Trusted News for Credit Union Leaders
Credit Union Times
SEP TEMBER 5, 2018 | VOL. 29 | NO. 31 | CUTIMES.COM
Must Reads FOCUSREPORT:
REGULATION &
COMPLIANCE
After nearly a year of uncertainty concerning
the CFPB’s leadership, the future direction of
the agency and its impact on credit unions
remains unclear. Learn where the CFPB stands
now on structure and key rule-making
decisions, and what it might do next, in this
Focus Report. Y8
HUMAN RESOURCES
Catering Benefits to Gen Z
In order to track employer benefits offerings, the Affordable Care
Act did something unheard of in
the past: It required employers
to aggregate and better manage
complex workforce data from unrelated payroll, benefits administration and HRIS systems.
This data aggregation brought
with it many new opportunities
for employer groups. With new
insights stemming from ACA
compliance and reporting data,
benefits consultants and employers can gain a deeper understanding of how to use benefits
and operational strategies to optimize the workforce. This article
describes one way in which to leverage their ACA data.
For the first time in U.S. history, up to five generations are
employed in the same workplace, suggesting that there is a
wide range of differences in what
employees will expect and need
from their employers in the years
to come. The two youngest generations, millennials and Generation Z, together make up 40%
of the employee population and
their numbers are rising.
As employees in these generations age and become a greater
percentage of the workforce,
they’ll put more pressure on benefits costs in three distinct ways:
1. Increased enrollment in employer plans;
2. Choosing better benefits; and
3. Opting for family plans.
They will also challenge organizations’ retention Y16
FINTECH
E-Signing Boosts Member Experience
redit union professionals understand
this: The longer a
new loan or account
application remains unsigned, the
higher the chance of abandonment.
Adding electronic signatures to the
process dramatically increases the
opportunity for success.
The $310 million Essential
Federal Credit Union recently
expanded its relationship with a
longtime technology partner, the
Rahway, N.J.-based IMM, to add
real-time, remote e-signing to
nine parishes in the greater Ba-
ton Rouge, La., community. The
credit union has leveraged IMM’s
eSign platform for several years
and just recently added these new
capabilities.
Because the eSign platform in-
tegrates with all existing business
systems, Essential can deliver
an enhanced member experi-
ence, conduct transactions in a
paperless environment and gain
credit union-wide
efficiencies.
“We were look-
ing for a solution to
increase efficiency
for our members
and staff by offer-
ing remote sign
functionality, lim-
iting the need to
visit branches for loan closings,
account or loan change re-
ROY URRICO
rurrico@cutimes.com
Continuing
CUs’
Momentum
Now is the time to elevate advocacy. Y14
FOM
Expansion
Make the effort
to expand
worthwhile. Y11
Pierre
Driving
CU Branch
Innovations
GROWTH STRATEGIES
PETER STROZNIAK
pstrozniak@cutimes.com
redit unions in Connecticut and New
York are driving
branch innovations
that are rolling in new members
and new loans.
The $439 million Nutmeg State
Financial Credit Union in Rocky
Hill, Conn., opened a new branch
that doubles as a state Department of Motor Vehicles center,
where citizens can renew their
driver’s license. The Milford
branch draws about 200 people
daily, resulting in nearly seven
new credit union members each
day. What’s more, during its first
three weeks of operations in June,
the Nutmeg/DMV Express services branch processed $1 million
in loan applications, $600,000 of
which was funded.
In New York City, the $2.9 billion
Municipal Credit Union rolled out
a new branch on wheels, a customized van, which brings a wide
range of non-cash services to
busy members wherever they are.
Since it hit the road on July 9, the
fully-equipped office has brought
a new level of convenience that is
attracting new members and pro-
moting the credit union brand.
To address the issue of declin-
ing branch traffic, Nutmeg devel-
oped a strategy to modernize the
retail member experience Y18 Y17