December 2013
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FOCUS is the monthly e-Newsletter of the Office of Small Credit Union Initiatives (OSCUI). It focuses on helping small credit unions achieve success by providing news and highlighting opportunities. Click here to subscribe to FOCUS.
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 Featured this Month (Click on a heading to go to the article.)
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It's our anniversary!
During this month two years ago, we launched our first e-newsletter. Those first issues were "home grown," consisting of standard emails via Outlook. In 2012, our publication received a make-over, switching to an email marketing platform, updating the appearance to reflect OSCUI's new branding, and adopting "FOCUS" as our moniker.
Our nearly 25,000 subscribers include credit unions, trade organizations, leagues, media and online networks. We've even heard from former credit union officials who stay connected with the industry by maintaining their FOCUS subscriptions. Thank you for making FOCUS your source of information for small, low-income and new credit unions!
Tell us where you find valuable in FOCUS and what topics you'd like us to cover in future issues. Email us at [email protected].
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January 15 - OSCUI Monthly Webinar: Now That We Have A LID, What's Next?
2 p.m. [Eastern]
To register, click here.
January 22 - OSCUI Monthly Webinar:
Exam Modernization
2 p.m. [Eastern]
Save the date, for more information, click here.
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OSCUI in the news
NCUA Submits First Minority Depository Report
Credit Union Times
Currently, program technical assistance and training of minority institutions will be primarily provided by NCUA's Office of Small Credit Union Initiatives.
Social entrepreneurs share ideas at conference (Bill Myers at TEDx event)
Cornell Chronicle
Now Myers works in the Office of Small Credit Union Initiatives, part of the National Credit Union Administration. "There's room for social entrepreneurship in any field you choose," he said. "What's important is to hear your own voice, imagine a world that you want to live in and then create it."
NCUA to open first 2014 grant round with $481,000 in February
CU Insight
Funding for NCUA's grant initiatives is provided by the Community Development Revolving Loan Fund, a fund created by Congress to support credit unions that serve low-income communities. NCUA's Office of Small Credit Union Initiatives administers the program.
(See our article about the grants, below.)
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Q&A on CU Board-Member responsibilities
By Victor Costa, EDS Supervisor
A credit union board of directors is responsible for planning, directing and controlling the affairs of the credit union and providing effective and efficient management of its operations. While the board may delegate execution of operational functions to management, the ultimate responsibility for the credit union's direction and control cannot be delegated. Click here for more guidance on the roles and responsibilities of these essential credit union management functions.
Recent comments about our Consulting service
EDS Dominic Carullo was of great assistance. He was in consistent communication with both the CU officials and the district examiner. The officials stated the training was a great success.
Amber Jones, Credit Union Examiner, NCUA Region II
Click here to learn more about OSCUI's Consulting Program or email us at [email protected].
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| Sneak peak at 2014 grant initiatives
NCUA recently announced the 2014 grant initiatives that will be funded under the Community Development Revolving Loan Fund administered by OSCUI. OSCUI expects to award more than $480,000 in grants to low-income credit unions (LICUs) through the funding round. The round will run from February 3 - 14, 2014. Funding will be available for the following:
- New Community Development Financial Institution (CDFI) certification,
- New products, and
- Student internships.
Click here for more details from the official media release. Registration in NCUA's Cyber Grants system is required to apply, LICUs click here.
To learn more about our Grants and Loans program, click here.
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Don't miss these opportunities
The following announcements by our partner organizations are worth your consideration:
CDFI Fund: Deadlines for 2014 funding rounds approaching
The deadline for submitting an application to the CDFI Program or Native American CDFI Assistance (NACA) Program is Dec. 23, 2013 at 12:00 p.m. Eastern. The CDFI Program provides funding to build the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. The NACA Program provides funding to encourage the creation and strengthening of CDFIs that primarily serve Native American, Alaska Native, and Native Hawaiian communities. To learn more about the CDFI Fund review the Partner Profile on our website. Application materials can be found on the CDFI Fund's website.
Net Impact: Accepting project ideas
Projects for Good will soon begin accepting projects for the Spring 2014 semester. Net Impact and the Projects for Good initiative were profiled in our July 2013 issue. The acceptance window will open the week of Jan. 22. Through Partners for Good, your credit union might employ talented students to assist in building your organization's capacity. For example, your credit union might need assistance staffing a current project involving marketing and outreach. Also, through the Net Impact website you may access free online consulting toolkits to take the guesswork out of your project, from scoping to timeline to deliverables.
To participate, complete this form. For more information, visit Net Impact's website (www.netimpact.org) or submit an email to [email protected].
Is there an article you'd like us to consider for FOCUS? Email your suggestion to Partnerships & Outreach at [email protected].
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Something to look forward to
Second webinar for low-income CUs
Want to know how to use your low-income designation? Well, OSCUI will kick off its 2014 webinar series by featuring credit union officials describing how they're meeting the unique needs their low-income members.
This webinar is a follow-up to the one we conducted last January, "Strategic Issues for Serving Low-Income Members." Don't miss the insights of officials from three credit unions at different stages of developing products and services to meet the needs of their underserved markets, including:
- Second-chance loans and checking accounts
- A "Citizenship Loan" offered by a Phoenix based credit union
- A payday loan alternative funded with US Treasury's CDFI Fund proceeds
- Value-added partnerships with municipalities and community service organizations.
Register now for this informative webinar, moderated by OSCUI's External Training Coordinator Kathryn Baxter, on Jan. 15 at 2 p.m. Eastern. Our webinars are archived for on-demand viewing three weeks following the live event. Click here to access the archive.
Recent comments about our Training service
Thank you, thank you, thank you! Our group will be thrilled to have this resource [Supervisory Committee Training modules]. We appreciate being able to have this as a resource for learning... We are a new group and this will really help!
Chris Moss, Cascade Forest Products Credit Union
Nice job putting this module [Supervisory Committee Training] together, it was very helpful and held my interest.
Don Stanczak, Financial Advantage FCU
Let us know what you think about the services we offer or your suggestions for other services. Email OSCUI's Training Division at [email protected]. We'd love to hear from you!
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Happening in OSCUI
Outreach
OSCUI Director William Myers recently gave presentations to the Massachusetts Credit Union League Small Credit Union Conference, the staff of the Virginia Credit Union League and the CUNA Small Credit Union Committee. Director Myers also delivered a TEDx presentation at Cornell University and gave an interview to Adam Mertz of CU Magazine on the future of small credit unions.
OSCUI recently conducted a "Dialing for Dollars" campaign. We enlisted the aid of NCUA's Director of Examination and Insurance (E&I) Larry Fazio to phone eligible credit unions to explain the benefits of our loan program. E&I helps assure the safety and soundness of federally insured credit unions by overseeing NCUA's examination and supervision program, directing the credit union problem resolution program and administering the Central Liquidity Facility. There is up to $500,000 available per LICU at 0.40% for 5 years; click here to learn how to apply.
Recent comments about our Outreach activities
Thank YOU Bill (Myers) and JeanMarie (Komyathy) for adding so much to our conference. The buzz has been amazing and positive!!! I am so proud to say I know you...and so happy for all you are doing for our smallest brethren. All the best...
Bonnie Doolin, Massachusetts Credit Union League
Welcome
We were pleased to have the assistance of Staci Hawkins  who served a detail assignment with OSCUI this month. Staci began her NCUA career in 2004 with NCUA's Division of Management Services, Region II. She has since served in the Office of Human Resources and a second term with Region II. In 2010, she began her current position as the Administrative Assistant to the Office of Consumer Protection. In addition to her career at NCUA, Staci is pursuing a degree in finance.
Of her detail assignment Staci says, "During my detail to OSCUI I have learned that the Office has an extensive outreach program that helps an astonishing amount of small credit unions to grow, strive, and modernize. It was clear working with OSCUI that they are a team-oriented office and are passionate about helping credit unions. Seeing their dedication and pride in their mission is inspiring!"
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Announcements
OSCUI Partners
CFPB releases Empowering Low Income and Economically Vulnerable Consumers: A Report on a National Convening. Last year, CFPB's Office of Financial Empowerment hosted a forum to examine the unique consumer financial product and service needs of low-income and economically vulnerable consumers. Click here to access the report, which captures insights of attendees and describes CFPB strategies to address the issues identified.
CDFI Fund launches "more robust" mapping system. This latest version of the CDFI Fund's CDFI Information Mapping System (CIMS3), allows organizations interested in applying for certification as a CDFI to visually plot their eligible service areas and investments, determine the eligibility of specific areas for possible investment and more easily create maps and geographic data analyses. CDFIs and the general public can access a limited version at www.cdfifund.gov/mapping. Access to the full functionality of CIMS3 requires a myCDFIFund account accessible through the CDFI Fund website at www.cdfifund.gov.
Other
"A Just Economy: Ideas, Action, Impact" Is the theme of the 2014 National Community Reinvestment Coalition's (NCRC) Annual Conference. The conference will be held March 12-15, 2014 in Washington, DC. The agenda will include workshops and sessions on housing, access to credit and capital, fair lending, business development, community organizing and workforce and community development. Click here for more information.
Filene Research Institute seeks "forward-thinking" credit unions to test potential products. Filene will test four financial products that benefit low- and moderate-income consumers in its new accessible financial services incubator. For more information, contact Cynthia Campbell, Director of Innovation Labs at Filene, at [email protected] or 608-886-0087.
The products to be tested include:
- Borrow and Save by the National Federation of Community Development Credit Unions: an affordable small dollar loan program with a savings component.
- Employer-Sponsored Income Advance Loan by NorthCountry Federal Credit Union: a small dollar loan program offered to employees of the Select Employer Groups (SEGs) partnered with credit unions featuring auto-deducted loan payments from direct deposit paychecks and continued payments into savings accounts once the loan is paid.
- Non-Prime Auto Lending by the National Credit Union Foundation: a program to help lenders fairly price and manage non-prime auto loans, incorporating the LIFT idea introduced by Filene i3 (http://filene.org/research/i3-project/lift).
- Pay Yourself Back by Innovations in Poverty Action: developed as an add-on to any loan type, this product converts borrowers into savers by encouraging consumers to keep making regular payments after the loan is paid off.
NCRC Releases Report on Capital and Credit Access for Small Businesses in the Appalachian Region. The report details trends in the availability of capital and credit to small businesses in the region and offers recommendations for stakeholders to improve capital and credit access through existing structures and new initiatives. Click here to read the report.
Association for Enterprise Opportunity releases, "Bigger than You Think: The Economic Impact of Microbusiness in the United States." This report describes the influence of microbusiness on employment and the economy based on a two-year study. Click here to read the report.
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NATIONAL CREDIT UNION ADMINISTRATION
The Office of Small Credit Union Initiatives
1775 Duke Street, Alexandria, VA 22314 |
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