The Last Step

Humanitarian Highlight 12.31.2020

We’re back! Before the last step you need to take the first step.

Today is brand new #HumanitarianHighlight! We hope you all have been doing well and staying healthy! We are truly lucky and thankful to be part of such an incredible community. The #CUfamily is one of a kind who exemplifies the meaning of #CUdifference and #CUmovement. If you know of a credit union that has gone above and beyond for its community, please message us so we can give them a shout-out on all of our social media accounts!

IAA Federal Credit Union

Helping to support their community, IAA FCU partnered up with Federal Home Loan Bank of Chicago to donate $7,500 to Midwest Food Bank! Outstanding job, everyone!

“As a faith-based organization, it is the mission of Midwest Food Bank to share the love of Christ by alleviating hunger and malnutrition locally and throughout the world and providing disaster relief; all without discrimination. Our vision is to provide industry-leading food relief to those in need while feeding them spiritually.

Our story starts in 2003 when the Kieser family actioned their faith to share their blessings. They turned a barn on their family farm into a distribution site for local food pantries. Soon they realized the need was greater and there was room for growth. Thanks to the generosity of our donors, the valuable work of our volunteers, and most importantly, the blessings of God, Midwest Food Bank now shares the blessing worldwide. More than 4 million people were impacted in 2019. Midwest Food Bank currently distributes over $23 million worth of food to over 2,000 non-profit organizations each month. This is done from our ten locations in Illinois, Arizona, Florida, Georgia, Indiana, Texas, East Africa, and Haiti.” Midwest Food Bank

CLICK HERE TO LEARN MORE!

Affinity Federal Credit Union

Always taking that extra step to help someone in need, during Affinity FCU’s give-back week, one of their branches (New Haven Branch) took the time to volunteer a fall cleanup at the New Reach’s Life Haven Shelter! Thank you for all of your efforts in taking care of your community #CUfamily!

Fox Communities Credit Union 

Knowing that their Stock the Shelves campaign will be looking different this year because of COVID-19, Fox Communities CU is more determined than ever to make this campaign the biggest they have had yet. Since many families have been impacted by the pandemic, campaigns like these are crucial to help our many families who have trouble providing food on the table. 

“I can’t believe how many people I’m hearing from who have had a job forever, and all of [sic] the sudden their job isn’t there, or they’re making a lot less money,” she said. “If we can at least make sure they have full bellies when they go to bed at night that could be a huge part of what we’re doing.” Lynn Marie Hopfensperger, Development Officer 

Head to the credit union’s website for more information about the event! 

1st United Services Credit Union

Understanding the struggles of families all over the county not having the funds to put food on the table, 1st United Services CU is matching their virtual food drive donations up to $10,000! Thank you all for always being there for your community! 

“Due to COVID-19, food has become more of a necessity now than ever before, according to Alameda County Community Food Bank (ACCFB). And every dollar donated to the ACCFB equates to $7 worth of healthy food for a local family. That’s why 1st United has moved their food drive online this year and will be matching monetary donations made by members, staff, and community.” CUinsight

Royal Credit Union

Caring about their community, the foundation at Royal CU pledged $500,000 toward the $7 million expansion of the Eau Claire public library! 

“The Foundation focuses on large-scale, capital projects that help build community and create the spaces where people come together. Libraries are community gathering places that offer resources for everyone. We are proud to support the expansion of the L.E. Phillips Memorial Public Library and appreciate the many ways it benefits the Eau Claire community.” RCU Foundation President John Sackett

Travis Credit Union 

How outstanding is this? The Travis Credit Union Foundation raised more than $1 million for the COVID-19 Relief Initiative. This was then MATCHED by Travis CU for a grand total of $2 million! So, where will the funds be going? Well, the funds will be distributed to 83 local community organizations, which will then provide many resources and services to families and individuals who were impacted by the pandemic. 

“We focused where we know funds would immediately recirculate and strengthen communities, creating authentic community impact and financial wellness. We will continue seeking more resources to help non-profits survive and innovate as we all prepare for the ‘new normal’ in the aftermath of COVID-19.” Damian Alarcon, President of the Travis Credit Union Foundation 

I-C Federal Credit Union

As part of the credit union’s “Empower – A Community Connection” initiative, I-C FCU donated $4,000 to Ginny’s Helping Hands & Food Pantry of Leominster! 

Quotes are taken from the Sentinel and Enterprise article: 

“We are very grateful to IC Credit Union for this generous donation,” said Susan Chalifoux Zephir, executive director of Ginny’s Helpings Hand. “This will go a long way in helping us provide fresh, nutritious food to our food pantry families and ensure that no one goes hungry during these challenging times.” 

“In times like these especially, outreach programs like food pantries need our help,” said Holly Sanchez, senior vice president of Human Resources at IC, “and we are humbled by their commitment to serve.”

If you have any questions, call us at (949) 548-7601, and be sure to check out our Products & Services for your Credit Union! From the first step to the last step of every project, we want to help you get to a successful finish!

New Year, New Trends

2020 was quite a year, right? So many changes presented themselves and we all had to learn what it truly means to be resilient. Credit unions everywhere faced new challenges and had to quickly adapt and think fast when it came to helping their members. Not only that but the way we market had to also take a quick turn to all digital platforms. In this marketing corner, we will discuss what your credit union can expect when it comes to marketing and best practices in 2021. It’s a new year and so new trends come into play.

BE TRULY ADAPTABLE. As we all saw, things can quickly change at the drop of a hat. While in the marketing profession, most of us are used to things changing quickly, and we must continue to prepare in advance. This means, don’t just wait until something falls in your lap before addressing the situation. Go looking for the disruptions! By doing that, you can ensure your team and CU can be actively prepared for anything in the foreseeable future. We all know that marketing means always adapting – and with the year we had, going into 2021 – just remember to continuously listen to your members and keep an open line of communication.

TAKE ON DIGITAL TRANSFORMATION. If 2020 gave us an insight into the future, it’s that we must be pushing for digital. According to Global Marketing Alliance, in 2020, investments in paid, owned, and earned digital channels now account for almost 80% of multichannel budgets, with digital advertising and search advertising taking nearly a quarter (22%), with social marketing (11.3%) and website (10.4%) topping the list. The change we are seeing when it comes to going digital is something that is likely to be permanent going forward. If your CU is not on all the possible digital channels, you are missing an opportunity to reach your members and potential members.

INCORPORATE OLD WAYS. While the New Year starts to unwind, some of our old values and ways of doing things will eventually return. Being able to incorporate old marketing tools with new and digital ones will be very beneficial for your CU. The future of marketing will fall within traditional and new, and effective ways of marketing. While some of your members may be ready to return to doing business in-branch, a lot of members will still be wary of doing so for some time to come. Being able to accommodate all members is what will make your CU stand out from the rest. Giving members the relationship that comes with banking with a CU through digital platforms is not always easy, but hopefully, with a good marketing team to back you up, it’s possible! The new normal for CU’s will be taking on a balance of both marketing worlds.

While there are sure to be other trends that may be predictable or unpredictable once we arrive in 2021, one thing that will always remain the same is Oak Tree’s ability to be there for your CU! With over 37 years of experience in the credit union industry, we can help make sure your CU’s marketing goals are being reached and you are staying ahead of the race. Our marketing services department is standing by to answer any questions you may have! If you would like more information about our custom marketing services, feel free to chat with us at MarketingServices@OakTreeBiz.com. 

Is Now the Time for a Core Conversion?

When the first credit union in the U.S. was opened in 1909, all banking was done by paper and, all transactions were manually processed. We have come a long way since then, but with new technology every year, there is always room for improvements. For some credit unions, now is the time for a complete core conversion to improve efficiency and allow for more data integration. It might be time to ask yourself, “is now the time for a core conversion for your credit union?”

A credit union’s core platform and operating systems are arguably the most important pieces to the large puzzle of operating a credit union. Without an adequate system, a credit union may have a difficult time serving its members’ needs. If a core platform is holding back potential asset growth, it’s time to look for a better solution.

When preparing for a core conversion, there are many things to consider. What are the needs of the credit union members and staff? What core platform is going to serve these needs best? For each credit union, the answers to these questions will be different, but the most important thing for all credit unions to consider are the partners that will join them in this conversion.

Vendors

When preparing for a core conversion, selecting partner vendors is one of the most crucial steps. All credit union vendors have unique offerings and specific uses. Finding the right vendors for your needs may take some time and research, but it will be worth it in the long run.

A few things to consider when deciding what partners are right for your credit union:

• Product Harmony – How will all the products from different vendors work together in one harmonious core platform?
• Training – Will you be responsible for training your team on the new products and services or will the vendor provide training?
• Expense – What is your budget? Will your vendor work with you to stay within budget? Would this expense be an investment that saves your credit union in the long run?

As a credit union vendor, Oak Tree Business Systems Inc. is the perfect partner for your core conversion. With our 37+ years of experience, we provide superior products & services for all your lending needs.

COVID-19 Impact on Core Conversions In 2020

For many credit unions, 2020 was going to be the year for much-needed core conversions. When the virus hit the U.S. in March, plans changed quickly and credit unions had to adapt.

”According to Philip McArdle, director of project management at technology vendor Corelation, a client that was originally scheduled to convert in April requested an additional 30 days to focus on the needs of its staff. Another credit union set to make changes with two core systems in May elected to postpone the start date until late summer in the hopes that team members would be able to work together face-to-face on the conversion site.” –Credit Union Times

For others, delaying the conversion was not an option and facilitators had to come up with creative solutions, including training from home. It is amazing how many credit unions were still able to continue fulfilling these herculean projects during such uncertain times. This is what makes the credit union community great – a willingness and drive to make things better.

No one can be certain when this “new normal” will go back to a level of normalcy that we can be comfortable with, but we know by looking at past pandemics and global situations that recovery will rely on technology. If your credit union has recently switched its core, gotten its first core, or is getting ready for a core conversion, then be sure to contact one of our sales representatives so we can help you build an award-winning platform that will best serve your members and bring growth to your credit union.

Fintech Friction

Originated in 1866, Fintech came about when the very first transatlantic cable was laid. From 1950-1990, five decades of financial technological developments came with having to do with credit cards, ATMs, trading, computers, and data systems. As years went on and technology started becoming more advanced, new developments came along to help banks stay up to date with the new changes. When systems are not planned it can create some fintech friction.

In today’s world, it is imperative to have a system that is up to date (made necessary by advancing technologies that are becoming easier for users to navigate), and a system with fewer clicks, known as a “3-click rule.” A huge consideration when taking on the role of making sure that everything is running smoothly is to ensure that the system is performing in a fast and efficient manner. When people are trying to browse through an application on their phones and the application is difficult to maneuver, they will likely get frustrated and click out of the app, or they may even delete it. We need to remember that today we tend to get impatient when an application or web browser takes more than a few seconds to load correctly. This has to do with how technology advancements are conditioning us to have “unrealistic” time-slot expectations.

A Forbes blog states, “Waiting doesn’t seem effortful, but it is still friction. Even a short wait may prevent the desired action. Waiting adds uncertainty and increases anxiety when the exact delay is unknown. Given an arrival window of “8 AM to 4 PM” for the cable repair person, how do you feel at 3 PM when they have yet to arrive?” Talking business, when customers are scrolling through their accounts or a forms document, they are expecting the process to be fast and easy. Our daily schedules are hectic, and if we have to spend 20 minutes on a forms application, then we may rethink the task we were planning on completing. Not only is having top-of-the-line technology important for your credit union, but it also allows for your institution to provide easy access to all of the products and services you offer your members. Members are accessing apps with a certain goal in mind, or they could just be curious about the credit union. Making sure the app or website is efficient, clean, put together, and up to date will allow for great satisfaction and an awesome customer experience.

Looking deeper into this topic, there are many different mortgage companies supposedly “taking power” from other financial institutions. Whoever is in need of a loan should research to see which company provides the most benefit, who will pay more attention to each potential member walking through the business’s doors, and what goals are their members or potential members trying to achieve. Some things a financial institution needs to think about before a member applies for a loan: Is the loan process long? What kind of information will be requested? How will the credit union provide information (over the phone or in-person)? All of these questions need to be thought through. Credit unions make the process easy, efficient, and fast. Staff members care about every single person who walks through the company’s doors. With a smaller pool of members than other financial institutions (due to field of membership requirements), customer service and customer satisfaction is a huge responsibility for every staff member. Providing the best loans for their members and having someone on the phone and in-person to chat about any questions or concerns will always be a guarantee.

When it comes to banks and mortgage companies, their pool of members is very wide. This can and will result in not paying enough attention to each member’s needs, and the bank will try to get their money back from the loan as fast as possible. Interest rates are a major factor of getting their money back AND making a profit, [sic] “A “nonbank” can be seen as a financial intermediary. Instead of depositors, a nonbank gets its funds from investors, debt (via bond sales), or by borrowing from commercial banks. It takes that money and loans it to borrowers. The fees and interest collected — as well as principal repayments — are then used to repay the capital with interest.” The Simple Dollar

Oak Tree Business Systems, Inc. has been in the credit union industry for over 37 years. We have developed, supported, and maintained lending/operational documents for credit unions in over 50 states, including Puerto Rico and the Virgin Islands. Not only are we efficient, but we work with you to create forms that accommodate your credit union’s technology objectives and facilitate a smooth workflow. These documents are easy to use, are specifically designed to match your credit union’s policies and procedures, and work hand in hand with your data/loan processing system. Our compliant forms and marketing services are at the top of the credit union game. Oak Tree wants your credit union to feel secure in the forms you provide your members, so please let us know how we can help! Let’s avoid the fintech friction.

Credit Union Information Governance

Is Information Governance Important to Credit Unions?

What do you know of credit union information governance? Nothing is more important to a credit union than compliance, and one of the biggest components to this is information governance. This term may not be so familiar to those outside of the financial sectors or corporate cultures, but it is something that has become more important with each passing day. Every company, especially credit unions, must contend with a myriad of ever-changing laws, compliance issues, competition, economic uncertainty, and the malicious hackers and criminals that are always a danger to their assets, which contributes to growing concern. Information governance is nothing more than the protocols put in place for any organization to keep its information secure, yet usable. It is being meticulous and disciplined in the collection, management, and output of any information or data in a corporation.

As more credit unions expand their use of fintech, we see a need for them to also bolster their practice of information governance. This has led to the growing need to be more careful with the bulk of data that has been collected. Especially as more states and even the federal government have begun to craft new regulations and controls on how such data can be used, how it must be curated or stored, and of course how to handle the liability issues if an organization is breached. Then there are also the resources used to collect, store, and safeguard this data as a cost to the corporation in comparison to the lifecycle of its usefulness or reliability.

Credit Union Liability Issues

Besides liability issues or the need to stay compliant, we have also seen that when credit unions craft and implement more stringent and careful protocols for their information governance it comes back to that very important shareholder – the member. Protecting the information on your members is also about protecting them from fraud and other abuse. It gives them confidence in your institution when they know that their information can be trusted with your credit union. This is just one more way to build that goodwill and reputation that helps every company survive through the most severe of situations.

There are many instances where it may seem that the data you have is at risk, and this can be very true when dealing with vendors. Oak Tree has been a trusted vendor and we completely understand and respect the need for such controls on sensitive data. Staying compliant doesn’t just mean being aware of the law, it is meant to protect all of us and allow us to feel accommodated.

Oak Tree Business Systems has been in the credit union industry for over 37 years, so we can say that we are confident, and encourage all credit unions to use our forms. We comply with both state and federal standards, meet the expectations of each credit union’s members and staff, work on each credit union’s data processing system (and within their policies), and have an effective compliant forms system.

ITIN Lending & Compliance

Cutting Through the Fog

In a Credit Union Times Expert Opinion Column, “ITIN Lending & Compliance: Cutting Through the Fog,” Oak Tree`s CEO talks about ITIN lending, and how it represents growth opportunities for credit unions. Here is an excerpt from the article about ITIN Lending & Compliance:

” ITIN lending represents a solid marketing demographic for credit unions. Is your credit union taking full advantage of it? If not, you should be. Here’s why. The Filene Research Institute recently concluded its incubator loan project in December 2017, with ITIN lending being the most popular segment of the experiment.

The program introduced the following five loan packages to immigrants/minorities:

• Automobile refinance loans
• QCash small-dollar loans
• Micro-finance small business loans (community-based)
• Payday payoff installment loans
• ITIN lending

To make these loans possible, credit unions used targeted data mining and alternative relationship factors in addition to credit scores, alternative data, and ITIN numbers rather than Social Security numbers as a basis for identification. And while this segment does carry risk, it can be measured. Plus, the numbers speak for themselves.”

To continue reading about ITIN Lending & Compliance, head over to Credit Union Times website HERE.

Oak Tree has been a leading provider of credit union forms and disclosures for over 37 years. Contact us for information regarding our forms or marketing services.

Fall Into Good Fortune

Humanitarian Highlight 11.19.2020

Happy Thursday, everyone! How are you all doing today? Today’s #HumanitarianHighlight shows the many remarkable actions that credit unions have taken to help out their communities in any way possible. Even during a pandemic, many credit union staff and members have taken a stand to check up on their local businesses, helping them out, making sure different organizations still have food to hand out to people in need, etc. When looking at all the acts the credit union community has done, it truly brings a tear to our eyes to see that they all are trying to help each other out. That is why we love the #CUfamily so much! If you know of a credit union that has positively impacted their community, tag us and let us know so we can give them a shoutout! Time to fall into good fortune for those in the CUcommunity.

DuPage Credit Union

Not only does DuPage CU care for their members, but they also have the biggest hearts in caring for the community around them! During their shred & electronic recycling event, the credit union was able to collect 12 pounds of paper and 12 pallet boxes of electronics!

So, what does that equate to?

(Information is taken from DuPage Credit Union’s Facebook post)

• 101 Trees SAVED
• 41,625 Gallons of Water SAVED
• 24,380 Kilowatts of Energy SAVED
• 357 Pounds of Pollutants kept from the Atmosphere
• 29.7 Cubic Yards of a Landfill SAVED

Clearview Federal Credit Union

Let’s give Clearview FCU a round of applause for their hard work and determination in ensuring that everyone in their community is taken care of. During their Virtual Clearview Cares Day, employees from the credit union donated to their partners, Greater Pittsburgh Community Food Bank, and Westmoreland County Food Bank! The total amount raised by the staff and the organization match came out to $2,950! Their 2020 fundraising total has now reached $12,000, which then equals 60,000 meals! Absolutely incredible, #CUfamily!

Greater Pittsburgh Community Food Bank: “We exist simply because people in our community struggle with meeting a basic human need—having enough to eat. The mission of Greater Pittsburgh Community Food Bank is to feed people in need and mobilize our community to eliminate hunger.  But we can’t do it alone.”

CLICK HERE TO HELP!

Westmoreland County Food Bank: [sic]“By acquiring food through local donations and government food assistance programs (State Food Purchase Program and The Emergency Food Assistance Program) WCFB serves the community in several ways…

WAYS WE SERVE:

• We provide food to meal programs, soup kitchens, food pantries, emergency shelters, and child care programs
• We provide the means for donors to put their food to good use while gaining tax credits
• We keep perfectly good food that can’t be sold (because of damaged packaging or a close code date) from becoming garbage in landfills
• We believe that by pooling together all of the community resources, we can make a significant difference in the fight against hunger.”

CLICK HERE TO HELP!

OE Federal Credit Union

Not letting the pandemic stop them from supporting their community, OE FCU’s employees went by the Elko Firefighters Association with care packages containing handcrafted blankets to help keep the firefighters warm!

Greater Fox Cities Chapter of Credit Unions

This just brought a huge smile to our faces! In their partnership with Feeding America, the Greater Fox Cities Chapter of Credit Unions had a Stock the Shelves drive-thru event, and from all of their donations, 20,149 meals were raised for families who have been struggling with putting food on the table for their families. Remarkable job, everyone!

Feeding America: “The Feeding America network is the nation’s largest domestic hunger-relief organization, working to connect people with food and end hunger. Donors, staff, and volunteers all play an important role in our efforts to end hunger in the United States.”

CLICK HERE TO LEARN MORE!

PCM Credit Union

Back in September, PCM held their 6th Annual Christmas in-July-September Golf Outing for Children’s Miracle Network! With the help of 60 golfers and 19 sponsors, the total amount raised went well over $19,000 which will all go to local children in need.

Sunova Credit Union

The incredible staff and members from Sunova CU raised $3,970, which equals 397 meals to be donated to Made with Love! The donation will provide for people throughout Winnipeg who are in need of meals.

Dirigo Federal Credit Union

Through their Our Seeds of Hope Project, Dirigo FCU donated to 5 different nursing homes that were in need of many items. The credit union was very pleased to take 10 bird feeders to the residents and staff of Marshwood Center!

Thank you for reading this Humanitarian Highlight! Please check out last week’s post, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.

World Kindness Week

When it comes to compliant forms and disclosures for credit unions, there is Oak Tree Business Systems, Inc. For more than 37 years, we have been the ones supplying the best forms for credit unions from membership documents to the forms for all lending needs. It is World Kindness Week 2020!

When it comes to building a community, there are credit unions, who are always finding ways to show the #CUDifference and helping people open their eyes to a credit union with their many humanitarian efforts.

Let’s celebrate World Kindness Day and the #creditunions that know how vital such kindness is! Since 1998 this holiday has spread across the globe. From a day to a week we know celebrate every November a chance to unite under a united flag of kindness.

There are so many wonderful ways to celebrate this week. You can write random notes of kindness for others, even strangers. Help do errands for those in need. Cook a meal for a loved one. Even a hug is enough to show others that you care. It doesn’t have to be a huge action to show a little concern.

To see some great #HumanitarianHighlights where credit unions donate time, money, and other resources to help spread kindness every day you need to go to our Credit Union Blog! Did you do anything for World Kindness Week 2020?

The Season of Giving

Humanitarian Highlight 11.12.20

Happy Humanitarian Highlight Day everyone! We’re only one day away from Friday, so hang in there! We hope you all enjoy your weekend, and most of all we hope you enjoy reading all the amazing deeds our #CUfamily has been up to lately! If you know of a credit union that has positively impacted their community, tag us and let us know so we can give them a shoutout! It is truly the season of giving in the credit union community.

Mid Oregon Credit Union

Mid Oregon Credit Union was recognized by the Credit Union National Association and honored with the Alphonse Desjardins Youth and Adult Financial Education Award. They received the award for their Bite of Reality program, which teaches high school students about budgeting and money management. Awesome job, Mid Oregon CU!

Sunova Credit Union

This past October, Sunova members, and staff raised a grand total of $3,970 for the Made with Love program, which provides meals for those in need. The total equaled 397 meals for people throughout Winnipeg!

City & County Credit Union

This past month, City & County Credit Union was on a “People Helping People” mission and was able to make donations and volunteer for various programs. They made 440 snack packs for We Can Ride, Inc., 330 senior care bags for Help At Your Door, 26 tie blankets for the Ronald McDonald House, and beautified 2 local parks! Wow, what an achievement! Meridian Credit Union

Meridian Credit Union pledged to triple any donations made to one of two great organizations, including Food4Kids and helping those in need during COVID-19! This was part of their Donation Match Program!

In support of the Doernbecher Children’s Hospital, Fibre Federal Credit Union pledged to match any donations made as part of their Credit Unions for Kids mission! To learn more about our Credit Unions for Kids mission, visit https://www.fibrecu.com/…/news…/cu4kids-doernbecher-days.

United Federal Credit Union

As a commitment to both their members and communities, United Federal Credit Union stopped by the Women & Children’s Center of the Sierra with a donation check of $1,000! United FCU was extremely excited to support this organization that helps women rise out of poverty.

Hometown Credit Union

Hometown Credit Union held a “Miracle Jeans Week” for the Children’s Miracle Network Hospitals and was able to raise over $700 with the help of their community!

Thank you for reading this Humanitarian Highlight! Please check out last week’s post, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.

CUs in the Limelight

Humanitarian Highlight 11/5/2020

Another #HumanitarianHighlight is here, and we are so pleased the day has finally come! Have you ever wondered what more you can do to help create a difference within the community? Sometimes thinking outside of the box can be very beneficial to those in need. If you know a credit union that has gone above and beyond in making a #CUdifference, use our hashtag #HumanitarianHighlight to let us know about it, so we can give them a shout-out! Now on to the CUs in the limelight.

American Southwest Credit Union

American Southwest CU has donated $10,000 to the Chiricahua Community Health Foundation in an effort to help with COVID relief and vaccines!

Black Hills Federal Credit Union

We first want to start by saying, WOW! Black Hills FCU took the time to sew 300 masks to be given in partnership with Masks for Rapid City, who will then distribute the masks to elementary school students from Rapid City Area Schools!

Eagle Community Credit Union

This incredible credit union announced 4 of their 2020 scholarship winners and awarded them $4,000 each to put toward their college expenses! Congratulations to all!

ORNL Federal Credit Union

The employees of the Bearden Branch of ORNL FCU took the time to collect non-perishable food items to be donated to the Blessing Box at the Bearden United Methodist Church. The Bearden Blessing box is a cabinet placed outside of the church to help those who are in need of non-perishable items. Thank you to all who took the time to donate and create a difference in someone’s life!

Community 1st Credit Union

In September, the Community 1st Credit Union Foundation was able to award $25,000 to the Jefferson Co. Kids Early Childhood Learning Center in an effort to help with the capital campaign to build a new facility for additional childcare spaces and resources.

“We understand and fully support the impact this new Early Childhood Learning Center will have in Fairfield and Jefferson County.” says Greg Hanshaw, CEO of Community 1st Credit Union, “Partnering with local organizations to promote community betterment is really what our credit union philosophy of ‘People Helping People’ is all about. We look forward to watching this project unfold soon.” KTVO

ELGA Credit Union

Congratulations to ELGA CU for raising funds through their annual Ginormous Tent Sale. The total donation came out to $2,500! The money will be helping and supporting Catholic Charities’ three soup kitchens, and counseling programs.

“This annual sale couldn’t happen without the support of ELGA associates and our community volunteers,” said ELGA CEO Karen Church. “It’s truly a miracle to see so many different organizations come together to make this sale happen. This was our fifth sale, and all together we’ve raised more than $85,000 to benefit the programs at Catholic Charities.” The Davison Index

First Basin Credit Union

Caring about their community, the First Basin team was up early to help clean the community around them. They were able to pick up many bags of trash! Way to go #CUfamily!

Thank you for reading this Humanitarian Highlight! Please check out last week’s post, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.

A World Of Good

Humanitarian Highlight 10/29/2020

Happy Humanitarian Highlight Day! It’s the last one for the month of October before we enter into November! We hope you all had a wonderful month and hope you have enjoyed reading all the acts of kindness this past month. We look forward to finding more stories and seeing credit unions from all around the country make their communities a little brighter and a world of good.

Workers Credit Union

Workers Credit Union members provided $41,000 to local non-profits through their annual GiveBack program earlier in September. Executives presented checks to each of the organizations, which included Habitat for Humanity, who received $17,300, and Worcester County Food Bank, who received $23,600. We’re so inspired by their members’ generosity Awesome job!

Rogue Credit Union

In just two weeks, Rogue Credit Union was able to raise more than $1 million for the families and communities affected by the wildfires in Oregon. These devastating fires destroyed thousands of structures and towns, displacing thousands of people in Oregon.

Indiana Members Credit Union

Indiana Members Credit Union presented a check for $1,974 to Carmel High School Athletics as part of their ongoing school spirit debit card program. The program allows Carmel fans the opportunity to show their school spirit and support the athletic program by signing up for a Carmel Greyhounds-themed debit card.  Every time the card is used as a signature-based transaction, Carmel Athletics benefits. 

Black Hills Federal Credit Union

A group of BHFCU employees were able to lend a helping hand in their final Adopt-A-Mile cleanup of the year. What a great way to keep their community spotless and beautiful! Great job, BHFCU!

Alpena Alcona Area Credit Union

AAACU Board of Directors Chairperson, Charlie Negro, presented an $800 check on behalf of AAACU to the pastor of Oscoda Assembly of God church. These funds will be used to purchase a truckload of food for their monthly grocery giveaway, which helps to feed about 250 families throughout the Oscoda community.

Suffolk Federal Credit Union

Thanks to Suffolk FCU, the Gateway Performing Arts Center (“The Gateway Playhouse”) of Suffolk County in ­Bellport, N.Y., received a $10,000 grant that administered small business relief grants from the Home Loan Bank of New York, created to support the financial security and health of workers who are employed by organizations that have been severely impacted by the COVID-19 crisis. 

Capital Area Federal Credit Union

Every year in September and October, our community comes together to rally around our cancer survivors, fighters and loved ones. The Capital Area FCU crew participated in their virtual Walk for Hope this year! They were able to raise over $1,000 for the organization. Great job, everyone!

Thank you for tuning in to our Humanitarian Highlight! We’ll be back next week with some more generous credit unions! Please check out last week’s post, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598, especially if your credit union needs the best lending documents!

Sigh of Relief

Humanitarian Highlight 10/22/2020

Humanitarian Highlight 10/22/2020 | Sigh of Relief

Good morning #CUfamily! Today’s #HumanitarianHighlight consists of a few credit unions who have done great deeds to ensure that everyone in their community is taken care of and is shown support. If you can, follow and like your fellow credit union’s mentioned pages, so we can help grow the credit union family even more. For those in need, there are credit unions to give a sigh of relief.

New Horizons Credit Union

Providing a helping hand, New Horizons donated $1,000 to the Penelope House which offers safe shelter and free resources to victims of domestic violence! The credit union’s employees raised the money through their jean days as a way to help support local charities.

“Penelope House helps victims of intimate partner violence to gain social and economic independence through shelter, counseling, advocacy, and referral to community resources and agencies in Mobile, Washington, Choctaw, and Clarke Counties in Alabama.  The shelter can provide refuge for victims and their children when their lives are in imminent danger. The temporary shelter allows escaping from a violent situation. The prevention of domestic violence through education and public awareness is the goal of Penelope House.” Penelope House, Inc.

 Click HERE to learn more!

Cutting Edge Credit Union

Wanting to help the firefighters who are battling fires, Cutting Edge CU found out they were in need of Chapstick to protect them from the heat and wind. The credit union donated 500 tubes of lip balm to the Tualatin Valley Fire and Rescue to be distributed to all the frontline firefighters.

DuGood Federal Credit Union

Lending a helping hand, DuGood FCU partnered up with United Way Orange County, TX to help pass out meals and supplies to people who were affected by Hurricane Laura. Incredible job #CUfamily!

Fitzsimons Federal Credit Union

Let’s give a round of applause to Fitzsimons FCU for reaching their goal of $50,000 for donations to local food banks. To help reach a bigger goal, the credit union now wants to raise $100,000 by working with other credit unions with a virtual food drive for Food Bank of the Rockies.

“1 in 10 Coloradans worry where their next meal will come from. These are people you meet every day- those with low-wage jobs, children, seniors on fixed incomes, those with health issues. Surprisingly, the homeless represent only 10% of our food recipients. Nearly half of the food we distribute feeds children.

Hunger can be found everywhere – often where you least expect it. The homeless population represents only about 10% of our food recipients.” Food Bank of the Rockies

Click HERE to learn more about the Food Bank of the Rockies!

Click HERE to head to their site to donate!

Members 1st of NJ Federal Credit Union

Congratulations to Members 1st of NJ FCU for being awarded a $90,000 block grant from the Federal Home Loan Bank of New York’s COVID-19 Small Business Recovery Grant to help businesses and nonprofits recover from the pandemic.

Contact Members 1st of NJ FCU to find out how your business or nonprofit may qualify for the grant.

Arbor Financial Credit Union

Taking the time to help raise awareness, Arbor Financial CU joined in the Stomp Out Stigma 5k! The team was able to raise $4,110 for The Mental Health Foundation of West Michigan – be nice.

“The Mental Health Foundation of West Michigan is a local nonprofit that provides mental health education through our programs be nice. & Live Laugh Love. Our staff is also certified to teach Mental Health First Aid. be nice. is our leading education program that is catered to all ages, K-senior citizens. be nice. is an acronym and a four-step Action Plan to notice, invite, challenge, and empower yourself or someone struggling with their mental health. You can learn the be nice. Action Plan and take the Pledge to be nice. in your community at www.benice.org.” be nice.

Click HERE to learn more.

Linn Area Credit Union

Outstanding job to Linn Area CU for donating $10,000 to HACAP in an effort to help provide food and other supplies and services to people who were affected by the derecho storm.

“We are HACAP – a diverse, community-focused nonprofit dedicated to the sustained improvement of human life in our communities. As one of eighteen Iowa community action agencies, we provide flexible and adaptive programs and services that work toward removing the barriers to self-sufficiency. HACAP provides service in six counties in Iowa: Benton, Iowa, Johnson, Jones, Linn, and Washington. We build collaboration among for-profit, nonprofit, faith-based, service groups, and community members in order to make stronger, healthier communities.

Poverty is a complex human condition, which in many respects lingers outside traditional market economics. Poverty creates barriers to human progress, restricting individual opportunity. Its impacts need to be addressed locally for maximized results.” HACAP

Click HERE to learn more!

Thank you for reading this Humanitarian Highlight! Please check out last week’s post, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598, especially if your credit union needs the best lending documents!

Top 10 Credit Union Conferences to Attend

As the leading provider of compliant lending documents and forms for credit unions, we pride ourselves on staying ahead of the curve, keeping up with all the latest trends in the industry, and are always open to learning more. Attending credit union conferences means getting the chance to broaden your network, promote deeper understanding, uncover new knowledge, and reinforce existing practices.

We hope to see you soon at any of these Top 10 Credit Union Conferences to Attend.

With the COVID-19 pandemic impact on in-person gatherings, many credit union conferences have had to re-invent, postpone, or cancel for 2020. With all the changes in CU conferences this year, many credit union events are going fully virtual, giving many peers in our industry the opportunity to attend a show they wouldn’t normally consider with travel.

Whether it be in person or online, now is the perfect time to make plans for you and your team to take advantage of the learning opportunities that can help keep your credit union on top of all the latest trends and innovations in the industry. Here is a list of the top 10 CU conferences to attend in 2020 and 2021 that will surely make continuing education a cornerstone of your growth strategy!

Head to the Oak Tree Business Systems, Inc. blog to learn more about what’s happening in the credit union industry!

1. Credit Union Leadership Convention

Who: PEI Media

What: The Credit Union industry’s first virtual week-long convention! Choose from 7 Breakout Summits and learn from the world’s most inspiring keynote speakers.

When: Jul. 28 — 31, 2020

Where: VIRTUAL EVENT

2.  Credit Union Marketplace Experience

Who: Cooperative Credit Union Association

What: The largest show of its kind in New England has now gone virtual! Every Monday morning from August through October you will get the opportunity to showcase your products and services to hundreds of credit union leaders from all over, for a total of 9 sessions.

When: Aug. 3 — Oct. 5, 2020

Where: VIRTUAL EVENT

3.  Congressional Caucus

Who: NAFCU

What: Premier credit union lobbying event of the year where you will have access to lawmakers and regulators who determine future laws that govern our industry.

When: Sep. 13 — 16, 2020

Where: Washington, D.C.

4.  The Lending Conference

Who: NAFCU

What: Learn to build your credit union lending portfolio with the best practices, ideas, and tactics from the industry’s most successful lenders.

When: Oct. 19 — 21, 2020

Where: San Diego, California

5.   REACH

Who: California and Nevada Credit Union Leagues

What: Learn from hundreds of credit union professionals and gain access to expert advice and valuable products from multiple vendors.

When: Oct. 25 — 29, 2020

Where: Palm Desert, CA

6.   The Great New England Credit Union Show

Who: American Business Media

What: The must-attend event for anyone working in the credit union industry. Learn the latest in cybersecurity, member engagement, and much more with hundreds of credit union colleagues.

When: Nov. 13, 2020

Where: MGM Springfield, MA

7.   Minnesota Credit Union Network Annual Conference

Who: California and Nevada Credit Union League

What: These 2 days will feature guest speakers, educational sessions, networking opportunities, the MnCUN Business Meeting, in the state’s largest credit union vendor exhibit hall.

When: Nov. 18 — 19, 2020

Where: Bloomington, Minnesota

8.   LAUNCH Conference

Who: The Carolinas Credit Union League

What: Returning for its fourth consecutive year, learn to LAUNCH your operations and service success with the latest trends, strategies, and products.

When: Feb. 4 — 5, 2021

Where: Charlotte, NC

9.   Governmental Affairs Conference (GAC)

Who: CUNA

What: CUNA’s biggest event, gathering thousands of credit union leaders in Washington, D.C.

When: Feb. 28 — March 4, 2021

Where: Washington, DC

10. 53rd Annual Conference & Solutions Expo

Who: NAFCU

What: Conference designed for your leadership team to learn and strategize together, while discovering the megatrends in the most important topics that affect credit unions.

When: Jul. 27 — 30, 2021

Where: Savannah, Georgia

Is there an event you would put on your Top 10 Credit Union Conferences to Attend that we did not? Let us know!

International Credit Union Day 2020

International Credit Union Day 2020

On October 15, 2020, credit unions all over the U.S. celebrated the 72nd International Credit Union Day 2020! The theme this year was “Inspiring Hope for a Global Community.”

The first ICU Day was celebrated in 1927 by the Credit Union League of Massachusetts. After a few years of not celebrating the holiday due to rapid growth and change in the credit union industry, ICU was established on the third Thursday of October.

ICU Day is a day of recognizing the CU global community, celebrating the progress we’ve made with the #CUmovement, and giving back to the people we serve.

Although 2020 has brought many challenges, credit unions have shown true resilience. We have been in awe of the work CUs have done for their communities in the last few months, and how the #poeplehelpingpeople movement has only gained speed in the face of the COVID-19 pandemic.

There is no better way to celebrate ICU Day than by featuring some of our #CUfamily and the ways they are celebrating!

A+ Federal Credit Union showed their spirit for ICU Day by driving in a parade for the Austin Habitat for Humanity.

Georgia United Credit Union donated $5,000 to four area food banks for their #fighthunger challenge.

Maui County Federal Credit Union packed 554 bags of emergency food for the Maui Food Bank.

Delta County Credit Union paid for lunches at local restaurants for #CULunchLocal.

Linn Area Credit Union is raising money for United Way of East Central Iowa.

Northeast Credit Union gave our $5 to lucky members.

Synergy Credit Union made a $100,000 donation that will be distributed among more than 30 schools in West-Central Saskatchewan.

United Savings Credit Union is matching donations up to $1,000 until October 30th for Great Plains Food Bank and the Becker County Food Bank.

Don’t forget to check out our 2020 ICU Day YouTube video.

We are elated that there is a holiday to celebrate the credit union movement, but we all know the great work CUs do doesn’t stop there. We like to honor the #CUfamily every week in our #HumanitarianHighlight blog posts!

Oak Tree is proud to be a part of the #CUmovement. As a credit union partner, you can count on us. Contact us today for your compliant and member-friendly forms.

Good Deeds Last Forever

Humanitarian Highlight 10/15/20

Humanitarian Highlight 10/15/20 | Good Deeds Last Forever

Hello everyone, happy Thursday and welcome back to an all-new Humanitarian Highlight! It brings us so much joy to see all these wonderful credit unions perform good deeds in their communities. These credit unions have exemplified so much hospitality towards others and we wanted to shine the spotlight on them! Thank you to everyone who was involved in these exceptional acts of kindness! Catch us back next week for more incredible stories. Because Good deeds last forever.

Public Service Credit Union

Public Service Credit Union awarded ten students $1,000 each. Due to gathering restrictions because of COVID-19, the awardees were honored online at www.PSCUnow.com/scholarships.

Marshfield Medical Center Credit Union

During the month of August, Marshfield Medical Center Credit Union (MMCCU) asked members to bring their coins in for deposit. At the end of the month, MMCCU would donate a percentage of the profits up to $500 to a local charity. Members brought in a total of $14,496.54 coins for deposit in August.

Logix Federal Credit Union 

Logix Federal Credit Union announced Tuesday the conclusion of its Paying with a Purpose campaign, having raised $50,000 to benefit five local hospitals serving its branch communities.

Pennsylvania State Employees Credit Union

In honor of Hunger Action Month, Pennsylvania State Employees Credit Union decided to match gifts to the Central Pennsylvania Food Bank’s Virtual Food Drive, which was up to $10,000!

Members 1st Federal Credit Union

Members 1st Federal Credit Union held its 23rd Annual Charity Golf Classic on Monday, August 31, 2020. The outing format consisted of a four-person scramble with assigned tee times. There were 128 golfers, and it was held at Hershey Country Club. Beneficiaries of the outing included A Week Away Foundation, Central PA Food Bank, Lancaster Recreation Commission, and The Salvation Army. A grand total of $125,000 was raised, and each organization took home checks in the amount of $22,000

The Northwest Federal Credit Union

The charitable arm of Northwest Federal Credit Union recently presented a check for $10,000 to Dr. Julie Leidig, provost of Northern Virginia Community College (NOVA)-Loudoun for use by the NOVA-Loudoun campus for its Lifeline program, an emergency relief fund for students at the Loudoun Campus.

Diamond Credit Union

Diamond Credit Union awarded the 17th annual Alfred A. Panfile Memorial Scholarships to seven local and very deserving students. A total of $7,000 in scholarships were awarded to the Class of 2020. Mr. Panfile was a longtime volunteer member of Diamond’s Board of Directors before his passing in 2012.

Today is a very special day for the Credit Union Community as it is International Credit Union Day, aka ICU Day. It is a great opportunity for us to help raise awareness for those who are not members of a CU to learn how we are helping create and build communities. Especially amidst a global pandemic, we are seeing many members of credit unions find hope and help through their credit unions. This is one of the largest factors that differentiate credit unions from other financial institutions.

Thank you for reading this Humanitarian Highlight! Please check out last week’s post, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598, especially if your credit union needs the best lending documents! Good deeds last forever and so does our love for the credit union community!

Taking that Extra Step

Humanitarian Highlight 10/8/2020 | Taking that Extra Step

Humanitarian Highlight 10/8/2020

Welcome back, credit union family! How has everyone’s week been going so far? In today’s #HumanitarianHighlight we mentioned a few credit unions that took that extra stride in making sure the members of their community feel safe and heard. If you know of a credit union that has positively impacted their community, tag us and let us know so we can give them a shoutout! Taking that extra step isn’t hard, especially when you have humanitarians ready to help.

American Heritage Credit Union

Helping creating a #CUdifference, American Heritage CU raised $8,338 AND donated 2,284 books from their Books For Kids program!

Want to become a Book Buddy? Call their branch 215.969.0777 for more information!

Wright-Patt Credit Union

WOW! Wright-Patt Credit Union’s Sunshine Community Fund raised well over $260,000 from October 2019 to June 2020!

“An $80,000 check was presented to each of their most recent Sunshine Community Champions – Dayton Children’s Hospital and Rebuilding Together Dayton. The remaining $100,000 will go back into the Fund to help support additional community efforts throughout the year. Since 2013, the Sunshine Community Fund has contributed over $2 million to local nonprofit organizations.  WPCU held a virtual check presentation to celebrate this milestone while maintaining safe social distancing.

‘Throughout the COVID-19 pandemic, WPCU has been working hard to help our members and the communities we serve to build strength,’ said Tracy A. Szarzi-Fors, Wright-Patt Credit Union’s Vice President of Marketing and Business Development. ‘We’re proud to continue supporting local nonprofits that make such a big impact in people’s lives like Dayton Children’s Hospital and Rebuilding Together Dayton.’” Wright-Patt Credit Union

Click HERE to read more!

Great Northwest Federal Credit Union

From the hiatus of the pandemic, a ton of events and meetups had to be canceled due to health reasons. At the end of July, Relay for Life of Grays Harbor hosted a drive-thru event, and with such a generous credit union, Great Northwest FCU participated and donated $5,600!

Georgia United Credit Union

During one of the random acts of kindness stops, Georgia United CU delivered snacks to the faculty and staff from the University of North Georgia!

TwinStar Credit Union

Nothing is ever going to get in the way of this crew! TwinStar CU’s Relay For Life Committee is not letting COVID get in the way of helping out their community. Even with the pandemic, the committee raised an astounding amount of $15,657 to be donated to Relay For Life of Thurston County!

Click HERE to read about their virtual events!

Click HERE to learn about Relay For Life!

Del-One Federal Credit Union

Continuing to show their #CUdifference, this year Del-One FCU donated to 37 organizations while also celebrating 60 years of service!

Click HERE to see what types of positive deeds Del-One FCU has been involved in the past.

Frontwave Credit Union

Let’s give a big round of applause to Frontwave CU for being honored with 6 MAC Awards for excellence in marketing from the Marketing Association of Credit Unions.

“‘It’s an honor to be recognized among our peers who all do such incredible work in the industry. Frontwave has made great strides with our new brand and elevating market awareness, affinity, member loyalty, and penetration in a highly competitive market,’ said Todd Kern, Chief Marketing Officer for Frontwave Credit Union.” CUtoday

CU Forward Day 2020

The annual celebration is happening on Monday, October 12, 2020!

What is CU Forward Day about? This is a statewide day for all Minnesota credit unions to help spread kindness throughout their communities.

“Last year, a total of 58 credit unions and organizations dedicated over 20,000 hours of service to the community as a collective whole with 4,000+ volunteers. The concept spread outside of Minnesota across our nation, as well, with the Illinois Credit Union League launching CU Kind Day, a credit union-driven kindness day, and Mississippi credit unions piloting a giveback day through their young professional’s group, LEAD.” Minnesota Credit Union Network

Click HERE to learn more!

Thank you for reading this Humanitarian Highlight! Please check out last week’s post, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598, especially if your credit union needs the best lending documents!

New Blessings

Humanitarian Highlight 10/1/20

Humanitarian Highlight 10/1/20 | New Blessings

Happy October everyone and happy Humanitarian Highlight day! It is always a pleasure to shine the spotlight on some amazing credit unions that are doing incredible acts of kindness for their communities. These new blessings are going to help build some great communities!

This week we also wanted to bring awareness to this year’s CU FORWARD Day, an annual celebration of credit unions spreading kindness! This Minnesota event is held annually and is a statewide initiative of credit union employees, members, and partners coming together to volunteer with local organizations, and generally give a huge “thank you” to the people who deserve it most. Minnesota’s Credit Unions will hold its CU FORWARD Day on Monday, October 14! For more information, make sure to click HERE and tune in for more!

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First Trust Credit Union

This year, First Trust Credit Union distributed a total of $8,630 in scholarships to eight local high school students. “What’s very exciting about our scholarship program is that we offer scholarships to both students pursuing typical four-year degrees, and also students pursuing associates degrees, certificates, and apprenticeships,” said Dorene Martinson, Marketing Director for First Trust Credit Union.

Navy Federal Credit Union

Navy Federal Credit Union employee volunteers collected and donated various school supplies to Sherwood Elementary School during their annual Sponsor a Teacher drive in Pensacola on Friday, August 21, 2020.

Blackhawk Community Credit Union 

Blackhawk Community Credit Union donated $250,000 to a local free clinic despite the credit union’s recent financial retrenchment. The money will be used to buy a building or property to establish a new health care center for HealthNet.

Travis Credit Union

In the wake of the LNU Lightning Complex Fires, the Travis Credit Union Foundation has started accepting donations to address urgent needs. The donations will provide financial assistance for victims, firefighters, and communities that have been impacted by the fires. They also serve to provide funding for anyone in need of food, shelter, clothing, and money for necessities. TCU will cover all administrative costs, so 100 percent of donations will go toward supporting recovery efforts.

Christian Community Credit Union

Christian Community Credit Union donated $10,000 to International Ministries’ (IM) relief effort in response to the devastating massive explosion in Beirut, Lebanon. IM has global servants serving in the area who can offer immediate help to those affected by the blast.

Rogue Credit Union

The Oregon legislature recently approved $35 million to provide one-time payments of $500 to Oregonians who were financially impacted by the coronavirus. The $35 million in funding is being distributed by specific credit unions across the state. In southern Oregon, the Medford-based Rogue Credit Union has offered to provide any assistance needed. Thank You, Rogue CU!

Calhoun Liberty Employees Credit Union

With school starting back up again, the Calhoun Liberty Employees CU put together goody bags for teachers and staff at all the Liberty County and Calhoun County schools. They also took the liberty of going around and delivering them all!

Thank you for reading this Humanitarian Highlight! Please check out last week’s post, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598, especially if your credit union needs the best lending documents!

Navigating Current Lending Trends

Navigating Current Lending Trends for Growth and Compliance

Following current lending, trends can boost loan applications and approvals. It can also spark new partnerships and provide a competitive edge in a volatile market. Let’s look at navigating current lending trends for growth and compliance; and how they can help your credit union grow.

How do I encourage membership growth?

CUs generally have lower loan rates, higher rates on savings and investment accounts, and fewer fees. While credit unions focus on securing memberships from younger generations, it’s important not to discount lending to small and mid-size businesses.

Due to economic uncertainty, small business owners are forced to seek online lending options. Online lenders are dominating the market with higher percentage approvals and quick funding.

Small businesses are worth the acquisition cost since most will need additional products like checking and savings accounts. A positive CU experience could solidify a long-term client both for business and personal financial needs.

How do I increase equipment loan approvals?

Once you have established relationships with small and mid-size businesses, they will likely need additional loans such as equipment financing. While it’s easy to put a business owner into a box by only recognizing his credit score or actuarial models, that box doesn’t meet the needs of today’s business owner.

Does the owner have collateral? Cash flow? Do they have a good reputation with your CU? All of these factors should also influence loan approval.

By underwriting each equipment loan, you can personalize the experience and collect pertinent data that can help upsell additional products and services.

Take the time to get to know local industries that are seeking loans. Do you understand their equipment needs? Are they able to source new or used equipment?

Establishing genuine care and concern for each business member’s needs can generate referrals and build trust among industries. Running a business in any industry is difficult and understanding the needs and unique financial mistakes can help your CU provide solutions to keep those businesses running without a hitch.

How do I go digital without losing members?

By 2025, it is estimated that over half of tasks currently held by various credit union personnel such as loan officers, tellers, and financial advisors could be automated according to Accenture. Although going digital could save financial institutions billions of dollars, it also affects the ability to provide a human experience, a touchpoint that credit unions rely on.

However, going digital doesn’t have to mean slashing the workforce or giving your members the cold shoulder. For example, OceanFirst Financial in New Jersey retrained its employees to assist digital banking roles.

Even though OceanFirst closed over 1/3 of its branches, through its employee retention efforts and forward-thinking mindset, it was able to keep over 90% of members who banked at the closed branches.

By adopting digital processes, OceanFirst also witnessed an 81% increase in mobile deposits (2019). Investing in retraining their employees not only educates their staff on digital processes but provides growth and sustainability for their coverage area.

Why should I partner with fintech?

As the need for a personalized digital banking experience paralyzes credit unions, fintech can provide the perfect partnership.

Your CU doesn’t have to become fluent in online coding or start from square one. By partnering with fintech companies, credit unions can expand their network of businesses, and simplify the loan process to engage more members at a faster pace.

This strategy is particularly important for CUs that lack manpower and budget in the areas of risk, underwriting, and compliance.

Fintech can also help CUs gather data analysis regarding their potential and current membership. The data measures credit risk allowing the credit union to understand the borrower’s financial behavior before a transaction has commenced.

By using smart credit risk technology, CUs can feel comfortable approving the loan, even if traditionally the borrower may have questionable credit on paper. This is the main avenue fintech uses to speed up loan approvals.

It’s important to choose a fintech early in the game. As fintech gets more established the rates start to increase, which means the cost of partnership can as well. Coronavirus has forced scenarios we have never conceived before. Only being able to communicate via a virtual world is right up fintech’s alley so take advantage of their automation techniques in personal and small business lending.

What’s next for the U.S. economy?

Since 2000, credit union lending as increased in both first mortgage and auto. Totaling $81.6 billion (26.0% of all credit union loans in Q2 2000) and $440 billion in Q2 2019 (41.1%), first mortgages have seen an increase of over 15%. Auto loans have increased too from $123.6 billion in 2000 to $374.4 billion in 2019.

However, 2020 has ushered in a global pandemic, social unrest, and an economic downturn. With all of these factors, it is unlikely that the nation will be as strong economically as it was between 2015-2019. Here are 3 factors that could limit economic growth in the next couple of years.

1. Political Uncertainty

President Trump frequently tweets and according to JP Morgan, those words go way beyond social media banter. JP Morgan nicknamed the tweets the ‘Volfefe Index’ after a confusing 2017 “covfefe” tweet. These specific tweets are showing a significant impact on Treasury yields.

Depending on the content, tweets affect volatility in the market which affects the pricing of options and securities.  As the November election looms, uncertainty in the market is considered commonplace.

2. Low Inflation Rate

A low inflation rate is meant to keep the recovery going. However, when inflation rates are already low, cutting them can make a weak economy weaker.

The probability of an additional 25-basis-point rate cut averaged approximately 87% for contracts expiring between the end of 2019 and September 2020 as found by the Federal Reserve Bank of Atlanta’s market tracker.

3. Future Economic Trends

As a higher ratio of Americans is retiring, the U.S. has seen a slowdown in productivity. Less productivity means less economic growth. This decline of economic growth along with a decline in consumer spending could be problematic for a quick economic recovery.

Even with lending wrapped up in the chaos of economic uncertainty, now is the time to invest in technology and comply with industry regulations to stay competitive. Listening to the needs of your members can help your CU weather economic uncertainties. Here at Oak Tree we follow the lending trends in the credit union industry and are here to help you adapt. What’s your feedback on navigating current lending trends for growth and compliance at your credit union?