LAS VEGAS - (06/26/06) The president and CEO of CUNAMutual Group said the company continues to make organizationalchanges to become more competitive and, at the same time, isfighting the critical issue of plastic card fraud.Jeff Post, who took over the helm of CMG in January 2005, onThursday told a group of reporters at the companys Discoveryconference here changes have not come easily. There are5,000 people in the organization. It is not a PT boat, it is abattleship. The good news is, once a battleship is going in theright direction, it is hard to slow it down. Post said CUNAMutual is not planning to drop insurance coverage for ATM, debitand credit cards, but he warned the entire plastic card space isunder attack by organized crime. Whats worse, he added,On the black market, credit union credit card numbers areworth dramatically more than bank credit cards, because wedont have controls in place. Plastic card fraudlosses by CMG-insured CUs in 2005 totaled $89 million, and are ontrack to reach $120 million in 06. Post said he will be onCapitol Hill next week to discuss the issue.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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