Credit Union Times - July 27, 2016

Fraud: Don’t Let It Happen To Your Credit Union

allas, TX

Trusted News for Credit Union Leaders

Credit Union Times

JULY 27, 2016 | VOL. 27 | NO. 25 | CUTIMES.COM

More CUs
Outsource
Mortgage
Servicing
DAVID BAUMANN

dbaumann@cutimes.com

s credit unions originate a growing number of mortgages and mortgage lending regulations become more complex, many cooperatives have begun seeking outside help to service the loans.

But doing so can sometimes be counterproductive for credit unions, according to several experts and two recent federal reports.

“While outsourcing can be extremely beneficial to the credit union and its membership, credit unions need to choose an originator and servicer carefully as they will be interacting with credit union members for many years,” Symbionce Financial Solutions Vice President of Client Services Joan Mahon said. Symbionce Financial Solutions is an East Hanover, N.J.-based CUSO that offers both loan origination and servicing.

“Therefore, credit unions should look at CUSO mortgage service providers to ensure their members continue to receive the same high level of attention that they receive at their own credit union,” she added.

Credit unions originated

LENDING

Y15

early every city in
the U.S. has an area
plagued by poverty,
In Tallahassee, Fla., the north-
west section of the capitol city’s
historic Frenchtown is impov-
erished, but over the last sev-
eral years, churches, community
groups and social service agen-
cies have been making slow but
steady progress with a variety of
revitalization initiatives.

Until recently, however, a key part of Frenchtown’s redevelopment had been missing. That missing part was the need for a traditional, community-based financial institution to help residents get out of payday loan debt traps and provide loans that support Frenchtown’s journey of economic recovery.

But Frenchtown recently got
more than just one financial in-
stitution – it got two credit unions.

The $456 million Envision Credit Union and the $179 million Florida State University Credit Union, both based in Tallahassee, formed a new CUSO and partnered with a local church to open a new branch. The branch, executives said, could develop into a national model for credit unions looking to support economic development in distressed areas across the country.

COMMUNITY RELATIONS

CUSO Aims to Fight Financial Hardship

PETER STROZNIAK

pstrozniak@cutimes.com

Y16

FOCUSREPORT:

STRATEGIC PLANNING

When it comes to digital strategies, simply having an online and mobile presence isn’t enough. Credit unions looking to build a loyal, long-term member base must meet the needs of modern consumers, who increasingly demand more personalized and efficient services. Learn more in this Focus Report. Y8

CYBERSECURITY

Pokémon Go Triggers Threats Pokémon Go, the viral mobile reality game, lures players to parks, landmarks and buildings – perhaps even credit unions. Some businesses willingly capitalized on the craze, which has raised security concerns.

The app, available through Apple and Google Play, launched earlier this month and quickly began topping download charts in the United States, Australia and New Zealand.

“It is the first augmented reality game that has really caught fire,” Mark McArdle, chief technology officer for the Canadian cybersecurity firm eSentire, said.

Reports claimed the game is poised to surpass Twitter’s 100 million daily logins.

“There is a huge fandom that
is the initial/original base for
Pokémon, but what is unique is
that we are seeing Pokémon Go
trending wildly, capturing those
that weren’t in the original fan
base,” Emily Mayben, market-
ing director for the $264 million,
Gadsen, Ala.-based Alabama
Teachers Credit Union, shared.
“Users may or may not go out
and buy Pokémon trading cards
or collectibles, but what is im-
portant is that they are engag-
ing with the brand by playing the
game.”
The goal of the free, popular
game, released by the San Fran-
cisco-based Niantic, is to capture
Pokémon creatures and nur-
ture them so they will win bat-
tles against other players’ Y17
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