How credit unions, as a group, will become the largest auto lender

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: James B. TreeceCredit unions as a group, largely working through Credit Union Direct’s CUDL platform, are poised to become the largest single lender to auto buyers — eventually. Here’s how.First, a disclaimer. I moderated a panel of dealers at a conference in May sponsored by Credit Union Direct. Hearing four dealer panelists and a roomful of credit union representatives talking, sometimes bluntly, about what each side needs to do to work better together left me thinking that those two groups have a lot of common interests.So maybe I’ve been brainwashed. But the data are compelling.Among lenders making retail auto loans (that is, excluding leases), credit unions using CUDL ranked No. 3 in originations in 2014, a sharp jump from No. 6 in 2013, Experian’s data show. Last year, Wells Fargo was No. 1 and Ally No. 2. continue reading »last_img read more

NCUA accepts $29M Credit Suisse offer

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NCUA says it has accepted a $29 million offer of judgment from Credit Suisse to resolve claims arising from losses related to purchases of residential mortgage-backed securities by Members United and Southwest corporate credit unions.The NCUA Board initiated litigation as liquidating agent for the failed corporate credit unions. The offer of judgment includes $29 million in damages plus prejudgment interest in an amount to be determined by the court as well as reasonable attorneys’ fees to be determined by agreement between the parties or by the court.This isn’t a final settlement; that awaits the court’s determination of interest and an agreement among parties on attorney’s fees.“NCUA will continue to meet its statutory obligation to secure recoveries for credit unions and ensure consumers remain protected,” NCUA Board Chairman Debbie Matz said. “We will continue to aggressively pursue recoveries against Wall Street firms that contributed to the corporate crisis with the goals of minimizing net losses of the corporate crisis and providing a future rebate to credit unions.” continue reading »last_img read more

How much stock in retirement accounts?

first_imgIt has been seven years since the start of this bull market for stocks in the U.S. Is it time for investors to adjust the equity allocations in their retirement portfolios?Many financial advisers say yes. But that is where the consensus seems to end. Some believe that investors should start to reduce the amount of money they have in stocks. Others, however, argue for sustaining the stock allocation. What they do have in common is that they believe it is time to tinker with the models, while weighing different reasons to move the stock needle up or down.There is no universal prescription for equity allocation, of course. Much depends on a portfolio’s size, an investor’s age and how soon he or she wishes to retire. Expectations for annual stock returns have ratcheted back since the stock market recovery began in 2009, with many financial planners modeling for annual returns in the 4% or 5% range, down from as much as twice that before the 2008-09 recession. continue reading » 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

6 key traits of effective managers

first_imgWhen someone makes the move from team member to manager, there are often some new traits and skills that need to be learned and cultivated in order to be effective.Google completed a study after analyzing more than 10,000 managers – reviewing performance evaluations, surveys and nominations for top management awards – that identified several habits of the most effective managers.Michael Schneider, human capital specialist for Welltower, highlights six of these key attributes in an Inc.com post. They include:Mindset and values. Having a growth mindset and an identified set of values can empower managers.Emotional intelligence. The ability to recognize and understand your emotions and others’.Manager transition. It’s OK to be honest and open.Coaching. Effective managers are also good coaches. continue reading » 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

The one leadership style that shuts people down

first_img 198SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Amanda Thomas Amanda is founder and president of TwoScore, a firm that channels her passion for the credit union mission and people to help credit unions under $100 million in assets reach … Web: www.twoscore.com Details It is no secret that the culture of your credit union can make or break your success.  A good culture can help differentiate you from competitors, help you keep talented employees and attract new ones, reach your growth goals more quickly and so much more.While developing an organizational culture can take years to see the fruits of your labor, it really can start with one person – you.  And if you manage people, there is one leadership style that I have seen that shuts down even your top-performing employees.  I call this type of leader the Culture Killer.  There tends to be one of these types of leaders in every credit union and, in a lot of instances, they are actually a really fun part of the team whom everyone loves personally.  But as a leader, they focus only on the negative.  What hasn’t been done.  How that person could have been better.  What wasn’t done the way you would have done it personally.  These types of behavior by themselves will kill your culture.  I have experienced this personally.  As a perfectionist and self-proclaimed over-achiever, I was always striving for the stars no matter what project I was working on or goal I was trying to hit.  But once I worked for someone who didn’t understand that being a good leader is being a person’s champion, and I felt very quickly like all this person cared about doing was finding things I was doing wrong so they could point them out to me.  Conversations often started with, “First of all, this is wrong,” even if I was asking about where we wanted to order lunch.  I was repeatedly questioned on why I did something a different way even though the end result was correct.  And over time, I noticed myself focusing more on how I could keep this person off my back and less on how I could do a good job in my position.  I stopped being a great employee.  I stopped taking pride in what I was doing because I was so stressed out about keeping my boss happy.  Leadership is an art, and becoming a good leader is just like starting a physical training program; it requires consistent use of a bunch of different muscles and a lot of practice to become fit.  Don’t just see your subordinates as a list of things you asked them to do.  Remember first and foremost that they are human beings.  Recognize the good in what they are doing.  Show them you care about them.  Give them the chance to screw up sometimes because those are the best learning experiences.  Help them get better by clearly communicating your expectations beforehand, and showing them how what they did could be even better next time.  last_img read more

NAFCU to Fed: Play an ‘operational role’ in payments

first_imgNAFCU’s Dan Berger and Carrie Hunt on Monday attended a meeting with Federal Reserve Bank of Kansas City President and CEO Esther George, and other Fed representatives, to discuss the payments system.Along with Berger, NAFCU president and CEO, and Hunt, association executive vice president of government affairs and general counsel, representatives from several Federal Reserve Banks were present.During the meeting, NAFCU reiterated that the Fed should serve an “operational role” in the process of improving real-time payments. The NAFCU representatives also encouraged the Fed to leave the development of rules and standards for real-time payments to private-sector organizations. These issues were also addressed in a joint letter to the Fed in April.NAFCU is a member of the Secure Payments Task Force and served on the Faster Payments Task Force. The task forces were formed as a part of the Fed’s “Strategies for Improving the U.S. Payment System.” 17SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

4 things you should not do at your office Christmas party

first_img 47SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Wendy Moody Wendy Moody is a Senior Editor with CUInsight.com. Wendy works with the editorial team to help edit the content including current news, press releases, jobs and events. She keeps … Web: www.cuinsight.com Details Christmas is next week and that means it’s about time for your company to host its annual holiday get-together. Whether it’s at a restaurant, an employee’s home, or just at the office, this event can be quite entertaining and festive for some and a dreadful drag for many others. Often times office holiday parties get out of hand when employees forget to follow simple etiquette rules. To ensure you don’t put your job in jeopardy or ruin your professional reputation, consider the following four things you should avoid doing at your work Christmas party.Not showing upChances are your company will not force you to attend the party, but that doesn’t mean you should take that as an easy out. Although you may really be dreading it, it’s important you make an appearance. If you choose to skip it, your absence will be detected and made note of by your coworkers and your boss. This may lead them to question your commitment to the company.Dressing inappropriatelyJust because your getting together for a social event, doesn’t mean you can dress like you’re at a Mardi Gras with your best friends. Remember it may be a more relaxed environment, but it is still a work event, therefore you must maintain your professionalism and composure. Sure, you don’t have to necessarily wear a pant-suit, but remember your attire and appearance are a direct reflection of you.Getting drunkAdditionally, just as you don’t want to dress inappropriately, you also don’t want to behave in a way that’s tasteless or classless. This means no getting drunk under any circumstance. As much as being around your work team may cause you to want to reach for that extra glass of wine, keep yourself together and remember your limits. There’s nothing worse than that colleague who’s caught slurring their speech or dancing on the bar. You can rest assured that if you make this mistake it will be talked about and brought up again in the workplace.Not thanking the hostRemember that these events are often not cheap and it takes not only money but also time and energy to pull them off. So, before you head home after the party is over, give your host a genuine thank you to show them your gratitude for being included. Also, it’s never a bad idea to follow up after the party with an email thanking the host again and wishing them a happy holiday.last_img read more

To infinity and beyond: The future of the credit union industry

first_imgThere is no way to know for sure what the future holds. But it is a pretty safe bet that credit unions can expect to see unprecedented growth, due in particular to their charter of supporting community and social good. Thanks to its firmly embedded philosophy of “people helping people,” the credit union industry is anticipated to resonate strongly with future generations.What we do know is that members of the younger generation have spent their entire lives immersed in the world of digital technology, which will be key to how they view financial services. Digital has shaped their identity and helped create their social, political, and cultural attitudes, while also shaping their expectations of products and services. This perspective, and getting to know who they are as consumers, will help the credit union industry develop not just products and solutions over the course of the next decade, but also a strategy for how to meet members’ needs.  So, what will the financial services industry look like in 10 years, and what role will credit unions play?Expectations will be high and efficiencies will be table stakes since younger generations place such a high value on time. Personalization will be expected, and organizations will need to understand it is about providing an engaging, immersive experience that offers easy access to solutions relevant to the member. When the design no longer works or becomes dated, organizations will need to quickly respond and change designs and product features or risk losing the member. It will no longer be about a specific user experience within an app, but instead about providing a service that consolidates what a member needs in an experience as a holistic solution. Technology is moving at a rapid pace and is not expected to slow down. Technology and the Internet of Things (IoT) will add value to the experience by ensuring the credit union knows each member well and can act on his or her behalf as a result of secure monitoring. Apps will go away, and many members will use an aggregated service that integrates their banking needs. Chargebacks and fraud will decline, thanks to machine learning and artificial intelligence. More instances of timely payment notifications being pushed to members will occur, with payment being enabled through a simple “reply.” Members’ communication with their credit union will advance as well, perhaps through chatbots to answer questions and machine learning to automate processes. While many of these advances may occur in the next 10 years or so, adoption will take time.The future of financial services will not just be about products and services, or about the number of branches or ATMs. It will be about banking how and where the member wants to bank. Millennials see branches as important to their financial wellness, but every aspect of the financial services industry will see disruption. We are seeing it already in solutions such as card products, authentication, lending, call center support, API integration, and more. We see these areas evolving along with the technologies and products that will bring new, feature-rich solutions to market that members no longer just desire, but also require to make their lives easier. Member confidence must be kept high by maintaining systems that protect member information, and it will continue to be a priority in the coming years. This will become necessary as new threats continue to disrupt the payments systems overall and real-time transaction monitoring becomes mainstream.What should credit unions do to ensure future success and survival?For credit unions, it boils down to knowing when members are ready for these new technologies. When the time comes, credit unions must be there to ensure members are well prepared for these changes. It is important to monitor market trends in order to understand how financial services will change and have already changed, as seen in the areas of payments, lending, card products, APIs, authentication, and more. Credit unions are an important part of our country’s fabric. Consumers will continue to seek providers that are community minded and socially responsible, which offers an opportunity for strong growth in membership through providing solutions and education that members desire from their financial services provider. 41SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Denise Stevens Denise Stevens leads PSCU’s Product Management, New Product Development, Digital Experience, Innovation and Strategic Vendor Alliances teams. Prior to rejoining PSCU in 2015, Denise served as the Executive Vice … Web: www.pscu.com Detailslast_img read more

NextGen Know-How: 5 books to help elevate your culture this year

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr To elevate the culture of your credit union, you must set the standard for leadership and performance. This starts at the executive level. The first thing the executive team must do today to positively impact the leadership quality of the credit union is to declare that you will no longer promote for technical proficiency. To create an exceptional culture, you must start by creating exceptional leaders. This means instilling hiring and promotion practices that focus on leadership qualities, not technical skills. It also means we must train managers and executives to be influential, modern leaders.center_img Most organizations are average. They are stuck—not moving forward and not growing. Why? One answer is that average organizations have average leaders. It is still standard practice for many organizations to promote employees for their technical skills, rather than their ability to lead and inspire other people. This practice perpetuates mediocre culture.I believe there are three main reasons organizations are average:As noted above, employees are promoted for technical proficiency, and not leadership proficiency.The organization’s leaders are conflict-avoidant.Cultural health is not a strategic priority.last_img read more

Financial forethought for Fido

first_imgAccording to a 2018 survey, almost 70% of households in the US own a pet, and approximately a third of these will need an emergency trip to the veterinarian each year. This can be a major expense, with the average annual cost of this care ranging from $800 to $1,500 for cats and dogs. However, with careful planning, you can meet your pet’s health needs without depleting your savings account. Here are a few ideas…Pet Insurance: According to the North American Pet Health Insurance Association, more than two million pets in North America are insured. This option is growing in popularity, with some employers now offering pet insurance in their benefits packages. Monthly premiums can range from $10-100 per month, but compare this with paying more than $5,000 out of pocket for your pet to receive cancer treatment. If possible, get pet insurance when your pet is young and healthy – pre-existing conditions are frequently excluded.Family Budgeting: Adding a line item to your family’s monthly budget for your pets can cover the cost of pet insurance or provide a dedicated financial resource as issues arise (or both!). Including an allocation for your pet in the family emergency fund is a similar strategy for larger-scale concerns. This includes natural disasters, which could result in medical emergencies and other challenges for your pets.Preventative Medicine: Annual check-ups for your pet can save you money by helping avoid pet emergencies or major medical bills altogether. Spaying or neutering your fluffy friend can also help prevent health problems, including some cancers. An inexpensive topical solution can help your pet avoid parasites such as fleas and ticks, which means avoiding life-threatening anemia, Lyme disease, and Rocky Mountain spotted fever.Talk to Your Vet: If you already have a pet, your vet can educate you on which vaccines you can skip. While some prevent serious and costly diseases, others are for more mild conditions and aren’t always effective. If you’re thinking about getting a new pet, your vet can talk to you about genetic conditions common to certain breeds, which can help you plan early and more realistically for your new pet’s ongoing care. 218SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Ed SanFilippo Edward J. SanFilippo is a freelance writer, editor, and researcher with expertise across a broad range of topics. He has nearly 20 years of experience writing for public agencies, private … Web: www.financialfeed.com Detailslast_img read more