SAN DIEGO (12/9/08--CUSO Financial Services LP (CFS) , a broker dealer and registered investment adviser, announced Monday it has developed its version of an “Economic Stimulus Package” to support its credit union clients during challenging financial times. CFS has distributed $4 million in retained earnings to its credit union limited partners, bringing the total distributions during 2008 to $8 million, CFS said. It is advising credit unions to reinvest the money into marketing, education and member support within their investment programs. “Credit unions, like all businesses, are feeling the pinch right now,” said Valorie Seyfert, CFS president/CEO. “It’s tempting for them to cut back on hiring advisers, marketing, traveling to educational conferences, and providing investment workshops for members.” However, the marketplace challenges present opportunities, said Seyfert, who added, “Now more than ever, when everyone else is pulling back, we are encouraging credit unions to step forward and reach out to their members to help them through these troubling times.” With the funds, “our partners and customers can do more marketing to raise awareness of the help they can offer their members and provide more education about navigating the volatile markets we are experiencing,” Seyfert said. Phase 2 of CFS’ stimulus package includes discounted products, services and incentives, which will be offered to all its credit union clients to help them maintain momentum despite the volatile economy.
MADISON, Wis. (12/9/08)--Credit union board members can learn about critical issues to help them confidently make recommendations and decisions by attending the first 2009 educational offering from the Credit Union National Association (CUNA). The CUNA Volunteer Institute will take place Jan. 10-14 in Cancun, Mexico, at the Moon Palace Resort. It aims to help new and experienced volunteers and CEOs to improve their credit union knowledge and policy-making skills. The event also will cover the mortgage market, the economy, due diligence for third party vendors, sustainable loan products, governance, political advocacy and more. On Jan. 10, a pre-conference workshop, the optional Introductory Guide to Credit Union ALM and the Economy, will offer a guided tour through asset-liability management and economic issues relevant to credit unions. Financial Management eSchool: Part I, offered Jan. 27-March 17, aims to help those without a background in finance to better understand their credit union’s numbers in eight sessions. While its focus will be on comprehending and analyzing financial statements, participants also will better understand asset-liability management, budgets, ratios, investment policy, cost accounting, and pricing loans and deposits. In Using Tax Returns to Qualify a Loan eSchool, lending professionals can learn how to use tax returns to analyze and qualify loan requests for members with non-traditional incomes. The three-session offering meets Feb. 18-March 4, to explain how to analyze various forms and schedules to verify non-traditional incomes and determine members’ ability to repay a loan. An eSchool is a series of interactive classroom sessions that features live, real time instruction from industry experts via the Internet and a telephone conference call. Participants may register for specific webinars or the entire series of sessions as an eSchool. For more information use the resource links or call 800-356-9655, ext. 4249.