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CU System briefs (01/30/2012)
  • RANCHO CUCAMONGA, Calif. (1/31/12)--Three finalist have been named for the second annual CO-OP THINK Prize--a $10,000 grand prize presented by MasterCard--said CO-OP Financial Services. The prize aims to inspire innovative solutions to issues in the credit union industry. Finalists and their business plans are: Maricela Jauregui, branch manager, Mid Cities CU, Compton, Calif., for "QC Code for Account Access"; Jay Schwartz, vice president, sales and service delivery, Marriott Employees' CU, Bethesda, Md., for "Social Networking for Credit Union Members"; and Paul Yang, CEO, Premier Community CU, Stockton, Calif., for "P2P Payment Card for CO-OP Network Cardholders."  They were selected from 25 semi-finalists by judges with CO-OP Financial Services and the Filene Research Institute.  The winner will be announced May 1 at the THINK 12 Conference, held in Boca Raton, Fla., April 29-May 2. CO-OP Financial Services will work with the finalists to produce a video on their ideas, which will be available on the THINK website …
  • RALEIGH, N.C. (1/31/12)--Coastal FCU has launched a new VIP Program as an initiative aimed at paying qualified members a special dividend of $1.5 million. The Raleigh, N.C.-based, $2 billion asset credit union said it is giving back to members who actively participated in the cooperative during the past year.  The program rewards members who have their primary checking account at Coastal with special benefits and exclusive offers. Members qualified by performing 144 withdrawals from their Coastal checking accounts during 2011. Chuck Purvis, executive vice president and chief operating officer, noted the program is a unique program model "built solidly around our checking accounts and using Coastal as your primary financial institution." In the program, members could earn Loan Rebate Dividends and Deposit Bonus Dividends, which ranged from $100 to $500. Of the 47,000 members who earned VIP status this year, more than 6,000 received a dividend. Purvis said giving a small dividend to every member "lacked substance. Seven and eight dollar payouts might not get noticed, but even members who knew in advance that they were getting a payout were pleasantly surprised when they saw $200 or $300 in their account." One can become a VIP member with either two or more loan types or two or more deposit types …


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