News and Information For and About Virginia's Credit Union System
- Congrats to our Diamond Award Winners!
- Annual Meeting Education Sessions Target Membership, Bottom Line
- We (Desperately!) Need Your Help: Community Involvement Committee Seeks Financial Contributions for Annual Meeting Fundraiser
- New Session on Risk-Based Capital Rule Added to League Annual Meeting
- Young Professionals Committee Hosting Info Table at Annual Meeting
- Forbes Magazine: Chairman Camp’s Tax Reform Plan Is Here To Stay
- FREE Interest Rate Risk, Investment Strategies Seminar in DC on March 28
News About Credit Unions
Financial Services/Marketplace News
- Borrowers Paying Mortgages Over Credit Cards Again
- Spring Compliance Conference, Marketing Workshop Registration Now Open
News From Credit Unions
Financial Education News
The CUNA Marketing and Business Development Council this week awarded seven Best of Show awards and 231 Diamond Awards to credit unions for outstanding Marketing and Business Development entries.
More than 1,130 entries were received for 29 categories. Seventy entries were named the best in their category. Virginia-based winners are:
- Dominion Credit Union (Direct Mail) (Diamond Award) (Best In Category)
- Park View Federal Credit Union (Annual Reports) (Diamond Award) (Best In Category)
- BayPort Credit Union (Diamond Award) (Segmented Marketing)
- Freedom First Credit Union (Diamond Award) (Annual Reports)
- Justice Federal Credit Union (Diamond Award) (Community/PR One-Time Event)
- Member One Federal Credit Union (Diamond Award) (Community/PR One-Time Event)
- Member One Federal Credit Union (Diamond Award) (Electronic Marketing)
- Northwest Federal Credit Union (Diamond Award) (Member or Trade Publications)
- Northwest Federal Credit Union (Diamond Award) (Social Media)
There are a slew of fantastic entries online for you to review. Check it out here: http://www.adque.com/CUNA/2014/index.html
This year's Annual Meeting features 20 education opportunities that will appeal to volunteer officials, management and staff. Among the sessions in the "Strategy Track:"
- The Member of the Future
- The Credit Union Business Model that Produces a 2.0% ROI
- Putting the ‘Credit’ Back Into Credit Union: Becoming Relevant in the Lending Marketplace
The Credit Unions Care Foundation of Virginia will host its annual charity golf tournament on April 2! There's still time to register to play or to sponsor the tournament.
We (Desperately!) Need Your Help: Community Involvement Committee Seeks Financial Contributions for Annual Meeting Fundraiser
Please consider a financial contribution to aid us in purchasing items for our Charity Raffle (we're calling it the "Raffle-A-Rama") which will take place at this year's Annual Meeting (April 2-4 in Williamsburg). What we're asking...
- Chapters: We're asking for a financial contribution of not less than $250.
- Credit Unions ($100 million or more in assets): Please consider a financial contribution of at least $250.
- Credit Unions (Less than $100 million in assets): Please consider a financial contribution of at least $50.
[related: Virginia-Based Credit Unions Donate $406,236 to CMN Hospitals in 2013; Surpass $2 Million in Donations Since 2003]
[related: Launching Soon – Foundation Sponsoring Change A Child's Life Fundraiser in April (or a Timeframe of your Choosing!) [Get the details here]
As we announced recently, we've scheduled a special session on the National Credit Union Administration's risk-based capital rule for April 3 at the League Annual Meeting. Presenters for this session will be the movement's foremost experts (outside of NCUA) on this proposal – CUNA's Mary Dunn and Bill Hampel.
You need not be registered for the League Annual Meeting to attend this one education session, but we do ask – whether registered for the Annual Meeting or not – that you drop us an email at email@example.com to let us know you plan to attend. This will aid us in booking sufficient meeting space.
Also, CUNA continues to add resources for credit unions to its Risk-Based Capital (RBC) Action Center webpage, including a new video posted yesterday that can help credit unions in three ways.
The new video is designed to explain the National Credit Union Administration's RBC proposal, address what credit unions can do to apply it to their situations, and define steps credit unions can take to get involved in the effort to improve the proposal.
Also on Wednesday, CUNA offered a free, one-hour webinar titled "NCUA's Risk-based Capital Rule: Can It Be Fixed?" Topics explored during the webinar included: key aspects of the proposal, the proposal's financial impact on credit union operations, and the top legal issues create by the proposal. A recording of the webinar is available.
[related: Risk-Based Capital Rule Comment Period Open]
If you are attending the League's 80th Annual Meeting, please stop and visit the YPN Table. Everyone knows that Virginia’s Credit Unions are brimming with passionate young professionals that firmly believe in the Credit Union Movement.
In order to support and foster that zeal, we have established the Virginia Credit Union League YPN (Young Professionals Network), a group of young credit union professionals across Virginia. Stop by our table at the Annual Meeting to get involved and learn more! Remember, you can visit our website - www.VACUL.org/YPN. We look forward to seeing you!
Even if Congress takes no action on it this year, the plan will play an important role in future discussions. The Camp discussion draft has changed the tax policy landscape like no other single document in the last three decades, for two reasons.
First, it has burst the bubble of all the feel-good tax reformers who have been wasting our time promoting unrealistic tax plans. The Camp plan is the ultimate reality check on tax reform. It is far more complicated and painful than marketers of tax reform have told the public to expect. It is unlikely that any realistic tax reform would be any shorter or sweeter than the Camp draft.
A FREE networking event on interest rate risk and investment strategies will be held March 28 at the Department of the Interior (Kiowa Room, Basement Level) - 1849 C Street NW, Washington DC 20240. Credit union professionals are invited. Topics will include:
- Developing an effective ALCO proccess to manage interest rate risk and liquidity;
- Regulatory focus on interest rate risk: How to prepare for your next exam;
- Incorporating stress tests and validation of assumptions in your ALM modeling;
- and much more.
Session runs 9:45 a.m.-3:15 p.m.
For information and to register, contact William Kennedy (Interior Federal Credit Union) at firstname.lastname@example.org or 202.208.6268.
News About Credit Unions
The increased presence of credit unions in the auto lending market caught the eye of industry publication Automotive News. Credit unions' 36% share of total auto loans outstanding is "pretty significant" considering credit unions collectively control only about 7% of consumer financial assets, said Mike Schenk, vice president of economics and statistics for the Credit Union National Association.
In Wednesday's Q-and-A piece with author Jim Henry, Schenk noted better relationships with dealers and a larger membership base helped drive the increase in 2013.
> At year-end 2013, Virginia-based credit unions held almost $16 billion in new and used auto loans, and roughly 96% of the state's 166 credit unions offered vehicle loans.
Financial Services/Marketplace News
As the housing market and hiring continue to recover, consumers are making their mortgage payments a priority again. A growing number of borrowers are paying off their home loans before their credit card debts, reversing a trend first seen in September 2008, according to a TransUnion study that examined the delinquency rates of borrowers with mortgages, auto loans and credit card debt.
The delinquency rate for mortgages fell to 1.71% in December, down from 3.32% in September 2008. Meanwhile, the rate of credit card delinquencies was 1.83% in December, down from 3.29% in 2008.
Education & Networking Opportunities
Our popular Spring Compliance Conference takes place April 30-May 2 in Richmond, and this year features a companion Marketing Workshop (May 1). Topics include marketing compliance, foreclosures, auto loan collections, e-signatures and documents, intellectual property and patent law, and much more. Needless to say, a not-to-be-missed educational opportunity, priced right at $145 per day for days 1 and 2; $65 for day 3.
The Marketing and Business Development Council's Marketing By The Numbers Workshop features sessions on building better member relationships, cost-efficient branding and prototyping, and finding "member-friendly" fee income. Cost - $149.
[Spring Compliance Conference]
[Marketing By The Numbers]
News From Credit Unions
Carl Ratcliff, ABNB CEO, presented Jill Thompson, Manager of Fisher House, with gift cards sponsored by The Armed Forces Financial Network (AFFN) in partnership with the Defense Credit Union Council (DCUC) Credit Union Participants. These AFFN ‘Thank You’ Cards are presented to military families staying at Fisher Houses throughout this year.
Tracy Marks, of Lender Select Mortgage, will offer a program on the Consumer Financial Protection Bureau and the current mortgage lending environment at the Tidewater Chapter's April 10 meeting. Location: Greenbrier Country Club (1301 Volvo Parkway, Chesapeake, 23320). Time: 6 p.m. start. Cost: $35, if registered by April 2; $40 thereafter. RSVP to Ginnie Riddle at email@example.com or by phone at 757.873.4047.
Financial Education News
Virginia Credit Union and the Virginia Credit Union League will offer a free training for public and private school educators on tools and instructional resources to teach the new state-required course in economics and personal finance for high school students. The Real Money Experience event will be held Thursday, March 27, from 8 a.m. – 3 p.m. at Virginia Credit Union, 7500 Boulder View Drive in the Boulders Office Park. There is no cost to attend, but space is limited.
Teachers who wish to attend must register online at https://www.vacu.org/Education_Resources/Seminars.aspx or call 804.323.6800. Pending local approval, teachers that complete the training may be eligible for up to six recertification points for professional development.
When it comes to women and money, there is good news and there is bad. In the plus column, women are heading more households and making small inroads in the C-suite. Women have also increased their presence on the Forbes list of billionaires.
In addition, research by Boston College's Center on Wealth and Philanthropy found that because women tend to outlive their spouses, overall they will be managing the majority of the $41 trillion in wealth that will pass to the next generation by 2052. But when it comes to financial advice, women are not getting the service they want or need.
A study by Fidelity Investments found that when couples interact with a financial advisor, men are 58 percent more likely than women to be the primary contact.
And while most women say they do not intend to leave their financial advisor if their husband dies, within a year of being widowed as many as 70 percent actually do, according to one study. "We just continue to have a lot of work do to around this whole front," said Caroline Feeney, president of agency distribution at Prudential.
Too many social media policies in credit unions are born in the aftermath of a social media gaffe, as in, “We should have had a rule about letting Larry post our Facebook updates after midnight.”
To put the social media policy’s place in your organization into perspective, compare it to your lending operation. Your lending policy documents the basic parameters for risk tolerance, loan types, reporting structure, compliance process, etc. On that foundation, you build lending strategies—indirect auto loan alliances, monthly direct mail campaigns and the like—which are carried out in the day-to-day performance of your branch managers and lending staff.
Your social media program can follow the same structure, more or less. Every credit union is different, but consider addressing these basic elements in your social media policy...