Elevations CU Granted Broad FOM Expansion
BOULDER, Colo.—The Colorado Division of Financial Services has given Boulder CU the green light to broaden its field of membership to include Denver, Jefferson and Weld Counties, which together have a population of more than 1.4 million people.
“This is a significant decision,” Elevations board chair Katie Larson said in a statement. “We are very grateful for the support we have received from the Division. As Elevations continues to grow and serve members in an ever-broadening footprint, we need to make sure the barriers to credit union eligibility are removed.”
All residents who live, work or worship in those counties are eligible to join the $1.5 billion credit union effective immediately. The CU already has branches serving Boulder, Larimer and Broomfield Counties, along with a branch in Westminster that serves Adams County.
CO-OP Sets Record With 3 Billion Transactions Processed
RANCHO CUCAMONGA, Calif. CO-OP Financial Services processed more than 3 billion electronic funds transfer (EFT) and shared branch transactions by credit union members in 2014.
The activity established a new record for a calendar year, and represented an increase of 8% over 2013, CO-OP said.
“CO-OP is dedicated to helping credit unions become the primary financial institution of its members by maximizing secure and convenient access to accounts,” Stan Hollen, president and CEO of CO-OP, said in a statement. “In 2013, we set a record with 2.8 billion transactions. The new transaction processing record set by CO-OP in 2014 demonstrates again that credit unions can compete with anyone in terms of debit, credit, ATM and branch services.”
CO-OP said there were some “remarkable” numbers achieved during 2014 “none more remarkable” than those recorded on Wednesday, Dec. 24, when shoppers set new records in transactions per second, minute, hour and day:
· Peak Volume Per Second: 10:38:19 a.m. Eastern Time 276 transactions per second.
· Peak Volume Per Minute: 10:38 a.m. Eastern Time 14,138 transactions per minute.
· Peak Volume Per Hour: 2 p.m. Eastern Time 760,522 transactions per hour.
· Peak Volume Per Day: Again, Wed., Dec. 24, 2014 10,327,641 transactions per day.
CO-OP Financial Services is the credit union industry’s largest processor of electronic payments. The company operates CO-OP Shared Branch, a network of 5,200 branches (and 2,000 standalone locations), and CO-OP ATM, a network of 30,000 ATMs, including 9,000 deposit-taking. CO-OP has 3,500 credit union clients, which includes 30 million credit union debit and credit cardholders.
NCUA Grant Round For Student Internship, Staff Training Begins Feb. 2
NCUA said low-income credit unions can submit applications for grant assistance for internships and training starting on Feb. 2 until March 3 online.
Under terms of the grant, the NCUA said it will provide about $360,000 to support staff or volunteer training and give students “hands-on experience” in the credit union industry.
Eligible credit unions can apply for both initiatives, the agency added.
In the first round of 2015, NCUA will offer two categories of grants: staff or volunteer training, under which $3,000 will be available for selected credit unions to pay for in-person or web-based training including, lending and collections, compliance and business operations; and student internships, under which up to $4,000 will be available to each credit union to hire students currently enrolled in high school or college.
NCUA emphasized that “smaller credit unions and new applicants” will receive funding priority.
After looking at all applications, NCUA will award the grant funds until they are exhausted. By March, all applying credit unions will receive notification from the NCUA.
Funding for the grant initiatives will be provided by the Community Development Revolving Loan Fund, which was created by the U.S. Congress to support credit unions serving low-income communities. The Loan Fund formed part of the 2015 Omnibus Appropriations Act, under which NCUA received $2 million in funding for the Loan Fund for 2015.