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CU System Briefs (06/26/2013)
  • BURLINGTON, Vt. (6/26/13)--A federal grand jury in Burlington, Vt., earlier this month indicted the former CEO of Border Lodge CU for embezzlement. Debra Kinney was the only employee of the Derby Line, Vt., credit union, which was closed by the Vermont Department of Financial Regulation in November (Barre Montpelier Times Argus June 25).   The credit union was first chartered in 1963 ...
  • BEDFORD, PA. (6/26/13)--Pennsylvania credit union leaders gathered in Bedford, Pa., last week for the Pennsylvania Credit Union Association's two-day Big Ideas Conference. Theran Colwell, CUNA Mutual Group's director of strategy business development, opened the first-day program and spoke about the use of data and predictive modeling in providing products and services for members. Stan Moeckli, CEO, and Lisa Farnen, vice president, marketing, both of Electro Savings CU, St. Louis, Mo., discussed member engagement and retention strategies. James Giffin, vice president, sales and marketing, North Jersey FCU, Totowa, N.J., shared his insights on member-centric innovation. The day's session ended with a group activity, moderated by Brenda Walker, director, Pacul Services Marketing, on how to take a big idea concept to implementation. On the conference's second day, Ron Shevlin, senior analyst of Aite Group, talked about the future of retail banking, and how the new competitive dynamic will be credit union performance. Also, Chuck Purvis, CEO, Coastal FCU, Raleigh, N.C., discussed the culture of innovation and his credit union's use of video banking to improve member efficiency and service hours (Life is a Highway June 19 and June 20) ...
  • FARMINGTON HILLS, Mich. (6/26/13)--Community Choice CU, based in Farmington Hills, Mich., has launched a $1 million member rewards program that gives back to members who make the credit union their primary financial institution. GetBigReward$ provides monthly credits to Emerald and Gold Level members, which can be used to offset potential fees. Any remaining credits are refunded annually and can be used for savings or withdrawn. In the program's first month, members collectively received more than $86,000 in credits, said Robert Bava, president/CEO. Eligible members can earn monthly reward credits, plus receive an annual loan interest rebate. In addition to the $108 in annual credits, the program also offers up to 10% annual loan rebate on interest paid on qualified Community Choice loans. Community Choice said it expects that the credits and rebates will total more than $1 million annually ...
  • SAN FRANCISCO (6/26/13)--Great Basin FCU, a $125 million asset credit union based in  Reno, Nev., is establishing its Small Business Administration (SBA) and member business lending program. Great Basin chose J.R. Bruno & Associates, a San Francisco-based consultant to SBA and member business lenders, to work with it during the next two years. It will provide services including underwriting, loan packaging, portfolio management and staff training. So far, the credit union has several SBA and member business loans in the works ...


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