Must Reads

TECHNOLOGY

Lending Platform Offers Control Enhanced security and the ability to change lending rules without vendor intervention are two significant features the Islandia, N.Y.-based Teledata Communications Inc.’s new loan origination and decisioning technology platform offers to credit union clients.

DecisionLender 4.0 enables credit unions and other financial institutions to configure lending parameters, rule results, permission and authority-based workflows, exception detection and tracking, reports and other functions to suit their specific business practices, the company said. In addition, DecisionLender 4.0 offers security and compliance features.

TCI’s technology automates loan origination processes for both direct and indirect lenders, and supports loans for a variety of consumer products, including autos, power sports equipment, furniture, appliances and other lifestyle-enhancing goods.

“Today’s banks, credit unions and finance companies face enormous pressure to generate loans in a fast, efficient, yet responsible manner,” William Nass, founder and president for TCI, said. “DecisionLender version 4.0 has been specifically developed to give lenders the control and management tools they need to originate a wide variety of loans. Just as important, our customers can be confident that DecisionLender provides Y14

FOCUSREPORT: INTERNAL

FRAUD

Credit unions’ biggest threats often lurk inside their own doors. In this Focus Report, learn the best steps for preventing internal fraud – and how to effectively respond if it occurs. Y8

GOVERNANCE

Diversity Key to a Strong CU Board

everal attorneys, consultants and executives from outside the credit union industry reported that diverse boards of directors who bring a wide variety of skills and experience to their roles are most beneficial to organizations – and urged credit unions to use more care when choosing and training their board members.

Sean-Michael Green, a non-
practicing lawyer and associate
vice president for graduate enroll-
ment and marketing at the Uni-
versity of New Haven in New Ha-
ven, Conn., stressed that boards
should focus on recruiting the tal-
ent they need. Green has served
on several non-profit boards
himself.

“I’ve seen boards where 90% of the members were attorneys,” Green explained. “No one should need that many lawyers.

Most boards benefit from experts in finance, law, marketing, HR and other niche fields. The board needs to assess its strengths and seek people who will fill their competency

The Rundown

Y Experts recommend recruiting board members based on skill and experience.

Y Communicating expectations with new board members is key.

Y Decipher what motivates board members to keep them active and engaged.

Y15

DAVID MORRISON dmorrison@cutimes.com

Green

Credit Card Programs

Now is the time to start one or optimize your portfolio. Y12

Incubating Startups

DCU launches a fintech industry mentorship program. Y6

Compliance
Burdens
Weigh on
Small CUs
ELIZABETH PEACE
epeace@cutimes.com

WASHINGTON – Handling overregulation is right up there on many credit unions’ top concern lists alongside attracting younger members and competing with large payment companies – and it was a hot discussion topic at this month’s America’s Credit Union Conference and World Credit Union Conference in Denver.

“We’re just overregulated… something fierce, in my opinion,” Mike Williams, president/CEO of the $131 million Colorado Credit Union in Littleton, Colo., said at the conference.

According to NAFCU, complying with new regulations that have emerged in the last five years has reduced the industry by 17%. NAF-NAFCU said many of its concerns stemming from credit unions being under the CF- Y16 REGULATION