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Credit Union Times
JULY 27, 2016 | VOL. 27 | NO. 25 | CUTIMES.COM
More CUs
Outsource
Mortgage
Servicing
DAVID BAUMANN
dbaumann@cutimes.com
s credit unions originate a growing number of mortgages and
mortgage lending regulations become more complex,
many cooperatives have begun
seeking outside help to service
the loans.
But doing so can sometimes
be counterproductive for credit unions, according to several
experts and two recent federal
reports.
“While outsourcing can be extremely beneficial to the credit
union and its membership, credit
unions need to choose an originator and servicer carefully as
they will be interacting with credit
union members for many years,”
Symbionce Financial Solutions
Vice President of Client Services
Joan Mahon said. Symbionce Financial Solutions is an East Hanover, N.J.-based CUSO that offers both loan origination and
servicing.
“Therefore, credit unions
should look at CUSO mortgage
service providers to ensure their
members continue to receive the
same high level of attention that
they receive at their own credit
union,” she added.
Credit unions originated
LENDING
Y15
early every city in
the U.S. has an area
plagued by poverty,
In Tallahassee, Fla., the north-
west section of the capitol city’s
historic Frenchtown is impov-
erished, but over the last sev-
eral years, churches, community
groups and social service agen-
cies have been making slow but
steady progress with a variety of
revitalization initiatives.
Until recently, however, a key
part of Frenchtown’s redevelopment had been missing. That
missing part was the need for a
traditional, community-based
financial institution to help residents get out of payday loan debt
traps and provide loans that support Frenchtown’s journey of economic recovery.
But Frenchtown recently got
more than just one financial in-
stitution – it got two credit unions.
The $456 million Envision
Credit Union and the $179 million
Florida State University Credit
Union, both based in Tallahassee,
formed a new CUSO and partnered with a local church to open
a new branch. The branch, executives said, could develop into a
national model for credit unions
looking to support economic development in distressed areas
across the country.
COMMUNITY RELATIONS
CUSO Aims to Fight Financial Hardship
PETER STROZNIAK
pstrozniak@cutimes.com
Y16
FOCUSREPORT:
STRATEGIC PLANNING
When it comes to digital strategies, simply having an online and mobile presence isn’t
enough. Credit unions looking to build a loyal, long-term member base must meet the
needs of modern consumers, who increasingly demand more personalized and efficient
services. Learn more in this Focus Report. Y8
CYBERSECURITY
Pokémon Go Triggers Threats
Pokémon Go, the viral mobile reality game, lures players to parks,
landmarks and buildings – perhaps even credit unions. Some
businesses willingly capitalized
on the craze, which has raised
security concerns.
The app, available through Apple and Google Play, launched
earlier this month and quickly
began topping download charts
in the United States, Australia
and New Zealand.
“It is the first augmented reality game that has really caught
fire,” Mark McArdle, chief technology officer for the Canadian
cybersecurity firm eSentire, said.
Reports claimed the game is
poised to surpass Twitter’s 100
million daily logins.
“There is a huge fandom that
is the initial/original base for
Pokémon, but what is unique is
that we are seeing Pokémon Go
trending wildly, capturing those
that weren’t in the original fan
base,” Emily Mayben, market-
ing director for the $264 million,
Gadsen, Ala.-based Alabama
Teachers Credit Union, shared.
“Users may or may not go out
and buy Pokémon trading cards
or collectibles, but what is im-
portant is that they are engag-
ing with the brand by playing the
game.”
The goal of the free, popular
game, released by the San Fran-
cisco-based Niantic, is to capture
Pokémon creatures and nur-
ture them so they will win bat-
tles against other players’ Y17
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