ICUL Service Corporation
 

 

     LEAGUE             

DIRECTORS' REPORT

Illinois Credit Union League                                                 July 2015


   

Feature Story

  

Illinois State Treasurer Michael W. Frerichs (at podium) with Brenda Crane, Credit Union 1 SVP/COO and Tom Kane, ICUL President/CEO at the July 9, 2015 press conference at the James R. Thompson Center in Chicago.


Illinois Credit Unions "Stepping Up"

Helping State Employees during Budget Impasse 

  

When circumstances arise that are beyond the control of Illinois' more than three million credit union members, credit unions remain true to one principle - people before profits - and represent a highly valued resource.

  

This has never been more true than during the current State of Illinois budget impasse, which has leaving state employees faced with the prospect of potential interruptions in their payroll.

  

In response to this situation, credit unions from all across Illinois have been proactively working to provide their members and consumers with peace of mind.  This has included partnering with Illinois State Treasurer Michael W. Frerichs who announced, alongside ICUL and Credit Union 1 at a July 9 press conference, his office's collaboration with Illinois' credit unions to provide more than $50 million in available funding for interest-free loans to state workers during this challenging time.

  

"The Treasurer's Office uses tools to help our residents achieve more, such as saving for college, investing in a business or planning for retirement," said Treasurer Frerichs.  "This linked-deposit program is a tool that provides short-term loan for workers while the Governor and Illinois General Assembly resolve their differences."

  

In just a very short period of time leading up to the Treasurer's announcement, ICUL immediately gathered information and marshaled resources to provide a concerted credit union response.  As a result, more than two dozen credit unions from across the state have stood behind this effort to offer assistance programs to state workers.  In addition, the League has held two informational webinars that has included members from Credit Union 1, the Treasurer's Office and ICUL.  In addition, this extraordinary effort has resulted in credit unions being prominently placed in the news throughout Illinois and across all types of media.

  

One of the credit unions leading the way has been Credit Union 1.  In 1995, the credit union introduced an "Employee Loan Assistance" program designed to provide payroll gap assistance for its members facing the threat of a missed or delayed paycheck. While fortunately this program has only been needed on a limited basis since its inception, Credit Union 1 members are afforded great comfort and security in knowing that their credit union is there for them whenever the need arises.

  

"Credit Union 1 is pleased to again provide assistance to State of Illinois employees should their payrolls be interrupted due to the budget impasse," said Brenda Crane, SVP/COO.  "Our Loan Assistance Program has clearly evolved over time as a true benefit of credit union membership."

  

"True to their mission of 'People Helping People', Illinois credit unions are stepping up to assist their members' financial needs," said Tom Kane, ICUL President/CEO.  "Partnering with the Illinois State Treasurer's Office will provide even more resources to help them weather the budget impasse."

  

As this is an on-going effort, several resources are available to interested credit unions.  This includes this list of participating credit unions and a link to webinar resources directly from the front of the League's Web site.  For any questions about this initiative, please contact Patrick Smith, ICUL Senior Vice President of Regulatory Affairs at (217) 744-1802 or Patrick.Smith@ICUL.COM.

Important News

 

Get Recognized!

ICUL statewide award competitions now open   

  

Please consider this the official call for entries for the annual Desjardins Youth Financial Education Award Program, the Dora Maxwell Social Responsibility Award and the Louise Herring Award for Philosophy in Action award competitions.

  

New changes for 2015! In an effort to streamline the submission process for our member credit unions and to reduce financial and human resources spent on the submission process, CUNA and the Leagues have collaborated to produce one standardized format and online submission process.


The
Desjardins Financial Education Award recognizes leadership within the credit union movement on behalf of youth and adult financial literacy.  The Dora Maxwell Social Responsibility Community Service Award program honors the work of credit unions for external activities in the community, and the Louise Herring Philosophy-in-Action Member Service Award program recognizes the practical application of credit union philosophy in daily internal operations.

  

Winning credit unions at the state level will be recognized at the Keynote & Awards program held during the League's 86th Annual Convention (April 7-9, 2016) and at their respective chapters.  State winners from each competition will then advance to the national competition for judging. In addition, national winners will be recognized at the 2016 CUNA Governmental Affairs Conference in Washington, D.C.

  

All entries must be submitted to the League office by July 31, 2015.  Submit today!

  

  

Embrace with Members
 

The World Council of Credit Unions has announced the 2015 International Credit Union (ICU) Day® theme is "People Helping People," embracing the longstanding credit union philosophy. ICU Day is celebrated annually on the third Thursday of October and will take place this year on Oct. 15, 2015.


Since appearing in several past ICU Day themes from the 1960s and 1980s, the phrase's meaning has stood the test of time. By adding a modern and colorful design, ICU Day celebrations this year have potential to raise awareness of credit union benefits and ultimately attract more members worldwide-contributing to World Council's goal of adding 50 million new members by the year 2020.

  

Official ICU Day graphics and posters in English and Spanish are available for download on the World Council's website at www.woccu.org/icuday. Promotional materials and other tips to help celebrate International Credit Union Day will soon be available.

  

Mark the date of this annual worldwide credit union celebration and start making plans today!

Educational Opportunities

  

Deciding what types of loans to make, who to make the loans to, and how to most effectively go about reaching these potential members can be challenging, to say the least.  During the Why Marketing Analytics Change Landscape QuickBites on July 21 (Session Code: 607), we will discuss how analyzing marketing and lending data will reshape your marketing, transform your decision process, and just might change the way you lend.

  

The best way to approach website compliance is to understand that the rules are much the same as any other component of credit union operations. In essence, the credit union is not operating a website as much as it's building a virtual branch.  The Website Compliance QuickBites on July 23 (Session Code: 608) will also help a credit union work through compliance with its overall online presence.

 

A clear, concise, and organized approach to dealing with problem loans is essential to minimizing credit risk. The Review, React, Remediate - Responding to Problem Loans QuickBites session on July 28 (Session Code: 609) will provide you with the conceptual framework and templates needed to identify and develop a plan to remediate or exit problem relationships. This session will provide real-time, pertinent information based on actual experiences that help institutions prepare for their next regulatory exam.

 

No one wants to think about a robbery, but it's important to be ready for that possibility by planning solid robbery and security procedures. Join Credit Union Training Consultant Kate McPike as she discusses the guidelines, forms and procedures that can help you prepare for, manage and minimize a robbery's traumatic effects on your credit union and your staff during the Robbery and Security Prevention Quick Bites on July 30 (Session Code: 610).

 

The Leadership/ Multitasking for CU Managers telecourse on August 6 (Session Code: 619) will cover a "multi-task, multi-functional" approach to management. Topics include the manager's ability to gain personal "economies of scale" through effective time management, negotiation skills, and personal planning. During the session, leadership and multi-tasking scenarios from the "real life" of a credit union professional will be presented in order to reinforce the concepts.

  

For years, credit union prognosticators have warned of the death of the brick and mortar branch, and of the virtualization of financial services. How will credit unions adapt to serving members they rarely, if ever, see face to face in a branch environment? The Virtual Model QuickBites on August 11 (Session Code: 620) will discuss the unique opportunities and challenges tied to this future business model, as well as cover all the things credit unions must consider to do it well.

  

Credit unions promise to work for the best interest of their members. At the same time, many are implementing "sales cultures." Join us for the Paradox of Relationship Sales QuickBites on August 13 (Session Code: 621) to learn more on how to make good on our public mission, amplify each credit union's brand promise and deliver healthy, sustainable growth.

  

For the complete calendar, see the League's Web site.

                             

    

CUMONEY® expanding technology capabilities
in the credit union mobile space
   

  

LSC® has introduced a new prepaid mobile app that is free to members, and provides credit unions with an excellent way to engage their on-the-go members.

U.S. consumers turn to apps 86% of the time they are on mobile devices and

  

CUMONEY represents a significant competitive edge for credit unions.  With the focus being placed on the prepaid product space, the app complements a credit union's current mobile strategy and can help increase their reach among mobile users.

  

CUMONEY is a true mobile app solution from LSC that provides a high level of mobility for credit union members to safely and securely manage their reloadable funds.  Available on the iPhone, iPad and Android platforms, the app utilizes the latest technology, including Remote Deposit Capture, as one of the options in which to load funds anywhere instantly to the CUMONEY prepaid reloadable card. Members using the app also have the ability to check their account balances, verify recent purchases, and view pending transactions directly from their device.

  

As a leading provider of products and services to credit unions across the country, LSC delivers gift cards, TravelMoney, Everyday Spend, and NewGen prepaid cards to more than 3,100 credit unions in all 50 states.  LSC's CUMONEY app represents the next level of helping credit union members everywhere manage their prepaid funds.

  

"CUMONEY is a very effective way to help credit unions compete in this ever-changing and evolving age of technology, especially among their mobile members," said Naomi Anderson, LSC's Vice President of Card Services.

  

Credit unions interested in bringing this new mobile convenience to their members should contact sales@lsc.net.

 

DATES & EVENTS

  

Small Credit Unions - It's your Time to Shine! The highly popular Small Asset Size CU Conference will be held at ICUL's Naperville offices August 4-5 for credit unions up to $40 million in assets.  Get the latest updates via an interactive session with state and federal regulators and League staff dealing with the latest regulatory and compliance issues; an update on what is happening at the Office for Small Credit Union Initiatives; hear all about the newest products & services available from the League and LSC and learn from your peers via networking and a best practices panel.

 

"Take Me Out to the Ball Game" and Celebrate Credit Unions! Join us for U.S. Cellular Field's Credit Union Day!  This special event will be held on Monday, August 10 as the Chicago White Sox take on the Los Angeles Angels. Game time is 7:10 p.m.  Plan now to gather your credit union members, your family and friends for a great evening at the ball park.  Purchase your tickets online through the Chicago White Sox at www.whitesox.com/creditunion or for group ticket sales (20 or more tickets), please contact Mike Rourke at 312-674-5186 or mrourke@chisox.com.

 

Annual Chapter Meet Up.  Chapters are integral to the Illinois Credit Union System.  Chapter leaders, your annual conference is being planned for August 19-20 in Decatur.  This year's theme is, "All That Jazz!"  We look forward to seeing you!  Click here for all the details. 

 

Get the Latest Legal Updates.  We encourage you to attend ICUL's 38th Annual Attorneys' Conference, which will be held in Oak Brook on September 18-19.  Designed for credit union attorneys, this conference provides an annual update on laws, regulations and judicial decisions impacting the operations of credit unions you assist.  For more information about the conference including hotel arrangements, please contact the Office of General Counsel.

  

Just for Young Professionals.  After achieving a sold out inaugural event, CU Reach will be holding its second annual Young Professionals conference in Naperville on September 22-23.  CU Reach is committed to recruiting and retaining young professionals to inspire life-long careers in the Illinois credit union movement and is looking forward to another high energy and dynamic conference for those 40 and under.  Get ready to send your younger staff to a gathering they won't soon forget!

  

A New Opportunity for Women.  Join us for the Women's Leadership Conference, to be held on October 6 at the Morton Arboretum in Lisle.  This first-of-its-kind event is open to all women in the credit union movement and will focus on developing and enhancing leadership skills, and empowering women to achieve their goals.  There will be many great speakers and opportunities for networking.  Full conference details will be available via the League's Web site and sent to all credit unions this month.  Join us for this unique gathering! 

 

  

  

 

It Started with Forty Dollars, Fourscore Years Ago

   

Eighty years ago, the CUNA Mutual Society issued a life insurance claim payment of $40 to the beneficiary of a Milwaukee Road railroad switchman. That payment began to fulfill the vision of the Credit Union National Association (CUNA) National Board, which had approved creation of an insurance operation devoted to protecting credit union members and their families.

 

Before that year of 1935 was over, the fledgling company had launched a loan protection product (paid for by credit unions), and within another year added credit life insurance, disability coverage, and outstanding loan balance coverages.

 

The outstanding loan balance coverage was something new, not only to credit unions but to the insurance industry overall. Credit unions saw how often members missed payments during the brief period before they died or became totally disabled. So the CUNA Mutual Society responded with a product that paid the unpaid interest that accumulates on these delinquent loans, plus the outstanding balance up to $1,000. 

 

What Has and Has Not Changed
So much has changed in the fourscore years for this company, now called CUNA Mutual Group, and so much remains the same.


To read the full article and learn more, please click here.

 

Economic News

 

The June 2015 Credit Union Trends Report is now available.

 

Illinois Credit Union League

 

1807 W. Diehl Rd. Naperville, IL 60563      225 S. College, Suite 200, Springfield, IL 62704

(800) 942-7124      http://www.iculeague.org

 


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