ICUL Service Corporation
 
 
March 2013
 
 
 

 

Important News

ICUL Service Corporation selects Nitro Mobile Solutions as mobile development partner

Illinois General Assembly Spring Session well underway

2013 League Director election results announced

GCS’ Burton appointed to Governors’ Advisory Board

Foundation lifts asset sizes for small CU grants

Mid-Illini Credit Union opens church branch as second location

Real-time GM member authorization request report

ICUL Service Corporation selects Nitro Mobile Solutions as mobile development partner
ICUL Service Corporation, a subsidiary of the Illinois Credit Union League and one of the nation’s leading credit union service organizations, has chosen Nitro Mobile Solutions as its mobile technology partner to deliver mobile solutions to its 3,000 credit union customers.

“Our search for a strong mobile technology partner that could help us bring the power of mobile technology to our credit union customers, led us straight to Nitro Mobile Solutions”, says George Fiegle, Executive Vice President and COO of ICUL Service Corp, “and we’re greatly pleased to partner with them.”

He adds, “as the company that built Nitro Mobile Banking™, the platform that powers CU Mobile Apps, another recent partner of ours, it only made sense that we chose Nitro to help us deliver mobile solutions for our other product lines, such as our reloadable prepaid debit card products.

Pete Slade, CEO of Nitro Mobile Solutions commented on the partnership. “It’s an incredible honor to be chosen by ICUL Service Corporation. It not only validates that mobile is the future for financial institutions large and small, but proves our mobile banking platform is rapidly becoming the trusted standard in the industry.

According a recent study by CTIA-The Wireless Association, mobile devices in the U.S. now outnumber people in living in America - and the numbers, and sophistication of these devices, is increasing daily.  For financial institutions and related service providers, mobile solutions deliver a highly personal and convenient way for their customers to work, communicate, shop and manage daily living, including their money anytime, anywhere.

Slade continues, “It’s no secret that people have high expectations when it comes to using their mobile applications and especially so when it comes to something as critical as managing their money.  We built our mobile banking platform products to the highest security standards possible, but also with design elegance and ease of use in mind.  For our business partners and their financial institution customers, this means they can trust our solutions to meet their standards for security and scalability. And for their end user consumers, it means beautiful, powerful and easy to use mobile apps that make mobile banking a no-hassle and enjoyable experience.

Fiegle goes on to say "our stated for goal 2013 was to develop a strategy to provide mobile applications for our relevant products and deliver a mobile solution to credit unions. We believe that by partnering with Nitro, the best of breed mobile solutions provider, we can provide our customers an alternative that helps them achieve their mobility goals faster and at a much lower cost."

Since 2009, Nitro Mobile Solutions has innovated mobile software with a focus on providing its partners with branded mobile solutions that they in turn, can offer to their customers. Our unique mobile platform products, coupled with highly experienced development and design teams, have resulted in hundreds of mobile apps on both the Apple and Android mobile operating systems, including financial institutions throughout the U.S.

For more information about ICUL Service Corporation, please visit
http://www.iculsc.com/  and to learn more about Nitro Mobile Solutions, call 888-970-6660 or visit http://www.nitromobilesolutions.com/.

Illinois General Assembly Spring Session well underway
February 15, 2013 marked the deadline for bills to be introduced in the Senate and February 26, 2013 marked the House deadline for bill introductions.

The League has been reviewing all legislation introduced in each chamber in an effort to identify bills of interest to credit unions. In total, 3,416 House bills were introduced and 2,405 Senate bills were introduced. Of that, ICUL is monitoring 63 pieces of legislation. This year, ICUL is supportive of 16 bills.

Of the bills identified as potentially harmful to credit union operations, ICUL’s legislative team has been working to provide additional language through amendments in an effort to mitigate potential harm to credit unions. Both House and Senate committees have been meeting to act on legislation, and ICUL continues to monitor amendments which are being added to bills.

For the full legislative report and details on legislation of interest,
please click here.

2013 League Director election results announced
The following are results of the 2013 League Director elections as tabulated and confirmed by the independent Teller of Elections, Selden Fox, Ltd., Certified Public Accountants, Oak Brook, Illinois.  Terms of office commence on April 18, 2013, immediately following the League’s Annual Delegates’ Meeting. 

The winners were:
  • District 1 - Class A: Peggy Cummins, Three Rivers Community CU- 3 year term; and Class D: Dennis Schaefer, SIU CU– 3 year term. 
  • District 2 - Class B: Geri Burek, South Division CU- 3 year term; and 
  • District 3 - Class C: Sean Rathjen, Consumers Cooperative CU- 3 year term. 

These Directors will be seated at the League's Annual Delegates’ meeting scheduled for 2:00 p.m. on April 18, 2013 at the Schaumburg Renaissance Convention Center.

To see the full list of board members, please see the League’s Web site.

GCS' Burton appointed to Governors’ Advisory Board
Keith Burton, Executive Vice President of GCS Credit Union, was recently appointed as a member of the Illinois Governor’s Board of Credit Union Advisors (GAB).

Burton will serve a three- year term as a member of the board. His duties will include advising the Governor and the Director of the Division of Financial Institutions (DFI) on credit union matters and making recommendations upon appointments and employment of personnel related to management and regulation of credit unions. 

The GAB is under the Illinois Department of Financial and Professional Regulation (IDFPR).  Its mission is to "protect and promote the lives of Illinois consumers. This is done by overseeing more than 1 million professionals in nearly 100 industries. The department licenses everything from barbers to banks, and also oversees most of the state’s financial institutions, which have combined assets in excess of $4 trillion."

Other members currently on the board also include: Alice Clements, Director, Consumers Cooperative Credit Union; Brian McDaniel, Director, Abri Credit Union; Ray Rogers, DHCU Community Credit Union; Karen Woods, Marketing Director, Decatur Earthmover Credit Union; and Helen Young, Director, CEFCU. 

Foundation lifts asset sizes for small CU grants
In light of the NCUA recently changing its definition of a small credit union, the Illinois Credit Union Foundation (ICU Foundation) board of directors also recently voted to increase the maximum asset size for the Small Credit Union Development (SCUD) and Marketing & Business Development (MBD) grant programs.

Credit unions with assets up to $30 million are now eligible to apply for SCUD grants, while credit unions with assets up to $50 million are now eligible to apply for MBD grants.

"The Foundation Board opted to increase the asset level maximums to keep pace with the definition of small credit unions. This change will allow more credit unions the opportunity to apply for grants from the Foundation," said Vicki Ponzo, ICU Foundation Executive Director.

The main deadline for scholarships and grants from the ICU Foundation is March 31. Application forms for scholarships and grants
are available online.

Nationwide, more than 4,600 credit unions are now covered under NCUA’s updated "Small Entity" definition from the current threshold of less than $10 million in assets to less than $50 million in assets.   The final rule is the first time in 10 years NCUA has revised the small credit union definition.

"Small credit unions are essential to their communities and fill a niche other financial institutions can't," NCUA Board Chairman Debbie Matz said. "So, at NCUA we’re regularly searching for ways to help small credit unions thrive and succeed. Consistent with our Regulatory Modernization Initiative, this final rule nearly doubles the number of small credit unions receiving regulatory relief.

The Regulatory Flexibility Act generally requires federal agencies to determine and consider the effect of proposed and final rules on small entities. Under the revised definition for a “small entity,” 2,270 more federally insured credit unions will now receive special consideration for regulatory relief. The updated threshold almost doubles the number of federally insured credit unions with regulatory exemptions through the small credit union definition.

In all, the final rule covers 4,672 or 67.8 percent of federally insured credit unions.  In Illinois, a state known to have one of the highest concentrations of small credit unions in the country, there are 253 credit unions with less than $30 million in assets, or 72 percent of those in the state.

NCUA’s final rule makes more credit unions eligible for assistance from NCUA’s Office of Small Credit Union Initiatives. The office is redesigning its service delivery system to improve efficiency and handle the potential increase in demand without increasing staff.

Mid-Illini Credit Union opens church branch as second location
Mid-Illini Credit Union (MICU) has opened a second location inside the Mount Pisgah Baptist Church at 801 West Market Street in Bloomington.

"Our new location will help us offer our members more convenient access to Mid-Illini's products and services," said MICU President Tom Stewart. "We have lots of members who have been asking for a west-side location, so we moved one of our ATMs a few weeks ago and are very pleased to announce that our new location is now open. We often say that Mid-Illini offers 'What you want, when you want it, no matter where you are,' and MICU at Mount Pisgah will help us deliver on that promise to our members."

In addition to offering more convenient access to existing members, the mission of MICU at Mount Pisgah offers more: "After much research, we discovered that we have an underserved area right here in Bloomington-Normal, in terms of convenient access to affordable financial services," said Julie Workman, Mid-Illini's Vice President of Marketing and Business Development. "As we looked for a partner to help us address the needs of this community, we learned that the leadership at Mount Pisgah had plans to open a credit union of their own to offer these services to the their congregation and their neighborhood, so our partnership developed from there."

"As we get this location up and running, we plan to offer alternatives to payday loans, affordable check cashing services and even pre-paid debit cards - plus basic budget counseling services from our Certified Credit Union Financial Counselors (CCUFCs) to members who could benefit from such a service," Workman continued.

MICU at Mount Pisgah has a full-time staff and will be open from 10 am to 6 pm Monday through Friday and 8 am to 1 pm on Saturday. A grand opening celebration is planned for Saturday, March 16 from noon – 2:00 p.m.

Real-time GM Member authorization request report
Credit unions participating in Invest in America’s (IIA) Credit Union Member Discount from GM currently receive weekly authorization request reports. That means IIA is sending your credit union a list and contact information of every member that requests an authorization number for the GM discount.

These members are hot leads for auto loans.

GM and Invest in America have developed the technology to provide credit unions real-time member authorization number request reports. When a member of an IIA GM participating credit union requests an authorization number to receive the Credit Union Member Discount from GM, we’ll be able to provide that member’s information to your credit unions immediately. This will give credit unions the ability to quickly reach out to their members and help them secure credit union auto financing.

IIA plans on launching this initiative during the second quarter 2013. In addition to the real-time report, credit unions will continue to receive the weekly summary report as well and can also find cumulative reports in the Partner Center.

Credit Union Action Required: Due to the frequency and time sensitivity of this report, credit unions enrolled in IIA’s GM discount program will be required to provide a single contact or group in-box in order to participate. Please provide the email address of the assigned contact person in your credit union to
IIAGMAuths@cusolutionsgroup.com. IIA will send the designated individual an email notification once the system is ready for release.

Credit unions have the ability to add their information to be included in the loan link on the IIA GM microsite. When members are looking to obtain an authorization number for GM Preferred Pricing, they can find their credit union’s name on a drop-down menu that then links them to the credit union’s page of choice – whether it’s a page on loan information or an online application.

To join the credit unions already listed on the microsite, we need your credit union’s name, state and a link (URL) of where members can either apply for an auto loan or learn how to apply for one. We also need the name and contact information for the person to reach in case there’s an issue with your link. All of this information needs to be sent to
IIAloanapplication@cusolutionsgroup.com.

Thank you for your assistance in getting credit unions to support these initiatives and for your support of Invest in America. If you have any questions, please contact
Vicki Ponzo, ICUL Senior Vice President of Member Services at (630) 983-3413 or Leslie Norush from Invest in America at: (800) 262-6285 ext. 542.

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