8 posts categorized "Regulation"
If you are planning a career in the credit union movement, professional development and networking are key to your success. As a leader, it is also important to have a plan to ensure that your team has a clear plan for developing their skills and network. Southwest CUNA Management School is designed to challenge you, your team, and your credit union forward.
If your find yourself or members of your team identified in the word picture to the left, you have a match for the profile of a future leader and SCMS student…enroll today!
Visit www.wordle.net to create your own "word cloud". It's a great tool to see if something you're writing has the emphasis where you want it to be.
Guest post by Nadine Boisnier, Compliance Officer, Amanda Vega Consulting
The recent revisions to the FTC guides concerning the use of endorsements and testimonials has posed some questions as to what people can expect from the changes and how this affects active participants in social media. As you begin to build deeper relationships with your Credit Union customers online, here are some guidelines on what the new FTC guidelines mean for you.
The basic FTC changes came into effect due to the emergence, popularity and increased growth of social media. (The guidelines were last updated in 1980). The regulations were updated due to the notion that the lines have been blurred between what an advertisement is and the motives behind the use of social media. There were instances of non-disclosure from companies using bloggers to post positive reviews while receiving cash or gifts as incentives. Regulators do not agree that these types of postings are unbiased reviews. Their goal is to inform the public to understand the difference and to make sure there is full transparency.
Some important points to remember: Any conflicts of interest must be disclosed in postings including Twitter tweets and profiles. Be upfront with any connections or relationships you have with the company or Credit Union branch you are writing on behalf of. Other updates to the regulations include the disclosure of any company-sponsored research, stricter liability for celebrity endorsements, no more ³safe harbor² for testimonials; meaning, the term ³results may vary² is no longer sufficient when making broad claims, and disclosing results that consumers can generally expect. Remember most importantly to be straightforward and transparent.
In addition to these guidelines, Credit Unions should be cognizant of additional risks that can affect their outreach to the public. Make sure your employees do not improperly use social media tools. For example, impulse messaging can be dangerous, so stop and think about the repercussions of your post or tweet. From a Credit Union perspective, employees can be a threat if they post information that could impact negatively on their brand.
As you are building a sense of community online, make sure to include customer care in the process. You must be careful how you do this since you may deal with disgruntled customers who use Twitter to discuss a negative experience. You should avoid a back and forth match with an unhappy customer and take the conversation offline. Be sure to offer them traditional customer care channels. Other basic rules include, accessing the urls in tweets with care. Do not click on links from people you are unfamiliar with.
Also, look out for people who use stalking techniques to try to social engineering information. Most importantly, make sure proprietary business and customer information is protected. Having a strong policy in place for employees to follow is key. Every organization should have a strong policy in place that clearly states the guidelines of how it should be used by employees.
Fresh faces are on board to join the Southwest CUNA Management School faculty team and challenge students forward:
· David Goldsmith, MetaMatrix Consulting Group, Inc., is about to have a book published on strategic planning. He’s the final class for 1st year students, charged with sending them out challenged and future focused.
· Mike Petrone, CFE, CFSA joins us from CUNA Mutual Group (CMG) for the 1st year Risk Management course. In 2002, Mike was honored with the 2nd annual Michael G. Hallinan Risk Management Choice Award.
For a complete faculty team and course listing, scholarship information (deadline this week), and school application, visit www.scms.coop. Excitement mounts as registrations come in for this year's first year class. To give you an idea of what students looks like: They are coming from Arkansas, Kansas, Louisiana, New Mexico, Texas and possibly Africa. They hold titles ranging from President, Manager, Director, COO, VP, Accounting, Business Services Representative, Branch Manager, to E-Branch Manager and more. The credit union asset sizes range from under $20 million to around $1 billion The students range in age from early 20's to 50's. They have 2 to 28 years service in credit unions, with 2 to 33 years in the financial services industry. Education backgrounds range from Masters Degrees to High School Grads.
For a complete faculty team and course listing, scholarship information (deadline this week), and school application, visit www.scms.coop.
Excitement mounts as registrations come in for this year's first year class. To give you an idea of what students looks like:
They are coming from Arkansas, Kansas, Louisiana, New Mexico, Texas and possibly Africa.
They hold titles ranging from President, Manager, Director, COO, VP, Accounting, Business Services Representative, Branch Manager, to E-Branch Manager and more.
The credit union asset sizes range from under $20 million to around $1 billion
The students range in age from early 20's to 50's. They have 2 to 28 years service in credit unions, with 2 to 33 years in the financial services industry.
Education backgrounds range from Masters Degrees to High School Grads.
Southwest CUNA Management School
Grad School - Social Media Lab: Credit Unions Get Down & Dirty
It’s time to stop talking about social media, roll up your sleeves, and experience some of the tools first hand. James Robert Lay, Brad Garland, and Kent Sugg team up to divide you up. Attendees will divide into work teams to create various social media elements. You’ll discover that with some strategic thinking, nominal investment, and time, you can effectively take advantage of opportunities afforded you through blogging, polling, podcast, Flickr, Twitter, Facebook, YouTube, and more.
Unlike other events where you or your staff attend and get excited about the potential of social media, only to return and hit a dead end because you have no idea where to start, you’ll be in real life scenarios to help you better understand and work with social media when you return home.
Visit the school site for the full Grad School curriculum, schedule and related details.
For the 1st Time - SCMS is Offering a Day Rate
Swing for a cause - the development of credit union leaders! The 21st Annual SCMS Scholarship Golf Classic is open to all.
It's not too late to enroll as a 1st year student! Plan now to connect with tomorrow's leaders. Enroll today!
It’s time to rethink strategies and find innovative solutions to today’s challenges. Seeking ways to maximize the return on how time and money are spent is crucial. Southwest CUNA Management School (SCMS) is an environment where applied knowledge and networking are structured to help students find innovative and sound strategies to help position their credit unions forward.
This is the year to seriously consider enrolling yourself or key staff in SCMS — the place to connect with professionals dedicated to the future, an industry think tank.
YouTube Video (Bank vs. CU Novella) - Kudos Alex Rascon, (SCMS Class of 2010 president, GECU)
This blog, CU Grow - Thank you James Robert Lay and Natasha Melugin (SCMS Cl of 2009) for your vision, commitment, heart and passion!
- Opportunity to be part of shaping the future of credit unions!
The school is intense. Less than 80% of a first year class make it to graduation. Successful completion of the school is something to take pride in. A three-year commitment, this summer's session is from July 12-22.
SCMS offers professional and personal development opportunity, providing a strong base for credit union leadership. Take the challenge. Make the commitment. Enroll today!
With the current market and some corporate credit unions in conservatorship; how do you differentiate your credit union? What message do you send to your members to let them know just because they hear the word “credit union” on the news it doesn't mean yours?
Jack McAdoo, former CEO of Enron FCU, has experience in dealing with the media and negative press in credit union world. Talk about stressful situations; the Enron credit union was inside of the Enron building at the time of the Enron collapse. The morning after the news of Enron filing bankruptcy, there was a line wrapped around the credit union of people ready to pull all their money out. He and his team saved the credit union, which is now Startrust FCU, through an event most credit union CEO's have nightmares about. According to the NCUA, Jack accomplished the impossible. McAdoo guided the credit union through a successful name change, relocation and field of membership expansion — all within a seven-month span. Jack is currently CEO at Beacon FCU in LaPorte, TX. I recently interviewed Jack McAdoo about his experience:
Devora contacted us the other day with a great question for discussion. We thought it would be fitting to put a little “yes/no” survey together to see what the pulse is out there. We also want you to share your thoughts and comments about if credit unions can prove we don’t need more regulation but less.
Regarding this “regulation”, Robbie Wright brought to my attention that the Texas Dow Employees Credit Union (TDECU) “Safe & Sound” micro-site was shut down by the FDIC.
To access the site you have to go through a back page as the domain now redirects to TDECU public web site. Here is a link to the “Safe & Sound” micro site.
My take on this is what did TDECU do wrong except take the current bank crisis and capitalize on it by differentiating their strength that credit unions are safe. They may be a little more “in your face” about it than some of the other credit unions but what a great way to educate and connect with their market on the credit union difference.
In addition, the CU Times reported that Texas Credit Union Commissioner Harold Feeney requested the credit union “delete any references on your Web site or in any future media advertisements that could imply that deposits in banks are not as safe as deposits in credit unions.”
So, please share your thoughts and comments about if credit unions can prove we don’t need more regulation and survive the current bailout.