Credit Union Financial Fables

Credit Union Financial Fables

CU Marketing Corner

Once Upon a CU: Members and Financial Fables. Every credit union is unique in ways that are generically defined by its FOM. Unfortunately, the basic facts and figures that define membership eligibility do not convey the magical community and beneficial services that can entice potential members to grow your financial realm. Building a narrative can change the imagery of facts and figures into metaphorical flowers and fairies. Tell a tale about your Credit Union Financial Fables today!

Here are a few steps to get story-telling:

Step 1: Create Your Timely Stories

Your credit union has a rich history, a thriving present, and a limitless future. Before you continue to step two, take time to consider the special traits and qualities that made your institution what it is today and consider the possibilities of how it can connect to the bright future of your community. Take into account what makes your community special and identify connections in order to tell a story that you’re membership will want to engage in and pass on.

Step 2: Define Your Characters

A credit union’s members keep its story alive through the generations, they could/should be the hero/heroines of your Credit union story and their financial journey provides the parts of your narrative.

The antagonist (i.e. financial illiteracies, empty retirement funds, upcoming tuitions) will vary but is a strong tool in conveying a meaningful message for your credit union. Your credit union is the slew of story aspects that create a happy ending for your protagonist members.

Step 3: Give Your Story to Your Members

Even though your narrative is so masterfully written it should be in the general curriculum along Homer’s, Odyssey was told through a sort of ‘banana-phone/campfire flare that depended upon the storyteller until someone decided it best to write it out.

Let your members have the story to tell and participate in. It may provide insight into characteristics that your credit union didn’t realize or will shift importance on dramatic aspects of the narrative.

Oak Tree Business Systems Inc.’s team of creators and marketing specialists can help you write out your story and build a strategy to get your pages read by potential members. Contact marketing services to discuss our marketing packages today by emailing marketingservices@oaktreebiz.com.

Lending Documents & Data Processors

Credit Union Lending Documents and Data Processors

Are you considering a data processor switch? If so, there are several things to consider in order to ensure the process goes smoothly. Following these steps will make the transition efficient and minimize any headaches.

Three Questions for Data Migration Success

So you are planning a switch and need to know where to start? Answering these three questions is a good start.

When? Timeline is an important matter to consider. You never want to wait until it is close to the time for your contract to expire. Waiting gives the vendor all the power. Ultimately, it creates a scenario where the credit union may decide to stay even if switching is better because it is easier and less stressful. To prevent this, create a 24-month timeline and stick to it.

Who? There are many factors to ponder when making a switch. The infrastructure and technology of the potential vendor are huge considerations. Understanding these will let you know how well they fit in with your credit union’s goals and strategy. Also, you need to consider things like continuity and disaster recovery with respect to compliance.

How? All parties involved by the switch need to be aware of the what, why, and when. The best strategy is for credit union leadership to inform employees regarding the change and why it is necessary. Newsletters, email updates, and meetings are a great way to keep employees in the loop. Nobody likes flying blind during a core provider change.

Core Processing Compliance and Forms

Remember, before you worry about forms, check how long the forms provider has been in business and that their forms integrate with any core processor. Your credit union needs to make sure all fields are mapped correctly. Furthermore, check that these forms are up to date regarding all state and federal regulations.

Also, attending data processor conferences is a great way to get hands-on experience and learn about new technology updates from core processing vendors.

Take a look at these recent conferences:
April 17-19, 2018 Fiserv Forum Las Vegas, NV
May 8-9, 2018 Correlation 2018 Client Conference San Deigo, CA
August 27 – 30, 2018 Symitar 2018. San Diego, CA

Any of these would be worth attending. Know one that didn’t make our list? Let us know so we can keep you informed!

Choosing Who to Integrate Lending Documents With

What can we say? Oak Tree is already certified with many data processors, with more in the queue as changes and upgrades are made. Change and adaptation are the nature of data processor migration. Our compliant forms, your data processor’s choice.

We have walked with many credit unions through a core processor switch.

To lighten the load a bit, Oak Tree forms integrate with any data processor. Here is a list of common processors we support and a list of core processors:

If you have questions about your forms in relation to the switch, give us a call. We will answer them and put your concerns to rest. Switching core processors is a huge undertaking as it is. Forms compliance should not be an issue to lose sleep over during the change.

In-House Data Linking Services 

Jack Henry/Symitar

• Episys
• Symforms
• SymPDF

D+H/Harland

• Finastra – (Previously known as Ultradata)
• FSP
• Alps Forms – (the lending side of FSP (Financial Services Platform) /Finastra)
• Front Office Forms – (the membership side of FSP (Financial Services Platform)/Finastra)

PDF Packages

• Globally Linked Packages
• Individual Forms with Fields
• Smart PDF Forms (SmartForms: PDF with fillable fields) Globally linked Adobe Acrobat Reader enabled .pdf packages & Standalone Adobe Acrobat Reader enabled .pdf forms with fields

FISERV

• USERS Data Safe/Smart Term/Laser Forms
• DataSafe
• SmartTerm-
• LaserForms
• DocumentIt Encore / LoanCierge
• LoanCierge
• DocumentIt
• DNA (Fiserv)
• XP-2

 IMM

• XP-2 (XP2 Release 2)

Other

• FICS (Financial Industry Computer Systems, Inc.)

…and more

Compatible Data Processors

• Accenture Mortgage Cadence
• Accenture Mortgage Cadence (Mortgage Click)
• Advantage
• Aftech
• Akcelerant
• AMI Information Systems
• Apex Data Systems
• Bluepoint Solutions
• Bottomline Technologies
• Bradford-Scott Data Corp.
• Bradford-Scott Data Corporation 
• Calyx Software
• CMC/FLEX
• COCC
• Commercial Business Systems, Inc (CBS, Camsby)
• CompuSource Systems, Inc
• Corelation, Inc (Jack Henry)
• Credit Union On-Line, Inc (CUOL)
• CRIF Lending Solutions (APPRO)
• CRIF Lending Solutions (APPRO, Teres Solution, SAIL)
• CU Interface
• CU Network (Symitar)
• CU*Answers
• CU*NorthWest
• CU*South
• CUBE
• CUC, Inc
• CU-Centric LLC
• CUDL (CUDirect) – Lending 360
• CUDP –CUProdigy
• Cunify
• CUProdigy (CUDP)
• CUSA Tech Inc
• CuServ Eveolution – D+H
• CUtopia
• D+H
• Data Intel
• Data Systems of Texas
• Datamatic Processing
• DataSafe
• DNA
• DocMagic, Inc.
• DocuTech Corporation
• E-Form, Inc
• Encompass – Ellie Mae
• Enhanced Software Products, In. (ESP Solution)
• EPL, Inc
• ERS – Electronic Recordkeeping Services
• Evergent Solutions LLC
• FedComp, Inc
• FICS
• FinanceGenius,Inc
• Finastra (D+H Financial Technologies)
• FIS- Mercury (MISER)
• Fiserv
• Fiserv – AccountCreate
• Fiserv – Advantage (Aftech)
• Fiserv – CUnify platform
• Fiserv – CUSA Technologies Incorporated
• Fiserv – DataSafe
• Fiserv – Galaxy
• Fiserv – IntegraSys Loancierge/Encore
• Fiserv – On-CU (OnCU)
• Fiserv – Open Solutions – FiTech, LLC.
• Fiserv – Open Solutions – IA Systems
• Fiserv – Open Solutions – Sound Software
• Fiserv – Open Solutions/DNA
• Fiserv – Spectrum & Acumen
• Fiserv – Summit Information Systems On Line
• Fiserv – XP2 Systems
• FiTech LLC
• FORMation
• FORMation d/o Problem Solved
• Forms Design, Inc.
• Forum Solutions
• Galaxy
• GBS/Sharetec Systems, Inc. 
• GBS/Shartec
• Gulf Data Systems (CU Answers)
• Gunther Computer Systems, Inc.
• IA Systems
• iMM Integrated Media Management
• Information Management Solutions
• Innovative Technology, Inc.
• IntegraSys
• Intuit Financial Services
• Member Driven Technologies (MDT)
• MeridianLink, Inc
• Mortgage+Care
• Northern Data Systems
• oFlows Incorporated 
• OnBase – Hyland
• On-CU
• Open Solutions
• PFP
• R C Olmstead, Inc
• Sageworks
• Share One, Inc
• Sharetec Systems Inc
• SmartStep Solutions
• Sound Software
• Spectrum & Acumen
• Summit Information Systems On-Line
• Symitar – Jack Henry & Associates, Inc.
• Symitar Systems, Inc. – SymPDF
• Symitar Sytems, Inc (Jack Henry & Associates ·Inc., SymPDF)
• Synergent Corp
• Systronics, Inc
• TCI (Teledata Communications, Inc.)
• Temenos
• TOTAL/1 Services Corp.
• United Solution – OnCore XP2
• Vision XXI
• Wayne Macpherson (CRIterion)
• XP2Systems

…and more

If you have questions about your forms in relation to the switch, give us a call. We will answer them and put your concerns to rest. Switching core processors is a huge undertaking as it is. Forms compliance should not be an issue to lose sleep over during the change. 

Call us at (800) 537-9598 to learn more on how we can help your credit union.

Member Social Media Engagement Best Practices

Credit Union Member Social Media Engagement

In an expert opinion article posted on Credit Union Times, our CEO, Richard Gallagher discusses some great advice for credit unions seeking to use social media to engage with their members. It is time to look at credit union member social media engagement best practices.

Any form of credit union marketing now requires social media to be part of the equation. Consider these recent demographic statistics from the Pew Research Center as they relate to social media trends in 2018:

● 73% of male internet users and 83% of female internet users are on Facebook.

● 38% of female internet users are more likely to use Instagram than men (26%).

● 81% of millennials check their Twitter feed every day.

● 91% of all social media users check their platforms from a mobile device.

So, are you convinced that social media must be a part of your marketing plan? With that in mind, let’s highlight a few ways credit unions use social media to engage with their members, as well as some tips and tricks you can incorporate into your own marketing plan.

Richard Gallagher

To read more about how your credit union can better engage with its members online go check out the CU Times article and then check out our membership documents for your credit union so you can find even more members to engage with and apply these member social media engagement best practices.

_{(note: this is an older blog entry and has been edited since originally posted.)}

Changes to Interest Rates and Forms in 2018

Changes to Interest Rates and Forms in 2018 for Credit Unions

In a commentary article posted on Credit Union Times our CEO, Richard Gallagher discusses how the Fed has made its resolution clear to increase rates. Are your forms prepared to handle it? Changes to interest rates and forms in 2018 are guaranteed, make sure your credit union is prepared for these changes. In the new year, interest rates are predicted to hike at least twice, each time your forms must undergo changes.

New business tax cuts, a new Federal Reserve chair, and low inflation set the stage for interest rate hikes going into 2018. Speculation projected three hikes last year, but only two occurred. This was no surprise to industry experts who surmised a third-rate hike would be unlikely because the economy was not in a position to support one. Most of the tax cuts set forth in President Trump’s tax plan would not take effect until 2018 and would affect businesses more so than consumers. Plus, inflation was a market factor and growth seemed to be slower than expected.

How Much the New Tax Cuts Will Affect Rate Hikes

Well, it is now 2018 and the tax plan just went into effect. Businesses are positioning themselves to take full advantage of their tax rate plummeting from 35% to 21%. That’s good news for them. It’s good news for the Feds too. The potential for interest rate hikes has directly increased as a result. Toward the end of 2017, many investors thought there might be only two hikes in 2018 because of inflation. The attitude of the markets certainly seemed to be positioned that way, and who could blame them? Sluggish inflation coupled with a sluggish growth rate usually means interest rates will remain the same.

Richard Gallagher

To read more about how your credit union can prepare for the changes to interest rates and forms in 2018, go check out the CU Times article and then check out our lending documents for your credit union.

_{(note: this is an older blog entry and has been edited since originally posted.)}

Utilizing Expansion Opportunities in 2018

Utilizing Expansion Opportunities in 2018

In a commentary article posted on American Banker our CEO, Richard Gallagher, discusses how and how Credit Unions should be utilizing expansion opportunities in 2018 that are due to the National Credit Union Administration’s recent changes to the field of membership rules. The article explains five positive changes that can impact your credit union. These 5 expansion opportunities can help grow your credit union.

As the new year begins, it’s a good time to ensure your credit union is taking full advantage of the National Credit Union Administration’s recent changes to the field of membership rules. Let’s take a look at five major areas with the greatest potential for impacting positive growth.

1. Core area service requirements

Various changes were made to core area service requirements – most notably, allowing credit unions to focus service to a portion of a statistical core without the perhaps overwhelming obligation to serve a much greater core area, thereby creating opportunities for more organic growth consistent with each credit union’s charter. According to the NCUA, the rule also allows for segmenting the population of a core area without regard to the 2.5 million cap. Credit unions can now serve combined statistical areas so long as they stay under the 2.5 million-population cap, and may also apply to serve adjacent areas, provided narrative submission requirements are met.

Richard Gallagher

To read more about how your credit union can be utilizing expansion opportunities in 2018 and be positively impacted by these recent changes to the field of membership, go check out the American Banker article and then check out our membership documents for your credit union.

_{(note: this is an older blog entry and has been edited since originally posted.)}

TRID & What It Means for Your Forms

TRID & What It Means for Your Forms at Your Credit Union

In a commentary article posted on Credit Union Times our CEO, Richard Gallagher discusses TRID and what it means for your forms. For Credit Unions, TRID requires not only adjusting model forms but also includes changes to computer software. Picking the right business partners to satisfy the TRID disclosure requirements is more critical than ever, and a reliable document provider is every bit as important as finding a qualified loan processor. 

What do you get when you attempt to abbreviate “Truth-in-Lending Act,” “Real Estate Settlement Procedures Act” and “Integrated Disclosures?” Well, if you are the CFPB, you get TRID, an acronym for two consolidated consumer real estate loan disclosure forms that represent many years and countless hours of research and development. The TRID forms consolidate two separate loan disclosures that had been required for decades by two different federal consumer protection laws and regulations recombining them into two different forms; one to be provided at the time of application and the other, at the time a closed-end consumer real estate loan is closed. For those wanting to dig a little deeper, let’s break this down.

On Aug. 11, 2017, the CFPB published a Final Rule in the Federal Register to formalize guidance and to provide greater clarity and certainty regarding specific mortgage disclosure provisions implemented by Regulation Z (2017 TILA-RESPA Rule). Although the Final Rule became effective on Oct. 10, 2017, 60 days after publication, compliance is not mandatory until Oct. 1, 2018. Confused? Aren’t the TRID disclosures already required? Let’s back up and review.

Richard Gallagher

To read more about TRID and how it affects your credit union, go check out the CU Times article and then check out our home equity lending documents for your credit union.

_{(note: this is an older blog entry and has been edited since originally posted.)}

Best Credit Union CEOs of 2017

For the credit union world, the eventful year of 2017 is now a thing of the past. When we take a look back at the past twelve months we remember the highlights and bright spots from around the industry. Credit unions who saw success were recognized, as well as the individuals who helped facilitate accomplishments and achievements. is your CEO on the list of Best Credit Union CEOs of 2017?

It goes without saying that in order to prosper in any industry, it takes a team effort. And although it may seem a bit cliché, it is true. Everyone must do their job to the best of their ability to create cohesiveness and keep everything operating smoothly. This all doesn’t just happen out of nowhere or overnight. Strategy and direction for a team or close working community all come from somewhere and that place is usually at the top.

With credit unions and most workplaces, the CEO is tasked with creating an environment and culture unique to their situation that can provide the most efficient plan of attack to developing success. In most cases, you can say that they are the most valuable member of a team because of the types of characteristics they must possess.

In 2017 there were plenty of standout credit unions that owed much of their success to the credit of their CEO. This came in the form of awards and other means of recognition that we would like to highlight. Take a look at some of the best credit union CEOs of 2017.

NAFCU CEO of the Year, CUs with assets of $250M or less

Daniel L. McGowan Jr., Pioneer West Virginia Federal Credit Union

NAFCU CEO of the Year, CUs with assets of more than $250M

John D. Unangst, Franklin Mint Federal Credit Union

Mayor’s Award, Rochester Hills, MI

Tom Dluzen, Chief Financial Credit Union

City of Lawrence Good Scout Award

Kevin Ryan, Financial Center First Credit Union

NWCUA Awards

Tom Johnson, STCU- Lifetime Achievement

Connie Miller, Icon Credit Union- Advocate of the Year, Idaho

Gene Pelham, Rogue Credit Union- Advocate of the Year, Oregon

Jeff Kennedy, TwinStar Credit Union- Advocate of the Year, Washington

Lifetime Gonzo Credit Union Leader, GonzoBanker

Doug Samuels, Space Coast Credit Union

Most Admired CEO, San Diego Business Journal

Teresa Halleck, San Diego County Credit Union

California and Nevada Credit Union League Awards

Teresa Freeborn, Xceed Financial Credit Union- Lifetime Achievement Award

Richard Cooper, Mendo Lake Credit Union- Distinguished Service Award

Dennis Flannigan, Great Basin Federal Credit Union- Distinguished Service Award

Diana Michaels, Western Health Care Federal Credit Union- Eternal Flame Award

Carolinas Credit Union League Awards

Dorinda Edwards, American Partners Federal Credit Union- Lifetime Achievement

John Radenbaugh, Carolinas CUL- Lifetime Achievement

Cathy Pace, Allegacy Federal Credit Union- Individual Achievement Award

Other Mentions

Individual awards are not necessarily the only thing that sets a credit union CEO apart from the rest. We looked at CU Journal’s list of top credit unions to work for to recognize a few more CEOs because as we mentioned before, creating a desirable work environment starts at the top. Take a look at the top 5 credit unions from the list.

Consumers Credit Union

CEO: Kit Snyder

Texas Tech Federal Credit Union

CEO: Chris Hutson

Bay Federal Credit Union

CEO: Carrie L. Birkhofer

One Nevada Credit Union

CEO: Bradley Beal

Michigan State University Federal Credit Union

CEO: April Clobes

Thank you to everyone on our list for continuing to prove why credit unions are a step above when it comes to financial institutions. We also invite you to let us know who else deserves to be recognized for their leadership efforts because we know there is no shortage of excellence around the credit union community.

Oak Tree knows the significance of important leadership. As a leading provider of compliant forms and disclosures to credit unions for over 35 years, we know what it takes to create a successful working and business environment. See for yourself by checking out our products and services page, and sending us a message. We would love to hear from you!