Important News
ICUL Service Corp to partner with CUNA on pre-paid debit products
Illinois CU movement loses long time advocate, friend
Illinois lawmakers show support of ICU Day on House, Senate floors
"Bank on Illinois" moves into Aurora
League announces statewide award winners
Illinois REAL Solutions Partner CUs discuss innovations
Latest Invest In America discounts include Chrysler, FTD Florists
ICUL Service Corp to partner with CUNA on pre-paid debit products
ICUL Service Corp (LSC) and CUNA Strategic Services (CSS) recently announced a strategic partnership to help credit unions of all sizes across the country compete in the pre-paid arena.
Already providers of a family of pre-paid and high quality products, services, and technologies respectively, LSC and CSS will, as partners, further solidify the strength of the credit union movement and increase efficiencies of scale in a rapidly growing segment of the ever-competitive financial services marketplace.
"Prepaid cards have become the fastest growing form of payment in the past 20 years and it is anticipated the prepaid industry will grow to $236 billion this year," said George Fiegle, LSC Executive Vice President/COO. "Credit unions of all sizes from all parts of the country stand to increase their competitive advantage by being a player in serving credit union members and consumers for this need."
LSC serves more than 2,000 credit unions in 45 states with its CUMONEY product line that includes gift cards and reloadable prepaid programs. CUMONEY is designed as a turnkey agent program in which all fees on the cards have been set, and there is no liability or fraud exposure to credit unions.
Similarly, CSS delivers a competitive advantage made possible through volume pricing and strategic program development and in 2008, saved credit unions $46 million.
"Because participating credit unions won’t have the overhead and workload of managing such a program, they can focus on selling the prepaid products to their members," said Wes Millar, senior vice president for CUNA Strategic Services.
For more information about this partnership, and/or LSC's family of products, please contact Fiegle or Karen Duffy, Senior Vice President, Sales and Business Development at (800) 942-7124.
Illinois credit union movement loses long time advocate, friend
John “Jay” McCaughey Sr., a strong proponent for small credit unions, a staunch supporter of the Illinois Credit Union System, specifically the Thomas W. Doig Chapter of Credit Unions, and advocate in his local community, passed away October 2, 2009 at his home surrounded by his family. He was 87.
Jay, as his friends called him, dedicated his life to serving people. He was a lifetime resident of Gurnee, Illinois.
Jay's career began in 1956 when he took over as treasurer of the Warren Township Credit Union (now Community Trust CU) and ran it out of his basement. All the while, he maintained his full time position as postmaster. When he retired from the post office in 1978 he assumed the duties of president full time. He retired in June 1997 but continued his involvement as the board treasurer until 2006.
Jay’s commitment to the credit union movement was evidenced by his involvement in the Doig Chapter. He served as chapter chairman, treasurer and league director. The Doig Chapter golf outing was renamed the McCaughey Open in honor of him. He served on the ICUL board of directors from 1992 to 1996. Jay was also inducted into the Illinois Credit Union Hall of Fame in April 1997.
ICUL Chairman of the Board, John Bratsakis, who also served at the helm of Community Trust Credit Union from 1999 until 2007 and has been serving as League Director of the Doig Chapter since 2001, recently reflected on the impact McCaughey had on him.
"Jay's legacy of more than 40 years in the credit union movement is known to many and his contributions to the credit union movement and the local community have been significant," said Bratsakis. "Jay touched a lot of us in many ways, whether it was personally or professionally. He was always there to lend a hand for whatever you might need."
ICUL President/Chief Executive Officer, Dan Plauda, also offered a warm remembrance about Jay and added, "Jay was a very special person and I spent many pleasant hours with him. I had the honor of speaking at one of his retirement parties and at many of his community events. He will be incredibly missed."
"I have known Jay for many years and the thing that will always stay with me is his love of people and his willingness to go out on a limb for them. That is what made him such a great fit for the credit union movement and especially CTCU (Community Trust Credit Union)," said Madeline Lipka, the credit union's President/CEO. "He lived the credit union motto of 'People Helping People'. His legacy lives on through his daughter Betty Fallos, who is now a branch manager at Community Trust."
He is survived by his wife of 67 years, Elaine McCaughey; his son, John J. Jr.(Nancy); daughters, Ann, Mary (Steve) Furrer, Betty (Elmer) Fallos; numerous loving grandchildren, great grandchildren, nieces, and nephews.
Jay quietly gave of himself to the credit union, the movement and to his community.
Illinois lawmakers show support of ICU Day on House, Senate floors
Illinois State Senator David Koehler (D-46, Pekin) and Illinois State Representative Joe Lyons (D-19, Chicago), read statements of support into the record October 16 on the Senate and House floors, respectively.
“Congratulations to all Illinois credit unions on your day,” said Lyons after introducing HR 693 on the House floor during a point of privilege.
Similarly, Koehler recognized credit unions from the floor of the Senate on their service to Illinois residents.
In addition to their acknowledgment of credit unions in the Illinois General Assembly, both of these lawmakers also serve on boards of credit unions. Senator Koehler is a member of the CEFCU board of directors in Peoria, and Representative Lyons serves on the board of Credit Union 1, based in Rantoul.
“We sincerely appreciate the efforts of Senator Koehler and Representative Lyons to honor credit unions during International Credit Union Week,” said Dan Plauda, Illinois Credit Union League president/chief executive officer. “Their support is felt not only during this special time of year for credit unions, but also on a regular basis in the Illinois General Assembly and on the credit union boards in which they serve.”
For a link to House Resolution, HR 693, as well as audio of Senator Koehler's and Representative Lyons' remarks, please click here.
"Bank on Illinois" moves into Aurora
On October 29, the League hosted credit unions that serve the Aurora area to learn more about the Illinois State Treasurer's "Bank on Illinois" program.
"Bank on Aurora" is a program that aims to offer unbanked residents from underserved and minority communities free and/or low-cost accounts with mainstream financial institutions. Partner organizations include local not-for-profit agencies and financial institutions, including credit unions.
Rockford was the first Illinois city to take part in this national campaign and officially kicked off on October 1.
Bank on Illinois is modeled after a similar program launched in 2006 by the San Francisco, California Treasurer's Office. The campaign enlists community organizations to provide expertise on and outreach to unbanked residents, while financial institutions market and advertise appropriate, low-cost bank account products to these consumers. Elected officials act as an intermediary between the nonprofits and financial institutions, providing materials and tracking data. More than 50 cities have duplicated the city program, while Illinois and California are the first two statewide campaigns to date.
To participate in Bank On Illinois, financial institutions must offer free or low-cost checking and savings accounts, “second chance” accounts for people with negative histories and accept tax identification numbers, Matricula Consular and other foreign IDs in place of Social Security numbers. To qualify for an account, residents must have a history free of identity theft and fraud, and will be encouraged to enroll in financial literacy training courses.
For more information about the Bank on Illinois program, please contact Vicki Ponzo, ICUL Senior Vice President of Member Services via email or at (630) 983-3413.
League announces statewide award winners
The Illinois Credit Union League is pleased to announce the recipients of its statewide Desjardins, Dora Maxwell and Louise Herring awards.
In the Desjardins Youth Financial Education award competition, the winners were as follows:
- Financial Plus CU: First Place, $75 - $250 million asset category;
- GCS FCU: Honorable Mention, More than $250 million asset category;
- NuMark CU: Honorable Mention, $75 - $250 million asset category;
- Prairie Trail CU: First Place, $35 - $75 million asset category;
- Scott CU: First Place, More than $250 million asset category;
The Desjardins Youth Financial Education Award recognizes leadership within the credit union movement on behalf of youth financial literacy. Naming the award after Alphonse Desjardins emphasizes the movement’s long-time commitment to youth.
In the Dora Maxwell competition, the following credit unions have been honored:
- Community Trust CU: Honorable Mention, $100 - $200 million asset category
- Consumers Cooperative CU: Honorable Mention, more than $500 million asset category
- Financial Plus CU: Second Place, $100 - $200 million asset category;
- GCS FCU: First Place, $200 - $500 million asset category;
- Great Lakes CU: First place, more than $500 million asset category
- NuMark CU: Honorable Mention, $100 - $200 million asset category;
- Scott CU: Second Place, more than $500 million asset category; and
- Streator Onized CU: First Place, $100 - $200 million asset category.
The Dora Maxwell Award honors credit unions for their outstanding efforts in community projects and activities.
Finally, receiving honors in the Louise Herring Award competition for Philosophy in Action were:
- GCS FCU: First Place, more than $250 million asset category;
- Consumers Cooperative CU: Honorable Mention, more than $250 million asset category;
- Scott CU: Second Place, more than $250 million asset category.
The Louise Herring Award for Philosophy in Action was established in 1990 to commend credit unions that make exceptional efforts to include credit union philosophy in their daily operations and member service.
For more infromation about these statewide awards, please contact William Wille, ICUL PR Coordinator via e-mail or at (630) 983-3216.
Illinois REAL Solutions Partner CUs discuss innovations
The latest meeting of Illinois REAL Solutions partner credit unions centered on the latest innovations and initiatives of the Filene Institute’s i3 group.
Jean Theis, vice president of operations for Motorola ECU in Schaumburg presented on the Debt in Focus web interface. Rolled out in June 2009, this new initiative provides credit union members anonymous debt management advice and delivers an actionable plan to help improve member credit profiles and reduce debt. This tool is simple to use and extremely user friendly (no financial jargon) and provides the end user with a summary of their debt.
Theis also provided an overview and updates on other i3 innovations, including prize-linked savings, Matrimoney and CU Harmony. There are also other numerous i3 initiatives that fall under the categories of building wealth, navigating financial waters, meeting life’s milestones, making community connections, and borrowing.
Also on the agenda were representatives from Alliant Credit Union in Chicago - Joe McGowean, director of marketing, and Frank Weidner, senior vice president of member services. McGowean presented "Friends & Benefits", a customized benefit initiative being piloted by the credit union. Friends & Benefits is a program that summarizes the value of each member’s relationship with the credit union. The report displays for the member what they have saved or earned above and beyond what they could have expected at another financial institution. The objective is to demonstrate that the credit union offers the overall greatest value to the member.
Weidner provided an update on several of the latest i3 projects. These included “The Leap”, a web platform aimed at Gen Y regarding sustainable “green” products available at credit unions; Share the Wealth, a high quality home equity referral program; The Giving CD, a concept to use the financial power of credit union members to provide funds for development and expansion support of other cooperatives; Responsible Rent, a loan program for investment property owners during these times of foreclosures and depressed home values; and Credit Union Benefits for Employees (CUBE), a pooling approach for credit unions to jointly purchase healthcare insurance and benefits.
The League and the ICU Foundation have teamed up with the National Credit Union Foundation to offer a program called “REAL Solutions for Low Wealth Households.” REAL stands for Relevant, Effective, Asset building, Loyalty-producing Solutions. Currently, there are 45 credit unions involved in Illinois. More information about Illinois’ REAL Solutions effort may be found by clicking here. The next meeting for Illinois REAL Solutions partners is set for November 18 at the ICU System Center in Naperville. The topic will be immigrant outreach.
Chrysler, FTD discounts latest offerings of Invest In America
Invest in America, the exclusive credit union member enhancement program, expanded its partnership discounts for Chrysler and a new participating company FTD florists, effective November 1.
Chrysler is offering all current and eligible credit union members the Affiliate Rewards Program (Preferred Price Discount) on eligible Chrysler, Dodge and Jeep vehicles. This discount is equal to 1 percent below factory invoice. Depending on the vehicle you choose, you can save thousands of dollars! Finance with your credit union and save even more with low auto loan rates!
FTD is providing credit union members with a 20 percent discount on flowers and gifts! With FTD's unique "Good as Gold" 7-Day Satisfaction Guarantee your flower arrangements will last at least seven days - guaranteed.
These discounts are in addition to those already part of the program, including GM, THOR Industries RV, and Allied Moving and Storage. For details about these discounts, as well as more information about the entire Invest in America program, please see the Invest in America Web site.
For questions about participating in the program, please see ICUL's resource page on its Web site here, or contact Vicki Ponzo or William Wille at the League office at (800) 942-7124.