In this first installment of a continuing series, Credit Union Journal
will highlight small CUs across the nation and the particular challenges they face.
HONOLULU — Just because Prince Kuhio FCU is small doesn't mean it isn't dealing with big issues.
The $9 million CU with 1,554 members, three part-time and three full-time employees took the recent
"We participated in telephone conferences with our card processor, Fiserv Inc.," said CEO Debra Nelson-Kelii. "Fiserv was able to provide us with a list of our cards used at Target during the period, producing a list of only three members. Fortunately, there was no breach, but for peace of mind, we issued new cards with new numbers."
PKFCU's 1,000 square-foot office space is fitted with a two-station teller counters and a desk for new accounts and closing loans. The staff eats lunch in the CEO's office, which is also where board meetings are held.
For Roxanne Monis, a member service representative, the intimacy of a small credit union is what makes her enjoy her job.
"Coming from a big bank, I prefer and enjoy working at a small credit union where I get to know the members personally and the work environment is family-oriented," Monis said.
PKFCU offers many of the same products and loans as the big guys including share draft, share term accounts, IRAs, Keiki (Minor), ATM/debit cards, club, and trust accounts. On the loan side, they offer Visa credit cards, share-secured, unsecured, new and used auto, ready cash LOC, and overdraft LOC loans.
Jennifer Amorin, community development specialist for PKFCU, said that recruiting volunteers is one difficulty of being a small CU. "This past year we lost two volunteers due to death," she said. "We decided to simply decrease the size of the board. In the interim, we keep our ears and eyes open for new prospects."
PKFCU also has a written succession plan in place. Currently there is one individual training to take over.
"Of all the challenges small credit unions face, one of the most continuous issues is staff shortage," Nelson-Kelii said. "Employees must be cross trained. It's sometimes tough to explain to auditors and examiners why some employees have access to all transactions."
Regulatory burden is also an issue, according to Amorin. "Luckily, we use vendors that assist us in being compliant," she said. "CUNA Mutual Group helps us meet much of our lending regulations and Fiserv DataSafe helps us with our compliance issues. Fiserv Card Services helps us with our debit and credit card database. Because we are small, we need to put a lot of reliance on our vendors without taking away the responsibility of compliance from the credit union."
She also credited the Hawaii CU League as a vital resource.
