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CURRENT Newsletter

July 17, 2014

News About Credit Unions

Compliance/Regulatory Affairs News

Governmental Affairs News

Financial Services/Marketplace News

Education & Networking Opportunities

News From Credit Unions

Chapter News

League News

Marketing News

News About Credit Unions

100MM Membership Campaign Seeks Your Help!

As part of the Credit Union National Association/League 100 Million-Membership Campaign, CUNA is sponsoring two events this summer and you can be part of both!

(1) First up, CUNA will host the August “Truckeroo” on Aug. 8. This monthly festival showcasing food trucks from the Washington, D.C. area is held adjacent to Nationals Park – which typically draws thousands of Millennials. Would you like to volunteer at the event?

You'll have the opportunity to plaster the area with 100MM Membership Campaign signs and staff a booth at the event which will highlight credit unions and financial education resources.

Volunteers are needed primarily between the lunch hours of 11 a.m.-1:30 p.m. and dinner hours of 5 p.m. to 11 p.m. Drop us a line at pr@vacul.org if you're willing to help!  Also include your T-shirt size in case we're able to provide T-shirts celebrating the 100MM Membership milestone.

(2) Secondly, CUNA has acquired a block of tickets to the Nationals home game at Nationals Park (Sept. 26, vs. Miami Marlins). Want to attend and show your credit union pride? Send us an email to pr@vacul.org, along with your T-shirt size in case we're able to provide T-shirts.

There will also be volunteer opportunities during the event, so if you're willing to volunteer your time, please let us know that as well.

Typically attended by policymakers, press and others from the Washington community, CUNA will sponsor a “giveaway” featuring the 100MM Membership message at the game, show a between-innings “commercial” (or sponsor announcement) focusing on 100MM, and host a booth inside the stadium to distribute information about credit unions and financial literacy materials.

So, to sum up, CUNA is looking for volunteers for the Aug. 8 "Truckeroo" event, primarily during the lunch and dinner rushes. Can you help staff the event? Drop an email to pr@vacul.org, along with your T-shirt size. 

Free tickets to the Washington Nationals' game on Sept. 26 are available as part of the 100MM Membership Campaign. Volunteer opportunities are available! Send an email to pr@vacul.org, along with your T-shirt size, if you want to attend. Please note if you're also willing to volunteer!

The major component of the campaign is the www.americascreditunions.org website that allows credit union members to post a "selfie" photo, which will serve as a powerful reminder that the 100 million figure is much more than a number! We hope you'll promote the selfie campaign at your credit union.

[LEARN MORE]
Download the Campaign Flyer and place it in your lobbies!

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Quit The Hit Hits the Road in August; Come Join Us!

Quit the Hit is back in action and ready to hit the road for a second tour! Your League is planning to attend various festivals and events throughout Virginia this Fall to showcase Quit the Hit and continue to drive consumers to QuitTheHit.com to learn more about credit unions. The first stop is the Carytown Watermelon Festival in Richmond on Aug. 10!

So come out and enjoy the fun! If you are in the area and interested in helping out at this event or know someone who is, please contact your League’s Bethany Scott at 800.768.3344, ext. 628 orbscott@vacul.org.

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Compliance/Regulatory Affairs News

Compliance Calendar Notes

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New Report Tallies Dodd-Frank's Costs

A new analysis by the American Action Forum examines the cumulative costs and paperwork burdens of the Dodd-Frank Act roughly four years after the financial reform law's passage. The report — titled "Dodd-Frank at 4: More Regulation, More Regulators, and a Sluggish Housing Market" — finds that the law has so far cost $21.8 billion.

"As time passes, the law becomes more expensive as regulatory agencies like" the Consumer Financial Protection Bureau and the Federal Housing Finance Agency "grow with the mission to implement burdensome rules," the study says. "Meanwhile, small financial services firms continue to struggle as the law restricts the availability of financial products. With about one-quarter of the law still left to implement, one can only expect the costs to continue to rise."

The study notes that calculation of the costs of certain regulations stemming from the bill could be higher, but the prudential banking agencies are allowed reporting discretion, resulting in data on some rules being incomplete. The report argues that the substantial costs of the law have restricted credit availability in the financial sector and growth in the banking industry. (American Banker Online, July 16)

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Governmental Affairs News

Contribute to VACUPAC and (Possibly) Win $500!

Contribute to the Virginia Credit Union Political Action Committee (VACUPAC) for a chance to win $500!

VACUPAC is a non-partisan, voluntary effort to support political candidates who support credit unions and the issues that matter to us. A $500 winner will be randomly selected on Oct. 1 at the Legislative Forum. Credit union employees/volunteers who have contributed to VACUPAC on or before Sept. 15, 2014 get a chance to win! You need not be present to win!

[LEARN MORE]
[DOWNLOAD THE FLYER FOR DISPLAY AT YOUR CU]

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Financial Services/Marketplace News

Battle Over Postal Banking Reignites

The push to expand banking services at the country's post offices continues to gain momentum, though numerous questions remain about the design and scope of such an effort. Lawmakers, financial groups and U.S. Postal Service employees gathered Wednesday to further discuss a white paper by the postal agency's inspector general to introduce new financial products at post office locations nationwide.

The paper, unveiled in January, set the financial services industry abuzz, and caught the attention of some high-profile lawmakers, including Sen. Elizabeth Warren, D-Mass. The daylong conference, hosted by Pew Charitable Trusts, sparked a lively debate on the proposal, with advocates, including Warren, cheering the idea as a way to provide affordable financial products to the underbanked while at the same time shoring up the post office's troubled finances.

Warren acknowledged that the devil lurks in the design and details of the program, pointing to the "many questions and implementation challenges" that remain. She argued that the postal agency will need to carefully balance its efforts to generate revenue against providing affordable products to low-income families.

"History shows that, without careful safeguards, institutions that start out with the goal of increasing access to financial services can lose sight of that goal if their attention turns to maximizing profits," the lawmaker said. Warren also urged the USPS to "explore the idea of partnership" with small financial services institutions to help provide a bridge for customers to more traditional banking services.

"If post offices teamed up with their closest credit unions or community banks, they could provide a pathway for millions of people into the traditional banking system," she said. "Over time, people who routinely use lower-cost services at a local post office might be encouraged to take out a car loan or open up a checking account at a local credit union or community bank." (American Banker Online, July 17)

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Latest Fed Survey Sees Improved Economy

The economy kept expanding in all regions of the country in June and early July, helped by strength in consumer spending, a Federal Reserve survey released Wednesday indicates. All 12 of the Fed's regions reported growth with five — New York, Chicago, Minneapolis, Dallas and San Francisco — characterizing growth as "moderate" while the others reported "modest" growth.

Boston and Richmond reported that growth came in at a slightly slower pace than the previous reporting period. The Fed's survey, known as the Beige Book, will be used by central bank officials when they next meet July 29-30 to review interest rate policies. Analysts expect that the Fed will decide to keep its short-term interest rate at a record low near zero and authorize another reduction in its bond purchases aimed at keeping long-term interest rates low.

The Fed has kept its benchmark short-term rate at zero since December 2008 and many analysts believe the first rate increase is still about a year away.

[READ MORE]

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Education & Networking Opportunities

League Payments Workshop Aug. 13

The payments marketplace continues to evolve. Join us Aug. 13 in Richmond at your League’s Payments Workshop for an overview of the legislative, regulatory, legal, and market forces shaping the payments landscape.

[LEARN MORE]

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News From Credit Unions

Martinsville DuPont Credit Union to Sponsor Fall Race at Martinsville Speedway

Martinsville DuPont Credit Union has teamed with Martinsville Speedway and will sponsor the NASCAR Late Model MDCU 300 on Oct. 5, Martinsville Speedway President Clay Campbell announced in a press conference at the track.

[READ MORE]

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Mid-Atlantic Corporate FCU Raises $16,000 for CMN Hospitals

New Year’s resolutions can be difficult to maintain, but Mid-Atlantic Corporate Federal Credit Union and its family of companies (Mid-Atlantic Corporate) are holding fast to a resolution for 2014 to raise money and awareness for Children’s Miracle Network Hospitals (CMN Hospitals), their patients and their families.

Mid-Atlantic Corporate has not only participated in many of CMN Hospitals’ events, but it has also created its own campaigns to garner monetary donations and bring awareness to their community. Staff volunteered their time at the CMN Hospitals Telethon on May 31 by manning the phone bank and taking donations from callers.

During the telethon, two employees presented Mid-Atlantic Corporate’s 2013 donation check of $15,908. The money was raised during last year’s charity golf tournament, Miracle Jeans Day and International Credit Union Day.

[READ MORE]

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Chapter News

Roanoke Valley Chapter to Host July 30 'Family Night at the Ballpark'

Join the Roanoke Valley Chapter July 30 for a night of baseball action at Salem Memorial Baseball Stadium. Cost is $22 per person ($20 for kids ages 4 through 12). Picnic begins at 6 p.m.; game time is 7:05 p.m. Register by noon on July 25. 

[LEARN MORE]

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Tidewater Chapter Hosting 2nd Annual Charity Golf Challenge

Join the Tidewater Chapter Sept. 18 for its 2nd Annual Golf Challenge at Sewells Point Golf Course in Norfolk! Format will be four-man captain’s choice, with an entry fee of $125 per player.

Cost includes a continental breakfast, cart and greens fees, range balls, and cookout lunch. Shotgun start at 8 a.m. Proceeds will benefit Children’s Miracle Network Hospital. Sponsorships are also available, ranging from $250 to $1,000. Sponsorships open to credit unions and business partners!

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League News

Get Recognized for Your Good Works! Entries for Desjardins, Dora Maxwell and Louise Herring Awards Due July 28

The Desjardins, Dora Maxwell and Louise Herring awards are CUNA programs conducted through the state Leagues. The entries highlight the good that credit unions do and are useful in showing your members and communities that the “People Helping People” motto is not a phrase, but a genuine call to action in your day-to-day business. 

Both CUNA and the Leagues use the submitted entries to prepare, publish, and provide proof to media inquiries and our governmental officials that we are committed to our mission to serve our members.

Your award entry (whether it’s a winner or not), helps us demonstrate the Credit Union Difference to those who assume all financial institutions are alike. There are four award entry categories. Two are for financial education outreach (youth and adults); one is for community outreach (social responsibility); and one is for credit unions who adhere to credit union philosophy.

[DOWNLOAD THE ENTRY PACKET] (Entries due by July 28)

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Marketing News

Why Gen Z May Mean Trouble

There may be a different sort of marketing challenge on the horizon – Gen Z.

"As consumers, they're much more careful about how they spend their money, and they're incredibly research-oriented," said Jamie Gutfreund, chief marketing officer of Noise, a full-service marketing and branding agency focused on young consumers. Kids shopping in big-box stores will pull out an app to see if they can get a better price elsewhere, she said. "They're an incredibly entrepreneurial generation," she said of the estimated 46 million people ages 10 to 17 who make up Gen Z.

Among other insights on young consumers: more than half identified themselves as deal hunters, and 57 percent said they research products more than they used to before making a purchase.

"I think you'll see that they're a very pragmatic group," said Jeff Fromm, co-author of "Marketing to Millennials" and president of FutureCast, a research-based marketing consultancy focused on young adults.

Gutfreund echoed this sentiment, saying, "They're much more savvy about their money because they've grown up at a time when you have to be much more savvy about money."

[READ MORE]

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