Shared Branch Network Re-Brand Posted by AVCU on 1:28 PM

CU Service Centers, the national program enabling CU members to transact business at any branch of participating CUs nationwide, is changing its name. CU Service Centers and its “swirl” logo and signage will be replaced by CO-OP Shared Branch in a two-year re-branding process. Migration to the new logo will be done in a phased approach for the benefit of current shared branch users, as well as participating credit unions and state networks. The new CO-OP Shared Branch logo  is available by clicking here. 


In March, CO-OP Financial Services announced that CO-OP Shared Branch had reached 5,000 “live teller” branches nationwide, trailing only three national banks in terms of branch locations. CO-OP Shared Branch also offers members access to more than 2,000 self-service locations at credit union branches and in select 7-Eleven stores nationwide.

CO-OP Network, which incorporates 30,000 ATMs nationwide, 9,000 of which are deposit-taking, is the largest credit union ATM network, and larger than any network operated by a bank. CO-OP Financial Services is making a slight revision to the ATM brand as well, to ensure that the ATM and shared branch networks present the same look and feel to consumers. CO-OP Network is being re-branded “CO-OP ATM” and is available by clicking here.

For more information on CO-OP Shared Branch and CO-OP ATM, visit www.co-opfs.org 

In Vermont, Heritage, NorthCountry and Vermont Federal credit unions participate in the CO-OP Shared Branch network and all but two credit unions providing ATM access participate in the CO-OP ATM network.

CUs Advised RE: Cyber Attacks on 5/7 Posted by AVCU on 1:04 PM

Last Friday CUNA advised credit unions to be on the lookout for possible widespread Distributed Denial of Service attacks on May 7th. Internet "chatter" has been detected about a potential widespread attack.

"It is not possible to assess the veracity of the threat at this time, but it is important that credit unions be aware and prepared at all times. Also, some of the largest credit unions are included in a list of targets for the purported May attack so heightened awareness is warranted," said CUNA Vice President of Information Technology Tom Nohelty Thursday.

DDoS attacks are attempts to disrupt or suspend online service by saturating a target's network with external communication requests to overload its server. If a credit union is subject to an attack, Nohelty explains, it will see a "very large spike" in Internet traffic to its Web site from one or more IP addresses and their Web site will become unresponsive. Proactive measures a credit union can take include:

• Alerting its network team to actively monitor in-bound Internet traffic that day. The team should be prepared to block traffic from specific IP addresses in an effort to maintain their Web site's ability to respond to normal business requests;
• Consider alerting members about the Internet threat for May 7 and asking members to execute critical online banking business on a different day or come into the credit union office;
• Educating call center staff on the symptoms of a denial of service attack so they can better serve the members and notify their network teams if an attack is underway. The call center staff should be prepared with alternatives to serve the members.

Anaylst: Why the Brown-Vitter Bill Matters - Even if It Doesn't Pass Posted by AVCU on 12:27 PM

The 4/26 online edition of American Banker analyzes why recent legislation introduced to break up the biggest banks makes a difference even if it doesn't pass. The legislation introduced by Senators Vitter and Brown to tackle "too big to fail" is dead on arrival, facing likely opposition from the Obama administration as well as both Democrat and Republican leaders. Even so, Vitter-Brown is a significant threat to the largest institutions now and in the future for the following 3 reasons:

Another banking scandal could give the bill a burst of momentum.  Although regulators will   oppose it because it dictates capital requirements and scraps the Basel III process, which could damage international negotiations, big banks are very concerned about the bill — for good reason.  The history of banking policy is littered with ideas that once seemed radical and then were quickly embraced after a precipitating event left lawmakers looking for a response. Example = Elizabeth Warren's idea for a consumer protection agency was quickly dismissed, but 3 years later Dodd-Frank created the Consumer Financial Protection Bureau. Crises motivate Congress to act. Lawmakers often look to bills that are sitting nearby for inspiration.  If  another bank scandal hits the Brown-Vitter bill could suddenly look very appealing.

Vitter-Brown could become part of other legislation.  With some of its central tenets passing more easily. The main thrust of Brown-Vitter is capital, requiring those below $500 billion of assets to hold 8%, and those over to hold 15%. Those numbers may be too high for Congress, but lawmakers could embrace the call for tougher capital standards. The bill also includes a backdoor restoration of the Glass-Steagall Act, which separated banking from insurance and securities. Vitter-Brown would restrict affiliate transactions between a holding company's bank subsidiaries and its non-banking ones. FDIC Vice Chair Tom Hoenig is adamant that this is key to ending "too big to fail."  

Regulators could use the bill as cover.  If the bill attracts significant support, it could give regulators more leeway to pursue higher capital and other regulatory requirements. Fed Board Gov. Jeremy Stein says regulators are prepared to ratchet up capital requirements until they change the size and complexity of the largest banks. Other regulators are also pushing to raise the leverage ratio as part of U.S. implementation of Basel III. The more support that lawmakers show for raising capital requirements, the more power they give regulators that are already pushing for such changes.

Read the full article.

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Why Big Banks Are Losing the Battle Against Breakups

Below is an American Banker video interview addressing the growing number of calls for big banks to split up. For the first time since the financial crisis, shotgun breakups are becoming a very real possibility.

Meet the new $100 bill Posted by Bryan Kent on 9:55 AM

Meet the new $100 bill scheduled to debut on October 8, 2013

http://money.cnn.com/2013/04/24/news/economy/new-100-dollar-bill/

Patent Trolls Posted by Bryan Kent on 9:32 AM

Here's an article discussing the topic of how to address a patent troll

http://www.cumanagement.org/article/view/id/On-compliance-patent%20trolls

4/24: Senate to Hear CU Financial Literacy Efforts Posted by AVCU on 11:18 AM

In a 4/24 hearing before the U.S. Senate Committee on Health, Education, Labor and Pensions subcommittee, the work of credit unions in the area of financial literacy with students will be highlighted by Cathy Pace of Allegacy Federal Credit Union in Winston-Salem, NC. The hearing is entitled "Economic Importance of Financial Literacy Education for Students." Featured with credit unions will be a social studies teacher, a financial literacy academician, a community development expert and a Jump$tart representative.

Watch the testimony live beginning at 2:30 pm on 4/24 by clicking here.

Low cost compliance assistance Posted by Bryan Kent on 10:48 AM

If your credit union is looking for low cost resources to help with compliance, we encourage you to explore the following on-line link.   

http://www.cuinsight.com/some-good-news-re-compliance-low-cost-resources-available-for-credit-unions.html

Looking at the future of branches Posted by Bryan Kent on 11:44 AM

http://www.americanbanker.com/issues/178_73/first-look-how-wells-fargo-envisions-a-smaller-branch-1058364-1.html

Here's a look at Wells Fargo  new " neighborhood store" branch in Washington DC

Vtdigger.com reports that the Vermont Senate this week reversed its decision to prohibit corporate campaign donations to political candidates. The majority of Democratic senators flip-flopped on the issue Thursday after approving a ban on corporate contributions in two previous votes.
Federal law has prohibited corporate campaign contributions since 1907. 
Under current Vermont law, and under the new bill passed by the Senate, a candidate can accept contributions from an individual donor and any number of his or her corporations. The ban would have permitted contributions from individuals or political action committees, but corporations that wished to form political action committees could only aggregate donations from employees. 

The change of heart among a number of Senators this week led to divisive floor debate, bucking of the Senate leadership, empassioned speeches disciplining members of the Democratic caucus, questions of motives for accepting corporate donations, numerous recesses, and "bravado speeches in the how-dare-anyone-question-our-integrity vein." 

Read the whole report of the heated exchange on vtdigger.com 

VT Bill to Mandate Paid Sick Leave Hotly Contested Posted by AVCU on 4:42 PM

As a Vermont credit union, you're also an employer. Depending on your sick leave policy, you may have an interest hotly contested legislation in Montpelier to mandate a minimum amount of paid sick leave for employees meeting certain criteria.

Read "Backers, Opponents of Mandated Paid Sick Leave Bring Arguments to Statehouse" on vtdigger.org

Free ATM Webinar: Build a Proactive Plan to Remain Compliant and Competitive Posted by AVCU on 4:03 PM

On May 7th at 2:00 p.m. AVCU busienss partner Diebold is presenting a free webinar on planning for ATM compliance and competitiveness.

The coming months and years will be a critical time for ATM updates, whether they are the necessary upgrades to comply with regulations, tools to make the ATM channel more compelling or integration of the very latest technology for the self-service channel.  A mix of payment card industry (PCI) compliance requirements, technology changes and industry technology supplier support changes will necessitate upgrades to your self-service equipment and/or reevaluation of deployment strategies in 2013, 2014 and beyond.

While there are a number of ways to ensure your readiness for these changes, the following are crucial items that will be especially vital to address:

• EMV Implementation
• Microsoft® Windows® 7 Hardware Migration
• PCI 3.0 Guidelines and EPP7 Upgrades
• Maintaining Compliance for Current ADA Standards

During this webinar, Diebold subject matter experts will discuss:

• What the expected change means to your credit union, as well as a timeline
• The best way to address each upgrade and benefits of migration
• How to develop a roadmap for success

Click here to learn more details and register for this FREE webinar.

Unite For Good Promotional Material Posted by Bryan Kent on 9:53 AM

Follow the link below to find out how your credit union can become involved in the Unite For Good
campaign

http://uniteforgood.org/

Free Webinar: Health Care Reform; Win a Kindle Fire! Posted by AVCU on 1:56 PM

Healthcare reform is here to stay and credit unions need to act now. Learn about up-to-the-moment developments, 2013 rules in action and how to prepare for 2014 to ensure your health plan is in compliance.
Join this free session presented by Brad Pricer of CUNA Mutual Group and Annette Bechtold of Digital Benefit Advisors, to learn:

• How the 2013 rules affect plan changes, notifications, fees, taxes and reporting. 
• Why you should offer health insurance and why your employees participate in your program. 
• What it means if you stop offering coverage, and what impact will it have on your ability to attract and retain talent. 

Register and attend for a chance to win a Kindle Fire! Use promo code 0501HCR.  You must attend the webinar to win.

Can't attend? Sign up to receive a link to the recording and presentation when it’s available. Additional tools & resources can be found at http://www.cunamutual.com/decipHR   

Arizona CU Introduces Monthly Membership Fee Posted by AVCU on 12:54 PM

A $1.2 billion Arizona CU that was on the brink at only 2.9% capital two years ago, has undergone an enormous transformation that places it at a 9.72% capital ratio today. It wasn't done without pain, however, and part of the secret was instituting a $3 monthly membership fee to help eliminate members who weren't using the credit union's services.

Read more in Credit Union Journal - Arizona FCU Introduces Monthly Membership Fee