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There are no shareholder dividends to pay and each account holder gets to vote for the volunteers who serve on the board of directors, giving local consumers a unique voice in the financial arena, the visitors learned. Members who use SaveUp will be rewarded each time they contribute to savings or retirement accounts, pay down credit cards or other loans, or use SaveUp’s financial education materials. The Fed’s initial interchange proposal originally would have set a per-transaction debit interchange fee cap of between 7 and 12 cents per transaction. The Individual Achievement Award, which honors an unsung hero for innovative concepts and/or accomplishments that have made a significant impact on the national and/or international credit union movements within the past 10 years–or have a significant potential impact now. Nominations must cite a specific subject of achievement, such as financial literacy, service to the underserved, alternatives to predatory lending, and/or new products. “Best of all, unlike other financial institutions, no credit union ever accepted a taxpayer bailout or Troubled Asset Relief Program money, and today we are eager to put more of their capital to work to help sustain the recovery,” Sherman writes.

• That caused the net worth to asset ratio to increase to 9.95% from 9.43% a year ago, said DFI.
• “Over the weekend, the CUMIS Property & Casualty Claims area monitored the severe storms and tornadoes that passed through the nation’s midsection,” said Phil Tschudy, media relations manager at CUNA Mutual Group.
• Through the Internal Revenue Service Volunteer Income Tax Assistance program, SECU tax preparers filed over 57,000 member returns–a substantial increase from last year’s figure of nearly 48,000.
• For-profit businesses had lower scores in each of those categories, receiving approval marks of 70% and 67%, respectively.

Roche suggested offering a good voluntary benefits program coupled with clear communications that articulate the personal benefit they receive. “These efforts will help your credit union attract and retain talent, which directly impacts the bottom line,” he said. “A successful human resources pro is going to look to bring in talent by finding candidates who are already succeeding in other organizations,” Moreno said. “Unless you also provide monetary incentives to keep your top talent at your credit union, you run the risk of having your staff poached by others.”

Swedberg was the director of human resources for the former $34 billion corporate credit union. Mary Beth Wilcher, CEO, of Erie (Pa.) FCU, and Trent Mason, chief marketing officer, Erie General Electric FCU, also met with a lawmaker’s regional office in Erie. They explained the credit union difference and the importance of the MBL legislation. Other meetings with regional staff are in the works with American Heritage FCU, Cross Valley FCU, First Commonwealth FCU, Freedom CU, Penn East FCU, SPE FCU, Sun East FCU, and TruMark Financial CU. On Wednesday, New York credit union CEOs from across the state participated in two MBL conference calls hosted by CUANY.

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Credit unions are concerned that the proposal would impose new compliance requirements on them at a time when credit unions are already subject to a range of additional regulatory responsibilities from a variety of other agencies, the letter said. U.S. credit unions would also be required to identify and withhold on so-called “pass-thru payments” to FFIs involving a transfer of funds to a customer of the FFI that should be subject to withholding, but is not having withholding tax taken out of their account.

MADISON, Wis. (4/2/12)–The large-scale data breach revealed Friday at Atlanta-based card processor Global Payments Inc. has prompted CUNA Mutual Group to send its credit union bond policyholders a Risk Alert with advice on what they should do. WASHINGTON (4/23/12)–The Credit Union National Association is asking credit unions to share information regarding their overdraft protection programs, and overdraft transfer and marketing practices, through a short, 12-question CUNA survey. Planning Session & Interactive Learning Map.This session offers a further exploration of credit union history and philosophy and a search for treasures that create a strong foundation for the future course of action. It will provide an understanding of the past and a direction for the future, with goals and objectives for next year’s journey.

Search functions and social media are essential platforms for every financial institution because online is the preferred banking channel and because of the huge increase in mobile searches during the past three years, said Payton Dobbs, head of industry, banking & lending at Google. A PCUA release stated the partnership will provide full-service, outsourced merchant lending to enable credit unions to offer 24/7 instant financing on products ranging from ATVs to swimming pools to online jewelry sales. Nationally, credit union member business lending has increased by nearly 45% between 2007 and 2011, while business lending by banks fell nearly 15% during that period, according to the Credit Union National Association . LANSING, Mich. (4/6/12)–David Adams, president/CEO of the Michigan Credit Union League , has been recognized by the U.S. Small Business Administration as the 2012 National Financial Services Champion for his advocacy and work to increase small business lending at a time when access to capital is a national challenge. “CUNA is committed to enriching our credit unions’ relationships with Latino professionals and the larger Hispanic community,” said Bill Cheney, CUNA president/CEO.

In our February report, Banking on Facebook, we identified 47 financial institutions worldwide with 100,000 or more Facebook Likes/Fans. With the clock ticking towards the month-end deadline for brands to move to the new Timeline format , we checked in with these 47 to see how many had made the switch. Credit union members receive the service convenience of today’s technology through online and mobile banking. Credit unions assist members in becoming better-educated consumers of financial services. Credit unions operate by a “people helping people” philosophy that is hard to find at other financial institutions. The loan difficulties were caused by a $50 million fraudulent business loan scheme.

“This is the third year in a row that we have been honored as a top contributor out of all Missouri credit unions; however, the greatest award is being able to continue our credit union philosophy of people helping people in our community,” said Frank Nelson, president/CEO, 1st Financial Federal CU, Wentzville. “We are grateful to have these outstanding hospitals to help our area children when they need it the most.” She decided to use BancVue, an Austin, Texas, company that in 2009 created the Kasasa Rewards program to help credit unions and community banks level the competitive landscape with huge banks such as Bank of America and JPMorgan Chase, the newspaper said. Because growth in the credit union’s checking account activity was stagnant, Money One had to take a different approach, Debbie Connors, Money One president/CEO, told the Post. The team visited the headquarters of Clackamas FCU, where they saw personal service in action, while credit union members conducted financial transactions in the lobby.

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Last year nearly 146,000 young members deposited $28.5 million into their saving accounts during National Youth Saving Week—with 9,058 new accounts. Credit unions experienced tremendous growth in 2011 and have an opportunity to further distinguish themselves in communities nationwide and on Capitol Hill, Cheney noted. He explained that credit unions’ legislative initiatives now are more aggressive and focused on furthering the issues important to the movement, regardless of potential backlash from the banking industry. He said Cornerstone CU and others are at the cap and may not be able to serve other small business owners unless the Credit Union Small Business Jobs Bill is passed in Congress. “To each of the employees I’ve been able to hire, the jobs I’ve created matter, and those jobs are a direct result of the faith Cornerstone put in me.” He noted raising the lending cap would be good for Iowa’s economy. Half of all non-cash payments for fuel are made with debit cards, which account for 36% of all payments including cash, said the coalition, citing new research by the Phoenix Marketing International. Among households with income of less than $50,000, debit card share of gas station transactions was twice as high as that of credit cards.

In a previous ruling that partly dismissed NCUA’s claims in a separate but related action against RBS Securities and other defendants, Wu had granted NCUA the leave to amend, or the ability to provide more information. His ruling had indicated that unless tolled by the virtue of American Pipe, all of NCUA’s federal claims would be dismissed with prejudice because they are barred by a three-year federal statute of repose. “The policies that preclude equitable tolling of the statute of repose in no way preclude enforcing a voluntary legal waiver of the repose period by sophisticated parties,” argued NCUA. “Goldman identifies no benefit to a policy that permits large banks such as Goldman to renege on a voluntarily negotiated agreement to forestall litigation in hopes of reaching a settlement, and there is none,” the agency said. Thirteen percent–roughly 30.5 million Americans–typically use prepaid debit cards to pay for everyday transactions such as groceries, gas, dining out, paying bills and shopping online. The survey revealed “a disturbing lack of basic financial skills that are critical to building a stable financial future,” said the two organizations.

Cheney on Tuesday noted that the debit fee regulations do not require card networks to maintain a two-tiered system; they do so only at their discretion. And secondly, it is too soon to tell whether the routing and exclusivity provisions that dictate the use of PIN or signature networks will over time undermine any two-tiered interchange fee structure by driving small-issuer rates toward the large-issuer cap. To be considered, candidates must be executives at credit unions or credit union service organizations who are not quite at the CEO level but who are considered a leader or future leader in the credit union system.

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“I went to a bank and was denied. I didn’t have bad credit–I just didn’t have any credit. “Given that Congress capped debit card interchange fees at around 23 to 24 cents, gas stations are only paying around one to two cents per gallon on a $50-$75 tank of gas. This is roughly 70% of what they were paying six months ago in debit interchange fees–with no evidence of lower prices as a result,” said EPC. Missouri is home to five children’s hospitals that use donations to adopt life-saving equipment, perform breakthrough research and provide charitable medical care for children. Missouri ranks 12th in the nation for donations raised by credit unions per state, said MCUA. However, several other financial institutions have settled the suits with some of the plaintiffs. The rash of nuisance lawsuits has prompted alerts to credit unions about their ATM procedures from CUNA Mutual Group.

MADISON, Wis. and WASHINGTON (4/4/12)–An article in Wisconsin Corporate Report and a blog in Huffington Post feature credit union leagues telling why Congress should pass the member business lending bill to increase credit unions’ MBL cap. WASHINGTON (4/4/12)–The National Cooperative Business Association has asked members of the cooperative community to communicate the crucial funding needs of small businesses, and the importance of supporting credit union member business lending cap legislation, to members of the U.S. MADISON, Wis. (5/3/12)–While banks are submitting opinion pieces to media outlets to oppose credit union member business lending legislation, it appears that they don’t have anything original to say–submitting cookie cutter co-ed pieces to newspapers across the country.

“DE Training provides critical lessons in cooperative principles and credit union philosophy while incorporating challenges credit unions face today,” said Lois Kitsch, DE facilitator and national program director for NCUF. “It is timeliness that we strive for in the entire DE training experience as participants work through critical issues that include member business lending, mergers and small credit unions, bank conversion, serving emerging markets, national branding, and credit union development in Haiti.” Heritage Community CU, a $198 million asset credit union based in Sacramento, Calif., has launched a business lending program, which will offer members business credit cards, commercial real estate loans, and loans for commercial vehicles and equipment . The IRS this month approved new tax reporting requirements that will impact credit unions, banks, savings institutions, securities brokerages, and insurance companies that pay interest on deposits.

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However, the Federal Reserve will raise borrowing costs by June 2014, according to a survey of economists conducted by Bloomberg News this month. WASHINGTON (4/25/12)–Federal policymakers are expected to leave policy rates unchanged after the Federal Open Market Committee meeting yesterday and today. In addition to Crash the ACUC, The Cooperative Trust has three national and four regional events planned alongside new opportunities, including year two of The Collider innovation tournament. Senate leadership has put Sen. Mark Udall’s (D-Colo.) MBL cap increase bill on the voting calendar for this year, and just yesterday that body’s third-ranking member, Sen. Charles Schumer (D-N.Y.), reiterated the Senate’s commitment to a floor vote.

CUDL credit unions increased unit loan volume 40% in both January and February. In 1983, Godfrey-Smith became CEO of Shreveport FCU and built the $1.9 million credit union into an $88 million CDCU operating seven branches, with an eighth branch planned. He and his committee work non-stop contacting credit union members directly, sending notices and letters, and occasionally making personal visits to members’ homes or place of business to collect payments. The award is presented to individuals whose unselfish work carry on her legacy and whose contribution to their credit union and community has gone above and beyond the call of duty, exemplifying the CDCU values. The Ohio credit union is seeking temporary and permanent injunctions against the use of “FirstEnergy Family CU,” “FirstEnergy FCU,” “FEFCU,” and any other similar marks that may cause confusion .

The Credit Union National Association and credit unions are in the midst of a national effort to get the MBL legislation passed through in Congress. AUSTIN, Texas (4/10/12)–cbanc Network, a collaboration community of more than 9,300 credit union and bank users, has acquired Bankerstuff, a webinar company that produces online education for the financial industry. If the cap is not increased, credit unions that are currently lending to small businesses would be forced to stop lending, leaving small businesses holding the bag, Cheney said in the Bloomberg Radio interview. “We need businesses to have more access to credit to help create jobs, he said, adding that credit unions are not looking for government loans to lend this money, Cheney said. “We’re just looking for congress to say credit unions can do more.” Acopiadors, or collection and processing agents, serve as the link among the grower, the buyer and the credit union, through which funds are provided,to support the farming cycle.

Taxpayers who qualify can claim the EITC credit and could pay less federal, tax, no tax, or get a tax refund. The credit is for low-income working families to offset the burden of Social Security taxes and provide an incentive to work (News Now Jan. 30). “Ninety percent of small business owners have indicated that access to capital is a significant issue for them, hindering them net sales from growing their business and hiring new employees,” said Tim F. Haegelin, Generations FCU president/CEO. Cordray noted that he will continue to be open to hearing from credit unions and other smaller institutions. Sen. Johnson said he was particularly interested in having the CFPB’s Cordray hear the key issues and concerns directly from these smaller financial institutions.

CUNA and credit unions are urging Congress to increase the MBL cap to open up more opportunity to offer MBLs, inject $13 billion in loans into the economy and create as many as 140,000 new jobs, with no cost to taxpayers. Credit unions hear all the time from small business owners who have received no help from banks on the credit front, Cheney said, citing a Small Business Majority surveys that in February found 60% of small businesses say it’s still too difficult to get a loan. Cheney also noted a January National Federation of Independent Business report that showed a 9% increase in the amount of small businesses that wished to borrow from financial institutions, but no corresponding change in the number of small businesses obtaining credit. NFIB concluded that “the more competition that exists, the more likely small-business owner customers will receive sympathetic consideration for their loan requests, favorable rates , and better service, other factors equal.” The global economic crisis, which began in the fall of 2008, caused financial hardships for countries worldwide, particularly the U.S. The role of commercial banks in fostering the crisis has been well-documented, which gave credit unions a growing market advantage and began increasing member growth.

“Our credit unions have been telling us that they’re seeing more and more new customers coming through their doors because people are ready for something different,” said Mark Cummins, MnCUN president/CEO. “Based on what we were hearing, the time is definitely right to capitalize on this ‘bankziety,’ a term we use to describe the anxiety and frustration consumers are feeling right now about banks.” NAPERVILLE, Ill. what are retained earnings (4/10/12)–Illinois REAL Solutions program partner credit unions attended their first in-person meeting of 2012 last week. They discussed attracting new members and eco-friendly loans, and compared popular prepaid cards. “If members can benefit from a lower mortgage payment, then we, as a local financial cooperative, need to meet this need,” said David Doss, president/CEO of the $1.3 billion asset credit union.

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Good social media correlate with important performance measures but not in every category. Credit unions that perceived their social media efforts as successful were more likely to see loan growth, patelco turbotax more website visits and higher deposit volume, according to Beth Austin, principal, Crescendo Consulting. Measuring impact is much more important and harder to do than measuring output.

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The mobile channel is set to play a big role in fraud prevention as mobile adoption improves and consumers become more familiar with alerts. About one in eight mobile bankers say they’ll change banks within two years compared to one in fiveamong the general customer base.

“During challenging economic times, many discouraged job seekers are more likely to form businesses,” Thompson said. Since the start of the recession in 2007, Wisconsin banks increased their business loans a mere 5%, while state credit unions grew member business loans by 52.3% to compensate, noted Brett Thompson, league president/CEO. Royal CU, a $1.2 billion asset credit union in Eau Claire, Wis., is among the credit unions offering the VITA program. Volunteers are University of Wisconsin-Eau Claire and Chippewa Valley Technical College accounting students certified by the IRS, says RCU’s website (News Now Jan. 31).

Instead, CUNA urged the agency to provide much broader relief for credit unions under the agency’s authority to grant exemptions, which it is authorized to do under the Dodd-Frank Act and the Electronic Fund Transfer Act, which includes the remittance provisions. The CFPB has proposed a safe harbor that would exempt credit unions that provide 25 or fewer international consumer-initiated electronic funds transfers per year from all aspects of the rule. However, credit unions performing more than 25 of these transactions a year would be subject to the rule if they provide remittance transfers in https://turbo-tax.org/ the ordinary course of business” under a facts and circumstances test. “Sharing those stories on Facebook, Twitter, on credit union websites–even in branch lobbies–is another important aspect of moving this to social media and spreading the word,” Bennett said. Once the first media hits are registered, credit unions should track those stories online and consistently post on the story’s comment section, said David Bennett, Northwest Credit Union Association director of public relations. Eaton Family CU, Euclid, Ohio, is tying the release of “The Avengers” movie with its Super Saver promotion.

He said the banks’ cry of an “unlevel” playing field is just “weak and disingenuous lobby-speak.” Pociask also noted that compared with banks, credit union lending produces a third of the delinquency rate and bad debt. Current law limits the amount credit unions can loan to business-owning members to 12.25% of the credit union’s total assets.

Author: Elisabeth Waldon