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Filed on October 21, 2009, published the first business day after.
- CUNA: CU MBLs could help Obama small biz plan
- Senate close to vote on CARD Act fix
- Health care amendment could help small CUs
- Committee acts on CFPA amendments, vote expected today
- CUNA economic update: A look at corporates
- Inside Washington
- Housing ‘holding its own,’ Hampel tells MarketWatch
- Filene researchers, innovators and leaders convene
- S.D. CU granted community charter
- Canada, Mexico CUs partner through WOCCU program
- CUs grow by attracting Latino members
- Charity benefits from CU’s football-game parking fees
- CU System briefs
- Market News
- News of the Competition
- Products and Services briefs
CUNA: CU MBLs could help Obama small biz plan
WASHINGTON (10/22/09)—The Credit Union National Association (CUNA) will urge President Barack Obama to include increased member business lending (MBL) for credit unions as part of his just-launched initiatives to help small businesses.
Obama, along with U.S. Treasury Secretary Timothy Geithner and U.S. Small Business Administrator Karen Mills, announced a series of measures Wednesday intended to get more credit to the country's small businesses. The efforts included such things as seeking legislation to increase maximum SBA loan sizes and increased support of community bank lending through the administration's Financial Stability Plan.
CUNA President/CEO Dan Mica intends to contact the administration about credit union member business lending. CUNA notes that while much of Obama announcement's focus was on community banks, data shows growth in business lending at those banks is almost imperceptible and actually has declined at all banks by over 8%.
However, CUNA underscores, credit unions have a very different record on small business lending through their MBL programs. MBLs grew by 14% for the 12-month period ending in June of this year as small business members turn to their credit unions because they cannot find credit elsewhere, including at banks.
Mica intends to note the 12.25% of statutory cap on credit unions' aggregate MBLs exists despite their low loss rates. CUNA estimates that if the cap were eased, approximately $10 billion could be provided in new small business loans.
On July 29, Reps. Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.) introduced H.R. 3380, the Promoting Lending to America's Small Businesses Act, to increase the MBL cap to 25% of a credit union's total assets. It also would raise the "de minimis" threshold for a loan to be considered a "member business loan" to $250,000, and exempt loans made to non-profit religious organizations as well as loans made in qualified underserved areas from the cap.
CUNA believes the administration and Congress should support a legislative fix to the MBL cap as an important step to ensure credit is available to small businesses, which will promote economic recovery.
Senate close to vote on CARD Act fix
WASHINGTON (10/22/09)—Just a week after House members approved H.R. 3606, the CARD Act Technical Corrections Act, by voice vote, their colleagues in the Senate appear poised to take up that bill.
After the House vote, Credit Union National Association (CUNA) President/CEO Dan Mica urged quick Senate action, saying it was needed urgently to "save credit unions and their consumer members both money and peace of mind."
CUNA, the leagues, and credit unions have worked closely for weeks with lawmakers and their staffs to explain credit union concerns about a 21-day late notice requirement found in section 601 of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act. H.R. 3606, if passed by the Senate and signed into law by the President, will clarify that the 21-day applies only to credit card accounts and not to all open-end credit.
CUNA has warned lawmakers that the CARD Act, as currently written, would prevent credit unions from granting biweekly payment plans to their members, from sending members consolidated billing statements, and would force them to change payment due dates for members that had previously chosen due dates based on their specific financial circumstance. The situation is particularly problematic for Home Equity Lines of Credit (HELOC) because the due date of a HELOC is often a contractual term.
CUNA has maintained that the 21-day provision was originally intended to cover only credit card accounts and was inadvertently changed during the legislative process.
A Senate vote H.R. 3606 could come this week.
Health care amendment could help small CUs
WASHINGTON (10/22/09)--Small federally and state-chartered credit unions may become eligible to receive small business health care tax credits under S. 1796, America's Healthy Future Act, health care reform legislation recently approved by the Senate Finance Committee.
These tax credits are designed to aid small businesses in offsetting the cost of providing health insurance for their employees. For tax-exempt small employers, like credit unions, the tax credits could be used to decrease the amount of payroll taxes the employer pays to the IRS. As originally constructed, the bill did not extend the same tax credits or other assistance to small tax-exempt employers that were offered to small for-profit businesses that provide healthcare insurance to their employees.
Credit Union National Association (CUNA) President/CEO Dan Mica, in a letter sent to Senate Finance Committee Chairman Max Baucus (D-Mont.) and ranking Republican Charles Grassley of Iowa, called for equal benefits for all small employers to provide health care coverage for their employees, saying that "employer parity and basic fairness must prevail and the bill's incentives should apply to all small employers."
However, CUNA has not taken a position on any other aspects of the health care reform debate, and is not actively engaging in other related issues.
Under the amended legislation, the tax credit would be a portion of the healthcare premiums paid by a small employer and would vary according to the number of employees and their average salaries. Full tax credits would be granted to employers with fewer than 10 employees and with average annual salaries of under $20,000, while partial tax credits would be granted to employers with between 10 and 25 employees and with average annual salaries between $20,000 and $40,000. The credits, which would amount to as much as 2 5% for non-profits with employer-paid healthcare premiums, would only be available during the 2011 and 2012 tax years.
A maximum credit of 35% of employer health care premiums paid would be granted to tax-exempt employers after 2012 if they participate in the bill's healthcare insurance "state exchanges".
While the amended bill offers small nonprofit employers a smaller credit than that offered to for-profit employers, CUNA Senior Legislative Representative John Hildreth said the legislation represents " a starting point in further discussions on this specific issue with lawmakers in both the House and Senate who are currently writing healthcare reform legislation".
Committee acts on CFPA amendments, vote expected today
WASHINGTON (10/22/09)--The House Financial Services Committee on Wednesday continued debate on H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act, following a number of voice votes on amendments that were discussed earlier in the week. A final vote on the bill is expected today.
An amendment that would have allowed prudential regulators to veto CFPA regulations that threaten the safety and soundness of the financial institutions that they oversee, which was offered by Reps. Ed Royce (R-Calif.) and Jeb Hensarling (R-Texas), failed by voice vote on Tuesday.
Hensarling also offered amendments that would prohibit the CFPA from banning certain types of financial products and would suspend the authority of the CFPA to prescribe regulations if the unemployment rate in the United States is greater than 8%, but these amendments also failed by voice vote on Tuesday.
An amendment that would require so-called "financial autopsies" of foreclosures and bankruptcies, identifying the underlying causes of the financial issues and identifying whether or not specific financial products or services appear to have caused a substantial number of the bankruptcies or foreclosures, was also offered by Reps. Alan Grayson (D-Fla.), William Macy Clay (D-Mo.), Brad Miller (D-N.C.) and Jackie Speier (D-Calif.).
The Credit Union National Association is also monitoring an amendment, offered by Rep. Gwen Moore (WI), that would eliminate the explicit mention of credit insurance as a product that can be regulated by the CFPA.
CUNA economic update: A look at corporates
WASHINGTON (10/21/09)—Within an extensive economic update and outlook on credit unions presented this week at the American Institute of Certified Public Accountants Conference on Credit Unions in Chicago, Bill Hampel shared his insights on the corporate credit union situation. Hampel is chief economist of the Credit Union National Association.
First, Hampel said, significant losses in the Western Corporate CU and U.S. Central Corporate CU portfolios will occur over the next one to five years. However, the actual amount of those losses, Hampel noted, depends on the future course of interest rates, the economy, housing markets, and housing finance. Because of this, the rate and depth of future losses are "unknown, and unknowable."
Hampel noted that GAAP, or Generally Accepted Accounting Principles, unfortunately require a single number representing loss estimates for financial statement purposes. Because there is no way to have any confidence about what that number is, GAAP is a misleading way to deal with the situation.
On the economy, Hampel noted that the nation's general economic trends that will affect credit unions in the near term, and said that the country's freefall has ended and predicted a return to modest growth. However, the bad news in unemployment figures is not over, Hampel said, anticipating that the unemployment rate will continue to "drift up." In this context, credit unions can expect continued strength in savings growth and weak loan demand. High loan losses will continue to place downward pressure on earnings.
Overall, he added, although the worst is behind us, for the near term credit unions are facing a "fragile low-growth economy."
Inside Washington
- WASHINGTON (10/22/09)--The Obama administration is planning to order companies that received the most aid from government bailouts to significantly decrease the compensation of their highest-paid executives. The plan is expected to be announced by the Treasury within the next few days (The New York Times Oct. 21). The seven companies receiving bailout funds--including Citigroup, Bank of America, American International Group, General Motors, Chrysler, and funding arms of the two auto companies--will have to cut cash payouts to their 25 best-paid executives by about 90% compared with last year. The cash the executives would have received will be replaced with stock that they won't be able to sell immediately. Total executive compensation will drop by about 50% ...
- WASHINGTON (10/22/09)--The Federal Deposit Insurance Corp. (FDIC) plans to let its debt guarantee program expire at the end of October, said FDIC Chairman Sheila Bair at a board meeting Tuesday (American Banker Oct. 21). A six-month extension is available for banks that participated in the program. They can apply for permission to issue the debt until April 30 by proving they can't issue non-guaranteed unsubordinated debt in the marketplace and that they are viable. About 4,464 institutions participated in the program ...
- WASHINGTON (10/22/09)--Senate Banking Committee Chairman Christopher Dodd (D-Conn.) supported extending a first-time homebuyer tax credit that will expire next month (American Banker Oct. 21). Dodd was joined by Sen. Johnny Isakson (R-Ga.) in support. Both testified at a hearing Tuesday on the credit, which provides first-time homebuyers with $8,000. Dodd said "we still need to use every tool at our disposal" to fix the problem of the housing crisis, and that reducing foreclosures needs to be part of the effort. The tax credit can be maximized only if it works with a program to protect struggling homeowners from foreclosure, he added ...
- WASHINGTON (10/22/09)--Two banking groups oppose consolidating bank regulatory agencies into one (American Banker Oct. 21). The Independent Community Bankers of America and the American Bankers Association sent letters to Senate and House banking committee leaders, saying consolidation would undermine the dual banking system. The Senate Banking Committee has discussed creating a single regulator. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) said he is working on a bill that would create a single financial regulator. The consolidation, however, would not apply to credit unions (News Now Oct. 1) ...
Housing ‘holding its own,’ Hampel tells MarketWatch
MADISON, Wis. (10/22/09)--U.S. housing construction has strong fundamentals and is prevailing against economic forces, Bill Hampel, chief economist at the Credit Union National Association, told MarketWatch Tuesday.
"[Housing construction is] holding its own against some strong headwinds," Hampel told MarketWatch. The industry's fundamentals are sound because of low mortgage rates and relatively low home prices. There's also pent-up demand for housing, he added.
Housing starts are down 28% in the past year, with starts of single-family homes 8.7% below par, and starts of apartments and condos nosediving 69%, MarketWatch said.
In September, new construction of U.S. housing was basically flat with a seasonally adjusted annual rate of 590,000, the Commerce Department reported Tuesday.
Factoring in September's 0.5% estimated increase, housing starts have been flat for four consecutive months, following a large rebound earlier this year from historic lows, analysts said.
Since hitting the bottom in January, housing starts have increased 21%, analysts added.
Filene researchers, innovators and leaders convene
MADISON, Wis. (10/22/09)--Many researchers, innovators and leaders from the United States and Canada covened in Montreal, Canada, Sept. 29--Oct. 1, for the Filene Research Institute's collaborative gathering--big.bright.minds--to discuss credit union issues.
The annual meeting of Filene's Research Council, ił teams, fellows, administrative board, and special guests began with a reminder from Filene CEO Mark Meyer that U.S. credit unions can benefit from looking to their northern neighbors who, on many levels, are weathering the recent economic storm with fewer damages than their American counterparts.
In Montreal, Filene's academic fellows reported on their projects, which ranged from changing financial behaviors at retirement by Jinkook Lee, of the RAND Corporation, to credit union opportunities in Latino families by Barbara Robles, Arizona State University.
Also discussed were advances in "customer experience" research by Dorian Stone, of McKinsey and Company, to a report on the Michigan "Save to Win" pilot by Peter Tufano, a Harvard Business School professor.
Princeton professor Eldar Shafir delved into the differences between traditional and behavioral economics. Credit unions could learn from the behavioral approach, which would lead to products built around real, not just ideal, consumer behavior, he said.
The big.bright.minds gathering featured i3 innovations. The ideas ranged from helping renters to improving credit union members' environmental impact. They include:
- Giving CD--Members earmark proceeds from deposits to support the cooperative movement;
- Joint purchasing initiative--Credit unions cooperate to slash their health insurance benefits costs;
- Responsible rent loan---Property owners and qualified renters connect through the credit union;
- Share the Wealth--Credit unions grow loan portfolios and boost fee income with home equity loan referrals; and
- The Leap--Members save money and the environment when they "go green.
"It feels historic for those of us following on the work of Desjardins and Filene to spend this time face to face," Meyer said. "Being here together continues the conversation around cooperation and innovation that began more than 100 years ago."
The Montreal conference was hosted in part by the Desjardins Group, a Quebec-based federation of 513 independent "caisses" (credit unions) that share resources and a common brand.
For more information, use the links.
S.D. CU granted community charter
SIOUX FALLS, S.D. (10/22/09)--Sioux Falls, S.D.-based Bell FCU has been granted a community charter to serve two counties in the state, and is hoping to use its expanded membership to offer more services and better rates.
The credit union applied for the charter to ensure future growth, said Darla Erb, Bell FCU president. It also dropped the "Sioux Falls" from its former name--Sioux Falls Bell FCU (Argus Leader Oct. 21). The credit union was created 70 years ago to serve telephone employees.
Many credit unions are looking to expand, Jeff Olson, political and public affairs director for the Mid-America Credit Union Association, told the newspaper. For credit unions that serve a closed membership--or a specific company as Bell FCU used to--there is a need to expand because industries and professions have contracted, he said.
Credit unions that expand and gain more assets also can provide more member business loans. Credit unions are capped at 12.25% of their assets for business loans, so by having more assets, they can expand their loan portfolio, Olson said.
Bell FCU has $29.9 million in assets.
Canada, Mexico CUs partner through WOCCU program
EDMONTON, Alberta, Canada (10/22/09)--On Oct. 8, Canadian credit union history was made when Servus CU, Edmonton, Alberta, signed a formal partnership agreement with Caja Yanga CU, Veracruz, Mexico. The partnership, facilitated by the World Council of Credit Unions' (WOCCU) International Partnerships Program, is the first direct relationship involving an individual Canadian credit union.
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| New partners (from left) Eduardo Rojas, Caja Yanga; Garth Warner, Servus CU; and Margarito Saavedra, Caja Yanga; sign a partnership agreement, with World Council of Credit Unions' Victor Miguel Corro and Servus CU's Penny Reeves in attendance. (Photo provided by the World Council of Credit Unions) |
The partnership between Servus and Caja Yanga, which has assets of $22 million, continues a relationship that began in March. Officials from the two partner credit unions met in Córdoba, Veracruz, to examine Caja Yanga's outreach to rural communities and the success of WOCCU's PATMIR II project funded by the Mexican Ministry of Agriculture, Livestock, Rural Development, Fishing and Food (SAGARPA). The project has helped Caja Yanga grow its membership and strengthen its role as a financial institution.
Caja Yanga also is piloting WOCCU's MatchSavings.org. The online program allows people worldwide to match the small savings of individual Caja Yanga members through a dedicated website. By helping Caja Yanga members save for housing, micro business, education and healthcare expenses, MatchSavings.org participants are helping the credit union's poorest members build savings habits as a first step toward overcoming poverty.
During a partnership visit to Edmonton earlier this month, Caja Yanga officials identified new product development, governance and ATM implementation as areas in which the Mexican credit union would like assistance. Caja Yanga is currently working with Union Coop of Mexico, part of WOCCU's for-profit subsidiary WOCCU Services Group, to launch a credit union-owned ATM network throughout Mexico. Caja Yanga needs assistance in developing sound policies and procedures to help better manage in-branch ATMs, an area in which Servus can help.
"We can learn from Servus' experience in rolling out new initiatives," said Margarito Saavedra, Caja Yanga's general manager. "We will place special emphasis on enhancing our electronic delivery channels."
Governance also was discussed by the Caja Yanga delegation, which, in addition to Saavedra, included Eduardo Rojas, chairman, and Francisco Perez, marketing manager. Rojas met with Reeves and other members of Servus' board of directors, to discuss credit union growth and the board's role in facilitating--rather than managing--the process. In return, Servus officials hope their credit union's experience with Caja Yanga will help their employees stay in touch with their cooperative roots and make a contribution to international credit union development.
"No matter the size of our organizations, we share in our commitment to helping members," said Garth Warner, president/CEO of Servus.
CUs grow by attracting Latino members
DES MOINES, Iowa (10/22/09)--Six years ago, Jose Francisco Batres and Martha Alarcon moved to Des Moines, Iowa, from Veracruz, Mexico. They joined Village CU in Des Moines so they could send money to Mexico, which turned out to be a gateway for them to use other credit union services.
Alarcon and Batres, who work 14 hours a day in a restaurant, also opened a savings account at the credit union and were invited to serve on the Hispanic Advisory Council at Village CU (EFE News Service Oct. 20).
The Iowa Credit Union League told EFE News Service that its credit unions have experienced sustained growth since offering services to the Hispanic community. Latinos have a "high level of participation in the labor force, their family incomes are on the rise, their purchasing power is also growing and they are ambitious," said Patrick Jury, Iowa league president.
Village CU "understood the value of providing services to the [Hispanic] sector with its rapid demographic growth," Jury said. The credit union's outreach to Hispanic members has brought in more than $8 million to the credit union.
Other Iowa credit unions also are working to attract Hispanics. Des Moines Metro CU began offering $500 loans to Hispanic immigrants to help them establish their credit.
The credit unions' efforts are the "starting point" that eventually lead Hispanics to begin using other services--like direct deposits and business loans, according to Ahmee Vang, remittance specialist at the World Council of Credit Unions.
The Hispanic market is often misunderstood by financial institutions because some think they need to wait until Hispanics adopt the services they offer. Financial institutions have to reach out to the market--which is what credit unions are doing, Vang said.
To succeed in reaching Hispanics, credit unions need to create a specific marketing plan, train their personnel in Latinos' financial needs, and offer financial education to immigrants, Vang said.
WOCCU statistics indicate that in 2008, $307 billion in remittances were sent from the U.S. WOCCU created a remittance program to help credit unions offer services for Latinos, and credit unions that have used the program have benefited immediately, Vang added.
Charity benefits from CU’s football-game parking fees
GREEN BAY, Wis. (10/22/09)--Pioneer CU donates money generated from fees for parking cars on its property during Green Bay Packer football games to charity.
The $409 million asset, Green Bay, Wis.-based credit union is one of several businesses near Lambeau Field--the Packers' stadium--that gives parking fees to nonprofit organizations and charities (Green Bay Press-Gazette Oct. 19).
Pioneer officials take turns parking cars during Packer games. They also choose which organization receives the parking revenue when its turn comes up, the newspaper said.
For the past 25 years, the credit union has supported the Boys & Girls Club, Freedom House, Boy Scouts, Girl Scouts, the Bay Area Humane Society, Big Brothers Big Sisters and a skating program for the handicapped, the paper said.
Pioneer's parking lot holds 200 cars, and it collects between $17,000 and $20,000 per year, Pioneer CEO Tom Young told the paper.
Also, people are respectful of the fact that the money goes to charity, Joe Slattery, Pioneer vice president of marketing, told the paper. Three customers who parked at past Packer games before credit union officials were there to collect money paid their past-due fees Sunday, he added.
CU System briefs
- BATON ROUGE, La. (10/22/09)--A robber pepper-sprayed two female employees of Pelican State CU in Baton Rouge, La., Friday night after taking money from the credit union. Neither employee was seriously hurt, but one was treated for a foot injury from the attack (Associated Press Oct. 21). Police are searching for the robber. Pelican State CU has $167 million in assets ...
- REDWOOD CITY, Calif. (10/22/09)--San Mateo CU (SMCU) funded the equivalent of 560 lunches through its refer-a-friend program, which means that every time a member refers another person to the credit union for membership, SMCU will contribute to Second Harvest Food Bank of San Mateo County. The program was launched this summer and runs through the end of December. The 560 lunches are the result of referrals in the program's first quarter. On Oct. 15--International Credit Union Day--SMCU presented the food bank with the results of the fundraiser. SMCU, Redwood City, Calif., has $607 million in assets ...
Market News
MADISON, Wis. (10/22/09)
- For the week ending Oct. 16, the Market Composite Index--a measure of mortgage loan application volume--decreased 13.7% on a seasonally adjusted basis from a week earlier, according to the Weekly Applications Survey released Wednesday by the Mortgage Bankers Association. On an unadjusted basis, the index increased 22.4% compared with the previous week. The Refinance Index, also adjusted for the Columbus Day holiday, dropped 16.8% from the previous week and the seasonally adjusted Purchase Index fell 7.6% from one week earlier. The unadjusted Purchase Index decreased 16.7% compared with the previous week and was 3.4% lower than the same week one year ago. For Mortgage Applications Decrease in Latest MBA Weekly Survey, use the link ...
- The National Association of Realtors (NAR) is urging Congress to extend the $8,000 home buyer tax credit. Doing so will give consumers hope and some momentum in the turnaround of the housing market and overall economy, NAR First Vice President Ron Philips told the Senate Banking, Housing and Urban Affairs Committee Tuesday during a hearing on "The State of the Nation's Housing Market." Phillips added: "The data on the present home buyer tax credit show that the credit has had its intended impact--sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably." He also said that each home sale generates about $63,000 in additional economic activity, providing a tremendous economic boost to the national economy. "But it is a fragile recovery, and now is the time to build on home sales momentum by extending the tax credit throughout 2010 and expanding it to all home buyers," Phillips added. For Housing Tax Credit Working, So Keep Momentum Going, NAR urges Congress, use the link ...
News of the Competition
MADISON, Wis. (10/22/09)
- Although the federal government has spent trillions of dollars to rescue the banking system from failure, the largest costs could be the government's loss of credibility with the public, said a quarterly report released Wednesday by a congressional watchdog over the bailout of U.S. banks. "The anger, cynicism and distrust created must be chalked up as one of the substantial, albeit unnecessary costs" of the Troubled Asset Relief Program (TARP), said Neil Barofsky, the special inspector general for TARP, in a report to Congress (MarketWatch Oct. 21) The Treasury and other agencies haven't done enough to be frank with the public about what they are doing and why, Barofsky said. "The American people's belief that the funds went into a black hole, or that there was a transfer of wealth from taxpayers to Wall Street, is one of the worst outcomes of this program, and that is the reputational damage to the government," Barofsky added (USA Today Oct. 21) ...
- Wells Fargo & Co.'s third-quarter profit nearly doubled from one year ago, the company said Wednesday. However, it joined several other large U.S. banks that reported higher loan losses, analysts said. Wells Fargo--the fourth largest U.S. bank--said it earned $3.2 billion--or 56 cents per share--in the third quarter. The average forecast by analysts was 37 cents per share. The bank also said its losses from bad loans rose to $5.1 billion. As consumers grapple with paying off their bills, Bank of America, Citigroup and JPMorgan Chase have reported higher credit losses, analysts said (The New York Times Oct. 22). Meanwhile, third-quarter results were mixed for a number of regional U.S. banks. Regions Financial Corp., Comerica Inc., and M&T Bank Corp. saw third-quarter gains. Marshall & Ilsley Corp., Zions Bancorp., SunTrust Bank Inc., Capital One Financial Corp. and Huntington Bancshares Inc. saw third-quarter declines (American Banker Oct. 21) ...
Products and Services briefs
- MADISON, Wis. (10/22/09)--University of Wisconsin (UW) CU, Madison, Wis., unveiled its Wiscard UW CU program, which links the Wiscard--UW-Madison's staff, student and faculty identification card--to the cardholder's UW CU checking account. The card can be used to perform transactions at any ATM. To activate, cardholders can visit a UW CU branch or Wiscard Office and choose a personal identification number. There is no fee for linking the card to a checking account, and the member has unlimited free ATM transactions. The feature "gives Wiscard users the ability to use their Wiscard at ATMs to make withdrawals, deposits or balance inquiries in addition to allowing cardholders to perform personal identification number-based debit transactions at businesses," said David Mickelson, UW CU director of retail delivery operations. "Users also can monitor their UW CU accounts using our online banking system" ...
- SAN ANTONIO (10/22/09)--Randolph-Brooks FCU in San Antonio, Texas, will offer its members mobile deposit capabilities with any wireless smartphone (San Antonio Business Journal Oct. 16). The service, mBranch, will be available in 2010. Users will be able to make deposits remotely with any smartphone that has a two megapixel camera and Internet access. To make a deposit, a member photographs the front and back of a check and uploads the photos to a secure Web site. The member will receive a text message and voice mail confirming the deposit. The service is offered through mShift of Fremont, Calif. Randolph-Brooks has $1.1 million in assets ...
- LOUISVILLE, Ky. (10/22/09)--Travelex Outsourcing Americas has launched a new customer care team to help credit unions and other financial institutions interested in the company's products. The team will answer questions related to all products or services, support prospective partners during the accreditation and contracting process, coordinate with various functional areas within Travelex, and follow up on any post-implementation issues that require resolution to facilitate the partner's first sale. Travelex, a CUNA Strategic Service, provides payment and travel services to the U.S. and abroad ...
- SAN ANTONIO (10/22/09)--Security Service FCU, San Antonio, Texas, will offer MasterCard's Money Manager, an interactive tool that will give cardholders the ability to view and manage their spending, the company said (Banking Newslink Oct. 20). The manager will give credit union members a way to create a budget and track their spending, according to Keith Sultemeier, Security Service executive vice president and chief financial officer. Security Service FCU has $5.2 billion in assets ...
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