CUNA Webinar: Completing the Required New BSA Forms
Thursday, July 12, 2012
1:00–2:30 p.m. Central Time
About the Program
The completion and filing of Currency Transaction Reports, Suspicious
Activity Reports and Designation of Exempt Persons Forms is very
important. A credit union's front line employees are most affected by
BSA compliance issues, particularly completing Currency Transaction
Reports (CTRs) and Suspicious Activity Reports (SARs). Since there are
severe monetary penalties for late and incomplete or inaccurate forms,
it is vital that employees know what information is needed and how to
complete the required BSA forms correctly. In this session, we'll
discuss the most pertinent information required on the forms and the
most common mistakes being made on CTRs and SARs.
During this webinar you will learn about the following topics:
Whose information goes where
What information MUST be obtained
What transactions are reportable
What is suspicious activity
Classifying activity correctly
Writing adequate narratives
Designation of Exempt Persons
What entities are automatically exempt
What entities can be exempt
What entities are prohibited from being exempt
Click here for
additional information and to register!
Wisconsin CU League News Release - 6/28/12
Credit unions to discuss competitiveness with Wisconsin Economic
Pewaukee, WI - Credit unions have been
invited to a July 26 dialog with the Wisconsin Economic Development
Corporation (WEDC) that will look at ways to make Wisconsin's financial
industry a more competitive and robust sector of the state economy. WEDC
is the state's leading economic development entity that was created by
Governor Scott Walker's special session on jobs and replaced the
Department of Commerce in July 2011.
The dialog will kick off with analyses from state and credit union
industry economists. Credit unions will receive an update on the
organization’s plans and progress, share insights affecting the
financial services industry, and explore the formation of a financial
The consortium would ask financial professionals to advise on
financial services issues and remain involved in the communication
process by which Wisconsin’s schools and universities, skilled
labor pool, producers, and customers come together.
"Effectively, it would help keep credit unions plugged into state
policymaking as a means of stimulating economic growth," said Brett
Thompson, League President & CEO.
The dialog with WEDC will discuss issues that affect credit unions'
contribution to the state's economic engine, including but not limited
to employee education, training, recruitment and retention.
Credit unions are a vital part of the state economy, paying
millions in taxes annually while providing financial services through a
cooperative structure. This member-ownership returned $201 million to
2.2 million Wisconsin citizens in 2011 via higher interest on savings,
lower loan rates and lower or fewer fees. Bank customers saved $66
million in 2011 because of credit union competition. Credit unions
employ more than 7,535 full- and part-time staff with an annual payroll
of $278.6 million. They spent $581 million locally in 2011.
Credit unions are cooperative financial institutions that are owned by
their members and do not have stockholders. Because they are
not-for-profit, they return earnings to members in the form of more
competitive rates of return on accounts, lower interest on loans, lower
fees and improved services. Around 2.2 million Wisconsin residents
belong to credit unions, of which nearly half are open to the local
community. Find a credit union to join by visitingwww.asmarterchoice.org.
The League’s REAL Solutions Scorecard explains how credit unions
returned more than $201 million to their members in 2011 and served
their communities regardless of profit. It is available atwww.theleague.coop/scorecard.
Place your bid through July 17; bring hope
around the world
Magnify the positive effects of credit union
development efforts around the world—and pick up some fantastic
items, including aWisconsin Entertainment Packagevalued at $350—by "Bidding for Good" as part of
the World Council of Credit Union's silent auction online.
The auction, which runs through July 17, features cool
items like sports tickets, artwork, electronics, jewelry, one-of-a-kind
experiences and unique travel packages. Bidding is open to anyone, so
spread the word! All proceeds benefit the Worldwide Foundation for Credit Unions, WOCCU's charitable arm, to support credit union development
Pat Wesenberg of Central City CU, Stevens
Point, had the opportunity to see one such development program in action
when she traveled to Kenya, Africa in 2010 to assist
the program's Busia Orphanageproject – an
effort that will again benefit from the auction.
"When we arrived, the facility had no running
water. One room housed eight girls but had just one set of bunk beds.
The corn meal kept for meals was crawling in bugs and the children ran
around barefoot in chicken feces," Pat explains.
"Today, because of many donations, all the
children have shoes on their feet, clean beds, and food that's being
stored safely. Land has been purchased, plans are drawn, a well is sunk
and ground breaking will soon occur on a new orphanage that will use
volunteer help from credit unions to build. So every successful bid in
the auction is truly changing lives," she says.
bidand direct any
questions to Valerie Breunig at WOCCU at (608) 395-2055 or email@example.com. Auction
items are still being accepted and are much
Wisconsin CU League News Release - 7/24/12
Credit unions rate high for trust, loyalty, web
experience, reputation and more
Pewaukee, WI - When asked about
satisfaction and trust, consumers continue to rate credit unions
extremely well – a sign that, especially during challenging
economic times, businesses can succeed when they prioritize their
customers' well-being. For example, the member-owned financial
Set an all-time American Customer Satisfaction
Index (ACSI) record, with 87% of credit union
members surveyed saying they are "more satisfied than ever before" with
their credit unions. The 87% score was the highest score reached in any
of the 47 industries that ASCI surveys.
Topped a list of companies with "very strong" loyalty
ratings. Credit unions perched solidly at
No. 5—outranking even Amazon.com—as part of a Temkin Group survey that asked 10,000 U.S. consumers about
their loyalty to 206 large companies across 18 industries.
Achieved stellar marks for "web experience"—ranking
second only to Amazon.com—as part of a Temkin Group survey that examined how 10,000 U.S. consumers rate their online
experiences with 159 large companies across 18 industries.
Outranked all business sectors in
reputation, rating No. 1 in a Prime
Performance survey in which 5,000 consumers rated 34 business sectors
including grocers, department stores, airlines, tech firms, and
Led U.S. financial institutions for "customer
experience." Credit unions ranked 20
percentage points ahead of the overall bank average in a Prime
Performance survey that asked consumers how well their needs were met,
whether it was easy to get what they want and how they felt as part of
Outshone the overall financial industry for
consumer trust. A solid 63% of consumers polled as part of
the Kellogg Trust Index said they trust doing business with credit
unions while only 21% of those polled say they trust the financial
Credit unions are cooperatives owned by members, where every
depositor's vote is equal to every other's, regardless of how much they
have on deposit. This ensures that practices and policies favor members,
and that the services members need are available even if they
don’t drive the bottom line – an effort credit unions call
REAL Solutions®. The effort teaches consumers to save, avoid
financial predators, access low-cost loans, improve creditworthiness,
and build wealth.
Wisconsin credit unions saved their 2.2 million members more than $200
million in 2011 via lower rates on loans, higher rates on savings and
lower and fewer fees compared to for-profit institutions. Learn more at
Find a credit union you can join at www.aSmarterChoice.org.
Compliance Roundtable offers the latest
updates, practical advice
The League's Compliance Roundtable, set for Sept. 27 in Pewaukee, offers unparalleled
opportunity to network, exchange ideas and learn the latest regulatory
Attendees will receive updates on NCUA's new
Troubled Debt Restructuring rule and hear from the Office of Credit
Unions about the policies addressing loan workouts and nonaccrual
standards for loans.
Paul Guttormsson, Legal Counsel in the
League's Legal Affairs Dept., will break down in plain English some of
the most complex compliance issues to help you get a game plan to tackle
impending deadlines and cover your most important bases.
Plus, as part of a facilitated discussion,
attendees will talk about where they're at implementing compliance
requirements and share best practices with the group. It's the fastest,
most practical way to learn what's happening on the compliance front and
get answers to the toughest issues your credit union is facing. This
interaction alone - that adds to your network of helpful contacts - has
made this event one of the League's most well-attended events.
The League's Compliance Specialist Team will attend the Roundtable
to share their wealth of insights. From left to right are: Lynn
Schaufenbuel, Kim Hoppe, Stacy Picard, Lisa Alery, and Elyse
Discover the Bottom Line Benefits of the Investor Education in Your
Workplace® Program - FreeWebinar
Tuesday, August 21, 2012
Webinar - 1:00 - 2:00 pm
Click here for
additional information and to register!
Save the Date!
Compliance Compass: understand lending
Many credit unions are familiar with
multi-featured open-end lending (MFOEL), in which a member may sign one
master agreement and then take out various open-end advances for
different loan products, like CUNA Mutual Group’s LOANLINER®.
In July, The League alerted credit unionsto an NCUA Letter to Federal Credit Unions (12-FCU-02) with
updated guidance on MFOELs.
That NCUA letter also very briefly addressed
what the NCUA called multi-featured lending (MFL) plans – blended
lending plans that use an umbrella loan agreement for a member’s
open-end lines of credit and closed-end loans. This was a new
concept for most credit unions.
It appears that some loan forms suppliers
began to develop MFL products as a result of Truth in Lending changes
over the past few years. Credit unions should be cautious when
considering these MFL program – as with any new lending program
– and be sure they understand the federal and state legal issues
that might arise and the potential risks they may incur.
If your credit union is considered an MFL
program, with closed-end lending features, be sure you review The League’s Sept. 13 Compliance
Courier, which explains the compliance issues
with MFL plans and offers recommendations and alternatives like using
traditional closed-end loan forms and perhaps adopting recent
technological advances, like digital signatures, for member
...because of regulatory concerns
Part one in a
series about the value of League membership
One of credit unions’ top concerns is
preserving a regulatory environment that protects members without
inhibiting credit unions’ ability to deliver services and
Your League monitors both state and federal
rules and regulations from when they’re first proposed through
their implementation, using input from credit unions to shape the
specific requirements credit unions must follow under the law. Together we accomplished a lot on the regulatory front in
2012. For example, we:
Analyzed thousands of pages of
rules and regulations. On your behalf, League staff spent
thousands of hours in 2012 monitoring the proposals that federal
regulatory agencies were drafting or updating to identify and
communicate opportunities for improvement.
Sought guidance from the League's Regulatory
Advocacy Council. An advisory group representing a cross
section of credit union sizes, communities, product offerings and fields
of membership provides input and feedback tohelp communicate the complexities and operational impact of
new regulations as part of The League’s comment call
Submitted comment letters on behalf of
Wisconsin credit unions. In conjunction with the Regulatory
Advocacy Council, we draftd comment letters to federal agencies urging
them to lighten credit unions' regulatory burdens, to account for the
differences between credit unions and other financial institutions, and
to recognize the cost to credit unions and their members whenever there
are regulatory changes or new requirements.
Coordinated credit union responses to
regulatory comment calls. By coordinating and submitting
feedback through CapWiz, The League ensures that regulators
consider credit union input on the practical aspects of implementing
rules and regulations – including risks, costs, human resources
and more – before they are finalized.
Forged relationships with agency
staff. League staff and credit union representatives met
regularly with regulators and examiners so that – by addressing
their concerns and intent – we could better shape our input on
Strengthened our platform for regulatory
advocacy. We collaborated with partners like CUNA, CUNA Mutual
Group and others to ensure a broad knowledge base from which to affect
the regulatory process.
"It's more necessary than ever that we remain
vigilant to minimize credit unions' regulatory burden by working
together through The League to provide regulators front-end input. They
need our practical insights to help them recognize how hard credit
unions are working for their members and how much of a toll increased
regulation takes," said Jo Whiting, The League's Executive Vice
President/Chief Advocacy Officer.
"Our input has grown in importance as
regulators have felt greater pressure to ensure the soundness of
financial institutions – but at the same time they have added
substantial regulatory burdens that can undermine credit unions’
ability to serve their members. When we speak together, we have a much
better opportunity to be heard."
Watch League News for more about what we
have accomplished together in 2012 as a united League.
Second Annual Wisconsin Summit of Financial Literacy
Friday, October 12, 2012 Lambeau Field Atrium | Green Bay, WI
8:30 AM- 2:30 PM
Be sure you're at Lambeau Field Oct. 12 for
the second annual Wisconsin Summit of Financial Literacy, which supports
professionals who offer personal finance programs to diverse
populations. Green Bay Packers President Mark Murphy will be among
attendees cheering on participants and presenters, which include
community educators, college professors shaping personal finance
education, and K-12 teachers. Also enjoy 4 free waterpark passes that
accompany discounted room rates at nearby Tundra Lodge and Resorts.
Click here for additional information. Registerby October 10.
Ensuring that all records of the credit union, as they pertain to
credit union policies and procedures, are accurate and in adherence to
rules and regulations as set forth by NCUA, the State of Wisconsin,
federal law, etc. This person will also be responsible for ensuring the
quality and accuracy of credit union documentation and member records by
reviewing and correcting daily work and computer input.
Dormant Accounts: monitor activity, review and notify members
Working reports for multiple departments
Taking member telephone calls and answering member questions
Research transactions and correct posting errors
Monthly CD maturity report and daily CD interest check report
Logging Incoming/Outgoing Wires
Reviewing member forms for accuracy and completeness
Back-up other areas of the Electronic Services department as
Attention to detail and strong analytical skills are required
Effective oral communication skills to converse with members and
The WEDCis the
state’s leading economic development entity that was created by
Governor Scott Walker's special session on jobs and replaced the
Department of Commerce in July 2011.
As part of the meetings, which will convene at
the UW Fond du Lac campus, credit unions will receive an update on the
organization’s plans and progress, share insights affecting the
financial services industry, and discuss possible areas of collaboration
through a Financial Services
In addition to financial institutions, WEDC is
collaborating with individual task teams that are focusing on:
Registernow for the Dec. 5
meeting, and mark your calendar for the 2013 dates, tentatively set for
March 7, June 6, Sept. 5, and Dec. 5.
Questions about the meeting
can be directed to Luke Fuszardat (608) 210-6846.
Identifying Loan Opportunities
Thursday, January 31, 2013
10:00 - 11:00 am CST
About the Program
Most, if not all, credit unions today are looking for additional
lending opportunities to increase revenue. During this webinar,
we’ll take a look at:
Why your loan volume is below expectations
How to address, and resolve, that issue
Internal and external assistance for loangeneration
Afterwards, you should be able to identify your credit
union’s loan challenges and the opportunities and
resources available to overcome those challenges.
Speaker: Michael Bartoo
Speaker: Michael Bartoo
Save the Date!
Register now: State GAC rooms to be released
The State Government Affairs
Conference, Jan 22-23 in Madison, is a
must-attend event to promote and protect the interests of
the2.3 million credit union members in our
state. With the November election and recent
redistricting, you may have new legislators representing you, your
credit union and members. Take this opportunity to start or strengthen
your relationships with elected officials and you'll hear from top
Wisconsin political observers like Jeff Mayers of Wispolitics.com.
Most credit unions and Activists qualify for at least one of our registration discounts.
The 2013 State Government Affairs Conference
is an efficient and effective way to advocate for your credit union. Not
convinced? Consider just a few of the reasons to attend:
It's up to us to educate lawmakers about credit
unions. Attendees will visit collectively with all 132
legislative offices to ensure our lawmakers understand the differences
between credit unions and banks, the current regulatory environment and
challenges facing your credit union and members. If we don't tell our
story, we let the banker, payday lenders and other interest groups
define our industry and interests. This is nothing new, as the Wisconsin
Bankers Association continues efforts to legislate, litigate and
regulate credit unions out of business, including recent efforts to
derail credit unions' business lending
billandeliminate credit unions' corporate tax
Racine Mayor and former League Director of Government
Affairs John Dickert will address our group.
Your legislators may be newly elected or
newly redistricted to represent your community. After the
election and recent redistricting, there are lawmakers that are new and
lawmakers that are representing new communities. Attend the State GAC to
introduce these lawmakers to your credit union and communities and
strengthen relationships with returning lawmakers. Then continue
fostering these connections withadditional
Legislators need your guidance before they
work on the state budget. The state budget process is critical
in that measures that affect credit unions can become part of this
massive legislation, making it difficult to call attention to each
individual issue. By sharing our priorities and building relationships
from the beginning, we ensure that legislators appreciate credit unions'
perspectives and value and protect our issues.
Gain insights from top political observers and
key legislators. Award-winning Marquette University Law School
Professor Charles Franklin will share his post-election analysis and
Jeff Mayers, President of WisPolitics.com will facilitate a panel
discussion on politics and policies. Racine Mayor and former League
Director of Government Affairs John Dickert will also address the group,
as well as state lawmakers who–through their committee and
leadership roles-can influence financial institutions.
There's a registration deal for
everyone!Take advantage of $99
registration foryoung professionals(includes a
pre-conference workshop Jan. 21), first-timers andConduit Account
holders.Also get up to 2 free
registrations by being apayroll deductionCU, and by adding five new employees to the program by January
Risk-Based Lending: Best Practices in Challenging Times
Wednesday, October 16, 2013
10:00 am - Noon CST
Speaker: Celeste Cook, cuStrategies, LLC
About the Program
In a challenging economy with high unemployment, increased
bankruptcies, and low consumer confidence, successful credit unions must
find ways to increase loan growth and profitability without increasing
risks. Explore risk-based lending best practices that have proven to
increase loan growth and profitability in a challenging economy. Learn
how you can analyze credit reports and show members how they can improve
their credit scores. Find out what you can do to strengthen
relationships with your existing and new members seeking loans. Explore
risk management strategies that help successful credit unions minimize
losses and delinquencies.
Learn how you can cultivate a proactive lending philosophy that will
bring in more loan opportunities and increase member loyalty.
Discover creative lending strategies that help you capture more
Explore risk-based lending practices that increase loan
opportunities and profitability
Learn how to analyze a credit report and assess risks without using
the credit score
Find out how you can help people improve their credit score to
qualify for loans and get lower interest rates
Determine the best approach to turn unsecured loan requests into
secured loan requests
Discover risk management strategies that can minimize losses and
10 Steps to Increase Loan Opportunities
Thursday, March 28, 2013
10:00 - 11:00 am CST
Speaker: Celeste Cook, CU Strategies,
About the Program
Can credit unions experience significant loan growth,
profitability, and membership growth in a challenging economy?
Credit unions across the nation have experienced nominal to negative
loan growth due to economic conditions that have resulted in high
unemployment, increased bankruptcies, and a lack of consumer spending.
Successful credit unions must be proactive, not reactive, in their
effort to maximize loan growth and profitability while managing risks
and minimizing losses. Explore a ten-step process that has been proven
to increase loan opportunities, profitability, and membership growth in
a challenging economy. Discover creative lending strategies, innovative
marketing initiatives, and a unique lending program thatcredit unions
can integrate for successful growth!
February 20, 2013
Radisson Paper Valley 333 West College Ave., Appleton
Rate - $99.00 single/$109.00 double occupancy, plus tax. When making
your reservation, please ask for The Wisconsin Credit Union League
sleeping room block.
Release Date - January 22, 2013
About the Program
This event is designed to provide opportunities for credit union
Human Resources Professionals to discuss key issues with their peers
from around the state. This unique roundtable provides the chance to
interact face-to-face with your peers in an informal setting, designed
to optimize knowledge sharing and maximize networking. Register today to
save your seat for this annual must attend event at the Radisson Paper
CoVantage CU receives $1.5M grant to help
CoVantage Credit Union, headquartered in
Antigo, will use a $1.5 million grant from the federal Community
Development Financial Institution Fund – plus an additional $8.5
million in loan funds its Board of Directors has specifically earmarked
– to expand its Rescue Refinance Program, which helps local
residents struggling with mortgage debt.
CDFI (Community Development Financial
Institution) grants help financial institutions throughout the U.S.
offer products and services that would otherwise be out of reach for
thousands of low-income Americans. Institutions receiving the funds must
qualify under guidelines set forth by the U.S. Department of the
Treasury, which administers the program.
"Part of our mission at CoVantage is to help
those having financial difficulty. The decision to apply for this grant
was easy, and it is rewarding to know the funding it provides will help
our credit union continue living that mission," said CoVantage
Credit Union's Executive Vice President Paul Grinde.
He explained that many families and
individuals have been unable to keep up with their mortgage payment
because of rate increases imposed by their current lender, but are
unable to refinance their loan using traditional methods because of
declining property values. The credit union’s Rescue Refinance
program helps these homeowners by providing a "bridge" between what they
can currently qualify to borrow and the amount needed to preserve the
For example, homeowners can borrow up to 90%
of the value of their property without private mortgage insurance
– the maximum that lending regulations allow - on an adjustable
rate mortgage with a fixed rate for the first 10 years. The rest of the
funds needed would be obtained through a second mortgage to be
repaid at a later date. Using this extra source of funding, borrowers
could finance the amount between the first and second mortgage, at 110%
loan-to-value. The refinance could be used to pay existing first and
second mortgages, including any past-due property taxes, judgments and
other refinancing. With the grant, there is no payment due or interest
charged on the second mortgage as long as the home is owner
"With the CDFI funds, we can now make our
Rescue Refinance program available to individuals who previously may not
have qualified. This program has the potential to help hundreds of
people who otherwise may not be able to keep their home," said
"It’s really gratifying
that two credit unions in Wisconsin – one serving an urban area
and now another serving largely rural communities – has received
these funds," said Chad Helminak, The League’s Director of REAL
Solutions and Outreach. "These credit unions and others have offered
anarray of programssimply to help members that could not receive the assistance
elsewhere. That is what Wisconsin Credit unions’REAL Solutions
effortis all about, and why –
year after year – credit unions are beingrecognizedfor demonstrating their social responsibility."
Credit unions that serve a qualifying number
of members who are considered low-income may qualify for CDFI awards.
According to CUNA, while credit unions hold only a 13.6% market share
for financial services in Wisconsin, they operate 40% of all financial
branches in low-income areas. 94% of banks have no branches in these
CoVantage was the only Wisconsin credit union
that received a CDFI grant during the latest round of funding, which
provided 155 CDFI-designated
institutionsmore than$142 millionto serve economically distressed communities.
Webinar: Qualifying Borrowers
Using Personal Tax Return Part I: Basics, Itemized Deductions, Interest
& Dividend Income, Sole Proprietorships & Capital Gains
Wednesday, January 23, 2013
Speaker: Tim Harrington, TEAM Resources
About the Program
How do you verify a borrower’s income from a tax return? Many
people take AGI and add back depreciation. That might be right, but even
a broken watch is right twice a day. Extracting cash flow from a
personal tax return is much more detailed than that. This session will
teach you how to read and understand a borrower’s tax return and
convert taxable income into cash flow. Loans are paid with cash flow,
which rarely matches a borrower’s taxable income. We will start
with the basic incomes, then move to interest and dividend income
(Schedule B), sole proprietor income (Schedule C), gains or losses on
sales (Schedule D) and installment sale income (Forms 6252 and
Overestimating income from a tax return can lead you to approve a
weak loan that could eventually cost you tens of thousands of dollars.
Underestimating income can lead you to deny good loans you need to grant
in this tough economy. This webinar will make the process of analyzing
personal income tax returns simple and understandable by using quality
instruction and frequent examples.
Tuesday, May 7, 2013
10:00 - 11:00 am CST
Speaker: Kate McPike, Trainer &
About the Program
Objections are part of the sales process. It’s usually the part
of the sales process that we don’t like...when someone objects to
a product recommendation, it makes us feel uncomfortable. In this
session you will learn:
Where an objection usually falls into the sales process.
Why objections occur.
How you can prevent objections from arising in the first place.
How you should respond to an objection.
Different ways to ask for the business.
How to close the sale.
Successful searches on CU-finder website
could grow with your input
In Wisconsin in 2012, 4,547 consumers from
207 cities visited www.aSmarterChoice.orgseeking
information about credit unions, and 1,774 of those consumers conducted
a successful online search, identifying one or more credit unions they
were eligible to join if they fell within the required field of
In 2012 among all U.S. states, Wisconsin
ranked 20th in the number of total visitors to the website,
which has become the premier resource for media to point to any credit
union nationwide that consumers can join.
Nationwide in 2012, 385,000 visits to the site
were made by more than 250,000 unique visitors, and of those visitors,
218,000 successfully found a credit union they were eligible to join on
their first try.
The strong 2012 numbers came on the heels of
"Bank Transfer Day." That event alone, which urged consumers to ditch
their banks in November 2011, drove the site to record more than 240,000
visits from 198,000 unique visitors in 2011.
Since the site was launched in February 2011,
the site has received a total of 626,000 visits from more than 450,000
unique visitors. There have been more than 403,000 searches for credit
unions with 229,000 successful matches occurring on the first try.
Credit unions can help ensure an effective
search – and gain new members – by updating the basic
information that’s on the site including the credit union’s
contact information, main office and branch locations, field of
membership and affiliation. Credit unions can include up to four links
such as to your member website or your Facebook or Twitter pages,
provide an email address as a first point of contact and provide either
a marketing message or list of select employee groups that can join.
The more detail a credit union provides, the
more likely a consumer will complete a successful search.
All Wisconsin credit union presidents received
a username and password to edit their information. Presidents can, in
turn, add (or delete) other users to help manage the information. Credit
unions can add, change or delete information from the site at any
Top tech guru teaches mobile, tech planning
Lee Wetherington, who guides top-performing
financial firms on cutting edge technologies, will share with attendees
at The League's Annual Convention & Expo the key insights
you need to ensure your credit union's mobile and other technologies are
on pace to meet future demands.
Director of Strategic Insight for ProfitStars,
Wetherington is noted for driving progress in the financial services
sector by communicating to top executives the trends and implications of
new technologies. At convention, he'll offer:
session: "All Things Mobile:
Alerts, Payments, Remote Deposit & Security." More than
half of all U.S. mobile consumers now have smartphones, and 100 million
U.S. consumers are expected to use mobile technology by 2014. But not
all mobile devices are created equal when it comes to banking.
Forty-eight percent (48%) of tablet owners conduct mobile banking
compared with only 28% of all mobile consumers, and the number of
tablet-using adults will increase 20% annually over the next five years.
Which devices are most popular, and which will have the biggest impact
on mobile banking? How does adoption vary by institution size? What do
Google's acquisition of Motorola and Visa's announcement of a fraud
liability shift mean for mobile payments? Which set of mobile banking
alerts can preempt the most frequent and costly service inquiries? Which
can generate fee revenue? Your credit union has unprecedented
opportunities to extend service at a low cost, generate non-interest
income and revolutionize how you interact with members in real-time to
deepen your relationships and earning potential. Wetherington shows you
session, "Innovating from
the Future, Backwards: The Art & Science of Strategic Foresight in
Financial Services." Why are 11% of banked consumers
planning to switch financial institutions in the next 12 months and who
are these people? What happens to PC-based online banking in a
mobile-centric world of smartphones and tablets? What will be the impact
of mobile payments and mobile commerce? Do community banks have unique
advantages and opportunities in the world of post-Durbin payments?
Wetherington provides a forecast and summary of the industry’s
best research on upcoming developments in online, mobile, payments and
branches, and shares the strategic and tactical positioning that will
best serve financial institutions over the next 18 months.
Wetherington is among the most acclaimed technology speakers in the
U.S., having given more than 300 presentations for state and national
trade groups that focus on opportunities and challenges related to
e-banking, payments and more. His comedic style has earned rave reviews.
He serves as a technology faculty chair for several
regional schools of banking and finance, is accredited through the
national Automated Clearinghouse Association, and is renowned for the
cutting-edge guidance that has driven bottom line results for the
nation's largest and most well-recognized financial players.
What you don’t say can be a compliance violation! What you do
say can be a compliance violation! Confusing? Absolutely! Whether it is
print media, radio, TV, lobby posters, brochures, or the Internet,
multiple regulations impact your credit union’s advertising. You
must be knowledgeable to avoid compliance pitfalls. However, rules and
regulations can be costly to implement and difficult to interpret. This
session covers the numerous rules and regulations that restrict
advertising content and mandate specific disclosures, as well as the
form and content of all types of advertising. Risking noncompliance is
not an option! A single regulatory violation, or worse, a pattern of
violations, can lead to regulatory fines and potential lawsuits.
Unfair, deceptive, and abusive advertising practices
Special rules for websites and mobile banking
Restrictions on use of email, fax, and telephone solicitations
Copyright and trademark infringement
Promotional contests and prizes
Protect asssets, minimize risk: Collections Seminar May 29
The League's Collections Seminar May 29 in Pewaukee offers strategies to
help you collect debts faster, protect your assets more effectively and
minimize the risk of costly lawsuits, fines and judgments levied against
you, whether you collect primarily from members or their businesses.
what steps to take prior to filing an action (money
how to file the action and obtain a judgment;
what options you have post-judgment; and
nuances of self-help repossessions, foreclosures
and deeds-in-lieu of foreclosure and small claims actions.
You'll also have a better grasp on the requirements of the Wisconsin
Consumer Act and Fair Debt Collection Practices Act and benefit from a
panel discussion on what practices work best.
Big savings - $1 billion since 2007 in
Wisconsin - attracts more consumers to credit unions
Governor's Proclamation during Financial Literacy Month cites credit
unions' commitment to financial education
Pewaukee, Wis. -Consumers across Wisconsin visitedaSmarterChoice.orglast year to
find a credit union they can use for their banking. Almost 90,000 people
became credit union members in 2012 and started reaping the huge savings
credit unions offer on every day financial services – totaling
more than $1 billion in Wisconsin alone since the start of the recent
recession in 2007. For example, consumers who use a credit union
Still receive free checking. The
great majority of credit unions report that this remains true for their
checking-related services. Plus, credit unions’ average returned
check fee is less than banks.
Save $110 per year per household because of
more competitive pricing on financial services overall. Those
who use a credit union extensively receive total financial benefits much
greater than this.
Save $1,150 in interest to finance a new
car compared to using a bank. This is based on a $25,000
vehicle with funds borrowed for five years, with a savings of $230 per
year in interest.
Receive an interest rate that’s almost a
percent lower than banks for a typical "gold" credit card.
Credit unions' late payment fee on a credit card is about $10 less than
what banks charge.
Access 30,000 ATMs – the largest ATM
network in the country - at no cost. Consumers with
participating credit unions can find free ATMs that are part of credit
unions’ CO-OP Network by going online or using
their smart phones.
Make transactions at 5,066
branches – the nation’s fourth largest branch
network – called CU Service Centers. This convenience is
almost unrivaled by other financial institutions. Whether making a loan
payment or withdrawing or depositing cash or checks, consumers can visit
any physical location in theCU Service Center
networkand use it as if it were their
"Because credit unions have no outside
investors, they return their earnings to the 2.4 million Wisconsinites
who use them through higher rates on savings deposits, lower rates on
loans and lower and fewer fees," said Brett Thompson, President &
CEO of The Wisconsin Credit Union League. "That is in addition to credit
unions' community support and free financial education highlighted in a
April as Financial Literacy Month."
Our corporate credit union is seeking a dynamic pro-active financial
sales professional to promote our Broker/ Dealer partner's marketable
securities program. This position will be charged with building and
maintaining investment and liquidity relationships, primarily through
proactive phone contact. The qualified candidate will be well educated
and have a minimum of two successful years of experience selling to
financial institutions, along with a proven ability to build rapport and
serve as a fiduciary expert. Must possess Series 7 and 63 licenses along
with a sound understanding of investments and the overall financial
markets. Only highly motivated, results-orientated people should apply.
We offer the opportunity to grow and excel in a dynamic, fast paced
environment while rewarding employees with an excellent wage and
For consideration, please submit resume and compensation requirements in
confidence to: firstname.lastname@example.org Corporate
Central Credit Union 6262 South Lowell Place Muskego, WI 53150
CU House/Hike the Hill
June 18, 2013
Credit Union House
9:00 am - Briefing
10:30 am - 5:00 pm - Hill visits
5:30 pm - Reception
Group Name: The Wisconsin Credit Union League
Group Code: WCL
RATE: $289.00/night, plus tax (Room available June 17 -
Release Date: June 3
Be sure to mention these guest rooms are in The Wisconsin Credit Union
League room block to receive this special rate. Registering for this
event automatically designates you as a credit union Activist!
Thursday, August 8, 2013
10:00 - 11:00 am CST
Speaker: Debbie Crawford, gettechnical
About the Program
Having an understanding of endorsements is crucial to making sound
check cashing decisions. A check is a unique type of contract where
ownership can be transferred by way of the endorsement on the back of
This session will cover the following and more:
What is a valid endorsement?
Bearer versus Order Checks
Who is the holder of a check and what is the holder in due
Ambiguous and Witnessed endorsements
Endorsements for minors and deceased parties
Endorsements for business accounts
Trustee and Power of Attorney endorsements
Webinar: Detecting Counterfeit
Items & Fraudulent ID
Wednesday, September 11, 2013
Speaker: Barry Thompson, CRCM,
Thompson Consulting Group, LLC
About the Program
Protecting your credit union and members is everyone’s
responsibility – especially the frontline. When an unknown member
approaches the teller line, there are only three items tellers can use
to detect fraud: the item presented, the individual presenting the item,
and the identification the individual provides.
False identification, counterfeit items, and scams that can fool an
untrained person mean major losses for the credit union. The person
trying to defraud the credit union relies on only a cursory review of
his/her identification. The ID doesn’t have to be perfect –
it just has to pass an inattentive or rushed inspection.
This webinar will teach staff how false identification can be
produced, while providing knowledge on how to analyze identification.
Scams used by money mules or con-artists to rush staff through
transactions will be included. Participants will also learn tips and
techniques to help determine if signatures on negotiable items were
traced, forged, or altered. This program will instruct those staff
members most likely to encounter these attacks on how to identify and
stop the criminal.
Which tools frontline staff need to evaluate driver licenses
Steps that should be followed to analyze identification
High-risk documents that cause the biggest losses
An easy technique to train new staff on how to identify forged,
altered, or traced signatures
Techniques that confidence people will use to confuse the person
analyzing a transaction
Webinar: CFPB Examination Procedures for Mortgage Loan
Originators: Effective January 10, 2014
Tuesday, September 10, 2013
Speaker: Ann Brode, Brode Consulting
About the Program
In January 2013, the Consumer Financial Protection Bureau (CFPB)
issued the long-awaited final rules regarding mortgage loan originator
compensation and qualification requirements under the Truth in Lending
Act (TILA), as amended by the Dodd-Frank Act. The new compensation rules
potentially have a major impact on mortgage loan officers/originators
and financial institutions themselves.
These changes will affect policy and procedures and will include
self-testing of the new compensation guidelines. Examiner guidance has
been issued and financial institutions will be scrutinized regarding
compliance with the new rules. This is a must-attend webinar in order to
prepare for the January 10, 2014, deadline! You will be provided the
tools you need to be compliant by this fast approaching deadline. Issues
will be discussed step-by-step, example-by-example.
Which loans apply?
Who qualifies as a Mortgage Loan Originator under the new
Compensation issues and examples (as well as what is not
How to determine if compensation is based on a transaction term
Issues when compensation is received directly from a consumer
Commissions for performing activities that are not loanorigination
“SAFE” compensation methods
Congressional recess: advocate in person
during tax battle
Take action now!
Take two minutes to protect the credit
union tax exemption by helping Wisconsin reach our contacts goal.
Far from a vacation, this
in-district work period is considered by Washington, D.C. insiders as
"high season" for interest groups to reach their lawmakers. So it's
likely that many of thehundreds of other advocacy
groupsfighting for priority for their
tax status will pursue face time with Members of Congress over the next
critical few weeks. It is key for credit union advocates to have an
in-district presence as well.
Credit unions have been working hard to direct
their employees, directors and members to the grassroots action
page, www.DontTaxMyCreditUnion.org, where
a message to Congress can be sent in just seconds. Wisconsin credit
unions are working in concert with The League to concentrate grassroots
responseduring a dedicated week of
advocacy. These weeks of advocacy can help
Wisconsin regain our usual status as a state known for successful
grassroots efforts; currently ourstate ranks a distant 19th in total
contactsmade among states fighting to
preserve credit unions' tax status.
"Advocacy during the coming weeks as the tax
reform bills are being drafted—and as our delegation is back in
their districts for the August recess—will be essential to our
success," said VP of Government Affairs Tom Liebe.
"If our tax status is preserved in the draft,
expected sometime in September, then our job will be to defend that
position before the full Congress," he said. "But if we're not
accommodated, we face a much more significant challenge of restoring the
tax status in committee, on the floor, or in conference committee.
That's a risk credit unions should avoid at all costs."
Even if a tax reform bill does not advance
this session, Liebe notes, a strong voice in support of credit unions
will be crucial to preserve the current tax status because the decisions
made today are the likely starting point from which tax reform
Even if a tax reform bill does not advance
this session, a strong voice in support of credit unions will be crucial
to preserve the current tax status because the decisions made today are
the likely starting point from which tax reform deliberations
"Rather than rallying supporters at the
National Mall—like so many campaigns do—this movement will
rally tens of thousands of credit union members nationwide online," said
Bill Cheney, president and CEO of CUNA.
To date, the campaign has generated over
900,000 messages to members of Congress, 15,000 of which have come via
social media. Several Wisconsin credit unions have surpassed individual
goals as part of a dedicated week of advocacy – an effort
that has ranked our state 9th in the nation for total contacts to
Credit unions are urged to use materials
provided by The LeagueandCUNAto
engage their staff, directors and members in this advocacy.
Smaller credit unions face many challenges:
the oppressive deluge of new regulations, lack of a spread, slow loan
demand, challenges to succession planning, and more. But there are small
credit unions that are doing great and have a bright future. One
way to get there is to meet overlooked financial needs, and in
doing so, improve service penetration and cultivate member loyalty.
My credit union, Brewery CU, is a low
income-designatedandCommunity Development Financial
Institutionserving primarily the
central city of Milwaukee. After losing money for four straight years in
the late 90s, we decided to sell our branch in a suburban location to
concentrate our efforts in the near downtown area, comprised chiefly of
lower-income households. Does that seem counterintuitive?
Since that move, we have more than doubled our
assets (with no mergers), have a capital ratio of 17%, membership has
grown from 3,800 to 7,600 and we maintain a very strong ALLL with a
loan-to-share ratio of 95%. Ours is one of just a few five star-rated
credit unions by Bankrate.com.
Most of these statistics fly in the face of
conventional wisdom, that serving predominantly modest income and
working poor people is just too difficult to be successful long term.
Our experience tells us otherwise and it begins with:
A dedicated and compassionate board and staff.
Putting higher risk loans on the
books but pricing them according to risk.
Strong community involvement. We are founding
members of Local First
Milwaukeeand won the 2012 Business
Journal Central City Business award.
Offering products and services that uniquely
address members' needs. For example, we offer bus
passes, stamps, low cost money orders, instant debit and ATM card issue,
mobile banking, Fresh Start Checking (a second chance type of account),
a payday loan alternative, secured credit cards, credit builder loans
and mortgage loans under $25K. Our Fast Cash payday loan alternative has
saved our membership over $900,000 in fees that they would have paid to
traditional payday lenders.
Looking for reasonable ways to say
"yes" instead of simply saying "no."
This is the core philosophy that has worked
for us over the years and we are more than happy to share our best
practices with any credit union that asks. But there's always more we
can do; we need to follow up on many of the action stepsin our movement's
nationwide campaign for growth,Unite for Good.
The bottom line is that the world is changing
fast and change is difficult in many ways. But for those who can see the
needs all around them that have gone unaddressed, the future is ripe
Schrimpfis CEO of Brewery CU in Milwaukee. He can be reached at (414)
273-3170, Ext. 121. If you have a perspective on an industry issue you'd
like to share with our readers, contact the
The Unite for Goodeffort is an
internal growth strategy developed by CUNA in conjunction with its
Board, state leagues, credit unions and system partners. The
plan'saction steps– to remove barriers, increase awareness and foster
service excellence–are aimed at helping more credit unions become
their members' primary financial institution by compelling members to
see credit unions as their best financial partner. Read more articles in our Unite for Good
Compliance Compass: ready for January
Many new mortgage lending regulations take
effect in January 2014. The League has been publishing Compliance
Couriers, creating new ii Releases, and updating existing releases over
the past year to help credit unions prepare. The Consumer Financial
Protection Bureau (CFPB) Dodd-Frank Mortgage Rules Readiness
Guideoffers practical guidance to help
credit unions implement the new rules.
Be sure your staff is ready to tackle the
following changes related to:
Nine mortgage servicing
requirements (Jan. 10, 2014). The League’s new ii Release No. B075examines each of these
Qualified mortgages & ability to
repay (Jan. 10, 2014). See ii Release No. B074, which explains
how credit unions must determine whether consumers have the ability to
repay closed-end, dwelling secured loans. A CU making a "qualified
mortgage" will be presumed to have complied with the ability-to-repay
Loan originators (Jan. 10,
2014). Several changes will apply to "loan originators" who handle
closed-end loans secured by a consumer's dwelling. The
League’s ii Release No. B071 has been updated with all the changes.
High-cost under HOEPA (Jan.
10, 2014). The Reg. Z rules on high-cost mortgages will cover more
types of loans, and the tests for high-costs mortgages will change.
Our ii Release No. B062 addresses all of these new rules.
Financing of credit insurance
premiums (Jan. 10, 2014). The League has introduced ii Release No. B076 to explain the rules against financing any premiums or
fees for credit insurance in connection with a consumer loan (regardless
of lien position) that is secured by a dwelling.
disclosures (Jan. 10, 2014). Three rules related to
homeownership counseling take effect in January, and all of the relevant
ii Releases have been updated to reflect the changes. Credit unions will
Provide a list of counselors
within three days of application. See The League’s ii Release No. B014.
Confirm that counseling is done before
making a closed-end, dwelling-secured loan that "may result in
negative amortization" to a "first-time borrower." See ii Release No. B042.
Confirm that counseling is done before
making high-cost mortgages under HOEPA. See The League’s
ii Release No. B062.
Free copies of appraisals (Jan. 18, 2014). New ii
Release, No. B077 (coming soon) will explain amendments to Reg. B
that will require credit unions to provide home loan applicants with
copies of appraisals. Other state and federal rules also require copies
to be made available, as the release will explain.
Appraisals & escrows for higher-priced mortgages
loans (Jan. 18, 2014). New rules will require interior
appraisals and appraisal notices for certain "higher-priced mortgage
loans." An additional appraisal will be required, at no cost to the
borrower, if the house is being "flipped." ii Release No. B068 is up-to-date on these rules.
Filene: tap innovations in saving money and
The Filene Research Institute – the
credit union movement's "think tank" in Madison – invites credit
unions to tap the latest innovations in saving money and serving
members, as well as its extensive library of research findings that can
help your credit union make strategic leaps forward.
Two new pilot programs will shift into high
gear in early 2013. They include:
Leeflet, a program that explains how credit unions have reduced
brochure expenses by as much as 75% - and increased member usage of
credit union services—by offering targeted materials online. The
pilot will build on their success of an "open" rate of more than 70% and
a click-through rate higher than 25%. It also demonstrates a new way to
track what members are reading for more effective follow-up.
QUEsocial,a program that offers a solution for credit unions to
drive business by improving their social media efforts. Pilot
participants will build an internal network of socially engaged team
members beyond just marketing to include areas like recruiting, member
service, product development and more. Better use of gaming and
analytics will also offer new avenues to boost member engagement and use
of credit union services.
Filene's i3 projects(focusing on ideas,
innovation and implementation) assimilate and share with credit unions
nationwide proven best practices regarding movement's most pressing
challenges. Be sure to browse Filene's library ofresearch reportsto tap those
For a fast glimpse at what
Filene has unearthed to help credit unions on issues like strategy,
lending, consumer behavior, marketing, credit union profitability,
governance and much more, check out101 Things: a
snapshot assembled by the Filene Research team to light your path to
important improvements at your credit union.
Credit Union Examiner (civil service classification of
OFFICE OF CREDIT UNIONS DEPARTMENT OF FINANCIAL INSTITUTIONS
MADISON, WI The Department of Financial Institutions’
mission is to ensure the safety and soundness of Wisconsin's financial
institutions, to protect the consumers of financial services, and to
facilitate economic growth. The agency regulates and licenses financial
service providers who do business in Wisconsin. For more information,
please visit their web site at: http://www.wdfi.org
There are currently three (3) Credit Union Examiner vacancies (civil
service classification of Financial Examiner); all with the Office
Credit Unions. Two (2) vacancies are in the South Central Territory of
Wisconsin and one (1) in the Northwest Territory. Please note:
candidates hired into these positions will typically have their home
designated as their headquarters city and will live in the
The Financial Examiner classification is assigned to Pay Schedule/Pay
Range 07-04. Financial Examiner vacancies that may occur for the South
Central and Northwest Territories within the next 6-12 months may be
filled from this recruitment. Starting salary will be between $35,646
and $58,816 annually, depending upon qualifications, plus excellent
benefits. A six-month probation will be required.
South Central territory counties: Dane, Dodge,
Jackson, Jefferson, La Crosse, Monroe, Rock, Sauk, Trempealeau, and
Job Duties: Financial Examiners working for the
Office of Credit Unions are assigned to assist in conducting credit
union examinations. In that role they are responsible for assuring
compliance with statutes, rules, regulations and other controls
affecting Wisconsin’s credit unions. Financial Examiners perform
auditing and financial examination work; write reports and record
findings; and work with credit union staff in helping to assure
continued strength and stability throughout Wisconsin’s credit
union industry. They review lending practices to ensure compliance with
rules, policies, procedures, practices and statutes to assure that sound
lending practices are taking place; make recommendations of appropriate
corrective measures to address problem areas; and participate in
proactive measures to help avoid fraudulent, deceptive, unfair or
unstable financial business practices.
Special Notes: Well qualified applicants will
typically have a four-year degree in Finance or Accounting, complemented
by work experience in the financial services industry or other related
fields. The Department’s preference is for employees to live
within the territory where they will be employed. Overnight travel of no
less than 50% may be required. Candidates will need to successfully
complete a thorough background investigation and reference check prior
to appointment. Due to the nature of this position, all applicants who
may be appointed to this position will be asked to allow the Department
to conduct a background check to determine whether circumstances of any
conviction may be related to the job being filled. Must possess a valid
Wisconsin driver license that meets the State’s Risk Management
Job Knowledge, Skills and Abilities: This position
requires knowledge of the financial services (credit union) industry;
contemporary business structures; general business and financial
management practices; lending and investment principles; accounting and
auditing theory; skill in analyzing complex financial records and
business record keeping systems; utilization of computer software
packages; well-developed skills in speaking and writing and the ability
to comprehend and apply complex policies, rules and laws.
How to Apply: If you have not already done so, you
will need to create an account. After you are logged in and are viewing
the announcement, click "Apply Now." You will be asked to provide your
personal information and attach a resume. In addition to this
information, you will be required to complete the online exam. You can
preview the exam questions by clicking on the “Preview Exam”
link. Your responses to the exam questions will be used to determine
your eligibility for this position. Resumes will not be part of the
initial screening process. Online applications that do not include all
of the requested materials will not be considered.
The deadline to apply is Thursday, January 9, 2014.
If you need assistance with the online application process, please
contact Terry Wm. Kraus at 608-266-3357 or via e-mail to email@example.com
Examination responses will be evaluated in order to determine which
candidates will receive further consideration.
Tuesday, August 13, 2013 (Now
10:00 - 11:30 am CST
About the Program
What to do when a member’s account is garnished
Key issues under Wisconsin law
The four steps required by federal law
TeleConference: The Security
Tuesday, February 11, 2014 (90 minutes)
10:00 - 11:30 am CST
Speaker: Dana Turner, Security Professional
About the Program
If you are your institution's Security Officer, your primary duty is
to develop and administer a written Security Program for your
institution. "Security" isn't just about alarms, robbery procedures and
filing Suspicious Activity Reports any longer. "Security" has become the
term that defines the evolutionary process that provides a safe and
secure environment for employees to work -- and for members to do
business. "Security" is also a control function that's often described
as the act of providing protection and defense against real or
anticipated threats. "Security" has evolved rapidly from a minimal
function into the "Security Department" -- a business unit.
This workshop provides a logical and strategic model that's designed
to help the institution's Board of Directors, senior managers and
security personnel understand the true scope of security related
regulations and industry-standard security practices. By understanding
the cause and effect relationships involving the creation of an
effective security function and risk reduction, the Security Officer may
use this model to design and implement a standardized, institution-wide
Security Program that meets or exceeds regulatory requirements.
The WEDC is currently seeking a WELL ORGANIZED, DETAIL-ORIENTED,
PROFESSIONAL for our open Financial Underwriter Position located in
Madison, WI. The WEDC Financial Underwriter is responsible for providing
project management support to deliver projects within the established
budget and timeline. This position is a key business member of a project
team, participates in program and project development, disseminates
project information and is an active participant in project-related work
groups and committees. Find out more and become one of our team members
by registering on our recruitment website and submitting your resume.
Submit materials via the web: http://inwisconsin.com/recruitment/
Materials should be submitted by January 31, 2014 WEDC is an Equal
Find out more and become one of our team members by registering on our
recruitment website and submitting your resume. Submit materials via the
We are seeking a teller/member service representative. We have a
full-time opening for a dependable, service orientated individual. Ideal
applicants will have previous teller experience, but we will consider
training an applicant possessing solid customer service skills along
with some basic cash handling, keyboard, and computer experience. You
may be asked to perform other duties and responsibilities as assigned or
deemed necessary in order to meet the credit union's goals and
objectives. We need someone that has strong communication skills along
with being passionate and enthusiastic about life and their job. Must
enjoy a small office environment.
To apply send your resume to: firstname.lastname@example.org Fax: 920-738-2615
Mail: ST ELIZABETH EMPLS. CREDIT UNION, 1506 S. Oneida Street, Appleton,
Credit unions teach financial skills
year-round, not just during Financial Literacy Month
Pewaukee, Wis. - April is
Financial Literacy Month, and Wisconsin consumers will have many
opportunities to improve their financial wellness through a variety of
education programs and events. As member-owned institutions that put
people before profits, credit unions put an emphasis on teaching money
management skills not only in April, but year-round. For example, credit
Youth-run, in-school credit unions. Young people
have saved more than $3 million in more than 110 youth-run branchesof credit
unions inside schools and youth centers that teach young people the
habit of saving. The branches are considered a "best practice" for youth
Savings programs. April 20-26 is National Credit
Union Youth Week, which invites young members to save. Last year during
Youth Week in Wisconsin, 1,691 young people deposited $304,599 into
credit union savings accounts.
Classroom learning. Credit
unions provide a variety of financial education curricula, such as
thebrass|STUDENT PROGRAM, which
includes the lifestyle money magazine brass, free to any Wisconsin
high school that wants it. Resources for students and teachers online
support state teaching standards. More than 350 teachers receive it for
classroom use. Credit unions alsosponsor
teachers’ ongoing educationto
improve personal finance lessons.
Mission®, offered on credit union
websites, is an online life simulation that challenges teens to balance
their life along with their finances. So far, it is helping students in
48 states learn the fundamentals of personal finance and has awarded
$21,000 in scholarships to college-bound students. This, and day-long
"reality" simulations at local schools, has engaged tens of thousands of
students in financial decision-making.
Free financial counseling. Credit unions provided
almost 300,000 hours of this assistance in 2013 to prevent foreclosures
and improve borrowers’ creditworthiness. Referrals to classes
improve access to checking accounts.
Community Presentations. Credit
unions deliver thousands of presentations annually on topics ranging
from basic financial management to improving credit reports, home buying
and more. Some credit unions support Money Conferences, events that
teach low-income families financial basics. Other credit unions offer
"savings challenges" involving cash prizes. Still others offer classes
duringMoney Smart Week, set this year for
Wisconsin credit unions’ financial
education efforts, and structure that has returned more than $1 billion
to members in Wisconsin since 2007, are explained in a new report called
the Scorecard, at www.theleague.coop/scorecard.
Credit unions are
cooperative financial institutions that are owned by their members and
do not have stockholders. Because they are not-for-profit, they return
earnings to members via more competitive rates of return on accounts,
lower interest on loans, lower fees and improved services.
Scorecard, atwww.theleague.coop/scorecard, explains how Wisconsin credit unions serve their communities
and how they've saved their members more than $1 billion since the start
of the recession. Around 2.4 million Wisconsin residents belong to
credit unions, of which nearly half are open to the local community.
Find a credit union to join by visitingwww.aSmarterChoice.org.