Account Openings Rise 47%WILMINGTON, N.C.-Velocity Solutions, a provider of retail account strategies, reported year-over-year growth in new consumer checking accounts from clients employing its Invitation Checking System, an automated account acquisition tool.For info: www.myvelocity.comWillow Capital Marks 2nd AnniversaryCENTERBROOK, CONN.-Commercial lending and business services company Willow Capital Group, LLC marked its second anniversary. It offers commercial services to credit unions and other lending institutions, including loan sourcing, underwriting, closing and servicing.For info: www.willowcapitalgroup.comInHouse Inc. Adding AppraisersPONTE VEDRA BEACH, Fla.-InHouse Inc., a provider of appraisal technology for CUs, banks and other mortgage originators, is adding to its network of appraisers in response to increased demand among lender clients for the InHouse Connexions appraisal management platform's "Build Your Own Appraisal Solution" approach.For info: www.InHouseUSA.comLawfirms Serving CUs MergeANAHEIM, Calif.-The Law Offices of Thomas H. Wolfe, P.C., a California and Nevada CU Leagues Business Partner, has merged with Moore Brewer Jones Tyler & North, which has offices in California, Texas and New York and is one of the largest law firms in the country focused on representation of CUs and CUSOs.For info: www.culaw.comEPL, MagTek Announce PartnershipBIRMINGHAM, Ala.-MagTek, a manufacturer of electronic devices and systems for issuance, reading, transmission and security of cards and PINs, and EPL, Inc., a provider of software solutions for credit unions, announced a partnership to offer CUs an integrated solution for instant issuance, card management and PIN selection.For info: www.magtek.com or www.eplinc.comPULSE Provides Web AccessHOUSTON-Debit/ATM network PULSE launched PULSE Debit Dashboard, a Web-based tool it said allows participants to better understand the economics of their debit programs by identifying trends, analyzing metrics and benchmarking themselves against industry peers.For info: www.pulsenetwork.comTruHome Gains Ginnie Mae ApprovalLENEXA, Kan.-CUSO TruHome Solutions, LLC, a credit union-owned mortgage company, said it has received approval to issue and service Government National Mortgage Association (Ginnie Mae) single-family mortgage-backed securities, allowing TruHome to pool and securitize government mortgages (FHA, VA, USDA), and retain the servicing rights.For info: www.truhomesolutions.comKern Schools FCU Chooses Alloya CorporateBAKERSFIELD, Calif.-Kern Schools FCU has chosen Alloya Corporate FCU to be its new corporate. Kern Schools serves 170,000 members and has $1.3 billion in assets.For info: www.alloyacorp.orgCoopera, CUANY Offer Hispanic Member Growth StrategyDES MOINES, Iowa-The CU Association of New York and Coopera are collaborating on a Hispanic Member Growth Strategy program.For info: www.cuany.org or www.cooperaconsulting.comPSCU Named One Of Top WorkplacesST. PETERSBURG, Fla.-PSCU was named as one of the best places to work by Workplace Dynamics, which conducts annual employee surveys for companies headquartered in the Tampa Bay area and creates rankings of small-, medium- and large-sized companies from employees' responses.For info: www.pscu.comSix CUs Renew With TMGDES MOINES, Iowa-The Members Group said it has renewed credit, debit and PIN processing contracts with six credit unions: Premier America CU, Chatsworth, Calif.; IH Mississippi Valley CU, Moline, Ill.; Deere Employees CU, Moline, Ill.; Embarrass Vermillion FCU, Aurora, Minn.; Mile High FCU, Butte, Mont.; and, University of Iowa Community CU, Iowa City, Iowa.For info: www.themembersgroup.comCU Students Choice Hosts Financial Aid WebinarWASHINGTON-Credit Union Student Choice and its 200-plus partner CUs recently offered a free national webinar to nearly 500 attendees to help families decode the lingo of financial aid award letters and make informed financial decisions about the costs of college.For info: www.studentchoice.orgBusiness Partners Announces Audit ResultsCHATSWORTH, Calif.-Business Partners, LLC, which is owned by 17 financial institutions located throughout the country, announced audited financial results for 2011, with highlights including equity at $7,741,061 (28.1% of total assets) and cash and CD investment liquidity at $6,825,272 (24.8%) on total assets of $27,533,333. Profitability continued for the 8th straight year with net income at $1,034,017 (13.3% ROE and 3.8% ROA).For info: www.businesspartnersllc.comWeber Marketing Opens Canadian Office In VancouverSEATTLE-Branding and strategic consulting agency Weber Marketing Group, which has worked with Canadian credit unions for 10 years, officially expanded into Canada with the opening of a new office in Vancouver, B.C., on May 1.For info: www.webermarketing.comCU Toolbox, myCUmortgage Partner For Marketing SolutionHOLMDEL, N.J.-Credit Union Toolbox, a service of Mortgage Success Source, a provider of automated marketing solutions for financial institutions, entered a marketing agreement with myCUmortgage, a CUSO of Wright-Patt CU, to provide marketing and professional development tools to help their partners better serve their members and grow their credit unions.For info: www.credituniontoolbox.com or www.mycumortgage.com
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With regulatory scrutiny on the rise, banks are putting payment collaborations under the microscope.
2h ago -
Banks' deposit costs fell as the Fed made borrowing cheaper. But signs of increased competition are already emerging, and analysts see a tougher road ahead.
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The Federal Reserve's April financial stability report found that asset valuations remain elevated, even as investors are beginning to demand more compensation for risk amid rising uncertainty around monetary policy.
May 8 -
Banking groups that sued the state of Illinois over its law barring banks from charging interchange fees on taxes and tips cheered an appeals court ruling remanding the law to a lower court and vowed to keep the law going into effect, which is slated for July 1.
May 8 -
Stephan Feldgoise and Joshua Schiffrin will join Goldman Sachs' management committee; Fidelity Investments is dismissing about 800 personnel as it restructures its technology and product-delivery teams; Citi has hired JPMorgan's André Ross as its country officer and banking head for South Africa; and more in this week's banking news roundup.
May 8 -
Affirm CEO Max Levchin said that the company did not have any plans for AI-spurred layoffs despite the fact that it was using the technology more for software engineering.
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