Flurry Of ATM Disclosure
Lawsuits Filed Against FIs
PARKERSBURG, W.V.-A Michigan retiree who has filed dozens of suits over ATM disclosures during the past three years has joined a new flurry of suits against credit unions and banks, just as Congress is taking up a potential solution to the mounting litigation.
Two new suits by Nancy Kinder-filed last week in federal court here against West Virginia's Ravenswood FCU and Mountain Heritage FCU-come as a federal court in Detroit is expected to approve Kinder's year-old suit against Lenco CU claiming the Adrian, Mich., credit union violated provisions of the Electronic Funds Transfer Act by failing to post a notice on the outside of its ATMs of the fee it will charge non-members for cash withdrawals.
The two new suits make a total of 35 filed by Kinder since 2009 and are among a dozen new EFTA suits filed against credit unions and banks over the past month (see related story, page 2).
CO-OP Financial Intro's
Online Bill Payment Product
RANCHO CUCAMONGA, Calif.-CO-OP Financial Services last week introduced CO-OP Bill Pay, the company's first online bill payment product. The new service is the result of CO-OP's January acquisition of U.S. Central's Corporate Network eCom, LLC, which offered e-billing services to CUs. It is supported by CO-OP's eCom organization, with 13 years experience and providing support for 750,000 credit union members.
Judge Selected In Dispute
Between CU & Wall Street
MIAMI-A federal court has appointed a former federal judge to mediate a dispute between Space Coast CU and Wall Street banks over $100 million of risky collateralized debt obligations (CDOs) the banks sold to Eastern Financial Florida CU, which was acquired by Space Coast after the 2009 failure of the one-time $2.4-billion credit union. But the court said the mediation can wait until after it rules on an expected motion by the Wall Street banks and others to dismiss the case. The dispute is over collateralized debt obligations, or CDOs, sold to the failed credit union giant.
The court appointed Layn Phillips, a partner in the Newport Beach office of Irell & Manella LLP and a former U.S. Attorney and a former U.S. District Judge, to mediate the non-binding sessions between the parties.
CU Deposit Bill Signed Into Law
ST. PAUL, Minn.-Minnesota Gov. Mark Dayton has signed legislation that allows public entities to deposit funds into credit unions. The public deposits bill (H.F. 2174) had been a priority of the Minnesota Credit Union Network which had called for a change in the a law so that the state's cities and counties could deposit funds in local credit unions, in addition to other types of depositories. "This bill equips credit unions for the future in enabling them to promote products and services associated with accepting these deposits," said MnCUN CEO Mark Cummins.
First Ohio Marks 75th Anniversary
NORTH CANTON, Ohio-First Ohio Community FCU is marking its 75th Anniversary with a credit card balance transfer promotion offering a 3.75% APR. The campaign will launch June 4 and run through September, with the low rate in effect until June 3, 2013. There are no transfer fees on the offer, which is open to balance transfers from other cards and on cash advances.
'Crashers' Set For CUNA's ACUC
MADISON, Wis.-Attendees at CUNA's America's CU Conference in San Diego in June will be joined by 15 young people who are part of the "Crashers." "The 2012 Crash the ACUC will be taking on a unique approach when it comes to problem-solving. The selected Crashers for Crash the ACUC will be partake in a day-long Design Thinking Workshop led by Julie Norvaisas, Design Researcher and Strategist," CUNA reported.
Belvoir Joins SaveUp Pilot
WOODBRIDGE, Va.-Belvoir FCU has joined the SaveUp pilot, which provides incentives for members to save and pay down debt. SaveUp rewards users each time they contribute to their savings or retirement accounts, pay down credit cards, mortgages or other loans, or engage with SaveUp's financial education content. For each positive financial activity, SaveUp users earn credits that can be redeemed for the opportunity to win prizes.
SaveUp rewards savers for each positive financial activity. Savers can earn credits that can be redeemed for an opportunity to win prizes with brands such as Virgin American airline, Turbo Tax, Banana Republic and Best Buy, among other participants.
CUllaborationNation continues to add new resources for credit unions. Under the New This Week tab, credit unions will find a detailed look at the latest industry financials as part of the CUNA Mutual Trends Report, CU*Answers has shared its Board Member Handbook for others to follow and Listerhill Credit Union in Alabama has created a video in which business owners talk about the reason MBL legislation should be enacted. For more info: www.cujournal.com or www.cullaborationnation.com.
