Posts By: Denise Wymore

Letting Go of Our Myths

The stories we tell ourselves frame how we view the world, our place in it and how we respond to it.   I call this internal viewpoint our myths, our prisms that interpret the world.  The myths we create for ourselves have a profound impact on our ability to recognize and respond to change.  The prism through which we see the world is formed for each of us, not surprisingly, during our formative years.   For example, the children of the depression in the 30’s were adults in the boom years of the 50’s but they never took prosperity for granted and made decisions based on that view.  The children of the depression could never have been the free spenders of the 80’s and 90’s.

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The myths of credit unions developed in the formative years of credit unions.  Credit unions were a movement then, not an industry.  Members were drawn to credit unions because credit unions met the financial needs of members who were underserved and overcharged by the banks.  … Read more

CU*Answers welcomes Straits Area FCU as newest owner

CU*Answers, the 100% credit union-owned cooperative CUSO, announced that Cheboygan, Michigan-based Straits Area Federal Credit Union has become its 137th owner. Straits Area FCU became the CUSO’s first credit union investor in 2019 and the 67th Michigan-based credit union to join its ownership ranks as an equal owner of the 49-year old cooperative.

Scott Collins, EVP of National Sales and Marketplace Development for CU*Answers commented: “We are very happy to welcome Straits Area FCU to the cooperative as our newest owner. Cindy Harrison (SAFCU CEO) and her team have been a customer of our CUSO for more than a decade, and their decision to become an owner was exciting news for our Board and executive teams. We look forward to introducing SAFCU as a new customer-owner at our Annual Stockholder Meeting on June 19th.”

About CU*Answers, Inc.

CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships.Read more

AuditLink hosts fifth annual Conversations on Compliance

AuditLink, the audit and compliance division of CU*Answers, hosted its fifth annual Conversations on Compliance event. Over fifty attendees were on site at the CUSO’s Grand Rapids, Michigan headquarters, coming from all over the country to learn about current topics related to compliance.

The day’s agenda included presentations by AuditLink Manager Jim Vilker on de-risking and its impact on credit union communities; Marvin Johnson, assistant manager, and Patrick Sickels, Internal Auditor, spoke on best practices of evaluating compliance risk, vendor management contract review, and reviewing compliance risk of potential merger partners; and Steven Van Beek from Howard & Howard presented on common compliance challenges. Jim Vilker finished up the day by reviewing internal controls in the wake of recent large embezzlements and an interactive session on developing a marijuana situational risk assessment.

Jim Vilker said: “This event has grown year over year and the content is always developed based upon current challenges for compliance and audit related professionals.Read more

CHUCK PURVIS OF COASTAL FCU ELECTED CHAIRPERSON OF CO-OP FINANCIAL SERVICES

Four New Members Also Elected to CO-OP Board of Directors

Chuck Purvis, Coastal Federal Credit Union of Raleigh, North Carolina, was elected May 8 by the Board of Directors of CO-OP Financial Services to serve as the company’s Board Chairperson.

Purvis has served on the Board since 2013, including the past year as Vice-Chairperson/Chairperson-Elect. He has been President/CEO of Coastal Federal Credit Union since 2012, originally joining the credit union in 2001. In 2018, he was the recipient of the NCUF’s Herb Wegner Award for Outstanding Individual Achievement.

“I congratulate Chuck on his election to Chairperson of CO-OP,” said Allan McMorris, President/CEO, Vibe Credit Union, of Novi, Michigan, his immediate predecessor as Chairperson. “Chuck will be leading a group of industry professionals who are utterly committed to the success of the credit union movement, and they see the role CO-OP plays as essential to that success.”Read more

PSCU Invests to Advance its Employees’ Credit Union Acumen

Collaboration with National Credit Union Foundation Reinforces the Credit Union Difference

PSCU, the nation’s premier payments credit union service organization, today announced that nearly 50% of its employees have completed training on the significance of the credit union movement, its history and the “people helping people” philosophy. The training curriculum, called “The Credit Union Difference: CU Principles & Philosophies,” was developed in partnership with the National Credit Union Foundation to elevate PSCU employees’ understanding of its Owner credit unions, their members and the overall credit union industry. As of this month, more than 1,000 of the CUSO’s 2,200 employees have completed the training course, with plans set for additional sessions.

“The trust that our Owner credit unions place in PSCU to provide their members with innovative solutions and solve problems is not something we take lightly,” said Chuck Fagan, President and CEO of PSCU. “As a cooperative organization built by and for credit unions, we know it is essential that our employees understand the credit union movement and align with its purpose in order to achieve success.Read more