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for Friday, June 24, 2016
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Vermont Foodbank Will Receive More than $5,000 from AVCU
On a day that demonstrated the truthfulness of the well known saying "if you don't like the weather in Vermont, just wait five minutes," more than 50 golfers experienced a wide range of weather conditions during the 2016 Vermont Credit Union Golf Challenge at Country Club of Vermont (CCVT).  After beginning under dry skies, the clouds quickly rolled in and, for the next 90 minutes, the rain alternated between light showers and heavy downpours while strong winds at times made playing conditions almost unbearable.  Then, just as quickly as they came in, the clouds parted, the rain stopped, and bright sunshine returned for the duration of the tournament and BBQ.
Individual cash prizes were won by Norm Ladabouche (A. M. Peisch & Company) for the Putting Contest, and Sean Gammon (Members Advantage Community CU) and Matt Levandowski (Heritage Family CU) who each won a Closest to the Pin Contest.  All three donated their cash prizes back to the tournament's benefactor Vermont Foodbank and AVCU gratefully thanks each winner for their generosity.

Both Ladabouche and Gammon were members of this year's championship teams.  The A. M. Peisch & Company, LLP team (top, left to right - Todd Burgess, Rich Lyon, Glen Bolster, & Ladabouche - click image for larger version) earned 1st Low Gross by shooting an impressive 14 under par 58.  With a score of 51, 1st Low Net honors went to the team from Members Advantage Community CU (bottom, left to right - Gammon, Dean Stearns, Adam Stearns, & Rod Titus). For more pictures from the 2016 VCUGC, visit AVCU's Flickr page.

The real winner on the day however was Vermont Foodbank, which will soon receive from AVCU all of the net proceeds from the tournament, as well as the funds we raised with our Cash Booth at May's Annual Meeting. In lieu of doing a giveaway at their own recently held Annual Meeting, Tricorp FCU generously presented AVCU with a check for $500 made out to Vermont Foodbank to be donated on their behalf.  Even though the final tournament proceeds won't be known until all the bills are paid, the Vermont Foodbank will soon receive a check for more than $5,000 from AVCU on behalf of Vermont's credit unions and our tournament sponsors.

In addition to the money raised for the Foodbank, through political contributions made by our golfers, $520 was raised for Vermont's Credit Union Political Action Committee (VT CUPAC).  Combined with more than $2,200 in VT CUPAC funds raised during our Annual Meeting auction, AVCU will use these funds to support the efforts of credit union-friendly candidates in the state's upcoming elections this November.

As Wednesday's event got underway, Tournament Coordinator John Cote introduced the Foodbank's Marketing and Promotion Coordinator Nicole Whalen who thanked everyone for their support and talked about the Barre-based organization's mission.  Following her comments, Cote announced that due to CCVT's proximity to the Foodbank, the quality of the golf course, and the hospitality provided by its staff, AVCU and CCVT will explore plans to make the Waterbury golf club the home of the Vermont CU Golf Challenge for several years.

CU of Vermont Tops Peers Nationwide in Callahan's ROM Score
According to first quarter analysis of Callahan & Associates’ Return of the Member (ROM) scoring system, Credit Union of Vermont is one of five credit unions nationwide which take the top spots among their peers in Callahan's Member Value Index for 1Q2016.  The other four in their respective asset size peer groups are Lake Michigan CU in Michigan, Deere Employees CU in Illinois, River Valley CU in Ohio, and PCM CU in Wisconsin.
 
Credit Union of Vermont led the less than $100M peer group with a Return to Savers score of 99.42%, a Return to Borrowers score of 99.71%, and a Member Service Usage score of 99.91%.

Developed by Callahan & Associates in 1996, ROM provides a comprehensive scoring system of member value that looks beyond the traditional safety and soundness issues covered by NCUA’s CAMEL scores and other regulators’ measures. ROM can be calculated quarterly in Callahan’s Peer-to-Peer software and is typically calculated with standard asset-based peer groups.
 
“ROM was developed as a way to not only help executives explain variances in financial performance to their boards, but also to offer a holistic solution to the question ‘how do you measure member return’?” said Sam Taft, Callahan director of industry analysis.

New England FCU Awards 2016 STEM Scholarships
New England Federal Credit Union (NEFCU) recently announced the winners of its annual Science, Technology, Engineering, and Mathematics (STEM) Scholarships.

Three scholarships of $3,000 each were awarded to Vermont recipients.  The 2016 NEFCU STEM Scholarship winners are (click image for larger version):
  • Miranda Orcutt of Swanton (holding flowers and pictured with NEFCU Marketing Specialist Sarah Ricker) is currently attending the University of Vermont.  She will be pursuing a degree in Neuroscience.
     
  • Brielle McDonald of Milton is a recent graduate of Milton High School. Brielle will be attending Trinity College in the fall studying Neuroscience.
     
  • Vivian Huang of South Burlington is a recent graduate of South Burlington High School. Vivian will be attending Massachusetts Institute of Technology (MIT) in the fall as she works towards Electrical Engineering and Computer Science degrees.

Vermont FCU Awards $8,000 in Educational Scholarships
Vermont Federal Credit Union recently announced the recipients of its four $2,000 scholarships for 2016. Scholarships were awarded to two graduating high school seniors and two students currently enrolled in higher education.  Recipients were selected by a volunteer Scholarship Committee and were chosen based on academic achievement, leadership activities, service to the community, as well as responses to an essay question (click image for larger version).
  • Hailey Cray (top left) is a recent graduate of Vergennes Union High School and will be studying Biology / Pre-Medicine at the University of Vermont Honors College.
     
  • Grant Headrick (top right) graduated in June from Burlington High School. This fall, Grant will begin studying Engineering at Cornell University.
     
  • Alexis Ouellette (bottom left) is currently attending Emmanuel College in pursuit of her Bachelor's Degree in Biology. Alexis is a graduate of Middlebury Union High School, class of 2015.
     
  • Noah Patullo (bottom right) is currently attending the University of Vermont where he is pursuing his Bachelor's Degree in Computer Science. Noah graduated from Burlington High School in 2015.

Register Now for CULCT / AVCU Strategy Symposium Sept. 15-17
Competition in the financial services space has us "All Shook Up". Well, it’s time to embrace the shake up and take action through innovation and strategic planning!  The Credit Union League of Connecticut and AVCU invite credit union management to join us at the 2016 Strategy Symposium in Portsmouth, New Hampshire September 15-17.
Nationally-known industry expert Jay Johnson will serve as our facilitator.  A partner at Callahan & Associates, Jay is a respected credit union strategist and a leading industry voice who is frequently sought out for his insights. He has more than 22 years of financial industry experience working at top 20 banks and within the credit union industry.

During the symposium, Jay will provide an overview of the four highest-potential-impact trends facing financial services in 2017 and beyond. He'll then introduce you to four subject matter experts who will dive deeper into each issue. Attendees will engage at their tables in facilitated, action-oriented dialogue that can be translated into strategies for success.  This conference has been designed to be a supplement to, or a replacement for, your credit union’s annual strategic planning process.

Room reservations can be made within our block directly with the Sheraton Portsmouth Harborside Hotel at the special conference room rate of $209 / night plus taxes. Conference registration fees range from $469 to $99 (please visit our Eventbrite registration site for complete details).  The deadline to register for the conference, or book rooms in our block, is August 19th.

Foundation Releases New Video on Non-Prime Auto Lending
The National Credit Union Foundation (the Foundation) has released a new video to showcase its Non-Prime Auto Lending Program.  The Foundation, in partnership with the Filene Research Institute, is working to assist low- and moderate-income consumers with its product incubator for Non-Prime Auto Loans.  The 18-month pilot program recently closed, with 10 credit unions participating across the country.
The video is comprised of two in-depth member testimonials and provides an overview of this type of lending from University FCU in Austin, Texas, one of the pilot participants. The Foundation recently released an implementation guide and feasibility study report to help credit unions interested in offering these types of auto loans.

“Non-prime auto lending is a great example of what many refer to as ‘doing well by doing good,’” said
Foundation National Program Director Lois Kitsch in a media release. “These types of loans are proven to be both good for the member and for the credit union.”

During the Foundation's pilot, over $102 million was lent to borrowers with an average interest rate of 11.47%. Over 7,605 loans were closed. Considering the average borrower credit score of 581, the rates are lower than what most consumers would have received elsewhere.

Non-prime refers to the practice of making loans to borrowers with weak or no credit histories or limited payment capacity. Research shows there is a tremendous opportunity for credit unions to reach out to this market that has been disserved by predatory lenders and under-served by traditional lenders.

Management Minute, Calendar, Jobs, and Updates
Recent Headlines from Management Minute
  • NCUA Encourages Comments on Exam, Supervision Changes by 8/1
  • Will Siri Force Industry's Hand on Banking-by-Voice?
  • CU/Bank Trade CEOs Pen InterChange Editorial
Upcoming Education Calendar
  • Supervisory Committee Academy Webinars
    • 7/12 "5 Things the Supervisory Committee Needs to Know About Compliance" w/ David Reed
    • 8/10 “You’ve Done the Audit. Now What?” w/ Susan Landauer
       
  • Credit Union Webinar Network Webinars
    • 6/28 Developing a Sound Appraisal Management Program
    • 6/29 Understanding FCRA Permissible Purposes in Obtaining Credit Reports
    • 6/30 Compliance Officer Training: Risk Assessments, Monitoring & Testing
    • 7/6 Treasury Services: New Delivery & Service Models for Cash Management
    • 7/7 Your Borrower Has Died: Actions to Take, Mistakes to Avoid
    • 7/11 Understanding the New Overtime Rules Effective December 1, 2016: Critical Budgeting Issues & How to Determine the Appropriate Hourly Rate
    • 7/12 Director Series: Board Oversight & Responsibility for ACH Risk
    • 7/13 Manufactured & Mobile Home Lending Standards & Eligibility: Origination, Underwriting & Loan Closing Guidelines
    • 7/14 Call Report Preparation for New Preparers & Reviewers
Employment Opportunities
Chief Executive Officer, Vermont VA Federal Credit Union (2nd post)
Application Support Analyst, New England Federal Credit Union (2nd post )
Call Center Representative (2 positions), Vermont Federal Credit Union (2nd post)
Director of Marketing (South Burlington), Members Advantage Community Credit Union (3rd and final post)
Head Teller (St. Albans), Vermont Federal Credit Union (3rd and final post)
Positions previously posted in Newslines Express are available here.

Share With Us - We're always looking for pictures, press releases, and news that helps tell the story of why credit unions in general, and yours in particular, are so special to Vermont consumers.  Send submissions to JohnCote@vermontcreditunions.coop.

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