CMG Hires New CFO
Pavelich came to CUNA Mutual in April from Citigroup where he was most recently the chief financial officer of Citibank North America in New York. He had worked at Citigroup in various high-level positions since 2001.
Prior to his work at Citibank, Pavelich spent 22 years with General Electric where he held various positions, including chief financial officer of GE's North American Fleet Services division.
Pavelich replaces former CUNA Mutual CFO Jeff Holley who stayed on until June to help transition Pavelich into the position.
JetStream Names CEO
JetStream Federal Credit Union has named Jeanne Kucey as its new president/CEO.
Kucey, who previously served as president/CEO of Atlanta-based Retail Employees Credit Union, replaces William Gregg who retired from JetStream FCU after a decade of service on June 30.
Kucey has more than 20 years of managerial experience. Prior to serving as CEO for RECU, she served as vice president of operations at Atlanta City Employees Credit Union and vice president at San Diego County Credit Union. She earned her bachelor degree in financial management from California State University,
"I am thrilled to be joining an organization with such a strong employee team and solid reputation for service among its membership," Kucey said.
CUDL and CUcorp
Indirect lending CUSO CUDL announced that it has entered into a new marketing agreement with CUcorp, a wholly owned subsidiary of the Michigan Credit
As part of the new agreement, CUcorp will lead efforts in marketing CUDL's auto lending products and services to Michigan's 350 credit unions. The two
organizations previously partnered in January to promote early awareness of CUcorp's Invest in America program.
"With CUDL's expertise in auto lending, this can only enhance the already great auto loan numbers in Michigan," said David Adams, CEO of CUcorp. "Michigan credit unions are outperforming the national average on new and used auto loans. We have seen CUDL make a difference with Invest in America, and we expect our credit unions will see even more growth through this marketing agreement."
CUDL and CUcorp will jointly market CUDL's auto lending portal, the DecisionManager decision engine product and CUDL's risk management tools.
"We are very excited about expanding our partnership with CUcorp-a partnership that has been very successful for both organizations," said Phil Maniaci, CUDL's eastern division vice president. "We look forward to the new opportunities that our growing relationship will provide to both organizations and more importantly to the credit unions of Michigan."
CUNA Mutual Teams With
State National Companies
CUNA Mutual Group and State National Companies have teamed up to provide tracked collateral protection insurance to credit unions.
According to the firms, the alliance creates the largest consumer CPI affiliation serving credit unions in the collateral protection industry.
State National will cover the insurance tracking, underwriting, claims processing and customer service for CUNA Mutual's tracked consumer CPI business. CUNA Mutual will continue to offer its other collateral protection products, including blanket, immediate
issue, real estate, title tracking and several optional coverages.
CPI is a commercial product that protects the collateral on credit unions' loan portfolios against uninsured physical damage exposures. Tracked programs generate notices to members who aren't in compliance with their loan agreement to maintain a minimum level of physical damage insurance. When proof of insurance is not provided, a policy is placed on the collateral to protect the credit union should the collateral become damaged and have to be repossessed.
Both companies will collaborate in sales efforts. CUNA Mutual will continue as credit unions' single point of contact, while State National will provide product expertise to the sales process.
Thor to Assist Credit Unions With RV Loans
CUcorp is aiding CUs in offering secured recreation vehicle loans under a deal with Thor Industries, the nation's largest RV producer.
Under an agreement reached with Thor CC, a captive finance firm, CUs can take advantage of "high-quality consumer RV loans and broaden the complement of lending products to members," said CUcorp.
The Thor RV loans will permit participating CUs to "diversify their portfolios in a safe and profitable manner and also provides an additional avenue to attain new members," said David Adams, president/CEO of the league.
Jackson Center, Ohio-based Thor, which has 1,300 dealers nationwide, has been selling its secured RV loans to both banks and CUs.
In a statement, CUcorp noted that "traditionally, RV loans have outperformed mortgage and home equity portfolios," and the CUcorp-Thor agreement will allow CUs to "cross sell other products and services to this desirable demographic."
Liberty Bay Lands Patriot
Liberty Bay Credit Union is hoping to score a touchdown with its new spokesperson.
New England Patriots Wide Receiver Wes Welker has been tapped to be the face and voice of his credit union Liberty Bay CU.
"We are thrilled to have Wes Welker as a member and a valuable asset to the credit union. His respect within the community, dedication to his sport and hardworking spirit embodies the true essence of our credit union," said Kenneth C. Dyer, Liberty Bay CU president/CEO.
As part of the agreement, Welker will be involved in marketing efforts and community relations for Liberty Bay during the coming months. In addition to lending his image to Liberty Bay, Welker has committed to multiple member and community events and will team up with the credit union for a number of combined charitable promotions to benefit the Wes Welker 83 Foundation and the Liberty Bay Charitable Foundation.
The first joint charitable effort has resulted in a line of T-shirts sporting the tagline "Nothing Without Effort." Shirts will be made available for sale at all Liberty Bay branches. All proceeds from shirt sales will benefit each foundation equally.