NAFCU Launches Interchange Counterattack
WASHINGTON-NAFCU reported it has launched a targeted, grassroots effort to "combat possible interchange legislation by Sen. Arlen Specter (D-PA). With retailers pushing the senator to introduce interchange fee legislation that would either lower these fees or otherwise make it harder for consumers to use their cards, NAFCU is asking affiliated CUs in Pennsylvania to contact Specter to give the credit union side of the story. "Merchants' efforts to cap interchange fees as a pro-consumer move is a veiled attempt to promote their own self-interest," NAFCU Director of Political Affairs Jennifer Wahlen said. "We must ensure that legislators hear the truth from credit unions on the true impact of interchange legislation."
For info: www.nafcu.org.
Summit, State Central Plan June Wedding
MADISON, Wis.-Summit Credit Union here and the $68-million Milwaukee-based State Central Credit Union plan to merge, effective in June. The $1.4-billion Summit CU will be the surviving charter and name.
NCUA Liquidates Mutual Diversified EFCU
ALEXANDRIA, Va.-NCUA has liquidated Mutual Diversified Employees FCU of Santa Ana, Calif., and arranged a purchase-and-assumption with the $8-billion SchoolsFirst FCU. MDEFCU had $6.1 million in assets and 748 members.
Bierecki Named To Development Council
WARSAW, Poland - Grzegorz Bierecki, World Council of Credit Unions' (WOCCU) second vice chair and president of the National Association of Cooperative Savings & Credit Unions (NACSCU), has been named to Poland's National Development Council, a newly established nonpartisan advisory body that offers input on social and economic issues to Polish President Lech Kaczynski.
FFIEC Updates Retail Payments Guidance
WASHINGTON-The Federal Financial Institutions Examination Council has issued updated guidance on the risks associated with retail payment systems. This Retail Payment Systems Booklet is an update to the 2004 version that provided guidance on the risks and risk-management practices applicable to financial institutions' retail payment systems activities, including checks, electronic payments related to credit cards and debit cards, and the automated clearing house (ACH). Appendices to this booklet include examination procedures and references to applicable laws, regulations, and guidance.
For info: ffiec.gov.
Fifth CU Team Summits Mt. Kilimanjaro
NAIROBI, Kenya-A team of 35 climbers from around the world summitted Africa's highest mountain, Mt. Kilimanjaro as part of the Kilmanjaro Initiative. It is the fifth annual ascent of the mountain by the Initiative, which was founded in 2006 by Tim Challen. Since then, the Kilimanjaro Initiative has brought more than 100 youth, athletes, musicians and representatives of the private and public sector to the summit, each year with a different theme. The goal of the 2010 climb is to highlight the key role of sport as a tool for development.
