DFCU Financial Announces $21M Patronage Dividend
DEARBORN, Mich.-DFCU Financial announced last week it will pay a Special Patronage Divided to members in January of $21 million, the seventh consecutive year it has returned half its earnings to members. Since 2006, DFCU Financial has given members more than $130 million. The payout to members is calculated based upon the member's total relationship with the credit union.
Unencrypted Computer Tapes Inadvertently Sent To Landfill
MONTPELIER, Vt.-Vermont State Employees CU said last week that unencrypted computer tapes containing personal data and transaction records were inadvertently thrown into a landfill. The credit union has notified 85,000 members whose information may have been put at risk and offered them a year's free service for credit monitoring and data protection. However, Steven Post, president of the $620-million credit union, said an investigation has turned up no evidence of theft or that the data has fallen into the wrong hands. He said it appears the data tapes are buried in a landfill and cannot be retrieved. The credit union is working with regulators and law enforcement to address the incident, he said.
NCUA Releases New Video In Economic Update Series
ALEXANDRIA, Va.-NCUA has released the latest video in its free YouTube economic update series. NCUA Chief Economist John Worth's October analysis examines recent economic developments and covers possible risks, including a discussion of the potential effect of the "fiscal cliff" on credit union performance. For info: http://www.youtube.com/ncuachannel.
Mitchell Named First Tech CEO
PALO ALTO, Calif.-The $5.6-billion First Tech FCU has named Gregory Mitchell as its new president and CEO, effective immediately. Mitchell previously served as CEO of Irvine, Calif.-based First PacTrust Bancorp and PacTrust Bank. First PacTrust Bancorp was previously a credit union, before being converted into a mutual savings bank. Mitchell has more than 30 years' experience in financial services, having also been president/CEO of California National Bank from 2001-2009. Mitchell replaces former president and CEO Benson Porter, who accepted the position of president and CEO of Seattle-based BECU in February 2012.
Corporate America, PULSE Partner
IRONDALE, Ala.-Corporate America Credit Union (CACU) said it has joined with PULSE to allow its member credit access to point-of-sale (POS) terminals at retail locations across the U.S., as well as access to PULSE's nationwide network of of more than 380,000 ATMs. The agreement includes Corporate America Credit Union direct mail campaigns and PULSE-provided educational articles, information and training, marketing and sales support materials, and speakers at CACU workshops.
Prepaid Card Via ATM Goes National
MESA, Ariz.-Better ATM Services, which has been testing an ATM-dispensed Visa prepaid card program at three local credit unions since January, said last week it is taking the program nationwide. The decision to expand the program followed a positive response from consumers and the three Arizona credit unions, CU West, MariSol FCU, and Pinal County FCU, during an in-market pilot program, the company said. Better ATM Services enables ATMs to use on-screen options and minor hardware adjustments to allow consumers to purchase Visa prepaid cards directly from the ATM. Menus allow consumers to select between cash or Visa prepaid cards. While the pilot program allowed the selection of fixed value cards, menu options now allow account holders to designate the value to load on each card they purchase.
CUNA Tech Council Announces Winners
MADISON, Wis.-CASE CU, OnPoint Community CU, OSU FCU, and Pioneer West Virginia FCU were named as winners of the 2012 CUNA Technology Council Excellence in Technology Awards: CASE CU in Lansing, Mich.; OnPoint Community CU in Portland, Ore. and OSU FCU in Corvallis, Ore.
In the Oct. 22 issue, the name of KIVA Group appeared incorrectly.