New award Web site offers `best practices' articles

WASHINGTON-CUNA Mutual Group and CUNA Lending Council officials have announced newly formulated guidelines for credit unions competing for the new Credit Union Excellence in Lending Award (CU Times, Dec. 22), and invited participants to visit the www.lendingchallenge.org on the Web for "best practices" in lending articles. Officials explained to CUNA GAC participants recently that CU system lending professionals and a judging council will look at award entries each month. Entries that meet award criteria will receive a recognition certificate and become eligible for consideration for an Excellence in Lending Award. All CUs in the United States may apply and may nominate themselves by submitting an application. CUNA Mutual Group, CUNA Lending Council, Filene Research Institute and the Consumer Federation of America officials will judge entries according to certain financial ratios weighted so a score may be generated. Consumer ratios such as loan-to-share, delinquent loans to total loans, and net charge-offs to average loans will be used. "The scoring method was developed with the assistance of several lending vice presidents from successful credit unions across the country," explained E.C. Williams, CUNA Lending Council chairman and senior vice president of consumer lending/branch operations at MacDill Federal Credit Union. For information or applications, call (800) 356-2644, ext. 5312.