CenterPoint Spring 2011 by The Warren Group

spring.2011

A publication of the Massachusetts Credit Union League, New Hampshire Credit Union League and the Credit Union Association of Rhode Island

Credit Unions Jockey for Position in

Future Mobile Banking of

Stories Inside:

Diamond Award Winners Honored

Social Media and the Credit Union

Senators File Legislation for Financial Literacy

Unparalleled experience serving New England financial institutions • Stifel Nicolaus has been serving New England* financial institutions for over 40 years. • Services provided include: ~ Credit union advisory services ~ General advisory services ~ M&A and strategic financial advisory ~ Initial public offerings ~ Mutual-to-stock conversions ~ Mutual mergers/remutualizations ~ Fairness opinions ~ FDIC assisted transactions ~ Valuations • Stifel’s Financial Institutions Group has extensive experience managing public offerings of common stock as well as providing merger and acquisition advisory services. We have 33 dedicated bankers, 9 of whom are managing directors. • Relationships with bank and thrift securities investment community. Since 2000 our Financial Institutions Group has: • Managed or co-managed 489 public and private offerings, raising $59.1 billion in capital. • Advised in 218 financial advisory transactions totaling $14.7 billion. • Managed 49 mutual-to-stock conversion offerings, raising $13.7 billion in capital. For more information, contact: Rick E. Maples, Head of Investment Banking .................... (314) 342-2038 Ben A. Plotkin, Executive Vice President, Vice Chairman ... (973) 549-4025 Michael F. Barry, Managing Director ................................. (212) 847-6458 Mark B. Cohen, Managing Director ................................... (212) 847-6438 Robin P. Suskind, Managing Director ................................ (973) 549-4036 Credit Union Advisor Alan D. Theriault, President, CU Financial Services* .......... (800) 649-2741 * CU Financial Services is independent of Stifel Nicolaus. It is a national consulting firm serving credit unions. We have defined the New England region to include the following states: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. The information presented includes transactions effected and matters conducted by Stifel Nicolaus Investment Banking, the Capital Markets Division of Legg Mason Wood Walker, Inc. (acquired by Stifel Financial Corp. on December 1, 2005), Ryan Beck & Co., Inc. (acquired by Stifel Financial Corp. on February 28, 2007), Thomas Weisel Partners LLC (acquired by Stifel Financial Corp. on July 1, 2010), and their respective affiliates. Stifel Nicolaus and Thomas Weisel Partners are affiliated broker-dealer subsidiaries of Stifel Financial Corp. which are collectively referred to herein under the marketing name Stifel Nicolaus Weisel.

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Credit Unions Jockey for Position in

New England Credit Union Services, LLC 800-842-1242 Massachusetts Credit Union League, Inc. www.maleague.org New Hampshire Credit Union League www.nhcul.org Credit Union Association of Rhode Island www.cuassociationri.org Daniel F. Egan, Jr., President EDITORS: Robert B. Kimmett Marguerite A. Thorsen

Future Mobile Banking of

page 16

CONTRIBUTORS: Donna M. Bevilacqua Robert Delaney Bonnie L. Doolin Kathleen A. Enderlin William F. Nagle Beverly Purtell Charlotte Whatley

Contents Table ofFeatures Published by

280 Summer Street, Boston, MA 02210 Phone: 617-428-5100 Fax: 617-428-5118 www.thewarrengroup.com Timothy M. Warren, Chairman Timothy M. Warren Jr., CEO & Publisher David B. Lovins, President & COO Vincent M. Valvo, Group Publisher & Editor in Chief Finance & Administration Jeffrey E. Lewis, Controller / Director of Operations Editorial Christina P. O’Neill, Custom Publications Editor Cassidy Norton Murphy, Associate Custom Publications Editor Advertising George Chateauneuf, Publishing Division Sales Manager Rich Ofsthun, Advertising Account Manager Cara Inocencio, Advertising Account Manager Emily Torres, Advertising, Marketing & Events Coordinator Design & Production John Bottini, Creative Director Scott Ellison, Senior Graphic Designer Ellie Aliabadi, Graphic Designer ©2011 The Warren Group Inc. All rights reserved. The Warren Group is a trademark of The Warren Group Inc. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: The Warren Group, 280 Summer Street, Boston, MA 02210. Call 800-356-8805.

04 Message from the President 06 Credit Union News

– 2011 Diamond Award Winners Honored at CUNA Marketing & Business Development Council Conference

– 2011 Credit Union Championships a Winner for Credit Unions of Rhode Island – New Hampshire Credit Union Officials Meet with Legislators

10 Great New England Credit Union Show 12 Social Media and the Credit Union: The Debate Goes On

14 COMMUNITY OUTREACH

– Wish Children Deliver a Sweet “Thank-You” Gift to Credit Unions – Rhode Island Credit Unions Bowl a Strike for Special Olympics – Credit Unions Make a “Blanket Statement” with 683 Blankets

20 Financial Literacy 22 Credit Union People 26 Walk to Benefit the Homeless

28 Are You talking to me? Member-Friendly Branch Design 30 Calendar

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M essage from the P resident

| by daniel f. egan, jr.

AFTER RECESSION, CREDIT UNIONS MORE RELEVANT THAN EVER In 1936, Edward A. Filene said the “credit union is a movement, not a mere system – it is a living, growing, social organism.” That statement remains as true today as it was 75 years ago, when credit unions were proliferating across the country due to the passage of the Federal Credit Union Act in 1934. As member-owned, non-profit cooperatives, credit unions continue to operate as “social organisms,” providing benefits to the members and communities they serve.

hroughout New England, credit unions are the equivalent of “organic” financial institutions. They are locally grown and operated, providing families with financial services and advice in each stage of their growth. From school-age children, who participate in financial literacy classes, and in credit union branches in the schools, to retirement planning and advice for seniors on subjects like reverse mortgages, credit unions are part of the financial life cycle for many families. Being a social organism, credit unions are dependent on the continuing contributions of many people who volunteer and work on behalf of credit unions. Through the thoughtful approach to serving members’ needs, credit unions grow not as a prosaic community institution, but as a vibrant and interactive component of the vitality of the community it serves. Despite the success of credit unions, which now have 92 million members and $900 billion nationwide, expanding regulations and the assessment for corporate credit union losses now threaten the existence of many credit unions. Generally small institutions, credit unions face a heavy burden with new regulations meant to correct problems that exist, for the most part, at larger banking institutions. In addition, the long-term cost of paying for the losses in corporate credit unions will in-

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hibit the growth of many credit unions in the low rate interest environment. The landscape that credit unions find themselves looking out upon is quickly changing, as the erosion caused by the twin tides of change take their toll. Though there may be fewer credit unions as a result, the credit unions that do survive will continue to thrive as consumers look for relief from the high cost and lack of personal identity with large banks. The availability, and continued vitality, of the credit union – functioning as a social organism – will be the determining factor for people who need, and want, to be part of a financial institution that reflects the values of the people who live in the community it serves. Having survived for over 100 years does not guarantee future survival, but having maintained a structure which continues to promote the best interests of consumers sets the stage for future growth and viability. In many ways, credit unions have become more relevant in people’s lives than they were before the economic recession in 2008. In the new financial world, local cooperative ownership with a focus on serving the needs of its members and its community makes the credit union the social organism that people will look to in order to sustain their financial needs. • Daniel F. Egan, Jr., president

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C R E D I T U N I O N N EWS

2011 Diamond Award winners honored at CUNA Marketing & Business Development Council Conference

Top right: Service Credit Union’s “Black Friday” won a Diamond in the Outdoor category. Left, from top: “Bras across the River,” Bellwether Community Credit Union’s Diamond winner in Community/ Public Relations. “Know Your Credit Union,” Hanscom Federal Credit Union’s Diamond Award-winning direct mail series. St. Mary’s Bank Credit Union’s “New Car Smell” Diamond-winning campaign.

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Winners of the Diamond Awards, representing the pinnacle of credit union marketing and business development, were acknowledged by the CUNA Marketing and Business Development Council during the council’s 18th annual conference, which took place March 16-19 in Las Vegas. Several local credit unions were honored for their work in marketing. Bellwether Community Credit Union, Manchester, NH, won the Diamond Award, in the $250 to $499 million asset class, in the Community/Public Relations – Single Event category for their “Bras Across the River” event. Hanscom Federal Credit Union, Hanscom AFB, MA, competing in the $500 million to $1 billion asset class, won the Diamond Award in the Direct Mail – Series category for their “Know Your Credit Union” campaign. The credit union also received a Merit Award in Website Marketing for the Hanscom Federal Credit Union website. Competing in the $500 million to $1 billion asset size, St. Mary’s Bank Credit Union, Manchester, NH, won the Diamond Award in the Complete Campaign category for their “New Car Smell” campaign. In addition, the credit union won a Merit Award in the Segmented Marketing category for “Credit Builder” campaign. Service Credit Union, Portsmouth, NH, competing in the over $1 billion asset class, won the Diamond Award in the Outdoor

Advertising category for their “Black Friday” campaign. Service Credit Union also received two Merit Awards for “Boston-Portsmouth Air Show” in the Community/Public Relations – Single Event category and “The Money Mammals” in the Email Marketing category. Greylock Federal Credit Union, Pittsfield, MA, won three Merit Awards in the $1 billion and over asset class: in the Annual Reports category for their “Anniversary Issue;” in Complete Campaign for “We Are Greylock;” and in the Print Advertising category for “VISA Summer Travel.” Competing in the $250-$499 million asset group, MIT Federal Credit Union, Cambridge, MA, won two Merit Awards. The first was in the Electronic Marketing category for “What’s the Daily Question? – MITFCU 70th Anniversary Trivia.” In the Social Media category, they won the Merit Award for their “MIT to ME T-Shirt Contest.” The Diamond Awards, representing the pinnacle of credit union marketing and business development, feature 33 categories, ranging from direct mail and website marketing to public relations and social media. Judges evaluated entries based on strategy, design and production, creative concept, copy and communication, and results. A complete list of award winners is available online at www.cunamarketingcouncil. org, by selecting the “2011 Diamond Awards” link. •

C R E D I T U N I O N N EWS

2011 Credit Union Championships a Winner for Credit Unions of Rhode Island

The Prout School celebrates and poses for a team picture after defeating Mount St. Charles Academy for the Girls DII title.

For 21 consecutive years, Rhode Island Credit Unions and the Credit Union Association of Rhode Island were joint sponsors of the annual Credit Union Championships.

The finals for both girls and boys basketball were held at The Ryan Center at the University of Rhode Island on March 11 and 12. Game attendance on Friday night was 1,870 and Saturday’s combined total was over 3,400. Credit union sponsorship of this statewide tournament offers Rhode Island’s top high school athletes the opportunity of a lifetime to compete at The Ryan Center. Fifteen of Rhode Island’s credit unions helped sponsor the event that provided them ad space in The Credit Union Championships program book, as well as visibility on the scoreboard. On a statewide level, marketing efforts also included radio and television spots. In ad-

dition, The Providence Journal printed full game coverage over the weekend. A press conference was held prior to the games on March 10, at The Ryan Center. It was well attended by press correspondents, many of the high schools’ athletic directors, and over 50 participating athletes. Sponsored by the Rhode Island Credit Unions, a Credit Union Championships “Player of The Game” trophy was awarded to each competing high school’s team. In addition, sweatshirts were provided by the credit unions to the final girls and boys teams, and the winning team received a “State Champs” hat. •

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New Hampshire Credit Union Officials Meet with Legislators The New Hampshire Credit Union League Board of Directors, along with credit union CEOs, directors, and staff, held a Legislative Reception on March 9 at the law offices of Rath, Young, Pignatelli in Concord. Members of the New Hampshire House Commerce Committee and Senate were greeted by more than 45 credit union attendees during the event. New Hampshire Credit Union League Chairman of the Board Michael L’Ecuyer welcomed everyone to the reception on behalf of the League. He described the importance of credit unions in New Hampshire from historical and economic perspectives, and then introduced Speaker of the House William O’Brien. O’Brien spoke about the current financial crisis in the state and discussed his view on the budget that would be coming from the House. Senator Lou D’Allesandro was introduced as a long time supporter of credit unions and a current member of the Board of MembersFirst Credit Union of N.H. He talked about his years of service as an elected official and his wife Pat’s involvement in credit unions. David Collins, the League’s retained lobbyist, recognized the legislators in attendance. State lawmakers participating in the event included: Executive Councilor Chris Sununu; Speaker of the House William O’Brien; Chairman of the House Commerce and Consumer Affairs Committee Representative John Hunt; Vice Chairman of the House Commerce and Consumer Affairs Committee Jennifer Coffey; Clerk of the House Commerce and Consumer Affairs Committee James Headd; and members of the House Commerce and Consumer Affairs Committee, Representative David Bettencourt, Representative Chris Nevins, Representative David Palfrey, Representative Matthew Quandt, Representative Frederick Rice, Representative Donna Schlachman, and Representative Kathleen Taylor. Members of the Senate included Senator Lou D’Allesandro; Senator John Barnes, Jr; Senator Tom DeBlois; Sena-

New Hampshire Federal Credit Union Vice President Katherine McFarland talks with Representative David Palfrey during the Legislative Reception, held in Concord on March 9.

continued on page 27 spring.11 | centerpoint | 9

Credit unions throughout the region had their day at the Great New England Credit Union Show, held April 21 at the Holiday Inn Boxborough. In the event’s third year, 81 vendors exhibited to an audience of 636 attendees. In a regulatory environment in which credit unions are striving to optimize their performances, vendors who address this challenge found a receptive audience that was willing to share, in the classic cooperative mode of credit unions nationwide. The energy level was high throughout the day. “You guys just know how to do it,” commented Mark Riccio of Specialized Data, in one of The Warren Group’s podcasts, about the staging of the event. Attendees got a combination of entertainment and information at the luncheon/keynote events. Former New England Patriots Hall of Famers Steve Nelson and Steve Grogan were on hand to sign photos and, during the luncheon, in a discussion moderated by CEO and publisher Timothy Warren Jr., provided a glimpse into the world of football that piqued the interest of both sports fans and the demographic that does not follow sports. Keynote speaker Barney Frank gave a wide-ranging speech. “The financial regulation bill is the dog that didn’t bark, as far as the credit union industry is concerned,” he remarked.

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Social Media and the Credit Union The Debate Goes On By Rob Kimmett It seems funny to call social media for credit unions an old subject, but in the Internet age, the fact that this topic has been bandied about for four years practically qualifies it for assisted living. Despite the amount of time that has passed and the number of credit unions that have considered developing a social media presence, precious little consensus has evolved regarding the efficacy of building a social media presence for credit unions. There are certainly vocal proponents of credit union social media, but they are matched by a legion of skeptics, and both groups are greatly outnumbered by the majority, who appear to be standing on the sideline scratching their heads. Opinions aside, there are a few credit unions that appear to have made some great strides in using this medium effectively. So what have we learned from the credit union marketing conferences, webinars and Internet chat rooms? A clear purpose is vital: Business decisions made without a clear goal in mind rarely

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prove successful. And just like your mother always told you, the fact that everyone else is doing it is not a very good reason for you to do it. The creation of a new media presence and strategy should be researched, discussed and planned. Those plans must have goals and accountabilities.

Understand that social media is just that â&#x20AC;&#x201C; media: One of the reasons that social media has attracted so much attention is because traditional media is struggling to gather audience, especially among younger consumers. Since marketers naturally want to go where the eyeballs are, social media is the Promised Land.

The problem is that unlike newspaper, radio and TV, content and advertising did not grow up together in the world of social media. Marketing is looking to elbow its way into a previously promotion-free environment. The most successful social media advertisers are going to be those who are able to select and deliver a message that is consistent with the experience that social media users expect when they log onto Facebook, Twitter, or YouTube. Advertising and PR are still different: You have to know the difference. You can buy ads on Facebook and put your TV spots on YouTube and you can load content all over social media. You can also put a sales pitch in where content should be, but that will inevitably turn off your audience. Unless you have some very compelling or funny advertising, people are not going to casually elect to consume advertising. So what goes on the “wall?” Things like: Information such as the credit union’s support of local causes and events, tax tips, announcements about your scholarship program, and

new product announcements (use sparingly – remember, news is the key). A simple rule of thumb is: if you are selling, it’s an ad; if you’re informing, it’s content. Afraid of commitment? If you are, then social media is not for your credit union. The Internet is littered with credit union Facebook pages that haven’t been updated in months (years, in some cases). Whether it’s a case of out of sight/out of mind, lack of a clear purpose, or no accountability, these efforts frequently fall quietly by the wayside. If you are going to invest in a social media presence, devote the appropriate amount of energy to it and stick with it. Assign the right people: Whoever manages the credit union’s presence in the social media world has to understand not only how it works, but also what the nuances are. A newbie who doesn’t understand how to navigate these sites isn’t going to see the opportunities or the pot holes. Data security is paramount: The monetization of social media is all about data.

Safeguarding the data of your credit union and members is of primary importance. An understanding of security challenges and firm policies that guarantee data security should precede any foray into the social media space. Protect your good name: Social media is built around the idea of a network, and it’s about give and take. If you engage in dialogue in the social media space, you may find that you are getting negative feedback and it may, in fact, be unfair. Being proactive when a complaint is made or an inappropriate comment is crucial. Keep it in perspective: We’ve all heard that “Facebook would be the fifth largest country in the world,” etc. Well, it’s not a country. It’s a social media service. MySpace used to be a big deal, too. Things change. • Rob Kimmett is senior vice president of public relations and marketing for the Massachusetts and New Hampshire Credit Union Leagues and the Credit Union Association of Rhode Island.

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C ommunity O utreach

Wish Children deliver a sweet “thank-you” gift to credit unions At Bellwether Community Credit Union, Manchester, NH, (left to right, front row) MakeA-Wish® Child Samantha with her sister and brother, (left to right, back row) Bellwether Community Credit Union President and CEO and New Hampshire Credit Union League Chairman of the Board Michael L’Ecuyer, holds the credit union’s special thank-you plaque, as Samantha’s mom Diane; and Paul Roy, CFO and New Hampshire Credit Union League Social Responsibility Committee member, look on.

The Make-A-Wish® Foundation of New Hampshire offered its annual sweet “thankyou” to New Hampshire credit unions from February 15-17. Twenty-seven Wish Children from across the state delivered special baked goods, sweets, and an individual “Thank-You” plaque to 24 credit unions in recognition of the contributions made to make wishes come

Cheshire County Federal Credit Union, Keene, NH, Manager Lynda Faulkner enjoys looking through Make-A-Wish® Child Samantha’s scrap book of her Hawaiian cruise.

true for hundreds of special children in New Hampshire. Many of the Wish Children shared photos of their wishes with credit union staff. This was the fifth year that Wish Children visited with credit unions across the state. Credit union staff and Wish Children look forward to their personal visits each year. •

Rhode Island Credit Unions Bowl A Strike for Special Olympics

The winning team from Greenwood Credit Union pictured with the trophy and two bowlers from Special Olympics Rhode Island (left to right) are Christine Harris, James Maloney, James Irving, Joslyn Clemm, Michelle Hudson, and Jeff Girard. This team also raised the most money for the event with a total of $1,349.

The Credit Union Association of Rhode Island’s annual “Strike for Gold” fundraising event for Special Olympics Rhode Island, held at the East Providence Lanes, was a striking success. Twenty-seven teams of bowlers representing 11 credit unions and the As14 | centerpoint | spring.11

sociation came together on March 23 for a bowling tournament that raised more than $11,700 for Special Olympics Rhode Island. The tournament trophy was captured by one of two teams from Greenwood Credit Union, headquartered in Warwick, RI. The team members were James Irving, Michelle Hudson, Joslyn Clemm, and James Maloney. This is the second victory for Greenwood Credit Union. Team captain Michelle Hudson was pleased with their repeat win, but more excited with the turnout and the enthusiasm for Special Olympics. She said, “We have the privilege to participate in a number of events with the Special Olympics, from the Summer Games to this tournament, and the more you do with this organization, the more you want to do.” Another equally important win was in

the intense competition to see which team would raise the largest amount of money for the event. This year, two teams raised more than $1,000. The same team from Greenwood Credit Union claimed the top prize and raised a total of $1,349, and one team from People’s Credit Union, including Ellen Ford, Melissa Burton, Shawn McDonough, and Dante Benedetti, raised $1,211. The Association’s Social Responsibility Committee extends its heartfelt thanks to all the bowlers for working hard to raise money for this event. As Social Responsibility Committee Chair David Dupéré noted, “We are grateful for the generous support and effort made by the credit unions and their teams who participated in this event. It would be very difficult to reach our goal of $54,000 without their support.” •

Credit Unions Make a “Blanket Statement” with 683 Blankets In Leominster, MA, Leominster Credit Union President and CEO Gordon Edmonds and Executive Assistant Rachel Terrell (far right) present Virginia White, president of Ginny’s Helping Hand, Inc. with some blankets. Leominster Credit Union donated blankets to eight agencies in their local area.

Pictured with blankets donated to the Open Pantry Teen Program in Springfield, MA, are STCU President and CEO William Brothers and Nicole Lucy from the Open Pantry.

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In keeping with the Credit Union Community Hope Initiative’s ongoing efforts to support our partner, the Massachusetts Coalition for the Homeless, the Social Responsibility Committee and credit unions made a “Blanket Statement” during the month of January with the first annual Blanket Drive. Twenty-five credit unions, along with the Massachusetts Credit Union League, distributed 683 blankets to the coalition and many agencies throughout the state, including the Open Teen Pantry Community Service, Abby’s House, Our Father’s House, Prospect House, Community Survival Center, and many others. These blankets “Make a Difference” by providing winter warmth for many children and families who seek relief from the bitter cold. Credit union members and staff embraced the blanket drive knowing that someone would benefit from a warm blanket and were excited to participate in such a worthy cause. One credit union manager shared her personal story of what the blanket drive meant to her: “Personally, I HATE winter and grew up in a freezing cold household with not enough money to buy oil and I now have the heat cranked in my house fall to spring! I would not want another soul to go through what I did! Between the book drive and the blanket drive, you have really hit home with my childhood!” Several credit unions also received money to purchase additional blankets. The Board of Directors at Quincy Credit Union donated $500 for the staff to purchase more blankets, and STCU Credit Union collected more than $120. A member of Steinerfilm Employees Federal Credit Union donated hats and mittens as well as blankets. The committee extends a special thanks to all the credit unions that participated in this year’s Blanket Drive and looks forward to collecting even more blankets next year. •

FSI is the perfect alternative solution for our share draft processing needs. We put our trust in FSI so we can spend time doing what we do best: taking care of our members. A relationship like this one affords us the opportunity to foster new relationships and retain old ones, while reducing operating expenses; a combination which has a proven record of success. FSI wants to help us prosper and not simply survive these times. , With FSI s strong line-up of share draft processing, online banking services and a suite of ancillary products, it made , Mid-Hudson Valley s decision an easy one. Bill Spearman, CCE President and CEO Mid-Hudson Valley Federal Credit Union, Kingston, N.Y.

spring.11 | centerpoint | 15

Credit Unions Jockey for Position in

Future Mobile Banking of

By Scott Van Voorhis

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The U.S. mobile payments, particularly in the last year, have begun to move down what appears to be an obstacle-filled path, absent any shared vision regarding key principles for success. â&#x20AC;&#x201C; Federal Reserve report

New England credit unions can see the future of their business clearly, and a big part of it centers around mobile banking. It’s not even a matter of debate anymore – mobile will someday rule. Credit unions across the region have led the initial charge into mobile banking, rolling out services that let their members, with a few taps on their smart phones, do everything from check balances to apply for car loans. It is an impressive spate of activity, with most of it taking place over just the past two or three years. But credit union executives, while proud of how far their institutions have come, say they now see themselves stalled at the halfway point, between a past in which brick and mortar dominated and a future in which the mobile phone will become the new bank branch. What the next big step will be is clear enough, say credit union executives and mobile banking experts. It will involve enabling customers to use their cell phones as debit cards, ditching the purse or wallet to buy everything from groceries to clothes with their trusty smart phones. While Europe has already embraced this future, the outlook is far less encouraging in Washington, where the rules for a new wireless payment infrastructure have yet to be hammered out. The number of smart phone users is steadily growing, along with an interest in conducting a full range of financial transactions on them, noted Nathan Rogers, vice president of marketing at California-based Financial Service Centers Cooperative (FSCC), which provides mobile banking services to credit unions in New England and across the country. “People are in love with their smart phones and want to do more and more with them,” Rogers said. New England credit unions are off to an impressive start when it comes to building up their mobile banking customer base. Members at credit unions across the region can now commonly do basic transactions like check balances and transfer funds from their phones. The trends are clear, with surveys showing up-and-coming Gen Yers increasingly addicted to their mobile phones and determined to use them for everything, including banking. Among key points from a recent Fiserv study: • Smart phone use will surpass the use of regular phones this year; • 36 percent of smart phone users do routine banking, such as checking balances and moving funds, on their phones, versus 17 percent of all consumers; • 57 percent of iPad users do mobile banking. Local credit unions, while acknowledging that the number of members using mobile banking is still small, note that it is a segment of their customer base that is growing fast. Fitchburg-based Workers’ Credit Union (WCU) now has 2,300 of its 67,000 members banking on their mobile phones, said Gordon Wetmore, senior vice president of marketing, and WCU expects the number of mobile phone users to double over the next few years.

“Right now people are experimenting with mobile to get their balances and pay bills,” said Chris Saari, who helps oversee WCU’s online banking programs. “We are adding a couple hundred to three hundred users a month.” Since launching a mobile banking platform last year, Marlboroughbased St. Mary’s Credit Union now has 600 of its 40,000 members using mobile banking. “Every day we are seeing dribs and drabs coming in,” said Tony Battista, vice president of marketing. “There is not a day that goes by that we don’t have one person coming in.” Overall, it is following a pattern similar to the introduction of online banking a few years ago, and before that, ATMs, both of which were once revolutionary and are now common features of the banking landscape. “In the early days of online banking, members were suspicious of that,” Battista said. “Now they routinely bank online.” With their members now able to move money around and check balances, some credit unions are filling in the last few gaps in this first round of services. WCU is preparing to roll out a new addition to its mobile banking service, allowing members to deposit checks by taking photos of the front and back, and WCU members can already apply for a car loan using their smart phones. “Age is not a predominant factor of who uses this – it’s [the] tech savvy,” Wetmore said. For its part, Portsmouth, N.H.-based Service Credit Union now has 15,000 of its 147,000 members using their smart phones to do their banking. But despite the rapid progress, a major barrier looms ahead for local credit unions, and, for that matter, financial institutions as a whole. As they contemplate the next big leap into mobile banking, credit unions find themselves held back by messy national debate over how to implement a wireless payment infrastructure at retailers across the country. Already in place in Europe, such a system would enable mobile phone users not only to do their banking while having a coffee at Starbucks, but also to buy their grande mocha with their phone, which would effectively act as a debit card. But there are big challenges to implementing such a system here in the U.S. A number of players, from banks to credit card companies to continued on page 18 spring.11 | centerpoint | 17

Future of Mobile Banking continued from page 17

mobile phone network operators, are offering dueling visions for how to roll out wireless payment infrastructure. A recent Federal Reserve report, put out by researchers in Boston and Atlanta, offers three basic scenarios for a future wireless payment infrastructure. The first involves a network run by the mobile phone networks, the second run by financial institutions, and a third in which a private or government entity oversees the network on behalf of the participants. Currently, instead of cooperation, there is a high-stakes battle for control. The winner will be able to skew the new system in its favor – and potentially even cut out credit unions and other financial institutions. “The U.S. mobile payments, particularly in the last year, have begun to move down what appears to be an obstacle-filled path, absent any shared vision regarding key principles for success,” the Fed report notes gloomily. Forrester Research offers a similarly cautious assessment, predicting the continued spread of mobile banking services that include items like bill paying, but a blockage when it comes to “contactless payments.”

“These types of mobile payments have major impediments to success, including technology, merchant, consumer and issuer issues,” writes Brad Strothkamp, principal analyst for eBusiness and Channel Strategy, in a recent Forrester report. The free-for-all has even prompted one well-known mobile technology blogger to call for the Federal Reserve to take the lead. For

now, many credit unions and banks are taking a wait-and-see approach to the next big step in mobile banking, the recent Fiserv survey found. While understandable given the chaotic state of the field, the Fiserv report urges financial institutions to start developing a strategy around mobile payments. The risks of doing nothing could be huge,

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The next big step will involve enabling customers to use their cell phones as debit cards, ditching the purse or wallet to buy everything from groceries to clothes with their trusty smart phones.

opening the field to other players to swoop in and gain and monopolize mobile payments while edging out credit unions and banks. In making this point, the report highlighted some of the forward-thinking planning the nation’s largest financial institutions are doing around mobile payments in a bid to be ready to roll when the market settles out. In fact, while they may be much smaller than these industry titans, many New England credit unions are taking a similarly proactive approach. Chelsea-based Metro Credit Union is already weighing its options for how to move ahead should contactless purchasing via mobile phones become a regular option in stores and restaurants, said Greg Spencer, vice president and director of business intelligence at the credit union. That could mean sticking with the credit union’s larger service and payment provider or taking a chance on a new emerging network. “We need to do our research on payment providers,” he said. “We will need to make a determination.” For its part, Service Credit Union (SCU) is preparing to take the plunge into the brave new world of point and click, mobile phone purchasing later this year. But there’s a twist – the new offering will be available only to its members in Europe, an estimated 41,000 servicemen and women stationed in military bases on the continent. SCU’s members are currently using debit cards to do everything from buying groceries to clothes, which makes them stand out somewhat awkwardly in Germany and other countries where mobile phones have taken the place of debit cards. Through its new European offering, SCU also hopes to gain valuable insights that it can use later when the U.S. finally jumps over this remaining mobile banking threshold. However, while that day will eventually arrive, it will likely be a top-down process, said Bill Arnold, chief information officer for SCU. He contends it will take the big players –

like Walmart and Bank of America – to throw down the gauntlet and announce they will be moving to contactless payments in order to move the rest of the market.

“We should be positioned for that when the big move happens,” Arnold said. • Scott Van Voorhis is a freelance writer.

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viewpoint

Over 200 local middle- and high-school students attended the CU 4 Reality Fair at St. Bernard’s Activity Center in Fitchburg. The fair was co-sponsored by six area credit unions: Fitchburg Federal Credit Union, GFA Federal Credit Union, Leominster Credit Union, Leominster Employees Federal Credit Union, IC Federal Credit Union, and Workers’ Credit Union.

Charting a Course to Financial Literacy By Senators James Eldridge and Barry R. Finegold Today’s youth are bombarded with a multitude of financial options and responsibilities at an increasingly young age. One out of every three teenagers has a credit card, and even more have an ATM card. Yet many teenagers are ill-equipped to make informed decisions about financial matters. They don’t understand the fundamental principles of money management and the larger economy. As a result, teenagers are at a disadvantage when making important first financial decisions: buying a car, taking part- or full-time employment, and using credit cards. It’s clear we need to do a better job of teaching our children financial education basics, from how to create a budget or manage a credit card to how to apply for a loan and understand a credit score. Building on the leadership of former State Senator Sue Tucker, we have filed legislation in the Massachusetts State Senate this session that would integrate financial literacy lessons into the current math curriculum of all stu20 | centerpoint | spring.11

dents in the Commonwealth, from kindergarten through grade 12. This will help give our students the tools to plot a course toward strong financial footing. The components of the personal financial literacy program outlined in the bill include: understanding loans, interest, credit card debt, and online commerce; the rights and responsibilities of renting or buying a home; saving, investing, and planning for retirement; and banking and financial services. Additionally, the bill creates an advisory committee to investigate and study the development of curriculum and guidelines. We believe that by incorporating this material into the math curriculum, there will be a seamless transition for students. Ensuring that our graduating seniors are financially literate is critical to the Commonwealth’s economic future. By teaching children the financial education basics in school, we will help them make educated financial decisions in the future, preventing future bankruptcies, foreclosures, and unmanage-

able debt. And most importantly for credit unions of Massachusetts, a new graduating class of students with a better financial background will provide more reliable and responsible candidates for credit unions. This is a result that’s good for society as well as credit unions and other financial providers. Over the long term, the investment we make in teaching children financial literacy now will help strengthen our economy, prevent future economic crises, and improve economic security for all Massachusetts residents. Importantly, financial education programs have a proven track record of helping working families. In Massachusetts, 7,707 foreclosure deeds were recorded in 2009 through October. Foreclosure-prevention education offered by community based organizations, such as Lawrence CommunityWorks in Lawrence, MA, have done significant work in improving local foreclosure rates. Of the 388 people who received foreclosure counseling from Lawrence CommunityWorks in 2009, only 5 foreclosed on their homes – that’s less

• • • • •

than 1 percent of participants. Introducing similar education through this legislation into our children’s curriculum will magnify and increase their financial success rate in the future. We have heard loud and clear from dozens of teachers, financial institutions, credit unions, and students that the long-term health of our economy will be determined by how well we educate young people today. It is our hope that our colleagues in the House of Representatives and the Senate acknowledge the fundamental need for financial literacy programs and enact “An Act Establishing a Financial Literacy Curriculum” during this legislative session. • The Massachusetts Credit Union League fully and enthusiastically supports financial literacy education in the Commonwealth’s schools; the Massachusetts Credit Union League is a co-sponsor of An Act Establishing a Financial Literacy Curriculum. spring.11 | centerpoint | 21

C redit U nion P eople

Workers’ Credit Union Elects Directors Workers’ Credit Union, Fitchburg, MA, has reelected to its Board of Directors Marina M. Raher of Sterling, John Morse of Lunenburg, and Jack S. Ford of Lancaster. They will serve three-year terms, expiring in 2014. In addition, the Board of Directors elected James E. Rouse of Shrewsbury as chairman of the board and Ford as vice-chairman. Marina M. Raher Rouse is president and CEO of Micron Products, Inc., Fitchburg. He currently serves on the Board of Directors of the North Central Massachusetts Chamber of Commerce and the Mount Wachusett Community College Foundation. Rouse has been a member of Workers’ Board of Directors since 2007, currently chairs its executive committee, and serves on the compensation and John Morse nominating committees. Raher, a CPA, is the owner of an accounting firm in Sterling. She is on the board of HealthAlliance Hospital and a member of the Chamber’s Women’s Executive Network. She has been a member of Workers’ Board of Directors since 1999 and, most recently, served as its chairman. She chairs the audit committee and serves on the executive James E. Rouse and nominating committees. Ford is the retired treasurer and chief financial officer of Peterborough Oil Company, Inc. previously located in Leominster, and has recently begun a personal financial consulting business. He is a member of the Massachusetts Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Ford is also a Jack S. Ford member of the Clinton Lodge of Elks and Clinton Turn Verein. He has been a member of Workers’ Board of Directors since 1999, chairs the nominating committee, and serves on the executive committee. He is also a director of Workers’ Financial Services, LLC. Morse is president of Morse Printing and Graphics in Fitchburg. He is a former director of the North Central Massachusetts Chamber of Commerce and past president and active member of the Fitchburg East Rotary Club. In addition, Morse has 23 years of banking experience with the former United States Trust Company of Boston. He has been a member of Workers’ Board of Directors since 1999, chairs the credit committee, and serves on the nominating committee.

Dr. Timothy R. Lynch Elected to Board of Directors of HarborOne Credit Union James W. Blake, president and CEO of HarborOne Credit Union, Brockton, MA, recently announced the election of Dr. Timothy R. Lynch to the Board of Directors. Lynch has been an internal medicine consultant on the staff of Signature Healthcare-Brockton Hospital for more than 10 years. In 1996, he coTimothy R. Lynch founded Primary Care Affiliates, the first Brockton Hospital Affiliated Group Practice. He has been actively involved with other health organizations throughout his career, including teaching and consulting at New England Sinai Hospital and participating on the Massachusetts Board of Registration in Medicine. Lynch earned his medical degree from University of Navarra, Pamplona, Spain, and completed his residency at Saint Vincent Hospital in Worcester.

Service Credit Union President and CEO Simmons Takes Over as AFFN Chairman Service Credit Union President and CEO Gordon Simmons was recently elected as chairman of the AFFN (Armed Forces Financial Network) Board of Directors at the January 2011 Annual Gordon Simmons Meeting. He succeeds outgoing Chairman Greg Oveland for a two-year term. Simmons has served on the AFFN Board of Directors since 1997. During his tenure he has held the positions of chairman, vice chairman, and audit committee member, along with being an active volunteer member. According to AFFN representatives, Simmons represents the true spirit of volunteerism, serving numerous other leadership roles within the state and national credit union movement, as well as his local communities both stateside in New Hampshire and in Germany. He also served his country in the Army Finance Corps with specific expertise in finance plans and operations. “I look forward to the continued success of AFFN on behalf of all AFFN participants. The spirit of cooperation between military banks and defense credit unions is ever present at the board level and within our participant base. We are focused on our mission and will continue to manage the strategic plan developed by the Board of Directors and their management team,” says Simmons.

Send Us Your News! Contact Peggie Thorsen via e-mail at pthorsen@cucenter.org. 22 | centerpoint | spring.11

continued on page 24

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Simmons has more than 40 years of credit union experience, including 36 years with Service Credit Union, headquartered in Portsmouth, NH. He graduated from the University of Maryland with a bachelor’s degree in business and the University of Utah with a master’s in business administration in quantitative analysis. He is the immediate past chairman and currently serves as a board member of the Defense Credit Union Council and is also a past board chairman of the New Hampshire Credit Union League. Simmons also serves as chairman of the board for the America’s Credit Union Museum.

St. Mary’s Bank Credit Union Names St. Germain EVP St. Mary’s Bank Credit Union, Manchester, NH, has announced the promotion of Donald A. St. Germain to executive vice president and chief lending officer. St. GerDonald A. St. Germain main, who has managed the commercial lending group since joining St. Mary’s Bank Credit Union in 2008, will now also oversee residential loan origination. St. Germain has 27 years of management and lending experience. He has held senior level positions at several New Hampshire financial institutions, most recently as senior vice president of lending at Community Bank and Trust Company in Wolfeboro. St. Germain is a long-time New Hampshire resident with strong ties to the community. He has a master of business administration degree from Southern New Hampshire University and a business degree from the University of New Hampshire. He resides in Wolfeboro.

St. Mary’s Bank Credit Union Names Landry SVP, Director of Operations St. Mary’s Bank Credit Union, Manchester, NH, announced the promotion of Carole J. Landry to senior vice president and director of operations. Landry, who Carole J. Landry has been with St. Mary’s Bank Credit Union’s operations department since 1996, will oversee all activities of loan and deposit operations, including systems management and compliance. Landry has 28 years of administration and operations experience at New Hampshire financial institutions. Prior to joining St. Mary’s Bank Credit Union, she worked for First NH Bank in Hooksett. She is a resident of Francestown.

Joyce Now Head of Overseas Operations at Service Credit Union Service Credit Union President and CEO Gordon Simmons has announced the recent appointment of Thomas F. Joyce as vice president of overseas operations. Thomas F. Joyce Overseas operations, based on military installations in Germany, includes more than 200 employees, 16 branch offices, and a 24-hour live person contact center. Joyce retired from the U.S. Air Force in 2001 with more than 23 years of active duty service. He succeeds long-time Vice President of Overseas Operations Richard Tolle, who retired at the end of 2010. Joyce joined Service Credit Union, Portsmouth, NH, in September 2001 as manager trainee and soon became manager of the Mannheim branch. Later, as vice president of

branch administration, he supervised eight diverse overseas branches for more than three years. During his tenure at Service Credit Union, Joyce headed up several corporate projects, including major ATM installations and new branch offices. He received a bachelor’s degree in management from the University of Maryland and a master’s in public administration from Bowie State University in Maryland.

Granite State Credit Union Names Two Vice Presidents Granite State Credit Union (GSCU), Manchester, NH, has announced the appointment of two new vice presidents to its senior management team. DenDennis A. Hebert, Jr. nis A. Hebert, Jr. was named Vice President of Sales and Business Development, and Lisa R. Barowski, CPA, was named Vice President and Controller. During his 24-year Lisa R. Barowski, CPA career with Granite State Credit Union, Hebert has served in numerous supervisory roles, including direct oversight of the human resources and lending areas. As the sales and business development manager he has maintained overall responsibility for staff sales goals and business development. Hebert holds a master’s degree in organizational leadership from New England College and received his undergraduate degree in finance and economics from Southern New Hampshire University. He has also served in a variety of local Manchester government positions, including being elected as Ward 2 Moderator for three terms. He is active within

Send Us Your announcement! Contact Peggie Thorsen via e-mail at pthorsen@cucenter.org.

24 | centerpoint | spring.11

the New Hampshire Credit Union League, serving on numerous committees, including his most recent appointment to the League’s Legislative Committee. Hebert also serves as president of the Merrimack Valley Chapter of the NH Credit Union League. With direct oversight of the accounting and compliance division, and responsibilities encompassing financial reporting and regulatory compliance, Lisa Barowski has earned a reputation as a respected leader within the credit union industry. During her 14-year career with GSCU, her responsibilities have included regulatory compliance, electronic services, and all accounting and financial reporting. She serves as the primary back up to the executive vice president and CFO. Barowski interacts regularly with the credit union’s Board of Directors and Supervisory Committee, as well as with representatives of the NH Banking Department. Barowski earned her undergraduate degree in accounting from Bentley University and became a certified public accountant in 1990. She is a member of the NH Society of CPAs, as well as the American Institute of Certified Public Accountants.

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Greylock Federal Credit Union Announces Promotions of Wojtaszek, Murray Greylock Federal Credit Union, Pittsfield, MA, has announced the promotion of two employees, James Wojtaszek and Gerry Murray, to vice president. James Wojtaszek James Wojtaszek, vice president of marketing and public relations, has been with the credit union since 1992. He has 23 years of experience in banking. Wojtaszek oversees Greylock’s contact cenGerry Murray ter, e-commerce department and the credit union’s marketing team. He will also provide support for strategic public relations and communications. Wojtaszek serves on the Board of Directors at Berkshire Music School. He and his family reside in Cheshire. Gerry Murray, vice president of human resource benefits and services, joined

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On Saturday, June 18, Medical Area Federal Credit Union (MAFCU) is hosting the “Walk Home,” a benefit walk to help homeless people. The three-mile, or 5k walk, will begin at 9:00 a.m. with registration at 8:00 a.m. The walk will start from MAFCU’s branch at 1205 Adams Street in Dorchester Lower Mills and go through Dorchester Park. The event will take place rain or shine. All walkers are asked to raise at least $200. Proceeds will benefit the Massachusetts Coalition for the Homeless, a MAFCU affiliate that works to address the economic and social issues that lead to homelessness, and Boston Health Care for the Homeless, a MAFCU affiliate that addresses the healthcare needs of the homeless in Boston. MAFCU is inviting their peers from Massachusetts credit unions to join them in this outstanding fundraising event and the League is pleased to help get the word out. You can register a team from your credit union or make a donation by visiting www. mafcucreditunion.org/walk-home.html. For more information, contact Paula Kerwin at 617-278-5620 or pkerwin@mafcucreditunion.org. •

Credit Union People continued from page 25

Greylock in 2010 after holding the position of senior vice president of human resources with KB Toys for 16 years. He is responsible for the overall operational aspects of human resources, including benefit plan administration, human resource compliance programs, staff development, and training initiatives. Murray is a member of the Society of Human Resource Management; a board and executive committee member of Downtown, Incorporated; vice president on the Board of Directors of Berkshire Children and Families; and on the human resources committee and chair of compensation committee with the Episcopal Diocese of Western Massachusetts. He and his family reside in Pittsfield.

CU Officials Meet and Greet continued from page 9

tor James Forsythe; Senator John Gallus; Senator Chuck Morse; Senator Jim Rausch; Senator Andrew Sanborn; and Senator Raymond White. New Hampshire Deputy Bank Commissioner Robert Fleury was also in attendance. All members of the legislature who were present appreciated the opportunity to meet with the credit union representatives and expressed their interest in working with members of the credit union movement in the future.

Credit unions represented at the reception included: Bellwether Community Credit Union; Granite State Credit Union; Guardian Angel Credit Union; New Hampshire Federal Credit Union; Northeast Credit Union; Service Credit Union; St. Mary’s Bank Credit Union; and Triangle Credit Union. The Legislative Reception is an annual event to exchange ideas during the legislative session. Credit union officials are urged to maintain close contact with their legislative representatives throughout the year. It is important that legislators are made aware of local credit union activities. •

Hanscom Federal Credit Union Announces New VP Hanscom Federal Credit Union, Hanscom Air Force Base, MA, welcomes David Ossam to its leadership team as vice president of human resources. David Ossam Ossam arrives with 15 years of human resources experience, most recently as president of the human resources consulting firm CALL-HR. “David comes to us with all the human resources experience we could want, but with the extra component of having started his professional life with a Juris Doctorate from Emory University and a career in law,” said Chairman of the Board Paul Marotta. “It’s a valuable extra skill set and perspective he brings to the job.” Ossam assumes human resources duties at a particularly challenging moment. A stilldelicate economic climate, rising health care costs and evolving laws make the position as vital as it has ever been. He will oversee not just employee relations, benefits, and training, but also talent recruitment for new positions, furthering Hanscom Federal Credit Union’s constant growth while upholding the socially responsible ideals that help set the credit union culture apart. “I could not be happier to be here,” said Ossam, who lives with his family in Wellesley. “The people are welcoming, smart, passionate, and committed to this business – my biggest adjustment has been to an industry where beating a competitor isn’t every day’s goal. It’s a special atmosphere to work in.” • spring.11 | centerpoint | 27

Are You Talking TO me? Member-Friendly Branch Design By Charles M. Budoff A client credit union wanted to branch into a new market that would expand their member base, but the demographic of the new market expressed a level of apprehension about doing business with any financial institution, much less one that was “new” and unknown. The area was well banked with competitors’ branch offices, many in storefront locations with poorly designed floor plans. Tellers were behind bullet-resistive glass and communication was poor and impersonal. Service areas were not easily accessible. There was little opportunity to establish rapport with the member, educate the member about relevant services or cross-sell products. Client interviews gave us the basis for their business and marketing objectives for establishing the branch. With those goals as a basis for design criteria, we endeavored to learn more about the potential member. We visited the community in which the branch would be located, talking with residents and business owners. We shopped the local stores to experience the potential member’s comfort level when shopping and transacting business. Visiting the competitor’s branches, we noted their design and how their customers were serviced. Our client’s objective in entering a new market was to educate the potential member about the services being offered and their relevancy to meeting the member’s specific needs. Entering the branch, the member would encounter a bilingual “greeter” who would ascertain their needs and provide direction. This is where rapport with the member would first be initiated. Advancing from the reception area, the member would pass bilingual displays of graphic and multimedia information which are informative, educational, and sales oriented. The member service representatives do not reside in 28 | centerpoint | spring.11

“owned” offices. They engage the member on the floor, much as the member is accustomed to being served when shopping for other needs. The lobby is open and without communication barriers, such as intimidating desks. With their needs identified, members are provided the required assistance or directed to a more private area where they are afforded additional personal service. Servicing the member in this nonintimidating manner reinforces the provision of personal attention, thus, promoting the opportunity for establishing rapport. The overall “banking” experience will distinguish our client from their competitors. A multi-purpose flexible meeting room was designed to accommodate off-hours educational seminars and community meetings. Enlarged photos of community landmarks in the meeting room and smaller reprints hung in the private offices reinforced the “we are part of your community” message. Word quickly spread throughout the community that the “new arrival” was accommodating, non-intimidating, non-threatening, and a trusted resource. The branch grew quickly and continues to grow as a result of community acceptance. What can be learned from this case study? • Understand your member’s heritage, cultural differences, history, and their perception of your business. Many members in our client’s market area came from economically distressed countries where financial institutions were unreliable, marred by scandal, intimidating, and condescending. Learn how the member prefers doing business. Be sensitive to differences within a culture. Segments of a culture may perceive your message or graphic differently.

• Become active in the community. Attend community meetings. Support local teams. Provide educational sessions on financial topics relevant to the community. Have credit union executives involved in community programs and projects. • Be sensitive to stereotyping. The member may not be as financially unsophisticated or un-credit worthy as may be perceived. Educate all staff members about the new customer; for example, the American Hispanic population’s spending power is expected to reach $1.2 trillion in 2011. Many in this community are upwardly mobile, tech savvy and loyal customers. • Establish rapport. Build trust. The challenge is changing misconceptions or negative associations the member might have about banking. Teach rapport building skills to all staff members. Be non-condescending, sincere, and informational. • Educate the member about how your services meet their specific needs. Many members may be savers, while for others sending money “back home” is a high priority. Services meeting these and other needs is the first step to building lasting relationships. • Branch design should be non-intimidating, and convey professionalism and stability. The branch environment should provide the opportunity to educate the customer and effectively cross sell products and services. Charles M. Budoff is EI Associates’ financial services specialist, assisting financial institutions in the planning and development of their facility programs..

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C R E D I T U N I O N C A L E N DA R

Special Events Special Olympics Rhode Island Summer Games June 3-5.......................University of Rhode Island, North Kingstown, RI Richard D. Mahoney Credit Union Charity Golf Tournament to Benefit Make-A-Wish Foundation of New Hampshire June 16..................................... Candia Woods Golf Links, Candia, NH Credit Unions of Rhode Island Charity Golf Tournament to benefit Special Olympics Rhode Island July 18.................................... Crestwood Country Club, Rehoboth, MA Credit Union Community Hope Initiative Charity Golf Tournament to benefit Massachusetts Coalition for the Homeless August 17..........................Juniper Hill Golf Course, Northborough, MA Hike the Hill September 14-15........................ Credit Union House, Washington, DC

Conferences and Conventions New Hampshire Credit Union League Annual Meeting and Convention June 10-12.................... The Balsams Grand Resort, Dixville Notch, NH

2011 BSA Update September 21..............................................Angelica’s, Middleton, MA

Product Webinars

Webinar and Webcast Sessions

Earn Income Through Sprint CU Member Program June 14

Connecting the Dots: Regulations E & DD Compliance May 25 Cash Flow on Commercial Loans: Emphasis on Small Businesses June 2 Five Secrets to Successful Online Account Opening and Online Lending June 7 Inside Reg Z and the HELOC Rules June 14 How to be a Notary without Being Sued June 15 What to Know About CUSO Rules June 16 Understanding the Differences between Corporation & S Corporation Tax Returns June 21

Earn Income Through Sprint CU Member Program May 10

Earn Income Through Sprint CU Member Program July 12 Earn Income Through Sprint CU Member Program August 9 Earn Income Through Sprint CU Member Program September 13

QuickBites Basic Issues of Conservatorships and Estates June 2 Early Warning Signs of Problem Loans June 8 RESPA June 14

Resolving Debit Card Errors June 22

CU Telephone Skills June 23

Directors & Credit Risk June 29

Preventing Credit Union Heists July 12

High Yielding Lending: Methods to Grow Your Loans & Increase Your Loan Yield July 6

Incentives and Recognition: To Pay or Not to Pay (Two-Hour TeleCourse) July 19

The Credit Committee’s Role & Responsibilities July 12

Better Ethics Now July 21

Payment System Convergence: What Type of Transaction is This? July 20

It Takes a Village: Community Charters July 27

Reg Z Requirements for Non-Mortgage Loans July 21

CU Loan Concentration Risks August 4

Best Practices for Board Package Preparations July 26

Preventing Losses on Frontline and in Your Call Center August 18

Compliance Network

Identifying & Avoiding Lender Liability Pitfalls July 27

Achieving Security Excellence for CUs (Two-Hour TeleCourse) August 23

Compliance Update June 8...................................... Credit Union Center, Marlborough, MA

Safe Deposit Legal Issues August 3

Foreclosure Alternatives August 30

Reg. Z Credit Card Act: It’s Not Just for Credit Cards August 10

What Does It Really Take to Run a Social Media Campaign at Your Credit Union September 8

2011 Massachusetts Credit Union League Annual Meeting and Convention June 26-29...............................Loews Portofino Bay Hotel at Universal Orlando, Florida 2011 Fall Leadership Conference October 16-18.............Foxwoods Resort and Casino, Mashantucket, CT Small Credit Union Conference November 15-16.........Foxwoods Resort and Casino, Mashantucket, CT

Networks

HR Network Empowerment and Accountability September 13........................... Credit Union Center, Marlborough, MA

Seminars and Schools 2011 BSA Update May 24............................................White’s of Westport, Westport, MA NCUA Financial Literacy Requirements for Volunteers – The Basics May 25...............................................Castel of Knights, Chicopee, MA MA Division of Banks and Loan Agencies Regional Roundtable June 2...........................................Newton Marriott Hotel, Newton, MA MA Division of Banks and Loan Agencies Regional Roundtable June 7....................................................... Holiday Inn, Tewksbury, MA MA Division of Banks and Loan Agencies Regional Roundtable June 8.......................................................... Holiday Inn, Taunton, MA MA Division of Banks and Loan Agencies Regional Roundtable June 16................................... MassMutual Learning and Conference Center, Chicopee, MA Credit Union Employee Boot Camp July 20......................America’s Credit Union Museum, Manchester, NH Credit Union Employee Boot Camp September 14........................... Credit Union Center, Marlborough, MA

30 | centerpoint | spring.11

Opening Trust Accounts: Documentation, Authority, Liability August 11 Hot Regulatory Issues in Consumer Lending August 17 Finance Reform Routing Provisions August 18 New Rules for Credit Union Websites: What to Do Now, Soon & Later August 23 Bank Bribery Act & Regulation P – Consumer Privacy August 24 New Security Officer Training August 30 Developing Global Cash Flow from Personal Tax Returns September 8

Growing Your Loans 10% September 12

Chapter Meetings and Activities – Massachusetts Metro-Boston Chapter Annual Meeting May 24......................................Tavern on the Water, Charlestown, MA

Pioneer Valley CHapter 19th Annual Scholarship Golf Tournament July 13......................................Oak Ridge Golf Club, Feeding Hills, MA

Handling Garnishments, Tax Levies and Subpoenas September 13

Holidays

Strategic Planning for the Board & Senior Management September 14

Memorial Day

May 30 July 4

Independence Day

September 5 Labor Day

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