Nearing 40 years of experience in the Credit Union Industry, Oak Tree is a leading provider for lending documents and forms for Credit Unions. We provide all types of forms (all types of formats), data linking services, training, compliance support, legal opinion letters, preprinted brochures and documents, as well as web-based and mobile forms. Marketing Services for credit unions also available.
Oak Tree is more than just a “vendor” to the credit unions we work with, we think of ourselves as partners. We work closely with the credit unions across America because we are a part of the Credit Union Community. Because of this affinity, we tend to help the credit union movement and talk about how credit unions can be a better choice for your financial institution choices. We have looked at the question of why people would throw their money away with a bank, but now we just wanted to put out the 3 big bank vs. credit union differences we think help differentiate these institutions.
Credit unions and banks offer similar services: they accept deposits into checking (Share Draft Accounts for credit unions) and savings (Share Accounts for credit unions) accounts, and make loans. However, the structure of these two financial institutions is very different. There are three main areas that banks and credit unions that vary greatly: Ownership, profit, and service.
Who’s in Charge Around Here?
You’re in charge! Well, at least if you’re part of a credit union, that is. Credit unions run on a democratic voting system—one member has one vote. For credit unions, it doesn’t matter how much money you have in your checking and savings account. As long as you belong to the credit union, you have an equal say in how things operate. In addition, individuals on the board of directors are all volunteers, are elected by the members, and are not paid. Any member of the credit union can run to become a board member. On the other hand, banks are run mostly by a paid board of directors. Board members are elected by shareholders. The more shares an individual has, the greater their voting power is, and the more “say” they have in how the bank operates.
For-Profit or Not for Profit?
This one is simple. Credit unions are not-for-profit, while banks are for profit. Banks exist to earn profits for their shareholders. Because credit unions are not-for-profit, their earnings are passed on to their members by offering low-interest rates on loans, and higher-paid interest rates on saving accounts. In some instances, credit unions will offer free checking accounts. This profit orientation affects the type of loans and services that each financial institution offers.
Service Comes First
Credit unions mainly serve at the community level, which allows them to be more “in-tune” with their members’ needs. In addition, they serve those belonging to similar organizations, such as teachers, firefighters, airlines, universities, etc.
By having members with common interests, credit unions have a better understanding of the wants and needs of their members, and therefore can better serve their interests. In addition, their size allows members to get to know the employees who work there, and members build important relationships that are beneficial when it comes time to apply for a loan. Credit unions are also part of a cooperative, which allows them to share resources with other credit unions, such as shared ATM network branching (allowing members to withdraw from other credit unions’ ATMs), and much, much more.
After comparing these two financial institutions, it is clear to see that the credit union’s mission is to better serve members and to improve members’ financial lives. Credit union members have reached a new high of over 122.3 million members in the United States as of 2020. By giving members the financial services that they really need, this number is certain to continue to rise as the beneficial reputation of credit unions continues to spread. Besides these 3 big bank vs. credit union differences, what other key differences helped you choose a cu over a bank?
For this week’s Humanitarian Highlight, we want to take a look at how, even in these challenging times, CUs continue to focus on the good. Is your credit union a stand-out when it comes to charity and community? Then hit us up on social media and let’s help get the word out on your good works!! From gardens to skateparks and the most vulnerable let’s look at how CUs maintain their positivity and focus on the good for the community.
TTCU Federal Credit Union has been very involved and a big supporter of education in Tulsa, Oklahoma. They have established an education program and since 1934 have donated over $1 million to Oklahoma schools. For Teacher Appreciation Week, the week of May 3rd, the TTCU staff delivered 150 boxes of break room snacks and treats to schools across their local area. TTCU FCU has a deep appreciation for all the educators in the Tulsa area and showed that.
Eglin Federal Credit Union Skatepark is scheduled to open June 5th, only three months after breaking ground. With over a year of fundraising, the skatepark was finally fully funded thanks to Eglin FCU and community members. The skatepark will be open to all ages and levels of experience with various bumps and rails for everyone. The skatepark would not be possible without Eglin FCU donation and their dedication to their community.
Oswego County FCU made a $2,500 donation to Fulton Block Builder (FBB). FBB is a program that helps provide homeowners recover some of the cost of their exterior property investment. The program also helps to promote neighborhood gratification, they want people to be proud of their neighborhoods. Oswego County FCU nearly doubled their donation from last year, which will make an even bigger impact on their community.
Baylands FCU assembled “Hope Hygiene Kits” for children in Haiti. To celebrate National volunteer Month, the staff at all of the Baylands FCU branches put together the hygiene kits for the children. Supplies was donated by Heart Ministries and will be distributed to schools in Jacmel, Haiti. Baylands FCU wants to be able to make a positive impact, not just in their local communities, but anywhere they can. Hygiene is very important for children and will help the children in Haiti who may not have access to all the necessary hygiene supplies.
Center Parc CU donated $3,500 to the Savannah Urban Garden Alliance. SUGA partners with local schools, farms, volunteers, and businesses to promote urban gardening practices and allow locals to have access to fresh, healthy food and produce. The large donation from Center Parc CU will provide SUGA’s School Garden manager program to 7 schools. The program allows students and teachers to garden and connect with their food to know where it comes from. Center Parc CU is helping their community not just financially, but going beyond that.
Western Cooperative Credit Union and their employees gathered food and hygiene products to donate to the Williston Salvation Army Food Pantry. They held a friendly competition between the teams. The winning team donated 388 items. Western Cooperative CU donated a total of 1,363 food and hygiene products, which equaled 1,725 pounds. Western Cooperative CU has made a big difference in their community.
Thank you for reading this Humanitarian Highlight! It was great to see CUs focusing on the good during these challenging times. Please check out last week’s, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.
On a final note, we have started a new feature, the Credit Union Roundup, and we hope you return tomorrow to see what is going on in the Credit Union community and how CUs focus on the good within their communities continue to every day!
Autonomy for Spanish-Speaking Credit Union Members
Pew Research Center reports that Latinos account for 52% of the population growth from 2010 to 2019. Although there has been a slowdown in immigration and the number of births by Hispanic women, the U.S. Hispanic population reached a record 20.6 million in 2019. This shows the significant growth of the Hispanic population overall. When a person can confidently join a credit union using forms in their mother language it gives them confidence in their actions and the institution. Spanish documents and forms provide autonomy for Spanish-speaking members.
Credit unions are in a unique position to serve the Hispanic population. Credit unions provide great services and profound support to their members on an individual basis. The emphasis on treating every member’s unique needs can be invaluable for the Hispanic population.
In order for credit unions to serve their members well, they need to provide all the resources they possibly can. For a credit union member, having confidence in the disclosures you are signing and understanding what you are agreeing to, is crucial.
For Spanish speakers whose first language may not be English, forms and documents in English can be a major hurdle. Having autonomy over your own financial decisions is invaluable for Spanish-speaking members and one way they can have that ownership is by being provided with forms and disclosures in Spanish.
Credit unions have the ability and responsibility to provide accessible documents for all of their members.
A credit union’s value comes from its members. After all, credit unions were created to serve their community members. Any limitation on membership can be detrimental to a credit union’s consumer roster. By not providing documents and disclosures in a potential member’s first language, a credit union can halt its growth potential. Credit unions need to provide adequate forms and disclosures for their Spanish-speaking members in order to bridge the gap of accessibility.
For this week’s Humanitarian Highlight, we want to take a look at the positivity within CUs and their communities. Is your credit union a stand-out when it comes to charity and community? Then hit us up on social media and let’s help get the word out on your good works!! From scholarships to hospitals and the most vulnerable let’s look at the positivity CUs spread within their communities.
Cascade Township, a branch of the Kent District Library received a donation of over 1,000 books. Michigan First Credit Union had their organization, First for Good, set up boxes at their 28 branches to collect new and gently used books. They collected over 1,000 books for the library in 3 weeks. Michigan First CU and its generous members were able to aid the library in adding to their collection.
Achieva Credit Union has been named one of the “Top Workplaces” in Tampa Bay for the ninth year in a row. In honor of this huge achievement, Achieva CU is donating $30,000 to charities in their local communities. What’s unique about what Achieva is doing is that each branch team and each department get $750 to donate to any community charity of their choice. This is awesome because they are making a huge impact on their entire community by dispersing the donations. Congratulations Achieva CU!
Corning Credit Union is matching donations to local small businesses in their hometown, Elmira, New York. The local businesses in the Elmira area have been extremely impacted by the pandemic. The initiative of this program, “buy now, shop later” encourages community support. When someone purchases a gift card of any amount from one of the local businesses, Corning CU will donate up to $50 to that business. Corning CU will continue to donate to these businesses until they have reached their goal of donating $25,000 between all of the local shops.
Sandia Area Federal Credit Union partnered with local community resources and was able to donate $40,000 to a local food pantry aimed to fight hunger. Together, they tackled FACE the Hunger Challenge. Feeding Area Children Everyday’s goal is to raise awareness of the hungry children in New Mexico. About 1 in 3 children in New Mexico are going hungry. Sandia Area FCU’s donation of $40,000 is able to provide over 200,000 meals for those in need.
Unitus Community Credit Union pledged $50,000 to Legacy Emanual Randall Children’s Hospital. The donation is to provide a BloodTrack and Belmont Rapid Infuser to the hospital’s birth center. The new equipment is meant to supply emergency blood transfusions at the bedside. The equipment is critical in the birthing center and can save more than 25 mothers and their newborns each year. Unitus Community CU strives to improve the quality of life in their community.
Georgia United Credit Union’s foundation, Georgia United Foundation has awarded scholarships to 6 high school seniors of the graduating 2021 class. This has been the 27th year that Georgia United CU has awarded scholarships. Their notable scholarship program motivates students to submit a one-minute video explaining how their continued education will help the community. The total amount of the scholarships was $30,000, enough to make a huge difference in each of these student’s lives. Good luck next year!
Thank you for reading this Humanitarian Highlight! It was great to see positivity within CUs and their communities. Please check out last week’s, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.
As dry subjects go, there aren’t many topics arider than regulatory compliance. It’s virtually the Mojave Desert of subject matter. Just like a real desert, though, it isn’t wise to try to navigate the compliance landscape without knowing what you’re doing or where you’re going. When it comes to Credit Union Compliance Keep Your Guard Up!
The unprecedented volume of regulatory changes that were generated during the past decade has financial institutions of all types looking for a break in the action, for a chance to get their bearings. So, when serious talk of regulatory relief holds out hope that help may be forthcoming, it’s only natural for those shouldering the burden to breathe a sigh of relief, and to take time to attend to other matters. However, just because efforts are underway to ease the regulatory load, it’s not the time for credit unions to drop their guard.
Between the alphabet soup of federal regulations overseen by the CFPB and the regulations issued by the NCUA and other state and federal regulators, credit unions are subject to dozens of complex regulatory requirements that are designed to shape the way they conduct business. The federal Truth in Lending Act and Equal Credit Opportunity Act, together with the CFPB’s Regulations Z and B, are just a few of the regulations that dictate how credit unions meet their members’ credit needs. As for share accounts and other deposit products, the federal Expedited Funds Availability Act and the federal Truth in Savings Act have given us Regulation CC and the NCUA regulations in 12 C.F.R. Part 707, and the Electronic Fund Transfer Act has spawned Regulation E. Of course, there’s also the federal Bank Secrecy Act, the Flood Disaster Protection Act, and the SAFE Act, all of which have been implemented through NCUA regulations. Other NCUA regulations govern business operations and naturally, state laws and regulations are also in the mix. Together, these laws and regulations create a complex web of requirements that must be taken into account by credit unions to effectively manage both operational and reputation risk, and to safeguard against potentially costly civil liability.
Over time, each credit union has developed a variety of policies, procedures, systems, and tools that establish the framework for the way that credit union does its business. Whether developed in response to regulatory changes, business objectives, or as new products have been added to the mix, this “compliance management system” (CMS) is itself a system that needs monitoring. To better manage the compliance risks that every credit union faces, senior management and the credit union’s board of directors must periodically revisit each of the policies and procedures that comprise that credit union’s unique CMS. Just another way for Credit Union Compliance, Keep Your Guard Up!
To think of it another way, if each credit union is a dynamic and evolving operation, then it only makes sense that the CMS policies and procedures that guide that credit union’s day-to-day operations must also adapt and change over time to ensure they remain appropriate for the way that credit union conducts its business. Compliance violations happen, and stale policies and procedures are often the culprits. There’s no getting around the fact that when employees focus on the day-to-day business of running the credit union – making loans to members, assisting them with their share accounts, and providing the ever-expanding range of financial products that seem to develop overnight – every employee is constantly making real-time decisions about what to do and how to do it.
Although wandering off the path of strict compliance is rarely a conscious decision, without careful consideration of the compliance implications of a particular process or procedure, what may seem like an expedient solution to a day-to-day operational problem may turn out to be a shortcut to a compliance violation. Like an impulsive decision to leave the trail on a desert hike, not understanding the compliance implications of a policy change or an adjustment to a longstanding procedure can be fraught with risk. This common dilemma, faced by credit unions and financial institutions of all sizes and types, has been the subject of recent efforts by the Federal Government to stay abreast of the changing compliance landscape.
Evaluating Compliance Risk
As part of a joint project with other federal financial regulators under the auspices of the Federal Financial Institutions Examination Council (FFIEC), the NCUA released Supervisory Letter No. 17-01, Evaluating Compliance Risk – Updated Compliance Risk Indicators. It discusses the recently updated criteria that NCUA examiners will use when assessing how well a credit union meets its compliance obligations. The updated list of compliance risk indicators makes it clear that regulators will be looking not only for compliance with specific regulations but also at the overall effectiveness of each credit union’s compliance management system. Examiners assessing compliance risk will evaluate each credit union’s CMS with respect to:
Oversight Commitment – How well do the credit union’s management and board of directors understands all aspects of compliance risk; and how strong a commitment do they show to providing sufficient compliance resources, staff, and training to ensure that the credit union will meet its due diligence obligations?
Change Management – How well does the credit union’s management anticipate and respond to changes in applicable laws and regulations; how well does it react to changes in market conditions; and how thoroughly does it consider compliance implications when it implements changes to its products and services?
Comprehension, Identification, and Management of Risk – Does the credit union have a strong culture of compliance management designed to minimize the likelihood of serious compliance violations; does management effectively identify compliance risks posed by the credit union’s products, services, and other activities; and does management effectively manage those risks through comprehensive self-assessments?
Corrective Action and Self-Identification – Does the credit union proactively identify and promptly respond to compliance risk management deficiencies and violations of laws and regulations, including taking corrective action?
Key Factors in Evaluating Compliance Risk
The Supervisory Letter outlines other key factors that examiners will look at when evaluating a credit union’s compliance program:
Policies and Procedures – Are the credit union’s compliance policies and procedures and third-party relationship management programs adequate to manage the compliance risk posed by the credit union’s products such as forms and disclosures, services, and activities?
Training – Does the credit union’s compliance training adequately outline staff responsibilities, and is training provided in a timely manner in connection with changes in laws and regulations and the rollout of new products and services?
Monitoring and/or Audit – Are the credit union’s compliance monitoring practices, management information systems, reporting, compliance audit, and internal control systems adequate to address compliance risks throughout the credit union?
Consumer Complaint Response – Are the credit union’s processes and procedures for addressing and monitoring consumer complaints adequate, and does the credit union conduct consumer complaint investigations promptly and thoroughly?
Examiners will also determine the extent to which compliance violations result in harm to consumers. Compliance violations will be evaluated in terms of:
Root Cause – To what extent are violations the result of weaknesses or deficiencies in the credit union’s CMS?
Severity – Do the violations cause serious and considerable harm to consumers?
Duration – How extensive is the time frame during which a violation occurred?
Pervasiveness – How widespread and numerous are the violations?
Effective March 31, 2017, the FFIEC updated its Uniform Interagency Consumer Compliance Rating System. The five-level rating system that has long been used to rank a credit union’s compliance with consumer compliance regulations evaluates three broad categories, the first two of which are focused on the credit union’s CMS:
Board and Management Oversight
Compliance Program; and
Violations of Law and Consumer Harm
The consumer compliance rating (CC Rating) that a credit union receives is a critical measure of that credit union’s health. Compliance is measured on a scale of 1 to 5, with a CC Rating of 1 being the most coveted. A poor rating in the 3 to 5 range is a red flag that will not be ignored and will result in a credit union having to expend considerable time, effort, and resources taking the necessary measures to correct the problems revealed by the examination. Obviously, this renewed emphasis on compliance by federal regulators means that any efforts that a credit union takes to identify and correct compliance issues in advance of a consumer compliance examination will be beneficial. But waiting until an examination has been announced may be too late to do anything about it. The best approach is to instill a culture of self-assessment and to regularly evaluate each of the credit union’s products, policies, procedures, and processes for compliance. Like being properly prepared for a hike through the desert, it only makes good sense.
Credit Union Compliance, Keep Your Guard Up!
Take advantage of Oak Tree compliant forms and obtain compliance support for your credit union. Remember when it comes to Credit Union Compliance, Keep Your Guard Up! You don’t have to do it alone.
(note: this is an older blog entry and has been edited since originally posted.)
For this week’s Humanitarian Highlight, we want to take a look at CUs dedication to their local communities. Is your credit union a stand-out when it comes to charity and community? Then hit us up on social media and let’s help get the word out on your good works!! From teachers to children and the most vulnerable let’s look at the community dedication CUs have for their communities.
Since 2012, Gulf Winds FCU has made an annual donation to the Children’s Miracle Network at Ascension Sacred Heart. This year Gulf Winds donated $10,626. The donation was achieved through the Gulf Winds staff donating weekly for a casual jeans day. Over the 9 years Gulf Winds FCU has been donating to the Children’s Miracle Network at Ascension Sacred Heart, they have donated over $85,000. Their staff members’ dedication and generosity to help children and families is inspiring!
Sound CU held their annual internal auction for Sound team members to raise money to help fight food insecurity in Western Washington. The auction had 120 items, raising over $8,000 and an additional $10,000 donation from Sound CU, making the total over $18,000. All of the donations will be going to Food Lifeline, a non-profit to end hunger in Western Washington. The amount raised will be able to provide over 91,000 meals to thousands of people in that region. Since the pandemic, Sound CU has been donating to local foodbanks and COVID relief centers, contributing over $200,000. Their dedication to helping their community during these times is very admirable!
FirstLight Federal Credit Union donated $80,000 to Texas Tech University Health Sciences Center El Paso in honor of National Financial Literacy Month. The generous donation will go towards scholarships and support programs at Texas Techs’ four El Paso schools. Over half of the donation will go towards annual scholarships.
Brazos Valley Schools Credit Union partnered up with local businesses to sponsor the Katy ISD “Teacher of the Year” annual event. For this virtual event, respected members of the community will honor the teachers chosen from the 73 Katy ISD campuses. The recognized teachers will receive a goodie bag of various items donated by local businesses as well as a $100 gift card. Recognizing teachers is a huge part of Brazos Valley Schools CU community. Showing their appreciation and support for the teachers’ dedication makes for a stronger community.
Recently, because of the pandemic, schools have been trying to see how they can incorporate outdoor learning into their lessons. With outdoor learning, masks can be taken off and improve focus for younger children in the setting. Springmill STEM Elementary School has been granted $10,000 from Directions Credit Union to build an outdoor classroom. A 3rd grade class at Springmill designed and came up with plans as to how the classroom could be built. Directions CU has also granted 2 other schools $10,000 for the same purpose. They have realized how beneficial outdoor education can be to children, especially during these times.
Land of Lincoln Credit Union has launched a new financial education program called “First Step Initiative.” LLCU has partnered up with 3 Springfield area high schools to help spread basic financial education at the high school level. The program is designed to prepare students at a basic level for managing their money, especially going into college. LLCU will donate to the schools annually, as well as host seminars at the schools to promote the program. The “First Step Initiative” is a great example of CUs dedicating their resources and knowledge to help educate future generations on the topic of money.
Thank you for reading this Humanitarian Highlight! It was great to see CU’s dedication to their communities. Please check out last week’s, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.
It’s no secret that the best way to keep business consistent is to be in touch with your demographics. Today, that means connecting with Millennials by creating a sense of community. They have an estimated $200 billion purchasing power, and as such, they cannot be ignored. Most brands don’t want to ignore them but struggle with ways to connect. Companies find it hard to create meaningful relationships with Millennials. Part of the reason is that they thrive in the space we call social media. And while most businesses use it for marketing, Millennials use it to connect. You need to, as well. Follow the tips below to make your tweets and status updates more relevant and engaging. Here are a few important ways to connect with your CU demographic.
1. Be open and take a stand.
This is perhaps the first rule when dealing with Millennials. They love transparency and authenticity. It makes your brand more human and strips away some of the inherent skepticism the group is known for. Since most brands use social media for the promotion of products and services, there is a tendency for Millennials to discount them as being dishonest or purely out for profit. When you allow yourself to be a bit more transparent, it speaks to your ability to be vulnerable. That will build trust among youth.
2. Make sure your brand is positive.
Millennials need to have a very upbeat, exceptional experience with your brand. This means staff and employees need to be friendly (and they probably already are). Yet, on social media make sure your posts carry the same tone. Millennials are known for sharing their online experiences with friends, which translates into more potential members for you, as long as you maintain an upbeat, positive environment.
3. Put the focus on the friend factor.
People buy, simply because they trust the person selling. Remember, people don’t buy from a brand; they make a purchase from an individual. Therefore, try to find a new influencer who has had a positive experience with credit unions, and mention them in an update, tweet, or Instagram post. It’s a great way to spread authority and connect with a group of people who are known to be skeptical by nature. Employing an authentic influencer strategy will elevate your social media marketing.
4. Use video the right way.
Over the past few years, video content has been on the rise. The fact that Millennials love it has given headway to popular platforms, like Vine. You have to pay attention, though. While YouTube is known for producing quick 3 to 5 minute videos, Vine clips are typically six-second bites. They are easily digestible, and therefore must be content-rich. Make sure the videos you post employ the same tactics. Make sure they are relevant to Millennials, and you greatly increase the chances of your content getting shared widely.
5. Understand future expectations.
It’s important to keep in mind that sooner, rather than later, Millennials will be part of the business decision-makers that run our world. It’s important to understand that what is now seen as a commodity, will become an expectation. Brand connections and seamless digital interactions will be expectations, rather than nutrients or fads. This could have a huge potential for business, but the implication here is to keep you on your toes so you don’t get left behind the curve. It’s all about creating a very personal experience for a younger generation. Our membership application package is perfect for beginning their relationship with you. We even have Spanish forms available. Our compliant, fillable forms are another way we help you stay connected with this demographic. They allow you to conduct business at a high rate of speed and speak to your understanding of the need for technology to keep transactions fluid. The moral of the story is: if you want to make an impact on a $200 billion market, you have to know how to speak the language and speak it well.
Chat with us for help increasing your credit union demographics by using Oak Tree forms or our marketing services. We know how to connect with the credit union demographic.
For this week’s Humanitarian Highlight, we want to take a look at the credit unions spreading compassion in their communities. Compassion is contagious! Is your credit union a stand-out when it comes to charity and community? Hit us up on social media and let’s help get the word out on your good works!! From playgrounds to food banks and the most vulnerable let’s look at how CUs are spreading their compassion throughout their communities.
Firelands FCU donated $10,000 to the Bucyrus Legacy Fund of Projects, Inc. in honor of celebrating 200 years of “Community Unity.” The donated money is going towards the development of Bucyrus’ Norton Bicentennial Multi-Generational Greenspace. The greenspace will be a trailhead where many activities, including a bike/walk pathway, a dog park, gardens, and many more will take place. The generous donation made by Firelands FCU is focused on helping their city and the communities within it.
CASE CU has donated $100,000 through their CASE Cares program to Lansing, Michigan’s first universally accessible playground. The main drive behind the project is that any child with or without a disability can play on it. What most people do not realize is that many playgrounds do not have much to offer for children with disabilities. In other words, the entire playground is specifically designed to be fit for any child. The project has raised $700,000 out of an estimated $1,500,000. Case CU Cares Program has made a huge impact on this project. The playground is projected to open next summer.
State Employees’ CU made a large, $2 million donation to the expansion of UNC Hospitals’ “Family House.” The SECU (after State Employees’ CU) Family House is a comfortable, affordable place for patients and family that are traveling to Chapel Hill for medical care to stay. After the expansion, the “Family House” now has 74 rooms available, nearly doubling the rooms. After 2 years of construction, the SECU Family House recently celebrated the opening of the Pine Wing. Thanks to State Employees’ CU, more patients, and their families have access to this incredible program.
Gerber FCU donated 600 books across 9 school districts in Michigan. President/CEO of Gerber FCU, John Buckley, read Give It! virtually to 2nd-grade classrooms. The book is a fun way to introduce simple concepts of money. Certainly, children are never too young to start learning about the concept of money. The book was donated to students, teachers, and the library, which was 600 books in total. Gerber FCU’s generous donation will provide students the resources to learn the critical concepts of money.
Workers CU donated $10,000 to the Merrimack Valley Food Bank. Their annual campaign this year was to incentivize members to open up a savings account or set up an automatic transfer. If a member did one of these, Workers CU would donate $5 to the food bank. Under the current circumstances, the Merrimack Valley Food Bank has been aiding over 65,000 people per month. The large donation made a big impact at the Merrimack Valley Food Bank. Workers CU and their members continuously show a strong dedication to their community.
Black Hills FCU in Rapid City, South Dakota donated $1,800 to the HOPE Center, providing 3 days’ worth of services at HOPE. The HOPE Center facilitates basic and particular needs to members of their community. It is about $500 a day for service at HOPE, serving 200-250 people. As a result of their dedication to their various campaigns, Black Hills FCU was able to raise enough for 3 days of food and service, surpassing their goal of 2 days of service for the HOPE Center. Black Hills FCU and its members have shown a tremendous amount of compassion and dedication towards their community.
Thank you for reading this week’s Humanitarian Highlight! It was great to see so many CUs spreading compassion throughout their communities. As you can see, compassion is very contagious within the CU community. Please check out last week’s, and please do not hesitate to contact us with any questions about our products & services through our email or by phone (800) 537-9598.
It’s clear that events are a colossal part of the credit union industry. From community credit union outings, local chapter meetings, annual league meetings, national conferences, technology symposiums, and international training events, there always seems to be an event happening in the credit union world. We know there are more than 5 types found at Credit Union Events, but there are some we see at all events.
It’s important to attend events to stay up to date with credit union industry news, regulations, and be aware of challenges other credit unions have faced, and how they have overcome these hurdles. In addition, it is a great opportunity to come together and share ideas with other industry leaders. Events are also a great way to meet with vendors and to learn about new technology that may benefit your credit union by saving time and money, like the credit union forms solutions from Oak Tree Business Systems, Inc. With all the commotion going on, it may be hard to filter out what events are worthwhile and which ones can be skipped. After asking credit union executives, Oak Tree has provided some guidance on how to select an event to attend.
The two biggest factors for deciding what event(s) to attend were the price of the event and the topics covered. Attending any event has a cost associated, so it is important to know ahead of time what budget your credit union has to spend on such events. Not to mention your valuable time out of the office must produce results upon your return to the office. Here is a tip; most credit union events will have scholarships that you might be eligible to procure. So, be sure to read all the event details or ask the event coordinator if they offer any scholarship options. As far as the topics covered, most large events will have an agenda posted prior to the event that will list the overall focus of the meeting, who will be speaking, if sponsors/vendors will be there, and who those sponsors are. This agenda is a great way to gauge if you will truly benefit by attending, as it will let you know if there will be training, hands-on experience with the systems or technology, compliance updates, or networking opportunities.
The date and location of the events are the next factors to keep in mind when determining what event to attend. Travel, hotel, and time spent outside of the office can add extra cost to attending an event. If your budget is small, travel may not be an option. Instead, research your local league or chapter website to see what is happening near you. These websites may also have useful webinar training links available. The length of the event, as well as time of year, is also important to consider. Even a great event may conflict with important deadlines at your credit union. If there is a conflict, there may be other options to still learn about the topics covered, such as downloadable worksheets, the podcast of the event speakers, or even a second date/location of the same event.
Five different types of people at credit union events
The Networker: He or she always has a business card handy and ready. The Networker is on the lookout to meet someone new to engage in an insightful conversation about what is going on around him or her in the credit union industry.
The #SocialMedia Guru: The Social Media Guru always has their phone handy, taking pictures for social media. He or she is taking advantage of the conference/event hashtags in their social media updates and is sharing photos with their coworkers back home. If the event has an app, he or she definitely has it downloaded and in full use. @OTBS_CUforms
The Question Asker: He or she is hungry to know more about the topic at hand. They have many questions and are not afraid to ask. The Question Asker came to the event with a purpose, and the purpose is to learn! Nothing is going to stop him or her from inquiring about a question they need to know the answer to.
The Quiet One: He or she is quiet, but this does not mean that they are not fully engaged in what is going on. The Quiet One is silently thinking and absorbing all of the information that is presented to him or her at a conference or event. It will be the quiet one who applies the information back at the office that will positively affect your credit union.
The Booth Visitor: Whether he or she is collecting the free handouts at the booths or trying to learn about new businesses/technology, this person is sure to stop at all and any vendor booth.
What is your biggest state event? Comment to let us know.
