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Credit Union Management
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from April 2004
Last Number: December 2012
ISSN 0273-9267
[Content not included in vLex Global Academic]
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Year 2007
Credit Unions Make a Difference in Times of Need
In the business world, if you're not changing you're not trying. Change is simply what people do. To better handle this day-to-day flux, understand and use the five magic keys to managing change. OnPoint Consulting's research identifies five behaviors that enhance the ability to lead and manage change effectively. These are: 1. Be forthright about the change and its impact. 2. Model behaviors that support the change. 3. Set realistic objectives and milestones. 4. Don't underestimate the resou...
Today's headlines are all about the fall of subprime lending, especially mortgages. But stories exist about disastrous subprime auto lending, too, specifically in credit unions. So you might be surprised that the author is here to explain why subprime auto lending might be a beneficial service for both you and your membership. No, they are not crazy at FORUM Credit Union, but they are willing to leverage their competencies in the areas of lending and technology to serve a market niche. Here a...
Management Network
Baxter Cu Offers Green Rewards
In the new millennium green is good. $1.2 billion Baxter Credit Union (BCU), with 126,000 members, Vernon Hills, IL, recently put its best environmental foot forward when it announced it has partnered with the Illinois State Treasurer's Office to offer $1,000 rebates to the buyers of eligible hybrid electric and fuel cell vehicles. Under the Green Rewards Program, consumers who finance their new hybrid, electric or fuel cell vehicle through BCU or another participating bank or credit union wi...
Open Forum
While the fires raged in Southern California in October, one credit union asked about offering a disaster assistance loan on the CUES Net listserve. Assistance during a disaster will go a long way in building member goodwill. Her credit union has a disaster loan program that it has implemented for events like hurricanes, tornadoes, floods, etc., wrote Gail Enda, SVP/lending and product management at $4.3 billion/210,000-member American Airlines Federal Credit Union, Fort Worth, TX. The goal o...
General Management
Meridian Trust Federal Credit Union's (FCU) president and CEO Kimberley Withers is a strong believer in the power of goal setting. She started setting five- and 10-year goals approximately 18 years ago, when she was still in the very early stages of her credit union career. Her impressive record of success has led to her being named the 2007 CUES Executive of the Year. Under her leadership, Meridian Trust FCU has grown from $39 million in assets at the end of 1994, when Withers assumed the to...
Only a few years ago, when document imaging technology was young, return on investment (ROI) was clear-cut. In many cases, document imaging allowed institutions to make fewer paper copies of documents, thereby reducing costs associated with printers, paper ink, and so on. Document imaging, when used well, has the potential to be environmentally friendly. Electronic storage prices have steadily gone down in recent years, says Scott Cowan, VP/sales at document management solutions provider and ...
SafeCatch is a behaviorally based system designed to thwart attempted robberies and, at the same time, enhance member development. Larry Carr, special FBI agent in charge of Bank Robbery Coordination in Seattle, developed the SafeCatch concept in 2006 in response to an increase in robberies and a decrease in the quality of robber recognition and apprehension. The concept is founded on three key principles: 1. staff vigilance and safe, friendly action, 2. clear suspect recognition, and 3. effe...
Human Resources
There's loads of silver at State Employees' Credit Union (CU) in Raleigh, NC. And its leadership is mining it to the benefit of its employees and its 1.4 million members. The silver is not contained in solid bars in the $15 billion credit union's vault, however. The credit union's riches are found in the solid education that the credit union encourages and supports for its employees. State Employees' CU reaps the rewards of an employee education program that helps its 3,600 full-time staff mi...
In the "old days" credit unions were concerned about employee use of the telephone and making personal calls on work time. Today that concern has taken a back seat to new and increasingly more significant worries about employees' use of technology that has the potential to put credit union systems, members and staff at risk. For credit union managers, the ultimate question about Web use comes down to resources and productivity. The challenge for credit unions becomes navigating the space betw...
Board
Sometimes credit unions want to pick the partner who's a bit down in the dumps, but they will probably see the best results if they combine powers with a partner that's healthy and ready for a long day at the courts. That's exactly the mindset CUES member C. Alan Peppers and his board of directors took into a potential merger in 2004. A few years prior, Peppers, at the time president/CEO of Denver-based DPS Credit Union, and his board had decided to make mergers a part of their institution's ...
With more than half of credit union executives age 55 or older most are concerned about retirement security. By offering supplemental executive benefits packages, you can "balance the scales" and create a win-win situation for your credit union and your top executives. Supplemental executive benefits packages are a key tool to recruit, reward and retain your top executives. When you are faced with replacing a top executive, you can design a unique benefits package to aid in recruiting and ret...
Operations
Credit unions (CUs) will feel aftershocks for months to come from this summer's earthquake in the subprime mortgage industry as tremors reverberate through the housing and mortgage securities markets. But there are opportunities for CUs with mortgage money to loan and a message that should resonate with homeowners soured on the practices of subprime lenders and the brokers who hawked products indiscriminately. On the up side, CUs could expand their share of the mortgage market from 2% to 10% ...
Among the ways the Internet is changing the car business is by multiplying the number of vehicles a consumer can seriously consider buying -- and even making it possible to quickly find vehicles that truly meet all of a buyer's criteria. To visit every dealer offering a particular major make of car in the Dallas area requires about 250 miles of driving, says John C. Sutton, SVP/COO at $1.1 billion Credit Union of Texas (www.cuoftexas.org), Dallas, with 176,000 members. The Internet also helps...
Marketing
Some credit unions (CUs) have jumped on the idea of offering wedding insurance -- or other niche insurances -- to help members and potential members in times of special need. University Federal Credit Union's (FCU) largely college-age membership seems well suited to be needing wedding insurance, says Yung Tran, VP/CFO for $750 million/120,000-member University FCU and overseer of the CU's stake in CUSO Financial Services LP, through which the CU has been offering the product since the beginni...
Cues News
Ing Direct Ceo to Keynote Cues Experience(Tm)
Cues Hall of Fame Inducts Five Members
Five new members have been inducted into the CUES Hall of Fame. Congratulations to Rose Bartolomucci, CCE, Rod Calvao, John P Jeter, William Porter and Jean M Yokum. CUES honored these leaders during a special ceremony at CEO Network 2007: A CUES Member Quorum on November 4 at The Ritz-Carlton, Key Biscayne, FL. Bartolomucci, deputy superintendent for credit unions at the Ohio Department of Financial Institutions, was president/CEO of Kent State Credit Union, Kent, OH, for 22 years. Yokum was...
From The Editor
Editor
P&S: Cues Products & Services
In a recent article on CUES Tech Port, Michael Croal, a senior director with Cornerstone Advisors Inc, says remote deposit capture is creating excitement because the perceived return on the investment for business customers is large. According to the article, today's RDG feature set consists exclusively of checks being scanned at the commercial customer's office and sent electronically to the financial institution. Using these images, the customer's account is credited and the item is cleared...
Cues, Anderson Offer Pars Certification
Beyond Web 2.0: The New Consumer Reality
Inside Marketing
AmeriChoice Federal Credit Union is a $132 million institution in South Central Pennsylvania, a highly competitive market. They have some of the US' largest banks in their backyard, as well as two of the largest credit unions in the state. Their employees know it is their service that sets them apart. The AmeriChoice Way empowers and trains their employees to make decisions. The AmeriChoice Way committee consists of employees from different departments; it created their seven standards of ser...