Association CEO Receives Industry Accolades

 

Mountain West Credit Union Association CEO
Receives Two Prestigious Credit Union Industry Accolades

MEDIA CONTACT:
Joy Audet
602-371-2203
jaudet@mwcua.com

   
DENVER – (March 28, 2012) –Scott Earl, President/CEO of Mountain West Credit Union Association, was
recently honored by two leading credit union organizations for his commitment and leadership to the industry.  The Credit Union House, a Washington D.C. meeting place for credit union advocates from throughout the United States, inducted Earl into its illustrious Hall of Leaders.

Currently there are 55 members from 27 different states in the Hall of Leaders, all of whom have pioneered efforts of the credit union movement at the local, state, and national levels.

In addition, Earl was also awarded the Eugene H. Farley League Leadership Award by the Association of Credit Union Leagues (AACUL) at the 2012 Credit Union National Association (CUNA) Governmental Affairs Conference. The award is given to individuals who have positively advanced the credit union movement by producing superior organizational and financial results, demonstrating visionary leadership at the state level, developing services and programs from member credit unions, focusing on cooperation within the credit union system and displaying personal values of commitment to purpose, service to others and integrity.

“Mr. Earl has a comprehensive grasp of what a league CEO’s core values should be and can transfer those values to the credit union community,” said Wendell Lyons, AACUL’s First Vice Chair and Chairmen of the Eugene H. Farley League Leadership Award.

For the past 30 years, Earl has been passionate about furthering the credit union movement. His tireless commitment is demonstrated by his service to various organizations. Earl maintains a presence in Washington, currently serving as the Chairman of AACUL’s State Issues Advocacy Committee and the Treasurer of the CUNA Strategic Services board. He has also served on the board of US Central Credit Union, was a past chairman of AACUL and served as a trustee for Western CUNA Management School. On July 1, 2011 Earl was named President/CEO of the Mountain West Credit Union Association, bringing together credit unions in Arizona, Colorado and Wyoming.

About the Mountain West Credit Union Association
The Mountain West Credit Union Association is the regional tri-state trade association representing 154 member credit unions, 3.2 million credit union members and $29 billion in assets throughout Arizona, Colorado, and Wyoming.  Not-for-profit in nature, credit unions provide low cost financial services to their members. Founded in 2011, the Mountain West Credit Union Association serves and supports member credit unions through advocacy, communications, community outreach, education & training, operations, public affairs and regulatory & compliance services. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU), and CUNA Mutual Group.

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Indirect Lender of the Year

Media Contact:
Joy Audet
602.688.4569

Hughes Federal Credit Union Awarded for Indirect Auto Loans

(Tucson) – March 1 – On Tuesday February 28, 2012, Hughes Federal Credit Union in Tucson, AZ was presented with Mountain West Credit Union Association’s 8th annual Indirect Lender of the Year Award for 2011.  The award is given to a participating credit union that shows both great progress in the application of their Indirect program as well as substantial and measurable improvements showing the increase in their numbers.

Hughes Federal Credit Union provided 8063 auto loans for a total of $173,413,578 through the Indirect Lending program in 2011, a 345% increase from 2010, setting an Indirect Lending, Credit Union Advantage record.  The credit union’s membership grew by an additional 14.11% in 2011, 7.98% (6933) of which were by providing Indirect auto loans.

Dixie Hill, VP of Credit Union Advantage, the Indirect Lending arm of the Mountain West Credit Union Association said “Their record is impressive and shows dedication to member service.”

Hughes Federal Credit Union has received the Indirect Lender of the Year Award twice.
Congratulations to Hughes Federal Credit Union and their Indirect Lending Staff.

About the Mountain West Credit Union Association
The Mountain West Credit Union Association is the regional tri-state trade association representing 154 member credit unions, 3.2 million credit union members and $29 billion in assets throughout Arizona, Colorado, and Wyoming.  Not-for-profit in nature, credit unions provide low cost financial services to their members.  Founded in 2011, the Mountain West Credit Union Association serves and supports member credit unions through advocacy, communications, community outreach, education & training, operations, public affairs and regulatory & compliance services. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU), and CUNA Mutual Group.

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NeighborBench

Media Contact:
Joy Audet
602.688.4569

NeighborBench and Mountain West Credit Union Association Partner to Help More Credit Unions Address Compliance Challenges  

February 28, 2012 – (Denver, CO, Phoenix, AZ and Rockville, MD) – NeighborBench, a provider of advanced compliance solutions for credit unions, and the Mountain West Credit Union Association, have entered into a strategic partnership offering credit unions compliance solutions.

 

Mountain West Credit Union Association has offered compliance solutions regionally since 2008 and through this new partnership is now the national primary distributor of NeighborBench’s unique compliance solution.

 

“We’re thrilled about this new partnership,” said Ken Wolff, Founder of NeighborBench. “Mountain West Credit Union Assocition is known for providing high quality compliance review services. With our solution, they will be able to significantly expand their reach and help address credit unions’ compliance needs nationally.”

 

“Managing regulatory compliance is one of the greatest challenges our credit unions are facing,” said Scott Earl, President and CEO of Mountain West Credit Union Association. “The NeighborBench solution adds a powerful automated and online element to our Compliance Solutions tool that will help credit unions address this challenge.”

 

NeighborBench’s unique compliance solution combines the latest in automated tools with experienced professionals to help reduce the primary challenges of compliance: cost, time, resource requirements, and the disruptive nature of traditional consulting firm solutions. Learn more at www.neighborbench.com.
About the Mountain West Credit Union Association
The Mountain West Credit Union Association is the regional tri-state trade association representing 154 member credit unions, 3.2 million credit union members and $29 billion in assets throughout Arizona, Colorado, and Wyoming.  Not-for-profit in nature, credit unions provide low cost financial services to their members.  Founded in 2011, the Mountain West Credit Union Association serves and supports member credit unions through advocacy, communications, community outreach, education & training, operations, public affairs and regulatory & compliance services. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU), and CUNA Mutual Group.
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Introducing: Strategic Partners

Media Contact 
Joy Audet
602.688.4569

   Mountain West Credit Union Association Introduces Strategic Partners Inc.,
a Reinvented Service Corporation

 Phoenix, AZ, Denver, CO and Casper, WY (02/14/2012)— As of January, 2012 the recently formed Mountain West Credit Union Association has leveraged their combined strength to better serve their member credit unions through the newly merged and reinvented service corporation, Strategic Partners Inc., a subsidiary of the Mountain West Credit Union Association. 

The Mountain West Credit Union Association’s board of directors voted in favor of merging the service corporations and elected a new board of directors for the organization in January of 2012.

President/CEO of Mountain West Credit Union Association, Scott Earl said, “Together we are better equipped to leverage our strength, providing our member credit unions with increased value for years to come.”

Mike Williams, Board Chairman said “Bringing our service corporations together as one unit was the appropriate next step in unifying our credit unions.” He continued; “I have great confidence in the success of the organization as a collaborative network.”

The Mountain West Credit Union Association Board of Directors includes a representative number of directors from each state the Mountain West Credit Union Association serves.

Chairman
Mike Williams, President/CEO, Colorado Credit Union

Vice-Chair
Bob Ramirez, President/CEO, Vantage West Credit Union

Members:
Larry Knopp, President/CEO, UniWyo Federal Credit Union
Nathanael Tarwasokono, President/CEO, Pima Federal Credit Union
Horacio Peralta, President/CEO, B.C.S. Community Credit Union
Rainy Thoen, President/CEO, Community Choice Credit Union
Sandy Neves, President/CEO, Fitzsimons Federal Credit Union
Jim Barber, President/CEO,  Minnequa Works Credit Union
Jay Curtis, President/CEO, First Credit Union

 
About the Mountain West Credit Union Association
The Mountain West Credit Union Association is the regional tri-state trade association representing 154 member credit unions, 3.2 million credit union members and $29 billion in assets throughout Arizona, Colorado, and Wyoming.  Not-for-profit in nature, credit unions provide low cost financial services to their members.  Founded in 2011, the Mountain West Credit Union Association serves and supports member credit unions through advocacy, communications, community outreach, education & training, operations, public affairs and regulatory & compliance services. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU), and CUNA Mutual Group. 
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CU4Kids 2012 Kick off Breakfast

Media Contact
Joy Audet
602.688.4569

  Children’s Miracle Network kicked off 2012 with Credit Unions for Kids at Phoenix Children’s Hospital with One Darn Cool School.

 
Phoenix, AZ (02/09/2012) – Phoenix Children’s Hospital (PCH) hosted a breakfast for Arizona’s credit unions on February 8, 2012 to kick off 2012 and honor the support that credit unions have shown throughout 2011 and in years past.

Phoenix Children’s Hospital presented awards to the top five fundraising credit unions and another to the credit union with the highest increase in fundraising.  Desert Schools Federal Credit Union raised an impressive $329,280.  Followed by Arizona Central Credit Union at $26,577, TruWest Credit Union with $25,000, followed by First Credit Union with $8,550 and Mountain West Credit Union Association with $8,000.
 
Funds raised by Phoenix credit unions support One Darn Cool School, an accredited K-12 school located within Phoenix Children’s Hospital and available to all PCH patients from admittance through school reentry and more.

Arizona’s credit unions raised a total of $429,000 in 2011 and have raised more than $4 million since 1994 through Credit Unions for Kids for Children’s Miracle Network, supporting both Phoenix Children’s Hospital and Tucson Medical Center.
Photos from the event can be viewed on Facebook.
About the Mountain West Credit Union Association
The Mountain West Credit Union Association is the regional tri-state trade association representing 154 member credit unions, 3.2 million credit union members and $29 billion in assets throughout Arizona, Colorado, and Wyoming.  Not-for-profit in nature, credit unions provide low cost financial services to their members.  Founded in 2011, the Mountain West Credit Union Association serves and supports member credit unions through advocacy, communications, community outreach, education & training, operations, public affairs and regulatory & compliance services. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU), and CUNA Mutual Group. 
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Changes to filing CTRs and SARs under the Bank Secrecy Act

As you may be aware, on December 20, 2011, FinCEN announced that the deadline for financial institutions to require the use of FinCEN’s new electronic filing process for CTRs and SARs is extended from June 30, 2012 to March 31, 2013.
 
http://www.fincen.gov/whatsnew/html/20111220.html

Note!  This regulation is “preliminary” at this point.  There are a number of webinars beginning to be offered on this topic.  However, the revised forms and details for filing are not yet available.  Substantial action is not required by credit unions at this point!  When the relevant information is published, we will schedule a timely webinar.  Our goal is to make the most of your training dollars!  You need not attend a “preliminary” webinar and yet another webinar when the final rules and forms are issued.

You can count on Mountain West Credit Union Association to keep you informed.  Watch your email for upcoming webinars or click here to view the entire schedule.

Fair Share Is Headed Your Way

 
Each year your Credit Union Foundation of Colorado and Wyoming and The Credit Union Foundation of Arizona help advance the credit union movement by promoting credit union leadership, education, social responsibility, and supporting long-term success in our credit union community.  Now, here is an easy way to support the Credit Union Foundations and contribute to the success of our movement by including your Foundation Fair Share donation with your 2012 dues statement.

Fair Share is a modest 7 cents per member, or interested credit unions can make a donation at the Foundation Leadership level by donating 10 cents per member.  These important donations will be used to support affordable financial services, credit union development, financial education, leadership development, and education.  Additionally, your donation will be used to support Foundation initiatives in your home state.

Credit Union Leadership Institute

“Leaders for Life”   

CU Leadership Institute is an exceptional series of in-depth workshops designed to develop your next generation of leaders.  This is not your ordinary school or class. 

It  is performance based instruction which teaches the art of leadership with well-focused guided practices that encourages interactive participation and discussions.  It is the direct application of concepts shaped specifically for credit unions that makes the CU Leadership Institute unique.

Now accepting nominations.  The Wyoming Series will commence March 6-7, 2012 and the Arizona Series will begin March 13-14, 2012.  Click on the Education tab and then scroll down to Leadership Institutue for all the details. 

Regulation Z: Credit Counseling Required

Regulation Z Revisited:
Credit Counseling Required?
Provided by:
Chad M. Gentry, Executive Director
Community Credit Counseling Services


Here are a few facts about Regulation Z that you may find interesting:

 
6.5 ft – The height of the banking regulations changes from 2010 if printed on single sheets of paper and stacked vertically.
270  – The number of pages in Regulation Z Part II issued by the Federal Reserve.  (Read it here: http://edocket.access.gpo.gov/2010/pdf/2010-624.pdf)
27 – The number of pages in the summary of coming changes issued in 2009 by CUNA! (Read it here: http://www.cuna.org/download/rcc_101409.pdf)
74 –The number of times Credit Counseling is referenced throughout the regulation.

Given this information, you can start to understand why the credit union industry is feeling the pressure regarding the increased costs of the new regulatory environment.   One important measure implemented in Regulation Z is that if you offer your members credit cards (open ended lines of credit), then you are required to provide a 1-800# on card statements in order to connect card holders with at least three credit counseling resources.

How does this 1-800# translate to your credit union from a compliance and cost standpoint?

As of February 2010 your members’ credit card statements are required to provide a contact number to a minimum of three credit counseling resources. These credit counseling resources must be non-profit 501(c)(3) debt management and credit counseling agencies.  A qualified agency must:

  • Be on the Federal Trustee’s approved list,
  • Provide services in the footprint where your clients live,
  • Provide qualified and certified counselors,
  • Provide adequate provisions for safe keeping of client funds,
  • Make all services available to the public regardless of ability to pay,
  • Provide trained counselors who receive no commissions.

 

To make matters even more complicated, the 1-800# itself must fulfill additional qualifications:

  • Must provide three credit counseling options that are approved by United States Trustee,
  • Must provide websites as an access point to these credit counseling agencies,
  • Must provide counselors in the foot print where the member is located,
  • Must provide a resource in at least one language other than English.

Many credit unions attempt to fulfill these requirements by offering the phone number to their own customer service department where they have trained credit union staff filter calls and provide resources for credit counseling.  Unfortunately, while this may be cost effective in the short term, it is NOT in compliance with the guidelines. 

The following non-profit credit counseling services are offered to Mountain West Credit Union Association Members:

  • Community Credit Counseling Services is offering there service to Association members throughout Colorado.   Contact Chad M. Gentry at 303.233.2773 for more information.
    www.community-credit.org
  • Take Charge America is a resource available through REAL Solutions.  Contact Paul Nichols at Take Charge America at (623) 266-6286 for more information.  www.takechargeamerica.org

  • GreenPath Debt Solutions is a credit counseling service available through CUNA Strategic Services.  Contact partnerrelations@greenpath.com or 1.866.809.8913 for more information.  (In Wyoming was previously known as: Consumer Credit Counseling Service of Northern Colorado and Southeast Wyoming)  www.greenpath.com