NCUA Announces Yet Another Closed Meeting
ALEXANDRIA, VA.-NCUA last week announced it will hold its third closed board meeting this month. The agency announced plans for a closed board meeting to discuss supervisory activities at 9 a.m. ET on July 21. It had previously announced separate closed meetings on July 29 and July 30.
Halleck Leaves Golden 1 To Take Reins At SDCCU
SAN DIEGO-Teresa Halleck, well-known CEO of the $7.2-billion The Golden 1 Credit Union in Sacramento, will join San Diego County Credit Union as its new CEO on Aug. 16. Halleck has 20 years experience in financial services, including the past eight at The Golden 1. Halleck will succeed Tum Vongsawad, who has been acting CEO since February and who will return to being COO under Halleck.
BofA Charging Customers To Receive Montly Statement
CHARLOTTE, N.C.-Bank of America Corp. is charging some customers to receive their monthly statement in the mail, the industry's most aggressive move yet to encourage paperless banking. For now, the $8.95 monthly fee applies to just one type of account, and only in Georgia. But BofA plans to roll out the product in other markets soon as a replacement for its popular student checking account, which has no monthly fees when opened online.
While some banks might be reluctant to impose a fee for such a basic service, observers say that Bank of America is setting an important precedent and that other financial companies are likely to follow its example.
The Charlotte company's new eBanking account is offered online to Georgia residents. The monthly $8.95 fee is waived for people who agree to receive their statements only online and who do not visit a teller for any transactions that can be handled by ATM or online. The news was first reported by Credit Union Journal affiliate American Banker.
Facebook Adds Payments Application
PALO ALTO, Calif.-The social networking website operated by Facebook Inc. now includes payments applications. The ice cream chain Cold Stone Creamery last week introduced an e-gifting service that lets people send a code through Facebook pages that can be redeemed at its 1,400 U.S. locations. The service is based on payments software developed by First Data Corp, which said it believes social networks can be used to jump-start the stagnant, closed-loop gift card market.
Consumers can access the free application through Cold Stone's Facebook page or website, and the coupons can be sent either to recipients' Facebook pages or by e-mail. The message contains the code and instructions on how to redeem the funds at the point of sale. Senders pay with credit or debit cards, wit more payment options planned.
DFCU Absorbing Another Failed CU
LANSING, Mich.-State regulators reported they have approved the combination of Midwest Financial CU, an ailing one-time $200 million Ann Arbor, Mich., credit union, into DFCU Financial, the state's largest credit union. The deal comes just as $2.7-billion DFCU is completing the integration of troubled Capital Community FCU, a one-time $320 million credit union based in Lansing, and as a growing number of the nation's largest credit unions are expanding into new markets by acquiring troubled credit unions. Last week, Colorado state regulators said they have approved the acquisition of troubled Norbel CU by Texas giant Security Service CU. And two weeks ago, Virginia's Chartway FCU agreed to acquire the assets of HeritageWest FCU, a one-time $330 million Utah credit union once known as Tooele FCU..
Mutual Savings Returned To Members
BIRMINGHAM, Ala.-State regulators said they plan to return Mutual Savings CU, a one-time $194 million credit union taken under conservatorship a year ago, back to its members on July 31. The 74-year-old credit union was seized last Aug. 5 by the Alabama CU Association as losses were mounting. Mutual Savings reported a $5.8 million loss for the year. Since then, the credit union closed two branches and laid off nine employees, trimming expenses by as much as $1.5 million a year, which helped it return to profitability in the first quarter of the year to the tune of $322,000.