SCFCU Seeks Trademark On Bank Transfer Day Message
NORTH CHARLESTON, S.C.-The $1.3-billion South Carolina FCU has petitioned the U.S. Patent and Trademark Office to trademark the phrase "Every Day is Bank Transfer Day." SCFCU has been using the term since the run-up to Bank Transfer Day on Nov. 5, according to Jessica Jackson, spokesperson for the credit union. The credit union is also trying to obtain rights to the "hash tag" btd.now, which would be used on Twitter, said Jackson. She said if SCFCU obtains a trademark on the phrase it plans to share it with other credit unions in their ongoing efforts to win over bank customers.
Retailers File Suit Against
Fed Over Interchange Fees
WASHINGTON-A group of retailers filed suit against the Federal Reserve Board last week, alleging it veered away from the instructions of Congress when it allowed banks to charge roughly 21 cents in interchange fees for each debit card transaction. The lawsuit argues that the Fed's initial proposal, which would have capped such fees at 12 cents, more accurately reflected the intent of lawmakers. The groups claim that the Fed strayed from the Durbin Amendment when it allowed banks to charge more.
Seattle, Portland Say They
May Move Funds To CUs
MADISON, Wis.-In response to Bank Transfer Day and the Occupy movement, the Seattle City Council voted to adopt a resolution "to ensure public funds are invested in responsible financial institutions that support our community." In Portland, Ore., meanwhile, Mayor Sam Adams also indicated he would consider moving some of the city's public funds into credit unions. Portland currently has funds on deposit with Wells Fargo.
Mellin Elected AACUL Chair
PALM BEACH, Fla.--Bill Mellin, president and CEO of the Credit Union Association of New York, has been elected chairman of the American Association of Credit Union Leagues (AACUL). Other members of the board include: 1st Vice Chairman, Wendell Lyons, CEO of the Kentucky league; 2nd Vice Chairman, Tracie Kenyon, CEO of the Montana CU Network; Treasurer, John Radebaugh, CEO of the North Carolina CU League, and Secretary, Mark Cummins, CEO of the Minnesota CU Network. As Chairman of AACUL, Mellin will also be an ex-officio member of the CUNA board.
Super Saver Theme Is Chosen
MADISON, Wis.--"Be a Credit Union Super Saver" has been chosen as the 2012 theme for National Credit Union Youth Week, to be held April 22-28, 2012. According to CUNA, the Super Saver theme "draws upon the powers of superheroes that also apply to saving at a credit union, such as plotting a savings plan and acting it out, protecting and monitoring money and drawing upon resources at the credit union in order to be strong savers and smart spenders." The superhero theme was suggested by both Jennifer Moser, MSR at Union Pacific of Arkansas FCU, North Little Rock, Ark., and Kelsey Balcaitis, community education specialist at A+ FCU, Austin, Texas.
Help For Prospective US Citizens
WAUKEGAN, Ill. - Consumers CU is reaching out to prospective U.S. citizens, offering a workshop to assist citizen applicants and special loans to pay for the process, which can cost up to $1,000. The workshop is being offered with the New American Initiative Program, North Suburbs Collaborative. The Citizens Loan application is completed after the New Americans Initiative collaborative has determined eligibility for citizenship. The program consists of a loan for the amount of the application fee, to be repaid in 10 monthly installments with minimal fees and a very low rate of interest.
Bank Deposits Surpass $1 Trillion
SAN ANSELMO, Calif.-For the first time, the total deposits in FDIC-insured institutions has surpassed the $10-trillion threshold. Analysis released by Market Rates Insight shows that as of Sept. 30 total deposits increased by $235 billion in Q3 and $577 billion increase since the beginning of the year. About $8.5 trillion of total deposits is sitting in domestic branches of insured banks, and the remaining $1.5 trillion is in overseas branches of US banks according to the latest report from the FDIC.
The increase in domestic deposits occurred in accounts that can be accessed and withdrawn immediately, such as checking, savings and money market, which increased $316 billion in the 3rd quarter and $762 billion since the beginning of the year. On the other hand, Certificates of Deposits, which require time commitment, decreased by $36 billion in the 3rd quarter, and $130 billion since the beginning of the year.
Suit Filed Against Ex-Manager
SPRINGFIELD, Ohio - CUMIS Insurance Society has filed suit against the former president of Edison CU to recover $100,000 she stole from the tiny credit union Kimberly Howard, is serving two years in the Ohio Reformatory Prison for Women in Marysville for the theft of $98,000 and for tampering with evidence after she pleaded guilty to embezzling from the $4-million credit union in October 2010.
The CUMIS suit, filed in Clark County Common Pleas Court, seeks recovery of a bond paid out by the credit union insurer and a $5,000 deductible Edison was required to pay CUMIS for its claim. Authorities said the misappropriation was due to "manager sole control, overrides on the accounting system, lapping of money deliveries, falsification of bank counts and a lack of routine vault count documentation." Howard was employed by Edison from June 2003 until her termination in June 2010.
FORT WAYNE, Ind. - A man and woman brought along their two-year-old child during a foiled robbery at Freedom Financial FCU Friday morning, according to police. Police say 34-year-old Michael Boester approached the teller and demanded money. A witnessing member elbowed the robber and knocked him down, prompting him to flee empty-handed. Police say Boester fled to a getaway car driven by 23-year-old Molly Hutmacher. The member followed the robber out of the credit union and took down his license plate number, which was used by police to trace the assailant and his accomplice.
