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PSCU Financial prepaid card program grows in 08

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ST. PETERSBURG, Fla. (3/11/09)--PSCU Financial Services, a credit union service organization, says its prepaid card portfolio posted large gains in 2008, delivering more than 100 reloadable programs and closing the year with $12.2 million in assets. More than 120 credit unions offer the cards. The number of reloadable cards issued by its members last year increased 4.6 times, and initial load amounts were higher by a factor of five. Its members also bought 465,937 gift cards in 2008--a 74% increase over 2007. "With the recent rash of store closings and retailer bankruptcies, consumers are shying away from merchant gift cards," said Denise Stevens, director of prepaid card services for PSCU Financial Services. "In this environment, both gift and reloadable cards are proving popular not only for their flexibility but also as an ideal solution for students, travelers and the underbanked," said Stevens.

CMG Mortgage Insurance names co-general manager

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SAN FRANCISCO (3/11/09)--CMG Mortgage Insurance Co. (CMG MI) has named Joe Dillon senior vice president and co-general manager. He replaces Brian Shepherd, who left the company. Dillon comes to CMG MI from CUNA Mutual Group, where he served as a products executive for the company’s Credit Union Protection division, managing the financial aspects of the company’s Bond, Special Insurance Package (SIP), Collateral Products, and Property & Liability programs. Prior to joining CUNA Mutual, Dillon worked as an underwriting executive at two major insurance companies and as an insurance broker. CMG MI is a joint venture between PMI Mortgage Insurance Co., and CUNA Mutual Investment Corp., and employs two senior vice presidents/general managers according to the terms of a joint-operation agreement. Dillon will oversee marketing, sales, legal and product development. Mark Berkowitz continues to supervise insurance operations, including risk management, underwriting, customer service and loss mitigation.