'Practical Ideas' For Small CUs
RANCHO CUCAMONGA, Calif.-Nearly 50 credit union leaders from California and Nevada took part in a summit geared toward providing a networking and learning forum for small credit unions. Participants listened to a presentation by an industry expert on strategic planning and also participated in a "speed dating"-style discussion on various topics including youth incentive programs, cost-based pricing, loan, deposit, and membership growth and staff development.
For more info: www.ccul.org
SECU Offers Reverse Mortgage
RALEIGH, N.C.-State Employees Credit Union, which serves 1.4 million members, is now offering a new reverse mortgage product for its members. The new loan offers a fixed, stable rate of interest, a simple interest accrual method, a 1% origination fee, no mortgage insurance and no monthly service fees. Borrowers must be 62 years of age, utilize the home as their primary residence and receive consumer education on the product from a N.C.-certified reverse mortgage counselor in order to take advantage of the product.
For more info: www.ncsecu.org
NCUF: Prevent Predatory Loans
WASHINGTON-Individuals with less than perfect credit are a prime market for credit unions according to a new NCUF report, and in the process, CUs can help keep potential buyers away from predatory auto loans. "Steer Clear: How Credit Unions Help Car Buyers Avoid Predatory Loans" states that more CUs can offer viable programs to help car buyers "steer clear" of predatory loans while expanding their markets, building net income and atrracting new members.
For info: www.ncuf.coop
Young Adults' Financial Lives Studied
MADISON, Wis.-Young adults are just as likely to use a CU as anyone else, but are far more apt to use different instruments to manage their finances a new study shows. Filene Research's work concluded that young adults rate convenience first when choosing a financial institution; product features and service were second and third respectively. Filene's George Hofheimer suggested CUs understand what elements of convenience matter most to the market and use data on specific payment choices to understand how young consumers are creating their financial relationship to better tap into the demographic.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
