TMG Releases White Paper
DES MOINES-Despite potential loss of interchange income due to pending legislation, there is a wealth of non-interest income opportunities, according to a white paper by The Members Group (TMG).
"While it's possible that interchange income may soon lessen due to regulation, it's important to realize the revenue stream still exists today," the report said. "There remains tremendous potential for any credit union looking to grow its non-interest income."
The white paper, "Rewarding Your Members-Reinvent Your Credit Union's Rewards Program," is available at www.TheMembersGroup.com/WhitePaper
Shine In '09 Conference Set
AUSTIN, Texas-Teres Solutions Inc., a provider of direct, indirect and merchant lending software to CUs and financial institutions, announced that its annual user conference will open its doors to all CUs, including non-clients.
Titled "Shine in '09," the conference will include a separate industry track designed for any CU looking to tap into the opportunities the new lending landscape offers to CUs across the country. The new track will offer best practices and key steps to improve lending success in this economic environment. The Shine in '09 event will take place May 31-June 3rd at the Gaylord Texan Resort in Grapevine, Texas.
For info: www.TeresSolutions.com
Wolters Kluwer Offers CTR Help
MINNEAPOLIS-Wolters Kluwer Financial Services is offering banks and CUs an easier way to accurately and consistently explain Currency Transaction Report (CTR) requirements to customers and members. Banks and credit unions can use the company's new Currency Transaction Report Reference Guide to inform customers and members of CTR requirements when necessary and describe why structuring financial transactions to avoid them is illegal.
The Financial Crimes Enforcement Network (FinCEN) issued model language to help institutions better educate consumers on CTR reporting requirements at the end of February 2009. FinCEN's intent was to provide additional support to institutions that often struggle to find a balance between what they should and shouldn't tell customers and members about the requirements.
Dreyer adds that by using Wolters Kluwer Financial Service's Guide as a reference tool, institutions can be confident front-line personnel are conveying the appropriate and right amount of information regarding the requirements to customers and members. He says there are two versions of the Guide, one for banks and one for credit unions.
For info: www.wolterskluwerfs.com
