|Clockwise: Nader Moghaddam, CEO of Financial Partners CU and Chairman of the National Credit Union Roundtable; Joe Brancucci, CEO of GTE Financial; Eli Mohamad, CEO of Walkmore; and George Hofheimer, Chief Research and Innovation Officer for Filene Research Institute|
WHAT 'JUMIYA' COULD MEAN FOR CUs
updated 04/02/14 12:14 PM
Leaders Discuss Opportunities, Next Steps
In what could be a revolutionary business model for California, Nevada, and elsewhere, a Florida-based credit union is putting into practice some solid tangibles coming out of a recent discovery: The healthier your members, the better their financial outlook—and the greater opportunity for building exceptional relationships.
“We have a lot of retirees in Florida, but we also have a very young, fit population as well,” said Joe Brancucci, CEO of Tampa Bay-headquartered GTE FCU, which re-branded itself as GTE Financial in 2012. “In California you have similar positives. People want to be fit and healthy, especially baby boomers. There’s a whole culture around it.”
In January, GTE Financial implemented a pilot project that was originally conceived by Singularity University researchers and tested with credit unions in Texas, Washington, Iowa, and Canada. The team was commissioned by the National Credit Union Roundtable (NCUR) in 2012 to help develop a forward-looking roadmap for increasing credit unions’ value to society. Filene Research Institute in Madison, WI, managed the project, named “Jumiya,” which means “union” in Swahili.
Funded by six California credit unions—and 41 others across the nation, as well as five state credit union leagues—the study’s results show that when individuals are healthier, they’re less likely to slide into delinquency, default, or bankruptcy.
“This could be attractive for a number of credit unions, but it would probably have to fit within a credit union’s overall alignment and strategy,” said Nader Moghaddam, CEO of Financial Partners CU and chairman of NCUR, a group of the largest U.S. credit unions that spearheaded the project’s inception. “At our credit union, we’re certainly exploring possible implementation.”
He said a national announcement with specifics on how credit unions can apply the Jumiya concept is coming sometime in 2014.
Keeping financial difficulties at bay is where the heart of GTE Financial’s “Get Fit” program comes into play. Members can use a smartphone app to track how much they walk every day, merging the results into their account online. They can redeem “steps” for rewards, so more steps equal more incentives, such as special coupons to local businesses or cash.
“In January and February, our members logged 78.7 million steps, or about 39,350 miles,” Brancucci said. “We’re also trying to attract a younger set of members with this. So far, they think it’s the coolest thing since sliced bread.”
Although “Get Fit” was created to add value to current members, the program is attracting new members almost daily.
As of March, GTE Financial was the only credit union in the country officially rolling out a customized version for its members with the help of Walkmore, a company headquartered at NASA Research Park near Mountain View, CA, and located on the same campus as Singularity University.
To read the full story and gain a deeper look at what “Jumiya” revealed to credit unions, click here!
The Foundation Celebrates 35 Years updated
10/07/15 11:15 AM
Launches Donation Campaign
The National Credit Union Foundation (the Foundation), the primary national philanthropic program provider, fundraiser, and grant-maker for America’s nearly 7,000 credit unions, celebrates its 35th anniversary this month of October.
COMPLIANCE ROUNDUP: ALERTS, GUIDANCE updated
10/06/15 09:09 AM
Plus, Flood Insurance Webinar
Federal credit unions can continue to make payday alternative loans (PALs) under changes to the Military Lending Act (MLA), which became effective Thursday, according to the Credit Union National Association (CUNA).
VISIT FROM THE DOMINICAN REPUBLIC updated
10/06/15 03:21 PM
Delegates visit California
As reported earlier this week in the California and Nevada Credit Union Leagues’ Advocacy Blog, a WOCCU delegation from the Dominican Republic visited the League to learn about best practices for running an advocacy program.
3 WAYS TO SUPPORT LOCAL CMN KIDS updated
10/05/15 03:26 PM
Events on CU Day, and at 'REACH'
In the coming weeks, there will be three ways to support your local Children’s Miracle Network Hospitals. First up is Shop for Miracles on Oct. 15. That will be followed by a couple of events at the California and Nevada Credit Union Leagues’ REACH Conference in November in Palm Desert.
PAY TRIBUTE TO THOSE WE HAVE LOST updated
09/30/15 10:41 AM
During REACH 2015, the California and Nevada Credit Union Leagues will once again take a moment to honor and remember credit union leaders who had a significant impact on their credit union or credit union organization and passed away in the last year.
2016 'GAC' ROOM BLOCK OPENS updated
09/29/15 08:48 AM
CUNA-League Event: Feb. 22-25
The Credit Union National Association’s (CUNA) 2016 Governmental Affairs Conference (GAC) room block has officially opened, which means those who plan on attending can reserve their lodging early.
‘RBC STOP-STUDY ACT’ TO BE REVIEWED updated
09/29/15 08:17 AM
Committee Hearing This Week
Tomorrow, the House Financial Services Committee will review H.R. 2769, the Risk Based Capital Stop and Study Act—a bill that would halt the National Credit Union Administration’s (NCUA) risk-based capital proposal until further study is assessed.
NV REP. TITUS SENDS SUPPORT LETTER updated
09/25/15 09:41 AM
Member Business Lending Rule
As reported earlier today in the California and Nevada Credit Union Leagues’ Advocacy Blog, members of Congress from the California and Nevada Congressional Delegation continue to show their support for credit unions. This morning, Rep. Dina Titus (D-Las Vegas) submitted a support letter to the NCUA for their proposed revisions to the member-business lending (MBL) regulation. Titus joins 8 other Members of Congress from our two states who have responded favorably to MBL rule.
CALIFORNIA LEGISLATURE ADJOURNS updated
09/22/15 10:31 AM
Recap of CU Accomplishments
The California Credit Union League reported a successful year for credit unions as the California Legislature adjourns for the 2015 legislative session. The League advanced data security legislation, helped defeat two high-profile bills that would’ve been detrimental to credit unions, and garnered several other legislative accomplishments during the past year.
RISK-BASED CAPITAL 2 updated
09/18/15 11:09 AM
Rep. Vargas Leads New Comments
As recently reported in the California and Nevada Credit Union Leagues’ Advocacy Blog, last week on Capitol Hill, Rep. Juan Vargas (D-Chula Vista) led 11 of his colleagues from California and Nevada in sending a letter to the NCUA raising on-going concerns with the agency's risk- based capital (2) proposal. The Vargas letter was initiated by a request from the CA & NV Leagues and was advocated as a top priority during the Leagues' Hike the Hill to Washington, D.C. last week.
NCUA Redefines Small CUs updated
09/18/15 10:17 am
Threshold Raised to $100MM in Assets
The NCUA Board voted unanimously in favor of four supervisory actions Thursday, including one that will change the definition of “small entity” in the Regulatory Flexibility Act from credit unions with less than $50 million in assets to credit unions with less than $100 million in assets.
At its open board meeting, the agency first approved the expansion of the community charter for the $342 million Charlotte Metro Federal Credit Union in Charlotte, N.C., to include 10 counties in the Charlotte metro area. The credit union previously served Mecklenburg County only.
CONGRESSIONAL SUPPORT OF MBL GROWS updated
09/17/15 08:46 AM
Increased CA/NV Backing of H.R. 1188
As reported earlier today in the California and Nevada Credit Union Leagues’ Advocacy Blog, the California and Nevada delegations have made big gains in terms of support for H.R. 1188, legislation to raise the member business lending cap.
NEW WCMS TRUSTEES updated
09/17/15 02:52 PM
Janclaes, Rivera Joining Board
Partners FCU President and CEO John Janclaes and SkyOne FCU President and CEO Eileen Rivera will be joining the Western CUNA Management School (WCMS) Board of Trustees.
CU LEADERS MEET WITH ASM. BILL DODD updated
09/16/15 09:28 AM
Address Current/Upcoming Legislation
As recently reported in the California and Nevada Credit Union Leagues’ Advocacy Blog, Travis Credit Union hosted a gathering with Assemblyman Bill Dodd (D-Napa) the team at Travis educated Asm. Dodd on their suite of financial literacy and community empowerment programs to help all including the underserved. The group also addressed current and upcoming legislative issues impacting credit unions including data security, EMV implementation, PACE lending reform, and state charter enhancements.
'HIKE THE HILL' MAKES IMPACT FOR CUs updated
09/15/15 12:12 PM
Plus, CU T-Shirt PAC Fundraiser
Last week credit unions from California and Nevada "hiked the hill" in the halls of Congress, advocating for regulatory relief, support of the National Credit Union Administration’s (NCUA) member business lending rule, and other important items.
REGS DISCUSSED AT NCUA, CFPB MEETING updated
09/15/15 01:31 PM
Officials Listen to CU Leaders
The second day of last week’s “Hike the Hill” event in Washington, D.C. was devoted to regulatory issues, where credit union leaders met with representatives from the National Credit Union Administration (NCUA) and Consumer Financial Protection Bureau (CFPB).
CUs GO CASUAL FOR KIDS updated
09/14/15 12:58 PM
Miracle Jeans Day Nets Money for CMN
On Sept. 9, staff at credit union branches throughout California and Nevada traded in their normal work attire for jeans—and raise money for Children’s Miracle Network Hospitals. It was all part of Miracle Jeans Day—a day set aside to go casual for kids.
CUs ACTIVATE FIRE RELIEF FUNDS updated
09/14/15 12:22 PM
Monies to Help California Victims
Several fire relief funds administered by credit unions, the California Credit Union League, and other organizations have been created to help communities ravaged by the Valley Fire in Middletown, CA (90 miles north of San Francisco) and other fires in Northern California.
LEGAL FIGHT ON CAs SURCHARGE BAN updated
09/14/15 11:14 AM
Credit Unions Represented
As recently reported in the California and Nevada Credit Union Leagues’ Advocacy Blog, last week CUNA filed an amicus brief in support of California Attorney General Kamala Harris’ defense of the CA law prohibiting merchants from imposing a surcharge on consumers who chose to use a credit card in lieu of payment by cash, check or similar means.
CALIFORNIA LEGISLATURE ADJOURNED updated
09/14/15 10:16 AM
Session Ends with Passage of Resolution AJR 25
As recently reported in the California and Nevada Credit Union Leagues’ Advocacy Blog, both houses of the California legislature adjourned their regular session for the year on Saturday, September 12. The Senate and the Assembly are gone until January unless they decide to convene for a special extraordinary session to meet on healthcare and transportation funding.
SOCIAL MEDIA PLAN = LOAN GROWTH updated
09/11/15 12:09 PM
Contribute To The Bottom Line
Explore a proven social media plan that has been used by credit unions nationwide to significantly grow their loan portfolios and contribute to the bottom line.
MBL RULE MATZ RESPONDS TO CONGRESS updated
09/11/15 11:33 AM
NCUA Chair Sends Response Letters
As recently reported in the California and Nevada Credit Union Leagues’ Advocacy Blog, Debbie Matz, Chair of the National Credit Union Administration has begun sending replies to the 8 Representatives of the California Congressional Delegation who wrote letters in support for the proposed member-business lending rule.
GET READY TO CRASH THE GAC 2016 updated
09/10/15 12:31 PM
Application Deadline October 31
Represent your credit union and the California and Nevada Credit Union Leagues at Crash the GAC 2016. The Cooperative Trust, in partnership with Credit Union National Association (CUNA), is now accepting applications for Crash the GAC 2016. Those interested in the program—which provides scholarships for up-and-coming credit union professionals to attend the CUNA Governmental Affairs Conference—must submit their applications by October 31, 2015. New this year, applicants will be required to submit a 60 second video instead of an essay.
LEAGUE DEFEATS BANKRUPTCY BILL updated
09/10/15 08:59 AM
Harmful Bill Thwarted
As recently reported in the California and Nevada Credit Union Leagues’ Advocacy Blog, the League's advocacy team defeated SB 308 (Wieckowski D-Fremont) which would have dramatically increased the amount of assets a debtor could shield through bankruptcy leaving credit unions and their members holding the bag. The bill received only 21 votes on the Assembly floor vote—20 votes short of what the bill needed for passage. The League's advocacy team will continue to monitor this and other legislation through the last day of this year's legislative session on September 11th.