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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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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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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Best Practices for CU Social Media Marketing

Best Practices for Compliant Social Media Marketing

In a commentary article posted on Credit Union Times our CEO, Richard Gallagher, discusses Best Practices for CU Social Media Marketing to stay compliant.

Compliance authorities are bringing their A-game, and so should you.

Is your marketing compliant? Do you know what you can and can’t say? What about your social media posts? Are they compliant? These are big questions and they won’t be ignored. The compliance authorities are bringing their A-game, and so should you! Catching one examiner’s eye could end up costing you thousands if your marketing efforts breach certain parameters, and it doesn’t even require them to visit you onsite. Let’s take a closer look. It all begins with basic guidelines set forth by the CFPB.

Basic Marketing Guidelines

The guidelines were established by the bureau as an effort to protect consumer interests. Here are general guidelines to follow when advertising on print, television, and radio. All marketing and advertising efforts must: Be factual and accurately represented, clearly explain the product or service being offered, give no misrepresentation of cost or terms, make sure all disclosures are prominently displayed, and avoid using unfamiliar terms.

Keep in mind these are general guidelines. Essentially, the idea behind the guidelines is to make sure you communicate your message clearly and to describe the product or service being offered in an accurate, honest manner. This allows the consumer to make the best possible decisions regarding the product or service being offered.

Richard Gallagher

To read more about how your credit union can be compliant with their social media marketing go check out the CU Times article and then check out Oak Tree Marketing Services for your credit union.

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Maintain Compliance

In a commentary article posted on Credit Union Times, our CEO, Richard Gallagher discusses the importance of credit union forms being up to date to maintain compliance.

Maintaining Compliance: A Lesser Burden, a Real Threat
Don’t let out-of-date forms be the elephant in the room at your credit union.

Credit Union Compliance: Always Changing

Compliance always seems to be the elephant in the room among credit union discussions. It can be found in just about every board meeting, conference, and executive luncheon. There is good reason, too. Just a few years ago, compliance threatened to close down many credit unions.

The Elephant, or Grim Reaper, in the Room?

In 2013, more than 800 credit unions had closed their doors over a four-year span. Contribution to this was partially the Dodd-Frank Act, which many institutions found to be cumbersome. The regulatory burden was too much for them. Other credit unions were swallowed up in mergers, just so they could survive. Times were scary and uncertain. During this time, compliance was not an elephant in the room; instead, it was the Grim Reaper.

Even today, compliance has a big impact on credit unions, according to Utah Credit Union Advocacy and many other credit unions. Here is how regulatory compliance is impacting credit unions:

Richard Gallagher

To read more about how your credit union can increase its lending growth opportunities go check out the CU Times article and then check out our lending documents for your credit union.

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Mobile Banking Optimal for Lending Growth

Mobile Banking is Optimal for Lending Growth

In a commentary article posted on Credit Union Times our CEO, Richard Gallagher, discusses how mobile banking optimal for lending growth at credit unions is so important. A crucial topic as credit unions seeks to connect with Millenials.

Mobile banking allows credit unions to compete with larger financial institutions. It gives them a competitive edge and greater flexibility. It is also great for lending growth. A study by the Federal Reserve reported that “67% of millennials now use mobile banking, compared to 18% of consumers age 60 or over. This usage gap is projected to widen even more, as 85 million millennials, prone to using their mobile devices for banking, are coming of age.” This translates directly into an increase in lending growth. Here’s why.

Lending Growth and Mobile Banking

One of the greatest assets of mobile banking is 24/7 access. Members can check loan balances at any time, just as they would their checking or savings accounts. They may also have access to other crucial pieces of information, such as principal balance and next payment due date. All of this serves to increase lending growth, as consumers are constantly looking for efficient ways to manage their financial lives.

Richard Gallagher

To read more about how your credit union can increase its lending growth opportunities go check out the CU Times article and then check out our lending documents for your credit union.

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