Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

Products Archive

Products

PCUA launches Business Services Professional Group

 Permanent link
HARRISBURG, Pa. (2/8/08)--The Pennsylvania Credit Union Association (PCUA) announced that it has created a professional group dedicated to credit union employees serving the member business market. The Business Services Professionals Group will provide networking, learning and information sharing opportunities for professionals in member business services. The first meeting, “Member Business Lending Participation Basics,” will be held March 27. “Serving the business services market carries greater potential risk than typical consumer services,” said Rick Wargo, association executive vice president and general counsel. “The association wants to assist business services professionals in developing their skills and sharing information from their peers to minimize that risk.” Membership is free and open to business services professionals from any league-member credit union in the Mid-Atlantic region. Molly Snody, association director of business advisory services, will serve as group administrator. “Networking within the group can provide a low-cost way for small and mid-size credit unions providing business services to obtain training and knowledge they may not be able to obtain elsewhere,” she said. “It also can provide an avenue for those ex-bankers to better connect with their peers and make an easier transition into the credit union culture.”

Diebold to lay off 800 workers

 Permanent link
NORTH CANTON, Ohio (2/8/08)--Diebold plans to reduce its global workforce by 800 full-time positions in an effort to reduce the company’s costs by $100 million. Most reductions will occur in North America, Brazil and Western Europe. “While these are difficult, challenging decisions, I believe they are necessary given the environment we are facing,” said Thomas W. Swidarski, Diebold president/CEO. Diebold earned $2.9 billion in revised revenue for 2007, an increase of 1% from the previous year. “While I am disappointed with our overall revenue growth in 2007, we faced significant challenges in all of our businesses,” Swidarski said. “The significant deterioration in the election systems market in 2007, the postponement of expected Brazilian lottery revenue and accelerated weakness in traditional bank-branch construction in the U.S. have negatively affected our expected year-over-year revenue growth.” The company estimated that discontinuing its bill-and-hold revenue recognition accounting method will result in a net revenue increase for 2007 and 2006 of $31 million and $27 million, respectively. Diebold expects that financial self-service and security revenue growth in the U.S. market between flat and a decrease of 5% in 2008, with revenue growth in the large, national banks being more offset by anticipated weakness in the regional bank market, Swidarski said.

EasCorp FSCC provide overseas deposit service

 Permanent link
BURLINGTON, Mass., and SAN DIMAS, Calif. (2/8/08)--Credit union members can make deposits overseas through a partnership between Financial Service Centers Cooperative (FSCC) and Eastern Corporate FCU (EasCorp). “EasCorp’s relationship with FSCC allows us to receive member credit unions’ checks stateside electronically, via an image cash letter,” said Alan Bernstein, EasCorp senior vice president. The service is expected to reduce processing costs because “credit unions are able to collect checks more quickly than before, experience better funds availability and receive faster notification of returns,” Bernstein said. Service CU, Portsmouth, N.H., already is accepting deposits from servicemen and servicewomen in Ramstein, Germany. The credit union tested the remote capture service last November and went live just before year’s end. Deposits and payments by check represent about 80% of the dollar volume processed through FSCC network kiosks, said Bonnie Kramer, FSCC executive vice president and chief operating officer. EasCorp and FSCC’s joint program became available to credit unions stateside in 2005.