Trusted News for Credit Union Leaders
Credit Union Times
JULY 29, 2015 | VOL. 26 | NO. 27 | CUTIMES.COM
1990 2015
CREDIT UNION TIMES
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
Williams