Credit Union Management

Alta One Fcu Raises Questions-Gets Accounts

In a bold move to challenge typical credit union marketing, AltaOne Federal Credit Union stepped "out of the box" with a unique campaign to launch its new member service center in Bakersfield, CA. To draw attention to its arrival in Bakersfield, AltaOne FCU wanted to create a campaign that would involve the community, yet not reveal the organization's identity. The concept was built around generating curiosity, suspense and a general buzz in advance of the service center opening. The five-wee...

Tt&Amp;L Program Offers Value-Added Business Service

Credit unions can help ensure the smooth flow and offer convenience to their business services members at the same time by enrolling in the Treasury Tax and Loan (TT&L) program. The Treasury Tax and Loan program, a joint undertaking of the Treasury and the Federal Reserve, is designed to manage federal tax receipts and stabilize the supply of reserves in the banking system. Without TT&L accounts, tax payments would create severe fluctuations in depository reserves. Other credit unions...

Insights

Cues Skybox

In the author's 35 years in the financial services industry, he learned some things the hard way and made more than a few mistakes more than once. He would like to share some things that made an impression on him during his career. You may find some change coming in your beliefs. It has always proved useful to him not to judge too quickly. The first lesson he learned: your first loss is your best loss. The author knows you did not go into the credit union industry to manage real estate or sel...

Management Network

Andrews Fcu Helps Soldiers with Extreme Makeover

Andrews Federal Credit Union (FCU) jumped at the opportunity to provide furnishings and the amenities of home for recovering soldiers in the Warrior Transition Unit (WTU) located in Wiesbaden, Germany. Many of the soldiers who were sent to this WTU were deployed to Iraq and would need to stay for several months while they recover before either returning to Iraq or being discharged. Andrews FCU consistently makes an effort to give the soldiers the comforts of home.

Msu Fcu Offers Grads Real World Style

Michigan State University Federal Credit Union has gained traction with a marketing program that helps a lucky couple of students get started in the real world and lets all graduating seniors know the credit union is there for them their entire lifetimes. Real World Makeover, now in its fourth year, gets plenty of local publicity -- it helps that the CU partners with a local television and radio station for the event. Many student-members don't realize they can continue their memberships afte...

Open Forum

Loan Amounts

Several executives shared their views on whether falling home prices are leading people to change their lending policies. Tammy Allender, CEO of Olympia Credit Union, said reduced their second mortgage program to a maximum 90% combined loan-to-value ratio. This was the result of United Guaranty reducing their insurance coverage limits. For third-tier borrowers, the max is 50%, said Jeffrey Noe, president/CEO of $74 million/11,400-member Priority Community Credit Union. In real estate markets ...

General Management

Full-Speed Ahead

With all the gloom-and-doom headlines out there about the economy and housing market, it might not seem like a great time to be a mortgage lender. Credit unions may well be vying for a greater share of a smaller mortgage market in 2008. Marshall W. Dennis, president of Atlantic Strategic Advisors LLC, foresees a decreased demand for mortgages, given the financial impact of declining real estate values, layoffs, lurching stock prices and inflation, along with the psychological strain of all th...

Friend or Foe?

Web 2.0 has created a new flavor of competitor in the financial services world. Small non-traditional online financial service providers have gained traction with consumers. Zopa was among the first social media financial sites to create buzz on the Internet. Zopa found that working with credit unions was the most effective way to connect consumers -- and still stay true to its mantra of "sidestepping the banks." The strategic desire to offer a different service -- and differentiate itself --...

Human Resources

Prepaid Benefit Cards

From traditional preferred provider organization and health maintenance organization plans to flexible spending accounts (FSAs) and health savings accounts (HSAs), the latest payment method for healthcare coverage is prepaid benefit plans. Like credit and debit cards, and offered through such familiar sources as Visa and MasterCard, benefit cards offer convenience and ease in administration for employees and their employers -- and represent another potential service offering for credit unions...

Board

Ms. Credit Union

Dr. Dorothy Orr's credit union journey bridges the past with the future, serving as a reminder of how far credit unions -- and America -- have come. Decades ago, Orr, the 2007 CUES Director of the Year and chairman of $275 million BrightStar Credit Union, with 37,000 members, was a young elementary school teacher, a recent graduate of Florida A&M University, a historically black university. As she earned her doctorate in educational administration and supervision, reared four children of ...

Revolving Door

The instances of CEOs leading credit unions for 20 years or longer appear to be getting rarer. Not only are those at the helm staying on for shorter periods of time, the modern CEO is increasingly expected to have expertise in financial areas where credit unions rarely operated in the past. For these reasons, credit unions now often turn to executive search firms to help find new leaders for their organizations. In some cases it could be feasible (for the credit union to look on its own) if t...

Operations

The Decision Point

The idea of replacing a core processing system has sent shivers down the spine of many a credit union (CU) executive. Essentially, CUs are caught in a bit of a bind: An older system can become a money pit, since it can be trickier to bring into compliance and less able to integrate with new applications. On the other hand, financial institutions are experiencing a slowdown in profits, and most can't splash out for a new core processor right now. An emerging trend in core processing is contrac...

Out of Schumer's Box

The disclosure and the materials that accompany a card disclosure can be an opportunity to build your brand. As part of the 1988 Truth in Lending Act, Sen Chuck Schumer authored a provision that called for a credit card's terms and conditions to be presented clearly, in a tabular manner. The result was what is now known as the "Schumer Box," the standardized table in every credit card solicitation and agreement that lays out that information. In addition to the federal guidelines, individual ...

Marketing

Good Gadgets

When it comes to creating a top-notch Web site, "bells and whistles aren't everything," says Mike Bunner, AVP/electronic marketing at Franklin Mint Federal Credit Union, which has $432 million in assets and approximately 51,000 members. Statistics are similarly important to Ben Morales, SVP/CIO at Washington State ECU and a CUES member. It really helps to have analytics about your Web site, he says. Credit unions don't have to come up with cutting-edge Facebook applications or Google Gadgets ...

In Their Court

Technology Credit Union members with the most loyal relationships don't need to wait in a teller line. Tech CU's private bankers serve as the single point of contact for the members they serve, whether those members need a money order, wire transfer, commercial real estate loan or retirement fund advice. The private banking program caters to the top 2% of Tech CU's 80,000 members in terms of account balance, those with a combined aggregate minimum of $100,000 in their credit union deposit, lo...

P & S: Cues Products & Services

Setting Core Rewrite Expectations

It's been nearly two full years since Scott Hodgins last addressed the ongoing trend of vendors rewriting their core processing systems with newer and better technology that includes richer functionality. Cornerstone Advisors Inc Senior director Hodgins revisited that topic recently on CUES Tech Port in "Core Rewrite: What You Should Know." The CUES Tech Port article updates several of Hodgins' warnings from two years ago and adds a few more things to keep in mind if your credit union is curr...

New Courses On Cues U

At Your Door: Cues in Cus

Cues News

Ramirez Appointed to Cues Board

Cues Presents: 21st Century Growth Strategies

Cues Experience Additions Announced

From The Editor

On the Radar

Editor

Hr In Brief

Searching On the Job

Job seekers don't mind setting their sights on greener pastures even while on their current employers' payrolls, according to executives interviewed recently. Top performers will always be in demand, and employers should make retaining key staff an ongoing priority, says Max Messmer, chairman of Accountemps and author of Human Resources Kit for Dummies, 2nd Edition. The loss of star talent can hinder a company's performance, and the current shortage of highly skilled professionals in many spe...

'Diversity' Defined or Not?

Organizations believe workplace diversity is important -- but only 30% have an official definition of it. Those findings are detailed in a report released by the Society for Human Resource Management. It partnered with the American Institute for Managing Diversity Inc, in conducting a year-long study on the status of diversity in the workplace. Fifty-two percent said that to a "large extent," diversity practices created a work environment or culture that allows everyone to contribute all that...