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CURRENT Newsletter

August 28, 2015

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Headline News

Compliance/Regulatory Affairs News

Financial Services/Marketplace News

Education & Networking Opportunities

News From Credit Unions

Chapter News

Community Involvement

Marketing News

Technology News

Headline News

VACUPAC Golf Tourney Salutes Sponsors; More Opportunities Available!

Show your support for the one political action committee that exclusively represents Virginia’s credit unions by helping sponsor the Oct. 6 VACUPAC Golf Classic. The tournament benefits the Virginia Credit Union Political Action Committee, a powerful advocacy tool in helping us support qualified candidates -- regardless of their party affiliation -- who are supportive of credit unions!

Many thanks to our current list of sponsors:

Beverage Cart Sponsors:

  • Virginia Credit Union

Lunch Sponsors:

  • Michael Flanary & Associate, Inc.

Prize Sponsors:

  • Dominion Credit Union
  • ValleyStar Credit Union

Hole Sponsors:

  • Bronco Federal Credit Union
  • Dominion Credit Union
  • Entrust Financial Credit Union
  • Fairfax County Federal Credit Union
  • Fort Lee Federal Credit Union

We'd love to add your credit union or organization...View the sponsorship opportunities here!
Golfers: You can register here!

[RELATED: Va. League Holds Court with Lawmakers]

Credit Union House of Virginia Nearing Completion

The Credit Union House of Virginia is nearing completion and we have a number of "grand opening" events planned for the week of Sept. 28. It's an exciting time for credit unions and the League as we ready to unveil what we know will be a tremendous asset in advancing our advocacy work.

While the deadline has passed to ensure your sponsorship is recognized grand opening week, there are plenty of opportunities for credit unions and our partner organizations to be recognized going forward!

[LEARN MORE]

> Richmond BizSense today featured an article on Credit Union House! See it here!

ABNB FCU Featured in Article on Prize-Linked Savings

Fantastic article today in the Suffolk News Herald about Save to Win and how credit unions can make a difference with prize-linked savings accounts. As you'll recall, credit unions and your League led the charge this past General Assembly session to pass and enact a law allowing credit unions and banks to offer such programs.

Written by Nathan Rice, a relationship manager at ABNB Federal Credit Union, the article notes the "astronomical" odds of winning the state lottery, and how Virginians would be much better off saving that money at their financial institution!

[LEARN MORE ABOUT SAVE TO WIN]
[RELATED: ABNB FCU Among First in State to Launch Innovative New Savings Product]

Memorial Service for NMA's Bill Merritt Aug. 29

We told you Tuesday of the passing of Bill Merritt, CEO at NMA Federal Credit Union.

Bill was a longtime member of the Virginia movement and a good friend to many of us, having first served on the credit union's board of directors, before stepping into the CEO position in 2004. The NMA Credit Union family appreciates your continued thoughts and prayers.

A memorial service will be held at Hollomon-Brown Funeral Home, Bayside Chapel, 1457 Independence Blvd., Virginia Beach on Saturday, Aug. 29, at 3 p.m. Condolences may be offered to the family at www.hollomon-brown.com.

[BILL MERRITT'S OBITUARY]

Discover the Power of Loyal Members

Sixty percent of members say they’re “highly loyal” to their credit union, according to CUNA’s 2015-2016 National Member & Nonmember Survey. That’s equal to the proportion of highly loyal members found in last year’s survey.

The persistent strength of members’ loyalty level is good news, considering that today’s members have numerous and ever-expanding choices in the financial services marketplace.

Loyal members aren’t just recurrent users of credit union products and services. They’re also ambassadors who bring in new members. And they speak up for the credit union cause on issues on Captiol Hill or in the statehouses.

[READ MORE]

Compliance/Regulatory Affairs News

CFPB Sees Surge in Complaints About Credit Reports

The number of complaints about the credit reporting industry rose sharply in July, surging by 56% from a month earlier, the Consumer Financial Protection Bureau said Tuesday.

In its snapshot of consumer complaints, the agency said complaints about credit reports also rose 45% between May and July of this year from the same point a year earlier.

Nearly all of the complaints centered on the three major credit bureaus — Equifax, Experian and Transunion.

The majority of the complaints, 77%, focused on inaccurate information in a consumer's credit report, which critics say is a longstanding problem for the industry. The snapshot notes that consumers have also had problems accessing their credit reports online "as a result of rigorous online identity authentication questions," at which point they must send sensitive information through the mail to obtain a report.

[READ MORE]

Financial Services/Marketplace News

Fed's William Dudley: September Interest Rate Hike 'Less Compelling'

New York Federal Reserve chief William Dudley said Wednesday the case for raising interest rates in September is now "less compelling," further lowering the already tumbling odds that the central bank will act next month.

"From my perspective, at this moment, the decision to begin the normalization process at the September (Fed policymakers) meeting seems less compelling to me that was a few weeks ago," Dudley said at a news conference.

A rate hike, he added, "could become more compelling by the time of the meeting as we get additional information on how the U.S. economy is performing, and more information on international and financial market developments."

Until recently, many economists expected the Fed to hike its benchmark interest rate next month for the first time in nearly a decade. Rates have been near zero since the 2008 financial crisis.

[READ MORE]

[RELATED: U.S. 'Approaching' Conditions for Interest Rate Hike: Fed Minutes]

U.S. Economy’s Growth Rate in 2nd Quarter Revised Up to 3.7%

The economy grew much more quickly last quarter than initially thought as businesses and consumers increased spending, the government said Thursday.

At 3.7 percent, the revised estimate for the annualized rate of economic expansion in the spring is more than a full percentage point higher than the initial reading of 2.3 percent reported by the Commerce Department in late July.

It provides further assurance that the American economy remains on an even keel, despite questions about whether the United States can skirt mounting economic turmoil in China and other emerging markets as well as a volatile stock market at home.

[READ MORE]
[RELATED: By Another Measure, the U.S. Economy was Ho-Hum in Second Quarter]

Mobile Banking’s Newest Player: selfiepay

An Atlanta-based mobile wallet service provider, called “selfiepay,” announced its official launch exclusively to CU Times Tuesday. The application allows users to sign in to its service simply by snapping a photo.

According to founder Sharron Battle, selfiepay differs from other mobile wallet providers by offering a seamless, efficient and more secure payment experience for consumers and merchants.

[READ MORE]

Gay Marriage and Real Estate: What Changed Because of the Supreme Court's Ruling?

The decision by the U.S. Supreme Court to legalize gay marriage has sweeping effects on laws across the country, including those related to real estate ownership. Married same-sex couples now have more options available to them when they buy and own a home.

The high court ruled in Obergefell v. Hodges that same-sex couples in the U.S. have a right to marry, no matter where they live, striking down gay marriage bans that still existed in a handful of states.

Here's how it affects property ownership.

[READ MORE]

Education & Networking Opportunities

NCUA Participation Lending Webinar Set for Sept. 16

Credit unions considering participation lending are encouraged to join the National Credit Union Administration’s webinar on the topic, scheduled for Sept. 16.

Participation loans are loans made by multiple lenders to a single borrower.

Registration is currently open for the webinar, which is scheduled to run from 2 to 3:30 p.m. (ET).

News From Credit Unions

BayPort Recognized as Community CU of the Year

Our own BayPort Credit Union is among the winners of the 2015 Community Credit Union of the Year Award, an honor that recognizes credit unions that have performed exemplary work related to community involvement.

Winners will be honored during the CUNA Community Credit Union Conference, slated for Sept. 22-25 in Phoenix. Entries were judged on three criteria: Member impact, community impact and financial impact.

[READ MORE]

Plenty of Ways to Score in CommonWealth One’s 'Team Up and Win' Fall Promotion

Right in step with the fall football season, CommonWealth One Federal Credit Union has unveiled a major membership promotion that allows members and would-be members to score big points, earn special financial rewards, and ultimately be entered in a Super Bowl® Grand Prize Sweepstakes.

“Our first objective is to partner with our members and to help them succeed financially for a better way of life. Our secondary objective is to expose as many consumers as possible to the benefits of being a CommonWealth One member,” said Chief Marketing Officer Karyle Thornton.

The August 15 kick off of the campaign, called “Team Up and Win,” runs through Dec. 15, 2015, and offers members substantial rewards, as well as a chance to win in the Super Bowl® Grand Prize Sweepstakes.

[READ MORE]

Chapter News

Roanoke Valley Chapter Meets Sept. 2

The Roanoke Valley Chapter will meet Sept. 2 at the Salem Civic Center. Meeting starts at 8 a.m. Michael Williams with GreenPath Financial Wellness will be the guest speaker. Please respond by noon on Aug. 28, with names of attendees to Chad King by email to cking@memberonefcu.com.

[LEARN MORE]

Roanoke Valley Chapter VACUPAC Golf Tourney Oct. 8

The Roanoke Valley Chapter's Annual VACUPAC Golf Classic is scheduled for Oct. 8, 9 a.m. at Hanging Rock Golf Course in Salem.

Attached is the sponsorship form for those credit unions and vendors that would like to support the tourney. Also attached is the Golfer Registration Form to sign up your team. Deadline for both sponsorship and team signups is Oct. 1.

[SPONSORSHIP FORM]
[GOLFER REGISTRATION FORM]

Richmond Chapter Meets Sept. 17

The Richmond Chapter of Credit Unions will host a breakfast workshop on Sept. 17, with SWBC's Dee Dee Metter offering tips on how to make sales presentations natural and comfortable.

This breakfast workshop will enhance your sales presentation to members and you will see that it isn’t really selling, it’s telling. We work hard every day to exceed our members’ expectations, but if we allow an opportunity to go by where we could have mentioned a product or service that would have benefitted them, we have dis-serviced them.

Location: Virginia Credit Union, 7500 Boulders View Drive, 23225. Time: 8:15 a.m. start time.

[LEARN MORE]

Community Involvement

CU Members Can 'Shop For Miracles' Oct. 15

Credit Unions for Kids is inviting CUs across the United States to participate in Shop for Miracles, a one-day CU4Kids program that will raise funds for local Children's Miracle Network Hospitals on Thursday, Oct. 15.

Each time credit union members use their CU-issued credit or debit card on Oct. 15, the participating credit union will donate $0.25 or other pre-determined amount to the local Children's Miracle Network Hospital.

As is the case with all Children's Miracle Network Hospitals donations, funds raised locally will remain in the community.

Credit unions can register for Shop for Miracles at www.cu4kids.org/shopformiracles. Marketing collateral and other resources to help credit unions promote the campaign to members are available on the website. The campaign coincides with International Credit Union Day, which celebrates the credit union difference and the work being accomplished around the world.

[READ MORE]

Northwest Credit Union Foundation Mobilizes Relief Fund to Assist Wildfire Victims

Many Northwest families have suffered significant loss as a result of the devastating wildfires sweeping across Oregon and Washington. In an effort to help its community, the Northwest Credit Union Foundation (NWCUF) is teaming up with the National Credit Union Foundation and local Red Cross organizations to raise relief funds in support of the victims.

A web page to receive donations has been established. If you wish to donate, click here.

Marketing News

Millennial Employees Are Key to FIs' Reputations

When thinking about your organization's reputation, you need to first think about your employees and how they are representing your credit union. Whether it's in your branches, through your member service lines, in your local communities, or through mainstream or social media, it's your employees who can make or break your reputation with members and prospects.

These days many of your employees are likely to be millennials, as they now make up the largest percentage of the workforce. So engaging them is crucial, but the way to do so isn't the same as with previous generations.

[READ MORE] (American Banker subscription may be required)
[RELATED: Millennials Are Getting Older. How to Prepare for Generation Z?]
[RELATED: Millennials Likely to Lease: Edmunds]

Fulfill Your Brand Promise: Six Steps

Branding is about more than just marketing to consumers. It’s about developing a promise that helps the organization connect with its members through employee engagement and interaction.

That’s the word from “Promises, Promises: How to Ensure Your Financial Institution Lives Up to its Brand,” a white paper from The Members Group (TMG). The paper outlines strategies brand champions can use to reinforce the brand promise.

[READ MORE]

Technology News

Millennials Want More From Banking Apps: SNL

Millenials are more much more likely than other consumers to want savings account rates, mortgage calculators and mortgage rate comparisons on their mobile banking apps, according to survey results released Wednesday by bank data firm SNL Financial.

Researchers conducted a nationwide poll of more than 4,000 adults who use smartphone banking apps and found that, in general, most consumers aside from millennials are not missing any features from their smartphone banking apps.

[READ MORE]


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