CUs Add Card Capacity While Banks Subtract
WASHINGTON-Through the first three quarters of 2008 credit unions added credit card lending and capacity, including unused lines, to $108 billion, while the nation's banks cut credit card lines by $1 trillion, according to analysis released last week by Callahan & Associates. Callahan's reported that third quarter data shows credit unions' outstanding credit card loans at $33.8 billion and unused credit card lines at $74.4 billion, while lines at FDIC-insured institutions fell by $1 trillion over the past 12 months.
CUNA Expects 'Hike' To Draw More Than 600
WASHINGTON-CUNA Is projecting that more than 600 credit union representatives will Hike the Hill this week in Washington to press Congress on several issues, including increased business lending capacity. Various state leagues, especially along the East Coast, are bringing delegations Tuesday through Thursday to press their cause. According to CUNA, one theme
CU reps will stress is that credit unions have the capacity to help the economy recover, but need relief to expand business lending. HR 3380, the "promoting Lending for America's Small Business Act," would enable up to $10 billion in business loans if enacted, CUNA said.
Municipal Deploys ATMs In Pathmark Supermarkets
NEW YORK-Municipal CU announced a partnership with A&P supermarkets with which it has placed ATMs in 16 of the company's Pathmark grocery stores in the New York metro area. "This was a simple and obvious move for us," said Kam Wong, president of the $1.5 billion credit union. "Our members shop at Pathmark stores, so that's where our ATM's belong." The Pathmark machines, as well as deployment of nine ATMs in area McDonalds, makes a total of 178 for the credit union's proprietary network.
Tech CU Teams Up With Small Business Incubator
SAN JOSE, Calif.-Tech CU announced a partnership with Access Growth LLC to foster the development and growth of start-up and emerging growth companies.
The partnership will allow Tech CU's business members to take advantage of strategic growth and innovation management services provided by the business consultancy and provide them with access to growth management services, office infrastructure or virtual office solutions, and conference rooms at a preferred member rate.
2 CUs Install VINtek Service
RICHARDSON, Texas-Texans CU and Amplify CU have signed with VINtek to implement the company's electronic lien and title service. The service allows lienholders to receive electronic titles from their state's Department of Motor Vehicles, instead of the traditional paper titles. In early November, the Texas Department of Motor Vehicles introduced a statewide ELT program in an effort to cut costs and impact on the environment.
VINtek is based in Philadelphia.
Vons CU Deploys Solar Power System
EL MONTE, Calif.-Vons CU is going green with several environmental projects, including installation of a 60 KW rooftop solar power system, which will offset 25% of its electricity consumption.
The rooftop has been upgraded with a cool roof, which reflects the heat of the sun and significantly reduces the need and cost of air conditioning in summer months. The solar power system is expected to save the credit union an estimated $870,000 on its electricity bills over the next 30 years. In addition, it will offset 1,720 tons of carbon dioxide, which is equivalent to removing 322 passenger vehicles from the traffic or carbon sequestered by 45,115 tree seedlings.
Texas Trust CU Selects Webroot
MANSFIELD, Texas-Texas Trust CU said it has implemented Webroot's new e-mail archiving service. The new Webroot E-mail Archiving Service is a SaaS solution designed to meet a company's e-mail archiving needs. The cloud-based e-mail archiving service enhances security and provides e-discovery and mailbox management - without the significant financial costs and internal IT resources of a traditional hardware or software-based system. The latest release of the Webroot Web Security Service features new outbound malware scanning to prevent outbound "phone-home" connections where malware attempts to send confidential data to a hacker's machine, updated real-time threat detection heuristics and significant reporting and logging enhancements.
