CO-OP My Deposit Mobile To Debut
RANCHO CUCAMONGA, Calif.-CO-OP Financial Services will introduce in the first quarter of 2011 "CO-OP My Deposit Mobile," allowing members to "snap and deposit" checks from anywhere using their mobile phones. The solution was developed in partnership with mFoundry. CUs already employing CO-OP's Next Generation Network will not require any significant changes required to their host processing systems.
First Tech Among Several Mergers OK'd
BEAVERTON, Ore.-Members have approved the merger of the $2.3-billion First Tech CU with the $2.4-billion Addison Avenue FCU, the biggest credit union merger ever. The new credit union will maintain the name of First Tech FCU, which serves Microsoft, Cisco Systems and hundreds of technology companies in the Northwest and will operate 38 branches in eight states. Benson Porter, head of Addison Avenue FCU, will be CEO of the new institution upon the retirement of First Tech's longtime CEO, Tom Sargent.
In Saginaw, Mich., Consumers Choice CU here is merging into United Financial CU to create a credit union with $150 million in assets and 20,000 members. David Cibulka will continue as President/CEO of UFCU, while CCCU President Jeanne O'Connor will retire in January 2011.
In Freeport, Ill., First Northern CU has absorbed via merger 1st North West FCU.
Year-End Bonuses Being Announced
BATTLE CREEK, Mich.-Three CUs last week announced year-end rebates to members. OMNI Community CU here said it will pay its third consecutive Cash-Back Rebate, with payments based on the member's total relationship. Since 2008, OMNI has given back $2.2 million. In Collinsville, Ill., meanwhile, Scott Credit Union has declared a bonus dividend and loan interest rebate of more than $600,000 via a 2% APY bonus on deposits and a rebate of 2% of the interest paid in 2010 on any loan or credit card. In Baltimore, MECU rebated 5.85% of interest paid on loans between June 25 and Nov. 30. It expects to announce a bonus dividend on Dec. 31.
HR Council Accepting Entries
MADISON, Wis.-Entries are now being accepted for the 2011 HR/TD Excellence Awards, sponsored by the CUNA HR, Training & Development (HR/TD) Council. Recognition will be given in three major categories: Award for Employee Engagement; Award for HR/TD Management Practices, and Award for HR/TD Strategic Leadership. All entries for these awards must be received by 5:00 p.m. (CST) Jan. 14, 2011. Winners will be notified by March 1, 2011.
For info: www.cunahrtdcouncil.org.
Louviers OK'd For SBA Loans
NEWARK, Del.-Louviers FCU here has been approved as an SBA Lender by the U.S. Small Business Administration. The $200-million CU serves 11,000 members.
CUNA Mutual Wins INNovation
MADISON, Wis.-CUNA Mutual Group received first place in the Insurance Networking News 2010 INNovators Awards. CUNA Mutual received first place in the Customer Experience category for its major redevelopment to loanliner.com, within its Consumer Lending Platform.
For info: www.cunamutual.com.
Nine Iowa CUs Awarded Grants
DES MOINES, Iowa-The Iowa Credit Union Foundation (ICUF) awarded grants of $2,500 each to nine CUs to further advance their financial education efforts. Receiving grants were: Alliant CU, Ascentra CU, Community 1st, Financial Plus CU, Greater Iowa CU, Midwest Utilities CU, Town and Country CU, Veridian CU, and Village CU.
Walls Honored At CU House
WASHINGTON-Former Delaware League president Robert S. Walls was installed into the Hall of Leaders at Credit Union House here before a contingent of Delaware CU supporters and family members. Created in 2008, the Hall of Leaders permanently recognizes CU leaders who have made a significant impact on the movement on the local, state, and national level. Walls was the president of the Delaware League from 1992 until 2005.
$30 To Help The Rural Poor
MADISON, Wis.-The World Council of Credit Unions (WOCCU) is encouraging gifts of $30 to its foundation which will be used to purchase cell phones or the rural poor in other parts of the country where WOCCU and credit unions have mobile banking programs in place. "It will allow credit unions to serve the working poor they could never afford to reach-people who could improve their lives by starting a small business, saving for their children's school fees or putting a decent roof on their home," WOCCU said.
For info: www.woccu.org/holiday2010.
Australian Plan Makes CUs '5th Pillar'
CANBERRA, Australia-Australia's Treasury Dept. has proposed a so-called "fifth pillar" of banking in the country that would leverage the CU and building society industries to help lower mortgage lending rates. The move is in response to significant mortgage rate increases by the four big banks that dominate the market. Under the plan, the government would inject funds into the securitization market to allow CUs and building societies to raise funds at a similar cost to that of banks. The country's postal service, which also acts as a financial institution, would expand its branch network by including the country's 112 CUs and building societies.