CUs Spreading Compassion

Humanitarian Highlight 5.6.21

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 Federal Credit Union

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 Credit Union

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 Employee’s Credit Union

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 Federal Credit Union

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 Credit Union

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 Federal Credit Union

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.

Oak Tree Business Systems, Inc.

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.

5 Types Found at Credit Union Events

5 Types Found at Credit Union Events

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

1. 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. 
2. 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 
3. 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.
4. 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.
5. 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.

CUs Supporting Local Businesses

Humanitarian Highlight 4.29.21

For this week’s Humanitarian Highlight, we want to take a look at communities coming together to support their local businesses. 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 zoos to children and the most vulnerable let’s look at how CUs are supporting their local businesses.

Charter Oak Federal Credit Union

Charter Oak FCU located in Waterford, Connecticut, donated $32,000 in emergency food assistance to some of eastern Connecticut’s food pantries and centers. Their large donation was able to help 16 different organizations across eastern Connecticut, making a big difference in their community. Charter Oak FCU was able to make its donation through Charter Oak’s Community Giving Program.

GCS Credit Union

GCS Credit Union donated $950 for Macoupin County CEO. They achieved this donation through their Growing Community Schools program. If a GSC employee makes a donation of $15 or more, they are able to wear jeans on Fridays and Saturdays of that month. Macoupin County CEO was the program of the month that GSC employees donated to. Macoupin County CEO is an education program that aims to prepare anyone but more specifically children, to be proactive in the economy for the future. GCS CU picks a new organization every month to donate to and month by month are helping out their local community.

First Source Federal Credit Union

First Source FCU has donated $3,000 to Irwin’s Fine Food, a local business in Utica, New York. The donations were made through the Be a Neighbor Fund. This fund allocates donations to small businesses recovering from the financial stresses of the pandemic. Irwin’s Fine Food is one of 5 small businesses that has received donations this week, totaling up to $27,000. Thanks, First Source FCU for being a community leader and helping out their local businesses during these trying times.

Elevations Credit Union

Elevations CU has been a key leader in the rebuilding of the Boulder community shortly after a tragic mass shooting occurred on March 22^nd. Unfortunately, 10 lives were lost in the tragic experience. Fortunately, the Boulder community has come together during these trying times. With help from the Elevations Foundation and Elevations Credit Union, they offered to match donations up to $200,000 made to the families that lost their loved ones. The community donated $509,224, with the additional $200,000, they raised a total of $709,224. As a result of the successful campaign, the money is being divided between the 10 families that experienced loss during this tragedy. Our heart goes out to these families, the Boulder community, and Elevations Credit Union.

Maine Highlands Federal Credit Union

Since 1990, Maine Highlands FCU has been raising money each year for the Maine Credit Unions’ Campaign for Ending Hunger. Due to the circumstances of the pandemic, their fundraising strategies were different. Thanks to their creativity, employees, and members of Maine Highlands FCU, they were able to raise $17,000. The large donation was able to help 21 local food organizations. Despite the challenging year, Maine Highlands FCU was still able to donate a significant amount and help many in the process.

California Coast Credit Union

California Coast Credit Union held a campaign to help support local minority-owned businesses and raised $35,000 for those businesses. The campaign that California Coast CU held was to incentivize their members to shop locally. When members used their Cal Coast MasterCard (debit or credit), the proceeds went directly to Strategic Alliance. Strategic Alliance supports the local minority-owned businesses. The campaign raised $20,000 and California Coast CU donated $10,000. The $5,000 came from members of the community and it went directly to local organizations.

Connections Credit Union

The 89-year-old zoo, Zoo Idaho located in Pocatello, Idaho has officially opened for the season. This year they are introducing The Zoo Connections Entrance and Gift Shop. They are hoping this will be the new centerpiece for the zoo. Thanks to donations from Connections Credit Union, Zoo Idaho is hoping for more visitors with their new attractions that could be done as early as mid-summer. Connections CU made it possible for Zoo Idaho to complete these new attractions.

Oak Tree Business Systems, Inc.

Thank you for reading this Humanitarian Highlight! It was great to see so many CUs supporting their local businesses. 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.

Want to Be the New CEO of a Credit Union?

Have you ever wondered what it takes to be a qualified chief executive officer (CEO)? The simple answer is that it takes a lot. At the top of the list are schooling, confidence, determination, and work experience to accomplish the ultimate goal. Do you want to be the new CEO of a credit union?

Let’s first lay out what a CEO does.

A CEO’s role is regarded as one of the highest-ranking positions in a corporation. This entails making top managerial decisions. They manage the company’s success and avoid failures. They are able to take on the complex challenges a credit union faces while being on high alert about what is going on in the industry. Also having an open eye for any opportunities that will tend to change helps.

How does that sound to you?

The transition from a regular job to a higher position can be a shock factor due to the many responsibilities the role entails. It is always smart to learn and absorb as much information as possible before taking the next big step. Looking at it from another perspective, being in a high position also comes with the cost of making sure that you are taking the right steps to ensure that the credit union you are leading will be successful. The role comes with a lot of responsibilities that include travel, representation of the company (looking presentable), and being confident in speaking to many people within the company and at events.

How can I feel more confident in an upper managerial position?

Advice that we can give to anyone in the stage of wanting to change their position, is to learn as much as they can from the CEO. Ask to attend events, meetings, and interviews to see what kind of language is used and how to interact with different people.

You got this! Don’t let anyone stop you from achieving this goal! Work hard and know that hard work pays off.

A note from Richard Gallagher, CEO of Oak Tree Business Systems.

“From the beginning of my career, I have worked my way up to the CEO position by working hard and learning as much as I could about the credit union industry. I have made my way up and have always had set goals of where I wanted to end up and wanted to accomplish. Coming in as the new CEO of Oak Tree Business Systems, I had a fresh mind and a new set of ideas to get the ball rolling. With my extensive background, I am thankful for all of the past work experiences I had to help me achieve a successful career. From where I am today, I look back at myself and would give myself a hand on the back for never giving up and always striving for greatness. There was a time in my position where I had an itch to travel all over the U.S. to talk to our clients and potential prospects for a way to introduce myself but to also get my name out there. I strive to always think of solutions and talk to fellow credit union families about what forms and disclosures they are lacking in their establishment.

Advice that I can give to future CEOs is to always want to learn. Be the first one at the meeting and the last one to leave. Get your name out there. Learn about every nook and cranny of the credit union industry. LEARN EVERYONE’S NAME! Be friendly and be present.”

Time to ask yourself if you want to be the new CEO of a credit union and if you are ready to do what needs to be done in this pursuit.

On another note, Oak Tree continually refines its loan forms system to provide the best combination of compliance, practicality, and contemporary design. Oak Tree is committed to each individual credit union to work on your behalf in designing, producing, and supporting an effective lending system. We are fast, efficient, knowledgeable, mindful of costs, and dedicated to the credit union industry. Of specific interest is the continuing training and support we provide. You will have unlimited, free telephonic support in addition to our on-site activities. When you call Oak Tree, you always get real, live, knowledgeable people who will help solve your problems. Just like a CEO advocating for their institution, we got you covered!

Credit Unions Climbing Mountains

https://youtu.be/sU0xek6i1Hw

Humanitarian Highlight: 2.4.21

Welcome to this week’s Humanitarian Highlight #CUfamily! We have complied a list of Credit Unions Climbing Mountains to help their communities. ⛰️🤝 Oak Tree is forever grateful to be part of making an impact on the #CUway. 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! 🗣️

Buckeye State Credit Union

Giving back to one of their community partners, the YWCA of Alliance, Buckeye State CU donated a check of $7,500. The donation will go toward supporting their food pantry, homeless initiative, women’s transitional housing, and providing gifts for children of families in need.

Frankenmuth Credit Union

While Frankenmuth CU was closed in honor of MLK day, staff members chose to give back and volunteered at local soup kitchens in the area. The volunteers helped to prepare and serve food, as well as taking care of whatever else needed to be done.

NET Credit Union

Due to the pandemic, NET Credit Union held their 7th Annual Netoberfest Golf Tournament virtually, and all funds raised were donated to the students and staff of The DePaul School. NET CU and Allied Services, which is a NET CU Preferred Partner Group, came up with an amazing $20,000 in donations.

The DePaul School’s mission is to teach students with dyslexia and other related learning disabilities how to learn. Their dedicated staff and specially trained faculty offer a well-structured system of programs aimed at maximizing abilities and compensating for disabilities.

Thrive Credit Union

At Thrive Credit Union, for every member who opened a new checking account in November and December, Thrive CU would donate $25 to the Boys and Girls Club of Muncie. Wanting to take it a step further, Thrive presented a check in the amount of $2,600 to the Boys and Girls Club of Muncie and showed their longstanding support for the organization.

Numerica Credit Union

After generously donating $100,000 to help families and individuals transfer from shelters into stable homes, Numerica CU also took it upon themselves to put together baskets full of essentials to help make the transition that much more comfortable. The items in the baskets ranged from kitchenware to laundry essentials.

Ascentra Credit Union

Given the current circumstances, food insecurity is at an all-time high. Ascentra CU and its members, through an auto loan promotion, were able to come up with $23,350 in donations to gift to River Bend Foodbank. This contribution will provide around 116,750 meals to families in the local communities that they serve.

“It’s especially important that during times like these that we focus on helping our communities. We have been a partner with the River Bend Foodbank in the past and are proud that this effort has generated such a large donation and are excited about the difference it’ll make for families experiencing food insecurity during this pandemic.” Linda Andry, Interim President and CEO of Ascentra Credit Union.

Thank you for reading this Humanitarian Highlight! 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. Let’s hear it for all the Credit Unions Climbing Mountains!

Soaring to New Heights

Humanitarian Highlight 1.28.21

Press play and see what our #CUfamilies have done to help their communities soar to new heights in this week’s #HumanitarianHighlight!🪁 Is your credit union soaring to new heights?

If you see a #creditunion making a difference, let Oak Tree know so we can give them the recognition they deserve!📣👏 

Chartway Federal Credit Union

Chartway’s charitable arm, We Promise Foundation, and its board of trustees has donated an outstanding $600,000 grant to ensure that children who are facing medical hardship or illness can experience the joy and hope that they deserve.

“2020 was certainly a year like no other,” said Brian Schools, President, and CEO of Chartway FCU. “Every day brought new challenges, which is why we’re more grateful than ever for the support of our sponsors, partners, members, volunteers, and team members who helped us navigate the unprecedented global health pandemic to raise more than $600,000.”

“We are proud to partner with so many charitable organizations who seek to do good and change the world for children facing medical hardship.” Karen Lane, Executive Director of Chartway’s We Promise Foundation.

Skyward Credit Union

Skyward CU lends a helping hand to their community and gives a donation of $9,000 to Consumer Counseling Services of Kansas. This is a locally run non-profit organization, and they offer resources dedicated to providing financial stability to Kansas families in need.

Indiana Members Credit Union

IMCU generously presented a check for $1,500 to their local Cardinal Ritter High School, which participates in an ongoing school spirit debit card program. Since the beginning of the program in 2018, Cardinal Ritter High School has earned $3,000 through this IMCU giveback program. The partnership allows fans of the high school to show their school spirit and support the athletic program by signing up for a Raiders-themed debit card, and every time the card is used as a signature-based transaction, Cardinal Athletics benefits. Truly soaring to new heights!

Maui County Federal Credit Union

Wanting to honor Martin Luther King Jr. Day, Maui County CU held a “virtual day of service” project to give back to people in their community who are struggling. The participants put together bags with needed items including personal hygiene products, and non-perishable food items. These bags were later distributed to those in need in the surrounding areas.

Kinecta Federal Credit Union

Giving back in a big way, Kinecta FCU’s 47th Annual Holiday Food Drive had major success. With the help of their employees, members, local community, sponsors, corporate donors, and individual donors, they collectively raised over $94,200 which aided more than 1,000 local families who are facing food insecurity.

Greater Texas Federal Credit Union

Greater Texas FCU matched $5,000 in donations to Austin Disaster Relief Network as part of ADRN’s Giving Tuesday campaign. Their program partners with churches and volunteers in the Greater Austin area to serve those in crisis by providing immediate monetary, housing, and counseling resources, as well as long-term repairing and rebuilding.

GreenState Credit Union

GreenState CU gifted a check of $100,000 to support a very critical fund within the UI Stead Family Children’s Hospital. The children’s hospital has a fund that has been dwindling due to the strain of COVID-19 cases. The donation is the largest gift to date from this account.

“Thank you to GreenState Credit Union for providing our patients and families with support during these difficult times, made even more challenging with the pandemic.” University of Iowa Center for Advancement President and CEO Lynette Marshall.

Thank you for tuning in to our Humanitarian Highlight! These credit unions are truly soaring to new heights. We’ll be back next week with 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.

Helping Others Grow

Humanitarian Highlight 1.21.21

Another week, another #HumanitarianHighlight where we showcase all of the amazing efforts put forth by our #CUfamily 🌳🌻 Helping others grow is what the #CUdifference is all about, and Oak Tree is grateful to be a part of this community! 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! Credit unions are about helping others grow!

1st Community Credit Union

Wanting to help local organizations during these times, all three of 1st Community Credit Union’s branches came together and were able to successfully donate a total of $9,000 to organizations in their local community including the Tomah, West Salem, and Sparta regions. 

Affinity Plus Federal Credit Union 

Affinity Plus FCU generously donated a $2,000 Campus Scholarship to a student in their community who is studying music education. This donation came from the Affinity Plus Foundation, where their mission is to “Engage, Educate, and Empower. Supporting students, educators, and community organizations in their pursuit to better themselves and their communities.” Affinity Plus Foundation 

Ascend Federal Credit Union 

The largest CU in Middle Tennessee, Ascend FCU, amazingly came up with a donation of $50,000 to present to Monroe Carell Jr. Children’s Hospital at Vanderbilt. Ascend has always shown its support and admiration for the hospital, and what it stands for. 

“Ascend is committed to supporting organizations that are making a difference in the lives of people in our community and the state of Tennessee. Because of the work being done by the hospital, children receive the care they need regardless of their families ability to pay. We are honored to help fund their team’s pioneering research into finding innovative ways to cure and prevent disease.” Caren Gabriel, Ascend president and CEO 

Visions Federal Credit Union

During these cold winter months, Visions’ Apalachin and Owego offices teamed up and collected donations which included scarves, hats, gloves, and boots to keep those in need warm. They were also able to make a donation of $500 to be used for purchasing children’s coats, which would go to the students of the Apalachin-Owego School District. 

TopLine Federal Credit Union 

This year, TopLine rings in their 22nd Annual Holiday Gift Drive, and a very successful one at that! They were able to fulfill six-holiday wish lists for young families in their community, donate over 540 gifts, donate 185 handmade scarves, and came up with $660 in gift cards as well as over $600 in cash to their charitable partners. All of these amazing gifts truly made for a special holiday for families in their local communities. 

Firefly Credit Union 

During Firefly’s 4 Days of Giving, their Diversity and Inclusion Advisory Council was able to donate a total of $10,000 to four deserving organizations, with each organization receiving a donation of $2,500. The organizations included were Youth Link, Council on American-Islamic Relations (CAIR), Community Bridge, and YMCA. “We are thrilled to donate to four local minority and women-sponsored organizations that make such a positive impact on our communities.” Reyna Staats, Head of the Diversity and Inclusion Advisory Council. 

San Diego County Credit Union 

SDCCU partnered with 103.7 KSON Radio and proudly supported St. Jude’s 33rd Annual Radiothon. Members of the credit union and the local community were encouraged to help raise awareness and contribute, if they could, to the cause. With all the support behind them and a reason to give, they were able to raise $240,582 in donations to help save children with cancer and other life-threatening illnesses. 

“The mission of St. Jude Children’s Research Hospital is to advance cures, and means of prevention, for pediatric catastrophic diseases through research and treatment. Consistent with the vision of our founder Danny Thomas, no child is denied treatment based on race, religion, or a family’s ability to pay.” St. Jude Children’s Research Hospital 

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

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.

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.

Giving Back

Humanitarian Highlight 9/17/20

Humanitarian Highlight 9/17/20 | Giving Back

It’s that time of the week again…Happy #HumanitarianHighlight day! We are so proud of the credit union community reps who have been out making peoples’ days and giving back to their beloved neighborhoods! Here are just a few credit unions that have continued to show their support for the students, teachers, and community as a whole. Let us know what you think and please tag us if you come across any credit unions that have done their part to create a better environment within their communities! You are all appreciated. The credit union movement is all about giving back, be it to the community or their members.

Freedom Federal Credit Union

Harford County Schools received a donation of 6,000 face masks for teachers and staff for the upcoming school year thanks to Freedom Federal Credit Union. They also donated dozens of no-contact thermometers for use in every school building and office. Even though the school year will start off virtually, the hope is to bring students and staff back into the classroom after the first semester.

Blue Federal Credit Union

Living out Blue’s ‘Do Good’ spirit, Blue FCU partnered with nine community-centric non-profits to turn the $100,000 from Blue FCU and $100,000 from Blue Foundation into over half a million dollars by letting the non-profits’ own fundraising efforts be matched. Amazing job, BFCU!

Straits Area Federal Credit Union

After being heavily damaged in a severe storm a few months ago, the Straits Area Federal Credit Union has been helping the Bishop Baraga Catholic School with their fundraising efforts and will be matching $5,000. “We are very grateful for all the donations that we have gotten, and it just shows when something happens in the community we pull together and help,” said Cindy Harrison, President & CEO of Straits Area Federal Credit Union. The credit union is also taking book donations to help rebuild the library completely damaged in the storm.

FAST Federal Credit Union

FAST Federal Credit Union is stepping up in a big way by donating $20,000 to small businesses in Kings County. FAST Federal Credit Union will be donating $20,000 to those small businesses. Paula Lehn, the CEO, said she wanted to do something to help during these trying times.

Grasslands Federal Credit Union

Grasslands Federal Credit Union has donated more than $25,000 to help local non-profits with funds generated from processing fees tied to the federal Paycheck Protection Program. “Non-profits have been hit hard during COVID-19 due to the cancelation of fundraisers and annual events that typically fund their mission’s efforts,” said Emily Guldborg, manager and CEO of Grasslands FCU. “With the credit union philosophy of ‘people helping people in mind, we wanted to do our part to bridge the gap and give back to the communities that have long supported us. We hope to inspire other members of the community to continue reaching out to help one another during this critical time.”

Direct Federal Credit Union

As part of the credit union’s initial response to COVID-19, Direct Federal rewarded and recognized selfless, hardworking, and compassionate individuals throughout Norfolk and Middlesex Counties. During a time of increased financial hardship, the credit union wanted to spread kindness by setting aside $10,000 for deserving individuals. The credit union selected 23 winners and was so moved by one of the nominators, they rewarded her as well. In total, Direct Federal distributed $11,000. The nominators of each winner assisted in the coordination of surprise presentations during the months of June and July.

Pelican State Credit Union

Pelican State Credit Union granted a total of $15,000 to college-bound high school graduates in recognition of their outstanding academic achievements and community service efforts. 2020 marks the 13th year the credit union has been investing in the future leaders of its local communities through its Team Pelican Scholarship Program. Scholarships in the amount of $1,000 were awarded to one member from each of Pelican’s 11 branch parishes, as well as one out-of-state member and a relative of a Pelican team member. The credit union also awarded two $1,000 awards designed for students who excelled in areas outside of their scholastic accomplishments.

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!

Member Social Media Engagement Best Practices

Credit Union Member Social Media Engagement

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

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

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

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

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

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

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

Richard Gallagher

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

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Changes to Interest Rates and Forms in 2018

Changes to Interest Rates and Forms in 2018 for Credit Unions

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

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

How Much the New Tax Cuts Will Affect Rate Hikes

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

Richard Gallagher

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

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Utilizing Expansion Opportunities in 2018

Utilizing Expansion Opportunities in 2018

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

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

1. Core area service requirements

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

Richard Gallagher

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

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TRID & What It Means for Your Forms

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

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

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

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

Richard Gallagher

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

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Best Credit Union CEOs of 2017

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

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

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

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

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

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

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

John D. Unangst, Franklin Mint Federal Credit Union

Mayor’s Award, Rochester Hills, MI

Tom Dluzen, Chief Financial Credit Union

City of Lawrence Good Scout Award

Kevin Ryan, Financial Center First Credit Union

NWCUA Awards

Tom Johnson, STCU- Lifetime Achievement

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

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

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

Lifetime Gonzo Credit Union Leader, GonzoBanker

Doug Samuels, Space Coast Credit Union

Most Admired CEO, San Diego Business Journal

Teresa Halleck, San Diego County Credit Union

California and Nevada Credit Union League Awards

Teresa Freeborn, Xceed Financial Credit Union- Lifetime Achievement Award

Richard Cooper, Mendo Lake Credit Union- Distinguished Service Award

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

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

Carolinas Credit Union League Awards

Dorinda Edwards, American Partners Federal Credit Union- Lifetime Achievement

John Radenbaugh, Carolinas CUL- Lifetime Achievement

Cathy Pace, Allegacy Federal Credit Union- Individual Achievement Award

Other Mentions

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

Consumers Credit Union

CEO: Kit Snyder

Texas Tech Federal Credit Union

CEO: Chris Hutson

Bay Federal Credit Union

CEO: Carrie L. Birkhofer

One Nevada Credit Union

CEO: Bradley Beal

Michigan State University Federal Credit Union

CEO: April Clobes

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

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

Credit Union Leadership

Credit Union Leadership Inspirational Quote

In a commentary article posted on CU Management, our CEO, Richard Gallagher discusses the end of another year and how it affects credit unions. A few great inspiring quotes to help inspire your credit union leadership as well.

There are so many things to do before the end of the year: new budgets, policies, mergers, systems, digital, digital, digital, and, of course, strategic planning for regulatory compliance. We understand the frustration. With 30-plus years of experience in providing always-compliant forms, finding balance is tough. So how do you do it? How do you strike a balance between managing operations, meeting year-end goals and planning for the new year without the Grinch coming in to ruin Christmas? Here are a few time-tested tips based on quotes from famous people. We are not sure if they will help with your holiday preparations, but they will make a positive impact on your business areas for sure.

1. “If you tell the truth, you don’t have to remember anything.” This Mark Twain quote speaks to a universal truth: authenticity. It is especially important during this stressful time of year. To be effective with your credit union operations, be consistent. Be results-driven. Be passionate. Let your staff know when you are stressed and don’t forget to let them know when they have exceeded expectations. Being an authentic leader will help your team keep pace for the remainder of the year and set performance expectations for the next. 

Richard Gallagher

To read more about how your credit union can navigate mobile banking and the solutions, go check out the CU Management article and then maybe check out our credit union forms and documents which we provide all the necessary training to ensure your CU is ready to lead the way.

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Credit Unions Navigating Mobile Banking

Credit Unions Navigating Mobile Banking

In a commentary article posted on Credit Union Times our CEO, Richard Gallagher discusses how quickly mobile banking is growing and the effects this growth has on credit unions. Credit Unions navigating mobile banking is somewhat of a new challenge, but there are plenty of solutions to keep up with the growth. This new form of payment processing not going away and credit unions navigating mobile banking will only be beneficial.

Consumers demand banking experiences that can keep pace with their lifestyles. That’s why there are so many different payment gateways. Consider the following list of giants. Entities like Apple Pay, Google Wallet, Facebook Messenger, PayPal, and Venmo all exist to enhance peer-to-peer payment processing. They try to make the payment experience easy and seamless. The fewer steps required for a consumer to perform in order to send money, the better. The less that is required of them to interface with the application, the better. It has become the new marketplace standard.

These are points to consider when fine-tuning your mobile banking application. Your members want three things … speed, ease, and security. It’s why bill payer services were so popular for a while. And while you might not think things have changed much, they have. New payment apps have substantially decreased the fees associated with credit union bill pay services. In many instances, it costs nothing for a member to make a payment. Plus, they are less bulky and easier to use. It’s a true win-win for them.

Richard Gallagher

To read more about how your credit union can navigate mobile banking and the solutions, go check out the CU Times article and then check out our membership documents for your credit union.

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5 Misconceptions about Home Equity Lending

In a commentary article posted on Credit Union Management, our CEO, Richard Gallagher discusses the top 5 misconceptions about home equity lending. There are two types of home equity lending, closed-end home equity and open-end or home equity line of credit. The article goes into more depth and how your credit union can ensure your members understand the top 5 misconceptions about home equity lending.

Here’s how you can clarify the situation and avoid confusion-related mistakes.

Home equity loans are a great way for your members to get money for needed expenses like home repairs or college tuition. They can also be used for things like vacations or new cars. The two types of home equity lending—closed-end home equity and open-end or home equity line of credit—each have marked differences. Misconceptions abound, in part because the two are so closely related. False assumptions are made by homeowners, which can result in mistakes being made by the lender. Let’s look at five common misconceptions and issues you can easily avoid.

1. The loan can’t be modified. While it is true that closed-end home equity loans cannot be modified, the same cannot be said for home equity lines of credit. The limit on the line of credit is based on the value of the owner’s home. If the value drops due to market conditions, the lender may have the right to adjust the amount of available credit accordingly. Not explaining this clearly upfront could spell trouble for you in the long run. Make sure you do. Also, let your members know you may decrease the amount of available credit if you reasonably believe that the consumer will be unable to fulfill the repayment obligations because of a material change in their financial circumstances. For a no-modification option, steer them to a traditional closed-end home equity loan through which they receive a lump-sum payout and repay the money over time with a structured payment schedule.

Richard Gallagher

To read more about how your credit union members can understand the common misconceptions about home equity lending, go check out the CU Management article and then check out our home equity lending documents for your credit union.

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Budgeting's Not a Chips and Salsa Party

In a commentary article posted on Credit Union Management, our CEO, Richard Gallagher discusses how budgeting’s not a chips and salsa party. At times can be mundane, but it is necessary for your credit union.

The Lifeblood

Budget allocation for credit unions should ultimately be about growth and stability, but always with respect to net revenue. Viewing that as the heartbeat keeps allocation honest. Without strong net revenue, there will be no asset growth. This will affect things like operating expenses and credit losses. Your credit union will have to either lighten the load or encourage asset growth to keep net revenue healthy. Of course, the latter is preferred. 

One of the greatest assets of mobile banking is 24/7 access. Members can check loan balances at any time, just as There are a few things you can do right now to see whether your budget is in line with current net revenue. First, go over each line item and compare it to past years’ budgets. Are there any blatant discrepancies? If so, look into them and find the cause. Chances are you will find one of two things: Either the expenditure in question cost more than anticipated or it did not produce as expected. Any item that is a cost drain or does not address productivity will have a negative impact on net revenue.

Once you find those items, take time to go through them and determine the underlying issues. Correcting them mid-year during allocation planning will keep net revenue strong and healthy. 

Richard Gallagher

To read more about how your credit union can successfully allocate your budget go check out the CU Management article and then check out our lending documents for your credit union.

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The Equifax Breach & Your Credit Union

In a commentary article posted on American Banker (formerly the CU Journal), our CEO, Richard Gallagher discusses how important cybersecurity is for credit unions or anyone in the financial industry. Specifically, he looked at the Equifax breach and your credit union as far as how it can be affected by this breach and similar exploits.

The world of identity theft shifted a bit on Sept. 7, when news broke that hackers had infiltrated the Equifax consumer database. It’s estimated that somewhere around 143 million consumers were affected. This means vital information like names, dates of birth, social security numbers, and credit card information could potentially be up for grabs. And while it’s sobering to think that all of this data could be sold to the highest bidder, the response by Equifax seemed to further complicate the matter.

The website, www.equifaxsecurity2017.com, was set up by the credit bureau to assist consumers with ascertaining whether or not their information had been compromised. However, the official Equifax corporate Twitter account redirected consumers to a fake phishing site for a while before the tweets were noticed and removed. Once the mistake was realized by Equifax, the phishing site was taken down. It was a step by an engineer to bring perspective to the issue of just how dangerous and unnerving the security breach is.

Richard Gallagher

To read more about cybersecurity and your credit union go check out the American Banker article and then check out our compliant lending documents for your credit union.

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