Volume 28, Number 10                                                                     May 30, 2008

HEADLINE NEWS

2008 Credit Union Day Theme Announced
     The theme for International Credit Union Day, October 16, 2008, is “It Belongs to Me.” The theme, chosen by a multi-national committee of U.S. and Canadian credit union officials, represents ownership, but also suggests a sense of loyalty and personal pride.
     The artwork for this year’s theme features a mosaic globe with colors that are formed by photos of CU and cooperative members from around the world.
     This is the first year that Canadian cooperatives have aligned their Co-op Week theme with the international theme used by the World Council of Credit Unions and its members.
     International Credit Union Day has been celebrated annually on the third Thursday of October since 1948. Co-Op Week has been celebrated in Canada since 1958 and became a national event in 1982 with the encouragement of the Cooperative Union of Canada.
     Promotional materials will be available in the coming months at www.woccu.org/icuday. Artwork will be available in English and Spanish.

Credit Union Week Supplement Planned for October
     With the advertising support of Delaware credit unions, the League is planning to produce another supplement in The News Journal on the Tuesday of Credit Union Week. Currently the League is requesting that CUs gather member comments about why their credit union is important, with the hope that some of these comments will appear in the supplement. Contact Alice Smith for more information.

NCUA Board to Proceed with Data Collection
     The National Credit Union Administration (NCUA) Board recently adopted a plan by a vote of 2-1 to adopt a recommendation regarding the collection of membership data in part to assess federal credit union membership profiles. The Board did not discuss the senior executive compensation issues.
     The NCUA plan is based on the recommendations of the Outreach Task Force (OTF), chaired by Board Member Gigi Hyland. The OTF recommended that NCUA:
• Collect federal credit union membership profile data through the AIRES download;
• Collect data on financial services offered at federal credit unions through the 5300 report;
• Publish aggregate data on membership profiles and financial services; and
• Develop a mechanism for each federal CU to obtain its proprietary membership profile data.
     In January 2009, NCUA will begin analyzing federal credit union membership profiles using AIRES download after a credit union's examination has been completed. The agency said it would take up to 24 months to complete this process for all federal credit unions.
     The agency will also modify the 5300 report to add a schedule of services that federal credit unions will complete. Comment will be solicited from federal credit unions on the 5300 changes.
     NCUA also clarified that the information will only be published in the aggregate. The Board indicated that the data could be used by NCUA as a trigger to obtain further information from an individual credit union if there are questions about qualifications or a low-income designation or an application for an underserved area.
     The Board also issued two proposals, each with a 60-day comment period. One would amend the provisions in the FOM Manual for multiple group federal credit unions seeking to add underserved areas. The other would add examples of permissible activities to the incidental powers rule for federal credit unions. 

NCUA NOTES

NCUA Official Outlines Key Examination Areas
     Alonzo Swan, NCUA regional director, outlined seven areas of risk NCUA examiners will be focusing on as they examine credit unions in a speech at the CUNA CFO Council’s 14th annual conference. He placed four of those risks in the "high" category and three in the "moderate" category.
     The risks in the high category are:
(1) Credit risk due to rising delinquencies and losses on real estate loans, increased member business lending activity, and a growing number of loan participations.
(2) Interest rate risk due to a higher concentration of real estate loans funded by rate-sensitive shares.
(3) Strategic risk due to weak overall earnings performance and growing dollar losses among larger credit unions. Seventy-one credit unions had net losses of more than $1 million in 2007.
(4) Transaction risk due to fraud and due-diligence exposures. Swan said the evaluation of third-party relationships will be "a huge area of focus for examiners" in the future.
     The three risks in the moderate category are:
(1) Liquidity risk due to the growing ratio of rate-sensitive shares credit unions hold.
(2) Compliance risk due to high-levels of Congressional interest.
(3) Reputation risk that could suffer in the event of negative media coverage.
 
NCUA Examiners Might Be Questioning CEOs on Strategy
     If a credit union’s performance ratios have slipped, expect the NCUA examiner to ask the CEO to discuss his or her strategic plan. David Marquis, director of the agency’s Examination and Insurance Office, told WesCorp’s Future Forum that he’s directing his charges to judge performance and risk based on more than just ratios and CAMEL ratings this year.
     “Ratios are no longer important, because by the time a ratio shows a problem, it’s too late,” he said. “I’m not as concerned with things like return on assets (ROA) as I am the strategy to manage market conditions.”
     Sacrificing ROA to gain market share is an example he used as one he could support, provided it’s supported by a solid strategic plan.
     The NCUA will soon implement a certification program for examiners and will likely begin managing large credit unions separately, like it does corporates, he added. (Credit Union Times, May 21).

HUD Issues Guidance on Reverse Mortgage Programs
     If your credit union offers or is thinking about offering reverse mortgages, the Department of Housing and Urban Development (HUD) recently issued some long-awaited guidance on the use and compensation of “advisors” in the home equity conversion mortgage (HECM) loan process.
     The letter issued by HUD describes the ways in which a non-approved entity or third party may support the origination of HECMs and the limited circumstances under which they may be compensated, consistent with both applicable FHA policy and applicable requirements of the federal Real Estate Settlement Procedures Act (RESPA).  
     The letter also provides a review of the services an FHA-approved entity may perform for compensation in the origination of FHA loans.
     Mortgagee Letter 2008-14 is available on HUD’s website at http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/08-14ml.doc.

New Guidance on Health Savings Accounts
     The Treasury Department and the Internal Revenue Service recently issued new guidance on the maximum contribution levels for Health Savings Accounts (HSAs) and out-of-pocket spending limits for high-deductible health plans used with HSAs. Next year, the maximum HSA contribution for an eligible individual with self-only coverage is $3,000. For family coverage, the maximum is $5,950. The catch-up contribution for individuals 55 or older will increase to $1,000 for 2009 and all years going forward. For more information, go to the Treasury’s website at http://www.treas.gov/press/releases/hp975.htm

DELAWARE NOTES

Enrique Campbell of AMERICAN SPIRIT FCU recently earned his Bank Secrecy Act compliance specialist certification after attending CUNA’s compliance conference in Washington.

Congratulations to Jean LaPenta, a staff member of CHESTNUT RUN FCU, for being the first person in Delaware to complete the “Introduction to Credit Unions” module of the CU Advance Program.
     CU Advance is an interactive, competency-based learning program developed by CUNA’s Center for Professional Development. Each CU Advance learning module consists of 5-6 courses. Each course is designed to take 20-30 minutes. This unique approach to self-study education allows learners to take a pre-test for each module; and then, based on the results, they can take the recommended courses or skip to the final exam. After completing the courses and the final exams, learners receive credit. Call Bernadette Hines for more details.

The American Association for Affirmative Action has honored Littleton P. Mitchell (44-year Director, DELAWARE ALLIANCE FCU) with their Rosa Parks Award. The award recognizes individuals who serve as role models and leaders for others through their personal achievements, excellence in a chosen field, commitment to human, civil rights and social issues, and contributions to the betterment of society.

The DEL-ONE (Delaware FCU)’s “Money Walks” team, comprised of employees, their families, and friends, took part in this year’s March of Dimes “March for Babies” events on April 26 and 27. More than 48 team members, adorned in purple and green, raised $7,684 by selling refreshments, candy bars, official March of Dimes beanie babies, and cookbooks.
     Head of Del-One’s “March for Babies” initiative and Wilmington branch manager Ruby Herrington had these comments, “Employees of Del-One and their families take great pride in joining the fight to ensure that all babies are born healthy. This was our 9th consecutive year of participation with our largest group of walkers and our highest contribution amount ever. This is a direct reflection of the way we breathe life into the credit union’s core mission of ‘people helping people.’”

DEXSTA FCU helped to sponsor several community events in recent months. On May 17, the Wilmington Grand Prix bike race took place downtown on Market Street from 12:00 noon until 5:30 p.m. with DEXSTA sponsoring the information booths. Market Street was closed off for the festivities and multiple races. DEXSTA water bottles were also distributed.

     In April, DEXSTA was a silver sponsor of the Wilmington Skating Club’s annual spring show, “Toe Pics & Tinseltown,” which took place April 17-19. The credit union’s banner was on display at the rink, and the CU advertised in the program and on the web. The credit union received a plaque award for the sponsorship.

DEL-ONE received two other recognitions recently. The CU surpassed $200 million in assets in February. In addition, Del-One’s “Easy Guide to Membership,” created in partnership with Visions Ink., earned a Golden Mirror Award of Merit from the Credit Union Executives Society (CUES).

The Claymont Community Center awarded the “Brandywine Community Award” to EAGLE ONE FCU at its annual Volunteer Appreciation Night on May 7. The award, presented by
Board President Diane Neary, recognizes an organization or corporation that has given time and resources to the people of the community of Claymont. Terri Kelly, manager of the Claymont branch of Eagle One FCU, accepted the award. Eagle One CEO John F. King touched on the importance of giving back to the community. “As a credit union, one of our missions is to provide financial services to those communities that are underserved. We believe that ‘people helping people’ is not just an idea, but a way of life. That’s how we conduct our business. Terri Kelly has done a fine job of reaching out and touching this community.  We are all proud of her efforts.”

LOUVIERS FCU recently presented
George L. Dorsch, charter member #1,
with a special recognition for his 40 years
of member loyalty.

New On-Demand Staff Training From CUNA
     CUNA’s first release in a series of on-demand trainings for credit union staff and managers will help train staff how to best handle themselves in one of the most dangerous situations they’re ever likely to face. The Robbery: Actions, Reactions, and Coping Skills Training on Demand advises staff on the steps to take before, during, and after a robbery to calmly cope with this frightening and dangerous experience and to avoid any action that might endanger staff or members.
     CUNA's Training on Demand offerings were first introduced in November 2007 with a six-title series to educate volunteers about some of the most critical issues for board and committee members. Each downloadable package consists of a 30-45 minute video-like training presentation, printable workbooks, and five online exams for optional testing. The portable presentations can be saved to a computer, DVD, or USB drive and used an unlimited amount of times.
     CUNA plans to expand both the staff and the volunteer offerings with more than a dozen titles throughout the year. Some of the other topics for staff and managers scheduled to debut in 2008 include:
•    Bank Secrecy Act for Front-Line Staff
•    CU Sales: Inquiring and Listening
•    Regulation CC
•    Money and Negotiable Instruments
•    Office of Foreign Assets Control
•    Sexual Harrassment
•    Subject Matter Expert to Trainer: Training Basics 
     Each topic sells to credit unions for $199; however, members of CPDOnline receive access to all Training on Demand courses and exams included in their membership.      For more information, go online to http://training.cuna.org/on_demand/index.html

EDUCATIONAL OPPORTUNITIES

June/July QuickBites Teleconferences
One-hour sessions run from 11 a.m.-noon:
•   6/04  Marketing in a Click World
•   6/10  Identity Theft
•   6/23  Sustained Loan Growth Through Innovation
•   7/01  Employee Record Keeping
•   7/16 Robbery Awareness
•   7/22  Auto Lending in a Soft Market
•  7/31  The Youth Market 
Two-hour sessions run from 11 a.m.-1 p.m.
•  6/17   Risk Based Lending
•  7/09   Teller Regulations
The fee for the one-hour session is $99; the two-hour session is $169. The deadline to register with Bernadette Hines is one week prior to the session.

Council Meetings in June
•   Marketing Council – Tuesday, June 10, “Generating New Loans Through Marketing”
•   Cards Council – Wednesday, June 18, “Cards Marketing and Capital One’s Decoupled Debit Card”
    Both sessions begin at 10 a.m., ending with lunch. Members of the Marketing Council are encouraged to attend the Cards Council meeting as well. There is no fee for council members; the fee for non-members is $100 per session.

Deposit Account Workshop (Single, Joint, Trust, Minor accounts) – Thursday, June 12, from 1-3 p.m. Fee is $70. There is still space available, but please register immediately.

Contact League education director Bernadette Hines for more information on any of the sessions listed above.

Delaware Credit Union CEO “Meet and Greet” – Wednesday, June 25, at Dover FCU’s corporate office at 1075 Silver Lake Boulevard in Dover. Come out and meet your fellow CEOs and provide suggestions for League training and service opportunities. Time: 3:30-6 p.m. Official invitations will be sent to each CEO. R.S.V.P to Alice Smith by June 18.

CAREER OPPORTUNITIES IN DELAWARE CREDIT UNIONS

Branch Manager
Dover Federal Credit Union is seeking a full-time dynamic individual to guide branch staff in providing quality service to members in the areas of account transactions, loan applications, new accounts, and solving problems. Requirements: HS diploma with additional post-secondary technical coursework, 4 years experience in a CU or similar financial environment, well-developed interpersonal skills, and 2 years supervisory experience. Intermediate knowledge of PC applications. All applicants will be subject to extremely thorough background checks, including criminal and credit checks. Send cover letter, resume, and salary requirements to: Attn: HR Department, Dover Federal Credit Union, 1075 Silver Lake Blvd., Dover, DE 19904, or stop into a branch to complete an application. Equal Opportunity Employer M/F/D/V 

Head Teller
Dover Federal Credit Union is seeking a full-time dynamic individual to supervise the teller area, perform all teller functions, as well as solve problems, help with complex work-related matters, and provide advice and guidance for tellers in the efficient handling of member needs. Requirements: HS diploma plus appropriate specialized training, at least 2 years as a teller and 1 year of experience as an assistant head teller in a credit union, well-developed interpersonal skills, intermediate mathematical skills, moderate writing ability, and intermediate knowledge of PC applications. All applicants will be subject to extremely thorough background checks, including criminal and credit checks. Send cover letter, resume, and salary requirements to: Attn: HR Department, Dover Federal Credit Union 1075 Silver Lake Blvd., Dover, DE 19904, or stop into a branch to complete an application. Equal Opportunity Employer M/F/D/V   

Assistant Head Teller
Dover Federal Credit Union is seeking a full-time dynamic individual to provide a variety of member transactions, including savings, share draft/checking, cash receipts, payment services, and credit account transactions, as well as member services such as sales of money orders and traveler’s checks. Requirements: HS diploma plus appropriate specialized training, at least one year of experience as a teller in a financial institution (preferably a credit union), well-developed interpersonal skills, intermediate mathematical skills, moderate writing ability, and intermediate knowledge of PC applications. All applicants will be subject to extremely thorough background checks, including criminal and credit checks. Send cover letter, resume, and salary requirements to: Attn: HR Department, Dover Federal Credit Union, 1075 Silver Lake Blvd., Dover, DE 19904, or stop into a branch to complete an application. Equal Opportunity Employer M/F/D/V     (05-23-08)

Payroll Clerk/Human Resource Assistant
Dover Federal Credit Union is seeking a full-time dynamic individual to perform a variety of duties and responsibilities relating to all phases of the payroll process, including maintaining employee records and assisting human resources. Requirements: Educational equivalent to an associate’s degree in accounting or a related field, at least 1 year experience in payroll or a related field, solid understanding of payroll and payroll tax laws, judgment to solve day-to-day problems usually within established guidelines, well-developed interpersonal skills, proficiency in Word and Excel, familiarity with HRIS or payroll systems preferred, ability to operate an adding machine, and knowledge of Generally Accepted Accounting Principles (GAAP). All applicants will be subject to extremely thorough background checks, including criminal and credit checks. Send cover letter, resume, and salary requirements to: Attn: HR Department, Dover Federal Credit Union, 1075 Silver Lake Blvd., Dover, DE 19904, or stop into a branch to complete an application. Equal Opportunity Employer M/F/D/V

Electronic Services
Dover Federal CU has an immediate opening in the Operations Department. This person will perform clerical duties involving electronic funds transfers and automated clearing house (ACH) functions in a timely, accurate manner, and reconcile accounts in accordance with CU policies and procedures. Requirements: HS diploma, 6 months experience in a customer service position in a financial institution with some ACH experience, well-developed interpersonal skills, and a working knowledge of Word/Excel. All applicants will be subject to extremely thorough background checks, including criminal and credit checks. Send cover letter, resume, and salary requirements to: HR Department, Dover Federal Credit Union, 1075 Silver Lake Blvd., Dover, DE 19904, or stop into any of our branches to complete an application. Equal Opportunity Employer M/F/D/V

Vice President of Lending
Del-One (Delaware Federal Credit Union) is seeking a Vice President of Lending. This position reports directly to the CEO and is responsible for ensuring that loan policies, procedures, services, and products meet federal and state regulations, as well as investor requirements. Candidate must have extensive knowledge of consumer loan policy, real estate policy, interest rates and how they are computed, as well as credit granting criteria. These characteristics are normally acquired through completion of a bachelor’s degree in accounting, finance, or related field, plus at least three years experience in a lending department, branch office of a credit union or financial institution. Del-One offers a competitive salary with immediate benefits and incentive bonuses. Send your resume and cover letter with salary requirements to the attention of: Vice President of Human Resources, 270 Beiser Blvd., Dover, DE 19904, or email humanresources@del-one.org.  Equal Opportunity Employer D/V 

PERSONS SEEKING EMPLOYMENT

The Delaware Credit Union League receives resumes from persons interested in employment with credit unions in Delaware. The League also transmits copies of these resumes to member credit unions that may have employment positions available. The League does not endorse the employment of an individual who submits a resume, nor does it verify the capabilities claimed by that individual. In considering anyone for employment with your credit union, you should thoroughly investigate his/her qualifications and prior employment.

Send resumes to the Delaware Credit Union League, 4 Quigley Blvd., New Castle, DE 19720. For resumes of the following individuals, please call the League office, 302-322-9341 or 800-292-7875, and refer to the codes following the listings.

Clerical/Accounting Position
Individual has 5 years experience as an accounts payable representative and secretary. Computer knowledge. Resume #05-29-08.

Member Service Representative
Individual with over 20 years experience with automotive services. Ability to work in a busy, customer-oriented environment. Resume #05-28-08.

Clerical/Accounting Position
Individual has 9 years experience as a billing coordinator/accounts receivable collections representative and 7 years as a senior clerk at a financial institution. Resume #05-27-08.

TOGETHER is published on the 15th and 30th of each month by the Delaware Credit Union League, 4 Quigley Boulevard, New Castle, DE19720. Information to be published should be sent or phoned into the League no later than the Monday of the week preceding the publication date. Telephone: (302) 322-9341 or (800) 292-7875. This newsletter can also be found on the League website: www.dcul.org. Hard copies of the newsletter will be mailed to each credit union CEO/manager for distribution to those without computer access. Readers can receive a reminder when the newest edition is posted to the Web by emailing susan@dcul.org. Editor: Alice Smith (alice@dcul.org).