AVCU Announces Formation of Compliance Council

 In an effort to help them digest the overflow of compliance information available to credit unions from a myriad of sources, President Joe Bergeron announced this week that AVCU is creating a “Compliance Council” open to any employee / volunteer of an Association member credit union.  The Council’s purpose is primarily to provide an exchange forum among Vermont credit unions on state and federal compliance subjects of their choosing. Occasionally, discussion may call for insights from outside sources, but the primary focus will be a cooperative structure through which all representatives can learn, exchange, and benefit.  A secondary goal of the Council will be for members to serve from time to time as a sounding board to represent Vermont credit unions in response to state and federal regulatory proposals.

“As you know all too well, regulatory compliance has become an enormous burden for credit unions of all types and sizes,” Bergeron told credit union Manager / CEOs. “There are many resources available to help credit unions, including AVCU’s Compliance InfoSight website, webinars, listserves, teleconferences, and much more.  What we hear from the majority of credit unions, however, is not about a lack of information, but the time to review and understand it.”  In the long run, Bergeron sees the Compliance Council meeting once each quarter, using webinars and teleconferences as informational resources, jointly sharing sample documents, and cooperatively creating new ones via a Council website.

The first meeting will take place on Monday, October 4^th at 11:00 at the AVCU offices to learn about and discuss changes to the FACT Act.  A live one hour webinar presentation from a FACT Act expert from Wolters-Kluwer will be followed by a Q&A period during which credit unions will be able to get answers to specific questions.  A follow-up discussion among participants will take place afterward, as will an an open-ended discussion about future plans for the Council.  There is no cost for one person from an AVCU member credit union to attend the initial Compliance Council event.  Lunch and the webinar will be provided courtesy of AVCU, however Bergeron indicated that future Council meetings may require very modest fees depending on how the Council evolves.

Newslines Express readers who are interested in becoming part of the Compliance Council should consult with their Manager / CEO to determine who will be their credit union’s representative to the Council.

Registration Now Open for Vermont Cooperative Summit Oct. 14

AVCU, Cabot Cooperative Creamery, and five other state and national cooperatives have joined forces to bring a meeting of Green Mountain State cooperatives across all business sectors to South Burlington on October 14^th. The 2010 Vermont Cooperative Summit is our second state-wide gathering that will bring cooperative business leaders from across the state and the region together to hear new ideas under the banner theme Building on the Power of Cooperatives. All attendees will gain perspectives on our world and the greater impact cooperatives can have on our communities.  Registration is now open at the Summit’s website www.vtsummit.coop and costs just $25 per person or a maximum of $75 for four or more attendees from the same organization.

Featured during the event will be a gubernatorial candidate forum on cooperatives between Republican Brian Dubie and Democrat Peter Shumlin. The one hour face-to-face meeting promises to draw a lot of media attention to the cooperatives gathered for the event.  Also featured are:

We ask and encourage all Vermont credit unions to inform their members about this unique event to help us spread the word and generate interest.  Results of a recent Vermont consumer survey commissioned by Cabot show a significant lack of awareness that credit unions are cooperatively structured.  When asked to name the first two cooperatives that came to mind, only 8 people out of the 400 surveyed state-wide named a credit union and more than 30% were unable to even name two cooperatives.  In a time when consumers are choosing to do more of their business locally, it’s imperative that credit unions identify themselves as cooperatives and educate consumers about the benefits of our business model.

River Valley’s Putney Branch Moving to New Building this Fall

River Valley Credit Union President / CEO Jeff Morse told local news outlet The Commons this week that the credit union plans to move its Main St. Putney branch (pictured) into the former Sawmill Country Store building just down the street sometime this fall.  A few months ago, the credit union purchased the building for $300,000 and is renovating it during the next few months, with the move expected to take place by Thanksgiving. (The Commons, Sept. 1, 2010)

“It was a good deal for us,” Morse told reporter Randolph Holhut.  While the largest part of River Valley’s operations is at its main office in Brattleboro, Morse stressed that there was not any consideration about leaving Putney.

“The building was available and had a good footprint. We looked at other places and decided this was in our best interest, and in the town’s best interest,” said Morse.  “Leaving Putney was never an option, not with this institution’s history and the support we have here,” he added.

CSS Spotlight … American Background Information Services

Based on member input, we’ve begun spotlighting a CUNA Strategic Services (CSS) vendor every other week to demonstrate to Vermont credit unions the variety of compliance, security, growth & retention, operations, technology, and lending services available through CSS.  Anyone interested in more information about CSS vendor partnerships is invited to contact AVCU Vice-President Bryan Kent.

So you think you finally found the right person for that key position that you've been looking to fill, but before you make an offer, you would really feel more comfortable conducting a background check on the candidate.  Where can you turn to provide a thorough analysis on your prospective employee at a discounted rate?

The answer is American Background, which offers credit unions more than 20 years of industry experience through a special negotiated arrangement with CUNA CSS.  Under the program, credit unions can receive the following employment background services at a discounted rate.

Already using an outside provider?  Just call American Background toll free at (877) 524-1153 for a free price comparison to your current provider.

InfoSight, Notes, Calendar & Employment

This Week’s InfoSight eNewsletter Topics

CUDL Golf Tournament Set for September 22

The 7^th annual CUDL golf tournament benefiting the Boston Children’s Hospital will be held at the Overlook Golf Club in Hollis, NH on Wednesday, September 22.  A variety of sponsorship opportunities are available and anyone interested in registering can download the brochure from our website.
 

Upcoming Event Calendar

NOTE: The AVCU offices will be closed on Monday, September 6 in observance of Labor Day.

Next Friday, September 10 is the final deadline to register for AVCU’s 2010 IRA Training program.

9/8 “Subpoenas, Summonses, Levies & Other Demands for Member Funds” (FED Web / On Demand Link)

9/9 “The Growing Role of Market Segmentation” (ICUL QuickBite)

9/9 “Writing a Policy for FACT Act Risk-Based Pricing Regulations: Effective 1/1/11” (FED Web / On Demand Link)

Download our full Distance Learning Calendar for July thru December

Employment Opportunities

Accounting Specialist, Vermont Federal Credit Union … (NEW Today!)

Senior Loan Officer, One Credit Union (formerly Bryant Federal) … (2^nd post)

Jobs previously posted in Newslines Express are available here.

Share With Us

We’re always looking for pictures, press releases, and news that helps tell the story of why credit unions in general, and yours in particular, are so special to Vermont consumers.  Please send submissions to jcote@vcul.org.

Daily Rates

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