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League Representative Update

powered by the Michigan Credit Union League
May 2020

MCUL Update

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

Merger:

None

 

CEO Changes:

             None

 

Name Changes:

None

Upcoming MCUL 2020 Events

ASFM Golf Outing – July 15, Lansing

MCUL Annual Convention and Exposition – September 18 to 20, Grand Traverse Resort, Traverse City

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

Hike the Hill – September 23 to 25, Lansing 

IRA Essentials – Late September TBD

Lending School – October 21 to 22, MSU Henry Center, Lansing

Contact Center Conference – October 29 to 30, Bavarian Lodge, Frankenmuth

Leadership @ 11 - TBA

To keep you connected and informed during this current uncertain time, MCUL has put together a series of educational webinars. Each is led by industry experts and is free to MCUL-affiliated credit unions.

Register now for our upcoming sessions or download completed webinars today.

Wednesday, May 13th at 10:00am ET for a Zoom conference call with Governor Gretchen Whitmer & DIFS Director Anita Fox who will provide an update to our credit union leaders and allow for an opportunity for Q&A.

We need your help! Please help us input your credit union data into the online tracker. This information is critical to our advocacy initiatives and communications, as banks are currently sucking up all the media they can. We’ve only had a handful of CUs enter data. Due to the high-profile meetings scheduled this week with Senators Stabenow and Peters + a Gov. Whitmer meeting next week, a complete picture of credit union impact is needed.

CU’s can update data points here: mcul.org/membership/2020-data-tracking

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

The Michigan Credit Union Foundation (MCUF) wants to support and amplify those 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 the financial health of families, businesses and communities in Michigan.

Funds are available to supplement initiatives and activities such as:

  • Food distribution support to needy families, community groups or food banks
  • Delivering meals from local businesses to essential workers, seniors, community support organizations
  • Providing educational resources, tools or technology to increase educational access in low-income areas
  • Distribution of essential health care products produced by local manufacturing facilities
  • Match for credit union or member gift card purchase from local businesses to donate to frontline workers or food banks; gift cards can be purchased from the Support Local platform while staying in place
  • Longer term support for the financial health challenges of families, businesses and communities

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.


MCUL Compliance Support: ComplianceHelpline@mcul.org 

Michigan Solutions

COVID-19 Specials

Our partners have really stepped up to the plate by offering our credit unions discounts on products that can help them during this time. 

Earlier this month we had a text messaging partner, Eltropy, inform us that they are offering 90 days free no obligation text messaging to credit unions. This is a 1-to-many platform that would allow the credit union to push updates to members if needed. 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% cut in implementation fees and no subscription fees for 2 months. 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.

Lenderful Solutions is a provider of modern, efficient digital experiences that enable your members to learn, shop, select, and apply for a mortgage or home equity loan. If you would like to see an example of their Home Equity solution in action, please visit Lake Michigan Credit Union’s live page by clicking here. For a limited time, Lenderful Solutions, partnered with CUSG, will be offering a free individual landing page (microsite) for each of your Loan Officers. This site will give your members the ability to apply for a purchase or refinance digitally on their own time and device. If your credit union is struggling to keep up with phoned-in or mailed-away mortgage applications, or your existing online solution is dated and a poor member experience, this offer is for you! If your credit union is interested in participating in April, Lenderful will provide the credit union with 3 free months of the service.

Our current environment is challenging for both credit unions and members. AFG’s residual based financing programs can help. These programs offer lower monthly payments, shorter terms that align with your members buying habits and no trade-in hassles or prepayment penalties. Credit unions benefit by being able to offer a program that sets them apart from the competition. The AFG walk-away balloon loan and lease programs allow both new and used vehicles (up to five years old) on the program, higher yielding loans and AFG takes 100% of the residual value risk. Auto Financial Group gives credit unions a user-friendly, customized web-based software program designed to make it easy to offer low payment financing to credit union members. For Credit Unions who sign a contract with AFG prior to December 31, 2020, AFG will be waiving their 2 per month minimum for 12 months from contract date.

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.

NEW: Virtual Workshop

Equipment Management Virtual Workshop

Our product partners Dolphin Debit and Equips will be presenting their solutions to saving money on managing your ATM and equipment maintenance. At a time where managing equipment is next to impossible, it may be time to outsource your ATMs and/or a single source process for all your equipment maintenance needs.

There will be time after each presentation to ask questions. Feel free to attend one or both sessions:

When: Wednesday, May 13th

Where: On Zoom

Who: Operations, Compliance and Executive staff

Time: 2:00pm Presentation by Dolphin Debit - money saving on full-service solutions for ATM management

2:20pm Q & A

2:30pm Presentation by Equips Equipment Management – a one source solution for comprehensive, turnkey equipment management 

2:50pm Q & A

RSVP by May 11th to Mary Turczyn at mkt@mcul.org

Webinar: CUNA Strategic Services

Coronavirus: Business continuity lessons learned

May 19, 2020 1:00-2:00 pm CT

With many organizations beginning to look ahead at the road to recovery, Agility Recovery is hosting a session to share real-world tips from their customers and experts on returning to the new normal.

Register here 

Rethink Technology

COVID-19 Specials

CMS clients now have access to any module in our library, at no extra cost. Additionally, Bold Chat customers can add additional seats, at no charge, in order to help serve more members remotely.  To add this service, call 800-262-6285, ext. 511, or email Support@CUSolutionsGroup.com.

NEW:  SilverCloud

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

NEW:  Pure Chat

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 Forms Module

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


Website Support: support@cusolutionsgroup.com

Reimagine Marketing

COVID-19 Specials

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 Sam's Club

We are excited to announce that credit union members can now save 40% on a 1-year membership at Sam's Club! Get what you need to make staying home easier and join Sam's Club today at Love My Credit Union Rewards. Join now by visiting here.

Product Update: CubeTV

CubeTV recently helped the MCUL launch a new Safety and Service campaign to replace the Open Your Eyes campaign during these unprecedented times. These videos are focused on:

  • Reassuring members that funds are federally insured
  • Offering members support with emergency fund options
  • Loan restructuring
  • Demonstrating credit union commitments to community,

The videos are highlighting the credit union non-for-profit model to build trust, showing that credit unions are open for business, through private appointments, drive-thru service, mobile apps, or call centers and offering a helping hand of calm, because credit unions have been there through all of life’s toughest times.

These videos are free for credit unions to integrate into their own marketing plans. Credit unions can use this series on social media, digital video streaming services, ATMs and GSTV. Additionally, our partner, CU Solutions Group/CUBE TV Studios has arranged for quick and inexpensive customization for a nominal fee of $249. To start the customization process for your credit union’s videos, visit VidFuel.com.

Reinvent Performance

COVID-19 Specials

Crisis-related educational content for staff is available to credit unions for free for six months. HR offices are working overtime to ensure credit union staff can perform their jobs safely and effectively. Free relevant courses include:

  • Establishing Effective Virtual Teams
  • Facing Virtual Team Challenges
  • Becoming a Successful Collaborator
  • Managing in a Crisis
  • Forging Ahead with Perseverance and Resilience
  • Assessing Your Organization's Risks
  • Responding Effectively to Risks

To access this timely content, contact Isaac.Mallory@cusolutionsgroup.com

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

COVID-19 Specials

Crisis response and pandemic planning is impacting operations and quickly impacting strategic plans. A free series of brief (under 15 minutes) strategy and compliance videos are available to help you manage in this crisis. Topics include:

  • Helping Employees through Crisis
  • Governance and Financial Impact
  • Lending in Hard Times
  • Cybersecurity and Scams
  • Working Remotely Tips
  • Top Questions Credit Unions are Asking
  • And more

Access these free videos now.

You will need to register with an email address on the Podia site, but there is no fee or payment information required to access the videos on demand.

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

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 Mini-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.