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CU System

CU System briefs (06/06/2014)

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  •  ALEXANDRIA, Va. (6/6/14)-- A recording of the brief May National Credit Union Administration open board meeting is now available online . There were three agenda items at the May 22 session: The Temporary Corporate Credit Union Stabilization Fund quarterly performance review; an application from $205 million-asset AERO FCU of Glendale, Ariz., to serve underserved portions of Maricopa County, Arizona, and Bernalillo County, New Mexico; and a notice of regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to identify rules needing modification, simplification or repeal. The agency started posting video recordings of its open meetings in mid-2013 as part of an effort to provide transparency and to allow those unable to attend board meetings the opportunity to become better informed. Archived videos of past board meetings may be viewed online, and each video remains on the site for one year ...
     
  • ARLINGTON, Va. (6/6/14)-- John Kolhoff, director of the Office of Credit Unions of the Michigan Department of Insurance and Financial Services, resigned from his position as chair of the National Association of State Credit Union Supervisors , effective June 2. The new chairman is Michael Wettrich, deputy superintendent for credit unions of the Division of Financial Institutions of Ohio's Department of Commerce ...
     
  • HONOLULU (6/6/14)-- University of Hawaii FCU, Honolulu, expanded its network of surcharge-free ATMs to more than 375 locations throughout all the Hawaiian Islands . "Wherever our members are, they will find more surcharge-free ATMs on university campuses, in more shopping centers, in more entertainment venues, and in more retail locations than ever before," said Jeanine Morse, president/CEO of the $547 million-asset credit union ( League News June 1). The credit union added American Savings Bank ATMs to its network that also includes First Hawaiian Bank ATMs ...

Education, savings part of Resource One CU's IDA program

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FARMERS BRANCH, Texas (6/6/14)--Dallas-based Resource One CU, with $389 million in assets,  has partnered with Consumer Credit Counseling Service (CCCS) of Greater Dallas to help area consumers create emergency savings and reverse the asset-poverty trend by offering free financial counseling, education and matched savings during a 12-month savings and financial capability program.
 
Accountable, Inspirational and Motivational (AIM) is a CCCS individual development account (IDA) through which CCCS will match up to $25 each month for 12 months for participants who engage in one hour of monthly education, coaching  or counseling, and make at or below the income requirement of $56,080 for a household up to four people.
 
Resource One CU will open and hold the matched savings accounts for CCCS AIM clients during the 12-month program ( Leaguer June 5).
 
At least 39% of Dallas residents are considered "asset poor," according to the latest poverty report card from the United Way of Metropolitan Dallas. The asset poor are those who do not have a cushion or emergency savings--and live one crisis away from poverty without the ability to save.
 
Dallas-area consumers will be allowed to enroll in AIM at any of the eight Resource One CU Dallas locations. AIM is available for up to 400 consumers each year for the next three years. Those enrolled in AIM have the potential to create $600 in savings at the end of a 12-month period.

Pa. exec 1st CU rep on veterans' small-business panel

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EXTON, Pa. (6/6/14)--Military members often leave the service equipped with a skillset that positions them well to run their own businesses. But even the most gifted leaders need a little guidance when it comes to entrepreneurship.

And for the first time through the U.S. Small Business Administration's "Boots to Business: From Service to Start" program, which provides servicemembers with the guidance they need to start their own business, military personnel will benefit from the tutelage of a credit union professional.

Thanks to work by the Pennsylvania Credit Union Association, Kevin Dion, vice president of lending for Citadel FCU, Exton, Pa., with $1.8 billion in assets, will be a panelist on a financial module during this month's training program, scheduled for June 17-18 at the U.S. Army War College in Carlisle, Pa.

Dion will be the first credit union professional to participate in the program.

"I think this is a great opportunity," Dion told News Now. "We talk about the opportunities and challenges of member business lending in the credit union world, so this is a great opportunity ... for credit unions to give back to the community, and to give back to servicemembers."

Boots to Business, a two-day entrepreneurial class for veterans interested in starting a business, caters to active military members and guides them through an initial feasibility study of their business concepts.

The program also aims to help servicemembers transition from the military to the business world, and leaves participants with the ability to identify a business opportunity, develop a business plan, link up with local small business resources and get their business off the ground.

At the event Dion will outline services and loan programs offered by credit unions, such as eligibility requirements and criteria for loans, and he will also answer questions from aspiring entrepreneurs.

"It's a great opportunity for us to reach out and get the message across that credit unions are out there and they can help where sometimes the larger institutions (don't)," Dion said.

The panel also includes lenders from economic and community development organizations.

For more information use the resource link.

Three new members complete Carolinas league board

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COLUMBIA, S.C., and RALEIGH, N.C. (6/6/14)--The recent election of three at-large completed the organization of the Carolinas Credit Union League board, following the consolidation of the North and South Carolina credit union leagues last year.
 
The additional members join eight sitting directors--four from each state--to complete the 11-member body. The group confirmed officers in a reorganization meeting following the business session.
 
Joining the board, with term expiration in parentheses, are:
  • Mark Curran, president/CEO, Lion's Share FCU, Salisbury, N.C., with $35 million in assets (2016);
  • Bob Donley, executive vice president, Members CU, Winston-Salem, N.C., with $244 million in assets (2015); and
  • Robert Harris, president/CEO, Health Facilities FCU, Florence, S.C., with $23 million in assets (2017).
Officers confirmed in the reorganization meeting include:
  • Chair: Faye Crocker, president/CEO of Greater Abbeville FCU, with $12 million in assets, (2015);
  • Vice chair: Patty Idol, president/CEO of Mountain CU, Waynesville, N.C., with $156 million in assets (2015);
  • Treasurer: Jeff Jones, president/CEO, Freedom FCU, Rocky Mount, N.C., with $51 million in assets (2017);
  • Secretary: Linda Weatherford, vice president of marketing and business development, SPC CU, Hartsville, S.C, with $125 million in assets (2016); and
  • Executive officer: Anne Shivers, president/CEO, Carolina Collegiate FCU, with $82 million in assets, Columbia, S.C. (2016);
Also serving on the CCUL board of directors are:
  • Lola Bumbarger, president/CEO, Century Employees Savings Fund CU, Hickory, N.C., with $8 million in assets (2016);
  • Maurice Smith, president/CEO, Local Government Employees FCU, Raleigh, N.C., with $1.3 billion in assets (2015); and
  • Nick Wodogaza, president/CEO, Palmetto Citizens FCU, Columbia, S.C., with $602 million in assets (2017).
The full board will meet Aug. 7 in Columbia with an agenda that includes orientation with the league's structure and strategic plan.

As compliance concerns ease, confidence in social media climbs

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MADISON, Wis. (6/6/14)--Credit unions and other financial institutions are feeling more and more comfortable tying social media into their business strategies now that regulation and compliance issues have softened, according to data released by American Century Investments ( eMarketer June 3).

Though still the top concern, over the last few years the percentage of financial professionals who worry about the use of social media in their business has fallen nine points to 36%.

Privacy breaches, meanwhile, have remained steady with professionals reporting being concerned with data security at 21%, the same as in 2010.

The level of concern over use, time and technology restrictions each climbed higher in 2014 from 2010 levels as well.

"As concerns about compliance and regulatory issues have dropped, and others have remained at relatively low levels, the financial industry's opinion about social media has become more positive," eMarketer said. "In 2014, more than one-third of U.S. financial professionals said that social media was valuable for their business, compared with around one-quarter who said so in 2010."

The majority of respondents also said they believed social media was an emerging trend and that it would have significant benefits for their businesses in the future. Only 44% believed that in 2010.

This has led financial services companies to allocate more money to their social media campaigns. Marketing executives from financial institutions said they expect their budgets for social media to grow by 7.4% in the next year and 15.7% in the next five years, according to numbers from a poll administered by Duke University's Fuqua School of Business in May.

Currently, those polled said that their institution spends 5.9% of their marketing budget on social media.

N.Y. foundation awards nearly $53K in grants

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ALBANY, N.Y. (6/6/14)--Since January, the New York Credit Union Foundation has awarded nearly $53,000 in grants to state credit unions and credit union professionals.

Applications for professional development grants are accepted year-round on a rolling basis.The most recent grant cycle took place January through May.

Forty-three professional development grants totaling $23,575 were awarded to employees and volunteers from 30 credit unions.
 
Five Smart Money grants totaling $11,253 were awarded to:
  • Cooperative FCU, Wooodridge, with $9 million in assets;
  • Alternatives FCU, Ithaca, with $84 million in assets;
  • Buffalo Metropolitan FCU, with $86 million in assets;
  • CORE FCU, East Syracuse, with $80 million in assets; and
  • ServU FCU, Painted Post, with $237 million in assets.
Smart Money grants can be used for projects such as youth or adult financial education programs, homeownership programs or services, financial counseling, savings and wealth-building initiatives, providing the unbanked with access to financial services and earned income tax credit tax preparation.

Seven small credit union grants totaling $17,989 were awarded to the following credit unions:
  • Local 41 IBEW FCU, Orchard Park, with $41 million in assets;
  • Buffalo Cooperative FCU, with $6 million in assets;
  • Greece Community FCU, Rochester, with $8 million in assets;
  • GRS EFCU, West Henrietta, with $2 million in assets;
  • South Towns Community FCU, Lackawanna, with $14 million in assets;
  • Spencerport FCU, with $24 million in assets; and
  • Upstate Milk EFCU, Cheektowaga, with $2 million in assets.
Small credit union grants can be used for general operating needs that help to improve member service, including (but not limited to): technology, security improvements, operations and consulting services.

Cooperative Hall of Fame calls for nominations

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WASHINGTON (6/6/14)--Nominations are now open for the Cooperative Hall of Fame, which honors individuals who have served the cooperative community in genuinely heroic measures.
                                                                                                                                       
Locally, regionally or internationally, the work of the inductees goes to enhancing and advancing cooperative enterprises, empowering people and contributing to the broader acceptance of the cooperative model in the United States and around the world. Inductees include volunteers, public officials, cooperative employees and members.
 
Past inductees include Harriet May, former president/CEO, $2 billion-asset Government Employees CU, El Paso, Texas; Joy Cousminer, president/CEO, $19 million-asset Bethex FCU, Bronx, N.Y.; and former Credit Union National Association President/CEO Dan Mica.
 
Nominations may be submitted by organizations or individuals and include a nomination form, narrative of the nominee's life as it relates to the selection criteria and letters of endorsement. Inductees are evaluated by the following criteria:
  • Statesmanship: Demonstrated statesmanship, innovation, personal commitment, leadership and vision beyond the professional competence and requirement of the position for which the inductee served the cooperative sector;
     
  • Lasting achievement:  Achieved identifiable and lasting change to improve and promote cooperatives;
     
  • Cooperative advancement: Inspired and persuaded others to act to advance the cooperative system; and
     
  • Recognition:  Recognized for work relating to cooperatives at the local, regional, national or international level.
Nominations are due Aug. 1. Use the resource link for more information and nomination forms.

Supervisory, audit committees focus of CUNA conference

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MADISON, Wis. (6/6/14)--Dec. 7-10 is the date for one of the few credit union programs specific to the supervisory committee and internal audit audience--the Credit Union National Association's Supervisory Committee and Internal Audit Conference.
 
The three-day conference, which will be in Las Vegas, addresses trends in fraud, types of audits, growing internal audit departments, oversight and more.
 
"Supervisory committee content often gets paired with board events," said Kevin Smith, CUNA director of volunteer education. "The motivation behind this conference is to provide an exclusive gathering place for committee members and internal auditors where they can access resources and opportunities specific to their roles."
 
This year's program also features a pre-conference session, CUNA Supervisory Committee Fundamentals Workshop, for newcomers to get up to speed on oversight in today's credit union movement.
 
Successful completion of specific conference sessions will earn credit toward Certified Credit Union Volunteer designations.