Durbin Urges Rejection of Proposed Card Settlement
WASHINGTON-Sen. Richard Durbin, author of the 2010 Dodd-Frank Act rule capping debit card fees, is telling retailers the proposed $7.2-billion antitrust settlement with Visa and MasterCard is bad for them and should be rejected. Durbin, who has been fighting to cut card fees for a decade, said retailers should "think hard" before signing on to the historic deal, which still must be approved by a federal judge.
"This is a stunning giveaway to Visa and MasterCard," said Durbin, the Senate's second-ranking Democrat, in remarks last week, according to the Congressional Record. "It gives Visa and MasterCard free rein to carry on their anti-competitive swipe-fee system with no real constraints and no legal accountability."
Five More Struggling
California CUs Are Merged
SACRAMENTO, Calif.--State regulators last week approved the mergers of five more troubled CUs, including two by Credit Union of Southern California, the $600-million, Brea, Calif.-based CU's third merger of the past two months. CUSC acquired $50-million Insland Empire CU, Pomona, and $26-million Family 1 FCU, Placentia. Meanwhile, California's Department of Financial Institutions OK'd the merger of San Jose CU into the $210-million National 1st CU in Santa Clara; the $25-million Santa Monica City EFCU into Southland CU, Las Alamitos, and $14-million Bay Media FCU in San Francisco into SF Fire CU.
NCUA Names Risk Management Head
ALEXANDRIA, Va.-NCUA last week named JeanMarie Komyathy as Director of Risk Management in the Office of Examination and Insurance. "(Komyathy's) talents and her extensive agency experience, including working as a Problem Case Officer, a Supervisory Examiner, and Director of Special Actions, make her ideally suited to be NCUA's Director of Risk Management," said NCUA Chairman Debbie Matz.
Komyathy joined NCUA in 1995 as an examiner. She most recently served as Director of Special Actions in NCUA's Region II, where she supervised a team of Problem Case Officers.
Navy Fed Expands In Virginia
RICHMOND, Va.-Virginia Gov. Bob McDonnell announced last week that Navy FCU has agreed to make a multi-million dollar investment to expand its member service operation in Frederick County, topping a competing bid from Florida where the credit union giant operates a huge call center.
The $50-billion credit union, based in nearby Vienna, Va., will build an additional facility on its Winchester, Va. campus, adding 400 new jobs. The member service operation has expanded to more than 500 employees in six years. With the planned expansion, Navy Federal will be one of the largest employers in the community.
Lending Award Nominations Sought
MADISON, Wis.-The entry deadline for the 13th annual Excellence in Lending Awards, which recognizes outstanding lending results and practices by credit unions, is Sept. 7. The Excellence in Lending Awards, sponsored by CUNA Mutual Group and the CUNA Lending Council identifies and shares examples of lending excellence within the credit union movement by recognizing individual credit unions for their ability to serve members while sustaining sound financial performance.
For more info: www.cunalendingcouncil.org/awards/excellencelending.html.
Insuritas Plans Expansion
EAST WINDSOR, Conn.-Insuritas announced it has completed a $10-million capital raise, the first capital raise for the company since it was repurchased from Jack Henry & Associates in a management buy-out in 2008. "It has always been our goal to provide financial institutions with a turn-key insurance agency that they could own and would feature complete systems integration," said CEO Jeffrey Chesky. "The success of our unique tools to allow depositors to shop, compare and buy insurance online or over the phone while they bank and borrow is radically changing the economics of insurance distribution. Insuritas has positioned institutions to emerge as dominant distributors of these increasingly commoditized products, and this infusion of growth capital will allow us to scale our solution into over 300 FIs over the next 36 months."
A Day in the Life 2012!
WEST PALM BEACH, Fla.-Credit Union Journal is now accepting participants in one of its most popular features: the annual Day in the Life of Credit Unions project. On the same day in August, participating credit unions from around the country and around the world shoot photos of events at their offices, branches and functions at which they may be participating on that day. Credit Union Journal then selects the best photos from each participant and features them in its annual Day in the Life of Credit Unions issue published in conjunction with International Credit Union Week. To participate, contact Managing Editor Lisa Freeman at email@example.com.