From our friends at CUNA Mutual Group:
Risks as You Grow: Critical considerations for the C-suite. (4/12/18)
The C-suite plays a critical role in growing your credit union’s assets, employees, product portfolio, and membership reach. But with growth comes more potential for risk and a new level of scrutiny from competitors, members, potential consumers, regulators, fraudsters, and even your employees.
Design Executive Deferred Compensation ; Plans that Won’t Handcuff Future Boards (3/15/18)
Setting executive salaries may not always be an easy task for a credit union board, but the process of arriving at equitable numbers usually isn’t complicated. Supplemental benefits such as deferred compensation plans, on the other hand, can involve so many variables that it can be a full-time job to narrow down the choices.
Building Equity for Your Members (3/15/18)
Last year, I was fortunate enough to hear Gyasi Ross give a keynote at the YWCA Racial Justice Summit. In it, he described equity as being mutually invested – that equality may give you a place at the table, but equity will give you influence and accountability..
GAP Claims Rise: What to Watch For (2/15/18)
Guaranteed Asset Protection (GAP) provides valuable protection for credit union members by allowing them to cancel the difference between an insurance settlement and their loan balance if their vehicle is stolen or totaled in an accident. However, a “perfect storm” of economic factors and auto trends has converged, increasing the number of total loss declarations filed and pushing GAP claims to record highs.
The Evolution of Auto & Home Insurance in 2018 (2/15/18)
From Amazon and Alexa to Uber and Zillow, we don’t need to look far to see how technology and connectivity have changed our way of life, how we communicate, and how we do business. The auto and home (A&H) insurance industry is no exception. Regardless of whether your credit union currently offers A&H insurance, trends in the marketplace can help you evaluate, update, or implement new insurance offerings.
Fintech: Friend or Foe? (1/26/18)
Over the last several years, credit unions have shown tremendous growth, even alongside the uprising of many “fintech” companies. In the last number of years, credit union membership has experienced robust growth, with this year exhibiting the fastest member growth in more than 25 years, as measured from October of 2016 to that point in 2017; meanwhile, fintech companies have seen a 778% increase in funding in the last 5 years.
Assess Your Fiduciary Responsibility and Liability (12/15/17)
In order to help you manage your fiduciary responsibilities as a retirement plan sponsor, you should start by understanding your role and the rules. Plan administrators and other plan officials can use this questionnaire to assess you and your plan’s compliance. Keep in mind, this assessment is not a substitute for a comprehensive compliance review.
Is Your Credit Union Prepared for These Emerging Risks? (12/15/17)
For many credit unions, identifying, assessing, and mitigating risks can be a challenge, considering nearly every aspect of the business can pose a risk. While some credit unions have a solid strategy for recognizing existing risk and anticipating emerging ones, others are less proactive in their pursuit of risk mitigation.
Retirement Planning: Credit Unions Can Lead by Example (11/14/17)
Retirement planning is one of those omnipresent topics in our industry, precisely because it is so important. National Retirement Security Week (Oct. 15 – 21) was a timely reminder that smart, long-term retirement plans are essential to ensuring credit union members achieve financial security.
Next-Generation Cyber Attacks Call for Next Generation Solutions (10/27/17)
Earlier this month, a massive security breach at consumer credit reporting agency, Equifax, left 143 million consumers scrambling to protect their identity. As cybersecurity threats continue to evolve in both sophistication and scale, the need to safeguard your credit union’s reputation and member data has never been more critical.
GAP Claims Rise: What to Watch For (9/12/17)
Guaranteed Asset Protection (GAP) provides valuable protection for credit union members by allowing them to cancel the difference between an insurance settlement and their loan balance if their vehicle is stolen or totaled in an accident.
However, a “perfect storm” of economic factors and auto trends has converged, increasing the number of total loss declarations filed and pushing GAP claims to record highs.
Stay Strategic for Stronger Planning (8/14/17)
Strategic planning is both an obligation and an opportunity. Credit unions who plan well and execute well are the ones you read about today … growing faster, staying more relevant and becoming financially stronger. What makes one credit union’s plan better than another? Often, it is about how you plan as much as what you plan.
Grow Your Credit Union Membership with Insights about Non-Members (7/10/17)
Is your credit union leaving opportunities to grow membership on the table? If you’re not actively engaging non-members, you might be. The latest research from CUNA Mutual Group, “What Matters Now®: Insights from the Non-Member,” is a deep-dive into non-member and under-engaged member mindsets, lifestyles, attitudes, and habits. These crucial insights can be invaluable tools for your credit union to reach this audience.
Embrace and Employ the Innovators
“Remember being told to “think outside the box”? It used to be such a common phrase; asking you to forget the norm and imagine greater possibilities. Throw a curveball. No idea’s a bad idea. Blue sky thinking.
When a group of college students visited CUNA Mutual Group earlier this month, it occurred to me just how obsolete the phrase has become.”
Pride is a Powerful Concept
“From the time I started my credit union career as a front-line employee, to when I joined CUNA Mutual Group as an intern 20 years ago; serving the greater good has given me a personal sense of pride. And that’s something we talk a lot about in our industry: pride.
We’re proud to be different – the financial movement that has always placed people before profit. We’re proud of our legacy – one of social and financial equity. And we’re proud of our founding cooperative principles that enable us to collaborate in ways our competitors cannot fathom.”
Using 457(f) Plans to Recruit & Retain Executives
“Picture this: you’ve worked hard to build a strong leadership team for your credit union. You have talented executives and you’re confident that they will continue to lead your credit union to success. You think you’re doing everything you can to reward and retain them…until you lose one of your executives to a competitor.
It could be devastating to lose a key leader. What more can you do to keep his or her on your leadership team? One option is offering a 457(f) plan.”