CenterPoint Spring 2015

spring.2015

A publication of the Cooperative Credit Union Association, Inc.

100 Years of People Helping People

Rhode Island Celebrates a Century of Credit Unions in the Ocean State Stories Inside: CUNA Mutual Continues CU Advocacy Efforts

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RI Governor Declares Jan. 14 CU Day

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Gentile Urges NCUA on IRR Rule

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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

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06 CUNA MUTUAL GROUP CONTINUES CU ADVOCACY EFFORTS 08 CREDIT UNION NEWS – MA Credit Unions Present Check to Mass. Coalition for the Homeless – NH Gov. Buys First Make-A-Wish® Calendar; Sales Skyrocket in 2015

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– Rhode Island Governmental Affairs Day Was a Success!

12 COVER STORY 100 YEARS OF PEOPLE HELPING PEOPLE 14 GENTILE URGES NCUA: NO SEPARATE IRR RULE 16 COMMUNITY INVOLVEMENT

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– Make-A-Wish® New Hampshire Sweet Thank You Visits a Special Treat – MA Credit Unions Donate Blankets as Part of Statewide Drive – Credit Unions and Chapters Brighten the Spirits of Many this Winter

20 CREDIT UNION PEOPLE 22 CALENDAR

16 spring.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

CONSUMER AWARENESS CAMPAIGN COMING SOON

Make Sure Your CU Is Part of It

The core role of the Cooperative Credit Union Association is advocacy, and there is certainly no shortage of issues that need our attention.

Whether it is working with our lawmakers to pass legislation to improve the operating environment for credit unions or advocating with regulators to quell the rising tide of regulatory burden, our primary focus is on ensuring credit unions have a bright future.

I have a passion for advocacy. I firmly believe credit unions are the best financial solution for consumers and should be looked at differently by lawmakers and regulators. While legislative and regulatory advocacy is at the top of our agenda, there is one other vital component of advocacy – the consumer.

Although we have experienced strong membership growth nationally and here in New England, the story of credit unions is still not widely known. In New Hampshire approximately 41 percent of residents are members; 38 percent in Massachusetts; and 33 percent in Rhode Island. Those are strikingly strong numbers, but they also show tremendous upside.

I have long believed that working to improve consumer awareness of credit unions is one of the most important roles a trade association can play for credit unions. The Cooperative Credit Union Association has started a strategic initiative to raise the bar of consumer awareness here in New England. Soon you will be getting information about our new campaign.

We need your assistance. One of the core aspects of the campaign will be driving consumers to a stand-alone website where they can learn about credit unions and search for a credit union they can join.

On that site, we will be listing all of our member credit unions, with a brief description of the credit union and a link to their website. We will be sending out a form shortly to collect this information and I encourage you to participate so your credit union is represented.

For years (maybe even decades), the credit union system has debated the need for a national awareness campaign. The same pitfalls sink it every time. Credit unions cannot agree on a common tagline or debate that a campaign helps some credit unions more than others do. Those are bad reasons not to do consumer awareness. Increasing consumers’ knowledge of the credit union system benefits all credit unions and not doing a campaign because of quibbles over tag lines or reach guarantees that consumer awareness will not be elevated. I urge you to join us as we cooperatively work to raise the bar of awareness here in New England.

Paul Gentile, president 4 | centerpoint | spring.2015

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CUNA MUTUAL GROUP CONTINUES CU ADVOCACY EFFORTS IN 2015

By Christopher Roe

As a partner in the credit union system, CUNA Mutual Group continues to be a strong and vocal advocate for credit unions and their members. We have a long and accomplished history in this area, from H.R. 1151 to the IRS battles regarding the Unrelated Business Income Taxes to the more recent “Don’t Tax My Credit Union” campaign.

As the 114th Congress begins its work, we will continue to play an active role with credit union trade associations in advancing the public policy agenda of credit unions.

For us and the credit union system, the defense of the credit union tax exemption remains our top priority. We continue to fund research in this area and are working with CUNA staff in preparing for the tax debate in the 114th Congress. In addition, we believe coordination with the cooperative system is invaluable when discussing tax policy.

By working with other cooperative sectors, we are able to share intelligence on tax legislation, strategize on how we can work together, and identify common interests in defense of tax policy impacting the cooperative model.

As a result, our own Larry Blanchard, who led the charge during H.R. 1151, and the National Cooperative Bank have brought together a diverse group of cooperative sectors, including

6 | centerpoint | spring.2015

credit union trade associations, to discuss and coordinate on tax reform.

While passing tax reform is daunting, the debate today and, in particular, the work of House Ways and Means Chairman Paul Ryan represents the building blocks for future tax reform. Ryan has already indicated the work of his predecessor will be a starting point. That’s good news considering the great work of the credit union system to keep the credit union tax exemption out of former Chairman Dave Camp’s bill in the last Congress. As many will concur, the legislative debate becomes much more difficult once a tax provision is placed in the draft bill.

As an insurance company, CUNA Mutual Group continues to be a leader in cyber security and plastic card fraud. In the last year, our senior executives have met with White House and Treasury officials to share our perspectives. Because our subject matter expertise is valued, CUNA Mutual Group was invited to the president’s address on cyber security at Stanford University on Feb. 13. As credit unions face increasing risk in this area, we hope to continue to provide solutions to mitigate this threat. Beyond working with various federal agencies, we joined forces with CUNA to sponsor and provide input to the

StopTheBreaches.com website. The intent of the website is to inform the public – particularly Congress – on how a multifaceted approach is necessary in mitigating data breaches and to dispel certain myths raised by merchant groups.

On the regulatory front, our LOANLINER team is working overtime to help credit unions prepare for TILA/RESPA changes.

Through several webinars that were attended by hundreds of credit unions to sharing our concerns with the National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau, we are taking an active role in helping credit unions meet the demands of these new regulations. Similarly, given the major ramifications of NCUA’s riskbased capital rule, we worked with the business community to make sure their voice was heard and filed our own comments with NCUA. Member business lending is important to a number of credit unions and it is important to us. As small businesses turn more and more to credit unions, we believe there is an opportunity for the system to provide an array of financial solutions. To that end, we connected Georgetown University Professor David Walker with CUNA and the Filene Research Institute and commissioned a study on the impact of member business lending on small businesses. We look forward to his study and intend to share the results with Congress.

Finally, patent reform remains a possibility in this Congress. CUNA Mutual Group, as a financial institution, is subject to the same issues that credit unions face. While we made some inroads when patent reform was passed a few years ago, more should be and can be done. We will continue to work side-by-side with the credit union trades to tackle this issue – which may be one of the few major bills to pass this Congress.

Christopher Roe is senior vice president of corporate and legislative affairs at CUNA Mutual Group.

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

MA CREDIT UNIONS PRESENT CHECK TO MASS. COALITION FOR THE HOMELESS

Members of the Massachusetts Social Responsibility Committee present Massachusetts Coalition for the Homeless with a check for $135,000.

Massachusetts Credit Unions continue to display their extraordinary generosity with their support of the Massachusetts Coalition for the Homeless. The Massachusetts Credit Unions presented the Coalition with a check for $135,000. The Association’s Social Responsibility Committee Chair, Nicole James from RTN Federal Credit Union in Waltham, Mass., and Association President/CEO Paul Gentile, along with several committee members, presented Coalition Executive Director Robyn Frost with the ceremonial check representing the overall donation to the Coalition in 2014.

“The Massachusetts Coalition for the Homeless is grateful to the Massachusetts Credit Unions for the strong partnership we have in helping low- and moderate-income households throughout our state to avoid being homeless,” Frost said.

Seventy credit unions throughout Massachusetts that supported a wide variety of fundraising activities made this donation possible. The biggest individual contributions came from RTN Federal Credit Union in Waltham, raising more than $34,600, and Hanscom Federal Credit Union located at Hanscom Air Force Base, with a donation of more than $33,800. Both credit unions raised these amounts through various initiatives, the largest for RTN being the “Walk Home.” The 2014 “Walk Home” held in three locations on June 8, 2014, raised more than $29,000. Hanscom conducted a special holiday raffle among their membership, which generated more than $30,300. The Association supported the Coalition’s annual gala in May. Gentile remarked, “Building on the credit union core principles of cooperatives helping people and local communities, the Massachusetts Credit Unions are committed to the Coalition and its efforts to eradicate homelessness within our state. We look forward to continuing this support in 2015 and working with the Coalition on future initiatives.”

Credit unions including Boston Firefighters Credit Union, Brotherhood Credit Union, Harvard University Employees Credit Union, Members Plus Credit Union, and St. Jean’s Credit Union showed major support by donating $2,000 and above.

Frost praised the benevolent spirit of Massachusetts Credit Unions and expressed her gratitude to them for supporting the Coalition’s 8 | centerpoint | spring.2015

work. “It is the financial assistance that the Coalition receives from credit unions across our state that allows us to be there when families and unaccompanied youth are in need,” she said.

The Association’s board of directors and Social Responsibility Committee members extend their sincerest gratitude to all the participating credit unions and chapters. The generosity of the officials, staff and members of so many credit unions throughout the state is a true testament to the philosophy of “people helping people.”

Special Thanks Listed below are the credit unions and chapters whose generosity in 2014 has a profound impact to help the Coalition find long-term solutions to homelessness in Massachusetts.

Credit Unions Align CU Attleboro Municipal Employees FCU Berkshire FCU Billerica Municipal Employees CU Boston Firefighters CU Brookline Municipal CU Brotherhood CU Central One FCU City of Boston CU Commonwealth Utilities Employees CU CU of the Berkshires Crescent CU Digital FCU Everett CU Fall River Municipal CU First Priority CU Freedom CU Goldmark FCU Grafton Suburban CU Greylock FCU Hanscom FCU Harvard University Employees CU Haverhill Fire Dept. CU IC FCU Industrial CU Jeanne D’Arc CU Landmark CU Leominster CU Liberty Bay CU Lowell Firefighters CU Luso-American CU Lynn Firemen’s CU Mass Bay CU Massachusetts Institute of Technology FCU

MassMutual FCU Members Plus CU Merrimack Valley FCU Methuen FCU Metro CU MetroWest Community FCU MyCom FCU Naveo CU New Bedford CU Norfolk Community FCU Notre Dame Community FCU Ocean Spray Employees FCU Polish National CU Premier Source CU Quincy CU RAH FCU River Works CU RTN FCU Salem Seaport CU Somerville Municipal FCU Southbridge CU Southern Mass CU St. Anne’s CU of Fall River, Mass.

St. Anthony of Padua FCU St. Jean’s CU St. Mary’s CU St. Vincent Hospital CU STCU CU Taunton FCU Tewksbury FCU Tremont CU UMassFive College FCU W.H. Nichols Employees FCU Woburn Municipal FCU Worcester CU Workers’ CU Chapters Berkshire County Chapter Central Massachusetts Chapter Pioneer Valley Chapter Tri-County North Chapter

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

NH GOV. BUYS FIRST MAKE-A-WISH® CALENDAR; SALES SKYROCKET IN 2015

New Hampshire Gov. Margaret Hassan with the group in attendance for the Make-A-Wish® New Hampshire calendar kickoff. (Photo courtesy of Richard Powell)

New Hampshire Gov. Margaret Hassan helped kick off the Make-AWish® New Hampshire 2015 Calendar Raffle at the State House in late November at an event sponsored by the New Hampshire Social Responsibility Committee.

Gerald Dumoulin, former board chairman, highlighted the significance of fundraising initiatives by New Hampshire’s Credit Unions, and praised Hassan for her support of the raffle.

“While New Hampshire Credit Unions come in different sizes and serve different fields of memberships, credit unions share a common com-

10 | centerpoint | spring.2015

mitment to improve the quality of life in New Hampshire. Our support of Make-A-Wish® is one of these common commitments,” Dumoulin said.

The Make-A-Wish® Calendar Raffle, which is limited to 2,500 calendars and gives the recipient chances at daily, weekly and monthly cash prizes all year long in 2015, is in its seventh year and a total fundraising goal of $200,000 has been set.

Julie P. Baron, CEO of Make-A-Wish® New Hampshire, praised the dedication of New Hampshire’s Credit Unions. “We are so proud of our bond and relationship with the New Hampshire Credit Unions, the governor, and the New Hampshire credit union community. We thank you for being as passionate as we are about creating a time when all children in New Hampshire who are facing life-threatening medical conditions have the opportunity to experience their heartfelt wish. You have helped us grow from granting just a few wishes to now more than 80 wishes a year,” said Baron. She added, “Granting a child’s wish impacts their physical health and is a life-changing experience for them. The hope, strength and joy you provide are powerful medicines for these children who face very grown up battles.”

Hassan commended New Hampshire Credit Unions for their commitment to all the children. “The spirit, strength and resilience of the Make-A-Wish® children and their families are an inspiration to the people of New Hampshire, and I thank Make-A-Wish®, the New Hampshire Credit Unions, and all of your supporters for providing hope to these courageous children. You have shown them that they have many people in their corners ready to help them through their toughest battles.”

Hassan purchased the first 2015 calendar from Wish Children Isabella, age 5, from Manchester, and Silas, age 7, from Loudon, who autographed the governor’s calendar. The governor received Calendar #181, as she completed her first term as the 81st governor of New Hampshire and prepared to start her second term. The group presented the governor with a framed memento of both Isabella and Silas’ stories from the 2015 calendar, which they also autographed for her.

Calendar sales skyrocketed during the end of 2014 and early 2015 with more than 2,100 calendars sold to date. Many credit unions used unique ways to promote their calendar sales, such as Holy Rosary Credit Union in Rochester which raffled backstage passes to meet LeAnn Rimes in concert for every calendar purchased. The credit union sold more than 600 as a result.

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

RHODE ISLAND GOVERNMENTAL AFFAIRS DAY WAS A SUCCESS! Credit Unions of Rhode Island held their annual Governmental Affairs Day on Jan. 14 at the Rhode Island State House and the event was a resounding success. This year marks the 100th anniversary of the formation of credit unions in Rhode Island ( for more information, see page 12). Representatives from credit unions across the state came to network with both senior and freshman lawmakers and spread their message of high-quality, low-cost financial services to the people of Rhode Island.

The event highlights included appearances by Rhode Island’s new Governor Gina Raimondo, Senate President M. Teresa Paiva Weed, and the House’s most senior Rep. Brian Patrick Kennedy. Association President Paul Gentile welcomed Raimondo, who expressed her long-standing support of the credit union philosophy. Raimondo recognized the extensive community outreach that credit unions are doing, particularly noting their work and her support of financial literacy initiatives. She expressed how important it was today for consumers to have a financial institution that they trust and places their needs first. The governor finished her remarks by proclaiming Jan. 14, 2015, as Credit Union Day. The Senate President echoed these sentiments and expressed her desire to continue the long-standing relationship with credit unions. She noted how important the credit union system is to the economic engine of Rhode Island, and expressed her hope that credit unions continue to

grow in the state.

Kennedy, who spoke on behalf of House Speaker Nicholas Mattiello, noted that with all the good things credit unions offer Rhode Island Gov. Gina Raimondo presents their members, his hope is that her Credit Union Day Proclamation to Rhode Island will see growth in Association President Paul Gentile. membership and an expansion of credit unions throughout the state.

In recognition of 100 years of credit union service in Rhode Island, Gentile said, “Credit Unions of Rhode Islands are providing the types of low-cost, high-quality services that Rhode Island consumers need to improve their financial lives. Credit Unions of Rhode Island now serve 33 percent of the population and that percentage will grow as more consumers wake up to the power of the cooperative model that credit unions provide. As cooperatives, credit unions only exist to serve the needs of their member owners. There are no shareholders to please so the interest of the member is always paramount.”

Many of those present lauded the strong turnout by members of the Legislature. Members, both new and well known to the credit union industry, spent time networking and building their relationships with the attendees from the Credit Unions of Rhode Island.

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spring.2015 | centerpoint | 11

100 Years of People Helping People Rhode Island Celebrates a Century of Credit Unions in the Ocean State

BY ANNA SIMS

N

avigant Credit Union first opened for business in the basement of Notre Dame Parish in Central Falls in March 1915. Then called La Credit Union de Notre Dame de Central Falls, the member-owned financial institution was the first of its kind to be incorporated in Rhode Island under a new law passed the previous year. But not long after Navigant, others followed suit, opening small, service- and community-minded financial institutions with the sole purpose of benefiting community members.

As Rhode Island celebrates the centennial of the first credit union in the state, employees have found that the credit union’s 100-year-old business model has stood the test of time. “It’s been 100 years of doing 12 | centerpoint | spring.2015

exactly what our slogan says: ‘People Helping People,’” said Meg Sisco, vice president of marketing at Westerly Community Credit Union.

“We’re still the same credit union that has been around forever – still not for profit, still owned by members – and that’s a special thing.”

Navigant Credit Union President and CEO Gary E. Furtado echoed this sentiment: “We are, and always have been, committed to improving the financial lives of our members and giving back to the communities we serve,” Furtado said. “Our organization was built on trust, hard work and a commitment to community involvement, and we continue to grow based on those same values.”

Today, Rhode Island has 21 credit unions that serve 33 percent

Tim Draper

Meg Sisco

Paul Gentile

of the state’s population and collectively eclipsed the $5 billion asset mark in 2014, said Paul Gentile, CEO of the Cooperative Credit Union Association. “We are a model that’s based on serving members with the best products and services in the financial marketplace.

Credit unions today, overall, have a rate and fee advantage over banks and other providers, anywhere from 5 to 20 percent,” Gentile said.

“Over 100 years, credit unions have not cost taxpayers a dime, we’ve never been bailed out and our value in Rhode Island has been evident.”

That value expands far beyond financial services, said Tim Draper, vice president of marketing at Navigant Credit Union, who described credit unions as “local partners” to their communities. The Credit Unions of Rhode Island is the second-largest corporate partner for Special Olympics Rhode Island, and they also sponsor the Credit Union Championships, the boys and girls high school state basketball semifinals and championship games. PGE Federal Credit Union sponsors a program that allows federal employees to donate a portion of their income to charity, while Rhode Island Credit Union hosts community shred days and strives to support smaller, more local causes of interest to its workers. “We’ve been trying to bring attention to smaller organizations that don’t receive as many donations, so we ask employees to give us an organization that they feel doesn’t get the support that it should,” said Gina DePalo, vice president of branch administration and marketing at Rhode Island Credit Union.

As part of Navigant’s 100th anniversary celebration, the credit union is awarding 100 $1,000 scholarships to local high school students, Furtado said.

The state’s credit unions are focused on spreading financial literacy to students. Last year, several credit unions hosted many financial literacy fairs, which reached approximately 1,000 students across the state. As part of these fairs, students pick a career to pursue for a day, and then are brought to a simulated town set up by a credit union where they must decide how to budget their money. “We take them to several ‘local businesses’ – a car dealer, an insurance provider, a grocery store, just everything, and they have to figure out the best way to spend their money,” Sisco said. “Of course, they start off buying brand new cars and things like that, but as the day goes on, they gain a great sense of the reality of money.”

The fairs also ask students to spin a “wheel of doom,” which hits them with a broken water furnace, a leaking roof or some other unexpected expense, to help them learn the value of saving. “[At the end of the fair], they’ve got this whole new appreciation of their parents and what they go through, and why the parents don’t have money to give them whenever they want it for something,” Draper said. “It’s really cool.”

Gary Furtado

David Suvall

TO THE NEXT ONE HUNDRED While credit union employees spoke of these educational programs and their other accomplishments with pride, they were just as excited to look toward the future. “We plan to be here for another 100 years, doing just what we’ve done to make us successful for the first 100 years,” said David Suvall, CEO of Rhode Island Credit Union.

Gentile agreed, saying that the credit union model today is more in vogue than ever. “People, specifically young people, are waking up to the fact that they want to do business with organizations that have good values. They want to go green; they want locally grown food, and if you look at the credit union model, that is our sweet spot,” Gentile said. According to Suvall, the average age at Rhode Island Credit Union has started to go down, which he credited, in part, to its mobile banking products.

Credit union employees agreed that technology will undoubtedly play a large role in dictating the future of the industry, though not always for positive reasons. While mobile products may attract a younger audience and, according to PGE Federal Credit Union President Ken Poyton, help smaller credit unions compete with big banks, Gentile noted that the new technology has introduced new competition in unfamiliar forms, like ApplePay. The new payments systems “are definitely on our radar,” Draper said. “We’re keeping a keen eye on what those are doing in the marketplace, and trying to be one step ahead as much as we can.”

Furtado said that Navigant aims to “introduce technologically advanced products and services within one year of the big financial institutions.”

Ultimately, rather than trying to change their ways to compete with emerging technology, credit union employees instead are focused on continuing what they do best: helping the people and the communities they serve. “I feel blessed to be in the industry. It’s a great industry,” Poyton said. “We don’t come to work trying to figure out how we can make a profit off of our members. We truly believe in the cooperative spirit and the credit union movement.”

“Rhode Island has been a really good place to do business over the course of the last 100 years. People really put their faith and trust in us as partners in their communities,” Draper said. “You don’t hear people say they belong to ‘my Bank of America;’ they say I belong to ‘my Navigant,’ ‘my credit union.’ It’s hard to put into words, but it’s an emotional attachment that people have with us, and that’s how we know that we’re doing our job right.”

Anna Sims is associate editor with The Warren Group, publisher of CenterPoint. spring.2015 | centerpoint | 13

GENTILE URGES NCUA: NO SEPARATE IRR RULE

By Paul Gentile, President/CEO, Cooperative Credit Union Association The following article appeared Feb. 6, 2015, in the national credit union trade publication The Credit Union Journal.

NCUA has come a long way with its revised Risk-Based Capital rule.

The agency took a very progressive step forward last year by deciding to issue a revised rule for additional comment. All signs coming from the agency prior were that it wasn’t going to go down that path. I am glad it did, as we have a much better product, and have yet another opportunity to comment and improve on RBC. This two-proposal process was appropriate given the scope and impact of this rule.

NCUA’s revised RBC – so-called RBC 2.0 – clearly demonstrates that the agency listened to the more than 2,000 stakeholders that made their voices heard with comment letters. The agency has proven it is certainly not deaf to the system and it carefully considers system input. It has adjusted many of the risk weightings, lowered the risk-based capital requirement to be well-capitalized, increased the threshold from $50 million to $100 million for falling under the rule, implemented a 2019 effective date, and made many other substantive changes. There is room for more incremental change, but by and large the agency incorporated many of the system’s recommendations and the rule is much more effective in its current form.

This was a good step forward, but more is needed. We often talk about regulatory “relief” but we first need a “reasonable” regulatory environment

Thomas J. O’Connor, CPA Vice President & Director of Financial Institution Services

David J. Keyo Jr., CPA

Vice President & Director, Financial Institution Advisory & Assurance Services

and it starts with how NCUA handles other issues related to RBC. The agency has been highlighting the dangers of Interest Rate Risk going on four years now. It has warned of a spike in rates and has asked credit unions to shock their portfolios beyond the traditional 300 basis points.

NCUA Chairman Debbie Matz has been vigilant on IRR in speeches and statements, and with good reason. We are in a protracted low-rate environment so it’s logical and prudent for the regulator to highlight the potential risk, but NCUA shouldn’t manage how CUs deal with IRR. In the original RBC proposal, IRR was woven throughout, much to the dismay of credit unions, given it didn’t consider the full financial picture of a credit union. NCUA has appropriately stripped IRR out of RBC 2.0 and has specifically asked the system for recommendations on how to deal with IRR going forward.

Before we, as a system, give NCUA new recommendations on how to handle IRR, let’s first look at what the agency currently has at its disposal from a supervisory standpoint.

NCUA already has a regulation on the books that requires CUs to have a vetted, board-approved IRR policy. That’s a policy that examiners have free rein to review, comment on and use supervisory authority. NCUA has a number of supervisory action authorities in its toolbox to deal with “outliers” in IRR. NCUA has said time and again that IRR is not a widespread issue, but instead is focused among a small number of outliers.

Giuseppe “Joe” Femia, CPA Director, Financial Institution Advisory & Assurance Services

Jayme F. Moore, CPA Accounting & Auditing Manager

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“Reasonable” regulation doesn’t call for new regs to deal with a small group of outliers.

At this stage, IRR is a “supervisory” issue not a rule-making issue.

Credit unions deal with IRR in so many different ways that any prescriptive rulemaking approach would not be effective. A high, long-term asset ratio isn’t enough to determine IRR. A credit union that has a longer-than-average investment portfolio does not automatically mean IRR is extraordinary.

Different areas of the country have consistently higher long-term ratios just by the economics of their region. Credit unions utilize different strategies to mitigate IRR, and they’ve done it quite well historically. Any IRR reg that sets arbitrary thresholds and triggers actions like sales of assets is turning NCUA from “regulator” to “manager,” a common complaint of the original RBC rule.

Given the extended low-rate environment, NCUA is right to focus exam resources on IRR, but this isn’t the first protracted low-rate environment credit unions have lived through and the agency shouldn’t overreact with a separate rule on IRR. If, after the NCUA finalizes RBC 2.0, it proposes a separate IRR rule, we must again rally the system from the ground up and generate even more than 2,000 comment letters and yet again engage our lawmakers about regulatory overreach. RBC 2.0 was a great step forward, but if a separate IRR regulation is lurking around the corner, it’s one step forward and two steps backward for “reasonable” regulation.

While the agency has improved RBC and is on record in support of supplemental capital, it has not elevated the supplemental capital issue to the level it needs to be. For years supplemental capital has swirled around

the system but many credit union executives have a difficult time describing how it would work in their credit unions. It’s not an easy issue. Is there enough potential within a CU’s member base to make supplemental capital viable? Is it economically feasible given the added yield it requires? NCUA is getting deeper into this with its new working group on supplemental capital that is focused primarily on low-income credit unions.

Although statute limits NCUA’s ability to adopt supplemental capital across the board, it can arguably incorporate it into the RBC structure beyond low-income credit unions. From a technical standpoint, NCUA would be best served to issue a separate rule on supplemental capital that can be fully implemented into RBC. It is a complex issue and deserves vetting by the system in a proposed rule. Incorporating supplemental capital into an updated RBC framework would serve as a great testing ground for supplemental capital to be used in the core capital framework. If the system decides to aggressively pursue supplemental capital legislatively, having a track record to look back on within RBC would be a great story to tell.

NCUA surprised the system with how aggressive its initial RBC proposal was. It surprised the system yet again by making so many great strides to improve the rule. No more surprises, NCUA: do not issue a separate IRR reg. Instead, use your existing supervisory authority and start the rulemaking process to implement supplemental capital in the RBC structure. Those two items would get us further down the road toward “reasonable” regulation.

With nearly 11 percent capital, an incredible track record during the recession, and the power of the cooperative model, the credit union system deserves a reasonable regulatory framework.

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spring.2015 | centerpoint | 15

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

MAKE-A-WISH® NEW HAMPSHIRE SWEET THANK YOU VISITS A SPECIAL TREAT

Staff members at Holy Rosary Credit Union enjoyed their visit with Wish Child Von Charles who shared the highlights of his trip to the Theme Parks in Orlando, FL. He made them a special collage of his Wish.

Between blizzards, 23 Wish Children and their families visited New Hampshire credit unions during the days of Feb. 10-12, with special treats and a personal thank-you on behalf of Make-A-Wish® New Hampshire in recognition of the contributions credit unions made to make wishes come true for hundreds of children throughout the state.

Many of the children brought photo albums, artwork, and shared stories of their wish as well as spent time talking with credit union employees. Many of the credit unions had celebrations and enjoyed spending time with the families.

Lucy Descoteau, manager of St. Joseph Hospital Employee’s Credit Union in Nashua, had given Wish Child Hannah a princess sticker book as her wish was to visit the princesses in Orlando, Fla. Hannah and her mom were appreciative as they told Lucy that Hannah would be returning to Dartmouth-Hitchcock the following week for treatment and the sticker book would be a great distraction to keep her busy.

At New Hampshire Federal Credit Union in Concord, Wish Child Julia walked around to visit with employees and offered them sweet treats. At the teller station, Julia also sold a special star to a member who donated to Make-A-Wish®. Members and wish families were treated to hot chocolate at the credit union while Caleb’s family walked around with special homemade Valentine’s Day cards for employees and a special thank-you poster from the family.

Gordon Simmons, president and CEO, Service Credit Union in Portsmouth, and staff held a special celebration with the four Wish Children and their families in attendance. Wish Child Padraic was especially excited this year as a new licensed driver because he drove himself to the visit.

The interesting piece in all these visits is that many of the credit unions have watched several of the Wish Children grow up from young children to young adults with many dreams of their own to give back.

Such was the case with the visit at Cheshire Health Federal Credit Union in Keene. Wish Ambassador Samantha, who is now a mother herself, works as an LNA at the Cheshire Health Medical Center and Continued on next page 16 | centerpoint | spring.2015

Wish Child Emily (kneeling) and her mother, and Wish Child Julia and mom (missing from photo), along with members of Caleb’s family, shared smiles and treats with the staff at New Hampshire Federal Credit Union during their recent Sweet Thank-You visit. Pictured with them are staff members from the credit union holding special posters. The poster made by Caleb’s mom on his behalf was the message of the week: ”We Love What You Do!”

The following visits were made: Anheuser-Bush Employees Credit Union Wish Children Hannah and Emalie Bellwether Community Credit Union Wish Child Gabby and Ambassador Chris Cheshire County Federal Credit Union Wish Child Sarah and Ambassador Samantha Cheshire Health Federal Credit Union Wish Child Sarah and Ambassador Samantha Granite State Credit Union Wish Child Clare Heritage Family Federal Credit Union Wish Ambassador Stephanie Holy Rosary Credit Union Wish Children Summer and Von Charles MembersFirst Credit Union of N.H. Wish Child Gwen New Hampshire Federal Credit Union Wish Children Julia, Emily, and Caleb’s family New Hampshire Postal Federal Credit Union Wish Children Emalie and Gwen Northeast Credit Union Wish Children Hannah, Padraic, Cadence, and Marina Precision Credit Union Wish Child Sarah and Ambassador Samantha Service Credit Union Wish Children Hannah, Padraic, Cadence, and Hannah St. Joseph Hospital Employee’s Credit Union Wish Children Hannah and Anna St. Mary’s Bank Credit Union Wish Children Clare and Isabella Triangle Credit Union Wish Children Abby and Faith

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

MA CREDIT UNIONS DONATE BLANKETS AS PART OF STATEWIDE DRIVE

Pictured, from left: Ellen Coughlin, manager, human resources, LCU; Rachel Terrell, executive assistant, LCU; Brenda Brousseau, Armistice Homestead; Greg Foote, veteran; Gerardo Lucciano, veteran; Michael Bousquet, veteran; John O’Brien, president and CEO, LCU; and Julie Bergstrand, real estate underwriting manager, LCU.

Massachusetts Credit Unions made a “Blanket Statement” during the month of January with the fifth annual Blanket Drive donating a total of 675 blankets to the Massachusetts Coalition for the Homeless and many local agencies across the state. These blankets truly make a difference for the hundreds of children and families who seek relief from the severe winter temperatures.

The five credit unions that collected the most blankets: Leominster Credit Union, 100; Digital Federal Credit Union, 88; Direct Federal Credit Union, 60; Metro Credit Union and St. Anne’s Credit Union of Fall River, Mass., tied at 50; and MassMutual Federal Credit Union, 43.

Somewhere, there is a child or family who is cold, and the Massachusetts Credit Unions did something about it by giving the gift of warmth for many who seek relief from the bitter cold. Credit unions that participated were supportive and grateful for the opportunity to donate blankets, especially during such a frigid and most recently, snowy winter.

Credit union contacts commented on the great success of their drives, including Gloria Camara from Commonwealth Utilities Employees Credit Union in Marion, who said, “What a great cause to be part of. Thank you for allowing us to participate.”

Hanscom Federal Credit Union’s Chairman Paul Marotta expressed his sentiments by saying, “The Association has taken a simple idea and turned it into a tremendous opportunity for credit unions across the state to do what credit unions do best – work cooperatively to make a

difference. We’re incredibly lucky to have a partner like the Coalition, and members and staff who never fail to support them.”

Direct Federal Credit Union in Needham and Leominster Credit Union got creative in their approach to collecting blankets. “Because we are a small group, the credit union offered to match each blanket donated by employees and as a result, a total of 60 blankets were donated,” said Kathleen Sawyer from Direct Federal Credit Union.

Leominster Credit Union’s approach included a Jeans Day, where employees who donated $5 or wore jeans, and the money was used to purchase blankets. Rachel Terrell from Leominster Credit Union was so pleased with their drive and said, “The last few years, our numbers were down so I am so happy that we were able to have such a successful blanket drive this year.” The credit union donated the blankets to many local agencies within the communities they serve.

Digital Federal Credit Union’s Public Relations Manager John Lahair commented on their success by saying, “After a relatively mild winter, these last few snowstorms made it more apparent how great the need for these blankets were, especially for the homeless. With a few emails and flyers, the entire DCU team wholeheartedly decided to make a difference by supporting the efforts of the Association and embracing this initiative. We hope to double our efforts next year.”

Since 2011, the Massachusetts Credit Unions have donated 3,050 blankets throughout the state to keep families and individuals warm against the harsh elements of winter.

MAKE-A-WISH® Continued from previous page is grateful that she can help people. She was also looking forward to becoming a member of the credit union as an employee of the hospital.

Triangle Credit Union president and CEO Maurice Simard sums it all up in his words, “We are very pleased to be part of helping make kids’ wishes come true. The joy and appreciation is evident when wish children visit us. They are truly heartfelt moments when we hear from

them each year. The credit unions are thankful to all our members and staff who give generously to Make-A-Wish® New Hampshire.”

This year, the poster made by Caleb’s mom on his behalf sent a message that resonates to all the credit unions from every wish family who is part of Make-A-Wish® New Hampshire – “We Love What You Do!”

spring.2015 | centerpoint | 17

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

CREDIT UNIONS AND CHAPTERS BRIGHTEN THE SPIRITS OF MANY THIS WINTER

RTN Federal Credit Union donated $10,000 to the Brigham and Women’s Hospital Marathon Team. (Photo courtesy of J. Keely Jr.)

During the winter holiday season, many credit unions and chapters host a variety of food drives, write generous checks to various agencies within their communities, donate much-needed items, and volunteer.

The Cooperative Credit Union Association salutes all the credit unions in Massachusetts, New Hampshire and Rhode Island that spread cheer during the holiday season. Below is a sampling of some of the many wonderful things that credit unions did in the season of giving.

MASSACHUSETTS Greylock Federal Credit Union’s “Lend a Helping Hand” Campaign surpassed the $12,000 mark, going beyond its original goal of $5,000.

The credit union graciously matched member donations, which benefited the sparsely stocked food pantries to help families enjoy the holiday season in a greater degree of comfort.

Hanscom Federal Credit Union carried on one of its most meaningful annual traditions during the holidays delivering $1,000 worth of personal items to the Veterans Affairs Boston Healthcare System. The credit union also supported the Salute to Veterans, which recognizes and thanks local veterans for their service to the nation. The credit union also presented $1,000 in thank-you cards, provided by the Armed Forces Financial Network and delivered to Fisher House Boston, which provides free accommodations for families of veterans receiving medical treatment.

IC Federal Credit Union distributed $20,000 to 12 nonprofit organizations in the Worcester area to celebrate the holiday season, and met some of its new neighbors when it opened a new branch in February. The credit union made donations to Assumption College, Big Brothers/Big Sisters, Clark University, Edward Street Child Services, First Night of Worcester, Friendly House, Rachel’s Table, Rainbow Child Development Center, Worcester Community Action Council, Worcester County Food Bank, Worcester Youth Center, and Veterans, Inc. Jeanne D’Arc Credit Union employees and members donated hundreds of new, unwrapped toys to Toys for Local Children. The credit union donated more than 500 hats, socks, and gloves to the Lowell Transitional Living Center thanks to the generous contributions of the employees.

Leominster Credit Union presented the mayor of Leominster with a $1,000 donation for the Mayor’s Fuel Assistance Program.

Merrimack Valley Federal Credit Union held its annual Shop ’Til 18 | centerpoint | spring.2015

You Drop charity drawing, which raised more than $6,000 for Emmaus Inc. and the Merrimack Valley YMCA. The credit union hosted its annual “We Love Santa” party and donated food for the Neighbors in Need Food Pantry in Lawrence. The credit union also collected funds for the Credit Unions Kids at Heart program.

Naveo Credit Union collected nonperishables in November to benefit the Somerville Homeless Coalition.

The Pioneer Valley Chapter held a successful toy drive for Toys for Tots distributed through the U.S. Marines.

RTN Federal Credit Union donated $10,000 to the Brigham and Women’s Hospital Marathon Team – a group of employees and friends who run for the hospital in support of life-giving breakthroughs each April.

Southern Mass Credit Union conducted its 12th annual holiday food drive and donated the items to The First Congregational Church Food Pantry in Fairhaven and Holy Trinity Soup Kitchen in Fall River.

The credit union made monetary donations to Murphy and Others Living Interdependently for Future Endeavors in New Bedford and to The Shepard’s Food Pantry in Acushnet.

The Southern Mass. Chapter collected toys at its December meeting for local agencies serving children in the Fall River area.

Employees of St. Anne’s Credit Union of Fall River, Mass., raised $250 and were matched by the credit union, resulting in a delivery of a carload of toys and games to St. Luke’s Hospital for children who found themselves confined to a hospital during the holiday season. The employees dressed as elves and visited the pediatric unit, where they enjoyed spending time with the kids.

Taunton Federal Credit Union employees donated money to participate in the credit union’s dress-down program. More than $5,000 was donated to Scoutreach, Taunton Animal Shelter, Girls Inc., The Jimmy Fund, Ella’s Lemonade Shop, Co-Operative Production, Old Colony Historical Society, Taunton High School, Middleboro High School, Berkley Community School, and the Dighton PTO. The Tri-County North Chapter collected toys and gifts for the Massachusetts Coalition for the Homeless at its December meeting.

Workers’ Credit Union brightened the holidays for many with its charitable giveback program. The credit union collected an abundance of toys that were distributed through the Salvation Army. The credit union also collected holiday gifts for senior citizens who don’t have a family through the Home Instead of Senior Care, who helped distribute the gifts to seniors most in need. The credit union made a donation as part of ita “Time for Sharing” campaign to the Gardner CAC, which provides food to local families.

NEW HAMPSHIRE Holy Rosary Credit Union continued their holiday caring campaign and presented more than 15 local organizations with a total of $20,000 in holiday donations. Recipients included the Rotary Club of Rochester, Dover Police charities, Seymour Osman Community Center, Christmas for the Elderly, End 68 Hours of Hunger in Milton and Dover.

Northeast Credit Union and Holy Rosary Credit Union collaborat-

Holy Rosary Credit Union and Northeast Credit Union teamed up to restock food supplies and provide gifts for the Homeless Center of Strafford County.

Federal Credit Union collected donations from members and employees in support of Operation Holiday Cheer.

ed to restock depleted food supplies and provide gifts for families to the Homeless Center for Strafford County. Each credit union also made a monetary donation of $1,000.

St. Mary’s Bank Credit Union donated $1,000 to the SHARE Outreach Inc. to help provide home heating fuel assistance to area families in need. The credit union also awarded a community outreach grant to the Currier Museum Art Center (Inti Academy) which created a four-week art program in January, ArtWorks! In Schools, which serves a diverse population of students in an after-school capacity.

Triangle Credit Union staff supported local charitable organizations like The Front Door by adopting a child or family to assist in providing gifts of clothing and toys. The credit union staff also participated in the Salvation Army’s Bell Ringers and Angel Tree endeavors. In November, the credit union donated more than 2,100 items to the following food banks: Corpus Christi and Nashua Soup Kitchen in Nashua; Food Bank in Manchester; SHARE Outreach in Milford; and the Salvation Army in Derry.

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RHODE ISLAND People’s Credit Union had an active holiday season and made several donations, including Wal-Mart gift cards to the Women’s Domestic Violence Resource Center of South County and collected gifts as part of the Salvation Army’s Angel Tree Program.

Wave Federal Credit Union participated in Operation Holiday Cheer a program that helps citizens brighten the holidays for service people and their families by donating more than $1,000 of supplies from the 2014 Troops’ Wish List.

Westerly Community Credit Union participated in dress-down days throughout the year and donated more than $7,500 to local charitable organizations including The Supper Table, Ocean Community YMCA, Westerly and South County Relay for Life, American Heart Association, Mini’s Making a Difference, The Chorus of Westerly, American Cancer Society, March of Dimes, American Diabetes Association, Food Allergy Research and Education, National Multiple Sclerosis Society, Wounded Warrior Project, and many more.

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spring.2015 | centerpoint | 19

C R E D I T U N I O N P EO P L E In Memoriam: Charles J. Anastasia and Paul Coughlan Charles J. Anastasia, one of the founders and a longtime board member of RTN Federal Credit Union, Waltham, Mass., passed away Dec. 5, 2014, at the age of 94.

A retired labor relations specialist at Raytheon, Anastasia served many roles on the RTN board of directors and was first vice chairman for many years. In 2013, he was named director Charles J. Anastasia emeritus in recognition of more than 50 years of exemplary service on behalf of the credit union.

“Charles truly embodied the credit union spirit of people helping people. He was instrumental in creating a culture of service and respect for our members that prevails today,” said Richard Wright, RTN treasurer and CEO.

Freedom Credit Union Director Paul E. Coughlan passed away Jan. 7. Paul and his wife Mary were residents of Pittsfield, Mass. He was a business agent of the local IBEW 2324 of New England Telephone Company for many years and retired in the 1980s. Coughlan served Freedom Credit Union (formerly Western Massachusetts Telephone Workers Credit Paul Coughlan Union) for more than 30 years. He served as chairman of the board from 1996–1998, and retired from the board in 2011.

The board and staff of the Association extend their sincerest condolences to the Anastasia and Coughlan families.

Navigant Credit Union CEO Elected to CUNA Board of Directors

Southbridge Credit Union’s Alvarado Receives Business Advocate of the Year Award

Gary Furtado, president and CEO of Navigant Credit Union headquartered in Smithfield, R.I., has been elected to serve as a member of the CUNA board of directors. His term began March 9, 2015, immediately following the adjournment of CUNA’s Annual General Meeting and will run through 2018. “Gary will be a valuable addition Gary Furtado to this board,” said Cooperative Credit Union Association President Paul Gentile. He has a great deal of experience in our industry. He also has a keen understanding of the issues that credit unions face as well as the strategies that can help credit unions succeed.”

Yolanda Alvarado, main office branch manager for Southbridge Credit Union in Southbridge, Mass., recently received the ASPIRA 2014 Business Advocate of the Year Award.

Alvarado has been with Southbridge Credit Union for over 20 years and volunteers for many community events and organizations. She serves Yolanda Alvarado on the board of the United Way of Southbridge, Sturbridge & Charlton, is chairperson of Silent Auction Committee for the Festival of Giving Trees, and serves on the advisory committee for ASPIRA. Alvarado has been a great supporter of ASPIRA for the last four years working with the Events and Fundraiser Sub-Committee.

Southbridge Credit Union and ASPIRA share a mission to provide education to youth in order to nurture their leadership skills and intellectual potential. The ASPIRA organization is the only national Hispanic organization dedicated exclusively to developing the educational and leadership capacity of Hispanic youth. ASPIRA has been working at the grass-roots level to provide programs that encourage Hispanic students to stay in school, succeed in the educational arena, and serve their communities.

Southbridge Credit Union is a proud supporter of ASPIRA and has been able to provide ASPIRA with over $4,000 in donations and promotional items for different events held throughout the community.

Hanscom Federal Credit Union’s Marotta Receives NACUC Award Hanscom Federal Credit Union Chairman Paul Marotta was honored as the 2014 National Association of Credit Union Chairmen’s (NACUC) Gene Ball Award winner at the Annual Chairmen’s Roundtable Forum. The award, named after the late Eugene Ball, past Paul Marotta (left) accepts the Gene Ball chairman of both Pentagon Award from Pete Weldon, director, NACUC. Federal Credit Union and NACUC, recognizes outstanding leaders in the credit union movement.

Marotta has been a Hanscom Federal Credit Union volunteer since 1979, serving the credit union as chairman for the last 21 years. During that time, the credit union has grown from $140 million in assets, four branches, and 15,000 members to $1.1 billion in assets, 17 branches, and 56,000 members. He was instrumental in establishing the Hanscom FCU Charitable Foundation, Inc. and the Hanscom Insurance Agency CUSO. Marotta has served for the past 12 years on the Massachusetts Social Responsibility Committee, and is an avid supporter of Children’s Hospital of Boston and the Massachusetts Coalition for the Homeless.

20 | centerpoint | spring.2015

Triangle Credit Union Announces Promotions

Back row: John Ziemba, senior vice president of commercial lending (left), and Dick Lavoie, senior vice president of marketing. Front row: Clay Rush, senior vice president of human resources (left), and Pam Ford, senior vice president of lending.

Triangle Credit Union, headquartered in Nashua, N.H., announced the promotion of four vice presidents to the position of senior vice president. Pam Ford has been promoted to senior vice president of lending. Richard “Dick” Lavoie has been promoted

to senior vice president of marketing. Clayton “Clay” Rush Jr. has been promoted to senior vice president of human resources. John Ziemba has been promoted to senior vice president of commercial lending.

tionship manager, and in 2013 she was recognized as a Credit Union Rising Star by the Massachusetts Credit Union League.

Leominster Credit Union Announces Promotions

Hanscom Federal Credit Union Announces Appointments Hanscom Federal Credit Union, headquartered at Hanscom AFB, Mass., announced the appointments of MaryJo Kurtz as director of communications and Maria Porto as assistant vice president of partner relations.

Kurtz brings extensive experience across every media platform. Active across broadcast, print, and online media, Kurtz is an award-winning writer who MaryJo Kurtz has published articles in more than 100 outlets. A former television news reporter and anchor, Kurtz also pioneered the video age as one of the original VJ hosts on Boston’s music video channel, V66.

Porto and her team have built a foundation of trust in the community by providing consistently exceptional customer service and participation in varied events, including benefit and health fairs, Maria Porto appreciation days, Military Saves, Public Service Recognition, and Lunch and Learn seminars. In her two-plus decades as a credit union professional, Porto has also served as a loan officer and rela-

Mychelle Phillips

Lydia Vazquez-Long

Joyce Cutler

Leominster Credit Union, headquartered in Leominster, Mass., recently announced the promotion of Mychelle Phillips, Lydia Vazquez-Long, and Joyce Cutler.

Mychelle Phillips was promoted to vice president of operations. Phillips joined the credit union in 2003 and has more than 30 years in the financial services industry.

Lydia Vazquez-Long was promoted to assistant vice president of residential lending and fair lending compliance. Vazquez-Long has been with the credit union since 2013. She has extensive knowledge and expertise in regards to fair lending, compliance, FNMA guidelines, and underwriting.

Joyce Cutler was promoted to assistant vice president and is manager of the West Boylston Street branch. Cutler has been with the credit union since 2008 where she began her career with LCU as a member service representative and was later promoted to senior member service representative.

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C R E D I T U N I O N C A L E N DA R SPECIAL EVENTS Great New England Credit Union Show April 29.......................................... Holiday Inn, Boxborough, MA 47th Special Olympics Rhode Island Summer Games May 29................University of Rhode Island, North Kingstown, RI Richard Mahoney Charity Golf Tournament June 11............................ Candia Woods Golf Links, Candia, NH Credit Unions of Rhode Island Charity Golf Tournament July 20........................... Crestwood Country Club, Rehoboth, MA Massachusetts Charity Golf Tournament August 12............... Juniper Hills Golf Course, Northborough, MA

CONFERENCES AND CONVENTIONS CU Accelerate 2015 April 24 - 26............................. Chatham Bars Inn, Chatham, MA Cooperative Credit Union Association Annual Meeting and Convention October 21-23................................Mohegan Sun, Uncasville, CT

SEMINARS AND SCHOOLS Risk-Based Comment Letter Workshop March 26...........................People’s Credit Union, Middletown, RI Rick-Based Comment Letter Workshop March 31.......................Holy Rosary Credit Union, Rochester, NH Open Forum Discussion with CUNA CEO Jim Nussle April 6....................................... Crowne Plaza Hotel, Warwick, RI Account Administration April 14................................................. CCUA, Marlborough, MA Exceptional Leadership – Part 1 May 5................................................... CCUA, Marlborough, MA Developing Great Managers May 7................................................... CCUA, Marlborough, MA BSA Update May 19...................................White’s of Westport, Westport, MA Developing Great Managers May 20................................................. CCUA, Marlborough, MA Credit Union Boot Camp May 27................................................. CCUA, Marlborough, MA Supervisory Skills June 4.................................................. CCUA, Marlborough, MA Exceptional Leadership – Part II June 9.................................................. CCUA, Marlborough, MA Credit Union Boot Camp July 15.............America’s Credit Union Museum, Manchester, NH Credit Union Boot Camp September 16....................................... CCUA, Marlborough, MA BSA Update September 22.....................................Angelica’s, Middleton, MA Consumer Lending Basics September 24....................................... CCUA, Marlborough, MA IRA Essentials October 6.............................................. CCUA, Marlborough, MA IRA Advanced October 7.............................................. CCUA, Marlborough, MA BSA Update November 17........................................ CCUA, Marlborough, MA Credit Union Boot Camp November 18........................................ CCUA, Marlborough, MA Bankruptcy & Collections December 9.......................................... CCUA, Marlborough, MA Bankruptcy & Collections December 10........................................ CCUA, Marlborough, MA

NETWORKS Compliance Network Compliance Network Meetings Sponsored by: Macpage June 3.................................................. CCUA, Marlborough, MA September 2......................................... CCUA, Marlborough, MA November 4.......................................... CCUA, Marlborough, MA

Finance Network May 12................................................. CCUA, Marlborough, MA September 15....................................... CCUA, Marlborough, MA

22 | centerpoint | spring.2015

NETWORKS Financial Education Network

Revised Escrow Rules Effective August 1, 2015 May 6

September 29....................................... CCUA, Marlborough, MA

IRA Series: IRA Death Distributions: Beneficiary Options & Tax Consequences May 12

HR Network June 18................................................ CCUA, Marlborough, MA October 8.............................................. CCUA, Marlborough, MA December 3.......................................... CCUA, Marlborough, MA

Lending Network Lending Network Meetings Sponsored by: CU Direct May 13................................................. CCUA, Marlborough, MA September 23....................................... CCUA, Marlborough, MA

Marketing & Business Development Network

Duties of the Board Secretary: Fundamentals, Best Practices & E-Package Delivery May 13 Home Equity, HELOC & Second Lien Risk Management, Including Maturing HELOC Guidance May 14 HR Series: You’re the New HR Officer, Now What?

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June 11................................................ CCUA, Marlborough, MA October 29............................................ CCUA, Marlborough, MA

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Small Credit Union Network

Wire Transfer Compliance: Who is Liable?

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April 21................................................. CCUA, Marlborough, MA October 27............................................ CCUA, Marlborough, MA

Training Network April 22................................................. CCUA, Marlborough, MA October 15............................................ CCUA, Marlborough, MA

Voluteer Network April 23......................................... Romaines, Northborough, MA

Young Professionals Network

Testing Loan Audit Procedures for Integrated Disclosure Compliance Before the August 1, 2015 Deadline May 26 The ALLL in Troubled Debt Restructuring: Identifying & Accounting for Impaired Loans May 28 Introduction to Call Reporting June 2

April 7................................................... CCUA, Marlborough, MA September 1......................................... CCUA, Marlborough, MA

Collection Call Techniques: Compliant Telephone Scripts & Responses June 3

CHAPTER MEETINGS Central Mass Chapter

Commercial Loan Application Danger Zones June 4

May 13................... Wachusett Country Club, West Boylston, MA

Pioneer Valley Chapter April 14.................................................. Log Cabin, Holyoke, MA

Southern Mass. Chapter Legislators’ Night April 22 ...................................... Cove Restaurant, Fall River, MA May 20.............................................Stone Forge, Raynham, MA

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