Express App Created For CDCUs
NEW YORK-Saying it was responding to the potential cost of NCUA's Corporate CU Stabilization, the National Federation of CDCUs has developed a new "Express Application" for CDCUs in need of secondary capital. To qualify, a CDCU must have December 2008 financials showing a net income-to-asset ratio of 6.5% or more, a positive return on assets, a delinquency ratio of less than 6.25%, and a loans-to-assets ratio of more than 50%. The CDCU must also have a three year financial projection, a business plan, three years of lending experience, and meet other criteria. Deadline is April 3.
In other news, banking giant Deutsche Bank has agreed to contribute $1 million to the Federation's Community Development Investment Program that provides below-market non-member deposits to CDCUs.
The deposits will support CDCUs serving Manhattan's Lower East Side, Washington Heights and East Harlem neighborhoods. Other target areas include Syracuse and Lakewood in upstate New York, and Oakland, California.
In addition to nominee deposits, the Federation makes secondary capital loans, risk-sharing Predatory Relief and Intervention Deposits, and administers special grant programs for CDCUs. Deutsche Bank's new investment brings the CDIP portfolio to $48.8 million in funds under management.
For info: www.cdcu.coop
Small Biz Adapting Mobile Tech
ATLANTA-Generally technology laggards, small businesses are moving quickly to adopt mobile banking and payments, according to new research. A study titled "Payment Solutions for the Small Business Market" and released by Synergistics Research has found most small business owners report they now use some type of mobile device for business purposes. Regular cellular/wireless telephones are used by eight in ten; one-third use some type of PDA, such as a BlackBerry or Palm Pilot, and one-fourth use smartphones, such as the iPhone.
Synergistics reported that overall, two-thirds, report doing some type of mobile banking activity. Balance inquiries are cited by slightly more than half. Activities indicated by more than four in 10 are receiving e-mail from a financial institution, making online purchases of supplies and inventory, making a credit card payment, and transferring money between accounts. About one-third report that they have transferred funds or made a payment to an individual, sent an e-mail to a financial institution, paid bills to vendors or suppliers, or made loan payments.
The study is based on an online survey of 600 small business owners and executives of companies with annual sales up to $10 million. For info: www.synergistics research.
Campus FCU Updates Web
BATON ROUGE, La.-After two years of research, the $377-million Campus FCU has unveiled an updated website. The CU said it held focus groups and polled its membership for ideas to determine what was important to them. "It was just as essential for us to understand what our membership disliked about the previous website design, as it was for us to identify the features and functionality they desired," said Ron Moreau, VP-marketing. "Even the colors used were selected because members felt it gave a sense of stability and dignity to the Campus Federal brand."
