September 7, 2012 ● Volume 01, Issue 36
View 09-07-12 issue of The Pulse
Credit Union News
MnCUN to hold final Gen Y webinar on Sept. 18
Credit union professionals and volunteers are invited to participate in the free webinar Using Your Employees to Hone a Young Adult Strategy on Sept. 18 from 10 a.m.-11:30 a.m. This is the final session of MnCUN's Gen Y webinar series, which is a deliverable of the Filene research conducted earlier this year. This research investigated how Minnesota credit unions can attract and retain younger members and was paid for by voluntary credit union contributions to the Minnesota Network Advertising Program (MNAP).
The webinar will discuss how credit unions can use young employees' talents to assist them in developing strategies and tactics for attracting and retaining young leaders, managers and volunteers. The session will highlight how to use advisory panels and innovation tournaments to help generate ideas. Participants will leave the webinar with an action plan for building younger members from the inside out.
This session is the last installment of a webinar series that provides in-depth analysis and teaching on specific components of the Filene research. Recordings of the first three webinars, along with the session handouts, are available on the Network website. Credit unions can also download the full research report and a four-minute video that summarizes the research. To register for the Sept. 18 webinar and download the research materials, visit the Gen Y page of the Network website.
Minnesota announces state winners of Maxwell, Herring & Desjardins awards
The Network recently announced the winners of the 2012 Dora Maxwell, Louise Herring and Desjardins statewide competitions. All 11 winners in the state contests will advance to the national competition, where they will compete with other credit unions from across the country in their respective award and asset categories.
Judging for the national contests will take place in late September. All four award programs are sponsored by MnCUN and the Credit Union National Association (CUNA).
The 2012 winners include:
Dora Maxwell Social Responsibility Community Service Award
- $50-$100 million: Minnesota Valley Federal Credit Union
- $100-$200 million: Greater Minnesota Credit Union
- $200-$500 million: City & County Credit Union
- $500 million-$1 billion: Hiway Federal Credit Union
Louise Herring Philosophy in Action Member Service Award
- < $50 million: Star Choice Credit Union
- $50-$250 million: First Alliance Credit Union
- $250 million-$1 billion: TopLine Federal Credit Union
Desjardins Youth Financial Education Award
- $50-$150 million: United Educators Credit Union
- $150-$500 million: TopLine Federal Credit Union
Desjardins Adult Financial Education Award
- $50-$150 million: Greater Minnesota Credit Union
- $150-$500 million: TopLine Federal Credit Union
The Dora Maxwell Social Responsibility Community Service Award was created in 1987 and recognizes credit unions for the activities they coordinate that benefit the community or a specific charity. This award promotes social responsibility among credit unions by formally recognizing their achievements outside the credit union.
The Louise Herring Philosophy in Action Member Service Award is given to a credit union for its practical application of the "people helping people” philosophy in internal operations. Created in 1990 with four asset categories, this award promotes the credit union philosophy by formally recognizing credit unions that demonstrate in an extraordinary way the application of the movement's principles in serving their members.
The Desjardins Youth and Adult Financial Education Awards formally recognize the leadership of individual credit unions and chapters in their efforts to better educate youths and adults in financial literacy.
"Credit unions across the state remain dedicated to helping Minnesotans improve their financial well-being. This year's award-winners demonstrated extraordinary dedication to their members and communities in their efforts to improve lives and build relationships.” said Mark D. Cummins, MnCUN President & CEO. "Each of the winning credit unions deserves this recognition, and I wish them luck in the national competition.”
Last chance to register for Strategic Planning School
Credit union professionals have until next Thursday, Sept. 13, to register for MnCUN's Building Relevancy through Strategic Planning School. Scheduled for Sept. 24-26, the school will blend theory with practical application to provide attendees with a thorough understanding of the fiscal aspects of the credit union.
Geared toward those who directly or indirectly work to strengthen the credit union's bottom line, the school will focus on how credit unions can use financials to guide their strategic planning. Specifically, attendees will discuss the need for a member promise and credit union vision statement and how to build relevancy with members. The school will also focus on membership growth and retention, how to build loan relationships and member advocates, and strategies for delivering insightful financial solutions.
For more information, including reviews from last year's attendees, and to register, visit the Building Relevancy through Strategic Planning School page of the Network website.
NCUA to hold free TDR webinar on Sept. 20
With the goal of providing credit unions tools for a successful examination process, the NCUA will hold a webinar on Thursday, Sept. 20, focused on loan workouts, nonaccrual policies and troubled debt restructured (TDR) loan reporting. This free session will be held at 1:30 p.m. and features insight from several NCUA examination experts.
During the webinar, attendees will discuss the new NCUA TDR rules, which were released this spring, that allow credit unions to modify TDR loans without having to immediately classify the loans as delinquent. The rules also set consistent standards for the management of loan workout arrangements that assist borrowers and eliminate confusion between TDRs and other loan modifications.
Under the rules, each credit union needs to establish its own written policies for management loan workout arrangements. These written loan workout policies must be completed by Oct. 1. TDR loans, which have very specific accounting and reporting requirements, include certain loan modifications where a credit union or other lender grants a concession – often involving modification to the terms of a loan – to a borrower that it would not have otherwise provided based on the borrower's financial situation. The financial statement and call report treatment of TDRs are also unique.
The webinar will describe supervisory guidance detailing the examination implementation of the Board's action. NCUA aims to use this session to ensure a uniform and consistent national examination approach to the review of loan workouts and nonaccrual and regulatory reporting of troubled debt restructured loans.
For more information about the webinar and to register, visit the Event Calendar section of the Network website.
CUNA offers collaboration materials on new site
Continuing to enhance its new collaboration initiative website, CUNA recently added new materials detailing the work of international cooperative efforts. Launched in June, this site facilitates the collaboration of ideas and initiatives on issues that affect credit unions and guide credit unions in finding solutions when needed.
Within the international collaboration section, CUNA provides credit unions insight into successful international partnerships. The case studies include overviews of Brazil's Sicredi model, the Polish credit union/SKOKS model and Canada's Desjardins Group. The new postings detail each initiative's historical roots, operating principles and practices, and recent financial and operational successes.
The initiatives, along with domestic examples, are intended to provide U.S. credit unions with the insight, direction and motivation to explore similar initiatives in their own communities, said CUNA Vice President – Economics & Statistics Mike Schenk. These resources enable credit unions to work together cooperatively and collaboratively to reduce back-office redundancy.
The collaboration website is a repository of examples of successful efforts and encourages credit unions, leagues and credit union service organizations (CUSOs) to share their stories. Users can join a collaboration listserv, share information about initiatives and read examples of interesting cooperative efforts that seem to be making a difference. The site also includes links to additional resources such as Credit Union Magazine articles and several Filene studies.
To explore this resource, visit the Collaboration Ideas & Resources website.