStar Leaguer Sept. 9). The video includes explanations, illustrations for filling out forms, training for boards of directors, risk assessment, member due diligence and Office of Foreign Assets Control requirements, the league said. “We had a great deal of interest in our initial training DVD, and as an overview, it was effective for the majority of staff at credit unions,” said Suzanne Yashewski, league vice president of regulatory and compliance. “But it didn’t detail the day-to-day workings with BSA. Now this two-disc training covers all the bases--a general overview and form-by-form training.”

CU Members Mortgage Its business as usual

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FORT WORTH, Texas (9/11/08)--Despite problems in the mortgage industry, including a government takeover of Fannie Mae and Freddie Mac, CU Members Mortgage reports that for its 900 credit unions partners, it’s business as usual. “Our credit union partners can have confidence that they are working with a stable and financially strong lending partner, and that is vital in these changing times,” said Linda Clampitt, CU Members Mortgage senior vice president. CU Members Mortgage has reduced its exposure to credit risk by implementing fraud prevention techniques, such as requiring more 4506 forms and using third-party fraud detection. Due to its underwriting and processing procedures, it has “very few repurchase demands from investors,” the company said. “By using prudent underwriting standards, we’re in a position to withstand most any shock that comes our way,” she added.