Events

SAN FRANCISCO - Under growing pressure for increasing fees paid on gas transactions, Visa Inc. said it is restructuring consumer interchange for transactions at automated fuel dispensers and service stations, effectively lowering interchange rates.

KENMORE, N.Y. - The former chief financial officer for Buffalo Fire Department FCU pleaded guilty to stealing $132,000 from the CU.

Tuscaloosa Credit Union, Ala., named Mike Ivey senior mortgage lender.

HARRISBURG, Penn. - Pennsylvania Gov. Ed Rendell signed legislation allowing the state to sell 47 acres of land in Susquehanna Township to Pennsylvania State Employees CU for a new home. The sale price for the land, near the former Harrisburg State Hospital, is $3.05 million. Preliminary plans called for construction of up to three building and 1,600 parking spaces.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com

CHEYENNE, Wyo. - A 19-year-old hacker suspected of infecting thousands of personal computers with malicious software that enabled him to tap into hundreds of credit union and bank accounts pleaded guilty to fraud under a plea deal. The case is believed to be the first in the U.S. in which a person was prosecuted for using peer-to-peer software to deliver so-called “malware.” The malware embedded itself in users’ Windows OS. Prosecutors said Jason Milmont embedded the software, dubbed the “Naguache Worm,” in peer-to-peer software he made available over the Internet.

CAMDEN, N.J. - A former assistant vice president of loss prevention for South Jersey FCU pleaded guilty to her scheme to defraud the credit union of up to $400,000. Nora Phelps, 48, admitted that since at least 2005 she devised and implemented fraudulent methods to transfer CU funds from delinquent loan accounts into accounts she controlled. One of these methods consisted of diverting money collected by check or cash primarily from members making payments on charged-off loans by depositing the funds into the accounts of some of Phelps’ family members, instead of posting the funds to the appropriate members' loan accounts. Phelps also deposited funds from the CU's general ledger account into family accounts, and then transferred the funds.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com

Miriam Neal, VP-information systems for South Western FCU, La Habra, Calif., was quoted in a piece in The Wall Street Journal on risks from smart phones to financial institutions. Such phones allow members to conduct mobile financial transactions, but also run the risk of being infected by malware that allows hackers to review histories and text messages. Neal told the Journal SWFCU is committed to protecting member data, and was quoted saying, “We need to protect the privacy of our members.”

SILVER SPRING, Md. - While many Americans are currently struggling with their finances, a new study suggests Latinos are having significantly higher problems paying bills right now.

HOLLYWOOD, Fla. - Why should a consumer want to do business with your credit union?

ORLANDO, Fla. - Credit unions are looking to trim expenses to help get them through tough economic times, which is why one expert recently shared 50 tips for doing just that.

DALLAS - A former cabinet member in Mexico’s government told credit unions the opportunities for expanding to serve the Hispanic market have never been better than they are now.

MECHANICSBURG, Penn. - Some 137 veterans of World War II along with students from Mechanicsburg Middle School here visited the WWII Memorial and the Tomb of the Unknowns in Washington, thanks to sponsorship help from AmeriChoice Credit Union. The tour was part of the Honor Bus, an expansion of the Honor Flights Network. The event included a presentation from Rep. Todd Platts and former Kansas senator and World War II veteran Bob Dole.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com

LINDEN, N.J. - As convenience becomes more important to members – especially as credit unions reach out to generations X and Y–digital signature will play a larger role in CU business, predicts one document presentment expert.

BOULDER, Colo. - One credit union here has turned to a Harley-Davidson loan to extend its lending portfolio and obtain secure collateral.

ARLINGTON, Va. - NASCUS President and CEO Mary Martha Fortney was recently elected as President of the Women in Housing and Finance (WHF) Board of Directors. She also recently introduced U.S. Treasury Secretary Henry Paulson, who gave remarks at the WHF Annual Meeting. Below, Fortney talks about the group, her plans and how credit unions could be involved.

PEWAUKEE, Wis. - Wisconsin credit unions are offering special loan terms or reducing or waiving fees on financial services to help people recover in the wake of widespread flooding. While no credit unions have reported flood damage, it is expected thousands of members have been affected.

FOREST GROVE, Ore. - The increasing costs of business has been a driver of mergers; during an economic downturn, organizations are typically more conservative in hiring. That has been the case with banks, but not credit unions.

MADISON, Wis. - If you were to ask a CEO of a bank or credit union experiencing a merger for the most challenging part of the process, invariably the answer would be the human dimension.

WASHINGTON - In the 1970s there were nearly 24,000 credit unions in the United States. Today, that number has dropped to a little over 8,300.