News from CUJournal.com
CEO STEPS DOWN DURING PROBE
PITTSFIELD, Mass.-Greylock FCU said last week its president, Angelo Stracuzzi, had stepped down from the board and has been put on administrative leave after an investigation into his parole for a misdemeanor assault charge was opened. The $1.2 billion credit union is investigating allegations of legal conflict after it emerged that Stracuzzi's parole in the 2004 case is being supervised by Clifford Nilan, the chief of probation for Berkshire Superior Court, who is also on the Greylock board. Nilan also stepped down from the board in response to the probe.
'PILLOW-BELLIED BANDIT' STRIKES
NORTH ATTLEBORO, Mass.-A wide-bodied man who robbed a Rockland FCU branch and Pawtucket CU in nearby Warwick, R.I., is believed to be responsible for five other holdups along the Interstate 95/495 corridors in recent weeks. The suspect is being called the "pillow-bellied bank robber" because in some cases he is so large that appears to have stuffed a pillow under his shirt.
CORP ONE, SALLIE MAE PARTNER
COLUMBUS, Ohio-Corporate One FCU said it is partnering with Sallie Mae to offer the Smart Option Student Loan program to its nearly 800 member CUs.
WAL MART TO OPEN BANK
BENTONVILLE, Ark.-Wal-Mart, which failed to get a U.S. bank charter and is currently one of the driving forces behind the bid to lower card interchange fees, won approval from Canadian authorities last week to open a bank. The company has been pushing deep into financial services in the U.S., with Wal-Mart Money Center branches in 1,000 of its stores and plans for another 500 of the outlets, which provide check cashing, money transfers, bill payment, tax assistance and the Wal-Mart MoneyCard, a stored value Visa card.
DEATH PENALTY MAY BE ORDERED
DETROIT-Secretly recorded conversations at a prison could lead to a rare death sentence in Michigan as jury selection begins this week in the trial of a man charged with killing a security guard while he and several accomplices allegedly robbed an armored truck delivering cash to Dearborn FCU of $204,000 almost nine years ago. Timothy O'Reilly is charged with fatally shooting Norman Stephens while the 30-year-old victim was delivering cash to the main office of the credit union, now known as DFCU Financial. Prosecutors said they will seek the death penalty for O'Reilly because he showed a "complete lack of remorse" for Stephens' death and told others he would kill again, according to court records.
MEMBERS CHOICE TO KASASA
HOUSTON-Members Choice CU is now offering its members Kasasa rewards-based checking and savings accounts. Kasasa pays consumers to use their account with what interests them most-high interest, automatic savings, money donated to charity or free iTunes downloads.