Copy
Does Newslines Express somehow not look right?  Click here to view it in your browser.
for Friday, April 29, 2016
Find us on social media! - Like us on Facebook, watch our YouTube videos, read our Management Minute blog, or follow us on Twitter by visiting our Social Media page.

AVCU Hosting Filene Impact Road Show on Monday, May 16
Your Association is excited to announce that on Monday, May 16th in our Colchester office, we're hosting a Filene Research Institute Impact Road Show.  What's that, you ask?  Click the link for complete details, but the short version is that this Impact Roadshow is a unique opportunity to participate in a small group discussion with Vermont credit union colleagues and Filene's Director of Stewardship & Engagement Jimese Harkley, whom many Newslines Express readers will be introduced to at our Annual Meeting a few days earlier.

You'll experience a lively conversation about how Filene takes the best ideas, rooted in research and proven in the market, and makes them scalable and sustainable to drive change in your credit union.  You'll also leave with at least one new idea that can make your credit union even stronger.
The Impact Roadshow will be held from 10 AM to 12 PM and although advance registration is required, the session is free to attend.  Anyone interested in learning more about Filene's Impact Programs can do so here.
2015 Political Action Donors to be Recognized at Annual Meeting
The Honor Roll of Vermont Credit Union Political Action supporters on AVCU's website has now been updated with final 2015 contribution data.  Listed on the page are those who demonstrated their commitment to the preservation of credit union uniqueness in 2015 through their financial contributions to political action at both the national (CULAC) and state (Vermont CUPAC) levels. Everyone on the honor roll attending AVCU's 69th Annual Meeting will be recognized by having our special red, white, and blue ribbon affixed to their convention ID badge holder.  The full honor roll will also be printed and placed on the tables at Friday's opening banquet.
Due to a change in his busy travel schedule, CUNA President / CEO Jim Nussle will be arriving at our Annual Meeting in time to kick off Friday's opening banquet by briefly addressing everyone before dinner.  His earlier arrival will also allow him to meet privately with a small group of Vermont credit union CEOs that afternoon and socialize with company representatives and attendees during the Exhibitor Hall reception happening throughout the afternoon (see article below).
Foundation's Life Sim Kit Helps Staff "Step Into Member's Shoes"
Credit union organizations can now order a new kit from the National Credit Union Foundation (the Foundation) to hold their own Life Simulation event designed to help sensitize people to the financial needs of low-wage working families.  The Life Simulation experience is designed to help credit union employees, volunteers, and leadership begin to understand what it might be like to live in a typical low-income family trying to survive from month to month.
“The Foundation’s Life Simulation is a great way to develop products, services and resources to assist with the daily struggles that your members, neighbors, and friends may be facing each day,” says Foundation National Program Director Lois Kitsch. “It’s difficult to understand what someone is going through until you walk a day in their shoes, which is why the Foundation’s Life Simulation is such an eye opening experience that will change the lives of your credit union staff, and ultimately the lives of your members.”
The comprehensive kit includes over 1,000 pieces of material and has been created to include the most up-to-date scenarios: complex family dynamics; current issues facing members such as pay day lenders and medical debt; and everyday financial hardships members may face. It is primarily a staff training program, but can also be used as an event break out session or to host a community seminar.  For more information on the Life Simulation or to order a kit, visit the Foundation's website.
NorthCountry Loan Program at Center of FINRA Research Project
The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation, the Filene Research Institute, and six credit unions have launched a two-year research project to assess the long-term impact of an Employer Sponsored Small Dollar Loan program designed to help employees avoid the high cost of payday lenders, establish or repair credit, and begin to save.
Designed by NorthCountry Federal Credit Union and United Way of Northwest Vermont, the loan was pilot-tested by 13 credit unions in eight states with 48 employers as part of the Filene Research Institute Accessible Financial Services Incubator with funding from the Ford Foundation. The two-year pilot confirmed that the loan is feasible, scalable, and meets important needs for employers and low- and moderate-income employees.

"Payday loans are illegal in Vermont, but many Vermonters experiencing financial emergencies access them through the Internet, falling into a debt cycle that can be nearly impossible to escape," CEO Bob Morgan told Newslines Express.  "Employer Sponsored Small Dollar Loans have been an effective way for NorthCountry to provide financially vulnerable people with a solution that offers the speed and ease of a payday loan, without the pitfalls."
 
"With this program, we’ve helped people through all types of financial emergencies, building goodwill, attracting new members, and strengthening our reputation as an innovator. Any credit unions interested in offering their members a similar loan program now have the benefit of reviewing Filene’s feasibility study and implementation guide, and should feel confident that they too can provide their members with a practical alternative to payday lending," Morgan added.
CUNA Launches Grassroots Web Campaign to "Ease the Burden"
Excessive regulatory burden has already cost credit union members more than $7.2 billion, and CUNA’s latest grassroots campaign urges those members to tell policymakers to “Ease the Burden.” CUNA launched this latest phase of its Member Activation Program (MAP) Thursday in order to educate and activate America’s 105 million credit union members.

CUNA’s new website gives credit union members an opportunity to contact their elected officials to inform them of the costly burdens credit unions are facing. Members can use the form letter or edit it with specifics and send it to their senators and representative with a few clicks.
“We have two main goals for this campaign,” said CUNA president/CEO Jim Nussle. “First, we want to educate credit union members on how burdensome regulation impacts them directly and activate them to contact lawmakers and regulators with a message of reducing the regulatory burden on credit unions. Second, through this member activation, we want to educate Congress--and eventually regulators--on the harm to credit union members, consumers and constituents caused by undue and misplaced regulation of credit unions and their member-owners.” (CUNA News Now, 4/29/16)

Nussle is also urging credit union members and personnel to check out CUNA’s groundbreaking regulatory burden study, which found that:
  • Since 2010, total regulatory costs for credit unions have increased 39% to $6.1 billion;
  • Credit unions have lost $1.1 billion in revenue due to regulatory costs; and
  • Out-of-control federal regulations have led to a staggering $7.2 billion total impact on credit unions.  
In addition to that study, CUNA conducted a survey asking what credit unions would do if these lost costs were returned to credit unions. The top two responses were that credit unions would provide lower rates on mortgages and higher interest rates on deposits. To help gather more data, this week the trade association also released a calculator tool which allows credit unions to calculate their institution's regulatory burden cost.
AVCU Thanks All of Our Convention Sponsors & Exhibitors
With less than two weeks to go before our Annual Meeting begins, AVCU wants to thank all our business partners and other companies who are supporting our event by being a Presenting Event Sponsor and / or an Exhibitor.  We encourage all employees and volunteers from our member credit unions attending the convention to also express their appreciation to the representatives who'll be set up in our Exhibitor Hall in the Sheraton Hotel's Diamond Ballroom from 2:30 to 6:30 on Friday, May 13th.  Without their support, AVCU couldn't make our Annual Meeting the success it has been for many years. (Click image for larger version of our Exhibitor Hall map)

We also want to thank the Pennsylvania CU Association which, although they are unable to exhibit, is sponsoring Murray Banks' closing keynote presentation and the Fabulous Parting Gift at breakfast on Sunday morning.
Management Minute, Calendar, Jobs, and Updates
Recent Headlines from Management Minute
  • Advocacy Update examines compensation, fiduciary updates
  • Foundation offering life simulation kits directly to CUs
  • FASB to meet Wednesday on CECL, finalize effective date
Upcoming Education Calendar Employment Opportunities
Branch Manager (Burlington), Vermont Federal Credit Union (2nd post)
Chief Operating Officer, Arkansas Federal Credit Union (2nd post)
Member Service Representative, Vermont VA Federal Credit Union (3rd and final post )
Internal Auditor (part-time), Vermont VA 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.

National News & Updates
Daily national news and weekly updates on regulatory and legislative issues provided by CUNA
News Now - view today's issue or archives
Regulatory Advocacy Report - member login / registration required
Legislative Update - member login / registration required

Daily Rates
CUNA's Financial Rates page offers information from the Wall Street Journal and other sources
Copyright © 2016 Association of Vermont Credit Unions, All rights reserved.


unsubscribe from this list    update subscription preferences 

Email Marketing Powered by Mailchimp