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Products Archive

Products

VendorTrack helps manage third-party relationships

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MADISON, Wis. (8/3/09)--In the few months since its launch, more than 640 credit unions and 13 credit union leagues have signed up for VendorTrack's secure, Web-based vendor management system to centralize their third-party relationships. VendorTrack also is used by 65 vendors to facilitate requests they receive from credit unions for due-diligence information and to respond to requests for proposal. In addition to the 23 CUNA Strategic Services (CSS) alliance providers, the more than 40 other vendors working with VendorTrack include PSCU Financial Services, Symitar, Fiserv and CO-OP Financial Services. Developed by CSS and TraceSecurity, a CSS alliance provider, VendorTrack helps credit unions ensure that their third-party vendors comply with regulatory responsibilities and best practices when dealing with sensitive information. It allows credit unions to centralize vendor data, manage relationships, assess vendor risk and ensure compliance with policies and controls. Credit unions can request their current vendors to sign up, and they can manage the information based on how critical the relationship is--one of the National Credit Union Administration's (NCUA) requirements for these relationships. They also can set notification alerts for contract expirations, requests for proposal and updated vendor information. Recent enhancements have been made to:
* Service Provider Monitoring and Reporting. The credit union can create a new report or spreadsheet to share with examiners. * My Document Tab. It will be easier to upload a revised document into the "My Documents" library. New documents can be related to specific document types such as contracts and financial statements. My Documents also can receive multiple e-mail notifications for each document. Credit unions can get a vendor's due diligence information quicker and vendors can facilitate any non-disclosure requirements within VendorTrack so the credit union can receive sensitive due-diligence information. * E-mail notifications. Receiving e-mail notifications is now a default feature for all new users. Vendors will receive e-notification advising that a custom questionnaire from the credit union is waiting for their response. The credit union also can receive an e-mail notification when the vendor has answered the questionnaire.
For more information, use the link.

fiVISION develops HSA module

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INDIANAPOLIS (8/3/09)--fiVISION has developed a Health Savings Account (HSA) opening module for credit unions. E FCU, Baton Rouge, La., launched the module--called autoENROLL--in June. With autoENROLL, applicants complete an application to open an account. Applications can be made in person, over the phone or online. Credit unions can choose to be integrated with their host processor on a real-time basis or use the features in a batch environment. With the application process, members and non-members can open an HSA in less than five minutes, fiVISION said. E FCU will use the module to market its HSA accounts to employers. Its initial rollout included moving all of its employees’ HSA accounts to the credit union from a local bank. “We would like to have five to 10 small employers signed up for our HSA product when open enrollment for most employers comes around later this year,” said Stephen Mathews, executive vice president of operations. “We currently have around 100 accounts but would like to increase this to several hundred by the end of the year. We also see HSA accounts as a tool that will assist us when we begin to offer member business services.” E FCU has $221.5 million in assets.

What to look for in online training

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MADISON, Wis. (8/3/09)--One of the things a good online training program should offer is 24/7 access for all credit union staff, managers and volunteers, according to the Credit Union National Association (CUNA). Many credit unions that offer online training are bombarded by training providers, and not all training is created equal, according to Marlo Foltz, CUNA director of blended learning. “Some online training has great content but is hard to use, others boast convenience but are plastered with the word ‘customer’ [instead of member] and others have great content and wonderful ease but cost more than a credit union can justify,” Foltz said. Because not all training is the same, credit unions should evaluate what is important to them, while making sure the training is deliverable, easy to administer, and provides informative content. A good online training program:
* Includes credit union terms and ideals; * Offers a combination of timeless and hot topics; * Incorporates interactive elements of audio, video, chat rooms and a knowledge check; * Has the ability to customize or create courses; * Ensures compliance training is up-to-date and compliant with the National Credit Union Administration’s regulations; * Has advanced tracking and reporting tools; * Makes recommendations for learning based on competencies; * Includes personal assistance for questions and concerns; * Supports the credit union movement; and * Offers national recognition for the training completed.
Online training is becoming more significant because traditional methods of training are not always ideal. For example, Credit Union 1, Anchorage, Alaska, uses CUNA’s CPDOnline for its more than 200 employees in 13 branches and 13 departments. More than 50 of its employees are located remotely, so phone training is not adequate, said Nina Gordon, Credit Union 1 staff development assistant. “The convenience of taking the courses online allows front-line staff to develop their skills without taking time away from our members,” added Paul Nunn, manager of training and development, Smart Financial CU, Houston. CUNA has reached 1,200 credit unions and more than 21,000 students through its CDPOnline training program. More than 300 courses are offered through the system.