November 18, 2013
President's point

This past week leaders from the credit union industry came together in Palm Beach for the winter AACUL conference to discuss the state of the industry and priorities for next year. League presidents, CUNA, CO-OP, CUNA Mutual Group, and other system partners were all present for the week-long event. LSCU & Affiliates Chairman Mary Ott Wood welcomed the group. As always, these meetings tend to have lots of talk about credit union vs. bank issues. I found it interesting that last week Accenture released a study that showed banks could lose 35 percent of their market share in the next six years and possibly 25 percent of banks could go away completely. The study had some interesting nuggets of information, as well.

The crux of the study is that bank customers want branches, but online and smart phone services are growing weekly. Each time a branch is closed--390 were shuttered in the third quarter--the study finds that two-thirds of customers find it inconvenient and half say they would switch financial institutions. This is a concern for banks since it takes about $2 million to open a new one. The study found that the 25 largest financial institutions spend in excess of $50 billion maintaining 43,000 U.S. branches. This is weighing heavily on their profits.

Another area where banks are feeling the heat is through Wal-Mart and American Express’ Bluebird program. Sound familiar? Amex says that its Bluebird accounts have grown to more than one million in less than a year. Customers can make deposits at ATMs at CVS and 7-Eleven, as well. You can see that this is a legitimate threat to all traditional banks, as well as credit unions. The study finds that banks are behind non-traditional providers when it comes to the customer experience.

Auto loans have long been the bread and butter for credit unions. Two weeks ago NCUA Region III Director Herb Yolles told our Leadership Development Conference attendees that auto loans are up and credit unions have a great opportunity. The study found that 68 percent of customers go outside the bank for auto loans, while 53 percent go outside the bank for credit cards. These are two excellent statistics that show growth opportunities for credit unions. Consumers are searching for these services so it makes total sense for credit unions to market these in their communities.

I would recommend that you read Forbes story on the Accenture study. While it isn’t a fact that banks will lose 35 percent of market share over the next six years, we have been seeing it slowly erode. Credit unions continue to have opportunities to strengthen their place in their respective communities. Be bold with your marketing initiatives as you look to 2014.

Where's Patrick: I’ll be in working out of our Birmingham office this week with several internal and external meetings on tap. To see my complete schedule for the next two weeks, visit the LSCU Information for Credit Unions webpage.

Visit the LSCU & Affiliates YouTube page to see the President's Quarterly video.

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Learn more about the upcoming FiCEP certification

Two credit unions employees have provided real world examples of how the Credit Union Certified Financial Counselor (CUCFC) designation through the REAL Solutions Enhanced Financial Counseling Certification Program (FiCEP) impacted their credit union members and their own careers.

WinSouth Credit Union's Director of Member Sales Phyllis Jones explains, "The FiCEP Program taught me many simple skills to enhance my 32-year career as a credit union employee. The study modules are well written and relevant to every day member service demands. I look forward to sharing this knowledge with our membership to help them achieve all the “WINS” in life that are important to them."

Ben Bradley, the branch manager of Army Aviation Center Federal Credit Union says, “The FiCEP program is and will be a great tool for me as a branch manager and loan officer. I now have more detailed knowledge and a reference point of how to better assist my members who need assistance or who are just at a loss of what to do next.”  

Interested in becoming a financial counselor? Click here for more information and click here to register. Additional questions? Contact Adena Whitman at 866.231.0545, ext. 2134.

Deadline to register is Jan. 4, 2014. 

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Getting graphic

Nearly everyone knows about Google and uses it many times a day, but most people do not know how to search Google like an expert. With Technobuzz.net's infographic "Quick Tips to Search Google Like a Boss," you can learn simple tips and tricks that will help you find anything on Google quickly with accurate results. Click here, view, and learn how to search Google like a boss.

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2014's Youth Week theme announced

"Catch the $ave Wave" is the theme for this year's National Credit Union Youth Week, April 20-26, 2014. The fun-in-the-sun theme was voted on by credit unions nationwide who hope to connect with young people's excitement for sand, sun, and surf. Not to mention the theme lends very well to attractive celebration material and promotional products. 

The goal of National Credit Union Youth Week is to pave the path to lifelong credit union membership by encouraging kids to set up savings accounts, learn how to manage money, and be more financially literate, while at the same time increasing credit union loyalty in their parents. Before long, those young savers grow into borrowers for autos and education.

Click here for more information on how your credit union can help young people "Catch the $ave Wave" this spring.

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In This Issue
President's point
Learn more about the upcoming FiCEP certification
Getting graphic
2014's Youth Week theme announced
LSCU & Affiliates Media

Happy National Philanthropy Day from NCUF
A special message from Gig Hyland, executive director of the National Credit Union Foundation, on National Philanthropy Day 2013.


 

Part one: NCUA Consumer Protection Update
In part one of this three-part installment,
Office of Consumer Protection Director Gail Laster covers the Remittance Transfer Rule, Escrow Requirements for Higher Priced Mortgages, and High Cost Mortgage Homeownership Counseling Rule.

Upcoming League Events
Nov. 19 Fair Labor Do's & Don'ts of Pay Issues
Nov. 21 1099 Reporting/Vendors/Foreclosures
Nov. 22 5 Definitions of a Qualified Mortgage
Nov. 26 Compliance Updates/Nonresident Accts
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