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NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 14 hours ago

Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 18 hours ago

Reg E gift card rule proposed by Fed. Would implement Credit CARD Act requirements that are effective Aug. 22. http://tinyurl.com/yh9eats 19 hours ago

AOL's Walletpop advises "fee-weary consumers" to find a credit union, points them to CUNA's online CU locator: http://tinyurl.com/ydsjlvr 21 hours ago

NCUA approved 2010 OTR of 57.2 percent 2 days ago

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NEW YORK (11/20/09)--U.S. consumers, especially younger consumers, are embracing person-to-person mobile payments, BusinessWeek reported.

Mobile person-to-person payments allow individuals to send money to others by using a mobile phone and e-mail address. The service will likely catch on with more people, and financial institutions that can make mobile payments as easy as sending a text message "are going to win," the magazine said.

Many financial institutions--including Boeing Employees CU, Seattle--have added person-to-person payments to their mobile and online banking platforms. Fiserv, a technology services provider that works with credit unions, also recently began marketing a mobile person-to-person bill payment service (BusinessWeek Nov. 23).

Banking through mobile phones is relatively safe, according to Robert Varmosi, security analyst with Javelin Strategy and Research. Mobile banking is more secure than online banking because cellular networks are more difficult to hack into, he added.

MADISON, Wis. (11/19/09)--CUNA Mutual Group is offering a free Discovery Webinar on serving the baby boomer market Dec. 17.

Registration for the event begins Monday. The webinar, "Boomers or Bust!" will be held at 1 p.m. EDT. Jeff Hunt, CUNA Mutual consumer program manager, will present the webinar.

Attendees of the webinar also will be offered a free white paper that analyzes the retention risk, pinpoints boomers' needs and lays out a six-step plan to help credit unions evolve into a retiree-focused organization with products, services and guidance to retain the boomer segment.

SAN JOSE, Calif. (11/19/09)--Technology CU announced that it will offer adjustable-rate home mortgages (ARMs) up to $1 million.

The mortgages target buyers who seek an affordable home loan in California's Bay Area housing market. The loan's start rate adjusts after five years, the San Jose, Calif.-based credit union said.

"For the last several years, ARMs have developed somewhat of a negative reputation, but today's ARM is serving a far different market than it was a year or so ago," said Steve Donahue, Technology CU assistant vice president of mortgage origination.

Tighter underwriting standards often require 20% down, which transforms ARMs into a high-end product for buyers with good credit and significant resources, he added.

Homebuyers also are eligible for an $8,000 tax credit for purchasing a principal residence through April 30. A $6,500 credit also is available for repeat homebuyers.

FARMERS BRANCH, Texas (11/18/09)--Smart Financial CU of Houston announced that it has experienced an average increase of 8% per month in personal identification number (PIN) point-of-sale revenue.

The uptick is due to Smart Financial CU's recent streamlining of debit card processing onto a single network. The credit union partnered with TNB Card Services in April to manage the card operation, and experienced a 10% increase in revenue (LoneStar Leaguer Nov. 17).

"Having two processors to manage basically the same card account was very inefficient," said Corbin Wilson, vice president of electronic service delivery for Smart Financial CU. "Because the networks didn't talk to each other, we were duplicating work, which was completely unproductive. We saw that consolidating the processing under one roof could eliminate dual entry of card data and simplify the entire process."

"In addition to increased revenue and improved processing efficiencies, by consolidating our debit processing with TNB we were able to increase card security for PIN-based transactions by adding card verification value codes and fraud detection," she added. "These are features we didn't have with our former PIN debit processor."

Other benefits of the conversion include the ability to add debit cards at the branch level and viewing transaction data in real time. The quicker posting of transaction data helps cardholders better manage their accounts, TNB said.

DALLAS (11/18/09)--ALM First Financial Advisors announced the availability of a resource to aid credit unions that are considering mergers with other credit unions.

ALM First Merger Valuation Services offers credit unions help evaluating the merit of a merger, the fair value of business combinations and quantifying the required valuation adjustments for mergers at closing. The service has two options: Comprehensive Valuation, which provides credit unions specific information, explanations and valuation; and MacroView Valuation, which provides a high-level view of a credit union's worth.

More credit unions are deciding to merge to take advantage of economies of scale and their combined ability to better serve members, according to ALM.

"Current market realities are causing more credit unions to consider merging," said Emily Hollis, ALM First partner. "At the same time, changes in accounting requirements have made the merging process more complex."

The Statement of Financial Accounting Standards 141-R (SFAS 141-R) requires more consistency in the financial reporting of business combinations among financial institutions. Credit unions must record the fair value of the acquired credit union, instead of pooling the balances sheets with no valuation adjustments.

"Since SFAS 141-R took effect this year, many credit unions have found complying with the new accounting rules to be more complicated than in the past," Hollis added.

ALM and Sacher Consulting oversee SFAS 141-R accounting services. RP Financial, as a third member of the team, provides entity valuations to establish an acquired credit union's fair value.

RANCHO CUCAMONGA, Calif. (11/17/09)--Credit union members on the CO-OP Network will be able to use ATMs at 7-Eleven stores for another five years, CO-OP Financial Services announced Monday.

CO-OP renewed its contract with Cardtronics Inc., which operates the ATMs, through July 2014.

More than 3.2 million surcharge-free CO-OP Network transactions take place at 7-Eleven ATMs per month. The CO-OP Network has been linked with 7-Eleven ATMS since November 2005. The network offers 28,000 surcharge-free ATMS nationwide.

CO-OP, a credit union service organization, is based in Rancho Cucamonga, Calif.

ST. PETERSBURG, Fla. (11/16/09)--The demand for mobile banking is expected to skyrocket, according to a white paper from PSCU Financial Services.

The paper, "A Versatile Medium Serving Versatile Needs," explores the importance of online banking and its implications for the future. The paper notes that Gen Y evaluates online and mobile banking services when deciding on a financial institution. The young and mobile generation requires access to financial accounts and information to be available immediately on the Web, PSCU Financial Services said.

Online banking also is important to small-business owners. Many business owners are dissatisfied with banks, and more than half said they would switch financial institutions to obtain online banking and other products. About 65% of small businesses will use online banking by the end of next year, the paper said.

"A Versatile Medium" is part of a series of papers that explain how credit unions can optimize and market online banking services. The next paper will discuss what credit unions should consider when selecting an online banking platform for their membership.

PSCU Financial Services, St. Petersburg, Fla., is a credit union service organization serving more than 1,300 financial institutions nationwide.

MOUNTAIN VIEW, Calif. (11/16/09)--Mint.com, an account aggregator, announced that it is using Twitter to deliver personal finance content through "Money Tweets."

Mint.com allows users to view all of their financial accounts in one place and provides users with personal finance information and news.



SEARCH Headlines Washington CU System Market Products & Services Consumer Print Today’s News Photo Gallery Videos Monthly Top 10 Archive Headlines via Email Enter your email address: text or HTML RSS Feed What is RSS? Contact News Now
	News Now LiveWire NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 14 hours ago Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 18 hours ago Reg E gift card rule proposed by Fed. Would implement Credit CARD Act requirements that are effective Aug. 22. http://tinyurl.com/yh9eats 19 hours ago AOL's Walletpop advises "fee-weary consumers" to find a credit union, points them to CUNA's online CU locator: http://tinyurl.com/ydsjlvr 21 hours ago NCUA approved 2010 OTR of 57.2 percent 2 days ago Sign up; more tweets... Products & Services Headlines Mobile person-to-person payments catching on Products and Services briefs CUNA Mutual offers webinar on baby boomers Technology CU offering jumbo home loans Smart Financial CU increases PIN revenue by 8% ALM resource addresses CU mergers CO-OP: ATMs at 7-Eleven stores for 5 more years White paper: Demand for mobile banking to soar Mint.com launches Money Tweets Mobile person-to-person payments catching on NEW YORK (11/20/09)--U.S. consumers, especially younger consumers, are embracing person-to-person mobile payments, BusinessWeek reported. Mobile person-to-person payments allow individuals to send money to others by using a mobile phone and e-mail address. The service will likely catch on with more people, and financial institutions that can make mobile payments as easy as sending a text message "are going to win," the magazine said. Many financial institutions--including Boeing Employees CU, Seattle--have added person-to-person payments to their mobile and online banking platforms. Fiserv, a technology services provider that works with credit unions, also recently began marketing a mobile person-to-person bill payment service (BusinessWeek Nov. 23). Banking through mobile phones is relatively safe, according to Robert Varmosi, security analyst with Javelin Strategy and Research. Mobile banking is more secure than online banking because cellular networks are more difficult to hack into, he added. Products and Services briefs MADISON, Wis. (11/20/09)--UW CU, Madison, Wis., partnered with DaneCountyMarket.com to provide loan products and services for members. Potential homebuyers use DaneCountyMarket.com to search for home listings, perform competitive market analysis on available homes and learn about the home loan process. With the partnership, consumers can use UW CU's mortgage pre-approval system so they can be better prepared for the home buying process. They also can track mortgage interest rates, read financial education articles, and access UW CU's financial education seminar schedule. UW CU has $1.17 billion in assets ... BOSTON (11/20/09)--Mobile Money Ventures (MMV), a provider of mobile financial services, announced that it is partnering with Digital Insight, the financial institutions division of Intuit and a CUNA Strategic Service. With MMV's mobile solution, consumers can check their finances, transfer money, pay bills, find an ATM or branch, and check product rates from their mobile phone using a Web browser. Users can access the service by logging into their accounts, using their online banking username and password (Datamonitor News and Comment Nov. 9) ... PORTLAND, Ore. (11/20/09)--CU Business Group (CUBG), a provider of business lending, deposit and consulting services for credit unions, donated three wagons full of toys for Oregon's annual Credit Unions for Kids auction, generating $17,500 for area children's hospitals. CUBG purchased the wagons and filled them with toys for Doernbecher Children's Hospital, Sacred Heart Medical Center and Rogue Valley Medical Center, then donated the wagons to the auction. Two of the wagons sold for $7,000 each, and the third sold for $3,500. From left are CUBG staff members Mark Hayhurts, Derek Anderson, Jared Brown and Rachel Snyder. CU Business Group is based in Portland, Ore. (Photo provided by CU Business Group) ... CUNA Mutual offers webinar on baby boomers MADISON, Wis. (11/19/09)--CUNA Mutual Group is offering a free Discovery Webinar on serving the baby boomer market Dec. 17. Registration for the event begins Monday. The webinar, "Boomers or Bust!" will be held at 1 p.m. EDT. Jeff Hunt, CUNA Mutual consumer program manager, will present the webinar. Attendees of the webinar also will be offered a free white paper that analyzes the retention risk, pinpoints boomers' needs and lays out a six-step plan to help credit unions evolve into a retiree-focused organization with products, services and guidance to retain the boomer segment. For more information, use the link. Resource Links CUNA Mutual Group Plan It Technology CU offering jumbo home loans SAN JOSE, Calif. (11/19/09)--Technology CU announced that it will offer adjustable-rate home mortgages (ARMs) up to $1 million. The mortgages target buyers who seek an affordable home loan in California's Bay Area housing market. The loan's start rate adjusts after five years, the San Jose, Calif.-based credit union said. "For the last several years, ARMs have developed somewhat of a negative reputation, but today's ARM is serving a far different market than it was a year or so ago," said Steve Donahue, Technology CU assistant vice president of mortgage origination. Tighter underwriting standards often require 20% down, which transforms ARMs into a high-end product for buyers with good credit and significant resources, he added. Homebuyers also are eligible for an $8,000 tax credit for purchasing a principal residence through April 30. A $6,500 credit also is available for repeat homebuyers. Technology CU has $1.2 billion in assets. Resource Links What to Do When Your ARM Is Due statement stuffer Smart Financial CU increases PIN revenue by 8% FARMERS BRANCH, Texas (11/18/09)--Smart Financial CU of Houston announced that it has experienced an average increase of 8% per month in personal identification number (PIN) point-of-sale revenue. The uptick is due to Smart Financial CU's recent streamlining of debit card processing onto a single network. The credit union partnered with TNB Card Services in April to manage the card operation, and experienced a 10% increase in revenue (LoneStar Leaguer Nov. 17). "Having two processors to manage basically the same card account was very inefficient," said Corbin Wilson, vice president of electronic service delivery for Smart Financial CU. "Because the networks didn't talk to each other, we were duplicating work, which was completely unproductive. We saw that consolidating the processing under one roof could eliminate dual entry of card data and simplify the entire process." "In addition to increased revenue and improved processing efficiencies, by consolidating our debit processing with TNB we were able to increase card security for PIN-based transactions by adding card verification value codes and fraud detection," she added. "These are features we didn't have with our former PIN debit processor." Other benefits of the conversion include the ability to add debit cards at the branch level and viewing transaction data in real time. The quicker posting of transaction data helps cardholders better manage their accounts, TNB said. ALM resource addresses CU mergers DALLAS (11/18/09)--ALM First Financial Advisors announced the availability of a resource to aid credit unions that are considering mergers with other credit unions. ALM First Merger Valuation Services offers credit unions help evaluating the merit of a merger, the fair value of business combinations and quantifying the required valuation adjustments for mergers at closing. The service has two options: Comprehensive Valuation, which provides credit unions specific information, explanations and valuation; and MacroView Valuation, which provides a high-level view of a credit union's worth. More credit unions are deciding to merge to take advantage of economies of scale and their combined ability to better serve members, according to ALM. "Current market realities are causing more credit unions to consider merging," said Emily Hollis, ALM First partner. "At the same time, changes in accounting requirements have made the merging process more complex." The Statement of Financial Accounting Standards 141-R (SFAS 141-R) requires more consistency in the financial reporting of business combinations among financial institutions. Credit unions must record the fair value of the acquired credit union, instead of pooling the balances sheets with no valuation adjustments. "Since SFAS 141-R took effect this year, many credit unions have found complying with the new accounting rules to be more complicated than in the past," Hollis added. ALM and Sacher Consulting oversee SFAS 141-R accounting services. RP Financial, as a third member of the team, provides entity valuations to establish an acquired credit union's fair value. ALM is a financial advisory firm that serves credit unions. Resource Links Teaming Up for Long-Term Success:Credit Union Mergers from Six Departmental Perspectives white paper CO-OP: ATMs at 7-Eleven stores for 5 more years RANCHO CUCAMONGA, Calif. (11/17/09)--Credit union members on the CO-OP Network will be able to use ATMs at 7-Eleven stores for another five years, CO-OP Financial Services announced Monday. CO-OP renewed its contract with Cardtronics Inc., which operates the ATMs, through July 2014. More than 3.2 million surcharge-free CO-OP Network transactions take place at 7-Eleven ATMs per month. The CO-OP Network has been linked with 7-Eleven ATMS since November 2005. The network offers 28,000 surcharge-free ATMS nationwide. CO-OP, a credit union service organization, is based in Rancho Cucamonga, Calif. Resource Links CO-OP Financial Services White paper: Demand for mobile banking to soar ST. PETERSBURG, Fla. (11/16/09)--The demand for mobile banking is expected to skyrocket, according to a white paper from PSCU Financial Services. The paper, "A Versatile Medium Serving Versatile Needs," explores the importance of online banking and its implications for the future. The paper notes that Gen Y evaluates online and mobile banking services when deciding on a financial institution. The young and mobile generation requires access to financial accounts and information to be available immediately on the Web, PSCU Financial Services said. Online banking also is important to small-business owners. Many business owners are dissatisfied with banks, and more than half said they would switch financial institutions to obtain online banking and other products. About 65% of small businesses will use online banking by the end of next year, the paper said. "A Versatile Medium" is part of a series of papers that explain how credit unions can optimize and market online banking services. The next paper will discuss what credit unions should consider when selecting an online banking platform for their membership. PSCU Financial Services, St. Petersburg, Fla., is a credit union service organization serving more than 1,300 financial institutions nationwide. For more information, use the link. Resource Links PSCU Financial Services white paper Mint.com launches Money Tweets MOUNTAIN VIEW, Calif. (11/16/09)--Mint.com, an account aggregator, announced that it is using Twitter to deliver personal finance content through "Money Tweets." "Money Tweets" is an extension of Mint's personal finance blog MintLife. The tweets will be divided into five categories: Topics--information about budgets, saving, investment loans and retirement; Tweets about Mint.com; Tweets from Mint.com, which updates followers on the latest product upgrades and content; Questions, which will offer a question of the day; and Popular, which keeps readers informed about important financial topics. Mint.com allows users to view all of their financial accounts in one place and provides users with personal finance information and news. Resource Links CUNA Personal Finance Initiative
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