DES MOINES, Iowa (10/27/09)--Coopera Consulting and The Members Group (TMG) have partnered to provide Affinity CU of Des Moines, Iowa, with prepaid reloadable cards to serve the Hispanic market. The reloadable card program (ATIRAreload) will help Hispanics access cash and build a credit history, the companies said in a release. TMG plans to work with Coopera to launch an outreach program for the pilot, which will include grassroots marketing, financial education and community development efforts. TMG and Coopera also will create a culturally relevant prepaid reloadable card website, Spanish marketing materials and disclosures, and a Spanish text balance feature for card users. TMG recently introduced a new short message service to ATIRAreload so cardholders can elect to receive a text message alert for low balances, value load or purchase transactions. They also can send a text to TMG to check account balances. Affinity partnered with Coopera earlier this year for a Hispanic outreach initiative. Coopera specializes in helping credit unions grow by serving Hispanics. Both Coopera and TMG are affiliates of the Iowa Credit Union League. Affinity also was awarded $40,000 through an innovation grant from the National Credit Union Foundation to launch the pilot program with Coopera and TMG. Affinity CU has $61 million in assets.
MIDWAY, Utah, and GRAND RAPIDS, Mich. (10/27/09)--Credit unions need to exercise care when relying on electronic images of mortgage loan documents, according to eDoc Innovations, a credit union service organization. eDOC advises credit unions to retain note and disclosures, titles and stock certificates. Supplemental documents--like appraisals--can be destroyed. Last week, the Washington State Department of Financial Institutions issued a bulletin reminding credit unions that electronic documents may not resolve all legal issues in litigation. Judges nationwide have declined to grant foreclosure proceedings unless parties involved could produce original loan documents. Many credit unions have begun retaining electronic images of their documents instead of paper copies, which is consistent with some state and federal laws. The Electronic Signatures in Global and National Commerce Act of 2000 provides that a signature, contract or other record may not be denied legal effect because it was signed electronically.