Co-op Services Credit Union has announced that it is challenging people to shred their bank debit cards in protest of new debit card usage fees.

Co-op Services' "Shred My Card" program gives people the opportunity to take their bank debit card to any Co-op Services location, open a new free checking account with direct deposit, e-statements and a debit card then shred their old bank debit card, to receive $105.

Details of the credit union's challenge are available at www.ShredMyCard.com.

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TransUnion and ID Analytics have introduced a new credit risk score – ID Analytics Credit Optics Plus – that the two companies say "examines conventional measures of creditworthiness, willingness and ability to pay, in combination with a new dimension, stability, in a single solution. This powerful combination provides a 360-degree view of consumer behavior and enhances the predictiveness of credit decisions, often resulting in a performance lift for lenders." READ MORE »

Torrance Community Credit Union (TCCU) of Torrance, California has announced that it will enable its members to "deposit checks directly to their accounts through their iPhone camera devices, effective immediately. Checks will be processed electronically, end-to-end, through the credit union’s partnerships with Eastern Corporate Federal Credit Union (EasCorp) of Burlington, Massachusetts and Innovative Technology, Inc. (INTECH) of Omaha, Nebraska. Torrance Community CU becomes one of the first financial institutions in the United States to offer this service." READ MORE »

In an article titled "Move Your Money: A New Year's Resolution", Arianna Huffington and Rob Johnson write about a populist movement they're starting to encourage folks to move their money out of the major banks and into local community banks.

The idea is simple: If enough people who have money in one of the big four banks move it into smaller, more local, more traditional community banks, then collectively we, the people, will have taken a big step toward re-rigging the financial system so it becomes again the productive, stable engine for growth it's meant to be. It's neither Left nor Right -- it's populism at its best."

They've put together a web site and a video about the idea.

Pentagon Federal Credit Union (PenFed) and American Express have announced a strategic new partnership under which PenFed will issue American Express-branded credit cards. The new PenFed Premium Travel Rewards American Express Card will carry the American Express logo and will be accepted on American Express' global merchant network.

According to the two companies, PenFed and American Express have an exclusive arrangement under which, for a limited time, PenFed will be the only credit union to issue an American Express-branded card in the United States. READ MORE »

PSCU Financial Services, the nation's largest credit union service organization, has launched new iPhone and iPod touch mobile banking applications. According the PSCU, "his latest capability will help credit unions attract Gen Y and other member segments who are avid iPhone/iPod users. It also builds brand recognition through credit union logo visibility on the member's mobile device and customized iPhone application in the iTunes store."

Yesterday, CO-OP Financial Services announced that it has added the Apple iPhone to the roster of devices that can use its CO-OP Mobile banking software. Customers of credit unions served by CO-OP now can simply download the “CO-OP” application from the Apple iTunes Store to start performing mobile banking activity such as verifying balances, viewing transaction history and transfering funds between accounts.

In an op-ed piece in today's New York Times titled "A Fairer Credit Card? Priceless", Ryan Bubb and Alex Kaufman write about the credit cards issued by credit unions and how those credit cards "largely conform to the new rules already, while profitably maintaining the basic features that users know and love. ... Credit union cards actually offer lower annual fees and longer grace periods than regular cards."

Wesabe has announced that Delta Community Credit Union, the largest credit union in Georgia, is its charter Wesabe Springboard customer. Using Wesabe's Springboard offering, Delta Community Credit Union will have full access to Wesabe's suite of applications, including account management, goal setting/tracking, community forums, widgets, and merchant tips and comparisons. READ MORE »

Navy Federal Credit Union, the world’s largest credit union, and Visa Inc. have announced they have signed a multi-year agreement to renew and extend their longstanding relationship. Under the terms of the agreement, Navy Federal will continue to offer Visa-branded consumer credit and debit products to its 3.1 million members worldwide. In addition, Navy Federal will expand its Visa prepaid and small business product offerings. READ MORE »

mFoundry has announced that CO-OP Financial Services has selected mFoundry’s financial services platform to deliver mobile banking offerings to credit unions. The service will allow credit union members to verify balances, view transaction history, transfer funds among their accounts, and more using their mobile phones. READ MORE »

First Community Credit Union (Chesterfield, MO) has announced the introduction of unembossed, flat-panel Visa debit cards that will be issued immediately to members upon opening a personal checking account. Partnering with Dynamic Card Solutions (DCS), a developer of instant issuance and PIN selection solutions, First Community is the one of the first credit unions to implement such a program. READ MORE »

Metavante has announced an alliance with Connect Software Solutions, an online banking provider for credit unions to bring Metavante’s bill presentment and payment solutions and Connect’s online banking platform together into a fully integrated online banking and bill pay product that will be delivered to the credit union market by Connect. READ MORE »

Des Moines-based TMG (The Members Group) has announced it is expanding its prepaid product line with the availability of general purpose reloadable cards to its credit union clients. "The reloadable card service, called ATIRAreload, allows cardholders (and other authorized users) to load money onto the credit union-branded card, which can be used for purchases almost anywhere Visa Debit cards are accepted. The cards also function as ATM cards, giving cardholders instant access to cash." READ MORE »

Navy Federal Credit Union, the largest credit union in the world and the 22nd largest receiving financial institution of ACH payments in the nation, has announced it has joined NACHA—The Electronic Payments Association. READ MORE »

TransUnion has announced newly updated TransUnion Account Management and TransUnion New Account scoring models claiming that "both models experienced improvements, over the previous versions, in their ability to identify bankrupt accounts -- in some cases by as much as 32 percent." READ MORE »

The National Credit Union Administration (NCUA) Board has announced it has approved a joint proposed rule prohibiting credit card and overdraft service practices as unfair or deceptive under Section 5 of the Federal Trade Commission Act.

Bellco Credit Union has announced that it "is making it easier for members to take care of their banking needs and access Bellco services through their mobile phones with Bellco’s new Mobile Banking. Bellco members can use their Internet-enabled mobile phones or PDAs to visit http://www.bellco.org and check their account balances, view account history, transfer funds between accounts and manage online bill pay."

The Members Group has released a white paper for credit unions considering adding gift card as a product. The paper steps through the advantages of an effective program.