L neStar

Transcription

L neStar

Perspectives
L
neStar
The Official Publication of Texas Credit Union League
A Family
Tradition
Meet four
generations
of the Herod
family women.
Marketing: An Ever Expanding Universe | CUs and Web 2.0: It Takes Two to Tango…
Summer 2008
INSURANCE
SERVICES
ASSET MANAGEMENT
The key to MemberCONNECT® is
member respect.
Members are the lifeblood of every credit union. That’s why each and
every point of contact with members has to be handled with the same
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sophisticated direct marketing techniques to identify the members most
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Insurance products from MemberCONNECT are underwritten by CUNA Mutual
Insurance Society and other leading carriers. Insurance products are not
deposits, not federally insured, and not guaranteed by credit unions.
10000330-0308 © 2008 CUNA Mutual Group
Contents
Winner of the CUNA Marketing & Business
Development Council’s 2007 Diamond Award.
Texas Credit Union League
EDITORIAL
Managing Editor
Linda Webb-Mañon
Contributing Writers
Allison Griffin
Alex Schitter
Winter Prosapio
Scott Wagner
Randy G. Pennington
ADVERTISING
Advertising Sales Director
Tom Hodge
Account Executive
Rick Grady
BUSINESS
Chief Operations Officer
Bob Gallman
Subscription Coordinator
Jessica Hill
HOW TO REACH US
4455 LBJ Freeway, Suite 1100
Farmers Branch, TX 75244-5998
e-mail: lwebb-manon@tcul.coop
Web site: www.tcul.coop
Main Office: (469) 385-6414
(800) 442-5762, Ext. 6414
Editorial: (469) 385-6486
Advertising Sales: (469) 385-6485
Advertising Design: (469) 385-6473
Subscriptions: (469) 385-6483
Letters to the Editor: lwebb-manon@tcul.coop
LoneStar Perspectives is a quarterly publication of
the Texas Credit Union League (TCUL) and is offered
to TCUL–affiliated credit unions as a dues-supported
service. If you are not an employee or volunteer of
a League- affiliated credit union and would like to
subscribe to this publication, an annual subscription
rate of $20 is available. LoneStar Perspectives is a
trademark used herein under license. Copyright 2008
by Texas Credit Union League. All rights reserved.
GROUP PUBLISHER
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ART DIRECTOR
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BUSINESS DEVELOPMENT DIRECTOR
Lindsay Thomas
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14
16
Features
14
Looking Inside Advocacy: CURIA
and Member Business Loans
By Winter Prosapio
16
It’s a Family Tradition
By Linda Webb-Mañon
DEPARTMENTS
6
3
Products and Services
Good Twine, By Doug Foister
Credit Union Security – A Compliance and
Best Practice Approach, By Idress Rafiq, Jr.
Getting it Right the First Time can Save you Grief,
Time and Money, By Chris Thomas
6
News
Top 10 CU Thrival Growth Strategies for Remainder of 2008, By John A. Vardallas
Credit Unions and Web 2.0 – It Takes Two to Tango so why aren’t we Dancing?,
By Alex Schitter
Real Solutions: Helping Credit Unions Break Down Barriers;
Reach Texas’ Underserved Communities, By Mike Delker
10
Philosophy in Action
Growing Our Grassroots with the Star Advocate Team, By Jim Phelps
So Your New CEO Has Been Hired – Now What?, By Karen Houston
National Award Programs Help Demonstrate the CU Difference
21
Professional Development
Stay Connected: How Everyday Leaders Engage Their People,
By Randy G. Pennington
Marketing: An Ever Expanding Universe, By John Worthington
Chapters and Councils, Collaborate To Succeed…, By Dean Borland
27Small Credit Unions
Investing in Professional Development Can Give Your CU
the Competitive Edge, By Linda Webb-Mañon
Card Portfolio Growth Strategies for Small Credit Unions,
By Scott Wagner
Small Credit Union Committee Roundup
10
30Regulatory
Regulatory Q&A
Reviewing Your Compliance Program, By Steve Gibbs
SUMMER 2008 h TCUL 1
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than 25,000 truly surcharge-free ATMs across the country, CO-OP has all the tools
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©2008 CO-OP Financial Services
ProductsandServices
By Chris Thomas
Branch Manager
Credit Union Employment Resources
Getting
It Right
The First Time Can Save You
Grief, Time and Money
W
hat is one problem that all credit
unions, regardless of asset size, struggle to find a
solution for? Hiring an employee that is right for the
job and retaining their interests to benefit both them,
and the organization. As every organization knows,
hiring the wrong employee can not only cost time
and money, but more importantly, compromise the
confidence of existing staff and members. By following
some simple suggestions and approaching the situation
from a different angle, your credit union will enjoy the
opportunity of not only hiring quality employees, but
also watching them, and the organization, grow.
One of the best options to aid you in your pursuit is
using your own credit union’s website. By placing any
open positions on your website, you will attract the
aggressive candidates who are seeking out your credit union for open positions. There is the opportunity to save you
specifically. And it can also attract your own members who some time in the process since the agency can handle the
might be in the process of looking for a new career.
candidate screening, including the background checks and
Who knows the workplace culture of your credit union employment assessments that will increase the chance of
better than your current employees? Some credit unions insuring the hiring of a quality employee.
have success with employee referrals.
The availability of a contract
Ideas include offering a cash bonus As every organization knows,
employee can also be attractive
for recruiting candidates to join your
due to the opportunity to work
hiring the wrong employee
team. Your own employees are a great
with the employee and make sure
can not only cost time and
recruiting tool and provide future
they have the required experience
employees with a clear picture of your money, but more importantly,
and fit before making a long-term
work culture
compromise the confidence of commitment to them.
The tried and true option of
But the key to finding the right
existing staff and members.
working with the local newspaper and
candidate is the ability to keep them
placing a “Help Wanted” classified
once you have found them. To
ad will usually provide a high number of responses. But minimize employee turnover, it is imperative to do the due
with that high number of resumes, you will most likely be diligence on each employee prior to them being offered a
overwhelmed with the unqualified candidates and must position. Having the ability to run a criminal background
be prepared to set aside the time necessary to go through check, checking employment references and verifying
those resumes as well. As candidates continue to become educational background is crucial. It is important that these
more technically advanced, classified ads will progress to types of tasks be done to ensure that the employee being
frequented job search websites. These can be great assets brought into your credit union is representing themselves
and important places to find candidates.
correctly, as well as representing the positive image your
Local colleges, universities and trade schools can certainly credit union has strived to maintain.
be used as a resource in finding candidates. Most will have
There are many ways to go about finding the right
student job boards to post open positions. Here, you will employee and keeping them once you have them on board.
find students who are looking to gain valuable experience The important areas include knowing where to look,
in a particular field while attending school. The potential knowing the process to follow once you find them and
downside would be working with students with particular maintaining their continued development through training
schedule requests.
and position advancement in their career so that they want
Fee-based staffing agencies can provide candidates to remain with your credit union. h
By Doug Foister
Research Director
Credit Union Resources
ProductsandServices
“Good Twine”
I
remember reading in an old L.L. Bean
catalogue that one should use “good twine” when boxing up an
item for return. I liked the sound of that term, “good twine.”
It was consistent with the aura of quality and durability of the
company’s hand-sewn boots, goose down parkas, and canvas
duffle bags with genuine leather handles.
If you’ll permit the stretch, I like to make the same kind
of association with top quality membership surveys. Having
conducted over 150 of these for Texas credit unions, in
which respondents range from Seniors to Baby Boomers, to
Tweeners, to Gen X’ers, Y’ers, and soon, I suppose, Z’ers, I’ve
come to realize that, while the subject matter may change, the
components of a high caliber membership survey - the “good
twine” that holds it all together - must remain the same.
I believe there are seven essentials to conducting the
very best membership surveys.
1
Pre-Survey Interviews. This is an option that few
research suppliers offer. At Credit Union Resources,
Inc., we will, if our clients so desire, conduct a day’s
worth of lobby interviews with members and front line
employees. These interviews reveal members’ financial priorities,
as well as what they like and dislike about the credit union. This
information can prove invaluable when designing the survey
questionnaire. Remember, your results will only be as good as
the questions you ask, and pre-survey interviews go a long way
in assuring that you ask the right questions.
2
Accurate Samples. Since it’s usually cost prohibitive
to survey all of a credit union’s members, we obtain
a sample of members who are representative of your
entire membership. Think of it as a blood test. It isn’t
necessary for your doctor to analyze all six quarts of your body’s
blood to determine what’s going on; just a couple of CCs will
suffice. At Credit Union Resources, Inc., we select random,
scientifically reliable samples of between 2,000 and 2,500
members, which yield average response rates of 24 percent.
3
Good Questions. Writing good survey questions is
an art. Among other things, it requires that questions
be unambiguous and interpreted the same way by all
members. See what you think about this question:
“What is your primary borrowing source?” At first glance, the
question appears to be precise and straightforward, and not
open to multiple interpretations. In order to avoid possible
confusion, however, it would better be worded, “Aside from
mortgage loans, what is your primary borrowing source?”
Researchers must also be careful not to create, even
unintentionally, questions that are biased - that is, questions
that encourage respondents to answer in a particular way. Can
4 TCUL h SUMMER 2008
you see the potential for bias in this question: “Do you agree
or disagree with the position of the credit union’s board that a
new location is needed?” Undoubtedly, some members would
feel pressure to agree with this statement simply because it’s the
board’s position. Omitting any reference to the board would
render this a more objective and accurate question.
4
Demographic Insight. Imagine this scenario: your
survey shows that a large majority of members - say
90 percent, are satisfied with Time Waiting for Service.
Great! This would be a favorable finding by any
standard. But let’s dig a little deeper. When we cross tabulate the
results by branch, we discover that, among those who frequent
Location A, only 65 percent are satisfied with Time Waiting for
Service. Now you know where to focus your attention.
5
6
Peer Comparisons. How do your survey results
compare with those of your Texas peers? Credit Union
Resources, Inc. is able to provide this vital piece of
the puzzle through a data base of prior membership
survey results, which have been combined and averaged, thus
maintaining anonymity. We will also compare your survey
results, where possible, with national membership survey data.
A Qualitative Aspect. When we say, for example,
that 62 percent of members consider your credit union
to be their PFI, we are speaking in numerical - or
quantitative - terms. While most membership survey
questions are quantitative, we like to ask at least one qualitative
question. In this type of question, members respond in their
own words, thus providing a richness and depth of insight not
possible otherwise. An example of a qualitative question is:
“Do you have any final comments or suggestions for ways we
might serve you better?”
7
Recommendations. At the end of the day, you will
have obtained (and paid for) a large amount of data.
This information should be compiled in a clear and
concise written report that contains, among other
things, informed and actionable recommendations. You
deserve a professional assessment of how to apply your results
in the most advantageous way, and a credit union researcher
should always take this final step seriously.
So, as waterproof rain gear and solid cedar Adirondack chairs
typify the L.L. Bean image, there are essentials that characterize
a top-quality membership survey: pre-survey interviews;
accurate sampling; well-written questions; demographic
analysis; Texas peer comparisons; a qualitative aspect; and
meaningful recommendations. Taken together, these comprise
the “good twine” that will assure the delivery of a premium
membership survey. h
By Idress Rafiq, Jr.
Assistant Vice President of Information Technology Consulting
Financial & Technology Resources
Credit Union Security
– A Compliance and Best Practice Approach
C
redit unions are continuously faced
with challenging compliance regulations; moreover, they are
challenged with best practice standards in the industry. Credit
Union Resources, Inc.’s Financial & Technology Resources
(F&TR) is committed to providing credit unions compliance
driven services in conjunction with helpful technology services
assisting the evolving technology needs of operations. F&TR
provides a complete hands-on solution for the regulatory
requirements of National Credit Union Administration
(NCUA) Regulation 748 and NCUA Letter 06-CU-10.
The risk assessment process evaluates the risk of member
information being compromised. The risk assessment
concentrates on the credit union’s administrative, physical, and
electronic security to address compliance, best practice, and
industry standards customized to the size and complexity of
the credit union. The Security Policy & Program is developed
based on the risk assessment’s findings in fulfillment of the
NCUA Regulation 748 Appendix A and B.
Information Systems & Technology (IS&T) Assessments
include an in depth review of a credit union’s overall IS&T
systems concentrating on security, audit, information
technology, and member services in fulfillment of NCUA’s
letter to credit unions 06-CU-10.
Other regulatory services include outdoor ATM safety
evaluations, external vulnerability assessment testing, TG-3
PIN audits, and disaster recovery planning.
F&TR is also committed to assisting credit unions
with a monthly system maintenance service by remotely
applying needed software updates, antivirus/antispyware
updates; perform disk cleanup and disk defragmentation
tasks, and review event logs to proactively identify
potential issues.
If you have any questions, please contact Idrees Rafiq, Jr,
at (832) 687-0051 or (800) 442-5762, ext. 6799. h
We offer a variety of solutions for a credit
union’s graphics, communications,
promotional and research needs.
Having worked with credit unions and related
organizations exclusively since 1979, Marketing
Resources can help whether you are across town,
across the state, or across the country.
For assistance from a 100% credit union
marketing specialist call:
469-385-6478 or 800-442-5762,
Ext. 6472
©2008 CU Marketing Resources. All Rights Reserved. 08-0566
By John A. Vardallas, CAE, CUDE
Founder/CEO, TheAmerican BoomeR
News
Top 10 CU Thrival
Growth Strategies
for Remainder of 2008
T
hese are challenging times for the credit
union industry. Overall net membership growth is declining, net interest margins are not covering operating expenses, CEO and board leadership is in transition, the economy
is bordering on recession, interest rates are fluctuating daily,
the housing market has gone south, fuel and food prices
are rising faster than our raises and pundits are forecasting a gloomy picture for this election year into 2009. With
all this negative talk in the media what is the credit union
movement to do to weather this challenging storm?
After traveling throughout the credit union system this
past year speaking at various venues and working with local
credit union leaders, I have come to the conclusion that
we must put on our helmets, tighten our chin straps and
get into the game of dealing with these difficulties, which I
prefer to call challenges.
Our leaders need to accept these challenges, and perform
at a greater level than the competition if we are to survive.
My Top 10 suggestions for setting a course to thrive not just
survive in the future is as follow:
1
Work the back yard: Focus on deepening relationships
(more wallet share) with your current members.
2
Review your fee structures for market place adjustments. I am not suggesting we gouge our members,
only to alter fees based on the local marketplace.
3
4
Have a partnership and alliance strategy.
5
Reconnect with current and new members by offering a Member Care 800 number and a Certificate of
Member Ownership. Give members real reasons for
being a member, not just a customer.
6
Have a strategy to reach out to serve new Americans and
the underserved. We are at the point now for action in
really reaching out to consumers in our communities
and bringing them into our credit union family.
7
Offer relationship pricing and heavily promote debit
cards for interchange income and the more members
use the credit union the better deal they get.
8
Offer tax/legal (Wills) and end of life (burial) services.
Think outside the box and look for services that your
members could really benefit from.
9
Reach out to boomers/women via small business services and Health Savings Accounts/lifestyle/payday
lending products.
Train staff to cross serve/sell and wow members at
every touch point opportunity 7x24x365.
starting a CUSO to offer insurance/travel/
10 Consider
HR/DP products & services.
The U.S. credit union movement is now celebrating 100
years, and if we are not only to survive in the future but
thrive, we will have to develop a different strategic mind
set about growth. Our credit unions will need to fine tune,
hone and focus our energies that are clearly defined and
with a commitment to achieve them. h
By Alex Schitter
TCUL Writer
Credit Unions and Web 2.0
– It Takes Two to Tango So Why Aren’t We Dancing?
T
here are times when it seems almost as if
the Generation Y-ers and the credit unions of the world are attending their first sixth grade dance. You know the drill: boys
on one side of the gym, cracking jokes with each other, and
girls on the other side, laughing amongst themselves. No one
will make a move and get the party started on the dance floor.
The same can be said of the current youthful generations
and the credit unions that are trying to appeal to them. Everyone is on the same level (or gym floor) but that first step
in crossing the line has yet to be taken, and it is not for fear of
rejection or being laughed at on the playground the next week.
So then what is keeping both groups in their safety zones?
A lack of an understanding of communication for both
sides, from both sides perhaps. The majority of the people that
fit into my age bracket, Generation Y, hears the term “credit
union” and automatically think “is that some sort of super
bank?” The credit union professional hoping to attract these sure you several more will follow. We spread news like wildfire
key demographics may see the Internet’s social networking ser- and our collective opinion can decide who the next “American
vices as unproductive time-wasters that probably have no re- Idol” will be while also encouraging others not to spend money
deeming value to their operations. Given the maturity of both on this summer’s latest supposed blockbuster. But even outgroups, surely there is some surefire
side of a pop culture orientation, we
way of mustering up the courage for
can play a pivotal role in politics and
The “people helping people”
both parties to meet and create some
world events. We have virtual librarphilosophy is perfect for a
sort of a relationship.
ies open to us 24 hours a day and we
movement that incorporates a
Well, yes and no. There is almost no
are quite adept at checking out what
rhyme or reason to the way the Gen “social” setting with a connected interests us (as soon as we get done
Y-ers choose to process and retain the
watching the latest sports bloopers
sense of “networking.”
information they do. The hard part
video on YouTube).
is not going to be reaching us in our
I make us sound like a forceful
most natural of environments, the Internet, but rather it will threat to be reckoned with due to our supposed power and
be retaining our interest. Factor in the amount of attention- thought processes when in reality, we are just like you. We are
seeking opponents out there (social networking websites like kept up to date with the news, but we get it through blogs or
MySpace and Facebook have undoubtedly claimed several our cell phones. Current events and lectures pique our curioscasualties along the way) and suddenly the odds look to be ity, but we can listen to them via our iPods and podcasting
stacked against credit union hopefuls.
as opposed to the television set. We want to have a strong fiBut why should they be? If anyone can create a social net- nancial foundation but we may not know the best way either
working account - why not a credit union? The “people helping because of our parents’ established plans or due to a lack of
people” philosophy is perfect for a movement that incorporates information hitting our methods of communication.
a “social” setting with a connected sense of “networking.” Gen
We prefer ease and simplicity. If you are trying to entice us
Y-ers love keeping in touch with their friends, reading updates into a dance with a standardized mailed letter or an advertisefrom family members they may not have time to visit and even ment in something called a “newspaper” that most of us can
being aware of those famous celebrities that they will probably recall seeing at one point in our lives, you probably are not gonever meet. We are just as quick to add one of our apartment ing to get many responses. But if you are requesting to be our
neighbors to our list of friends on Facebook as we are to add friend in Facebook or inviting us to read your musings in your
our favorite actor, music artist and even financial institution. latest MySpace blog posting, you may have more than your fair
There may have to be an incentive behind it or some sort of share of eligible dancing partners. It’s all about communication
promotional offer but if you reach even one of us that way, I as- and not tripping on two left feet. h
By Mike Delker SCMS
TCUL Vice President, Credit Union Relations
News
Real Solutions:
Helping Credit Unions Break Down Barriers;
Reach Texas’ Underserved Communities
A
vital component of the credit union
mission is to provide financial services to all, not just the
privileged and well-off. Many credit unions have expressed
interest in expanding their services to ensure they are meeting
most of their members’ financial needs, including those that
are typically disserved by predatory and unethical lenders.
Often times, this may include non-traditional financial
services, as well as the recognition that an unserved or
underserved market exists within their field of membership.
But at times a lack of familiarity with the product or market,
as well as the costs and risks that may be associated with such
an endeavor has kept some credit unions immobilized.
However, many Texas credit unions are aware of this
need, and have worked very diligently to ensure they fulfill
the mission of serving all. As another step in this direction,
some have recently undertaken a new initiative to serve those
low-wealth and modest means households. This initiative
is REAL Solutions, which stands for “Relevant, Effective,
Asset-building, Loyalty-Producing” Solutions.
This year, 24 Texas credit unions have signed on to
participate in the REAL Solutions initiative. REAL Solutions,
which originated as a Filene Research Group project, is
now the signature program of the National Credit Union
Foundation (NCUF), and is actively engaged in 26 states.
Over the next three years, REAL Solutions is projected to
help more than 2,000 credit unions in 33 states offer new
products and services to attract more than 250,000 members
from these largely untapped and underserved markets.
The REAL Solutions program in Texas is a joint venture
of the Texas Credit Union League (TCUL), NCUF and the
Texas Credit Union Foundation (TCUF). The goal of the
REAL Solutions initiative is to migrate those low-wealth
households and other underserved segments into economic
empowerment. The Texas REAL Solutions initiative will
consist of at least two phases. The first phase, involving 24
Texas credit unions, is currently underway.
Nancy Pierce, highly regarded in the credit union industry,
is serving as the REAL Solutions field coach in Texas. Pierce is
president of Tipton Research Group in Kansas City, Missouri,
which provides research and consulting services to the credit
union industry. She is a 25-year veteran of the credit union
industry and served as president of Mazuma Credit Union
in Kansas City and chair of both the Missouri Credit Union
Association and the Credit Union National Association
(CUNA). Pierce is also the recipient of the prestigious Herb
Wegner award. She is working hand-in-hand with the TCUL
to help credit unions develop and/or enhance their product
and service offerings to those members that are currently
being victimized by predatory and unscrupulous financial
providers. “REAL Solutions is not about charity,” says Pierce.
“The program is intended to help credit unions serve low
wealth households, while still making good business sense for
the credit union.”
The REAL Solutions initiative has several objectives in
addition to providing quality and fair financial services to all
credit union members. One objective is to provide a statewide
initiative that meets consumers’ needs for transaction services
while moving toward wealth-building and responsible
money management, including the value of savings and
the responsible use of credit. Another objective is to expand
credit union membership by reaching out and providing
services to new markets. Yet another objective is to highlight
just how involved credit unions are in serving those of low
wealth. The program not only helps serve the underserved,
but also allows credit unions to better target and track their
efforts in reaching out to consumers. “REAL Solutions is not
just about helping people, but proving how we do it,” says
Lois Kitsch, national program director for REAL Solutions.
“We’re gathering data from credit unions across the country
that shows the amount they save consumers and how they
improve the quality of life.” This is a point that will continue
to be stressed, and one that will not be overlooked by those
in political power.
The credit unions participating in REAL Solutions
consider how they best can serve those of low wealth. It might
be through a payday loan alternative, financial education,
non-member checking cashing, or volunteer income tax
(VITA) program. It could be through a second chance
checking program, a focus on the Hispanic marketplace,
or safe accounts. Variety is the beauty of REAL Solutions.
REAL Solutions is a continual process, one that provides
procedures, training, and the sharing of best practices through
collaborative interaction. The program also provides models
and examples of what other credit unions are doing in these
As another step in this direction,
some have recently undertaken a new
initiative to serve those low-wealth and
modest means households.
vital areas. It is then up to each individual credit union to determine
how best to serve their members and potential members.
The 24 Texas credit unions signed to participate in the REAL
Solutions initiative in Texas includes City CU, Coastal Community
FCU, Cosden FCU, DuPont Goodrich FCU, Energy Capitol CU,
First Central CU, First Class American CU, Guardian First FCU,
Kingsville Community FCU, Members Trust of the SW CU, Midland
Community FCU, Mobiloil FCU, Navy Army FCU, Neighborhood
Centers, Inc., New Mt. Zion Baptist Church CU, One Source FCU,
People’s Trust FCU, generations FCU, San Jacinto Area CU, Security
One FCU, Shell FCU, T&P FCU, Velocity CU, and Women’s
Southwest FCU.
Each of these credit unions have participated in a diagnostic
evaluation of their current offerings to low wealth households,
and have also conducted their first partner meeting. This
meeting was focused on payday lending, financial education,
and the regulatory commitment to serving those of low wealth.
Additionally, the final results of the individual diagnostic
evaluations were reviewed. Additional partner meetings will
be held approximately every eight weeks for the remainder of
the year.
REAL Solutions is a winning program for credit unions, their
members, and their potential members. To learn more about REAL
Solutions, or to sign up to participate in the second phase of the
REAL Solutions initiative, please contact Delker, at (800) 442-5762,
ext. 6826. Delker may also be reached at mdelker@tcul.coop. h
Help your Member’s Business Grow,
while your Credit Union Grows
Texas Business Lenders Group
provides your credit union with the
operational capabilities that allow
you to offer business loans, including
underwriting, commercial document
preparation, service support, loan
processing, closing, etc.
Contact Us For More Information:
Texas Business Lenders Group
866-540-0255
Or Your Account Representative
Brent Lavitt or Linda Winkfein
©2008 CU Marketing Resources. All Rights Reserved. 08-0566
By Karen Houston
Vice President
Credit Union Resources’ OnBalance
PhilosophyinAction
SO YOUR NEW CEO HAS BEEN HIRED
– NOW WHAT?
The Board’s Role in CEO Transition
N
ow after months of searching, the board
has hired a new CEO. Now it’s time to relax – right? Hardly!
The difficult work is about to begin, and preparation is key
to success - - preparation for not only the arrival of the new
leader, but also for the departure of the current CEO.
The selection of a successor to a departing CEO is
arguably the most important role of the board of directors.
A new CEO changes every facet of an organization, from
the relationship between management and directors, to
employee morale, and even to member relations. Transitions
are uncertain, anxious times for all involved. The goal of the
board should be to help establish a solid foundation from
which the new CEO can succeed. But your responsibility
goes well beyond just the incoming CEO.
While there is no one cookie-cutter process that works for
all organizations, there are some ‘best practices’ the board can
follow to ensure a smooth transition for all stakeholders.
Rituals and Legends
The employee population never forgets how an organization
treats its outgoing executives. Words and behaviors during
this time easily become instant legends – either extremely
positive or negative – for everyone involved.
n
Should the existing CEO remain for several months, in an office “just down the hall”, or
should they depart immediately, or is there
something in between that makes sense? How high – profile or low – key should the departure process be?
n Should the incoming CEO be part of these
events or not?
The New CEO and Family
A new job involves both a personal and professional
adjustment. Often a new CEO moves both to a new
corporate culture and to a new city or state. This can be
especially difficult for family members who must uproot
their lives.
Ease this transition by providing access to resources such
as temporary housing, moving specialists, real estate agents,
and school counselors.
Communication Plan
The board should work with the new CEO to develop
and publish a communication plan for the first 60 – 90
days. It is essential everyone knows roughly what to expect:
“When will we hear from him/her about priorities, potential
changes, what they think after being here awhile?” Will
there be group meetings—or individual?
The goal is to get to everyone in the first week of change.
Why? Because uncertainty creates chaos, stress, and rumors –
none of these are helpful to a smooth leadership transition.
The first 100 days are critical to a new CEO’s ability to
succeed in the credit union. During these first few months,
the board should play an active role in encouraging and
enabling the new CEO to establish key relationships – not
only with the directors, but with staff, membership, and
the community.
History and Culture
A small group with long experience ought to share the
history and legends of the credit union. How did the credit
union get to this stage? What were the major points of
distinction? And from that history, where are we now in
terms of organizational DNA – what’s the culture here –
what’s distinctive about us vs. other credit unions? What do
we need and value most from a CEO?
Explicit Expectations and Periodic Review
Given that the CEO reports to the board, you must
establish objectives and expectations for the CEO from
the beginning and periodically review progress with the
CEO. The board and CEO should discuss and agree on
performance expectations at the time of hire and periodically
on an ongoing basis. At least annually, the board should conduct a a transition process that puts all participants in the best possible
review of the CEO’s performance. Many today utilize a 360-degree light out of the gate. A poor start, either by the CEO or the board,
review, encompassing management team feedback, board member only creates a sizable obstacle that must be overcome before real
feedback, and feedback from other key
progress can begin.
stakeholders, as appropriate.
The
incoming
executive
is,
A new CEO changes every facet
Consider having the incoming CEO
unfortunately, in the least-best position
of an organization, from the
produce an organizational assessment
to craft an effective transition. He or she
and a proposed action plan (what he or
relationship between management knows less about the culture, dynamics,
she sees as the priorities to be tackled).
personalities, and traditions than anyone
and directors, to employee morale, (assuming this is an outsider, of course).
You should typically expect this within
and even to member relations.
three to six months depending upon the
This is why is it imperative that the
credit union’s size and complexity. This
board play an active role to help plan
document can be the primary vehicle for
and manage the process.
initial strategic discussion between the CEO and the board.
CEO changes are commonplace, but developing tailored, effective
In closing, remember - - FIRST impressions last forever. You transition processes is not. Yet, they are essential to minimize
know this is true if you consider your own experience with people employee stress and uncertainty and maximize early productivity
you’ve met or organizations you’ve worked for. It is essential to craft and a positive start for your new CEO. h
By Jim Phelps
TCUL Political & Grassroots Director
PhilosophyinAction
Growing Our Grassroots
with the Star Advocate Team
W
hat is the Star Advocate Team?
While not-for-profit credit unions do not have quite
the financial resources of for-profit banks, we do have one
resource that they do not: our members. In Texas, we have
over seven million members, and that is what the Texas
Credit Union League (TCUL) Star Advocate Team is all
about – mobilizing just a small percentage of these seven
million members - specifically, half of 1 percent - as grassroots
contacts. This equates to roughly 35,000 credit union
grassroots contacts – serious grassroots muscle that can’t
be ignored in Austin or Washington, D.C. New grassroots
contacts will receive political/legislative/regulatory updates
concerning the credit union movement, and be notified via
email when a crucial legislative issue emerges that requires
grassroots assistance.
Why is it important to grow our grassroots?
Since the passage of the Federal Credit Union Act in
1934, the credit union movement has had to defend itself
from external threats via grassroots advocacy to maintain
its unique structure. Recent news and events prove that the
external threats still exist; consider the challenges that the
credit union movement has already encountered in 2008:
1
2
In January, the American Bankers Association (ABA)
released their prioritized list of goals for 2008. Credit
unions are ranked number three on the list – behind
terrorism, security concerns, and regulatory burden
– but well ahead of the mortgage crisis! The number
three priority is described as “Unfair Competition from
Government-Advantaged Institutions” and is specific
in its goal of ending credit unions’ tax-exempt status.
In March, Treasury Secretary Henry Paulson released
his Blueprint for a Modernized Financial Regulatory
Structure containing long-term recommendations
which, if enacted, would be extremely detrimental
to the credit union system. One of these
recommendations would place credit unions under
a single financial institution’s regulator, resulting in
the elimination of the federal credit union charter.
Fortunately, the Treasury Blueprint was considered
“dead on arrival” in Congress, due in large part to
the lobbying and grassroots work performed by
the Credit Union National Association (CUNA)
and the state credit union leagues over the years
educating Congress on the Credit Union Difference.
However, now that the Treasury Blueprint has been
released, it is part of the historical record and can
be revisited by a future administration.
3
4
In April, H.R. 5519, the Credit Union Regulatory
Relief Act (CURRA) was scheduled for a vote on
suspension in Congress, which is reserved for
‘non-controversial’ legislation. The banking trade
groups launched a massive grassroots effort to
kill the bill, and in the ensuing battle with credit
unions it was pulled from the suspension calendar.
However, in opposing CURRA the bankers ended
up sacrificing their own bill, which was pulled by
congressional leadership.
In May, H.R. 1537, the Credit Union Regulatory
Improvements Act (CURIA) was introduced
in the United States Senate as S. 2957. The
banking trade groups immediately launched
a grassroots campaign of phone calls, faxed
letters, and emails aimed at the full U.S. Senate
in opposition to the bill. Credit unions have
responded in-kind to support the bill and acquire
Senate co-sponsors.
These examples demonstrate that the external threats to
the credit union movement aren’t going away anytime soon,
and that the ability to mobilize credit union grassroots in
massive numbers will be crucial to the future of the credit
union movement.
How Do I Become a Grassroots Contact
via the Star Advocate Team?
New Star Advocate Team members can sign up to
defend their credit union by visiting the Advocacy
section of the TCUL’s web site at www.tcul.coop, or
by contacting Phelps at jphelps@tcul.coop. h
National Award Programs
Help Demonstrate the CU Difference
A
s in past years, the National Recognition
Awards Program has a special significance. But as we move
into a new era, one where the credit union industry will be a
major player in the political arena, it is more important than
ever to recognize that credit unions are unique providers of
life-line financial services for millions of working Americans.
Developing and entering your socially responsible project helps
your local community – and its representatives in state and federal
government – better understand the credit union difference. The
greater the understanding of this difference, the greater chance
that the credit union tax exempt status will be preserved and
accessibility to credit unions guaranteed for all consumers.
The Texas Credit Union League (TCUL) is now accepting
entries for the following national award programs:
projects might include sponsoring community activities, or
loaning employees for a few hours a week to volunteer in
hospitals, retirement homes or shelters.
Beginning in 1990, the Louise Herring award has commended
credit unions that make exceptional efforts to include the credit
union philosophy in their daily operations and member service.
A program such as special assistance to low-income members
struggling to pay heating bills is just one example of the philosophy
that sets credit unions apart from other financial institutions.
The Desjardins award program is named in honor of
credit union pioneer Alphonse Desjardins, and recognizes
leadership within the credit union movement on behalf of
youth financial literacy.
By entering in the national award programs, you are:
Dora Maxwell Social Responsibility Recognition Award
n Louise Herring Award for Philosophy in Action
n Desjardins Youth Financial Education Award
n
Since 1987, the Dora Maxwell award has honored credit
unions for their charitable works in their communities. Such
Visit the Awards/Recognition section of TCUL’s web site
at www.tcul.coop for more details. h
n
n
n
Helping your community and members
Showing lawmakers that credit unions are something
special and should remain that way
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Looking Inside Advocacy:
CURIA and Member
Business Loans
By Winter Prosapio, Advocacy Communications Director
The first part of a series on legislative priorities for credit unions, this
installment looks at one provision of the Credit Union Regulatory Improvement Act,
or CURIA, currently pending in Congress. That provision would raise the ceiling on
member business lending (or MBL) from 12.25 to 20 percent of assets. Credit union
legislation and CURIA in particular, is being opposed by the banking lobby.
The Dream
This is what the dream looked like: It was
going to be a family business, Joe and Graciela
Frescas with their grown children, Davina and
Nick, all running different parts of the business. The halls at Grammie’s Day Care would
be bright and filled with the sound of laughter and play. Davina would use a method of
teaching she’d trained in during her college
years: no time outs, no standing in lines, no
wasted time; instead, just a steady and choreographed flow of curriculum, language,
and play. Nick’s phone would ring often as
he demonstrated to parents a sophisticated
camera system that would allow them to view
their child during any part of the day and
watch them play, learn, and make friends.
Joe would help run the business, literally
building the rooms and being there for the
little ones – his “angels on earth.” But Graciela Frescas would be the heart - Grammie
of Grammie’s Day Care. She’d be swarmed
by children the minute she walked into any
room, as she ensured every room was filled
with affection and attention.
That was the dream. Only one problem:
the Frescas were turned away by every single
bank in El Paso.
Barriers for Small Business
Consider the problem. In late January,
Steven Preston, head of the Small Business
Administration (SBA), said that 368 financial institutions were no longer participating
in SBA lending. In fact, according to a story
in May by the Associated Press, the Federal
Reserve reports that 55 percent of banks have
reported imposing tougher standards on
business loans, up from 30 percent just four
months earlier.
The Wall Street Journal opined that credit is
drying up for small business and rate cuts are
not likely to have much of an effect. The reason? Massive bank consolidation, combined
with the subprime crisis. Bigger banks, fewer
local decisions, less interest in small commercial loans (like the Frescas’), together with a
general skittishness in the market, has created
a squeeze on small businesses. This is particularly true for “micro-loans,” which the SBA
defines as loans under $100,000.
Limits on Credit Unions
Ten years ago, Congress instituted an arbitrary cap on credit union member business
loans (MBLs) of 12.25 percent of assets and
a threshold of $50,000 for what constitutes
an MBL. As a comparison, business loans
comprise more than 58 percent of the lending portfolio of Texas-based banks, with no
government-imposed cap. Most of banks’
business loans are geared to larger, more profitable business-customers.
ber had put in all they could toward the business. Now Joe and Graciela were considering
selling their home altogether. “We could always get another house,” said Joe. “We were
going to get this done, somehow.”
They had all the makings of a success story. Graciela’s home-based day care already
was very successful and had a long waiting
list. Nick had experience managing a child
care center in Austin, while Davina had
classroom experience. Joe, having retired
from the railroad after an accident, knew all
about construction from the home building
business they’d operated before. And they
knew El Paso was ready for this level of child
care service.
Still, they needed funding, and banks
weren’t interested. Graciela continued going
“It’s not just about ratios,” said Carbajal. “Yes, you
have to see a good plan in place. But you also have to
look at a person’s character.” Banks, Carbajal notes,
don’t want these loans. But credit unions do.
The squeeze created by these governmentmandated limits and thresholds on credit
unions constitutes a barrier to entry for those
seeking to serve their members’ business
lending needs. As a result, only about 20
percent of the state’s nearly 500 credit unions
offer MBLs.
Knocking on Doors
Joe and Graciela Frescas had gone to every single bank in El Paso with their business
idea. No one would even discuss it with them,
let alone take the time to review their carefully
prepared package.
“They’d tell us ‘you don’t have the money,’”
said Joe. “Of course we didn’t have the money;
that’s why we were looking for a loan.”
Joe and Graciela had already taken out a
loan against their home. Every family mem-
to SBA seminars, trying to perfect their plan
and add information. It was at such a seminar
where they learned about West Texas Credit
Union and met CEO Rufino Carbajal.
“It’s not just about ratios,” said Carbajal.
“Yes, you have to see a good plan in place. But
you also have to look at a person’s character.”
Banks, Carbajal notes, don’t want these loans.
But credit unions do.
“To them, these are the crumbs,” observes
Carbajal. “To us, these are our members.”
Carbajal sees member business loans as a
way to give back to the community, to create jobs and give members a chance to realize their dreams.
Ask the Frescas family where they would be
without West Texas Credit Union and they
have a simple answer.
Still dreaming. h
It’s a Family
Herod Women
have long history
of service to
the movement
By Linda Webb-Mañon,
TCUL Communications Director
Tradition
Just over seven years ago, Melody Pernie was a victim
of company downsizing. Unemployed and uncertain of what to
do next, she began assessing all of her options. Although familiar
with the credit union movement, she hadn’t really considered it
as her next career move. But sometimes, fate intervenes.
Her mother, Stephanie Singleton, had been working in the credit
union movement since 1985 and her grandmother, Bea Herod-Harmon was a long-time credit union leader, with 40 years of service under
her belt.
“It just so happened that a position opened up at Texans Credit
Union’s Sherman branch at exactly the time I was beginning my job
search and my mother and grandmother convinced me to give it shot,”
Pernie said “Of course it really wasn’t a hard sell.”
Pernie was hired as a member service representative I, working her
way up to her current position as member service representative III.
“Honestly, I couldn’t imagine doing anything else. I love the fact that
I work in an industry that puts people before profits,” she said.
Kellie Herod, granddaughter-in law of Bea, didn’t need much arm
twisting either to sell her on the idea of a credit union career. Herod’s
career in the movement was launched about six years ago, when she
accepted a position as a part-time teller at Texoma Educators Federal
Credit Union in Sherman. She served in this capacity for about three
years, before being hired on full time. It wasn’t long after that she was
promoted to teller supervisor, a position she holds today.
“In my opinion, credit unions serve their members better than anyone else. Banks exist to make money for their shareholders, whereas
credit unions are vested in their members’ future,” Herod said. “We
take the time to get to know our members and understand their
unique needs.”
Herod became exposed to credit unions about nine years ago, when
she married Cody, Bea’s grandson and nephew of Stephanie. “As a longtime credit union member, he always sang the praises of credit unions,”
Herod said. “When I told him I wanted a career, he encouraged me to
talk to his grandmother.”
It didn’t take long for Herod to learn just how special are credit unions,
and the professionals and volunteers dedicated to serving them.
“I noticed right away that our members felt a strong connection to
the credit union, and not just because we offered them the best rates,”
said Herod. “The fact that they are not just another customer, but
rather a member/owner really resonates with our members. They trust
us. And among the staff, there is a sense of pride in knowing that they
are part of a cooperative system that really looks out for their members
and community.”
unions were really something special,” said Singleton.
Throughout her 40-year career, Harmon has devoted her experience, wisdom and countless hours for the advancement of the movement. She served on the Texas Credit Union League’s Board of Directors from 1975 to 1995, and was extremely active in the Texoma
Chapter of Credit Unions, holding several key positions on the Chapter board, including president. Additionally, she spent six years on the
Credit Union National Association’s (CUNA) board of directors. A
Southwest CUNA Management School (SCMS) graduate, Harmon
was instrumental in organizing the Alumni Association for SCMS.
She was also a Founder’s Club member in the 1980s, for her contributions in organizing two credit unions.
“Serving the credit union movement has been extremely fulfilling.
I’ve made a lot of friends and I’ve helped a lot of families achieve their
dreams. And I owe it all to my father. He instilled in me the value
of honesty, commitment to hard work, dedication to a cause, and the
belief that a handshake is as good as gold,” said Harmon. “My father
always believed in fairness and in taking care of all people, whether rich
or poor. He was my mentor. And I can honestly say I have made my
daddy proud.”
During her last two years of high school, Singleton worked part-time
for her mother at Cicost Federal Credit Union. At that time, the credit
union was very small – Harmon and Singleton were the only employees
and the services were limited to savings and loans. Because it was such
a small operation, and technology wasn’t what it is today, Singleton was
able to gain a wealth of skills, broad knowledge and experience.
Though challenging and rewarding, Singleton was young and says
she felt compelled to “spread her wings.” So she left the credit union
in search of something else. She bounced from job to job for a period
of time, married, had a family and in 1985, found her way back to the
credit union. By the time she returned to the credit union, her mother
had advanced from manager to president.
“I just needed to experience something different in order to fully appreciate the movement I had essentially grown up in,” said Singleton.
If you think having a mother as your boss means easy sailing, think
again. On the contrary, Singleton says she had to work hard to prove
herself, and if anything, her mother expected far more from daughter
Stephanie than the other staff.
“My mom has always been an overachiever, a trend setter, and that is
a hard act to follow,” says Singleton. “She’s been a fabulous role model
and mentor and I can only hope to aspire to her level.”
In keeping with tradition, Pernie is also exposing her 13 year old
daughter to credit unions.
“When we celebrate ‘bring your kids to work day’ at Texans, I bring
my daughter, Natalie. She gets to see what her mommy does for a living,
and actually, she thinks I have a really cool job,” said
Pernie. “Of course, I have an ulterior-motive…I’m
grooming her for a career in the movement!”
What most attracted Harmon and subsequent
“Going to work isn’t a chore for me. In fact, I
consider
the credit union as sort of an extension of
family members to the credit union movement –
my
home,”
continued Pernie.
as cliché as it might sound – is the “people
“In the credit union movement, people rehelping people” philosophy.
ally care about each other – we’re like a family,”
added Herod. h
Having little knowledge of credit unions when she joined Texoma
Educators, Herod saw the local Chapter meetings as an excellent
training venue, and also an opportunity for networking with others
in the movement. Today, Herod serves as treasurer on the Texoma
Chapter board.
“I have found the Chapter program to be an excellent one,” she said.
“We have great speakers who address issues of importance to our dayto-day operations, and the credit union staff and volunteers who attend
are always willing to share ideas and solutions for whatever challenge is
brought to the table.”
Balancing a career and family that includes three children under the
age of 13 can be challenging, but Pernie found the Chapter to be such
a valuable resource that from 2003-2007, she held the position of secretary on the Chapter board. It was a post she turned over this year to
her mother, Stephanie.
Just as Pernie has no regrets about the choices she has made with
regards to her career, Herod too is confident she made the right career
choice. “As my 7-year old son Britt would say, “It fits like a glove!”
As a child, Pernie can remember visiting her mom and grandmother
at Cicost Federal Credit Union in Sherman. Her mother is the vice
president and her grandmother, the CEO.
“I am so proud of them both. I use to tell my childhood friends, ‘that
is my mom and grandma’s credit union!’” she chuckled.
Together, these four women represent nearly 80 years of service in
the credit union movement. It is a tradition they all say they are proud
to be a part of. What most attracted Harmon and subsequent family
members to the credit union movement – as cliché as it might sound –
is the “people helping people” philosophy.
“I learned about credit unions through my father. In the 1940s,
he was a fulltime railroad mechanic, and a part-time secretary, treasurer and bookkeeper for the Frisco Railroad Federal Credit Union in Sherman – only he didn’t get paid for
that, he volunteered his services because he truly believed in
the credit union difference,” recalls Harmon. “I remember
thinking to myself when I was a young girl, ‘when I grow up,
I too want a job that I can be proud of and that will bring
me the kind of happiness my father found volunteering in
the movement.”
The credit union movement was such a huge part of Harmon’s life that it really isn’t surprising she would share that passion with her daughter.
“My mom began working at the credit union when I was in
the third grade, so I grew up knowing about credit unions. Just
as I use to bring my daughter to work when she was young, my
mother would take me as well. Early on I learned that credit
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ProfessionalDevelopment
By Dean Borland
Director of TCUL Chapters & Councils
Chapters
and Councils,
Collaborate To Succeed…
S
ince their beginning in
19th century Europe, credit unions
have grown and prospered by
helping people. In fact, for the credit
union movement, “people helping
people” is more than a slogan; it is
the reason for being.
Fortunately, the concept of
helping is not reserved exclusively
for members; it’s a fundamental
component of credit union industry
success as credit unions help each
other. From sharing resources and
best practices, providing training
and education to improving individual and organizational
performance, and mustering grassroots support to influence
regulators and lawmakers, cooperation among credit unions is
a mainstay of industry success, both past and future.
But, when faced with limited resources, exactly where
can a credit union professional turn for help with regulatory
compliance, human resource questions, operational best
practices, training and educational opportunities, or
encouragement when things just aren’t going according to
plan? The best place may be a Texas Credit Union League
(TCUL) Chapter or Council.
The 26 local Texas credit union Chapters exist to meet the
ever-changing needs of credit unions serving their communities.
Chapter officials are elected by their peers from member credit
unions and serve as volunteers, providing programs and events
to support the needs of local credit unions and initiatives
critical to credit union industry success.
Chapters are autonomous, free to plan and provide for their
local credit union community. But, their charters are similar:
Chapters provide a conduit for educational opportunities to
enhance skills and knowledge of credit union professionals.
Funded from cooperative resources and delivered locally,
chapter sponsored training can be among the most cost
effective options for credit union staff enrichment.
Chapter meetings provide opportunities for credit union
professionals to share best practices, creating synergy to make
the whole better than the sum of the individual parts.
Through cooperative efforts organized through local
chapters, credit unions and their members raise a unified voice
to support and protect the principles that guide credit unions’
existence (advocacy).
People become credit union professionals because they care
Chapter meetings provide
opportunities for credit union
professionals to share best
practices, creating synergy to
make the whole better than the
sum of the individual parts.
about people and the communities where they live. Chapters
help credit unions coordinate efforts and pool resources to
improve local communities through fundraising and volunteer
activities supporting worthwhile causes like the Children’s
Miracle Network, local food banks, Habitat for Humanity,
and many, many more.
And, local chapters collect and pass along feedback to TCUL
for improvements in services to credit unions.
Chapter meetings are open to credit union staff,
volunteers, and business partners. Visit TCUL’s web site
at www.tcul.coop and click on the Chapters link for the
meeting schedule of your local chapter.
Similar to chapters, councils exist to facilitate information
sharing and educational opportunities among credit union
professionals. But, unlike Chapters, Councils focus on
specific professional disciplines, providing support and
skills enhancement for credit union professionals working
in those disciplines.
TCUL supports Councils focusing on seven areas of
professional expertise, regulatory compliance, lending,
marketing, operations, human resources, technology, and
finance (CFO). Council members benefit from a variety of
educational opportunities sponsored by the respective councils
and from networking opportunities that serve as conduits for
timely problem solving among credit union peers.
Council membership is available to paid staff or volunteers
from credit unions that are affiliated with TCUL. Each
Council has an executive committee composed of credit union
professionals elected by other Council members from credit
unions of all sizes from around the state. You are not alone
- find out more about TCUL’s Council programs at www.
tcul.coop. h
By Randy G. Pennington
Pennington Performance Group
Stay Connected:
How Everyday Leaders Engage Their People
R
ight now – as you are reading this sentence
– 70 percent of your staff is alienating your members,
keeping you from achieving your goals, or costing your
credit union money that could be used for more productive
uses. Scary, huh?
And true, according to the Gallup Management Journal’s
Employee Engagement Index. The Gallup study reported
that 71 percent of employees are either not engaged or,
worse, actively disengaged.
What This Means For You
Employees who are not engaged (54 percent according
to Gallup) tend to be task rather than goal oriented. They
do exactly as told – nothing more or nothing less. Chances
are they feel their talent is overlooked, or hesitate to share
ideas that could make your operation better.
The actively disengaged (17 percent) undermine others’
performance. They voice their mistrust to co-workers, and
their discontent is readily visible to everyone with whom
they come in contact.
Employee engagement is more than just a perception
issue. ISR, a leading global employee research and consulting
firm, gathered information from 664,000 employees
around the world and simultaneously analyzed traditional
financial measures from their companies over a 12-month
period. Companies where employees felt connected and
engaged saw a 19.2 percent increase in operating income,
while those where employees are not engaged saw a 32.7
percent decline.
What could you do with an extra 19 percent? What
services could you offer members? What could it mean to
your loan portfolio? What could you do to retain and grow
your talent for the future?
What Employees Want
People want to work in a place where they can succeed
and feel their contribution is appreciated. They want
supervisors who care about them and their growth. They
want to be challenged, and they want to feel proud of what
they do and who they work for.
Here are nine things you can do immediately to stay
connected to your staff and foster engagement:
1
Connect a clear focus for the business with individual
performance. Specific goals and expectations linked
to a common, compelling vision provide a sense of
contribution and focus.
2
Provide the time, tools and training to accomplish
the job. Doing more with less does not mean doing
everything with nothing. Frustration develops
when barriers are erected that make success impossible. An
investment in tools and training reinforces the idea that you
want the business to succeed.
3
Make recognition and encouragement a priority.
The best performers are internally motivated and hold
themselves to a high standard. Sincere recognition to
the stars ensures that they don’t look for a better environment in
which to utilize their talents. Poor performers can be motivated
by the realization that managers are willing to recognize their
value rather than only look for the negative.
4
Address poor performance. Good employees grow
weary of shouldering more than their share of the
performance load. There is no advantage in publicizing
your efforts to improve someone’s performance. Straightforward,
sincere efforts to help people improve will show up through a
change in the individuals’ behavior.
5
Use honest mistakes as a learning opportunity. The
most important lessons we learn in life often come
from mistakes. So how are honest mistakes handled
in your organization? People who feel punished for honest
mistakes take great pains not to get caught. Communication
becomes closed, and you lose the opportunity to share
valuable knowledge that improves performance and results.
6
Remove a barrier every 30 to 60 days. Ask your
staff to identify and prioritize the obstacles that
prevent excellence. Begin with those that can be
accomplished quickly and provide visible results. Utilize
staff at all levels to design and implement solutions. When
the list is exhausted, create a new one and renew the effort.
7
Give regular, specific and accurate feedback in a
positive manner. Everyone wants information about
how they are doing compared to the expectations
for their performance. The best feedback acknowledges
effort, points the individual toward success and encourages
personal responsibility.
8
Live your values. Policies and practices that are
inconsistent with value statements are a leading cause
of distrust. Consider an audit of the key human
resource processes to determine those that are most out
The ability to be relaxed and enjoy oneself
creates passion in the workplace that
increases loyalty and creates a bond
between team members that decrease the
desire to find something better.
of step with an environment that engage your staff. Performance
appraisal, disciplinary practices, selection, dispute resolution, and
incentive systems are a good place to begin.
9
Have fun and promote personal relationships. Environments
that promote laughter contribute to higher morale, improved
productivity, and lowered on-the-job stress. Having fun is
not just playing games or dressing up at Halloween. The ability to
be relaxed and enjoy oneself creates passion in the workplace that
increases loyalty and creates a bond between team members that
decrease the desire to find something better.
The message is clear: Credit union leadership teams and boards
must embrace employee engagement as more than something that is
“nice to do” to maintain morale. The choice is yours. Will you allow
disengaged staff members to define your relationship with members,
or will you make building a culture of connection and commitment
that delivers amazing results?
Randy Pennington helps leaders build cultures focused on results,
relationships, and accountability. For additional information, please
visit http://www.penningtongroup.com or e-mail Pennington,
at Randy@penningtongroup.com. h
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By John Worthington
Senior Vice President of Corporate Communications
Security Service Federal Credit Union
Marketing:
An Ever Expanding Universe
A
s our world becomes ever more
complicated and myriad messages bombard our
senses daily, finding ways to cut through the
information clutter to reach your members can be a
daunting experience. While available resources will
vary widely based upon a credit union’s assets and
staff, I believe it is helpful to define what we mean
when we say “marketing.” Then, we can explore the
wide range of options each credit union can employ
to deliver its messages.
While some would define marketing as a newspaper
ad, a radio spot or maybe a billboard, I would submit
that marketing is all those things and a whole lot more.
Any communication that reaches your members
(whether a high dollar ad or the person that answers
the phone) is communicating your brand. When
those experiences are positive for your members, and
consistent, you will have effectively marketed to them.
And, there are a whole lot of opportunities to do
that that you may never have thought of. But, taken
together, they can be quite powerful.
Internal marketing activities can reach your
members directly and effectively market your products
and services. A member newsletter, credit union web
site, permission email, online banking system, bill pay
service, integrated voice response system (IVR), seminars, outdoor - billboards, street banners, bus wraps, bus bench
advertising specialties and member appreciation days are a ads; magazines, phone books, direct mail, other commercial
few of the vehicles that come to mind where you can market publications, etc. etc. etc. There is no shortage of opportunities
directly to your members. You can probably come up with for paid media options for marketing your message.
others as well.
Additionally, we now have the social media –You Tube, My
While we are thinking internally, let’s not forget that your Space, Facebook, Second Life, Linkedin, podcasting, blogs,
employees are marketing your brand on a daily basis, whether Wikipedia, and others – which have become increasingly
they realize it or not. An internal web
important for reaching the “Y”
While some would define
site, or intranet, is an effective way to
Generation that practically lives
reach your employees and keep them
on the internet and talks with its
marketing as a newspaper
up to speed. Effective training will help
thumbs. A credit union’s web site,
ad, a radio spot or maybe a
them be positive contributors to your
online banking system, call center,
billboard, I would submit that
marketing efforts. Telephone courtesy
IVR system – are they up to date,
and demeanor can make a great
regularly refreshed, responsive (fast)
marketing is all those things
impression or leave a lasting bad taste
and user friendly?
and a whole lot more.
in the mouth of a member. Employee
Another important factor in
grooming and attire can set the tone
marketing a credit union’s brand is
for a member facing experience. An employee’s professional the state of its facilities. What is the appearance of the building?
appearance (i.e. haircut; shined shoes; appropriate business Is it clean, uncluttered, freshly painted, internal fixtures and
attire) also markets to your member in a positive way.
furnishings well kept? Is the signage current, properly placed
External marketing involves a number of opportunities to and eye catching? Is electronic messaging in use to reach
market our products and services and further firmly establish members while they in the facility? Flat screen TVs? Is the
our brand in the minds of our members and potential members. overall appearance of the facility attractive and conducive for
Traditional paid media such as print, radio and television ads; conducting credit union business?
Bring the
Future
into
Focus
Make plans now
to join us for the
2008 Leadership
Conference.
Watch your League Pack
for a conference brochure.
In addition to internal and external marketing media and facilities, public relations
activities -- earned news media story placements, special events, corporate philanthropy
activities, community relations outreach programs – are productive programs that further
promote the credit union’s brand to members and the general public and establish the
credit union as a concerned corporate citizen that is making positive contributions to the
quality of life for the community.
That is quite a smorgasbord of options. What is the right mix of marketing activities
that will let me get through the clutter and reach my members? How can I afford it? What
to do?
Fortunately, a credit union doesn’t have to have unlimited or use every marketing tool
to be able to reach its members. Different tools fit different situations. By researching
your members’ desires and understanding their demographics, you can better plan your
marketing efforts. Targeting marketing efforts to specific audiences allows you to directly
reach your intended audience with a specific product or service, saving money, being more
efficient and realizing a positive ROI. If you do not have an in-house marketing staff,
you could engage an outside marketing firm, work with a freelance marketing consultant
or collaborate with the Texas Credit Union League’s affiliated company, Credit Union
Resources, Inc., to obtain appropriate marketing products and services.
You can effectively cut through the clutter and reach your members in a variety of ways,
and it doesn’t have to cost an arm and a leg. And, there are many “common sense” features
of effective marketing – phone courtesy, physical appearance, facilities presentation, etc.
– that add to the overall effectiveness of your brand. Consistency in all areas will help
your brand take root and allow you to expand your relationship with your members and
members to be. h
2008
Leadership
Conference
September 4-6, 2008
Marriott Rivercenter
San Antonio, Texas
www.tcul.coop/
2008_Leadership_Conference_Expo.html
© 2008 CU Marketing Resources. All rights reserved. 08-0519
By Linda Webb-Mañon
TCUL Communications Director
SmallCredit Unions
Investing in
Professional Development
Can Give Your CU the Competitive Edge
I
n today’s highly competitive and fast
changing market, all workers - whether they hold an entry
level position or serve on the executive management team
– must recognize their strengths and possible areas for
improvement, notes Tonya Farmer, Texas Credit Union
League’s (TCUL) vice president of Training & Events.
In order to keep pace with current market demands, and
create new opportunities for career growth, Farmer says
the working professional must continuously improve
their competencies.
“By identifying where growth is needed, you are able to
seek out training opportunities that will improve your skills
and increase your marketability,” she says.
Farmer recognizes that allowing employees time off to
pursue professional development can place additional strain
on the credit union, particularly on smaller institutions
where the absence of one employee from their already small
staff can be seriously felt. However, she is quick to point out
that more and more organizations are turning to technology
as a solution.
“Technology is definitely making professional development
more accessible,” observes Farmer. “Working professionals
are able to take advantage of many different media formats,
from DVDs and CD-ROMs to pre-recorded web casts and
live interactive and internet-accessed webinars,” Farmer says.
Here are but a few opportunities available to Texas
credit unions from the League and the Credit Union
National Association:
1
2
3
Webinars: Offered throughout the year, these
internet-accessed program broadcasts cover a range
of critical issues, including conducting a riskbased compliance audit, Reg CC & Check Holds,
Fair Lending Pitfalls, OFAC & BSA, and Kiting:
Detection and Prevention.
Webcasts: Delivered over the Internet through
streaming video, the main advantage of webcasts
is that participants can view them on their own
time and at their own pace. Participants view a
video stream of the speaker in conjunction with a
PowerPoint presentation.
Check it out Library: Available to League-affiliated
credit unions under $20 million in assets, the Check
it out Library provides inexpensive and convenient
access to credit union training books, CDs, videos
and DVDs.
4
5
CPDOnline: This web-based training service
combines the ease of on-demand, self-study training
with expertly-designed credit union courses,
and personal assistance whenever it’s needed. It
offers more than 250 online credit union courses
designed to help the credit union staff, managers,
and volunteers build credit union compliance,
management, lending, member service, marketing,
and other skills through interactive courses and
follow-up exams.
Certificate Programs: A terrific training alternative,
certificate programs provide self-study courses on
a wide range of topics, helping to strengthen staff
skills, build a solid base of credit union knowledge
and boost staff confidence. Member Business
Lending, CU Advance, RegTrac, STAR and VAP
are among available certificate programs.
“Professional development, even with small credit unions,
has got to be in place in order for every credit union to be
competitive” says Paul Montoya, president of HR and
Management Consulting Services. “Virtually all credit unions
offer the same products and services, but if they place a priority
on professional development, then it shows with the employees’
interactions with the membership, with each other, and with
the results of their own performance and behavior.”
“It’s a win-win,” asserts Dr. Susan Fletcher, Ph.D.
“Professional development, even
with small credit unions, has got to
be in place in order for every
credit union to be competitive”
“Organizations that invest in their employee will find
that their staff is more likely to grow in the position without
having to look outside the company for other opportunities
for growth,” Dr. Fletcher adds.
Additionally, if you’re looking for good candidates, Fletcher
says you should keep in mind that many job seekers are more
likely to accept an offer from a company that values and
provides professional development opportunities.
To learn more about any of the above-mentioned training
programs, please visit the Training & Events section of
TCUL’s web site, at www.tcul.coop. h
By Scott Wagner
Executive Vice President
TNB Card Services
SmallCredit Unions
Card Portfolio
Growth Strategies for Small Credit Unions
A
mid the barrage of bad economic news,
smaller credit unions may find new opportunities to grow
their credit card portfolios and sign on new cardholders
with their member-friendly rates and terms.
As big card issuers take a more cautious approach and cut
back direct mail offers by 20 percent, credit unions can step
in and bulk up their portfolio of a relationship-expanding,
brand-building product. Because they are effective risk
managers, it’s a great time for credit unions to focus on
credit cards.
One of the challenges facing smaller credit unions in
building their card programs is stretching their marketing
budgets. In allocating your marketing money, keep in mind
that credit cards can be the highest yielding loan category,
with an average 10 percent product yield.
While the number of credit and debit card transactions
has increased dramatically in recent years, credit card
balances have remained fairly flat. Many members think of
their credit card as a transaction tool for making everyday
purchases, not a loan. What that shift from lending
to spending means for you is less credit risk and more
interchange income.
If you need more evidence about the need to grow your
credit card portfolio, consider this: There is no such thing
as standing still. With 15 percent average attrition annually
for card issuers nationally, you have to grow just to maintain
the status quo.
The key is to establish a credit card marketing budget
that can support a sustained, consistent message.
According to a recent survey, credit card industry
marketing budgets average 0.42 percent of balances
outstanding to acquire new accounts and 0.27 percent
of balances outstanding toward usage and retention.
These numbers can help credit unions benchmark their
marketing budgets to establish an appropriate level of
investment in their credit card program. For big issuers,
that works out to millions of dollars, which just means
small credit unions need to be more creative with strategies
like these:
1
2
Develop a seasonal plan to target credit card
marketing at times when members are likely to be
most responsive.
Leverage your in-branch channel to extend and
defend your credit card business. The branch is the
most cost-effective marketing medium, especially
for acquiring new accounts. Because of the lower
fees and rates and cardholder-friendly terms offered
by credit unions, your credit card products stand
3
4
up well in the marketplace. Make sure employees
understand how your cards benefit members and
coach them to cross-sell.
Give credit cards prime exposure on your web
site, with a banner on the home page that links to
information on features and benefits and an online
application. The Internet is a preferred channel
for those valued Gen Y and X members looking to
research rates and terms and sign up for products.
Finally, consider rewarding members for their
credit card business. While they are a higher-cost
option, rewards programs can be extremely effective
in building transaction volume, especially among
younger consumers, for whom rewards may be
expected. Today, rewards cards represent half of all
preferred credit cards and 83 percent of rewards card
members use their cards.
Regardless of the size of your credit union, with some
dedicated marketing budget and focused attention, your
credit card program can build stronger member loyalty,
increase member growth and be the credit union’s best
yielding asset. h
Small Credit Union
Committee
Roundup
T
he Texas Credit Union League announces that the following
credit union leaders have been appointed to the 2008-2009
Small Credit Union Committee:
Alamo (San Antonio), Linda Tudyk, Express-News FCU
(San Antonio)
n Amarillo, Sandra Allm, BNSF CU
n Austin, Fran Theiss, LCRA CU
n Big Spring, Sherry Roman, T&P FCU
n Central Texas, Gary Parker, 1st University CU (Waco)
n Coastal Bend, Armando A. Martinez, Kingsville Community FCU
n Dallas, Teri Portillo, Women’s Southwest FCU
n East Texas, LaWanda Drennan, Sweetex CU (Longview)
n Ft Worth, Carrie Delker, Guardian First FCU
n Houston (Partners for Progress), Cindy Hester,
Union Fidelity FCU
n Permian (Midland/Odessa), Kay Rankin,
Ward County Teachers CU
n Sabine, Margaret Adams, SAFE CU (Beaumont)
n Texas Crossroads, Linda Ging, Matagorda County CU (Bay City)
n Top O’ Texas, Sherri Schaible, Pamcel FCU (Pampa)
n
Alternates for the 2008-2009 Small Credit Union
Committee are as follows:
n
n
n
n
n
n
n
n
n
n
n
n
Alamo, Mary Dunagan, TEC/TWC CU (San Antonio)
Amarillo, Karen Allison, Intercorp CU
Austin, Frances Laurel, Star of Texas CU
Big Spring, David Roman, Cosden FCU
Coastal Bend, Melodie Brett, San Patricio Co. Teachers FCU(Sinton)
Dallas, Jim Ratliff, The Local FCU
East Texas,Debbie Martin, LeTourneau FCU (Longview)
Ft Worth, Chelsea Miller, Guardian First FCU
Houston, Dawn Gomez, Graphic Arts CU
Permian (Midland/Odessa), Kenneth Arnold, Benchmark CU
Sabine, Janna Achord, Port Arthur Community FCU
Texas Crossroads, Ingrid Smith, Matagorda County CU (Bay City)
Lynda Milton of Houston Teamsters FCU is the ex-officio for the
Houston Partners for Progress. Asset category directors include:
Carol Murray of Southeast Community CU (San Antonio), n
under $10 million
Suzanne Chism, Texas Health Resources CU (Dallas),
$10-$20 million
n
For more information about the small credit union committee, please
contact Lorri Gaither with TCUL’s small credit union development
department, at (800) 442-5762, ext. 6423. h
Regulatory
Regulatory Q&A
with TCUL’s Information Central
Q
uestion:
Are account ownership and membership
the same thing?
Answer:
No. A very common misconception among credit union
employees is that a joint-owner of an account is also a
member of the credit union in his or her own right and can
obtain loans and the like from the credit union. Credit union
employees often refer to a joint owner as a joint member; this
practice should be discouraged.
Account ownership and membership are two completely
different concepts. A member of a credit union is entitled to
certain rights resulting from their membership in the credit
union. These rights include the ability to obtain a loan from
the credit union, have a share account, and vote at meetings
of credit union members. Joint owners of accounts, on the
other hand, may only be entitled to use the services related
to the account on which their name appears unless the joint
owner has met membership requirements. The membership
privileges (such as loans, share accounts and voting) are not
granted to a joint owner unless that person is in the credit
union’s field of membership and has paid the par value of
one share in the credit union.
In other words, a joint owner is not necessarily a member.
However, it may be possible to establish membership for each
owner of a joint account without requiring each joint owner to
open a solely owned share account for membership. The Texas
Credit Union Act (Finance Code Section 125.002) states that
a joint account may hold more than one membership share,
supporting membership for more than one member of the
credit union. National Credit Union Administration (NCUA)
standard bylaws Article III Section 7 also provides a federal credit
union with an option of permitting owners of a joint account to
both be members without opening separate accounts.
Keep in mind that joint members do not all
“automatically” obtain membership rights. The credit
union’s board must approve new members (or delegate
to a membership officer) and each individual must meet
the field of membership requirements. Credit unions
are encouraged to review their bylaws and/or policy to
determine field of membership requirements.
Special thanks to Georgia Credit Union Affiliates for its
assistance on this article.
Question:
Our member owns a home and wants to take out
a home equity loan. The member does not qualify
for the loan by himself and would like to add his
brother (who is not an owner of the home) as a
co-borrower or guarantor on the home equity loan.
Is this permissible?
Answer:
The answer is “no” according to Tom Duke, attorney,
Blalack & Williams.
Under the Texas Constitution, no additional collateral
except the home itself is permitted to secure a home equity
loan. Adding a “non-owner” borrower or guarantor could
be a violation of this Constitutional provision because the
additional borrower or guarantor could be considered
additional collateral.
Question:
I heard that a federal credit union may not call member
earnings “interest,” but must call them “dividends.” Can
you explain the difference?
Answer:
Generally, dividends are returns on an equity investment
(shares); interest is return on a debt investment (deposits).
Dividends, in general, are not properly payable until declared
at the close of a dividend period; interest, in general, is
properly payable daily according to the deposit contract.
Dividend rates are prospective until actually declared;
interest rates are set according to contract in advance
and are earned on that basis. Share accounts establish a
member (owner)/credit union (cooperative) relationship;
deposit accounts establish a depositor (creditor)/ depository
(debtor) relationship.
Federal credit unions are not authorized to offer “interestbearing” accounts. State-chartered credit unions may offer
both dividend and interest-bearing accounts. h
By Steve Gibbs, CUCE, BSACS
Assistant Vice President
Shared Compliance Resources
Reviewing
Your Compliance Program
I
n the spring issue of LoneStar Perspectives, I
addressed, “How To Start A Compliance Program,” where I referred to
compliance as the “500 pound gorilla.” Some of us have begun to recognize
the “gorilla” and looked it straight in the eye. However, any trained animal
handler will tell you, once you’ve looked a beast in the eyes – never turn your
back on it!
Of course, this means that a functioning, controlled compliance program
will require ongoing review to prevent “turning our back” on the program. So
where do we focus? Why of course, the foundations on which the program
was built:
n Compliance Officer
n Compliance Policy
n Products and Services
n Resources and Tools
At a minimum, the following questions should be covered:
Compliance Officer
n Does this position have sufficient authority to fulfill obligations of the job?
n Does management allow the compliance officer sufficient access to various departments, supporting compliance objectives and goals?
n Is the compliance officer aware of new products and services within sufficient time to determine compliance impact and respond accordingly?
n How much of the compliance officer’s time is spent purely on compliance (if other duties exist)?
Compliance Policy
Are policies reviewed on an ongoing basis?
n Are directors educated as to the reasons for and effects of policies as they are presented?
n Are policies reviewed with the departments or areas on which they will have a direct impact?
n
Are risk assessments performed for each product and service to determine potential compliance issues?
n New products and services – are these presented to the compliance officer for review prior to adoption?
n Existing products and services – are these being consistently re-checked change in laws or regulations?
n
Resources and tools
n Are sufficient resources and tools available to accomplish the
compliance agenda?
n Is the compliance officer using training as an effective tool to maintain and reinforce compliance materials?
n Are materials being updated for any changes?
n Has the credit union budgeted for information systems or software to address increasing needs?
These are questions of the most basic nature. Credit unions should develop
review questions and programs based upon their size, complexity and level
of change experienced within the organization. Remember, never turn your
back on a “500 pound gorilla.” h
IMPROVE THE COLOR
of your Future
Use our tools to help
improve your Lending Program and:
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Let one of our Painting Crew
help you pick the right color:
Brent Lavitt
blavitt@tcul.coop
(832) 866-1802
Linda Winkfein
lwinkfein@tcul.coop
(800) 442-5762 ext. 6451
Vicky Salkeld
vsalkeld@tcul.coop
888-400-8551
© 2008 CU Marketing Resources. All rights reserved. 08-0539
!
!
!
!
!
!!
It’s like having
your cake and
eating it too!
Bring discounted wireless
services and accessories to
your members
Generate new revenue
streams for your credit union
All at no cost to your credit
union
May we serve
you?
Call us!
Don Shroyer
VP of Sales
Members Signature Group, LLC
512 289-2239
don@msgllc.net
Jodie McGregor
Regional Sales Manager
Members Signature Group, LLC
512 663-7879
jodie@msgllc.net
Members
Signature Group
Phone: 877 218- 9909
512 218- 9909
LLC
Members Signature Group, LLC, 110 North IH 35, Suite 315-328,
Round Rock, Texas 78681

L neStar

Transcription

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