Online Registration Now Open For CUNA Mutual's Discovery Conference
MADISON, Wis.-Online registration has opened for CUNA Mutual Group's 2007 Discovery Conference, scheduled for June 20-23 at the Gaylord Opryland Resort and Convention Center in Nashville, Tenn. Larry Kudlow, CEO of Kudlow & Co, LLC, an economic and investment research firm, and host of CNBC's Kudlow & Company, will headline one of Discovery's three general sessions in a special presentation sponsored by MEMBERS Capital Advisors. Closing Discovery will be renowned business author and strategist Ram Charan.
Charan's latest book, "Know-How: The 8 Skills That Separate People Who Perform From Those Who Don't," offers insight on why some leaders excel while others fail.
Attendees registering before March 16 will receive a discounted rate of $1,000, with further discounts available when three or more attend from one credit union or organization. Rates increase to $1,200 March 17.
For info: www.cunamutual.com/discovery, or call 800-356-2644, ext. 8892.
NCUF Sets Grant Distribution Record in 2006, Begins Transition in 2007
WASHINGTON-The National Credit Union Foundation (NCUF) distributed $6.7 million in grant dollars over the past year, breaking its previous record of $6.5 million in 2005.
NCUF received a record $5.4 million in returns donated by investors in the Community Investment Fund (CIF), which is offered through corporate credit unions.
Nearly half of the CIF earnings were granted to state credit union foundations and leagues for charitable programs that benefit credit unions and consumers in each investor's home state, totaling $2.42 million in 2006.
Another portion of the CIF earnings were used to fund Innovation Grants that support credit union projects providing members with financial education, transaction services, savings, credit, and homeownership, such as REAL Solutions, Development Education, the Social Impact Management Institute, and BizKid.
The foundation disbursed another $1.88 million in disaster relief grants in 2006, a continuation of its record $3.4-million effort to help credit unions recover from Hurricane Katrina.
In addition, NCUF distributed $715,000 in federal grants to credit unions in 2006. As a federal financial intermediary, NCUF attracts funds from three government agencies and re-grants them to credit unions for homeownership counseling, savings planning, and other outreach programs for low-income members.
The foundation reported it raised a record $1.25 million in 2006 from its 39 corporate sponsors, led by CUNA, CUNA Mutual Group, the Corporate Credit Union Network, Liberty Enterprises, WesCorp, CO-OP Financial Services, Card Services for Credit Unions, Fidelity National Information Services, and Visa.
In 2007, NCUF is transitioning from a grant-driven foundation to one that also focuses on managing its own initiatives. These initiatives include NCUF's new signature program, REAL Solutions. as well as Development Education, and the Social Impact Management Institute.
For info: www.ncuf.coop
CUES Teams Up With WHA Financial To Offer Employee Benefits Planning
MADISON, Wis.-The Credit Union Executives Society is pleased to announce a new partnership with WHA Financial Solutions, Madison, Wis., to offer comprehensive employee benefits planning to credit unions.
This service includes a customized benefits analysis, expert consultation and specific recommendations to help CU offer comprehensive benefits that are competitively priced.
WHAFS will review a credit union's current benefits package, compare it on a local and national level, and identify any gaps in coverage from their perspective as an unbiased third party, CUES said. WHAFS, as an independent consultant, will research carriers to compare costs and benefits, and prepare a detailed report that includes recommendations and options for selecting the best possible plan within a specified budget.
For info: www.cues.org.
Minn. League Hosts Roundtable To Discuss Plastic Card Data Issues
ST. PAUL, Minn.-The Minnesota Credit Union Network (MnCUN) held a roundtable meeting to discuss plastic card data loss.
Twenty credit union staff took part in this meeting, which was coordinated to gather feedback on problems associated with Visa and MasterCard data breaches.
While no specific data breach legislation is currently pending in Minnesota, MnCUN staff will use the feedback gathered to help formulate legislative solutions. MnCUN has been examining possible ways to enforce merchants' adherence to Visa and MasterCard's card data retention rules and also to lessen the financial burden on credit unions when they must reissue cards.
The three main issues discussed at the roundtable meeting included:
* Merchants' improper storage of credit and debit card magnetic stripe data in violation of Visa and MasterCard rules;
* The lack of direct communication between merchants and consumers when breaches occur; and
* The expense imposed on credit unions to replace compromised cards and notify members.
Mechanical Repair Coverage Now Offered Through MemberCONNECT
MADISON, Wis.-Mechanical Repair Coverage has been added to MemberCONNECT, CUNA Mutual Group's direct marketing program, which is aimed at meeting members' insurance needs, and increasing credit unions' income.
MEMBER'S CHOICE Mechanical Repair Coverage, previously offered only through credit union loan officers, joins Accidental Death & Dismemberment, Auto, Homeowners and Life insurance as MemberCONNECT's core offerings to credit union members through direct-mail.
MemberCONNECT, one of CUNA Mutual's fastest-growing businesses, uses direct mail and inbound call centers to target services "to the right members at the right time." MemberCONNECT manages direct insurance programs for more than 4,220 credit unions, representing more than 42.7 million members.
For info: www.cunamutual.com.
Michigan League Recognizes State, Federal Legislators Of The Year
NORTHVILLE TOWNSHIP, Mich.-U.S. Rep. Sander Levin and State Sen. Tupac Hunter, have been selected as the Michigan Credit Union League's (MCUL) 2006 Federal Legislator of the Year and State Legislator of the Year, respectively.
Additionally, Jeff Goff, legislative director to U.S. Rep Joe Knollenberg, was selected as the MCUL's 2006 Federal Staffer of the Year and Coffianne Hawthorne, policy adviser to Gov. Jennifer Granholm, was named State Staffer of the Year.
Levin is being honored for his 2006 co-sponsorship of the proposed Credit Union Regulatory Improvements Act (CURIA) legislation and for his support of the credit union exemption from corporate income taxes. Hunter has been honored for his key legislation related to Individual Development Accounts (IDAs) and eliminating the duplication of Suspicious Activity Reports.
Goff worked closely with CUNA and the World Council of Credit Unions lobbyists in a successful effort by Rep. Knollenberg to include in a foreign aid bill a $10-million grant to the Cooperative Development Program. Hawthorne has been integrally involved in working with and advising the MCUL on the progress of IDA legislation, sharing her expertise on this and other issues impacting credit unions.
Members United Reports Efficiencies Gained Through Merger To Continue
WARRENVILLE, Ill.-Members United Corporate FCU is projecting it will reduce expenses $3.2 million during 2007 as the result of the merger that created it between Mid-States FCU here and Empire Corporate FCU, Albany, N.Y. Many duplicate systems have already been eliminated, the corporate said, including accounting, websites, and auditing services, among others. Since the merger, which took place July 1, Members United said it has also begun to return those savings to members through increased deposit rates on Overnight Accounts, paying an additional $800,000 in dividends during the last six months of the year, and nearly $1.5 million in additional dividends. The $9.8-billion corporate added that while the merger business plan had projected an increase of approximately $450,000 in increased rates on Membership Share Accounts, it actually paid almost $850,000 to members. Natural-person member credit unions are noticing, said Members United, citing almost 550 new contracts from members for new products and services.
Other developments since the merger:
* Balance Sheet Solutions, LLC (a credit union service organization wholly-owned by Members United Corporate FCU), was formed to provide investment advisory, portfolio management, and broker/dealer services to credit unions. Its team of financial experts includes several CFAs, investment managers, and individuals with deep capital markets experience.
* A dedicated Innovation Team was created to promote new product and service development.
* A full-time Corporate Relations team was formed to handle political advocacy.
* A variety of media are produced in-house and authored by experts on staff. New publications include a new quarterly magazine, Financial Insight (which debuted in the fall) and a newsletter, Touchpoint, which launched in early 2007.
For more info: www.membersunited.org.
