SCUNet News...participate, collaborate

August 2013

CUAnalyzer is FREE

Have You Used CUAnalyzer Lately?
IT'S FREE & AT YOUR DISPOSAL 24/7!

Your day is busy and the last thing you want to do is spend your evening crunching numbers. Sure, reporting accurate numbers to the board is important, but truly understanding how to use that information for the credit union's future gains isn't always quite so easy.

CUAnalyzer was presented to Association member credit unions earlier this year as a benefit to membership. CUAnalyzer is an invaluable tool that brings together quarterly 5300 data to help credit unions easily generate professional board reports, peer comparisons and many more professional packets.

CUAnalyzer is FREE and accessible 24/7!

Use CUAnalyzer to assess your credit union strengths and pinpoint areas for growth. You'll also receive suggestions on where you can improve. Weekly Hot Topics for customized analysis include such reports as ALM Committee Meeting Packet, Bankruptcy, Investment Return and so much more! Log in and take a look around.

Demos, standing webinar trainings and personal training options are available to help your credit union get started. Log-in required.

Contact your Association Account Executive for more details or to retrieve log-in information.


SUCCESS COMES WITH UNDERSTANDING MEMBER BEHAVIOR

According to David Polet, director of CUNA Mutual Group’s Voice of Customer division, "... 88 percent of credit union members have relationships with other financial institutions and that means, for at least part of how members think about finances, credit unions are not the preferred option.”

There are a lot of pressures on credit unions to gain market share, and research shows if credit unions are not out in front of members to showcase what you have to offer, they will look elsewhere.

Successful development of marketing strategies lies in asking the right questions. Polet said, “When planning strategies, credit union marketers need to ask themselves ‘Why would my members or potential members get a loan from us? What do I have to offer that’s meaningful to them?’

To learn more, follow @CUNAMutualGroup on Twitter, circle +CUNA Mutual Group on Google+, or visit the CMG Pressroom.


Benefits of Small Credit Union Designation

Q: I recall that NCUA changed the definition of a small credit union. What is the new definition and what impact does it have on small credit unions?

A: In January 2013, NCUA increased the asset threshold for the definition of a “small credit union” from $10 million to $50 million. The main benefits of qualifying as a small credit union include:

  • Relief from the interest rate risk regulation (Section 741.3);
  • Prompt corrective action relief from the risk-based net worth requirements; and
  • NCUA will look closely at the economic impact of proposed regulations on small credit unions going forward.

CU PolicyPro Tip of the Month
Policy 2700: Garnishment of Federal Benefit Payments

This policy was revised to comply with the new rule that took effect on June 28, 2013, that applies to federal benefit payments that are directly deposited into a member’s account through ACH.

The changes relate to definitions “Benefit Payment,t” “Garnishment Order,” and “Protected Amount,” as well as new information about how a credit union may charge a garnishment fee—to be collected up to five business days after an account review if funds other than a benefit payment was deposited to an account.

This Garnishment of Federal Benefit Payments policy update was just one of 27 recent changes to CU PolicyPro policies completed at the end of June 2013. The changes involved clarifications to language in specific policies, recommendations for language to be added to your policies, as well as required policy updates (as was the case with Policy 2700) due to changes in a law or regulation. 

For information about this policy or other changes to CU PolicyPro policies, contact the Association’s compliance department at 800-932-0661, Option #3.


Cyber Grants: Online Help from NCUA

NCUA offers a variety of grant opportunities for credit unions. If you are unfamiliar with their grants programs, here’s some helpful information.

NCUA has what is called their “Cyber Grants” online application system which manages funding requests for the grant and loan programs the agency offers.

The "Cyber Grants" application allows a credit union to apply for multiple grants through a single application. This online tool also provides step by step instructions on how to open an initial grant application, as well as specific grant eligibility criteria for available grant programs.

And to make it even easier for a credit union to work through the application process, the online system allows a credit union to “save” their grant application and come back. For example after gathering required information in order to meet eligibility criteria, go back into your cyber grant to complete and submit a final application.

To access the agency’s online application system simply log on to: www.cybergrants.com/ncua/applications

SIMPLE STEPS EARN
NON-INTEREST INCOME

Credit unions are consistently trying to enhance the value of membership while at the same time create new streams of non-interest income. You can do both with the Sprint program through Invest in America.  Benefits of this exclusive credit union member discount program include:

  • Marketing incentives =
    $ for the credit union
  • FREE marketing materials for statement mailings and lobby distribution
  • Requires little to no effort

It All Adds Up!

This program is simple to manage. And, your credit union earns marketing incentives even if your members do not take advantage of the Sprint program.

Enroll by September 1, 2013
Every October begins a new fiscal year (October 1, 2012-September 30, 2013) with Sprint.  Sign up to participate by September 1st and complete a few other specified marketing activities for your credit union to qualify for the maximum incentive. 

Already on the Sprint program?
Don’t risk losing the maximum Sprint marketing incentive. Renew for the upcoming 2013-2014 contract year!
[Click here.]

Contact your Association Account Executive for more information.

OSCUI Grant Information

The Office of Small Credit Union Initiatives (OSCUI) grant offerings are found on the agency’s website at www.ncua.gov/oscui.

On this page you can find the grant programs that are currently available, how to apply for them, as well as the qualifications for the grant funds.

Also, you can go to the agency’s website to review an archived webinar that talks about available grants for low income designated credit unions.

MARKETING TIPS

How Far Should Your
Marketing Dollars Go?

With marketing budgets tighter than ever, but even the smallest of budgets should be allocated properly. It is recommended that an effective and cost efficient marketing budget should be:

  • 33% paid media: advertising you pay for traditional ads
  • 33% earned media: PR, word of mouth, buzz and viral
  • 33% owned media: advertising on your own - this includes website, email marketing, mobile sites, blogs and other social media
  • 1% crisis communication

Required Disclosures on ALL
Loan Advertising

When advertising loans, there are three general disclosure statements that are always required.*

1. If risk-based lending, indicate rates "as low as"

2. Rates, terms and conditions subject to change and may vary based on creditworthiness, qualifications and collateral conditions

3. All loans are subject to credit approval and membership eligibility

*Depending on your offer and trigger terms, you may need to include additional disclosures.

Marketing Tips are provided by Sandi Carangi, Director, Credit Union Marketing Services. She can be reached at 717.215.6951 or by email at sandi.carangi@pcua.org.

Pennsylvania Credit Union Association/Pacul Services, Inc.

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