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CU System briefs (11/08/2011)
  • FRESNO, Calif. (11/9/11)--Educational Employees CU, of Fresno, Calif., received the 2011 Beacon Award from the Richard Myles Johnson Foundation for its work in reaching more than 12,000 public and private school students, as well as at-risk youth and organizations such as Boys and Girls Club, with its "Wise Up!" program of financial education. The Richard Myles Johnson Foundation is the state foundation for credit unions in California and Nevada. Educational Employees CU was honored in the more-than $100-million-asset-size category.  "Wise Up!" is made up of two components. During classroom instruction, students develop a household budget based on a career they choose and net income they would receive. That is followed by an interactive section, during which students visit eight scenarios, including a credit union, utilities, and child care, to develop good money management skills. "Wise Up!" was launched in 2009. The Beacon Award is the foundation's highest honor, and recognizes "promising or exemplary financial education programs or projects that provide information to the broader credit union community and the general public." Other finalists this year were Boulder Dam CU (Nevada), Meriwest CU (San Jose, Calif.), and Redwood CU (Santa Rosa, Calif.). Pictured are, from left: Educational Employees CU Business Development Director Patty Martin, RMJ Foundation Board Chairman and Water and Power Community CU CEO Carl Stewart, and Educational Employees CU Senior Vice President of Marketing and Lending Mark Perez ...
  • NEW YORK (11/9/11)--A Malaysian man, who pleaded guilty in April to possessing hundreds of thousands of stolen credit and debit card numbers, was sentenced this week. Lin Mun Poo, 32, who also was indicted for allegedly hacking into the Federal Reserve's computers and accessing data from several entities, including credit unions and a credit union data processor, was sentenced by U.S. District Judge Dora L. Irizarry in Brooklyn, N.Y. to 10 years in prison. It was the maximum sentence he could receive. (Bloomberg Nov. 4) The U.S. Probation Office had recommended an eight-year sentence, but the judge said the longer sentence was intended to send a message to discourage others from engaging in such illegal activity. According to Assistant U.S. Attorney Cristina M. Posa, Poo was able to install a keystroke logger into a Federal Reserve Bank. She said Poo could have wreaked financial havoc through insider trading. The government had originally said Lin had stolen 400,000 card numbers but reduced that tally once it eliminated duplicates …


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