Posted August 16th, 2013 No Comments
Guard Member HELOCs From Bogus Funds Transfers

After dodging authorities for over four years, the notorious architect of a massive bank fraud scheme pleaded guilty on June 21 and faces a possible life sentence, according to the U.S. Attorney’s office in Eastern Virginia District (2013). Credit unions, in particular, should pay attention to how the scheme worked.

Tobechi Eyinna Onwuhara, a native Nigerian who based his operation in Texas, was charged with conspiring to illegally transfer about $38 million from victims’ accounts. He and his network of conspirators succeeded in causing about $13 million in losses before he went into hiding.

In a 2011 profile of Onwuhara on CNN Money.com, some of his former associates explained that his favorite source of funds was credit union home equity lines of credit (HELOCs) because they were “soft targets.” Why? Because this scheme—even with all of its technical wizardry—often relied on a financial institution employee’s willingness to help a customer who calls to ask for help with a “problem.” In other words, they targeted credit unions because of their weak controls. {Read The Full Article}

Posted August 16th, 2013 No Comments
CO-OP Financial Services Kicks Off Consumer Rebranding

Beginning August 13, CO-OP and credit unions began displaying the new CO-OP Shared Branch brand. To assist with the transition CO-OP Financial Services distributed launch kits to participating credit unions containing access to new signage, including logos and graphic; new web/digital program assets, advertisements, and locator details.

CU Service Centers and its swirl logo will be replaced by CO-OP Shared Branch signage.  In addition, CO-OP Network will receive a slight revision, rebranded as CO-OP ATM, so that consumers can quickly identify the service they need within the uniform brand. {Read The Full Article}

Posted August 16th, 2013 No Comments
Is AAA Stealing Your Members?

AAA has over 50 million members, so it is likely that a large percentage of your members have AAA.  But is AAA getting into your credit union’s pocket one member at a time?  AAA starts with road side assistance and then its VISA credit cards, FDIC insured deposits, insurance and then auto loans.  AAA is a great marketer and with one product at a time, they can eat away at your membership…unless you can keep your members under YOUR local credit union umbrella.

Now, you can fight back and reclaim your members with your own credit union-branded car care and roadside assistance program from Credit Union Auto Club.  Credit Union Auto Club is the newest Invest in America program created exclusively for credit union members to help them save on a wide range of roadside assistance services and other travel benefits. {Read The Full Article}

Posted August 16th, 2013 No Comments
CUNA: New no-cost payment systems webinar series

With payments, the adage has never been truer that “the nice thing about standards is that we have so many of them.”

With dozens of new payment technologies emerging, it’s impossible to predict which ones will take hold across the industry. But, even if we don’t know the final answer, there are things your credit union can do to be prepared.

In a series of free monthly webinars, presented by CUNA, in conjunction with the CUNA Technology Council/CUNA Councils, we will invite a speaker from the payments industry to present their spin on payments. {Read The Full Article}

Posted August 16th, 2013 No Comments
Human Resource Webinars

The Invest in America,  CU Solutions Group works with credit unions nationwide on a number of Human Resource products.  They are running webinars on these products throughout the month of August.

PerformancePro- an affordable and fully customizable online performance management system designed by HR experts to eliminate the hassles associated with the performance evaluation process. It provides an effective, flexible and user-friendly solution to achieve individual group and organizational performance objectives. {Read The Full Article}

Posted August 16th, 2013 No Comments
CFPB Releases Initial Overdraft Study Results

After months of speculation regarding regulatory oversight of consumer financial products, the Consumer Financial Protection Bureau (CFPB) released the initial results of its 2012 inquiry into overdraft programs in June 2013. Based on information received from banks in its initial study survey, along with feedback from the public, the CFPB announced that it will continue to study the issue before addressing any policy changes.

And while CFPB Director Richard Cordray affirmed that overdrafts can provide consumers with needed access to funds, he expressed concern about program policies and procedures that can be “highly complex and difficult for consumers to understand, yet greatly affect whether and how often an account holder will incur overdraft fees.” {Read The Full Article}

Posted August 16th, 2013 No Comments
More excitement at LSC! Our new LSC website is live!

lsc

More excitement at LSC as we announce that our new and improved LSC website is fully operational and at your disposal. Please visit us at www.lsc.net to see why we are excited.

Many of our League Business Partners have direct links on their websites to Business Partner Sites. We ask that you update your site with our new URL. If you don’t have a link and or don’t have us on your website, we would be more than happy to help you with making that possible.  We can also provide you with our new Logo; just let us know what format you prefer. {Read The Full Article}

Posted August 16th, 2013 No Comments
Rate Map

RateMap Logo w taglines
Don’t forget to check out a new resource available through our website for all members: RateMap. In collaboration with League InfoSight and RateWatch, this unique mapping tool provides access to key interest rates for a selection of the most commonly offered deposit and loan rates at credit unions and banks in your backyard and across the country.

With access to RateWatch’s national database of more than 90,000 branches for deposit data and more than 40,000 branches for loan data, competitive analysis is now only a click away. Research by address, city and state or zip code and narrow your search results by filtering by institution type, product type, and rate. {Read The Full Article}