Centerpoint Winter 2015

Winter.2015

A publication of the Cooperative Credit Union Association, Inc.

RATIVE E P O O C THE TION’S A I C O S S UNION A TION

VEN N O C L RA ING INAUGUANNUAL MEET AND

CREDIT

Stories Inside: Annual Hike the Hill Event Unites Legislators, Credit Unions

06

12

Credit Union Heroes Honored

15

New England Credit Unions Surpass $1B in Auto Lending

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Cooperative Credit Union Association, Inc. www.ccuassociation.org 800-842-1242 Paul Gentile, President/CEO

EDITORS: Donna M. Bevilacqua Walter Laskos CONTRIBUTORS: Robert Delaney Bonnie L. Doolin William F. Nagle Charlotte Whatley

More than 700 credit union leaders, vendors and friends join together

Table of Contents PUBLISHED BY

at the inaugural Cooperative Credit Union Association Annual Meeting and Convention at the Mohegan Sun in Uncasville, Conn.

04 MESSAGE FROM THE PRESIDENT 06 CREDIT UNION NEWS

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– Association Members Take their Message to the Halls of Congress and NCUA – Association Launches New Consumer Awareness Credit Union Advertising Campaign

11 COMMUNITY INVOLVEMENT

– Massachusetts Credit Unions Hit a Hole-in-One at Charity Golf Tournament

06

– Credit Union Heroes Honored – Service Credit Union Named 2014 Air Force Credit Union of the Year

15 NEW ENGLAND CUS SURPASS $1B IN AUTO LOANS UTILIZING CUDL NETWORK 16 2015 CONVENTION & ANNUAL MEETING 19 CREDIT UNION PEOPLE

09

22 CALENDAR

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12 Winter.2015 | centerpoint | 3

M E S S AG E F RO M T H E P R E S I D E N T

| by paul gentile

2014: NEW STRUCTURE, RELENTLESS ADVOCACY AND RENEWED COMMITMENT TO COOPERATION 2014 was my first full year as your president/CEO and a historic year for the Massachusetts Credit Union League, New Hampshire Credit Union League and the Credit Union Association of Rhode Island. We can look back at so many things in 2014, but clearly the story of the year was how our members coalesced around a common vision to create the Cooperative Credit Union Association.

I give all the credit to the boards of directors of each of the leagues who laid out a framework and structure for the future of the Cooperative Credit Union Association.

The message was clear – above all else, we exist for advocacy. Credit unions have never been faced with more regulatory and legislative challenges and we must work cooperatively together to improve the operating environment for credit unions. The structure we positioned to the membership ensures that collectively we garner more resources to have a powerful advocacy voice, but the vision, strategy and focus of our efforts are honed locally by the interests of credit unions in each of our states. The boards’ vision came to life and the membership overwhelmingly approved the creation of the Cooperative Credit Union Association.

4 | centerpoint | Winter.2015

But it was not a year memorable just for the structural change; it was a year that also put our advocacy skill to the test and our ability to collectively advocate against banker attacks, for passage of pro-credit union legislation, and to prevent damaging regulation.

I believe strongly in working cooperatively together for the greater good and 2014 showed what we can accomplish when we share a common purpose. Clearly one of the major challenges facing the credit union system is an onslaught of new regulation that has credit unions spending more time and resources on complying with new regulations than ever before. Unfortunately, many of the newest regulations we face were aimed at institutions that helped cause the financial crisis, not credit unions that never stopped serving their members, even in the most difficult of times.

When I look back at 2014, NCUA’s RiskBased Capital Proposal stands out as the most significant regulation to hit the credit union scene in decades and the perfect example of why we must work together.

With your help and with the help of credit unions around the country, we were able to stop the passage of the original RBC rule, which would have negatively impacted how credit unions serve their members. Your Association in particular took a strong stance in urging the NCUA to put a revised rule back out for comment so we could continue to hone it and improve it on your behalf. It worked. This success wasn’t ours; it was ours collectively as a credit union system.

We also saw bankers in New Hampshire launch a PR-based attack challenging New

Hampshire credit unions’ service to low- and moderate-income consumers. I am proud of how we worked together to end that dialogue and how we showed the state of New Hampshire all the good work credit unions there do. New Hampshire is not exactly a smart state for bankers to attack. It is a shining light in many statistical categories of credit union performance and has a tremendous record of service to its members.

Legislatively, we were able to pass three pro-credit union bills last year – two in Massachusetts and one in New Hampshire.

In Massachusetts, we opened up regional branching and passed legislation empowering state charters to have more investment flexibility. In New Hampshire, we recodified the regulations on state charters in a sweeping modernization bill. In Rhode Island we didn’t pass legislation, but we protected favorable status for credit unions in Rhode Island in the foreclosure process.

Looking back at each of these successes, the participation from the credit unions in those states was tremendous. Without your voice, insight, and knowledge of credit unions and the local marketplace, we could not have had such success with our legislative agenda.

As we move forward, the future is promising, but cooperation will continue to be the barometer of success. If we work together, speak with a consistent voice, and demonstrate to lawmakers, regulators, consumers and the media why credit unions are the best financial option available to consumers, what we can accomplish is unlimited.

Paul Gentile, president

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C R E D I T U N I O N N EWS

ASSOCIATION MEMBERS TAKE THEIR MESSAGE TO THE HALLS OF CONGRESS AND NCUA

ANNUAL HIKE THE HILL EVENT GAINS ATTENTION AND WINS LAWMAKER ACTION

Rep. James McGovern engaged in great discussion with the members in attendance from the Massachusetts Credit Unions regarding important matters related to credit unions.

Association President/CEO Paul Gentile led a delegation of credit union officials to Washington, D.C., for September’s two-day Hike the Hill gathering, to call upon lawmakers and regulators alike on behalf of credit unions in Massachusetts, New Hampshire and Rhode Island.

Day one of the annual event saw the group calling on members of Congress on Capitol Hill to discuss a wide variety of issues, including regulatory relief, member business lending, CFPB exemptions for oneto four-family real estate secured loans, QM safe harbor portfolio loans, extending the TRID deadline, NCUA moving to an extended exam cycle and more.

On day two, the delegation made its way to the NCUA headquarters in Alexandria, Virginia.

“It was timely that we were on the Hill at that time as it was clear our lawmaker offices had been receiving a series of banker communications against MBL reform,” said Gentile. “It’s a shame the bankers won’t let the regulatory process play out. We rarely comment on banker legislation, let alone a regulatory rule making. Their efforts reflect their continued goal to minimize credit unions in the financial landscape.”

Day one began by seeing attendees gathered at Credit Union House, just blocks from the Capitol, hearing CUNA staff provide a detailed briefing on legislation, regulation and political action.

Following the briefing everyone set out for the pre-arranged meetings with their state lawmakers.

The Massachusetts group met with the offices of Sens. Warren and Markey and Reps. McGovern, Moulton and Tsongas. The delegation from New Hampshire called on the offices of Sens. Ayotte and Shaheen, and Reps. Guinta and Kuster, while Rhode Island leaders visited with Sens. Reed and Whitehouse, and aides from Reps. Cicilline and Langevin.

The day concluded with a working dinner among colleagues from the Northwest Credit Union Association and NCUA guests: the Hon. J. Mark McWatters, board member; Sarah Vega, executive assistant to McWatters; and Buddy Gill, senior strategic communications and external relations advisor to Chairman Matz.

ASSOCIATION MEMBERS ENGAGE NCUA ON KEY ISSUES On day two, the credit union delegation attended NCUA’s monthly board meeting, and met with Vice Chairman Rick Metsger to raise a number of issues, beginning with the agency’s upcoming new Field of Membership (FOM) rule.

Metsger noted how the Association was key early on in the process on providing areas of FOM reform the agency should consider. NCUA is working to amend the FOM rule to make it more reflective of today’s landscape.

The MBL regulation was discussed at length as well, including the need for the Association and its members to be ready to refute banker calls for the agency to stop the rulemaking process. Banker groups blanketed Capitol Hill with messaging against the MBL reg.

The group urged Metsger to begin a dialogue on reforming the examination process to a more data-driven ongoing monitoring system, rather than a lengthy, disruptive on-site exam every 12 months for all credit unions.

Gentile filed a letter with the agency earlier advocating for such a change.

Metsger noted the need for dialogue on this issue, and committed to taking a deeper dive into exam reform once MBL and FOM rulemaking are concluded.

“Clearly the agency understands that their exam process and practices need to be further evaluated,” Gentile said. “Contrary to other reports in the press saying NCUA has closed the door on the extended exam cycle, Board Member Metsger committed to further dialogue on this issue once the core issues of MBL and FOM rulemaking are completed.”

WHITEHOUSE STANDS WITH THE CREDIT UNIONS OF RHODE ISLAND

The group from Rhode Island shares a laugh with Sen. Sheldon Whitehouse during their Hill visit. Association President/CEO Paul Gentile, second from left, along with the credit union representatives discussed the issues that are most important in Rhode Island.

Sen. Sheldon Whitehouse (D-RI) joined forces with Sen. Rand Paul (R-KY) to introduce the Small Business Lending Enhancement Act. The Continued on page 8

6 | centerpoint | Winter.2015

C R E D I T U N I O N N EWS THE HALLS OF CONGRESS AND NCU

Continued from page 6

bipartisan legislation, which seeks to cut through red tape and encourage small business growth, would increase an arbitrary federal cap on credit union lending that has restricted lending to small businesses in recent years.

The legislation was one of the many topics credit union leaders from Rhode Island discussed with the senator during their Hill visit.

Ellen Ford, president/CEO, People’s Credit Union; Randall Sacilotto, vice president of business and community development, Navigant Credit Union; Robert Falso, EVP/CFO, Westerly Community Credit Union; and Paul Gentile, president/CEO, Cooperative Credit Union Association all met with Whitehouse. The meeting helped to advance the timely legislation.

“Credit unions serve our communities well, often by focusing on lending to local small businesses,” said Whitehouse. “I’m pleased to join Sen. Paul in introducing legislation to allow credit unions to expand their lending to help grow businesses and jobs.”

Prior to an arbitrary cap on credit union lending instituted in 1998, credit unions had been making unfettered small business loans for nearly a century. The Small Business Lending Enhancement Act would raise the cap for well capitalized credit unions from 12.25 percent of assets to 27.5 percent.

“We are very pleased and appreciative of the Senator’s support of this bill,” Ford said. “People’s Credit Union has a long history of providing business loans to the small business members in our community. As we are currently approaching this arbitrary cap, we have had to deny some MBL loan requests. Raising the MBL cap will allow us to continue to serve the small business owners in Rhode Island.”

AYOTTE TAKES ACTION AT THE REQUEST OF NH CREDIT UNIONS Among the many issues discussed with Sen. Kelly Ayotte during a meeting in her office was the challenges credit unions face in trying to meet the October deadline set by the Consumer Protection Bureau for implementation of the new Truth-in-Lending/Real Estate Procedures Act (TRID) rule.

The New Hampshire congressional delegation was very engaged on the regulatory pressures faced by credit unions and requested assistance from Ayotte.

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Sen. Kelly Ayotte and the delegation from New Hampshire Credit Unions talk about the challenges facing credit unions.

In response and to further advocate for credit unions, the senator directed a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray requesting assistance with transition issues related to the implementation of the rule.

Specifically, Ayotte requested that the CFPB announce and implement a grace period through Jan. 1, 2016, for lenders that make a good faith effort to tailor their disclosures to the new requirements. As credit unions take compliance steps forward, concern remains that forms and processes have not been tested in real-time.

Implementation of a grace period would allow both the CFPB and stakeholders to identify any necessary adjustments during a transition period. In addition, Ayotte believes another benefit will be to provide certainty to stakeholders who work in good faith to properly utilize TRID, which will further encourage a more seamless implementation of the new disclosures, while still protecting consumers from unfair trade practices.

The Association’s advocacy efforts on this issue are not limited to regulatory requests. Federal legislation is also pending to address this important issue, and our members of Congress have again stepped forward to ensure that the interests of credit unions are advanced.

Two pending proposals, H.R. 3192 and S. 1711, each provide a reasonable hold-harmless period for enforcement of the CFPB’s TRID rule for those that make good-faith efforts to comply and delay the implementation until January 2016. The Senate bill has been co-sponsored by both Ayotte and Shaheen.

C R E D I T U N I O N N EWS

ASSOCIATION LAUNCHES NEW CONSUMER AWARENESS ADVERTISING CAMPAIGN

VALUES CITED AS THE REASON CREDIT UNIONS OFFER A BETTER BANKING EXPERIENCE Consumers throughout Massachusetts, New Hampshire and Rhode Island are the prime audience for a new media advertising campaign sponsored by the Cooperative Credit Union Association.

The “Better Values. Better Banking.” campaign encourages consumers to seek out and join a credit union to do their banking. With credit union values and principles serving as the value proposition, the Association believes that consumers will enjoy a better banking experience at a credit union because of the values and principles credit unions espouse and practice on a daily basis.

“For a credit union trade association, advocacy must extend beyond the lawmakers and regulators,” said Paul Gentile, president/CEO of the Cooperative Credit Union Association. “It also demands that we reach out to consumers as well, helping them to better understand what credit unions are and how credit unions offer a better banking experience. Our ‘Better Values.

Better Banking.’ campaign does just that.”

The centerpiece of the campaign is its website, BetterValuesBetterBanking.com. The site offers information on credit unions, noting 15 reasons to join, frequently asked questions and a brief historical overview of the formation of credit unions in the U.S. Most important is the site’s ability to help consumers search for a local and convenient credit union which they can join by simply entering a zip code.

In addition to also encouraging social media engagement through Facebook and Twitter, the site directs consumers to the special charities

supported by each state’s credit unions: Special Olympics in Rhode Island, Make-A-Wish in New Hampshire and the Coalition for the Homeless in Massachusetts.

Directing consumer traffic to the website is the objective of radio commercials, social media activities, community events and other advertising initiatives.

“In partnership with CBS Radio in Boston, we’ll be surprising consumers in their communities throughout our three-state region, offering to pay for their coffee or tank of gas,“ Gentile said. “In return, we’ll give them a gift card so they can do a similar gesture for a neighbor and then tell us about it on social media.“ Social media posts will also receive a significant boost from video interviews being produced by the Association through its Casting Call program.

Member credit unions have been hosting the Association’s mobile video studio where Strategic Communications SVP Walter Laskos interviews members of the credit union about their banking experience and what makes it stand out from other financial institutions. Video clips of the interviews will appear on social media and future TV commercials as another way to promote and share the credit union story.

The “Better Values. Better Banking.” media campaign runs through January 2016, when it will move into phase two, which promises even more excitement and surprises.

Winter.2015 | centerpoint | 9

C O M MU N I T Y I N V O LV E M E N T

MASSACHUSETTS CREDIT UNIONS HIT A HOLE-IN-ONE AT CHARITY GOLF TOURNAMENT The Massachusetts Credit Unions held their Charity Golf Tournament in August at Juniper Hill Golf Course. The 104 golfers enjoyed a great day of golf and camaraderie as their generosity overflowed, with more than $30,000 raised to benefit the Massachusetts Coalition for the Homeless.

Members Plus Credit Union showed their commitment to the cause by sponsoring the tournament awards banquet.

Additional sponsors, including CU Direct Corporation, CUNA Mutual Group, Digital Federal Credit Union, Harvard University Employees Credit Union, MassMutual Federal Credit Union, RTN Federal Credit Union, Synergent, Tricorp Federal Credit Union and UMassFive College Federal Credit Union, displayed their commitment with a sponsorship of $750 or more.

At the awards banquet, the golfers heard from Lois Ferraresso, associate director of the Massachusetts Coalition for the Homeless. Lois expressed her sincerest thanks to

all the credit unions for their continued support, kindness and generous spirits to help the coalition fight to end homelessness.

Through committed leadership and broad-based support from partners such as the Massachusetts Credit Unions, funding of $2 million has been included in the FY16 state budget that is directed to housing and support services for homeless youth in the commonwealth. This victory marks the first dedicated state funding for this population in Massachusetts history. This funding will have a significant impact on thousands of unaccompanied youth and young adults experiencing homelessness in Massachusetts.

Ferraresso introduced Tina Giarla, whose shared her heartfelt story of being an unaccompanied youth at the age of 13.

Association President Paul Gentile personally thanked all golfers and sponsors for their attendance and support of the event and the historic support of the Coalition.

Lois Ferraresso, associate director from the Massachusetts Coalition for the Homeless, takes a moment to thank all the credit unions and golfers for their generous support while Association President/CEO Paul Gentile looks on.

This year’s winning foursome. Standing are Gary Abrams and John O’Brien, Leominster Credit Union, and sitting are Bill Gleavy and Bob Edgar, CUNA Mutual Group.

THANK YOU TO THE TOURNAMENT SPONSORS! Awards Banquet

Silver

Members Plus Credit Union

Direct Federal Credit Union

Lunch CU Direct Corporation

Hamilton Cornell Associates Hanscom Federal Credit Union Macpage, LLC

Closest to the Pin

Mass Bay Credit Union

CUNA Mutual Group

Members Insurance Agency, LLC

Harvard University Employees Credit Union

MIT Federal Credit Union

UMassFive College Federal Credit Union

Nutter, McClennen & Fish, LLP

Hit the Green RTN Federal Credit Union Reception MassMutual Federal Credit Union Gold Digital Federal Credit Union Tricorp Federal Credit Union

10 | centerpoint | Winter.2015

OM Financial Group Workers’ Credit Union Tee/Green Align Credit Union Birchwood Credit Services, Inc. Boston Firefighters Credit Union Central One Federal Credit Union City of Boston Credit Union CO-OP Financial Services Freedom Credit Union Greylock Federal Credit Union G.T. Reilly & Company

Tee/Green (continued) Jeanne D’Arc Credit Union Kaeding & Company Members Mortgage Company Metro Credit Union Naveo Credit Union Pioneer Valley Chapter Shrewsbury Federal Credit Union Southern Mass Credit Union St. Anne’s Credit Union of Fall River, Mass.

St. Jean’s Credit Union St. Mary’s Credit Union Tri-County North Chapter Winbrook Zero In Media, Inc. Donations Chatham Bars Inn Juniper Hill Golf Course Massachusetts Credit Unions Mohegan Sun Renaissance Providence Hotel

C O M MU N I T Y I N V O LV E M E N T

CREDIT UNION HEROES HONORED

A diverse group of 10 individuals was honored in October for their particular contributions to their credit unions and communities at the annual CU Heroes Awards, presented by The Warren Group.

Among those honored were veteran volunteers with more than 30 years’ experience, executives and others working both behind the

scenes and in member-facing roles. What was common among them all was heartfelt passion for the credit union mission of People Helping People, and a willingness to give of their time, energy, thoughtfulness and compassion to make it happen.

The keynote speaker for the event was Sue Marsh, director of Rosie’s Place, a well known shelter for homeless women. Sue’s dedication to providing meals, hope and dignity for the guests at Rosie’s Place goes beyond commitment. She is living her belief that every person deserves the humanizing comfort of having food to eat, a roof over her head and a caring community so that peace can be possible. She thanked the audience and the credit union industry, reminding everyone that together we can become “pilgrims of peace” like Mildred Norman, who famously crisscrossed the United States on foot six times to encourage everyone to make peace a reality.

Upon receiving the recognition, recipients took a few moments to not only thank their sponsors, credit unions, families and The Warren Group for making the evening a reality, but also the team that backs them up so they can make a difference, often in one life at a time.

2015 CREDIT UNION HEROES AWARD RECIPIENTS Credit: Photos by Amanda Martocchio | The Warren Group

John C. Feitor

Susan Franklin

Kathy Fratamico

George Hardiman

Chairman of the Board Pioneer Valley Credit Union

President and CEO Tremont Credit Union

Donna McCullen

Diana Moreno

Hicham Naciri

Mike Ostrowski

Vice Chair, Board of Directors Naveo Credit Union

Assistant Vice President Branch Manager Workers’ Credit Union

Online Marketing Manager Workers’ Credit Union

Branch Manager Metro Credit Union

12 | centerpoint | Winter.2015

Chief Technology Officer Tremont Credit Union

CEO Arrha Credit Union

Paul Marotta

Chairman of the Board Hanscom Federal Credit Union

Jodi Rathbun-Briggs

Vice President and Manager of Business Banking Greylock Federal Credit Union

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C O M MU N I T Y I N V O LV E M E N T

SERVICE CREDIT UNION NAMED 2014 AIR FORCE CREDIT UNION OF THE YEAR

Service Credit Union is presented the 2014 Distinguished Air Force Credit Union Service Award. From left: James Fishbein, director, Service Credit Union; Gordon Simmons, president and CEO; Steve Herrera, associate deputy assistant secretary of the Air Force for financial operations; Douglas Foote, branch manager, Ramstein; and Michael Besant, assistant vice president of member services, Service Credit Union.

Service Credit Union was selected for the 2014 Air Force Distinguished Credit Union of the Year Award by the United States Air Force in recognition of its exceptional financial service and support of the Air Force community in Ramstein, Germany.

The Ramstein Air Force Base branch delivered above-and-beyond financial service offerings for the Air Force men and women and their families in that community.

In a recommendation letter from the U.S. Air Force, Brigadier General Patrick Mordente said, “Service Credit Union stands out as the leader in crucial financial need areas, such as combating predatory lending, community financial education, 24/7 worldwide access and a full range of high quality, low-cost financial solutions for our airmen.

Their unrivaled ability to support service members worldwide through multiple remote access channels enhances individual and unit readiness as well as insuring financial soundness of airmen’s families here in Germany. Ultimately their ‘service’ helps our troops focus on the important mission at hand.”

The 2014 Air Force Distinguished Credit Union of the Year Award was presented to Service Credit Union at the Defense Credit Union Council annual conference in Las Vegas.

“We are humbled to receive this prestigious award. It would not have been possible without the unwavering support of our loyal membership and the hard work and dedication of our capable staff,” said the credit union’s President/CEO Gordon Simmons.

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NEW ENGLAND CUS SURPASS $1B IN AUTO LOANS UTILIZING CUDL NETWORK CU Direct Regional Vice President Bob Nealon reported in the late summer that the multi-owned CUSO’s credit union partners in New England surpassed $1 billion in year-to-date 2015 auto loans processed through the CUDL automotive lending system.

“Hitting the $1 billion milestone is a testament to the tremendous skills of our credit union lending partners throughout New England, as well as the power of the collaborative credit union-owned delivery channel,” he said.

CU Direct, which has stock holder and partner credit unions throughout New England, has enjoyed steady growth over the last 15 years. With nearly 1,000 subscribed automotive dealerships in the six states, the “credit union-owned delivery channel” is widely accepted, and provides innovative technology solutions which help credit unions capture existing and new-member auto loans at the point-of-sale.

“These growth results validate that auto dealerships will partner with credit unions based on competitive programs and strong rela-

tionships, regardless of the delivery channel,” Nealon said. “There are important aspects of the CUSO model which continue to help credit unions differentiate themselves in their local marketplaces, as well as achieve very significant cost savings and processing efficiencies.”

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Winter.2015 | centerpoint | 15

ASSOCIATION WELCOMES MORE THAN 700 ATTENDEES TO INAUGURAL

CONVENTION & ANNUAL MEETING

Association President Paul Gentile delivers his President’s Report at the Association’s first Annual Meeting.

The Association’s board of directors. Pictured, from left: John B. (Bernie) Winne, Robert M. Cashman, David L’Ecuyer, Anabela P. Grenier, Paul Gentile, David B. Suvall, Brian F. Hughes, Roland Draper and Ellen N. Ford. (Not pictured: Ronald H. Covey, Jr.)

16 | centerpoint | Winter.2015

Credit union executives gather for the celebratory banquet, marking the first convention and annual meeting of the Cooperative Credit Union Association.

The Cooperative Credit Union Association showcased the opening of its first convention on October 21 to more than 700 attendees with a series of breakout sessions on topics ranging from student loans and cybersecurity to shared branching and emerging payment trends. Dennis Dollar, former NCUA chairman and president of Dollar Associates, followed the breakout sessions with a presentation that invited attendees to explore where credit unions should be in the year 2020.

Dollar challenged credit unions to collaborate and cooperate with one another in order to stay competitive and continue to meet the growing needs of their members.

In looking toward the year 2020, Dollar saw some very bright opportunities for credit unions in the year 2020 – particularly as banks continue to consolidate.

He reviewed a number of changes the credit union industry can anticipate from the field of membership and regulatory points of view, including the need to grow capital and expand the organization.

His key message: credit unions have to continue to grow regardless of how the regulations may challenge the industry. But above all, “credit unions must also find new ways to collaborate and cooperate with one another,” he said.

The first of the three-day conference at the Mohegan Sun Resort and Casino in Uncasville, Conn., concluded with the opening trade show featuring more than 80 vendor booths, raffles and a variety of desserts and beverages, all accompanied by the music of a jazz trio.

NATIONAL NEEDS AND POLITICAL FALLOUT Thursday’s sessions featured NCUA Board Member J. Mark McWatters; Charlie Cook, editor of The Cook Political Report and political analyst for The National Journal Group; and a host of breakout session presenters addressing a wide variety of topics including state legislative and regulatory updates for Massachusetts, New Hampshire and Rhode Island credit unions.

NCUA Board Member J. Mark McWatters started the day, telling attendees that the agency needs to better engage itself prior to unveiling regulations such as Risk-Based Capital (RBC).

McWatters, who maintains that NCUA does not have legal authority to implement a two-tier RBC rule, said the agency has not done enough to work with the credit union community in advance of major regulation.

Also on RBC, McWatters noted his disappointment for the omission of supplemental capital provisions, but said the agency is expected to promulgate a separate rule on supplemental capital.

Continued on next page

Political pundit Charlie Cook handicaps the 2016 presidential nominee contenders.

Association President Paul Gentile leads banquet attendees in a toast to the credit unions of Massachusetts, New Hampshire and Rhode Island, the success of their merger and formation of the Cooperative Credit Union Association.

Dennis Dollar shares his vision of credit unions in the year 2020.

NCUA Board member J. Mark McWatters discusses regulatory relief and other pressing credit union concerns.

Winter.2015 | centerpoint | 17

INAUGURAL CONVENTION AND ANNUAL MEETING

Continued from previous page

David Surface, board chair, calls the first annual meeting of the Cooperative Credit Union Association to order.

He used the Cooperative Credit Union Association’s call for an 18-month exam cycle for low-risk credit unions as an example of how the agency is not listening to the system. McWatters said he was disappointed that within 48 hours of the suggestion, the proposal was summarily dismissed by the agency without his office being consulted.

Related to that issue, the Association spent time at the convention asking members about the extended exam cycle and had found overwhelming support for the issue to be explored, with most noting that they welcome remote analysis and contact in a more ongoing basis.

McWatters also challenged the Overhead Transfer Rate, stating the agency has not given OTR the public dialogue it deserves and said doing a “data dump” of CPA reports on the OTR is not transparency. He commended the NCUA chairman for deciding to take comments on OTR, but urged her to shadow the process of a true public comment period for a proposed rule.

In an emerging issue, McWatters called for a fundamental change in the appeals process. He said the appeals process today is lacking due to the credit union not having a voice during the appeals. He said the appeals process shouldn’t be driven solely by NCUA attorneys. While he commended the impartial approach NCUA attorney’s do take on appeals, they may not have all the information and data that the credit union could bring to the table during the process.

Charlie Cook, veteran and independent political observer, followed McWatters, offering his take on the Democratic and Republican candidates running for their party’s presidential nomination. Cook told the audience that every presidential election is unique, but the current contest stands apart from all others in most recent history. That’s because there are a number of dynamic factors at work, including ideology, culture wars, GDP growth, economic anxiety and a high level of anger with career politicians.

He noted that in the past, moderates kept the system from going into the ditch, too far to the right or too far to the left. “They acted like the glue,” he said, “working against party lines.” Today, most moderates have either died, been defeated or retired, and as a result there is no more overlap. The gap is wider and it is making it very difficult to govern.

In addition, the gap splitting the electorate in two is getting wider as 18 | centerpoint | Winter.2015

well. Cook says today’s voters are only getting their news from ideological sources; MSNBC on the left and Fox News and Limbaugh on the right. “There no longer is a balanced diet of news,” he said.

BANQUET, ANNUAL MEETING SPEECHES AND ELECTION RESULTS The highlight of the day came in the evening as members gathered for a banquet to mark the inaugural gathering and celebrate the social responsibility its members have shown to each state’s charity.

The Association’s first convention came to a historic close on Friday with the Association’s first Annual Meeting.

Highlighted by the 2014 Chairman’s Report given by David Surface, president/CEO of St. Jean’s Credit Union in Lynn, Mass., and the President’s Report delivered by Association President/CEO Paul Gentile, meeting attendees also heard from several other dignitaries.

They included Paul Chong, senior vice president of retirement plan services, CUNA Mutual; Tim Bruculere, senior vice president, Alloya; Stephen Roy, president/CEO, TriCorp; Jane Melchionda, president/ CEO, EasCorp; Michael Hanson, president/CEO, Massachusetts Credit Union Share Insurance Corporation; Dennis DeJesus, executive director, Special Olympics Rhode Island, and Global Messenger/Athlete Maegan Miller; Dawn Chambers, board member, Make-A-Wish NH and Wish Child Padraic; and Robyn Frost, executive director, Mass. Coalition for the Homeless, and Tina Giarla, community organizer.

In addition to the speeches, the meeting also presented the election results of the recent voting that took place between October 1 and October 20 using an electronic ballot. The newly elected board members are John B. (Bernie) Winne, Boston Firefighters Credit Union; Robert M. Cashman, Metro Credit Union; Anabela P. Grenier, Pioneer Valley Federal Credit Union; Roland Draper, Somerville Municipal Federal Credit Union; David L’Ecuyer, Central One Federal Credit Union; Ronald H. Covey, Jr., St. Mary’s Bank Credit Union; Brian F. Hughes, Holy Rosary Credit Union; Ellen N. Ford, The People’s Credit Union; and David B. Suvall, Rhode Island Credit Union.

In the reorganization meeting that followed, John B. (Bernie) Winne was elected chairman, Ellen Ford as vice chairman and Ronald Covey, Jr. as secretary/treasurer.

C R E D I T U N I O N P EO P L E

Greylock Federal Credit Union Names Bissell President/CEO The Greylock Federal Credit Union board of directors selected John Bissell as the new president/CEO, effective Oct. 1.

Bissell joined Greylock in 2003 as vice president of marketing and human resources. He was John Bissell promoted to senior vice president in 2007 and was named executive vice president in 2010. A native of Berkshire County, Bissell earned his bachelor’s degree from Amherst College in 1989, graduated from the New England School for Financial Studies program at Babson College in 2011 and is currently earning his MBA from UMass Amherst.

Bissell took over following the retirement of Marilyn Sperling, who served in that capacity since 2010 with a 40-year career as a financial services professional in Berkshire County.

Board Chair Jerry Burke said that Bissell’s leadership experience within the credit union and in the community were deciding factors in the selection.

“Marilyn has done an outstanding job of improving Greylock’s financial strength and building a strong team over the past five years, and John has been her strong partner throughout that process,” Burke said.

“John is well recognized as a passionate and effective leader in the community. He understands Greylock’s unique connection to Berkshire County, and how important it is for us to make business decisions with an eye to the greater good.”

Bissell said, “I am honored and humbled to be chosen as Greylock’s CEO. Marilyn has been a great leader, and I know I have some big shoes to fill. More than 70,000 people have entrusted us with $1 billion of their financial assets, which makes Greylock a significant part of Berkshire County’s economic engine.”

MetroWest Community FCU Announces New President/CEO and Vice President/CFO MetroWest Community Federal Credit Union announced two new leadership positions.

Joseph Mansour has been promoted to president/CEO and John H. Craig has been named Joseph Mansour vice president/CFO. Mansour took over for retiring president/CEO John Gallinagh, who has led the credit union since July 2009.

Mansour has served as the CFO at the credit union for six years. His 27-year career in the financial industry includes positions as CEO, CFO, financial analyst and auditor. A certified public accountant, he earned a master’s degree in business John H. Craig administration from UMass Lowell and his bachelor’s degree in finance from Northeastern University. Mansour served in the U.S. Army and retired as a captain in 1994.

Craig brings nearly 35 years of financial experience to the credit union. Most recently he served as director of municipal partnerships at WasteZero Inc. From 1982-2005, Craig served as treasurer for MetroWest FCU in Natick, which merged with what was Framingham Municipal FCU. Craig earned his master’s degree in education administration at Framingham State University, and his bachelor’s degree in accounting from Bentley University.

Workers’ Credit Union Names New Hires, Promotion Workers’ Credit Union president/CEO Douglas Petersen announced the following new hires and promotion.

Sandra Sagehorn-Elliott has been named chief operating officer and executive vice president. In Sandra Sagehorn-Elliot this newly created position, she will oversee information technology, marketing, retail, lending and operations. Sagehorn-Elliott’s “leadership and experience will bring additional resources to the credit union, so it can continue to deliver an exceptional member experience while planning a rapidly changing marketplace,” said Petersen. Sagehorn-Elliott relocated to Massachusetts and was previously the senior vice president and chief operating officer with Bellco Credit Union in Greenwood, Colorado. She holds a bachelor’s degree from Nebraska Wesleyan University.

Robert S. Lockett III has been named chief strategy officer and senior vice president/diversified services. In this new position, Lockett will leverage and execute growth opportunities for the credit union through M&A and new product development. Lockett has over 20 years of executive, banking and private industry experience in Robert S. Lockett III a variety of industries, including financial institutions, light manufacturing and consumer retail. He most recently served as senior vice president with TDECU – Your Credit Union in Lake Jackson, Texas. He holds a bachelor’s degree from Harvard University and a master’s degree in finance from Georgia State University.

Alysa Duval was named vice president of marketing and product development. “Alysa’s expertise will help us promote the important products and services that are helping simplify our members’ financial lives,” said Gordon Wetmore, senior vice president of marketing. Duval was previously with Bose Corporation as a project supervisor. She Alysa Duval has graduate certification in project management from Boston University and serves on the business technology advisory board of Montachusett Regional Vocational Technical School.

Jeff Turcotte, who has been with the credit union since 2011, has been promoted to vice president, commercial lending. As part of his Continued on next page

Winter.2015 | centerpoint | 19

C R E D I T U N I O N P EO P L E

Continued from the previous page

new responsibilities, Turcotte will oversee the development and expansion of the construction lending products for commercial borrowers.

He serves on the board of the Middlesex West Chamber of Commerce, spearheading the Workers’ Credit Union Education Series, and continues heavy involvement with the Indian Hill Music School in Littleton. He holds a bachelor’s degree and an MBA from Fitchburg State University.

Crescent Credit Union Hires Hennessy as VP of Lending

Mark Hennessey

Mark Hennessey has joined the Crescent Credit Union as its new vice president of consumer lending. A resident of Plymouth, Hennessey brings over 30 years of banking experience to the credit union, having most recently served in a similar capacity with Brookline Bank.

Align Credit Union Announces Promotions, New Addition Align Credit Union announced the following promotions and addition: Jennifer Rivera-Cintron has been promoted to assistant vice president and branch manager at the Hale Street location in Lowell. Rivera-Cintron Jennifer Rivera-Cintron has been in the financial industry for 15 years. Before joining Align, she developed her skills at both Bank of America and Jeanne D’Arc Credit Union.

She is the Lowell Pop Warner cheer coach, on the board of the Greater Lowell YMCA and is vice president on the board of the Kiwanis Club of Greater Lowell.

Andrew Patton has been promoted to assisAndrew Patton tant vice president, branch manager at the Danvers location at 110 Newbury St. Patton has been in the financial industry for more than 10 years.

Before joining Align, he was an assistant manager at TD Bank and Citizens Bank, and an auditor for McGladrey & Pullen LLP. Patton is NMLS certified, a graduate of Worcester State College and a member of the North Shore Chamber of LeeAnne Powers Commerce.

LeeAnne Powers has been hired as assistant vice president, business development. She will focus on generating mortgage and commercial loan business while working closely with retail to drive branch traffic.

Prior to joining Align, LeeAnne had been director of credit union marketing and director of credit union operations at Insurance Center of New England (ICNE). She worked with select credit unions throughout Massachusetts to market and develop new business through auto, home and commercial insurance. Align is one of the credit unions that offers insurance through ICNE. 20 | centerpoint | Winter.2015

Powers is a licensed insurance producer for Massachusetts and New Hampshire and a licensed Massachusetts real estate salesperson. She is on the school council for Masconomet Middle School, serving Topsfield, Boxford and Middleton, and was previously on the Steward Station board for the Steward School in Topsfield. She has participated in the American Cancer Society’s Relay for Life, the Special Olympics 5K and other programs for organizations that are focused on helping those in need.

Jeanne D’Arc Credit Union Promotes Farnham to Assistant Vice President, Payments

Long-time employee Emily Farnham has been promoted to assistant vice president of payments at Jeanne D’Arc Credit Union. Farnham has 11 years of experience Emily Farnham in the financial services industry. She holds an advanced financial services diploma from the Center of Financial Training and is pursuing her bachelor’s degree at New England College of Business and Finance. She was a recipient of a Rising Star award from the Massachusetts Credit Union League in 2014.

IC Federal Credit Union Announces New Supervisory Committee Member The IC Federal Credit Union board of directors, management and staff welcomed Christopher P. Hendry as a new member of its supervisory committee.

Hendry, an alumnus of Fitchburg State University with an MBA in management and Christopher P. Hendry bachelor’s degree in communications, is vice president of University Advancement.

Hendry began his career with the Cystic Fibrosis Foundation as director of development, and later went on to become the executive director of its Northern New England Chapter. He also held positions at Framingham State as vice president of University Advancement and executive director of the university’s foundation.

Hendry is active in the local community, serving as a director of the Fitchburg Art Museum, the Boys & Girls Clubs of Fitchburg and Leominster and the Arc of Opportunity. He is an ongoing advisor and

From left: Tina M. Sbrega, Omer J. Cormier and Douglas R. Delay.

volunteer with both the Twin Cities Community Development Corporation and the Health Alliance Hospital Gala.

GFA Federal Credit Union Honors Omer Cormier for 49 Years of Service Omer J. Cormier, outgoing director at GFA Federal Credit Union, was honored for his 49 years of service to the credit union.

Cormier, a long-time GFA official, became a member in his teenage years and started his role as a director in 1966. In his almost five decades of service, he has attended more than 800 meetings, volunteered an estimated 2,500 hours and witnessed total asset growth from $6.4 million to more than $420 million.

“Omer’s time, talent and historical service is a legacy,” said Tina M. Sbrega, GFA president/CEO. “It is rare to have one person give so much time to an organization. We know how fortunate we have been to work with him and we are honored to have had his presence. He has represented each of the credit union’s core values with dedication and focus, and has always acted in the best interest of our membership and our communities. Words cannot express our sincere appreciation for his dedication, loyalty, commitment and service to GFA and our membership.”

Hanscom Federal Credit Union’s Costa Marks 40 Years

Tony Costa (right) accepts congratulations from Hanscom FCU President/CEO David Sprague on his 40th anniversary as an employee.

Tony Costa, a financial control specialist in the accounting department, was not kidding when he said, “I’m big on commitment,” as he marked his 40th anniversary with Hanscom Federal Credit Union.

“In 1975, I had just graduated and was look-

ing for work. The unemployment rate was really high then, about 10 percent,” Costa recalled. “I heard the assistant to the manager at the Mitre Employees Credit Union had moved to a different credit union. I got the position.”

The credit union grew, changed its name to Milestone FCU and eventually merged with Hanscom FCU. Tony stayed.

“I just kept showing up. I never wanted to let anyone down,” Tony said. “If I don’t show up, it has an impact on other people.”

Tony’s desire to contribute and be part of the team is well-known and respected by coworkers. “Through all the years, the one constant is Tony,” remarked Senior Vice President of Human Resources David Ossam. “No other employee has that kind of track record.”

He has no plans to stop, either.

Arrha Credit Union CEO Joins WOCCU Credit Union Delegation to Cuba The World Council of Credit Unions is readying for the next step in helping to launch credit unions in Cuba following an earlier introductory trip by President/CEO Brian Branch, where he Mike Ostrowski met with economists from the University of Cuba and others in order to get a broad understanding of what will be needed to plant the seeds for credit unions.

The Cuban government has described its plan to move 45 percent of its economy into the private sector as “an experiment,” and Branch said he told officials one way to meet that target would be to use credit unions to help grow the non-state cooperatives and other small businesses.

Now, as the World Council plans a follow-up trip to Cuba, Mike Ostrowski, CEO at Arrha Credit Union, will join 13 other credit union representatives from the U.S. on the three-day fact-finding/education tour.

“I am thrilled and honored to be selected to join this very distinct group of individuals who want to help establish the roots of a credit union system,” said Ostrowski. “Clearly, the need for such is enormous, as most everything in the communist-run country of Cuba has been state controlled. This leaves the entrepreneurial spirit at a disadvantage.”

In Memoriam – Emma Murphy Emma Murphy, a longtime friend to credit unions and previous manager for 16 years of AVCO-Mass. Federal Credit Union (now Touchstone Federal Credit Union), passed away in August.

She served on the former Massachusetts CUNA Credit Union

Association Board as a chapter director, and belonged to the Credit Union Executives Society (CUES).

Emma was diagnosed with LAM, a rare lung disease, in 1990.

Donations in her memory may be made to The LAM Foundation.

Donate at www.thelamfoundation.org and click on the Donate Now button.

Your gift will help support women with LAM and fund a breakthrough therapy for LAM faster.

Winter.2015 | centerpoint | 21

C R E D I T U N I O N C A L E N DA R

SPECIAL EVENTS

Make-A-Wish New Hampshire Sweet Thank-You Visits February 9 – Concord/Manchester/Nashua area CUs, NH February 10 – Portsmouth and Rochester, NH February 11 – Keene, NH CUNA’s Governmental Affairs Conference (GAC) February 21–25 – Washington, DC Credit Union High School RI Basketball Championships March 12–13 – Ryan Center, University of Rhode Island, Kingston, RI Credit Unions of Rhode Island “Strike for Gold” Charity Bowling Tournament March 23 – East Providence Lanes, East Providence, RI Great New England Credit Union Show April – Holiday Inn, Boxborough, MA Special Olympics Rhode Island 48th Summer Games June 3–5 – University of Rhode Island, Kingston, RI

Small Credit Union Network Small Credit Union Network Meetings

Training Network Training Network Meetings

Volunteer Network Meeting Volunteer Network Meetings

WEBINARS

Safe Deposit Issues: Drilling, Unpaid Rent, Death & Unclaimed Property December 8 Managing Accounts & Records for Nonresident Aliens: Opening, Identifying, Monitoring & Tax Reporting December 10

Richard Mahoney Charity Golf Tournament June 9 – Candia Woods Golf Links, Candia, NH

Revived TRID Mortgage Exam Procedures: Reviewing Sept. 15, 2015 Changes December 14

Credit Unions of Rhode Island Charity Golf Tournament July 18 – Crestwood Country Club, Rehoboth, MA

Required Compliance Series: Robbery Prevention, Apprehension & Recovery December 15

Massachusetts Credit Unions Charity Golf Tournament August 10 – Juniper Hills Golf Course, Northborough, MA Hike-The-Hill September 14–15 – Washington, D.C.

CONFERENCES AND CONVENTIONS CU Accelerate 2016 May 13-15 – Newport Marriott Hotel, Newport, RI

SEMINARS AND SCHOOLS

Bankruptcy & Collections December 8....................................... CCUA, Marlborough, MA Bankruptcy & Collections December 9....................................... CCUA, Marlborough, MA

NETWORKS Please visit the association’s website for meeting dates and times.

Compliance Network

Compliance Network Meetings Sponsored by: Macpage December 10.....................................CCUA, Marlborough, MA

Finance Network

Finance Network Meeting December 10...................... Shrewsbury FCU, Shrewsbury, MA

Financial Education Network Financial Education Network Meeting

HR Network HR Meeting

Lending Network

Lending Network Meetings Sponsored by: CU Direct Corporation

Marketing & Business Development Network Marketing & Business Development Network Meetings Sponsored by: Synergent December 10................ Hanscom FCU Branch, Burlington, MA

22 | centerpoint | Winter.2015

New Accounts Series: Opening Donation, Benevolent & Other Accounts for Nonprofit Organizations & Corporations December 16 Exercising the Right of Setoff on Deposit Accounts & Loans December 17 Record Retention & Destruction Rules: Electronic & Paper January 5 New Authorized ACH Rules: Impact on Return Rates & Fee Threshold January 6 Lending Series: Essential Compliance Requirements for Lenders January 7 Cyber Series: Maximizing Cyber Security Soundness & Minimizing Incidents January 12 Debt Collection Series: The Essentials of Collection Law January 14 Denied Loan Requirements: Consumer, Commercial & Real Estate January 19 Adjustable Rate Mortgage (ARM) Rule Changes Effective April 1, 2016 January 20 IRA & HSA Update & Review 2016 January 21 Director Series: Managing Reports to the Board: Requirements, Timing, Delivery Options, Risks & Concerns January 26 Demystifying Rules for TRID Tolerances January 27

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