As part of the council’s recent face-to-face meeting in October 2012, the council conversed with CUNA Mutual Group President and CEO Jeff Post and other company leaders. See high level overview below.
The meeting was "a reaffirmation of CUNA Mutual Group's commitment to small credit unions and the credit union industry" said Diane Moilanen, CEO of Settlers Federal Credit Union in Michigan. She agrees with the direction CUNA Mutual Group is heading and says "the new products and innovation will help keep credit unions stay alive and stronger in the future. It's nice to have a strong partner we can depend on as we face today and tomorrow's challenges."
Economic Trends Impacting Loan Performance & Consumer Lending
Dan Kaiser, Product Executive VP and Wade Whitmus, LOANLINER Development Manager
Regulatory issues, narrowing margins, interest rates ...the world keeps changing and the pace keeps accelerating. Thoughtful dialog around these issues and more:
- It is critical that credit unions start focusing on Gen Y
- Gen Y members in general are lacking in basic financial and economic knowledge and this is a big opportunity for credit unions to be there as a partner, creating a life-long relationship. Get ready, this group has not entered the borrowing years yet, but will soon.
- Be there for them with education and support
- Look for point of purchase opportunities
- What is on the horizon?
- Consumer Financial Protection Bureau (CFPB) Regulatory Environment
- Reg E (2/7/2013) - all rules regarding disclosures are required to be updated regarding oversees transfers
- Ongoing mortgage lending rule changes
- Anticipate new regs regarding: credit cards, closed-end lending, courtesy pay, student loans, escrow accounts ...
More Members Protected. Members Protected MoreMembers needs for insurance is significant!
Susan Sachatello, Consumer VP and Corrin Maier, MemberCONNECT VP
Your credit union is in the unique position to help your members make good decisions. This can affect their immediate family and their family for future generations.
- 58 million households (half of all U.S. households) readily admit they are under insured -- life insurance ownership is at a 50 year low in the U.S. *
- More than 60% of personal bankruptcies in the U.S. are caused by health-care costs associated with a major illness.*
- 40% of U.S. households with children under 18 would not be able to immediately meet everyday living expenses.*
What you do matters! You have the power to change the lives of your members. You want to be in a position to help them anytime, anywhere, with any device. TruStage™
insurance products empower credit union members to protect the achievements and aspirations of the people who matter most in their lives.
* Source: 2010 U.S. Life Ownership Study, LIMRA.
The Recovery - Is it Here Yet?
Dave Colby, Chief Economist
How do small & midsize credit unions fit into the economic overview? The recovery is slow going and environmental, political and financial factors will continue to play positive and negative factors. What you can do now is help you members at the time when they really need you most. What you do now, will define your credit union going forward. For current forecasts and trends view the most recent Credit Union Trends report.
Dialog with the CEO
Jeff Post, CEO and Mike Defnet, VP Sales
CUNA Mutual Group is strongly committed to supporting and helping small credit unions grow through:
- New TruStage™ brand will help credit unions better serve members via channel integration - anytime, anyplace, anywhere
- Investing in state-of-art technology with Loanliner-SmartPhone loans - this year SmartPhone lending will bring in over 1 billion in lending applications
Training & Education
- Supercharge lending credit union lending programs with Lender Development Program (LDP)
- Available in multiple channels to meet busy CEO schedules. Resources and training is available from individual product training to compliance education.
- Your credit union needs support and that isn't always easy when you may be wearing many hats. We share your concerns and work closely with CUNA lobbying for credit union causes in Washington.
- We want to be sure you have the right information when you need it . Timely risk alerts, online resource centers, and league support are just a few of the ways that is provided.