HIGHTSTOWN, N.J. (6/12/13)--Collaboration was a key theme as the New Jersey Credit Union League held its fifth annual Small Credit Union Conference Saturday.
| Attorney Guy Messick discussed collaboration at the New Jersey Credit Union League's fifth annual Small Credit Union Conference Saturday (Photo provided by New Jersey Credit Union League.)|
The conference was once again available to small asset-size credit unions at no charge because of sponsorships by larger New Jersey credit unions who are members of the league: ABCO FCU, Ramcocas, Healthcare Employees FCU, Princeton, and Proponent FCU, Nutley (The Daily Exchange
Morriss Partee of EverythingCU opened the conference with his session, "The Advantages of Being Small." As a conversation starter, Partee asked attendees to write down three actions their credit unions could stop that members wouldn't care about or even notice.
Attorney Guy Messick's topic "Collaboration for Survival" underscored the need for credit unions to work together in their future business models. Messick focused on the why, what and how of collaboration. Credit unions that work together are stronger and can compete with fewer internal resources than large credit unions, Messick said.
John Dawidowski, CEO of Healthcare Employees FCU, continued the collaboration conversation, sharing key data from the National Credit Union Administration that compared New Jersey Credit Union Administration statistics with national averages. He also asked the group to share common challenges.
Debra Cohn, corporate account manager, Mid-Atlantic Corporate FCU, discussed products and services that can help small credit unions. She closed her session with a video of FInection, Mid-Atlantic Corporate FCU's online video channel that provides financial reporting, economic updates and general information intended to educate and entertain.
Nicola Foggie, NJCUL director of compliance, described the many regulatory areas that demand credit union compliance pertaining to rulings, education and examinations.
Brent Hamilton, CPA and partner with Fontanella and Babitt, discussed developing a budget in today's economic environment. Hamilton reviewed steps to achieve various goals with examples in income, expenses and ratio goals.