News Briefs

Register now

CUNA Presses For Changes On Soldiers, Sailors Act

WASHINGTON, D.C.-CUNA has sent a letter to the House Veterans Affairs Subcommittee on Benefits calling for five changes to the Soliders' and Sailors' Civil Relief Act. In the letter, CUNA asked for:

1. Better regulatory guidance. CUNA CEO Dan Mica said every time troops are called to active duty CUNA is flooded with phone calls seeking better guidance. "Less detail in the statute combined with a comprehensive regulation would be far more useful," Mica wrote.

2. Indexed interest rate. The current bill retains the 6% interest rate cap on debts incurred prior to active military service, but the CUNA letter suggests that the cap be adjusted to an index, plus a differential set by law.

3. Exceptions for higher pay grades. "It would be helpful if credit unions could use the member's rank as well as other information on file to make a preliminary decision regarding material effect without a court's intervention," Mica wrote.

4. Clear definition of "military service." CUNA said that for purposes such as rate reduction, the term "military service" should be defined as "active duty for a period of more than 30 days.

5. Quicker notice. The bill requires service members to notify creditors and provide copies of military orders within 180 days of their termination or release from military service. CUNA wants credit unions to receive a first notice shortly after each service member is ordered to report for active duty, then a second notice upon release.

Symitar Unveils New Corporate, System Identities

SAN DIEGO-Saying it is seeking to clarify its message, Symitar Systems has dropped the "Systems" from its name as part of a new corporate identity and branding strategy. It has also introduced a new corporate logo. The company said it is making the change because it now has two core products. To help customers and prospects differentiate between the two, it has introduced a new logo for its Conductor core processing system, and changed the name of its original core processing system to Episys. That name, the company said, was chosen to represent the idea of an epicenter and also epic, while the latter half of the new name comes directly from the word system.

Robber Who Killed Himself In Branch Is Identified

NORFOLK, Va. -Police have identified the robber who killed himself inside the lobby of a Chartway FCU branch. Police said Stanley E. Placide, 28, was the robber who first wounded a policeman in a shootout before turning his gun on himself. Placide is suspected of a number of armed crimes, including a car jacking, in Virginia. Police officer Robert Testa, Jr. who was shot by Placide, is now recovering. Placide also fired a shot inside the credit union, but there were no injuries. In an earlier robbery at a hotel, a cell phone was dropped that was traced back to Placide.

For reprint and licensing requests for this article, click here.