SimpliCD Expands To Non-CUs
WARRENVILLE, Ill.-Balance Sheet Solutions, a CUSO of Members United FCU, said it is expanding its "SimpliCD" program beyond credit unions to allow investments by institutional members of credit unions. SimpliCD, which was originally introduced by Cor-porate One FCU in Columbus, Ohio, enables credit unions to invest substantial funds in federally insured certificates of deposit offered by banks.
The first non-credit union to take advantage of Balance Sheet Solutions SimpliCD product is the United Methodist Church, which is investing through West Ohio United Methodist Credit Union in Cincinnati. The CUSO said it is also working with other Methodist churches across the country.
"Rather than seeing funds permanently limited at the insurance limit, the credit union can now facilitate another investment option for their member churches through our Institutional SimpliCD program," explained Tom Moore, Balance Sheet Solutions‚ president.
Aim Is To Prevent Foreclosures
LANSING, Mich.-In the state with the third highest foreclosure rate in the country, the Michigan Credit Union League (MCUL) has won a $43,828 Innovation Grant from the National Credit Union Foundation (NCUF) to be used in a multi-media foreclosure prevention campaign.
"Michigan's economy faces a unique combination of challenges due to auto employee layoffs, high unemployment, and rapidly decreasing housing values," observed MCUL CEO David Adams.
MCUL's solution, funded by NCUF, will be to partner with credit unions, Michigan State University (MSU) Extension, and United Ways to produce and distribute an educational video, 8,000 DVDs, and online resources to reach more Michigan homeowners. The videos will feature four action steps consumers can take. It will also be available online.
ELLy Award Winners Are Named
MADISON, Wis.-CUNA has named the winners of its awards for exceptional credit union trainers and training programs. Presented during the Experience Learning Live (ELL) conference, the ELLys went to:
Coach Award. First Place (small CU): Technology CU in San Jose, Calif.; Michelle Greear. Missoula FCU in Missoula, Mont., Roberta Smith.
Training Professional of the Year Award. Place: First CU in Chandler, Ariz..
Organizational Development Department. Award of Merit: Affinity Plus FCU in St. Paul, Minn.
Learning and Development WOW! Award. First Place (small CU): O Bee CU in Tumwater, Wash., O Bee and WSECU Chix. First Place: A+ FCU in Austin, Texas, Training Department. First Place: Sun East FCU in Aston, Penn., Denise Romanelli. Award of Merit (small CU): Neches FCU in Port Neches, Texas, Human Resources. Award of Merit: Texas Dow Employees CU in Lake Jackson, Texas, Training Department. Award of Merit: Christian Community CU in San Dimas, Calif., Amanda Swartz.
Training Champion Award. First Place: First CU in Chandler, Ariz., Lori Gallegos. Award of Merit: The Golden 1 CU in Sacramento, Calif., Tammy Davis. Award of Merit: Apple FCU in Fairfax, Va., Larry Keller.
Chi Phi Delta X II Award. Award of Merit: Apple FCU in Fairfax, Va., Training and Development Department. Award of Merit: Verity CU in Seattle, Tina Hall and Justin Martin.
eLearning Award. Award of Merit: Consumers CU in Round Lake Beach, Ill.; Consumers Employee University. Award of Merit: Apple FCU in Fairfax, Va., T&D Department.
CPD Energizer Awards. Small Market: Latino Community CU in Durham, N.C. Medium Market: AEA FCU in Yuma, Ariz. Major Market: Suncoast Schools FCU in Tampa, Fla.
For info: training.cuna.org.
Bethex Modifies Business Loans
BRONX, N.Y.-The $15-million Bethex FCU, which serves a low-income community here, said that in response to demands from small businesses it has modified its business loan policy to include an interest rate reduction for business and micro-enterprise members. In some cases, Bethex said it may lengthen the term of a loan, resulting in lower monthly payments while extending the life of the loan. The CU, an approved SBA lender, said its current pricing is based on SBA's permitted rate of prime plus 2%. The rate is subject to change daily. BFCU noted its loan officers do not give much weight to credit scores or use risk-based formulas in their loan decisions, counting on knowledge of the community in making decisions.
COFCU Marketing To Hispanics
LAS VEGAS-Community One FCU has launched a marketing initiative targeting the Hispanic community, including a six-week TV and radio schedule, enhancements to its website and call center, translation of many marketing materials from English to Spanish, and bilingual branch merchandising. The bilingual representatives are being provided in part through a partnership with Digital Dialogue. Community One said it is also accepting the Matricula Consular, a Mexican ID card, as a primary form of identification to open non-dividend bearing accounts.
Goal To Cut Power Bills In Texas
DALLAS-Texas' credit unions are being offered a chance to cut their utility bills. Credit Union Resources, a unit of the Texas league, has entered into a partnership with Salisbury, Md.-based Affiliated Power Purchasers International, LLC (APPI) to APPI, an independent utility consulting firm, said it has been partnering with Texas CUs through its Savings Solutions Program to cut energy costs. Among the CUs that have participated already is San Jacinto Area CU, Pasadena. Texas.
VP-Operations Rhonda Brown said after the APPI review the credit union was able to lock in a 60-month, fixed-price contract with an alternative energy supplier that will provide an estimated savings of $22,000. For info: www.curesources.coop.
NY CUs Man Phones, Hotline
NEW YORK-Six staff members from the National Federation of Community Development CUs, along with Brooklyn Coooperaive FCU, Neighborhood Trust FCU and Municipal CU, here participated as part of the New York City Department of Consumer Affairs' Office of Financial Empowerment's week-long financial empowerment "phone bank" for city residents. Other sponsors included City University of New York and the New York Daily News. The Your Money hotline provided free money management advice and referrals to free or low-cost financial education providers that participate in the City's Financial Education Network.
Westerra Absorbing Jeffco CU
DENVER-Westerra CU has agreed to acquire Jeffco CU, creating another $1-billion credit union. The combination will create a CU with almost $1.1 billion in assets under the Westerra name, serving Denver Public Schools and Jeffco Public Schools, as well as hundreds of select groups. Wisterra itself was formed by the 2006 combination of three large credit unions, Denver Public Schools CU, Safeway Rocky Mountain Employees CU and Gateway CU. Both credit unions were profitable through the first three quarters of 2008. Westerra CEO Alan Peppers will head the combined credit union.
North Side CFCU Wins Grant
NAPERVILLE, Ill.-The $7-million North Side Community FCU was presented with a grant from the Community Development Financial Institutions Fund (CDFI) during a visit to the credit union by CDFI Fund director Donna Gambrell. Founded in 1974, NSCFCU has a history of serving people who are not using mainstream financials, and has a low-income designation. The grant will be used to support the expansion of its New Americans Loan Program and mortgage lending programs. In addition, a portion of the funds will be used to upgrade its technology and add online banking for its members.
AGENDA
SPOKANE, Wash.-Gene Fitzpatrick, VP-lending with Numerica Credit Union, acted as a correspondent to provide coverage of the Obama inauguration for the Spokesman-Review newspaper here. Fitzpatrick also blogged and shared his experiences, including live reports, on the CU's website at www.numericacu.com.
Given the tight accommodations in Washington as the result of the inauguration, Fitzpatrick stayed in a rented Winnebago parked at American University, where his daughter, Erin, is a sophomore. Erin Fizpatrick also provided hour-by-hour observations on the inauguration that is posted on Numerica's Gen Y blog at numericacu.wordpress.com.
