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Products Archive

Products

Best practices report on meeting boomer needs

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MADISON, Wis. (11/7/08)--Credit unions’ successful strategies and offerings for meeting the needs of their baby boom members are featured in a new best practices report from the Credit Union National Association (CUNA). The baby boomer group--those born between 1946 and 1964--represents roughly 25% of the U.S. population. “Credit Union Magazine Best Practices: The Rewards of Baby Boomer Partnerships” outlines the successes of eight credit unions in reaching out to this group and helping ensure boomers’ financial futures. The credit unions--ranging from $251 million in assets and 12,000 baby boomer members to $6.2 billion in assets and 141,000 baby boomer members--have tailored their efforts to meet the needs of this group. The credit unions discovered that there are few true baby boomer products and it is critical to offer a breadth of investment and retirement services. These credit unions also recommend marketing to life stage rather than age. Finally, they all learned that members of every age are tech savvy and expect their credit unions to make it possible to handle most transactions online. Also available from CUNA are best practices reports on succession planning, serving members of modest means, growing youth membership, business services providers, consumer lending, credit counseling, disaster recovery, risk-based lending and more. For more information, use the link.

Products and Services briefs (11/06/2008)

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* PHILADELPHIA (11/7/08)--VINtek, a provider of automotive collateral management services and direct auto finance solutions for credit unions, announced that it opened a back-up facility at the SunGard Availability Services location in Wood Dale, Ill. The center will serve as a fully redundant back up center for the information technology operations of VINtek in its Philadelphia and Las Vegas locations. VINtek manages more than $100 billion in automotive assets ... * SAN FRANCISCO (11/7/08)--Mark Berkowitz has been named senior vice president and general manager of CMG Mortgage Insurance Co. He was formerly vice president of underwriting and operations. He replaces Kathy Schroeder, who is retiring. CMG Mortgage Insurance Co. is a joint venture between PMI Mortgage Insurance and CUNA Mutual Investment Corp. Berkowitz joined CMG Mortgage Insurance in 2004. He previously was with PMI Mortgage Insurance Company, where he served as vice president for corporate real estate, administration and rating-agency relations. (Photos provided by CMG Mortgage Insurance Co.) ... * ST. PETERSBURG, Fla. (11/7/08)--PSCU Financial Services has been named the Credit Union Executives Society (CUES) Supplier of the Year. Applicants are judged on their contributions to the credit union industry, their achievements, the benefits of their products and services to the credit union movement, and their role in the community. David J. Serlo, PSCU president/CEO, accepted the award Monday at CUES CEO Network meeting in Las Vegas. PSCU Financial Services is a credit union service organization that serves more than 1,100 financial institutions nationwide ...