Industry News

Bringing your community together is an important part of serving your members with different opportunities to further their financial futures. A very popular way to do this is by putting on an event like your annual meeting, financial literacy classes and programs, reality fairs, branch-openings and anniversary events, marathons, shred days, sports tournaments, etc. No matter how big or small the event, you will want to consider these steps to be prepared and well-presented: 1. Develop a vision, team, and budget You’ll want to begin with your very initial stage planning. This is where you set a general vision of…

Happy Valentines Day everyone! We are BACK with another #HumanitarianHighlight!! This week, we are very excited to give these credit unions a shout out due to their hard efforts in helping their beloved communities. So let us begin!!  Cedar Point Federal Credit Union Who doesn’t love bowling?! Well, members from Cedar Point FCU had a night full of fun and giving at one of their local bowling alleys. The CU is a proud sponsor of SMCR’s Solomons Dragon Boat Festival, in which they donated $10,000 to. This was an effort to help raise funds for local programs and events for…

What a year we have had so far! Let’s start with the polar vortex, which helped set records for having the coldest weather we have ever seen in certain places. It was caused by the cold air from the North Pole being pushed south into North America, which made it colder than Antarctica (not a figure of speech, it’s true this time). Something that the Midwest did not look forward to was the cold, while preparing for The CUNA Government Affairs Conference which will takes place in Washington D.C. on March 10–14. Credit unions are known for helping their members’…

In a recent article on Credit Union Journal, the topic of credit unions acquiring banks is something that has become more and more common. Ever wondered why these type of acquisitions are growing? In today's world, mergers within the credit union industry are very common and the ultimate goal for the huge change is to expand/ become more noticeable within the area and have an everlasting strong bond with their members. Creating a presence in the lending efforts with the banks is a priority to retain and can be the primary source of business.  “Until relatively recently, growth option ideas…

In a recent Credit Union Times Expert Opinion Column, Why Credit Unions Should Keep Forms & Insurance Seperate, Oak Tree's CEO talks about the analysis of why credit unions should leave their forms to the form experts and insurance to the insurance company. Here is an excerpt from the article: "In 2016, the net premium written by the U.S. credit insurance amounted to approximately 1.1 billion U.S. dollars. Now that’s A LOT of money. How many of those dollars were actually used to subsidize the cost of your forms? Let’s be real about the situation. In many cases (perhaps even a…

In a recent CUES Leadership Column, A CEO's Guide To Leading Strategically, Oak Tree's CEO talks about effective leadership tips. Here is an excerpt from the article: " Getting to the top of the corporate ladder can take years and is an impressive accomplishment. As a CEO in the credit union industry, you will find yourself in the ultimate leadership role with great responsibilities and an obligation to live up to the credit union standard of providing excellent member service and the philosophy of “people helping people.” This means that your ability to effectively lead a team of individuals while also keeping…

Blogging might not sound like an important aspect of a financial institution’s marketing efforts, but in fact blogging can be beneficial to your credit union and its members in a number of ways. In the technological age, blogging has come a very long way from a pseudo-diary and has transformed into a useful way to spread well-researched information and connect with online communities and readers. Check out a few ways that make blogging beneficial to your credit union’s marketing plan: 1. Pumps up SEO: Creating a well-maintained and consistent blog about relative topics can increase your institution’s search ratings and…

Visions of sugarplums dance in the heads of children while they drift through dream world on Christmas Eve, waiting for Santa to arrive. Just like a bride dreams of her favorite wedding or we all dream of the perfect house. What about credit unions, though? They have dreams too! Lending growth, credit union independence, and happy members are just as worthy as sugar plums! Let’s take a closer look at each. Lending Dreams It’s no secret. Lending is the lifeblood of any credit union. Healthy lending yields a healthy bottom line and member confidence. To make not just the holiday…

In a recent article from the CEO Advisory Group, Key Considerations in Merger written by Richard Gallagher, CEO of Oak Tree Business Systems, Inc., explains the fundamentals of what it takes for a merger to be finalized. Here is an excerpt from the article: "To make the merger process as smooth and seamless as possible, it is crucial to work with a competent credit union forms provider. Forms should be up to date and compliant with necessary state and federal regulations. In addition, your forms provider should have partnerships with different core processors. This may help your credit union on stay on track with…

2018 was a year that had some great moments and moments that rattling a lot of people. Nonetheless, one thing that remained certain was that the credit union industry continued to expand and advance through regulation changes, events, technological updates, and humanitarian efforts. There were many efforts that went into giving a helping hand through the credit union world, and we would like to share some of those moments with you. That being said, sit back, relax and enjoy reflecting on an eventful year.  Credit Union Regulation Updates Regulation changes and updates are no stranger to the credit union world.…