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summer.2011 Stories Inside: 09 Morawski Tapped for BITS 14 Maximizing Every Lending Opportunity 20 Help Available for Compliance Needs A publication of the Massachusetts Credit Union League, New Hampshire Credit Union League and the Credit Union Association of Rhode Island Benefits don’t have to break your budget KEEPING THEM COVERED KEEPING THEM COVERED

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This issue of CenterPoint features an introduction to the new world of employee benefits; tips to make the most of lending opportunities; and an update on NECUS’s compliance specialist program.

TRANSCRIPT

summer.2011

Stories Inside:

09 Morawski Tapped for BITS 14 Maximizing Every Lending Opportunity 20 Help Available for

Compliance Needs

A publication of the Massachusetts Credit Union League, New Hampshire Credit Union League and the Credit Union Association of Rhode Island

Benefits don’t have to break your budget

KEEPING THEM COVERED

KEEPING THEM COVERED

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• Stifel Nicolaus has been serving New England* financial institutions for over 40 years.

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*�CU�Financial�Services�is�independent�of�Stifel�Nicolaus.�It�is�a�national�consulting�firm�serving�credit�unions.�We�have�defined�the�New�England�region�to�include�the�following�states:�Connecticut,�Maine,�Massachusetts,�New�Hampshire,�Rhode�Island,�and�Vermont.The�information�presented�includes�transactions�effected�and�matters�conducted�by�Stifel�Nicolaus�Investment�Banking,�the�Capital�Markets�Division�of�Legg�Mason�Wood�Walker,�Inc.�(acquired�by�Stifel�Financial�Corp.� on�December�1,�2005),�Ryan�Beck�&�Co.,�Inc.�(acquired�by�Stifel�Financial�Corp.�on�February�28,�2007),�Thomas�Weisel�Partners�LLC�(acquired�by�Stifel�Financial�Corp.�on�July�1,�2010),�and�their�respective�affili-ates.��Stifel�Nicolaus�and�Thomas�Weisel�Partners�are�affiliated�broker-dealer�subsidiaries�of�Stifel�Financial�Corp.�which�are�collectively�referred�to�herein�under�the�marketing�name�Stifel�Nicolaus�Weisel.

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FeaturesTable of Contents

07

06

08

New England Credit Union Services, LLC800-842-1242

Massachusetts Credit Union League, Inc.www.maleague.org

New Hampshire Credit Union Leaguewww.nhcul.org

Credit Union Association of Rhode Islandwww.cuassociationri.org

Daniel F. Egan, Jr., President

EDITORS:Robert B. KimmettMarguerite A. Thorsen

CONTRIBUTORS:Donna M. BevilacquaRobert DelaneyBonnie L. DoolinKathleen A. EnderlinWilliam F. NagleBeverly PurtellCharlotte Whatley

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14MAKE THE MOST OF EVERY LENDING OPPORTUNITY

20HELP IS NOW AVAILABLE TO CREDIT UNIONS FOR COMPLIANCE NEEDS

22CREDIT UNION PEOPLE

30CALENDAR

page 16

04MESSAGE FROM THE PRESIDENT

06CREDIT UNION NEWS

– MA League Annual Meeting Held

– Credit Union Association of Rhode Island Holds 77th Annual Meeting

– New Hampshire Credit Union League Holds 57th Annual Meeting and Convention

– John Morawski Selected for BITS Liaisons Task Force

10COMMUNITY OUTREACH

– New Hampshire Credit Unions Raise $150,000 for Wishes

– Rhode Island Volunteers Help Bring on the Gold at Summer Games

– Credit Unions Collect 16,118 Books for Children

– Young Elected to Make-A-Wish Foundation® of NH Board

LEADING-EDGE HEALTH BENEFIT STRATEGIES TO HELP YOUR BOTTOM LINE

New World Employee Benefits

ofThe

4 | centerpoint | summer.2011

As not-for-profit, democratically con-trolled, financial cooperatives, credit unions demonstrate their commit-

ment to enhance the lives of their members and families every day. Credit unions also understand the need to work to improve the quality of life for all who live or work in the places where they are located.

We provide the resources to assist in any number of educational, cultural, and philan-thropic causes that are the very fiber of the communities in which we live.

Other financial institutions see capital as a number on a balance sheet. Credit unions take a much broader view. Of course, we un-derstand the primary role that financial capi-tal plays in ensuring our stability and sound-ness. However, we also recognize the central importance of “people-capital.” Our credit union people who volunteer, through credit union organized events and causes, individu-ally enhance and, ultimately, stabilize life in the community.

Now, credit unions are leveraging the experience that we have gained from years of community involvement by working to solve the problems that are challenging fami-lies in our cities and towns today. Financial education programs in our schools, assis-tance in alleviating homelessness and hunger, providing resources for senior citizens, and supporting programs for the disabled are all endeavors that credit unions support. The support that credit unions bring goes be-yond the financial though. We bring a mul-titude of passionate and caring volunteers to these causes as well.

For years, we have proclaimed the credit union difference with the simple phrase,

“people helping people.” Today that phrase is every bit as meaningful as it has ever been. Today local communities are searching for financial institutions to join in public/private partnerships, and more and more frequently, it is the local credit union that is stepping up to take the leading role. In so-called “gate-way” communities such as Pawtucket, RI, Pittsfield, MA, Brockton, MA, Lowell, MA, Manchester, NH, and others, credit unions have become the prominent locally-owned financial institutions.

Credit unions are achieving primacy in these communities because, unlike their for-profit competitors, they have deepened their relationships with the community by con-tinuing to invest and participate in them. At the same time, many banks that were in these cities have been purchased by outside entities, often foreign-owned, that have no connec-tion with the priorities of the community or the people who live there. In stark contrast, credit unions have maintained a commitment to the people and the communities, and as a result, are growing membership and assets.

For over 100 years, credit unions have maintained what Edward A. Filene referred to as “constancy of purpose” by putting people before profits. As a cooperative move-ment, we celebrate this legacy by supporting community-wide programs that benefit ev-eryone and, in doing so, we remain true to the philosophy of “people helping people.” •

Daniel F. Egan, Jr., president

M E S S AG E F RO M T H E P R E S I D E N T | by daniel f. egan, jr.

The key ingredient in the culture of every credit union is its people. Members, directors, staff, and committee members are all a part of the cooperative community that makes up every credit union, which, in turn, plays a vital role in the broader communities that they serve.

CREDIT UNIONS SUPPORTING COMMUNITIESTHROUGH TRYING TIMES

The Annual Meeting of the Massachusetts Credit Union League, the oldest continu-ally operating credit union trade group in the United States, was held on Wednesday, June 29, at Loews Portofino Bay Hotel at Univer-sal Orlando®, in conjunction with the League’s annual convention. After League Chairman Bernie Winne, CEO of Boston Firefighters Credit Union, gaveled the meeting to order, greetings were announced from numerous dignitaries including Massachusetts Governor Deval Patrick, National Credit Union Admin-istration Chairman Debbie Matz, and Credit Union National Association President and CEO Bill Cheney.

The results of the mail ballot election for League Directors-at-Large were announced at the meeting by Karen Duffy, president and CEO of Worcester Credit Union, on behalf of the Credentials Committee. Three candidates were re-elected to three year terms. They are: James W. Blake, president and CEO of Har-borOne Credit Union; Robert M. Cashman, president and CEO, Metro Credit Union; and C. David Surface, president and CEO of St. Jean’s Credit Union.

At the Berkshire County Chapter’s Annual Meeting on May 9, Evelyn Torrey, president, Berkshire Federal Credit Union, was elected for a three-year term as the Chapter Director. And, at the April 27 Annual Meeting of the Pi-oneer Valley Chapter, David S. Plantier, presi-dent and CEO, MassMutual Federal Credit

Union, was elected for a three-year term as Chapter Director, as well.

Chairman Bernie Winne made a special presentation of $1,000 to the Red Cross on be-half of the Massachusetts Credit Union Com-munity Hope Initiative to kick off the Credit Union Tornado Relief Effort. This effort is being undertaken to assist the people who suf-fered the effects of the catastrophic tornado that ripped through western and central Mas-sachusetts. The League, in conjunction with the Pioneer Valley Chapter and the Central Massachusetts Chapter, have encouraged cred-it unions throughout Massachusetts to join with them by donating to the Red Cross Pio-neer Valley Chapter. The funds raised will be used to help local families who have suffered loss of loved ones, injury, or property damage.

League Chairman Bernie Winne paid a major and heartfelt tribute to retiring director and former Chairman of the Board Bill Sini-baldi. Before presenting him with a gift from the board, he lauded Sinibaldi for his leader-ship and mentoring nature during his 26 years of service on the Board of Directors. League President Dan Egan followed Winne’s tribute by noting not only Sinibaldi’s years of active membership on the board, but also his leader-ship and perseverance during the merger de-liberations in 1997. In accepting the engraved crystal bowl from Egan, Sinibaldi retained his characteristic humility during a standing ova-tion from the membership. •

6 | centerpoint | summer.2011

C R E D I T U N I O N N EWS

MA LEAGUE ANNUAL MEETING HELDWarm tribute paid to retiring Director Bill Sinibaldi

FROM TOP:League Chairman Bernie Winne addresses the 2011 Annual Meeting of the Massachusetts Credit Union League.

A jubilant Bill Sinibaldi (center) holds the engraved crystal bowl that was presented to him for his leadership during the merger talks of 1997. Also pictured are League Chairman Bernie Winne (left) and League President Dan Egan.

League Chairman Bernie Winne (right) presents a check to David Plantier, chapter director for Pioneer Valley Chapter, on behalf of the Credit Union Community Hope Initiative for Red Cross aid to tornado victims in the Pioneer Valley and central Massachusetts. Pictured, left to right: David L’Ecuyer, chapter director for Central Massachusetts Chapter; Rob Kimmett, League senior vice president of public relations and marketing; Plantier; and Winne.

More than 100 credit union representa-tives from Rhode Island gathered for the Credit Union Association of Rhode Island’s 77th Annual Meeting and Get Together Din-ner on Wednesday, May 11, at Metacomet Country Club in East Providence. Attendees heard reports from numerous Association committees as well as Chairman Stephen White and President Daniel F. Egan, Jr. They also heard from special guest speakers, in-cluding: Ian Shephard, global ambassador, Special Olympics Rhode Island; Marcia Sar-razin, associate regional director of programs, National Credit Union Administration; and Lori Valentini, sales executive, CUNA Mu-tual Group.

At the annual meeting, three directors were re-elected to three year terms: Ellen Ford, president and CEO, People’s Credit Union; Eugene Leco, president and CEO, Kent Hospital Federal Credit Union; and Stephen White, president and CEO, West-erly Community Credit Union. Also elected to the board for three year terms were James Irving, president, Greenwood Credit Union, and Kenneth Saunders, president and CEO, Community & Teachers Federal Credit Union.

Four credit unions celebrating anniversa-ries in 2011 were recognized: Cranston Mu-nicipal Employees Credit Union and Rhode Island Credit Union, 65 years; and Black-stone River Federal Credit Union and Com-munity & Teachers Federal Credit Union, 50 years.

At the Annual Meeting, Director Joan Saunders, who did not seek re-election, was honored as a retiring director and recognized for her more than 40 years of service to her credit union, the Credit Union Association of Rhode Island, and the Credit Union Na-tional Association (CUNA). She served as the first woman chairman of the Rhode Is-land Credit Union League and served two terms as vice chairman of CUNA. Her pas-

sion for credit unions is displayed by her years of service on the local, state, and national levels. Chairman Steve White noted, “We are all proud to have worked alongside Joan in her many endeavors to help the credit union community.” White presented Saunders with a token of appreciation from the Association for her many years of service.

First Vice Chairman Ellen Ford presented Chairman Steve White with a special outgo-ing gift and thanked him for his leadership in the past two years.

On June 2, the board re-organized to se-lect new officers:

• Chairperson: Ellen N. Ford – President and CEO, People’s Credit Union

• 1st Vice Chairman: David B. Suvall – President, Rhode Island Credit Union

• 2nd Vice Chairman: Joseph J. Cicione, III – President and CEO, Alliance Blackstone Valley Federal Credit Union

• Treasurer: James M. Irving – President, Greenwood Credit Union

• Secretary: Eugene V. Leco – President and CEO, Kent Hospital Federal Credit Union •

CREDIT UNION ASSOCIATION OF RHODE ISLAND HOLDS 77TH ANNUAL MEETING Association honors Director Joan Saunders’ 40 years of service

TOP:Association First Vice Chairman Ellen N. Ford presents outgoing Chairman Stephen White with a special gift at the conclusion of the 77th Annual Meeting.

ABOVE:Former Association Director Joan Saunders is recognized for 40 years of service to the credit union community.

summer.2011 | centerpoint | 7

8 | centerpoint | summer.2011

More than 235 members of the credit union community attended the New Hamp-shire Credit Union League’s 57th Annual Meeting and Convention, June 10-12, 2011, at The Balsams Grand Resort in Dixville Notch, New Hampshire.

The convention started with an infor-mation-packed education program led by League President Dan Egan, who shared an industry update with the group. Motivation-al speaker Lalita Booth’s story, “Success, the Hard Way: From Homeless to Harvard” has inspired audiences across the country with her remarkable journey from homeless teen-age mother and welfare recipient to author, anti-poverty crusader, Truman Scholar, and joint degree candidate at Harvard. At 15, Lalita was a runaway high school dropout struggling for survival on the streets. Her message was that ordinary people are capable of accomplishing absolutely extraordinary things. The second part of her presentation focused on financial education for the Inter-net generation.

When the delegates gathered on Sat-urday morning for the business meeting,

they heard reports from numerous League committees as well as League Chairman Michael L’Ecuyer and League President Daniel F. Egan, Jr. They heard from special guest speakers, the new Bank Commissioner Ronald Wilbur; National Credit Union Administration Supervisory Examiner John Bilodeau; and CUNA Mutual Group Sales Executive Jeff Pierce. The attendees were moved by a special presentation given by Wish Child Sam with his mom Jennifer and his dad Matthew in conjunction with Make-A-Wish Foundation® of New Hampshire Director of Development Donna Parker.

At the Annual Meeting, the nominat-ing committee announced the results of the election held for positions on the League’s Board of Directors. Gerald L. Dumoulin, president and treasurer, Guardian Angel Credit Union, and John R. Young, president and CEO, New Hampshire Federal Credit Union, were re-elected to the board for three-year terms. Brian Hughes, president and CEO, Holy Rosary Credit Union, was elected to the board for a three-year term.

Prior to the conclusion of the meeting, Chairman L’Ecuyer recognized Peter J. Ka-valauskas, who chose not to seek re-election and retired from the League Board of Direc-tors. Peter was presented with a special gift in honor of his more than 25 years of service to the New Hampshire Credit Union League.

Following the League’s Annual Meeting, the Board of Directors met and voted to keep the current table officers as: Chairman – Michael L’Ecuyer, president and CEO, Bell-wether Community Credit Union; Vice Chairman – Gerald Dumoulin, and Secre-tary/Treasurer – Timothy Naro, vice presi-dent of lending, Granite State Credit Union. Rounding out the remainder of the board is: newly elected Brian Hughes; Maurice Si-mard, Jr., president and treasurer, Triangle Credit Union; Gordon Simmons, president, Service Credit Union; and John Young. •

C R E D I T U N I O N N EWS

NEW HAMPSHIRE CREDIT UNION LEAGUE HOLDS 57TH ANNUAL MEETING AND CONVENTION

RIGHT:During the annual meeting, newly appointed New Hampshire Banking Commissioner Ronald Wilbur addressed the delegates.

LEFT, FROM TOP:At the 57th Annual Meeting, League Chairman Michael L’Ecuyer talks with Vice Chairman Gerald Dumoulin.

League President Dan Egan (center) takes a milestone photo with the first New Hampshire Credit Union League President John Walsh and his daughter Judith Walsh-Heminger.

Wish Child Sam gives League Chairman Michael L’Ecuyer a high five as a thank-you for a special gift.

summer.2011 | centerpoint | 9

The League/Association has announced that John Morawski has been appointed to the BITS Liaisons Task Force.

BITS is a not-for-profit industry consor-tium whose members number 100 of the larg-est financial institutions in the U.S. Created in 1996 by the CEOs of these institutions, BITS fosters the growth and development of elec-tronic financial services and e-commerce for the benefit of financial institutions and their customers/members. Working to sustain con-sumer confidence and trust by ensuring the se-curity, privacy, and integrity of financial trans-actions, BITS provides intellectual capital and addresses emerging issues. These leaders in the BITS organization facilitate coopera-tion among the financial services industry and other sectors of the nation’s critical infrastruc-ture, government organizations, technology providers, and third-party service providers.

Morawski is the chief technology officer for the League/Association and ensures that the trade association operations are secure, ro-bust, and efficient. In addition to his internal work at the League/Association, where he has worked for the past 13 years, he provides tech-nology consulting to member credit unions in a number of ways.

Morawski provides support and guid-ance to credit unions in researching data processing systems and in negotiating con-tracts with vendors. He also conducts on-site Gramm-Leach-Bliley audits for credit unions. And as a certified ethical hacker, he has been trained to utilize the same tools an illegal hacker would use in order to in-vestigate and resolve any weaknesses in an institution’s networks. Ethical hacking is yet another means for an institution to identify weaknesses and provide solutions to stop unwanted penetration of its systems.

After attending Suffolk University, Morawski began his career with the Boston Post Office Employees Credit Union where he rose to the position of vice president of lending. He then had the opportunity to join CUNA Mutual Group (CMG) as a field automation consultant. He continued his technology education through certifica-tions in the technology applications utilized throughout the credit union industry. By the time he joined the League/Association in 1998, he had acquired a unique skill set as a technology professional with an in-depth credit union operations background. •

JOHN MORAWSKI SELECTED FOR BITS LIAISONS TASK FORCE

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NEW HAMPSHIRE CREDIT UNIONS RAISE $150,000 FOR WISHES

The Richard D. Mahoney Charity Golf Tournament was held June 16 at Candia Woods Golf Links. At the conclusion of the tournament, League representatives present-ed a $150,000 check to the Make-A-Wish Foundation® of New Hampshire, surpassing the goal of $145,000 set in September 2010. This amount brings the 15-year total to near-ly $1.5 million raised for wishes.

Throughout the day, the 128 golfers were greeted by the smiling faces of Wish Children Stephanie, Amelia, and Emily who graciously served lemonade at the special Make-A-Wish® Lemonade Stand. During the awards dinner, Wish Ambassador Dustin Lockhard, who also had the men’s longest drive and was on the second place winning team, thanked ev-eryone for their support to Make-A-Wish®. The foursome of Chuck Tewell, Heather Greenwood, Jerry Gouveia, and Wanda Syphers from Northeast Credit Union com-prised the first place team and took home the coveted golf trophy for the second year in a row.

The League’s Social Responsibility Com-mittee extends a special thanks to all the ma-jor tournament sponsors including: Tricorp Federal Credit Union; Synergent; CUNA Mutual Group; CRIF Lending Solutions; Beliveau, Fradette, Doyle & Gallant, P.A.; Protection One; State National Companies; Morgan Keegan; Fiserv; Fiserv EFT; Paetec; Wells Fargo Advisors; Harland Clarke; CU Direct Corporation; and New England Em-ployee Benefits. Social Responsibility Com-mittee Chairman Jerry Dumoulin also ex-tends his thanks on behalf of the committee to all credit unions, their members, and chap-ters for the tremendous support they have all given in the last 15 years.

Julie P. Baron, CEO of the Make-A-Wish Foundation® of New Hampshire, an organiza-tion that strives to grant wishes of children with life-threatening medical conditions, praised the New Hampshire Credit Union League for their contributions. “It is the sheer joy of a wish that is the most powerful medi-cine of all. Our partners – the credit unions across New Hampshire – have made that possible. You have orchestrated the greatest return: a child’s joyful heart,” said Baron. The contributions made by NHCUL to Make-A-Wish® represent the largest corporate dona-tion to date, according to Baron. •

C O M MU N I T Y O U T R E AC H

(Kneeling, left to right) Paul Roy, Bellwether Community Credit Union; Dottie O’Gorman and Jody Ducharme, Granite State Credit Union; and Nancy Nadeau, Bellwether Community Credit Union. (Middle row, left to right) Julie Baron, Make-A-Wish Foundation® of New Hampshire; Jack Crane, St. Mary’s Bank Credit Union; Donna Bevilacqua, New Hampshire Credit Union League; Sally Sutton, New Hampshire Postal Credit Union; Polly Saltmarsh, New Hampshire Federal Credit Union; and Jerry Dumoulin, Guardian Angel Credit Union and chairman of the New Hampshire Credit Union League’s Social Responsibility Committee. (Back row) Michael Bergeron, Service Credit Union; Michael Chisholm, Northeast Credit Union; and Doug Taylor, Triangle Credit Union. All are members of the New Hampshire Credit Union League’s Social Responsibility Committee.

10 | centerpoint | summer.2011

More than 50 volunteers representing eight credit unions and the Credit Union As-sociation of Rhode Island spent June 3 helping to make the Special Olympics of Rhode Island Summer Games a success. The volunteers were assigned to check athletes in, gather them into heats for their races, and escort them to the track. This assistance, according to the event organizers, is crucial to the success of the event.

Credit union volunteers heard over and over again, “We really appreciate the terrific support we get from our credit unions; with-out volunteers like you, there wouldn’t be any Summer Games.” But helping out at the Spe-cial Olympics is no chore for the volunteers, most of whom have volunteered for a number of years. This year’s credit union volunteers in-cluded employees from Dexter Credit Union, Greenwood Credit Union, Navigant Credit Union, Pawtucket Credit Union, People’s Credit Union, Rhode Island Credit Union, and Wave Federal Credit Union.

On June 5, a group of Coventry Credit Union employees, family, and friends volun-teered at the Summer Games working and serving the barbecue lunch to athletes and guests. The credit union has adopted this ac-tivity each year at the Summer Games.

Throughout the year, the Association hosts a number of events to support the Spe-cial Olympics financially, including golf and bowling tournaments, candy sales, and direct fundraising. “Helping out at the Summer Games gives us a chance to offer our time and get involved in this great cause. While the con-tributions are imperative, this event gives us a chance to see why the effort is so vitally im-portant,” said Rob Kimmett, senior vice presi-dent of public relations and marketing, Credit Union Association of Rhode Island.

The Association Board and Social Re-sponsibility Committee would like to thank all the volunteers that participated in the Special Olympics Rhode Island Summer Games on behalf of the Association and their credit unions. •

RHODE ISLAND VOLUNTEERS HELP BRING ONTHE GOLD AT SUMMER GAMES

An athlete experiences the thrill of victory at the Special Olympics Rhode Island Summer Games with Chris Eden, People’s Credit Union, a credit union volunteer in the background.

summer.2011 | centerpoint | 11

12 | centerpoint | summer.2011

CREDIT UNIONS COLLECT 16,118 BOOKS FOR CHILDRENMore than 225,100 children’s books collected in 11 years

Each year the League gears up to promote the collection of children’s books during the month of April. Since the first book drive in 2001, Massachusetts credit unions have do-nated more than 225,100 books to various family service agencies throughout the Com-monwealth, including the Massachusetts Co-alition for the Homeless. This community ser-vice success is due to the commitment of many credit unions, their staffs, and their members.

Thousands of underprivileged children throughout Massachusetts have benefited over these 11 years from the books collected by the credit unions of Massachusetts. In May, 42 credit unions and the League delivered 16,118 books. “It’s great to see credit unions making a difference in their communities by participat-ing in the Massachusetts Credit Union League sponsored events such as the annual Book Drive,” says Nicole James, president and CEO of MAFCU Federal Credit Union and chair-person of the League’s Social Responsibility Committee.

Many credit unions work with their lo-cal sponsor companies, schools, community groups, members, etc. to collect the children’s

books. Many credit unions reached out to their local communities this year. Hanscom Federal Credit Union collaborated with the Hanscom Air Force Base thrift shop while MassMutual Federal Credit Union engaged the help of a lo-cal Girl Scout troop for the past few years. This has helped to significantly increase the num-ber of books collected. According to Hanscom Federal Credit Union Chairman Paul Marot-ta, “Personally, the Children’s Book Drive is one of my favorite annual projects to take part in, and as usual, with nearly 4,000 books, our staff, volunteers, and members came through and reminded me why.”

The top five credit unions that collected the most books were: Hanscom Federal Cred-it Union, 3,944; MassMutual Federal Credit Union, 1,520; Leominster Credit Union, 951; Merrimack Valley Federal Credit Union, 835; and City of Boston Credit Union, 719.

Once again, the books were distributed to a wide variety of non-profit organizations, such as local YMCA/YWCAs, Head Start Programs, Boys and Girls Clubs, Shriner’s Children’s Hospital, Catholic Charities, Fam-ily and Children Services Centers, and Big Brother/Big Sister, to name just a few. The agencies that received the books expressed their gratitude and pleasure with the quantity and the quality of the books.

“Each spring our supply of children’s books is depleted,” noted Robyn Frost, executive di-rector of the Massachusetts Coalition for the Homeless, “and each year, the credit unions rise to the occasion with another supply of books for all the children who need them. You don’t realize how valuable the gift of a book is to a child – to have something to learn from when they have nothing.”

The League’s Social Responsibility Com-mittee extends a special thanks to all the credit unions that participated in this year’s Book Drive and looks forward to collecting more books next year. •

C O M MU N I T Y O U T R E AC H

Packing up more than 3,900 books from Hanscom Federal Credit Union are (left to right): Sandy Imbrogna, training specialist; David Sprague, president and CEO; Paul Marotta, chairman of the board; and Jim Potter, senior vice president of operations.

summer.2011 | centerpoint | 13

YOUNG ELECTED TO MAKE-A-WISH FOUNDATION® OF NH BOARD

John R. Young has been elected to the Board of Direc-tors for the M a k e - A -Wish Foun-dation® of New Hamp-shire. Since 1985, Young

has been affiliated with New Hampshire Federal Credit Union (NHFCU), with offices in Concord and Durham. He began serving NHFCU first as a committee vol-

unteer and later joined NHFCU’s Board of Directors, where he served for several years. In 1994, Young was appointed to his current position as president and CEO of New Hampshire Federal Credit Union.

A member of New Hampshire Credit Union League’s (NHCUL) Board of Di-rectors for 12 years, Young currently chairs the NHCUL’s Community Outreach Committee and is a member of the Fed-eral and State Legislative Activities Com-mittees. His passion for the work that the Make-A-Wish Foundation® does devel-oped during his tenure with the NHCUL. He looks forward to working closely with Make-A-Wish® and putting his financial

acumen to work for the organization.Over the past 15 years, the credit

unions across New Hampshire have been instrumental in bringing wishes to life for children with life threatening medical conditions, raising nearly 1.5 million dol-lars.

According to Young, “Make-A-Wish® NH is committed to bringing local fami-lies smiles and memories to cherish – a little dose of hope – during incredibly challenging, painful, and stressful times. I am looking forward to spreading the word about the ways people can help – endow-ments, wish sponsoring, corporate part-nerships, and much more.” •

John R. Young

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14 | centerpoint | summer.2011

The U.S. lending industry is evolving rap-idly as two enormous generations – the baby boomers (born 1946-64) and Gen Y (born roughly 1980-2000) – near key phases of their lives. The first wave of boomers is retiring as the first wave of Gen Yers start their careers and families. And all generations are fighting headwinds from the most profound economic downturn since the Great Depression.

In this environment, exactly which lend-ing products and technologies should credit

unions explore?Dan Murray, the vice president of lending

product services for CUNA Mutual Group, suggests exploring your credit union’s lending culture first, and make sure it’s built to adapt to changing conditions.

CREATE A MEMBERSHIP GROWTH STRATEGY

“Lenders have to come to grips with the key differences between baby boomers and

Gen Y,” Murray says. “For example, Gen Y doesn’t seem to be in a hurry to get married and create new households.” According to the U.S. Census Bureau, the nation generated only 357,000 new households in the year end-ing in March 2010, down from an average of 1.3 million over the previous decade.

The consequences are serious for lenders because Gen Y (84 million) is even bigger than the boomers (80 million). “Your credit union needs a specific strategy for growing member-ship, and especially for gaining the loyalty of younger members as they enter their big-ticket borrowing years,” Murray says. “If your board doesn’t have a committee devoted solely to membership growth, create one – use outside marketing expertise if you need it.”

ANTICIPATE “STICKY” SERVICES THAT MEMBERS WILL NEED

By now, you know remote lending chan-nels continue to grow (see chart, next page). Cultivating multiple-relationship members is more important than ever, but these new channels make doing so more difficult, Mur-ray points out.

Already, almost a third of mobile banking users checked their account balances at least 10 times within the last three months, accord-ing to a December 2010 survey by the finan-cial industry technology firm, Aite (originally published in Bank Technology News, April 2011).

As people rely more on mobile banking to view account balances, move funds, pay bills, and apply for loans, lenders must find ways to turn these from mere conveniences into more loans or non-interest income.

For example, a credit union’s mobile bank-ing suite could help members research and se-cure a loan while standing on a car dealer’s lot. This could save members considerable expense

MAKE THE MOST OF EVERY LENDING OPPORTUNITY As consumer loan culture changes, credit union lending culture must adaptBy Bill Klewin

V I EWP O I N T

summer.2011 | centerpoint | 15

MOBILE BANKING: OVERTAKING ONLINE

continued on page 23

in interest and payment protection products while avoiding a long sit-down with the deal-ership’s finance rep.

ADAPT CROSS-SELLING TO NEW CHANNELS

Even sticky services can’t build loyalty if members don’t know these services exist. And credit unions cannot rely on traditional advertising alone to reach specialized target audiences. Credit unions must adapt to cross-selling via remote channels in addition to face-to-face situations, Murray says.

“At every opportunity – either remote or in person – lending staff will need to tell mem-bers how the credit union can save them mon-ey on loans, or help them protect their family from financial hardship,” he says. “We’re not talking about old-school, hard-sell tactics, here. We have to learn to present the informa-tion simply and quickly, so members can make informed decisions.”

Each credit union should continually ex-amine its members’ specific life-stage needs and technological comfort levels, says Mur-ray. “This is essential to an innovative, engaged lending culture that can anticipate relevant

16 | centerpoint | summer.2011

IT TAKES A BIT OF WORK, BUT BENEFIT PLANS CAN BE BOTH COST EFFECTIVE AND COMPETITIVE

New World Employee Benefits

New World Employee Benefits

ofofTheThe

continued on page 18

summer.2011 | centerpoint | 17

Then came annual double-digit rate increases, making health insur-ance the second biggest labor expense besides salaries. Buying decisions now involve the CFO and an insurance benefits management company.

Enter consumer-driven health care. Aside from the challenge of con-trolling costs, there’s now an increased demand for education for both employer and employee. To continue the Model T analogy, what used to roll off the assembly line in finished form now comes in a kit. Experienced benefits management specialists can help credit unions build an insurance plan around any budget number and/or coverage level the credit union and its leadership choose. Plans that run over budget at renewal time, or that don’t produce the desired results, can be retooled.

TALES FROM THE FIELDThree years ago, Bellwether Community Credit Union, based in

Manchester, NH, faced a 24 percent increase in employee health insur-ance costs. That’s when the credit union’s administration first adopted a high-deductible HMO plan coupled with a health reimbursement ac-count (HRA) funded by the credit union to offset the deductible. Raising the deductible from $500 to $2,000 (with Bellwether covering the second half of the deductible) resulted in lower premiums to the employee, which helped offset their additional deductible exposure. Nancy Nadeau, vice president of administration and human resources, says that if all its in-sureds used all of their deductible, the reimbursement fund would break even. “Realistically, not all people will reach their full deductibles,” she says. This year, Bellwether has added retiree insurance benefits for em-ployees with the required years of service (and their eligible covered de-pendents), until those employees and/or dependents reach the Medicare-eligible age of 65.

At about the same time, The People’s Credit Union, based in Middle-ton, RI, embarked on a similar plan, switching from its traditional no-de-ductible plan to a deductible plan that’s now linked to a medical expense reimbursement plan (MERP) and a flexible savings account (FSA). After a high loss ratio year, accompanied by a rate increase, the credit union raised the deductible from $1,000 to $2,000, but, similar to Bellwether, picked up the $1,000 increase – and also doubled the cap on the FSA from $1,000 to $2,000. “Quite a few [employees] took advantage,” says Melissa Burton, vice president of human resources.

Last year, Liberty Bay Credit Union, based in Braintree, MA, faced an 18 percent increase in health insurance costs. The leadership of the credit union, which was originally founded by telephone workers, maintains a strong advocacy for a rich, fully-paid benefits package, and wanted to keep it that way. So Liberty Bay adopted a high-deductible plan but foots the entire deductible itself. The credit union was able to shave 4 percent off

As recently as 10 years ago, employer-sponsored health insurance was like the Model T Ford – economically accessible to the masses but limited in plan choice. The only variations were family or individual. Coverage was available in any color, as long as it was black.

BY CHRISTINA P. O’NEILL

IT TAKES A BIT OF WORK, BUT BENEFIT PLANS CAN BE BOTH COST EFFECTIVE AND COMPETITIVE

18 | centerpoint | summer.2011

that 18 percent increase. The rich, fully-paid benefits package is a key reason why turnover

“is almost non-existent,” according to CFO Debbie Lloyd.

Metro Credit Union, based in Chelsea, MA, has had a high-deductible preferred provider organization (PPO) plan, offered

through Blue Cross Blue Shield of Massachu-setts, in place for five years. A PPO does not require prior approval for specialist visits by a primary care physician, and its network of doctors is wider than the regional network customarily offered by HMO plans. This year, for the first time since high deductible plans were introduced at Metro, the credit union asked employees to pay a small portion of the deductible – $250 of the total $2,000 deduct-ible for individual health plans and $500 of the $4,000 deductible for family plans, which can be paid using pretax dollars. The credit union pays the remaining portion of the deductible on individual and family health plans. The reward for both employer and em-ployee: lower premiums. Barbara Conti, se-nior vice president of human resources, notes that the credit union has saved hundreds of thousands of dollars over the last five years, with renewal rate increases in the lower single digits, as compared to mid to high teens that are more the norm.

MAKING AN INFORMED DECISION

As these examples indicate, credit unions and their employees have taken on more risk of exposure to health care costs than they did only a few years ago, in exchange for lower premiums. Not every strategy results in a sav-ings, particularly when the organization elects to put the difference into a fund to pay part or all of the employees’ deductibles, or to offer a new benefit.

Employee Benefitscontinued from page 17

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Credit unions tend to hold as part of their corporate mission the responsibility to offer competitive salaries and benefits programs. They also tend to have high retention rates and long-serving employees, generating long-term data that is more specific to the actual insured group. Making an informed decision about how much exposure to take on – name-ly, projecting how many employees are likely to use up the portion of the deductible the credit union covers – is less of a risk exposure than for employers with higher turnover.

Mike McKenna is president of Partners Benefit Group (PBG), a benefits manage-ment company, which has secondary payer agreements with the three largest health in-surers in Massachusetts. These agreements al-low for direct claims feeds from the insurers and eliminate the need for plan participants (employees) to have to submit claims and wait for reimbursement. PBG has more than 400 clients that include more than 50 credit unions throughout New England. According to McKenna, PBG has more than 17 years’ experience working with these types of plans. This experience is combined with an under-standing of provider contractual discounts and analysis of employer groups’ actual uti-lization to generate significant amounts of credible data, which is then used to predict future claims utilization for current and pro-spective groups evaluating this option. This distinguishes PBG from plan administra-

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summer.2011 | centerpoint | 19

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Credit union managers are looking for so-lutions to the growing compliance burden that will fit within their budget constraints. Howev-er, many credit union employees already wear a number of hats, and just do not have the time to keep up with regulatory changes, staff training, and all of the other obligations that go along with being the “compliance person” at the cred-it union. Nevertheless, they still want the peace of mind that comes from knowing their credit union is in compliance. One solution that is gaining in popularity is the Compliance Spe-cialist Program offered through New England

Credit Union Services, LLC (NECUS).The Compliance Specialist Program gives

credit unions the benefit of having a person dedicated solely to compliance at a fraction of the cost of hiring a full-time employee. In ad-dition, NECUS will take care of training and all other aspects of the human resource side of employment like benefits, compensation, and scheduling.

NECUS will handle all of the training in-volved with the newly hired specialist. When first hired, the specialist will spend two to three weeks training with NECUS and Georgia

Credit Union Affiliates staff. Georgia has the longest-running and most successful program in the country. The specialist will be acclimated with the numerous resources available to him or her, and will also shadow an experienced specialist in the field to see how their training is put into practical use. After the specialist’s initial training, he or she will also be expected to attend CUNA’s Regulatory Compliance School to obtain their CUCE certification and CUNA’s BSA school to obtain their BSACS certification. In addition to these schools, the specialist will receive ongoing training by at-tending events sponsored by the Credit Union Center, particpating in webinars, and any oth-er training to advance his expertise.

Once the initial training has been com-pleted, the specialist will then rotate among the credit unions that he or she has been assigned. The amount of time spent at each credit union will be dictated by the contract signed by each credit union that participates. The schedule is flexible, and can be adjusted to fit the needs of the credit union and the specialist. While at each assigned credit union, the specialist is still on call to answer questions from the other assigned credit unions. The specialist will also continually send updates to the assigned credit unions giving them reminders of upcoming compliance requirements or anything else the specialist considers relevant to each of their as-signed credit unions.

Whether you already have existing com-pliance staff and are just looking to fill the gaps or you are currently without dedicated compliance staff at all, a NECUS compli-ance specialist can be a great benefit to your credit union. To learn more about this excit-ing new program, contact Charlotte Whatley, director, research and compliance informa-tion, New England Credit Union Services, LLC, 1-800-842-1242 ext. 348, or by email at [email protected]. •

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tors whose model is simply transactional – that is, simply paying any claims not covered by the primary insurer, McKenna says. Ad-ditionally, several PBG team members have formal underwriting training and experience. “We can pretty much predict any amount of risk working with these plans with an impres-sive degree of accuracy,” he notes.

While not as well recognized as its coun-terparts health care savings accounts (HSAs) and HRAs, one widely-used supplemental de-ductible coverage instrument used by credit unions is the medical expense reimbursement plan, or MERP. It predates HRAs and HSAs by 30 years and is more employer-friendly than either, McKenna says, because it allows the flexibility to set up the funding of the de-ductible in a way that best fits an individual’s needs.

Seventy percent of employees have less than $1,000 in claims each plan year, he says, making them over-insured. “The best insur-ance is the least insurance,” he says. “We take a look at plans that scare other employers away [as too high-risk].” Savings from adop-tion of high-deductible plans can range from 8 percent to 35 percent, dependent on the cost of the plans they replace, he says.

MOVED TO TIERSCredit unions’ work forces run the full

demographic gamut, from young people en-tering the workforce to those either nearing retirement, eligible for retirement or having already retired. The tiered structure of insur-ance options provides the kind of flexibility needed by this range of users.

At The People’s Credit Union in Rhode Island, employees get a choice of three tiers of coverage: In level 1, employees pick up the first $250 of the deductible; level 2, the first $500; and level 3, $1,000, which used to be the entire deductible. Under the cur-rent $2,000 deductible, People’s picks up the remaining $1,000. At level 1, an individual plan costs pays $250 of the deductible, costs $87.12 a month, compared to a level 3 cost of $57.75. For a family plan, level 1 costs about $400; level 3 costs about $300.

People’s Melissa Burton notes that many items don’t fall under the deductible in the first place. “There’s a lot of flexibility for employees. … We could have chosen a plan where more [items] fall under the deductible. It’s all a balance between what you want to pay in premiums and what you want to put at

risk. Our goal has always been to give choices and keep rates reasonable, giving us flexibility for the future.”

UP AND DOWN THE AGE AND ECONOMIC SCALE

Changes in Massachusetts’ health care in-surance law, and pending changes in federal law regarding young people, allow grown chil-dren to stay on their parents’ family plan until age 26. The state law spares the expense of an individual plan for a young worker who will be able to stay longer on his parent’s family plan.

The poor economy has resulted in an in-creased number of laid-off spouses who have lost their health insurance, migrating to credit union employees’ health insurance, rather than shoulder the expense of COBRA pay-ments. But it isn’t always job loss that brings new insureds onto credit unions’ health plans. Bellwether’s Nancy Nadeau says she’s had a few employees joining the family plan because it is less costly than their spouse’s insurance is or was. The credit union does not offer incen-

summer.2011 | centerpoint | 21

Employee Benefitscontinued from page 19

continued on page 29

22 | centerpoint | summer.2011

C R E D I T U N I O N P E O P L E

Greene Retires from RTN Federal Credit UnionRTN Federal Credit Union of Waltham, MA,

wishes to acknowledge the dedicated service of its executive vice president, Leonard Greene, who is entering a well-deserved retirement. Greene played a critical role at RTN Federal Credit Union, un-dertaking essential projects that assisted the Board of Directors, management, and staff alike. Many will recall that Greene was president and CEO of

the former Unified Federal Credit Union in Peabody.Greene has had a run of over 27 years with RTN and Unified (for-

merly GTE Employees Credit Union). His professional life was prin-cipally devoted to the credit union movement. In his early career days he was manager of the Malden City Credit Union, and later assumed the role of controller at Progressive Consumers Credit Union, hav-ing already been controller with the city of Malden. In 1987, Greene won election to the board of the Massachusetts Credit Union League, chaired several committees over the years, and ultimately served as Board Chairman from 2002-2004.

In addition to his credit union endeavors, Greene has been teaching accounting on a continuous part-time basis at Bunker Hill Community College since 1980. When his thoughts are not on work, he is only too happy to relate details of his worldwide travel experiences.

RTN has benefited from Greene’s eagerness to share his wisdom and insights gleaned over his long tenure in our industry. The board and staff of the credit union wish him many years of continued success and fulfillment in pursuit of what is expected to be another productive chapter in his life.

Director Serio Retires from Merrimack Valley Federal Credit Union after More Than 50 Years

On June 28 Merrimack Val-ley Federal Credit Union Director Frank Serio, Jr., retired after serving the credit union and its members for over 50 years. Members of the board, the credit union’s management team, and Serio’s family honored him and celebrated the occasion at the Lanam

Club. Serio is the longest serving director in the credit union’s history.In his speech, President and CEO Peter Matthews remarked,

“Frank, tonight marks a lifetime of achievement of your dedication to Merrimack Valley Federal Credit Union. Your guidance, wisdom, common sense, and progressive thinking for the past 50-plus years have secured the long term future of our credit union. You have not only embraced the credit union philosophy, you have lived it through your constant passion to provide the best to our members.”

Before Serio was elected to the board in 1962, he helped drum up credit union business on the Western Electric plant floor. As a direc-tor, he supported the growth of the credit union from a small room in the “shop” to five branch locations in Haverhill, Lawrence, Methuen,

and North Andover, MA, and Plaistow, NH, and a corporate office in Lawrence, MA. During his speech, credit union Chairman Alexander Oski noted Frank’s focus was always on the people, both members and employees. As a result, he is not only the longest serving director, but one of the most loved.

Before the evening concluded, Serio addressed his guests. He re-flected fondly on his years as a director and the people he served with, over 57 directors and four credit union managers or CEOs. Most im-portantly, he thanked his family, especially his wife Lillian, for their support. He will be missed by all.

STCU Credit Union Names Michael Ostrowski CEOSTCU Credit Union, Springfield, MA, has

hired a 30-year banking veteran as its new presi-dent and CEO. Michael S. Ostrowski will replace William (Bill) Brothers, who left for retirement in June 2011.

Ostrowski’s career in financial services spans lending, branch administration, and senior man-agement. He comes to STCU from Barre Savings

Bank, where he served as senior vice president of lending. Prior to that, Ostrowski served for eight years as vice president and chief lending offi-cer at Freedom Credit Union in Springfield. He has also held positions with Ludlow Savings Bank, Multibank, United Co-operative Bank, and Pioneer Financial Co-operative Bank.

Ostrowski holds a bachelor’s degree from Springfield College and an MBA from Rensselaer Polytechnic Institute. He has completed ad-ditional studies at Fairfield University Center for Financial Studies, and the Massachusetts Bankers Association School of Commercial Lending.

A long-time resident of Ludlow, MA, Ostrowski is dedicated to the Western Massachusetts community. He served for seven years as an ad-junct professor at Holyoke Community College, was a member of the Board of Directors at Ludlow Country Club, and has been active in the greater Springfield community supporting the American Lung Associa-tion, as well as many other organizations.

Ostrowski lives with his wife, Dr. Lynn Ostrowski, and their three sons in Ludlow.

John Cataldo Appointed Senior Vice President, Chief Risk Officer at Metro Credit Union

Metro Credit Union, Chelsea, MA, an-nounced the appointment of John Cataldo as se-nior vice president and chief risk officer. Cataldo will report to Robert M. Cashman, president and CEO, and will oversee Metro Credit Union’s enterprise risk management program.

Cataldo has over 25 years of experience cre-ating and directing financial, operational and

technology, internal audit, and risk management programs for large

Leonard Greene

continued on page 24

Frank Serio, Jr. and wife Lillian

Michael S. Ostrowski

John Cataldo

products and relevant delivery methods.”

PREPARE FOR FAST-CHANGING LENDING COMPLIANCE

The dramatic increase in the pace of lend-ing-related regulatory change doesn’t appear to be slowing down anytime soon. Credit unions need to make lending compliance a serious focus of strategic planning, and be ready to adapt lending operations to counter-act increasing compliance costs and potential revenue losses.

If you surveyed the attendees at compli-ance-related conferences over the last year or so, you’d likely find that credit union CEOs, CFOs, and COOs are more often accompany-ing their top compliance officers than in years past.

That is a good trend that needs to con-tinue. Simply put, the credit union industry cannot afford to wait and react only when new rules are implemented. New lending policies, procedures, and marketing must be informed by compliance expertise throughout the plan-ning process.

While our industry is already coping with new rules spawned by the CARD Act and Regulation E overdraft reform, the Dodd-Frank financial reforms and Regulation Z disclosure revisions loom. And the Consumer Financial Protection Bureau will soon add a layer of regulation with an impact we can only guess at now.

To prepare for the compliance challenges ahead, here are some steps credit unions can take now:

Find qualified compliance experts. This is becoming more difficult. Demand for this specialized skill is rapidly increasing. Even so, do not cut corners when hiring and develop-ing compliance staff. Be sure that your com-pliance staff and/or outside advisors have solid experience in your operating area.

Budget for additional resources. Com-pliance costs tend to hit smaller financial in-stitutions harder than larger institutions. An analysis in winter 2011 by Raddon Financial Group measured the full-time employees (FTE) devoted to compliance per $100 mil-lion in assets. For institutions with $100 mil-lion in assets or less, the average compliance FTEs were 1.25 per $100 million in assets. This dropped to 0.77 FTEs for institutions with assets of $100 million to $200 million, and 0.29 for those of asset size $1 billion or larger.

In addition to that expense, credit union budgets should account for extra work that lending compliance issues may create for other employees. For example, if proposed changes in Regulation Z disclosures for payment pro-tection products are adopted, your lending staff may need additional, ongoing training in how to present these products to members and answer questions about the disclosures.

Establish an independent reporting structure for compliance. If a credit union’s top compliance officer reports to the lending vice president, it’s more likely that compliant

practices will be sacrificed to gain loan volume. It is better for compliance to report directly to the CEO or COO. And more is at stake now because of the new rules regarding the fiducia-ry duties of credit union directors and officers.

Beyond these measures, credit unions must continue to band together to work with legislators, the Federal Reserve Board, and other agencies to advocate for prudent lend-ing rules and regulations. •

Bill Klewin is the director of regulatory compliance for CUNA Mutual Group.

summer.2011 | centerpoint | 23

Lending Opportunitycontinued from page 15

24 | centerpoint | summer.2011

and mid-sized financial services and bank-ing institutions.

Prior to joining Metro, he was the re-gional audit director in the risk manage-ment division of Sheshunoff Consulting + Solutions. He was responsible for the devel-opment and delivery of risk-based internal audit services to banks and credit unions throughout the Northeast region of the U.S.

Prior to joining Sheshunoff Consulting + Solutions, he held various senior-level po-sitions within Fidelity Investments. Prior to his career with Fidelity, he held senior-level internal audit management positions within Shawmut Corporation and Fleet Financial Group, Capitol Bancorporation, and The Boston Company.

Cataldo received his master’s degree in business administration from Babson Col-lege and his bachelor’s degree in business administration-accounting from Salem

State University. He resides in Tyngsboro, MA, with his wife and two children.

Marshall Promoted to Vice President of Finance at AllCom Credit Union

AllCom Credit Union, Worcester, MA, has announced the pro-motion of Ryan Mar-shall to vice president of finance. Marshall will be responsible for the over-sight of all accounting

and finance functions.Marshall began his career at AllCom in

2007 as an accounting assistant. His finance expertise, good humor, and commitment to serving credit union members earned him promotions to accounting manager and assis-tant vice president.

Marshall, a 2008 graduate of Worcester

C R E D I T U N I O N P E O P L Econtinued from page 22

Ryan Marshall

State University, recently earned a master’s degree in finance from Boston College.

In addition to his responsibilities at All-Com, Marshall is actively involved with the community. He has volunteered for the past three years with the Volunteer Income Tax Assistance program. Through this program, he volunteered nights and Saturdays during the tax season to help assist people with their taxes. He also volunteers his time and energy to support New Hope, a non-profit human services agency assisting people in crisis, and Veterans Inc., a private, non-profit emergency shelter, providing housing, employment, and training.

Michael Jordan Appointed Vice President, Branch Administrator at Metro Credit Union

Robert M. Cashman, president and CEO of Metro Credit Union, Chelsea, MA, an-nounced that Michael Jordan has been pro-

summer.2011 | centerpoint | 25summer.2011 | centerpoint | 25

continued on page 27

moted to vice president and branch admin-istrator.

With over 10 years of previous banking experience at Salem Five Bank and Marble-head Savings Bank, Jordan joined Metro Credit Union in 2005 as branch manager of the Peabody office and has since filled many roles at Metro. In 2010, he was promoted to the newly created position of assistant vice president of branch operations, taking on re-sponsibility for overseeing daily retail opera-tions, including staffing and security of the branches and the Member Service Center.

Jordan is president of the Everett Rotary Club, an active member of the Odd Fellows, and a volunteer through the “Everybody Wins” program at the Hooks School in Chelsea. He is also the treasurer of the Mas-sachusetts School Bank Association. Jordan earned his master’s degree in leadership at Northeastern University and his bachelor’s degree in finance and bank management from Bentley University. He also has received Call Center Management Certification from Purdue University.

Marcos Promoted to Vice President of Human Resources at St. Anne’s Credit Union

Ross R. Upton, president and CEO of St. Anne’s Credit Union of Fall River, MA, an-nounced that Michelle Marcos of Somerset has been promoted to vice president of human re-sources.

Marcos has been with the credit union since 1995. She has served in a variety of roles, most recently as assistant vice president of hu-man resources.

Active in the community, Marcos serves as vice president of the Greater Fall River Food Pantry and on the Board of Directors of Steppingstone, Inc.

Holy Rosary Credit Union Promotes TwoJane Gettens, Senior Vice President of Strategic Development

Jane Gettens began her career at Holy Rosary Credit Union (HRCU) in 1985 as a teller at the

Michelle Marcos

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Credit Union Peoplecontinued from page 25

credit union’s original location in Rochester, NH. Since then, she has experienced nearly every aspect of the credit union industry, working in lending, marketing, IT, branch operations, branch acquisitions, and special project development, leading to her role in senior management. She is a member of the Social Responsibility Committee for the New Hampshire Credit Union League and resides in Strafford, NH.

Rosemary Shields, Vice President of Operations

Rosemary Shields joined HRCU in 2000 as the Rochester (NH) branch supervisor; how-ever, her banking career began over 25 years ago

with Fleet Bank in Boston. At HRCU, she used her broad range of skills in the direction of overall branch operations. Before long, she was promoted to director of branch admin-istration and soon after progressed to vice president of branch administration. She is a board member of St. Elizabeth Seton School’s Finance Committee and Strafford County Court Division. She lives in Wakefield, NH, with her husband.

Fall River Municipal Credit Union Promotes One, Hires OneMaryellen Cordeiro, Vice President of Operations

Matthew Schondek, chief executive of-ficer and president of Fall River Municipal Credit Union, Fall River, MA, has announced that Maryellen Cordeiro has been promoted to vice president of operations. Cordeiro has been with Fall River Municipal Credit Union since 1999 and was most recently the assistant vice president of operations. She oversees all functions of account and loan services, as well as manages the ATM networks, telephone banking system, and various back office sys-tems that support the credit union’s core data system.Steve Haight, Vice President of Finance

Steve Haight has joined the credit union as vice president of finance. Haight will man-age and oversee the finance department and will be responsible for the credit union’s ac-counting and fiscal reporting. Haight has over 30 years of experience in accounting and finance and brings a wealth of knowledge and understanding to help the credit union man-age its assets. •

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summer.2011 | centerpoint | 29

ADVERTISING INDEXThe advertisers in CenterPoint make this magazine possible. When your credit union is in the market for new products or services, consider doing business with the companies which support CenterPoint and who support the associations that support you.

CEIS Review ................................................................................................... 15www.ceisreview.comCOCC ............................................................................................................ 13www.cocc.comCRI Solutions ................................................................................................. 19www.crisolutions.netCredit Union Employees Retirement Association ............................................ 19www.cuera.orgCUDL ............................................................................................................. 25www.cudlautosmart.comFinancial Services, Inc. .................................................................................... 21www.insidefsi.netFSCC Shared Branching Network ................................................................... 24www.fscc.comGraVoc Associates, Inc. ................................................................................... 27www.gravoc.comIntegrated Security Group ............................................................................... 05www.isgsecurity.comKaeding Ernst ................................................................................................. 27www.kaedingco.comMagee Company ............................................................................................. 18www.mageecompany.comMSIC .............................................................................................................. 25www.msic.orgNES Group ..................................................................................................... 32www.nes-group.comPierce Atwood LLP ......................................................................................... 20www.pierceatwood.comStephen Colantuono ....................................................................................... 09Stifel Nicolaus ................................................................................................. 02www.stifel.comSynergent ........................................................................................................ 31www.synergentcorp.comWolf & Company ............................................................................................ 23www.wolfandco.com

SEND US YOUR NEWS!Contact Peggie Thorsen via e-mail at [email protected].

tives to employees to forego health insurance by obtaining it somewhere else. “Paying our employees to have benefits elsewhere is not keeping with our overall compensation phi-losophy of paying a competitive wage with an above average benefits package,” she says.

Bellwether’s coverage for long term em-ployees and retirees aged 62 to age 65, at which time they are eligible for Medicare, has benefits that transcend the coverage. Many older employees around the country are working to age 65 solely to keep their health insurance coverage, Nadeau observes; Bell-wether’s offering gives older employees with a minimum of 20 years of service the option to retire before age 65 with full coverage for both themselves and their dependents until they’re Medicare-eligible. For employees with less than 20 years of service but with at least 10 years and the desire to retire early, their benefit is prorated. “This new benefit helps our long term employees better plan their re-tirement for an age that works best for them, which leads to more satisfied employees who are more productive while they’re here. It’s a win-win situation,” she says. It also helps the credit union plan for vacancies that will hap-pen a few years in the future.

Metro Credit Union offers an abundance of wellness programs. Blood pressure, choles-terol and skin screenings, bone density tests, flu shots, and weight control programs, as well as work/life balance programs are all part of the mix.

FROM EVERY CRISIS, AN OPPORTUNITY

As costs have risen, opportunities have emerged for both employer and employee to make better-informed decisions in purchas-ing health insurance. The process is not as simple as it was a decade ago, but it gives credit unions and their staff more control over their expenditures with a bit of basic planning. Just like an exercise program, it takes work and awareness, but the long-term results are worth it. •

Christina P. O’Neill is custom publications editor for The Warren Group, publisher of CenterPoint.

Employee Benefitscontinued from page 21

30 | centerpoint | summer.2011

C R E D I T U N I O N C A L E N DA R

Special EventsCredit Union Community Hope Initiative Charity Golf Tournament to benefit Massachusetts Coalition for the HomelessAugust 17 .........................Juniper Hill Golf Course, Northborough, MA

Hike the HillNovember 2-3 ............................ Credit Union House, Washington, DC

Conferences and Conventions2011 Fall Leadership ConferenceOctober 16-18 ............Foxwoods Resort and Casino, Mashantucket, CT

Small Credit Union ConferenceNovember 15-16 ........Foxwoods Resort and Casino, Mashantucket, CT

NetworksHR NETWORKEmpowerment and AccountabilitySeptember 13 .......................... Credit Union Center, Marlborough, MA

Conducting an HR AuditDecember 8 ............................. Credit Union Center, Marlborough, MA

LENDERS NETWORK October 5 ................................. Credit Union Center, Marlborough, MA

Lenders Network ProgramSeptember 20-22 .......................................................... Location TBD

November 2 .................................................................. Location TBD

Seminars and SchoolsCredit Union Employee Boot CampSeptember 14 .......................... Credit Union Center, Marlborough, MA

2011 BSA UpdateSeptember 21 .............................................Angelica’s, Middleton, MA

Developing Great Managers, Part I of III, October 4 ................................. Credit Union Center, Marlborough, MA

Account EssentialsOctober 6 ................................. Credit Union Center, Marlborough, MA

Consumer Lending BasicsOctober 19 ............................... Credit Union Center, Marlborough, MA

IRA Essentials WorkshopOctober 25 ............................................DoubleTree Hotel, Milford, MA

IRA Advanced WorkshopOctober 26 ............................................DoubleTree Hotel, Milford, MA

From Service to Sales: Teller ReferralsNovember 2 ............................. Credit Union Center, Marlborough, MA

Developing Great Managers, Part II of III, November 8 ............................. Credit Union Center, Marlborough, MA

Social Media Made Simple with Mark ArnoldNovember 14 ........................................DoubleTree Hotel, Milford, MA

2011 BSA UpdateNovember 15 ........................... Credit Union Center, Marlborough, MA

Credit Union Employee Boot CampNovember 16 ........................... Credit Union Center, Marlborough, MA

Developing Great Managers, Part III of III December 6 ............................. Credit Union Center, Marlborough, MA

FiCEP Financial Counseling Training Matching Values to MoneyAugust 30 ..........................................................Module 7 – Webinar

Retirement and Special IssuesSeptember 13 ....................................................Module 8 – Webinar

Proctored Testing on Modules 5-8September 28 .......................... Credit Union Center, Marlborough, MA

Webinar and Webcast SessionsHot Regulatory Issues in Consumer Lending August 17

Finance Reform Routing Provisions August 18

Your Credit Union’s Responsibility as a Withholding Agent: SSNs, EINs, ITINsAugust 19

New Rules for Credit Union Websites: What to Do Now, Soon & Later August 23

Bank Bribery Act & Regulation P – Consumer Privacy August 24

New Security Officer Training August 30

Developing Global Cash Flow from Personal Tax Returns September 8

Handling Garnishments, Tax Levies and Subpoenas September 13

Strategic Planning for the Board & Senior Management September 14

Surviving Your FACTA Risk-Based Pricing AuditSeptember 21

Identifying & Managing Data Leakage & Hacking ThreatsSeptember 27

Fair Lending: Top Issues & Examiners’ FocusSeptember 28

Responding to Official Demands for Member FundsOctober 4

Problematic Practices in BSA AuditsOctober 5

Employee Leave: What You Need to Know about Vacation, Sick, Jury DutyOctober 12

Compliance from a Distance: Managing Risk of Third Parties & Outsourced ProcessesOctober 18

Lending to Members of Modest Means (Including Payday Lending)October 25

Small Business Banking at Your Credit UnionNovember 2

Year-End Compliance ChecklistNovember 9

Bank Protection Act & Robbery Training for All StaffNovember 10

Your Credit Union’s IRS Information Returns: What to Report & Ways to Ensure AccuracyNovember 15

IRA BasicsNovember 16

Conducting Your 2011 ACH AuditNovember 29

Legal Issues in CollectionsNovember 30

Identifying Problem AssetsDecember 6

Auditing for SAFE Act ComplianceDecember 7

Critical IRA Year-End IssuesDecember 8

Protecting Your Credit Union When a Member Files Bankruptcy: Advanced Issues December 13

The New Business Account Interview: Meeting Regulator & Credit Union RequirementsDecember 14

Product Webinars Earn Income through Sprint CU Member Program August 9

Earn Income Through Sprint CU Member Program September 13

QuickBites ONE-HOUR TELEPHONE CONFERENCING

Preventing Losses on Frontline and in Your Call CenterAugust 18

Achieving Security Excellence for CUs (Two-Hour TeleCourse)August 23

Foreclosure AlternativesAugust 30

What Does It Really Take to Run a Social Media Campaign at Your Credit UnionSeptember 8

Growing Your Loans 10%September 12

Marketing Tips Post RecessionSeptember 21

Hiring and Interviewing TechniquesSeptember 28

Creative Loan ModificationsOctober 4

Robbery Survival Training for EveryoneOctober 13

ABCs of Financial Reports for Board of DirectorsOctober 27

Credit Risk and Allowance for Loan LossNovember 2

The Grinch Effect: ID Theft at Holiday PartiesNovember 8

12 Shoestring Sales and Marketing Ideas to Drive Sales in 2011November 17

Confidentiality and Fiduciary ResponsibilityNovember 29

Creating a Lending MachineDecember 13

Chapter Meetings and Activities – MassachusettsNone listed at this time.

HolidaysSeptember 5 – Labor Day

October 10 – Columbus Day

November 11 – Veteran’s Day

November 24 – Thanksgiving Day

December 26 – Christmas (observed)

The POWER you need,

for the service

your members trust.

Synergent powers your credit union’s future growth. As an organization owned by credit unions, and serving only credit

unions, we understand what it means to serve your members. Synergent

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Jean DeStefanoPayment Systems

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Celebrating Our 40 Years of Serving Credit Unions

Visit our New Website to find out how NES Group can help make your

next project a success!www.nes-group.com

PLANNING • DESIGN • CONSTRUCTION • CONSULTINGNES Group 905 South Main St., Bldg B, Suite 201, Mansfield, MA 02048

Phone: 508-339-6600 Fax: 508-339-6602 Web: www.nes-group.com

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