Traditional financial institutions (FIs) often grapple with a pressing question: How can we effectively compete against industry giants? This dilemma concerns more than matching earning rates or replicating existing rewards programs. It's about carving out a distinctive space in the market—one that leverages each FI's unique strengths and capabilities.
At ampliFI Loyalty Solutions, we understand the challenges that FIs face in this competitive landscape. That's why we advocate for a strategic shift in the competition approach—focusing on customization and real-time rewards as key differentiators. Our enterprise engagement strategy goes beyond traditional rewards programs by incentivizing consumers to utilize other products and services offered by the FI, making it a true loyalty strategy rather than just a single-product rewards program.
How FIs Can Stay Competitive
National card issuers are detached from the everyday cardholder, which is evident in their celebrity advertisem*nts and excessive spending. With such rich programs, how can community FIs compete? The answer lies in playing to their strengths. While national card issuers may have vast resources and economies of scale, FIs possess intimate knowledge of their consumer base, deep-rooted community ties, and agility to innovate rapidly.
“Financial institutions need to compete differently,” says Heidi Young, EVP of Sales and Business Development at ampliFI. “Instead of vying for the highest rewards earning rate or cashback percentage, you should compete by leveraging the close relationships you cultivate with your cardholders and the diverse range of enterprise engagement products you can integrate into your programs.”
FI’s have the unique advantage of knowing their communities. By capitalizing on these strengths and embracing innovative loyalty features like customization and real-rime rewards, FIs can create compelling value propositions that resonate with consumers and drive competitive advantage.
Crafting Tailor-Made Loyalty Programs
Customization is the key to true consumer satisfaction. According to Marigold1, personalized experiences result in higher engagement, with 78% of consumers stating they are likely to engage with a customized offer. Not only does this drive engagement and spend, but it also significantly influences consumer satisfaction. 85% of consumers say their top brands treat them like individuals, whereas 51% of consumers expressed frustration over irrelevant offers and messaging.
Unlike one-size-fits-all solutions offered by national card issuers, ampliFI’s end-to-end loyalty platform gives FIs the advantage of crafting tailor-made loyalty programs that resonate with their consumer base. By leveraging data analytics and consumer insights, FIs can design rewards programs that reflect their consumers' preferences, behaviors, and aspirations, fostering deeper connections and driving long-term engagement.
Integrating Unique Features and Services
Real-time rewards are another game-changing capability that FIs can take advantage of. In today's fast-paced world, consumers crave instant gratification and seamless experiences. Real-time rewards enable FIs to meet these expectations by providing instant redemption options and immediate notifications. This real-time interaction is not just about rewarding the cardholder for their transactions—it's about showing them that you recognize and appreciate their engagement with the FI, almost as another marketing touch.
Whether redeeming points at the pump for a discount on fuel or using points to get reimbursed for a purchase, consumers unlock value on their own terms, enhancing satisfaction and loyalty.
“It's about recognizing and rewarding cardholders' engagement across a spectrum of relationship products, fostering deeper connections and loyalty," says Heidi.
Competing against national card issuers is not about replicating their offerings but forging a distinct path that plays to Fis’ strengths. By utilizing their intimate knowledge of their consumer base and deep-rooted community ties, FIs can foster strong consumer relationships that result in sustained loyalty. Customization and Real-Time Rewards are powerful tools that enable FIs to create differentiated loyalty programs and stay ahead in a fiercely competitive landscape. With ampliFI's expertise and innovative solutions, FIs can unlock new opportunities for growth and success.
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Understanding organisms and issues in the water shed, starting a market for 3rd grade entrepreneurs, creating a folk art program and launching a solar desalination project are just some of the school projects receiving funding from North Island Credit Union Foundation through its Spring 2024 Teacher Grant program.
As part of its commitment to help educators create innovative learning opportunities for their students, the Foundation has provided 10 grants of $500each to underwrite class projects in San Diego county. The credit union grants will fund a diverse range of programs illustrating the creativity and commitment teachers bring to their classrooms and communities.
"Supporting education is a key focus of North Island Credit Union Foundation's mission and we're excited to support these teachers as they work to engage and inspire their students in new and creative ways," said North Island Credit Union Foundation President Marvel Ford. "We hope these grants encourage our local educators to pursue innovative projects that spark a new passion in their students, which can make a life-long difference."
The Spring 2024 North Island Credit Union Foundation Teacher Grant recipients include:
Photos of all recipients can be foundhere.
Since the creation of the program in 2012, North IslandCredit Union and its Foundation have awarded $195,000 in teacher grants to support innovative learning projects. Up to 20 grants are awarded bi-annually in the spring and fall. Any full-time classroom teacher in San Diego, Riverside, Los Angeles, Orange, San Bernardino and Ventura County can apply for a grant for a program that has clearly defined learning objectives tied to students' academic needs, displays creativity in education, and targets a significant number of students.
]]>Teachers Federal Credit Union is excited to announce the upcoming opening of its newest branch in The Shops at SunVet in Holbrook, New York. Set to open in 2025 as part of the highly anticipated redevelopment of the existing SunVet Mall shopping center, this will be the newest branch Teachers Federal Credit Union will open since expanding its branch presence to Florida last year.
The SunVet Mall, once a landmark in the Holbrook community, is being transformed into a vibrant 168,000-square-foot open-air shopping center, The Shops at SunVet. This major revitalization project will feature an array of retail and dining options anchored by a new Whole Foods Market. The modernized center aims to provide a dynamic and enjoyable shopping experience for the local community and visitors alike.
“We are thrilled to expand our presence on Long Island and be a part of this exciting new development aimed at revitalizing the Holbrook area,” said Brad Calhoun, President and CEO of Teachers Federal Credit Union. “Selecting The Shops at SunVet for our next branch location underscores our commitment to strategic growth and providing our members with increased convenience and flexibility as they partner with Teachers Federal Credit Union on their financial journeys.”
The new Teachers branch will feature a welcoming and innovative design and provide a full suite of financial services, including personal and business banking, mortgages, auto loans, and financial planning. Members will continue to benefit from the credit union’s commitment to exceptional service, competitive rates, as well as tools and resources needed to make informed financial decisions.
“Opening our next branch at The Shops at SunVet aligns with our commitment to enhancing the financial well-being of our members and supporting the communities we serve,” added Calhoun. “We are excited to continue to share the value of a Teachers Federal Credit Union membership with more people in New York and across the country.”
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Creating a spoken word poetry program, starting a chick hatching science project, printing a school/student newspaper and planting a school vegetable garden are just some of the school projects receiving funding from California Credit Union Foundation through its Spring 2024 Teacher Grant program.
As part of its commitment to help educators create innovative learning opportunities for their students, the Foundation has provided 10 grants of $500 each to underwrite class projects in Los Angeles and Ventura counties. The credit union grants will fund a diverse range of programs illustrating the creativity and commitment teachers bring to their classrooms and communities.
“Supporting education is a key focus of California Credit Union Foundation’s mission and we’re excited to support these teachers as they work to engage and inspire their students in new and creative ways,” said California Credit Union Foundation President Marvel Ford. “We hope these grants encourage our local educators to pursue innovative projects that spark a new passion in their students, which can make a life-long difference.”
The Spring 2024 California Credit Union Foundation Teacher Grant recipients include:
Since the creation of the program in 2012, California Credit Union and its Foundation have awarded $195,000 in teacher grants to support innovative learning projects. Up to 20 grants are awarded bi-annually in the spring and fall. Any full-time classroom teacher in Los Angeles, San Diego, Orange, Riverside, San Bernardino and Ventura County can apply for a grant for a program that has clearly defined learning objectives tied to students’ academic needs, displays creativity in education, and targets a significant number of students.
]]>Rule would remove as much as $49 billion of medical debts that unjustly lowers credit scores for 15 million Americans
The Consumer Financial Protection Bureau (CFPB) today proposed a rule that would remove medical bills from most credit reports, increase privacy protections, help to increase credit scores and loan approvals, and prevent debt collectors from using the credit reporting system to coerce people to pay. The proposal would stop credit reporting companies from sharing medical debts with lenders and prohibit lenders from making lending decisions based on medical information. The proposed rule is part of the CFPB’s efforts to address the burden of medical debt and coercive credit reporting practices.
"The CFPB is seeking to end the senseless practice of weaponizing the credit reporting system to coerce patients into paying medical bills that they do not owe,” said CFPB Director Rohit Chopra. "Medical bills on credit reports too often are inaccurate and have little to no predictive value when it comes to repaying other loans."
In 2003, Congress restricted lenders from obtaining or using medical information, including information about debts, through the Fair and Accurate Credit Transactions Act. However, federal agencies subsequently issued a special regulatory exception to allow creditors to use medical debts in their credit decisions.
The CFPB is proposing to close the regulatory loophole that has kept vast amounts of medical debt information in the credit reporting system. The proposed rule would help ensure that medical information does not unjustly damage credit scores, and would help keep debt collectors from coercing payments for inaccurate or false medical bills.
The CFPB’s research reveals that a medical bill on a person’s credit report is not a good predicter of whether they will repay a loan. In fact, the CFPB’s analysis shows that medical debts penalize consumers by making underwriting decisions less accurate and leading to thousands of denied applications on mortgages that consumers would repay. Since these are loans people will repay, the CFPB expects lenders will also benefit from improved underwriting and increased volume of safe loan approvals. In terms of mortgages, the CFPB expects the proposed rule would lead to the approval of approximately 22,000 additional, safe mortgages every year.
In December 2014, the CFPB released a report showing that medical debts provide less predictive value to lenders than other debts on credit reports. Then in March 2022, the CFPB released a report estimating that medical bills made up $88 billion of reported debts on credit reports. In that report, the CFPB announced that it would assess whether credit reports should include data on unpaid medical bills.
Since the March 2022 report, the three nationwide credit reporting conglomerates – Equifax, Experian, and TransUnion – announced that they would take many of those bills off credit reports, and FICO and VantageScore, the two major credit scoring companies, have decreased the degree to which medical bills impact a consumer’s score.
Despite these voluntary industry changes, 15 million Americans still have $49 billion in outstanding medical bills in collections appearing in the credit reporting system. The complex nature of medical billing, insurance coverage and reimbursem*nt, and collections means that medical debts that continue to be reported are often inaccurate or inflated. Additionally, the changes by FICO and VantageScore have not eliminated the credit score difference between people with and without medical debt on their credit reports. We expect that Americans with medical debt on their credit reports will see their credit scores rise by 20 points, on average, if today’s proposed rule is finalized.
Under the current system, debt collectors improperly use the credit reporting system to coerce people to pay debts they may not owe. Many debt collectors engage in a practice known as “debt parking,” where they purchase medical debt then place it on credit reports, often without the consumer’s knowledge. When consumers apply for credit, they may discover for the first time that a medical bill is hindering their ability to get a loan. Consumers may then feel forced to pay the medical bill in order to improve their credit score and be approved for a loan, regardless of the debt’s validity.
Specifically, the proposed rule, if finalized would:
Eliminate the special medical debt exception: The proposed rule would remove the exception that broadly permits lenders to obtain and use information about medical debt to make credit eligibility determinations. Lenders would continue to be able to consider medical information related to disability income and similar benefits, as well as medical information relevant to the purpose of the loan, so long as certain conditions are met.
Establish guardrails for credit reporting companies: The proposed rule would prohibit credit reporting companies from including medical debt on credit reports sent to creditors when creditors are prohibited from considering it.
Ban repossession of medical devices: The proposed rule would prohibit lenders from taking medical devices as collateral for a loan, and bans lenders from repossessing medical devices, like wheelchairs or prosthetic limbs, if people are unable to repay the loan.
The CFPB began today’s rulemaking in September 2023 with the goals of ending coercive debt collection practices and limiting the role of medical debt in the credit reporting system. The CFPB additionally published in 2022 a report describing the extensive and debilitating effects of medical debt along with a bulletin on the No Surprises Act to remind credit reporting companies and debt collectors of their legal responsibilities under that legislation.
Comments must be received on or before August 12, 2024.
Learn more about Credit Reporting Requirements and the CFPB’s work on medical debt.
Consumers can submit credit reporting complaints, or complaints about financial products or services, by visiting the CFPB’s website or by calling (855) 411-CFPB (2372).
Employees who believe their company has violated federal consumer financial protection laws are encouraged to send information about what they know towhistleblower@cfpb.gov.
]]>This suite of four features prevents fraud loss before it reaches the FI and leverages AI, automating the check investigation process for banks and credit unions.
Unit21 announced the launch of its advanced Check Fraud Prevention and Investigation features during this week’s American Banking Association’s (ABA) Risk and Compliance conference. This new suite of tools addresses the rising threat of check fraud, which causes increased financial losses across the banking industry each year.
In fact, according to a recent Thomson Reuters report, check fraud accounted for 20% of all SARs filing amounting to nearly 670,000 check fraud SARs filed by FIs in 2023.
“Check fraud is a growing challenge for banks and credit unions, and the traditional detection methods are no longer sufficient,” said Ian Macallister, COO at Unit21. “Our new Check Fraud Prevention and Investigation features empower financial institutions to stay ahead of fraudsters by automating and centralizing the fraud detection process. This protects their bottom line and enhances the security and trust of their customers.”
Unit21’s innovative platform offers a complete view of check-related transactions and activities that lower fraud losses, enhance customer protection, and dramatically reduce investigation time. By integrating advanced AI techniques, image analysis, and dark web monitoring, the new features allow FIs to proactively find and stop fraud loss before it enters deposit channels while also automating the verification process of checks within the institution.
The new features include:
Dark Web Monitoring: By monitoring dark web activity and suspicious communications on platforms known for criminal activity, Unit21 can proactively alert financial institutions of stolen checks before they reach the bank or credit union.
Check Fraud Rule Templates: FIs can implement flexible rules with no code within minutes at go-live, allowing for immediate protection against check fraud and a reduction in false positives.
Check Investigation Toolkit: Unit21 helps automate the investigation of suspicious checks by matching signature files and verifying digitally altered or washed checks resulting in a reduction of manual effort and human error, leading to quicker, more accurate identification of fraudulent activities.
AI Agent for Check Fraud Investigations: Fraud teams can work alerts and reduce false positives with clearer insight and action through AI-driven investigations, saving them time and resources.
“After turning on Unit21’s check fraud rules and alerting, specifically dark web monitoring, we caught and prevented $50,000 in potential check fraud from just the initial seven alerts. I was shocked at its quick success,” shares Jo Davenport, SVP Fraud Director, CFCI at Third Coast Bank. “Additionally, our customers greatly appreciate our proactive efforts; notifying them has not only enhanced their sense of security but also reinforced their trust in us to have their best interests at heart.”
Visit the Unit21 booth (#710) during the ABA Risk & Compliance Conference to learn more and see a live demo.
]]>Partnership helps credit unions strengthen identity verification and reduce account opening fraud
Member Driven Technologies (MDT) today announced a strategic partnership with Persona, the leading unified identity platform.
Persona empowers MDT’s credit union clients to adjust their identity verification flows in real time based on risk signals to convert more good users while deterring fraudsters. Clients can mix and match building blocks to design custom-branded end-to-end identity flows that convert more members, streamline operations, and fight fraud.
“As fraud continues to rise, investing in technology that helps safeguard our institution and members is a top priority. Persona embeds sophisticated identification validation into our workflows, adding an extra layer of security and helping reduce fraud – both via digital channels and in branch,” said Joseph Marchese, CEO of Hershey FCU. “This partnership with trusted partner MDT will allow us to integrate Persona’s capabilities even more seamlessly into the process, boosting efficiencies and strengthening our fight against fraud.”
“MDT has a proven reputation of providing credit unions with innovative fintech solutions and services that help support their business and members,” said Sasha Dobrolioubov, Head of Partnerships at Persona. “We are excited to offer our tools to their impressive client base, helping more credit unions collect, verify, understand, and orchestrate members’ identities for any use case.”
“With their deep compliance and fraud expertise, Persona has helped many organizations detect hard-to-catch fraud, banning bad actors permanently – something that has never been more important and needed,” said Larry Nichols, CEO and president of MDT. “We look forward to offering their identity verification solution to our credit union community, helping maximize conversions while minimizing fraud.”
]]>Credit union elevates digital banking experience, delivering member-requested functionality
Mahalo Banking today proudly announces its collaboration with MTC Federal Credit Union, headquartered in Greenville, S.C. With assets totaling $292M, MTC Federal Credit Union has selected Mahalo's leading online and mobile banking solution to roll out member-centric features, enriching the credit union digital landscape.
In its search for a digital banking partner, MTC Federal Credit Union sought to enrich its member experience, streamline platform navigation and fulfill member-requested functionalities. Selecting Mahalo enables the credit union to create an enhanced member journey complete with expanded digital features and benefits to bolster member engagement. Mahalo’s platform will provide various self-service solutions, such as online account opening, Skip-a-Pay and Savings Jar options, allowing members to better manage their financial activity.
“Mahalo’s committed member and core-centric focus, alongside their dedication to continuous innovation including security and neurodiversity solutions set them apart from other providers,” said William H. Love Jr., President/CEO of MTC Federal Credit Union. “Mahalo is a true partner in our endeavor to provide a comprehensive digital banking experience for our members while attracting new members looking for a state-of-the-art platform with an outstanding user experience.”
Driven by industry veterans, Mahalo's digital banking platform boasts robust security solutions, including the recently introduced Credential Assurance Technology (CAT), which enables credit unions to prevent credential stuffing and safeguard sensitive member data. Additionally, Mahalo's technology features neurodiverse functionality, ensuring an inclusive experience for all members, regardless of cognitive distinctions.
Love Jr. added, “Along with its outstanding platform, Mahalo’s culture resonates with the MTC Federal Credit Union philosophy. Our mission is to exceed member expectations and deliver positive outcomes, and the Mahalo team shares this passion for exceptional member service. Selecting Mahalo ensures that we can fulfill our member commitment on all levels.”
“Our deep credit union ties enable our team to form strong bonds with the credit unions we serve, and that has been the case throughout our partnership with MTC Federal Credit Union,” said Denny Howell, COO of Mahalo. “We are proud to be part of their dedication to offering members a digital banking experience that exceeds expectations and aligns with their needs. Working with MTC Federal Credit Union allows us to deliver on what we do best, empowering the credit union with a member-centric platform that provides enhanced, user-friendly functionality and meets members where they are.”
]]>60 Social Impact Practitioners Attend This Year’s Event
The California and Nevada Credit Union Leagues successfully hosted the 2nd annual CU Impact forum at Kinecta Federal Credit Union's operations center in Manhattan Beach, CA from June 5-6 — an event dedicated to empowering credit unions in their mission to transform communities, measure progress, and amplify stories of social change.
View the 2024 CU Impact photo gallery here!
This year’s forum brought together 60 credit union social impact practitioners for a unique blend of exceptional sessions, collaborative workshops, and a community development field trip, with the “Unite for Change” theme resonating as participants shared their commitment to making a meaningful difference. It was a truly galvanizing experience, where collaborative energy and a shared passion for community transformation remained in focus.
“The diverse perspectives and innovative approaches shared at CU Impact were inspiring,” said Scott Simpson, president and CEO of the Leagues. “As credit union leaders across California and Nevada, we have a unique opportunity and responsibility to drive positive change. This forum once again equipped us with the tools and knowledge to do just that. We were honored attendees took time out of their schedules to come together once again and partner for our united social impact mission and vision.”
Actionable Insights and Renewed Determination
Attendees left with actionable insights and a renewed determination to make a lasting impact in their local communities for credit union members as the focus on engagement and measurement resonated deeply. The keynote presentations, data, and stories weren’t just narratives — they stood as a testament to the transformative power of credit unions in the lives of members.
This year, California Department of Financial Protection and Innovation (DFPI) Deputy Commissioner Purvi Patel was a special guest, observing first-hand how credit union leaders are increasingly threading social impact efforts into their local mission and efforts. Appointed by California Gov. Gavin Newsom in February 2023, Patel plays a key role in the state regulatory operations and compliance of credit unions chartered in California. She was formerly Self-Help FCU’s assistant general counsel since 2022 and part of Self-Help’s executive staff from 2016 to 2022.
Overall, social impact practitioners said CU Impact invigorated their efforts to effectively connect and collaborate, making their personal involvement at the local level with credit union members and the communities they serve that much more powerful. The annual forum provided a much-needed platform for open dialogue and collaboration.
“By uniting for change, we can leverage our collective strengths to address the unique challenges facing our communities and create a more equitable and sustainable future,” said Amanda Merz, vice president of impact and development for the Leagues. “We want to thank attendees for putting their best foot forward in our mutual responsibility to share best practices and improve the social impact of every credit union across California and Nevada.”
Social Impact at Kinecta’s Watts Branch (South Los Angeles)
Kicking off the event, attendees embarked on a guided excursion to Kinecta Federal Credit Union's Watts branch on Wednesday afternoon, gaining firsthand insights from credit unions dedicated to community-driven development. The trip included engaging discussions with community partners that fostered meaningful relationships, and it concluded with a networking dinner at the renowned Harold and Belle's restaurant — established in 1969 with white tablecloths, a Creole flare, and Southern hospitality.
The field trip to Kinecta’s Watts branch was also a powerful reminder of the benefits that community-focused initiatives can have. The credit union opened this branch in a historic community in South Los Angeles last year. The Watts area has a culturally rich past, exhibiting a long-standing legacy of contributing to nationally recognized arts and culture.
With the support of its many dedicated community organizations, Watts is undergoing a revitalization that has brought prominence back to this historic district — with Kinecta also playing an important role in these efforts. CU Impact attendees said it was a privilege to learn from Kinecta practitioners’ experiences as they connected with other social impact leaders who are equally dedicated to making a difference.
“Watts is a vibrant, historically rich community in Los Angeles,” said Latrice McGlothin, executive director of the Kinecta Community Foundation. “Early in the planning stages for the Watts location, we had the opportunity to leverage our long-standing partnerships in the area, which provided honest advice, clear direction and engaging support. These important conversations helped build awareness and foster immediate connections with community members.”
Forum Highlights: Growth, Development, & Impact
On Thursday, a diverse range of extraordinary sessions dove into critical topics shaping the future of social impact in credit unions. In “The Art of Impact Storytelling,” participants uncovered the power of storytelling to amplify their credit union's brand identity and connect with members who shared their values. They learned how to articulate brand values, bridge the gap between mission and audience, and utilize various mediums for amplifying their footprint and presence.
Inclusiv Network’s update on the U.S. Environmental Protection Agency’s (EPA) funding for green lending helped leaders explore EPA funding programs and strategies to support energy-lending reduction initiatives for members and environmental practices within credit unions. Insights into successful projects and their impact on reducing greenhouse gas emissions were shared.
An important housing session also looked at how regional housing programs can empower members toward generational wealth. Attendees discovered ways to expand access to affordable housing through local partnerships and actionable steps.
Participants also learned the importance of a clear mission statement and data-driven measurement in driving sustainable community impact. Strategies for developing robust measurement frameworks to track progress and outcomes were shared, concluding with an “Impact Power Hour” that had attendees cross-collaborating and sharing newly generated ideas to take back to their credit unions.
The Leagues are deeply grateful for the passion and dedication of every credit union professional who joined their peers at CU Impact! Their commitment to building stronger and more equitable communities is truly inspiring.
Two Days of Speakers and Impact
Presentations and discussions included (but were not limited to) the following speakers:
Purvi Patel, deputy commissioner of credit unions for California’s Department of Financial Protection and Innovation (DFPI).
Dora Beyer, director of community development for Excite Credit Union.
Latrice McGlothin, executive director of Kinecta Community Foundation.
Becca Whitman, founder and principal consultant for Guide & Give.
Matthew Stratford, marketing manager of Cnote.
Pablo DeFilippi, executive vice president for Inclusiv Network.
Erica Taylor, senior vice president of community impact and public relations for Golden 1 CU.
Eric Johnson, marketing and communications manager for California Housing Finance Agency.
Amanda Merz, vice president of impact and development for the California and Nevada Credit Union Leagues.
Diana Cervantes, vice president of social impact for SCE CU.
Kelly Gear, senior vice president and chief strategy officer for FHLBank San Francisco.
Damian Alarcon, government relations and social impact director for Travis CU.
Brice Yocum, CEO Tucoemas FCU.
The hosts of this year’s conference would like to thank all CU Impact sponsors! They include:
Presenting Sponsor: VISA.
Evening Event Sponsor: Origence.
Contributing Sponsors: The Center for Senior Benefits and TruStage.
Supporting Sponsors: Your Credit Union Partner and AMF Media Group (an Armanino company).
Business North Carolina magazine has announced that Coastal Credit Union has been named one of its 2024 North Carolina Best Employers. This is the seventh time that Coastal has won the award over the past eight years, and it marks the tenth year in a row that the credit union has earned at least one best workplace award.
“It’s great to be consistently recognized as one of the top employers in North Carolina, an amazing state with plenty of great companies,” said Tyler Grodi, Coastal’s President and CEO. He added, “For Coastal, success is never about the trophies; it’s always about our people. Our strategy, and our commitment, is to develop an awesome, intentional culture that will help us attract and retain great employees that will help the credit union, our members, and our communities to succeed together.”
The Best Employers in North Carolina is a survey and awards program dedicated to identifying and recognizing the state’s best employers. Businesses and their employees are polled on dozens of topics, from recruiting practices to recognition programs and those companies selected are recognized in the June issue of Business North Carolina.
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DeKalb Chamber of Commerce CEO and President Frankie Atwater, Sr. and Chamblee Mayor Brian K. Mock joined Georgia United Credit Union for a grand opening and ribbon cutting ceremony on June 7 celebrating the credit union’s new Chamblee branch at bustling Chamblee Plaza.
“We are extremely excited to be in Chamblee and in this community,” said Georgia United Chief Experience Officer Todd Lambright. “Cutting this ribbon today symbolizes growth not just for Georgia United but also this community. We are proud to be a part of it, we are proud to be here and to represent our members here – and our potential new members.”
The 1,400-square-foot storefront branch, nestled between Publix and Einstein Bros. Bagels, had a soft opening on March 13. It is more compact than the typical Georgia United branch’s footprint but is a full-service, one-stop-shop for members, featuring two state-of-the-art ATM+ terminals inside and one outside. The exterior ATM + station provides members 24/7 access to their finances – extending banking hours beyond the physical branch, allowing access to in-branch services such as depositing cash, withdrawing cash in multiple denominations or making deposits even when the doors are locked.
“This branch is what we deem a micro-branch,” said Lambright. “If you walk in you can see it’s small, but they say dynamite comes in small packages.”
The Chamblee facility incorporates contemporary design and layout elements of the organization’s branch transformation strategic program that is redefining the banking experience for members. Leveraging the latest technology, Georgia United continues to deliver its renowned personalized service.
The new branch is a successor of sorts to the former North Atlanta branch on Tilly Mill Road, approximately 2.3 miles away, and Mayor Mock is glad Georgia United chose to serve members in the area by operating in Chamblee.
“I try not to miss a ribbon cutting, and it’s never for the photo op, it’s for the genuineness of the fact that we have a new business opening in the city,” said Mock. “It means the city is going in the right direction. We are doing some good things here and this area is really growing. And we are proud to have Georgia United part of our community.”
Georgia United is committed to building strong community ties in the Chamblee area, including participating in and sponsoring local community events, such as the inaugural Chamblee Art Fest in April and March’s Cherry Blossom Festival and 5K in neighboring Brookhaven.
]]>Premier Members Credit Union Opens 3rd branch in Westminster
Premier Members Credit Union opened their third Westminster location and 19th branch in the state.
To celebrate, a ribbon cutting ceremony was held on June 7th with two separate chambers. Jamie Chavez, Westminster Chamber of Commerce, and Pat Monacelli, Broomfield Chamber of Commerce
“We are excited to introduce this new technology to our Premier Members. It allows us more time to spend getting to know our members and building relationships, which is at the heart of being Premier,” Amanda Kutzler, SVP Consumer Retail.
Neenan Archistruction, a leading design-build firm based in Colorado, helped celebrate the grand opening of its latest renovation project with the Premier Members Credit Union. This renovation was a catalyst for moving operations to a location central to the credit union’s members in the northern Denver metro area of Colorado.
The 1,669-square-foot redesigned space is the first within PMCU’s network to feature a fully functional electronic teller system, revolutionizing the banking experience for its clientele.
Premier Members has extensive community commitments in Westminster include high-level sponsorships for the City’s Summer Block Party and Westy Fest, the Chairman’s Sponsorship level of the Westminster Chamber, sponsorships, a scholarship and Money 360 collaborations with the Westminster Public Schools Foundation and the Gold Elite Sponsorship with Hyland Hills. In addition, we have an employee on the finance committee at Growing Home.
]]>As part of Elder Abuse Awareness Month, Westerra Credit Union is partnering with the Denver Police Department and Denver’s City Attorney’s Office to host a free, in-person seminar with important information about how older adults can protect their money and personal information from scammers.
“Recent statistics from the U.S. Department of Justice’s Office for Victims of Crime show that adults60 years and older are one of the main targets for increasingly convincing and savvy scams that attempt to obtain money and personal information through deceptive means,“ said Cynnomon Gordon, Westerra’s Director of Fraud Operations. “Fortunately, simple education and resources are available to keep older adults‘ money and personal information secure.“
This information, along with how to identity different types of elder abuse and how to report financialfraud, will be featured at this free, in-person seminar specifically geared for older adults 60 years of age and older.
“It is also wonderful to have the opportunity to partner with the Denver Police Department and Denver’s City Attorney’s Office on this seminar,“ Gordon continued. “They do a lot of great work in the older adult community to ensure they are kept safe physically and financially, and as a credit union committed to our older adult members, we appreciate partnering with them to provide these important resources.“
Westerra members and those in the Denver Metro community are encouraged to register for this seminar by visiting www.westerracu.com/security. Registration closes on June 21. This webpage also offers additional tips on how to prevent fraud.
Free In-Person Seminar: Avoiding Scams and Fraud for Older Adults
When: Thursday, June 27, 2024
Time: 3:00-5:00pm
Location: Westerra Credit Union - Cherry Creek Branch
3700 E. Alameda Ave., Denver, CO 80209
Please check in at the welcome desk when you arrive.
Bonsall Unified School District Superintendent Joseph Clevenger recognized during 21st annualInnovation in Education Awards ceremony hosted by Classroom of the Future Foundation
SchoolsFirst Federal Credit Union presented the Innovative Superintendent and District Team Award to Joseph Clevenger, superintendent of Bonsall Unified School District in Bonsall, Calif., as part of the Innovation in Education Awards program held May 16 at SeaWorld San Diego by the Classroom of the Future Foundation (CFF).
The award was presented by Josh Smith, vice president, school and community relations for SchoolsFirst FCU, and a member of the board of directors for the Classroom of the Future Foundation.
Superintendent Clevenger is one of 13 educators, classroom programs, students and businesses recognized for demonstrating innovation that models the future of K-12 education. SchoolsFirst FCU sponsored the Innovative Superintendent and District Team Award as part of the Credit Union’s ongoing commitment to support educational programs and provide partnership opportunities within schools and communities.
“By focusing on innovation in the classroom, the Classroom of the Future Foundation has been instrumental in preparing students to thrive in a global society,” said Smith of SchoolsFirst FCU. “We are proud to sponsor this initiative because it closely aligns with our ongoing effort to support programs that improve learning in the communities we serve.”
Since 1997, the Classroom of the Future Foundation (CFF) has united business, community, and educational leaders to create innovative learning environments in San Diego County public schools. CFF is an extension of the San Diego County Office of Education and is known for being the convener of business, community, and educational leaders around innovation in education within the region. Moreover, CFF is a catalyst and champion for the creation of learning programs that apply proven business and technology-based practices in the school setting.
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Member Driven Technologies (MDT), a CUSO that hosts the Symitar core processing system from Jack Henry™ to provide a private cloud alternative for core processing and IT needs, hosted its annual 2024 MDT E3 Conference in Southfield, Michigan last month.
Nearly 150 credit union clients and over 50 business partners, including 50 first timers, gathered to immerse themselves in the MDT E3 experience. Patty Corkery, president and CEO of Michigan Credit Union League (MCUL), kicked off the event by delving into the top challenges credit unions face and offering actionable strategies to succeed. MDT executives took the stage to give a strategic company update and Mimi Carsley, Jack Henry’s CFO, gave an update from Jack Henry. The event also featured over 40 educational sessions, exploring topics such as security, regulatory and compliance risks, emerging technologies, such as AI, member engagement strategies and more.
Ryan Chism, SVP of IT for Colorado Credit Union, has attended many of MDT’s client conferences. He explained, “We come back to MDT’s conference year after year because there is significant value in the interactions with both MDT executives as well as our credit union peers. The conference gives us a forum to collaborate, share common pain points and solutions and gain actionable insights.”
The event featured several off-site networking opportunities designed for attendees to engage in deeper conversations. Credit union and fintech leaders gathered at TopGolf Auburn Hills and embarked on a Detroit River boat tour to celebrate and reflect on time spent together. MDT E3’s Conference concluded with final remarks from company executives, announcing next year’s event will be held at The Westin Book Cadillac in Downtown Detroit and unveiling the new theme of “Engage, Educate, and Elevate.”
“This year’s event allowed our credit union community to engage in networking opportunities, educate through relevant sessions, and evolve together,” said Larry Nichols, president and CEO of MDT. “In addition to pertinent updates and professional development opportunities, our client conference is intentionally designed to optimize genuine human connection; we truly believe we are stronger together. MDT is proud of the success of this year’s event, and we already look forward to next year.”
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SECU Foundation recently announced a capital grant of $325,000 to Hendersonville Rescue Mission (HRM) in support of a new Women’s Ministry facility for women and children experiencing homelessness in Henderson, Polk, Rutherford, and Transylvania counties.
The Henderson County non-profit has been providing shelter, meals, addiction recovery, and basic medical and mental health services to homeless and under-resourced residents of Western North Carolina since 1981. Their emergency shelter remains consistently at full-bed capacity. The grant will enable the non-profit to increase its shelter capacity as well as other wrap-around supportive services for more than 230 individuals annually.
“HRM’s mission has been filling a critical space in housing and emergency services for a vulnerable population in this rural western area for decades,” said SECU Foundation Executive Director Jama Campbell. “We applaud their dedication to this important work, and we are pleased the Foundation’s grant will help ensure that HRM can continue their ministry of promoting wellbeing and recovery for even more individuals in need.”
“Hendersonville Rescue Mission is honored to receive a $325,000 grant from SECU Foundation,” said HRM CEO Reverend Anthony McMinn. “The grant will be used to increase program capacity and to support unhoused women and children. We are deeply grateful for the SECU Foundation team and local SECU branches in Hendersonville and Flat Rock for showing their support and celebrating this grant with us.”
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FORUM Credit Union celebrates the retirement and 40th service anniversary of Jenny Budreau. Jenny’s career at FORUM began in 1984. She joined FORUM after graduating from Ball State University, starting her career as a management trainee. Throughout her 40 years she served in a variety of roles and led multiple teams including Business Development, Retail Delivery, Organizational Development, and Human Resources. Jenny served as FORUM’s Chief Operating Officer from December 2011 through February 2023, and then transitioned to Chief People Officer. In preparation for retirement, she served her last few months at FORUM as Chief Transition Officer.
In honor of Jenny’s significant contributions to FORUM, the FORUM Foundation, and Spirit of FORUM, the Jenny Budreau Commitment to Community Scholarship was unveiled in May. This scholarship will be reserved for one exceptional FORUM Foundation Scholarship applicant who closely exemplifies the qualities of academic excellence and a strong commitment to community service. Beginning in 2025, each year one FORUM Foundation scholarship winner will receive the Jenny Budreau Commitment to Community Scholarship and earn $7,500 per year (renewable for four years for a total of $30,000) toward their educational pursuits.
A paver dedication was held at FORUM headquarters on June 4th for Jenny, bringing together current and past FORUM employees to honor and celebrate Jenny’s 40-year legacy at the Credit Union.
“Jenny had a profound impact on FORUM Credit Union, Spirit of FORUM, the FORUM Foundation, our FORUM teammates, and the communities we serve. It was a privilege to celebrate her and the countless contributions she has made to FORUM and our employees. We know Jenny and her husband, Mark, will thrive in retirement and we are grateful for her 40 years with FORUM,” said Doug True, FORUM CEO.
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The Dakota Credit Union Foundation has announced a $200,000 commitment to three Children’s Miracle Network (CMN) Hospitals located in North and South Dakota. The announcement was made during the Dakota Credit Union Association’s annual meeting, which was held on May 16, 2024, at Grand Falls Resort & Casino in Larchwood, Iowa.
The foundation’s board of directors unanimously voted to approve the expenditure, which will be fulfilled in increments over the next several years. North Dakota’s one CMN Hospital, Sanford Children’s located in Fargo, will receive $100,000 to support the new Credit Unions for Kids Micropreemie Unit. This project, which has received additional financial commitments from a majority of North Dakota’s credit unions, is expected to begin construction later this summer.
South Dakota’s two CMN Hospitals, Sanford Children’s Hospital in Sioux Falls and Monument Health in Rapid City, will each receive $50,000. The Sioux Falls endowment will provide for a pediatric oncology exam room to be named in honor of Charlie Murano, son of Abby Murano and Joel Murano. Abby is a staff member at Dakotaland FCU in Aberdeen, South Dakota. Charlie was cared for at the Sioux Falls hospital last year. Sadly, he lost his battle with cancer, but his memory will live on for years to come. The donation to Monument Health will be earmarked for a specific purpose within their upcoming expansion and remodel project.
“Dakota Credit Union Foundation’s mission is to support financial well-being for all,” says April Tompkins, foundation board chair and CEO of Explorer’s Credit Union (Yankton, SD). “There is no doubt that physical health plays a major role in financial wellness. Credit unions clearly understand the health care debt cycle, and as an industry, we strive to help our members, our employees, and our communities find a path to physical, mental, and financial health. We are extremely excited to make this major commitment to help provide the best care, close to home at our regional CMN Hospitals,” she added.
“I am so proud of the Dakota Credit Union Foundation’s commitment to the financial health and emotional well-being of our local families and communities,” concluded Jeff Olson, president/CEO of Dakota Credit Union Association. “This gift will have a lasting impact.”
]]>Corporate Central Credit Union announced changes to its board leadership and PAHO/WHO Federal Credit Union announced several promotions.
New Hires
Corporate Central is pleased to announce the hiring of Clare Krupar as Accounting and Office Assistant. In this role, Krupar will support the tasks and goals of the accounting department, providing essential assistance for organizational tasks and events. Her responsibilities will include providing general accounting support, processing incoming and outgoing mail and packages, offering general office and clerical support, assisting with reception duties, and contributing to various projects as needed.
Promotions
Esteban Arze has been promoted to Vice President of Member Services overseeing all Retail Services, Card and Deposit Operations, Mortgage and Consumer Lending, and the Credit Union’s financial advisory and planning services under the brand name of Bienestar Financial Partners™. Arze joined the PAHO/WHO FCU team in 2014 as the Lending Manager. In this new role he will be reporting to Derek Fuzzell, whose title has changed from Chief Financial & Strategy Officer to Chief Financial Officer/Chief Operating Officer. Additional changes include, Gisella de Lanzone joining the Business Development team as a Senior Business Development Specialist and Jairol Arias becoming part of the Consumer Lending team as Consumer Loan Officer. Both de Lanzone and Arias have had a successful tenure with the credit union serving the organization for 26 years and 11 years, respectively.
Other recent promotions and title changes are as follows:
Maria Gabino Friere: Compliance Specialist II
Cindy Lemus: Card Specialist II
Victor Andrade: Membership Services Associate II
Daniel Urbina: Membership Services Associate II
Nohemy Ziegler: Membership Services Associate II
Paola Veliz: Digital Services Specialist I
Johanna Ganan: Branch Manager II
Retirements
After 15 years of dedicated volunteer service, including serving as Chair from 2017 to 2019, Eric Chrisinger, President/CEO of Co-op Credit Union in Black River Falls, Wisconsin, has retired from the Corporate Central board of directors. “Eric’s leadership and commitment have been invaluable to Corporate Central. His vision and dedication helped steer us through significant milestones and challenges,” said Val Mindak, current Chair. “We are deeply grateful for his service and wish him all the best in his retirement.”
Appointments
The Corporate Central board unanimously appointed Laurie Butz, President/CEO of Capital Credit Union in Green Bay, Wisconsin. “I am honored to join the Corporate Central board and look forward to contributing to the continued success and growth of the organization,” Butz said about her appointment. “Laurie brings a wealth of experience and a fresh perspective to our board. Her proven leadership and strategic insight will be invaluable as we navigate the future,” said Mindak. “We are excited to welcome her and look forward to her contributions.”
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The inaugural Fintech Connect event, hosted by the Cooperative Credit Union Association (CCUA), concluded with resounding success, leaving attendees buzzing with excitement over the future of fintech. Held at the Bedford Event Center on Monday and Tuesday (June 3-4), the conference saw nearly 150 industry leaders from across the globe converging for an experience dedicated to the latest innovations in financial technology.
The event kicked off with a pre-conference panel and reception on Monday evening, generously sponsored by CUNA Strategic Services and Curql. Attendees were treated to a night of lively entertainment by Liquidity Crisis, setting the stage for an electrifying conference launch the following morning, headlined by CCUA’s title sponsor, TruStage.
"The success of Fintech Connect 2024 underscores the immense potential for collaboration between credit unions and fintechs,” said Ron McLean, CCUA President and CEO. “Together, we are shaping the future of our industry, delivering innovative solutions that empower individuals and strengthen communities."
One of the highlights of the event was the highly anticipated third annual Cyber Showcase, sponsored by Silvur, which featured concise presentations from five top fintech companies: Ascent, Debbie, Goalsetter, Penny Finance, and Ranqx. The audience was captivated as each fintech presented their innovative solutions. Following a live vote, Goalsetter emerged victorious as the third annual Cyber Showcase champion, with CEO Tanya Van Court proudly accepting the Cyber Cup.
Reflecting on the event, Melissa Pomeroy, CCUA EVP and Chief Operating Officer, commented, “The Cyber Showcase truly stood out at Fintech Connect, highlighting the cutting-edge innovation propelling our industry forward. Congratulations to Goalsetter for claiming the title of our 2024 Cyber Showcase champion!” Pomeroy added, “This marks CCUA's first fintech-focused event, and we owe its success to the incredible support of our partners, sponsors, and members”
Fintech Connect 2024 introduced several new features for CCUA, including repeat breakout sessions to ensure all attendees could access crucial insights, alongside Quick Connect guided networking sessions facilitating meaningful interactions among credit union leaders, trusted partners, fintech founders, and peers alike.
The CCUA extends a heartfelt thank you to all who attended Fintech Connect 2024 in Bedford, New Hampshire. The association eagerly anticipates continuing to serve its members and hosting more groundbreaking and forward-thinking events in the future. For more details on the CCUA's upcoming events, visit: www.ccua.org/calendar.
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