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In the Media
stories collected between
Feb. 18 - March 4, 2014
This collection of news about credit unions and their activities is assembled from a variety of sources on the Internet and from credit union submissions. Note: links used here are external and the League does not control their expiration dates.
To share news from your Indiana credit union: send story links to Kay Neidlinger. You can also read more about credit unions' community service efforts--and contribute information at the Commitment to Change website.
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Indiana Credit Unions in the Media
Source: Credit union submissions and Internet news reports. Some stories may require passwords for access.
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FORUM CU's Andy Mattingly appears on Fox 59's "Money Matters."
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LaPorte County Life - 2/26/14
Employees, friends and family of the credit union participated in Junior Achievement's annual Bowl-a-Thon fundraiser.
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LaPorte Community FCU has established a scholarship in honor of longtime member, officer and director Wayne Lottes.
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Chronicle-Tribune - 2/23/14
The upcoming retirements of two credit union employees are featured in this story.
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NATCO CU is mentioned in this column for its participation in the Richmond Rotary Club's Quiz Bowl.
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REGIONAL FCU's director of education initiatives is featured in this story along with the credit union's involvement in youth financial literacy projects.
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REGIONAL FCU Executive Director Michael Peters participated in this event and is quoted in the story.
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National and Wide-Reaching Coverage
Source: Credit Union National Association and other national sources. Some stories may require passwords for access.
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Motley Fool - by Pentagon FCU 2/28/14
You need to ask yourself, is it really worth clinging to the familiar when your local credit union can save you some serious cash? We don't think so, and to help bring you around to a credit union way of thinking, we've gathered three ways that credit unions can help save you money:
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American Banker - by Chris Cumming 2/27/14
As a horde of credit-union conventioneers arrived in the capital for the Credit Union National Association's annual conference, the ABA launched an advertising campaign aimed at battering credit unions that, it argued, are getting too big for their britches.
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YAHOO! Finance - by Gerri Detweiler 2/25/14
Members of the Consumer Bankers Association (CBA) and the Credit Union National Association (CUNA), say they have replaced 21.8 million of the 40 million compromised cards to date. Presumably, those new cards will be reported to the credit reporting agencies.
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Washington Business Journal - by Mark Holan 2/21/14
What they will do is focus on things like protecting the credit union tax exemption, beefing up data security accountability for retailers, and pushing mortgage market reform. Those are some of the Credit Union National Association's top legislative priorities, and more than 4,400 conventioneers will be arriving in Washington this weekend for a government affairs conference running Monday through Wednesday at the Walter E. Washington Convention Center.
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TIME - by Brad Tuttle 2/20/14
The vast majority of that total ($172 million) covers the costs of replacing cards that have been compromised. "Credit unions have replaced or will replace 85% of their cards affected by the Target breach at no cost to their members," Credit Union National Association Chief Executive Bill Cheney said in a statement, per the WSJ. "The combined $200 million cost borne entirely by banks and credit unions shows the extent to which financial institutions will go to protect their customers and members."
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The Wall Street Journal - by Gregory J. Millman 2/20/14
"If a credit union has a business account for a restaurant or bar, the credit union doesn't have responsibility for making sure minors don't drink or customers don't drive drunk," said Colleen Kelly, assistant general counsel, federal compliance at the Credit Union National Association. "Doing this will be a bigger compliance burden and some of it is too difficult to comply with," she said. (Subscription/password required)
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U.S. News and World Report - by Susan Johnston 2/19/14
While some consumers like Swim have reduced their card usage, Bill Hampel, chief economist at the Credit Union National Association, doesn't foresee a widespread shift to cash. "As soon as the issuing financial institutions heard about the breach, they immediately sprang into action," he says. "Seventy-nine percent of credit unions have or will bulk-reissue all affected cards. Because of that immediate response the fraud is very unlikely to flow through to consumers." Many customers called to ask if their card had been impacted by the breaches, but most haven't stopped using them, he adds.
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FOX Business - by Matthew Rocco 2/18/14
The Consumer Bankers Association said Tuesday its members have incurred a total cost related to card replacements of $172 million, up from an initial projection of $153 million. Meanwhile, the Credit Union National Association believes the cost to its members has increased to $30.6 million..
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The Consumer Bankers Association, which represents the nation's largest financial institutions as well as many regional banks, estimated that the cost of card replacement for its members has reached $172 million, up from an initial finding of $153 million. The Credit Union National Association says the cost to credit unions has increased to $30.6 million from an original estimate of $25 million.
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FOX Business - by Tamara E. Holmes 2/1814
Another problem is that EMV-enabled cards in the U.S. are likely to continue to have a magnetic stripe so they can be used by merchants who have not upgraded. As long as EMV cards have the magnetic stripe, they will continue to be vulnerable, says Michele Johnson, director of legislative affairs for The Credit Union National Association (CUNA).
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Indiana Credit Union League
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Indianapolis, IN 46250 |
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