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Filed on October 16, 2009–October 18, 2009, published the first business day after.
- Rep. Frank, CUNA meet on CFPA concern
- CUNA, NAFCU unite for alternative capital proposal
- Conversion application among NCUA agenda items
- Matz sets corporate CU meeting for Nov. 5
- Inside Washington
- WOCCU, member groups launch European CU network
- It's National Protect Your ID Week
- Ohio CUs seek public deposits law, banks oppose it
- Colo. police probe thousands of stolen debit card numbers
- Mich. lawmaker: CUs have best grassroots advocacy
- Delaware league to vote on dues restructuring
- CU System briefs
- Market News
- Fees pile up for cell phone users
- Mortgagebot enhances PowerSite automation platform
- Impel Consulting helps Louviers FCU offer business services
Rep. Frank, CUNA meet on CFPA concern
WASHINGTON (10/19/09)—Credit Union National Association (CUNA) President/CEO Dan Mica and league president Daniel Egan met Friday with House Financial Services Committee Chairman Barney Frank (D-Mass.). They discussed credit union objections to an amendment to Consumer Financial Protection Agency (CFPA) legislation that would divide treatment of credit unions along asset size in an attempt to address unintended competitive disadvantages.
Less than 24 hours earlier, Frank's panel adopted an amendment offered by Reps. Brad Miller (D-N.C.) and Dennis Moore (D-Kan.) that would limit the proposed CFPA's examination and enforcement authority to credit unions over $1.5 billion in assets and banks with more than $10 billion in assets. For institutions whose assets fall below those thresholds, enforcement authority would stay with their prudential regulator.
Egan is president of the Massachusetts Credit Union League, New Hampshire Credit Union League and Credit Union Association of Rhode Island.
CUNA has declared it would be compelled to oppose H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act, if its final version included the amendment that would treat credit unions differently based on asset size.
Mica has noted, "A key principle of ours in approaching financial regulatory reform has been for examination authority to remain with credit unions' primary regulator. We cannot support legislation that would apply this principle only to a portion of the nation's credit unions, as envisioned in this amendment." He added that "a basic premise of the credit union movement is to never be divided against itself in any way."
In their meeting with Rep. Frank, Mica said, the chairman "indicated a willingness to work with us to see if we can find a mutually agreeable solution before the bill goes to the floor for a House vote."
CUNA, NAFCU unite for alternative capital proposal
WASHINGTON (10/19/09)--The Credit Union National Association (CUNA) and the National Association of Federal Credit Unions (NAFCU) announced their support for secondary capital for credit unions in a Friday joint letter to members of the National Credit Union Administration (NCUA) Board.
The letter, which was signed by CUNA President/CEO Dan Mica and NAFCU President Fred Becker, noted that while the credit union system faces many issues, there is "none more important" for beleaguered credit unions than the issue of alternative capital.
A similar letter is being sent to the National Association of State Credit Union Supervisors and to the National Federation of Community Development Credit Unions.
While CUNA supports broad authority for credit unions to be able to obtain secondary capital, CUNA has agreed to work with NAFCU to support alternative capital for credit unions that would come from their members, which could also include sponsor organizations and select employee groups. They also agreed that credit unions should be able to count in their net worth calculations assistance received from NCUA under section 208 of the Federal Credit Union Act. The alternative capital would not be federally insured, and would be subordinated to other claims against an insured credit union and the National Credit Union Share Insurance Fund.
According to the letter, the two groups aim "to achieve alternative capital authority for federally insured credit unions this year."
The credit union leaders asked the NCUA Board members for their support of the measure in an expression of unity by the credit union community as it prepares to take the legislative proposal forward.
The legislative proposal represents "an important step forward on this critical issue," and the CUNA and NAFCU leadership asked for the NCUA's support going forward as they "move toward expeditious enactment" of the legislation in Congress."
Conversion application among NCUA agenda items
ALEXANDRIA, Va. (10/19/09)--The National Credit Union Administration (NCUA) at its upcoming Oct. 22 board meeting will consider a request from US #1364 Federal Credit Union to convert to a community charter.
During the early session, the NCUA will also discuss a final rule, which will follow up on previously issued interim final rules on increased National Credit Union Share Insurance Fund coverage to $250,000 through 2013 and increase coverage for revocable trust accounts, NCUA General Counsel Bob Fenner told News Now.
The board will also consider an additional request from the Kansas State Supervisory Authority for an exemption from Section 712.3(d)(3) of NCUA's Rules and Regulations, which dictates that an federal credit union that intends to lend to or invest in a credit union service organization (CUSO) must confirm that the CUSO will grant the NCUA and other regulatory authorities access to its records and internal controls before that federal credit union invests in or lends to the CUSO. Section 712.3(d)(3) also applies to federally insured state-chartered credit unions pursuant to 12 C.F.R. 741.222. It is likely that the Kansas State Supervisory Authority is seeking this exemption on the basis that it will have access to the CUSO's books and records.
The NCUA will also consider its monthly Insurance Fund Report at the meeting.
As is routine, a closed session of the NCUA board will follow the early open session. The NCUA Board will discuss supervisory activities and personnel matters during this portion of the meeting.
Matz sets corporate CU meeting for Nov. 5
ALEXANDRIA, Va. (10/19/09)--National Credit Union Administration Chairman Deborah Matz, board members, corporate credit unions, and trade associations will discuss corporate credit union capital accounts and other issues during a Nov. 5 meeting, the NCUA announced on Friday.
During a speech before members of the Association of Corporate Credit Unions, Matz said that she has heard "loud and clear" the message that many in the corporate credit union system "believe that there should be some mechanism within the corporate structure to allow contributed capital accounts to be replenished if losses don't fully materialize as projected."
The meeting, which will feature members of the NCUA's senior staff and will take place at the NCUA's headquarters in Alexandria, Virginia, is a response to these concerns.
The NCUA continues to develop new rules for corporate credit unions, and the board is looking to release a proposed version of these new rules by its mid-November board meeting, which will take place on Nov. 19.
Inside Washington
- WASHINGTON (10/19/09)--Sen. Richard Shelby (R-Ala.) said he would push to revise the Federal Reserve Act so bankers would not be able to choose their own regulators. Doing so is "unhealthy" and is a conflict of interest, Shelby told CNBC in a Thursday interview (American Banker Oct. 16). Directors of regional banks are split into three classes: A, B and C. Class A and B directors are chosen by their member banks, while C directors are selected by the Federal Reserve ...
- WASHINGTON (10/19/09)--Interest in the Federal Reserve board's liquidity programs is dropping. On Wednesday, the number of loans the Fed provided to depository institutions through its Asset-Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF) dropped to zero (American Banker Oct. 16 and News Now Dec. 3). AMLF is a lending facility that provides funding to U.S. depository institutions and bank holding companies to finance their purchases of high-quality asset-backed commercial paper from money market mutual funds. The program is intended to assist money funds that hold such paper in meeting demands for redemptions by investors and to foster liquidity in the market, according to the Federal Reserve. No new credit extensions will be made after Feb. 1. In a related item, lending through the Fed's discount window also grew less than half of 1% during the past week, and traditional borrowing by commercial banks fell 4.7% to $27.2 billion ...
WOCCU, member groups launch European CU network
BRUSSELS, Belgium (10/19/09)--The World Council of Credit Unions (WOCCU) and six European credit union organizations last week
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| European Parliament member Marian Harkin, Ireland, co-hosted a European Credit Union Network meeting in Brussels last week to launch the European Network of Credit Unions. |
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| "Credit unions have operated with sound regulatory and internal standards," the National Association of Cooperative Savings & Credit Unions' Grzegorz Bierecki told participants at the European Network of Credit Unions breakfast. |
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| "We welcome the launch of the new organization representing credit unions," Malcolm Harbour, chair of the European Parliament's Internal Market and Consumer Protection Committee, told the European Network of Credit Unions. (Photos provided by World Council of Credit Unions) |
The network convened its first meeting at a Tuesday breakfast dedicated to presentations on responsible lending in Brussels. European Parliament members Marian Harkin, Ireland, and Jacek Kurski, Poland, co-hosted the event.
"For the past five years, we have been working together to create a greater awareness of the contributions credit unions make to the European Union," said Dave Grace, WOCCU vice president of association services and as the network's vice president. "This is a historic day for European credit unions because the network will strengthen the role credit unions play in providing important financial service alternatives to European citizens."
More than 40 people attended the meeting. They included 14 members of the European Parliament, four members of the European Commission and three from the Council of Ministers.
Speaking about responsible lending were Grzegorz Bierecki, second vice chairman of WOCCU's board and president of the National Association of Cooperative Savings & Credit Unions (NACSCU), WOCCU's member organization in Poland; and Mick McAteer, director of the United Kingdom's Financial Inclusion Centre, an independent research and policy innovation think tank dedicated to promoting fair, affordable financial services and an efficient, accountable financial system.
Both speakers stressed the importance of sound lending practices, especially in light of the ongoing global economic crisis. Credit unions have an important role to play in maintaining economic stability, especially on behalf of their members, the speakers said.
"In analyzing the causes of the financial crisis, it is clear one of the focal points has been the provision of unsustainable credit," Bierecki said. "Credit unions have not been involved in the subprime market in the European Union. Instead, credit unions have operated with sound regulatory and internal standards in place that guarantee responsible lending to members."
The response to the session and the network's formation was positive among officials present at the breakfast, WOCCU said. "We welcome the launch of a new organization representing credit unions in Europe and look forward to working with them," said Malcolm Harbour, chair of the European Parliament's Internal Market and Consumer Protection Committee.
In addition to WOCCU and NACSCU, WOCCU member groups that participate in the network include the Association of British Credit Unions Ltd.; the Central Federation of Romanian Credit Unions; the Estonian Union of Credit Cooperatives; the Irish League of Credit Unions; and Macedonia's FULM Savings House. The six European organizations represent more than 1,000 credit unions serving 5.5 million members.
For more information, use the link.
It's National Protect Your ID Week
WASHINGTON and MADISON, Wis. (10/19/09)--This week is National Protect Your Identity Week, and the Credit Union National Association (CUNA) is marking the event with a webinar Wednesday on identity theft fraud.
The webinar, "Scammed, Spammed and Stung: Protect Your Credit Union and Your Members from ID Theft Fraud," will be at from 1 p.m. to 2:30 p.m. (CT). It is sponsored by CUNA Strategic Services, CUNA and three strategic alliance providers. Topics covered include:
- Anti-money laundering and fraud deterrence;
- Network and information security;
- Identity theft protection; and
- Consumer education.
The week is sponsored by the National Foundation of Credit Counseling (NFCC) and the Council of Better Business Bureaus (CBBB), and supported by members of the Protect Your Identity Week Coalition, which includes CUNA. Many organizations will have educational events and document shredding activities to make consumers more aware of how they can protect their identity.
NFCC notes that nearly 10 million Americans were victims of identity theft fraud in 2008--an increase of 22% over 2007. Last year financial institutions lost an estimated $4,800 per victim. It takes a victim an average of 44 hours to recover from identity theft.
According to a report from Javelin Strategy and Research, low-tech methods are still the most popular method for identity thieves. Of the cases where consumers knew how their identity was compromised, stolen wallets and physical documents accounted for 43% of all identity theft, while online methods were responsible for 11% of theft.
Ohio CUs seek public deposits law, banks oppose it
COLUMBUS, Ohio (10/19/09)--The Ohio Credit Union League is working to change a state law so credit unions can begin accepting deposits from public entities, which bankers oppose.
The legislation, sponsored by Rep. Tracy Maxwell Heard (D-Columbus), would make credit unions eligible depositories for communities, schools and other public systems. The bill is expected to be introduced "soon," John Kozlowski, Ohio league counsel, told News Now.
This is the second time the league has tried to pass legislation to help credit unions accept public deposits. The last attempt was in 2004. The league is looking to help credit unions accept public deposits because a lot of local communities, schools, municipalities and townships have come to the state's credit unions looking to do business.
"The credit unions are being approached [by public entities], and they want to serve the community," Kozlowski said.
Many public entities also want to diversify their deposits because of concerns regarding deposit insurance, Kozlowski said.
The league also believes that public entities should have a choice when making deposits and should not be restricted by an "archaic" law, Kozlowski said. He estimated that there are about 20 or more states that allow credit unions to accept public deposits.
Banks argue that credit unions should not be able to accept public deposits because they are tax-exempt.
"Credit unions do pay taxes but not the same as bankers," Kozlowski said. He noted that credit unions' tax exemption is structured differently because it is a nonprofit organization. Credit unions pay rural property taxes, which benefit schools and towns.
Also, there are nonprofit hospitals and nursing homes in Ohio that receive money from the state through a cooperative structure, he added.
The league is hopeful that the bill will pass and it will continue to work on the issue.
"It's important that entities want to keep their money where credit unions are," Kozlowski said. "Credit unions make a difference in Ohio citizens' lives."
Colo. police probe thousands of stolen debit card numbers
COLORADO SPRINGS, Colo. (10/19/09)--Colorado Springs, Colo. police are investigating the thefts of thousands of debit card numbers stolen from members and customers of at least five financial institutions--including three credit unions--serving the area.
Police spokesman Lt. David Whitlock said "thousands" were victims of the theft, but said police are still putting together the situation (The Gazette Oct. 16).
The three credit unions named in the report were Ent FCU in Colorado Springs, Security Service FCU in San Antonio, and Air Academy FCU, in Colorado Springs. The other two institutions were not named.
The $2.852 billion asset Ent FCU began notifying between 1,500 and 1,700 cardholders Oct. 10 that their numbers had been compromised. About 150 had fraudulent transactions posted to their accounts, the credit union told the Gazette.
Security Service FCU, which has $5.264 billion in assets, said about 200 cards issued to its Colorado Springs area members were affected.
The $464.6 million asset Air Academy FCU told the newspaper the security breach occurred at a local merchant. Fewer than 100 cardholders served by the credit union were affected.
Mich. lawmaker: CUs have best grassroots advocacy
LANSING, Mich. (10/19/09)--The Michigan Credit Union League's (MCUL) Capitol Day grassroots lobbying luncheon Wednesday saw a strong turnout, proving Michigan credit unions are making their relationships with lawmakers a high priority. And, judging from the kudos received from lawmakers, the legislature is taking their credit union constituents' concerns seriously, said MCUL.
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| With Michigan's House Resolution for Credit Union Week are (from left) E&A CU Executive Vice President Michelle Myrick, State Rep. Andy Coulouris, State Rep. Dan Scipps, and Michigan Credit Union League President/CEO David Adams. |
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| Michigan State Rep. Vincent Gregory (left), D-Southfield, mingles with credit union attendees at the Michigan Credit Union League's Capitol Day Wednesday. (Photos provided by the Michigan Credit Union League). |
After lunch, Credit Union Week resolutions and a proclamation were presented by State Sen. Alan Sanborn (R-Richmond Township), State Reps. Andy Coulouris (D-Saginaw) and Dan Scipps (D-Leland), and Jerome Marks from the office of Gov. Jennifer Granholm.
All three lawmakers expressed a positive message about credit unions, said the league, but Coulouris, also chairman of the House Banking and Financial Services Committee, "heaped praise on the industry's advocacy efforts and the role of the state economy," said MCUL.
"You're probably going to think what I'm about to say to you I say to all the girls, but I don't," Coulouris told the group. "You have, bar none, the best grassroots advocacy team in the state. Nobody does a better job advocating in Lansing, and nobody does a better job advocating in our districts. You make our jobs as proponents of credit unions easy," Coulouris said.
"It's a lot easier for me to get my colleagues to support your interests and our state's interests when you do such a good job on my behalf speaking to them in your districts. We live in a time where trust is hard to come by, and you stand alone in your ability to instill that trust again. The role that credit unions play in their communities as beacons of trust, of bedrocks that the people we represent know they can count on--that role is so important and has never been more critical."
Before the luncheon, credit union attendees convened for a Government and Political Affairs Forum and a briefing on important legislation that could impact credit unions. These included account inactivity fees (Senate Bill 772), account error notification (Senate Bill 779) and financial elder abuse (House Bill 5187). Bills addressing financial privacy and an annual political action committee signature requirement also were covered.
"The large attendance by lawmakers shows that the Michigan legislature views credit unions as an important part of our state economy and vital for consumers as trustworthy financial service providers," said MCUL President/CEO David Adams. "It's encouraging to see this high level of credit union participation, also."
Coulouris also thanked Adams and MCUL's government affairs team for their role in the creation this year of a new law that temporarily freezes the foreclosure process while lenders and borrowers work out a plan, among other measures. He cited this law as "one of the most important things [the state has] done this year in response to the foreclosure crisis."
Delaware league to vote on dues restructuring
NEW CASTLE, Del. (10/19/09)--The Delaware Credit Union League (DCUL) will vote on a change in the league dues structure at a special meeting Oct. 30.
The meeting will permit member credit unions to vote on the recommendation of the DCUL board of directors on a proposed dues formula and cap changes (Together Oct. 15).
The meeting will be held at Dover (Del.) FCU. Each credit union must provide credentials for two voting delegates or alternates to the league.
Each credit union CEO and board chair received a packet of information, including details about each credit union's financial responsibility if the dues increase passes, the league said.
CU System briefs
- GREENSBORO, N.C. (10/19/09--North Carolina Credit Union League (NCCUL) President/CEO John Radebaugh won the Executive of the Year Award for 2009-2010 from the Winston-Salem Chapter of the
International Association of Administrative Professionals (IAAP). The award is given by each of the more than 600 chapters of IAAP each year in recognition of an executive's interest and support of their administrative staff person through support of their membership in IAAP and support of their continuing education endeavors. NCCUL Director of Administration Frances Moore, who is a member of the IAAP, submitted Radebaugh for the award. In her nomination essay, Moore noted that Radebaugh "is a strong advocate for our members both locally, nationally and internationally. Although executive of the state's organization, [Radebaugh] is involved with many other affiliated organizations across the nation and tirelessly defends our purpose" (Weekly Update Oct. 15) ...
- HONOLULU (10/19/09)--
The University of Hawaii FCU (UHFCU) has named Jeanine M. Morse as its next CEO, effective Dec. 16. She replaces Ariel Chun, who is retiring. Morse currently works as UHFCU's director of sales and service. Previously, she worked as executive vice president and chief operating officer for Premier Community CU in Stockton, Calif., and executive vice president for The Golden One CU in Sacramento. She also is secretary of the Oahu Chapter of the Hawaii Credit Union League. UHFCU, Honolulu, services the faculty, staff, students and alumni of the University of Hawaii and its affiliated colleges. UHFCU has $394 million in assets ...
- WASHINGTON (10/19/09)--Six credit unions are included in the NCB Co-0p 100, which lists the nation's top 100 revenue-earning cooperative businesses, totaling $209 billion in 2008. In the Finance category, CoBank, Greenwood Village, Colo., and Navy FCU, Merrifield, Va., were the top revenue earners, with $2.7 billion each in revenues. CoBank was No. 14 on the Top 100 list and Navy Federal was No. 15. Other credit unions on the list were U.S. Central FCU, Lenexa, Kan. ranked 28; Western Corporate FCU (WesCorp), San Dimas, No. 54; State Employees' CU, Raleigh, N.C., No. 58; Pentagon FCU, Alexandria, Va., No. 75; and BECU, Tukwila, Wash., No. 94 ...
- RALEIGH, N.C. (10/19/09)--
State Employees' CU members through the SECU Foundation are providing funding for a $1.1 million, 0% interest construction loan to assist in renovating a building in Winston-Salem, N.C., to benefit pregnant and teen mothers. The Reynolds Cottage building will be renovated with six one-bedroom suites, two efficiency apartments and common areas for residents including a kitchen, dining area, living and recreation rooms, and laundry facilities. It will be called "My Aunt's House." SECU is partnering with the North Carolina Housing Finance Agency to support the project, which is sponsored by The Children's Home, a non profit that provides housing and services to youth (Photo provided by State Employees' CU) ...
Market News
MADISON, Wis. (10/19/09)
- In an indication that households still are nervous about the strength of the developing economic recovery, confidence among U.S. consumers dropped more than forecast in October, according to the University of Michigan consumer sentiment index. The index dropped to 69.4 from 73.5 in September--which was the highest level of confidence in more than a year. A 5.9-point drop in the expectations component drove the October decline, analysts said. The current conditions component decreased 1.3 points. Short-term inflation expectations increased steeply. As the U.S. begins the winter-holiday shopping period, the highest unemployment rate in 26 years threatens to undermine consumer spending, analysts said. Federal policymakers still are concerned that rising unemployment will constrain consumer spending and lead to a weak recovery, according to minutes of last month's Federal Reserve meeting. "This is probably gives us a more accurate reading of what consumers are feeling," said Nigel Gault, chief U.S. economist at IHS Global Insight. "They're concerned about how long unemployment is going to stay high, and they're very concerned about their own personal finances" (Bloomberg.com and Moody's Economy.com Oct. 16) ...
- For the third consecutive month, industrial production rose in September--this time by 0.7%, the Federal Reserve said Friday. Economists on Wall Street had anticipated a 0.2% increase. The increase was due to higher production of autos and other goods--which is a positive indicator for the struggling manufacturing sector, analysts said. Auto production has been increasing steadily since June, and similar patterns are developing in other industries, analysts added. The September uptick follows gains of 1.2% in August and 0.9% in July, the Fed said. For Industrial Production and Capacity Utilization, use the link (The New York Times and Moody's Economy.com Oct. 16) ...
- Trading desks at global financial institutions will have to hold substantially more capital behind trading books--up to three times as much--when the Basel Committee on Banking Supervision implements a market risk rule by year-end 2010. "Increasingly complex trading-book exposures were a major driver of losses in the recent crisis," said Nout Wellink, chairman of the committee and president of the Netherlands' central bank. Once implemented, the new requirements could cause some large banks to pull back from the trading business, even though it has been a big contributor to recent earnings, analysts said (Telegraph.co.uk Oct. 15 and American Banker Oct. 16) ...
- In the second quarter, U.S. personal income increased 0.2% after registering a 2.3% decrease in the first quarter, according to the Bureau of Economic Analysis. The gain was the first in 2009. However, after adjustments for inflation, income fell 0.1%. During the second quarter, income increased in 36 states--which reflects increased transfer payments from the American Recovery and Reinvestment Act (ARRA) and from rising unemployment insurance payouts, analysts said. Second-quarter earnings gains reflect increases in ARRA payments to Social Security and the federal Old-Age Survivors and Disability Insurance--referred to as OASDI--and for food stamps, analysts added (Moody's Economy.com Oct. 16) ...
Fees pile up for cell phone users
WASHINGTON (10/19/09)--Looking for extra cash? Adjusting your cell phone habits may be your best bet.
While $50 is the average monthly bill for the more than 255 million cell phone users, according to the U.S. Census Bureau (reuters.com Oct. 12) many pay more than they bargained for. How you use your cell phone may affect the total cost each month.
Depending on a user's service contract, accessing the Internet from a Web-enabled phone, using text messages, and even calling directory assistance can mean additional costs beyond the agreed-upon monthly service fee (cbsnews.com Oct. 8).
Here are three ways to save on your monthly cell phone bill:
- Call online.Limit cell phone use by making calls through a Voice over Internet Protocol (VoIP) service. You must have access to the Web through a digital subscriber line (DSL) or a cable modem, but the costs per call are typically much less expensive. Some providers even offer free service. Costs, call quality, and technical requirements vary depending on the provider.
- Shop around.Looking for a cell phone plan? Go online to compare devices, contracts and services. Be sure to understand how making changes to your service will affect the contract. Visit with sales personnel for the carriers you've identified to ask specific questions and test phones to narrow your choices. This will help you find the best service and cell phone for your needs.
- Track usage.Check your cell phone provider online and review your account often. Typically you can view minutes used during the current billing cycle and plan accordingly to avoid additional fees. Many cell phones also have settings that allow users to see how many minutes they have used, and even alert users when they reach a certain amount.
Mortgagebot enhances PowerSite automation platform
MEQUON, Wis. (10/19/09)--Automation is the best way to ensure full regulatory compliance with the mortgage process, according to Mortgagebot, which provides mortgage solutions for financial institutions including credit unions.
Mortgagebot announced it has enhanced its PowerSite point-of-sale automation platform to help financial institutions with compliance of different regulations.
"The more time lenders are forced to spend analyzing legislation and developing compliance programs, the less productive and profitable they are," said Scott Happ, Mortgagebot president/CEO.
Mortgagebot also created a list of questions that lenders should ask when they respond to compliance issues. Many credit unions and banks aren't fully aware of the impact the current wave of mortgage regulation is having on their business practices, Mortgagebot said.
The questions include:
- Can we accurately price and approve loans at the point of sale?
- Are all of our disclosures fully correct and compliant?
- Can we properly disclose payment information? and
- How will we handle the year-end Real Estate Settlement Procedures Act changes?
Mortgagebot, based in Mequon, Wis., provides a point-of-sale automation solution set, including PowerSite Consumer, PowerSite Advisory and PowerSite Pro.
Impel Consulting helps Louviers FCU offer business services
NEWARK, Del. (10/19/09)--Louviers FCU recently began offering a suite of business financial services to its members and local businesses after contracting with Impel Consulting Group, a credit union service organization of Mid-Atlantic Corporate FCU to investigate members' small business needs.
Impel's analysis indicated that an increasing number of Louviers members were running small businesses through their regular consumer accounts. The analysis also showed that small and micro-businesses with assets up to $10 million were not be served by other financial intermediaries, said the Delaware Credit Union League (Together Oct. 15).
After receiving the analysis results, Louviers developed interest-bearing deposit accounts including savings, checking, money market and certificates for small businesses. It also partnered with Newtek Business Services for financial services and loan products.
The credit union also is developing new relationships with businesses in New Castle County, Del., and Cecil County, Md.
Louviers FCU, Newark, Del., has $181 million in assets.
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