CUNA Mutual Launches
'TruStage' Consumer Brand
MADISON, Wis.-CUNA Mutual has launched what it is calling an "ambitious" direct-to-consumer campaign aimed at raising awareness of the consumer brand "TruStage." The TruStage brand is already being offered to members of more than 4,000 credit unions, but marketing has been through the credit unions themselves. The TruStage brand is initially built around the core product offerings aimed at consumer protection needs-life insurance, accidental death and dismemberment, annuities and auto and home insurance.
CO-OP FS Teams Up
With SHAZAM Network
RANCHO CUCAMONGA, Calif.-CO-OP Financial Services last week said it has reached an agreement with the SHAZAM Network to allow members of participating credit unions to access surcharge-free and shared deposit ATMs nationwide. Like CO-OP Network, SHAZAM's Network of ATMs provides surcharge-free access for cardholders of financial institutions who participate in its Privileged Status program. The agreement was facilitated by The Members Group (TMG), Des Moines, Iowa, a business partner to both CO-OP and SHAZAM. In January TMG and CO-OP formed a strategic partnership, which included a strategic investment by CO-OP in TMG.
NCUA Announces Changes
To Reimbursement Forms
ALEXANDRIA, Va.-NCUA's Office of Small Credit Union Initiatives announced last week that grant reimbursement forms used in 2013 will have new features and a new format. One of the grant changes will allow credit unions to check the status of their reimbursement request online. Grant reimbursement changes will also allow credit unions to submit their proofs of purchase and proofs of payment for each vendor through single or multiple uploads.
One Nevada In Robust Turnaround
LAS VEGAS-One Nevada Credit Union continues to show a robust turnaround. ONCU reported net income of $1.1-million through Sept. 30, compared with a $2.4-million loss over the same period in 2011. It earned $530,764 during Q3. The credit union, formerly known as Nevada Federal, has been among those hard hit by the economic decline in Nevada. As of Sept. 30 One Nevada reported $668-million in assets, including net worth of 9.7%.
Beall Leaves MCUA To Head NCBA
ST. LOUIS-Mike Beall, president of the Missouri Credit Union Association, is leaving the MCUA effective Nov. 15 to accept a new position as president/CEO of the National Cooperative Business Association in Washington. The MCUA has named Don Cohenour as its interim president. Cohenour has been chief membership officer with the MCUA. Prior to joining the MCUA, Beall was president of the Maryland and District of Columbia Credit Union Association.
Ohio Regulator Hosts CU Day
COLUMBUS, Ohio-To give Ohio state-chartered CUs an opportunity to interact with regulators, the Ohio Department of Commerce Division of Financial Institutions is holding its first Credit Union Day on Oct. 30. The one-day educational event will address ODFI priorities and the impact they will have on credit unions, what examiners are looking for during an exam and risk review, and what can be expected from an IT exam, among other topics. Speakers from the Federal Reserve and NASCUS will be on hand as well.
Trim Turnover To Boost ROI, Study Says
FARMERS BRANCH, Texas-Employee turnover among credit unions in Texas is costing approximately $144 million each year, according to a new study from the Texas CU League. The "2012 Texas Credit Union Compensation Study" said that while credit unions in the Lone Star State spend $2.5 billion annually on non-interest expenses, that $144 million represents 6% of the total cost of operations. Therefore, efforts to reduce turnover should see rather apparent ROI, the report suggests. According to TCUL, turnover at Texas CUs ranges from 5.4% to 37.8%, with the median in the mid-twenties.
CUANY Buys Into CU Direct
ALBANY, N.Y.-The Credit Union Association of New York has purchased shares in CU Direct Corporation, Ontario, Calif. The Credit Union Association of New York is the 99th credit union organization to become a shareholder in CU Direct and, as a result of the new partnership, will be promoting the CUSO's lending solutions to its credit unions.
NuVision Closes East LA Branch
EAST LOS ANGELES-The $1.2-billion NuVision FCU said it will close a branch here at the end of October, further limiting the already limited number of financial outlets in this low-income side of town. The credit union said the five-and-a-half-year-old branch was not performing at the expected level. The credit union will continue to operate an ATM in the area through next year. At the same time, NuVision is also preparing to open a new branch in Costa Mesa, Calif.
Meanwhile, in Milwaukie, Ore., Clackamas FCU is closing a branch on Main Street. It said the decision was driven by the proximity of another branch five miles away.