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CURRENT Newsletter | 26 April 2013

May 9, 2013 by Lewis Wood

CURRENT Newsletter | 26 April 2013

April 26, 2013

  • Your comments and submissions are always welcomed. E-mail pr@vacul.org
Headline News
News About Credit Unions
Compliance/Regulatory Affairs News
Governmental Affairs News
Financial Services/Marketplace News
Education & Networking Opportunities
News From Credit Unions
Chapter News
Marketing News
News About The Competition
Security/Fraud Prevention
Technology News
Human Resource Management

Headline News

Annual Meeting News & Notes

Thank you for attending your League's 79th Annual Meeting in Roanoke! Almost 400 credit union staff, volunteer officials, guests and business partners were on hand for the event, so thanks for helping make it such a success. And if you missed it...well, you missed it!!!

Kirsch/Farley Awards

We were pleased to honor two stellar credit union leaders at the Gala on Friday night: Bob Morgan, retired president/CEO  and current board member of ABNB Federal Credit Union, who was awarded the James P. Kirsch Lifetime Achievement Award, and Paul Phillips, president/CEO of Freedom First Credit Union, who was recognized with the Eugene H. Farley Jr. Award of Excellence.

You can read the release on Paul Phillips here.

We also saluted Paul for his six years of service on the League Board. He opted not to seek re-election this year. Our thanks to Paul for his service to the League and his fellow credit unions, although we must also note he isn't getting away completely. He'll continue to represent credit unions as a board member of the Credit Unions Care Foundation of Virginia, the charitable arm of Virginia's credit union system.

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Foundation_Golf_Tournament
Credit Unions Care Foundation of Virginia

In other news, the inaugural Credit Unions Care Foundation of Virginia Charity Golf Tournament – presented by CUNA Mutual Group - raised between $15,000 and $18,000. We're still tallying sponsorship funds and a few expenses, so stay tuned for the exact total. We do appreciate the support of our many fine sponsors, who helped cover the costs of the tournament. And a special thanks to the 75 golfers who teed it up for a good cause!

Here is our list of sponsors:

Tournament Sponsor: ($10,000)

• CUNA Mutual Group

Beverage Cart ($700)

• First Carolina Corporate Credit Union

• MassMutual/Member Wealth Management

• Virginia Credit Union

• Call Federal Credit Union

Lunch ($600)

• Palmetto Cooperative Services & PCSi

Awards Reception ($500)

• Fiserv

• Freedom First Credit Union

Prize ($300)

• Beach Municipal Federal Credit Union

• Hopewell Chemical Federal Credit Union

• John M. Floyd & Associates

• Works 24 Corporation

Hole Sponsors ($200)

• Beacon Credit Union • Bronco Federal Credit Union
• Central Virginia Chapter • CommonWealth One Federal Credit Union
• Deluxe Corporation • DuPont Community Credit Union
• Fort Lee Federal Credit Union • Goodyear-Danville Family Credit Union
• Hampton Roads Educators’ Credit Union • Hopewell Chemical Federal Credit Union
• Member Select Mortgage • NSWC Federal Credit Union
• Peoples Advantage Federal Credit Union • PFD Firefighters Credit Union
• UVA Community Credit Union  
Raffle-A-Rama_Logo400

The Raffle-A-Rama event, sponsored by the Community Involvement Committee and the Credit Unions Care Foundation of Virginia, raised $8,000 for Children's Miracle Network Hospitals, and again, we can't thank all of you enough for the generous support!

We had several fantastic raffle packages this year, made possible by your donations, including an iPad mini, Kindle Fire HD, a Nikon camera package and more. We would certainly be remiss if we didn't also thank all of the Annual Meeting attendees who purchased raffle tickets, including those that had to wait patiently owed to the line of eager purchasers!

Here's our list of sponsors!

• ABNB Federal Credit Union • Argent Credit Union
• BayLands Federal Credit Union • BayPort Credit Union
• Beach Municipal Federal Credit Union • Beacon Credit Union
• Bronco Federal Credit Union • Call Federal Credit Union
• Celco Federal Credit Union • Central Virginia Chapter
• Chesterfield Federal Credit Union • Dominion Credit Union
• DuPont Community Credit Union • Entrust Financial Credit Union
• First NRV Federal Credit Union • Freedom First Credit Union
• Goodyear Danville Family Credit Union • Henrico Federal Credit Union
• Lynchburg Chapter • Metropolitan Church Federal Credit Union
• Mosaic Federal Credit Union • Mountain Empire Federal Credit Union
• New Generations Federal Credit Union • Old Dominion University Credit Union
• Palmetto Cooperative Services • Peoples Advantage Federal Credit Union
• Petersburg Federal Reformatory Credit Union • PFD Firefighters Credit Union
• Piedmont Chapter • PortAlliance Federal Credit Union
• PWC Employees Credit Union • Resources Federal Credit Union
• Roanoke Chapter • Salem VA Credit Union
• Southside Chapter • Southwestern Virginia Chapter
• Tidewater Chapter • URW Community Federal Credit Union
• UVA Community Credit Union • Virginia Beach Postal Federal Credit Union
• Virginia Credit Union  

Speaking of the Foundation, congratulations to League Directors Cliff DeMars (Blue Eagle Credit Union) and Joe Thomas (Fairfax County Federal Credit Union), who were re-elected and elected, respectively, to the Foundation's Board of Directors.

Feeding America Southwest Virginia Donation from the Credit Unions Care Foundation of Virginia

The Credit Unions Care Foundation of Virginia proudly gave $1,000 to Feeding America Southwest Virginia. Fifteen credit union volunteers also volunteered for a day helping the Food Bank sort and pack boxes of food for those in need.

And the Foundation was certainly in the spotlight on April 17, as 15 credit union volunteers aided Feeding America Southwest Virginia, a Roanoke-based food bank that provides millions of pounds of food and related product to hundreds of partner agencies that, in turn, serve hundreds of thousands of individuals in need of emergency food assistance. Volunteers spent the day sorting food into boxes that are then provided to the food bank's clients.

The Foundation also contributed to the good work of the food bank with a $1,000 donation. John Shoulders, VP of Business Affairs at the Feeding America Southwest Virginia, noted that the $1,000 donation enables his organization to purchase $9,000 worth of food owing to the food bank's partnerships with grocers and food distributorships. By the way, the Food Bank could really use your help in terms of financial support and donations of food items! Visit them at http://www.faswva.org. Outside the western/southwest Virginia area? Contact your local Food Bank...They're likely in the same situation! (http://vafoodbanks.org/)

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League Board Elections

Congratulations are in order for the following individuals, who were elected or re-elected to the League Board of Directors.

  • Stan Leicester (BayPort Credit Union) was re-elected to a three-year term representing credit unions with $50 million or more in assets in Region I (Hampton Roads and Tidewater chapters).
  • Iris Ellis (Assurance Federal Credit Union) – re-elected to a three-year term representing credit unions with less than $50 million in assets in Region II (Richmond and Southside chapters).
  • Cliff DeMars (Blue Eagle Credit Union) – re-elected to a three-year term representing credit unions with $50 million or more in assets in Region IV (Lynchburg, Piedmont, Roanoke Valley and Southwestern Virginia chapters).
  • Carl Ratcliff (ABNB Federal Credit Union) – elected to a three-year term as an At-Large Director.
  • Joe Thomas (Fairfax County Federal Credit Union) – re-elected to a three-year term as an At-Large Director.

In the Board's reorganization meeting on April 20, the following officers were elected:

  • Suzanne Hodgins (UVA Community Credit Union) was re-elected Chairman.
  • Karen Orie (Hampton Roads Educators' Credit Union) was elected Vice Chairman.
  • Rose Gilliam (Argent Credit Union) was elected Treasurer.
  • Chris Williams (Henrico Federal Credit Union) was elected Secretary.

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League Service Corporation

The League Board also elected the following slate of officers for the League Service Corporation - Virginia Credit Union Services, Inc. (VACUS), a wholly owned subsidiary of the League.

  • Iris Ellis (Assurance Federal Credit Union) was re-elected Chairman.
  • Gaye DeCesare (Belvoir Federal Credit Union) was re-elected Vice Chairman.
  • Rose Gilliam (Argent Credit Union) will serve as Treasurer.
  • Cheryl Dickerson (Fairfax City Federal Credit Union) was re-elected Secretary.

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CUSCVA Board News and Notes

The Credit Union Service Company of Virginia (CUSCVA), our shared branching corporation, announced the following Board election news at its April 19 Annual Meeting:

The following individuals were elected to 3-year terms:

  • Jane Watkins (Virginia Credit Union)
  • Mike Swalley (Dominion Credit Union)

The CUSCVA Board held its reorganization meeting following its Annual Meeting. Officials are now:

  • Chairman – Jane Watkins (Virginia Credit Union)
  • Vice Chairman – Rose Gilliam, (Argent Credit Union)
  • Secretary – Greg Manweiler (Langley Federal Credit Union)
  • Treasurer – Rick Pillow (Virginia Credit Union League)

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Annual Meeting Presentations and Materials

We've had requests from several attendees for the presentations and materials shared during the 2013 Annual Meeting. We have Dr. Neil Goldman's keynote PowerPoint online and we'll add others as they become available. Also, a note about Dr. Goldman's keynote: he used several videos that are the property of a third-party organization. We are attempting to secure the rights to share those videos.

[read more]

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Join Us Next Year

And mark your calendar for next year's 80th Annual Meeting ... April 2-4 in Williamsburg!

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New League Website: You Need to Register!

vacul.org has a brand new look as of April 11. We've revamped our website to provide better navigation and improved functionality, while delivering the content that's proven most important to you.

There are a couple of things to note about the new site:

(1) You need to register (or re-register) to access League InfoSight or secured information on our site.

We've transitioned to a new user management system that offers substantial benefits, but it does require that everyone - even those previously registered on our site - go through the registration process. Please pass that along to staff. [register here]

(2) We'd love your feedback. Websites, by their very nature, are always something of a work in progress, so we would love to hear from you about what works and what doesn't. We tested and retested functionality and carefully considered the organization of the site. But that doesn't mean it can't be improved. So please, we want to hear from you. Drop an email to pr@vacul.org

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Fed Report Finds Credit Union Tax Advantage Inconclusive

A new report published by the Federal Reserve Bank of St. Louis concludes that there is not enough evidence to support the assertion by bankers that the credit union tax exemption and expanded field-of-membership rules provide credit unions with a competitive advantage. “The evidence does not permit any sharp conclusions,” wrote economist Richard Anderson and senior research associate Yang Liu, who both work at the St. Louis central bank.

The two reviewed the history of credit union field-of-membership expansion and compared growth between credit unions and small banks since 1998, when Congress passed H.R. 1151, the Credit Union Membership Access Act. What the Fed researchers discovered were similar growth patterns in numbers of credit unions and banks, which has shrunk, and total assets, which have increased. [read more]
[related: CU Advantage Noted In Fox, HuffPo Coverage]
[related: CNN: CUs Homey Image Starts To Fray?]

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Bankers Swarm Washington To Oppose CU Tax Exemption

Both the American Bankers Association and Independent Community Bankers of America gathered in Washington last week and this week, as the House Ways and Means Committee’s working groups collect information and make recommendations regarding tax reform. Fighting the credit union tax exemption was listed among the top speaking points and was the featured topic for the group’s April 16 general session titled “Credit Union Taxation: Now is the Time.” [read more]

[related: CUNA Files Letter of Support for Tax Exemption with House Committee]

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Statewide Awareness Campaign: Help Us Get The Word Out

Your League appreciates the credit unions who have financially helped with the Statewide Credit Union Awareness Campaign, but every credit union can continue to help to make this effort successful! Here is how you can help spread the word: Forward our ready-made messages as emails with the link to your staff/volunteers and members encouraging them to watch the video and share through their Twitter and Facebook accounts.

Below are the tools and resources related to the Campaign. Please put this into action now, if you haven't already! 

Contact Bethany Scott (bscott@vacul.org) or Nicole Widell (nwidell@vacul.org) if you have questions.
[related: Credit Unions in Virginia Launch Collaborative Statewide Awareness Campaign]

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aSmarterChoice: Consumers Continue to Show Interest in Credit Unions

Nearly 22,000 visits were made to aSmarterChoice.org in March, with the total number of searches rising to nearly 20,000. March proved to be the strongest month of the first quarter which ended with aSmarterChoice drawing nearly 60,000 visits and a total of nearly 51,000 credit union searches. Beginning this month, there is a new addition to the efforts being made to help increase the number of visitors to aSmarterChoice.org.

CUNA has included aSmarterChoice in a huge credit union promotional opportunity that tag teams perfectly with the programs currently underway: the advertising campaign on Google that is showing great promise and the website retooling to enhance search engine optimization. Need assistance updating your information on aSmarterChoice.org? Contact your League's Mary Amyx at 800.768.3344, ext. 630 or mamyx@vacul.org. [read more]

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News About Credit Unions

Filene Research Highlights Member-Friendly Sources of Noninterest Income

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. [read more]

Banks Close CU Accounts, Citing Regulatory Concerns

As many as 30 credit unions in West Virginia and Ohio have shifted more business to their corporates after a regional and national bank terminated their correspondent account relationships last month. [read more]

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Compliance/Regulatory Affairs News

Dodd-Frank Drives Growth of Compliance Software Budgets, Survey Finds

Financial services companies are dedicating a growing portion of their software budget to regulatory compliance, a new survey shows. The growth of compliance budgets comes as an increasing number of firms are worried about keeping up with changes from the Dodd-Frank reforms, according to the survey released Tuesday by SAI Global Compliance. Nearly all of the respondents, 93%, said compliance with federal regulations was a high priority in 2013.

Regulators increasingly shape the focus of compliance programs, the survey found. Seventy-five percent of respondents said that greater pressure from state and federal regulators was driving its compliance priorities, while another 57% said that pressure from the Consumer Financial Protection Bureau was shaping their compliance programs. As regulators tighten oversight, financial services firms are using increasingly sophisticated tools to determine whether their compliance programs are effective. Seventy-three percent of respondents said that they used an internal audit or assessment to determine if they are compliant with regulations, up from 55% in last year's survey. SAI Global assembled the survey by polling 121 compliance professionals beginning at the end of 2012. Eighty percent of respondents worked for banks or credit unions. (American Banker Online, April  24)

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Governmental Affairs News

CUNA Says Relief Bill Is 'Good First Step'

Credit Union National Association President/CEO Bill Cheney today commended Rep. Blaine Luetkemeyer (R-Mo.) for introducing legislation that would address several regulatory burdens facing credit unions and community banks. "This legislation is a good first step toward providing regulatory relief, but it can only be viewed as a first step," Cheney said Thursday night when the bill was introduced. The Luetkemeyer bill, called the "Community Lending Enhancement and Regulatory Relief Act (CLEAR Relief Act)," would aid community-based financial institutions--both credit unions and community banks--by:

  • Providing regulatory relief in the mortgage area; and
  • Eliminating a requirement that privacy notices be sent on an annual basis.

The CLEAR Relief Act would also eliminate a requirement that financial institutions verify that automated clearing house payments are not a prohibited transaction, if the financial institution originating the transaction has warranted that they have complied with Office of Foreign Assets Control regulations. [read more]

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Fairness in Exams Legislation Now in Both Chambers

The examination fairness bill – one of the 35 regulatory relief recommendations that CUNA made to Congress – was introduced in both the House and the Senate. This bill represents an important step toward curtailing the regulatory burden credit unions face.  In the House, the bill (H.R. 1553) was introduced by Reps. Shelley Moore Capito (R-WV) and Carolyn Maloney (D-NY) and already has 43 co-sponsors. In the Senate, Sens. Jerry Moran (R-KS) and Joe Manchin (D-WV) introduced the bill as S. 727. CUNA sent letters of support for both H.R. 1553 and S. 727.   

NOTE: Three Virginians Co-Sponsor House Version of Fairness in Examinations

So far, three Virginia Congressmen have signed on to H.R. 1553. They are Reps. Hurt (R-5), Rigell (R-2), and Wolf (R-10). Drop a quick email thanking each of these lawmakers for their support by visiting http://house.gov/representatives/#state_va. Click the name of the appropriate representative; email links are available at each Congressman's personal website.

[related: CUNA: Work Continues On Reg Relief Plans]

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Bill Filed for MBL Exclusions in Federally Declared Disaster Areas

Rep. Carolyn Maloney (D-NY) introduced legislation recently to provide for an exclusion from the MBL cap for credit union business loans made in response to federally declared disasters for a five-year period following the declaration of the disaster. This legislation, H.R. 1646, is co-sponsored by Reps. Michael Grimm (R-NY) and Carolyn McCarthy (D-NY). CUNA sent Representative Maloney a letter of support for this legislation.

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Cybersecurity Legislation Passed in House

The House of Representatives passed four CUNA-supported bills related to cyber security.  CUNA joined other financial services trade groups on a letter of support for H.R. 756, the Cybersecurity Enhancement ActH.R. 967, the Advancing America's Networking and Information Technology Research and Development Act; and H.R. 1163, the Federal Information Security Amendments Act.  We also joined these groups on a letter of support for H.R. 624, the Cyber Intelligence Sharing and Protection Act.

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CUNA: Fin Lit Bill Will Complement CU Efforts

Credit unions work hard to improve financial literacy in their communities, and Sen. Kay Hagan's (D-N.C.) new financial education bill will surely aid those efforts, the Credit Union National Association said Thursday. During a financial literacy hearing Wednesday held by the Senate subcommittee which she chairs, Hagan announced she will soon re-introduce her 2012 legislation, the Financial Literacy for All Students Act.

 (Use the link to read April 24 News Now story: Witness Highlights CU Fin Lit Efforts In Senate Hearing) The bill, according to Hagan, would create incentive grants for states to incorporate financial literacy education into their elementary and secondary school curricula. [read more]

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Brown and Vitter Gift Small Bankers with Reg Relief Bill

The Independent Community Bankers of America celebrated new Senate legislation introduced Wednesday by the bipartisan duo of Sherrod Brown (D-Ohio) and David Vitter (R-La.) that would help eliminate the threats posed by the "too-big-to-fail" institutions of more than $500 billion in assets. The Terminating Bailouts for Taxpayer Fairness Act of 2013, S. 798, seeks to end federal subsidies and funding advantages for large banks that foster incentives for risky behavior and put taxpayers at risk, its sponsors said.

It would also require regulators to abandon Basel III capital requirements for banks with fewer than $50 billion in assets and create a new capital framework. CUNA Senior Vice President of Legislative Affairs Ryan Donovan said legislation to address community bank capital standards should be paired with legislation to address credit union capital issues, particularly the ability of credit unions to accept supplemental forms of capital. [read more]

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CUNA Cites Broken Bank Promises In SBLF Letter

The Credit Union National Association Tuesday submitted  a letter for the record of a House panel hearing titled "Broken Promises: The Small Business Lending Fund's Backdoor Bank Bailout," and charged that the SBLF was "a sweetheart deal to further assist banks that were aided in TARP." CUNA President/CEO Bill Cheney, in the letter to the key members of the House Oversight and Government Reform Committee, which conducted the hearing, underscored that banks used the funds from the second government bailout to pay off costs tied to their first bailout, rather than using those funds for their intended purpose of lending to struggling small businesses. [read more]

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Financial Services/Marketplace News

Oops! Economic Growth Wasn't So Great After All

U.S. economic growth regained speed in the first quarter, but not as much as expected, which could heighten fears the already weakening economy could struggle to handle deep government spending cuts and higher taxes. Gross domestic product expanded at a 2.5 percent annual rate, the Commerce Department said on Friday, after growth nearly stalled at 0.4 percent in the fourth quarter. The increase, however, missed economists' expectations for a 3.0 percent growth pace. [read more]

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End of the Line for Bank Payday Loans?

Regulators officially unveiled on Thursday their expected guidance on the payday-style loans or checking account advances offered by a few financial institutions. The guidance, which calls for more underwriting and stringent cooling-off periods between loans, was issued along with "a scathing assessment of the loans" from the OCC, which "warned banks that the loans could pose 'reputational risk,'" reports Dealbook.

 But proponents of bank payday-style products have argued they prevent needy customers from seeking out loans from less reputable and decidedly unregulated businesses. And a report, profiled today by the Washington Post, finds there is consumer demand for these short-term loans with nearly one-in-four Americans having used a payday product. "The rise of this kind of borrowing … reflects the needs of a population struggling to make ends meet," the Post notes. (American Banker Online, April 26)

[related: While Bank Payday Loans Scrutinized, CUNA Underscores CU Difference]

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ATM Surcharge Fees on the Rise

Anyone who uses ATMs to get cash knows that you usually pay a penalty for using a machine outside your own institution’s network. A recent government report documents just how much those fees have increased in recent years. Average ATM surcharges -- the fee a bank charges someone who is not a customer for using its machine -- have increased by 20 percent over the last five years, a recent report from the Government Accountability Office finds. The average surcharge for banks and credit unions rose to $2.10 in 2012, from $1.75 in 2007 (adjusted for inflation). [read more]

> Learn more about your League's ATM network options here!

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Education & Networking Opportunities

May 2 Webinar: Effective Contract Negotiation, Review and Management - 5 Things Vendors Don’t Want You to Know About Contracts

Outside vendors are an essential element of credit union operations and their contracts are a regular part of life. But too often, contracts are signed without a full review or complete understanding of the terms beyond price and delivery. Unfortunately, what you don’t know can hurt you. Our May 2 webinar is designed to teach you the basics of effective contract negotiation, review, and management. [learn more]

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League's Spring Compliance Conference May 1-3

Three days of exceptional training are on tap at the upcoming League Spring Compliance Conference, May 1-3, in Richmond.

  • Day 1: When a Member Dies: Dealing with the Legacy that Deceased Members Leave Behind
  • Day 2: Federal Regulatory Update for 2013
  • Day 3: Vendor Due Diligence and Risk Management Panel Discussion

[learn more]

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NCUA Plans May 8 CEO Boot Camp in Alexandria

It is not too late to register to attend the CEO Boot Camp on May 8 in Alexandria. NCUA is partnering with the Virginia Credit Union League and MD/DC Credit Union Association to conduct this “FREE” event. Our Guest Speaker will be NCUA Chairman Debbie Matz.

Who should attend:

  • Any Manager/CEO with assets $50 million or less;
  • Staff Members being groomed to replace an outgoing manager
  • CEO/Manager that needs a refresher course.

If you have assets  $20 million or less, you may apply for a stipend for up to $250 to cover some of your travel costs.

Please send an email to OSCUITraining@ncua.gov. Available to the first 10 applicants. Please click here to register

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News From Credit Unions

Entrust Financial Credit Union Notes Passing of Susan J. Adams

Entrust Financial Credit Union regretfully announced April 8 that Susan J. Adams, the credit union’s president and chief executive officer, passed away after a courageous battle with cancer. She was 59 years old. [read more]

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Member One Supports Children’s Miracle Network Hospitals

Member One is proud to announce a successful partnership with the Children’s Miracle Network Easter Basket program. Member One collected 138 Easter baskets that were distributed to families that were confined to a hospital for the holiday. Member One has been a proud supporter of the program that takes place at the Carillion Children’s Hospital since 2010. [read more]

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Member One Announces New Vice President of Real Estate

Member One Federal Credit Union is proud to announce its new Vice President of Real Estate, Tom Floyd. Tom comes to Member One from Valley Team Mortgage. [read more]

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Belvoir Federal Volunteers in 41st Credit Union Cherry Blossom Ten Mile Run®

On April 7, Belvoir Federal Credit Union took part in the 41st Annual Cherry Blossom Walk/Run in Washington, DC. With more than 15,000 runners in attendance, 48 Belvoir Federal employees volunteered to assist with the race and support the 44 employees, employee spouses, board members, and members who ran/walked in the race. Belvoir Federal Credit Union prides itself in taking an active role in the community and was honored to contribute to the race's chosen charity, Children’s Miracle Network (CMN) Hospitals. [read more]

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Belvoir Federal Tops $300 Million in Assets

Belvoir Federal Credit Union surpassed more than $300 million in assets at the end of Q1 in 2013. Belvoir Federal Credit Union was granted a charter by the National Credit Union Administration (NCUA) in 1946. [read more]

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Belvoir Federal Executives Elected as NoVa Chapter Officers

Two executives on Belvoir Federal’s Management team were elected to serve as officers for the Northern Virginia (NoVa) Chapter of Credit Unions for a one-year term. Belvoir Federal’s Chief Financial Officer (CFO), Mike Ligon, was re-elected as the Chapter’s Treasurer, a position he has held for the past five years. Belvoir Federal Chief Marketing Officer (CMO) Jason Lindstrom was elected Chapter President. [read more]

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Belvoir Federal’s CMO Elected to the Executive Committee of the CMBDC

The Credit Union National Association (CUNA) Marketing and Business Development Council (CMBDC) elected Jason Lindstrom, Belvoir Federal’s chief marketing officer, to serve on the Executive Committee. Lindstrom was then appointed to Chair the Legislative and Regulatory Committee and Vice Chair the Education Committee. [read more]

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BayPort Credit Union Gains Approval to Build Fox Hill Branch

BayPort Credit Union recently received approval from the City of Hampton to begin construction of its anticipated Fox Hill Branch, that will be located at 199 Fox Hill Road in Hampton. This additional Hampton location will alleviate member saturation at its busy Cunningham Drive building. [read more]

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Chapter News

NoVa Chapter Meets May 9

COMPASS 4 CUs' Kristen Tatlock will be the featured guest speaker at the NoVa Chapter's May 9 meeting. She will cover hot topics in the world of credit union compliance. Location: Marriott Fair Oaks. Time: Begins with 5:30 p.m. networking; 6 p.m. meeting time. [learn more]

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Tidewater Chapter to Award $10,000 in Scholarships on May 16

The Tidewater Chapter will award $10,000 in scholarships to deserving local high school students at its May 16 Scholarship Night. Please make plans to attend, as we honor deserving students in their pursuit of their educational dreams! Location: Greenbrier Country Club (1301 Volvo Parkway, Chesapeake, 23320). Time: 6 p.m. social; 6:30 p.m. dinner. Make your reservations by May 10! [learn more]

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Richmond Chapter News

> The Richmond Chapter will host Credit Union Night at the Diamond on May 18. Join us as we catch the Double-A baseball action between Richmond Flying Squirrels and the Altoona Curve. Game time is 6:05 p.m. [learn more

> Richmond Chapter to Host 19th Annual Susan J. Adams Memorial Golf Tournament to Benefit CMN Hospitals

The 19th Annual Susan J. Adams Memorial Golf Tournament tees off July 29 to benefit Children’s Miracle Network Hospitals. The Chapter has renamed this event to honor the hard work and dedication of the late Susan Adams, who coordinated this event for 18 years. She made this tournament a great success, raising more than $200,000! [learn more]

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Marketing News

Study Reveals Strong Demand for Real-Time Payments

Offering real-time payments can increase convenience and help consumers better manage their financial lives, according to a study released by FIS. The report also reveals that consumers look to their primary financial institutions as the first choice for real-time payment services. The study gauged consumer sentiments about the ability to instantly authorize and settle transactions in four key market groups: outbound foreign money transfer users, account-to-account (A2A) transfer users, person-to-person (P2P) payment users, and online bill payers.

The study sought to better understand the challenges consumers face with payments and how real-time payments can solve them. It also examined how real-time payments influence how consumers choose payment methods. [read more]

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News About The Competition

Banks Close More Offices Even as Deposits Rise

Banks insured by the Federal Deposit Insurance Corp. saw their deposits rise in 2012 even as they cut back on the number of offices operating across the U.S. The amount of insured deposits in 2012 experienced the largest one-year percentage increase in six years last year, the financial regulator noted in its summary of deposits report.

However, the total number of offices operated by FDIC-insured institutions continued to drop, falling 1% or by 857 offices, to just under 97,000 locations. [read more]

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Security/Fraud Prevention

CUNA Warns Of Potential Denial of Service Attack

With the increasing prevalence of Distributed Denial of Service (DDoS) cyberattacks, the Credit Union National Association is alerting credit unions to "chatter" that has been detected about a potential widespread attack that could be planned for May 7.

"It is not possible to assess the veracity of the threat at this time, but it is important that credit unions be aware and prepared at all times. Also, some of the largest credit unions are included in a list of targets for the purported May attack so heightened awareness is warranted," said CUNA Vice President of Information Technology Tom Nohelty Thursday. DDoS attacks are attempts to disrupt or suspend online service by saturating a target's network with external communication requests to overload its server. [read more]

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Technology News

Chase Crowned First Place for Mobile Banking (Again): Study

JPMorgan Chase took first place for the second consecutive year in a mobile banking functionality ranking published by Forrester Thursday. Chase, which earned 71 out of 100 points, was particularly praised for its transaction functionality.

Forrester highlighted how the New York bank offers useful contextual options such as the ability to add a payee for person-to-person (P2P) payments by importing the customer's contacts from his phone. With consumers always wanting more from mobile, Forrester encourages institutions to improve mobile banking in the following areas: enhance their mobile marketing and sales content; add better search functionality to help customers find products; features and content; and add more self-service components, such as letting a consumer change an address. (American Banker Online, April 26)

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Human Resource Management

3 Trends Expected to Change Health Care Benefits

Little is certain about the future of employee benefits, particularly health care insurance. A session at the CUNA Human Resources and Training Development Conference in Anaheim, Calif., earlier this week brought that point home. Nonetheless, Mike Evert, employee benefits product manager with CUNA Mutual Group in Madison, Wis., and David Martin, managing principal for credit union services with Digital Benefit Advisors in Atlanta, expect the 2010 Patient Protection and Affordable Care Act, otherwise known as Obamacare, to drive the following three top trends over the next few years:

  • How health care premiums are paid
  • How health care is purchased
  • How consumer-driven plans are growing

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