A publication of the Massachusetts Credit Union League, New Hampshire Credit Union League and the Credit Union Association of Rhode Island
A NEW PRESIDENT
FOR A NEW ERA OF
Freedom Credit Union Receives Financial Diversity Award
The Role of Insurance in Data Breach Risks
No Joking Around at Countryâ€™s Longest Running Comedy Benefit
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Massachusetts Credit Union League, Inc. www.maleague.org New Hampshire Credit Union League www.nhcul.org Credit Union Association of Rhode Island www.cuassociationri.org 800-842-1242 Paul Gentile, President/CEO
A NEW PRESIDENT
EDITORS: Robert B. Kimmett Marguerite A. Thorsen
FOR A NEW ERA OF
CREDIT UNIONS PAGE 14
CONTRIBUTORS: Donna M. Bevilacqua Robert Delaney Bonnie L. Doolin William F. Nagle Beverly Purtell Charlotte Whatley
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04 MESSAGE FROM THE PRESIDENT 06 CREDIT UNION NEWS
– CPCU Credit Union Voted Best Bank/Credit Union in Somerville
– St. Mary’s Bank Credit Union Celebrates New Headquarters
– Daily CU Scan Debuts, New Format for Monthly Newsletters – Freedom Credit Union Receives Financial Diversity Award – Align Credit Union ‘Top Place to Work’ for Second Year in a Row
09 THE ROLE OF INSURANCE IN DATA BREACH RISKS 10 CU DIRECT RECEIVES BEST PRACTICE AWARD 12 COMMUNITY INVOLVEMENT
– Make-A-Wish® New Hampshire Holiday Party Warmed the Grinch’s Heart, Brought Smiles To Children’s Faces – Rhode Island Credit Unions Sponsor High School Soccer Championships
– No Joking Around at Country’s Longest Running Comedy Benefit
13 18 LEAGUE/ASSOCIATION INFOSIGHT DEVELOPING INTERACTIVE COMPLIANCE MANAGEMENT TOOL 19 CREDIT UNION PEOPLE 22 CALENDAR spring.2014 | centerpoint | 3
M E S S AG E FRO M T H E P R E S I D E N T
| by paul gentile
THE EARLY DAYS BRING ENGAGEMENT AND OPPORTUNITY The early days at any new organization are telling, and if I had to characterize my early days here at the Leagues/Association, the word that comes to mind most is “opportunity.” I say that because of the tremendous cooperation among credit unions in this region. Just a few weeks on the job and I was part of a check presentation for $120,000 to the Massachusetts Coalition for the Homeless. Over the border in Rhode Island, I participated in the Credit Union Governmental Affairs Day at the State House and learned quickly that Rhode Island credit union leaders in the Ocean State are highly engaged in legislative advocacy. In New Hampshire, I joined credit union leaders in hosting a roundtable with Congresswoman Ann McLane Kuster, where numerous key topics of the day were discussed, including MBLs, capital, and regulatory burden. These are all great examples of cooperation and engagement, and they are happening everyday here in the vibrant credit union system in New England. While I’ve enjoyed engaging with many credit union leaders over my first few months, a major part of my early tenure is getting an understanding for what’s most important to our credit unions. Topping the list is increasing loans and growing earnings. On the operations front, one clear challenge tops them all – a growing regulatory burden. Credit unions certainly understand the value of appropriate supervision of financial institutions; however, the regulatory environment should help credit unions better meet the needs of members, not prohibit it. In January, the Consumer Financial Protection Bureau’s (CFPB’s) qualified mortgage rules went into effect. These far-reaching regulations were designed to address a problem that credit unions were never a part of, yet we will deal with the burden. The National Credit Union Administration (NCUA) continues to promulgate new regulations. The risk-based net worth proposal has been estimated to carry a potential price tag of as much as 4 | centerpoint | spring.2014
$7.9 billion. The rule will assign weights to components of a credit union’s portfolio. Unfortunately, NCUA does not have the authority to go below the 7 percent statutory limit for a credit union to be well-capitalized, so it’s not true risk-based capital. Early reports indicate only 200 credit unions would be affected by this rule, but the criteria are variable and our industry is changing, so that number is anything but static. In my experience, there’s no better way to advocate with regulators than presenting solid data projecting the impact of new regulations. It is the best way to open and maintain a positive and meaningful dialogue with the NCUA and other regulators. I will be relying on you and your credit union colleagues to provide my staff with the data that we need to make the case. We know from recent history that our potential for growth is strong. During the great recession, credit unions enjoyed more attention than they had in decades and, subsequently, saw a large influx of new members. That interest was well deserved. Sadly, many credit unions failed to fully capitalize on the opportunity. Gains were made, but there are a lot more consumers out there that should be doing business with credit unions. I firmly believe we must commit to telling our story creatively, convincingly, and frequently. I thank you for the warm welcome and sharing your keen understanding and insight. I’m looking forward to continuing to meet the people who make up our credit unions and getting to know you better as we work together to ensure that our credit unions continue to be the best financial resource for the people of New England. • Paul Gentile, president
C R E D I T U N I O N N EWS
CPCU CREDIT UNION VOTED BEST BANK/CREDIT UNION IN SOMERVILLE CPCU Credit Union, Somerville, MA, was voted the Best Bank/Credit Union in Somerville by Somerville Scout Magazine’s readers. The “Scout’s Honors” winners were announced in the September/October edition of the Somerville Scout Magazine, and distributed to all households and businesses in the city. CPCU was nominated after the magazine solicited nominations from readers. Finalists in the nominations were announced in June
and included CPCU, East Cambridge Savings Bank, and Eastern Bank. During the final round of voting, which took place in July and saw over 7,000 participants, CPCU earned nearly 50 percent of the vote in the category. “We are humbled by the honor of being named the Best Bank/Credit Union in Somerville by the readers of Somerville Scout. We want to extend a big thank-you to our members and community friends for voting for us.
This recognition reaffirms that our emphasis on community outreach and other efforts that we make to serve our members have a positive impact in our communities. We are happy to see members of our community supporting a local institution that is focused on their financial well-being, as it complements our motto of ‘Saving together to lend to each other,’” commented Rui F. Domingos, chief executive officer of CPCU Credit Union. •
ST. MARY’S BANK CREDIT UNION CELEBRATES NEW HEADQUARTERS
Unveils New State-of-the-Art Branch Office and Headquarters
(Left to right) Bill Stevens, president, Harvey Construction; Gina Balkus, chairman, St. Mary’s Bank Credit Union board of directors; Robin Comstock, president & CEO, Greater Manchester Chamber of Commerce; Ronald Covey, president & CEO, St. Mary’s Bank Credit Union; Mayor Ted Gatsas, city of Manchester; Glenn Perlow, bank commissioner, New Hampshire Banking Department; and Barry Brensinger, CEO, Lavallee Brensinger Architects, help cut the ribbon at the credit union’s new headquarters.
St. Mary’s Bank Credit Union, Manchester, NH, marked the grand opening of a new headquarters on November 12 with a dedication and ribbon cutting ceremony attended by Manchester Mayor Ted Gatsas, New Hampshire Bank Commissioner Glenn Perlow, and close to 200 guests. “The construction of this impressive modern building is a milestone for us,” said Ronald H. Covey, Jr., St. Mary’s Bank Credit Union president and CEO, who presided over the grand opening ceremonies. “We now have a state-ofthe-art facility to move our credit union forward and meet the financial needs of 80,000 members across New Hampshire.” The new headquarters “is a very pivotal piece of economic development on the West Side,” said 6 | centerpoint | spring.2014
Gatsas, speaking during the event. Congresswoman Carol Shea-Porter’s District Director Chuck Gilboy presented a letter from the congresswoman recognizing St. Mary’s “long and distinguished history as a leader” and for an “enduring presence in the Manchester community and in New Hampshire.” St. Mary’s Bank Credit Union’s new threestory, 29,000-square-foot, full-service branch and headquarters building replaces one that had been on the site since 1970, but was in need of significant updating. It features mortgage and commercial lending divisions, finance, human resources, and executive administration offices along with a four-lane drive-up banking structure and additional drive-up ATM.
During his remarks, Covey expressed appreciation for the many New Hampshire businesses that contributed to the design and construction of the new building, including Lavallee Brensinger Architects, Harvey Construction, Stibler Associates, Jutras Signs, Image 4, McGowan Fine Arts, and SJT Systems. Construction of the new facility began in July 2012, and was completed over a 17-month period, on time and on budget. One of the major benefits to new construction was the integration of technology throughout the building, which better supports employees and improves member service. A key consideration for the design and construction team was how to create a modern, expanded facility while making the least environmental impact. To that end, the building has many green features. “I am proud to say the process of securing LEED certification is well underway,” said Covey. Leadership in Energy & Environmental Design (LEED) is a rigorous program that provides third-party verification of green buildings. As guests toured St. Mary’s new building, marketing director Elizabeth Stodolski and other tour leaders pointed out decor that referenced the credit union’s Franco-American roots, connections to the area mills, and honored its founders and former leaders. •
DAILY CU SCAN DEBUTS, NEW FORMAT FOR MONTHLY NEWSLETTERS In today’s 24-7 news cycle, the League/Association decided that a once-a-week update of credit union news is not enough. In response to this, the League debuted the Daily CU Scan in late January. This new publication will not only bring you the latest news and trends in the credit union industry, but also items about credit union innovations, promotions, successes, community service, calendar of events, and personal achievements. The response to this new publication has been tremendous and we hope that the Daily CU Scan continues to be an important information source for you and the people at your credit union.
If you are not already receiving the Daily CU Scan and would like to subscribe, send your name, title, credit union, and email address to firstname.lastname@example.org. Additionally, you’ll be seeing some changes with the monthly publications. We are going to bring it all together and consolidate news in a publication named the Monthly CU Scan. We are going to leverage the success that the Daily CU Scan has enjoyed since its inception and combine all of the important credit union news from Massachusetts, New Hampshire, and Rhode Island along with critical developments from Washington and across the nation. Monthly CU Scan will continue to utilize the “flipbook” format we introduced for our monthly publications earlier this year. This style allows you to flip the pages like a traditional printed newsletter or newspaper, and has the
whole story printed in the pages delivered to your computer. It will still contain live links through which you can find more information or backup documents for a particular news item. If you are not currently receiving a monthly newsletter and wish to subscribe, please send your name, title, credit union, and email address to email@example.com. One thing that has not changed is our goal to cover the news that is happening at your credit union. We encourage credit unions to submit stories to our publications. Other credit unions not only want to read about new staff hires and promotions and community service projects, but also the successful innovations, events, and marketing promotions at your credit union. So, please send press releases and photos to the League/Association publications staff, at firstname.lastname@example.org.•
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C R E D I T U N I O N N EWS
FREEDOM CREDIT UNION RECEIVES FINANCIAL DIVERSITY AWARD Freedom Credit Union, Springfield, MA, recently received the “Financial Diversity Award” from the Massachusetts Latino Chamber of Commerce (MLCC) at its annual gala. According to Carlos Gonzalez, president of the MLCC, there are several reasons why Freedom received this award. Says Gonzalez, “Freedom’s commitment to the local Latino community was first apparent to me when they invited me to their strategic planning session last year. The credit union has continued their commitment by launching a marketing campaign to extend its brand awareness and loyalty to the regional Latino community and by promoting Edward Nuñez, assistant vice president of business development, to Freedom’s senior management team. Freedom Credit Union is a terrific example of how a local financial institution can achieve results for the benefit of all residents in Western Massachusetts.” “Freedom Credit Union is very proud to receive this statewide honor and for the relationship we have established with our Latino members over the years,” says Barry Crosby, president and CEO of Freedom Credit Union. “We will continue to expand
Freedom Credit Union received the “Financial Diversity Award” from the Massachusetts Latino Chamber of Commerce at the Chamber’s annual gala: (left to right) Edward Nunez, assistant vice president of business development; Barry Crosby, president and CEO; and Lucy Sanchez, assistant branch officer of Freedom’s Chicopee branch.
our outreach to the local Latino community and deliver the highest quality value to all of our members,” Crosby added. The mission of the Massachusetts Latino Chamber of Commerce is to develop, promote, and protect Latino businesses and communities in Massachusetts. The MLCC serves as an advocate and united voice for Latino businesses and members of
the community on issues often overlooked. The MLCC is a link and forum within the Massachusetts network of Latino social service organizations, business associations, and firms, working together to expand business opportunities, encourage beneficial ties between public and private sectors, and to serve as an active and visible advocate in the Latino business arena. •
ALIGN CREDIT UNION ‘TOP PLACE TO WORK’ FOR SECOND YEAR IN A ROW Align Credit Union, Lowell, MA, was awarded the honor of being named one of the region’s best employers in The Boston Sunday Globe’s annual “Top Places to Work” magazine. Align was ranked #18 among mid-size companies in the popular magazine, moving up from the #34 spot last year. This is the magazine’s sixth year of honoring the state’s most beloved workplaces based on surveys of the people who know best – the employees themselves. “It’s so special to receive an award like 8 | centerpoint | spring.2014
this because it has a direct correlation to how our employees see us as an employer,” stated Align President and CEO Ken Del Rossi. “Our brand is based on making connections and some of the most important connections we can make are with our staff and management. We believe wholeheartedly in investing in our employees by providing outstanding benefits packages and going above and beyond when it comes to workplace practices.” The survey, conducted by employee sur-
vey firm WorkplaceDynamics, measured more than 76,000 individuals’ responses to statements regarding six key factors related to employee happiness, including company direction, execution, employee connection, work load and responsibility, management, and pay and benefits. The “Top Places to Work” magazine also includes online extras, such as videos, sortable rankings, and photo galleries. All can be found at www.boston.com/topplaces and www.bostonglobe.com/topplaces.•
THE ROLE OF INSURANCE IN DATA BREACH RISKS By Ken Otsuka NETWORK SECURITY TACTICS Insurance is critical, but perhaps the best protection is an annual thorough review of network security. Consider these prevention tactics: Protect data in storage and during processing Encrypt confidential member data (personally identifiable information, or PII): • Residing anywhere on the network • Residing in mobile devices, laptops, external storage media such as backup drives, etc. • Transmitted over the Internet
The risk of a data breach is equal to or greater than the risk of natural disasters, business interruptions, fires, and similar insurable risks, according to 76 percent of the employees involved in business risk management surveyed by the Ponemon Institute. The institute’s August 2013 research report also notes that 56 percent of the organizations surveyed had been victims of a data breach within the previous two years.
Establish a policy for acceptable use of internet/email • Reduces the risk of infecting workstation computers/credit union network with malware, viruses, etc.
A credit union’s Bond policy and other insurance policies may cover certain types of losses associated with a data breach. But if it doesn’t have a policy specifically dedicated to the growing array of data breach risks, it needs to review the overall exposure to these risks. Basic elements of cyber crime insurance include: Security breach liability: The most basic element of a cyber liability policy helps protect a credit union against liability for damages caused by a security breach. For example, an employee’s laptop containing members’ account data is stolen, or the network is hacked by a criminal who steals credit card information. A court may award damages to other financial institutions that sue the credit union for negligence, such as faulty data security. If a credit union is responsible for theft of credit card numbers and CVV codes, the card provider may sue for the expense of notifying its members, blocking, and re-issuing cards, etc. Programming errors and omissions liability: If members of a credit union sue for an er-
Educate employees to reduce errors • Instruct employees how to dispose of anything containing PII, such as old tape drives, disk drives, etc. Include proper disposal for paper records containing confidential member data.
ror that publicly discloses their private financial information. Public relations expense: For professional PR help in correcting misinformation and in mitigating damage to a credit union’s reputation among its members and the community at large. Security breach expense: Such as hiring a forensic auditor to determine the extent of the breach, notifying affected members, handling members’ inquiries, etc. Website publishing liability: Especially important for credit unions that host social networking programs such as Facebook on their websites. Defamation of competitors is a typical risk, if users post negative comments about other financial institutions. A variety of coverages beyond these basics are available to protect a credit union from the potentially catastrophic losses caused by data breaches. The ability to protect members’ PII, paired with cyber liability insurance, will help minimize potential threats to financial, legal (compliance) and reputation risk in the event of a data breach. •
Protect against employees seeking to steal confidential member data • Lock down USB ports and CD ROM drives on workstation computers.
Establish and continually update IT controls, including: • Firewalls • Antivirus protection • Intrusion detection system • Operating patches • Vulnerability assessments • Penetration testing • Anti-spam protection • Encryption solution
Ken Otsuka is a senior risk management consultant for CUNA Mutual Group. He can be reached at Kenneth.Otsuka@cunamutual.com. spring.2014 | centerpoint | 9
CU DIRECT RECEIVES CREDIT UNION JOURNAL’S BEST PRACTICE AWARD CU Direct (www.cudirect.com), the nation’s leading provider of lending and automotive solutions to the credit union industry, has been recognized by Credit Union Journal with the publication’s 2013 Best Practice Award. CU Direct and Hudson River Community Credit Union (HRCCU) were presented with the magazine’s Best Practice Award for their collaboration on the credit union’s internal strategic shift to elevate direct and indirect loan programs, and the development of an initiative aimed at driving foot traffic to participating CUDL dealerships. Hudson River Community Credit Union’s “You never forget your first set of wheels” direct mail campaign focused attention on the ease and convenience of HRCCU’s indirect lending program. The names and addresses of up to four CUDL-affiliated dealerships and the member’s local HRCCU branch address were printed on each personalized mailer. The oversized postcard was sent to a selected group of members with the highest propensity for an auto loan.
The credit union credits the effort with 40 percent of all funded indirect loans it made during 2012. HRCCU has partnered with CU Direct since 2011, using the CUSO’s auto lending products to further enhance its member offerings and help grow its auto lending program. “CU Direct has been a key part of our lending strategy since 2011,” said Sue Commanda, CEO of Hudson River Community Credit Union. “We have seen our loan funding volume and new member numbers increase significantly as a result of our being a CU Direct investor,” she added. The collaborative effort with Hudson River Community was selected following deliberation by Credit Union Journal’s editorial team, from among several hundred entries. “This was a great opportunity for us to help
Hudson River Community refine their auto lending strategy,” stated Bob Nealon, regional vice president at CU Direct. “As a result of our collaboration, and the credit union’s commitment to dealer relationships and strong program execution, Hudson River Community has been able to increase their indirect and direct loan volume.” CU Direct has facilitated $130 billion in credit union auto loans since 1994, offering innovative products, building networks, and providing thought leadership to the industry. The company has introduced new efficiencies to the loan origination process, created better auto shopping experiences for credit union members, and helped credit unions better manage lending risk. CU Direct partner credit unions collectively have experienced 16 percent auto loan growth in 2013. As a result, CU Direct partner credit unions, as an aggregate, are the fifth largest auto lender in the nation. Credit unions funded more than 650,000 loans through CU Direct’s CUDL System, totaling over $12.5 billion in vehicle financing in 2013. •
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C O M MU N I T Y I N VO LV E M E N T
MAKE-A-WISH® NEW HAMPSHIRE HOLIDAY PARTY WARMED THE GRINCH’S HEART, BROUGHT SMILES TO CHILDREN’S FACES
The Grinch and Cindy Lou Who are
Cindy Lou Who and Wish Child
New Hampshire Federal Credit Union
Linda Young from New Hampshire
ready to greet Wish Children and
Isabella are all smiles at the Make-A-
President/CEO John Young and Cindy
Federal Credit Union helps a Wish Child
their families to the annual Make-A-
Wish® holiday party.
with some snow caps to be placed on
Wish® holiday party.
No amount of snow could have stopped the fun and excitement inside the Grappone Conference Center in Concord, NH, on Sunday, December 15, as it was transformed into a festive celebration for more than 150 Wish Children and their families at the annual Make-A-Wish® New Hampshire’s holiday Wish family/Wish granter reunion. After dealing with eight to 12 inches of snow on Sunday morning as the first major snow storm of the season arrived the night prior, more than 300 participants entered the
her gingerbread man.
Grappone Center for an afternoon of fun, eating, socializing, and many activities with Cindy Lou Who and The Grinch, whose heart and smile was as big as ever as children and their families entered from the cold. The event is held each year to bring families together to enjoy a fun day meeting new families, reuniting with their Wish Granters, and other volunteers. Volunteers from several credit unions helped Wish Children decorate a gingerbread cookie and also helped out at other activity
booths during the day. They included: New Hampshire Federal Credit Union – John and Linda Young, Polly Saltmarsh, Julie Clark, Lisa Gilbert, and her daughter Alyssa; Service Credit Union – Amanda Major, Courtney Rood, Colleen Garrity, and Kathie Sykes; Bellwether Community Credit Union – Deb and Kristie L’Ecuyer. The New Hampshire Credit Union League extends its heartfelt thanks to all the volunteers who participated in the day’s events.•
RHODE ISLAND CREDIT UNIONS SPONSOR HIGH SCHOOL SOCCER CHAMPIONSHIPS The credit unions of Rhode Island are proud to have sponsored the Rhode Island In t e r s c h o l a s t i c League’s 2013 High School Soccer Championships. The boys’ championship finals were Saturday, November 12 | centerpoint | spring.2014
9, at Rhode Island College, Providence, RI. The Division 1 was at noon, Division 2 game at 2:00 p.m., and the Division 3 was played at 4:00 p.m. The girls played at Rhode Island College on Sunday and the times were the same. The Association’s Marketing Committee worked with the Interscholastic League to find ways to let the public know that the credit union movement has got-
ten behind this great tournament, as well as the High School Basketball Championships. As a result, PSAs that highlight the credit unions were heard throughout the games. In addition, a special promotional insert highlighting the Association’s Rhode Island Credit Unions in Action Facebook page was in all of the program guides, along with a Credit Union Association of Rhode Island advertisement. •
NO JOKING AROUND AT COUNTRY’S LONGEST RUNNING COMEDY BENEFIT
Credit union staff and members celebrate “Laughter is the Best Medicine” at the 19th Annual Comics Come Home Comedy Show.
For a third year, Digital Federal Credit Union (DCU), Marlborough, MA, supported the efforts of the Cam Neely Foundation and its quest to help children and families who are battling cancer, by sponsoring the 19th Annual Comics Come Home Comedy Show, held at the Agganis Arena in Boston on November 16. DCU employees and members turned out in full force for a night of comedy featuring Denis Leary, Jimmy Fallon, and a number of other great local comedians. The soldout event raised over $400,000 to support patients undergoing cancer treatment at New England Medical Center. Since 2011, the credit union has donated $150,000 to the Cam Neely Foundation. “Cancer affects an entire family, not just the patient. Meeting families’ overwhelming needs for accommodations, understanding, support, and hope, along with providing the opportunity for them to share time and experiences together, embody the essence of The Cam Neely Foundation for Cancer Care,” stated John LaHair, DCU’s public relations manager. “DCU is proud to support the efforts of Cam, former Boston Bruin and now president of the team, and the great work he is doing on and, more importantly, off the ice.” •
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Gentile speaks with Debbie Guiney, president of AllCom Credit Union, at a MA Credit Union League Central Mass Chapter Event.
Senator Edward Markey (D-MA) with Gentile at CUNAâ€™s Governmental Affairs Conference.
Gentile meets with a group of credit union leaders from New Hampshire at the GAC.
RI State Treasurer Gina Raimondo with (l to r) Gary Furtado, Navigant CU, Gentile, and Ross Silva, Navigant CU at the CU Association of RIâ€™s Governmental Affairs Day.
A NEW PRESIDENT
FOR A NEW ERA OF
CREDIT UNIONS Paul Gentile took over the reins of the Massachusetts and New Hampshire Credit Union Leagues and the Credit Union Association of Rhode Island on January 6. He came to the Leagues/Association after a year on the national credit union scene as executive vice president of strategic communications for the Credit Union National Association (CUNA) and six years as president of the New Jersey Credit Union League (NJCUL). Before joining the NJCUL, Gentile was the editor/publisher of Credit Union Times, the nation’s largest independent credit union trade publication. During his first month on the job, Gentile has hit the ground running by reaching out to credit unions for input throughout the Leagues and Association. However, he took time out of his busy schedule to answer a few questions about his philosophy on the credit union system and future plans for the Leagues and Association.
: One constant in your credit union career has been your work as a communicator. You have been quoted as saying that getting the word out to the public on the benefits of credit unions was a high priority for you in your new role here in Massachusetts, New Hampshire, and Rhode Island. Could you elaborate on some of those ideas? : It’s simple; if we don’t tell our story, no one will. Here at the League, we will be compiling the good work credit unions do in their communities and sending that to the Hill quarterly. I can’t tell you how important that can be to keep that local tie with our lawmakers in D.C. We will certainly be much more active on the press front.
One thing I’ve always stressed is positioning credit unions as the financial literacy leaders of the financial services marketplace. We will be working on efforts to tell that good story on a grand scale. And of course, coming soon will be some efforts on consumer awareness. It will include social media. People debate the ROI of social media, but the real question should be, ‘What’s the opportunity loss for not being there?’ We also have to use awareness to attract younger consumers. We have a great story to tell. Research shows young people want to do business with “values-based” organizations. Going Green. Going Lean. Credit unions fit right into that. We are values-based and we must use that in our messaging.
: Credit union leagues have been around since 1919, the year the Massachusetts Credit Union League was initially formed. Clearly things have changed a great deal, but the pace of change seems to be picking up. Could you give us your thoughts on the evolving role of leagues? : The core role of leagues is advocacy. I believe the buckets of advocacy are evolving. With the Consumer Financial Protection Bureau (CFPB) and a reg-heavy National Credit Union Administration (NCUA), regulatory advocacy is as vital as political advocacy. Let’s take NCUA’s recently released RiskBased Net Worth proposal. That will have lasting effects on credit unions for years to come. We need to all work cooperatively together to ensure the agency understands the impact of that regulation and adjusts it accordingly. You will see the League survey
its members more to garner feedback so we can do a thoughtful comment letter to the agency. I also think we’ve been missing the boat for years on consumer advocacy. Consumer advocacy can be a key cog in helping us on the political side. The more consumers value us and are aware of us, the more powerful we are. When lawmakers truly understand how vital we are to consumers, our voice with them will be stronger.
: Small credit unions face some tremendous challenges. Yet many of them continue to do a great job of meeting the needs of their members. Could you share your thoughts on how the League can help these credit unions thrive in the future? : We must have offerings that assist small credit unions. Those services must be tangible. Small credit unions are facing serious challenges with the new regulatory environment, changing member demographics, a tough economic environment, and more. I have witnessed where cooperation can make a difference on the small credit union front. Can we have small credit unions on a common core system to reduce costs for them? Common marketing materials that can be branded individually? I think there’s a great opportunity in common loan programs that allow credit unions of all sizes to participate at a level they choose. There’s so much opportunity. I am excited to dive into this area. I am meeting and talking with small credit unions to get their perspective. Believe it or not, sometimes the hard part is that they haven’t
Continued on page 16 spring.2014 | centerpoint | 15
fully embraced the idea of being helped. We all have to get better at this.
: Credit unions have had to deal with opposition and interference from certain groups within the banking industry. Do you see a day when the banking industry gets over this obsession? : No, it will always be constant and that’s OK. The difference is we need to show our strength and the bankers need to understand, if they want to achieve things legislatively, they may need to work with us. Last year was a good example when we opposed the TAG legislation they were seeking. Unfortunately, they opposed us on MBL and neither side achieved anything, but it was the first time credit unions actively advocated against a banker bill. It worked. Maybe it’s time we both wake up to the fact that if we are willing to compromise with each other, we can both advance our legislative agenda.
: You have been fortunate enough to have spent most of your professional career in the credit union movement. What drew you to this work or, more importantly, what has kept you in the credit union world?
16 | centerpoint | spring.2014
: Like many who have been in the system many years, it’s a culture that gets in your blood. I relish the fact that I advocate for a system that is focused on helping consumers. That’s powerful. Not many are able to say that. I am still on my quest to make credit unions as well-known among consumers as banks. I do think it will happen.
: In the early days of your new role as the president of the Massachusetts and New Hampshire Leagues and the Rhode Island Association, you have spent a great deal of time meeting with credit union CEOs and volunteers, lawmakers, and leaders of other organizations that serve credit unions in the area. Could you share some of your first impressions? : This is a vibrant market. I do think everyone wants to cooperate and work together. I want to lead and provide opportunities for us to do that. We can do it. We have to be creative, cooperative, and strategic. : You have a unique perspective on your position, having worked as both a league president and on the
senior management team at CUNA. The partnership between CUNA and the leagues is clearly, vitally important. Based on that insight, how do you think credit unions in our states could take better advantage of the services that our national association provides? : Many question the structure, but if you think about it, it’s incredibly valuable. The Leagues provide local support, advocacy, and an array of services. But while we’re doing that here locally, we have a powerful association in D.C. advocating for credit unions on all fronts. The state-federal tie can be critical when bankers attack. There are great, recent examples of banker attacks in South Dakota and Illinois on the local level where coordination between CUNA and the Leagues was key in defending those attacks. CUNA’s core role is advocacy. Having spent some time there, I was impressed by how much interaction there is, not only on the Hill, but with regulators. And, when I say regulators, not just NCUA and the CFPB, but also a host of regulators that have tangential effects on our system. •
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LEAGUE/ASSOCIATION INFOSIGHT DEVELOPING INTERACTIVE COMPLIANCE MANAGEMENT TOOL League/Association InfoSight has announced it is developing a web-based credit union compliance and management solution. ComplySight will launch in the spring of 2014 and will streamline the lengthy compliance process for credit unions nationwide with a series of robust and interactive software tools. League/Association InfoSight is dedicated to delivering indispensable solutions to the credit union industry. “The strength and success of our products is founded in league-CUNA collaboration,” explained Patrick La Pine, chairman of League/Association InfoSight. “ComplySight will offer the most comprehensive compliance solution designed by credit union league experts to meet specific credit union needs.” ComplySight is being developed by CU Solutions Group as an essential operational tool to assist credit unions with the compliance challenges they face. “The changing and
ever increasing business needs in our industry creates a demand for products that allow credit unions to adopt technology seamlessly into their organizations creating operational efficiencies at many levels. Our team and base of technology products are uniquely positioned to deliver solutions that address the regulatory challenges that every credit union faces,” stated David Adams, CEO of CU Solutions Group. Using ComplySight, credit unions will be able to: • From one central site, review regulations and laws to assess the level of compliance for a credit union.
• Manage regulatory requirements and the associated internal organizational communications. • Assign and track activities needed to achieve or maintain compliance. • Interactively push regulatory alerts and updates to all credit unions. • Compliment and access other League/Association InfoSight products, like InfoSight and CU Policy Pro, to provide a robust solution for regulatory requirements. Launched in 2003, League/Association InfoSight is part of a multi-league effort to provide useful compliance resources to member credit unions. InfoSight, an online tool, offers detailed compliance-related sites that are useful to everyone from leagues and CEOs to credit union compliance officers and frontline staff. It’s a webbased resource to access both federal and state compliance information – all in one location.•
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18 | centerpoint | spring.2014
C R E D I T U N I O N P EO P L E
Greylock Federal Credit Union Announces New Supervisory Committee Member Greylock Federal Credit Union, Pittsfield, MA, announced that Lori BroderickBean of Dalton has been appointed to Greylock’s volunteer Supervisory Committee by the credit union’s board of directors. Currently a senior accountant at McMahon & Vigeant, PC, Certified Public Accountants in Dalton, MA, BroderickBean brings more than 20 years of financial services and business experience to her new position. Greylock President Marilyn L. Sperling said, “Lori’s background as an accountant, controller, and human resources professional offers the Supervisory Committee a wide range of experience that will prove invaluable in helping this group oversee the best interests of Greylock and its members.” Broderick-Bean’s previous experience includes working as an accountant for Bruce Buckley, CPA, Pittsfield; serving as controller for Shedd Plumbing and Heating, Pittsfield; serving as controller of the mail order division of Country Curtains, Stockbridge; and holding a position as human resources coordinator at Berkshire Service Solutions, Pittsfield. Broderick-Bean holds a bachelor’s degree in finance from Bentley University, Waltham, and an MBA from Western New England College in Springfield. She also participated in the Berkshire Leadership Program. She has served in many volunteer capacities, including: Dalton CRA Gib Kittredge Committee; treasurer of the St. Agnes School PTO; St. Joseph High School Booster Club Committee; Berkshire Visitors Bureau board of directors; and Berkshire United Way Campaign volunteer and allocation panel member. Broderick-Bean resides in Dalton, MA, with her husband and three daughters. Broderick-Bean joins the Supervisory Committee that includes Chairman Anthony J. Rinaldi, Jean A. Doak, Daniel E. Donovan, and Ozias C. Vincelette. The Supervisory Committee functions as the representative auditor for the membership and oversees compliance, policies, rules, regulations, and the performance of officials and employees.
People’s Credit Union Announces Knierim New EVP/ Chief Financial Officer Ellen Ford, president and CEO of People’s Credit Union, MiddleJohn T. Knierim ton, RI, announced the appointment of John T. Knierim to the position of executive vice president and chief financial officer. In this position, Knierim is responsible for the credit union’s overall financial plans and policies as well as ensuring the achievement of short- and long-range goals for finance, facilities/security, and collections. Knierim is an accomplished financial executive with extensive operational experience. Previously he was employed as senior vice president and chief financial officer at Greylock Federal Credit Union. Prior to Greylock, he was employed as chief financial officer at The Nashua Bank. In both these positions he was responsible for all finance, accounting, and funds management. Knierim has experience in liquidity and capital planning and measurement, developing strategic business plans, and strengthening internal control processes. “We are thrilled that John is joining our team. He is a results-oriented, decisive leader with a proven track record. We are certain he will thrive here at People’s Credit Union,” commented Ford. Knierim attended the State University of New York at Binghamton, Harpur College, where he graduated with a bachelor’s degree in economics. Knierim was also a Level III Candidate at the Chartered Financial Analyst Program at the CFA Institute. He is currently a member of the Financial Managers Society and actively participates in many community and civic organizations.
McGeorge Named Chief Financial Officer at Service Credit Union
Service Credit Union, Portsmouth, NH, President/CEO Gordon Sim-
mons announced the recent appointment of Andrew McGeorge as chief financial officer. McGeorge will be responsible for investments, financial reporting, asset/liability management, and overseeing accounting and share draft departments. He replaces outgoing Chief Financial Officer Scott Wensley, who was with the credit union for more than 30 years. McGeorge came to Service Credit Union in 2012, when he was named the vice president of finance. He was formerly a senior portfolio strategist from CNBS, LLC of Overland Park, Kansas. His duties included serving as Service Credit Union’s advisor for matters relating to investment portfolio management and ALM. Prior to his employment at CNBS, McGeorge was an associate director at Barclays Capital. A native of Kansas, McGeorge is a graduate of the Massachusetts Institute of Technology, where he earned a bachelor’s degree in materials science and engineering. He also holds a master’s from Northwestern University in materials science and engineering, and an MBA from the University of Texas at Austin. He is a Chartered Financial Analyst. “We are extremely pleased at the promotion of Andrew McGeorge to chief financial officer at Service Credit Union. McGeorge’s leadership abilities, financial management experience, and operational expertise provide an excellent foundation for his elevated responsibilities,” says Simmons. “He brings an exceptional finance background to an already strong executive team at Service Credit Union.”
Brouder Appointed CTO at Grafton Suburban Credit Union Grafton Suburban Credit Union (GSCU), Grafton, MA, President and CEO Lloyd Hamm, Jr. recently announced the appointment of James Brouder of Methuen, MA, to chief technology officer and chief information security officer. He will oversee the entire GSCU computer network, as well as the information security of the credit union. Brouder has been with GSCU since 2010, most recently as its IT director. He Continued on page 20 spring.2014 | centerpoint | 19
C R E D I T U N I O N P EO P L E
has worked in the credit industry for over 20 years, and for the last seven years has worked in information technology and security. Brouder holds a bachelor’s degree in business administration from Merrimack College.
Ulrich Appointed New Hampshire Federal Credit Union Controller Lee Ulrich of Bow, NH, was recently appointed as controller for New Hampshire Federal Credit Union, Concord, NH. This is a new position for the $240 million credit union. Ulrich joined New Hampshire Federal Credit Union in 2011 as the accounting
manager. Her background includes 30 years of experience in accounting and management in both for-profit and nonprofit organizations. Ulrich graduated with her bachelor’s degree in accounting from Loyola University of Maryland. According to Lee, “New Hampshire Federal Credit Union has a very well-deserved reputation in the community, with an excellent history and vision for the future. I am honored to be associated with an organization with a genuine commitment to its members and community and welcome the opportunity to contribute to its continued success.”
Save the Dates June 22 22--25, 2014
Massachusetts Credit Union League 2014 Annual Meeting and Convention
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20 | centerpoint | spring.2014
Nadeau Named Vice President of Human Resources/ Education at Service Credit Union Service Credit Union President/ CEO Gordon Simmons is pleased to announce the recent promotion of Joanne Nadeau as vice president of human resources and education at the credit union. Nadeau previously served as the credit union’s vice president of education, but assumed additional responsibilities after the retirement of Vice President of Human Resources Fred Curley, who was with Service Credit Union for more than 40 years. In addition to overseeing 11 staff members in the education department, Nadeau will also manage five employees in human resources. “It was clear that we needed to look no further than within our credit union for the right talent to fill this very important role,” says Simmons. “Nadeau demonstrates an engaged leadership approach and will ensure our employees work in environments where they can be successful. She exemplifies our commitment to providing the fast, responsive, personal service that our employees deserve.” Nadeau came to Service Credit Union through a 2011 merger with Seacoast Credit Union, where she held the position of president and CEO. She has more than 35 years of financial service experience including 11 years at Seacoast Credit Union. She received a bachelor’s degree in business administration from Southern New Hampshire University and has been active in volunteer efforts across the state. Joanne Nadeau
Freedom Credit Union Announced Personnel Changes Barry F. Crosby, president and CEO of Freedom Credit Union, Springfield, MA, announced the promotion of one officer within the credit union and the appointment of two officers to the management team. Patricia Carbee of Douglas, MA, Freedom’s assistant vice president of internal auditing, has been promoted to vice
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president and director of enterprise risk management. In this new venture with the credit union, she manages risk management, the development of a risk-based culture Patricia Carbee throughout all product lines, and oversees the compliance department, loan litigation matters, and business continuity. She will continue to provide her auditing functions to ensure that the credit union is operating effectively and efficiently. Carbee has over 33 years of experience in the finance industry, including expertise in regulatory auditing, compliance auditing, lending, and management. She has held a number of senior positions throughout her career. Most recently, she was an auditor with New England Credit Union Services, LLC, a division of the Massachusetts Credit Union League, for 12 years. Carbee earned her bachelor’s degree in business administration from Nichols College, graduating cum laude. She is also a member of the Association of Credit Union Internal Auditors and the Massachusetts Bankers Internal Auditors Association. Jeffrey Smith of Northampton, MA, has joined Freedom as chief lending officer, and manages the commercial, mortgage, and consumer lending activities for the credit Jeffrey Smith union. He has 30 years of lending experience in the financial services industry and has held several senior management positions throughout his career, including his most recent position as vice president at Florence Savings Bank. Smith earned his bachelor’s degree from University of Maine at Orono and his MBA in finance from Western New England University. He is currently president of the Northampton Rotary Club and is a member of the Realtor Association of Pioneer Valley. Smith has also been an instructor for the Center for Financial Training since 1994, teaching courses on real estate finance, marketing, accounting, and analyzing financial statements. •
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C R E D I T U N I O N C A L E N DA R
Strike for Gold Bowling Tournament for benefit Special Olympics Rhode Island March 25................................................... East Providence, RI
Great New England Credit Union Show April 30........................................Holiday Inn, Boxborough, MA
17th Annual Members Insurance Agency Golf Tournament May 22..................................... Red Tail Golf Club, Devens, MA
CFO Network Meeting April 23 ......................... Credit Union Center, Marlborough, MA
Compliance Network Meeting April 3 ........................... Credit Union Center, Marlborough, MA
7th and 8th Grade Student Essay Awards Ceremony June 4 .............................................. State House, Boston, MA
HR Network Meeting May 15.......................... Credit Union Center, Marlborough, MA
Richard Mahoney Charity Golf Tournament June 12..........................Candia Woods Golf Links, Candia, NH
Credit Unions of Rhode Island Charity Golf Tournament July 14.........................Crestwood Country Club, Rehoboth, MA Massachusetts Credit Union League Charity Golf Tournament August 13.............Juniper Hills Golf Course, Northborough, MA
Lender’s Network Meeting April 18.......................... Credit Union Center, Marlborough, MA
TRAINERS NETWORK Trainers Network Meeting April 10.......................... Credit Union Center, Marlborough, MA
One-Hour Telephone Conferencing
CONFERENCES AND CONVENTIONS Spring Volunteer Development Conference April 25-27 ............................Chatham Bars Inn, Chatham, MA Credit Union Association of Rhode Island Annual Meeting and Get Together May 7 .................................. Alpine Country Club, Cranston, RI New Hampshire Credit Union League Annual Meeting and Convention June 6-8 .. Omni Mount Washington Resort, Bretton Woods, NH Massachusetts Credit Union League Annual Meeting and Convention June 22-25........................... Charleston Place, Charleston, SC Fall Leadership Conference October 24-26...............Wentworth by the Sea, New Castle, NH
Seminars and Schools Financial Educator Meeting March 20 BSA Symposium March 26...................................Double Tree Hotel, Milford, MA Developing Great Managers – Part II of III April 1............................ Credit Union Center, Marlborough, MA
Small Credit Union Marketing March 25 Capturing the Mom Market April 10 Collaboration Tips & Case Studies for Small CUs to Survive & Thrive May 1
Webinar And Webcast Sessions Your Deposit Member Has Died: Now What? March 20 Flood Insurance Compliance Update: Including New Biggert-Waters Rules Effective July 6, 2014 & FEMA Mapping Changes March 25 Trust Compliance in Opening Accounts & Lending March 27 Completing Flood Insurance Forms Line-by-Line April 1 ACH Specialist Series: ACH Rules Update 2014 April 2 Accepting Powers-of-Attorney on Deposit Accounts April 3 Clarifying Signature Card Confusion – Per & Bus Accts: Compliance, Account Titling & Ownership April 9
Supervisory Skills April 9............................ Credit Union Center, Marlborough, MA
Mobile Device Risks & Compliance Rules: Managing Your Credit Union’s BYOD & COPE Policies April 15
Account Essentials April 16.......................... Credit Union Center, Marlborough, MA
Responding to Official Demands for Member Funds: Subpoenas, Garnishments, Summonses, Levies April 16
Preventing, Detecting and Addressing Elder Financial Abuse April15.......................................Double Tree Hotel, Milford, MA
Examination Findings of the DFPB April 17
Compliance Crash April 17.......................... Credit Union Center, Marlborough, MA
Negotiable Instrument Precautions & Endorsement Risks April 22
Auditing Your Loan Portfolio: Consumer, Commercial & Real Estate May 14 Emerging Leader Series: Avoid Lender Liability Claims: Compliance, Reg Issues & Best Practice May 15 Implementing the New ACH Security Framework Requirements by December 31, 2014 May 20 Reporting Your Members’ Credit: Understanding Increasing Regulatory Requirements May 21 IT Audit for Credit Unions May 28 Keeping Collateral: How to Perfect, Get Priority & Liquidate Liens under Article 9 Revisions May 29 Head Teller Development: Improving Teller Performance June 3 ACH Specialist Series: Legally Recover Unauthorized ACH Withdrawals after NACHA Deadlines June 4 Processing IRA Rollovers & Transfers June 17 Director Series: Improving CU Profitability, a Holistic Approach, Permissible Investments June 19 Regulation E & Debit Card Error Resolution: Processing, Disclosure & Investigation June 24 Mainstreaming Mobile Remote Deposit Capture: Adoption, Deployment, Operations & Risks June 25
Chapter Meetings – MA CENTRAL MA CHAPTER
Chapter Meeting May 14............................................................................ TBD
Chapter Meetings April 16............................................................................ TBD May 21............................................................................ TBD
PIONEER VALLEY CHAPTER
Chapter Meetings April 8.................................Holiday Inn Boston, Somerville, MA May 13............................................................................ TBD
SOUTHERN MA CHAPTER
Chapter Meetings April 16............................................McGovern’s, Fall River, MA May 21......................... Stone Forge Restaurant, Raynham, MA
Developing Great Managers – Part III of III May 6............................ Credit Union Center, Marlborough, MA
Real Estate Lending Series: Ability to Pay- Are You in Compliance with New CFPB Rules? April 23
Law of Checks and Share Drafts May 7............................ Credit Union Center, Marlborough, MA
Patch Management – The Art & Science of Keeping Software Current April 29
BSA Update May 13................................ White’s of Westport, Westport, MA
Director Series: 10 Best Practices in Board Governance: How the Board Can Protect Your Credit Union April 30
Chapter Meetings – NH
Credit Union Employee Boot Camp May 14 ......................... Credit Union Center, Marlborough, MA
Call Reports: Interpreting the Most Recent Changes May 6
Chapter Meeting April 8...............................Puritan Back Room, Manchester, NH
Exceptional Leadership – Part I of II May 20.......................... Credit Union Center, Marlborough, MA
Complex ACH Challenges for RDFIs: Exceptions, Errors & More May 7
Exceptional Leadership – Part II of II June 3........................... Credit Union Center, Marlborough, MA
22 | centerpoint | spring.2014
Defining the Board versus the Supervisory Committee Responsibilities May 13
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Chapter Meeting April16................................Holiday Inn Boston, Somerville, MA
MERRIMACK VALLEY CHAPTER
Chapter Meeting April 3....................................NGM Employees FCU, Keene, NH
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The Leagues/Association welcome new president Paul Gentile; the debut of the Daily CU Scan; and getting ready for the Great New England Cred...