CUDL, GE Capital Partnering
On Online Buying Program
ONTARIO, Calif.-CU Direct Lending (CUDL) said last week it is partnering with GE Capital Fleet Services and Manheim's OVE.com (Online Vehicle Exchange) to introduce an online buying program for GE Capital's used vehicles.
The new program will provide GE Capital Fleet Services with an upstream remarketing channel for its mix of vehicles that closely mirrors the in-lane buying experience, including robust bidding activity, as well as incentives for buyers. At the same time, the program will provide CUDL's dealer network the opportunity to bid in an online environment for selected GE Capital Fleet Services vehicles, the companies said. The roll-out is slated for Q2.
Beer Logo Resurrected By
O Bee CU For Credit Card
TUMWATER, Wash.-O Bee CU, chartered as the credit union for Olympia Brewing Co., has returned to its roots by issuing a gold Visa credit card with the image of the Olympia beer logo, with its trademark horseshoe, Tumwater Falls, the expression "good luck," and the classic "Olympia" lettering.
The credit union negotiated with Pabst Blue Ribbon for the use of the Olympia beer brand on its credit card. The brewery closed in 2003.
The image on the credit card is nearly identical to the original logo, except for "It's the water," which Visa would not allow the credit union to use, Wojnar said.
The new card offers 1% cash back with no limits on most purchases.
NCUA Adds New Video On Economy
ALEXANDRIA, Va.-NCUA's Office of the Chief Economist has posted a new video discussion improvements in the economy and the effects those could have on credit unions. Chief Economist John Worth is featured in the video, which is posted on YouTube and also available at www.ncua.gov.
DCUL To Host 10 Crashers
NEW CASTLE, Del.-The Delaware Credit Union League is awarding 10 free registrations to its annual conference in April as part of a "Crash Delaware" initiative aimed at CU professionals under age 35. Registration and hotel accommodations for one evening are being covered by the league.
Straw Borrower Gets Day In Jail
CLEVELAND-One of the straw borrowers in the massive fraud that sunk St. Paul Croatian FCU has been sentenced to one day in prison and ordered to pay $260,000 in restitution to NCUA after pleading guilty to one count of bank fraud.
Ruth Cendol, 55, was one of a number of relatives of Koljo Nikolovski, the purported Macedonian crime figure who earlier this month pleaded guilty to engineering millions of dollars in fraudulent loans from the one-time $240-million CU.
To date, 17 people have been charged in the fraud and 10 have been convicted.
CORRECTIONS & CLARIFICATIONS
An item in the Feb. 13 issue related to North Island FCU's financial turnaround incorrectly stated the CU had at one point been in NCUA conservatorship.
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MANITOWOC, Wis.- Shipbuilders CU has signed with Vantiv to provide it with ATM and debit card transaction processing, ATM driving, card production and network gateway access.
UW CU, LPL Financial Partner
MADISON, Wis.- UW CU said it signed with LPL Financial to provide its members with investment services and products. LPL Financial said it is the nation's largest independent broker/dealer and is a partner with approximately 730 financial institutions.
Theft Charges At 2 CUs
LONGVIEW, Wash.- Roxanne Ramey, 55, an employee of Cowlitz CU has been charged with stealing $120,000 out of the vault. Ramey, 55, and her husband are believed to have gambled the money away at the Lucky Eagle Casino. The husband was not charged.
Meanwhile, in New Castle, Penn., Holly Cowan, the former president of the defunct Lawrence County School Employees FCU, has been charged with stealing almost $225,000 from the now defunct credit union.
