Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

CU System Archive

CU System

YL4Kids seeks advocates under 40

 Permanent link
SALT LAKE CITY (1/16/13)--Volunteers are being sought for an "under 40" national advisory board of Credit Unions for Kids called the "Young Leaders for Kids Board (YL4Kids)."

The purpose of YL4Kids is to create, grow and inspire Credit Unions for Kids enthusiasts among the next generation of credit union leaders. The group is made up of individuals under 40 years from credit unions, leagues and industry partners. The group began in early 2010. Applications are due Feb. 1.

Credit Unions for Kids is the credit union movement's fundraising vehicle benefitting Children's Miracle Network Hospitals.

"Over the past two and a half years, the Young Leaders for Kids Board has been instrumental in the success of our CU4Kids program nationwide," said Joe Dearborn, Children's Miracle Network Hospitals senior director of corporate partnerships. "The team's efforts helped us engage thousands of credit unions and reach new fundraising heights in 2012. They are working on some new, exciting fundraising ideas, and I look forward to seeing their impact in 2013."

For more information, use the link.

CU System briefs (01/16/2013)

 Permanent link
  • ONTARIO, Calif. (1/16/13)--CU Direct Corporation, a provider of lending solutions to the credit union industry, will return a 3% cash dividend to its 102 shareholders for the 2012 calendar year. It is the eighth consecutive year that the credit union service organization has paid dividends to its shareholders. CU Direct signed new agreements with 109 credit unions in 2012. At year's end 1,050 credit unions, serving 34 million members, were using the credit union service organization's lending solutions …

Filene pilot to improve marketing efficiency, effectiveness

 Permanent link
MADISON, Wis. (1/16/13)--The Filene Research Institute announced a new pilot project--Leeflet, which will improve the cost efficiency and marketing effectiveness of credit unions in an innovative way--delivering targeted brochures electronically.

A regular credit union may spend $50,000 or more each year on paper brochures, with no way of knowing who reads them or who follows their calls to action, Filene said. Terms, conditions, rates and available products are constantly changing. Traditional brochures are outdated almost as quickly as they're printed. As credit unions change, they must update brochures--dooming the current inventory of paper brochures to the recycle bin, Filene said.

One of Filene's i3 innovation teams worked closely with electronic marketing experts at DigitalMailer to create Leeflet, an electronic brochure program already in use at Smart Financial CU, Houston; Financial Center FCU, Indianapolis; and Fort Knox FCU, Radcliff, Ky. Initial performance is promising: The open rate for all Leeflet brochures is more than 70% with a click-through rate higher than 25%.

Leeflet--the name was chosen to communicate that it is an electronic brochure--allows credit unions to enhance sales and marketing efforts by cutting down on collateral costs, and tracking campaign effectiveness. The webinars will describe expectations for pilot participants and outline the timeline of the research.

Credit unions interested in learning how to reduce brochure expenses by as much as 75% can learn more by signing up for one of two free webinars titled Leeflet: Improving Cost Efficiency and Effectiveness of Marketing Collateral, on Jan.29  at 12 p.m. CT, and Feb.12 at 1 p.m. CT.  To register, use the link.  

For more information, contact Tansley Stearns at 608-661-3753 or by e-mail at tansleys@filene.org.

Qualstar CU pays out $25 million dividend

 Permanent link
REDMOND, Wash. (1/16/13)--Qualstar CU, Redmond, Wash., is thanking members for their loyalty with a $2.5 million bonus dividend.

Individual bonus dividends range from five dollars to several thousand, with the average member receiving a bonus dividend of $72.

"We have extremely loyal members, and last year their loyalty helped us have our most profitable year ever," said Mark Nelson, CEO of the $327 million credit union. "We felt that with the exceptional earnings we saw as a result of that loyalty, the best way to thank them is to give back to those members who helped make that happen."

Members earned dividends based on their deposit and loan balances, as well as other services that help reduce expenses to the credit union including Home Banking and eStatements.

"This isn't about who has the most money on deposit, it's about thanking all of our members for their contribution to our success." said Tracey Elfstrom, vice president of member relations. "Whether they have a large Money Market balance, a mortgage loan, or a Visa Credit Card, it all matters, it's all important--and they all deserve to benefit as a result."

Enterprise Car Sales generates $380M in CU auto loans

 Permanent link
St. LOUIS (1/16/13)--Enterprise Car Sales said it generated more than $380 million in loan volume for credit unions through used-vehicle sales to more than 23,000 credit union members nationwide last year. The company's specialty is working with credit unions of all sizes to increase auto loan volume.

The loan volume generated is 15% higher than 2011 (autoremarketing.com Jan. 15).

Respondents--in an independent research study commissioned by Enterprise Car Sales to determine the relative consumer appeal of offering buying incentives--showed greater interest in vehicle-related offers such as warranty protection than in promotional items such as high-definition TV sets.

Those findings confirm the value to consumers of Enterprise Car Sales' "Perfect Used Car Package," which features a 12-month/12,000-mile limited powertrain warranty for every used model purchased, Mark McAndrews, assistant vice president of Enterprise Car Sales, told the publication.

Credit unions' partnerships with Enterprise Car Sales have been fruitful because the two have much in common, including a high level of member service, along with a commitment to local communities, McAndrews said.

Enterprise's relationships with credit unions have continued to grow stronger and more productive for more than 30 years, he continued. That success stems from credit unions considering Enterprise a part of their overall auto strategy, Andrews told the publication.

Enterprise--for its committed partners--sends members back to their credit unions for financing, 100% of the time, McAndrews concluded.

MnCUN adds to shared branching network

 Permanent link
ST. PAUL, Minn. (1/16/13)--The Minnesota Credit Union Network expanded the number of Shared Branching locations in its state to 36 with the addition of Minnesota Valley FCU.

With MnCUN's most recent addition the nationwide network now offers nearly 5,000 service centers nationwide.

Consumers have said that banking locations near their home or work is a major factor in determining their choice for a primary financial institution.

"The expansion of the Shared Branching network is important to credit unions' growth, and it's a vital piece of a successful member-retention strategy," said MnCUN Vice President - Network Service Corporation John Ferstl. "Shared Branching helps credit unions attract and keep members by offering them branch options around the state, and nationwide. This network of service centers increases the probability of finding a credit union nearby - no matter whether the member is close to home or on the road."

Virginia league to relocate some jobs to Richmond

 Permanent link
LYNCHBURG, Va. (1/16/13)--The Virginia Credit Union League is relocating members of its staff--including President Rick Pillow--to new office space in the state capitol of Richmond, Va., to support the league's governmental affairs and regulatory work.

"This is a game-changing decision for the Virginia League and will enhance our advocacy work on behalf of member credit unions," said League President Rick Pillow. "We are a respected and effective advocate for Virginia's credit unions, but a permanent presence in the state capital will raise our visibility and keep us connected to lawmakers and regulators."

Officially headquartered in Lynchburg, about 115 miles from Richmond, the league has discussed moving some or all of its operations to Richmond a number of times during the past two decades.

The organization has rented office space in Richmond to facilitate its lobbying and regulatory work, but this will be the first time it has had a permanent presence in Richmond or has permanently assigned more than one or two staff members to the Richmond area.

By January 2014, five of the league's 24 staff members--Pillow and three of the league's five management team members--will be permanently assigned to the Richmond office.

No positions will be cut, and league staff now working at the Lynchburg office will continue to be headquartered there.

Plans for the Richmond office include a reception hall, with sufficient space to host legislative events and credit union meetings.