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Retirement plan sponsors at CUs shift their approach

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GRAPEVINE, Texas (4/14/10)--The economic meltdown has prompted credit union plan sponsors to rethink how retirement plans are offered to their employees, attendees of the Texas Credit Union League Annual Meeting were told Friday. The financial crisis has prompted many credit union plan sponsors to move from processed-based to outcome-based retirement planning, saidScott Knapp, director of investment strategy for CUNA Mutual Group. "In a process-based scenario, plan sponsors exclusively focus on seeking high investment returns and low fees. Both are important, but they are not ends to themselves," Knapp said. "The economic crisis exposed the limits of this process-based orientation. As many as 60% of plan participants ages 56 to 65 had most of their retirement-plan assets in stocks. They got crushed, and many have been forced to postpone their retirements. Something has to change if the 401(k) plan is to continue to be the nation's primary retirement savings vehicle," he added. Knapp said many sponsors are finding an outcome-based strategy a better option for helping their employees achieve retirement security. "Outcome-based plans make it easy for participants to save enough for retirement and avoid the huge investment mistakes that often occur under a process-based scenario. Investments offered in an outcome-based plan are often not the best performing, but they support better decision making among participants. Ultimately, they can end up more financially secure during retirement." In outcome-based planning, Knapp said, achieving retirement security is contingent on an employer offering a quality plan, the employee’s decision to save--and save enough--and the employee’s decision to invest properly. It’s important for the employer to address the employee’s decision to save in order for any plan to be successful, Knapp said. “First, credit unions need to show strong support for 401(k) plans and create a ‘culture of saving.’ Enrollment in those plans must be made simple, whether face to face or online, and auto enrollment should be considered.” And it’s especially important for the employer to adopt and support Target-Date Funds, Knapp said. “Target-Date Funds take the guesswork out of investing for your employees. Essentially, all the employees need to know is when they’ll retire. If they know that, the Target-Date plan works to achieve success based on that timeframe." Why is such a framework important for credit union employees? Knapp cited alarming statistics about workers’ lack of confidence in attaining a financially secure future. According to 2008 data from Employee Benefit Research Institute:
* Only 13% of workers feel very confident they will have enough money for retirement--a 50% decline from 2007; * More than 28% of workers say they have adjusted their retirement age; * Only 44% of workers have calculated retirement savings needs; * And 22% of current retirees feel confident about their retirement security.
CUNA Mutual manages 4,000 credit union retirement plans representing $6 billion in assets under administration. Knapp said the company has embraced outcome-based retirement planning for 15 years. “There’s a heightened sense of urgency for sponsors to demonstrate vigilance in helping their employees increase their chances of reaching retirement security.”

CU System briefs (04/13/2010)

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* ERIE, Pa. (4/14/10)--Three Erie, Pa., residents have been charged with trying to extort money from an Erie couple after the wife told a teller at Erie FCU that her husband was being held hostage and that the couple were being held against their will. Tayron Cargile, 24, and Devon Henderson, 27, are accused of trying to force the wife to withdraw funds from her account at the credit union on Monday morning (TimesNews via goerie.com April 13). Gerald Pass, 23, is accused of using an ice pick to hold the husband at the couple's apartment while the others went to the credit union. The wife told the teller than a man and woman were in a car outside, waiting for her to turn money over to them. The teller called police. No funds were withdrawn, no one was hurt, and no weapons were found in the car. The three suspects are charged with false imprisonment, extortion and conspiracy to commit theft by extortion ... * GREENSBORO, N.C. (4/14/10)--Two men forced a 75-year-old woman to drive to a State Employees CU branch and withdraw cash Thursday, said police. The woman told police she was in a bank parking lot when a man asked her for a ride. She drove him to a grocery, where they picked up another man. They forced her to drive to the credit union. One man accompanied her into the credit union and forced her to withdraw an undisclosed amount. After forcing her to drive them back to the original pickup point, they took two rings and fled (News-Record.com April 9) ... * BOSTON (4/14/10)--Industrial CU (ICU) announced the winners of its 17th annual
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John J. Campana Memorial College Scholarship Program. Hosting the drawing were U.S. Sen. Scott Brown (R-Mass.) and Massachusetts National Guard Adjutant Gen. Joseph C. Carter. Also on hand was Dan Egan, president of the Massachusetts and New Hampshire Credit Union Leagues and the Credit Union Association of Rhode Island. Ten winners were awarded $1,000 each for college tuition, books and/or fees. The scholarship is named after John J. Campana, who served as the $126 million asset credit union's treasurer for more than 50 years. From left are: ICU President Roy Campana, Brown, and Egan. (Photo provided by Industrial CU) ... * METAIRIE, La. (4/14/10)--Greater New Orleans FCU, based in Metairie, is offering Mobile Banking and Account Alerts, so members can view their GNO accounts on their mobile phone, make transfers, review histories, stop payments on checks and view cleared checks from any phone with a Web browser. Account Alerts will allow online Home Banking users to track their finances by receiving prompt notifications of key activity taking place in their accounts via e-mail alerts. Nearly 52% of GNO's membership is younger than 45 years old, said the $103 million asset credit union ... * RALEIGH, N.C. (4/14/10)--State Employees' CU (SECU) is offering a new Federally-Insured Deposit Account, the newest addition to North Carolina's National College Savings Program. The account will appeal to parents, grandparents and others looking for the security of a deposit account with the investment advantages of a NC 529 plan. Contributions made by North Carolina taxpayers to the account, or any of the other 13 investment options available under the NC 529 account, may be eligible for an annual state income tax deduction. Earnings on the account's investments options also are free from federal and state income tax when used for qualified higher education expenses. SECU launched the account on Monday ...

Oral arguments begin in N.Y. mortgage case

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MANHATTAN, N.Y. (4/14/10)--The Credit Union National Association (CUNA) and the Credit Union Association of New York (CUANY) were present Tuesday for oral arguments in support of Hudson Valley FCU's challenge against a New York state assessment required on credit union mortgage loans. The 90-minute hearing was in the Supreme Court of New York County, a trial-level court located in Manhattan. At issue is whether a federal credit union (including its members) must pay a mortgage registration tax to New York to record its mortgages with the state. In Tuesday's proceeding, Judge Judith Gische accepted amicus curiae (friend of the court) briefs prepared in October in support of the credit union by CUNA, CUANY, the Department of Justice and the National Association of Federal Credit Unions. A fire drill interrupted the proceedings before oral arguments began. The Poughkeepsie-based credit union filed the suit on May 15, 2009, against the New York State Department of Taxation and Finance, Commissioner Robert L. Megna, and the State of New York. Hudson Valley says its mortgages are exempt from the state's mortgage recording tax, which is used by New York as a general revenue collecting mechanism for its general fund. This is different from most other states' fee charged to cover the cost of operating the recording office. Hudson Valley has paid nearly $3 million in the mortgage recording taxes on "no closing cost" loans made to its members (News Now Feb. 25). It also is seeking a refund of the tax in a separate administrative proceeding. The state claims federal credit unions must pay the recording tax by arguing that federal credit unions are not federal instrumentalities and that the tax is a "privilege tax" paid voluntarily for the so-called privilege of recording a mortgage. Tuesday's hearing centered on the credit union's opposition to a motion to dismiss the case by the New York Attorney General's office. Hudson Valley FCU has asked for a declaratory judgment to not pay the mortgage tax. CUNA General Counsel Eric Richard and Counsel for Special Projects Michael Edwards were among those attending Tuesday's hearing in Manhattan. CUANY Associate General Counsel Henry Meier presented arguments on behalf of CUANY and CUNA. Also, "it's very significant that the Department of Justice Tax Division sent an attorney to argue in support of the credit union position in the case," Richard told News Now.

NY CUs governments urge municipal deposit choice

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ALBANY, N.Y. (4/14/10)--The Credit Union Association of New York, a coalition of local government groups and leaders including Albany Mayor Jerry Jennings and Albany County Executive Michael Breslin, and several state lawmakers called on New York's state legislature Tuesday to pass legislation to allow municipal deposit choice. The group conducted a press conference at the State Capitol to bring the matter to legislators’ attention.
William J. Mellin, right, president/CEO of the Credit Union Association of New York (CUANY), thanks Albany Mayor Jerry Jennings after Jennings spoke in support of municipal deposit choice at CUANY's press conference Tuesday. Looking on are other speakers at the conference--from left, Assemblyman Harvey Weisenberg, state Sen. Kevin Parker and Albany County Executive Michael Breslin.
Municipal deposit choice allows government entities the option of depositing tax dollars in local credit unions or community savings banks. The state Senate already has passed a budget resolution with support for municipal deposit choice. Currently, the law gives corporate banks a monopoly on municipal deposits. Supporting organizations include the New York State Conference of Mayors and Municipal Officials (NYCOM), the Association of Towns of the State of New York, New York State Association of Counties (NYSAC), the Fireman's Association of New York, the New York School Boards Association and the New York Library Association. "We appreciate our local government association partners and the many state and local leaders who stand with us today as we ask the State Assembly to join the govern and state Senate in supporting municipal deposit choice in this year's final state budget agreement,” said William Mellin, association president/CEO. “This much-needed reform allows local governments, including schools and libraries, the freedom to deposit their taxpayer dollars in credit unions and savings banks, as well as commercial banks." He noted that municipal deposit choice "will help local governments save revenue, encourage more funds to stay local through community reinvestment, and create more opportunities for local residents to take out personal or small business loans,” he said. He added: “Access to municipal deposits would allow credit unions to further reinvest in our local communities, via loans to local taxpayers and local small businesses at a time when credit and borrowing opportunities are drying up for the very people and small businesses who need it most." Albany Mayor Jennings urged the legislature "to get this through this year. Credit unions play a vital role in New York and they will give local leaders the flexibility we need, if we have municipal deposit choice. It saves the taxpayers through increased competition and that's what built America. This is something we're all looking for."
With signs of support, credit union representatives from Rome, N.Y., were on hand for the Credit Union Association of New York's press conference at the State Capitol to urge state legislature to pass municipal deposit choice. (Photos provided by the Credit Union Association of New York)
Breslin said he will "stand squarely behind municipal deposit choice. We need an opportunity to utilize all of our resources including credit unions and community banks. Vestal Town Supervisor Pete Andreasen has been "a vocal supporter for municipal deposit choice for years, because it would allow towns to seek the highest rate of return. Individuals, businesses and other entities have the ability to shop around for the best rates, why shouldn't New York's local governments have those same choices?" Several state legislators also spoke in support of municipal deposit choice. "We must pass municipal reform now, as we are looking to shift our investments from Wall Street to Main Street and try to help our local communities," said Sen. Kevin Parker (21st District, Brooklyn). Assemblyman Harvey Weisenberg (20th District, Long Island), a member of the Assembly Banking Committee, said, "We need everyone's support in this effort, and I'm asking supporters of municipal deposit reform to get involved, reach out to your legislators, and help us get this passed." Assemblyman Carl Heastie (83rd District, Bronx) announced his support, adding that "increased competition will improve our rates of return on local tax dollars and benefit underserved communities." Others attending were Assemblypersons Tim Gordon, Vanessa Gibson and Michael Benjamin. Mellin asked "every New York taxpayer to call, e-mail or write their state legislators" to support municipal deposit choice.

Dickerson ex-CUNA director DC league chair dies

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ANNAPOLIS, Md. (4/14/10)--Paul Boyce Dickerson, former president/general manager of the U.S. Postal Service FCU, Clinton, Md., for more than 30 years, died April 8 at a medical center in Maryland. He was 78.
Click to view larger image Paul Dickerson (second from left), former Credit Union National Association director and president of the District of Columbia Credit Union League, died recently. He is shown in the Red Room of the White House with credit union leaders and Anne Wexler, special presidential assistant to President Jimmy Carter, after the signing of the Depository Institutions Deregulation and Monetary Control Act of 1980 (H>R> 4986)--share draft legislation--on March 31, 1980. With him, from left are Fred Krause, Joseph Cugini, James Barr, Al George, Wexler, Howard Jeter (hidden), Lawrence Connell, and David Wright. (Photo provided by CUNA).
A well-known credit union advocate, he had been involved with credit unions since 1959 and was a recipient of the Wright Patman Award for distinguished service to credit unions. Dickerson served as Credit Union National Association director in 1968 and as vice-chairman of CUNA in 1978. Dickerson also was a director of CUNA Service Group Inc. He also served as president (now chairman) in 1974 of the District of Columbia Credit Union League (now the Maryland/District of Columbia Credit Union Association). In addition, Dickerson was president of Capitol Corporate FCU in 1969 and of Credit Union Services Inc. in 1967. He is survived by one son, two grandsons and three sisters. Funeral services will be at 10 a.m. today at the George P. Kalas Funeral Home in Edgewater.

Main St. needs small biz small biz needs CUs

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MADISON, Wis. (4/14/10)--Credit unions’ efforts to expand member business lending has been garnering press coverage nationwide. Some examples are:
* John Rhea, CEO of Robins FCU, Warner Robbins, Ga., wrote in a Monday opinion/editorial in the The Macon Telegraph: “The road to economic recovery is going to be a long one, and it’s going to start on main streets in Macon and throughout Georgia with small businesses. Small businesses remain a key driver of economic progress in Macon, but right now many prospective or existing small business owners aren’t getting the support they need to start or grow their businesses. Members increasingly tell credit unions that they have been cut back or turned down by their existing lenders. They want to know if credit unions can help with their small-business loan needs. Raising the cap on business lending for credit unions would have an immediate, positive effect on the economy by giving small-business owners the resources they need to survive, prosper and create jobs for Georgians. Credit unions want to play a bigger role in our economic recovery. Let’s hope Congress allows them to do just that by acting soon.” * San Antonio Express-News (April 7) business columnist David Hendricks last week wrote: “As Congress mulls a second job-creating bill as mid-term elections approach, it ought to embrace a measure that wouldn't cost taxpayers a cent. All Congress would have to do is lift the cap on business loans credit unions make for their commercially active members from 12.25% of loan portfolios to 25%. A typical credit union, with $90 million in assets, could make $17 million in commercial loans to members instead of $10 million if the cap were raised to 25%, the Texas Credit Union League says.” * To obtain positive media attention and continue urging Congress to increase the member business lending cap, Patrick Harris and John Florian of the Ohio Credit Union League visited with the editorial boards of the Portsmouth Daily Times and Lima News earlier this month. Lee Powell, CEO of Desco FCU, Portsmouth, joined them, and the editor said she saw no reason why the paper could not support the measure. The next day, Phil Buell, CEO of Superior FCU in Lima, shared with the Lima News editorial board how his credit union entered the small business lending market, and how the results have benefited the credit union and community. Both Powell and Buell gave specific examples of the increased demand for small business lending because of banks pulling out of the market. The Lima News ran a story the following day as a result of the meeting (eLumination April 7). * Steve Dahlstrom, president/CEO Spokane (Wash.) Teachers CU and Credit Union National Association (CUNA) board member, was the subject of an article in the March 25 issue of the Journal of Business-Spokane in which he talked about CUNA’s purpose and overall advocacy efforts on behalf of the credit union industry. He mentioned that one of the biggest issues CUNA is dealing with is the potential to expand credit union business loans. * State credit union leagues have been extremely active as the MBL push nears its conclusion, with the Iowa Credit Union League using its relationship with the office of the U.S. Secretary of Agriculture, Tom Vilsack, to showcase the need for MBL cap increase to help rural areas and encouraging credit union staff to visit district congressional offices. The Iowa League also provided the rationale in the Des Moines Register for an MBL cap increase, via print advertisements and an editorial (News Now April 9).

Fin lit month helps youth get a savings focus

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MADISON, Wis. (4/14/10)--Credit unions are helping youth to focus on savings during National Financial Literacy Month with a variety of youth savings activities. They also are gearing up for National Credit Union Youth Week April 19-24.
Click to view larger image (From left) John Williams, Allegacy vice president of Community and Governmental Affairs, State Superintendent of Public Instruction June Atkinson, and North Carolina State Treasurer Janet Cowell visited Allegacy FCU’s student-run credit union in Winston Salem to celebrate Financial Literacy for Youth Month in the state. With them is Belinda Wilson, Allegacy director of student run credit union programs and student credit union employees. (Photo provided by Allegacy FCU)
Pennsylvania Newsmakers focused on April as Financial Education Month during a recent broadcast. From left are Dr. Terry Madonna, host; Mary Rosenkrans, director of the Pennsylvania Office of Financial Education; and Mike Wishnow, senior vice president of communications and marketing at the Pennsylvania Credit Union Association. (Photo provided by the Pennsylvania Credit Union Association)
North Carolina Governor Beverly Perdue proclaimed this month as Financial Literacy for Youth Month. To celebrate, State Treasurer Janet Cowell and State Superintendent of Public Instruction June Atkinson visited Allegacy FCU’s student-run credit union in Winston Salem to discuss with student employees what they learned from the program. Allegacy has four student-run credit unions in the area. “This experience taught me responsibility, how to save and manage my money, and the importance of establishing and maintaining good credit,” student K’shawn Sutton told the state representatives. In Pennsylvania, a recent financial education segment of Pennsylvania Newsmakers focused on April as Financial Education Month. During the taping, Mary Rosenkrans, director of the Pennsylvania Office of Financial Education, and Mike Wishnow, senior vice president of communications and marketing at the Pennsylvania Credit Union Association, discussed the need for more financial education in schools with host Dr. Terry Madonna (Life is a Highway April 7). California Gov. Arnold Schwarzenegger and Pennsylvania Gov. Ed Rendell also declared April as Financial Literacy Month for each state (Life is a Highway April 8). As a part of Financial Education Month, credit unions nationwide are preparing for Youth Week, sponsored by the Credit Union National Association, and the National Youth Saving Challenge. This year’s Youth Week theme is “Get in the Savings Game.”
* Great Lakes CU, North Chicago, Ill., is celebrating Youth Week by inviting young members to open new accounts and make deposits throughout the week. The credit union also will host a 3 Point Shoot Out for Charity, and a “Mad City Money” budget simulation for teens. * Ticonderoga (N.Y.) FCU will celebrate Youth Week with several prize giveaways, including three savings bonds. Other activities include coloring contests and sign-up for Money & Me, the credit union’s teen-themed summer money management class. * MaPS CU, Salem, Ore., will offer two $75 awards to youth in honor of the credit union’s 75th anniversary. Branches also will host coloring contests during Youth Week. * Hawthorne CU, Naperville, Ill., will celebrate Youth Week with free coin counting, gifts with deposits, the opportunity to open a youth savings account, a cash-back check card with a parent’s signature, and information about opening a young investors fund. The credit union also will host coloring contests for the chance to win a savings account deposit of $25.

MCUL summit IPolitico advertorialI urge MBL support

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LANSING, Mich. (4/14/10)--The Michigan Credit Union League (MCUL) placed an advertorial in Politico and hosted a summit aimed at promoting credit unions’ member business lending (MBL).
Click to view larger image Download the pdf file.
To support the Credit Union National Association’s grassroots advocacy efforts and to send a message to lawmakers in Washington, MCUL said it is posting a one-time advertorial in today’s issue of Politico, appealing for their support of H.R. 3380 and S. 2919 to lift the 12.25% of total-assets cap on credit unions’ MBL. MCUL has partnered with the state in a Small Business Financing Alliance announced by Gov. Jennifer Granholm in her Feb. 3 State of the State Address. In Michigan last year, banks cut business loans by 68%, while credit unions increased their business lending by 18% to $838 million to meet the needs of small-business owners and entrepreneurs and the jobs they create, MCUL said. “Michigan’s credit unions have stepped up to the plate to make small loans at a time when other institutions have cut back,” said MCUL President/CEO David Adams. “As other lenders have struggled to make credit available to consumers and businesses in Michigan or as banks have added new fees on credit cards and other products, credit unions have continued to offer consumer-friendly products and services and have continued to lend.
The discussion panel at the Michigan Credit Union League’s member business lending summit April 6 in Troy, Mich., featured Ken Ross, commissioner of the Office of Financial and Insurance Regulation; Terry McHugh, Commercial Alliance; Dutch Ducher, CenCorp Business Solutions; Dave Wible, Michigan Business Connection; and MCUL President/CEO David Adams. (Photo provided by the Michigan Credit Union League)
“Credit unions’ small-business loan growth and record membership growth particularly demonstrate that more and more people are turning to credit unions as their trusted financial institution of choice during tough economic times,” he added. Also, Michigan’s Office of Financial and Insurance Regulation (OFIR) Commissioner Ken Ross and his senior Credit Union Division staff, credit unions and Michigan’s three-member business lending credit union service organizations engaged in dialogue on MBL issues during an April 6 summit in Troy, Mich. (Michigan Monitor April 12). The MCUL-hosted event covered the growing role credit unions are playing in commercial lending, including the Michigan Small Business Financing Alliance, and the risks and appropriate practices that go with it. About 40 participants attended. The summit featured a panel comprising Ken Ross, OFIR commissioner; Terry McHugh, Commercial Alliance; Dutch Ducher, CenCorp Business Solutions; Dave Wible, Michigan Business Connection; and MCUL President/CEO David Adams. Also attending were OFIR Deputy Commissioner Roger Little and Assistant Director John Kolhoff.

Members contribute to Red Cross disaster fund

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MADISON, Wis. (4/14/2010)--In addition to contributing to the Worldwide Foundation for Credit Unions' Disaster Relief Fund for colleagues hard-hit by the impact of Haiti's Jan. 12 earthquake, a number of credit unions have collected funds for general relief efforts. Most recently, three credit unions wrote out hefty checks to the American Red Cross for its efforts. In Chicago, $7 billion asset Alliant CU Foundation developed a $10-to$1 donation matching donation program that resulted in more than $39,000 in contributions. "The $10-to-$1 match provided our employees with extra incentive to give, knowing their donations would result in much larger amounts," said Alliant President/CEO David W. Mooney.
Click to view larger image At Indianapolis, Ind.-based Financial Center FCU's check presentation to the American Red Cross for the Haitian earthquake relief are, from left: Andre Arnold, Financial Center vice president of community development; Kevin Ryan, Financial Center CEO; Bill Sweeney, American Red Cross board member; and Bryan Fluke, Financial Center vice presiden of marketing.
Click to view larger image Children from a day nursery in the Minton-Capehart Federal Building in Indianapolis held a bake sale in the building and stopped by Financial Center FCU to proudly deliver more than $265 for the American Red Cross Haitian earthquake fund. (Photos provided by Finance Center FCU)
In Indianapolis, Finance Center FCU presented a check totaling nearly $26,268, saying the American Red Cross Assistance Program will continue for the next three to five years providing shelter, improving the water supply and sewage systems, developing health programs and helping families rebuild their lives with financial assistance. The $390 million asset credit union made an initial $5,000 contribution and matched the first $2,500 in member donations. The credit union's efforts also attracted contributions from several groups. Indianapolis Public Schools' Building America's Dream (BAD) Club, an after-school leadership activities group that promotes a drug and violence-free lifestyle, issued challenges to its clubs in nine schools and raised nearly $7,848. The Social Security Administration collected $170. And a day nursery's bake sale in the Minton-Capehart Federal Building raised $265 for the fund. In Capitola, Calif., Bay FCU set up a fund to collect donations for priority needs in Haiti--food, water, temporary shelter, medical services and search efforts through the American Red Cross. In less than two months, members, employees and community residents chipped in nearly $24,847. "As soon as we heard the news about the earthquake, we knew we had to help the people," said Bay Federal President/CEO Carrie Birkhofer. "Our employees jumped right in with their own donations and fundraising ideas. I'm extremely proud of their generosity." Credit unions also can contribute to a fund to assist Haiti's credit unions, employees and members. Use the links for more information.

Another customer survey ranks CUs above banks

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ANDOVER, Mass. (4/14/10)--Members/customers at credit unions and community banks continue to show much more satisfaction and better advocacy rates than customers of larger regional or national banks, according to a recent study. ath Power Consulting’s Ideal Banking Study 2010 indicates that 50% of credit union members surveyed are highly satisfied with their financial institution, compared to 31% at large regional or national banks and 46% at small local or regional banks. About 61% said they were likely to recommend credit unions, compared with 51% who were likely would recommend small local or regional banks and 36% who were likely to recommend large regional or national banks. “The largest financial institutions are trying to replicate the positive experience most customers enjoy in smaller institutions,” said Frank Aloi, president of the Andover, Mass.-based banking market research firm. “Customers are most interested in strong service, personal relationships and personal advice. This is where the smaller institutions have an edge.” Consumers surveyed by ath said the most important thing they want in a banking relationship is customer service, followed by convenience, rates and fees, and trust and respect. The survey also found that problem resolution is not being adequately addressed by most financial institutions. Only 25% of customers who experienced a problem felt it was resolved to their satisfaction. Customers whose problems were resolved satisfactorily were likely to remain satisfied with their banking relationship. More than half said those who did not receive an adequate resolution to their problems were likely to change banks. “When customer service expectations are met or exceeded, the outcome is a substantial increase in advocacy/referrals, additional product sales and long-term loyalty,” Aloi said. “This study shows that banks need to do a better job of meeting and exceeding customer expectations.”