Countrywide’s Shares Continue To Fall
CALABASAS, Calif.–Shares of Countrywide Financial Corp., the nation's largest mortgage lender, plunged last week after the company denied rumors that it was planning to file for bankruptcy protection. Countrywide shares, in a free-fall the past eight months, fell more than 28% yesterday to $5.47, after sinking to a 52-week low of $5.05. That’s down from a 52-week high of $45.90. In a prepared statement, the company said there was "no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company."
PSCU-FS Donates $50K To NACUSO’s New Center
NEWPORT BEACH, Calif.–The National Association of Credit Union Service Organizations (NACUSO) announced that PSCU Financial Services, the nation’s largest CUSO, recently contributed $50,000 in seed capital to fund NACUSO’s 2008 plans for their National Center for Collaboration and Innovation. NACUSO board member and PSCU president, Dave Serlo, delivered the donation. The National Center for Collaboration and Innovation, was created to serve as a source for efforts related to collaboration and innovation, and as a clearinghouse for “who’s doing what” in the industry. NACUSO officially launched the National Center on May 1. PSCU funding allowed NACUSO to develop and introduce its Web-based NACUSOMatch Forum, which went online with new site content Nov. 5. NACUSOMatch Forum, the second phase in NACUSOMatch development, helps members communicate service offerings and build partnerships.
For info: at www.pscufs.com or www.nacuso.org.
MS&GCU Signs With NYCE
CLINTON TOWNSHIP, Mich.–Michigan Schools and Government CU said it has signed with NYCE Payments Network for mobile banking services provided through Monitise Americas. The $750-million credit union will access the Monitise Americas mobile banking system through NYCE’s mobile financial services offering. NYCE is a wholly owned subsidiary of Metavante.
Arrowhead Automates Documents
SAN BERNARDINO, Calif.–Arrowhead CU has installed Cardiff’s TeleForm technology to automate the processing of its member and market research documents.
The TeleForm system allows the $1-billion CU to process twice the number of documents with greater accuracy. Formtran, a documents provider and long-time Cardiff partner, implemented the TeleForm product for Arrowhead.
Michigan CU Contracts With OSI
PLYMOUTH, Mich.–Michigan Educational CU has selected Open Solutions Inc.’s “The Complete Credit Union Solution,” a relational core data processing platform for credit unions, to address its enterprise-wide data processing needs. The $500-million CU has decided to run the core processing system out of Open Solutions’ service center in Cherry Hill, N.J.
The credit union also is implementing Open Solutions’ integrated solutions, including cView (CRM/business intelligence), general ledger and StreamLend Velocity loan origination applications.
Suspect Pleads Guilty To Id Theft
NEWPORT NEWS, Va.–A local man is scheduled to be sentenced for an identity theft scheme that victimized three credit unions and one bank here.
Jacquelin Florentin, 27, pleaded guilty to using false identification and false employment information to open accounts at 1st Advantage CU, Newport News Shipbuilding Employees CU, Langley FCU and Citizens and Farmers Bank, then depositing thousands of dollars in phony checks, which he tried to use to withdraw cash.
The suspect also used his Newport News Shipbuilding Employees CU membership to obtain a $28,000 car loan, then failed to make the payments, forcing the CU to repossess the vehicle.
