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April 18, 2014

Ky. latest state to enact data breach protection

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As CUNA continues to work on data security issues at the federal level, states are making progress with laws to protect and inform consumers about data security. ReadMore

Mercer: Ohio CUs need to be tougher to sell a powerful idea

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While Ohio credit unions are doing an "amazing" job in serving their memberships, they must market better to sell their "beautiful, powerful idea," Ohio Credit Union League President Paul Mercer told the annual Invest 48 audience last week. ReadMore

Low-income CU financially empowers N.Y. neighborhood

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The credit cycle, especially for the impoverished, can pull people and their finances down into what seems like an inescapable abyss. ReadMore

Mass. commissioner urges comment on RBC proposal

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Massachusetts Banking Commissioner David Cotney advised the state's credit unions to comment on new regulations, including the National Credit Union Administration's risk-based net worth proposal. ReadMore

Weokie CU battens down hatches with new storm shelters

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An Oklahoma-based credit union hasn't only promised to keep its members' money safe, it's also pledged to keep the members themselves safe as well. ReadMore

KCUA notes 2013 success at 79th annual meeting

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The Kansas Credit Union Association celebrated inspiration, creativity and innovation at its 79th annual meeting and convention last weekend in Wichita. ReadMore

CU System briefs (04/18/2014)

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SEATAC, Wash. (4/18/14)--Financial institutions should seek legal advice, assess their staffing capability and anti-money-laundering expertise, consider the practicalities of handling more cash than usual, and think about the possible reputational risks involved before deciding to provide banking services to marijuana businesses, Scott Jarvis, director of Washington's Department of Financial Institutions, and Linda Jekel, DFI's director of credit unions, said at the Northwest Credit Union Association's (NWCUA) Leadership Symposium in Portland, Ore., the NWCUA reported on its blog. Guidance issued earlier this year by the Financial Crimes Enforcement Network (FinCEN) does not change federal law, Jarvis and Jekel said. But "there is a difference between a law and a decision whether to enforce it," they said. The DFI noted that its position on basic banking services for Liquor Control Board-licensed marijuana producers, processors and retailers is a public safety priority to prevent large amounts of cash being subject to armed robbery and money laundering for racketeering purposes ...   HARRISBURG, Pa. (4/18/14)--The Pennsylvania Credit Union Association has agreed to be a supporter of the 2014 Reinventing Older Communities Conference: Bridging Growth and Opportunity, presented by the Federal Reserve Bank of Philadelphia (Life is a Highway April 17). The national conference will be held May 12-14 at the Loews Philadelphia Hotel. More than 450 professionals from financial institutions and community development programs will attend. Credit unions can attend sessions such as "Oh, How the Housing Market Has Changed;" "Entrepreneurs Reinventing Cities;" "Innovations to Promote Financial Inclusion;" New Partners, New Roles;" "Innovations in Funding and Financing" and "New Lending Opportunities in the Changed Mortgage Market." Speakers include representatives of the Federal Reserve, Harvard University, the Annie E. Casey Foundation, Brookings Institution, Ford Foundation and Moven  ...   ALBANY, N.Y. (4/18/14)--State Sen. Terry Gipson (D-Rhinebeck) met with members of the Credit Union Association of New York's Catskill-Hudson Chapter Tuesday. The group discussed prize-linked savings accounts, the importance of strong state credit union charters, municipal deposits and the significant role of community development financial institutions (The Point April 17). Gipson encouraged attendees to continue to advocate on behalf of New York's credit unions as the league readies for its upcoming state Governmental Affairs Conference. "The senator expressed his strong support for credit unions and indicated that he would support many of these bills when they are brought before the Senate," said Rick Mantey, chapter president and president/CEO of Ulster FCU, Kingston, with $104 million in assets. From left, Lisa Morris, director of marketing, Hudson Valley FCU, Poughkeepsie, with $3.6 billion in assets; Ron Flaherty, president/CEO, TEG FCU, Poughkeepsie, with $200 million in assets; Mantey; Gipson; Michelle McCourt, president/CEO, Bridgeway FCU, Poughkeepsie, with $74 million in assets; Mike Ciriello, president/CEO, Hudson Heritage FCU, Middletown, with $301 million in assets; and Kathy Ferrusi, senior community relations coordinator, Hudson Valley FCU. (Credit Union Association of New York photo) ...   JACKSON, Miss. (4/18/14)--Mississippi FCU, a $94 million-asset credit union in Jackson, announced its replacement for outgoing president Marilyn Hobson (CU Connection April 16). Hobson will retire this summer after 20 years at the credit union. Mike Lightsey, who has been a credit union member for nearly 30 years, was appointed by the board to be the new president. Lightsey has been on the board for 13 years, including three stints as board chairman. He recently retired as chief financial officer from the University of Mississippi Medical Center, Jackson ...

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