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Lawmakers Probe Need For Additional Capital

WASHINGTON-The credit union lobby continues to press its case for alternative capital powers even though a provision allowing credit unions to raise secondary capital probably won't make it into this year's regulatory relief package.

In a letter to NCUA prompted by credit union lobbyists, leading members of the House Financial Services Committee asked NCUA Chairman Dennis Dollar for the agency's opinion on the need for credit unions to be able to raise alternative sources of capital.

The inquiry comes as a massive inflow in savings has diminished net capital ratios to just 10.6%, from a high of 11.4% at year- end 2000 when a massive inflow of funds began flooding into credit unions.

The probe also comes as Dollar is seeking to introduce his own concept of a risk-based capital system for credit unions.

The letter was signed by Reps. Michael Oxley, R-Ohio, chairman of the committee, Barney Frank, D-Mass., ranking Democrat, and Brad Sherman, D-Calif., who has been carrying the ball on the issue for the California Credit Union League.

First Data Intro's E-Bill Payments Over NYCE

DENVER-First Data Corp. said Wednesday its E Commerce Group has introduced electronic bill payment capability over its NYCE electronic funds transfer network. The company's Speedpay technology will allow billers to acept ATM and debit card payments from customers using NYCE-branded debit cards.

The service will enable cardholders of participating financial institutions to pay electric, water, credit card or mortgage bills directly from their savings or checking accounts.

NAFCU Reports A Net For 2002

ARLINGTON, Va.-NAFCU said its after-tax net income declined in 2002, but the national trade group still reported a healthy gain of $691,427.

Increased costs in administration and overhead, specifically a $572,000 hike in employee pay and benefits, reduced the net from the previous year's $989,603.

NAFCU reported $9.8 million in revenues, up 7% for the year, and expenses of $9.1 million, up 11%. Revenues from membership dues rose 19% last year to $2.1 million.

System Guides Member's Choice

FORT COLLINS, Colo.-Norlarco Credit Union said it has contracted with Experion Systems, Maynard, Mass., to implement the company's Loan and Deposit Account Advisor products.

The Advisors will help staff of the $260-million credit union guide members through a comprehensive assessment process to determine the best products and services for each member.

The systems will be available for use over the Internet for Norlarco Credit Union members.

Robber Evades Security In Heist

DAYTON, Ohio-An unarmed man slipped past security to make his way inside Miami Valley Hospital where he robbed the Universal One Credit Union branch.

The robbery occurred around 7:30 am when an employee was opening the branch for business.

The suspect got away with a large sum of cash and managed to escape without security noticing him, hospital officials said.