Update: Michaels Now Investigating Data Breach at its Stores Nationwide

Consumers still reeling from a massive data breach at Target stores and the theft of financial information from luxury department store Neiman Marcus got more bad news this week: Michaels Stores Inc, the nation’s largest arts-and-crafts retailer, now says that it, too, is investigating fraud on cards used at its outlets across the country.

Red Canoe Teams with New York Credit Union to Compare ‘Apples to Apples’

Red Canoe Credit Union is implementing a joint employee sales promotion with Empower Credit Union of New York called “Apples to Apples” that will allow staff to share best practices and challenges with their counterparts.

Compliance Question of the Week

Is a power of attorney (POA) that is notarized in a different country valid in the U.S.? If not, how can the member produce a valid POA while residing in a different country? The country is the Philippines, if that makes a difference.

Member & Chapter News

A credit union professional is up for a national award and a chapter is holding a fundraiser for a Tacoma-area hospital. Plus more meeting announcements.

U.S. Government Places Wall Street on Hook for $50 Billion in Corporate CU Losses

Clearly placing the nation’s financial crisis in the laps of Wall Street bankers, The National Credit Union Administration (NCUA) is threatening to sue several investment banks for their role in packaging bonds backed by poor quality mortgage securities.

Bankrate’s First Credit Union Study Sees Positive Signs

Bankrate’s 2010 Credit Union Study, the first of its kind for this financial services research company, indicates that despite speculation that free checking may disappear from many national banks, the consumer-friendly practice is very much alive and well at credit unions.