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11/5/2014
CUNA Mutual: Recapture Loans and Target New Opportunities

Products & Services News (10-09-13)











 

The Pulse (10-09-13)

Oct. 9, 2013 ● Volume 02, Issue 40

View 10-09-13 issue of The Pulse



CUNA Mutual's TruStage program celebrates more than 14 million served

CUNA Mutual Group's TruStage insurance program celebrated a significant milestone last month, when the number of credit union members protected by a TruStage product or program surpassed 14 million.

TruStage insurance products and programs include life, auto, homeowners, and accidental death and dismemberment insurance, which are made available to credit union members through CUNA Mutual Group's MemberCONNECT Program.

While protecting 14 million individuals is notable, the opportunity to protect more credit union members is significant, said Susan Sachatello, senior vice president of CUNA Mutual Group's Direct to Consumer division.

A 2011 LIMRA study, "Trillion Dollar Baby Growing Up," reported 58 million households are underinsured. Three in 10 households have no life insurance, and 40 percent of households with children could not meet everyday living expenses if they lost one parent.

"We consider protecting members and their families as more than our business; we consider it our obligation to the credit union movement," Sachatello said. The milestone is also a reminder to us "that we must continue our efforts to protect even more members.”

In August, the MemberCONNECT Program also celebrated a milestone – its 30th anniversary. More than 4,000 credit unions participate in the program, which paid more than $727 million in member benefits in 2012 and produced $66 million in non-interest income for credit unions.

CUNA Mutual Group said it will invest more than $200 million in marketing efforts and new initiatives during the next three years to enhance and expand the program

For more information on CUNA Mutual products and services, such as TruStage and MemberCONNECT, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or call(651) 288-5505.


PolicyAid adds lending, e-sign policies to compliance arsenal

The changing regulatory landscape is a frequent factor in credit union compliance. Last year, the Minnesota Credit Union Network partnered with PolicyAid to provide credit unions a comprehensive, online policy library that helps them develop and maintain internal policies. This resource provides credit unions sample policies they can use to ensure compliance with current rules and regulations.

The PolicyAid documents are updated on a quarterly basis and reflect any new and amended regulations. These policies are available in Word format, allowing credit unions to adapt them to fit their needs. As of Sept. 23, the following were added to the online policy manual:

  • Real Estate Mortgage Servicing Policy
  • Loan Originator Compensation Policy
  • E-Sign Policy

With questions or for more information on PolicyAid, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or call (651) 253-5505.


CUNA's mortgage lending school offers opportunity to expand skills

The CUNA Consumer & Residential Mortgage Lending School, scheduled for April 14-17 in Las Vegas, is designed to strengthen core lending skills, answer questions and offer opportunities for credit union lenders to further develop their proficiencies.

In addition to conference sessions, the school features insights and best practices from credit unions that have successfully grown loans.

Among the school's speakers will be Brett Christensen, owner of CU Lending Advice LLC, who will share tips for increasing monthly loan production. Other speakers will cover lending topics from portfolio risk rating and growth to consumer compliance and regulatory reviews.

For lenders who have attended in the past, or experienced lending professionals, the school offers three levels of training, ensuring that professionals of all aptitudes will leave prepared to handle future lending challenges. For more information and to register, go to the Consumer & Mortgage Lending School page of CUNA’s website.