Credit Union Management

As you begin to build your member business client base, consider the feasibility of providing merchant services. Merchant services is the name typically given to a broad category of financial services that enable a business to expand the ways customers can pay for goods or services. It primarily refers to the service that enables a business to accept a sales transaction payment via customer credit or debit cards, electronic checks, gift cards and other payment options. Technology now enables ...

New Reality

Historically, credit union mergers were done in a very "hands off" manner. Typically, a large credit union "merged" with a small credit union partner that was experiencing limited growth, management succession challenges or a regulatory issue. Today, credit unions are facing greater shortages of capital, thin margins and a slew of expensive regulatory mandates. Mergers had darn well better add value or they will simply become strategic anchors for a slowly sinking group of misguided credit un...

Not Just a Numbers Game

Today's changing economy, which is affecting everyone, whether you work in the financial industry or not, is forcing everyone to re-think his or her strategic direction. The Harvard Business School for Advanced Leadership Institute forced the author to step back and question her approach as a leader. The sessions on "Strategic Value Vision for Customers and Employees," "Leading and Talent Management," "Leadership, Leading Change and Communication," and "Maintaining Service in a Transformed In...

Directors Conference 2009 Sponsors

Plugged-in Employees

Intranets, portals, wikis -- credit unions are using World Wide Web technology to help employees stay informed and in touch. CUES member Jim Craig, VP/marketing at $500 million/60,000-member 1st Advantage Federal Credit Union, says the CU's intranet, which was in place when he started five years ago, was redesigned last year to enhance communication among the CU's staff of 180 full-time equivalents. Having everything in one place has made communication easy and consistent, Craig says. For cre...

Making Training Work

The author recently met with a credit union client's VP of human resources who was describing other managers' tendencies to cite training ineffectiveness as the root of all deficiencies in their departments -- in a sense, accusing him and his training department of being the problem. Researchers have found that some of the components necessary for training to work include the employee's motivation to use the training. Another component, obviously, is the quality of the training itself. It is ...

Welcome to the Credit Union!

A common plight for many credit unions is the struggle to attract and retain new members. Some CUs are fighting that trend by cementing the bond between themselves and members through a concept referred to by some as onboarding. According to Mark Weber, president/CEO of CUES Supplier member Weber Marketing Group, Seattle, the downward trend among credit unions in gaining members makes it imperative that the industry consider new ways of thinking. As Weber explains, a major challenge for credi...

The Carrot or the Stick?

Like most resolutions, efforts to change member behavior are well intentioned but likely to be more difficult to implement than you might expect. One strategic error many people make is trying to change consumer behavior rather than using design thinking and behavioral science to complement specific behaviors, Filene Research Institute chief innovation officer Denise Gabel notes. Sometimes all it takes is a crisis to underscore the need for change. After years of ignoring warnings about the p...

Card Act Challenges

In May, Congress passed the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009. The legislation was put in place to end complicated and misleading credit card agreements, unfair rate hikes and hidden fees. A main reason the first phase threw credit unions for a loop was the short timeframe. Robert W. Rutkowski points out that normally, when the Federal Reserve comes out with a proposed rule, the rule goes through a comment period and financial institutions have plent...

Dort Fcu Takes Its Members to the Movies

The $405 million/51,000-member Dort Federal Credit Union, Flint, MI, has found a unique way to show its appreciation, one that members, well, truly appreciate, at least judging by the feedback the credit union has received. This past August, Dort FCU held its Annual Member Appreciation Movie Day. Members could receive up to four free movie tickets each, simply by showing proof of membership via their membership card; ATM, debit or Visa Platinum card; or a monthly statement. Jenny Ludwigsen, D...

Private Student Lending Update

If any credit union can be said to know student loans -- especially those of the federal variety -- like the back of its proverbial hand, it's USC Credit Union. After all, not only has the LA-based CU, which has $316 million in assets and approximately 54,000 members, been offering federal student loans since 1998, but for the past several years it has been the biggest CU originator of such loans. VP/Student Services Michael Kim doesn't expect the CU to keep that crown for much longer, howeve...

Capital Cares Offers School Year's First Lesson

Cues Online University Unveils New Web Site

Cues Continues Sales and Service Training

New Center for Credit Union Board Excellence

Gma Bash Is Back!

Cues Sky Box

Parents use family position instead of given names when barking commands. Throughout the ages, healthy families that stick together have a better chance of survival for the individuals in the family. Good parents understand this, if even on an instinctual level, and shape their words to instill the message, "Be good to your family." To survive this economy people have to do a lot of things well and one of them, simple as it may sound, is get along. It is your job to make sure people work well...

Cost Control: Marketing

Todd Kern, VP/marketing for USA Federal Credit Union, San Diego, recently summed up the current situation for marketers everywhere, they've had to do more with less. And that applies to everyone now, not just credit unions. Low-cost, effective marketing campaigns are a habit for CUES member Deborah McLean, VP/marketing and business development at $64 million, 8,500-member Carolina Postal Credit Union, Charlotte, N.C. Recalling that Carolina Postal CU's auto loan portfolio was a little flat, p...

Connecting On Tech

Communication is critical, and IT specialists don't always speak the same language as the seasoned business people often recruited for credit union (CU) boards. If a CU doesn't have a technology expert on the board, it's critical for management to have someone on staff who is not only good at finding and implementing technology but good at explaining it in layman's terms, notes, Quintin Sykes, a managing director of Cornerstone Advisors. $3.5 billion PSECU is big and high tech. Virtually bran...