Current Issues in Credit Unions #28

This month’s special guest is Ginny Brady from Ufirst Federal Credit Union and The Boardcast. Brian and Hal are off this month leaving Faith, Guy and Rob to hold down the fort. Also this month we are trying something a little different with a behind the scenes web cam video of the show as it was recorded:

Here are the topics:
–Why is important to involve young people in the credit union movement?
–Credit Unions as safe places to put money: a share insurance primer.
–From a director’s perspective, how should credit unions use new media today?
–What should a credit union look for in hiring a compliance officer?
–Handling member death issues where there is no estate.
–The Federal Reserve Board’s Final Rule amending Reg Z for home mortgage loans.
The CIiCU hosts are:

Brian Witt
Farleigh Wada Witt,
Attorneys at Law
121 SW Morrison Street, Suite 600
Portland, Oregon 97204
Telephone: 503-228-6044
Fax: 503-228-1741

Guy Messick
Messick & Weber P.C.
The Madison Building, 108 Chesley Drive
Media, Pennsylvania 19063-1712
Telephone: 610-891-9000
Fax: 610-891-9008

Faith Anderson
American Airlines Credit Union
P.O. Box 619001
MD 2100
DFW Airport, TX
(800) 533-0035

Robert Rutkowski
Weltman, Weinberg & Reis Co., L.P.A.
323 W. Lakeside Avenue, Suite 200
Cleveland, Ohio 44113
Telephone: 216-739-5004
Fax: 216-739-5642

Direct download: CIiCU_28_final.mp3


7 thoughts on “Current Issues in Credit Unions #28

  1. Hi Ginny, Rob, Faith, and Guy,

    Great podcast/vidcast! It’s amazing how much nicer this is to watch on my laptop being able to see Rob, rather than just having everyone as disembodied voices.

    Ginny, thanks for the shout out on helping CUs with their web 2.0 strategy. I love doing that, and have done several workshops for CU Leagues on the topic.

    Guy, on the question of concrete ROI on Ginny’s blogging efforts: That question is appropriate for a marketing department spending a significant amount of money on such a project. But from a Board perspective, where the cost is virtually nil, such an effort is fundamental to the purpose of what a credit union is all about, n’est pas? To throw open the doors of access to the Board of YOUR credit union and give members a voice in how their CU is run. Isn’t that what the movement was founded to be?

  2. As follow up on my previous comment to Guy, I think having the Board, or even management, blogging is a good strategy to get new members. Since consumers have many choices in today’s financial marketplace, I think that a person will choose an institution where they can relate to, and even engage with, the people responsible for the institution’s strategic direction. You can’t/won’t get that with a bank (or currently even with any other credit union). I think people will choose the place where they can relate/have access, and therefore as people discover the Boardcast, will prefer joining UFirst rather than somewhere else in the Plattsburgh area. Now, the question is how to make more residents aware of this difference and the existence of the Boardcast.

    Verity CU in Seattle is a good example of humanizing the credit union via their blog, and they have some statistics to back up that this is working. In a survey last year, three times as many people cited Verity’s blog as the reason for joining than from direct mail.

  3. Let me try this again without the typos.

    Thanks for the comment Morriss. I hope my personal bias came through that I think Ginny’s Blog is a very good thing for the credit union. It gives the credit union a very open and transparent feel that I think provides a strong emotional tie for the members. It truly feels like a cooperative. I also think that the openness of a blog tends to make the directors more accountable to the members.

    I ask the question on ROI because I know someone will. I think the answer is not easily quantifiable. It may be more qualitative and quantitative but I think if the members are surveyed, the blog would be a big factor for some in their connection with the credit union and their satisfaction.

  4. Hi Guy, indeed it is clear that you are a fan of the Boardcast. As follow up to the board blogging/ROI question, I realized it could summed up as a simple equation:

    Board members = voice of the membership

    How can the board represent the voice of the membership if they aren’t listening to the membership? How can the membership have a voice to the board if they have no avenue to communicate with the board? Blogging is a way to do so at no cost or virtually no cost.

    If there is a downside, I am not aware of one. I would encourage every board to set up a blog to invite and enhance communication with its members.

  5. Guy, Morriss and Rob – this conversation adds depth to what I was trying to say in the podcast. I remember talking with Tim McAlpine about ROI and mentioning the qualitative advantages of a board blog. By the way, if there are any credit union board members out there who listened to the podcast who may want to discuss starting a blog (or using any other social media tools) at there credit union please contact me. I agree with Morriss that blogging is an excellent way for boards to add transparency to their service to members.

  6. Rob, Thanks for your efforts in producing this monthly podcast. I’m just a regular CU member but I’m fascinated by the inside info on CUs especially in this recessionary economy.

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