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CU System Archive

CU System

Beware of bogus IRS phishing scam

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MADISON, Wis. (3/3/09)--A bogus e-mail that appears to be from the Internal Revenue Service (IRS) is making the rounds. It tells recipients they are about to be audited or are due a big refund. The Delaware Credit Union League is alerting its member credit unions about the scam. The e-mail uses the IRS logo at the top, but the message is phony (MSNBC.com via Delaware Credit Union League Risk Alert March 2). The scammers want consumers to click on a link in the e-mail that takes the recipient to the scammers’ website--which looks identical to the IRS site. The bogus site contains a form that asks for Social Security number, birth date, mother’s maiden name, credit card information and an ATM card personal identification number. With this information, scammers could charge items to consumers’ credit cards and drain their bank and credit union accounts. The Social Security numbers could be used to access medical records and financial accounts, and even assume the consumer’s identity. The IRS will never send taxpayers an e-mail if it has to do with their account or private information. An unsolicited e-mail that purports to be from the IRS is bogus. Don’t click on links or open attachments. Delete the e-mail.

DFCU Financial CapCom CU merger finalized

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DEARBORN, Mich. (3/3/09)--Members of DFCU Financial voted to approve the merger of CapCom CU into DFCU Financial. Of the nearly 40,000 votes cast, 91% voted in favor of the merger. “The vote turnout exceeded our expectations,” said Mark Shobe, president/CEO of DFCU Financial. “This merger will afford us the geographic diversity needed while Southeastern Michigan recovers economically.” “We’re excited to proceed with integration so that CapCom members can begin enjoying our benefits of membership,” said Renee DeMarco, regional president of DFCU Financial and past president/CEO of CapCom. “Immediately, we have increased the interest rates on some of our savings products.” The new DFCU Financial now serves more than 200,000 members with 21 full-service branches--12 in the Detroit area, five in Grand Rapids, three in Lansing and one in Greenville. With about 500 employees, Dearborn, Mich.-based DFCU Financial has $2.4 billion in assets and remains the largest credit union in Michigan and one of the largest in the nation. CapCom, based in Lansing, has $203.2 million in assets.

Wisconsin regulator takes over Prime Financial CU

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CUDAHY, Wis. (3/3/09)--The Wisconsin Office of Credit Unions took control of Prime Financial CU of Cudahy, Wis., on Friday, and appointed Christine Dawe as an agent to conduct the business of the credit union. A new management structure will be put in place, but the credit union’s daily operations should remain the same, the Wisconsin Department of Financial Institutions (DFI) said in a press release. Members of Prime should not experience any interruption of service at any location served by the credit union. Member accounts remain federally insured by the National Credit Union Share Insurance Fund up to at least $250,000. Regulators have removed Prime Financial’s CEO, Richard Koenig, and the credit union’s board of directors, said Suzanne Cowan, director of the Wisconsin Office of Credit Unions. Dawe, a consultant with expertise in helping troubled credit unions, is currently leading the credit union, Cowan said (Milwaukee Journal-Sentinel Feb. 28). An investigation concerning the management of Prime Financial is being conducted, but members' deposits are safe, Catherine Haberland, executive assistant for the Wisconsin DFI, told the newspaper. Although the credit union lost nearly $8 million in 2008, it is solvent and conducting business as usual while under the purview of the state regulator, Haberland added. Prime Financial CU is a state-chartered, federally insured credit union chartered in 1923. It was the first credit union chartered in Wisconsin. It is a full-service, $190 million credit union with more than 37,500 members.

PCUA announces lifetime achievement award winners

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HARRISURG, Pa. (3/3/09)--The Pennsylvania Credit Union Association (PCUA) announced the winners of its 2009 Lifetime Achievement Awards. Barb Fortney, retired CEO of LANCO FCU, Lancaster, was named the 2009 William W. Pratt Professional of the Year (Life is a Highway March 2). Herb Yost, board chair of Diamond CU, Pottstown, was named the 2009 Joseph A. Moore Volunteer of the Year. Fortney retired in January after 25 years as CEO of LANCO FCU. She holds the Credit Union Development Educator designation, was active in the Lan-Chester Chapter of Credit Unions, and helped form the Lancaster Consortium for Hispanic Financial Literacy. Under her leadership, the credit union grew from $2.5 million in assets to more than $46 million, and expanded to four locations under a community charter, which includes all of Lancaster County. The credit union serves more than 10,000 members. Yost, who recently announced his retirement from the board, has dedicated 26 years of volunteer service to Diamond CU, including the past 16 years as chairman. His leadership has influenced the growth of the credit union from $10 million to more than $348 million in assets. It serves nearly 38,000 members. The awards will be presented during the gala banquet of PCUA’s 75th Annual Convention, May 16 in Hershey.

Council keynoter to address championship biz coaching

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MADISON, Wis. (3/3/09)--Mark Adams, former college basketball coach and ESPN analyst, will provide his advice on how to become a champion business coach during the 15th Annual CUNA HR/TD Council Summit, April 6-9, in Las Vegas. During “Playing to Your Strengths! Real Championship Coaching,” Adams will share how he identified his strengths, and the strengths of his co-workers and players, to drive results. A member of the coaching staff at colleges including Washington State University, Idaho State University, and Central Connecticut State University, Adams will discuss the lessons learned from his experiences to help attendees learn to play to their strengths. Breakout sessions will be divided into three learning tracks:
* Human Resources (HR) Track--mediation, employment branding, finance for HR professionals, new Family and Medical Leave Act regulations and compensation issues; * Training--career development strategies, coaching, leadership, strategic level training and networking; and * Executive Series--situational and transformational leadership, innovative technology, mergers, succession planning, and a legislative update.
The executive series is free, but is limited to the first 40 participants who register. For more information, use the link.