Trusted News for Credit Union Leaders
Credit Union Times
SEPTEMBER 28, 2016 | VOL. 27 | NO. 33 | CUTIMES.COM
Rebranding
Strategies
Learn seven ways
to maximize your
efforts. Y12
Vendor
Management
How strong
is your CU’s
program? Y10
s credit unions follow
their members into
social media, they are
finding they have to
act boldly if they hope to engage
in the call-and-response that puts
the social into social media.
At the same time, they have to
do so with a plan — and a budget.
“Credit unions can decide what
they want to do with social media,
and there’s a way for that to hap-
pen,” Filene Research Institute
Social Media Advisor Holly Fear-
ing said.
Facebook has choked off most
of the paths to organic page views
for institutions. Now it is largely
a pay-per-view environment. On
the other hand, the cost is rela-
tively modest and the impact is
easy to measure, Fearing said.
“It’s relatively easy to track the
ROI of that.”
A credit union can go a long
way spending $50 a day to boost
posts.
STRATEGY
Credit Unions Engage on Social Media
JIM DUPLESSIS
jduplessis@cutimes.com
Y15
FOCUSREPORT:
OPERATIONS
With the ATM EMV deadline around the corner, credit
unions that haven’t begun converting their machines
face tough calls. Meanwhile, small credit unions tout the
operational benefits of flexible core systems. Learn
more in this Focus Report. Y6
Wells Fargo
Scandal
May Open
Doors
PETER STROZNIAK
pstrozniak@cutimes.com
arketing experts
are divided over
whether the Wells
Fargo fraud fiasco
will open up marketing opportunities for credit unions.
The extensive and shocking revelations of the Wells Fargo scheme
are likely to stay in the headlines
for several weeks or longer as new
information surfaces, including
the possibility of criminal liabilities after the FBI concludes its
investigation.
Some marketers believe conditions are ripe for credit unions
to indirectly reference the Wells
Fargo fraud by contrasting it with
the cooperative differences. Other marketers, however, contend
it’s best to stay away from the
national controversy because it
may make cast credit unions in a
negative light. What’s more, some
credit unions also have an aggressive sales culture and pointing
fingers of shame on Wells Fargo
may come back to haunt them
someday.
This Wells Fargo sham can also
serve as a wake-up call for credit
unions to stop selling to members
like banks do, marketers said, by
returning to the industry’s roots of
its people-helping-people
MARKETING
Y16
Key Takeaways
Y Commitment at the executive level is a
common theme for successful social media.
Y Budget must be dedicated to social media.
Y Not every platform is for every credit union –
perform detailed audience research.
WASHINGTON
CU Capitol Hill Efforts Slow
Credit unions had better be
ready next year to storm Capitol
Hill in support of legislation that
would exempt their institutions
from many CFPB rules, lawmakers told attendees at NAFCU’s
Congressional Caucus.
Credit unions appear to be in a
particularly good position to
make that case in light of the
scandal at Wells Fargo, where
employees opened some two
million accounts in order to meet
quotas, they said.
“You have an unbreakable
trust,” Sen. Joe Donnelly (D-Ind.)
told attendees of the Washington
gathering.
Credit unions should use that
trust to their advantage, conference speakers said.
“Mobilize your members and
you will get what you need from
Washington,” Rep. Brad Sherman (D-Calif.) said at the conference.
NAFCU President/CEO Dan
Berger urged credit unions not to
be shy.
“Go to Capitol Hill and tell
your story,” he said. “You have
trust. You can’t buy that trust.”
Members of Congress from
both parties pledged their support for legislation that would
exempt credit unions from some
CFPB rules. Senators and House
members this year wrote letters
to CFPB Director Richard Cordray asking him to implement
that exemption. Donnelly said 70
senators signed that letter, adding, “You don’t get 70 sena- Y17
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