MADISON, Wis. (6/19/09)--The Credit Union National Association has released the second edition of its Compliance and Marketing Guide. The updated guide lays out regulatory changes pertaining to credit union marketing efforts and includes new sample ads reflecting the changes. The guide provides details on:
* Basic National Credit Union Administration advertising regulations--Covers advertising accuracy and discrimination in credit union advertising and which rules apply to federal or state-chartered credit unions; * Share account products--Explores marketing share account products and other related issues stemming from the Truth in Savings Act; * Consumer and real estate-related loan products--Outlines the application of Truth in Lending and advertising open-end and closed-end credit, home equity line of credit, credit cards, and more; * Consumer leasing--Examines the Consumer Leasing Act and lease rates; and * Various issues--Privacy disclosures, deposit tickets, brochures, prescreening, do not call rules, CAN-SPAM, faxing, promotions and giveaways, state laws, and penalties for noncompliance.
LAKEWOOD, Colo. (6/19/09)--Credit Union Service Network (CUSN) announced the results of its May 29 board of directors elections. Branda Abbott, president/CEO of Colorado United Credit Union in Denver, was elected as the newest member of the board. She has served in the credit union industry for more than 10 years and has been involved with Western CUNA Management School, the Rocky Mountain CUES Council, and CUSN’s Governmental Affairs Committee and Denver Chapter board. Mark Uden, president/CEO of Mutual 1st FCU, Omaha, Neb., was re-elected for a 3-year term. CUSN also presented three excellence awards. Spirit of America Federal Choice CU, Lincoln, Neb., received the Greatest Issuer Transaction Growth Award for growing its transactions by 103%. Elevations FCU, Boulder, Colo., was presented with the greatest Acquirer Transaction Growth Award for growing its transactions 53%. White Crown FCU, Denver, received the award for the largest ratio of annual issuer transactions to total members. The credit union achieved a ratio of 7.6. Colorado CU, Littleton, received the Marketing Excellence Award for the best marketing campaign. Carroll Beach, president/CEO of CO-OP Shared Branching, received the Vision Award. CUSN’s annual meeting was held in Englewood, Colo. More than 32 member credit unions and 80 attendees were present. Guest speakers at the meeting included Carolina Lane, senior vice president of business development and marketing at CO-OP Financial Services. CUSN is a credit union service organization based in Lakewood, Colo.
KING OF PRUSSIA, Pa. (6/19/09)--FI Compliance Solutions is offering the newly released GRC Pro Version 2.0, a risk-management service, to financial institutions at no charge for three months. Credit unions and banks can use GRC Pro Version 2.0 to assess their system of internal controls based on the key areas of their Capital Adequacy, Asset Quality, Management and Internal Control, Liquidity and Market Sensitivity (CAMELS) rating. GRC Pro will determine how well credit unions and banks have implemented the safety and soundness standards required by federal agencies and whether related risks have been mitigated, FI said. The solution also offers a proprietary control design evaluation tool. GRC users can generate an executive summary documenting their risk profile, an overall safety and soundness rating, and a detailed report showing risks by severity and category. “One of the main reasons we have so many failures is not due to unnecessary risk-taking but instead a failure to incorporate sound risk-management fundamentals,” said Eric Strohl, president/CEO of FI Compliance Solutions. “Many institutions are operating with policies and procedures that are simply detrimental to the health of the organization.” FI Compliance Solutions provides corporate governance and compliance solutions for financial institutions.