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FOCUS eNewsletter

Thursday, September 25, 2014   (0 Comments)
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September 2014
FOCUS is the monthly e-Newsletter of the Office of Small Credit Union Initiatives (OSCUI). It focuses on helping small credit unions achieve success by providing news and highlighting opportunities.Click hereto subscribe to FOCUS.
topFeatured this Month(Click on a heading to go to the article.)
As the new school year begins we turn our attention to the youth. In this month's issue we focus onways to involve the next generation, from in-school student branches to college internships, even involvement in the board room. We also share how NCUA isencouraging young adult contributions within the agency through our internship program and within the industry with our student internship grants.Invest in the next generation and reap the benefits of exchanging knowledge, building a new member base and strengthening the credit union system!
HeadlinerPaving the Way for Future Leaders
Paving the way for young leaders is vitally important to the future of the credit union system and DATCU Credit Union in North Texas is taking action. Through a Junior Board of Directors program the credit union cultivates future leaders and introduces students to the credit union system.
With support and assistance from local high school principals, school counselors and staff, DATCU piloted its Junior Board program in 2012. Nine students were selected to participate based on their academic performance, community involvement, leadership potential and school staff recommendations. The Junior Board met with the credit union Board periodically throughout the school year to learn how a Board of Directors functions, the history and philosophy of credit unions and the credit union system and to share their insights and ideas for products and services to better serve their generation.
The program also provided an "opportunity for tomorrow's leaders to augment their resume and to network with other young people," said Pat Sherman, DATCU's Vice President of Business Development. She went on to say, "While these bright young leaders will be gaining valuable business knowledge to complement their lives, their exposure to the roles and responsibilities of a Board of Directors will no doubt benefit them on a professional level in today's competitive business environment, but also in personal self-satisfaction as they serve others."
The pilot program was such a success DATCU's Junior Board program was awarded the Dora Maxwell Award for Social Responsibility. As the program enters its third year, it is being expanded to three separate Junior Boards in different communities.
Reaching out to a younger generation and grooming its members is important to the credit union system's survival. Essentially it all comes back to the credit union motto "people helping people." Establishing a Junior Board is a great opportunity for older credit union people to give back by helping pave the way for younger people to become tomorrow's credit union leaders.
For more information about DATCU's Junior Board, contact Pat Sherman atPSherman@datcu.org.
2014 OSCUI
Training Events
LEADERSHIP DEVELOPMENT
BOOT CAMPS
September 20
Chicago, IL
Double Tree Chicago - Alsip
September 20
Philadelphia, PA
Renaissance Philadelphia Airport Hotel
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WEBINARS
Webinars begin at
2 pm Eastern
September 17
Merger Best Practices
October 15
Product Pricing
November 19
Building a Loan Portfolio
December 17
Internal Controls
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EXHIBIT BOOTH
September 21 - 22
New Jersey CU League
Trump-TajMahal
Atlantic City, NJ
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Share Your Ideas!
We really value your input. Share your ideas forservices you'd like us to offer or topics and locations for our training events. We'd love to hear from you! Contact OSCUI's Training Division at
_____________________
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inFocusIn FOCUS with Bill
Securing the Future of Small Credit Unions
In this column, OSCUI Director Bill Myers offers insight to small, low-income, new and minority credit unions based on his role as Director and past experience in the credit union field.
It can be said that small business makes our economy more robust. But politically,small business is like a third rail, fraught with risk. The success of a small business hinges on its ability to mitigate risk by constantly generating new ideas, implementing new ways of doing business, finding new markets and stimulating growth. Small businesses that are stagnant, lingering or calcified are more likely to fail; the same goes for small credit unions.
Lack of growth or stagnation in a small credit union can be a potential sign of unsustainability or perhaps an indication that the credit union is not connecting with its members, the field of membership is declining or that the officials are not engaged in planning for the future. Stagnation makes the credit union more susceptible to disruption in the event of a turnover in management or an economic downturn that challenges the credit union's business model.
Over the last decade, about seven percent of small credit unions outgrew NCUA's currentdefinition of "small" and crossed the $50 million asset threshold. Many others also made strides towards safely increasing their asset base and improving sustainability by introducing new products and services, expanding their fields of membership, participating in strategic collaborations and engaging the next generation. Essentially, they were actively involved in building their future.
OSCUI stands ready to assist credit unions through our programs and services, including in-person workshops, training videos, consulting services, and grants and loans.Click hereto learn more about OSCUI resources to help small credit unions develop and implement strategies to expandand safely continue to serve their members well into the future.
NewsOSCUI in the news
Credit Union Times - Online
An $87,000 credit union is among the 179 small credit unions to which the NCUA will offer consulting services during the second half of 2014, the agency announced Monday. The NCUA'sOffice of Small Credit Union Initiativesis conducting the effort, the agency said.
CUNA News Now
Free consulting services will be provided to 179 credit unions in the second half of this year, courtesy of the National Credit Union Administration'sOffice of Small Credit Union Initiatives (OSCUI).
Credit Union Times - Online
The videos were developed by theOffice of Small Credit Union Initiativesin partnership with CUNA Mutual Group as part of the NCUA's efforts to minimize fraud, the agency said.
CUNA News Now
The National Credit Union Administration'sOffice of Small Credit Union Initiatives (OSCUI)has released a report on its impact since January 2013, when the agency's definition of "small credit union" changed.
Credit Union Times - Online
Dominic Carullo and Bob Jones, Economic Development Specialists at the NCUA'sOffice of Small Credit Union Initiatives, as well as Marilyn Daigle, Supervision Analyst with the NCUA's RegionI office, are scheduled to participate.
NAFCU Update
NCUA is hosting a free webinar Sept. 17 titled "Merger Best Practices" and featuring staff from the agency's Region I office and theOffice of Small Credit Union Initiatives.
AdvisoriesDon't Miss the 5300 Call Report Filing Deadline
NCUA recently beganexercising its authority to impose civil money penalties against federally insured credit unions thatmiss the quarterly Call Report filing deadline.For the second quarter of 2014, 75 federally insured credit unions were late filing Call Reports andface potential civil money penalties. Penalties are being imposedto deter late filing;funds collected are remitted to the U.S. Department of the Treasury, not retained by NCUA.
TheSeptember Call Report filing deadline is October 24.
To help credit unions meet Call Report filing deadlines and avoid civil money penalties, NCUA:
  1. Pushed back the filing deadline to the fourth Friday of the month following the end of the quarter,
  2. Sends a broadcast email reminder of the deadline date via CU Express during the week of the deadline,
  3. Created a seven minute instructional video "How to Successfully Submit Your Call Report",click hereto access the video,
  4. Sends email reminders one and two days before the deadline to credit unions that have not successfully uploaded their Call Report, and
  5. Introduced email confirmation noting the time and date of successful submission.
For questions concerning filing your Call Report, contact OSCUI by email atoscuiConsulting@ncua.gov.
ConsultingThe Keys to the Credit Union Recap
Over the past several months FOCUS featured a series of articles outlining Supervisory Committee interim audit review procedures. We received a number of requests for copies of these articles and are happy to provide a one-source summation below with links (click onthe article title) to the full narratives andadditional resources.
Part 1-New and Closed Accounts-New and closed accountsmust be verified periodically. New accounts are verified to ensure they are not fictitious, and closed accounts are verified to ensure the member initiated the closure.
Part 2 -Loans and Cash-Loans and cash are two of a credit union's major assets. This article provides basic guidance on conducting loan reviews and performing bank account statement reconciliations.
Part 3-Insider Account Review- Periodically, theSC should review insider (employees, board and committee members and their relatives) accounts to ensure there is nopreferential treatment. Review this article for general guidance on conducting insider account reviews.
Part 4-File Maintenance Report Review-File maintenance reports generated by most data processing systems show non-financial transactions such as name, address, interest rate, due date or dividend rate changes and can easily be manipulated to commit and cover fraud. This article provides general guidance on reviewing file maintenance reports.
For detailed guidance on these and other SC reviews, click on the links below:
Email your Consulting questions tooscuiConsulting@ncua.gov.
GrantsandLoansGrants and Loans
2014 Student Internship Grant Highlights
With funding from NCUA's internship grants, this summer 54 credit unions enhanced their operations while exposing youth and young adults to credit unions. Israel Methcomm FCU, a $1 million credit union located in Chicago, used its $4,000 grant to hire 12 interns. Among other things, the interns helped promote credit union services, revised the loan application, and researched best CD rates. For the majority of the interns, this was their firstopportunity to gain professionalwork experience, and for some, it was their first exposure to credit unions.Below are a few comments from the interns:
The IMFCU (Israel Methcomm Federal Credit Union) is a work and learn experience... it allows you to challenge your learning skills.- Hans
I look at money in a more conservative light because of my experiences here. I have put my work, my time, as well as my effort into the credit union, and vice versa... If I had the choice to experience this all over again, I would do it a thousand times over...­- Jeremy
We learned/enhanced our computer and office skills, as well as learned how to better work in groups. We not only have more office knowledge and money, but we also have more work experience. This is a great program for all youth, and I would recommend membership of this particular credit union to anyone.- Kris
Working at the Israel Methcomm Federal Credit Union was a great benefit to me because I was able to have my first real job where I was paid. This also was a benefit to me because I experienced how to work well with others.- Mya
I not only got a taste of how it feels to have a real job, I also learned a lot about the financial side of work and about credit unions in general. This has been an experience I'll never forget.- Jonathan
Contact us with questions about the Grants and Loans Program atoscuiApps@ncua.gov.

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PartnershipEstablishing a Student Branch
Engaging youth in the credit union movement is essential! Doing so not only helps sustain the credit union system, but also helps the next generation learn and practice key financial skills they'll need in adulthood. What better place to reach youth than where they spend a great deal of time: at school. One way is through an in-school credit union branch.
In-school credit union branches can be mutually beneficial to participating students and credit unions. They provide hands-on experience for students to learn the value of saving, goal setting and key money management skills. Because in-school branches are often "student-run," they provide practice in employment skills and supplement the school curriculum. For the credit union, in-school branches can provide a foundation for membership stability, a future source of loans and increased community partnerships.
The Michigan Credit Union League's Financial Education Committee createdtheCredit Union School Branch Handbook, a comprehensive guide that provides step-by-step guidance, advice, and materialsfor setting up an in-school branch. Written by credit union financial educators with experience in successfully running in-school branches, the Handbook features chapters on establishing a partnership for education, setting up and marketing an in-school branch and an extensive appendix with sample forms and documents.It not onlyprovides useful guidance for credit unions considering an in-school branch,butthe Handbook also offers new ideas and best practices to those already operating in-school branches.
For information about the Handbook, contact Beth Troost, Financial Education Manager,Michigan Credit Union Leagueand Affiliates, and Executive Director, Michigan Credit Union Foundation atBeth.Troost@mcul.org
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TrainingOSCUI Training Events
Webinar
  • Merger Best Practices webinar on Sept. 17 at 2 pm
Leadership Development Boot Camps
  • Sept.20Chicago, ILDouble Tree Chicago - Alsip
  • Sept. 20Philadelphia, PARenaissance Phil. Airport Hotel
New Jersey Credit Union League Exhibit Booth
  • Sept. 21-22 Atlantic City, NJTrump Taj Mahal, Atlantic City, NJ
View the 2014 training schedule and register to attend an event atwww.ncua.gov/oscui/Training.
We really value your input! Contact OSCUI's Training Division atoscuitraining@ncua.govto share your suggestions.
HappeningHappening in OSCUI
Outreach
OSCUI Director Myerswas among NCUA staff thatmet with credit union representatives from Bangladesh.In early August, Director Myers, Training Manager Diane Rector and EDS Malia Peelattended the African-American Credit Union Coalition Annual Conference held in Memphis, Tennessee.
FarewellNote
Ikenna Nwankpaleaves OSCUI for the U.S. Small Business Administration.When I began my career at NCUA as a summer intern, I literally had no idea what I was getting into. I was a 20-year-old college student entering my junior year when I got the call for an interview from the NCUA. The funny thing is that I didn't even know what a credit union was! Now I'm proud to say that I understand what credit unions are and honestly appreciate their importance.
Fortunately my internship was with OSCUI. This wasa perfect fit for me, having grown up ina low-income community that lacked financial institutions to servefamilies like mine. I quickly came to know my work at OSCUI would make a difference in communitieslike the one that I was raised in.
After graduating college, I accepted employment as a Financial Analyst at NCUA in OSCUI's Grants and Loans division. As I reflect on my career here, it has been very fulfilling and exciting. I can honestly credit NCUA for helping me become more patient as an individual, learn how to adapt to environments that constantly change and work with a team to achieve a something great. These may seem like simple things to accomplish, but it was difficult for an eager twenty-something who thought he knew everything. It was very humbling working with the people at NCUA; because everyone is bright and provides so much value to the organization. My co-workers definitely made a lasting impact on my life, andI thank NCUA for taking a chance on me. NCUAwill always stay in my heart.
Ikenna's creativity and fresh ideas were an asset to OSCUI and earned him the 2013 Specialist Support of the Year award. As we bid adieuwe thank him for his many contributions and wish him well in his future endeavors.
RegionIII Examiner Donald Thomas served a detail to the Grants and Loansdivision.During his detail he reviewed and made recommendations on grant applications and participated in developing and producing two OSCUI webinars. Donald is stationed in Atlanta, Georgia, and has been with NCUA almost four years. Prior to NCUA, he spent 14 years at a large credit union where he held various operations-related positions. Donald requested a detail to OSCUI so he could gain a greater understanding of and hands-on experience with the programs NCUA has to help small credit unions survive, thrive and overcome the unique challenges they face.
Recent Comments About Our Services
Wow, this (OSCUI's 2013 accomplishments highlighted in the August issue of the FOCUS e-newsletter) is really impressive work. In reading through all of your accomplishments, it seems like a good time to be a part of a small credit union.
Lois Kitsch, National Credit Union Foundation
I want to thank EDS Dong Zhang and Deputy Director Martha Ninichuk fortheirtime...we're already planning our work to addtheirsuggestions andfurther enhanceourreporting and loan monitoring process. Thank you so much again for your time and assistance.
President Rafael Monge-Portaro,Neighborhood Trust FCU
EDS Lisa Bills-Terrell, thank you for all of the help (development of business plan). You're great and I'm happy I got to work with you.
CEO Miranda Puthoff,Lake County Educational FCU
I can't tell you (EDS Lisa Bills-Terrell) how much I appreciate all your help in our rural district FOM expansion.
CEO Anita Crews,Country FCU
announcementsAnnouncements
Partner Events
2014 Financial Literacy Annual Report:Thereporthighlights theConsumer Financial Protection Bureau'sefforts to address the needs of specific populations such as servicemembers, students, older Americans, and low income or otherwise economically vulnerable consumers.
CFPB Launches Nationwide Effort to Provide Financial Education and Tools to Low-Income Consumers:The CFPBpartnered withnational and local organizations throughout the country totrain social services staff to provide financial education to low-to-moderate income clients. As part of that partnership, the CFPB unveiledYour Money, Your Goals,a toolkit for social service organizations useto help their clients set goals, choose financial products and build skills in managing money, credit and debt.
Report on Financial Capability in Youth Employment Programs:The CFPB and the Administration for Children and Families partnered to produceBuilding Financial Capability in Youth Employment Programs.This report provides an overview of lessons drawn from a 2013 Financial Literacy and Education Commission roundtable.
Education and awareness campaign to help parents and caregivers talk with their children about money:The CFPB and the Federal Deposit Insurance Corporation launched a joint education and awareness campaign to help parents and caregivers talk with their children about money and prepare them for a bright financial future.Click hereto access the educational materials.
National Cyber Security Awareness Month is coming in October:For more information on NCSAM 2014 and to help promote online safety,click here. To receive cyber security tips year-roundand to become a "friend" of thecampaignclick here.
Other
Filene ResearchInstitute seeks responses to improving credit union board renewal survey.Filene and the Universityof Toronto have partnered to research theprocesses andstructures used by U.S. credit unions to ensure effective renewal of directors ontheir boards of directors.Both U.S. and Canadian credit unionsare asked to participate in a survey,click here. Responses aredue September 24; one response per credit union.

Corporation for Enterprise Development Releases Highlights and Next Steps from the 2014 Children's Savings Conference:From Aspirations to Achievement: Growing the Children's Savings Movementoutlines key Conference takeaways and new directions for scaling children's savings.
The Certified Financial Planner Board StandardsFinancial Planning Days, Sept. 27-Nov. 8, 2014:These nationwide events offerone-on-one consultation from Certified Financial Planner professionals on a wide range of personal finance topics, including debt management, retirement planning, income taxes, insurance and estate planning. This counseling may be helpful to your members.Click herefor more information.
The Society for Financial Education and Professional Development Inc. Financial Literacy Conference,Sept. 29-30, 2014, in Arlington, Virginia:The seventh annual Financial Literacy Leadership Conference, "Financial Literacy-Research, Techniques, and Initiatives," offers participants importantinformation and strategies for enhancing the financial literacy of Americans.Click hereto register.
The Cities for Financial Empowerment Fund sponsors the Bank On 2.0 Conference,Nov. 6, 2014, in Washington, DC:This conference will bring together local Bank On administrators, financial institutions, regulatory agencies, and other partners to share best practices in serving unbanked and underbanked populations and provide information on the direction of the initiative.Click herefor more information.
Malia Y. Peel
Guest Editor
NATIONAL CREDIT UNION ADMINISTRATION
The Office of Small Credit Union Initiatives
1775 Duke Street, Alexandria, VA 22314

 

 


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