CUNA Mutual Group: Common Purpose. Uncommon Commitment.
Credit unions have relied on CUNA Mutual Group for more than 75 years for insurance and financial services needs, and today is no different. As regulations, consumer preferences and technology have changed the face of the credit union marketplace, so too has CUNA Mutual Group (CMG) evolved.
The Pennsylvania Credit Union Association is honored to have the strength of partnership with CMG, recently recognized by Ethisphere as a 2013 World’s Most Ethical Company. CUNA Mutual Group is a name you know and trust. Remaining committed to the credit union marketplace, CMG is focused on building the products and services that make a difference in people's lives.
Contact your Association Account Executive or visit www.cunamutual.com for more information on the products, services and resources available to your credit union.
CU PolicyPro Policy 2223:
Children's Online Privacy Protection Policy
The Children’s Online Privacy Protection Policy was created in response to a revised Federal Trade Commission amendment to the Children’s Online Privacy Protection Act (COPPA) which applies to the collection of information from children younger than thirteen who use a credit union’s website or other online services.
For information about this policy or other CU PolicyPro policies, contact the Association’s compliance department at 800-932-0661, Option #3.
OSCUI Has You Covered: Urgent Need Grants Available Year Round
Q: We heard that National Credit Union Administration’s Office of Small Credit Union Initiatives (OSCUI) offers Urgent Need grant assistance to low income designated credit unions. What are the requirements of the Urgent Need grant program?
A: The NCUA OSCUI Urgent Need program is for emergency assistance and is available year-round. An Urgent Need grant provides funds for continued operations where there is an immediate and pressing need to address financial or operational issues that if left unaddressed will disrupt service to members.
Examples of urgent needs include:
- Repairing damage to the credit union that has occurred from natural disasters
- Repairing damage to the credit union’s premises that is not covered by insurance
- Replacing equipment needed to immediately restore services to members as the result of an unexpected event (Ex: Power outages from storms that have shorted out equipment)
- Paying consultant fees for records reconstruction after a natural disaster
- Conversion of data servicer following an event such as a vendor bankruptcy.
For a full review of grant application and eligibility process, click here.
Low-Income Designation—Is Your Credit Union Eligible?
Q: Some of the National Credit Union Administration (NCUA) grants programs are available only to low-income designated credit unions. How can we find out if we are eligible to be a low income designated credit union?
A: Most NCUA grants are available only to low-income designated credit unions. To qualify a federally chartered credit union must have a current low-income designation as set forth in NCUA’s Rules and Regulations, Section 701.34. State chartered credit unions must have the equivalent low-income designation from their respective state supervisory authority (SSA) and concurrence from NCUA.
A low-income credit union is one in which a majority of its membership qualifies as low-income members as defined in Section 701.34 of the NCUA Rules and Regulations. Low-income members are those members who earn 80% or less than the median family income for the metropolitan area where they live, or the national metropolitan area, whichever is greater.
The number of credit unions classified as low-income continues to rise, currently with more than 2,000 institutions designated as such. To find out how close a federal credit union is to low income status, email NCUA's Office of Consumer Protection at firstname.lastname@example.org or call 703-518-1150.
Log on to the NCUA low-income designation web page for more information on how to apply for a low-income designation.
2014 NCUA Operating Fee Scale Reduced
According to NCUA Letter to Credit Unions 14-FCU-01, Operating Fee Scale Reduced for 2014 the NCUA Board has lowered the 2014 operating fee scale by 18.4% for federal credit unions with assets more than $1 million. Also, the agency extended the exemption from paying an operating fee for federal credit unions with assets of less than $1 million. Federal credit unions with assets less than $1 million will not be assessed an operating fee for 2014.
The operating fees for federal credit unions were assessed based on assets as of December 31, 2013. An online calculator is available here.
Small Employer Health
IRS Form 990T
Federal credit unions can take advantage of a small employer health insurance credit by completing IRS Form 990T. If you haven't applied for the health savings in the past, you can get reimbursed back to 2010.
"It takes an hour's worth of time to fill out the necessary part of Form 990T. I got a $1,100 check from the IRS," states Debie Keesee, head of $10.4 million-asset Spokane Media Federal Credit Union. For instructions on how to get the tax credit, click here. (Source: CU Journal, Ted Knutson, February 27, 2014)
Employee Benefits Solutions:
One Size Does Not Fit All
We understand an off-the-shelf solution is probably not what you’re looking for. That’s why we partnered with Digital Benefit Advisors, the nation’s largest employee benefit-only agency, to deliver custom solutions to our member credit unions.
Digital's Customer Care Advocates
Digital representatives are available to you—and to your employees—every single business day. This is a huge distinction from traditional brokers and a terrific time-saver for you.
Think about it. If your employees don't understand their coverage or are having difficulty with a claim, you don't have to troubleshoot—Digital will do it for you.
Contact Liz Shaeffer, Manager, Employee Benefits Solutions, at 800.932.0661, extension 5251, or email email@example.com.
It's Your Benefit.
This fee-free, invaluable resource provides access to national peer data; financial reports are easily created, downloaded and shared with staff and board.
If you're unfamiliar with CUAnalyzer, training webinars are held weekly. Contact your Association Account Executive for more information.
Aligning Your Marketing with
Having an effective marketing plan ultimately comes down to how well it ties in with your overall business plan. Here are three ways to ensure your marketing plan is on target:
1. Know your credit union's primary objectives. It's much easier to focus your marketing on strategies that will produce measurable results.
2. Align goals with key financial performance ratios. Your promotions should have a specific objective along with a targeted goal. Analyze each campaign—keeping track of results that link directly to financial performance ratios helps substantiate your marketing efforts.
CUAnalyzer, a benefit of Association membership, is an excellent resource for financial reporting.
3. Be flexible. Change is good. Change your strategy if you're not seeing the desired results.
Marketing Tips are provided by Sandi Carangi, Director, Credit Union Marketing & Strategic Services. She can be reached at 717.215.6951 or by email at firstname.lastname@example.org.