March 2013
Small Credit Union Consulting
The NCUA Office of Small Credit Union Initiatives offers a free consulting service for credit unions, delivered by Economic Development Specialists (EDS) who provide hands-on assistance with a wide range of issues including budgeting, internal controls, policy development, regulatory compliance, and training for officials and staff. The consulting program also addresses new product development, marketing plans, FOM expansion, etc.
To be eligible a credit union must meet one of the following criteria:
- Low income designation
- Less than $50 million in assets
- Group looking to charter a credit union
- Newly-chartered credit union less than 10 years old
Two ways to apply! Contact your NCUA examiner and request they generate a nomination document. Or, self-nominate your credit union for enrollment by completing an online nomination form.
For more information about this program or any other services provided by the NCUA OSCUI, contact the agency by email at oscuimail@ncua.gov.
CU PolicyPro Update: A New Look for Monthly Newsletter
A few months ago CU PolicyPro unveiled a new design of their monthly newsletters which are now archived in the online library section of CU PolicyPro. If you missed an issue, simply select the library link within CU PolicyPro to view an archived issue.
The new look contains policy FAQs, news about semi-annual policy updates as well as compliance and/or operational news previously was published in the OPS Notes.
What can you expect to see in the CU PolicyPro Newsletter?
Click here for the February Issue which addressed topics such as CFPB rules, Escrow Requirements, Mortgage Servicing, Qualified Mortgage Standards, Loan Originator Compensation and more.
If you have any question about CU PolicyPro, contact the Association’s compliance department at 800-932-0661, Option #3.
OSCUI Online Help
Q: How many small credit unions are there in the United States?
A: There are currently more than 4,600 federally-insured small credit unions, a number that jumped significantly since the NCUA increased the asset threshold for defining a “small” credit union to assets at less than $50 million (previously assets less than $10 million). As a result of this change in definition small credit unions now represent more than two-thirds of all federally-insured credit unions.
Q: Are there specific benefits small credit unions are entitled to?
A: Credit unions that fit the definition of "small" are entitled to a number of regulatory relief benefits. Chief among these is exemption from the risk-based net worth requirements under NCUA's Prompt Corrective Action rule. Also, since small credit unions are within the scope of the NCUA Office of Small Credit Union Initiative’s service mission, they may access their services. These include consulting, training and other resources which are all free to small credit unions.
FREE NCUA Workshop
The NCUA Office of Small Credit Union Initiatives is once again hosting a Workshop in Philadelphia on April 4. The workshop is free of charge and meals will be provided. Financial assistance for travel is also available.
When: April 4, 2013
Registration/Continental Breakfast 7:45 a.m. - 8:15 a.m.
In session 8:15 a.m.-4:00 p.m.
Location: Renaissance Philadelphia Hotel
Airport 500 Stevens Drive, Philadelphia, PA 19113
Training topics include:
- What to Expect During Your Next Exam
- Electronic Services
- Hidden in Plain Sight--do you have a dishonest employee lurking from within?
- Fair Lending Presentations
- Strategic Planning for New and Emerging Markets
- Regulatory Compliance Issues
For additional information, and to register, click here.
CUNA Mutual Group Update
Preventing a Cyber Attack
The hacktivist group, Izz ad-Din al-Qassam Cyber Fighters, which took credit for launching several distributed denial of service (DDoS) attacks against banks in 2012 and early January 2013 has said it will suspend the attacks. However, don’t bet on behalf of your members that only large banks are at risk since credit unions were also targeted in the attacks. Start by taking six steps to prepare your credit union for cyber-attacks. [Full Article]
Marketing Tips
Simple & Effective Tactics to Market Your Credit Union
CUNA's Marketing & Business Development Council publishes weekly articles on their website to help credit unions with their marketing efforts. This article offers insight into
Marketing Without Money
Check out the blog from our credit union friend, Mark Arnold on involving your front line staff:
Three Marketing Tasks for Tellers
Marketing Tips have been provided to you by Sandi Carangi, Director, Credit Union Marketing Services. Sandi provides marketing consulting services, working primarily with credit unions in the western part of the state. She can be reached at sandi.carangi@pcua.org
It's time to stock up on Mother's Day Gift Cards
And don't forget Graduation and Father's Day gifts too!
The ICUL Gift Card program is an inexpensive member service that's easy to implement, and even easier to manage. To ensure you have your supply of gift cards when members come looking, stock up today!
Gift Card Benefit Sheet
Gift Card Gallery
Contact Chantel Hassinger for additional details, enrollment and order forms.
Registration Still Open
CEO Leadership Workshop
March 20, Pittsburgh
March 21, Harrisburg
At the CEO Leadership Workshop, we uncover the dynamics that could possibly drive these two equally important teams apart, the dangers involved and what you can do to keep it from happening.
Click here for all the details and to register today!
REMINDER: CUNA CPDOnline Discount for Small Credit Unions!
This discount is available to affiliated credit unions under $20 million in assets toward a CPDOnline membership. Credit unions above $20 million in assets can also receive discounted pricing based on asset size, FTE count, and chosen membership options. See more.
Pennsylvania Credit Union Association/Pacul Services, Inc.