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CONTENTS
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President's Message
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Jeanne D’Arc Credit Union celebrates 100th Anniversary with multiple events, special logo
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Financial institution regulators issue FAQs on interest rate risk management
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Hanscom Federal Credit Union distributes $567,000 in “Loyalty Dividends”
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Consumer Financial Protection Bureau releases mortgage origination examination procedures
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CUNA urges action on exam improvements bill
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Reminder – Form 990 small business health care tax credit
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CNNMoney: Credit unions are best borrowing alternative
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Lowell Firefighters Credit Union celebrates 75 years
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St. Mary’s Credit Union finances, tours Water Fresh Farm in Hopkinton
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Jeanne D’Arc Credit Union, DCU donate $10,000 to Lowell Transitional Living Center
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Workers’ Credit Union contributes $10K to United Way
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Southern Mass Credit Union holds U.S. Armed Forces drive
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Quincy Credit Union helps turn cell phones into calling cards for U.S. troops
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Leominster Credit Union donated food, toys to families, organizations
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Southern Mass Credit Union donates to food pantries
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Metro Credit Union hosts Business After Hours event benefitting Citizens for Adequate Housing
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Hanscom Federal Credit Union steps up support of homeless veterans
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Lending Strategies in Turbulent Times: a one-day symposium
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The Great New England Credit Union Show is coming!
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"Winds of Change" - Spring Volunteer Development Conference
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Chapter Meetings
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Sprint presented marketing incentive checks to 17 credit unions
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CU Direct’s 14th annual Credit Union Lending Conference - May 16-17
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CO-OP Financial Services, FSCC close agreement to combine
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Vertifi’s remote deposit capture service surpasses 200,000 registered users
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CO-OP Financial Services processed 200 million electronic payments in a single month
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Alloya Corporate Federal Credit Union and VSoft Corporation enter strategic partnership
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Workers' Credit Union names new CFO
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Beverly Purtell promoted to Senior Vice President-HR Management of League
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Charlene Bauer named “Unsung Hero of 2011”
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STCU Credit Union announces Beylard promoted to Vice President Operations
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CPCU Credit Union announces the appointment of Albert Pinho, Senior Lending Officer
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NMTW Community Credit Union adds Home Financing Consultant to serve Merrimack Valley area
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Holiday
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League Calendar
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Job Postings
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President's Report
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President's Message
by Daniel F. Egan, Jr.
So far, 2012 has seemed like a pretty good year. The mild winter and lack of serious cold spells or snow have provided an unexpected surprise. Now the Patriots will be playing in the Super Bowl on February 5th lifting the spirits of all their New England fans. To add to the good weather and the celebration of the Super Bowl, we could use some good economic news.
[FULL STORY]
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Legislative & Regulatory
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Financial institution regulators issue FAQs on interest rate risk management
The Federal Financial Institutions Examination Council recently released answers to Frequently Asked Questions (FAQs) about the January 2010 advisory on Interest Rate Risk Management. These FAQs are being adopted by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the State Liaison Committee (collectively, the “financial regulators”).
[FULL STORY]
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Consumer Financial Protection Bureau releases mortgage origination examination procedures
The Consumer Financial Protection Bureau (CFPB) recently announced a key initial step in implementing its Nonbank Supervision program — the publication of the Mortgage Origination Examination Procedures. These procedures are a field guide for CFPB examiners looking at mortgage originators in both the bank and nonbank sectors of the industry.
[FULL STORY]
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CUNA urges action on exam improvements bill
The Credit Union National Association (CUNA) told key lawmakers recently that enactment of H.R. 3461, the Financial Institution Examination Fairness and Reform Act, would help strengthen the safety and soundness of the financial system by increasing the consistency and fairness of financial institution examinations.
[FULL STORY]
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Reminder – Form 990 small business health care tax credit
Your credit union may be eligible for an Internal Revenue Service (IRS) refund. Certain eligible credit unions may be entitled to file for a tax credit with the IRS. Included in the Affordable Health Care Act, enacted in March 2010, the small business health care tax credit is designed to encourage small businesses and small tax-exempt organizations (including credit unions) to offer health insurance coverage to their employees or maintain coverage they already have.
[FULL STORY]
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Credit Union News
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Jeanne D’Arc Credit Union celebrates 100th Anniversary with multiple events, special logo
Jeanne D’Arc Credit Union will celebrate its 100th anniversary on February 12, 2012. To commemorate this important date in our history, a yearlong celebration is planned, which will include special events for members, employees, and the community.
The new anniversary logo, which incorporates spindles from former textile mills to illustrate the number 100, is designed to recognize both Jeanne D’Arc’s history as well as the industrial history of its birth place.
[FULL STORY]
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Hanscom Federal Credit Union distributes $567,000 in “Loyalty Dividends”
Hanscom Federal Credit Union returned $567,000 to its member-owners at the end of 2011 in the form of a Loyalty Dividend. The total represents a 2% bonus on dividends earned and consumer loan finance charges paid over the year.
[FULL STORY]
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CNNMoney: Credit unions are best borrowing alternative
Credit unions are the best borrowing alternative for consumers who are fed up with big U.S. banks, according to a recent CNNMoney article.
Although they offer similar services to banks, credit unions are not held captive by the bottom lines of their balance sheets or shareholders, the article said. That structure usually allows credit unions to provide more favorable terms for borrowers, Bankrate.com's Greg McBride told CNNMoney.
[FULL STORY]
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Lowell Firefighters Credit Union celebrates 75 years
On December 8, the Lowell Firefighters Credit Union (LFCU) celebrated its 75th Anniversary with a day-long party at the credit union. Refreshments were served throughout the day and gift bags filled with goodies were handed out to members.
Many folks eagerly anticipated the outcome of a raffle drawing. Fourteen lucky members were the winners of gift cards to local establishments, such as restaurants, grocery stores, and retail stores.
[FULL STORY]
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St. Mary’s Credit Union finances, tours Water Fresh Farm in Hopkinton
Members of St. Mary’s Credit Union’s Commercial Lending Team toured the recently opened Water Fresh Farm in Hopkinton. Water Fresh Farm’s co-owner, Jeff Barton, explained the innovative methods of soil-free hydroponic growing using coconut husks, rock moss, and nutrient-rich water to support plant growth.
[FULL STORY]
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Community Involvement
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Jeanne D’Arc Credit Union, DCU donate $10,000 to Lowell Transitional Living Center
Working in cooperation to support those in need, Jeanne D’Arc Credit Union and Digital Federal Credit Union (DCU) are pleased to announce a combined $10,000 donation to the Lowell Transitional Living Center, which will help provide a warm place to sleep for those with nowhere to call home.
[FULL STORY]
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Workers’ Credit Union contributes $10K to United Way
With request for heating and food assistance steadily rising, Workers’ Credit Union has made a $10,000 contribution to the United Way of North Central Massachusetts’ Supplemental Basic Needs Fund.
[FULL STORY]
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Southern Mass Credit Union holds U.S. Armed Forces drive
Southern Mass Credit Union (SMCU) Fairhaven, recently sponsored a U.S. Armed Forces Collection Drive, for the fifth consecutive year, for soldiers in active duty.
During 2011, SMCU held two drives; spring and winter. SMCU’s School Savings Supervisor, Rose M. Ferreira, recruited Leroy L. Wood Elementary School and St. Joseph Catholic School to help with SMCU’s winter drive.
[FULL STORY]
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Quincy Credit Union helps turn cell phones into calling cards for U.S. troops
Through the generosity of local citizens, Quincy Credit Union (QCU) recently collected 3,015 used cell phones in support of the Cell Phones for Soldiers program. During a three-month promotion, in conjunction with QCU’s mobile banking product launch, all phones collected were recycled and the funds were used to purchase 180,900 minutes of calling time so troops serving overseas can call home to their loved ones. In addition, QCU donated $1,000 towards the purchase of calling cards to show their appreciation for those serving in the military.
[FULL STORY]
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Leominster Credit Union donated food, toys to families, organizations
The team from Leominster Credit Union (LCU) started early in their wish to make a difference this holiday season. There were internal fundraising efforts, collection boxes for food, shopping efforts for toys, and it was all to make this a nicer holiday season for those less fortunate.
[FULL STORY]
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Southern Mass Credit Union donates to food pantries
Southern Mass Credit Union (SMCU) held its 9th Annual Holiday Food Drive at its offices located in Fairhaven and New Bedford.
All canned and dry goods collected were presented to the following food pantries:
Murphy and Others Living Interdependently for Future
Endeavors (M.O.L.I.F.E.), a private, non-profit organization located in New Bedford.
The First Congregational Church Food Pantry located in Fairhaven.
Good Shepard Food Pantry located in Acushnet.
[FULL STORY]
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Metro Credit Union hosts Business After Hours event benefitting Citizens for Adequate Housing
In conjunction with the Peabody Area Chamber of Commerce, Metro Credit Union hosted a Business After Hours event on December 6th. Business owners were invited to Metro’s Peabody Branch to network with one another and give back to the community.
[FULL STORY]
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Hanscom Federal Credit Union steps up support of homeless veterans
Hanscom Federal Credit Union recently presented a $1,000 check to the New England Center for Homeless Veterans (NECHV). The relationship began less than two years ago, when surplus food from the ribbon cutting of Hanscom Federal Credit Union’s McCormack Branch in Boston was delivered to the NECHV’s nearby Court Street headquarters.
[FULL STORY]
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Events
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Lending Strategies in Turbulent Times: a one-day symposium
“Lending Strategies for Turbulent Times,” is the theme for this one-day symposium for lenders. The event, which is being sponsored by the Lenders Network, will be held at the Doubletree Hotel in Milford, MA, March 14, 2012.
[FULL STORY]
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The Great New England Credit Union Show is coming!
4th Annual - Thursday, April 19 at Boxborough Holiday Inn
On April 19, the Massachusetts and New Hampshire Credit Union Leagues, the Credit Union Association of Rhode Island, and the Warren Group will host, once again, The Great New England Credit Union Show in the Parade Exhibition Room at the Holiday Inn in Boxborough, Massachusetts. This one-day credit union event will present a showcase of services, equipment and technology, as well as seminars of particular relevance for credit unions.
[FULL STORY]
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"Winds of Change" - Spring Volunteer Development Conference
Chatham Bars Inn, Chatham, MA - April 20 – 22, 2012
Snow and cold weather have come to New England and many of us are already thinking about spring with its longer and warmer days. Make your plans now to join us at the historic Chatham Bars Inn and take advantage of spring on the Cape, April 20 to 22.
[FULL STORY]
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Chapters
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Chapter Meetings
Why not take advantage of the fine weather we have been enjoying this winter and spend an evening out a chapter meeting networking with your credit union colleagues? You'll hear great speakers, have a nice meal and catch up on the latest industry news!
[FULL STORY]
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Business Solutions
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Sprint presented marketing incentive checks to 17 credit unions
Seventeen credit unions in Massachusetts received marketing incentive checks for their participation in the 2011 Sprint Credit Union Member Discount Program. Those receiving checks were City of Boston Credit Union, Industrial Credit Union, Delta Wye Federal Credit Union, Medical Area Federal Credit Union, Tremont Credit Union, Crescent Credit Union, Central One Federal Credit Union, Hurlbut Employees Federal Credit Union, Credit Union of the Providence Systems Federal Credit Union, Luso Federal Credit Union, Premier Source Credit Union, CPCU Credit Union, Louise E. Mills Federal Credit Union, Holy Family Hospital Employees Federal Credit Union, Local 170 Teamsters Federal Credit Union, and RTN Federal Credit Union.
[FULL STORY]
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CU Direct’s 14th annual Credit Union Lending Conference - May 16-17
Winning strategies for sustaining successful lending programs in today’s increasingly competitive landscape.
CU Direct Corporation (www.cudirect.com), parent company for the CUDL, Lending Insights, Lending 360, and CUDL Retail brands, has announced its 2012 credit union lending conference. The CUSO’s fourteenth annual conference will be held May 16-17, 2012 in Chicago, Illinois, at the Westin Chicago River North.
[FULL STORY]
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CO-OP Financial Services, FSCC close agreement to combine
Credit union shared branching operations now unified
The agreement of CO-OP Financial Services and FSCC to combine operations, announced in September, is now complete and the two organizations are one company as of the New Year.
Signing the final paperwork to conclude the agreement were Sarah Canepa Bang, now president and COO of FSCC, and chief strategy officer of CO-OP Shared Branching; and Stan Hollen, president/CEO, CO-OP Financial Services. Bang joins the CO-OP Shared Branching leadership team, which also includes Craig Beach, president and COO of Credit Union Service Corporation, a subsidiary of CO-OP Financial Services.
[FULL STORY]
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Vertifi’s remote deposit capture service surpasses 200,000 registered users
Eastern Corporate Federal Credit Union (EasCorp) and its subsidiary, Vertifi Software, LLC (Vertifi), has announced that its proprietary remote deposit capture (RDC) service for households and businesses, DeposZip®, now has more than 200,000 registered users from 76 participating credit unions throughout the United States. DeposZip ®is the credit union industry’s leading RDC service, enabling both consumers and businesses to deposit checks to their credit union accounts from their homes or offices through the use of a simple desktop scanner, as well as via downloadable applications (apps) for program-supported smartphones and tablet devices.
[FULL STORY]
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CO-OP Financial Services processed 200 million electronic payments in a single month
Busy December 2011 for CO-OP caps record year processing 2.2 billion transactions
CO-OP Financial Services processed more than 200 million electronic payment transactions by credit union members during December 2011, marking the first time the company exceeded the 200 million milestone in a single month.
“Reaching 200 million transactions in just one month is a tribute to the growth of the movement, as more members continue to become debit and credit cardholders with their credit unions,” said Stan Hollen, president/CEO, CO-OP Financial Services. “CO-OP Payment Processing helps institutions keep up with this demand, ensuring continued convenience for their cardholders and ensuring cost-effective processing that maximizes profitability for the credit union.”
[FULL STORY]
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Alloya Corporate Federal Credit Union and VSoft Corporation enter strategic partnership
Alloya Corporate Federal Credit Union (“Alloya”) and VSoft Corporation (“VSoft”) announced that they have entered into a strategic partnership that outsources the corporate's back office item processing services.
Charles W. Furbee, acting CEO of Alloya, said, “Alloya will benefit from reduced operating costs and improved net product margins, reduced facilities expenses, and a deepened partnership with a best of breed company in the item processing space.” Furbee also noted that VSoft's willingness to hire the employees affected by this transaction was an important consideration in the decision to move forward.
[FULL STORY]
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Credit Union People
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Workers' Credit Union names new CFO
J. Timothy Smith has been named chief financial officer and treasurer of Workers’ Credit Union. Smith is a CPA, with more than 20 years of experience in the banking industry as a financial manager. His experience includes many years with KPMG and Darling Consulting Group, as an auditor and consultant to financial institutions. In addition, Smith was a financial manager at Berkeley Federal Bank in Florida and First City Bank in Texas.
[FULL STORY]
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Beverly Purtell promoted to Senior Vice President-HR Management of League
The League has announced the promotion of Beverly Purtell to Senior Vice President, Human Resource Management. She brings an extensive, in-depth management background to the League with over 30 years of HR expertise. In her role at the League, she is responsible for both strategic and tactical HR internally, while she runs the HR Network, and provides HR consulting to member credit unions externally.
Beverly joined the League in June of 2006 after working as a Principal Consultant with HRValue Group LLC, which provided HR consulting to the credit union industry.
[FULL STORY]
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Charlene Bauer named “Unsung Hero of 2011”
Metro Credit Union Senior Vice President receives Chelsea Collaborative award
The Chelsea Collaborative recognized Metro Credit Union Senior Vice President of Business Development and Community Relations Charlene Bauer as one of their “Unsung Heroes of 2011” at their Annual Holiday Gala.
During the December 14th event, the Collaborative acknowledged Ms. Bauer’s significant contributions to the Chelsea community. In the program for the evening, it was stated: “Charlene is a true friend of the Chelsea Collaborative and the community of Chelsea. This summer, Charlene brought the Summer Youth Employment Initiative to another level of sophistication and professionalism….”
[FULL STORY]
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STCU Credit Union announces Beylard promoted to Vice President Operations
STCU Credit Union has announced the key leadership promotion of Jennifer Beylard to Vice President Operations.
STCU President Michael S. Ostrowski said, “Jen demonstrates impressive leadership capabilities and is a driving factor in STCU’s success. She has an extensive understanding of the daily operation of our Credit Union, therefore, increasing her role is a great fit for us.”
[FULL STORY]
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CPCU Credit Union announces the appointment of Albert Pinho, Senior Lending Officer
CPCU Credit Union has announced the appointment of Albert Pinho to the position of Senior Lending Officer. Pinho brings 25 years of experience in meeting the credit needs of individuals and businesses through innovative and member-centric lending programs and customized solutions.
Most recently, Pinho headed residential and consumer lending at community banks in the Boston area. He also held similar positions at American National Bank in Omaha, Nebraska.
[FULL STORY]
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NMTW Community Credit Union adds Home Financing Consultant to serve Merrimack Valley area
Haverhill native Rebecca Scaglione joins Haverhill office
NMTW Community Credit Union (NMTW CCU) announces that Rebecca Scaglione has taken the role of Home Financing Consultant. Rebecca brings over twenty years of mortgage and banking experience to NMTW CCU, having worked previously at Pentucket Bank in Haverhill and Wells Fargo Bank in Andover. A lifelong Haverhill resident, Scaglione has deep ties within the Haverhill and Merrimack Valley communities. She has an in-depth knowledge of the mortgage industry and understands what home buyers in the Merrimack Valley need.
[FULL STORY]
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Calendar
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Holiday
The League office will be closed Monday, February 20, in observance of Presidents Day. The League’s regular office hours are Monday through Friday 8:00 a.m. to 5:00 p.m.
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League Calendar
For a listing of upcoming League programs and events, click here.
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