May 2015
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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. Subscribe
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 Featured this Month (Click on a heading to go to the article.)
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Headliner
Our 2014 accomplishments!
"Examining our Focus" is the theme of our 2014 Accomplishments Report. In the report, we highlight how OSCUI services support the essential work of small, low-income, minority depository and new credit unions. A few of the highlights are that we:
- Provided 389 consultations to credit unions.
- Awarded more than $1.5 million in grants to 331 low-income credit unions.
- Trained 45,487 credit union officials, board members, and volunteers.
- Contributed to the 37 percent growth in the number of credit unions certified by the Community Development Financial Institutions Fund as CDFIs during 2014.
Read the report to learn more about the individualized consulting, loan and grant opportunities, targeted training, and valuable partnership and outreach services we provided in our continued mission to help credit unions thrive.
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| Webinars begin at 2 p.m. Eastern and last 90 minutes. Register on our website. May 20 Cybersecurity: The Basics June 17 Remittances and Other Money Transfer Services July 22 Compliance Issues Aug. 19 Small Credit Union Accounting Issues Sept. 16 Participation Lending in a Safe and Sound Manner Oct. 21 Data Mining: Golden Nuggets for Your Marketing Campaign Nov. 18 Auto Lending Dec. 16 Getting Started in Mortgage Lending |
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We value your input. Email suggestions for webinar topics to our Training division at
[email protected].
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| In FOCUS with Bill Examining our focus 
How efficient and effective is NCUA's Office of Small Credit Union Initiatives in assisting the 70 percent of federally insured credit unions that are small, low-income designated, minority or newly chartered? We commissioned an impact study to examine our effectiveness. The Filene Research Institute, the contractor selected, reviewed every contact OSCUI had with credit unions over five years. My favorite finding in the study was that, although the number of small credit unions declined drastically, more than 600 of credit unions formerly considered small now show up in the "big" category, with assets greater than $10 million. We will study this success phenomenon further and bring our findings back to replicate our work with other small credit union clients.
Read Director Myers' entire message in the OSCUI 2014 Accomplishments Report.
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OSCUI in the News
Recent media citings
Grants help bridge job skills gap at two NM credit unions
Albuquerque Business First
BAB Credit Union received $4,000 to employ a student intern and Jemez Valley Credit Union received $3,000 to fund additional training for an existing employee. The grants are part of the NCUA's Office of Small Credit Unions Initiatives, which has received a total of $14.8 million in funding over the last 14 years. A second round of grants will be awarded later this year.
Grants, Consulting, and Other Great Resources
Network News, Montana Credit Union Network
When discussion turns to the National Credit Union Administration (NCUA) at a board meeting, the first word that comes to mind is probably "examination" or "regulator," not "resource." But, since the agency created the Office of Small Credit Union Initiatives (OSCUI) in 2004, it has actually become an incredible resource for credit unions... The expertise or funding available through OSCUI might well benefit your credit union.
NCUA webinar May 20 gives cybersecurity helps
NAFCU Update
The panel of speakers will include NCUA Deputy Director of Examination and Insurance Timothy Segerson, CUNA Mutual Group Risk Management Consultant Chris Gill and Citrix Sharefile Corporate Sales Associate for Financial Services Jessica Cromer. The discussion will be moderated by Dominic Carullo, an economic development specialist in NCUA's Office of Small Credit Union Initiatives.
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For Your Attention
Round 2 grant applications due June 30
 A complete list of eligible projects and evaluation criteria for each initiative is available in the 2015 Grant Round II guidelines. Below is a summary of the available funding initiatives:
| Initiative |
Examples of eligible projects |
| Fraud and Cyber Security |
- Cyber Security Training
- Enhanced Home Banking
- EMV conversion costs for Debit or Credit Cards
- Systems Test or Risk Assessment
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| New Product/Service |
- Share Draft Program
- Debit or Prepaid Cards
- Installation of a new ATM
- Strategic or Business Plan for Growth
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| Digital Growth |
- Bill Pay
- Mobile Banking
- Remote Deposit Capture
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| Building Capacity/Growth Initiative |
- Opening a new branch
- Relocating a home-based credit union to a non-residential site
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Consulting
Don't miss this opportunity
Credit union nominations for the next consulting cycle will be accepted until May 31 at 5 p.m. Eastern. The consulting semester will run from July through December 2015. Credit unions with assets below $50 million, a low-income designation, newly chartered or that self-identify as a Minority Depository Institution are eligible for this service. To be considered for free consulting services provided by an Economic Development Specialist, complete a nomination form for your credit union. Next month, we will review the nominations and notify credit unions selected for enrollment. Credit unions will also be assigned to one of our staff consultants. Here is some recent feedback about our consulting service: It would be great to see more credit unions use this [OSCUI consulting] service and ... increase the success of struggling [credit unions]. CEO James Benson, Elliott FCU More information about OSCUI's Consulting Program is available online here or by emailing us at [email protected].
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Grants and Loans
"[An] opportunity to advance and grow"
When our credit union members learned we had moved, they were surprised and excited. I feel we are on a more professional level now than before. The funds from the grant made all of this possible and I am so glad there are initiatives for small credit unions that otherwise we may not have the opportunity to do. Thank you, NCUA, for giving us this opportunity to advance and grow! Beverly Gresham, Manager In February of this year, Richland Parish Schools FCU joined the ranks of credit unions located in commercial or office facilities. Relocating from its manager's home, the credit union is now located within a local school, thanks to its school board, which donated office space for the new base of operations, and funding from OSCUI.  OSCUI's Urgent Needs grant of more than $5,000 helped provide the necessary furnishings for the relocation, including furniture, fixtures, computers and a security system to outfit the new office. The move should provide greater accessibility to the credit union's members and increased visibility to attract potential members.
The grant to Richland Parish Schools FCU is the first home-based relocation grant funded through our Urgent Needs Program. With its success, we hope to encourage other credit unions to make similar moves.
Relocation of a home-based credit union to a non-residential site is an eligible use of funds under Round II of this year's grants. Refer to the 2015 Grant Round II guidelines for details.
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Partnerships & Outreach
Perspective from a student intern
Oscar Trejo joined our office as a graduate student intern in 2013. He is a masters degree candidate at the University of Maryland. Throughout his internship, Oscar has been involved with numerous projects across most of our program areas. Following are the insights he offers on his experience and the benefits of student internship programs.
Internships offer graduate and undergraduate students the opportunity to link academic passions with industry-specific experiences. 
One of the best aspects of my internship was the number of opportunities I had to lead projects. Among these projects were the redesign and improvement of workflow processes for the Training Programs, creation of tracking models to reconcile financial records for the Grant and Loan Program, and researching and giving a presentation on the Office of Management and Budget's Accounting Cost Principles and Audit Requirements. I also had opportunities to perform detail assignments on several credit union examinations.
Credit unions that support an internship program have the opportunity to gain a competitive edge by having access to workers, albeit temporary, trained on the latest business strategies and techniques. Such a program may also serve as a platform to improve community involvement and promote its visibility. Other benefits a credit union may gain are:
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New perspectives - Interns can provide new insights and fresh ideas to the credit union. Examples of projects that can achieve this are assessing workflow processes and brainstorming solutions to overcome process bottlenecks.
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Organization-oriented projects - Interns may be able to assist with often-deferred organizing projects that can help the credit union run smoother.
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Attract credit union advocates - Hiring an intern may help brand the credit union; because interns typically share their experiences with friends, family and community networks, essentially providing free advertising. As the saying goes, "there's nothing better than creating positive 'word-of-mouth' marketing."
Considering a student internship program for your credit union? Read the Cities for Financial Empowerment Fund's report highlighting lessons learned from its work with five cities to integrate financial education and access to safe financial products into their municipal Summer Youth Employment Programs.
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Training
Spring into action with webinars
"Cybersecurity - The Basics" webinar
Are your credit union's cybersecurity practices protecting the personal information your members entrust with you? In our technologically advanced world, security is never out-of-date. Economic Development Specialist Dominic Carullo will facilitate a panel discussion on this topic with NCUA's Examination and Insurance Deputy Director Timothy Segerson, CUNA Mutual's Risk Management Consultant Chris Gill and Citrix's Jessica Cromer. The webinar will occur on May 20 at 2 p.m. Eastern. Use this link to register.
"Remittances and Other Money Transfers" webinar on June 17 at 2 p.m. Eastern
Did you know that according to federal law, "remittance transfers" include most forms of electronic money transfers from consumers in the United States to recipients abroad through "remittance transfer providers"? Learn more about remittance transfers and other forms of money transfers, and the applicable rules to follow during this webinar hosted by Economic Development Specialist Vanessa Lowe. Use this link to register.
Tell us what topics you'd like us to cover in an upcoming webinar. Email us at [email protected].
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Happening in OSCUI
Information and updates Outreach Director Bill Myers attended the 2015 Federal Reserve System Community Development Research Conference last month. OSCUI staff gave a presentation for the Small Credit Union Forum during the Illinois Credit Union League annual convention on April 18.
Detail assignments OSCUI welcomes the assistance recently provided by the following NCUA staff: Eric Vuong, a Financial Analyst with NCUA's Asset Management and Assistance Center, recently completed an eight-week detail to OSCUI. Eric worked with our Grants and Loans Program and gained exposure to preparing financial statements for the CDRLF, reviewing and providing recommendations on loan management systems and assisting with administration of the 2015 Round I grants. Of his experience with OSCUI Eric offered, "[it] was so amazing how we provided information and resources about new technology, [such as] person-to-person, check image deposits and more." [Back to top] |
Announcements
Non-NCUA sponsored events and opportunities
Grants and Loans
IRS Seeks Applicants for Volunteer Tax Assistance Program Grants. Applications for the Tax Counseling for the Elderly and Volunteer Income Tax Assistance grant programs are due by June 1. The grant program helps extend VITA services to underserved populations in hard-to-reach urban and non-urban areas.
The Federation and NTFP Launch Pathways to Financial Empowerment Support by MetLife Foundation. The National Federation of Community Development Credit Unions and Neighborhood Trust Financial Partners launched this initiative to support financial counseling in credit unions serving low-income consumers. Each participating credit union will be eligible for a grant of $20,000 to pilot the initiative in their communities. Proposal applications are due June 12.
A new Funding Opportunity Announcement for the Assets for Independence (AFI) program. The first application deadline is June 15. Deadlines are also projected under this announcement for federal fiscal years 2016 and 2017, subject to the availability of funds. AFI is a program of the U.S. Department of Health and Human Services that enables community-based nonprofits and government agencies to implement and demonstrate an assets-based approach for giving low-income families a hand up out of poverty. AFI projects help participants save earned income in special-purpose, matched savings accounts called Individual Development Accounts (IDAs).
Partner Events
Webinar for Prospective AFI Applicants. Scheduled for Wednesday, May 27, 2 p.m. to 3 p.m. Eastern, the "Developing Resources and Partners" webinar will offer guidance on developing partnerships for financial and other types of support. It will also cover AFI's non-federal cash requirements.
CDFI Fund's Expanding CDFI Coverage in Underserved Areas Capacity Building Initiative workshops. Registration is now open for this series of two-day workshops that will provide specialized training and technical assistance to certified and emerging CDFIs seeking to expand their reach into underserved communities that lack a CDFI presence. The following workshops include content applicable to all CDFI organizational structures, including credit unions:
- June 16-17 in Baltimore: Forming New and Affiliated CDFI Entities
- July 22-23 in Denver: Understanding the Benefits of CDFI Status for Newly Certified and Prospective CDFIs
- Aug. 19-20 in Kansas City: Expansion by Existing CDFIs
AssetPlatform - We Are Back! AssetPlatform is a free, comprehensive online resource designed to enable human services professionals deliver high-quality financial empowerment services to their clients. Credit unions may join the online network of financial service providers.
Other
Building Native Communities: Financial Skills for Families Train-the-Trainer Event in New Mexico. The Office of the Special Trustee for American Indians and First Nations Development Corporation will host a three-day financial education certification event May 27?29 in Albuquerque.
Opportunity Finance Network's Fourth Annual Small Business Forum. The Forum, being held June 30-July 1 in Chicago, focuses on the needs of CDFIs and other mission-driven small business lenders. Sessions and roundtable discussions cover the evolving small business lending environment, CDFI growth strategies, how to build your pipeline, reaching minority-owned and veteran-owned businesses and the SBA's Community Advantage Program.
2015 Policy Summit on Housing, Human Capital and Inequality. Sponsored by the Federal Reserve Banks of Philadelphia, Cleveland and Richmond, the Summit will feature new and emerging academic research and fieldwork related to equitable development, including housing, workforce development and community revitalization. It will also include a poverty simulation session.
Building Pathways to Financial Resilience. NeighborWorks America sponsors this symposium on how American households manage their day-to-day finances; unique life moments that compel them to review their finances; and the tools and resources that can encourage them to seek out financial capability services. The symposium will be held Aug. 19 in Philadelphia.
New CFPB Credit Invisibles Report. The Consumer Financial Protection Bureau's report found that 26 million Americans are "credit invisible." This figure indicates that one in every 10 adults does not have a credit history with a nationwide consumer reporting agency. The report also found that Black consumers, Hispanic consumers and consumers in low-income neighborhoods are more likely to have no credit history with such an agency or not enough current credit history to produce a credit score.
The Spring 2015 Issue of Cascade Is Now Available. Produced by the Federal Reserve Bank of Philadelphia, this issue focuses on financial education and literacy. The articles describe an initiative that provides individual development accounts for young people aging out of foster care, innovations from Doorways to Dreams on prize-linked savings, and mobile devices and lessons from the Philadelphia Fed's Keys to Financial Success personal finance course.
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Pamela L. Williams
Editor
Contributing writers:
Kathryn Baxter, Victor Costa, William Myers, Jason Penn, Diane Rector, Oscar Trejo, Eric Vuong
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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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