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A publication of the Massachusetts Credit Union League, New Hampshire Credit Union League and the Credit Union Association of Rhode Island



Stories Inside:


Invest in America Wins Wegner Award


Credit Unions Help When Disaster Strikes


Connect with Members, Grow Loan Opportunities

Unparalleled experience serving New England financial institutions • Stifel Nicolaus has been serving New England* financial institutions for over 40 years.


Initial Public Offering Second Step Conversion

Financial Advisor and Sole Manager June 2011


• Services provided include: ~ Credit union advisory services ~ General advisory services ~ M&A and strategic financial advisory ~ Initial public offerings ~ Mutual-to-stock conversions ~ Mutual mergers/remutualizations ~ Fairness opinions ~ FDIC-assisted transactions ~ Valuations • Stifel’s Financial Institutions Group has extensive experience managing public offerings of common stock as well as providing merger and acquisition advisory services. We have 39 dedicated bankers, 15 of whom are senior bankers. • Relationships with bank and thrift securities investment community. Since 2000, our Financial Institutions Group has: • Managed or co-managed 497 public and private offerings, raising $68.9 billion in capital.

Initial Public Offering Second Step Conversion

Financial Advisor and Sole Manager January 2011

• Advised in 228 financial advisory transactions, totaling $14.8 billion. • Managed 52 mutual-to-stock conversion offerings, raising $13.7 billion in capital. For more information, contact: Rick E. Maples, Head of Investment Banking .................... (314) 342-2038 Ben A. Plotkin, Executive Vice President, Vice Chairman ... (973) 549-4025 Michael F. Barry, Managing Director ................................. (212) 847-6458 Robin P. Suskind, Managing Director ................................ (973) 549-4036 Credit Union Advisor Alan D. Theriault, President, CU Financial Services* .......... (800) 649-2741

*CUFinancialServicesisindependentofStifelNicolaus.Itisanationalconsultingfirmservingcreditunions. WehavedefinedtheNewEnglandregiontoincludethefollowingstates:Connecticut,Maine,Massachusetts, NewHampshire,RhodeIsland,andVermont. TheinformationpresentedincludestransactionseffectedandmattersconductedbyStifelNicolausInvestment Banking,theCapitalMarketsDivisionofLeggMasonWoodWalker,Inc.(acquiredbyStifelFinancialCorp. onDecember1,2005),RyanBeck&Co.,Inc.(acquiredbyStifelFinancialCorp.onFebruary28,2007), ThomasWeiselPartnersLLC(acquiredbyStifelFinancialCorp.onJuly1,2010),andtheirrespectiveaffiliates.StifelNicolausandThomasWeiselPartnersareaffiliatedbroker-dealersubsidiariesofStifelFinancial Corp.whicharecollectivelyreferredtohereinunderthemarketingnameStifelNicolausWeisel.

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New England Credit Union Services, LLC 800-842-1242 Massachusetts Credit Union League, Inc. New Hampshire Credit Union League Credit Union Association of Rhode Island Daniel F. Egan, Jr., President EDITORS: Robert B. Kimmett Marguerite A. Thorsen CONTRIBUTORS: Donna M. Bevilacqua Robert Delaney Bonnie L. Doolin Kathleen A. Enderlin William F. Nagle Beverly Purtell Charlotte Whatley

Online Credit Unions ARE ALREADY THERE


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Contents Table ofFeatures PUBLISHED BY

280 Summer Street, Boston, MA 02210 Phone: 617-428-5100 Fax: 617-428-5118 Timothy M. Warren, Chairman Timothy M. Warren Jr., CEO & Publisher David B. Lovins, President & COO Vincent M. Valvo, Group Publisher & Editor in Chief FINANCE & ADMINISTRATION Jeffrey E. Lewis, Controller / Director of Operations EDITORIAL Christina P. O’Neill, Custom Publications Editor Cassidy Norton Murphy, Associate Custom Publications Editor ADVERTISING George Chateauneuf, Publishing Division Sales Manager Rich Ofsthun, Advertising Account Manager Cara Inocencio, Advertising Account Manager Emily Torres, Advertising, Marketing & Events Coordinator DESIGN & PRODUCTION John Bottini, Creative Director Scott Ellison, Senior Graphic Designer Ellie Aliabadi, Graphic Designer ©2011 The Warren Group Inc. All rights reserved. The Warren Group is a trademark of The Warren Group Inc. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: The Warren Group, 280 Summer Street, Boston, MA 02210. Call 800-356-8805.


– Credit Unions Recognized by National Awards – Invest in America Wins Wegner Award

– St. Louis Community Credit Union Staff Visit HarborOne Credit Union – UMassFive College Federal Credit Union Makes Credit Union Case on TV


– Credit Unions Help When Disaster Strikes – Massachusetts Credit Unions Raise $30K for the Homeless




14 fall.2011 | centerpoint | 3


| by daniel f. egan, jr.

LIVING AND WORKING IN THE ‘NEW NORMAL’ In 2009, the phrase the “new normal” started to be used in economic and employment reports, predicting a prolonged period of economic and employment recovery. Over two years later, we appear to be still living the “new normal” with low GDP growth and over 9 percent unemployment nationally. This projected slow growth and continuing high unemployment will result in long-term challenges for credit unions.


long with economic challenges, credit unions will face additional corporate stabilization fund assessments for the next decade. Although the 2011 25-basis point assessment should be the last of the high annual assessments, a continuing eight- to nine-basis point charge per year is likely. These assessments, along with the possible diminishing revenue from both interchange income and “courtesy pay” programs, will further squeeze the bottom line of all credit unions. In recognition of these realities, all credit unions must develop a plan for sustainability. Each credit union must measure the possible impact of lower loan demand and increased delinquency along with low returns on investments. All of these factors will probably be in existence for the next two years. Despite the bleak picture presented by the “new normal,” at least for our economic environment, there is a great future for credit unions. The business model of a locally-owned cooperative, focused on the financial needs of consumers, is very attractive in today’s financial marketplace. There is a lack of trust in large banks and people are being further alienated by high fees and a sense of disregard for their needs. There is a growing recognition in the media and in consumer collaboratives that credit unions are the alternative.

4 | centerpoint | fall.2011

To capitalize on the consumers’ need for a more friendly and trusting financial services provider, credit unions need to focus on strategic plans that will allow them to attract new members and better serve its existing members. The goal should be to get a larger “share of the wallet” of all members, old and new. The sustainability of the credit union model will be based on the ability to meet the needs and expectations of the membership. Winston Churchill said, “It is no use saying, ‘We are doing our best.’ You have got to succeed in doing what is necessary.” Doing your best in a new reality will not be enough to sustain the credit union in the long term. Credit unions must do what is necessary today and plan for future sustainability based on the advantage of the nonprofit cooperative model. The ability to expand services to existing members and to attract new members is critical to sustainability. With the commitment of the board and staff to do what is necessary, the future sustainability of your credit union and the entire credit union community can be ensured. • Daniel F. Egan, Jr., president

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CREDIT UNIONS RECOGNIZED BY NATIONAL AWARDS The credit union state-level winning entries of the National Credit Union Award Programs have been announced, with several credit unions taking state-wide honors in their asset categories. The programs, sponsored by the Leagues, the Association, and CUNA & Affiliates, honor credit unions for their involvement in community projects, activities, and youth financial education. DORA MAXWELL SOCIAL RESPONSIBILITY COMMUNITY SERVICE AWARD The People’s Credit Union, Middleton, RI, received a first place award for the Dora Maxwell Social Responsibility Community Service Award. The credit union’s winning entry ($200-$500 million asset category) focused on increasing their support of the Leukemia & Lymphoma Society (LLS). The credit union’s employees raise money for Pennies for Patients, a program through the Leukemia & Lymphoma Society that collects spare change for the cause. Also, the employees held a funky yard sale, a bake sale, dress down days, and pancake breakfast for employees to raise funds. In addition, employees participate in the Light the Night Walk for LLS. In four years, the credit union has donated more than $11,600 to the Leukemia & Lymphoma Society with hopes of donating more than $2,500 in 2011. Crescent Credit Union’s, Brockton, MA, winning entry ($200-$500 million asset category) focused on strengthening the partnership with the Old Colony YMCA in Brockton, through a series of fundraising events for the Strong Kids Campaign, and to raise awareness both within the credit union and the community at large about the services the YMCA offers. The initial monetary goal was $2,500 but through the credit union’s Strong Kids Walk in May 2011, the employees, families, friends, members, and business partners 6 | centerpoint | fall.2011

raised $15,000 for the Strong Kids Campaign. The community is facing violence and other destructive behaviors by youth. The YMCA initiates programs to promote positive behaviors by offering a supportive environment, strong role models, and alternative activities for youth. Due in part to their fundraising, Crescent helped ensure that these programs remained in the community. Additionally, the credit union worked with the YMCA and the New England Revolution to bring professional soccer player Kevin Alston to meet 70 Brockton kids, and bring 100 kids to see the New England Revolution play a game at Gillette Stadium. In the $500 million to $1 billion asset category, Workers’ Credit Union’s, Fitchburg, MA, winning entry focused on the credit union’s efforts to expand both financial support and increase participation in their efforts to support the American Cancer Society’s Greater Gardner Relay for Life event, and help make it a huge success. The determination and hard work of the Workers’ Credit Union team, during the five months of planning and fundraising leading up to the event, helped them surpass their monetary goal of $17,000 and they raised nearly $22,000. Workers’ Credit Union was the top fundraising team out of 187 teams and was awarded a Bronze Award from the American Cancer Society for its team size (56 members) and average dollars raised per capita. What makes this project so unique is that it is employee-driven, rather than company-driven, in that just over 25 percent of the credit union’s 206 employees volunteer the day of the 24-hour event and 100 percent participate in some way or another during the five-month campaign. Hanscom Federal Credit Union, Hanscom Air Force Base, MA, received second place for its entry submitted to the Dora Maxwell Social Responsibility Community Service Award.

The competitions are named after Dora Maxwell and Louise Herring, credit union pioneers, who worked with several organizations to improve the living standards of the poor and needy. These awards honor credit

unions that continue their actions by helping their communities. All first place winning entries advanced to the national competition, where they will compete with community projects from credit unions in other states. •

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LOUISE HERRING AWARD FOR PHILOSOPHY-IN-ACTION Again, People’s Credit Union received first place for the Louise Herring Award for Philosophy-in-Action Member Service Award. The credit union’s winning entry, in the $250 million to $1 billion asset category, highlighted the credit union’s My CU programs to educate younger members on the credit union difference and provide the financial tools that today’s youth need to be successful. The My CU Savings Club is designed for children up to the age of 12. With the club mascot, Shelly the Clam, kids learn about the credit union, saving money, and financial topics through stories, games, and activities. The My CU Checking account is a first checking account for teens ages 13-18. The My CU Checking account provides teens with the opportunity to learn how to balance a checkbook, handle a debit card, and manage money. In ten months, the programs showed positive results with more than 295 My CU Savings Club members who had saved $275,396, an average balance of $933 per child and185 My CU Checking account holders, who had $49,193 in their accounts, an average of $266 per teen. Hanscom Federal Credit Union received first place for the Louise Herring Award. The credit union’s winning entry, in the $250 million to $1 billion asset category, focused on its commitment to green lending, creating a real benefit for members while contributing to global environmental conservation efforts. Members save by buying a fuel-efficient vehicle or by upgrading their homes to save on heating and cooling costs. The credit union’s Green Vehicle Discount Program includes all vehicles with a reduced carbon footprint with a combined MPG of at least 30 miles per gallon. The credit union raised the upper limit of its MassSave HEAT loans from $15,000 to $25,000. Finding ways to reward energy-conscious choices is an example of credit union principles in action. Members who choose to participate receive real-life, everyday benefits, both financially and otherwise, and these decisions also have benefits for the community at large.

FSI is pleased to announce that they are now offering Core Data Processing Services to credit unions nationwide. Through their partnership with EPL, FSI is offering i-POWER, a browser-based core data processing solution. An application with intuitive navigation and screens which present the end-user with at-a-glance member information and serves as the base of all member transactions. The core processing offering compliments FSI’s existing share draft processing, branch/corporate/member capture, statement rendering, fraud protection, disaster recovery and other products. FSI focuses on being a service provider, not just a data center, offering services that make a credit union's job easier. This partnership makes FSI the 'complete' alternative solution for credit unions. Serving the smallest to the largest credit union easily with a full suite of innovative products and solutions.

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Credit Union Member Rewards Invest in America (IIA), a credit union growth and loyalty program that offers members discounts on consumer purchases, has been named the winner of the 2012 Herb Wegner Memorial Award for Outstanding Program. The award will be one of three Herb Wegner Memorial Awards presented March 19 at a special dinner hosted by the National Credit Union Foundation (NCUF) during the Credit Union National Association’s

2012 Governmental Affairs Conference. IIA was started in 2008 by CUcorp, a wholly-owned subsidiary of the Michigan Credit Union League. CUcorp is now CU Solutions Group, a national marketing company that manages the program. Through the program, credit unions banded together to promote and support credit union products and services and those offered by participating American-based companies, such as Gen-

eral Motors (GM) or Sprint. Credit union members were given discounts to the companies, which in turn drove membership growth and loyalty, said NCUF. IIA’s Big Ticket program aims to increase new membership and vehicle loan volume. The partnership with U.S. based companies such as GM also helps credit union members save on new vehicles. Through April, roughly 400,000 vehicles have been sold through the Big Ticket program, generating an estimated $6.4 billion in credit union vehicle loans. The national Sprint discount program from IIA saves credit union members on wireless services through lower monthly bills, waived fees, and discounts. As part of the partnership with Sprint, credit unions receive noninterest income to support their marketing expenses. •

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ST. LOUIS COMMUNITY CREDIT UNION STAFF VISIT HARBORONE CREDIT UNION Explore innovative resources in an effort to replicate On September 26, three officers of St. Louis Community Credit Union in Missouri traveled to Massachusetts to visit HarborOne U in Mansfield and then the nationally award-winning HarborOne Credit Union MultiCultural Banking Center in Brockton, MA. The visitors from St. Louis Community Credit Union, CEO Patrick Adams, Assistant Vice President of Public Relations Dorothy Bell, and Community Development Manager Paul Woodruff, first met with HarborOne Vice President and Director of HarborOne U, Maureen Wilkinson and her staff for a tour and discussion of the many effective programs and alliances she has built since the facility opened in June

of 2010. They then travelled to Legion Parkway in Brockton for a visit and tour of the MultiCultural Banking Center that celebrated its fourth anniversary this October. They met with a class of immigrants who were graduating from a computer basics course, then with Brian Moriarty, executive director of Neighborhood Housing Services of the South Shore, which HarborOne allows to occupy space at the center free of charge. Moriarty told them of the progress they have made in addressing the foreclosure challenges in the city. HarborOne CEO Jim Blake then joined them for a detailed discussion of how both facilities have benefited the com-

munity and brought increased business to the credit union. The visit concluded with the guests meeting with and questioning a group of non-profits, Community Partners for Adult Education, that HarborOne allows to meet at the MultiCultural Center every few months. They praised the credit union for its corporate social responsibility. Since 2010, the MultiCultural Banking Center has been the recipient of numerous national and regional awards for its imaginative commitment to the area. While St. Louis Community Credit Union is also very active in its marketplace, Adams observed that what they saw at HarborOne was invaluable and they were taking many ideas home to implement. •

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UMASSFIVE COLLEGE FEDERAL CREDIT UNION MAKES CREDIT UNION CASE ON TV Jon Reske, vice president for marketing at UMassFive College Federal Credit Union, participated in a panel discussion on the weekly television show 22News In Focus in Springfield, MA. The program aired on Sunday, October 16. The panel discussed the changes taking place at banks like monthly fees for using a debit card, which are a result of the new interchange fee structure that went into effect on October 1. The discussion included ways to avoid new fees and how to be a better consumer when choosing a financial institution. The panel also discussed the Occupy Wall Street movement against the political influence of big corporations. The other panelists on the show were Steve Lowell, president of Monson Savings Bank; John Rogers, dean of the School of Business Administration, American International College; and Josefa Scherer, a local activist. Laura Hutchinson of News22 was the moderator. •

UMassFive College Federal Credit Union Vice President of Marketing Jon Reske represented the credit union viewpoint on Springfield’s 22News In Focus.

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Rick Lee, American Red Cross Pioneer Valley Chapter executive director, (second from left) receives the check for $70,000 from the credit unions of Massachusetts represented by Mike Ostrowski, (left), president/CEO, STCU Credit Union; Nicole Rondeau, accounting and finance manager, Freedom Credit Union; and Rob Kimmett, League senior vice president of public relations and marketing.

Mother Nature punished our area this summer and fall. With the tornadoes in June and Tropical Storm Irene in September, many families and businesses were devastated. Credit unions heard the stories and saw the destruction, and came to the aid of those stricken. When a tornado ripped a ragged swath through the southwestern part of Massachusetts, area credit unions immediately joined the effort to alleviate the suffering. Their credit union colleagues in the rest of the Commonwealth were quick to join the effort as well. The drive was started at the Massachusetts Credit Union League’s Annual Meeting, where Chairman Bernie Winne, president and CEO of Boston Firefighters Credit Union, got the ball rolling by making a $1,000 donation on the part of the League. Throughout the summer, credit unions from all over Massachusetts sent contributions

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Service Credit Union President and CEO Gordon Simmons (left) presents a $125,000 contribution to the New Hampshire Disaster Relief Fund to New Hampshire Governor John Lynch on September 12.

into the Pioneer Valley Chapter of the American Red Cross. Since then, over $70,000 has been sent to the Pioneer Valley Chapter of the American Red Cross from credit unions across the state. Paige Thayer, deputy director, chapter support for the Red Cross Pioneer Valley, expressed her thanks for the outpouring of support from the credit unions, saying, “We have always had a tremendous relationship with the local credit union community, so it came as no surprise to find that same generous spirit exists in all of the state’s credit unions.” In New Hampshire, Tropical Storm Irene caused significant damage to homes, businesses, and roads in the northern part of the state. “The devastation to one neighborhood in Conway was among the worst I have seen from flooding in my time as governor,” Governor John Lynch said. In its usual reaction, Service Credit Union, Portsmouth, NH, President and CEO Gordon Simmons presented a $125,000 check to Lynch on September 12 to assist with the devastation caused by Irene.

Lynch added, “This extraordinarily generous donation by Service Credit Union will go a long way in helping the people impacted by this storm. Once again, Service Credit Union has proven to be a leader in helping the people of New Hampshire and I want to thank Gordon Simmons and everyone at Service Credit Union for their support.” Lynch said Service Credit Union has continually stepped up to help those who have been victims of natural disasters, including giving significantly to the New Hampshire Food Bank. Service Credit Union’s contribution kicked off the relief fund efforts. At the press conference on September 12, Simmons encouraged other business leaders to come forward and assist their fellow citizens in this effort. “Service Credit Union is proud to help the people and communities of our great state to ensure they can obtain the necessities required so that they may recover from this natural disaster as quickly as possible,” said Simmons. “We are concerned about the citizens of New Hampshire who have suffered and we are there to help them during this time.” •

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MASSACHUSETTS CREDIT UNIONS RAISE $30K FOR THE HOMELESS The League would like to thank the following tournament sponsors: AWARDS BANQUET Digital Federal Credit Union Members Plus Credit Union LUNCH CU Direct Corporation CARTS Partners Benefit Group, Inc. CLOSEST TO THE PIN CUNA Mutual Group HIT THE GREEN Harvard University Employees Credit Union

Gordon Edmonds of Leominster Credit Union tees off as teammates Bill Smith of Members Insurance, LLC (behind), Paul MacDonald of Jeanne D’Arc Credit Union, and Jeff Dunn of Central One Federal Credit Union look on.

August 17 was a great day for golf and for credit unions to show their generosity as the Massachusetts Credit Union League’s Community Hope Initiative held its annual golf tournament to benefit the Massachusetts Coalition for the Homeless. The tournament attracted 103 golfers to the Juniper Hill Golf Course in Northborough for fun and fundraising on a beautiful summer day. The team from STCU Credit Union and Winbrook took first place, and the team from Harvard University Employees Credit Union and Medical Area Federal Credit Union took second place. Bob Delaney from Members Insurance Agency, LLC, took the honors for the men’s most accurate drive, and Cheryl Gorman, Harvard University Employees Credit Union, put it closest to the line for the ladies. Closest to the pin honors were shared by Tom Nemeczky from Enter14 | centerpoint | fall.2011

prise Car Sales, Dave Dewitt from Digital Federal Credit Union, Bob Delaney from Members Insurance Agency, LLC, and Peter Buchanan from Harvard University Employees Credit Union. Digital Federal Credit Union and Members Plus Credit Union displayed their commitment to the cause by sponsoring the tournament awards barbeque. Harvard University Employees Credit Union won the prize for fielding the largest number of golfers on the course (10 golfers) as well as contributing for the Hit The Green Sponsorship. At the awards banquet, the golfers heard from Robyn Frost, executive director of the Massachusetts Coalition for the Homeless. Frost expressed the Coalition’s sincere appreciation for the continued support that the credit union community in Massachusetts has shown the Coalition and the Commonwealth’s homeless families. Her update on the efforts of the Coalition to fight homelessness was enlightening. •

GOLD HarborOne Credit Union UMassFive College Federal Credit Union Workers’ Credit Union RECEPTION MassMutual Federal Credit Union SILVER Boston Firefighters Credit Union Grafton Suburban Credit Union Greylock Federal Credit Union Leominster Credit Union Mass Bay Credit Union Medical Area Federal Credit Union

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New England credit unions historically haven’t been a fire-breathing bunch in their social media campaigns. They prefer to support and educate their members, and stick to their mission as a co-operative movement. But the growing consumer backlash against the nation’s largest banks has given credit unions a window of opportunity to spread the word about the oft-remarked “credit union difference,” and they now have Quick-Response codes, Twitter, Facebook, Google, and Yelp to help start a two-way conversation with members. It is a great marketing tool that can be finetuned. Social media helps credit unions engage in real time with members, often as a channel that supplements the credit union’s call center. Credit unions can also tailor their Facebook and Twitter presences to specific locales. A study published early this year, commissioned for the Filene Research Institute by Crescendo Consulting Group: “The State of Social Media in Credit Unions; Opportunities and Challenges,” included 187 credit unions in the U.S. and Canada. Among its findings: 75.7 percent use social media, and 72 percent of those use more than one channel. Sixty-six percent use Facebook, 44 percent use Twitter, and 21 percent have a blog. A similar study conducted only eight months ago showed Facebook use at 46 percent, Twitter at 35 percent, increases of 20 percent and 9 percent respectively, as reported by

DCU Denise Gonthier is the electronic services manager for Digital Federal Credit Union, more commonly known as DCU and headquartered in Marlborough, MA. It is the largest credit union headquartered in New England, as measured by assets, and is among the top 25 nationwide. Chartered in 1979, it serves more than 343,000 members in all 50 states. A total of 180,000 of them use online capabilities, Gonthier reports.

DCU’s mobile remote deposit capture product, the RDC App, was launched in April 2010, followed by a rollout of a revamped mobile banking platform. The credit union added iPad capabilities in July of this year. Account information, history, transfers, and RDC are all part of the mix. The credit union has a message center for members and it offers them desktop billpayer capability and information on their FICO scores free of charge. At this writing, DCU was seeking to roll out a mobile billpayer functionality by yearend. DCU’s Android application has 14,500 unique users. It has 25,100 unique iPhone users and 6,200 iPad users – so far. Its RDC product has an average of 14,000 active monthly users. As for protection of all these capabilities, DCU uses Vertifi Software LLC, a subsidiary of the corporate credit union EasCorp. Vertifi also does DCU’s Check 21 processing. Duplicate protections are in place at both DCU and the vendor, Gonthier says. Members go through a screening process to qualify for RDC and the credit union has tools that help manage and mitigate fraud loss. Currently, DCU has 65,000 registered RDC members. Members who hold a mortgage through DCU and who use DCU as their primary financial institution, are allowed to utilize the RDC system at a higher deposit limit. “It is a continued on page 18 fall.2011 | centerpoint | 17

CUs Online

continued from page 17

“Know Your Customer” capability; it is a great success. Through our mobile technology, we are providing them access in a convenient platform that has become common practice to do business,” Gonthier says.

NAVIGANT: MAKING USERS FEEL AT HOME Navigant Credit Union, headquartered in Smithfield, RI, is the state’s oldest credit union. Its new website, upgraded in late summer, featured President/CEO Gary Furtado

in the first months of its introduction, superimposed over the web faceplate using a video overlay. Like the weatherman in front of the weather map, he strolled across the screen, inviting visitors to explore the site, and casually mentioned that he had only recently learned about what RSS is, an admission that likely won many visitors over. (Note: for those readers who didn’t want to ask, it stands for Really Simple Syndication, a service that allows readers to receive all new content from chosen web sites into their browsers when the content becomes available.)

The site itself is contemporary and warm; its pull-downs are easy to deal with, as is toggling back and forth. There are no pop-ups, no action figures and (thankfully) no emoticons. Executive Vice President/COO Lisa Dandeneau created the site to provide what site visitors are most interested in, and continues to monitor traffic to understand what members and consumers are most interested in. The credit union also conducts surveys to get a better understanding of what is needed to continuously improve the site, to keep it fresh and relevant. A sign of the current financialinstitution climate is the prominent message about Navigant’s free debit card. “It happens to be timely and relevant,” Dandeneau says. Before the update, the site was showing its age. It had become difficult to administer internally; therefore, it was not fresh with content. The new section devoted to a social media presence is administered frequently. Navigant Credit Union’s Facebook page, now supported by internal contributors, is deliberately direct. “We don’t want it to be a corporate ad page,” she notes. “It’s a dialogue for those who want to see what’s going on.” It serves as a message board for community events, sponsorships, and more. Toward that end, the website offers customer touch points that are integrated directly into Navigant Credit Union’s call center. Backing up the email capability with live support is a differentiator. “The enhancements we made for our members stretch outside the website itself,” Dandeneau says. “Its integration and ease of getting questions answered quickly were all part of the plan.” Navigant Credit Union took the step to secure every page of its website, not just its online banking portal which is hosted through Intuit. The credit union believes it was important to demonstrate its strong sense of security to its members.

NORTHEAST CREDIT UNION Northeast Credit Union, based in Portsmouth, NH, is marking its 75th anniversary this year. The credit union offers online membership, deposit, consumer loan, and mortgage applications, and serves a membership field that includes six New Hampshire counties, Southern York County in Maine, select employer groups, and those living, working or conducting business within a 25-mile radius of any Northeast Credit Union branch. Northeast’s website,, is an important communication resource for members, while its home banking site offers a range 18 | centerpoint | fall.2011

of transactional services. “It’s important that we meet our members where we find their needs coming from, whether it’s at a branch facility, ATM, online, or telephone,” says Michael Gagnon, vice president of IT and strategic initiatives. “Members need our services in different ways. We try to to respond with multiple convenient delivery channel options.” For example, the call center can walk members through some of the more complicated activities on the home banking site. But that works the other way as well: “Home banking lends to the more routine transactions and it does free up other resources for handling the higher-touch transactions.” For members’ convenience, Northeast Credit Union has offered account access by phone via QuikTel since 1990, and online account management via CyberTel since 1999. Electronic bill payment and application processing arrived at the credit union in 2003.

Many credit unions rely on their third-party vendors to protect them from hackers; others demur from revealing their safeguards, claiming it encourages hackers to try the next new thing.

MALWARE, BEWARE Social media, because of its viral nature, also attracts interest from parties who have no intention of joining the credit union movement. As user numbers grow, so do opportucontinued on page 20

Online Compliance Consulting Identify Deadlines. Understand Requirements. Track Progress.

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With Online Compliance Consulting, you gain access to a Compliance Dashboard that has everything you need to prepare for upcoming compliance requirements: • Unlimited compliance questions to your personal compliance consultant • A review by your personal consultant of the policies and disclosures for new requirements • Semi-annual training for your Board of Directors by your personal compliance consultant • Monthly Compliance Alerts on new requirements with step-by-step compliance directions • A quarterly webinar that will help you organize, prepare, and implement new requirements • A calendar of upcoming regulatory deadlines • A progress tool that helps you manage your upcoming requirements and track your progress as you go • Access to our database of common compliance questions and answers from official regulatory sources • As an additional service, unlimited compliance reviews of your advertisements and website.

fall.2011 | centerpoint | 19

CUs Online

continued from page 19

“During these challenging economic times, it is vitally important that we maximize revenue opportunities for all of our financial and credit insurance products. Our partnership with CRI Solutions has allowed us to streamline our processes and operate efficiently to benefit our members and employees.” Richard Williams, Jr. CEO Securityplus FCU Online Lending/ LOS Financial Services IT Solutions

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nities for the makers of malware, or malicious software. Many credit unions rely on their third-party vendors to protect them from hackers; others demur from revealing their safeguards, claiming it encourages hackers to try the next new thing. John Morawski, the chief technology officer of the Massachusetts and New Hampshire Credit Union Leagues and the Credit Union Association of Rhode Island, is a certified ethical hacker and was recently appointed to the BITS committee to represent credit unions (see Summer 2011 issue). One of his many jobs is to test credit unions’ IT systems for vulnerabilities. “Hackers say they can get into anything,” he says. “Most of it is because of vulnerabilities software companies have created or users haven’t locked down.” Users who leave their computer on a network that they shouldn’t, users with passwords that don’t expire, and users who don’t update their software, all create vulnerabilities for their host institutions in the new wired world. Morawski says that across all industries, 70 percent of all information used in hacking is taken by employees, whether they’re disgruntled or curious. Also, credit unions should post malware warnings on their sites to advise users of safe practices, and institute programs to search for malware. Websites should also restrict compatibility to more recent browser versions and not go too far back, he warns. The still-new mobile banking arena has weak spots that the industry and its users will have to address. A study conducted by viaForensics this year on mobile banking programs found that of social networking and/or retail mobile applications tested, none passed. Mobile banking programs were tested for security. About 25 percent of them received a “fail” rating because they stored user names and passwords, allowing testers to recover payment history, partial credit card numbers, and other transactions. About 31 percent received a “warn” grade because data was present but not considered a risk to the user. The majority of failures occurred due to unencrypted passwords. Users who store passwords on devices they carry are outside the financial institution’s control. Morawski recommends strong passwords containing numbers and symbols as well as letters, plus passwords that must be periodically changed. “You can’t legislate intelligence,” he says. “The most common password out there is ‘password’.”  •

Loan Guarantee Program


he following summary outlines the key benefits of the MemberClose Loan Guarantee Program. This program is designed to help your credit union make more home equity loans without taking on more risk. This program is made available exclusively to credit unions participating in the MemberClose program. Key Program Features





• Eligible Loan Types

Fixed & HELOC

• Companion P&C Insurance Company

“A” A.M. Best Rating

• Maximum Loan Amount


• Maximum Loan-to-Value


• Minimum FICO Score


• Loan Term Maximum Closed End

20 Year

• Loan Term Maximum Open End

10 Yr./10Yr.

• Debt-to-Income Closed End


• Debt-to-Income Open End


• Lien Position

2nd Position

• *Property Valuation ~ MemberClose

- AVM - Collateral Point - Appraisal

• *Insured Lien Position ~ MemberClose

- Equiguard - MLR - Property Report

• Loan Reporting Method

Excel Spreadsheet

• Premium Payment


* Property Valuation & Insured Lien Position must be obtained through MemberClose in order for the loan to be eligible for coverage.

This document is meant to provide a broad overview of the MemberClose Loan Guarantee Program. Please refer to the actual Policy for all terms and conditions.



For more inFormation call us at 1-888-746-2476

STAYING CONNECTED WITH MEMBERS KEY TO GROWING LOAN OPPORTUNITIES In today’s highly competitive lending landscape, credit unions need to incorporate strategies and programs that will effectively give them an advantage and help improve their auto lending success. More than ever, having both a robust and effective Internet presence combined with the ability to leverage the latest mobile technology enables you to stay connected with your members and will support your longterm success. According to J.D. Power and Associates, 77 percent of new car buyers turn to the Internet to shop for their next vehicle. Close to 50 percent of used car buyers rely on the Internet as their primary method to shop for their next vehicle purchase. Further support to the Internet auto shopping trend data is reflected in the Cobalt Group’s Dealer eBusiness Performance Study, which revealed that 88 percent of con-

22 | centerpoint | fall.2011

sumers use the Internet for research prior to visiting a dealership. Developed specifically for credit unions and their member base, the CUDL AutoSMART website ( provides credit unions a flexible, versatile vehicle shopping and research site that they can brand, customize, and market to members as their own, making the program a seamless extension of their organization’s site. As a result, AutoSMART provides credit unions with a key resource designed to enhance brand awareness and overall member satisfaction and help drive member financing. CUDL has taken the AutoSMART program mobile with the AutoSMART iPhone application. The app is designed specifically for credit union members, and replicates features of the AutoSMART website as a fully functional app for Apple’s iPhone, iPad, and iPod Touch. The app gives credit unions a vital new tool that helps them stay connected with mem-

bers throughout the vehicle buying process, improving member loyalty and their ability to retain member financing in-house, and driving more member auto loans. With the app, members have the ability to research their next vehicle and conveniently shop the more than 600,000 vehicles listed nationwide on the AutoSMART website. The mobile app also includes an “apply for a loan” feature, a dynamic mobile extension of CUDL’s SMART Approval online pre-approval solution that further assists credit unions in retaining member loan opportunities. Members can apply for an auto loan through their credit union “on the fly” from their iPhone. Credit unions interested in learning more about how these programs and solutions can effectively support and enhance their lending efforts may contact Chris Bacho, CUDL area manager, at (603) 973-2110 or chris.bacho@ Please also visit the website at •

“As a NEFMA member and

If you’re a financial marketing professional, NEFMA is where you belong.

conference attendee for 28 years, I can honestly say that if you’re a financial marketing professional, you need NEFMA. Every conference provides a wealth of information on important and engaging topics. Conference events are always a great time, full of wonderful energy and many opportunities to network with other members. I always come away with new ideas and contacts that I feel provide my financial institution with a great competitive advantage.” Jim Rice

Senior Vice President/Marketing HarborOne Credit Union Former NEFMA President

Join us at the Winter Conference, January 12-13, at MGM Grand at Foxwoods. To learn more about NEFMA, become a member and register for the conference, please visit us at or call 1.617.926.1370

25NEF008_CU_Tstmnl_7_25x9.75_jh.indd 1

10/31/11 3:07 fall.2011 | centerpoint | PM 23


Coventry Credit Union Names David Root, CPA, Chief Executive Officer Richard Gingell Retires as CEO David Root, CPA, owner of Root & Associates, has been named CEO of Coventry Credit Union. Root, Coventry Credit Union’s independent auditor for the past 20 years, replaces retired CEO Richard Gingell. Root, a licensed certified public accountant in Richard Gingell both Massachusetts and Rhode Island, graduated with a bachelor’s degree in American history and a master’s degree in accounting from the University of Rhode Island. He has more than nine years of auditing experience with “Big Four” accounting firms, working with both Price Waterhouse Coopers and Ernst & Young. Since 1991, he has been the owner of Root & Associates, devoting 100 percent of his time to the credit union industry. “It is truly an honor to join Coventry Credit Union as chief executive officer,” Root said of the appointment. “I am eager to get started in my new role and am committed to the collective success of Coventry Credit Union and our members.” “On behalf of our Board of Directors and the entire staff, we congratulate Richard on his retirement and wish him well in the next phase of his life,” said Roger Laliberte, chairman of the board. “It is our pleasure to appoint David Root to his new position. More than 30 years experience in the banking industry, combined with a longstanding relationship with our staff, makes David the perfect fit to lead Coventry Credit Union.”

Greylock Federal Credit Union President Named ‘Woman of Achievement’ Marilyn L. Sperling Honored by BBPW Greylock Federal Credit Union President and CEO Marilyn L. Sperling has been named Berkshire Business and Professional Women’s (BBPW) 2011 “Woman of Achievement.” The award honors a Berkshire County woman for her achievements and commitment to the community. This is the 47th year the award has Marilyn L. Sperling been given. Sperling was recognized at a dinner event celebrating National Women in Business Week on October 17 at the Pittsfield Country Club. “This is an unexpected but greatly appreciated honor,” Sperling said. “It is humbling to look at the list of past award recipients, women who have accomplished so much personally and professionally. I am grateful to the BBPW for selecting me this year.” Sperling has a distinguished 35-year career as a financial services 24 | centerpoint | fall.2011

professional in Berkshire County. Long recognized as the foremost real estate lender in the region, she established Greylock Federal Credit Union as the top mortgage lender in Berkshire County. She led the development of a sales and service culture that placed Greylock as the top credit union in America for total value provided to the membership. In 2003, Sperling was named Greylock’s first woman senior vice president and held responsibility for Greylock’s entire branch network, the largest in Berkshire County. She was named president and CEO of the $1.2 billion institution in 2010.

Workers’ Credit Union CEO Elected to United Way’s Board of Directors

Douglas J. Petersen

Douglas J. Petersen, president and CEO of Workers’ Credit Union, has been elected to the Board of Directors of United Way of North Central Massachusetts. Petersen earned a bachelor’s degree in accounting and a master’s degree in business administration from Bentley University, in addition to graduating from the Stonier Graduate School of

Banking. Petersen also serves as president of the credit union’s Credit Union Service Organization (CUSO), Workers’ Financial Services, LLC, and serves on the board of directors of several CUSOs. He and his wife, Lisa, have two children.

In Memoriam Longtime Worcester Credit Union Director Len Gabrila passed away after a brief illness on June 18 at the age of 65. Garila was a dedicated credit union volunteer who had served on the credit union’s board since 1977. He had attended the League’s Annual Convention and was planning to participate in the 2011 Convention in Orlando. Boston Firefighters Credit Union has lost one of their founding fathers, Terence J. McGonagle, deceased on October 9 at the age of 90. McGonagle was CEO of the credit union for 42 years. He also served on the boards of the Credit Union League of Massachusetts and the Massachusetts Credit Union Share Insurance Corporation (MSIC), and was an involved participant in the chapter activities and League conventions and conferences. Karen P. Geoffrey, manager of Billerica Municipal Employees Credit Union for 18 years, passed away on October 19. The Board and Staff of the League extend their most sincere condolences to both the Gabila, McGonagle, and Geoffrey families.

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Holy Rosary Credit Union CFO Elected Chairman of NEFEC Steering Committee Holy Rosary Credit Union (HRCU) announced that Chief Financial Officer Brian Therrien was recently elected as chairman of the Steering Committee Brian Therrien for the New England Financial Executives Council (NEFEC). The NEFEC’s purpose is to offer a forum for council members to network with their peers and exchange ideas. Council members pay nominal dues and gather twice a year for high quality educational seminars that introduce new methods for improving credit union development and operations. “I’m honored to be serving as chairman of the NEFEC’s Steering Committee. Credit unions across the country have seen remarkable progress despite the economic downfall. Forming a council to share thoughts and ideas is a wonderful way to further develop, educate, and improve credit union operations,” Therrien said. “It is very important that we have this forum to exchange inventive ways of better serving our members.” Having previously worked for HRCU, Therrien returned in 2004 and now has over 11 years of experience with them. He holds a bachelor’s degree in accounting and business management from New England College. In addition, he holds an MBA from Southern New Hampshire University. He resides in Milton, MA, with his wife, Robin, and two daughters.

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continued from page 25

Grafton Suburban Credit Union Names Dean COO Grafton Suburban Credit Union (GSCU) has announced the addition of Martha A. Dean as chief operating officer. Dean comes with a significant banking background, most recently serving as the senior risk manager at Boston-based Wolf & Company, P.C. “This is a major organizational advance for GSCU,” President Ed Lopes said. “Martha has lifeMartha A. Dean long experience with community-based financial institutions. She is a high-energy, results-driven performer.” Previously, Dean was the senior vice president at Boston-based Wainwright Bank & Trust Co., and prior to that, she was the chief operating officer at Commonwealth National Bank of Worcester. “I am excited about this opportunity,” she said. “GSCU has such a commitment to its members and the community and I am looking forward to being part of this team. At Wainwright Bank I helped develop a corporate culture of best-in-class customer service and social awareness, and I look forward to continuing those priorities with GSCU.” “I will be focused on delivering quality products and services to our members by enhancing e-commerce opportunities,” she continued. “We are committed to both loan and deposit growth strategies.” Dean holds a bachelor’s degree from Worcester State College and served for several years as an adjunct professor in business studies at Salter College in West Boylston, MA. She is a resident of Northbridge, which gives her an inside perspective on GSCU members.

HarborOne Credit Union Appoints Richard M. Sullivan Richard Sullivan has joined HarborOne Credit Union as vice president of commercial real estate. Sullivan, a highly disciplined real estate finance professional, brings with him extensive experience, having spent over 30 years in the financial services industry. Sullivan’s responsibilities will include developRichard Sullivan ing and growing a more defined commercial real estate finance portfolio to provide more commercial loan diversification for HarborOne’s balance sheet, serving customers throughout the suburban cities and towns south of Boston. Prior to HarborOne, Sullivan served as senior vice president of commercial real estate for Legacy Bancorp, Inc. and Legacy Banks, in Pittsfield, MA. A new resident of Plymouth, Sullivan’s community involvement includes leadership positions with such organizations as Berkshire Retirement Home, Berkshire United Way, The Coolidge Hill Foundation, Diocese of Springfield, Pittsfield Catholic Schools, and Pittsfield AntiTuberculosis Association. 26 | centerpoint | fall.2011

Sullivan is a graduate of Saint Michael’s College in Vermont, and also received his certified mortgage banker (CMB) master designation from the Mortgage Bankers Association of America.

Nadeau Named Vice President of Education at Service Credit Union Service Credit Union President and CEO Gordon Simmons announced the recent appointment of Joanne Nadeau as Vice President of Education at the credit union. Nadeau comes to Service Credit Union through a merger with Seacoast Credit Union, where she held the position of president and CEO. Joanne Nadeau She has more than 33 years of financial service experience, 11 years at Seacoast Credit Union. She was also formerly employed at the Mortgage Service Center, a subsidiary of Chittenden Bank, as director of lending and business development, and also worked for 20 years at Lawrence Firefighters Federal Credit Union as the CEO. Supervising a staff of five people, Nadeau will be responsible for member financial education, youth financial education, and employee education. Nadeau will expand the current array of member webinars and seminars, which will include the basics, from check balancing and budgeting to improving credit scores. She will also look to expand the CU 4 Reality program. Nadeau expects to increase Service Credit Union-sponsored CU 4 Reality programs in areas such as Hampton, Exeter, and Concord. She received a bachelor’s degree in business administration from Southern New Hampshire University and has been active in volunteer efforts across the state. She has given her time to Make-a-Wish Foundation® of NH, Big Brothers/Big Sisters of the Greater Seacoast, and the Rotary Club of Hampton, where she was the club liaison to the Hampton Headstart program. She is also a recipient of the Paul Harris Fellow for outstanding community service.

Liberty Bay Credit Union Appoints Paul Gravellese Vice President Liberty Bay Credit Union has named Paul Gravellese to the position of vice president of business solutions, reporting directly to Kenneth C. Dyer, president and CEO of Liberty Bay Credit Union. “Paul Gravellese’s extensive experience will be a great asset to Liberty Bay Credit Union,” says Dyer. “He will play a critical role in continuing the growth of Liberty Bay Credit Union as a financial institution and ensuring current members receive the highest level of customer satisfaction.” Gravellese was most recently an assistant vice president and business development officer at HarborOne Credit Union in Brockton, MA. Prior to his lead management position at HarborOne, Gravellese spent two years at Sovereign Bank in Abington, MA, working both as assistant branch manager and business development officer.

Jeanne D’Arc Credit Union’s Anne-Marie Bisson is 2011 ‘Outstanding State Delegate of the Year’ Jeanne D’Arc Credit Union announced that Anne-Marie Bisson, assistant vice president of community education, was named the 2011 “Outstanding State DelAnne-Marie Bisson egate of the Year” at the recent National Youth Involvement Board (NYIB) Annual Conference held in Pittsburgh, PA. Bisson is a 21-year veteran of the credit union and oversees the development and operations of the credit union’s high school branches, as well as all aspects of the credit union’s community education efforts. “We are very proud of Anne-Marie’s many accomplishments,” said Mark S. Cochran, president and CEO of Jeanne D’Arc Credit Union. “She is passionate about the financial education of students in our community and her deep involvement as a delegate at NYIB is a testament to her efforts. We commend her for this well-deserved achievement.” An active member of NYIB since 2005, Bisson is dedicated to nurturing and developing relationships while teaching the importance of finance. At this year’s NYIB Conference, she was voted by her peers to the NYIB Board as its Northeast Regional Coordinator and Treasurer. Bisson lives in Lowell, MA, with her husband and children. She is a member of the Nashoba Valley Technical High School Advisory Board, the Massachusetts Credit Union League Financial Literacy Committee, the National Youth Involvement Board Network, and is a graduate of the City of Lowell’s Public Matters program. She oversees the NEFE High School Financial Planning Program at area schools, and administers Jeanne D’Arc Credit Union’s scholarship program. She is the president and founder of Catie’s Closet, a nonprofit organization that collects and distributes clothing and necessities to homeless and severely financially-challenged students.•

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ve Sa



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New eNglaNd’s largest Most excitiNg credit UNioN show ThurSDay, april 19, 2012, 8:00a.m. – 2:30p.m. holiDay inn, BoxBorough, maSSachuSeTTS Sponsorship & Exhibiting Opportunities Available Questions? contact The Warren group at 617-896-5314 or at as the date approaches, check our website for updates and event information.

Visit Presented By


Special Events Rhode Island Get-Together November 30....................... Eleven Forty Nine Restaurant, Warwick, RI

Protecting Your Credit Union When a Member Files Bankruptcy: Advanced Issues December 13

Great New England Credit Union Show April 19.................................................. lHoliday Inn, Boxborough, MA

The New Business Account Interview: Meeting Regulator & Credit Union Requirements December 14

Conferences and Conventions

Paper Checks, Remote Capture, ACH & Electronic Transfers: Who is Liable? December 20

2012 Spring Development Conference April 20 – April 22..............................Chatham Bars Inn, Chatham, MA

Networks RETAIL DELIVERY NETWORK MEETING November 30............................ Credit Union Center, Marlborough, MA

Business Account Takeover Alert: What You Need to Know Now! With Jackie Marshall, Gladiator Technology January 4 Managing the New Appraisal Guidelines for Residential Property with Ann Brode, Brode Consulting, Inc. January 5

December 7.............................. Credit Union Center, Marlborough, MA

Director Series: Understanding, Measuring & Monitoring Risks: The 9 Most-Critical Risks Credit Unions Face with Tim Harrington, TEAM Resources January 11


IRA/HSA Review & Update 2011 Tax Year with Deborah Crawford, gettechnical inc January 12


Conducting an HR Audit December 8.............................. Credit Union Center, Marlborough, MA

Hot Button Regulatory Exam Issues: Dealing with Increased Scrutiny with David Reed, Reed & Jolly, PLLC January 18


ACH Rules Update, Including NSF Fees & the New ACH Rule with Luann Kohlmann, WACHA January 19

January 24................................ Credit Union Center, Marlborough, MA

Chapter Meetings and Activities – Massachusetts Central Mass Chapter January 11...................................................Coral Seafood, Worcester MetroBoston Chapter December 6....................................................Florian Hall, Dorchester Southern Massachusetts Credit Union Chapter December 7............................................. Chateau Restaurant, Norton January 18..........................................Benjamin’s Restaurant, Taunton March 21................................................Whites of Westport, Westport April 18......................................... Hawthorn Country Club, Dartmouth Pioneer Valley Chapter December 13....................................... Wyckoff Country Club, Holyoke March 13..................................................... Page’s Loft, Northampton April 10................................................ Wyckoff Country Club, Holyoke

Chapter Meetings and Activities – New Hampshire Merrimack Valley Chapter December 5....................................... The Bedford Village Inn, Bedford February 2012................ America’s Credit Union Museum, Manchester April 2012................................SERESC Conference Center, Merrimack Monadnock Chapter December 8................................................The Steak Out, Brattleboro March 22................................................................. NGM FCU, Keene

March 14.................................. Credit Union Center, Marlborough, MA

Loan Stress Testing for Today’s Credit Union with S. Wayne Linder, Young & Associates, Inc. January 25

Seminars and Schools

Credit Union Actions for Debit Card Interchange Rules: Effective April 2012 with Lee Wetherington, ProfitStars® January 26


Regulation E Legal Update: How to Properly Handle ATM & Debit Card Claims with Elizabeth Fast, Spencer Fane Britt & Browne LLP February 8

January 2 – New Year (observed) January 16 – Martin Luther King Day


Financial Educator Meeting December 1 ............................. Credit Union Center, Marlborough, MA Developing Great Managers, Part III of III December 6.............................. Credit Union Center, Marlborough, MA FiCEP Financial Counseling Training Using Communication Skills during Financial Counseling November 30.................................................... (Module 4 - Webinar) In-Person Meeting #1 December 15 ... (with Proctored Testing on Modules 1-4, Marlborough) Taxes, Insurance & Investments January 19 ....................................................... (Module 5 - Webinar) Controlling Living Expenses & Understanding Consumer Credit February 1......................................................... (Module 6 - Webinar) Matching Values to Money February 15....................................................... (Module 7 - Webinar) Retirement and Special Issues February 29....................................................... (Module 8 - Webinar) In-Person Meeting #2 (with Proctored Testing on Modules 5-8) March 8.................................... Credit Union Center, Marlborough, MA

Webinar and Webcast Sessions Conducting Your 2011 ACH Audit November 29 Legal Issues in Collections November 30 Identifying Problem Assets December 6 Auditing for SAFE Act Compliance December 7 Critical IRA Year-End Issues December 8

30 | centerpoint | fall.2011

Required Compliance Series: Regulatory Compliance for the Board & Senior Management with Ann Brode, Brode Consulting, Inc. February 9 Tax Refunds: Posting & Exceptions with Luann Kohlmann, WACHA February 15 Lending Series: Understanding Borrowers’ Tax Returns, Part 1: Basics, Itemized Deductions, Interest & Dividend Income & Sole Proprietorships (Schedule C) with Tim Harrington, TEAM Resources February 16 GFE & HUD-1: Issues & Update with Bill Elliott, Young & Associates, Inc February 22 .

QuickBites ONE-HOUR TELEPHONE CONFERENCING Confidentiality and Fiduciary Responsibility November 29 Creating a Lending Machine December 13 Selling to the Young Retail Member December 20 Get the Edge: Using Your Handwriting Analysis to Improve Working Relationships & Hiring December 29

November 24 – Thanksgiving Day December 26 – Christmas (observed)

February 20 – Presidents Day

Recently Completed Metro Credit Union Brookline, MA

UniBank Worcester, MA The Cooperative Bank West Roxbury, MA

Coming Soon

CenterPoint 4Q 2011  

In this issue of CenterPoint, explore the ways credit unions are out leading the way in social media; learn the best ways to stay connected...

CenterPoint 4Q 2011  

In this issue of CenterPoint, explore the ways credit unions are out leading the way in social media; learn the best ways to stay connected...