Massachusetts CUs Seek Consumer Lending Parity
BOSTON–The Division of Banks has proposed amendments to its credit union rules giving state chartered credit unions parity with federal charters on consumer loan maturities, indirect lending, securities brokerage and services to non-members.
The proposal would, among other things: increase personal loans from a maximum term of 12 years up to a maximum term of 15 years; authorize indirect mobile home loans; authorize state chartered credit unions to engage in securities brokerage through a credit union service organization; and, authorize additional money transfer services for non-members.
Massachusetts has almost 100 state-chartered credit unions. The state regulator has scheduled a public hearing on the parity proposals for this week.
Extractable Redesigns DuPage CU’s Website
NAPERVILLE, Ill.–DuPage CU said Extractable has designed and implemented a new website aimed at easing and increasing use for its members.
The $255 million credit union launched the site in December and already has reported an increase of more than 1.4 million hits and 58% more membership applications submitted in February 2008 compared to the same time last year.
The new website was designed to appeal to most age groups for both members and non-members alike, with a strong focus on calls to action.
Extractable, which is based in Foster City, Calif., recently has signed with several other large credit unions to redesign their websites.
Charter Oak FCU Opens Student- Run Branch In High School
GROTON, Conn.–Charter Oak FCU opened a student-run branch at Robert E. Fitch High School to kick off its Focused on Finances program.
The program will feature a strong emphasis on the importance of savings, and Charter Oak will offer two types of saving programs. The credit union also will offer its ComplimenTREE checking account to students that features free checks, no minimum balance requirements, a VISA debit/ATM card, free online banking and a free e-statement.
For students to open a checking account, they must have parental consent and complete a chapter on proper checking account practices in the National Endowment for Financial Education’s Financial Planning Program workbook.
State Employees CU to Fund National Guard Scholarships
RALEIGH, N.C.–State Employees CU announced it is partnering with the North Carolina National Guard Association to provide two scholarships worth $15,000 to family members of Guardsmen who have been become permanently disabled or deceased during active duty.
The annual scholarship will be funded through the SECU Foundation, which finances one of the largest scholarship programs in the country, providing more than $7 million to every public college and university in the state.
The scholarship will provide a $10,000 grant for study at one of the UNC System Universities, and a $5,000 scholarship to be awarded for study at a community college within the North Carolina Community College System.
Rumors of Lasertec’s Death Are Greatly Exaggerated, Firm Says
STERLING HEIGHTS, Mich.–Lasertec, Inc., a provider of document production services based here that works with numerous credit unions, has been reassuring customers that it is alive, well and prospering after the similarly named Lasertech of Madison, Wis., shut down last week.
Lasertec said part of the confusion was caused by competitors who suggested to customers that it was the firm that had closed shop. “Due to the similarity in names, there has been much confusion, and in an attempt to get business the competition has contacted our customers, instead of Lasertech, Inc.’s, and told many of them that we were out of business and offered to take over their statement processing,” said President/CEO Mark Schulte. That, in turn, said Schulte, led to phone calls from customers “worried that we had closed down.”
Schulte added that Lasertec, Inc. has never had any affiliation with the Wisconsin-based company, and that its own “financial status is excellent.”
