February 2014
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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. |
 Featured this Month (Click on a heading to go to the article.)
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"Small Credit Unions + Service = Success"
That's the title of our latest video, which highlights the positive impact small credit unions are having on their communities. The video, recently released by NCUA, portrays three small credit unions that participated in OSCUI's Consulting Program. The credit unions are Desert Communities FCU, Community Promise FCU and Northern Eagle FCU. Click here to view the seven-minute video.
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EDS Ron Jones meets with credit union officials during one of his consultations. |
Desert Communities FCU received our help after previous attempts to expand its field-of-membership on its own were unsuccessful. Collaboratively, leadership of Desert Communities FCU, our Economic Development Specialist consultant and staff in NCUA's Region V Office succeeded in developing and achieving approval of its much-needed expansion plan. Another of our consultants, along with staff in NCUA's Office of Consumer Protection (OCP), worked under pressure to help Proposed Community Promise FCU obtain its charter before essential grant funding expired. The charter application for the Proposed Northern Eagle FCU seemed stalled when OSCUI and OCP aligned to assist the organizers in obtaining charter approval.
To learn how our services can assist your credit union, email us at [email protected].
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March 19: BSA-MSB: What You Need to Know Register
April 16: Small Dollar Lending Register
May 21: OSCUI Grants
Register
June 16: Budgeting - Tools to Fit Your Needs
Register
July 9: Mobile Apps
Register
August 20: Disaster Recovery
Register
September 17: Merger Best Practices
Register
October 15: Product Pricing
Register
November 19: Building a Loan Portfolio
Register
December 17: Internal Controls
Register
Webinars begin at 2 p.m., Eastern. For more information, click here. |
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OSCUI in the news
Small Credit Unions' Success Stories Highlighted in New NCUA Video
NCUA Media Release
Economic Development Specialists in NCUA's Office of Small Credit Union Initiatives assisted these credit unions to maximize the benefit they provide to their members and communities.
Supercharged Searching Adds Efficiencies
Credit Union Times
...the NCUA's Office of Small Credit Union Initiatives introduced FAQ+, a search engine powered by SilverCloud.
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Call the NCUA Fraud Hotline 1-800-827-9650
To report suspicious or illegal activity by credit union employees, members, or officials of federally insured credit unions. |
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Succession planning - a wise investment
By Victor Costa, EDS Supervisor
Planning for chief executive officer succession should be perceived as preparing for change, if and when necessary. Such planning is in the best interest of the credit union to provide for continuity of leadership for the Board and staff and, ultimately, the members.
Effective succession planning by the Board of Directors can help avoid the often emotional and adverse impact of an unexpected major change in management. The key is to make the Board and staff part of a constructive, participatory planning process. Such a process can help instill confidence in the staff through careful planning and clear communication by the Board and provide existing management an opportunity to prepare for upward mobility.
A well-thought-out succession plan should encompass the four factors [click here to read the entire article].
Recent comments about our Consulting service
This was the first time we used the consulting service, which was provided by EDS Dominic Carullo. I anticipate using some of the other services offered by OSCUI.
CEO Margie Coan, Transit Workers FCU
EDS Sherita Jones' assistance is a worthwhile service for small credit unions that do not have the expertise or volunteer network.
Board President Richard Ayala, Northern Redwood FCU
EDS Amanda Trueblood is very professional and kept us on track and focused us on practical solutions throughout the strategic planning session.
Operational Manager Carla Dean, Puget Sound FCU
Our consultants may be able to help your Board with succession planning. Email us at [email protected].
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| A record volume of grant apps
We received a record number of applications for this year's CDRLF Grants. The application volume and amount of requests far exceed funds availability, so the funding round will be very competitive. See the graph below for details.
The application window for the first round of grants closed on February 14. To make it easier to apply, we introduced a streamlined application for this round, one reason we were able to shorten the application window to two weeks.
Our staff will now begin reviewing the funding requests. By March 17, we will notify applicants of their award status. Credit unions that do not receive funding under this round should consider applying under the next round later in the year. Details of that round will be released in this e-newsletter when they become available.
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This is both America and Military Saves Week
America Saves Week is an annual opportunity to promote strong savings habits. Credit unions can use this occasion to attract new customers, offer incentives to encourage savings, increase account balances and educate members on the importance of saving. Sponsors of America Saves Week report that:
- Fewer than 50% of Americans say they have a savings plan with specific goals.
- 46% of reporting financial institutions offered an incentive, prize or special rate for opening or adding to an account during America Saves Week 2013.
- Financial institutions reached nearly 270,000 people with savings messages through tax sites and events during America Saves Week 2012.
- About 33% of financial institutions surveyed reported an increase in the number of accounts opened during America Saves Week 2011.
Military Saves Week is an annual opportunity for installations and organizations to promote good savings behavior and a chance for servicemembers and their families to assess their savings status. In addition to the incentives identified above, organizers of this commemorative offer online resources for families of servicemembers, including children.
Options your credit union might consider for both Weeks are setting goals for new accounts, deposits, automatic savings sign-ups, IRAs, increased balances or other savings and investment opportunities. The America Saves Week website contains free resources to help, including planning guidance, a participation kit and downloadable graphics and materials for your members. The Military Saves Week website includes similar resources tailored to servicemembers and their families.
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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Preview of BSA webinar
Don't miss our webinar on March 19 at 2:00 p.m., Eastern. Jane Pannier, Senior Vice President and General Counsel with Neighbor Bench, LLC, will be the featured speaker. In addition to conducting the presentation, she will answer your BSA questions in a live Q&A session. Plus, you'll receive a training certificate as confirmation of your participation. Click here to register.
The presentation will cover the following topics:
- BSA and Money Service Businesses
- When to file a Currency Transaction Report
- When to file a Suspicious Activity Report
- Your Member Identification Program
- Office of Foreign Asset Control Requirements
OSCUI webinars are archived for on-demand viewing and are posted to our website three weeks following the live event. Those who participate in the on-demand viewing are also eligible to receive a participation certificate. Click here to access the archive.
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Happening in OSCUI
Outreach
OSCUI Director William Myers was a guest speaker at the Northern Virginia chapter of the Virginia Credit Union League.
Grants and Loans update
OSCUI recently awarded $2 million in loans to four credit unions and reimbursed more than $189,000 to 25 credit unions under the 2013 multi-initiative grants. We also approved an Urgent Need grant for more than $7,000 to a credit union to repair its roof, which posed an immediate risk to its operations and membership.
Welcome aboard
OSCUI is fortunate to have several talented individuals assisting us:
 Tiaras Lowe is on a one-month detail assignment from NCUA's Region IV. Tiaras began his NCUA career in 2005 as a field examiner stationed in Detroit. Two years later, he transferred to Dallas, where he currently resides and is stationed. As an examiner, he supervises an array of small to moderate asset sized credit unions.
This is Tiaras' second detail with OSCUI. Last year, he assisted with the grants program. Of his election to return to OSCUI he says, "I chose this detail to broaden my knowledge base with a focus on helping smaller credit unions thrive within this challenging economy."
William "Rich" Sills is on a month-long detail assignment also from NCUA's Region IV. Rich is relatively new to NCUA and previously worked as a bank examiner. Of his credit union experience and OSCUI detail he offered, "...small credit unions are the best places to put our wide variety of skills to use. Normally, they have only a handful of employees, and they have to wear a lot of hats. Working with them has helped me diversify my skill set, and I appreciate the work they do. My detail at OSCUI has also helped me realize how many resources that small credit unions have available to them. I plan on passing the information I gathered to my fellow field examiners."
We are pleased to have the assistance of Oscar Trejo, Jr. as our graduate  student intern. Oscar works with the Training Program as it prepares for this year's training sessions. He previously worked as a bank branch manager in Washington, D.C., and as the managing director for a business acquisitions and commercial real estate firm in Virginia. He is pursuing a MBA at the University of Maryland in order to "strengthen and expand my passion for strategic management and finance." He received his B.A. from the University of Maryland in Public Relations and Business Administration.
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Announcements
Grants and Loans
Empowerment Awards to Recognize Community Finance Innovations Focused on the Unbanked: Established by Promontory Financial Group, the Awards are intended to recognize and support innovators who develop consumer- and community-oriented financial products and services to meet the needs of those who lack access to traditional banking services. More information, including the application materials, is available online at empowerment.promontory.com. Prizes include pro bono consultations with senior Promontory officials and financial awards to strengthen projects. Applications will be accepted until May 31, 2014.
On March 7, 2014, at 1:00 p.m., Eastern, Promontory will host a conference call to answer questions about the awards, including eligibility, application requirements, selection criteria and prizes. To participate, RSVP to [email protected] for dial-in information and to submit questions for consideration during the call (must be submitted by March 5, 5:00 p.m., Eastern). An archive of materials covered will be available on its website for those who cannot participate.
Applications are being accepted for the 2014 Wells Fargo NEXT Awards for Opportunity Finance: This year's theme is, "The Future of Housing Finance." To compete for the $8.35 million in awards, applicants should be CDFIs that have innovative strategies to expand housing opportunities in low-income communities and that address issues impacting the housing market today. For more information and to apply, visit www.nextawards.org. The deadline for applications is March 13.
Partner Announcements
New AFI Project Builder: Project Builder is an interactive, web-based resource that guides step-by-step through the planning and preparation of an AFI individual development account (IDA) project. Project Builder was designed for first-time applicants, with each chapter addressing a key component of the AFI IDA grant application. Returning grantees may also find it useful for exploring program design changes to strengthen their projects. The accompanying Project Builder Toolkit offers worksheets, templates and detailed how-to guides to help you apply the information to your own project plan. These resources are available at www.IDAresources.acf.hhs.gov/ProjectBuilder.
Other
NeighborWorks Achieving Excellence Program: Is accepting applications for its next leadership class. The representative from each participating organization will address one of the most critical issues they'll be facing in the coming 2-3 years. The program provides the frameworks, coaching and peer support to tackle those issues and transform the organization to have greater impact in communities. Candidates are generally CEOs/EDs or other senior leaders with significant authority over a staff and budget. The deadline for applications is March 26; the application and additional information are available at www.nw.org/ae.
2014 Children's Savings Conference:Will take place April 29-30, in Washington, DC. The conference will convene stakeholders from the fields of asset building, education and finance to explore recent innovations and discuss strategies and opportunities to expand access to and availability of children's savings programs. Click here for more information and to register.
Save the date - 2014 Assets Learning Conference: "Platforms for Prosperity" is the theme for CFED's conference featuring programmatic and policy innovations that create pathways to financial security. The Conference will be held September 17-19 in Washington, D.C. Click here for more information.
CFED's 2014 Assets & Opportunity Scorecard: Revealed that families remain in a state of persistent financial insecurity. The summary report, "Treading Water in the Deep End," calls attention to the 44% of American households who are liquid asset poor, with less than three months' worth of savings. Click here to read the report on how wealth inequality plays out in communities and what states can do to improve the financial well-being of their residents.
Financial Literacy Resource Directory:The Office of the Comptroller of the Currency's Financial Literacy Resource Directory provides information on financial literacy resources, issues and events for financial institutions and consumers of all ages. The online directory includes descriptions of, and contact information for, government programs on financial literacy education and capability, examples of organizations that have undertaken financial literacy initiatives as a primary mission, fact sheets, newsletters, conference materials, publications and links to other online resources.
SBA Report on Small Business Credit Scores: The SBA issued an Advocacy Report on Small Business Credit Scores and Credit Market Outcomes: Evidence from the Survey of Small Business Finances and the Kauffman Firm Survey. The research analyzes what factors, including business credit scores, may explain credit outcomes (approvals or denials) for small businesses. It also explores the role business credit scores might play in the credit outcomes of women- and minority-owned small businesses. Click here to review 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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