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CUNA Mutual: Loan Generation Marketing: A Comprehensive Strategy

The Pulse (08-13-14)





 

 

The Pulse (08-13-2014)

August 13, 2014 ● Volume 03, Issue 31

 

The Pulse Archive

Credit Union News

Minnesota credit unions experience loan growth in second quarter 2014

According to preliminary data released last week by the National Credit Union Administration (NCUA), Minnesota credit unions’ year-over-year asset, deposit and loan growth between the second quarters of 2013 to 2014 was strong – growing by $724 million, $498 million and $708 million, respectively.

“Credit unions are doing more lending, which shows that Minnesota consumers and businesses are feeling more confident and willing to make longer-term financial commitments,” said Minnesota Credit Union Network President & CEO Mark D. Cummins. “Minnesota credit union loans are helping families, businesses and communities grow.”

Membership

  • The latest available membership data show that Minnesota credit union membership grew by more than 9,000 between the end of 2013 and the end of the first quarter of 2014 to reach a new high of 1,626,000. At a national level, credit unions surpassed the 100 million member milestone – or roughly one in three Americans – in June.

Assets

  • Minnesota credit union assets grew by 3.94 percent year-over-year between the second quarters of 2013 and 2014, while decreasing 0.32 percent between Q1 and Q2 2014. The quarterly decrease in assets potentially indicates that credit unions are making investments in infrastructure to help increase efficiencies.

Deposits

  • Deposits at Minnesota credit unions increased 3.08 percent year-over-year from second quarter 2013 to 2014. Between Q1 and Q2 2014, deposits decreased by 1 percent.

Total loans

  • Loan balances grew 2.74 percent in Q2 2014, and year-over-year loan growth between the second quarters of 2013 and 2014 was strong at 6.7 percent.

Net Worth

  • Minnesota credit unions are rated as “well-capitalized” by the National Credit Union Administration (NCUA), with a reported net worth of 10.46 percent in Q2 2014. The NCUA considers a credit union as well-capitalized if its net worth is above 7 percent.

This summary and analysis was compiled by the Minnesota Credit Union Network.


CUNA urges continued participation in Exam Survey

Last week, the Credit Union National Association (CUNA) Interim President & CEO Bill Hampel contacted credit unions around the country asking for participation in the MnCUN/CUNA National Exam Survey. All credit unions that have had an exam in 2014 (or those unable to complete the survey last year) are asked to complete this questionnaire.

CUNA began this survey in 2012, and it has continued on an ongoing basis to provide credit unions with an anonymous way to provide feedback to NCUA and state supervisory agencies. Throughout the year, CUNA and the Minnesota Credit Union Network will examine collective data and use that information as the basis of conversation and discussion with state and federal regulators, in an effort to improve the exam process. Individual responses are completely confidential and will never be revealed to anyone outside of the research analysts at CUNA.

With questions about this survey, please contact Kristina Wright at MnCUN or send an email to the Marketing Department at CUNA. Complete the survey online



MnCUN to host speaker Daniel Bakken, bankruptcy attorney for credit unions, at Collector’s Roundtable

Have you recently received a chapter 7 or chapter 13 notice on one of your members? Have you tried to obtain a reaffirmation agreement on a loan? Do you understand the automatic stay and how not to violate it when a member files for bankruptcy?

Join the Minnesota Credit Union Network for the Collector’s Roundtable in St. Paul on Thursday, Aug. 21, from 10:30 a.m.-1 p.m. Attorney Daniel Bakken, representative of creditor financial institutions, including credit unions, in both Wis. and Minn. bankruptcy jurisdictions, will be giving an overview of both chapters 7 and 13 from the perspective of a creditor. The roundtable will include a question and answer segment as well as a networking lunch.

To register, visit Collector Roundtable page. A teleconference option is available for this roundtable.



Include compliance & audit services in your budget for 2015

Is your credit union seeking assistance with compliance? Do you need an audit completed? Or perhaps you’re not quite sure what kind of help your credit union needs? The Network can help.

MnCUN’s Compliance & Audit Consultant Marcia Armstrong Lewis is a CUNA-certified BSA Compliance Specialist, a certified compliance officer and a Certified Financial Services Auditor. She is able to assist credit unions with any number of compliance and/or audit services, such as:

  • Bank Secrecy Act/Office of Foreign Assets Control
  • Supervisory Committee Minimum Procedures-Appendix A
  • Staff and Volunteer Accounts
  • Lending 
  • Overall Compliance Overview

For a complete list of services and to watch a short overview video of MnCUN’s compliance & audit consulting, visit the Compliance Services page of the Network website. With specific questions or to schedule an appointment, contact Marcia Lewis by email or at (651) 288-5509.

 

NCUA offers free consulting for credit unions – applications now being accepted

The National Credit Union Administration (NCUA)’s Office of Small Credit Union Initiatives (OSCUI) is offering free consulting services for a six-month semester starting in January 2015. Applications are currently being accepted through Nov. 30. During this time frame, economic development specialists will offer assistance in budgeting, marketing, policy development, strategic planning, operations and regulatory areas. The nomination form can be found on NCUA’s website.  

"OSCUI's consulting program is a valuable part of our efforts to help credit unions succeed in a changing economic environment and provide needed services to their members," NCUA Board Chair Debbie Matz said. "Consultants help credit unions think strategically, develop plans and position themselves for future success."

Credit unions eligible for the NCUA's consulting program include those with total assets of less than $50 million, have been chartered for less than 10 years, have a low-income designation or are minority depository institutions. Credit unions may nominate themselves or be nominated by an examiner from the NCUA or their state.

A total of 179 credit unions were selected for OSCUI consulting in the July-December 2014 semester.

Follow this link for additional information about OSCUI consulting services or contact NCUA directly Complete the nomination form to apply now.

 

Matz designates Metsger as Vice Chairman

Last week, National Credit Union Administration Board (NCUA) Chairman Debbie Matz designated Board Member Rick Metsger as Vice Chairman of NCUA, effective immediately.

“Rick has built on his experience and knowledge as a legislative leader and a credit union board member to become a strong, objective, and thoughtful regulator,” Matz said in making the designation. “Rick is faithfully committed to our shared goal of protecting the safety and soundness of America’s credit unions and the 97 million members who count on NCUA to insure their funds. During his time on the Board, Rick has stood firm on regulatory principles, asked insightful questions, and strived toward sound public policy in our Board decisions.”

“I am honored by this appointment and grateful to Chairman Matz for placing her confidence in me,” Metsger said. “I look forward to continuing our work safeguarding the more than $1 trillion held by America’s credit unions in trust for their members.”

President Barack Obama nominated Metsger on May 16, 2013, for an NCUA Board term that will expire on Aug. 2, 2017. After confirmation by the U.S. Senate, Metsger participated in his first NCUA Board meeting on Sept. 12, 2013.

On Jan. 1, 2014, Matz appointed Metsger as NCUA’s representative on the Board of NeighborWorks America, one of the nation’s preeminent affordable housing and community development organizations.

Before joining the NCUA Board, Metsger was most recently president of a strategic affairs consulting firm. He served in the Oregon State Senate from 1999-2011, and his committee assignments included chairing the Senate Business Committee as well as extensive work in the areas of financial services, transportation and economic development policy. He was elected Senate President Pro Tempore in 2009.

Metsger previously served on the board of the Portland Teachers Credit Union.


Foundation touts student-run credit union conference for economics teachers 

To emphasize the partnerships between credit unions and schools throughout the state and the opportunities for credit unions to help teachers comply with financial education standards, the Minnesota Credit Union Foundation spoke about school-based, student-run credit union branches at the Minnesota Council on Economic Education Conference on Aug. 5. This annual summertime learning event was focused on Teaching Economics & Personal Finance.

Kristina Wright, Executive Director of the Minnesota Credit Union Foundation, presented a breakout session on the “Educational Benefits of Student-Run Credit Unions.” The session provided an introductory overview to student-run credit unions and included a variety of resources and information on operational models, considerations and benefits of these partnerships.

“Credit unions across the state and across the country are dedicated to educating their members and making them smarter, wiser consumers,” said Wright, using in-school credit unions as an example of how credit unions can make an impact. “Typically, relationships start small – by making connections or through guest-speaking in the classroom – and from there doors naturally begin to open.”

Since 2011 five student-run credit union branches have opened in Minnesota schools. The efforts of HomeTown Credit Union, St. Paul Federal Credit Union, Ideal Credit Union, and Cook Area Credit Union are making a difference in the long-term financial capabilities of the young people in their communities.

“These credit unions have put forth tremendous effort in implementing their student-run branches, and it’s fascinating to see how no two models are exactly alike,” said Wright. “Their commitment and contributions to their communities will have lasting impact on students and their families.”

In May of 2013, the state of Minnesota release a revision to the K-12 Academic Standards in Social Studies, which included additional educational requirements in personal finance. Some of these requirements include:

  • distinguishing between wants and needs, and understanding income and expenses;
  • creating a budget, establishing savings goals, and tracking success;
  • evaluating investment options using criteria such as risk, return, liquidity and time horizon; and
  • understanding the benefits and costs of credit and how it impacts an individual's ability to borrow, rent, get a job and achieve other financial goals.

The Minnesota Council on Economic Education conference provided a variety of resources and professional development opportunities for teachers at all grade levels to fulfill these new requirements. And the Foundation continually encourages credit unions to work with schools to provide outside expertise in the classroom to assist educators. 



Credit Unions in the News

Follow the links on the stories below to read more about the outstanding programs, new initiatives and well-deserved recognition received by your peers recently. Got news of your own? Send stories, pitches, press releases and published articles to MnCUN Director of Communications Connie Kuhn.  

West Financial CU charter expansion to include all of Wright and Hennepin Counties

Catholic United Financial CU efforts to fight elder financial abuse recognized

TopLine employee donations help restock local agency’s clothing closet and personal care shelves

Ideal CU shares tips with parents on paying for college

 


Minnesota credit unions endorse Sen. Al Franken for re-election to U.S. Senate

SAVE THE DATE! 2014 CU Day at the Capitol set for Tuesday, January 27, 2015



COMPLIANCE FOCUS: Disaster Preparedness

 

CUNA Mutual Group offers free TILA/RESPA disclosure rule webinar

 

CUNA releases audio of Chicago Listening Session

 

CFPB to host part 2 of Integrated Disclosures webinar

 

FinCEN Advisory on FATF -Identified Jurisdictions with AML/CFT Deficiencies




Introducing TruStage Health Insurance Program

Medical bills are the #1 cause of bankruptcy in the United States. Without the right health plan, members’ financial stability may be at risk.

Now members can count on their credit union to help them get trusted, reliable health insurance, through the TruStage® Health Insurance Program.

To learn more about the Affordable Care Act in general and how this new TruStage program benefits the credit unions and their members, sign-up for one of the August educational webinars.

Source: Bloomberg; "One in Four U.S. Families Struggles to Pay Medical Bills" by Caroline Chen Jan 27, 2014

The TruStage™ Health Insurance Program is made available through TruStage Insurance Agency, LLC and GoHealth LLC. GoHealth LLC is licensed to sell nationwide and operates in all states with the exception of Massachusetts, Hawaii, Vermont and Rhode Island.

If this describes you, then you are invited to join The Crew. This group 
If this describes you, then you are invited to join The Crew. This group