ICUL Service Corporation
 
ICUL League Directors Report
 
 
     LEAGUE             
DIRECTORS' REPORT
Illinois Credit Union League                                                 February 2015
  
Feature Story
 
  
ICUL actions continue saving millions
  
Latest reg fee credit totals nearly $1 million;
Cumulative sum reaches nearly $16 million 
  
State-chartered credit unions in Illinois started off the fifth calendar year in a row with a major improvement already on their bottom line - an aggregate credit of $962,384 -- thanks to unparalleled legal action taken by the Illinois Credit Union League (ICUL).
  
The latest credit is 79.25% of the total 2014 4th quarter billing to credit unions for regulatory fees - almost a total 4th quarter fee holiday.  Between an initial cash settlement of $6.2 million, regulatory fee holidays or credits realized in seven of the past 23 quarters totaling nearly $5.2 million, and a rate reduction of $4.4 million in regulatory fees paid to the DFI since the settlement was reached, Illinois state-chartered credit unions to date have realized a cumulative benefit of nearly $16 million.
  
"There aren't too many examples of an association actually being the cause of a return of money to its members," said Sean Hession, ICUL CEO & President. "The real victory is the nearly $16 million in credits that Illinois state chartered credit unions have received in the aggregate as a result of the settlement reached with the State of Illinois. We will continue to have dialogue with the State about the utilization of the regulatory fees it collects to enhance the exam process."
  
These regulatory fee credits continue to occur because of legislation initiated by ICUL to implement the court-approved settlement of the regulatory fee case it filed against then Governor Rod Blagojevich in 2004, which was signed into law by Governor Patrick Quinn in 2009.
  
Under the terms of the settlement, Illinois state-chartered credit unions received a cash payment from the State, which represented a credit for the overpayment in regulatory fees made under the Blagojevich Administration's fee escalation and transfer ("sweep") budgetary arrangement adopted by the State.  The 2009 legislation also codified a rate reduction in regulatory fees on a going forward basis and reduced the Credit Union Fund margin that triggers a credit back to Illinois state-chartered credit unions.
  
"The most recent credit shows the prosecution and favorable settlement of the regulatory fee case nearly six years ago remains advantageous for our credit unions today and is an excellent example of the value of League affiliation," said Stephen Olson, ICUL Executive Vice President and General Counsel.
Important News
  
Telling the Credit Union Story:

Best in Class - Dividends
  
As previously announced, the Illinois Credit Union System is launching a new "Best in Class" series and an online forum where the Illinois movement can share their stories.  To kick it off, we are highlighting credit unions that provided year-end dividends to their members in 2014 via deposits to members' savings accounts and gave back to their membership in other ways.
  
To read this exciting new series, please click here.

Now more than ever, the movement has a fantastic window of opportunity to share the story about their operation and good works with consumers, lawmakers, the media - and each other.

Don't miss your opportunity to be part of this new initiative!  We are currently planning future topics, so if you have other great stories, and we know they're out there, you are urged to submit them today to be part of the conversation! Please contact William Wille, ICUL PR Coordinator with your story today.
  

 

 

Many exciting changes await you at ICUL's Convention!
  
Registrations now open - early bird extended to 02/27
  
  
We are excited about the changes to this year's Annual Convention!
  

NEW FORMAT!  A Friday Morning General Session
will feature an entertaining and informative general session for all attendees.  The new format is filled with a variety of segments including educational ones on hot-topics like EMV, tokenization & fraud.  We're taking the most in-demand breakout sessions and bringing them to all the attendees!  In between, we will announce new programs and initiatives as well as showcase awards which honor individuals and credit unions for their accomplishments in the credit union movement.

 

NEW!  We've Got An App For That! Do you have a smart phone?  You can keep up with all the convention details by downloading our new Annual Convention App complete with handouts, hotel info, daily agendas, local dining info, hotel floor plans and more!   You'll love the interactive features that allow you to customize your Annual Convention experience.  Check the convention page on the League's website for download information.

 

CUPAC Red, White & Brew Fundraiser (optional event, separate registration form) Join us Thursday from 6:00 - 7:30 p.m. for a wine, cheese and beer reception that benefits CUPAC.  See the separate registration form for more details.

 

2015 "Crashers" Program.  A select group of first-time convention attendees who are under age 40 will be chosen to crash the convention. This is a great opportunity to develop our future leaders who will participate in a unique program designed by their CU Reach peers. Complete the application form and return it by March 13, 2015.

 

NEW!  Electronic Handouts.  Break-out session handouts will only be available in an electronic format for this year's Annual Convention.  You can bring them with you on your phone, tablet, laptop or on paper.  We will have them ready for you to download by April 10.

 

Materials are available online via the League's Web site.  In addition, hard copies of the promotional brochure and registration materials have also been sent to your credit union.  Again, please note the Early Bird Deadline for registering has been extended to
February 27, 2015. 
 

Questions about the 2015 ICUL Annual Convention?  Call 800-942-7124 and ask for the Education Department or email us at icul.education@icul.com.

 

Educational Opportunities
  
Join us for Business Development Prospecting for SEGS, a 60-minute QuickBites session on February 19 (Session Code: 423) where you and your colleagues will discover how to: Learn the prospecting steps, open doors without seeming pushy; Keys to building buy-in and support; and Tips for dealing with difficult people and winning them over.
  
When your members die, are you prepared to deal with the consequences? Do you know who to pay funds to when a member passes on? The Decedent Accounts QuickBites on February 24 (Session Code: 424) will teach credit union professionals what documents are needed from survivors making claims for funds.
  
Collectors who use persuasive and personalized words often have the most success. The right words can increase payments in full, calm angry members and sometimes sway apathetic consumers. The Collections QuickBites on February 26 (Session Code: 427) will cover: Guides for a successful collection call; Steps of a call; and Overcoming stumbling blocks.
  
The number of reported breaches affecting credit and debit card information was at a record high in 2014. Each week there seems to be a new merchant in the news. Credit unions are incurring the cost of counterfeit fraud. Looking ahead to next month, at the Avoiding Credit Card Fraud QuickBites on March 3 (Session Code: 438), you will hear tips to help limit losses when fraud is occurring on your card programs.
  
New and on-demand for 2015 is H.B. 5342 - BOD & Supervisory Committee Training.  H.B. 5342 was initiated by the League to establish a framework for consistency and clarity in the credit union regulatory exam process and signed into law by Governor Quinn on July 24, 2014. One element of HB5342 requires that each credit union board director must understand the credit union's financial statements. The provisions also establish an annual training obligation for Supervisory Committee members, so they understand their statutory duties. Sign up for this important training today  (Session Code: 670).
  
On-going resources also include on demand training for the Bank Secrecy Act and Financial Exploitation of the Elderly.  In addition, the audio archive of all QuickBites and telecourses is 60 days with paid registrations!
  
For the complete calendar, please see the League's Web site.
DATES & EVENTS
  

Legislative Day and Reception/golf outing dates announced. Please mark your calendar to attend the League's annual Legislative Day event and reception, which is scheduled for May 5 in Springfield. In addition, the 5th annual CUPAC Springfield golf outing is again being held prior to Legislative Day on Monday, May 4. Complete details for these events will be forthcoming, but for now, please mark these dates in your calendar.

                       
    
Join CU Mobile Apps and see the future of mobile services!
  
Do you have a Mobile Strategy and delivery channel to attract the next generation?  Join CU Mobile Apps and see the future of Mobile Services!
 
CU Mobile Apps has ideas that can help your credit union compete no matter what your size or location.  Find out what a Mobile service can do for your bottom line and how to reach the next generation of members.  Learn the value of providing more than just Online Banking! 

Topics Include
:
  • Remote Deposit Capture
  • Mobile Marketing
  • Message Alerts
  • State of the Art Security
  • P2P

CU Mobile Apps delivers the complete package!

Join CU Mobile Apps for a free webinar to learn the value of how our Mobile App provides more than just Online Banking. See the future of Mobile Services!  Click below for a date that works for you!
 
Thursday February 19 10:00 am Central Time

Tuesday February 24 1:00 pm Central Time

Thursday February 26 10:00 am Central Time

paperpen
 
Workshops set for small credit unions to
Collaborate | Innovate | Communicate
 
In one information-packed day, you'll gain the industry knowledge to help you achieve the bottom-line results you're looking for. 
 
You'll learn the good, bad and ugly of board leadership.  Tips on managing cyber security and updates on social media. You'll hear from a team that will offer compliance guidance and best practices.  You'll get a free lunch and have an opportunity to network with your peers - don't miss it!  We hope you can join us.  It's FREE!
 
March 17: Northern Illinois, 10:00 a.m. - 3:00 p.m.
Northern Illinois Univ. Barsema Visitors Center, 231 N. Annie Glidden Rd., DeKalb
 
March 24: Southern Illinois, 10:00 a.m. - 3:00 p.m.
Scott Credit Union, 101 Credit Union Way, Edwardsville
 
March 26: Central Illinois, 10:00 a.m. - 3:00 p.m.
ICUL - Legislative Offices, 225 S. College, 2nd Floor, Springfield
  
Click here to register.  Please register early, as seating is limited.  Questions?  Call Joni at (630) 983-2723 or e-mail joni.senkpeil@icul.com or  call Pat at (618) 910-3165 or e-mail patrick.voss@lsc.net.  
Reminders... 
 
  
ICU Foundation establishes Commemorative Awards. The Illinois Credit Union
League is establishing Commemorative Awards with the Illinois Credit Union Foundation commemorative awards to honor three long-time staff members: George Fiegle, Ron Culen and Joyce Jackson.  All three will be recognized at this year's Annual Convention.  If you, your credit union, or chapter would like to make a contribution in honor of George, Ron and/or Joyce, send a share draft made payable to the ICU Foundation with a notation which Tribute award(s) should be credited by listing the name(s) of the honoree(s).  You can also make a donation online using a credit card by clicking here no later than March 15, 2015.  We believe this will be a really great way to celebrate their many accomplishments.
  
CALL FOR ENTRIES: Let's Honor Our Champions!  Wouldn't you agree that it is important to recognize people who go the extra mile for credit unions?  Certainly, those who create a living example of the movement's "people helping people" philosophy help credit unions grow and thrive.  To that end, the Illinois Credit Union League is proud to sponsor the Annual Spirit of Service Awards to recognize one outstanding volunteer and one outstanding employee within the Illinois credit union movement.  We strongly encourage you to look within your own credit union for deserving individuals who embody the spirit of credit unions. Nominations are due by February 27.  For more information and/or an entry form, please see the League's Web site or contact William Wille.
For Co-Borrowers, Joint Disability Payment Protection Can Be Critical
  
By Suzy Pursell

Nearly half of all U.S. families had two working spouses in 2013, and almost six in 10 of these households included children, according to the U.S. Bureau of Labor Statistics. 
  
Most of these households probably count on both incomes to make ends meet, which credit unions should take into account when lending to co-borrowers. If your credit union offers co-borrowers joint disability payment protection, such as with credit disability insurance or debt protection, be sure co-borrowers know about its advantages. For example, joint protection:
  • Generally costs members less than the combined cost of separate single protection for two people.
  • Kicks in even if only one of the borrowers becomes disabled.
  • Can cover up to two borrowers.
  • Can augment existing disability benefits such as employer-provided benefits that often pay 60% or less of an employee's regular income.
  • Products generally don't require medical exams, so members aren't automatically disqualified for poor health.

Gain Non-Interest Income While Helping Members Reduce Risk
By promoting joint protection for co-borrowers, credit unions can increase non-interest income while extending more protection to member households.

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

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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