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The 3rd Annual Small Asset Size CU Conference attracted 71 participants who spent two days during August listening to information from the National Credit Union Administration (NCUA), updates regarding new products and services, and bankruptcy reform.
Steve Olson, Illinois Credit Union League Executive Vice-President, Chief Operating Officer & General Counsel, presented a popular session on bankruptcy reform for participants. Changes to the bankruptcy code which are generally effective on October 17, 2005, are of particular concern to smaller credit unions because one member’s discharge in bankruptcy can have a tremendous impact on their operations. In addition, these credit unions typically have fewer staff members and other resources available to comply with the new rules.
 Karen Duffy, LSC Vice President, Sales and Business Development, provided information on gift card and prepaid debit card products followed by a segment describing bill-pay and home banking products presented by Cathy Pettis, LSC Senior Vice President of Operations. Participants were pleased to learn the Illinois Credit Union Foundation’s Small Credit Union Development Program grants are available to help them launch these products and services.
The NCUA provided regulatory updates, explained 5300 Report modifications, and gave information about delinquency and collections during their sessions. “I was glad to have NCUA participate this year to go over the updated regulations,” said one participant.
Ample time for peer networking was included in the agenda to allow participants to interact with each other and exchange information. “Networking is as valuable as the session presentations during this conference. I always come away with new ideas,” said another participant.
The Illinois Credit Union Foundation, Mid-States Corporate FCU and CUNA Mutual were conference sponsors. In addition, the NCUA provided support for several small credit unions, enabling them to send attendees to the educational session.
The 4th Annual Small Asset Size CU Conference is planned for August 8-9, 2006. For more information on this session or other educational opportunities, contact Greg Framarin, Director of Education at the League, at 800-942-7124.
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