A Year-End IRA Program Checklist for Your Credit Union

It’s almost December, which means it’s time for “making a list and checking it twice”—a task that doesn’t apply only to your holiday gift list! Taking the appropriate year-end steps at your credit union in these final months of the year can help ensure smooth sailing for the upcoming tax reporting season.

We reached out to our IRA experts at Ascensus, to get the skinny on what your credit union should start thinking about doing now and in December to make sure you’re in good shape for the busy IRA distribution and reporting season coming up. We made the list, now you check it twice!

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Marketing to Members in a Mobile World – Are You Ready?

Much of the debate about mobile banking and its impact on credit unions has focused on the technology and functionality that will be offered to members.  From simple text message alerts and balance information to full-blown banking suites that offer the same functionality that you have with a PC and a browser. The market (at least in the United States) is still sorting itself out.

What gets less attention is what a mobile-centric world will mean for the way in which we market to and engage with our members. Mobile marketing certainly requires a different way of thinking about messaging, medium, and target audiences because it’s such a unique channel with unique challenges and unique opportunities.  Luckily, there are some experts out there to help us understand the paradigm shift.

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Does your credit union do prospective employee testing?

I just watched NAFCU’s live webcast, “Implementing an Effective Employee Assessment Program,” presented by our good friends at Human Capital Solutions Group and Andrews Federal Credit Union.

There are many benefits to testing new hire candidates and current employees (applying for new roles) on things like cognitive ability, integrity, job knowledge, and personality. In fact, it has been determined that cognitive ability tests are three times more predictive of a candidate’s ability than experience in the job and four times more predictive than education. Yikes.

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Tips to Prevent Identity Theft

It’s scary how easy it is for criminals to get to our personal information – as technology improves, so do the skills of fraudsters. In fact, I find myself being what some think is paranoid – triple checking for the https in online shop URLs, and shredding almost everything with my name on it. I mean look what happened to Sandra Bullock in The Net – if that could happen in the 90’s just think of what’s possible now!

As trusted financial advisors it’s imperative for credit unions to help educate members about what they can do to help prevent their own identity theft and the losses that often accompany that. Not to mention, the more careful your members are, the less at risk your credit union is of incurring losses due to identity theft. (Check out the landmark case involving Comerica Bank and your potential liability from a phishing scam.)

We teamed up with our Preferred Partner for identity theft, Affinion Group, to gather some key tips for you and your members to help prevent identity theft.

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Top 10 Questions About Mortgage Subservicing

As a mortgage lender, your credit union has a lot on its plate from deal sourcing, new loan boarding and escrow administration to monthly billing and payment processing. There is, however, the option to outsource these and other mortgage servicing activities to a skilled subservicer. By taking these operations outside of your credit union you can free up valuable time and resources and instantly gain access to a broad range of mortgage experts, opening doors to take on a wider range of mortgage products and ultimately serve your members better.

Sounds pretty good at first glance, but we wanted all the facts. For a credit union that has never done any outsourcing of mortgage servicing, what are the key issues to consider in order to figure out whether it might be a good fit?

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