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Filed on January 20, 2009, published the first business day after.
- Credit card bills back on Hill agenda
- RESPA ‘required use’ date pushed back
- CUNA in Politico on economic challenges Obama faces
- NCUA charters new CU in New Jersey
- Inside Washington
- Card processor's breach may be the largest yet
- Invest in America heads to auto show
- Michigan governor signs IDA-MBT credit bill
- Check out CU’s blog from inauguration
- League CEO's letter to editor addresses tax issue
- Iowa CUs raise $130,000+ for children’s hospitals
- Shared branches important to boomers, says CO-OP
- CU reports 177% increase in fin ed program
- N.J. league, PSG boards choose officers
- CU System briefs
- Market News
- News of the Competition
- Fight frigid temps, save on home heating bills
- Limiting economy’s impact topic of CUNA March event
- CUNA Mutual announces CU Protection webinar topics
Credit card bills back on Hill agenda
WASHINGTON (1/21/09)--Sweeping credit card reforms are back in the sights of some federal lawmakers. Sen. Charles Schumer (D-N.Y.) introduced a such a bill last week and Rep. Carolyn Maloney (D-N.Y.) is expected to do so in the House, if she has not already.
Last year, lawmakers in both the House and Senate sponsored bills that would have, in part, required credit card companies to give 45-days notice prior to an interest rate change and prohibited card companies from increasing rates on existing balances except under certain circumstances.
Since those bills were first introduced, the Federal Reserve Board has imposed stricter rules on credit cards, but similar action by the U.S. Congress would give those prohibitions the weight of law.
The Credit Union National Association (CUNA) supports federal lawmakers' intentions to end discriminatory, predatory, deceptive and abusive lending practices, said Ryan Donovan, the group's vice president of legislation affairs.
However, he emphasized that CUNA continues its work to ensure that unintended consequences do not restrict the range of products and services that credit card issuers currently offer, thereby cutting off credit to some and raising the price of credit for all.
RESPA ‘required use’ date pushed back
WASHINGTON (1/21/09)--The U.S. Department of Housing and Urban Development (HUD) has pushed back the effective date of its revised definition of "required use" under the Real Estate Settlement Procedures Act (RESPA).
The definition was set to go into effect Jan. 16, but a final rule published last week in the Federal Register changed the date to April 16.
RESPA currently allows businesses to make referrals to their affiliates that provide loan services, as long as the consumer is not required to use the service.
The final rule on "required use" clarifies that referrals can include incentives, as well as disincentives. However, these provisions are not intended to eliminate the use of legitimate consumer discounts if they are not tied to the use of a specific settlement provider, according to Jeffrey Bloch, senior assistant general counsel of the Credit Union National Association (CUNA).
An example of improper use of an incentive, Bloch said, could be a discount to a borrower if an affiliate is used for a certain service if the affiliate charges more than other competitors or if the discount is offset by higher costs elsewhere.
However, providing a package of services in which the total price is less than the sum of the prices of the individual services will be permitted, assuming the use of the package is optional and that the lower price is not offset by higher costs elsewhere, Bloch said,
CUNA in Politico on economic challenges Obama faces
WASHINGTON (1/21/09)--Credit Union National Association (CUNA) Chief Economist Bill Hampel was quoted in Politico Monday about the economic challenges President Barack Obama will face in his term.
Obama has won Senate approval to release the second half of the $700 billion Troubled Assets Relief Program, the article said.
"It really doesn't matter what they spend it on. They just need to spend it so someone gets income," Hampel told Politico. "It would be nice if they spent it on useful things, but that doesn't really matter. They just need to start spending money quickly."
Hampel also commented on the market's turnaround.
"The good news is that three years from now, it is almost inconceivable that the economy won't look a whole lot better than it looks now," he said.
For the full article, use the link.
NCUA charters new CU in New Jersey
ALEXANDRIA, Va. (1/21/09)--The National Credit Union Administration (NCUA) has approved a charter for 1st Bergen FCU, Hackensack, N.J. It is the first new credit union chartered in 2009.
"The credit union will provide a cooperative alternative to low- and moderate-income members," said NCUA Chairman Michael Fryzel.
1st Bergen was chartered Jan. 14 to serve the 884,000 people who live, work, worship, volunteer, and attend school, businesses and other legal entities in Bergen County.
The credit union will open in March. It plans to offer regular shares, holiday and vacation club accounts, share certificates, personal loans, and new- and used-automobile loans. It also will provide check-cashing services, money orders, traveler's checks and cashier's checks.
By 2012, 1st Bergen FCU plans to offer ATM services, debit and credit cards, wire transfers and small-business loans.
The credit union was organized by the Bergen County Community Action Partnership Inc., Bergen County's anti-poverty agency.
Inside Washington
- WASHINGTON (1/21/09)--A fraudulent e-mail seeking credit card information that purports to be from the National Credit Union Administration (NCUA) has been in circulation since Friday, Members United Corporate CU said in a statement to its members. The phishers ask e-mail recipients to click on a link to obtain a subscription from the NCUA Express Subscription Service. The recipient is then directed to a clone site that seeks credit card information. The NCUA does not charge for the service and does not solicit information over the Internet, the statement said ...
- WASHINGTON (1/21/09)--The Federal Deposit Insurance Corp. (FDIC) is working to restore the Troubled Asset Relief Program (TARP) to its original purpose. The agency could issue a proposal soon that would allow financial institutions to apply for a 10-year debt guarantee if they put up collateral of recent consumer loans (American Banker Jan. 20). Currently financial institutions are guaranteed for three years. Institutions must apply before July and would agree to issue no more than 125% of their outstanding secured debt. Last week, Ben Bernanke, Federal Reserve Board chairman, suggested an aggregated bank could be created to purchase bad assets. Sheila Bair, FDIC chairman, said she supported his idea. Institutions planning to sell assets to the bank would be required to take an equity position, she said. The Treasury originally said TARP would be used to purchase troubled assets and create a market for them, but changed its focus to inject capital into banks ...
- WASHINGTON (1/21/09)--The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fifth and Sixth Districts. As of March 21, the Charlotte branch office of the Federal Reserve Bank of Richmond will no longer process checks. Bankers served by that office will be reassigned to the head office of the Federal Reserve Bank of Atlanta ...
Card processor's breach may be the largest yet
PRINCETON, N.J. (1/21/09)--Card payments processor Heartland Payment Systems announced Tuesday that its processing system was breached last year by a malicious software program in what could be the largest data breach to date, with possibly more than 100 million credit cards compromised.
The information breached included card numbers and cardholders' names. It did not include merchant data, cardholders' Social Security numbers, unencrypted personal identification numbers, addresses or telephone numbers, said the Princeton, N.J.-based company in a press release.
None of Heartland's check management or Canadian or payroll systems or its recently acquired Network Services and Chockstone processing platforms were affected , said Heartland.
Heartland provides card processing for 250,000 business locations nationwide, most of them small businesses. About 40% of the transactions it processes are from small to mid-sized restaurants throughout the country. It also serves community banks, pay-at-the-pump gas stations, school campuses, parking lots and hospitality businesses. It handles more than four billion transactions a year, according to its website.
"We found evidence of an intrusion last week and immediately notified federal law enforcement officials as well as the card brands," said Robert H.B. Baldwin Jr., Heartland president/chief financial officer. "We understand that this incident may be the result of a widespread global cyber fraud operation, and we are cooperating closely with the U.S. Secret Service and Department of Justice," he added.
The company was alerted by Visa and MasterCard, which noticed suspicious activity among processed card transactions. Heartland took action to further secure its systems and will implement a next-generation program to flag network anomalies in real-time to assist law enforcement.
Last week it found out the source of the breach: malicious software planted on the company's payment processing network that recorded payment card data as it was sent for processing to Heartland.
Heartland has created a website, www.2008breach.com, to provide more information and advise cardholders to examine their monthly statements closely and report suspicious activity to their card issuers. Cardholders are not responsible for unauthorized fraudulent charges made by third parties, it said.
It did not address who would be responsible if card issuers have to replace thousands of cards.
Invest in America heads to auto show
LANSING, Mich. (1/21/09)--Invest in America --the vehicle loan programs formed by credit unions with General Motors and Chrysler recently--is at the North American International Auto Show, garnering additional publicity.
According to the Michigan Credit Union League, the program is producing two 15-second electronic billboard displays at the show, which ends Saturday at Cobo Center in Detroit. The billboard will air twice per hour on two Jumbotron monitors inside and outside the conference center. One of the Jumbotrons will be visible for people driving by the center.
The league estimates that the spots could be seen by more than 70,000 attendees and several hundred thousand more who drive by the event (Michigan Monitor Jan. 20).
The ad focuses on the program's opportunity for more than 90 million credit union members nationwide to participate in the credit unions' agreements with the two auto manufacturers. For more information about the programs, use the link.
Michigan governor signs IDA-MBT credit bill
LANSING, Mich. (1/21/09)--The Individual Development Account (IDA)-Michigan Business Tax (MBT) credit bill--one of the final pieces of Michigan Credit Union League (MCUL)-backed legislation pushed through during the 2008 lame duck session--was signed by Gov. Jennifer Granholm Jan. 9.
Public Act 451 of 2008 allows companies who contribute to IDAs held at financial institutions to claim up to a 75% credit against their Michigan Business Tax liability, with up to $1 million available for the credit each year (Michigan Monitor Jan. 19).
"This law will be beneficial for credit unions as we begin to see further IDA contributions from businesses, while more Michigan workers will be encouraged to open an IDA with a trusted financial institution," said MCUL Executive Vice President Patrick La Pine. "The MBT credit incentive is helpful in this weak economy--not just for businesses, but also for consumers looking to improve their lives and for their financial institutions."
Individuals and entities making IDA contributions are eligible for an income tax credit, but the credit had yet to be extended to businesses making contributions.
The legislation was introduced by State Sen. Tupac Hunter (D-Detroit). MCUL also worked closely with the Granholm administration, State Sen. Nancy Cassis (R-Novi), and State Sen. Mark Jansen (R-Grand Rapids) to pass the bill.
Check out CU’s blog from inauguration
SPOKANE VALLEY, Wash. (1/21/09)--Numerica Vice President of Lending Gene Fitzpatrick was blogging live Tuesday from the presidential inauguration in Washington, D.C.
His blog can be accessed through the Spokane Valley, Wash.-based credit union's website. Fitzpatrick also is working as a correspondent for the Spokesman-Review, a daily newspaper in Spokane.
Fitzpatrick received tickets to the inauguration from Rep. Cathy McMorris Rogers (R-Wash.) at her office in Washington, D.C. Fitzpatrick had coffee with her and talked about the Troubled Asset Relief Program from his credit union's perspective. McMorris Rogers invited Fitzpatrick back for a tour today, according to the blog.
On Tuesday, Fitzpatrick arrived at the ticketed area for the inauguration and did a live interview with radio station KXLY 920 AM. The area was crowded, and it was difficult to communicate, he noted.
Fitzpatrick is camped out in a recreational vehicle at American University, where his daughter, Erin, is a sophomore.
Numerica, Spokane Valley, Wash., has $784 million in assets.
For more information, use the link.
League CEO's letter to editor addresses tax issue
ALBANY, N.Y. (1/21/09)--A letter to the editor written by Credit Union Association of New York President/CEO William J. Mellin responds to an earlier letter that suggests taxing credit unions the same as banks.
Mellin's letter was published Sunday in the Watertown Daily Times. It chides the original writer for not doing his research. Had he done so, said Mellin, "he would have known that credit unions do pay taxes, including property and employer taxes. They do not, as Buckingham states, 'operate without any tax liability whatsoever."
Mellin outlines the credit union difference, noting that credit unions' exemption comes from their structure as non-for-profit financial cooperatives that return all earnings to their members in the form of dividends and enhanced services.
"In contrast, banks are required to pay corporate income tax because they are in the business of returning profits to paid board members and outside stockbrokers, not their customers," Mellin wrote.
"Every taxpayer benefits from the credit union presence in the marketplace--they help drive down costs and fees associated with banking," he said, before describing them as local, member-owned, democratically controlled organizations "that represent a distinct financial alternative that individuals elect to join."
Mellin also points out that credit unions don't engage in subprime lending and rampant loan origination without regard to credit risk that is at the core of the current financial crisis.
"In fact, the practices of credit unions should be viewed as a model for ensuring the financial safety of all Americans," he wrote. "Since their beginnings a hundred years ago, credit unions have weathered every financial storm since the Depression of the '30s without ever costing taxpayers a penny or compromising members' deposits. Credit unions are not part of today's financial problems, but they are playing a part in the solution," he concluded.
For Mellin's entire letter, use the link.
Iowa CUs raise $130,000+ for children’s hospitals
DES MOINES, Iowa (1/21/09)--Iowa credit unions raised $130,401 for the Children's Miracle Network in 2008.
The amount is an increase of 6% from $122,956 in 2007. The funds were raised through the Iowa Credit Union Foundation.
Linn Area CU, Cedar Rapids, raised the largest contribution of $17,533 through its "Credit Unions Love Kids" golf outing. Linn Area CU has $178 million in assets.
The Iowa foundation also raised $6,500 for the network through its "Links of Love" promotion.
Children's Miracle Network raises money for more than 170 children's hospitals nationwide. The Iowa foundation has helped Children's Hospitals of Iowa City, Sioux City and Omaha to support research, purchase new equipment and provide educational materials.
Shared branches important to boomers, says CO-OP
RANCHO CUCAMONGA, Calif. (1/21/09)--Shared branching is becoming increasing important in serving baby boomers and seniors, according to the CO-OP Shared Branching.
"Forrester Research reports that fewer than half of all baby boomers and only 40% of seniors check their bank balances online," Carroll Beach president/chief operating officer for CO-OP Shared Branching, says in LoneStar Leaguer Jan. 20). "That's more than 39% of the country's population--some 116 million people."
The two groups haven't developed a full trust in alternative forms of banking and still prefer the personal touch, Beach said.
Forrester also made note of a demographic group larger than baby boomers and senior segments and which also isn't using the full range of online banking services. Except for Gen X users, many consumers who signed up for online banking still are not using the Internet to check account balances, transfer funds or pay bills. Roughly 23% of community bank customers use online services, even though they are enrolled in online banking.
"As our society continues to be more on the move, shared branching is keeping up with the times--reducing credit unions' operational and branch-maintenance costs and ensuring convenience for members at any life stage," Beach said.
CO-OP Shared Branching is based in Rancho Cucamonga, Calif. It represents 65% of all national shared locations and 80% of credit unions participating in shared branching.
CU reports 177% increase in fin ed program
HARRISONBURG, Va. (1/21/09)--DuPont Community CU (DCCU) has experienced a 177% increase in the number of participants in financial education classes and programs during the past two years, according to DCCU.
The $629.4 million asset, Waynesboro, Va.-based credit union saw a 50% increase in contacts made through schools and organizations from 2007 to 2008 (Daily News Record Online Jan. 20).
The credit union staff contacted 5,787 people in 2008 through financial education classes and programs. In 2007, the number of contacts was 3,852, and in 2006, it was 2,089.
The financial education programs are age-appropriate and can be offered at public schools to help teachers meet Standards of Learning requirements. The credit union also teaches adult financial education classes.
DCCU has conducted classes for 11 years. The classes are free and open to members of the credit union and the general public.
N.J. league, PSG boards choose officers
HIGHTSTOWN, N.J. (1/21/09)--The New Jersey Credit Union League's board of directors elected table officers for 2009, according to the league's newsletter, The Weekly Exchange (Jan. 19).
They are:
- Chairman, Shawn Gilfedder, McGraw-Hill Employees, FCU, Hightstown ;
- Vice chairman Leo Ardine, United Teletech Financial FCU, Red Bank ; and
- Secretary/treasurer, Lou Vetere, Garden Savings FCU, Parsippany.
Also, the league's service corp, Professional Services Group, named these credit union leaders as board members:
- Issa Stephan, First Financial FCU, Toms River:
- Linda McFadden, XCEL FCU, Secaucus;
- Chris Chichester, Jersey Central FCU, Cranford; * Raymond Del Nero, Merck FCU, Rahway; and
- Calvin Jackson, St. James AME FCU, Newark.
League President/CEO Paul Gentile serves as chairman of the PSG Board and league Chairman Gilfedder serves as vice chairman.
CU System briefs
- WASHINGTON and MADISON, Wis. (1/21/09)--This is the official legal notice to all members of the Credit Union National Association's (CUNA) 75th Annual General Meeting (AGM), scheduled for Monday, Feb. 23 at 11 a.m. at the Washington Convention Center in Washington, D.C. It will be held in conjunction with CUNA's Governmental Affairs Conference. The AGM will update member credit unions and leagues on the actions of their association over the past year. John Schneider, entertainer and co-founder of Children's Miracle Network, will be a special guest speaker ...
- ALBANY, N.Y. (1/21/09)--U.S. Rep. Joseph Crowley (D-Metropolitan) lunched with and spoke to the Metropolitan chapter of the Credit
Union Association of New York. He discussed leadership changes in Washington, D.C.; the bailout measures; and how the measures affect credit unions. He said that now, more than ever, credit unions need to step up their advocacy efforts and become involved in taking their voices, separately and collectively, to their federal representatives. Crowley is chief deputy whip and the highest-ranking New York member of the House Democratic Caucus leadership. He sits on the Committee on Ways and Means and the Committee on Foreign Affairs. Pictured are, from left: Bob Dibaro, Local 804 FCU; Rosanna Creo, UNFCU; Rob Nemeroff, Melrose CU; Rep. Crowley; Robin Myers, Melrose CU; and Amy Kramer, Credit Union Association of New York, which arranged the meeting. (Photo provided by the Credit Union Association of New York) ...
- GRAND RAPIDS, Mich. (1/21/09)--CU*Answers, a credit union service organization (CUSO) based in Grand Rapids, announced the return of $400,000 in patronage dividends to its credit union owners for 2008. The return is a 100% increase over the $200,000 patronage dividend the CUSO announced in 2007. In the previous five-year period, CU*Answers returned $1.250 million in patronage dividends. Bob Frizzle, chief financial officer, said the 2008 dividends, when added to other returns given to its owners, have resulted in more than $1.14 million returned to owners in 2008 ...
Market News
MADISON, Wis. (1/21/09)
- Italian automaker Fiat SpA agreed to take at least a 35% stake in Chrysler LLC, the two automakers confirmed Tuesday. The deal is designed to share technology between the two firms and bring small cars developed by Fiat to the U.S., analysts said. The move's ultimate purpose is two-fold, said people familiar with the matter: to reinvigorate the two automakers and to eventually provide Fiat control of Chrysler's operations. The people added that, under the terms of the deal, Fiat can increase its ownership stake up to 55%. Fiat would obtain its stake, not by injecting cash into Chrysler, but rather in exchange for covering costs of retooling a Chrysler plant to produce one or more Fiat models for sale in the U.S., the sources said. Also, Fiat would provide engine and transmission technology to Chrysler to help it introduce new, fuel-efficient small cars (The Wall Street Journal Jan. 20) ...
- Global businesses remain pessimistic, with sentiment at its worst in mid-December and improving only slightly since then, according to the Moody's.com Survey of Business Confidence. Businesses in Europe and South America are most worried, followed by North American businesses. Asian companies also are negative, but less so. Confidence is low across all industries--in particular, business services. Hiring intentions are still very weak, and pricing power has fallen apart--suggesting that deflation is increasingly likely to occur. The intensity of the global economic turndown is not showing any signs of letting up (Moody's Economy.com Jan. 30) ...
- The Bank of Canada cut its key interest rate to the lowest level since the founding of the financial institution in 1934. The bank also indicated that to stimulate the economy out of recession and to stabilize credit markets, more cuts may be necessary. Governor Mark Carney dropped by half a point to 1% the target rate on overnight loans between commercial banks. The move was predicted by 19 of 20 economists surveyed by Bloomberg News. Canada's move mirrors efforts in the U.S., Japan and United Kingdom to spark lending, with credit markets faltering as a result of $1 trillion of write-offs and losses. The collapse of financial firms such as Fortis and Lehman Brothers Holdings Inc., which contributed to the worst global economic downturn since the Great Depression, helped thrust Canada into a recession for the first time since 1992, analysts said (Bloomberg.com Jan. 20) ...
News of the Competition
MADISON, Wis. (1/21/09)
- Due to poor fourth-quarter results reported last week for national banks Bank of America, Citigroup and JPMorgan Chase, an analyst Tuesday lowered his fourth-quarter estimate and price for Wells Fargo & Co. Paul Miller, analyst for Friedman Billings Ramsey & Co., cited concerns about rising credit costs in cutting the fourth-quarter profit estimate to 30 cents per share from 35 cents per share for the financial services company. "One consistent trend was continued credit quality deterioration, with expected continued growth in charge-offs and associated loan loss allowances for the next several quarters," Miller wrote in a research note to clients, adding that peers of Wells Fargo also said there is less demand for credit (Associated Press via Forbes.com Jan. 20) ...
- The first bank failures of 2009 have cost the Federal Deposit Insurance Corp. (FDIC) more than $200 million. FDIC announced Friday that National Bank of Commerce, Berkley, Ill., and Bank of Clark County, Vancouver, Wash., had been shut down. Nationwide, the number of bank failures has steeply risen as the economy has become more troubled, analysts said. In 2008, roughly 25 banks closed, compared with three in 2007 and none in 2006 and 2005. Bank of Clark County was the first bank in the state of Washington to fail since 1993. FDIC said Friday that it has undertaken a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Ill., to assume the deposits of National Bank of Commerce. In a separate matter, FDIC said Friday that it has entered a purchase and assumption agreement with Umpqua Bank, Roseburg, Ore., to assume the uninsured deposits of the Bank of Clark County (CNN.Money.com Jan. 16) ...
- The U.S. Supreme Court agreed Friday to consider if the New York Attorney General's office has the authority to investigate whether some national banks have undertaken discriminatory lending practices in the state. Two lower courts ruled that only federal regulators have the power to undertake such an investigation and that New York could not enforce its state fair-lending laws against national banks. Under the purview of former New York Gov. Eliot Spitzer, the New York attorney general's office started an investigation in 2005 into the banks' residential real estate lending practices. The office claimed that mortgage data indicated black and Hispanic borrowers received a higher percentage of high-interest home loans than white borrowers. Spitzer asked several banks to voluntarily produce non-public information about their mortgage lending practices. The federal Office of the Comptroller of the Currency and the Clearing House Association---a group of national banks--each responded by suing to block Spitzer's investigation. A federal trial judge and federal appeals court ruled in favor of the banks. The Supreme Court could hear oral arguments in April (Dow Jones Jan. 16) ...
- The Federal Home Loan Bank of Pittsburgh warned member banks Friday that unless they put in more capital, the wholesale bank is in danger of becoming under-capitalized. Bank President John Price said "significant deterioration" in the value of the bank's mortgage-backed securities during the past year have resulted in the need for the bank to beef up its balance sheet. The bank projects that its net interest income will fall 59% to $30.5 million when it reports fourth-quarter and year-end financial results in March. On Dec. 23, the bank suspended the dividend it pays member institutions, so it could bolster its capital (Pittsburgh Tribune-Review Jan. 17) ...
Fight frigid temps, save on home heating bills
CHICAGO (1/21/09)--Despite the recent fall in energy prices, it's estimated that, on average, home heating costs will fall only 2% below last year's prices as winter tightens its icy grip across the country (Chicagotribune.com Jan. 12).
If you heat your home with natural gas, you even may end up paying more than last year. And a survey released by the National Energy Assistance Directors' Association suggests a record 7.3 million households will seek fuel aid from various energy assistance programs this season (Forbes.com Jan. 13).
Because the price to heat your house may not be heading south for the winter, there are several ways you can reduce heating costs and save some cold hard cash:
- Turn down your water heater temperature. The higher the temperature, the more energy it uses. Adjust the setting to 120 degrees, which still keeps your dishwasher cleaning effectively, allows for comfortable showers, and saves you money. It also helps reduce the dangers of hot water scalds.
- Wrap it up. Use a special insulation blanket for your water heater, available at your local hardware store. Blankets will prevent heat from escaping and help the unit run more efficiently.
- Avoid the thermostat shuffle. Save up to 1% on your heating bill for every degree you turn down your thermostat. Set your thermostat in the 66 degree- to 70-degree range while you're at home and awake, and in the 60 degree- to 65-degree range while you're away or asleep. Turning the heat much lower when you leave your home and then cranking it back up when you return actually makes your system work harder, reduces its efficiency, and costs you more; contact your local utility and ask what a "safe" low temperature is for your region.
- Check for leaks. Can you feel cold air around windows, doors, and even electrical outlets? A small investment in caulk, weather stripping, door sweeps, or insulated outlet covers for drafty areas will block heat from escaping and save you a bundle.
- Cut shower time. The more hot water used during a shower means more energy use and money down the drain.
- Check insulation. Installing the proper amount of insulation material to attics, basement ceilings, and exterior walls keeps the heat in and the cold out.
- Service your system. A furnace, heat pump, or other heating equipment in top operating condition will heat your home more efficiently. Clean or replace dirty air filters. Clean and tune up your gas furnace, if you have one. This also helps ensure your equipment lasts a long time and prevents costly repairs.
For more information, read "Tips to Cool Down Your Hot Water Bill" and "Longevity on the Home Front: How Long Will That Furnace Last?" in Home & Family Finance Resource Center.
Limiting economy’s impact topic of CUNA March event
MADISON, Wis. (1/21/09)--Credit union lending professionals can gain insight into the current mortgage crisis and learn how to limit the impact of the economy on members and their credit union during a March learning event from the Credit Union National Association (CUNA).
CUNA's Residential Mortgage Lending School, March 2-5 in St. Pete Beach, Fla., aims to help make credit union lending operations more efficient and successful. The school will explore loan servicing, marketing strategies, appraisals, operational improvements, underwriting, and mortgage regulations.
Attendees also will learn about the role mortgages play in member relations and in creating and enhancing a strong bond.
Other March learning events from CUNA include:
- CUNA's Certified Financial Counselor School: Part I and Advanced, which take place simultaneously March 29-April 2 in San Diego, is for credit union staff committed to helping members gain control of their financial futures. Part I examines the role of financial counselors in helping members prevent and resolve financial problems. It addresses spending plans, improving creditworthiness, creditors' rights and remedies, creditor/member relations, and designing and implementing a counseling program. Advanced outlines financial counseling techniques and helps professionals build on their expertise in student loans, delinquent taxes, building relationships, and bankruptcy;
- The Collections and Bankruptcy School: Introduction, which will take place in Tampa, Fla., teaches credit union staff how to communicate and work with delinquent members to keep collection practices sound. During Introduction, March 8-13, students will explore collection basics, bankruptcy, repossessions and member service;
- Sales and Service Culture Institute, March 30-April 1 in Charlotte, N.C., which will help CEOs and managers learn how to strengthen member relations and improve the bottom line. Participants will learn to coach and motivate staff, the steps to setting and achieving goals, track results, and build leadership commitment;
- The 16th annual CUNA Marketing and Business Development Council Conference, March 11-14 in San Diego, which will analyze industry issues, trends and challenges. Topics include: public relations, branding, increasing product penetration, measuring success, mobile banking, business development issues and strategies; and
- The three-session Compliance Fundamentals eSchool, Thursdays March 5-19, will offer compliance newbies a solid understanding of key regulations in the credit union industry. The eSchool provides an overview of more than 25 major regulations that impact credit unions and the potential consequences for non-compliance.
For more information, use the links.
CUNA Mutual announces CU Protection webinar topics
MADISON, Wis. (1/21/09)--Topics for CUNA Mutual's 2009 CU Protection Webinar Series have been announced.
The webinars are available free to CUNA Mutual Credit Union Bond policyholders.
The series is designed "to help credit union staff understand the latest industry risk trends impacting financial institutions and to help them manage those risks and prevent losses," said Chad Nitschke, vice president of Credit Union Protection.
Webinars include:
- New Technology Drives Emerging Risks (today)--Credit unions can learn to mitigate risks accompanying new technologies as remote deposit capture, online deposits and online account opening and funding;
- Spam, Shams and Other Scams (Feb. 11)--Learn how to stay alert, spot and prevent scams targeted at credit unions and members;
- Developing a CU Safety Program (March 11)--Learn how to anticipate, identify and eliminate conditions or practices that could result in employee injuries or illnesses;
- It's Not a Plan Without Testing It! (April 22)--Learn how to prepare for and recover from disasters;
- Hiring Vendors--The Independent Contractor Exposure (May 13)--Learn contractual considerations and insurance requirements related to work and agreements with third-party vendors;
- What Your Supervisory Committee Should Do For You (June 10)--Discusses the roles and responsibility of the Supervisory Committee, as outlined by the National Credit Union Administration, and focuses on the non-financial institution professional serving on a credit union's board or committee;
- Make it 20s and 10s--Robbery (Aug. 12)--Learn how to identify the cost of risk and develop skills to communicate risk financing;
- Discrimination Does Not Discriminate (Oct. 14)--Learn how to prevent and address complaints before they become losses; and
- Employee Dishonesty--Keeping it Out of Your Credit Union (Nov. 10)--Find out how credit unions are being impacted and what can be done to reduce employee dishonesty.
For more information, use the link.
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