To Email or Not to Email Credit Union Members

Important Tips on Credit Union Email Marketing

To Email or Not to Email

We already went into some important rules on email marketing in our Email Dos and Don’ts article, but there is always more that can be discussed about this powerful and cost-effective tool for reaching your members with your services and promotions. Email brings up many compliance risks, and so it is something that should be reviewed. So let us help you with knowing when to email or not to email credit union members.

Why should you continue or create an email marketing strategy?

Most consumers prefer email, and so marketing through their preferred media makes sense. Email is also one of the most cost-effective methods to get your message out to the masses. There is also the fact that email is permission-based. This means someone has to approve the emails, or at the very least, they have the ability to stop the emails. Email is also convenient for the consumer as well as the credit union since they can engage with the brand anywhere they go, and very easily.

What should I use email for?

Consumers love promotions and coupons. Who wouldn’t want to save money on a product or service they need or want? This is the same for contests or rewards programs. You can notify your members of news and updates about the credit union, or your products and services. There are many purposes that you can use emails for.

How do I do it?

There are many providers to help in creating your email blasts, and they are very cost-effective. When you are running your email campaigns, it is important to be aware of the pitfalls that could end up costing you, though.

Let’s go over some important rules when emailing your members marketing materials and creative content. Official rules can be found on the FTC website, and are required for email communication from businesses to consumers. The rules are pretty simple, and it is important that you do not try and work around the basic boundaries, as they are there to protect your members – just like you!

Compliance and Permission

Get consent from your members to use their email addresses for e-communication, and let them know that you are using their info for that purpose. Give them the option to “opt-in,” and always offer email updates and newsletters to your members when interacting in-branch, and in your online communities. Don’t miss opportunities to have members go paperless with the latest news your credit union has to offer.

No misleading information

Avoid misleading information, especially in your subject line! You need to be clear about the content of your email. Your members should not think they are opening an email from a known close friend, but a friendly neighborhood credit union with beneficial rates and services! With so many phishing scams and email hacking going on in the digital age, a clear subject line actually increases your chances of getting your email opened and read, whereas misleading subject lines are becoming more of a red flag.

Based on the FTC guidelines the following tips are very important:

1. Don’t use false or misleading header information. Your “From,” “To,” “Reply-To,” and routing information – including the originating domain name and email address – must be accurate and identify the person or business who initiated the message.
2. Don’t use deceptive subject lines. The subject line must accurately reflect the content of the message.
3. Identify the message as an ad. The law gives you a lot of leeway in how to do this, but you must disclose clearly and conspicuously that your message is an advertisement.
4. Tell recipients where you’re located. Your message must include your valid physical postal address. This can be your current street address, a post office box you’ve registered with the U.S. Postal Service, or a private mailbox you’ve registered with a commercial mail receiving agency established under Postal Service regulations.
5. Tell recipients how to opt out of receiving future emails from you. Your message must include a clear and conspicuous explanation of how the recipient can opt out of getting an email from you in the future. Craft the notice in a way that’s easy for an ordinary person to recognize, read, and understand. Creative use of type size, color, and location can improve clarity. Give a return email address or another easy Internet-based way to allow people to communicate their choice to you. You may create a menu to allow a recipient to opt-out of certain types of messages, but you must include the option to stop all commercial messages from you. Make sure your spam filter doesn’t block these opt-out requests.
6. Honor opt-out requests promptly. Any opt-out mechanism you offer must be able to process opt-out requests for at least 30 days after you send your message. You must honor a recipient’s opt-out request within 10 business days. You can’t charge a fee, require the recipient to give you any personally identifying information beyond an email address, or make the recipient take any step other than sending a reply email or visiting a single page on an internet website as a condition for honoring an opt-out request. Once people have told you they don’t want to receive more messages from you, you can’t sell or transfer their email addresses, even in the form of a mailing list. The only exception is that you may transfer the addresses to a company you’ve hired to help you comply with the CAN-SPAM Act.
7. Monitor what others are doing on your behalf. The law makes it clear that even if you hire another company to handle your email marketing, you can’t contract away your legal responsibility to comply with the law. Both the company whose product is promoted in the message and the company that actually sends the message may be held legally responsible.

It can seem daunting to look at the many things involved in running a legitimate and compliant email marketing strategy. That is why Oak Tree Business Systems, Inc. is here for the credit union community. We are ready to help you strategize and create an awesome email blast campaign that drives your membership numbers and other lending growth numbers. If you have something to add about when and what to email or not to email credit union members, then please let us know on our social media or below.

Contact us today MarketingServices@Oaktreebiz.com or visit our website’s Marketing Services Page to get started.

Lending Checklist for Credit Unions

Lending Checklist for Credit Unions

Have you heard the good news? Credit union lending is on the rise. Starting in 2018, many credit unions outsold banks and it’s still going strong. That’s right. According to the latest Federal Reserve report, credit unions passed banks by securing more loans for credit cards and automobiles. That’s great news! In light of this, we thought it would be a good idea to walk through a lending checklist for credit unions with you. We know you’ll want to position yourself to take advantage of the momentum.

Lending Checklist for Credit Unions

🔲 Awareness.

Are your members aware of the different types of loans you offer? Each member has the potential to become a new loan customer. Make sure your staff is in tune with as many members as possible. Being aware of their financial situations will let you know which loan products to offer. Also, make sure you pitch mobile loan application processes, too. This may encourage shy members to initiate a loan, especially if they are unsure of their credit. They can always come in later to finish.

🔲 Forms.

Make sure you are using compliant forms. The National Credit Union Administration (NCUA) nor The Consumer Financial Protection Bureau (CFPB) take compliance lightly, and neither do we. We offer great consumer forms, as well as forms for home equity lending. We work hard to make sure our forms are compliant and accessible. Each package has several different delivery methods and will easily integrate with your data processor. The backbone of good lending is compliance. We have you covered there.

🔲 Marketing.

Do you have campaigns ready for each season? Do you know when to offer home equity products and when to pitch automobile loans? We have a fully-staffed marketing department that is ready to help you craft a targeted campaign that will deliver results. One phone call is all it takes to get started.

🔲 Member Checklist.

Leave it to us to have a checklist within an article about that very thing. Your staff also needs one for members, though. Nothing is more frustrating to a member than talking with a loan processor who is unprepared. Make sure your specialists have a reference list of specific items they will need from your member, according to which product they are applying for. Also, make sure to keep all necessary forms on hand in one easy-to-find place, so that starting the underwriting process is a breeze. 

Tick off the items on this checklist to prepare for the lending momentum heading your way. The ball is already in motion. To paraphrase a quote from one popular television show, “Spring is Coming.” Consumers will spend through spring and summer. There are several major holidays tucked in there, after all. Positioning yourself now will allow you to ride the wave later. Help your members’ accounts stay on a happy note. Do that, and their attitude towards your credit union will be the same!

6 Tips for a New Credit Union Data Processor

How to Shop for a New Credit Union Data Processor

Shopping for a new data processor can be overwhelming… so many options, and so many things to consider. How do you know if you are making the right choice? Here are 6 tips for a new credit union data processor to consider while you shop. Cover these, and the rest is just commentary.

Functionality. 

Does the new system offer real-time processing? How easy is it to use? Both of these questions speak to functionality. Many data processing companies produce software with amazing bells and whistles. Just make sure it still fits your needs with regard to access, usability, storage, and backup.

Reliability and Security. 

With cloud-based systems, data processing software reliability is at an all-time high, but security breaches are also becoming more common. If your proposed provider cannot offer a guarantee with regard to reliability, keep shopping. There are plenty of other providers.

Integration. 

How easily will your new system integrate with your current lending software? Integration is a must for a data processing switch to be solvent. This should be priority number one. If it does not integrate, disregard all of the other nice features and continue your search.

Cost. 

This one can be tricky. Notice we mentioned cost, and not price. You may find a product that is priced cheaper but could actually cost you more in the long run. If certain capabilities (like forms integration) are not part of the package, then you could potentially spend more on labor down the road. Ask questions, and always ask for a discount… especially if you are a new customer!

Time Frame and Training. 

How long will it take the data processor to make the switch and train your staff? This is one of the rare instances in business where time literally is money. You may not be able to afford to have your system down for days in order to make the switch. Make sure you clarify beforehand, then communicate with staff and customers to keep frustration at bay.

Longevity. 

Will this system need to be upgraded every five years? Will it be obsolete in ten? Ask about longevity to prevent unnecessary spending in the future. You want to make sure your data processor can grow with you.

Regardless of what core you currently are using, or decide to upgrade to, you can be sure that Oak Tree will be there for your document needs. Our Data Linking services will ensure that everything works.

5 Reasons Credit Union Lending Beats the Bank

5 Reasons Credit Union Lending Beats the Bank

The next time one of your members thinks about getting a loan to make home repairs, finance a new home, or purchase a vehicle, use the five tips below to help the member choose you as a lending option. People often operate under the assumption that a bank is the only place that can serve their lending needs. It might be time for you to shine a little light on the subject for the potential borrower. Listed below are our 5 reasons credit union lending beats the bank for lending.

5 Reasons Credit Union Lending Will Beat a Bank Every Time

1. Higher Approval Rates If your member’s credit is stained, dirty, or needs a bit of repair, your credit union is much more likely to be accommodating than a bank. Though the loan terms and processes are very similar, credit unions are known for listening to their members’ needs. Credit unions are most likely to understand that unique situations occur, and will work toward loan approvals. They will even adjust loan terms accordingly in some instances. Book any type of loan when you use Oak Tree forms.

2. Better Rates To explore this, let’s look at vehicle loans. Typically, most of us will secure a five-year loan for a vehicle. The rate at the credit union will be much lower than the interest rate at a traditional bank. It may only look like a 1% difference, but that 1% can add up to thousands of dollars put back into your member’s pocket during the life of the loan. Oak Tree forms stay on top of state and federal compliance laws and their ongoing changes, which supports low-interest rate loans.

3. Better Services Since credit unions are classified as nonprofit, they don’t answer to a shareholder board. Operation decisions are usually made by a volunteer board, rather than corporate office appointees. To that end, members feel much more comfortable talking to their credit union about payment options and services. It is much easier to talk to someone when you feel like they genuinely have your best interest at heart. In addition, Oak Tree seamlessly integrates your credit union forms into your data processing system with Data Linking, allowing for faster loan processing, and saving your members time.

4. Educational Resources Your credit union may have a resource center, which serves to educate your members on different finance options, financial products, and bank accounts they may have. Utilizing this resource can aid members in making a decision that best suits their needs when it comes time to secure a loan or otherwise. In addition, your credit union will probably go the extra mile, being a member-driven financial service institution. For instance, the credit union may determine the value of a vehicle so the member feels good about the loan before applying. Since the credit union is nonprofit, their answers are unbiased, so members know the credit union is not trying to inflate or deflate the value of the vehicle to stick them with a higher-rate loan. Oak Tree also offers training so your credit union staff is ready to use our forms and help members obtain the best loan.

5. No Selling Since they are nonprofit, credit unions essentially work for you. There is no incentive for them to sell you any new product or service. All profits generated by the credit unions go back to members, showing up in lower interest rates or new financial products, like different savings account loan options. This makes it easy to find a credit union that meets your needs. This, in addition to a faster loan processor, will lead to word of mouth from happy members.

Now you can put a bug in your member’s ear so to speak, the next time the subject of lending comes up. Use these 5 tips to promote yourself. Of course, Oak Tree will stand ready as your forms provider. The friendly, consistent, and trustworthy nature of your credit union, coupled with our compliant lending forms, will ensure that your members have a great borrowing experience. Members will be glad they made the switch!

3 Big Bank vs. Credit Union Differences

3 Big Bank vs. Credit Union Differences

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?

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.

Checklist for Credit Union Compliance

It takes work to keep your credit union in compliance. It’s not easy, but there are a few basic things you can do. Read over our checklist and make sure you have these items covered. This will go a long way toward keeping you in compliance and out of the crosshairs of a potential regulatory audit, or other adverse events. Of course, there are so many things that come into play when keeping your credit union compliant, but this quick checklist for credit union compliance gives a good generalized overview.

Stay Current.

Make sure you stay in the loop regarding regulatory changes and other similar occurrences. Most vendors have websites devoted solely to timely information updates; and regulatory agencies such as the NCUA, Federal Reserve, Federal Financial Institutions Examine Council (FFIEC), and Consumer Financial Protection Bureau provide white papers and summaries to give perspective on updated laws and regulations. These help you stay up to date and informed.

Audit & Review Yourself.

Make sure you have a mechanism in place to review and audit your policies and procedures. The best way to think of these is as follows: they are always a work in progress. They should regularly be reviewed and tested to find shortcomings or problems that might be hidden from view.

Be Proactive.

Learn to anticipate regulatory changes. This is best accomplished by studying trends, and observing how other regulatory professionals in your industry are reacting. Speculate using past and current regulatory trends, then take all of this information and extrapolate a conclusion based on the inferences and present regulatory situation. Usually, you can align facts with trends to determine what will most naturally be the next course of action, and begin to position yourself accordingly.

Be Consistent.

Make sure you have a mechanism in place to maintain all current programs. This means reports should be submitted on a regular basis, updates should be regularly given, budgets should be maintained, and a plan for training staff should also be in the works. Oak Tree forms fit nicely into this category. All of our forms packages are kept current and up to date, providing you with the security and peace of mind needed to focus on other compliance issues.

Use the tips above as general guidelines. They are helpful with regard to perspective, and provide a broad-brush approach, allowing you to hone in on specifics as they relate to your institution.

Finally, if you are a compliance officer, set up a process for auditing yourself. This can be vital in preventing problematic instances in the long run. Maintaining compliance is a key part of credit union operation and management. It is a tough job with no guidebook or definitive set of rules. It takes everyone working together to ensure compliance is met and maintained. It is an ongoing necessity that must be upheld to meet members’ needs. We hope these tips and checklist for credit union compliance comes in handy for your credit union. Take advantage of Oak Tree compliant forms and obtain compliance support for your credit union.

How Charity Helps Your Credit Union

There is no question that donating and being active in the community helps brand awareness and image. In the case of credit unions, it goes deeper than that since institutions are heavily centered on members. This is why it is important to maintain a positive presence in the community. Considering a majority of your members make up that population and have come to expect nothing but the best. There are articles helping spread the word on how charities help your credit union and it makes great press!

Being active with your community and your members takes on many different forms. We see credit unions do anything from present checks to organizations, sponsor events, have fundraisers, and even donate to their members directly through contests and giveaways. Simply being aware of community events and causes is a great way to start planning a charity campaign. Take notice of the types of activities your members are involved with and develop ways to cater to them. There is no shortage of ways to show you care about your community and it is all up to your institution to find a way to do so.

With that being said, your efforts do not go unnoticed. Your members appreciate being taken care of and your community will see the benefits of your support. After all, the whole point of doing charitable work is to create a better environment and to help people. Show them what the credit union difference is, and remind them of why they chose to bank with a credit union in the first place. Also, when you create a positive image for your credit union it opens the door for other opportunities. Not only do you get the satisfaction of doing something positive, but you also get the added benefit of people wanting to share your kind actions. This can develop into a great marketing strategy for social media platforms and other outlets.

Even Credit Union Vendors Participate

At Oak Tree, we encourage your credit union to give back as much as they can to help maintain a positive image and to keep members happy. We love to see the awesome things going on in the credit union community every day and are always looking for a feel-good story. We love acts of charity so much that we write about them in our weekly Humanitarian Highlight blogs on our website. Check them out to see all of the great things happening in the credit union world, and hopefully, we can feature you next!

Speaking of charity and the credit union community, we also wanted to remind you how this weekend begins the SacTown Virtual Run for 2021, a great cause to help the Children’s Miracle Network of Hospitals.

If you have questions about any of our products, feel free to send us a message at ClientServices@oaktreebiz.com.

CU Events Roundup Apr 2, 2021

Welcome to this week’s CU Events Roundup for Apr 2, 2021, where we will look at the Credit Union community and bring up some of the events we see going on. Oak Tree loves keeping tabs and participating in these credit union events. For CU Events Roundup Apr 2, 2021, we don’t have much outside of the upcoming events.

We are hopefully on the tail end of this pandemic that has disrupted so much, including the events that we often participate in for our industry. We know that there are some “LIVE” events coming up soon, as well as at least one Virtual/Live event. Stay tuned on those and more.

We saw there were a lot of schools and training that went virtual this week, but we’re a bit dry on any annual meetings or big conventions. Please let us know if we missed out on yours and we’ll be sure to help promote it. We signed up for the Sactown, see below for more info on this.

Next Week’s Events

Cornerstone League’s Annual Meeting

Cornerstone has long operated as a membership and trade association for the credit unions located in Arkansas, Oklahoma, and Texas. They are having their Annual Meeting next week, April 8-9. Is your credit union participating?

SacTown 5k Run

We also wanted to bring up how we are participating in this year’s Credit Union SACTOWN Virtual 5k. The event starts April 10th and ends on the 20th, if you have not signed up now you have until the 19th as a last chance entry date. They are allowing participants to do more than just running, so that’s great for those of us who tend to avoid running. Be sure to check out the Sacramento Running Association and remember that 100% of the funds go to benefit the Children Miracle Network Hospitals in California and Nevada. Thank you to the California Credit Union League and the Nevada Credit Union League for all you do as well!

Coming Soon

Utah CU Association Annual Meeting & Convention looks to be going virtual on April 15th.

PSCU Virtual Member Forum is going virtual on April 20th.

The Ohio Credit Union League usually has their inVest48 event around this time, but don’t worry — we saw they have it in May this year!

Speaking of events moving to later in the year, we saw that the NCPCU is doing their Strategy Summit in October this year.

That will do it for CU Events Roundup Apr 2, 2021.

We hope you like this feature and we look forward to seeing how it can grow moving forward. If your credit union, credit union league, or credit union chapter has a big event coming up — drop us a comment or hit us up on social media.

The Last Step

Humanitarian Highlight 12.31.2020

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

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

IAA Federal Credit Union

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

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

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

CLICK HERE TO LEARN MORE!

Affinity Federal Credit Union

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

Fox Communities Credit Union 

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

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

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

1st United Services Credit Union

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

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

Royal Credit Union

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

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

Travis Credit Union 

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

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

I-C Federal Credit Union

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

Quotes are taken from the Sentinel and Enterprise article: 

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

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

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

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.

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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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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