McGraw-Hill FCU Advocates for Financial Wellness in Today`s

In this Issue:
Construction Financing Advice...pg 2
Webinar Training Benefits...pg 3
RBC Updates...pgs 5 & 7
July 2014 | Volume 2 | Issue 7
McGraw-Hill FCU Advocates for Financial
Wellness in Today’s Workforce
Sponsored ‘Financial Wellness in the Workplace’ Survey Shows Many Stressed Over
Finances
EAST WINDSOR, N.J. – Throughout its nearly 80
years of serving its members, McGraw-Hill FCU has
stayed true to its mission as a SEG-based, multi-common bond organization, operating in the workplace
environment. With the workplace its “stomping
grounds”, and its mission focused on financial wellness, McGraw-Hill FCU keeps its ear to the ground
when it comes to concerns and trends within the
workforce.
With a growing trend of
people dipping into their
retirement
accounts
prematurely
and organizations committing resources
to 401(k) plan
administrators
to provide financial education, McGraw-Hill FCU noticed a need for financial education in the workplace that goes beyond
the realm of retirement planning.
In early 2014, the credit union partnered with the
Society for Human Resource Management (SHRM)
to conduct a survey where human resources professionals with the title of assistant director and above
across a range of U.S. businesses and not-for-profit
organizations specified the breadth of financial
challenges employees and companies are facing.
“The idea behind the survey
was to collect
and review data
as it relates to
how employers
look at financial wellness in
the workplace
and what the
needs are of their employee population,” explains
McGraw-Hill FCU President/CEO Shawn Gilfedder.
“We’re seeing the stress of the employee population
is mostly due to financial pressures in the marketplace.”
The report casts light on a debilitating cycle plaguing today’s employees and employers, with employees’ work performance impaired and this impeding overall business productivity. With so many still
struggling to pay their bills and needing assistance,
financial education for financial wellness is the key
for a solution.
Although U.S. businesses have begun to recover
from the Great Recession, many employees still face
significant financial challenges and remain concerned about their ability to cover financial obligations, according to the results.
Some key findings of the survey include:
•
Seven out of 10 indicated that personal financial challenges have a large or some impact on
their employees’ performance.
•
More than 40% said an
overall lack of funds to cover
continued on page 8
Partner
News
Protect Yourself by Getting Your Construction
Financing Ducks in a Row
By: Leslie A. Biskner, CCIM Originally Published in Business First
True or false? Albert Einstein once said that compounding interest is the most powerful force in the universe?
Tapping the side of a soda can will prevent its contents from foaming over? Did the state of Michigan send letters
to beavers demanding that they dismantle their dam because
they didn’t have a permit?
Urban legends come and go and some myths surrounding
construction financing still exist. So let’s get the facts straight.
In the world of construction financing, it is important to
understand the complexity of the construction process and
recognize that construction loans are different from conventional
loans. Many borrowers are new to the entire construction process.
There are additional requirements for construction loans and there may be terms and requirements that are
unfamiliar to borrowers.
Ground-up construction, renovations or expansions to an existing property are projects that usually require
funding. Construction loans help people build their dreams and although each situation is different, the following is
the general process you will most likely experience in securing a construction loan:
• First things first. Determine your scope and get the story straight. Make sure all involved parties are on the
same page.
• Solidify your financial needs. This process, while streamlined at most financial institutions, does take time and
perseverance. Start the application process with your selected lending company. Be prepared to bring a
detailed program to your lender.
• Agree on the location to build, whether you are expanding an existing facility or choosing a new site, share
this information with the lender right away. If it is a new location, you may need to include the purchase price
of the land as part of your financing package. Lenders today will require title insurance to provide coverage
against many of the risks involved with investments in land. Most lenders will require an American Land Title
Associations survey of the property, and an as-built survey for new construction on vacant land. The as-built
survey will show if a project was built in accordance with the plans and specifications.
• Be sure to check for zoning restrictions and understand the local, city and state permitting process. Misjudging
what is required in your selected area can dramatically slow the process down, or halt it all together. The
lender will require a copy of the building permit prior to distributing any money.
Utility service letters will also be required to process the loan. These are letters from utilities that verify service
is available to the property or will be brought to the property at no cost. In some cases, access or easement
agreements must also be in place.
This will ensure your right to use the land owned by another person if necessary to get the job done.
• Select an architect and contractor. A lender most likely will require a licensed architect. Final plans, contracts,
schedules and timelines from the architect and contractor will need to be submitted prior to the loan closing.
During the construction phase, expect the lender to engage a licensed inspector to make visits.
Once these steps are completed, it’s time to submit specifications and budgets to the lending institution. They will
want to see detailed information. Many lenders require an American Institute of Architecture Form A305 detailing
the contractor’s financial strength, experience, licenses and trade references.
Protecting your funds
In some cases, the lender will also require a fixed price for construction, with no allowances or exclusions and
to avoid surprises and future cost overruns. Because subcontractors have lien rights, most lenders will also require
copies of the construction contracts with the major subcontractors.
A performance bond will ensure the contractor will complete the project. A payment bond ensures payment will
be made to subcontractors and material suppliers. Payment and performance bonds are provided by the general
contractor and are in the amount of the contract. In most cases, for a construction loan, bonds must name the
borrower as the owner and the lender as co-obligee.
Builder’s risk insurance is insurance on the construction project. Builder’s risk insurance is also known as betterments
and improvements insurance for rehabs and renovations. This insurance will protect the project against casualty
and liability during construction. It is obtained by the borrower and it will name the lender as the mortgagee.
Understanding what it takes to successfully apply for and receive a construction loan for your project will lead to a
true success story every time - and that’s not a myth.
Leslie A. Biskner, CCIM, is Senior Vice President of Business Development for Cooperative Business Services LLC,
lbiskner@cbscuso.com
2
Education
News
As Technology Propels the World Forward,
Webinar Training Keeps You in the Know
Why Webinars Make Sense for your Business
More than any time in history, the business world is changing. We live in a world where yesterday’s
supercomputers are today’s smartphones, where complex filing systems fill networks instead of warehouses,
where encyclopedic knowledge is a few keystrokes away.
It’s a brave new business world, where the need to maximize both budget and efficiency is at an alltime high. Today’s world demands that we do more with less, especially in
keeping employees not only up-to-date, but ahead of changing regulations
and technologies. It’s a business world where, more than ever, webinar
training just makes sense.
What is a Webinar?
A Webinar is an online, virtual training session. Attendees view
presentations on their computer or tablet device and listen to audio
via computer speakers or their tablet, smartphone, or telephone. The
interactive capabilities allow for communication between the presenter
and the audience for questions, polling surveys, etc.
What are the benefits for your credit union?
Webinars are cost effective and create economies of scale.
Your entire staff can view the Webinar together from one location for the cost of one registration fee. This
makes Webinar training very economical.
Webinars increase productivity and convenience.
Participants can view the meeting at their desk from a computer or any mobile device. Webinars are
typically 60 to 90 minutes, scheduled during normal work hours, making them the perfect fit for tight
schedules.
Webinars hold long-term value.
Many Webinars allow access to the program for a specific period of time after it has been presented. This
allows your staff to review the information and access the handouts and tools as often as necessary.
Webinars lower administrative planning, scheduling, and cost.
When you weigh the benefits versus the costs, webinars are ideal for leveraging your time and resources
to keep staff at the leading edge of today’s business world.
Registration and Small Credit Union Discount
We partner with the Credit Union Webinar Network to offer more than 100 Webinars annually. One benefit
of this partnership is the ability to offer the archived Webinars to credit unions under $20 million in assets for
the low fee of $169.00. For more information, please visit our Web site or feel free to contact Mary Zelinsky at
1-800-799-8861 ext. 100 or mzelinsky@njcul.org.
CFO Roundtable
August 5, 2014
10 am to 12:30 pm
Locations: NJCUL (in-person), Atlantic FCU and Members 1st of NJ FCU (video conference)
This roundtable session is designed for the CFO and/or senior management and will focus on the proper GAAP reporting and tax reporting for foreclosure, recent changes in GAAP, upcoming changes in GAAP, and proposed GAAP.
This session will also include a briefing on the current proposal and some of its more onerous requirements at this
stage.
To register and pay by check, email mzelinsky@njcul.org and your credit union will be invoiced. To purchase and
register online, visit http://bit.ly/1oYslD5.
3
RBC
Update
More RBC Issues Surface During Final NCUA
Listening Session
ALEXANDRIA, Va. – Even after three, three-plus hour discussion sessions, credit unions were not “talked
out” about their concerns with NCUA’s risk-based capital proposal (RBC) this month. That energy and
engagement is what is needed going forward to ensure revisions will be significant enough to bring the
kind of improvements credit unions need in a final regulation, according to CUNA. At NCUA’s final Listening
Session of the year held on Thursday, July 17th, credit unions of all sizes continued to underscore that the
RBC plan, as written, is seriously flawed and unworkable. NCUA Chair
Debbie Matz continued to assure that there will be numerous changes
to the proposal before a rule is made final.
She also stated, “The bottom line is, our goal is not to have a
consensus. Our goal isn’t to have everybody here think it’s the best rule
they’ve ever seen. Our goal is safety and soundness.”
NCUA has pledged to add time to the proposed 18-month
implementation period and to adjust risk weights, especially in the
areas of mortgages, member business loans, investments, CUSOs, and
corporates credit unions.
NCUA Board member Rick Metsger said the proposed rule will not
CUNA Deputy General Counsel Mary
replace examinations or proper supervision; it is a tool the agency will
Dunn urges the NCUA during its final
use to try to more accurately assess an institution’s capital situation.
Listening Session to reduce the proposed
CUNA Deputy General Counsel Mary Dunn urged the agency
risk-based capital requirement for wellduring the session to reduce the proposed RBC requirement for
capitalized credit unions. (Photo courtesy
well-capitalized credit unions, which CUNA says is out of proportion
of CUNA)
with the level of risk that credit unions present. She commended
positive comments from the chairman and others that the agency is
considering changes to risk weights, revisiting its treatment of goodwill in a merger, reviewing the treatment
of the 1% National Credit Union Share Insurance Fund deposit in the RBC calculation, how interest rate risk is
addressed in the proposal, and revising provisions regarding minimum additional capital.
Also during the session, credit unions expressed many concerns about examiner subjectivity and poor
communications with them. During her comments at the meeting, Dunn urged the agency to work with the
credit union system to address the disconnect between positive positions taken by the NCUA board and
what is implemented by examiners.
One credit union official sought an assurance by the agency
that examiners will not ask for more capital than required in a
new RBC rule, stating he believes examiners currently ask for
more capital than necessary. NCUA’s Fazio responded that
individual examiners will not “make that call.”
Another credit union officer—who heads a $3 million-asset
financial cooperative—urged the NCUA to act to reduce
regulatory burden and said the examiner “disconnect” just
exacerbates the problem: Examiners don’t always understand
what regulations apply to small credit unions and which ones
NJCUL Chairman and XCEL FCU President/
don’t—increasing unnecessary regulatory burden.
CEO Linda McFadden shares her concerns with
The Credit Union Times posted a video on its site that features
CUTimes following the listening session.
credit union executives and league representatives’ feelings
after the Listening Session, including those of NJCUL Chairman
and XCEL FCU President/CEO Linda McFadden.
“The concerns are still there. The regulators gave us their perspective of it but they didn’t give us enough
concrete information to move forward and make plans, so we’re still waiting,” McFadden told CUTimes.
The video is available at http://bit.ly/1ng2LKz.
Other topics that arose during the Listening Session were goodwill calculations under an RBC rule, the
need for credit union access to supplemental capital, and perceived problems with a variety of the risk
weights proposed by the NCUA’s plan.
Attending the Listening Session from New Jersey were some 17 credit union advocates from more than a
dozen New Jersey credit unions and the NJCUL.
4
Compliance
News
NCUA: Civil Money Penalties Targeted to 84
Late Filers
ALEXANDRIA, Va. – NCUA reports that it has issued financial penalties against 84 credit unions under its
“zero tolerance” policy for credit unions that filed late first-quarter call reports.
The Northwest Credit Union Association (NWCUA) noted in its June 24 Anthem newsletter that one of
the credit unions being fined is in Oregon and four are in Washington. If the five Northwest credit unions sign
consent orders, their penalties will range from $243 to $1,900. The league also notes that the steepest penalty of the possible 84 could exceed $10,000 according to the NCUA should the credit union choose not sign
the consent order.
The NCUA told CUNA that it soon will be releasing national data related to the civil money penalties.
In May, the NCUA anticipated it would begin the process of assessing civil money penalties from 104
credit unions that filed 2014 first-quarter call reports late, according to CUNA.
The regulator makes exceptions to its “zero tolerance” policy for credit unions able to document certain
filing hardships, including a breakdown in the credit union’s core operating system, a natural disaster taking
place in the credit union’s community, or the incapacitation of a key employee who would be responsible
for filing the report.
If a credit union encountered a problem and contacted the agency help desk to report an issue with filing the report, the NCUA generally took this into account and waived the penalties, an agency spokesman
told the NWCUA.
The fines collected by the NCUA will be remitted to the U.S. Treasury Department and do not supplement
the agency budget.
The NWCUA says it is asking the NCUA to better to address issues with online filing.
“We’re asking the NCUA to remind credit unions a couple of days before the reports are due that the
filing deadline is approaching,” said John Trull, director of the regulatory advocacy. “Furthermore, we are
advocating for technical improvements to the system that would notify credit unions immediately upon hitting the submit button if there is an issue, or to confirm the report was received.”
If credit unions provide evidence of previous on-time filing, Trull noted, they may be able to appeal the fine
with the NCUA’s Office of Examination and Insurance. If the cost of the fine would materially harm the financial health of the credit union, Trull said, that would be another circumstance for the regulator to consider.
Since January, an NCUA spokesman noted, credit unions were notified many times of the policy, and
warning letters were sent to credit unions that filed their December 2013 reports late. The regulator also
posted articles in the NCUA Report.
Overall, the zero tolerance policy is close to having its intended effect, with 98.4% of credit unions filing on
time—the highest percentage since online filing began, according to the NCUA.
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Pep Rally
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6
Legislative
News
CULAC Raises $3.25M for Current Election Cycle
WASHINGTON – The Credit Union Legislative Action Council (CULAC) has raised more than $3.25 million for the
2013-14 election cycle as of June 30 according to its most recent Federal Election Commission filing.
CULAC is CUNA’s federal political action committee (PAC) with a mission to
support credit union-friendly candidates running for federal office.
So far almost $2.5 million has gone directly to candidates, split almost evenly
between parties, with 50.01% on contributions going to Democratic candidates,
49.85% to Republican candidates and 0.14% to independent candidates.
CULAC was listed by Politico as one of the top giving PACs this election cycle.
According to its Articles of Association, CULAC’s purpose is to “”provide the
opportunity for individuals interested in the future of the credit union movement to
contribute to the support of worthy candidates for federal office who believe, and
have demonstrated their belief, in the principles to which the industry is dedicated.”
CUNA Meets with NCUA Chair on RBC
Suggestions
WASHINGTON – NCUA Chair Debbie Matz reiterated the agency’s willingness to consider significant changes to
its risk-based capital (RBC) proposal in a recent meeting CUNA.
“We are encouraged that NCUA is considering revisions to many, if not most aspects, of the proposal,” CUNA
Interim President/CEO Bill Hampel said. He emphasized that many credit unions question the need for a new RBC
proposal, given the health and economic performance
of credit unions during the recent severe financial
crisis. CUNA strongly opposes the current proposal, as
addressed in its comment letter filed May 28 with the
agency.
Matz stated that the agency has had many internal
discussions on a number of the issues that CUNA
has raised and welcomed further dialogue with the
association and credit unions. A central theme of the
FHLBNY Credit Union Members Doubled
discussion was how to distinguish the small number of
Since the Start of the Financial Crisis.
problem credit unions that should hold more capital
At a period of unprecedented stress in the capital markets,
from well-run credit unions that already have more
when our members needed liquidity, we were able to step up
than sufficient capital and can manage their risks while
and meet the demand. With new regulatory and interest rate risk
covering any losses.
concerns, having access to reliable wholesale liquidity is essential.
CUNA urged the agency to adopt the
Like you, we are privately owned by our members and accountable
recommendations outlined in its comment letter to
to them, so we fully understand the cooperative business structure.
achieve a more favorable outcome for credit unions.
We strive to offer quality credit products at flexible terms, mortgage
Hampel highlighted CUNA’s concern that interest rate
finance products, and correspondent services to meet the financial
risk should be addressed as a supervisory or regulatory
needs of local community lenders like you.
issue, and not as part of a risk-based capital requirement.
More credit unions are realizing the power of
He also recommended that supplemental capital should
membership in the FHLBNY.
be permitted by regulation for RBC purposes for any
Contact us to see how our partnership can
federally insured credit union.
help you better serve your members.
“CUNA will be continually following up with NCUA over
the coming weeks and months on the RBC proposal
to maintain the dialogue and reinforce our members’
concerns. We look forward to future productive
discussions with Chairman Matz and agency staff on our
recommendations,” CUNA Deputy General Counsel Mary
Dunn said.
101 Park Avenue, New York, NY 10178 | (212) 441-6700 | www.fhlbny.com
7
continued from page 1
personal expenses is impacting employees in their companies.
•
Almost 40% of employees are facing more personal finance challenges now
compared with the onset of the recession in 2007.
•
Nearly 25% of human resources professionals said employees are experiencing more personal finance challenges now compared with 12 months ago.
•
The survey found that employees were
more likely to request a loan from retirement savings (60%) or a hardship withdrawal (44%) from
retirement savings during the past 12 months
compared to previous years.
What McGraw-Hill FCU found most alarming
is that last bullet: the growing number of employees that have taken a hardship withdrawal
against their 401(k) or individual retirement accounts (IRAs) or would do so if they were in a
bind. 60% of those that responded to the survey
said that they’d be willing to take a withdrawal
request against their retirement account; 44%
said that they have actually done so in the last 12
months. “That’s a huge number,” says Gilfedder.
What’s also alarming is the fact that one of the
largest revenue generating opportunities for the
IRS in the last five years are the penalties associated with people not paying back withdrawals
from those accounts they borrow from.
As a financial institution dedicated to educating its members, it’s been difficult for Gilfedder
and McGraw-Hill FCU to see people leveraging
their retirement savings to pay for something today as opposed to having a plan for those events or having an emergency fund for future needs. According to the report, there are a lot of folks that don’t have six months of emergency funds set aside.
“There needs to be a resource provided to these employees that gives them financial knowledge and
relieves some of these stresses,” according to Gilfedder.
Traditionally, employers see their main responsibility as providing employees with a paycheck; what they
do with that paycheck is not the employer’s responsibility. “We agree with that,” says Gilfedder of the concept. “However, if the employer is really focused on increasing the productivity of its employees, not having
a distracted workforce is really something employers need to focus on. Not just health wellness programs,
but we think financial wellness in the workplace is going to be
an emerging marketplace.”
Many employers have looked to their 401(k) plan administrators to provide this type of guidance. However, as Gilfedder
points out, the plan administrators’ fiduciary responsibilities are
specific to the retirement laws of 401(k)s, so their guidance
doesn’t go any further outside of the realm of the 401(k). The
employees, in turn, are only getting information from the perspective of their retirement plan: how much money they need
to put away for retirement based on the salary they’re bringing
home.
Plan administrators do not talk about managing debt, cash
management, personal budgeting, etc. Even the largest retirement plan administrator, Fidelity, has a 401(k) calculator that is
based on a five-step algorithm, Gilfedder points out. It doesn’t
McGraw-Hill FCU spreading the word about
take into consideration any diversities, such as having a family,
financial wellness with a visit to one of its SEGs,
lifestyle, etc.
Firmenich.
And this lack of financial wellness and education isn’t exclusive to those with retirement plans. Every age demographic has
different needs, and different financial stresses. Baby boomers are facing a wealth transfer, looking to accumulate wealth going into retirement. Millennials are facing the opposite trajectory.
continued on page 9
Many are managing more debt (student loans) than they are wealth. The needs
8
continued from page 8 vary and that’s what makes it challenging as an employer, says Gilfedder, the fact that
they can’t take a cookie cutter approach to a diverse workforce. “You have to have
an understanding of what the demographics are, what they
look like, and how to efficiently provide financial wellness in
the workplace.
“We recognize that less than 1% of the employee population actually takes action on their own. It takes a community
and a concerted effort to educate the workforce.”
From a credit union industry perspective, this is a golden
opportunity, according to Gilfedder. As we continue the uphill battle in competing in the highly-commoditized space
of retail banking products, we must create awareness of
the financial cooperative structure of credit unions and
their dedication to serving members. This is a mission-driven,
unique proposition to promote within core groups. According to Gilfedder, if services are a differentiating factor in the
industry, as an industry, how can we enhance that service?
The analogy Gilfedder uses when driving this concept
Another site visit, this time to Willkie Farr & Gallagher
home is that online retail giant Zappos is really a great serLLP.
vice organization that just happens to sell shoes. Along those
lines, McGraw-Hill FCU is positioning itself as a financial wellness provider in the workplace that happens to sell retail banking products.
“We thought it would be best to speak to the language of financial wellness in the workplace as a benefit
versus it being a touch-and-go type seminar,” Gilfedder explains. “We’re building a story within our respective markets by presenting ourselves as a benefit within the workplace environment, not just as a provider of
retail banking services.”
And it starts from within the credit union itself. As a condition of employment at McGraw-Hill FCU, the
credit union requires that all employees get certified as personal financial counselors. “From the CEO to the
receptionist, at the end of the day, we ask everybody to marry up to the core values and live and work and
breathe the brand message of financial wellness,” says Gilfedder.
“We look to hold each other to a higher standard. Part of that is the education we give ourselves so as we
share education with our membership
base, we look at ourselves as a learning
organization and we continue to challenge each other to maintain a better
level of understanding than most other
organizations as it relates to financial
literacy and education.”
The credit union provides financial education opportunities for members and
their families on a regular basis, including
“Lunch and Learn” events, Webinars,
seminars, and more. With resources to
attract people to the events, the credit
Presentations available to members on the McGraw-Hill FCU Web site.
union has in place products that support
what the individuals have learned, then
follows up with them, incenting certain behaviors to improve their financial health.
For example: The credit union sees a member with borderline credit (670, a few points away from being A
credit) and sees that they’ve committed to attending a personal budgeting seminar or other educational
program the credit union offers. The credit union looks at that member as a lower risk profile and may price
their loan differently because of the member’s personal commitment. “Those are the types of incentives
that we encourage employers to consider to help employees understand that as they commit to their own
personal health and wellness, we can provide some financial incentives based on that,” explains Gilfedder.
How can we get employers on board? For employers that need convincing, they need to look no further
than the results of the SHRM survey, which tells a hard story of how workers’ financial stresses affect their
performance at work.
Any distraction in the workplace can impact productivity, but as Gilfedder explains, in this day and age,
most people manage their finances while at work. They’re in front of their computer or
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on their phone or other mobile device. It’s top-of-mind.
“Business leaders should be troubled that many of our nation’s workers continue
to face financial hardships and related stress, especially during working hours,” said
Gilfedder. “Companies can and should take action to help employees effectively address their financial
concerns, which will help improve the lives of workers and their families and also help strengthen company
performance,” he added.
Most organizations don’t carry the employee as an asset on the balance sheet, they carry the employee
as an expense specific to generating revenue. But, there’s
hope. “We’re seeing more socially-conscious employers
recognizing that they need to do more for the employees not
because they’re obligated to, but because they want to,”
“It’s a bit of a call-to-action
says Gilfedder. “And they want to create a culture and enfor the credit union industry...
vironment that embraces the employee as more of a facet
There’s a great opportunity for
of the organization and an ambassador of the products and
services that they sell.”
credit unions to latch onto this
The distraction will, of course, always be there, and it’s difmessage in the marketplace
ficult to manage, but employers being well in front of that
and use this survey to support
process is important, says Gilfedder. For example, “We see
that message as they talk to difmany an employer go into strategic planning, which creates
ferent groups,” says Gilfedder.
some disruption for the employee population. Then all of a
sudden the employer realizes they need to get someone
into the organization to advise them on financial planning
and/or counseling them through that transition.” What if the
employer had provided that basis for those opportunities well
in advance of those events? Employees would be more prepared to manage the transition. They’d also be
in a better position to manage the transition and the expectations of the employer and what the needs are
from the employer’s perspective.
Having a well-respected group like the Society of HR Management
partner with McGraw-Hill FCU on this survey is a catalyst in the McGrawHill FCU brand as a financial wellness organization, says Gilfedder, and is
also an opportunity for credit unions to marry up to that as well.
The credit union is sharing the results of the survey on its Web site
and encourages credit unions to use the data to make a case for the
financial wellness programs and services they offer. According to Gilfedder, it’s a great opportunity for credit unions to share that message
and create awareness around what credit unions can do, whether it’s
through Reality Fairs, financial counseling…what we do every day to
help individuals achieve financial wellness. The more awareness that
we can create around that message and the more consumers can
relate to credit unions as a whole—and not just from a retail banking
perspective—we can really differentiate ourselves as providers of financial services with a focus on improving the health and wellness of the
individual.
“There’s a great opportunity for credit unions to latch onto this message in the marketplace and use this survey to support that message as
they talk to different groups,” says Gilfedder of the credit union industry
as a whole. “So there’s a great opportunity for credit unions to rally to
Another credit union event with
that need and unseat our competition that is focused on profiting from
McGrawHill Education. McGraw-Hill
those that may not have the knowledge.”
FCU employee Ashli helps a member on
It’s a bit of a call-to-action for the credit union industry to get creative
the path to financial wellness.
about how to get people to “move”, and Gilfedder says, to recognize
that that “movement” is one way that the industry can differentiate
itself from big banks and other competitors.
The survey is gaining attention from the media, as well. The Times of Trenton, FOX Business, Fortune.com,
and others have picked up news of the Financial Wellness in the Workplace survey and Gilfedder’s advice.
The full SHRM survey, executive summary, survey methodology and other information can be found at
www.mcgrawhillfcu.org/home/financial/shrm. There, you’ll also find the survey’s mentions by the media.
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