PSCU Announces Payment of $21.3M To CU Owners
ST. PETERSBURG, Fla.-PSCU Financial Services last week said it had raised its dividend 18% this year and paid its 650 CU members $21.3 million.
In addition to the dividend, financial savings of $6.5 million were passed along to member-owners during last year in the form of price reductions and rebates, said the CUSO, which provides electronic payment and call center services to more than 1,500 credit unions.
PSCU Financial Services said it delivered solid growth for its entire portfolio of products and services including: 6% growth in debit/credit/prepaid and online bill payment transactions; 4.9% expansion in Contact Center volumes and 1.3 billion transactions processed, a new milestone for the company.
Comptroller Gets Realistic Following Bernanke Speech
SAN DIEGO-Federal Reserve Board Chairman Ben Bernanke told community bankers last week that the Fed will make efforts to protect them as it finalizes its rule capping debit interchange fees. Speaking to the annual convention of the Independent Community Bankers of America, Bernanke said the Fed "is quite aware" that Congress never intended for small banks to be subject to the proposed limits.
Bernanke, who has warned the provision could hurt small banks, said the Fed needs cooperation from debit card networks to ensure that a carve-out works.
John Walsh, the acting comptroller of the currency, however, noted the exemption for institutions less than $10 billion in assets has little practical benefit, since the price that the Fed sets for large banks will ultimately be the price for all institutions.
The ICBA issued a statement to the media saying it believes the odds are long that Congress will delay implementing the legislation.
Mutual Fund For MBLs Planned
MADISON, Wis.-An initiative is in the works to create a mutual fund that would help credit unions package and sell business loans. CUNA reported last week that the goal of the fund, tentatively titled the "Unity Fund," is aimed at helping credit unions manage the MBL cap.
According to the CUNA report, parties behind the fund include Tom Campbell and Mario Pelosi, managing directors of Glasgow Partners; David Dunn, a former commercial lender and former president of two CUSOs that provided business services, and Guy Messick from the law firm of Messick & Weber PC. The group is seeking to partner with investor credit unions in a CUSO that is a registered investment advisor to launch the mutual fund.
CUNA said the group's proposal was conditionally approved by BNY Mellon in December to become a mutual fund offered in its family of mutual funds.
Men Charged In Skimming Scheme
HONOLULU-Three men who traveled here from California last fall were charged last week with setting up card skimming devices at at least four local gas stations, then using the information to create counterfeit cards on six local credit unions and banks.
There were 194 victims at Hawaii State FCU, Hawaiian Tel FCU and four banks, from which $170,000 of fraudulent transactions were conducted, according to a grand jury.
The three men returned to California in late September and began making counterfeit credit and debit cards from the information captured by the electronic skimmers.
Online Financial Lit Game Offered
ALEXANDRIA, Va.-Pentagon FCU and its PenFed Foundation are offering a free online financial literacy game, called MoneyU, to the credit union's young members. MoneyU will be offered to members between the ages of 17-25.
It takes content that is relevant to college and high-school students and presents it in a dynamic medium to help young people become financially literate.
The self-paced, game-based course covers essential financial skills, such as understanding a cardholder agreement, comparing car loans, and creating a budget. With widgets and simulations, users develop skills in just six to eight hours that would take 30 hours in a traditional classroom, the credit union said.
The PenFed Foundation will offer the program to recipients of its Military Heroes Fund and Asset Recovery Kit programs, also free.