Credit Union Email Marketing Do’s and Don’ts

Building a community through digital channels is very powerful in the advancing digital age. Accessibility to your members is easier than ever if you know where to look! As a credit union, it is a responsibility to your members to keep them informed and to promote financial services to qualifying members. Email marketing is a great tool to use when looking for engagement metrics as well as an automated contact channel. Email marketing has the potential to grow your credit union and its services when done well. Here are some tips to up your email marketing game. Check out our credit union email marketing do’s and don’ts.

Do’s: 

1. Be aware of your target audience—Speak the persona that you intend your email to be understood by using certain tones. Focus on your field of membership (FOM strategy). 

2. Define the purpose of your email—Use a good subject line that is most likely to be opened while avoiding spam words and sales-like terms. 

3. Deliver value for the customer—your credit union email should directly convey the value of your services in terms of solution and benefit. Finance literacy is key for your credit union members’ knowledge of what your credit union can offer. 

4. Leverage word of mouth—Use customer reviews and member spotlights as an added signifier of community and trust. Explore credit union referral programs. 

5. Use eye-catching language and UX design—Effective tone and design can make any email stand out! Have a creative team to back up your credit union brand and help your credit union members achieve their credit union lending dreams.

6. Add your headshot/credit union images in the email signature—This personal touch creates a “real person” feel to a bulk/automated email. 

7. Experiment with the call to action and promotions; A/B testing—Try different subject lines and promotions and track what is more successful while growing your email skills. Credit Union

Don’ts: 

1. Use redundant words/technical jargon (unless required)—Everyone favors certain words but no need to show that in an email, expand your vocabulary for your audience. Simplify your message for your members to something that can be understood by many ages and comprehension levels. 

2. Don’t share full blogs on an email—Give your members the option of going to your credit union website to learn more and follow your credit union blog. 

3. Forget personalization—Everyone likes to feel special now and again, include your recipients’ name to take away the “mass email” feeling. 

4. Make the email to long—Keep your email short and concise as to keep the attention and convey your message! 

5. Over promotional—Sales-y speak can often get your email deleted from many an inbox, try and make different connections between consumer needs and helpful service. 

6. Spam filters—Certain terms and titles can put your email directly into a spam folder, make sure you look into current spam indicators. 

7. No option to unsubscribe—Always provide the option to opt-out of receiving emails from your CU. Especially when sending emails about event campaigns. 

8. Not formatting for mobile/devices—Most emails and communication is through mobile devices so make sure to format for this. 

Do you know of any great Credit Union Email Marketing Do’s and Don’ts?

Digital is king and when used wisely can rocket your institution into success as well as grow your digital community! Contact Oak Tree today for a FREE consultation in compliant email marketing campaigns or visit us on our marketing services site. #MarketingTips #CreditUnionMarketing

Credit Union Compliance Keep Your Guard Up

Credit Union Compliance Keep Your Guard Up

As dry subjects go, there aren’t many topics arider than regulatory compliance. It’s virtually the Mojave Desert of subject matter. Just like a real desert, though, it isn’t wise to try to navigate the compliance landscape without knowing what you’re doing or where you’re going. When it comes to Credit Union Compliance Keep Your Guard Up!

The unprecedented volume of regulatory changes that were generated during the past decade has financial institutions of all types looking for a break in the action, for a chance to get their bearings. So, when serious talk of regulatory relief holds out hope that help may be forthcoming, it’s only natural for those shouldering the burden to breathe a sigh of relief, and to take time to attend to other matters. However, just because efforts are underway to ease the regulatory load, it’s not the time for credit unions to drop their guard.

Between the alphabet soup of federal regulations overseen by the CFPB and the regulations issued by the NCUA and other state and federal regulators, credit unions are subject to dozens of complex regulatory requirements that are designed to shape the way they conduct business. The federal Truth in Lending Act and Equal Credit Opportunity Act, together with the CFPB’s Regulations Z and B, are just a few of the regulations that dictate how credit unions meet their members’ credit needs. As for share accounts and other deposit products, the federal Expedited Funds Availability Act and the federal Truth in Savings Act have given us Regulation CC and the NCUA regulations in 12 C.F.R. Part 707, and the Electronic Fund Transfer Act has spawned Regulation E. Of course, there’s also the federal Bank Secrecy Act, the Flood Disaster Protection Act, and the SAFE Act, all of which have been implemented through NCUA regulations. Other NCUA regulations govern business operations and naturally, state laws and regulations are also in the mix. Together, these laws and regulations create a complex web of requirements that must be taken into account by credit unions to effectively manage both operational and reputation risk, and to safeguard against potentially costly civil liability.

Over time, each credit union has developed a variety of policies, procedures, systems, and tools that establish the framework for the way that credit union does its business. Whether developed in response to regulatory changes, business objectives, or as new products have been added to the mix, this “compliance management system” (CMS) is itself a system that needs monitoring. To better manage the compliance risks that every credit union faces, senior management and the credit union’s board of directors must periodically revisit each of the policies and procedures that comprise that credit union’s unique CMS. Just another way for Credit Union Compliance, Keep Your Guard Up!

To think of it another way, if each credit union is a dynamic and evolving operation, then it only makes sense that the CMS policies and procedures that guide that credit union’s day-to-day operations must also adapt and change over time to ensure they remain appropriate for the way that credit union conducts its business. Compliance violations happen, and stale policies and procedures are often the culprits. There’s no getting around the fact that when employees focus on the day-to-day business of running the credit union – making loans to members, assisting them with their share accounts, and providing the ever-expanding range of financial products that seem to develop overnight – every employee is constantly making real-time decisions about what to do and how to do it.

Although wandering off the path of strict compliance is rarely a conscious decision, without careful consideration of the compliance implications of a particular process or procedure, what may seem like an expedient solution to a day-to-day operational problem may turn out to be a shortcut to a compliance violation. Like an impulsive decision to leave the trail on a desert hike, not understanding the compliance implications of a policy change or an adjustment to a longstanding procedure can be fraught with risk. This common dilemma, faced by credit unions and financial institutions of all sizes and types, has been the subject of recent efforts by the Federal Government to stay abreast of the changing compliance landscape.

Evaluating Compliance Risk

As part of a joint project with other federal financial regulators under the auspices of the Federal Financial Institutions Examination Council (FFIEC), the NCUA released Supervisory Letter No. 17-01, Evaluating Compliance Risk – Updated Compliance Risk Indicators. It discusses the recently updated criteria that NCUA examiners will use when assessing how well a credit union meets its compliance obligations. The updated list of compliance risk indicators makes it clear that regulators will be looking not only for compliance with specific regulations but also at the overall effectiveness of each credit union’s compliance management system. Examiners assessing compliance risk will evaluate each credit union’s CMS with respect to: 

• Oversight Commitment – How well do the credit union’s management and board of directors understands all aspects of compliance risk; and how strong a commitment do they show to providing sufficient compliance resources, staff, and training to ensure that the credit union will meet its due diligence obligations?
• Change Management – How well does the credit union’s management anticipate and respond to changes in applicable laws and regulations; how well does it react to changes in market conditions; and how thoroughly does it consider compliance implications when it implements changes to its products and services?
• Comprehension, Identification, and Management of Risk – Does the credit union have a strong culture of compliance management designed to minimize the likelihood of serious compliance violations; does management effectively identify compliance risks posed by the credit union’s products, services, and other activities; and does management effectively manage those risks through comprehensive self-assessments?
• Corrective Action and Self-Identification – Does the credit union proactively identify and promptly respond to compliance risk management deficiencies and violations of laws and regulations, including taking corrective action?

Key Factors in Evaluating Compliance Risk

The Supervisory Letter outlines other key factors that examiners will look at when evaluating a credit union’s compliance program: 

• Policies and Procedures – Are the credit union’s compliance policies and procedures and third-party relationship management programs adequate to manage the compliance risk posed by the credit union’s products such as forms and disclosures, services, and activities?
• Training – Does the credit union’s compliance training adequately outline staff responsibilities, and is training provided in a timely manner in connection with changes in laws and regulations and the rollout of new products and services?
• Monitoring and/or Audit – Are the credit union’s compliance monitoring practices, management information systems, reporting, compliance audit, and internal control systems adequate to address compliance risks throughout the credit union?
• Consumer Complaint Response – Are the credit union’s processes and procedures for addressing and monitoring consumer complaints adequate, and does the credit union conduct consumer complaint investigations promptly and thoroughly?

Examiners will also determine the extent to which compliance violations result in harm to consumers. Compliance violations will be evaluated in terms of: 

• Root Cause – To what extent are violations the result of weaknesses or deficiencies in the credit union’s CMS?
• Severity – Do the violations cause serious and considerable harm to consumers?
• Duration – How extensive is the time frame during which a violation occurred?
• Pervasiveness – How widespread and numerous are the violations?

Effective March 31, 2017, the FFIEC updated its Uniform Interagency Consumer Compliance Rating System. The five-level rating system that has long been used to rank a credit union’s compliance with consumer compliance regulations evaluates three broad categories, the first two of which are focused on the credit union’s CMS: 

• Board and Management Oversight
• Compliance Program; and
• Violations of Law and Consumer Harm

The consumer compliance rating (CC Rating) that a credit union receives is a critical measure of that credit union’s health. Compliance is measured on a scale of 1 to 5, with a CC Rating of 1 being the most coveted. A poor rating in the 3 to 5 range is a red flag that will not be ignored and will result in a credit union having to expend considerable time, effort, and resources taking the necessary measures to correct the problems revealed by the examination. Obviously, this renewed emphasis on compliance by federal regulators means that any efforts that a credit union takes to identify and correct compliance issues in advance of a consumer compliance examination will be beneficial. But waiting until an examination has been announced may be too late to do anything about it. The best approach is to instill a culture of self-assessment and to regularly evaluate each of the credit union’s products, policies, procedures, and processes for compliance. Like being properly prepared for a hike through the desert, it only makes good sense.

Credit Union Compliance, Keep Your Guard Up!

Take advantage of Oak Tree compliant forms and obtain compliance support for your credit union. Remember when it comes to Credit Union Compliance, Keep Your Guard Up! You don’t have to do it alone.

(note: this is an older blog entry and has been edited since originally posted.)

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.

What a CU Needs to Stay Compliant

While credit union compliance may have been under the radar just a decade ago, a recession, global pandemic, and going digital have all contributed to a multitude of new regulations and an emphasis on compliance. So let us look at what a CU needs to stay compliant because you need to keep your credit union compliant.

Utilizing a proactive mindset can prevent costly compliance litigation and fines. We have assembled a checklist to help you assess your CU’s compliance strengths and risks.

Regulations

It’s important to stay diligent. Implementing a plan to stay compliant is necessary to fulfill CU strategies for growth and longevity.

Regulatory agencies such as NCUA, Federal Reserve, Federal Financial Institutions Examination Council (FFIEC), and Consumer Financial Protection Bureau provide updated information on laws and compliance.

1.Study past and current trends.

Use the facts you have and projected trends to create a plan of action.

2.Execute a plan.

Create detailed reports, update budgets, and keep staff trained and informed on any changes.

3.Audit yourself.

As regulations change, so should your products and processes. Continuously think about how you can improve and decrease any weaknesses.

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Good Partners

Networking with other credit unions to talk about compliance is important not only for your branch but CUs as a whole. By finding out how others view compliance issues and how they have resolved those same issues can save you from future costly mistakes. What a CU needs to stay compliant sometimes is a good partner to watch their back.

Plus, if you place importance on forming a network of CU executives, you will have someone to call. Picking up the phone is much easier than taking a deep dive into compliance blogs or manuals that might not even fully answer your specific question.

Once you foster a friendship with several local or regional CUs, consider forming a committee that focuses on compliance. That way when any regulatory changes are introduced, you can talk about them as a committee and forward that information to everyone involved. This collaboration is a hallmark of the CU world, an advantage over most banks that prefer to keep a corporate distance.

For example, Washington State Employees Credit Union (WSECU) organized a consumer protection compliance committee back in 2014 in response to the Dodd-Frank mortgage rules and state examinations. As CUs need to conform to a growing list of regulations, the committee provides oversight and guidance to the CU’s management of compliance.

Tools

The Federal Financial Institutions Examination Council (FFIEC) provides three compliance resources that are worth adding to your toolbox. These free resources are a great addition to your current setup and can fill gaps when your budget is minimal for data compliance. What a CU needs to stay compliant is the proper tools.

FFIEC Information Technology Examination Handbook

The FFIEC IT Exam Handbook is the main guide used to assess compliance by auditors. Although it offers an outline for audits, it does not include everything. An auditor may suggest changes that aren’t included in the handbook.

FFIEC IT Exam Handbook includes information on the following topics:

• • Allocating staff and technology to information technology
• •Organizing an established information security culture within your CU
• •Defining risk identification processes
• • Risk monitoring and reporting
• •Consistent security operations

FFIEC Cybersecurity Assessment Tool (CAT)

Credit unions have access to the Automated Cybersecurity Examination Tool (ACET) which is based on the CAT. The ACET provides easy-to-interpret results that are easy to implement. This is an improvement over a standard PDF.

CIS Controls® (CIS)

For cyber-attack prevention, this free tool is a great addition to credit union cybersecurity programs, whether you build your own or use a third-party solution.

Online Security

Members of credit unions switch from traditional banks to experience an increase in personalized customer service, security, and trust. Online security is a key component of trust as members continue to lean toward digital products and processes.

As part of maintaining compliance, security monitoring is key in protecting your members’ information. By consistently following these three steps you can prevent future cyber-attacks.

1. Find Your weaknesses

Consistently check for weaknesses in your CU’s security monitoring. It is impossible to efficiently monitor your credit union logs manually. Using a security operations center (SOC) can provide cybersecurity 24/7.

2. Create a Plan

Once you start using a SOC, single out your vulnerabilities to see which ones need attention.

3. Fix Vulnerabilities

IT teams can benefit from a patch management system to fix vulnerabilities and keep them from creating a larger issue. This system saves man-hours by removing the task of manually determining which issues need a patch.

The Cloud

Cloud security is used by 75% of credit unions. The protocol of cloud security compared with traditional methods is virtually the same.

Involve Your Members

Keeping your members educated about their overall cybersecurity can help decrease cyber-attacks and even fraud. Over 80% of hacking-related breaches are due to weak or stolen passwords.

Simply adding password requirements to member accounts like character length, a mixture of both lowercase and uppercase letters, numbers, and special characters will help protect sensitive member information. You can also add multi-factor authentication as an additional layer of online protection.

ADA

Website and mobile apps should be secure, and also follow the Americans with Disabilities Act (ADA) guidelines.

Choose a web developer or ADA agency to audit your site to ensure that you are compliant on all devices including desktops, tablets, and mobile phones. They can also check to see if your site is accessible through text readers and audio scanners.

Post-Coronavirus World

As credit unions have catered to their members during coronavirus in the form of pandemic-specific products and processes, this new way of doing business has opened up a whole new set of regulatory changes and compliance issues.

New trends, such as digital notary signings, have changed the way credit unions complete the loan process. CUs also had to put a priority on the government-issued SBA Paycheck Protection Program to fully serve its members struggling to fund their small businesses during the pandemic. With the increase in remote member transactions, it’s important to protect members against fraud not only during the coronavirus but post COVID-19 as well.

The silver lining from coronavirus is the opportunity to test remote work among credit union employees and digital products and services for CU members. As credit unions set future risks, goals, and marketing strategies, compliance is at the forefront of success. All of these changes required swift compliance action from training, to sensitive advertising content, as well as reforming loan processes.

As the global pandemic continues to shape member preferences toward digital, it’s a great time for CUs to re-think strategies regarding member engagement and how that affects their brick and mortar world.

Avoid excess anxiety about compliance by networking with other CUs, taking advantage of free resources, and investing in online tools that will keep your CU compliant and your members’ information secure.

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.

Let's Begin

Humanitarian Highlight 1.7.21

Happy #HumanitarianHighlight everyone! How are you all doing? In today’s blog, we highlighted a few #creditunions who have exhibited outstanding work within their communities! Well done #CUfamily! Let’s begin this praise for some great credit unions!

Suffolk Federal Credit Union

Suffolk FCU has donated $2,500 to the Community Housing Innovation’s (CHI) Homeownership Counseling & Education Program!  “The White Plains, N.Y.-based CHI offers a counseling and education program for first-time homeowners, and down payment and closing cost assistance for income-eligible households on Long Island, N.Y., as well as for those in Westchester and the Hudson Valley.” CUTimes

First Capital Federal Credit Union

Making sure everyone in their community is well taken care of, First Capital FCU donated canned food items to help support the West York Area School District Bulldog Pantry! “The Bulldog Pantry supplies needed items to families and students in the school district on the first Thursday of each month. And, Life Skills class students work at the pantry to learn valuable lessons on the value of hard work and supporting those in need.” CUTimes

Gesa Credit Union

Continuing support for their community, Gesa CU’s Turkey Trot is a SIGNATURE Tri-Cities event held every year! Due to COVID-19, the event will be going virtual this year, but don’t let that shy you away from the fun-filled community tradition! Choosing to run either the mile or the 5k, runners can participate between Monday, November 23rd, and Sunday, November 29th. “We are extremely grateful to Gesa Credit Union for their continued support and commitment to still host this virtual event despite not being able to gather in person as a community,” said Michele Roth, Executive Director for our local American Red Cross chapter. “The Turkey Trot has been a long-standing Tri-Cities tradition and although it will look different this year, it is still a great way to celebrate the holiday and support the important work of the Red Cross in our local community.” The quote is taken from NBC 23

Neighbors Federal Credit Union

For the past 12 years, Neighbors FCU has partnered up with WBRZ as a sponsor for [sic] Coats for Kids’ They accepted donations at all 10 locations throughout the Greater Baton Rouge Area! “For 32 years Pat’s Coats for Kids has provided a warm jacket to children in our community. It takes only $20 to give a kid a new coat in the proper size. During the cold months of December through April, we know that there are kids in the Baton Rouge community that do not have coats, whose parents cannot afford coats, kids that start their day at a bus stop shivering, and kids who enter a school needing time to “warm-up” to start their classes.” WBRZ 2

CLICK HERE TO DONATE!

First New York Federal Credit Union

Due to COVID-19, this year has been very hard on us all. Now with students going back to school a few times a week while other days are spent at home learning, many don’t have the supplies they need to get through the school week. Knowing this, First New York FCU donated 450 backpacks filled with supplies (1,200 pocket folders, 900 spiral notebooks, and 700 highlighters), to the Schenectady City School District!

Common Trust Federal Credit Union

Supporting their community, Common Trust FCU has once again renewed its support for nonprofit health care as a Platinum Sponsor of the Step Out for Hospice Virtual Wellness Event. “We are grateful for Common Trust’s ongoing generosity as a key sponsor of our annual benefit. All the money raised through Step Out for Hospice will help our healthcare heroes provide care, support, and comfort to people of all ages with a life-limiting illness,” said Laura Wise, Manager of Fund Development.

GAC – We all know that GAC is March 2-4, 2021, who else is excited?!

“Let’s Begin” is a way of life for credit unions. We are always looking for ways to start deeds of greatness in this community.

Since COVID-19 had shaken up our year, it is imperative that we keep our heads up and stay positive during this tough time. We hope to see you all soon! If you have any questions, call us at (949) 548-7601.

World Kindness Week

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

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

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

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

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

International Credit Union Day 2020

International Credit Union Day 2020

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

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

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

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

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

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

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

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

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

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

Northeast Credit Union gave our $5 to lucky members.

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

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

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

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

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

New Heights

Humanitarian Highlight 9/24/2020 | New Heights

Humanitarian Highlight 9/24/2020

Welcome back to another #HumanitarianHighlight!! In today’s blog, we have many different credit unions that have contributed many types of actions to help out their communities. We couldn’t be more inspired by all the credit unions mentioned, which have inspired us to also take part in local food drives! So, thank you to all the credit unions taking humanitarianism to new heights!

Belco Community Credit Union

Caring for everyone around their community, Belco Community CU sponsored lunch for 60 students in The Salvation Army Summer Youth Enrichment Program. This is an absolutely incredible gesture. Thank you, Belco Community CU!

Nuvision Credit Union

Nuvision CU has been helping its members maintain financial security as part of their NuvisionCares program, all throughout the COVID crisis. The credit union teamed up with Think Together’s Shalimar Learning Center (an afterschool resource center for students who are from low-income families), to collect non-perishable foods and household items, diapers, and formula for the families who are in the program.

“We collected a large amount of food which benefited over 120 families. Every Nuvision branch participated. Our drop-off locations were also visited by numerous first responders and Costa Mesa Mayor Katrina Foley, who stopped by to bring some canned goods in support of the initiative.

We’re grateful to have been able to assist these families at a time when they need it most. These kids are going to be the next generation of hard workers in our community, and we want to make sure they have everything they need to learn, grow, and build their futures.” Nuvision CU

Also for the members in their Alaska branch, Nuvision was able to donate 3,300 pounds of food and raise $3,000 for the TCL’s Summer Meal Kit Program.

“From July 6th to the 31st, we collected donations at all branch locations. Every family who participated in The Children’s Lunchbox program received two snacks and two dinners per child, along with a pantry box that contains breakfast, lunch, and dinner for four.” Nuvision CU

Read the whole BLOG!

Utilities Employees Credit Union

Let’s give a shout out to the Utilities Employees CU employees for putting together and supplying goodie bags to be delivered to the United Community Services to help out their Unity in the Community event.

“United Community Services is committed to providing quality programs to meet the needs of Berks County residents. With the help of its many partners, UCS is able to offer programs that link individuals to workforce development opportunities reducing the risk of sustained poverty. In addition, UCS provides information and referral for individuals who are not eligible for programs, or need additional assistance…

UCS has gathered resources beneficial to connecting with partners and other agencies for anything ranging from help with the insurance marketplace and/or job searching.” United Community Services

Mass Bay Credit Union

Mass Bay CU took the time to deliver 400 of their backpacks full of school supplies to Francis W. Parker Elementary School! This is such a nice gesture and we are so proud of you all!

Marine Federal Credit Union

How awesome is this?! Marine FCU supplied 350 backpacks that were filled with school supplies to be given out to military children!

McCoy Federal Credit Union

Did someone say special delivery? McCoy FCU’s employees have done a fantastic job in making sure that the students from Lancaster Elementary School had the school supplies they needed before the year started. Way to go #CUfamily!

Coastal Community And Teachers Credit Union

Now, this is just wonderful! The Young Professionals group from the Coastal Community And Teachers Credit Union collected donations and acquired items for The Purple Door nonprofit organization. Outstanding job, everyone!

“The Purple Door is a 501(c)(3) nonprofit organization headquartered in Corpus Christi, Texas. Our agency provides FREE services to victims and survivors of family violence and sexual assault throughout a 12-county region of South Texas. We offer support and empowerment to individuals through safe shelter, non-residential services/programs, and outreach.

All services are confidential and available free of charge to victims and survivors staying at the shelter and those residing elsewhere in the communities we serve.” The Purple Door

Click HERE to learn more!

Hope Credit Union

A blog from their website:

“Netflix Invests $10 Million in HOPE to Build Economic Opportunity in Black Communities

JACKSON, MS – Netflix today announced a $10 million deposit in Hope Credit Union as one of the first investments in a $100 million initiative to build economic opportunity in Black communities. The investment is among the first made by Netflix in financial institutions and other organizations that directly support Black communities in the U.S.

The Netflix investment in HOPE will be in the form of a Transformational Deposit. In each Deep South state served by HOPE, for every dollar in net worth held by white households, Black households hold between ten and twenty cents. Through Transformational Deposits, HOPE imports funds into these capital-starved communities to make business, mortgage, and consumer loans and provide other financial services that build wealth and foster economic mobility. Over the next two years, HOPE estimates the Netflix deposit will support financing to more than 2,500 entrepreneurs, homebuyers, and consumers of color.”

READ THE FULL BLOG HERE!

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!

Community Charity Campaign Success

PRESS RELEASE Oak Tree Business Systems, Inc. teamed up with local charities, including the OC Foodbank and the 2020 Community Cup Charity, to give back to the surrounding communities. Credit unions, employees, members, families, and friends were asked to help us in this fight against hunger. Community Charity Campaign Success!

With community support, Oak Tree Business Systems, Inc. donated more than 100 pounds of food and over $300 in online donations to the OC Foodbank. We thank Capstone Federal Credit Union and The Irvine Company for their support.

“The OC Food Bank works with nearly 400 local charities, soup kitchens, and community organizations to end hunger and malnutrition. CAPOC personnel distributes over 23,000 food boxes each month at 55 distribution sites in Orange, Los Angeles, and Riverside Counties. The program provides nutritional assistance to relieve situations of emergency and distress through the provision of food to the poor.”

About Oak Tree Business Systems, Inc.

Now celebrating over 37 years of experience in the Credit Union Industry, Oak Tree is a leading provider of compliant lending documents and forms for credit unions. We provide all types of forms (in all formats), data linking services, training, compliance support, legal opinion letters, marketing services, Spanish forms, preprinted brochures, and documents, as well as web-based forms.

For more information on Oak Tree Business Systems, Inc. please visit the Community Charity Campaign page.

(note: this is an older blog entry and has been edited since originally posted. Community Charity Campaign Success!)

Community Charity Campaign

Helpful Humanitarians | Credit Union partner

Helpful Humanitarians

PRESS RELEASE Oak Tree Business Systems, Inc. is teaming up with local charities, including the OC Foodbank and the 2020 Community Cup Charity, to give back to the surrounding communities. We are asking credit unions, employees, members, families, and friends to help us in this fight against hunger. To join our team, please email us; the deadline to sign up is Aug. 28. The project will run from Aug. 1–Sep. 11, and those who wish to participate will be asked to leave out marked bins at their branches to collect donations. (Note: this community charity campaign is now over)

This is a great opportunity for your credit union and credit union family to get involved and help those in your community even further, virtually and physically during COVID-19.

“The OC Food Bank works with nearly 400 local charities, soup kitchens, and community organizations to end hunger and malnutrition. CAPOC personnel distributes over 23,000 food boxes each month at 55 distribution sites in Orange, Los Angeles, and Riverside Counties. The program provides nutritional assistance to relieve situations of emergency and distress through the provision of food to the poor.”

About Oak Tree Business Systems, Inc.

Now celebrating over 37 years of experience in the Credit Union Industry, Oak Tree is a leading provider of compliant lending documents and forms for credit unions. We provide all types of forms (in all formats), data linking services, training, compliance support, legal opinion letters, marketing services, Spanish forms, preprinted brochures, and documents, as well as web-based forms.

(note: this is an older blog entry and has been edited since originally posted. The community charity campaign is now complete to great success!)

Cheers to New Beginnings

Humanitarian Highlight 1.2.20

Happy New Year everyone and welcome back to another #HumanitarianHighlight! Thinking back at all of the accomplishments our #CUfamily has done, we can’t express how incredibly happy we are to see everyone’s involvement in making a difference within the community. Let us know what you think about this blog, and please tag us using #HumanitarianHighlight if you know of a credit union that went above and beyond for their community. Cheers to New Beginnings!

Palisades Federal Credit Union

Thank you so much to Palisades FCU for volunteering yet AGAIN with the Food Bank of the Hudson Valley to help sort, organize, and package food items that will be donated to the community. This time around, PCU was able to package 2 TONS OF FOOD!! Outstanding job everyone!

Check out their website for more information!

Elevations Credit Union

Caring about their community a little extra during the holiday season, Elevations CU‘s members have brought in their toy donations into the branch for children in the community!

Atlantic Federal Credit Union

During the WCYY Fan Page’s #Markathon event, Atlantic FCU had their branch manager present a $1,000 check to help raise funds for The Center for Grieving Children, Maine. The grand total of money raised at the event was an astounding $80,000!!

“Expressing feelings in a safe place is part of the healing process after a death. At the Center, children, teens, young adults, and adults benefit from a supportive environment where they can be with others who have experienced similar losses. We provide peer support groups for children ages 3-18 and their parents and caregivers; young adults ages 19-30; and bereaved parents and young widowers/partners.” The Center for Grieving Children

Click HERE to learn more.

Arlington Community Federal Credit Union

Let’s give a big round of applause to the staff and members from Arlington Community FCU for collecting holiday gifts and wrapping them for children of incarcerated parents.

Veridian Credit Union

Donated $34,000 to 12 nonprofits all across Iowa and eastern Nebraska as part of its “Spark the Spirit” giving campaign. That’s not all, Veridian CU also donated $5,000 to Central Furniture Rescue!!

Read more about it HERE!

Texas Trust Credit Union

This incredible credit union Texas Trust CU presented a $5,000 check to Toys for Tots! Wonderful job to all members and employees for working together in making all of that possible. An interesting fact about Texas Trust CU is that since 2011, they have supported Toys for Tots and have donated a total of $40,000 to the organization!!

America First Credit Union

How touching is this? America First CU delivered new gym shoes and socks to the annual Warm the Soles of Kids program to about three dozen Gibson Middle School students.

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 product & services through our email or by phone (800) 537-9598! Cheers to new beginnings!

Dealing with Bad Reviews for SEO

CU Marketing Corner

The classic saying, “Any press is good press” continues to become more and more false with the reliance on online reviews to influence patrons. With the emergence of more and more review sites, blogs, comment sections, etc., it is impossible to ignore online opinions when considering SEO and potential members. There is no easy answer to dealing with bad reviews for SEO or even at all, but let’s delve in a bit more on this contentious subject.

There are great benefits of reading reviews as a consumer. One can learn from real experience by verified customers about what to expect. The ultimate negative for businesses comes with the misuse of internet speech to express anger, which unfortunately occurs more often than good experience reviews (without review incentive). Sadly, oftentimes complaint is stronger than praise.

No review, comment, or reference should go unnoticed. It’s imperative to engage your community both good and bad, though negative reviews from upset consumers take a bit more delicacy to turn things around in your favor. Bad reviews affect your SEO, online reputation, and ultimate conversion.

So now what to do with bad reviews?

1. Don’t let a review sit idle and forgotten. It will show a sort of admission of guilt and poor care and trust within your business.
2. Good-will gestures: Make some suggestions on how your institution can make it right without encouraging a “cry for treats” mentality.
3. Be honest, polite, and attentive. Your tone should be of utmost service: apologetic and true to brand voice.
4. Multiple modes of contact: respond directly and offline. This allows open communication with opportunities for public display as well as private interaction.

Oak Tree’s marketing team can be your SEO partner in combatting the ups and downs of online communities. Contact us today for a free consultation!  #creditunionmarketing

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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