Latest News

Two Common HR Policy Mistakes Can Increase Risk of Employee Lawsuits

Thu, 13 Jun 2013 20:32:23 GMT

A Utah construction company was required to pay three former employees a total of $230,000 in May 2013 when the Equal Employment Opportunity Commission (EEOC) successfully sued the company for harassment.

Credit unions should take note of this case, not because the company was punished for harassment—we all understand why that can’t be tolerated—but because this company increased its liability with two common mistakes:

1. The company’s HR policy directed employees to report harassment to their immediate supervisors. Employees had no other option.

2. The company fired an employee in retaliation for his complaint.

Assuming your credit union already has a policy against harassment, make sure the policy will actually work and protect employees.

Here are some basic guidelines for an anti-harassment policy:

It must be professionally written.
Your anti-harassment policy should be part of an overall employment practices policy that is approved by the board. This policy must be written by a human resources professional and/or employment attorney who ensures it complies with federal and state laws. The entire employment practices policy, including harassment elements, should be read and signed by all employees annually. Among other things, this protects your credit union from charges that employees who violate the policies were unaware of them.

Employees must have the opportunity to report harassment to someone other than the alleged harasser.
An anti-harassment policy must document how employees can bypass their harasser to lodge a complaint. This means at least two people should be designated to accept these complaints. You may need to offer employees the option to lodge harassment complaints with a neutral third party, if you can’t otherwise guarantee that employees have a safe avenue.

Prohibit retaliation against an employee who reports harassment.
Your written policy should state that reports of harassment will be investigated promptly. It should also state that retaliation—by firing or other means—is not permitted against the person who complained or those who participate in the investigation, such as witnesses to the harassment. EEOC lawsuits can require employers to pay extra punitive damages and back-pay for firing employees who lodged harassment complaints. You may be liable for damages for firing an employee who complains, even when the complaint is proved to be unfounded.

Be clear about work-related harassment off-premises or by non-employees.
Work-related harassment doesn’t always happen at work, and it isn’t always committed by other employees. Your policy should prohibit harassment at work-related functions held outside the workplace, such as a holiday party at local establishment. And your policy must protect employees from being harassed by directors, contract employees, third-party vendors, or others with whom the employees interact as part of their job.

These are only a small part of what it takes to create and enforce an employment practices policy. Our Risk Managers can help assess and make recommendations to safeguard your credit union. Contact your CUNA Mutual Group sales representative at (800) 356-2644.

Coverage may vary or may not be available in some states. This summary is not a contract and no coverage is provided by this publication, nor does it replace any provisions of any insurance policy or bond. Please read the actual policy for specific coverage, terms, conditions, and exclusions.

CUP-0613-4B9F ©CUNA Mutual Group, 2013 All Rights Reserved.

Credit Union Protection insurance products offered to credit unions, including the Fidelity Bond, Management & Professional Liability Policy, Special Insurance Package, Plastic Card Policy, Cyber & Security Incident Policy, and Property/Business Liability Policy are underwritten by CUMIS Insurance Society, Inc., a member of CUNA Mutual Group. CUNA Mutual Insurance Agency, Inc., an affiliate within CUNA Mutual Group, is the marketing agent licensed to broker various other property and casualty coverage. To determine underwriting company information for each policy type, please refer to the actual policy documents and declarations pages. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates.

Webinar: Crisis Communication

Tue, 11 Jun 2013 14:41:16 GMT

Quick, what's the right message to send when disaster strikes? Register for this free CUNA Strategic Services webinar on June 25 to find out!

A plumbing leak over the weekend flooded your credit union with five inches of water. A nearby warehouse fire requires your staff to evacuate within minutes. Last night's storm left three of your branches without power. A sink hole just swallowed a car in your parking lot. You'll never know what the next emergency may be, but you must be ready to launch your crisis communications plan quickly.

Sending the Right Message: Crisis Communications
June 25 | 1:00 pm Central

Don't wait for an emergency to prepare your crisis communications plan. The team at Ongoing Operations can help you be ready to communicate the right message to your management, staff, board and members in case of emergency. Join us to learn:

Why it's critical to have a crisis communications plan in place
Who should speak to the media and when
How to ensure your communications are received

Learn more and register

Anytime Adviser®

Thu, 6 Jun 2013 15:22:31 GMT

Have you ever wanted access to your own personal financial adviser?

Now you can...and so can your members! Help members become more knowledgeable decision-makers using these seven online interactive coaches, available at their convenience.

Anytime Adviser® is a customizable, interactive microsite designed to educate your members through games, quizzes, calculators and simulations, providing expert advice each step of the way.

Each coach is available in English and Spanish.

View a sample of Anytime Advise microsite, or contact Tammy Wendland, (800) 362-2076, ext 3023 to learn more.

CSS Provider: Agility Recovery

Thu, 6 Jun 2013 15:15:23 GMT

Disasters can happen at any moment. And, they don’t always look like what you expect.

For a small monthly fee, when disaster hits, Agility provides access to all of its resources, including power, office space, computer systems and communications access. Coverage begins the day your credit union becomes a member. At the time of a disaster, only out-of-pocket recovery costs will be billed. Agility handles everything else, freeing you to focus on what matters most: your members, employees, and community. Unlike other programs, Agility has no disaster declaration or alert fees.

Is your credit union ready for disaster? Find out for free in less than 4 minutes.

For additional information on Agility Recovery, or other CUNA Strategic Services, contact Tammy Wendland, (800) 362-2076, ext 3023.

It’s Spring: Do You Know Where Your Flood Zones Are?

Thu, 30 May 2013 17:33:25 GMT

By Kriss Besch

Temperatures are rising. Rain is falling. Rivers are flooding and hurricane season is just around the corner. Is your mortgage portfolio ready?

It’s been the rule for decades. All lenders have to determine whether a property is in a flood zone before approving a mortgage. That lender also has to make sure that properties in flood zones are covered by insurance. Only it’s a bit trickier than making sure a consumer auto loan is covered with a collision or liability policy. That’s because flood zones can change, and that means a mortgaged property that did not need flood insurance at the time of loan origination might need it five years later.

It’s up to lenders to keep track of map revisions and any other Federal Emergency Management Agency (FEMA) changes regarding exclusions or exceptions.

After several years of record flooding, catastrophic hurricanes, and historic super storms, the Biggert-Waters Flood Insurance Report Act has raised its penalty from $350 per flood violation to a minimum of $2,000, and lifted its annual $10,000 cap. That means that a credit union that does not monitor flood zone revisions and require its members to have flood insurance could find itself in hot water (and with a big bill due to the government).

Some credit unions monitor flood zones on their own while others partner with a flood vendor that handles flood zone certifications for them. With FEMA issuing tens of hundreds of flood map updates every year, passing the risk and responsibility along to a vendor can be a prudent choice for credit unions without the staff time or expertise to ensure that flood zone certifications are accurate and that mortgaged properties in flood zones are insured.

The fine changes should also prompt credit unions to evaluate their current flood vendor if they have not done so recently. There are two types of flood zone certifications: basic and life-of-loan. A basic certification is a one-time read of flood maps, which leaves the burden of monitoring changes up to the lender.

For ongoing monitoring of any loan, the credit union would need a life-of-loan service. This service would track FEMA maps and notify the credit union of any flood zone certification changes. The responsibility and risk belongs to the flood vendor if any mistakes are made. This means that credit unions do not need to monitor FEMA maps on their own. With life-of-loan plans, the vendor does the tracking.

Credit unions need to recognize that flood zone certification services are purchased per loan, not per portfolio. Thus, it is possible that credit unions have some mortgages that carry life-of-loan flood zone determination service and some that do not. Credit unions should verify annually what kind of coverage each mortgage carries in order to remain compliant with federal regulations. This should not be too daunting a task as the flood zone certification vendor should provide a report of all life-of-loan mortgages it monitors. Credit unions can then crosscheck that list with the remainder of their portfolio.

Flood zone determination services are provided by LPS National Flood. Flood vendors should provide certificates for member files as proof to auditors that current determinations have been made. A credit union can get fined for not having a certificate even if the loan is monitored by a flood zone certification vendor and is adequately protected.

Good flood vendors will also assist with FEMA Letter of Map Amendments (LOMAs) for lenders. Sometimes it appears the property is a flood zone, but further review of the FEMA flood zone map could reveal that the property is far from the flood exposure because of the structure’s elevation.

Keep in mind that it is never safe to assume that the flood zone status of a property cannot or will not change. As builders increasingly change the topography of construction sites by moving Earth, flood zones can evolve—and sometimes much farther away than a credit union would suspect. The right vendor stays abreast of all flood zone maps and letters, which will eliminate worries about portfolio protection and ongoing compliance. This enables credit unions to focus on serving their members, not on reading maps.

Kriss Besch is a Product Support Manager at CUNA Mutual Group. For more information about flood zone determination services, contact Kriss at or 800.356.2644, ext. 665.6053.

© CUNA Mutual Group, 2013. All Rights Reserved. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates.

Sprint Member Discount Program: Your Members Save Money. Your Credit Union Earns Money

Thu, 30 May 2013 16:00:00 GMT

Pass savings onto your members and earn revenue at the same time! Join more than 1,100 credit unions in offering the Sprint Credit Union Member Discount Program Plan to your members.

The Sprint Credit Union Member Discount Plan gives members:

10 percent discount on individual service plans
15 percent discount on business plans
discounts on equipment and accessories, plus waived fees on new activations and upgrades.

As a participating credit union, you earn .20 for each of your members. Not just the members who take advantage of the discount, but all members!

And all marketing and promotional materials, both print and Web-based, are provided FREE of charge to participating credit unions. Visit lovemycreditunion.com to find the latest materials and update your web banner.

If you haven’t yet signed up, you have until September 30 for the 2013-2014 contract year.

Credit union members can get their discount by:

calling 877-SAVE4CU (877-728-3428)
visiting any Sprint store nationwide
visiting www.SprintSave4CU.com

Members just need to mention they’re a credit union member to take advantage of the savings.

For more information, contact Tammy Wendland, 800-362-2076, ext 3023.

WEBINAR SCHEDULE

Free webinars are available to learn how your credit union can participate. All webinars begin at 3:00 pm Central time.

Tuesday, June 11
Tuesday, July 9
Tuesday, August 13
Tuesday, September 10
Tuesday, October 8
Tuesday, November 12
Tuesday, December 10

To join, simply pick the date of your choice from the schedule above then follow the instructions below on the selected date and time.

First Time Users: To save time before the meeting, check your system to make sure it is ready to use Microsoft Office Live Meeting.

Depending on your security settings, you may see a warning at the top of your web browser prompting you to allow download. If this happens, choose to proceed with the install the software.

Follow this link to join the Webinar:

For audio call Toll free: (866) 816-1627
Participant code: 1424296183

For Technical Support

For questions regarding webinars, please contact Sprint Program Manager Rhonda Peruski, (800) 262-6285, ext 521.

Be Prepared For Severe Weather

Wed, 29 May 2013 15:18:33 GMT

More severe weather is being forecast for parts of the central United States…which is already reeling from recent powerful tornadoes and storms. The scenes of the massive tornado damage in an Oklahoma City suburb are horrifying, and a reminder of the deadly power of tornadoes. Preparation is paramount.

To help credit unions take the appropriate steps to mitigate risks and protect their assets, CUNA Strategic Services and Agility Recovery have prepared several checklists:

Download Agility's Tornado Preparedness Checklist for detailed steps your credit union, employees and community should take to prepare for the storm.
Review Agility's Flood Checklist to prepare for the heavy rainfall and widespread flooding often generated by these storm systems.
Prepare your organization for what to do before and during a power outage by downloading Agility’s Power & Generator Checklist.
Download Agility’s Crisis Communications Planning Checklist to help your credit union develop a plan, as well as provide preparedness tools to ensure continuous communications before, during and after a disaster.
Prepare a Disaster Recovery Kit to ensure you have the necessary items to initiate recovery procedures in the wake of a storm.
Red Cross Tornado App – Get your family and home ready for a tornado with the official Tornado App from the American Red Cross.
By taking Agility’s Preparedness Evaluation the credit union will understand how much risk they face.

Your Left Behind 401(k): Avoid These Two Common Mistakes

Wed, 15 May 2013 00:10:30 GMT

By Sharon Severson

If you have a 401(k) account still being administrated by a former employer, avoid two common and potentially very costly mistakes people make in this situation: cashing out the account early or ignoring the account.

Mistake #1: Early Cash outs - The Wealth Killer
It’s easy to see the downside of cashing out a 401(k) before age 59½. Start with a 10% penalty off the top. This is how the IRS discourages lump sum distributions for purposes other than retirement. How many deductions from your hard earned paychecks did it take to build up that 10%?

Also, by cashing out early you’ll pay income tax based on your current tax bracket, which may be considerably higher than if you’d waited until retirement. Employers must withhold 20 percent of the distribution amount to cover anticipated income tax.

In short, early withdrawal is a wealth killer. If you have dire need for the money, see if you’re eligible to take a loan from the plan. You’ll avoid the early withdrawal penalty, and the interest added to the loan repayments goes back into your account.

Mistake #2: Ignoring Your Left Behind Account
There are good reasons for leaving a 401(k) with a former employer’s plan. It may your best option if you’re currently self employed or working for an employer that doesn’t offer a 401(k) or similar plan. Or, your former employer’s plan may have better investment options and/or lower fees than your current employer’s plan.

However, left behind 401(k) accounts can have serious drawbacks. Some plans charge extra fees to accounts of former employees. If you don’t know whether your former employer’s plan does this, find out.

Another drawback is the complexity of monitoring two or more retirement accounts. For some, that’s no problem. But many of us don’t have the time or inclination to regularly review another plan’s investment fund mix and rebalance it based on earnings, projections, and life changes. Potential earnings could be slipping away day by day, while your money stays in underperforming, misallocated investment funds.

Having one plan makes it easier to see at a glance whether you’re on track to meet your retirement income goals.

How To Get the Rollover Process Started
Not all 401(k) plans accept rollovers from other plans. Ask your current employer’s plan administrator if you have that option, and if so, how to get the process started.

If you have an IRA already in place with favorable investment options and low fees, you may decide to transfer the left behind 401(k) to the IRA. In that case, start with the IRA provider for rollover procedures. You may also choose to create a new rollover IRA, but be sure you understand the fees and other costs involved in setting this up.

Keep in mind when you move money from a 401(k) to another retirement account, it’s usually best to have the plan sponsor transfer the money directly to the new financial institution. If the money is distributed to you directly, it can create tax complications.

Sharon Severson is the director of retirement plan products at CUNA Mutual Group. If you have questions about what to do with your former retirement funds, contact CUNA Mutual Group’s Retirement & Investment Solutions Center at (800) 999-8786.

CSS Provider: MoneyGram

Wed, 8 May 2013 15:26:23 GMT

MoneyGram is committed to helping people and businesses by providing affordable, reliable and convenient payment services. MoneyGram has had a strategic alliance with CUNA Strategic Services to offer value-priced transaction services for credit unions for more than 30 years.

MoneyGram can help your credit union attract and retain underserved populations, providing those critical first services that help you turn them into loyal, profitable members. Credit unions that outsource transaction services with MoneyGram are able to offer a comprehensive program which frees up staff time and guarantees compliance.

Moneygram provides money transfer and payment services as well as money orders and checks.

Read more

Energize Your Lending Operation – Part 1

Thu, 25 Apr 2013 16:19:51 GMT

Energize Your Lending Operation – Part 1
Filene Research Highlights Member-Friendly Sources of Noninterest Income

By Kathy Blumenfeld

Credit unions striving to balance their need for non-interest income (NII) without relying on overly punitive fees can learn from a 2012 Filene Research Institute research brief, "In Search of Member-Friendly Noninterest Income.” CUNA Mutual Group co-sponsored the research. Filene surveyed and interviewed leaders of credit unions that earned excellent NII results over four years.

These credit unions tended to focus on earning NII through optional services such as credit insurance, debt protection and GAP, and through transparent, reasonable fees from checking accounts and mortgage transactions.

Filene Research Director Ben Rogers authored the report. He used 2012 CUNA Economics and Statistics data to quantify the critical impact of NII on the credit union industry’s bottom line:

Overall ROA less fees and other NII have gone from 34 basis points in 1990 to 7 basis points in 2000, and all the way to –63 basis points in 2011. During that time, income from noninterest sources has risen steadily from 61 (1990) to 95 (2000) to 131 (2011) basis points. NII keeps credit unions afloat.

To learn how credit unions manage NII effectively, Filene screened NCUA 5300 reports for credit unions between $50 million and $2.5 billion in assets that finished in the top third in NII earned from 2008 through 2011. Of those credit unions, Filene surveyed those that had earned more than 25 basis points of return on assets in three of those four years, and net capital higher than 7% in all four years.

Rogers indicated the survey excludes an important source of NII: overdraft and interchange fees. "Because [these fees] are well understood and heavily regulated, this report intentionally ignores them in search of NII sources that have more prospects to grow,” he wrote.

Most important source of NII: credit insurance and debt protection
Two important things the research measured were how important specific sources of NII were to credit unions, and which sources provided the best value for members.

Four sources of NII were cited by more than half of the respondents as either "important” or "very important” to their credit unions:

66.7% Credit insurance or debt protection
62.1% Checking account fees
55.6% Mortgage-related (e.g. closing costs)
52.8% GAP

The least important NII sources in the survey, each at 20%, were credit card late fees and standard bill payments.

When asked which sources of NII added value for members, these four sources had the highest percentage of survey participants rank them as "important” or "very important”:

94.4% GAP
92.1% Credit insurance or debt protection
86.4% Investment advisor, broker, dealer, financial advisor
84.4% Mechanical repair coverage

Freely chosen services are best, and most in line with credit union values
A common trait among the most important and highest-value services is that they are freely chosen by members. Another advantage these sources share is that credit unions have more control over them than, for example, interest rate spreads, loss provisions, and asset turnover.

It’s also a matter of public perception, Rogers pointed out. After bank fees and practices took a beating in the court of public opinion following the housing bubble crisis, "credit unions should be uniquely concerned about their fee practices because their mandate is to be sustainable and profitable but not to the detriment of their member-owners,” he wrote.

Get the Filene Research Brief
Download a free copy of The Filene Research Institute’s research brief, "In Search of Member-Friendly Noninterest Income," here. If you’re not a Filene member, you’ll need to enter your name and contact information.

Kathy Blumenfeld is vice president of lending protection and compliance for CUNA Mutual Group. Contact her at Kathy.Blumenfeld@cunamutual.com.

© CUNA Mutual Group, 2013. All Rights Reserved.
CDCL-0313-EB01
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Payment protection solutions include debt protection products available through the credit union and MEMBER’S CHOICE® Credit Life and Credit Disability Insurance underwritten by CMFG Life Insurance Company.

Innovation & Implementation Lab Think Tank and Dream to Destination Teams

Thu, 25 Apr 2013 16:13:30 GMT

The Innovation & Implementation Lab was recently unveiled at the 2013 annual meeting & convention. The Lab will consist of two distinct teams: the Think Tank and the Dream to Destination (D2D).

Join us for a Kick Off Conference June 18. The conference will include keynote presentations by entrepreneur Wil Schroter and Filene Research Institute's Matt Davis, as well as brainstorming activities and building a working list for the newly created Think Tank team to develop during 2013.

Think Tank
What is the ‘Think Tank’: A group who individually and collectively play integral roles in the continued advancement of Kansas credit unions through progressive idea generation.

Who we’re looking for: Individuals who are passionate, out of the box thinkers. Those that get excited about new ideas and love to share their own. People who don’t get stuck in the details of "how,” but spend more time (and fun) in the "what if.”
Qualifications: Leave your preconceived notions at the door! This group requires no pre-qualifications. If you are an enthusiastic, out of the box thinker than this group is for you!

Dream to Destination (D2D)
What is the ‘Destination’? The ‘destination’ will be to generate the process and drive to implementation those ideas developed by the KCUA ‘Think Tank’ group.

Who we’re looking for: We are looking for those individuals who are puzzle solvers and love to look at the details of a project. If you’re the kind of person who loves to take a problem, focus more on the operational than the 10,000 foot view and find hundreds of solutions, then we’re looking for you!
Qualifications: Leave your preconceived notions at the door! This group requires no pre-qualifications. If you are a thinker and a doer than this group is for you!

The Details
The time commitment and responsibilities are the same whether you are on the Think Tank or D2D team.

Time Commitment: One year term. The teams will meet periodically, with a minimum of 3 meetings during the term. Meetings will require in person participation, and location will vary.
Responsibilities: Attend, in person, meetings. Be an active participant in these meetings. Be respectful of the diversity of ideas presented. Have a stake in the outcome of the projects proposed by these teams.

Interested in participating? Fill out our application form.

For questions, please contact Melissa Baptista at (800) 362-2076 ext. 3016.

ProDirect Card Acquisition Program

Thu, 25 Apr 2013 16:07:33 GMT

Looking to take the guesswork and mystery out of direct mail card acquisition? Save money and add cardholders with start-to-finish management of the acquisition process. This program includes database scoring, customized solicitation, response tracking, new account set-up and card mailing. Plus, debt-to-income calculations based on each credit union's criteria keep mailings UDAP/CARD Act compliant. Turning members into cardholders has never been easier.

Grow your program
For existing CSCU VISA-Sponsored credit unions* take 40% off Pro-Direct costs. Plus, the $500 Pro-Direct Enrollment fee is waived during this time. In addition, you will receive $10 for each new account paid to you during the first 90 days after your mailing. There is a maximum incentive of $1,500 per credit union – so what are you waiting for!

Benefits

Put idle cash to work and INCREASE YOUR INTEREST INCOME
INCREASE YOUR NON-INTEREST INCOME through interchange & fees
Incent members to use your card through a REWARDS program
$10/new account bounty during the 90-day period following the first mailing
Up to a maximum of $1,500 per credit union

Or, start your program today
If you’re looking to start a new program KCUA can help subsidize your program startup costs. **There is a $5,000 pool available and the incentive will be paid based on the number of program participants.

For more information, contact Tammy Wendland at (800) 362-2076 ext. 3023.

*For qualifying credit unions who are a CSCU member and offer VISA credit cards on the CSCU/FIS Platform.
** For qualifying credit unions who select the CSCU/FIS Platform for credit card processing.

Connect Members to Insurance Online

Mon, 15 Apr 2013 15:15:36 GMT

Today, 83% of consumers use the internet as part of their process to buy life insuranceⁱ and 70% go online to get an auto insurance quote.ⁱⁱ As people become more comfortable researching and purchasing online, they’re buying everything from shoes to automobiles.

When deciding which products to promote on their websites, credit unions should consider that their members are likely under-insured and not clear where to turn. For example, three out of 10 U.S. households have no life insurance protection at all, and half realize they are underinsured.ⁱⁱⁱ

Interestingly, 35% of Americans also say they haven’t purchased life insurance because they haven’t been approached.^iv So, members may be ready to take the next step and are just waiting for someone to point the way.

This is where credit unions can play an important role. Members see their credit union as their advocate—69% say their credit union is more likely to do what’s best for them, not just its own bottom line.^v By talking to members, we’ve discovered they often find insurance confusing—sometimes even overwhelming—and prefer to buy insurance from someone they trust.

Credit unions participating in CUNA Mutual Group’s MemberCONNECT® Program can now make insurance coverage available to members online by linking their website to TruStage.com. Offering convenient, online access to TruStage™ insurance—the brand created exclusively for credit union members—connects members to protection products like life, auto, home, and accidental death and dismemberment (AD&D) coverage. The site offers quotes, and depending on the product and state approvals, the ability to buy some TruStage insurance products online.

To make it easy to link to TruStage.com, CUNA Mutual Group has recently released a new online tool called the TruStage Media Center. The site lets users browse no-cost web banners, text links and copy, and place their selections in a cart. After checking out, users download a small piece of unique HTML code for each digital asset selected and apply it to their credit union’s site. This code allows the credit union to track key performance metrics like impressions and clicks. These web links help the credit union direct its members to a TruStage.com site co-branded with its logo and the TruStage insurance products it endorses.

Credit unions can deepen relationships with members by helping them protect what matters most. Using the digital assets available to connect members to TruStage Insurance products online is one simple way to do just that.

i Source: LIMRA and Life Insurance Foundation for Education (LIFE), "The 2012 Insurance Barometer Study”
ii Source: comScore’s 2011 Insurance Shopping Report
iii Source: LIMRA 2010 Life Insurance Ownership Study
iv Source: Limra "Trillion Dollar Baby Growing Up,” Cheryl Retzloff, 8/5/2011
v Source: "Customer Advocacy 2010: How Customers Rate US Banks, Investment Firms and Insurers,” Forrester Research, March 2011.

TruStage Insurance products and programs are made available through TruStage Insurance Agency, LLC. Life insurance and AD&D insurance are issued by CMFG Life Insurance Company. Auto and home insurance are issued by leading insurance companies. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by your credit union.

Drive Auto Loans and Enroll in the GM Premium Program

Sun, 14 Apr 2013 19:49:18 GMT

U.S. auto sales continue at a scorching rate, eclipsing over 15 million on an annualized basis in February.

What does this mean for your credit union? A jump in auto loan demand and more loans.

Given the surge in auto sales and auto loans, combined with GM promoting big savings, now is the time for credit unions like yours to promote Invest in America’s Credit Union Member Discount from GM. This GM program has been enhanced to drive more loans to your credit union.

By enrolling at the Premium level, you can maximize loans while offering this valuable discount and benefit to your members. Your members will save big when they combine the discount, consumer cash and credit union low rate financing.

See how your members can save more with credit union financing (pdf).

The Premium level offers customized marketing materials, such as custom statement inserts (that include credit union name and logo, credit union website link, auto loan rate, and credit union disclaimer) and custom-size banners for your website’s home page and loan page.

Enroll Now at the Premium Level to Receive Enhanced Benefits
Enroll in the Premium GM program and take advantage of all it has to offer. Credit unions that are not currently signed up must enroll to receive enhanced benefits.

Take Advantage of Invest in America Tools and Write More Loans
Real-Time Reporting
Credit unions participating in Invest in America’s Credit Union Member Discount from GM currently receive weekly authorization request reports. That means IIA is sending your credit union a list and contact information of every member that requests an authorization number for the GM discount.

These members are hot leads for auto loans. Thanks to your feedback, GM and Invest in America have developed the technology to provide credit unions real-time member authorization number request reports.

When a member of an IIA GM participating credit union requests an authorization number to receive the Credit Union Member Discount from GM, we’ll be able to provide that member’s information to your credit union immediately. This will give credit unions the ability to quickly reach out to their members and help them secure credit union auto financing.

We plan on launching this initiative during the second quarter of 2013. In addition to the real-time report, credit unions will continue to receive the weekly summary report as well and can also find cumulative reports in the Partner Center.

Credit Union Action Required to Receive Real-Time Reporting
Due to the frequency and time sensitivity of this report, credit unions enrolled in IIA’s Credit Union Member Discount from GM will be required to provide a single contact or group in-box in order to participate. Please provide the email address of the assigned contact person in your credit union to IIAGMAuths@cusolutionsgroup.com.

IIA will send the designated individual an email notification once the system is ready for release.

GM Microsite Loan Link
Thanks to GM’s support, credit unions now have the ability to add their information to be included in the loan link on the IIA GM microsite. When members are looking to obtain an authorization number for GM Preferred Pricing, they can find their credit union’s name on a drop-down menu that then links them to the credit union’s page of choice – whether it’s a page on loan information or an online application.

Credit Union Action Required to Have Loan Link Posted
To join the credit unions already listed on the microsite, we just need your credit union’s name, state and a link (URL) of where members can either apply for an auto loan or learn how to apply for one. We also need the name and contact information for the person to reach in case there’s an issue with your link. All of this information needs to be sent to IIAloanapplication@cusolutionsgroup.com.

KCUA to Unveil Innovation & Implementation Lab at 2013 Annual Meeting & Convention

Wed, 10 Apr 2013 14:38:01 GMT

Innovation & Implementation Lab

The Innovation and Implementation Lab was created to encourage on-going and continuous curiosity, generating revolutionary ideas to serve Kansas credit unions and their members.

Innovative ideas are cultured and worked to the point where processes, products or services are brought to market ahead of the competition. Innovations should meet member needs, build member loyalty, and lower costs and increase efficiencies or a combination thereof.

The Lab will consist of two distinct teams: the Think Tank and the Dream to Destination (D2D)

Research & Development
In addition to dreaming up and developing new innovations for credit unions, the Research & Development department will create a valuable repository of information for our members.

Resources will include white papers on industry products and services, best practices to help your credit union make the most of its efforts and a vendor/partner database so you know where to turn when you’re ready.

To request information from the Research & Development department, contact Melissa Baptista, (800) 362-2076, ext. 3016.

Visit us at the Annual Meeting and Convention to learn more and find out how you can be a part of this groundbreaking team.

Verify Credit Union Membership for Sprint Savings

Mon, 1 Apr 2013 20:22:03 GMT

The Sprint program from Invest in America has helped credit union members save more than $266 million on wireless services. To ensure the benefits continue, it's important for credit unions to remind members about Sprint's membership verification requirements.

If a Sprint customer hasn't validated their credit union membership, they lose their discount (including any waived activation fees) and fall off of the credit union program, which will decrease credit union marketing incentives.

New customers are required to verify credit union membership within 30 days of activation. Members who are current Sprint customers must provide proof of membership when they upgrade their device, if it's been more than 20 months since their last validation.

The verification process takes just a few minutes to complete:

Smart phone users can download an Invest in America App.
Or download an instruction sheet and verification form.

If you have any questions about the Sprint program or the verification process, please contact Lisa Treat of CU Solutions Group at 800-262-6285, ext. 523.

Insight for CUs: Members Taking Longer For Major Decisions, Life Events

Sat, 30 Mar 2013 19:26:45 GMT

Members are taking longer than before to reach decision points for major purchases and life events.

TruStage™, the consumer brand of CUNA Mutual Group is committed to better understanding credit union members and how their lives, buying behaviors and mindsets continually change.

In January of 2013, TruStage surveyed more than 1,600 credit union members and found a number of generational trends that show how it’s taking longer to reach some major life events and purchase decisions.

Click the image to view infographic.

In some respects, this may seem counterintuitive as "Buy Now!” options lurk everywhere and traditionally manual processes have been turbocharged with online speed. However, TruStage findings show the planning and buying phases of big-ticket items and major life events now take longer than before—and cost more to fund.

For example:

Generation Y, the most connected and tech-savvy demographic, actually takes longer to shop for a car than older generations.
People date much longer before getting married, thus delaying not only wedding-related purchases but big life events like buying a home or car. In fact, 18–34 year-olds date on average a full year longer than those 55+.
College graduates need more time to secure a job, thus delaying many types of major purchases or life events.
18–44 year-olds are underestimating how long it will take to graduate from college despite rapidly increasing tuition costs and growing student loan debt.
Retirements are taking longer to reach, necessitating better and earlier planning.

Factors like economic conditions and information overload can help explain the lengthening research and planning times, but for credit unions, the key point is that members’ planning and decision-making processes are changing.

As TruStage Senior Executive Alan Bergstrom explains, "We usually associate key financial, lending and insurance decisions with big moments in members’ lives. Our data show that the time it takes to arrive to those big moments is changing—sometimes planning takes longer, sometimes consumers do more research than they used to, sometimes economic conditions play a role.”

Bergstrom continues, "For credit unions, this encourages new thinking—not only about new forms of information and communications, but when those touchpoints occur. It’s an exciting opportunity to connect and engage with members in ways that are very different from the past.”

In support of credit unions’ understanding of new and dynamic opportunities, a multiyear $200 million investment focuses on the TruStage mission of protecting more members and the important moments in their lives. Similarly, it means reaching a new understanding of the media and channels members use and the products they desire.

The survey findings can help provide insights about where members might be in their planning and buying decisions, where credit unions might have new opportunities to reach members, and how the evolving mindsets, life events and planning phases of credit union members are constantly changing.

More information (short video, infographic)

TruStage™ Insurance products and programs are made available through TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company and other leading insurance companies.

CUNA Mutual is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates.

MC-0313-D31F
© CUNA Mutual Group 2013. All rights reserved.

WEBINAR: Negotiating the Best Contracts for Your Credit Union

Fri, 29 Mar 2013 19:58:31 GMT

FREE webcast brought to you by Abound Resources and CUNA Strategic Services.

April 17, 2013
2:00 pm Central

REGISTER

Abound negotiates more core processing, EFT, Internet banking, and bill pay contracts than anyone else in the industry. We have saved financial institutions tens of millions of dollars and built in protective provisions to guarantee ongoing success and improve credit union savings.

If you have a major vendor contract coming up in the next 24 months, don't miss this informative session that will include:

The secrets to getting major concessions from your core vendors (Fiserv, Symitar, FIS, Harland)
How to know if you’re paying list price and what to do to pay less
The top 3 negotiating mistakes and what to do about them
How to get service level agreements built into contracts to hold vendors accountable for quality service delivery
The top 5 riskiest terms in your contracts you must address
How to build credit union vendor management compliance into all contracts

Presenter:
Brad Smith, President of Abound Resources, has spent 20 years helping credit unions achieve their business goals. He has directed 500+ vendor evaluations and negotiated 200+ technology contracts in de novos to multi-billion dollar institutions.

REGISTER

If you have questions, please contact Rick Govek, CUNA Strategic Services alliance manager at
800-356-9655, ext. 4189.

WEBINAR: How Rewards Strategies are Used to Build Strong Communities

Fri, 29 Mar 2013 19:45:17 GMT

Originally recorded on August 21, 2012. 36 minutes

Free recorded webinar brought to you by CUNA Strategic Services and BuzzPoints.

Download webinar

In this webinar, explore how rewards strategies can be used to build strong communities around credit unions, members and local businesses. You’ll learn what makes rewards techniques successful and how they may be used to drive member behavior. Understand how credit unions are building strong, vibrant communities by keeping more dollars local.

Speakers:
Mike Moehle, Senior Vice President Sales, fisoc, Inc.With diverse management experiences spanning over 26 years in the banking and communications industries, Mike Moehle is a catalyst for creating new business opportunities and exploring new market niches. He was founder of four successful telecom companies from 1985 to 2009.

Nigel Dessau, Chief Marketing OfficerNigel has spent the last 25 years in marketing, sales and support across both U.S. and Europe. He began his career at IBM as a systems engineer and then moved into marketing and sales at IBM, StorageTek, Sun Microsystems and AMD, giving him a unique set of experiences and skills.

Download webinar

For more information, contact Jessica Hrubes, Director Alliance Management, at 800-356-9655, ext. 4115.

WEBINAR: Private Student Lending for Credit Unions

Tue, 12 Mar 2013 14:49:06 GMT

FREE webinar brought to you by CUNA Strategic Services and LendKey (formerly Fynanz).

March 26, 2013
1:00 pm Central

REGISTER

Learn how your credit union can offer private student loans as a pathway to a higher education. At the same time, the loans can provide your credit union with a strong performing asset.

LendKey provides credit unions with a competitive, cost-effective, and responsible way to offer private student loans. Learn about our innovative and industry-leading technology including: student loan origination, financial literacy, underwriting, servicing, and marketing.

REGISTER

WEBINAR: Best Practices for Managing Social Media Risks

Mon, 11 Mar 2013 21:18:31 GMT

FREE webinar brought to you by CUNA Strategic Services and TraceSecurity

March 28, 2013
1:00 pm Central

REGISTER

The FFIEC’s proposed guidance on managing the risks associated with social media may have some credit unions rethinking their social media strategies. The lengthy document, "Social Media: Consumer Compliance Risk Management Guidance,” was developed to help financial institutions understand the risks associated with social media and to provide specific risk management practices for managing those risks.

The FFIEC emphasizes that mitigating social media risk is a "team sport,” and encourages the active involvement of departments throughout the organization – including the board and senior management.

This webinar will provide insight on:

The FFIEC’s expectations for managing social media risks
Analysis of the proposed best practices
What should be addressed in the risk assessment
The potential impact to compliance regulations
Responsibilities for managing third-party providers

Who should attend?

Credit union attendees who will find this webinar helpful include: CEO, COO, CIO, compliance, information security, operations, auditors, risk managers, and trainers.

REGISTER

How to Make Sure You’re Getting Good Advice In a Third-Party Bond/Insurance Review

Fri, 1 Mar 2013 13:20:19 GMT

If your credit union engages a third party to help review your fidelity bond and other insurance protections, be sure you understand whether the third party is an independent consultant working strictly for a fee or a broker that could be working at least partly on commissions from carriers.

The consulting services provided by a neutral third party and a commissioned broker may look identical. And either type of third party may have the expertise to evaluate your current protection program. The key is knowing whether the third party makes recommendations solely based on your credit union’s best long-term interests.

For example, if a "consultant” waives the consultation fee for reviewing your current protection package, this could be a red flag. How is this consultant being compensated? If the compensation comes from a carrier, that could sway the consultant’s recommendations.

Beware of Price over Stability
Ask plenty of questions, especially if a recommendation is weighted most heavily toward finding the lowest initial cost. This approach could steer you toward a carrier that may not be in the business of insuring credit unions for the long haul.

Several carriers have entered the credit union bond/insurance market since the 1980s, often to compete for the lowest price point, only to cut most ties with credit unions less than a decade later. Service can suffer at both ends of this lifecycle, as carriers learn how credit unions work and as the carriers stop committing resources in advance of leaving the market.

Questions for Third-Party Consultants
A thorough coverage review with your current carrier, while conducting an in-house comparison of other carriers, can be an effective strategy. And there’s no ambiguity about the carrier’s motivation. If you’re working with a third-party consultant, however, use this checklist to be sure the consultation yields the best choice of protection options:

Is the consultant objective, or is it also a broker paid on commissions?
What broker fees and/or management fees apply to the transaction?
Are all carriers being evaluated? If not, which carriers are included in the search?
How long has the recommended carrier been in the bond/D&O/property/casualty business, and specifically, how long has it been serving the credit union market?
Would your credit union have direct access to the carrier’s underwriters, risk management experts, and claims specialists?
Does the carrier focus on product development to address emerging exposures specifically for credit unions? For example, how many new coverages has the carrier introduced in the last five years?
Can bondability verifications be conducted online? How many credit union employees are in their database?
How many different carriers are involved in the insurance program, and what potential gaps or overlaps exist between the various policies?
Does the carrier have educational resources that help your credit union prevent losses and mitigate damage after a loss occurs? Do these resources, such as online content or webinars, cost extra?
Does the carrier work on behalf of the credit union industry to help shape, clarify, and modify new regulations?

CSCU Can Grow Your Credit Union’s Card Program

Thu, 28 Feb 2013 21:43:15 GMT

See how Card Services for Credit Unions can reach your members through every stage of the member life cycle.

Learn how to:

target prospective cardholders
boost activity from current members
wake up dormant accounts
increase usage and loyalty
sustain growth.

CSCU also provides a comprehensive marketing calendar to help guide your efforts.

Visit the CSCU website for complete information.

Free Webinars from Diebold & Watch Video on How Diebold Transformed CU Branches

Wed, 27 Feb 2013 17:56:25 GMT

CUNA Strategic Services and Diebold, the leading provider of ATMs in the U.S. and a leading global supplier of self-service systems, are offering two FREE webinars for credit unions:

Technology Innovations: Exploring the Mobile Channel on March 6
ATM Hardware Migration: The 411 on Windows 7 on March 7.

Skip down to watch a video and see how Diebold helped transform a Texas credit union's branches to incorporate a unique teller-less environment.

Technology Innovations: Exploring the Mobile Channel
March 6, 2013, 1:00 pm Central
Register

Mobile technology is quickly being integrated into every segment of our society. A recent Nielsen study showed that over half of U.S. adults use smartphones, and comScore® reported that consumer usage of mobile banking increased by 74 percent in 2011.

Discover how a robust mobile channel can help your credit union to:

Lower costs
Increase new member acquisition and retention
Reinforce transaction security
Increase access to members while increasing their access to your credit union
Provide additional marketing opportunities to reinforce the value of your brand

Mobile banking, integration technologies, mobile wallet, PFM and rewards, mobile payments, and cardless transactions will also be discussed.

Presenter: George Eubank, Diebold, Incorporated

Register for Technology Innovations: Exploring the Mobile Channel

ATM Hardware Migration: The 411 on Windows 7
March 7, 2013, 1:00 pm Central
Register

Over the next few years, you can expect changes to be required to the self-service channel. A mix of changes in payment card industry (PCI) compliance requirements and technology changes will require upgrades to your self-service equipment and/or reevaluation of deployment strategies.

Most ATMs currently run on a Microsoft Windows XP operating system,which has become an industry standard. On April 8, 2014, Microsoft will no longer support Windows XP, focusing on Windows 7 instead. As a result, operating system upgrades on all ATMs are necessary to ensure you can receive technical support for your terminals and remain PCI compliant.

During this webinar, learn:

What the expected change means to your financial institution, as well as a timeline
The best way to address each upgrade and benefits of migration
How to develop a roadmap for success

Presenters: Dan Burstiner, Diebold senior software product manager: Dean Stewart, Diebold senior director, advanced solutions production management; David Weintz, Diebold senior director, consumer software and professional services.

Register for ATM Hardware Migration: The 411 on Windows 7

Learn more about how Diebold can help your credit union.
With help from Diebold, University Federal Credit Union (UFCU) welcomes members to a unique teller-less banking environment. UFCU teller-less branches in the Austin, Texas, region provide members with independent, yet personalized, banking experiences. UFCU designed open, inviting branches and Diebold provides a unique terminal that combines self-service deposit automation technology with personal human interaction.

CSS Provider: OfficeMax

Fri, 22 Feb 2013 13:14:20 GMT

OfficeMax provides office supplies and paper, technology products and solutions, furniture, and in-store print and document services by approximately 29,000 associates through e-commerce, direct sales, catalogs, and more than 900 stores.

How do credit unions benefit from this strategic alliance?

Substantial savings of from 31% to 88% off manufacturers’ list price on core products most frequently purchased by credit unions
Credit union only pricing on over 12,000 additional products
Credit union only pricing on OfficeMax ImPress print and document services
Credit union only discounted pricing on furniture, technology and managed print services
Credit union only discounted pricing at over 1,000 OfficeMax retail stores
Free next-day delivery to most locations, and no minimum order required

Why this provider over another?

OfficeMax offers an extensive selection of products, personalized pricing and brand names, all to keep your credit union running smoothly.

Ready to get started?

Call OfficeMax at 800-881-8980 and mention the CUNA program. Place your first order, request a log-in for online ordering access, or request a full catalog.
Register online and an OfficeMax representative will contact you to set up your credit union's account.
Contact Rick Govek, CUNA Strategic Services alliance manager, (800) 356-9655, ext. 4189.

More information about OfficeMax | Visit OfficeMax.com