Volume 5, Issue 24
NCUA seeks input on modernizing its data collections
The National Credit Union Administration (NCUA) is seeking input from credit unions on ways that it can modernize and improve its Call Reports.
At its May open Board meeting, NCUA announced that it would conduct a comprehensive review and modernization of content in the Call Report and Credit Union Profile. NCUA will gather information through a public comment-and-review process and will create an internal working group that will consult with stakeholders. The process could also include online surveys, focus groups, workshops and other activities.
In its request for information, available online here, NCUA is seeking stakeholder input in several specific areas, including:
What specific areas of the Call Report and Credit Union Profile do users find challenging;
What sections or items could be made optional for small or non-complex credit unions without compromising the agency’s ability to assess risk in these institutions;
What items could be added to the reports to enhance the agency’s analysis of the system’s performance trends;
What areas of regulatory reporting align with a credit union’s internal accounting and what areas do not;
How the Call Report and Credit Union Profile could be reorganized to reduce credit unions’ reporting burden; and
What additional suggestions or ideas do credit unions have for collecting financial and non-financial information.
Comments are due on or before 4 p.m. on Monday, August 1. For additional information or to submit a comment, visit the NCUA website.
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Four Pillars of a Strong Credit Union Social Media Marketing Strategy
Many credit unions struggle to validate social media marketing efforts. The most successful social strategies share common traits. Check your strategy against the following pillars to increase performance.
Tip 1. Take the time to develop a plan.
Too often credit unions wade into social media without a clear alignment to overall organizational goals. This creates chaos and confusion. Instead, plan your work and work your plan.
Tip 2. Don't get dazzled by vanity metrics.
Everyone likes to be liked. But following size doesn’t matter. Measure social media with actions of value. For example, if you're looking to grow asset size, tie referral traffic and conversion data back to social media.
Tip 3. Pick networks carefully.
Just because a new network is hyped, doesn’t mean your credit union should jump onboard. If you start with Tip 1, a plan, you'll know where your target audiences are hanging out and why. Let this be your guide in deciding to participate on a network.
Tip 4. Use Paid Social.
Don't just boost posts. Paid social advertising provides a robust set of targeting and remarketing capabilities that will have a measurable impact on your credit union. Use them.
For an expanded list and in depth explanations and examples on each of these tips, view Ryan Ruud’s column at the Credit Union Times.
To Learn More about the Credit Union Consulting Group’s Digital Marketing Services, contact MnCUN Director of Business Development Kris Jacobsen by email or at (651) 288-5515.