HARRISBURG, Pa. (7/30/13)--Member Business Financial Services LLC (MBFS), a Philadelphia-based credit union service organization, has reached the $200 million milestone for its loan servicing portfolio, the Pennsylvania Credit Union Association said.
MBFS provides loan servicing, portfolio management services, loan underwriting, coordination of loan participations and preparation of loan documents (Life is a Highway July 26).
Through June 30, MBFS closed 169 loans for $39.5 million this year for its 12 owner credit unions in Pennsylvania and Delaware. For the first half of 2013, underwriting business for MBFS increased 50%. Loan documentation services rose 27%.
MBFS funded its first loans in July 2008. By year-end 2012, about 20% of all credit union business loans in Pennsylvania and Delaware were held by MBFS-owner credit unions.
CHATSWORTH, Calif. (7/29/13)--An increase in direct leads from credit union partners and an improvement in sales led to second quarter profits that were 76% ahead of forecasted earnings through June for Chatsworth, Calif.-based auto buying service Autoland Inc.
Sales productivity for Autoland was up 8.5% and direct loan volume to credit union partners rose 9.4%, year over year.
"The competition from banks and manufacturer finance groups is fierce this year with the return of attractive leasing programs and purchase rates," said Autoland Inc. President Jeffry Martin, adding that "eight out of 10 members we work with end up getting their loan at one of our credit union partners."
Recently the credit union service organization of San Diego-based Mission FCU acquired majority ownership in Autoland, and plans are proceeding to expand the company's service footprint. Seven new partnerships with credit unions based in Oregon and California have been added so far this year.
"In the short term, we'll be increasing our service to additional credit unions in California, Oregon and Washington," Martin said. "We are actively pursuing partnerships in neighboring states and we would like to establish operations in Arizona, within the next year."
GRAND RAPIDS, Mich. (7/26/13)--Xtend Inc., the Grand Rapids, Michigan-based multi-owned cooperative credit union service organization (CUSO), announced several new developments at its annual stockholder meeting.
The CUSO announced the re-election of three board members to three-year terms. They were:
- Glenn Kretchmer, chief operating officer at ATL FCU, of Wyoming, Mich.;
- Mark Richter, CEO of First United FCU, Grandville, Mich.; and
- Kim Wilson, CEO of Grand Rapids (Mich.) Family CU.
Xtend also announced that demand for its shared resources services in the first nine months of its fiscal year increased 10.6% from the same period in fiscal 2012. Business units that have experienced year-on-year revenue growth include its SRS Bookkeeping, SRS Mortgage Servicing, Xtension Call Center and Member Reach brands, as well as its compliance monitoring service.
The CUSO also distributed vouchers to its call center services to drive inbound and outbound activity. The "Xpand with Xtend" vouchers, which waived implementation fees and offered buy-one-get-one outbound call campaigns, were designed to complement its offerings from the CUSO's Xtension Call Center, Xtend said.
PLANO, Texas (7/25/13)--Members of Catalyst Corporate FCU, Plano, Texas, gave the corporate credit union a Net Promoter Score of 72%--a large uptick from a 2012 score of 64%--in its second annual member satisfaction survey.
The corporate credit union asked its members, "Would you recommend Catalyst Corporate?" This question is at the heart of a Net Promoter Score (NPS) assessment, which has become an increasingly popular tool for companies of all sizes, in nearly every type of industry.
"The Net Promoter Score is a much more rigorous measure than a simple member satisfaction rating," said Kathy Garner, Catalyst Corporate president/CEO. "We chose this methodology because it seemed appropriate, given that we hold Catalyst Corporate, as a member-owned cooperative, to a higher standard of service."
The NPS is calculated using a 0-10 scale by subtracting all of the responses of 1-6 (deemed detractors) from the number of responses of 9-10 (promoters). The resulting number is thought to provide an indication of which responders are so happy with the organization that they would proactively recommend it to others. Research suggests that an organization must have a good net promoter score to grow, and that any positive score is a good result, said Catalyst.
In May and June, Catalyst Corporate surveyed more than 3,000 credit union professionals across its membership of more than 1,200 capitalizing credit unions. "Through this process we learned that the value proposition Catalyst Corporate provides resonates with its members," said Garner.
MONETT, Mo. (7/25/13)--ProfitStars, a division of Jack Henry & Associates, this week introduced online and mobile solutions for financial institutions.
iPay OneClick is the new generation of iPay Solutions' Consumer Online Bill Pay which supports single or recurring payments and integrates with any Internet banking provider. The new version of iPay includes more than 50 modifications and enhancements to its existing e-payment features. The member/customer enrollment process has been simplified and condensed to encourage increased adoption. Settings for payments, alerts and notifications were adjusted to further prevent user error.
Andiamo is an up-to-the-minute financial aggregation through which financial institutions can offer mobile banking without core integration. The name, Italian for "let's go," highlights two main attributes of the solution are its ability to give any financial institution a mobile app in a fast and easy manner, regardless of previous vendor and cost barriers; and the financial decision support that the solution provides to consumers making on-the-go choices, said ProfitStars.
Andiamo helps consumers aggregate all of their balance and transactional data from multiple financial institutions into a single, up-to-the minute view. Members will have instant access to mobile balance inquiries, transaction listings, notifications, and branch/ATM location searches.
Together with iPay OneClick, Andiamo fulfills the purchase cycle with enhanced features such as bill pay, account-to-account funds transfers.
SAN ANTONIO (7/24/13)--Harland Clarke Holdings Corp. has entered into an agreement to sell its subsidiary, Harland Financial Solutions, to Davis + Henderson Corp. for $1.2 billion in cash.
Harland Financial Solutions accounted for roughly 15% of Harland Clarke Holdings' business in 2012.
D+H supports more 1,700 credit unions and banks across the U.S., including Mortgagebot and Compushare.
"Rest assured, Harland Financial Solutions will continue to operate in a 'business as usual' fashion, with no changes or impact to our clients," said Raju Shivdasani, Harland Financial Solutions CEO.
The sale is subject to customary closing conditions, including the expiration or termination of applicable waiting periods, and is expected to close in the third quarter of 2013.
D+H has established a website (www.NewFinTechFuture.com) to provide additional information regarding the acquisition.
Harland Clarke, the company's largest business segment, services about 12,500 financial and commercial institutions through multiple channels. Its marketing products include business intelligence and analytics, management, strategic services, and award-winning creative development.
Harland Clarke's payment solutions include checks, cards and related products and services, and high-value transactional documents, including statements, compliance documents and communications.
The company's retail division services big box retailers, large direct selling businesses, and membership-based and affinity organizations by products and services, including checks and related products, cash management and fulfillment services, private label materials, and small business marketing materials.
The subsidiary sold is not the same organization as Harland Clarke. Corp., the check printers, which is a CUNA Strategic Services provider.
LINDEN, N.J. (7/24/13)--IMM, a provider of eSignature workflow and document solutions for financial institutions, has introduced the most recent version of TotaleReceipts, which automates the creation of teller receipts.
TotaleReceipts now generates e-mail receipts, eliminating pre-printed receipts and allowing business transactions to remain paperless through completion. TotaleReceipts produces custom teller receipts, which are combined with any associated eSignatures and check images, then automatically indexed into an institution's imaging system for permanent archival.
Other key features in the latest release of TotaleReceipts include:
Centralized administration, so administrators cab manage and push out system updates and configurations from a single point;
Support of a wider variety of scanners;
Compatibility with Windows 8; and
Improved integration with financial core systems supported by IMM.
MADISON, Wis. (7/23/13)--CUNA Mutual Group is offering free webinars in July, August and September.
The webinars are one hour long and begin at 10 a.m. CT.
Dates and topics include:
July 24--Communication, Social Media & Crisis Management. The webinar will cover real-time communications at the times of disaster, key communication activities and ways that social media can become part of disaster response.
Aug. 21--Insurance Coverage Adequacy. The webinar will highlight the coverage adequacy landscape of credit unions and identify common risk exposures, review the impact of no coverage under-coverage, and share coverage adequacy tools.
Sept. 18--Vendor Management: Due Diligence & Liability. The session will discuss contractual considerations and insurance requirements related to work and agreements with third-party vendors.
Remaining 2013 Credit Union Protection live policyholder webinars include Cyber Risks: Threats & Loss Control on Oct. 16, and Lender Liability on Nov. 13.
To register for the webinars, use the link.
ONTARIO, Calif. (7/23/13)--Credit card issuer TMG Financial will use CU Direct's Lending 360 Loan Origination platform to process credit card applications under a new agreement.
With more than $135 million in assets, Des Moines, Iowa-based TMG Financial Services serves nearly 60 financial institutions and member-based associations servicing more than 65,000 card members.
"As a growing business, we are continually looking for solutions to complement and make our operations more efficient," said Eric Schurr, TMG vice president of risk and credit. "Our partnership with CU Direct provides access to an impressive tool that will ultimately strengthen the decision-making processes associated with processing new credit card applications." He expected Lending 360 will integrate seamlessly into TMG's day-to-day operations.
CU Direct's Lending 360 loan origination platform offers a workflow engine that will provide TMG and its partners with a lending platform to fully support credit card application processing.
TMG expects implementation to be completed during the third quarter.
PLANO, Texas (7/22/13)--Catalyst Corporate FCU's 36th annual Economic Forum, Oct. 22-23 in Frisco, Texas, will address issues credit unions will face over the next 12 months and in the coming decade.
This year's forum is entitled "Recovery and Beyond," and features seven economists and financial industry experts who will share insights to help credit unions prepare for the future.
Speakers for the two-day event include:
Kathleen Cooper, former undersecretary for economic affairs of the U.S. Department of Commerce. She will speak about the impact that rising energy production in the U.S. will have on the financial marketplace.
Bill Hampel, chief economist for Credit Union National Association. He will address how the current economic changes specifically may impact credit unions.
Bill Conerly, former bank executive who has helped companies adapt to changing economic conditions for more than 30 years. He will speak on positioning credit unions for the coming decade.
Marci Rossel, former chief economist for CNBC. She will offer insights as to what's next for the U.S. economy.
Randy Harrington, CEO of Extreme Arts and Sciences, who specializes in helping financial institutions navigate complex problems. His presentation will address credit unions and the need for evolution.
Jim Van Dyke, CEO of Javelin Strategy and Research, a division of Greenwich Associates, who provides strategic insights into customer transactions. He will address new trends in mobile banking.
Ed Yardeni, former economist with the Federal Reserve Bank of New York and current president of Yardeni Research Inc., a provider of independent global investment strategy research. He will discuss Fed action and market reaction as it relates to credit unions.
This year's Economic Forum will be preceded by the Financial Management Seminar on Oct. 21. The Financial Management Seminar, sponsored by Catalyst Strategic Solutions, is a free educational session that provides credit unions with nuts and bolts information focused on balance sheet management.
NORTH CANTON, Ohio and WELLESLEY, Mass. (7/19/13)--Diebold has partnered with mobile wallet provider Paydiant to offer a solution that allows consumers to withdraw cash from ATMs using their smartphones.
Diebold, a self-service solutions and ATM manufacturer, is a CUNA Strategic Services provider.
The Diebold and Paydiant Mobile Cash Access allows credit unions and banks to provide a secure, branded mobile wallet solution without installing additional hardware on ATMs or point-of-sale terminals, Diebold said.
At the ATM, consumers authenticate themselves by scanning a unique quick-response code that prompts the ATM to dispense cash via an encrypted connection to the cloud.
The ability to conduct transactions with a mobile device at an ATM provides the foundation for financial institutions to offer a mobile wallet solution that also can be used at retail establishments for everyday purchases, Diebold said.
MADISON, Wis. (7/18/13)--CUNA Sales & Service Culture Institute, Sept. 16-18 in San Francisco, is designed to help credit unions find a more harmonious balance between quality service and sustainable sales, said the Credit Union National Association.
Experts at the institute will explore blended methods of sales and service strategies to create a value-driven sales culture that will boost sales without sacrificing service, CUNA said.
"At CUNA, we understand that no two credit unions are alike," said Carla Schrinner, CUNA Creating Member Loyalty master trainer. "That is why each attendee of the CUNA Sales & Service Culture Institute will leave with customized plans of action, tailored specifically to their credit union, that they can start using immediately when they arrive home."
The institute brings together CEOs, senior managers, branch managers and those responsible for creating a successful service culture at their credit union for three days of instructive seminars and collaborative learning.
Critical success factors for a value-driven sales culture;
Successfully navigating organizational change; and
Transitioning to a sales environment.
For more information, use the link.
MADISON, Wis. (7/17/13)--The 2014 CUNA CU Finance for Non-Financial Managers & Volunteers School, to be held April 7-9, will offer a foundational financial curriculum tailored to the responsibilities of credit union non-financial managers and volunteers.
Attendees will leave the school with the capability to better protect the finances of their credit unions and members and to initiate productive financial communication with financial professionals and managers, said CUNA.
The 2014 credit union finance curriculum includes:
Financial Statements 101--Interpreting a credit union's financial condition;
In-depth financial analysis of several credit unions;
Credit union ratios--What they mean and the importance they hold;
What asset-liability is and its importance to the credit union's financial health;
Insights from Tim Harrington, president of Team Resources; and
Pre-conference workshop with compliance expert Tyler Parker.
At April's school, 15 credit union professionals completed the optional on-site exam to earn their CUNA Board Financial Literacy Certificates. The certificate, offered each year, fulfills the National Credit Union Administration requirement that credit union board members possess a proven level of financial literacy.
To learn more, use the link.
PHILADELPHIA (7/17/13)--VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing, assisted with the passage of Nevada's ELT legislation signed into law by Gov. Brian Sandoval.
ELT replaces paper automotive liens with an electronic exchange of data between the department of motor vehicles (DMV) and automotive lenders. Assembly Bill 309, signed into law in Nevada on June 11, is the first ELT legislation in the country to outsource the building and maintenance of a cloud-based electronic lien system in a public-private collaboration.
"Nevada has chosen to implement ELT in the most innovative, efficient way possible," said Larry Highbloom, VINtek president. "The DMV and lienholders in Nevada will soon experience the cost savings and process improvements afforded by removing paper from the titling process. We are seeing a growing national trend in outsourcing of legacy state-agency operations."
After selection in a request-for-proposal process, the chosen supplier, or suppliers, will build and maintain Nevada's internet-based ELT program, which will be paid for by sharing a portion of the savings lenders and consumers will realize from the paperless process. The legislation requires the reimbursement of any initial direct launch costs incurred by the DMV and ongoing DMV ELT program operating costs. Although deadlines have not been set for compliance with the legislation, it is expected that all but the smallest of automotive lenders will ultimately be required to participate in the program, said VINtek.
The Nevada DMV and participating lienholders will see reduced costs through the elimination of paper, less postage and storage, and the automation of a manual process.
Currently, 19 states operate ELT programs that process roughly two-thirds of new vehicle lien volumes. Other states are reviewing options for implementing ELT.
MUSKEGO, Wis. (7/16/13)--Corporate Central CU, Muskego, Wis., and Delta Dental of Wisconsin have entered into an agreement that allows Corporate Central to offer dental and vision plans to Wisconsin member credit unions.
"As insurance offerings evolve over the next few years, we feel it is important to provide a leader that can help guide credit unions in structuring plans best suited for the credit union as well as in care of their staff," said Robert Fouch, Corporate Central president/CEO. "This dental and vision insurance adds a new benefit to Corporate Central CU membership."
Frett Barrington Ltd., a Pewaukee, Wis.-based brokerage, will administer the plans and will provide credit unions the opportunity to improve their benefit package with coverage that may not otherwise be available to their employees.
The new plans are available immediately. While the plans will renew each July, credit unions may join the plan mid-year.
MADISON, Wis., and DES MOINES, Iowa (7/16/13)--The Credit Union National Association and PolicyWorks, a credit union compliance firm, have partnered to create two mortgage lending compliance packages for credit unions: CUNA Mortgage Compliance Implementation Toolkit and ComplyRight Mortgage Compliance Solution.
The resource bundles are designed to facilitate the management and implementation of the new mortgage-compliance regulations and updates affecting the credit union movement.
The CUNA Mortgage Compliance Implementation Toolkit provides credit unions with the resources to address changes in mortgage regulation. Using the toolkit's advice, continuous updates and implementation materials, compliance personnel will be better able to prepare their credit unions for upcoming deadlines.
Providing coverage for an entire year, the bundle includes:
One-year subscription to CUNA RegTraC, providing real-time updates and about all credit union regulations;
One-year subscription to PolicyAid, a quarterly online policy library;
At least six mortgage compliance live webinar sessions;
Access to five recorded mortgage compliance webinar sessions; and
Listserve e-mail to facilitate networking among mortgage compliance professionals and experts.
PolicyWorks' ComplyRight Mortgage Compliance solution expands upon the CUNA toolkit's implementation components. Through personal consultation and a customized plan, the bundle walks a credit union through specific actions and decisions.
The PolicyWorks ComplyRight Mortgage Compliance solution includes:
Access to CUNA Mortgage Compliance Implementation Toolkit resources;
Unlimited Mortgage Compliance consultation and support services; and
Customized mortgage rule implementation project plan and assistance.
For more information, use the link.
DES MOINES, Iowa (7/15/13)--More than 40 credit unions in Iowa and Nebraska serving roughly 367,000 credit union members, or 25% of the total membership in the two states, have partnered with CoOportunity Health to offer health insurance options for individuals, families and businesses, starting this fall.
The announcement was made by the Iowa and Nebraska Credit Union Leagues.
Iowa and Nebraska credit unions will be the exclusive financial institution distribution channel for CoOportunity Health when open enrollment for health insurance begins Oct. 1. The partnership will give participating Iowa and Nebraska credit unions the tools to provide member outreach and education on healthcare reform while making CoOportunity Health's insurance options available to individuals, families and businesses.
Participating credit unions will provide member outreach and education on healthcare reform while making CoOportunity Health's insurance products available. The partnership also means credit union health savings accounts can be established when a prospect enrolls in a qualified high-deductible health insurance plan through CoOportunity Health.
ATLANTA (7/15/13)--The Pennsylvania Credit Union Association is partnering with Digital Insurance, an employee benefits-only agency.
Digital Benefit Advisors, the largest division of Digital Insurance, will work with PCUA to provide expanded resources, expertise and education for credit union members and their employees, helping them navigate the complexities of health care reform required by the Affordable Care Act.
"This new partnership will empower our members and their employees to make better health insurance decisions," says Jim McCormack, PCUA president/CEO. "With Digital Benefit Advisors, we will have access to a broader variety of carriers and resources, including tools that enable employers to free-up overworked human resources departments and better understand Health Care Reform."
MADISON, Wis. (7/12/13)--The Credit Union National Association announced that 199 credit union compliance professionals have earned or renewed their CUNA Credit Union Compliance Expert (CUCE) designations at CUNA Regulatory Compliance School.
Of this year's participants, 117 were new certifications, bringing the total number of CUCE designees to 2,021.
CUNA Regulatory Compliance School features annual compliance updates from Washington, D.C., a Consumer Financial Protection Bureau overview and advanced breakout sessions with up-to-date compliance details and modifications. The school provides credit union professionals of all backgrounds and skill levels with an understanding of the major regulations affecting credit unions and their regulatory duties. All CUCEs pass on-site exams to demonstrate their knowledge of the overall compliance environment.
The CUCE designation helps credit union compliance professionals stay up-to-date with the latest compliance regulations and ensure their credit unions operate within current laws. Due to the ever-changing compliance environment, the designation must be renewed every three years.
The CUCE designation can be earned by completing one of the upcoming training options and successfully completing proctored exams:
CUNA Regulatory Compliance School, Sept. 15-20, in Tempe, Ariz., and April 6-11, 2014, in Hollywood, Calif.; and
CUNA Regulatory Compliance Introduction recorded eSchool, available through Oct. 25.
For more information on the schools, use the link.
BOSTON (7/12/13)--TruStage, a consumer marketing brand of CUNA Mutual Group, has introduced an online application process for its complimentary accidental death and dismemberment insurance.
Credit union members can complete the process within three minutes with FastApply AD&D, TruStage said.
"FastApply AD&D helps credit union members take advantage of an important membership benefit," said Eric Hansing, TruStage senior marketing executive. "Members' lives are fast-paced and daily schedules are full, so we wanted to make the process very quick and easy to understand."
More than 40 million credit union members are eligible for FastApply AD&D, TruStage said. The only requirement for consumers to use the process is membership in a credit union that subscribes to the AD&D product made available by CUNA Mutual Group's MemberCONNECT program. Typically, credit union members can receive $1,000 to $3,000 of complimentary AD&D insurance coverage, with the premium paid by their credit union.
Simplicity and short application times were the primary drivers behind the development of FastApply AD&D, TruStage said. "Our goal is to provide an experience that's fast and clear for members," Hanson said. "Likewise, we want to make sure it's easy for the credit union staff to encourage their members to claim this complimentary benefit. This is another perk of being a credit union member, and it's one more way to strengthen member relationships."
MADISON, Wis. (7/11/13)--Several free webinars will be offered in July on topics including strategic planning, payments, social media and facilities.
The Credit Union National Association and the National Federation of Community Development Credit Unions will jointly host a free webinar, "Strategic Planning--Developing Sustainable Community Development Strategies," at 2 p.m. ET July 16. The webinar will help credit unions enhance their ability to provide sustainable solutions to low-to-moderate-income markets, while supporting growth and profitability objectives.
The Members Group (TMG) will present a webinar, "The Future of Payments," at 2 p.m. ET July 18. Hosted by TMG Vice President of Sales Brian Scott, the hour-long event will provide insight on how to compete with new entrants to the payments marketplace; how the Europay-MasterCard-Visa standard will impact community financial institutions; and how new regulations will change financial institutions' ability to serve members/customers.
The Filene Research Institute and QUEsocial will host a webinar that highlights approaches to leveraging content marketing in social media strategies at 12 p.m. ET July 18. This webinar will help CEOs, chief operating officers, and marketing executives and their teams understand content marketing and its role in credit union social media strategies.
CO-OP Financial Services will host a "Branch Transformation Roundtable" webinar at 3 p.m. ET July 23 for credit unions seeking to stay ahead of changing consumer demands for branch services. It will feature a panel discussion with shared branching, call center and branch automation experts. A companion white paper, "Transforming the Branch: Understanding the Self-Service Consumer Landscape," is available for immediate download.
To register for the webinars, use the links.
SAN DIEGO (7/10/13)--Mitek, a provider of remote mobile-deposit technology, has been issued a U.S. patent on an application that allows consumers to transfer credit card balances on mobile devices.
The app is being piloted at San Diego (Calif.) County CU.
"Over the past three decades, Mitek has invested heavily to create the key building blocks needed to perform intelligent mobile imaging," said Michael Strange, Mitek chief technology officer. "These tools are substantially different from classic optical character recognition methods, which we have extended and expanded for use in mobile applications."
The patent for "Systems and Methods for Obtaining Financial Offers Using Mobile Image Capture," the company's 16th U.S. patent, describes the process of capturing an image of a credit card statement and being presented with organized, targeted offers to transfer the balance.
San Diego County CU, with $6 billion in assets, launched the application in May. It allows Visa card holders to transfer their credit card account balances from other financial institutions to a San Diego County CU Visa credit card using an Apple iPhone or Google Android.
Several other financial institutions are preparing to launch the new technology, Mitek said.
NORTH CANTON, Ohio (7/9/13)--After conducting consumer adoption pilots of its Concierge Video Services with two credit unions, Diebold Inc. is making the technology available to all financial institutions in North America.
Diebold is a CUNA Strategic Services provider.
"Real-time video allows interactions once performed by an in-branch teller to be performed at the ATM, offering immediate and instantaneous support," said Mychal D. Kempt, vice president, North America operations, Diebold. "It provides added convenience and flexibility to consumers, enhancing their overall experience."
Diebold's Concierge Video Services was piloted by Missoula (Mont.) FCU, and Mountain America CU, West Jordan, Utah, Utah's second-largest credit union and the 29th largest in the U.S.
The video service is embedded into most Diebold Opteva ATMs and offers users the option to initiate video calls to member/customer service representatives to complete activities not traditionally conducted during ATM transactions, such as account maintenance, new account setup and savings product renewals. The ability to access immediate support at the ATM saves consumers time and helps financial institutions to migrate more transactions to the self-service channel, Diebold said.
GRAND RAPIDS, Mich. (7/8/13)--Two credit union service organization partners (CUSO)--Xtend Inc., based in Grand Rapids, Mich. and CU*South, based in Fairhope, Ala., recently integrated their bookkeeping services practices into a consolidated solution carrying the Xtend Shared Resources and Staff (SRS) brand.
The integration allowed for the transition of daily back-office support processes from CU*South to Xtend for roughly half of its core data processing credit unions. The other half would continue to be serviced by the CU*South staff, but under management oversight and training provided by Xtend.
"Until recently, our two back office teams were supporting our respective clients in parallel tracks even though we both leveraged the same CU*BASE core data processing toolset," said Scott Collins, president of Xtend. "We compared best practices, but each company focused on supporting its own customer-owners exclusively. When (CU*South CEO Leo Vaulin) reached out to me about combining forces, I saw it as an opportunity that both CUSOs could leverage to support our growing businesses."
GRAND RAPIDS, Mich. (7/5/13)--CU*Answers, a Grand Rapids, Mich.-based credit union service organization, announced the winners of two annual awards at its recent Leadership Conference.
Patrick Basler, president/CEO of First Financial CU in Chicago, was presented with the Robert H. Mackay Leadership award. The Spirit of CU*Answers award was presented to Services Center FCU in Yankton, S.D.
The Robert H. Mackay award was established in 2005 to recognize the leadership contribution of Robert Mackay, retired CEO of Berrien Teacher CU (now Honor CU) who served as a member of the CU*Answers Board of Directors from 1985 to 2007 and as chairman for 19 of those years.
Basler has been recognized as a CU Trailblazer Below 40 and served as a guest panelist at the THINK 13 Conference.
The Spirit of CU*Answers award, established in 2011, recognizes a client credit union for excellence in a variety of areas. Services Center FCU received the award for starting a business in the network. Site-Four performs daily operations for 46 credit unions and almost 165,000 members in four time zones, and has performed three major disaster recovery rollovers.
PLANO, Texas (7/3/13)--Spurred by the passage of a new National Credit Union Administration rule and strengthening loan demand, Catalyst Corporate FCU, Plano, Texas, has introduced a new loan participation program.
Catalyst Corporate's newest service follows NCUA's June 20 approval of a loan participation rule that spells out new limits for credit unions seeking to acquire shared loans.
The final rule set a limit on loans from one originator of 100% of a credit union's net worth. This is an increase from the proposed 25% of net worth cap. The agency also approved an expanded waiver process for the single-originator limit and limits to one borrower. The Credit Union National Association urged such changes and the CUNA board emphasized credit union concerns as it worked to make the rule more practicable (News Now June 27).
The new rule from NCUA, which includes other provisions designed to mitigate risk, sets clear guidelines just as the U.S. economy notches several quarters of loan growth that could heighten the attractiveness of a participation program, Hamilton added. Recently released figures from the NCUA revealed the fastest first-quarter loan growth for federally insured credit unions in five years.
"Loan participations are an effective tool to help credit unions manage their business and their balance sheets," Hamilton said. "They can help offset liquidity challenges and concentration issues, and enable credit unions to meet their members' loan needs without exceeding policy limits or pressuring capital ratios."
Catalyst Corporate acts as facilitator, bringing the buyers and sellers together in the loan participation process, but does not participate in the loans.
Loan packages are comprised of consumer-type loans--auto loans and first mortgages--rather than commercial loans.
SAN FRANCISCO and MOUNTAIN VIEW, Calif. (7/2/13)--Intuit announced Monday that it has entered into an agreement to sell its Intuit Financial Services division to Thoma Bravo.
Intuit Financial Services is a CUNA Strategic Services provider.
The cash transaction is valued at about $1.025 billion and is subject to regulatory review and other customary closing conditions. The transaction is expected to close in the next few months.
The transaction will result in a stand-alone company focused on providing a digital banking platform and market-leading mobile solutions to financial institutions.
The transaction includes an Internet banking platform, digital payments, mobile banking, Purchase Rewards, FinanceWorks, and digital banking add-on solutions as well as third-party solutions. Certain assets that are currently included in the IFS division, including OFX connectivity and Mint.com, will remain with Intuit.
TALLAHASSEE, Fla. (7/2/13)--The CU24 board of directors has elected Joan Nolan, vice president of operation support at IBM Southeast Employees FCU, Boca Raton, Fla., as its chairman.
Paul Numbers, president/CEO of State Employees CU, Tallahassee, Fla., will serve as vice chairman of CU24, a credit union own-ATM and point-of-sale network. Becky Hulett, chief financial officer of 121 Financial CU, Jacksonville, Fla., continues as secretary/treasurer.
Nolan had previously served as vice chairman for one-and-a-half years.
The rest of the CU24 board includes:
Bradley Blake, president/CEO, Florida State University FCU, Tallahassee, Fla.;
Alvin Cowans, president/CEO, McCoy FCU, Orlando, Fla.;
David Mooney, president/CEO, Alliant CU, Chicago;
James Smith, president/CEO, Singing River FCU, Moss Point, Miss.;
David Southall, president/CEO, Innovations FCU, Panama City, Fla.; and
Dan Wollin, president/CEO, PCM Employees FCU, Green Bay, Wis.
PLANO, Texas (7/2/13)--
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Catalyst Corporate FCU is offering four kits to assist credit unions in marketing mobile services to their members.
The campaign kits contain a sample poster, brochure, e-mail, statement stuffer, Web banner, flier, newsletter article and radio script.
The campaign templates are available for credit unions that use Catalyst Corporate's mobile services.
One campaign features a spunky silver-headed "senior" on a motor scooter, with a cell phone and the headline, "So Easy Your Grandma is Using It!" The campaign continues: "You can use it too! Accessing your accounts is quick and easy on your smartphone or tablet with your credit union's Mobile Banking app …"
Catalyst Corporate worked with Texas-based Credit Union Resources to develop the kits. Campaign content was based on input from credit union marketers who each have mobile banking programs.
Click for larger view
"Many credit unions do not have the time or resources to spend on product marketing. We wanted to jumpstart that process," said Terry Young, Catalyst Corporate's director of marketing and communications.
"These materials give credit unions of all sizes a starting point for creating their own member promotions," Young added. "Materials can be used 'as is' by inserting the credit union's logo and contact information or customized to accommodate individual credit union branding or program requirements.".
Catalyst Corporate offers three additional mobile banking marketing kits. Campaign themes include:
"Welcome to your Credit Union--Here, There and Everywhere";
"Your Credit Union...Only a Tap Away"; and
RANCHO CUCAMONGA, Calif. (7/2/13)--CO-OP Financial Services will launch the first phase of a comprehensive marketing initiative to rebrand and promote credit union shared branching to consumers later this month.
"Our goal is to work with our client credit unions to help them promote their participation in CO-OP Shared Branch," said Stan Hollen, CO-OP Financial Services president/CEO. "This is the beginning of a multi-year program to rebrand our shared branch network, as well as our ATM network, to maximize consumer recognition of these key credit union services."
In mid-July CO-OP Financial Services will distribute to participating credit unions launch kits containing access to new signage, including logos and graphics; new Web/digital program assets, advertisements and locator details. This material is being provided about one month in advance of the "go public" date of Aug. 13, when CO-OP and credit unions will begin displaying the new CO-OP Shared Branch brand.
Hollen announced CO-OP's intention to rebrand shared branch services to consumers at THINK 13. CU Service Centers and its swirl logo will be replaced by CO-OP Shared Branch signage. In addition, CO-OP Network will receive a slight revision, rebranded as CO-OP ATM, so consumers can quickly identify the service they need within a uniform brand.
"CO-OP Shared Branch ranks fourth nationally in terms of financial institution branch outlets, and CO-OP ATM is larger by far than any proprietary bank network," said Hollen.
CO-OP Shared Branch includes 5,000 "live teller" branches, enabling members to enter participating credit union branches and conduct their business as if they were at their own home branch. The network also includes more than 2,000 self-service devices at credit union branches and in select 7-Eleven stores. CO-OP ATM provides access to 30,000 ATMs nationwide, including 9,000 deposit-taking ATMs. CO-OP Shared Branch and CO-OP ATM locations can be found in all 50 states.
MONETT, Mo. (7/1/13)--ProfitStars, a division of Jack Henry and Associates Inc., has introduced eBanking compliance services.
Gladiator eBanking Compliance Services provides financial institutions a governance framework to establish risk-based standards for member- and customer-facing electronic banking services.
"We may not see specific guidance that addresses home and mobile banking for some time, leaving banks and credit unions in need of clear direction and practical standards," said David Foss, ProfitStars president. "Drawing from the extensive resources and expertise available from Gladiator's dedicated [Information Technology] Regulatory Compliance department, financial institutions can now better position themselves for future compliance mandates related to eBanking services."
The custom Gladiator services include a policy, risk assessment matrix, and supporting documents based on federal regulatory guidance, industry standards and best practices for the deployment and management of eBanking services, said ProfitStars.
ONTARIO, Calif. (7/1/13)--CUDL, administrators of an auto lending service network for credit unions, has expanded its network to include 10,000 dealers.
"I congratulate CUDL for reaching the significant milestone of 10,000 dealers using the CUDL system," noted John Lund, president/CEO of Riverdale, Utah-based America First CU, and chairman of CUDL's board. "This indicates just how relevant the services of CUDL are to dealers throughout the country."
The growth excludes the company's recent expansion into Quebec, Canada. The CUDL network includes more than 1,050 credit unions, representing 35 million members nationwide. CUDL credit unions have experienced 16% growth in funded auto loans thus far in 2013.
For more than 20 years, CUDL's credit union auto lending network has provided credit unions the ability to help members and consumers gain credit union financing at the dealership, and helped dealerships sell more cars.