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CardWizard instantly reissues breached cards

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ENGLEWOOD, Colo. (2/16/09)--Dynamic Card Solutions’ (DCS) CardWizard software is instantly reissuing debit cards to credit union members whose accounts were comprised by the Heartland Payment Systems breach. United Heritage CU, Austin, Texas, is using CardWizard to reissue the compromised cards. Members had the option of receiving cards instantly in-person at the branch, or waiting seven to 10 days for delivery in the mail. Of the 948 cards United Heritage re-issued, 60% were instantly reissued with CardWizard. “Instant issuance has given us the ability to ease many of our members’ concerns by securely reissuing them a replacement card right away, cutting back on the disruption to daily lifestyles many of these cardholders could otherwise experience,” said Michael Ver Schuur, United Heritage executive vice president and chief financial officer. Credit unions using instant issuance eliminate the time it takes for cardholders to receive replacement cards and reduce costs, DCS said. United Heritage has $590 million in assets.

CMG MI offers CD-ROM on mortgage-lending value

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SAN FRANCISCO (2/16/09)--CMG Mortgage Insurance Co. (CMG MI) has released a new CD-ROM focusing on the value that mortgage lending gives credit unions. The CD-ROM, “Increase your Credit Union’s PFI Opportunities with Mortgage Lending,” was created by Mortgage Insight Panel, an advisory group of credit union executives sponsored by CMG MI. It focuses on ways to support credit unions seeking to provide mortgage lending services to members. The CD-ROM explains the value of mortgage lending to credit unions and credit union organizations that currently do not offer these products to members,” said Brian Shepherd, CMG MI senior vice president and general manager. “Mortgage lending is an important service for credit union members, especially now that it’s much harder to get a mortgage loan from a bank or other financial institution. CMG MI believes mortgage lending can be key to strengthening member loyalty over a lifetime,” he said. Glen Ogden, vice president of mortgage lending at Community First CU in Appleton, Wis., initially proposed the project to the panel and CMG MI. “Positioned with the right partner, even the smallest credit union can take advantage of the current market conditions and build member satisfaction and loyalty by offering mortgage services,” he said. CMG Mortgage Insurance Co. (CMG MI), a joint venture between CUNA Mutual Investment Corp. and PMI Mortgage Insurance Co., provides private mortgage guaranty insurance to protect credit unions against potential losses in the event of borrower default. Credit unions can request a free copy of the CD-ROM by emailing mortgagevalue@cmgmi.com.