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LEVERAGE adds accounting, consulting to audit group

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BIRMINGHAM, Ala., and TALLAHASSEE, Fla. (2/26/15)--LEVERAGE, an affiliate of the League of Southeastern Credit Unions (LSCU), announced that HLM Accounting and Consulting Services Inc. has joined its CU Audit and Compliance Group.

The new alliance expands the coverage of CU Audit and Compliance Group to Georgia. In addition to Georgia, CU Audit and Compliance Group serves Alabama, Florida, Tennessee and Mississippi.

"HLM is a great addition to the CU Audit and Compliance Group," said Patrick La Pine, president/CEO of LEVERAGE and LSCU. "By expanding into Georgia, more credit unions can take advantage of the expertise of the CU Audit and Compliance Group. Having an audit done by a company that only works with credit unions is very valuable."

With the addition of HLM Audit and Consulting, CU Audit and Compliance Group now offers supervisory committee audits, interim audits, Bank Secrecy Act (BSA) audits, ACH audits, opinion audits, verification of member accounts, fraud investigation, IRS Form 990 filing, 5300 Call Report filing and consulting.

The CU Audit and Compliance Group has staff members who are CPAs, credit union risk-management experts, credit union compliance experts and BSA compliance specialists.

HLM Audit and Consulting Services was established by Harvey Mayes. The business is currently based in Jacksonville, Fla., and has more than 20 clients located primarily in south Georgia.

LSC among trio to create CU Mobile Apps group

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NAPERVILLE, Ill. (2/25/15)--Three companies have partnered to deliver CU Mobile Apps, a provider of mobile banking solutions.

The three companies that form the partnership are LSC, a subsidiary of the Illinois Credit Union League; technology consultant Member Service Solutions LLC; and Metova LLC, a mobile applications provider.

"The CU Mobile Apps platform heightens two-way communication between credit unions and their members," said Sean Hession, president/CEO, Illinois Credit Union System. 

"Over time, it will reduce credit union reliance on transactional, interchange-based revenue and allow credit unions to draw closer to their members as their trusted partner in financial decisions small and large."

CU Mobile Apps is a customizable, turnkey mobile delivery solution for credit unions that integrates the credit union's current banking solution, remote deposit capture capability, integrated locator searches, person-to-person solutions, social media, and podcasts with two-way credit union communication access. It takes a credit union to a full-service mobile app from an online banking or mobile banking tool, putting the power of a credit union right into the member's hands.

"CU Mobile Apps ensures credit unions will have the edge not only to survive, but thrive, in the age of tech-savvy members," Hession said. "This powerful mobile platform is helping credit unions design their future."

Corporate One reports ACH success

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COLUMBUS, Ohio (2/24/15)--Corporate One FCU, Columbus, Ohio, reports that over the past three years the number of its member credit unions offering their small business members or select employee groups (SEGs) ACH origination services has more than doubled, increasing to more than 100 business originators at year-end 2014 from 48.
"We took a look at the numbers a few years ago, and realized there was a lot of market share to be had for credit unions in the ACH origination space," said Kay Moon, Corporate One's senior vice president/chief operating officer. "Combine this with the fact that ACH is one of the fastest growing payment options among consumers, and it was clear to us that with ACH Origination credit unions could provide an effective and desired payment option to their small business members/SEGs, while also strengthening their bottom line.
Moon said the Corporate One made a concerted effort to provide educational opportunities to its members and enhanced service offerings. "We also launched a promotion to encourage credit unions to consider ACH origination as a viable addition to their service offerings to businesses, offering free ACH origination accounts for capitalized members' new business originators through July 31, 2015," she added.
Offering ACH origination to business members provides many benefits to credit unions and their business members alike. Credit unions are able to expand and deepen relationships with their business members, while earning additional revenue that comes from having a new line of business.

Fiserv among Fortune's most admired for 2nd year

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BROOKFIELD, Wis. (2/23/15)--Fiserv Inc. has been named to FORTUNE magazine's 2015 list of World's Most Admired Companies in the financial data services category.
This is the second consecutive year the company has been named to the list.
"Our people are the foundation upon which this recognition is based, and I'm very proud of their commitment to client excellence," said Jeffery Yabuki, Fiserv president/CEO. "Their dedication to serving our clients each day is what makes Fiserv one of the most admired companies in the world."
Thousands of executives, directors and analysts are surveyed to create the annual FORTUNE World's Most Admired Companies list. Survey respondents are asked to rate companies based on nine key attributes including innovation, people management, use of corporate assets, social responsibility to the community and environment, quality of management, financial soundness, long-term investment value, quality of products or services, and global competitiveness.

EMV, interchange remain top concerns: ATMIA survey

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SIOUX FALLS, S.D. (2/20/15)--EMV migration and interchange are the top concerns of independent ATM deployers (IADs), according to the results of the 2015 US IAD survey, co-sponsored by the ATM Industry Association and Kahuna ATM Solutions.

Many IADs will be upgrading or replacing ATMs in the field with EMV-capable card readers, the survey reported.

Other survey highlights:
  • 50% of respondents cited EMV operational expenses as their top concern regarding the health of the ATM industry closely followed by reductions in interchange (48%) and anti-money laundering rules (31%);
  • When asked about specific U.S.-based issues, 40% responded they would most like to learn more about the "implications of the EMV liability shift for ATMs," while 33% noted "costs in upgrading ATMs" as their preferred topic;
  • 74% of United States-based IAD respondents are purchasing new ATMs with EMV card readers and 50% are already placing ATMs with EMV-capable card readers in the field;
  • 31% of survey participants anticipate being EMV-ready by the October 2016 MasterCard liability shift while 50% anticipate meeting the October 2017 date set by Visa; and
  • Only 11% of those surveyed indicated they are developing contactless or mobile strategies for the ATM, down from 34% in 2014. However, only 37% stated a definitive "no" this year vs. 50% indicating they were not planning to develop a contactless strategy last year.

CSS provider Verafin reports 68% increase in clients in 2014

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ST. JOHN'S, Newfoundland (2/19/15)--Verafin Inc., a cloud-based fraud detection and anti-money laundering software provider, reported revenue growth of 45% on the strength of a 68% increase in client bookings in 2014 compared with the previous year.

Verafin is a CUNA Strategic Services strategic alliance provider.

"The key to delivering a leading solution in this industry is based on a commitment to continuous improvement," said Jamie King, Verafin CEO. "With our third consecutive year of double digit revenue growth, strong new customer growth and many new enhancements to our product, we had an outstanding year in every part of our business."

During 2014, Verafin announced a $60 million (Canadian) investment by Spectrum Equity, a growth equity firm focused on the information economy. The investment for a substantial minority stake in the company will support Verafin's rapid growth and continued investment in its market-leading platform.

A snapshot of Verafin's technology achievements and milestones in 2014 include:
  • User interface upgraded for increased speed and enhanced usability;
  • Improvements in analytics reduced false alerts by 50%;
  • Launched a new user community with 6,000 users to enhance the customer experience;
  • Surpassed 120 million transactions processed daily;
  • Added more than 200 new customers; and
  • Maintained a leading retention rate of 98%.

CUNA Mutual partners with D+H

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MADISON, Wis. (2/18/15)--CUNA Mutual Group announced it will offer a new mortgage payment protection insurance product to credit unions and their members through an alliance with D+H , a CUNA Strategic Services strategic alliance provider.

Through the alliance, CUNA Mutual Group will integrate its new mortgage payment protection insurance product directly into MortgagebotPOS, D+H's residential mortgage protection product to cover members in the event of unexpected job losses, death or disability.
"This alliance means that credit unions will have a new critical service to offer their members. It also provides a strong competitive advantage for the credit union industry," said Chuck Cashman, vice president of business development and strategic alliances for CUNA Mutual Group.
Through the alliance, credit unions can provide quotes and enroll members in the new insurance offering. CUNA Mutual Group plans to launch the product later this year and will include complimentary loan officer training for the credit unions that leverage it.
Mortgage payment protection is voluntary insurance designed to cover mortgage payments following a borrower's death, disability or involuntary unemployment.
"Just as today's potential homeowners are concerned with their ability to secure a mortgage, they're also concerned with their ability to keep their home," said Alan Bahr, director of product management for CUNA Mutual Group. "It is important that we help credit unions ensure members can maintain the security of their families' long-term financial health, including their home."