CenterPoint 3Q Fall 2015

fall.2015

A publication of the Cooperative Credit Union Association, Inc.

Credits Unions

Take a Dip in the

Student Lending

Pool

Stories Inside: Data Breach Lessons

08

10

Credit Unions Student Essay Winners

12

First Annual Meeting and Convention

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Cooperative Credit Union Association, Inc. www.ccuassociation.org 800-842-1242 Paul Gentile, President/CEO

EDITORS: Donna M. Bevilacqua Walter Laskos CONTRIBUTORS: Robert Delaney Bonnie L. Doolin William F. Nagle Charlotte Whatley

Credits Unions

Take a Dip in the

Student Lending

Pool

16

Table of Contents PUBLISHED BY

04 MESSAGE FROM THE PRESIDENT 06 IT STARTED WITH FORTY DOLLARS, FOURSCORE YEARS AGO

The Warren Group

08 CU LESSONS FROM THE GOVERNMENT DATA BREACH

280 Summer Street, Boston, MA 02210 Phone: 617-428-5100 Fax: 617-428-5118 www.thewarrengroup.com

08 SYNERGENT OFFERS TOTAL SOLUTION FOR CHIP CARD TECHNOLOGY

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Call 800-356-8805.

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09 CREDIT UNION NEWS

– Lawmakers Attend New Hampshire Credit Unions’ Annual Legislative Reception – Grade School Pupils Bring Winning Credit Union Student Essays to MA State House – Three States Prepare to Gather for First Annual Meeting and Convention – Association Hosts Credit Union Execs from Brazil

14 COMMUNITY INVOLVEMENT

– Massachusetts Credit Unions Donate Children’s Books for Homeless and Community Groups

18

– RTN Federal Credit Union Steps out for Walk Home 2015 – Volunteers Bring on the Gold at Summer Games in Rhode Island – Credit Unions of Rhode Island Present Special Olympics Rhode Island with $85,000 Donation – New Hampshire Credit Unions Set New Record Donation of $200,000 to Make-A-Wish® New Hampshire

16 CREDIT UNION TAKE A DIP IN THE STUDENT LENDING POOL 20 CREDIT UNION PEOPLE 22 CALENDAR

21 fall.2015 | centerpoint | 3

M E S S AG E F RO M T H E P R E S I D E N T

| by paul gentile

EDUCATION IS KEY TO SUCCESS As one of the core principles defining our cooperative model, education is at the forefront of all credit union business.

Credit unions exemplify their commitment to this principle through a variety of programs, workshops, webinars and conferences; reaching out to members in ways like never before, providing comprehensive information, insight and guidance designed specifically to enhance the member’s financial understanding and knowledge of the ever-evolving and sophisticated financial services marketplace.

Whether it’s an evening workshop for first-time homebuyers, helping them understand the process of purchasing a house and securing a home mortgage, a CU 4 Reality™ Financial Literacy Fair where students are engaged in a real-life experience of making major purchases while managing and sticking to a budget, or simply awarding scholarship dollars to young members in an attempt to soften their cost of attending college today, credit unions are second to no one in helping their members – and even members of the community at-large – understand finances and how to use and manage them wisely and effectively.

Education is also a core priority for us at the Association.

Our educational programs are designed to enhance and foster the success for every member who participates, and the topics cover a wide range of issues. From workshops such as Developing Great Managers and Employee Boot Camp supporting professional development, to sessions addressing IRA essentials, TRID compliance and bankruptcy and collections, to name a few, Association members can feel confident in knowing they can turn to us for a course or program that fits their need.

And the educational opportunities don’t stop there.

Our Annual Meeting and Convention scheduled for October 21-23 at the Mohegan Sun Resort in Uncasville, Connecticut, will be offering attendees a comprehensive assortment of informative educational presentations and discussions addressing today’s most pressing issues, from mobile banking and derivatives to FASB’s new loan loss guidelines and private student lending.

A conference addressing the needs of small credit unions scheduled for November 8-10 and CU Accelerate 2016 next May only continues our educational pace.

But let’s not forget efforts to educate those who are not members of the Association as well.

In September, the Association will launch a consumer awareness campaign – “Better Values. Better Banking.” The campaign will tap the power of social media, radio and live events to educate consumers about credit union values and how they contribute to a better banking experience. The effort is ultimately geared to help consumers become credit union members.

And on the most important legislative front, the Association will continue its strong and consistent advocacy efforts to educate and engage lawmakers on credit union issues and operations in Massachusetts, New Hampshire and Rhode Island.

Just like our member credit unions, the Association’s commitment to education will always be front and center – because education is key to success, for our members and the communities they serve.

Paul Gentile, president

4 | centerpoint | fall.2015

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IT STARTED WITH FORTY DOLLARS, FOURSCORE YEARS AGO Eighty years ago, the Credit Union National Association (CUNA) Mutual Society issued a life insurance claim payment of $40 to the beneficiary of a Milwaukee Road railroad switchman. That payment began to fulfill the vision of the CUNA National Board, which had approved the creation of an insurance operation devoted to protecting credit union members and their families.

Before the year 1935 was over, the fledgling company had launched a loan protection product (paid for by credit unions), and within another year added credit life insurance, disability coverage, and outstanding loan balance coverages.

The outstanding loan balance coverage was something new, not only to credit unions but to the insurance industry overall. Credit unions saw how often members missed payments during the brief period before they died or became totally disabled. So the CUNA Mutual Society responded with a product that paid the unpaid interest that accumulates on these delinquent loans, plus the outstanding balance up to $1,000.

WHAT HAS AND HAS NOT CHANGED So much has changed in the fourscore years for this company, now called CUNA Mutual Group, and so much remains the same.

First, a sample of what has changed: • Forty bucks was nothing to sneeze at in 1935, when the CUNA Mutual Society paid that first claim. But think about how many lives and families have been aided by the $1.157 billion in benefits paid to credit unions and their members by CUNA Mutual Group in 2014 alone. The company paid almost 121,000 claims during that year.

• CUNA Mutual Group now provides a comprehensive mix of com6 | centerpoint | fall.2015

• •

•

•

mercial liability and property insurance for credit unions, in addition to a full line of consumer insurance and payment protection products. The company also offers a variety of products and services credit unions need to run their businesses, such as lending documents, online and mobile lending platforms, employee retirement plans, asset management services, and executive benefit programs.

About 97 percent of U.S. credit unions have at least one product relationship with CUNA Mutual Group.

Working alongside credit unions and other industry partners, CUNA Mutual advocates for our industry with legislators and regulators at the federal and state levels. Whenever the credit union industry needs to be heard in Washington or in state capitals, CUNA Mutual Group is there.

CUNA Mutual Group is a founding member of the Filene Research Institute – our industry’s “think and do tank” – and supports The Cooperative Trust, a community of young credit union professionals. The company also sponsors its own research and analysis, including the monthly Credit Union Trends Report.

Local, national, and global community groups receive millions each year from CUNA Mutual Group, often in cooperation with credit unions and industry partners.

Here’s what hasn’t changed about this company since 1935: It remains a mutual company, owned by its policyholders, dedicated first and foremost to protecting credit unions – and their hard-working members and families – against financial hardship. The company is still innovating and fulfilling credit unions’ emerging needs, while remaining an integral part of the industry that created it.

CU LESSONS FROM THE GOVERNMENT DATA BREACH

By Durward J. Ferland, Jr., MSB, MBA & Thomas J. Loring, MBA Data breaches are making headlines regularly, including the breach of the Federal Government’s Office of Personnel Management (OPM), which gained national media attention. It also, however, got the attention of many credit unions concerned with the security of their confidential data. This incident is a good reminder for credit unions to review their internal controls related to cybersecurity and mitigate vulnerabilities that allowed the OPM to be breached.

The attack on the OPM’s systems is believed to have originated in China, but the true identity of the hackers is unknown. What is known is that the lack of controls contributed to the attackers gaining access to millions of sensitive records. It is believed that the use of a defective and obsolete intrusion detection system, known as Einstein, and the failure to encrypt the storage of sensitive data contributed to this breach.

Einstein was unable to detect the intrusion and alert those individuals responsible for protecting the OPM’s systems. The data that the hackers were targeting was not stored using encryption, which encodes data and makes it readable only to authorized individuals. Without encrypting stored data, it becomes more susceptible to inappropriate and unauthorized access.

Credit unions should review their internal controls for cybersecurity on a

regular basis. A credit union’s cybersecurity controls should include encryption of sensitive information, both in storage and in transit, as well as an effective intrusion detection system.

A lack of these cybersecurity controls helped make OPM vulnerable to this breach. These controls are an important part of an overall cybersecurity framework, but do not constitute a complete framework. Credit unions should review their current cybersecurity controls against a comprehensive cybersecurity such as the framework developed by the National Institute of Standards and Technology (NIST).

Durward J., Ferland, Jr., MSB, MBA, leads information assurance services at Macpage LLC and Thomas J. Loring, MBA, is a senior associate. Macpage LLC provides a variety of accounting, auditing, tax, and management consulting services. Macpage LLC’s Information Assurance Services team consists of a unique combination of experienced management consultants and IT professionals who have the required skills to provide excellent outcomes and be a valuable resource to your organization.

SYNERGENT OFFERS TOTAL SOLUTION FOR CHIP CARD TECHNOLOGY Synergent has solutions to help credit unions communicate this new technology to members for a strong chip card migration strategy.

Use the five best practices for member communications:

Chip cards are the latest buzzword in the world of retail payments and consumer behavior. With the looming liability shift date rapidly approaching in October 2015, card issuers and retailers are rolling out chip cards and chip-enabled terminals.

Julie Conroy, retail banking and payments research director at Aite Group, expects nearly 70 percent of cards to be chip-enabled by the end of 2015. This means that the big issue won’t be who has chip cards, but who 8 | centerpoint | fall.2015

has members that know how to use their chip card.

“Chip cards work differently than traditional magnetic stripe plastics,” Rebekah Higgins, vice president of Synergent Payment Services, explained. “Member education is a vital piece of the introduction of these plastics to the market place.”

Synergent Direct Marketing Services is prepared to help credit unions make this transition as smooth as possible with education materials for both staff and members.

1. Educate frontline staff to have a strong understanding of what members have to gain from the migration to chip technology with added security.

2. Inform members about the new security embedded in a new chip card. Chip cards are difficult to copy, which provides enhanced security against card present fraud.

3. Share information with staff to assure all members know how to use cards at chip-enabled terminals.

4. Train frontline staff so they are able to give tutorials to members.

5. Make sure all current communications pieces are updated and promoted consistently, and they are highly visible.

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

LAWMAKERS ATTEND NEW HAMPSHIRE CREDIT UNIONS’ ANNUAL LEGISLATIVE RECEPTION

From left: New Hampshire Federal Credit Union attendees Polly Saltmarsh and Bill Keane spend time talking with Sen. Dan Feltes.

New Hampshire Credit Unions hosted its annual Legislative Reception in June as more than 25 credit union officials greeted members of the New Hampshire House leadership, House Commerce and Consumer Affairs Committee, members of the Senate, and the New Hampshire Banking Department during the two-hour networking event.

Association President Paul Gentile welcomed everyone and updated attendees on how well New Hampshire Credit Unions are doing nationally compared to other states.

“New Hampshire is among the top in the country regarding loan growth, membership growth and for having a low delinquency rate.

The credit unions in New Hampshire are playing an important role in helping people in their financial lives,” said Gentile, who then shared a conversation he had with two legislators that evening who got their first car and mortgage loans from a credit union when no one else would lend to them.

He let the leadership know that New Hampshire Credit Unions are strong and working together to create cooperative power.

“In New Hampshire in particular, industry lawmakers and the regulators have shown they can work together for the greater good. We saw that in particular with the legislation that passed to modernize the credit union charter, banks, and other [financial institutions],” he said.

Gentile recognized House Speaker Shawn Jasper along with Glenn Perlow and Ingrid White from the Banking Department, who worked hard with the credit unions on the legislation.

The annual event gives lawmakers and credit union leaders a casual setting to network.

State lawmakers included Shawn Jasper, House

Association President Paul Gentile welcomes everyone to the NH Legislative Reception.

Minority Leader Rep. Stephen Shurtleff, and members of the House Commerce & Consumer Affairs Committee, including Chairman John Hunt, Vice Chairman Laura Jones, Rep. Edward Butler, Rep. Valerie Fraser, Rep. David Luneau, Rep. John Potucek, Rep. Laurie Sanborn, and Rep. Kermit Williams.

Members of the Senate included Sen. Lou

D’Allesandro, Sen. Regina Birdsell, Sen. Sharon Carson, Sen. Dan Feltes, Sen. Bette Lasky, Sen. Gerald Little, and Sen. Donna Soucy.

Participating credit union were MembersFirst Credit Union, New Hampshire Federal Credit Union, Northeast Credit Union, Service Credit Union, St. Mary’s Bank Credit Union, and Triangle Credit Union.

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DAY SERVICE TO MEMBERS • SOCIAL RESPONSIBILITY • NONDISCRIMINATION • OPEN & VOLUNTARY MEMBERSHIP • BUILDING FINANCIAL STABILITY • COOPERATION AMONG COOPERATIVES • DISTRIBUTION TO MEMBERS • DEMOCRATIC CONTROL • ON-GOING EDUCATION •

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fall.2015 | centerpoint | 9

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

GRADE SCHOOL PUPILS BRING WINNING STUDENT ESSAYS TO MA STATE HOUSE

From left: Association President Paul Gentile; students Makayla Boucher, Tristan Correia, Derek Quatieri, Karenna Downs, Rachel Modeski, Aurora Basnet, and Abigail Vixama; Erika Morin, Mass. Credit Union Share Insurance Corporation; student Lauren Paiva; and Jim Nagy, Mass. Credit Union Share Insurance Corporation.

They were presented this prompt: “As a young adult, what do you think is the most important lesson credit unions can teach young people about managing their financial lives that will help them as they grow into adults with careers and families?”

In response, they wrote about saving for college, understanding credit card terms and major purchases, establishing a budget, and having an early start when saving for retirement.

However, the winning composition in the 2015 Massachusetts Credit Union Student Essay Contest, sponsored by the Financial Literacy Committee of the Cooperative Credit Union Association and the Massachusetts Credit Union Share Insurance Corporation, discussed the threat of impulsive spending and the importance of understanding wants versus needs. The author was Rachel Modeski, an eighth grade student at St. Michael School in Lowell, Massachusetts.

Modeski’s proud sponsor was Jeanne D’Arc Credit Union and for her winning effort she 10 | centerpoint | fall.2015

took home the first place prize of $500. Other finalists each received $250. But the recognition did not end there.

The Credit Union Student Essay Contest’s annual awards ceremony is held in the prestigious Great Hall at the State House in Boston.

The winners – all students in either the seventh or eighth grade – are invited to the State House along with their parents, family members, teachers and credit union sponsors for a special luncheon and plaque presentation ceremony marking their achievement.

Association President Paul Gentile delivered a welcome message to the students and their families, noting that the essays reflected the core values cherished by all credit unions, particularly financial literacy. “Financial literacy is a game-changer,” he said. “It empowers people to transform their lives, and the understanding of this, as presented by the students in their essays, demonstrates just how important that knowledge can be.”

Rep. Alice Peisch, chair of the House Joint Committee on Education, told the students she read all the essays and was very impressed.

She said everyone needs financial literacy, not just young people. Many don’t pay attention to what they are spending, she said, and they need to “budget carefully, save, and set reasonable goals.”

Peisch commended credit unions for sponsoring the essay contest for 25 years, noting the importance of teaching young people about financial literacy.

The State House provided the perfect venue for students to meet with their local lawmakers, many of whom presented their young constituents with citations heralding their award-winning writing skills. Sen. Eileen Donoghue, Sen. John F. Keenan, and Rep. Tackey Chan stopped by, as well as staff from other lawmakers to personally make presentations. Citations also came from Gov. Charlie Baker and Treasurer Deb Goldberg.

The Credit Union Student Essay Contest Finalists Student

Sponsoring Credit Union

Rachel Modeski (winner)

Jeanne D’Arc Credit Union

Aurora Basnet

Polish National Credit Union

Makayla Boucher

Jeanne D’Arc Credit Union

Tristan Correia

Jeanne D’Arc Credit Union

Karenna Downs

Pioneer Valley Federal Credit Union

Jack Fox

Massachusetts Institute of Technology Federal Credit Union

Lauren Paiva St. Anne’s Credit Union of Fall River, Massachusetts Derek Quatieri

St. Jean’s Credit Union

Abigail Vixama

City of Boston Credit Union Mass. Sen. Eileen Donoghue presents a certificate to Makayla Boucher.

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fall.2015 | centerpoint | 11

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

THREE STATES PREPARE TO GATHER FOR FIRST ANNUAL MEETING AND CONVENTION “Creating Cooperative Power” is the founding principle of the newest trade association, the Cooperative Credit Union Association Inc., which brings together the credit unions from Massachusetts, New Hampshire, and Rhode Island. As a combined association, they are stronger and will stand together to create a better operating environment for credit unions.

The Cooperative Credit Union Association’s 2015 Annual Meeting and Convention will showcase the attributes of cooperation as leaders gather for the first time from all three states. Join your credit union peers for this premier event at Mohegan Sun in Uncasville, CT, one of New England’s finest convention and meeting facilities, October 21-23.

The convention program will be content-rich, dynamic, and timely, with an outstanding group of industry experts, professionals, and regulators to provide thought-provoking concepts, unique insights, and valuable data in 21 education sessions for attendees. The speaker list includes Political Analyst Charlie Cook of the Cook Political Report, NCUA Board Member Mark McWatters, Credit Union Consultant and former NCUA Board Member Dennis Dollar, and more.

Topics include emerging payment trends, student loans, SBA lending opportunities, latest mortgage regulations, trends in executive compensation strategies, director recruitment, real-life examples of CU collabora-

tion, CDFI, and low-income designation opportunities, cybersecurity, and more! Keeping the commitment to local advocacy, there will be a state legislative/regulatory update for each of the three states, with representatives from each state’s regulatory bodies for credit unions.

The association is taking a new approach this year with the addition of a trade show that will serve as the networking hub. Decision-makers have the opportunity to preview the latest and greatest products and services from companies that understand the importance of supporting the credit union system. Credit union leaders will have the opportunity to interact with key vendors and prospective vendors in either a social or business environment.

Thursday evening’s banquet features The Water Coolers, a New York City-based music and comedy act performing original songs, sketch comedy, and pop parodies about the daily challenges of modern life. The evening will present an elegant opportunity to network with peers.

Also new and exciting is the association’s CCUA convention app, which will host the agenda, presentations, exhibitor floor plan, survey questions, and more that will keep participants engaged as they respond in real time to surveys throughout the convention.

Be sure not to miss out. Register today on the association’s website, www.ccuassociation.org.

CCUA HOSTS CU EXECS FROM BRAZIL

Metro Credit Union CEO Robert Cashman meets with the delegation of Brazil’s Secredi Alianca about credit unions during their visit to the U.S.

In partnership with the World Council of Credit Unions, the Cooperative Credit Union Association hosted a visiting delegation of 32 credit union representatives from Brazil’s Secredi Alianca in June.

Association President Paul Gentile welcomed the visitors to Massachusetts and to the U.S. credit union community. Prior to their arrival in Boston, they were guests of Desjardins Credit Unions in Canada.

In his greeting, Gentile offered an overview of the Association and its role in supporting its member credit unions throughout Massachusetts, New Hampshire, and Rhode Island, while also noting the strength and value these credit unions bring to their members in each state.

Joining Gentile during the discussions were Mary Ann Clancy, senior vice president and general counsel; Charlotte Whatley, vice president of compliance services; and Mike Ostrowski, CEO, Arrha Credit Union in Springfield.

12 | centerpoint | fall.2015

Clancy addressed the important role and contributions of advocacy in legislative and regulatory affairs in each state and on the national level, while Whatley drew attention to compliance and the many ways the association assists members in that area of operations. Ostrowski provided a local CEO’s perspective, describing the governance at his shop and the many rewards and challenges he encounters each day in meeting the needs of his members.

After completing a lively discussion, the delegation headed to Metro Credit Union in Chelsea for a tour. They especially wanted to talk about credit union governance and operational best practices, as well as Metro’s community outreach and social responsibility initiatives.

“We are happy to exemplify the credit union mantra ‘People Helping People’ once again by sharing information about our organizational structure, business operations and growth initiatives, among other topics, to help other credit unions across the globe grow and thrive,” said Robert Cashman, CEO of Metro Credit Union.

The group also visited Navigant Credit Union in Smithfield, R.I., to help credit unions in the Ocean State celebrate a centennial of service.

Secredi Alianca is a regional group of credit unions within the SICREDI system in Brazil. SICREDI is one of the largest cooperative financial institutions in the country, with 101 affiliated credit unions serving more than 2.8 million members and representing nearly $15 billion (USD) in assets.

The credit unions affiliated through this collaborative system utilize the same back office services to reduce costs and offer a wide range of products and services marketed under the SICREDI brand.

creating

C O O P E R AT I V E

POWER 2015 Annual Meeting & Convention

Education | Networking | Tradeshow Join your peers from Massachusetts, New Hampshire and Rhode Island.

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C O M MU N I T Y I N V O LV E M E N T

MASSACHUSETTS CREDIT UNIONS DONATE CHILDREN’S BOOKS FOR HOMELESS AND COMMUNITY GROUPS

Thanks to the efforts of Hanscom FCU members and staff, more than 2,700 books will go to children in need, Pictured with the donation are President and CEO David Sprague, Chairman of the Board Paul Marotta, Training Specialist Sandy Imbrogna, and Senior Vice President of Operations Jim Potter.

Thirty-seven Massachusetts credit unions collected and distributed 13,446 books in May to numerous family service agencies, including the Massachusetts Coalition for the Homeless, as part of the Children’s Book Drive to benefit thousands of children in need. In 15 years, Massachusetts Credit Unions have donated more than 282,000 books within the state.

It’s hard to imagine that the simple act of donating a book could make a difference in a child’s life, but it’s true. When children learn to read, they have the key that opens the door to all the knowledge of the world. Without this key, many children are left behind. The credit unions that participated in the Children’s Book Drive went a long way in helping the coalition and other agencies give less fortunate and homeless children throughout the Commonwealth a book of their own.

Many credit unions work with their local sponsor companies, schools, community groups, members, and others.

Naveo Credit Union in Somerville spread the word about its collection via social media, email marketing, and through the use of its community partners. As a result, the credit union received a sizable donation from Girl Scout Brownies Troop 85079 of Malden. The credit union also received a donation from Community Cooks, a group of volunteer cooks.

“It is great to see our community come together to promote childhood literacy through the gift of reading,” said Naveo CEO Rui Domingos. “We are fortunate to have great community partners that are as passionate about reading as we are.”

Both PCT Federal Credit Union in West Wareham and Direct Federal Credit Union in Needham had some unique twists. Some of the books collected at PCT were authored by one of their members, while at Direct, the credit union donated one third of the books collected in conjunction with employees.

14 | centerpoint | fall.2015

Staff members at DCU proudly display the books collected for the Children’s Book Drive.

Congratulations to Hanscom Federal Credit Union, Hanscom AFB, for collecting the highest number of books at 2,785.

“Our staff and members look forward to the book drive every year,” said Hanscom FCU Chairman of the Board Paul Marotta.

“By providing books for young people, they are giving a gift that lasts a lifetime. I couldn’t be prouder of them for it.”

Rounding out the top five credit unions were MassMutual Federal Credit Union of Springfield with 1,233 books, Leominster Credit Union with 887, Digital Federal Credit Union of Marlborough with 867, and Premier Source Credit Union of East Longmeadow with 826.

The agencies that received the books expressed their gratitude and pleasure with the quantity and the quality of the books.

AllCom Credit Union received monetary donations and purchased books for children at New Hope in Worcester. Leominster Credit Union donated books to several local agencies, including a local residence that houses 10 families.

The Children’s Book Drive celebrates the value of reading by providing thousands of books that give children hours upon hours of reading to open their imaginations and become inspired.

John LaHair from DCU agreed, quoting Dr. Seuss, who said, “Be awesome and be a book nut!”

“The team members from DCU couldn’t have agreed more with Dr. Seuss,” LaHair said. “Our donation of books helped give those in need access to a world of wonderment through the wonders of reading.”

The Massachusetts Social Responsibility Committee thanks the credit unions that participated in this year’s book drive for recognizing the value of reading and showing children a new world.

C O M MU N I T Y I N V O LV E M E N T

RTN FEDERAL CREDIT UNION STEPS OUT FOR WALK HOME 2015

A large group of walkers get ready to start their 5K journey around the Waltham Common on Sunday, June 14. Several dignitaries walked to support the coalition, including Massachusetts Rep. and Waltham Councilor-at-Large Thomas Stanley, Waltham Ward Councilor Robert G. Logan, Waltham Councilorat-Large Diane LeBlanc, Sister Linda Bessom from the Massachusetts Coalition for the Homeless, Waltham Councilor-at-Large Kathy McMenimen, and Waltham Mayor Jeannette McCarthy.

On Sunday, June 14, more than 120 walkers, volunteers, and staff representing Waltham, Dorchester, and Danvers joined together under sunny skies for RTN Federal Credit Union’s fifth annual Walk Home. The 5K walk raises funds for the Massachusetts Coalition for

the Homeless and awareness of children, teens, and adults experiencing homelessness.

State and local officials gave opening remarks prior to walkers leading off, looping around the Waltham Common, winding through the paths of Dorchester Park, and ambling along the scenic Danvers Rail Trail.

“RTN is deeply committed to giving back to the local communities we serve,” said Nicole James, RTN senior vice president of retail services and chair of the Massachusetts Credit Unions Social Responsibility Committee. “We are honored to be partners with the coalition and, through the walk, proudly support its important work in improving the lives of the homeless.”

RTN has donated more than $150,000 since the walk’s inception.

Walk Home 2015 raised more than $20,000 and is the credit union’s signature fundraiser. Proceeds benefit the coalition’s efforts to prevent homelessness, target and provide direct services, and support legislative advocacy.

Walkers received backpacks, T-shirts, granola bars and bottled water.

In Danvers, they were treated to complimentary massages by volunteers from TL Massage Therapy of Peabody and Danvers Rail Trail Ale.

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Credits Unions

Take a Dip in the

Student Lending

Pool

Loans Cited as Perfect Product to Attract Millennial Members

By Laura Alix

W

ith the cost of college tuition ever on the rise and the importance of a secondary degree only growing in a competitive job market, student loans represent an increasingly attractive avenue for credit unions to diversify their portfolios and bring in younger members with a consumer-friendly alternative to other products on the market.

Few credit unions directly originate these loans themselves; however, credit union service organizations like Credit Union Student Choice and lending platforms like LendKey are stepping up to help bridge the gap between the credit union with cash to lend and the student in need of financing.

But it’s almost impossible to pick up a newspaper or flip on the evening news these days without hearing something about the sad state of affairs in the student loan market. From the sagging first-time homebuyer market to lackluster automobile sales to student loans, the Millennial generation has a number of financial troubles.

16 | centerpoint | fall.2015

So why should a credit union want to get into the student loan business in the first place?

“These are strong performing loans on their books. That’s certainly very, very important,” said Jim Holt, chief revenue officer at Credit Union Student Choice.

Holt pointed to Credit Union Student Choice’s portfolio as an example of that. He rattles off the numbers as though he’s had to answer this question many times already.

“Our outstanding balances sit roughly around $1.7 billion and we have $900 million loans in repayment today, with under a 2 percent delinquency rate and under a 1 percent annualized gross charge-off rate,” he said. “These are strong performing loans that also offer good profitability.”

And LendKey President Vince Passione, when asked the same question, begins by distinguishing between federal student loans and

private student loans. The federal government holds the lion’s share of the student loan market ($1.17 trillion in the second quarter, according to federal data), and private lenders tend to be more careful in underwriting those loans in the first place.

Passione said that LendKey’s student loan portfolio totals about $800 million, which is split nearly 50/50 between refinanced loans and in-school loans. Of those in-school loans, about a third are in repayment, he said.

Indeed, for all the hand-wringing consumer advocates may do on behalf of those hapless borrowers consigned to private student loans, some evidence suggests that private student loans actually perform better than federal student loans.

According to MeasureOne, a research firm devoted exclusively to analyzing the private student loan market, private student loans make up just 7.2 percent of the entire student loan market, and delinquencies and charge-offs have dipped to their lowest levels since 2009. MeasureOne’s latest report, covering this year’s first quarter, put early and late stage delinquency rates at 3 percent and 2.3 percent, respectively, and charge-off rates at 2.7 percent.

Those figures compare favorably with the most recent data available from the United States Department of Education, released last fall, which put the default rate for federal student loans in fiscal year 2010 around 14.7 percent.

MeasureOne says its consortium, which includes big names like Citizens, Discover Bank and Wells Fargo, represents about 71 percent of the entire private student loan market. MeasureOne isn’t counting credit union lenders in those figures, and on the whole, credit union education loans are but a drop in the bucket.

By most measures, private student loans are, on the whole, better underwritten and stronger performers than federal student loans.

But performance metrics aside, student loans may be a great line of business for credit unions to pick up for another reason: New members.

“It’s a really solid program that expands our membership to a younger demographic,” said Tom Murphy, vice president of student and alumni services and consumer lending at Harvard University Employees Credit Union. “And it’s going back to the credit union mission of helping individuals get their start, both education-wise and financially.”

Indeed, most estimates put the average age of a typical credit union member around 50 years old, and while credit unions certainly value all of their members irrespective of age, providing student loans offers a way for credit unions to both fill out their product suite and engage younger members at a time when they are still forming their financial habits.

“This is a terrific way for credit unions to engage [the] Millennial generation, help them through a difficult process of affording education and then work with them following graduation through all of the other life stages,” Holt said. “We’ve actually seen some pretty strong evidence of wallet share growth with our student loan borrowers, and I think that’s really interesting and exciting.”

He pointed to an internal study that Credit Union Student Choice undertook last year of 7,000 borrowers at its credit union partners.

“A little over 20 percent of those have credit cards with the credit union; just shy of 10 percent have auto loans,” he said. “It’s

meeting a very strong need from families out there that are looking for affordable financing in pursuit of higher education, and it’s helping credit unions engage [the] Millennial generation, creating

“FOR MANY OF THESE MILLENNIALS, THIS IS THE FIRST FINANCIAL RELATIONSHIP THEY’RE GOING TO HAVE OF ANY SIGNIFICANCE. WHEN YOU JOIN A CREDIT UNION, YOU JOIN FOR LIFE.” — VINCE PASSIONE, PRESIDENT, LENDKEY some sustaining and productive new partnerships with these new members.”

“For many of these Millennials, this is the first financial relationship they’re going to have of any significance,” Passione added. “And it’s not just about one type of loan. When you join a credit union, you join for life. Those credit unions provide auto loans, mortgages, home improvement loans.”

And it just makes good business sense to offer members a full complement of financial products, advocates say.

“It’s not a lead product. It’s just part of our portfolio that we offer to help serve our members,” said Scott Post, senior vice president of strategy and delivery at Hanscom Federal Credit Union. “We thought the credit union approach was a more consumer-friendly approach and would be a welcome alternative for our members.”

Hanscom Federal Credit Union, he said, chose to partner with LendKey on that initiative.

Refinancing student loans also represents a niche that credit unions can neatly fill. That is the most recent addition to the Harvard University Employees Credit Union’s menu, Murphy said.

“One of the unions at Harvard said their membership was really looking for some relief on student loan payments and better rates,” he said.

“In most cases, the student is probably saving about 200 basis points when they refinance with their credit union and consolidating about three loans. Average balances are about $50,000, so you’re talking about saving approximately $10,000 worth of interest expense by consolidating,” Passione said. “By consolidating those loans into one loan, the student also gets to release a bunch of cosigners, and many of those co-signers tend to be parents.”

Maybe the greatest reason for credit unions to get into student lending is philosophical in nature.

“I really do believe that this is just a great product to engage [the] Millennial generation,” Holt said. “And helping them through this difficult process is just a fantastic way of creating a strong new partnership with a member.”

Laura Alix is a staff writer for The Warren Group, publisher of CenterPoint. fall.2015 | centerpoint | 17

C O M MU N I T Y I N V O LV E M E N T

VOLUNTEERS BRING ON THE GOLD AT SUMMER GAMES IN RHODE ISLAND Pictured are some of the more than 60 credit union volunteers ready for the Special Olympics Rhode Island Summer Games.

More than 60 volunteers from nine Rhode Island credit unions and CUNA Mutual Group helped make the Special Olympics Rhode Island Summer Games a success at the University of Rhode Island in Kingston on a beautiful summer-like day in late May. The volunteers served in many capacities, including “clerking” the walking and running events. Clerking involves checking athletes in, gathering them into heats for their races, escorting them to the track, and cheering the athletes on as they compete. The best part of clerking is the interaction with all the athletes as they patiently wait for their race.

Several volunteers helped outside for the medal awards portion of the games. This included escorting the athletes to receive their medals, announcing the competition winners, and escorting them from the stage. This assistance, noted Special Olympics event organizers, is vital to the success of the event.

Many of the volunteers have been participating for more than 15 years, including Gina DePalo from Rhode Island Credit Union, who

The smiles say it all. Athlete Michael Bullock (right, with bronze medal) congratulates one of his teammates who won the gold.

said, “This is the most rewarding day ever! Our credit union volunteers enjoy spending time with all the athletes while we walk them to their races. It’s so nice to see many of the same athletes each year and it’s even better when they remember us and the fun we have throughout the day.”

This year’s credit union volunteers included employees from Alliance Blackstone Valley Federal Credit Union, Blackstone River Federal Credit Union, Kent Hospital Federal Credit Union, Navigant Credit Union, Pawtucket Credit Union, People’s Credit Union, Rhode Island Credit Union, Wave Federal Credit Union, and Westerly Community Credit Union.

A group of 22 volunteers from Coventry Credit Union worked and served the barbecue lunch to athletes and guests at the Summer Games on the last day of the weekend event. The credit union has adopted this activity each year as part of their commitment to Special Olympics Rhode Island.

CREDIT UNIONS OF RHODE ISLAND PRESENT SPECIAL OLYMPICS RHODE ISLAND WITH $85,000 DONATION Special Olympics Rhode Island Ambassador Michael Lucca takes a photo with PGE Federal Credit Union President Ken Poyton during the putting contest.

The Credit Unions of Rhode Island presented an $85,000 check to Special Olympics Rhode Island at the conclusion of the Credit Unions of Rhode Island Charity Golf Tournament in July. These funds represented the total amount raised in the year by credit unions, members, and sponsors. The Rhode Island Social Responsibility Committee set the $70,000 goal in September 2014. This brings the 18-year total to more than $800,000.

18 | centerpoint | fall.2015

From left: David Dupere, RI Social Responsibility Committee chairman and Association President Paul Gentile present a check for $85,000 to Michael Lucca and Dennis DeJesus from Special Olympics Rhode Island.

The picturesque Crestwood Country Club located in Rehoboth, MA, once again hosted the tournament, which was the culmination of a phenomenal fundraising effort. A combination of 111 golfers and 62 sponsors made the event a great success.

Despite the temperatures soaring into the 90s and the humidity Continued on next page

C O M MU N I T Y I N V O LV E M E N T

RECORD DONATION MADE TO MAKE-A-WISH® NEW HAMPSHIRE Presenting a check for $200,000 to Make-A-Wish® New Hampshire are, from left: Ronald Covey, social responsibility committee chair, NHCUs; Michael L’Ecuyer, Bellwether Community Credit Union; Wish Ambassador Katelyn; Paul Gentile, association president; Wish Ambassador Amanda; and Julie Baron, CEO, Make-A-Wish® New Hampshire.

Thursday, June 11, was a magical day for wishes and dreams to come true at the 14th Annual Richard D. Mahoney Charity Golf Tournament held at Candia Woods Golf Links, Candia, N.H. At the conclusion of a fabulous day of golf and camaraderie, the New Hampshire Credit Unions presented a record-breaking donation of $200,000 to Make-A-Wish® New Hampshire CEO Julie Baron and Wish Ambassadors Katelyn and Amanda. This amount culminated the year’s efforts of New Hampshire Credit Unions, bringing a 19-year total to more than $2.1 million raised for wishes.

Throughout the day, the 120 golfers were greeted with big smiles from Katelyn and Amanda, along with recently crowned Miss New Hampshire Holly Blanchard, who is also on staff at Make-A-Wish® New Hampshire.

The three graciously served big cups of lemonade at the special Make-AWish® New Hampshire Lemonade Stand. Katelyn’s wish was to visit the Disney theme parks, where she had a princess makeover. Amanda’s wish was to meet country superstar Toby Keith, which she did at a concert in San Diego. During the awards dinner, both Katelyn and Amanda thanked everyone and shared memories of their wishes.

Katelyn said, “I was Cinderella for two whole days! On the second day we went to Epcot to have lunch with the princesses. At the end of lunch I got to help Cinderella lead the parade. It was awesome!” She ended her story with “This trip is something I will remember forever!”

Katelyn presents a plaque with her photo to Ronald Covey and Paul Gentile.

New Hampshire Credit Unions’ Social Responsibility Committee Chairman Ronald Covey extended his thanks on behalf of the committee to all credit unions, their members, the chapters, the vendors, and everyone who volunteered for the tremendous support they have all given in the last 19 years.

Gentile noted how impressed he was by the efforts of the credit unions, saying, “This is such a wonderful event and a great way to end an amazing year of support for our charitable partner, Make-A-Wish® New Hampshire.

It is such a good feeling when I round the corner and see the Wish Children at the lemonade stand greeting everyone with such energy throughout the day. Their optimism and strength are an inspiration to us all.”

Baron and Blanchard praised the efforts of all the credit unions, members, vendors, and the Social Responsibility Committee for their contributions each year.

“We could not grant almost 90 wishes a year without your support,” said Blanchard.

Baron and Katelyn presented Covey and Gentile with a special plaque honoring the credit unions for their donation.

The New Hampshire Credit Unions remain the biggest corporate partner of Make-A-Wish® New Hampshire with the largest donation to date.

SPECIAL OLYMPICS RHODE ISLAND Continued from previous page rapidly rising as the tournament began, the group played on in good spirits and enjoyed a fun day of camaraderie and networking. Special Olympics Rhode Island Ambassador Michael Lucca conducted a contest on the practice putting green on the first hole with each team.

“It is an honor to partner with the Credit Unions of Rhode Island in support of the athletes of Special Olympics Rhode Island,” said Dennis DeJesus, executive director of Special Olympics Rhode Island. “They continue to raise the bar in generating revenue to support year-round training and athletic competition for the athletes. Thank you, Credit Unions of Rhode Island, for your unwavering commitment and support.”

“The passion and dedication of the credit unions, their employees and vendors demonstrate that they realize the importance of Special Olympics Rhode Island and shows how much they care about the athletes and families within their local communities,” said Association President Paul Gentile. “The Credit Unions of Rhode Island demonstrate daily

what it means to be a cooperative, and the magnitude of their support is a perfect example.”

“If it wasn’t for our faithful contributors within the Rhode Island credit union movement, our support for Special Olympics Rhode Island wouldn’t exist,” said David P. Dupere, executive vice president and chief operating officer of the Wave Federal Credit Union and chairman of the Credit Unions of Rhode Island’s Social Responsibility Committee. “A special, heartfelt thanks to our credit unions, volunteers, and vendors for your generosity in contributing the funds that we need to help make a greater difference in the lives of all the athletes with Special Olympics Rhode Island. We are so proud to be part of such a generous credit union community.”

The Rhode Island Social Responsibility Committee extends its thanks to all the credit unions, members, vendors, etc. who helped make their generous donation possible. fall.2015 | centerpoint | 19

C R E D I T U N I O N P EO P L E

Pawtucket Credit Union Promotes Charette to President/CEO, Announces New Hires Ronald W. LeClair, chairman of the board of Pawtucket Credit Union announced the promotion of George J. Charette III to president and CEO. George J. Charette III “With the retirement of Karl Kozak, past president and CEO, we looked for an individual who possessed the leadership skills needed to successfully oversee a $1.7-billion organization,” said LeClair. “George came to PCU in 1996, impressing everyone with his knowledge of the financial services industry. His character and work ethic are second to none. I’m confident that PCU is in good hands.”

Charette previously held the title of executive vice president and chief financial officer.

Prior to his employment at PCU, he worked for two years at Fleet Financial Group as a vice president in the Accounting Policy Group and for 17 years at New Bedford Institution for Savings, where he was senior vice president and CFO. He is a 1974 graduate of Providence College with a bachelor’s degree in accounting and holds an MBA from UMass Dartmouth. He received his CPA designation in 1978 while employed by Peat Marwick Mitchell & Co. He currently serves as board president of the Pawtucket Central Falls Development Corporation and is an honorary trustee and past treasurer of Friends Academy.

Patricia Lynch Carlin has joined the credit union as vice president and comptroller. Carlin has overall responsibility for the financial function of the credit union, including regulatory reporting. For the past 15 years, Carlin served as vice president and assistant comptroller for Bank Newport. She is a graduate of Salve Regina University Patricia Lynch Carlin and holds bachelor’s degrees in both accounting and financial management. She is co-chair of the Catholic Charity Appeal and a religious education instructor at St. Augustine Church in Newport.

Brian McMahon has joined as assistant vice president of commercial lending and is responsible for developing new business loan relationships, including real estate, equipment loans and lines of credit. He most recently served as senior commercial lender for Bridgewater Credit Union. McMahon is a graduate of the Community College of Rhode Island with an associate’s degree in criminal Brian McMahon justice. He is also a retiree of the Rhode Island Army National Guard.

Sullivan Elected to Homefield Credit Union’s Board Homefield Credit Union announced that James C. “Jim” Sullivan was elected as its newest board member during the credit union’s 49th 20 | centerpoint | fall.2015

Annual Member Meeting for a three-year term.

Sullivan brings valuable business experience to Homefield and promises to be an asset both to other board members, and to the operations and policies of the credit union. He is the president and CEO of JCSI in Grafton, an innovative recruitment consulting firm that partners with companies to augment their corporate recruiting process. He is also co-owner of BestExec, a recruiting partner specializing in executive-level recruiting.

In addition to his business resume, Sullivan is also deeply involved with the local community. He has organized several fundraising events for the benefit of congenital heart disease research, cancer research, diabetes research, and CMT (Charcot-Marie-Tooth) disease research. He is also a member of the Mass Bay Lacrosse League and has coached several different lacrosse teams ranging from second to eighth grade.

MembersFirst Credit Union of N.H. Welcomes New Directors to Board MembersFirst Credit Union of N.H. elected two new members to serve on its board of directors.

James Burkush, fire chief for the city of Manchester, earned a bachelor’s degree in fire and emergency management from Granite State College.

James Burkush His father previously served on the credit union’s board from 1979 to 1986.

Ashlee Lewer, great-granddaughter of credit union founder John Walsh, is currently employed by Eli Lilly Corporation. She is a graduate of the University of Central Florida with a bachelor’s degree in political science and legal studies.

“It is always exciting to welcome new members to the board,” said Bruce Leighton, MembersFirst president and CEO. “I’m confident that Ms. Lewer and Chief Burkush will provide tremendous benefits to the credit union.”

After 50 Years, Dube Retires from Greylock Federal Credit Union Board; Matthews Joins Greylock Federal Credit Union President Marilyn L. Sperling announced several changes to the credit union’s board this past spring.

J. Paul Dube retired after serving 50 years on J. Paul Dube the board. In those years, he served long enough to see many changes in the financial world and the credit union business.

A large percentage of the employees at Greylock were not even born when Dube joined the board.

“Paul is a powerful and admired success story in the history of Greylock Federal Credit Union,” Sperling said. “Having served us for 50 years, his achievement is a testament to his character. Paul steadfastly advanced the mission of Greylock, and of the credit union industry. He reflected our mission by always treating others better than they expected, and dedicating himself to helping people.”

Kimberly A. Mathews was appointed as the newest member of the credit union’s board of directors, replacing outgoing director Dube.

Mathews has served as senior vice president and general counsel at Legacy Bancorp Inc. in Pittsfield, general counsel at Developer Finance Corporation in Williamstown, associate atKimberly A. Mathews torney at Bacon & Wilson P.C. in Springfield, and vice president and general counsel at Lenox HealthCare Inc. in Lenox.

Mathews graduated magna cum laude with a bachelor’s degree from the University of New Hampshire and earned a juris doctorate from the University of Illinois at Urbana-Champaign College of Law. She was admitted to the Massachusetts Bar in 1996. Mathews serves on the boards of the Elizabeth Freeman Center, Suit YourSelf, Dalton Community Recreation Association, and St. Agnes Academy. She also volunteers for the Berkshire Center for Justice and has been accepted to the master’s degree program at Simmons School of Social Work.

GFA Federal Credit Union Appoints Brown to Supervisory Committee, Hires Morgan The board of directors of GFA Federal Credit Union announced the appointment of Winfield Brown to its Supervisory Committee.

Brown joins committee Chair James O. Garrison and members Daniel M. Asquino, JoAnne Parks, and Wendy Wiiks. Brown replaces Elaine T. Fluet, who was elected to the GFA’s board of directors.

Brown is the president and CEO of Heywood Healthcare in Gardner, Massachusetts. Brown has a master’s degree in health care administration from the University of Minnesota, an MBA from Husson University, and a bachelor’s degree in economics from Bates College.

Cherie Morgan was hired for the position of assistant vice president and operations manager.

She brings more than 15 years of industry experience.

Prior to joining GFA, Morgan served as operations and contact center supervisor at another local institution. She has previously held positions of call center team leader, cash manCherie Morgan agement supervisor, business banking representative, personal banking representative, and peer coach.

As assistant vice president and operations manager, Morgan leads the Member Resource Team, overseeing the deposit and electronic banking operations. Her role will include collaboration with all departments on member service initiatives as well.

Morgan is a graduate of Rodger Williams University, where she earned her associate’s degree in business administration with a concentration in paralegal studies.

Freedom Credit Union Wins 2015 Better Business Bureau Torch Award

From left: Lucy Sánchez; Lisa Astley; Edward Nuñez; Karen Katsanos; Jeffrey Smith; Angela Rocheleau, board chair, BBB of Central New England; Cheryl Podgorski; Barry Crosby, president and CEO, Freedom; Bill Russo, Appel; Nancy Callahan, president and CEO, BBB of Central New England; and Patricia Carbee.

The Better Business Bureau of Central New England awarded Freedom Credit Union the 2015 Western Massachusetts Torch Award for Marketplace Ethics in the large business category. The Torch Award is presented to businesses that epitomize corporate responsibility and efforts to ensure that the marketplace remains trustworthy and honorable.

“We are tremendously proud of this achievement,” said Barry F. Crosby, president and CEO of Freedom Credit Union. “Every employee of Freedom played a role in this award and we will continue to provide our members with products and services that meet the highest ethical standards.”

Providence Business News Names 2015 Best Places to Work; 3 Credit Unions Make the List

From left: Navigant Credit Union’s Tim Draper, Ross Silva, Dan O’Brien, Jeff Lemos, Gary Furtado, Ken Senus, Chris DerVartanian, Lisa Dandeneau, and Nancy Wilson celebrate the credit union’s number one ranking in the large business category at Providence Business News’ annual Best Places to Work event.

Providence Business News presented its Best Places to Work awards to 55 companies earlier this year, and among the honorees were three credit unions: Navigant Credit Union in Smithfield; Pawtucket Credit Union in Pawtucket; and People’s Credit Union in Middletown. The 55 companies were judged based on confidential surveys of employees and management reports.

During the award ceremony and dinner celebrating the Best Places to Work, Navigant Credit Union earned the No. 1 ranking in the large company group, consisting of any Rhode Island business with 150 to 499 employees. fall.2015 | centerpoint | 21

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

SPECIAL EVENTS

Hike-the-Hill 2015 September 16-17 – Credit Union House, Washington, DC Massachusetts Credit Union Day September 30 – State House, Boston, MA CUNA’s Governmental Affairs Conference (GAC) 2016 February 21-25 – Washington, DC

CONFERENCES AND CONVENTIONS Cooperative Credit Union Association Annual Meeting and Convention October 21-23 – Mohegan Sun, Uncasville, CT

Small Credit Union Conference November 8-10 – Renaissance Providence Downtown Hotel, Providence, RI CU Accelerate 2016 May 13-15 – Newport Marriott Hotel, Newport, RI

SEMINARS AND SCHOOLS

Credit Union Boot Camp September 16 ................................... CCUA, Marlborough, MA BSA Update September 22................................. Angelica’s, Middleton, MA Consumer Lending Basics September 24.................................... CCUA, Marlborough, MA BSA Conference September 30.................Doubletree Hotel, Westborough, MA Developing Great Managers Part I, II, III October 1.......................................... CCUA, Marlborough, MA November 3....................................... CCUA, Marlborough, MA December 2...................................... CCUA, Marlborough, MA IRA Essentials October 6.......................................... CCUA, Marlborough, MA IRA Advanced October 7.......................................... CCUA, Marlborough, MA BSA Update November 17..................................... CCUA, Marlborough, MA Credit Union Boot Camp November 18..................................... CCUA, Marlborough, MA Bankruptcy & Collections December 8-9................................... CCUA, Marlborough, MA

NETWORKS Compliance Network

Compliance Network Meetings Sponsored by: Macpage November 4....................................... CCUA, Marlborough, MA

Finance Network

September 15.................................... CCUA, Marlborough, MA

Financial Education Network

September 29.................................... CCUA, Marlborough, MA

Training Network

October 15........................................ CCUA, Marlborough, MA

Volunteer Network Meeting

TBA.................................................... CCUA, Marlborough, MA

CHAPTER MEETINGS

Form 1099 Reporting: Third-Party Vendors, Foreclosures, Debt Forgiveness & More November 3

WEBINARS

Director Series: Interest Rate Risk Policies, Considerations & Consequences: What Directors Should Know November 4

HR Series: HR Danger Zones: Regulations, Requirements & Best Practices to Keep You Out of Trouble September 9 Loan Concentration Management: Evaluation, Risk Tolerance & Regulatory Guidance September 10 Loan Underwriting Basics: Interviewing, Credit Reports, Debt Ratios & Regulation B September 15 Managing the 8 Categories of Risk Assessment September 16 Director Series: UDAAP for the Board & Senior Management September 17 Imaged Documents: What to Keep, What to Destroy, What Holds up in Court?

September 22 Regulator Guidance & Issues in ATM Security September 23 IRA Series: Auditing IRAs Step-by-Step September 24 Required Compliance Series: Compliance Regulations for Deposit Operations September 29 Mortgage Advertising: Keeping Your Promotions Compliant September 30 Regulatory & Legal Risks of Overdraft Protection: Recent Cases & Best Practices October 1 Call Report Preparation: Advanced Lending Schedules, Including Schedule A Specialized Lending and More October 6 Powers-of-Attorney & Living Trust Documents: Guidelines for Deposit Accounts & Loans October 7 Regulation E Requirements for Debit Card Error Resolution: Processing, Disclosure & Investigation October 8 The New Flood Rules, Including the Mandatory Escrow Rule Effective January 1, 2016 October 13

Lending Network

Advanced Financial Literacy Update for New & Experienced Directors: ALM Primer & New Financial, Accounting & Risk Issues October 14

Marketing & Business Development Network

Advanced ACH Specialist Series: Understanding & Navigating ACH Rules for ODFIs October 20

Lending Network Meetings Sponsored by: CU Direct September 23.................................... CCUA, Marlborough, MA November 5....................................... CCUA, Marlborough, MA

Marketing & Business Development Network Meetings Sponsored by: Synergent October 29........................................ CCUA, Marlborough, MA

Small Credit Union Network

October 27........................................ CCUA, Marlborough, MA

22 | centerpoint | fall.2015

Supervisory Committee Duties & Responsibilities October 28

Central Mass Chapter September 23……………Cyprian Keyes Golf Club, Boylston, MA November 18…………............... Val’s Restaurant, Holden, MA

HR Network

October 8.......................................... CCUA, Marlborough, MA December 3...................................... CCUA, Marlborough, MA

Adverse Action: Consumer & Mortgage Loan Best Practices October 27

The Ins & Outs of Credit Union Share Insurance: Protecting Your Member October 21 New Accounts Series: Opening Accounts for Minors: Ownership, Access & Transactions October 22

Increasing Sales Now: How to Develop & Implement an Effective Internal Sales Campaign November 5 Preparing for the Impact of Same Day ACH November 9 IRA Series: IRA Reporting, Common Issues & Error Resolution November 10 Required Compliance Series: Regulatory Requirements for the Board & Senior Management November 12 CECL, the ALLL & FASB’s Proposed Standard for Recognizing Credit Impairment November 16 The New Security Officer: Responsibilities, Best Practices & Skill-Building Tools November 17 Nuts & Bolts of Effective Metro 2 Credit Reporting via e-OSCAR November 18 Responsibilities & Liability When Check or ACH Fraud Occur November 19 Top 10 Mistakes in Deposit Compliance Exams November 24 Call Report Preparation: Financial Statements, Including Schedule B Investments, C CUSOs & D Derivatives December 1 Appraisals for Non-Performing Assets December 2 Advanced ACH Specialist Series: Reg E Error Resolution Rules Versus NACHA Operating Rules: Obligations, Consumer Disputes & Case Studies December 3 Safe Deposit Issues: Drilling, Unpaid Rent, Death & Unclaimed Property December 8 Managing Accounts & Records for Nonresident Aliens: Opening, Identifying, Monitoring & Tax Reporting December 10 Required Compliance Series: Robbery Prevention, Apprehension & Recovery December 15 New Accounts Series: Opening Donation, Benevolent & Other Accounts for Nonprofit Organizations & Corporations December 16 Exercising the Right of Setoff on Deposit Accounts & Loans December 17

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