CUNA Mutual Group
- Possible Recession No Threat to Well-Performing Credit Unions
An ongoing soft housing market rocked by the aftershocks of sub-prime lending, coupled with continually rising energy prices add up to an economy teetering on the edge of recession. But even though economic growth has slowed considerably, credit unions on solid financial footing shouldn’t fear a downturn, according to Dave Colby, chief economist for CUNA Mutual Group. But the risks remain, with an economic curve weighted heavily on the downside, suggesting that credit unions – and everyone else, for that matter - proceed with caution.
- CUNA Mutual Convenes a Council
Small credit unions are renowned for banding together to help one another. CUNA Mutual tapped into that strength by convening a council of 12 leaders of small and midsized credit unions to share ideas and guide the company’s new approach to serving their market.
- Boost CU Employee Benefits by Introducing
One of the latest employee benefit options available to credit unions also may be among the most significant ones institutions can add to their benefit selection. In addition to offering employees more flexibility in managing their retirement savings, ensuring a higher payout when those funds ultimately are taken, recent research indicates that companies with an employee base the size of most credit unions are more willing to offer this option than other companies.
- Debt Cancellation Brings Added Benefits
Payment protection such as CUNA Mutual’s credit union-paid Loan Protection coverage has helped credit unions set themselves apart from the competition and given them a market advantage in serving members. Credit insurance in particular, whether credit union-paid or member-paid, has long been used to protect loans. In fact, payment protection products have not only supported the financial institution’s bottom line, they have protected members from financial duress when life’s circumstances made it difficult to make timely loan payments.
- LOANLINER® Provides Compliance Peace-of-Mind
Your members have a variety of lending options available to them. There is more competition for credit unions than ever before. To provide top-notch lending service to your members, you need a business partner that provides the peace-of-mind that comes with expert support. Compliance is not something you should have to worry about. Focus your valuable resources on building relationships with your members and let us handle your document compliance needs.
- Mechanical Repair Coverage Now Available Through CUNA Mutual’s MemberCONNECT™ Program
Today’s automobile buyers know the price of a good vehicle, but fewer may realize that many cars today cost the same as the amounts paid by previous generations for their homes. Despite continued calls for reduced oil consumption, automobiles are and will remain a vital part of your members’ lives, even though the costs of owning and maintaining those vehicles are rising.
- Plastic Card Fraud: Discredit Where It’s Due
For those of us in financial services, the notion of plastic card fraud is a lot like a rainstorm, an almost inevitable burden with which we have to cope and address. However, it’s been raining too hard for too long with seemingly no one doing anything to shelter us from the storm. Recent security breakdowns among major retailers have turned that increasingly heavy downpour into a potential flood of fraudulent charges, many of which will wash over credit unions and their members.
- Record Must Be Kept on File under NCUA, Lending Regulations
NCUA and other lending regulators govern the length of time loan documents and account records must be kept. Likewise, insurance regulations dictate the length of time insurance documents and transaction records must be maintained.
- Retirement Plan Fiduciaries: Do You Recognize
Class action lawsuits, “Qualified Default Investment Arrangements,” participant investment advice, and the pending wave of retiring Baby Boomers. Those are just some of the challenges facing retirement plan fiduciaries. Managing your credit union’s employee retirement plan has never been easy, but certain social factors are converging that will tax even the best-prepared fiduciary officers. CUNA Mutual wants you to be prepared for the coming challenges.
- UBIT Cause for Concern, But Not Alarm
Nothing rallies credit union concerns like taxation, and few taxation threats have been as real as the Internal Revenue Service’s Unrelated Business Income Tax activities. Better known as UBIT, this federal tax is being held out by the IRS as the basis for taxing many products offered by state-chartered credit unions that the IRS feels represent income sources unrelated to the institutions’ primary goal of promoting thrift and serving member needs. The IRS seeks to lay the groundwork for broad collection of credit union UBIT tax through issuance of Technical Advice Memoranda, or TAMS, to its field auditors that address specific activities of certain audited credit unions.
- 401K Deposits Help CU Emplooyees Prepare for the Future
Financial experts have long predicted that by the time many Americans are ready for Social Security, the funds will be exhausted. That means saving for retirement has never been as important as it is now. Yet, the savings habits of Americans of all ages have never been worse than they are now, which for many may result in the tarnishing of their golden years.