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Filene study addresses methodology for performance

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MADISON, Wis. (2/15/08)--The Filene Research Institute has released a new study that addresses how credit unions can measure success when industry averages aren’t a useful comparison. “Financially ‘High Performing’ Credit Unions: Evaluating Performance within a Strategic Financial Vision” by Harold M. Sollenberger, outlines a methodology and approach designed to enable credit union management teams to assess financial performance in meaningful ways, says Filene. Sollenberger is professor of accounting and information systems with the Eli Broad Graduate School of Management at Michigan State University. He has taught for 25 years and often is an instructor at the Credit Union National Association’s Financial Management School. In the report, Sollenberger answers the credit union research questions:
* What constitutes “high performance” when compared with others? * How do you measure your institution? * Against what institutions do you measure your credit union?
Effective assessment of financial success is relative to a credit union’s strategic financial vision, its peer group, selection of financial ratio measures and actual financial results, Sollenberger said. The study also addresses the unique mission of credit unions and how it affects goals. Sollenberger frames financial performance measurement within a credit union’s specific strategic financial vision. He then outlines various strategic vision models and measurements for credit unions to consider, illustrating his methodology with actual credit union data. For more information, use the link.

Products and Services briefs (02/14/2008)

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* SAN ANTONIO (2/15/08)--Digital Defense Inc. (DDI) announced that the Frontline Compliance Management Solution, which supports financial institutions in meeting regulatory obligations while protecting assets, is now available. DDI developed the solution to ease the burden associated with achieving regulatory compliance. The solution aims to help organizations with regulatory exams and includes information illustrating the current compliance status of the institution’s security program. TruMark Financial CU, Trevose, Pa., has deployed the product ... * MADISON, Wis. (2/15/08)--Credit union consultant and former Credit Union National Association executive Victoria Joyal and former CUNA Mutual Group executive Cynthia Venden have created CVJ Solutions. “Our goal is to provide clients with an integrated and comprehensive suite of research, marketing and sales development services, custom-designed to capitalize on emerging marketplace opportunities to help them grow, thrive and achieve bottom-line results,” Joyal said ... * RIVERSIDE, Calif. (2/15/08)--Auto Expert, an auto buying service and subsidiary of Altura CU, was recognized by the California Council on Excellence with a Gold Level California Award of Performance Excellence (CAPE). This is the second time the company has received a CAPE award--last year, it received a Silver Award. Auto Expert also received the Governor’s Award for Excellence, awarded to two organizations the past 13 years. Auto Expert provides auto locating and auto buying services for members of 21 partner credit unions in Southern California ... * TUKWILA, Wash. (2/15/08)--Kerry Oldenburg has been named president/CEO of Prime Alliance Solutions. Oldenburg previously served as the company’s vice president of development. She started her new role as CEO on Monday. Also, Shiela Finley also was named executive vice president, succeeding Carolyn Hultquist, who will retire at the end of March. Finley assumes operations, sales and marketing responsibility. Before joining Prime Alliance, she worked as an account manager at Ticor Title ... * SAN FRANCISCO (2/15/08)--mFoundry, a mobile financial platform provider, announced that Gary Norcross, president/CEO of Transacting Processing Services of Fidelity National Information Services (FIS), has been appointed to mFoundry’s board of directors. Norcross will join representatives from PayPal, NCR and Motorola. mFoundry also has recently contracted with FIS and PSCU, a credit union service organization ...