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League Representative Update

powered by the Michigan Credit Union League
June 2020

MCUL Update

Michigan CU Statistics and Highlights: 216 CUs, 99% affiliation

Mergers:

Lakes Community CU CN#62170 merged into Birmingham-Bloomfield effective February 1, 2020

Motor City Co-op CU CN#63289 merged into Christian Financial effective April 1, 2020

CEO Changes:

Lakeshore FCU- Kathy Fearnley has retired as CEO, Debra Workman is the new CEO

Name Changes:

None

Covid-Response Data Entry Portal

At this time, we are asking that you provide the most accurate, up-to-date numbers on the relief and support your credit union has done for those impacted by this crisis during the past few months.

The MCUL team has built an online portal on the MCUL.org site to collect credit union data during the current crisis. We are asking credit unions to visit this page and report your totals to date starting on March 1, 2020, when this crisis began.

Upon entering your login information, there will be a welcome page with two data collection areas specific to small businesses (PPP loans) and individuals (mortgage assistance, personal loans, fee waivers, etc.). The landing page will also feature downloadable PDFs of the questions. Those wanting to submit PDFs can upload in the system or send them to Research@MCUL.org. Any questions can also be sent to the same address.

Upcoming MCUL 2020 Events

**CANCELLED** Executive Summit – September 16 to 18, The Inn at Bay Harbor

ASFM Golf Outing – September 9, Forest Akers, East Lansing

MCUL June Online Lineup Supports Michigan Credit Unions 

MCUL & Affiliates continue to bring together top experts to deliver affordable online training on the timely topics credit unions are focused on. The June lineup includes:

  • Facing Increased Loan Losses: ALLL Expert and Peer Insights, June 9 | 3 pm
  • ERROR: This Policy No Longer Applies...Now What? June 11 | 3 pm
  • Getting Back to Business Q&A Discussion: Conducting Employee Risk Assessments, June 16 | 3 pm
  • Digital Detoxing to Preserve Sanity in These Very Strange Times, June 18 | 2 pm
  • Teenage Panel | Today's Teens: How Do They Bank and How Can Credit Unions Serve Them? June 23 | 2 pm
  • Why Toilet Paper Flew Off the Shelves and What that Means for Credit Unions! June 25 | 2 pm

All sessions are priced at only $89 (or free for CUs under 100M) which allows multiple individuals from the same credit union to participate live, as well as receive a complimentary recording to access later. To learn more or register for any of the sessions, click here.  Previously completed webinars are available for download today.

CU Link Update

As people across Michigan are seeking stability during these uncertain times, the Michigan Credit Union League is harnessing the CU Link campaign to calm and offer reassurance to the state’s 5.5 million members. Utilizing the talent of fellow Michigander Mitch Albom, CU Link ads are now focused on promoting the safety and security that credit unions provide. This series of ads will begin running March 27 through June 30, 2020.

Additionally, we wanted you to have the following video links for your immediate social media and digital advertising use. Whether with this message, or one of your own, it is important that credit unions, individually and cooperatively, calm members’ concerns during these particularly troubling times.

All videos are available to preview, download and even customize. Receive fast and inexpensive customization of the videos for a nominal fee of $249. No credit union will be priced out of this opportunity for professional crisis communication to members!

MCUF & FUEL Update

MCUF Midland Flood Relief Fund

Donations are coming in daily, as of June 3, a total of $85,450 has been has been pledged from credit unions, chapters, executives and other employees. In addition, the MCUL and MCUF have each contributed $10,000 to this fund. The MCUF hopes and anticipates a total of $100,000 to $150,000 in donations.

The credit unions in the area intend to use the funds to provide grants to members for flood damage repairs to homes or property. They hope to be able to help hundreds of families with these funds.

To show your support, please post your donation on the MCUF donation page.

The Michigan Credit Union Foundation (MCUF) wants to support and amplify your credit union community outreach initiatives. And to do so, the MCUF board has authorized additional funding in 2020, with a streamlined application and approval process for quick and easy access to funds.

Requests for MCUF Community Crisis Support Funds will be quickly approved and funded to provide supplemental or matching funds for credit union community initiatives that support families, businesses and communities in Michigan.

For more information and to apply, complete the MCUF Community Crisis Support Fund Request.

The FUEL MI Young Professionals Networking Group is searching for driven and dedicated young professionals who are passionate about sustaining the credit union movement to join the statewide program. Group members will meet 5 times a year and be responsible for determining and implementing methods for participants to connect, interact and learn about the credit union industry and movement, as well as actively participate in community outreach initiatives throughout Michigan.

To join FUEL complete and submit the participation form.

2020 CUNA Awards Nominations Due July 24

Has your credit union been involved in efforts to help its community? Does it live out the “people helping people” philosophy daily, especially since the pandemic began? Have you been in involved in financial education or financial literacy events?

If this describes you and your credit union, you’ll want to submit a nomination for one of the 2020 Credit Union National Association (CUNA) Awards. The deadline for submissions is July 24 and may include the credit union’s outreach from July 2019 to July 2020.

For more information click here


MCUL Compliance Support: ComplianceHelpline@mcul.org 

Michigan Solutions

NEW: CU Trak

Are you worried about how the economic impact of COVID-19 will impact your members and your auto loan portfolio? We would like to introduce CU Trak, an asset tracking system. This simple GPS tracking solution was designed with your needs in mind, giving you access to the tools and intelligence you need to provide more loans, to more members while decreasing your delinquencies and repossessions. Members could greatly benefit from your credit union partnering with CU Trak. CU Trak provides the tools and intelligence you need to engage more members while mitigating loss, delinquencies and repossessions.

Partner Updates:

Eltropy named ‘Best Text Messaging Solution for Credit Unions’ by CUNA

With every crisis comes opportunity, reimagine member engagement with text messaging. Crises can often uncover areas of business that can be used to help people. Text Messaging is arguably the quickest and most effective way to get in touch with just about anyone, without physical contact. During the recent social lockdown, texting allowed people to check-in, order groceries and maintain a small sense of normalcy. And, it’s easy.

Turns out, people want to text all of their business partners, including Credit Unions. Credit Union Journal reports that between 50% to 90% of credit union members would rather be texted https://www.cujournal.com/news/credit-unions-call-center-chatter-turns-to-texting than called, emailed or “snail mailed.” 

Eltropy is a trusted partner for sending compliant, secure messages that are tailored specifically for members with personalized information.

RateReset helps Financial Institutions be proactive and not reactive when it comes to retention of their lending portfolios. The Reset Solutions completely eliminates the process of a traditional refinance. If this is something your credit union may be interested in, please let me know and I can arrange a demo for you. RateReset will be offering a 50% reduction in implementation fees and no subscription fees for 2 months.

Payment Solutions

As consumers transition to the new norm post COVID-19 crisis, we have to begin thinking about what the new journey will look like in the payment space. Digital payment adoption will likely grow exponentially over the coming months. Consumers will expect a more hygienic payment transaction as we continue to shift away from physical interactions with cash and plastic handling. Offering mobile wallet providers – Apple, Samsung, and Google along with contactless cards should be a key tactic within your payment business strategy to promote usage and retention. For more information about these important initiatives, please contact our Card Program Advisor, Nangela Piersall @ 269.532.8617.

CUNA Mutual Group Resources

Discovery™ 2020 – Registration Now Open!  Join thousands of credit union leaders across the country on August 13th for our free virtual Discovery 2020 Conference. Take advantage of this valuable opportunity to connect with others, gain insights from industry experts, and further develop your strategic planning - all in the comfort of your own home or office.

Risk and Compliance Solutions has provided new risk alerts pertaining to the Coronavirus

Other Risk Alert from Risk and Compliance Solutions:

Webinar- Topic: Branch Reopening w/ CUNA Mutual Group, Jun 4, 2020 

Meeting Recording:
https://zoom.us/rec/share/3NxqEbXP315JYInwsBrbWZADBKLPeaa8hCdL__INmEwJy8CzLZplkSwejkLlU53O
 

Rethink Technology

NEW: Abrigo for PPP Forgiveness Monitoring

Financial institutions funding Paycheck Protection Program (PPP) loans as part of the CARES Act have come to the aid of their communities as they deal with the effects of the coronavirus. Now, lenders are looking for partners to assist them in the next phase of the program: forgiveness & reporting. 

NEW:  SilverCloud

SilverCloud provides credit unions access to automated remote technologies such as, automated member support, turnkey chat bots and employee support.

NEW:  Pure Chat

It's more important than ever to provide members with additional ways to reach you. Anticipating that your members will be utilizing your website more often, you can enhance and expand communication via our website chat feature. This solution can be implemented in one day and provides 10 licenses and the ability to have a group chat with two staff members at the same time.

Product Updates: CMS

We are excited to announce we have updated our Form Builder module to include an e-Signature field. This will allow you to require an electronic signature on any protected form you build in the Form Builder Module. Please reach out to us if you have any questions:

We have created a short video to walk you through how to add this to a form: https://www.cusolutionsgroup.com/technology-solutions/customer-support/form-builder-e-signature-demo

CMS clients now have access to any module in our library, at no extra cost. To add additional modules please call, 800-262-6285, ext. 511, or email Support@CUSolutionsGroup.com.

Upcoming Webinars: 

Join us Thursday, June 11 at 2 p.m. ET to see how Lenderful Solutions can help you make new loans and retain more members.

Home buying and refinancing can be a rough road. Lenderful Solutions provides credit unions with a modern digital lending experience for potential home buyers and homeowners. All of the easy-to-use applications, learning tools and calculators are optimized for mobile and desktop environments.

Register by clicking here


Website Support: support@cusolutionsgroup.com

Reimagine Marketing

Solution Spotlight

MemberXP is waiving Setup, Implementation and Platform fees for 90 days on the first 20 credit unions that apply for immediate access to a special COVID-19 feedback survey within the MemberView analytics platform. This special survey has already been provided free of charge to all current MemberView clients and is being used today in COVID-19 email and website communications to collect and capture insights on how credit union messaging, employees and crisis management processes are meeting the needs of members. 

New: Love My Credit Union Rewards Adds Rental Karma & Asurion Home+

Rental Kharma provides a simple way for renters to establish and build credit history by adding the benefit of on time rent payments to their credit report. Credit Union members can now save 30% off their already low monthly subscription to Rental Kharma.

Asurion Home+ provides members exclusive access to whole home electronics protection and 24/7 tech supports on all home tech devices under your members roof including TVs, laptops, gaming systems, smart devices and much more regardless of when or where the devices were purchased.

Marketing materials will be available in June. Until then, please direct your members to the LoveMyCreditUnion.org website to take advantage of these great offers.

Special Offer: Save to Win

As we move to operating in the new normal and the impending recession, it will be more difficult for members to save and build an emergency fund. It is now more important than ever to reward members for creating good financial habits.

To support credit unions in incentivizing savings to their membership we are reducing our implementation fees by 50% for credit union that sign on to the program by July 31st. That is a $500.00 savings.

Save to Win is the longest running, credit union exclusive, Prize Linked Saving program in the US distributing over $160k in prizes to over 2,000 members across the country. For every $25 dollars your member saves they get entered into a drawing for a chance to win prizes of up to $5,000.

Learn more in one of our upcoming webinars:

Wednesday, June 10th - 3:00pm ET (45 min)

Wednesday, June 17th - 2:00pm ET (45 min)

Wednesday, June 24th – 2:00pm ET (45 min)

 

Reinvent Performance

Solution Spotlight: The Learning Center

Credit unions around the country are relying more heavily on their learning management systems since COVID started. There’s been a 71% increase in YOY usage rates since the crisis started. Connect with us to see how easy it is to get access to nearly 2,000 courses at a temporarily discounted rate.

To schedule a demo of TLC or any other Performance Solutions product please click here

New: Introducing Compass

The Compass solution provides a fully integrated platform for comprehensive Budgeting, Forecasting, Interest Rate Risk (IRR), and Asset Liability Management (ALM) for community financial institutions of all sizes. Compass helps credit unions remain in full compliance of all ALM/IRR regulatory requirements, obtain accurate budgets, and make more informed business decisions through enhanced financial modeling capabilities in order to measure the financial impact of market and economic conditions and focus on strategic growth.

Product Updates: Planning Pro Improvements

Software to support collaboration within a virtual team is available through our Planning Pro team with a quick implementation and free trial period. The software allows teams to collaborate on daily tasks that are tied to goals and strategic objectives. Reports can be quickly generated to bring management, executives and the board up to speed on strategic and operational plan progress.

Recharge Strategy

Solution Spotlight: Remote Strategic Planning Session

This session will help you answer one of the most critical questions right now: “How will my industry and my ecosystem be reshaped by this crisis, and what strategies should our organization pursue to emerge as a leader?”

  • On-site GoToMeeting facilitation including brainstorming session to revise and develop initiatives
  • Financial services’ updates and consumer research
  • Business trends and disrupters, primarily focused on COVID-19 impacts
  • Peer analysis and benchmarking strategies
  • Industry best practices, including change management

Additionally, our Strategic Advisory Services will be offering credit unions 10% off all consulting services through June 30th, 2020. 

New: Return to Work Staffing Training Kit

We understand time and resources are at a premium as credit unions continue to serve members. CU Solutions Group wants to help. To that end we have built a training kit: Knocking COVID-19 Out of the Workplace - Returning to Work Safely that includes the following:

  • 25 minute training video (addressing all topics above)
  • Sharable video link – You are able to have even remote staff view the training prior to returning onsite.
  • Training Guide and Checklist – Includes best practices, onsite training guide/checklist and a compilation of the best resources.

Please take a moment to visit our storefront.  We are confident this affordable alternative will help you and your staff return to a "new normal" workplace safely.

New: Virtual Services

Crisis response and business continuity execution is impacting operations and quickly impacting our strategic plans. How will your credit union reframe financial forecasts? Do you have the resources to handle essential strategy and compliance during this time? Our Strategic Advisory Solutions team is offering virtual consulting and services remotely. If you need an extra hand or consultation on how to proceed, we are here to help by now offering:

  • Virtual CFO, offering expert CU support in reforecasting and strategy all the way to the most basic of functions, call reports, and the day-to-day.
  • Virtual Strategic Planning to engage the board in the ongoing efforts and evaluation of the oversight of the credit union.
  • CEO/Executive Performance. Need to ensure your performance measurement is aligned with the new normal? We will support you and facilitate your board to revisit goals.
  • Compliance consulting services include ACH, BSA, and Safe Act audits; and deposit, lending and other audits. Our AffirmX and Complysight systems can also provide a framework to support managing risk in this disaster recovery environment.