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CUAnswers completes 10 CU conversions, 6 mergers in FY 2014

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GRAND RAPIDS, Mich. (9/30/14)--CU*Answers announced it completed 10 new core processing systems for credit unions and six merger conversions, together representing the addition of 175,000 members to its CU*BASE core processing system in the 2014 fiscal year.

The Grand Rapids, Mich.-based credit union service organization fiscal year runs from October through 2014.
 
CU*Answers also said it will integrate its credit score history dashboard with other analytical dashboards to strengthen each credit union's ability to design marketing programs. Previously, the credit score history dashboard was a stand-alone.
 
CU*BASE comes standard with analytical tools and dashboards that can create population segments based on activity, products and services. Now, before acting on the information found--for example, where members are shopping or whether they're enrolled in bill pay--a credit union can take that population segment and view their credit score history to see how their scores are trending as a group.
 
CU*Answers also said it began a beta-test on a new suite of budget calculation and analysis tools, integrated into CU*BASE. The redesigned software has been in development for more than a year and additional enhancements are in development for the next phases to be released 2015, the company said.
 
"What's unique about this project is the amount of direct client involvement in the testing process," said Keegan Daniel, CU*Answers professional services manager, who is coordinating the beta project.
 
Participating in the beta are Frankenmuth (Mich.) CU, with $306 million in assets, and Service 1 FCU, Muskegon, Mich., with $100 million in assets.

 

Vt. league enhancing compliance solution

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COLCHESTER, Vt. (9/29/14)--The Association of Vermont Credit Unions (AVCU) announced Friday that it is introducing two software compliance services (Newsline Express Sept. 26).
 
CU PolicyPro will be available soon and ComplySight will be available to member credit unions further down the road, it said. 
 
"Credit union managers/CEOs should watch their email in the next few weeks for complete information about bout CU PolicyPro and ComplySight, as well as the instructions for receiving CU PolicyPro access through the end of the year," the AVCU said.
 
CU PolicyPro is a tool designed to help credit unions manage compliance-based management challenges with more than 200 model policies. The policies were written specifically for credit unions by legal and financial professionals, and can be tweaked to fit individual credit unions' existing policies.
 
CU PolicyPro also has a publishing platform that allows credit unions to aggregate multiple policies into a single document that can be posted internally or for regulatory compliance.
 
ComplySight offers a number of logistical services for regulatory requirements by allowing credit unions to address compliance requirements through a single piece of software. Services include visibility, tracking, measuring and reporting. AVCU said that the program supports "a state of continual readiness for audits" and offers regulatory updates to ensure alignment with rule changes.
 
AVCU member credit unions have, since 2008, had access to InfoSight, an online database of regulatory and legislative compliance resources.

CUNA eSchool offers financial counselor certification

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MADISON, Wisc. (9/26/14)-This fall the Credit Union National Association will hold a second installment of financial counseling certification classes.
 
Part two of the CUNA Certified Credit Union Financial Counselor (CCUFC) eSchool will be held every Tuesday starting on Oct. 7 and ending on Nov. 25.
 
Topics, which will each be covered in two weeks, include "Controlling Living Expenses," "Why People Act the Way They Do About Money," "Taxes, Insurance and Investments" and "Retirement and Personal Financial Preparedness." Together, they are focused on helping members budget, understand tax obligations, appropriate insurance products, and investment strategies.
 
CUNA said that it will focus on "building proven financial counseling skills and strategies" that can be integrated into credit unions' unique cultures.
 
"Building on the topics and lessons they learned in part one, this program's attendees will continue to develop the skills and confidence to guide members through future financial situations and set their credit unions apart as people-centric institutions," said Courtney Cantwell, CUNA instructional design manager.
 
Those who haven't completed the first part may do so through the CUNA Credit Union Financial Counseling Certification Program's self-study modules. The completion of both parts earns participants a CCUFC distinction.

MX captures CUNA Tech Council Best of Show

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MADISON, Wis. (9/26/14)--Following seven-minute "speed rounds" of product presentations Tuesday morning, the CUNA Technology Council awarded its fourth annual Best of Show Award to banking platform provider MX.

Click to view larger image From left, Derrick Walker, MX regional vice president, and Chad Perry, executive vice president, celebrate capturing the CUNA Technology Council Best of Show Award. (CUNA Photo)
The award was presented at the CUNA Technology Council Conference and CUNA Operations, Sales and Service (OpSS) Council Conference in Las Vegas.

"This year, conference attendees had the opportunity to interact with 15 outstanding speed round sponsors as they demonstrated new innovations supporting financial services," said Mike Atkins, chief information officer of Bellco CU, Greenwood Village. Colo., with $111 million in assets. "MX, a long-standing sponsor of our annual conference, came out on top against some very strong competitors."

Located in the heart of Utah's Silicon Slopes, MX (formerly MoneyDesktop) develops technologies that an omnichannel banking experience. MX drives customer-centric banking relationships by integrating its products with mobile, online and core banking platforms--and with payment and other third party providers. MX currently partners with more than 460 financial institutions and 30 online banking, core and payment network providers.

"We are dedicated to moving the financial tech space forward, as evidenced with the substantial innovative and strategic thought behind the new platform and products," said Chad Perry, MX executive vice president of sales.

The CUNA Technology Council presents the Best of Show award to the speed round sponsor that demonstrates a commitment to delivering technology that will further the growth of products and services in the credit union marketplace. Vendors have the opportunity to show off their product, and are evaluated by attendees during a fast-paced, high-impact speed round presentation at the conference.

LSC unveils 'Get Paid to Grow' campaign

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NAPERVILLE, Ill. (9/25/14)--Credit union service organization LSC announced Wednesday that it's launching a program to incentivize the expansion of credit card programs.
 
The "Get Paid to Grow Campaign" will offer credit unions $4 for every new credit card account signed up over a 90-day period. 
 
Phillip Seely, LSC portfolio development manager, said program participants have experienced an average-total outstanding increase of 14%, and a year-to-date increase in new account openings by 65.8%. 
 
More than 85 credit unions in 25 states have taken part in the early promotion, he said.
 
In exchange for being able to receive the reward, credit unions must choose one of four LSC marketing campaigns, including free marketing kits, member statement inserts, web banner advertisements and a balance transfer promotion with implementation, goals, strategies and success metrics.  
 
LSC, a CUNA Strategic Services alliance provider, serves almost 2,500 credit unions in 50 states.

CUNA Mutual loan generation webinar series launches Oct. 7

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MADISON, Wis. (9/25/14)--CUNA Mutual Group's fall Loan Generation Marketing Webinar will kick off Oct. 7 at 2 p.m. (CT).

First up, a session focusing on recapturing auto loans and targeting new opportunities.

"Loan generation marketing campaigns help credit unions recapture loans lost to competitors, and acquire new loans, by identifying a credit union's best loan opportunities using credit pre-screens and then sending the right message at the right time," said Steve Hoke, CUNA Mutual Group director of loan growth.

"Campaigns feature a variety of loan types, including auto, mortgage, home equity, credit card and personal loans," he added.

Webinars are run by CUNA Mutual Group loan generation marketing specialists. The programs address top issues facing credit unions, including how to grow larger, more stable loan portfolios; create deeper credit union member relationships; and generate interest and member-friendly non-interest income.

The webinars, which run from 2 to 2:30 p.m. (CT), are free for all credit unions and conclude with live Q&A sessions.

Webinars are scheduled for:
  • Oct. 7: Auto loan recapture, universal auto and next car purchase;
  • Nov. 5: Growing unsecured credit card and personal loans; and
  • Nov. 12: Recapture auto loans and target new opportunities.
To register for future sessions and view spring and summer sessions, use the link.

2014 compensation data available through CUNA analytics

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MADISON, Wis. (9/24/14)--New staff compensation data and trend analysis for 2014 is now available from the Credit Union National Association's Compensation Analytics salary and budgeting tool.
 
"We are in a critical time of the year for making changes to compensation and salary packages," said Jon Haller, CUNA director of market research and consumer education. "This tool allows executives to view and manipulate the data and trend analyses so they can build competitive salary and compensation packages to stay relevant in an ever-changing market."
 
CUNA Compensation Analytics is a cloud-based tool that takes the report's salary-setting data one step further. Built from combined data from nearly 1,300 credit unions for 100 job titles--more credit union-specific data than the next two major salary studies combined--this tool provides full access to the content in the CUNA Staff Salary Report and supplements it with additional details and interactive features.
 
Those interactive features allow users to:
  • Compare salary information for multiple positions across multiple states;
  • Analyze salary data in both graphical and tabular formats;
  • Export tables and charts for use in management presentations; and
  • Make more accurate decisions with interactive reporting.