RANCHO CUCAMONGA, Calif. (4/22/10)--CO-OP Financial Services is calling on innovative thinkers in the credit union industry to share their one wish on how to change the movement. The winner will receive the $10,000 CO-OP THINK prize. “Credit unions are unique in their ability to collaborate and share ideas,” said Stan Hollen, President/CEO of CO-OP Financial Services. “We developed the CO-OP THINK PRIZE to leverage that collaborative ability and aggregate the impressive talent, resources and intellect within the credit union movement.” The award is intended to go beyond competitive issues and produce progressive thinking that all credit unions could apply to their own institution. Entrants will be judged by Filene Research Institute based on the idea’s impact, creativity, aggregation and persuasion. The top three entrants will present their ideas at next year’s THINK 2011 Conference and the winner will be selected by the audience. The finalists will receive an all-expenses paid trip to THINK 2011 to make their presentations. The winning entrant also will receive additional pledges of financial support and business services from THINK 2011 sponsors and Filene Research Institute. Credit unions or individuals can participate by applying online at www.co-opthink.org. CO-OP Financial Services is a credit union organization based in Rancho Cucamonga, Calif.
HERNDON, Va. (4/22/10)--Credit unions are among the top 50 receiving financial institutions of automated clearinghouse payments for 2009. The Electronic Payments Association (NACHA) released its list of top 50 origination and receiving financial institutions for the year. On the receiving side, State Employees CU, Raleigh, N.C.; The Golden 1 CU, Sacramento; America First CU, Ogden, Utah; and Navy FCU, Merrifield, Va., were among the institutions listed. Financial institutions in NACHA’s top 50 receiving institutions accounted for 8.53 billion transactions in 2009, consistent with 2008 numbers, NACHA said. In the top 50 data, NACHA includes all ACH-formatted transactions that financial institutions sent or received from an operation or directly to or form another financial institution. ACH payments include direct deposit, expense reimbursement, Social Security benefits, tax refunds, direct payment of consumer bills, payments made by Internet and phone, check conversion, business-to-business payments and federal tax withholdings.