Marketplace Newsletter

IN THIS ISSUE:

GSTV Campaign in Kentucky

GAP Claims Rise: What to Watch For

It’s Never Too Early to Help your Members Spend their Tax Refund Responsibly

Electronic Signatures

CUNA, CO-OP and PSCU Partnering on Credit Union System-Wide Disaster Response

Prepaid Gift Cards are the Simplest Way to Make the Holidays Sweeter 

CUNA Mutual Group Earns No. 2 Spot on List of Most Reputable Insurance Companies by Reputation Institute

CO-OP Shared Branch Network Passes Chase, Takes No. 2 Spot among Consumer Financial Institutions

Upcoming Webinars


 

GSTV GasStationTV Logo FullColor-6        cu solutions group  NO TAG cmyk

We have some exciting news! To celebrate International Credit Union Day, we have partnered with Gas Station TV (GSTV) and CU Solutions Group (CUSG) to help you support the great credit union story, increase awareness and engage new members.

We will run commercials at all GSTV stations in Kentucky from Friday, October 13 through Thursday, October 19, 2017. The week-long promotion will be shown at 131 stations, delivering over 360K impressions!

We are eager to endorse this campaign because GSTV is a proven, effective way to reach an engaged audience. Based on a recent study, GSTV lifts key metrics for credit union products and membership. Advertisers have a captive audience at the gas station with 88 percent of that audience reporting that they enjoy watching GSTV. Research shows that GSTV delivers twice the ad recall of traditional media. GSTV has more unique viewers than Netflix and reaches more premium millennials than Snapchat. What’s more, 41 percent of GSTV viewers are millennials – that’s a 26 percent greater reach than TV.  

We’re driving credit union awareness for International Credit Union Day, but did you know you can also advertise your own credit union? Credit unions can use this unique advertising channel to enhance their current marketing efforts at any time! To learn more about the benefits of promoting your credit union on Gas Station TV, we invite you to attend a brief webinar. Upcoming available times are:

Wednesday, October 4, 2017 at 2:00 p.m. (EST) – Click here to register

Wednesday, October 11, 2017 at 4:00 p.m. (EST) – Click here to register

Request a new time or additional Information – This email address is being protected from spambots. You need JavaScript enabled to view it.

Enjoy a 30 percent reduced, preferred partner rate exclusively for credit unions from GSTV all year long! GSTV is affordable and convenient throughout the year, so please remember this wonderful advertising opportunity well after International Credit Union Day!

If you are near one of the locations, please be sure to check it out between October 13 and October 19. We will air 20-second commercials for International Credit Union Day that showcase the value of your local credit union.

Thanks for everything you do in providing the credit union difference and we hope you enjoy International Credit Union Day!

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GAP Claims Rise: What to Watch For

Guaranteed Asset Protection (GAP) provides valuable protection for credit union members by allowing them to cancel the difference between an insurance settlement and their loan balance if their vehicle is stolen or totaled in an accident.

However, a “perfect storm” of economic factors and auto trends has converged, increasing the number of total loss declarations filed and pushing GAP claims to record highs.

Some the factors contributing to this unprecedented rise in GAP claims include:

Extended loan terms: In Q1 of 2017, lenders reported record-high averages on auto loan terms: almost 69 months for new cars and 64 months for used cars1. Longer terms make payments more affordable, but they also extend the length of time borrowers must pay, leading to many owing more than their vehicle is worth. 

Higher loan amounts: With the loan-to-value ratio on the rise, many borrowers find themselves under water, longer on their loans (sometimes even for as long as they own their vehicles). In fact, in the first three quarters of 2016, a third of car buyers were still making payments on their trade-ins, with an average of $4,800 in negative equity2. Typically, lenders will add this balance to the next loan, which widens the gap between the loan principal and the value of the vehicle securing the loan.

Faster depreciation: Vehicle values have depreciated more quickly in recent years3, extending the length of time during which a borrower owes more than their car is worth. Even slight depreciation can have a big impact on GAP.

Higher repair costs: Today, cars are built to last and keep us safe. But these advances come with a price. Higher-cost features, safety mechanisms, and modular components cost thousands of dollars to repair. Minor fender-benders are a thing of the past; the likelihood that a damaged car will be considered “totaled” has risen, which in turn increases the frequency of GAP claims4.

More cars on the road and more collisions: Lower unemployment and rising consumer confidence have led consumers to purchase more vehicles. Additionally, reasonable gas prices have encouraged car owners to drive more. Unfortunately, increased traffic means more collisions, especially with drivers distracted by their smartphones and dashboard screens.

This “perfect storm” of trends is impacting GAP providers across the industry. Given the steep rise in costs, it is more important than ever for credit unions to work closely with their GAP providers to maintain their competitive advantage, while helping members protect their sizable investment whenever they head out on the road.

(View this infographic to see more information on the trends that have led to the rise in GAP claims).

Sources:

  1. Experian, State of the Automotive Finance Market, Q1, 2017.
  2. Edmunds, More Car Shoppers Are Underwater on Their Trade-Ins Than Ever Before, November, 14, 2016.
  3. Black Book, Vehicle Depreciation Report, February, 2017.
  4. CC information Services, Inc., What’s Driving Total Loss Frequency?, November, 13, 2015.

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CU MONEY SEPT 2017

It’s Never Too Early to Help your Members Spend their Tax Refund Responsibly

Yes, once again here we are – the kids have just gone back to school, the holidays haven’t even begun, and we’re talking about Tax Season?!?

It will be here sooner than you think! From the minute kids start saying “trick or treat” the holiday whirlwind begins and taxes will be the last thing on your members’ minds until those W2’s start landing in their mailboxes like old fruitcake.

Suddenly holiday cheer turns to forms, receipts, and dreaded hours sitting with accountants (no offense accountants!)  

When that time comes, you can be ready to help your members cope with the stress by offering them a great way to put that impending tax refund aside for some well-deserved enjoyment.

The CUMONEY® Everyday Spend card is the easy way for members to enjoy their refund responsibly. 

By loading all or a portion of their tax refund onto an Everyday Spend prepaid debit card, members can keep that money separate from their other accounts.  That way it’s there when they want to spend it on a specific purchase, a special occasion, or even just keep it safe for a rainy day.

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Plus the convenient CUMONEY® free mobile app lets members stay on top of their balance as well as what they’ve spent and where, 24/7.  It’s a simple, responsible way to enjoy that refund, while at the same time not spending it all at once.

To learn more about how Everyday Spend meets your members’ needs, contact Jim Feldkamp at This email address is being protected from spambots. You need JavaScript enabled to view it. or email This email address is being protected from spambots. You need JavaScript enabled to view it. .

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Electronic Signatures

eSignLive is a leading provider of electronic signatures to the financial services industry — processing more than 1 billion documents annually. The Montreal-based company has more than 20 years of experience automating regulated processes. eSignLive is a secure, easy-to-use and flexible e-signature service for credit unions of all sizes. 

HOW DO CREDIT UNIONS BENEFIT FROM THIS STRATEGIC ALLIANCE?

Under this alliance, credit unions receive a significantly reduced price on eSignLive, an on-demand electronic signature service. 

eSignLive helps credit unions offer convenient and efficient service to members while easing the compliance burden. With electronic signatures, credit unions can keep member-facing transactions completely electronic and as a result: 

  • Reduce errors in loan processing and member onboarding by eliminating missing data and signatures
  • Expand geographic reach without opening branches 
  • Eliminate delays caused by paper shipping
  • Reduce the cost and environmental impact of paper and shipping 

eSignLive is the only electronic signature provider to offer the complete range of e-signature options that matter to credit unions, including on premise solutions and cloud software-as-a-service. The flexible workflow makes it possible to e-sign anywhere, on any device – on an iPad in the branch, on a member’s smart phone, or online. eSignLive offers the strongest legal protection for credit unions through robust document security and the most comprehensive electronic evidence. CUNA STRATEGIC SERVICES

Your credit union will be able to track and reproduce the entire signing process from beginning to end, providing peace of mind for internal controls and compliance standards. eSignLive complies with Electronic Signatures in Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA). It also is a founding member of Standards and Procedures for Electronic Records and Signatures (SPeRS).

For more information, contact Jim Feldkamp at This email address is being protected from spambots. You need JavaScript enabled to view it. or Tom Lybeck, CUNA Strategic Services alliance manager at This email address is being protected from spambots. You need JavaScript enabled to view it.

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Co-Op LogoCUNA, CO-OP and PSCU Partnering on Credit Union System-Wide Disaster Response

Credit Union National Association (CUNA), CO-OP Financial Services and PSCU have collaborated on a system-wide disaster response for the credit union movement. Special toll-free numbers dedicated to helping credit union members with access and branch information as they may be displaced or their institution unavailable due to Hurricanes Harvey and Irma are now available. 

The special toll-free numbers are available in both English and Spanish:

  • (866) 564-3519
  • (844) 897-2060 (with service options for hearing impaired)

“These unprecedented natural disasters call for a unified response from organizations that service credit unions – whose mandate is always ‘people helping people,’” said Jim Nussle (CUNA), Todd Clark (CO-OP) and Chuck Fagan (PSCU), President/CEO of their respective organizations, in a combined statement.

“CO-OP and PSCU are both CUSOs, but even as competitors, the cooperatives are built and owned by credit unions and truly exist to serve credit unions. The two companies are rallying to support our industry because that's what it means to be a CUSO,” the statement continued. 

“We have all been proactively contacting clients and member institutions in the impacted areas to assess needs and determine where we can contribute. More than that, though, CUNA, CO-OP and PSCU will be working together in the long-term to help credit unions smoothly connect with their members, and members connect with their credit unions, in time of greatest need.”

Since the onslaught of Hurricane Harvey, all three organizations are also working closely with the Cornerstone Credit Union League and directly with clients in the area. 

“Over the past 10 days, we at Cornerstone CUL have been overwhelmed by the outpouring of support from our system partners,” said Caroline Willard, President/CEO of Cornerstone CUL. “The toll-free hotlines will be a tremendous resource for impacted members in the Gulf Coast. Even better, it adds to the disaster recovery capabilities for the movement moving forward. We are so grateful to CUNA, CO-OP and PSCU for their collaboration.”

CUNA, CO-OP and PSCU have all announced donations to the CUAid relief effort, which can be made at www.cuaid.coop.

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Prepaid Gift Cards are the Simplest Way to Make the Holidays Sweeter    

Holiday cheer isn't about the biggest or most presents. It's about the smiles and memories we all share together. Sometimes a small, heartfelt gift can make the whole season bright. 

This holiday season, you can help your members spread joy to all their friends and family with CUMONEY® Visa Gift Cards from LSC®.

As a gift to your credit union, when you sign up and place your card order by November 15, 2017, you'll receive up to 50 holiday-themed gift cards, including shipping, for FREE! CUNA STRATEGIC SERVICES

  • FREE start-up and no annual fees for non-branded cards
  • LSC handles all back-office operations
  • Retail price is up to you

Now is the time to make sure you have plenty of holiday gift cards on hand to help your members make the holidays a little sweeter for everyone! 

For more information, contact Jim Feldkamp at This email address is being protected from spambots. You need JavaScript enabled to view it. or Tom Lybeck at This email address is being protected from spambots. You need JavaScript enabled to view it. .

 

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CUNA Mutual Group Earns No. 2 Spot on List of Most Reputable Insurance Companies by Reputation Institute

CUNA Mutual Group has been recognized as one of the most reputable insurance companies in the United States, by Reputation Institute, with the release of the 2017 US Insurance RepTrak®, the survey of insurance company reputations. 

They ranked second overall for most reputable insurance companies and No. 1 in the life and investment category.

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Reputation Institute’s 2017 survey of insurance company reputations, scores, and rankings are based on more than ratings collected via an online questionnaire. 

They measure the general public’s perception of where companies stand on seven key rational dimensions of reputation: citizenship, governance, innovation, leadership, performance, products and services and workplace. They ranked high in all seven categories.

“Through everything we do, we always put customer needs at the forefront and empower our teams to make decisions that drive value for our credit unions and their members,” said Robert N. Trunzo, president & CEO, CUNA Mutual Group. “Being recognized as one of the most reputable insurance companies in the country is an honor, and this is a direct result of what our employees contribute every day – serving our customers and doing business with integrity.”

 

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CO-OP SHARED BRANCH SMCO-OP Shared Branch Network Passes Chase, Takes No. 2 Spot among Consumer Financial Institutions

More Than 1,800 Different Credit Unions Unite to Form Seamless and Secure Cooperative for In-branch Personal Banking

The CO-OP Shared Branch network has passed Chase in number of branch offices, making the credit union cooperative the second largest network of financial institution branches in the country.

CO-OP Shared Branch now totals 5,671 physical locations. No. 3 Chase has 5,567 branches as of July 18, according to FDIC figures. The credit union network added more than 400 branches during the past two years, when CO-OP Shared Branch surpassed Bank of America. The network is less than 500 locations away from No. 1 Wells Fargo, which has 6,150 branches.

“Shared branching is to credit union members what Uber is to passengers looking for a nearby ride,” said Todd Clark, President/CEO, CO-OP Financial Services. “It’s the best example there is of why credit unions are different than banks – they share! Around 1,800 of the 6,100 U.S. credit unions share their branches. In addition, more than 3,000 are part of our CO-OP ATM network. When you couple-in digital services, credit unions offer a financial ecosystem that is convenient, accessible and a positive force in communities.”

The shared branch network enables members to enter the branch of any participating credit union and conduct their business as if they were in their own home branch. In addition to member convenience when traveling, shared branching offers credit unions revenue streams and operational efficiencies, and a key means of retaining members who move. The resulting profitability translates to ongoing investments in member benefits by virtue of the not-for-profit structure of credit unions.

CO-OP Shared Branch is one of three networks that CO-OP offers credit unions to comprehensively provide account access to members. CO-OP ATM offers nearly 30,000 surcharge-free machines nationwide to members, a network larger than any bank. In addition, CO-OP is a credit union industry partner for Zelle, a financial institution-led digital payments network allowing members to send money to anyone with a U.S. bank or credit union account.

To find a CO-OP Shared Branch or a CO-OP ATM visit https://co-opcreditunions.org/locator; or, download the brand new CO-OP ATM and CO-OP Shared Branch mobile Locator app at Google Play and iTunes stores.

More information on CO-OP Shared Branch is available here.

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Come Learn With Us

Upcoming Webinars

Come learn with us and jump-start your success with interactive webinars featuring cutting-edge information from experienced facilitators that help you understand not only product details but how to achieve financial success, reduce your risks, and better serve your members.

10/10/2017 12:00 PM (CT)

Effective FeedForward

Do you enjoy giving or receiving feedback? Many people feel feedback is reactionary and negative. Revolutionize the way you coach by providing specific, actionable comments that are focused on enhancing future opportunities.

10/11/2017 10:00 AM (CT)

Loyal Lending Part 1

Part 1 of Loyal Lending - Dig deeper. Learn more. Don't be an order-taker. Use the credit report and consultative questions to go beyond the initial loan request and find additional opportunities to help members reach their financial goals and improve their financial well-being. Be sure to register for Part 2.*

10/12/2017 10:00 AM (CT)

Loyal Lending Part 2

Part 2 of Loyal Lending - Dig deeper. Learn more. Don't be an order-taker. User the credit report and consultative questions to go beyond the initial loan request and find additional opportunities to help members reach their financial goals and improve their financial well-being. Be sure to register for Part 1 also if you haven't already.*

10/12/2017 12:00 PM (CT)

Tough Conversations

As a coach you can often find yourself faced with a tough conversation. How you handle these conversations will ultimately impact employee performance. Implement a proven model that will both change employee behavior and maintain a good working relationship.

10/17/2017 10:00 AM, 2:00 PM (CT)

Member Focused Conversations: Guide with Confidence, Part 1

Members are looking for someone to provide them financial guidance. Even if your members are doing well right now, the unexpected can have an immediate impact on their financial well-being. Part 1 focuses on helping your member feel the impact through a Money Game as they make difficult decisions during an already tough time.

10/18/2017 1:00 PM (CT)

Grow your Lending Safely

 Most credit union growth strategies involve growing consumer, indirect, real estate, and/or business lending. In fact, your strategic plan could include all of these! Join us to better understand how you can optimize loan growth while managing risk through lending oversight and internal controls best practices.

10/18/2017 10:00 AM, 2:00 PM (CT)

Member Focused Conversations: Guide With Confidence, Part 2

Go the extra mile. Part 2 focuses on using consultative questions and a consistent process to provide your members with personalized solutions. Be committed to being your members' trusted financial consultant. If you don't take the opportunity to guide your members, they will look elsewhere for the guidance they need.*

10/19/2017 10:00 AM, 2:00 PM (CT)

Member Focused Conversations: Guide With Confidence, Part 3

Part 3 builds on what you learned about a member-focused conversation and takes it to a new level. You won't simply present benefits, you'll personalize them, helping your members to see the value and why payment protection is so important...to them!. Go the extra mile.*

10/26/2017 10:00 AM, 2:00 PM (CT)

Addressing Concerns: Close the Case

What if the member asks a question or raises a concern? Don't let this question stop you any longer from educating your members on payment protection. Confidently address four common member questions and concerns related to payment protection.*

To register for any of these webinars, please go to https://www.cunamutual.com/resource-library/webinars.  

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Kentucky Credit Union League
3615 Newburg Rd.
Louisville, KY 40218

Call: 502-459-8026 or 800-333-5285
Fax: 502-459-0189
Email: kycul@kycul.org