CUNA Board: Add Diversity, Equity & Inclusion to Co-op Principles Posted by AVCU on 11:22 AM

Earlier this month the CUNA Board of Directors, led by Brett Martinez, president/CEO of Redwood CU in Santa Rosa, Calif., voted in favor of a resolution to clearly and prominently establish diversity, equity and inclusion as a cooperative principle of America’s credit unions.

“Diversity, equity and inclusion are a part of what credit unions do each and every day. Our cooperative principles have guided us to fulfill our mandate and be a resource to all consumers-no matter their income, race, religion. But we’re committed to doing more,” said CUNA President/CEO Jim Nussle. “In passing this resolution, we’re continuing our work to embrace diversity, equity and inclusion efforts within our organization while we support measures throughout our movement and across all cooperatives.”

The resolution comes after former board chair Maurice Smith, CEO of Local Government FCU, Raleigh, N.C., called for the cooperative principles to include diversity, equity and inclusion. Smith appointed a Diversity and Inclusion Ad Hoc Working Group during his time as CUNA Board chair.

The National Credit Union Administration has posted resources to aid credit unions in assessing and improving diversity in their business practices. The resources include:

• Annual Voluntary Credit Union Diversity Self-Assessment
• Information about the Annual Voluntary Credit Union Diversity Self-Assessment
• Credit Union Guide to Supplier Diversity
• Credit Union Supplier Diversity FAQs

For each of the past two years NCUA has posted results of a nationwide credit union diversity self-assessment survey. The 2018 results area available online. 

Video: Intl. Development by the World Council of CUs Posted by AVCU on 2:01 PM

TheWorldwide Foundation for Credit Unions has released a new video highlighting the international development projects, learning initiatives and disaster relief efforts World Council for Credit Unions (WOCCU) administers through the global credit union movement.

The video supports the Worldwide Foundation’s efforts to grow its base of Champions who support the vision of expanding financial inclusion to more than 1.7 billion people who remain outside the global financial system.

“We wanted people to be able to sit down for just a few minutes and learn about all of the great work we’re doing and find out how they can be a part of it,” said Mike Reuter, Executive Director for Worldwide Foundation for Credit Unions. “This video shows exactly how we put our motto—Do Global Good—into practice every day throughout the world.”

View the video below, or on the Worldwide Foundation’s website, where visitors can donate to various projects or subscribe to Field Notes: A Blog of the Worldwide Foundation. The website also  features a Global Good Toolkit—a range of business development tools credit unions and individuals can leverage to both achieve their strategic objectives and be part of growing the global credit union movement. Visitors also can find a link to World Councils’ new Digital Transformation Lab.

Watch the video below:

Highlight: Opportunities' Fatnassi on Board of Inclusiv Posted by Association of Vermont Credit Unions on 2:16 PM

A number of Vermont credit union leaders serve in one or more national capacities. One such leader is Cheryl Fatnassi, chief executive officer of Opportunities Credit Union. Cheryl is a member of the board of directors of the newly re-branded Inclusiv, formerly the National Federation of Community Development Credit Unions (NFCDCU). 

Cheryl Fatnassi, CEO
Opportunities Credit Union

Now CEO and President of Opportunities Credit Union since 2008, Cheryl was formerly chief operating officer of the credit union. She assumed the credit union's leadership role upon the retirement of Opportunities’ founder, Caryl Stewart. The credit union, headquartered in Winooski, Vermont, is approximately $40 million in assets and serves 6,500 members. 

Cheryl has working in financial services for over 38 years. In her role on the 17-member board of Inclusiv, she serves on the Executive Committee as Corresponding Secretary.  Cheryl is also a member of the organization's Technology Committee and chair of its Mortgage Advisory Committee.

Inclusiv is a certified community development financial institution (CDFI) intermediary that provides capital, makes connections, builds capacity, develops innovative products and services and advocates for its member community development credit unions (CDCUs). CDCUs belongilng to Inclusiv serve over 8 million residents of low-income urban, rural and reservation-based communities across the United States and hold over $80 billion in community-controlled assets. Founded as NFCDCU in 1974, Inclusiv is headquartered in New York city, with offices in Madison, WI and Atlanta, GA. 

CUAid Activated for CU's in Path of Florence Posted by Association of Vermont Credit Unions on 10:25 AM

The National Credit Union Foundation has opened the online disaster relief system CUAid.coop to raise money for credit union people affected by Hurricane Florence. The Category 2 hurricane cause catastrophic winds and flooding throughout the Carolinas, Virginia and potentially Georgia.

Donations to CUAid are being used for any credit union employees and volunteers affected by this hurricane. Credit union supporters in every state can always make donations at cuaid.coop. 100% of the donations through CUAid go to credit union disaster relief. The Foundation does not use disaster relief funds to pay for the CUAid.coop web platform or any of the Foundation costs to administer the national disaster relief program for credit unions.

The National Credit Union Foundation (the Foundation) is the charitable arm of the U.S. credit union movement and works as a catalyst to improve people’s financial lives through credit unions. Through grants and programs, the Foundation is strengthening financial well-being, igniting passion and instilling knowledge about the credit union difference, and uniting resources to help credit union people during disaster. Donations to the Foundation ultimately enable credit unions to help their members reach life-changing goals and achieve financial freedom.

Watch the video below to see how your contributions are used by CUAid in times of crisis:

Turner to Compete w/Zuckerman for Lt. Gov. Posted by Association of Vermont Credit Unions on 1:57 PM

Rep. Don Turner

After a few days of rumors, Vermont's House Minority Leader and former credit union official, Rep. Don Turner (R-Milton) made it official on Wednesday that he'll be running for lieutenant governor in the 2018 elections.  As a Republican, Turner will compete against incumbent Lt. Gov. David Zuckerman, a Progressive and Democrat first elected in 2016. Zuckerman is also a credit union supporter. 

Lt. Governor David Zuckerman

Turner is Town Manager of Milton and serves on the Supervisory Committee of Vermont Federal Credit Union.  Zuckerman, also a credit union member and supporter,  is a small business owner and farmer in addition to his duties as current Lieutenant Governor. 

No other candidates have yet emerged.  Read the full story in Seven Days.

Nat'l. CU Foundation Seeks Board Nominees Posted by Association of Vermont Credit Unions on 9:55 AM

Nominations are now being accepted for four expiring seats on the board of the National Credit Union Foundation (NCUF).  Board members are typically limited to serving the Foundation for no more than three consecutive terms. NCUF board seats are designated to insure wide representation of the credit union system. The four board seats currently up for election are:

• Seat 5 – Credit union executive or director. The candidate must be an executive officer or director of a credit union. 
• Currently filled by Laida Garcia, President/CEO of floridacentral Credit Union in Tampa, Fla., is completing her third three-year term on the Foundation Board;
• Seat 12 – Credit union system affiliate. The candidate must be an executive officer or director of a system affiliate.
• Sarah Bang, former EVP, Industry Relations for CO-OP Financial Services in Rancho Cucamonga, Calif., has retired from her organization, making this seat vacant;
• Seat 14 – Credit union executive or director or system affiliate or at-large.
• David Mooney, President/CEO of Alliant Credit Union in Chicago, Ill., is completing his first three-year term on the Foundation Board; seeking re-election.
• Seat 17 – Credit union executive or director or system affiliate or at-large.
• Bill Cheney, President/CEO of SchoolsFirst FCU in Santa Ana, Calif., is completing his first three-year term on the Foundation Board; seeking re-election.

How to Apply - Qualified candidates interested in applying for any of these four seats can do so online via the “Declaration of Candidacy” document. Applications must be received by October 13, 2017.

Scholarship Application: WOCCU Global Women's Leadership Network Posted by Association of Vermont Credit Unions on 9:19 AM

The World Council of Credit Unions’ Global Women’s Leadership Network is encouraging female credit union leaders to apply for the Global Women’s Scholarship.

The scholarship provides winners with an all-expenses paid trip to the World Credit Union Conference in Vienna, Austria, as well as complimentary conference registration, registration for the Annual Leadership Forum Workshop and a one-year membership in the Global Women’s Leadership Network.

Apply for CFPB CU Council & Advisory Boards Posted by Association of Vermont Credit Unions on 11:50 AM

The Consumer Financial Protection Bureau (CFPB) is accepting applications for its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. These advisory groups provide the CFPB with information about emerging trends and practices in the consumer financial marketplace and ensure the organization hears directly from small financial institutions.

Applicants must have be among the following eligible persons:

• Experts in consumer protection, community development, consumer finance, fair lending, and civil rights
• Experts in consumer financial products or services
• Representatives of banks that primarily serve underserved communities
• Representatives of communities that have been significantly impacted by higher priced mortgage loans
• Current employees of credit unions and community banks
• Academics (experts in consumer finance markets and underserved populations)

How many seats are available?

• 7 seats on the Consumer Advisory Board will become vacant in the fall of 2017.
• 2 seats on the Community Bank Advisory Council will become vacant in the fall of 2017.
• 6 seats on the Credit Union Advisory Council will become vacant in the fall of 2017.

For more information on how to apply to serve on the Consumer Advisory Board or one of these Advisory Councils you can:

• Review instructions on how to submit an application for membership
• Apply online (Applying online is highly encouraged, however a paper application is available for download)
• Learn more about CFPB Advisory Groups
• Visit CFPB Frequently Asked Questions for more information. 
• Applications will be accepted through 3/1/17.

Free Video Training: Financial Statement for Board Members Posted by Association of Vermont Credit Unions on 1:57 PM

Reading financial statements is an essential job for any credit union board member, and a new video series from the National Credit Union Administration (NCUA) makes doing so easier.

"Understanding Financial Statements," available on NCUA's YouTube channel, is a five-part series that discusses the balance sheet and income statement, key line items in each and the relationship between the documents. The videos help you know what questions, you, as a board member, need to ask your staff about your credit union's performance.

NCUA regulations require that federal credit union directors have a working familiarity with basic finance and accounting practices, including the ability to read and understand the federal credit union's balance sheet an income statement and to ask, as appropriate, substantive questions of management and the internal and external auditors. Directors at state-chartered credit unions should know the same information as well.

There is a quiz at the end of the series, and viewers who pass that will receive a certificate of completion.

Understanding Financial Statements is part of a comprehensive series of educational videos developed for credit union board members by NCUA's Office of Small Credit Union Initiatives.

We've embedded the video in a playlist below for ease of access.

VSECU Board Member Featured in CUNA Podcast Posted by Association of Vermont Credit Unions on 12:58 PM

VSECU Board Vice-Chair Andrew Stickney, shared his thoughts on strategies and tips for incorporating more young innovative board members in credit union governance.  As the millennial generation grows in importance in the workforce and the overall economy, more credit unions are working to add millennial leaders to their boards.  Stickney joined Tara Leer, a board member of Idaho-based P1 FCU, in a CUNA podcast on the subject.

Stickney is CEO of Burlington Bytes, a full-service web design, build, and digital marketing agency in Burlington, Vermont. He formerly served as the vice president of the Vermont Center for Emerging Technologies, a business incubator and seed venture fund in Burlington.  Leer is a stay-at-home mom of three and a former marketing professional who was heavily involved in the community before joining the P1 FCU board.

Click below to listen to the Stickney and the podcast, or follow this link.

2017 Wegner Award Winners Announced Posted by AVCU on 10:16 AM

The National Credit Union Foundation (the Foundation) has announced the winners of the 2017 Herb Wegner Memorial Awards. The Cooperative Trust will be recognized for Outstanding Program.  Outstanding Individual Achievement awards go to Stan Hollen and Maria Martinez. The award celebrates the highest national honors in the credit union movement.

The awards will be presented at a special dinner hosted by the Foundation at the Marriott Marquis on February 27, 2017, in conjunction with the Credit Union National Association (CUNA) Governmental Affairs Conference (GAC) in Washington, D.C. Registration for dinner sponsorships and tickets will be available at http://www.ncuf.coop within the next month.

• Outstanding Individual Achievement: Stan Hollen, retired President/CEO of CO-OP Financial Services
  
• Outstanding Individual Achievement: Maria Martinez, President/CEO of Border Federal Credit Union
  
• Outstanding Program: The Cooperative Trust from the Filene Research Institute

Strategic Planning Video Series - from NCUA Posted by AVCU on 10:18 AM

NCUA has released a 4 part video series intended to help credit union board members learn more about the fundamental concepts of strategic planning. The new series provides an overview of the strategic planning process and best practices for developing a successful strategic plan. Viewers will learn more about:

• How to prepare for a strategic planning meeting,
• Who should be involved during the planning process, and
• How to set strategic goals.
• The video also provides a sample strategy for successfully completing and implementing goals identified in the strategic planning process.

Viewers can take an online test following the video to measure what they've learned and earn a certificate of completion.

Other video series by NCUA’s Office of Small Credit Union Initiatives, intended to help board members, include:
effective board management
credit union policies and procedures
mergers.

More information is also available on NCUA’s Small Credit Union Learning Center.

View the first video in the strategic planning planning series below:

Woolf: Extreme "Buy Local" = Ugly Posted by AVCU on 10:51 AM

A Vermont credit union board member used his weekly Burlington Free Press opinion column to balance Vermont's economic need for a balance between "buy local" and "outside" commercialism. Art Woolf, a well-known Vermont economist and board member at New England Federal Credit Union, writes a weekly column for the state's largest newspaper.

In his latest column, Woolf opines that buying local is fine when the cost, price, and quality of locally produced goods and services match that of products produced elsewhere.  But taking the “buy local” movement to its extreme, employers of many Vermonters wouldn't exist if they weren't selling outside of the state, and the cost of living in Vermont would increase dramatically if everything purchased were produced and sold only locally. He goes on to write that . . .

"A strong economy with rising incomes and wages relies on employers that can sell what they make outside of the artificial boundaries we call state and national borders.  The more we can get away from thinking about state or national political borders as limitations on economic activity, the better off we are."

Read Art's article in entirety.

Below is a 5-minute follow-up podcast interview with Art with questions by Free Press business writer Dan D'Ambrosio.

About Dr. Art Woolf:
Woolf has been with the Economics Department at the University of Vermont (UVM) since 1980. He holds a Ph.D. in economics from the University of Wisconsin in Madison.  He served as State Economist for Governor Madeleine Kunin, then returned to UVM in 1991. He is editor of the monthly The Vermont Economy Newsletter, writes a weekly column for the Burlington Free Press and serves as a volunteer board member of New England Federal Credit Union.

CUs at GOP Convention in Cleveland Posted by Association of Vermont Credit Unions on 1:02 PM

CUNA, state leagues, and other credit union stakeholders are on the ground in Cleveland this week to highlight the credit union difference during this week’s Republican National Convention.

On Wednesday, the hard work of more than 100 credit union stakeholders, as well as staff from the Republican National Convention and RealClearPolitics, will be celebrated. As part of this convention’s leave-behind project, volunteers made enhancements to a horticultural therapy suite at University Hospitals Rainbow Babies & Children’s Hospital.

Later in the day, CUNA and RealClearPolitics will host a forum about the middle class and its voters.

There will be a similar credit union presence in Philadelphia for the Democratic National Convention.

Free Webinars: Supervisory Committee Training Posted by AVCU on 4:04 PM

Two free webinars are being held to help supervisory committee members attain a greater understanding of the NCUA's Supervisory Committee Guide and learn ways to detect suspicious or non-compliant activity.

The webinars are sponsored by the National Federation of Community Development CUs, the Mountain West CU Association, the CUNA Mutual Group and the National Credit Union Administration.

1. Wednesday, April 8, 2015 | 4:00 pm - 5:30 pm EDT
   Session One: Role and Responsibility of the Supervisory Committee: Focusing on Internal Controls. Aimed at increasing the effectiveness of the Supervisory Committee members and will focus on the critical role the committee members play in ensuring the safety and soundness of the credit union.
2. Wednesday, April 22, 2015 | 4:00 pm - 5:30 pm EDT
   Session Two: On-going Duties of the Supervisory Committee. Looks at how to develop a plan and timeline and how these activities are documented and reported. This session will also focus on other critical areas for the Supervisory Committee, including lending and bank reconciliation.

Trainers
The training will be provided by Julie Kappenman, Director of Association CompIiance Services for Mountain West Credit Union Association and author of NCUA's Supervisory Committee Interim Audit Procedures 2004 Manual, Ken Otsuka, CPA and Senior Consultant, Risk Management for CUNA Mutual Group and Diane Rector, Training Manager with NCUA's Office of Small Credit Union Initiatives. The Supervisory Committee Manual defines overall responsibilities and provides additional guidance and recommendations for committee members to complete required audit procedures.

Who Should Attend
Experienced Supervisory Committee members and those that are new to the Committee should attend this session to learn more about what is expected of a Supervisory Committee member. The role of a committee member is critical to the continued success of the credit union. Board and management depend upon the committee to be diligent, methodical and ever vigilant in its work. With this role comes a great deal of responsibility -- this webinar series is intended to empower and provide a keen awareness of those responsibilities.

All are welcome. Credit union staff, Board Members and volunteers seeking more in-depth information of the Committee's role and responsibilities will want to attend this series.

Registration for the two webinars in the series is free, but space is limited. Register today 

White Paper: Volunteer Leadership & Engagement - Best Practices for CU Boards Posted by AVCU on 12:47 PM

CUNA’s Volunteer Leadership Committee crafted a white paper providing directors with information and inspiration on how to actively engage with their credit unions.  “Directors are members who want to make a difference in their credit union,” says Rudy Pereira, President/CEO of Royal Credit Union in Eau Claire, Wisconsin. “It’s critical that they provide leadership and strategic direction, and that they engage in discussions with the management team for the betterment of the members.”

The free white paper addresses the committee’s three central concerns:

1. Directors’ role in credit union advocacy
2. Planning for board succession
3. Strategies to advance board education

Read the full whitepaper to explore these top credit union issues.

CUNA Offers Volunteer Certification Program Posted by AVCU on 12:52 PM

Credit union volunteers aren't just volunteers. They're professionals. And now they can earn their designation as a certified credit union volunteer with CUNA's Volunteer Certification Program.

Since members rely heavily on credit unions for their financial security, a person's decision to accept the enormous responsibility and accountability of serving as a volunteer is to be greatly admired. And because they represent the credit union and its members, the individuals who step into a volunteer role need a comprehensive understanding of the critical issues affecting credit unions, from daily operations to board governance.

CUNA created the Volunteer Certification Program to provide credit union volunteers with a convenient, practical way to enhance their credibility. Depending on the track you choose—either the Board of Directors track or the Supervisory Committee track—students will receive tra
ining in operations, governance, compliance, oversight, strategic planning, safety and soundness, audits, and more.

To become a certified credit union volunteer (CCUV), CUNA offers two methods of training:

• CUNA Volunteer Certification School, including week-long onsite training sessions and five certification exams, OR
• self-directed study, which allows participants to choose the learning activities and complete coursework.

The next onsite training session takes place in Vancouver, British Columbia, Sept. 21-26. Learn more about the onsite session here, or call (800) 356-9655, Ext. 4249.

There may be additional requirements, including some prerequisites. To learn more, go to CUNA's Volunteer Certification Program page.

The Search for Heroes Demonstrating CU Acts of Valor for Members in Distress Posted by Association of Vermont Credit Unions on 3:04 PM

The National Cooperative Business Association (NCBA CLUSA) has created a new possibility for generating good in the world with the Honor a HERO contest. This nationwide campaign to search for a HERO provides a public venue for a cooperative or credit union employee – or the business itself – to share a compelling story about helping members/consumers in financial distress and, in turn, helping them to help themselves.

In 200 words or less, credit unions and co-ops can share their stories of how a member of their staff or the credit union itself has been a HERO to:

• an individual
• a cause in their area
• their entire community

This summertime campaign runs from June 24 to August 24, 2013. Written entries can be submitted online. Winners will be announced in early September 2013.

This campaign stems from the new HERO Counseling service, a Community Development Certified Financial Counseling (CDCFC) course certified by the NCBA CLUSA. HERO Counseling will help credit unions provide better financial guidance to their low-income communities – becoming HEROES to their members, board, and bottom line.

Check out HERO Counseling on Facebook, where stories will be posted of HEROES to help inspire others – along with announcing the winner.

The winning credit union receives HERO Counseling staff training, certification and software – from CU Strategic Planning and NCBA CLUSA for the entire credit union staff. Second and third runners-up receive HERO Counseling training for their department or branch of choice.

“This is a fantastic campaign that we are proud to launch to inspire cooperatives to act boldly and to empower consumers across our country,” says NCBA CLUSA President and CEO Mike Beall. “As the largest group of cooperatives, credit unions have an opportunity to inspire great change in their member’s lives. Co-ops and their employees do amazing work each and every day. This is a chance for these stories to be shared, for these heroes to receive recognition and to revitalize our communities. We want to highlight their stories.”

“Over the years I’ve heard many stories about credit union employees and cooperatives that are heroes,” says CU Strategic Planning Founder Jamie Chase, whose company is donating the HERO software prize valued up to $500,000. “All they have to do is share their story now. They deserved to be recognized and honored. Our company is excited to donate a very valuable prize so that their whole cooperative benefits from their heroism.”

“Credit unions’ people-first mission-based focus make them a hero every day in people’s lives, says CU Strategic Planning President Stacy Augustine “This contest just recognizes the work that credit unions do for their members and their communities on a daily basis.”

Free Paper - Board Succession Planning Posted by AVCU on 10:26 AM

CUNA's Community Credit Union Committee just released a new white paper - “Effective Credit Union Board Succession Planning.”  It examines the demographics of community credit union board members, issues that arise and strategies for successful board succession and retention.

This paper evaluates the changing demographics of community credit union board members and reveals that most credit unions do not have a reliable system for attracting the next generation of board members. Further, many boards struggle to reflect the diversity of their members. Through a series of case studies and expert recommendations, the paper:

• illustrates how successful board succession planning looks in the real world
• what credit unions can do to reverse negative trends, and
• provides concrete instructions for how to prepare for the future.

Download the "Board Succession Planning for Community Credit Unions" free of charge.

10 Steps To Effective Board Meetings Posted by AVCU on 11:22 AM

Popular credit union speaker Mark Arnold lays out his 10 Steps to an Effective Board Meeting in his latest blog post. See his suggestions here.