NORTHRIDGE, Calif. (3/10/14)--Business Partners LLC, a member business lending credit union service organization (CUSO) has named Pamella C. Easley as president/CEO.
"Pam brings Business Partners decades of financial services experience, including a proven track record in rebuilding companies in the banking and credit union industries," said Chairman David E. Maus. "She has earned a reputation within the industry as an operational and enterprise risk management expert by successfully leading risk consulting practices for credit unions, and regional and large-scale banks.
Most recently, Easley was CEO of $550 million-asset American First CU, La Habra, Calif. She previously served as managing director and senior-executive level positions within the banking industry and has built and managed multi-billion dollar loan portfolios throughout her career.
ONTARIO, Calif. (3/7/14)--For the ninth consecutive year CU Direct, a provider of lending solutions to credit unions, will distribute a dividend to its shareholders. The credit union service organization's board of directors this week approved a 3% cash dividend for its 102 credit union shareholders.
"We continue to deliver innovative lending solutions that help credit unions improve member auto buying and lending experiences, and grow their loan portfolios," said Tony Boutelle, CU Direct president/CEO.
In 2013, CU Direct signed new agreements with more than 100 credit unions. At year's end, 1,072 credit unions serving 38 million members were using the CU Direct lending solutions.
CU Direct credit unions processed 723,000 loans through the company's CUDL lending platform, generating a company record $16.3 billion in credit union auto loans in 2013. The CUSO helped its credit unions increase loan growth 19% in 2013 to become the sixth-largest auto lender in the nation.
MONETT, Mo. (3/6/14)--Jack Henry & Associates Inc. (JHA), a provider of technology solutions and payment processing services primarily for the financial services industry, announced that it has completed the acquisition of Banno, a Cedar-Falls, Iowa-based company that provides mobile delivery of Web and transaction marketing services.
Banno serves more than 375 financial institution customers and offers three primary services: Grip, a white-label financial aggregation application that combines mobile banking, mobile PFM and mobile bill pay in one native app; a Web solution that offers the design and development of responsive websites; and a targeted online advertising platform.
JHA and Banno initially collaborated in July when JHA's ProfitStars division partnered with Banno to sell its Grip mobile application. ProfitStars white labeled the product as Andiamo among its non-core clients who had been seeking new mobile banking alternatives. Additional operational commonalities were identified--particularly in the areas of Web design and hosting--and Banno emerged as an obvious cultural fit for JHA, the companies said.
Banno gives Jack Henry a mobile banking platform that rivals Simple, the online banking platform owned by the Spanish bank BBVA, and a website design and hosting business that fits with Jack Henry's traditional products (
DES MOINES, Iowa (3/5/14)--Although fraud detection strategies are becoming sophisticated, consumers remain the best line of defense in fraud detection and prevention, according to a new white paper from The Members Group.
Even the most high-tech and human-analysis systems are improved when cardholders are actively engaged in the monitoring and detection of red flags on their accounts, according to the paper, "Empowering Cardholders to Help Prevent Card Fraud." Much of this is because today's consumer fraud tools rely on triggers set by the cardholders themselves. Although fraud detection strategies are becoming extremely granular with every new version of fraud-prevention software, a consumer remains the best at predicting his or her own purchase behavior.
Consumers are, therefore, most equipped to understand which types of transactions qualify as unusual for their accounts.
Educating consumers on fraud trends and tips for protecting themselves is one way credit unions can leverage the consumer's vantage point. Helping cardholders spot trouble before it affects them is incredibly valuable, not only for the individual, but also for the credit union.
The abundance of communication vehicles available to financial institutions today makes it easier to share a large amount of information quickly and broadly. When researching content for blogs, social channels, newsletters, emails, statement stuffers and more, consider fraud-focused tips and advice, the paper advised.
Putting fraud-prevention tools in the hands of consumers is another way financial institutions can empower cardholders. Fraud text alerts are among those tools assisting consumers and financial institutions in the identification of fraud and in the reduction of the unnecessary inconvenience generated by false positives.
Triggered by a financial institution's own unique fraud prevention strategies, fraud text alerts are customized to an individual credit union or community bank's existing program. If a particular transaction is flagged as risky, human-fraud analysts take a look at the transaction in the context of the account and the existing strategies, and if warranted, verify the transaction by texting the cardholder.
To read the entire white paper, use the link.
BISMARCK, N.D. (3/4/14)--In its first full year of operations, Midwest Business Solutions (MWBS), the Credit Union Association of the Dakotas' agricultural/commercial loan credit union service organization, reported total loan closings of more $40 million and outstanding balances of $20.3 million at the end of 2013.
"The core of our group is the equity members and subscribers that we have," said MWBS President Phil Love, adding, "We paid two of our equity partners more in one year than they invested into our CUSO."
"Another three credit unions earned at least a third of their original investment back in one year. In many ways, we offer one of the highest returns of any credit union investment," he said.
Credit union organizations that founded MWBS include:
- Aberdeen (S.D) FCU;
- Black Hills FCU, Rapid City, S.D.;
- Capital CU, Bismarck, N.D.;
- Credit Union Association of the Dakotas, Bismarck, N.D.;
- Highmark FCU, Rapid City, S.D.;
- Mutual First FCU, Omaha, Neb.;
- Town and Country CU, Minot, N.D.; and
- Western Cooperative CU, Williston, N.D.
Among the credit unions that have joined as equity subscribers are:
- Service First FCU, Sioux Falls, S.D.;
- First Community CU, Jamestown, N.D.;
- Dakota Plains FCU, Lemmon, S.D.;
- Citizens Community CU, Devils Lake, N.D.;
- Voyage FCU, Sioux Falls, S.D.; and
- North Star Community CU, Maddock, N.D.
Subscribers receive discounts on our services and also have a priority position for loan participation purchases.
RANCHO CUCAMONGA, Calif. (3/3/14)--CO-OP Financial Services welcomed a recent agreement for debit EMV security standards between Visa Inc. and First Data STAR Network, a major electronic funds transfer system.
The credit union-owned ATM network operator said Friday that a number of its clients are in the STAR Network, and that it is also seeking to implement similar protective technologies like the one Visa and First Data hope to spread through their agreement.
"Like STAR, CO-OP is among the leading PIN debit networks in the Debit Network Alliance working to provide a structure for the common deployment and implementation of the debit EMV standard," the company said in a press release.
Last week, Visa and First Data announced they would work together to offer issuers, acquirers and merchants a new system based on cards with integrated circuits called EMV chips. The chips generate one-time codes for each transaction, making card-counterfeiting more difficult.
The two companies said in a press release that the agreement "will help to enable the development of regulation-compliant debit EMV solutions using a common Application Identifier (AID)."
OAK BROOK, Ill., and MONETT, Mo. (2/28/14)--Core-processing provider Symitar is partnering with Adapt Telephony Services for unified contact center services.
The terms of the deal will see Symitar market on behalf of Adapt, which has, in return, agreed to integrate member information of Symitar's clientele and focus on how those credit unions choose to communicate.
The pair hopes that this collaboration can "capitalize on the trend to offer advanced communication tools and choices to enhance the member service experience," according to a press release.
Adapt and Symitar have common credit union clients in North America. As a credit union-focused subsidiary of Jack Henry and Associates, Symitar has more than 830 credit union clients for its core processing platforms. Almost 100 credit unions in the U.S. use Adapt's software suite that manages telephone calls and text messages, faxes, email, chat clients, video, social media and other forms of online communication.