C-U First Issues Premium Return Checks

RANCHO CUCAMONGA, Calif. — C-U First Ltd, a credit union-owned and operated a workers' compensation insurance company, is starting its fifth underwriting year with good news for its member credit unions: the group has distributed an average of 30% of its 2004 premium costs back to members and was able to put aside another 17% for future returns.

Overall, the captive has seen a premium decrease of approximately 45%, representing more than $1 million in direct premium savings for its 11 credit union owners. The captive offers participants competitive pricing, greater protection from adverse market conditions, stability, and the ability to retain both underwriting profit and investment income. Each participating credit union's workers' comp premium is based on its individual performance.

C-U First selected its own loss-control specialist and third-party claims administrator, which manage the program with frequent input and monitoring by credit unions. The group has averaged a 13% loss ratio since the program's inception.

Christian Community Credit Union was one of the original founding members in 2004. David South, vice president of human resources at the $450 million institution, said joining the captive has substantially reduced premium costs.

TGIF for FedChoice FCU New Members

WASHINGTON — Anyone who joins FedChoice Federal Credit Union on a Friday has an added incentive. He or she will receive a $10 gift card to T.G.I. Friday's.

The promotion is designed to show all federal employees and their family members the benefits of an "un-banking" experience.

Although FedChoice opened its doors to all federal civilian employees, annuitants and their families in the D.C., Baltimore and Philadelphia metropolitan areas in 2006.

"We are always looking for ways to reach out and help federal employees and their families with all aspects of finance," said FedChoice Sales/Service Manager Kevin Roland.

He said the new promotion, dubbed FedChoice Fridays, has proven to be quite a success so far, with 64 new members joining in a single day.

FedChoice Fridays will run every Friday until the last Friday of this year.

NAFCU Services Picks Data Partner

WASHINTON — NAFCU Services Corp. has chosen Code Green Networks as its preferred partner for data.

The California-based company will work with NAFCU Services to help NAFCU members use data protection policies.

"Electronic data breaches, either accidental or malicious, have unfortunately become the norm. The substantial growth of corporate and personal online communications tools available to employees have only created more challenges for credit unions and we must employ new and innovative solutions to protect ourselves against these threats," said David Frankil, president of NAFCU Services. "Code Green Networks offers an affordable, effective, and scalable solution for protecting against data breaches across all channels of communication on the Internet – ideal for this industry."

NAFCU Services Corp. is a wholly owned subsidiary of NAFCU and offers 30 preferred partner programs to its member credit unions.

Student Loan CUSO Adds Northwest FCU to Clientele

HERNDON, Va. — Credit Union Student Choice, a newly launched private student loan network entity, has signed on $1.5 billion Northwest Federal Credit Union as its latest client.

Northwest is not new to offering private student loans to members. However, after offering student loans strictly on a referral basis for several years, Northwest Federal Credit Union is opting for an entirely new model to better serve their members, according to CUSC.

"By passing students and parents off to a third party, we were losing control of the relationship and could not ensure high quality member service or deliver the full member value we know is possible," said Colleen Daly, vice president of lending at Northwest FCU. "The Credit Union Student Choice model allows us to set our own credit criteria, customize the product and pricing and retain the full value streams that come from an active lending relationship with our member. All without increasing our staffing or taking on any undue risk."

Launched in early May by seven credit unions and backed by several noted CUSOs, CUSC now serves eight credit unions.

Hunt Newest Private Student Loan CUSO Hire

WASHINGTON — Melissa Hunt has been hired as vice president of business development of Credit Union Student Choice, a new student loan CUSO.

Hunt previously served as vice president of business development at Smart Financial Credit Union. Her major responsibilities there included youth outreach through high school and college channels, select employee group relationship development, and community outreach. Hunt's prior experience will help credit unions develop meaningful relationships with universities and families in their local communities through CUSC, the CUSO said.

A 19-year veteran in the financial services industry, Hunt's experience also includes 13 years at Suncoast Schools FCU.

CUSC, which enables credit unions to offer their own private student loan program, launched in May and currently serves eight credit unions.

McLane to Oversee California CUs

WASHINGTON — T. Bert McLane, who has worked on financial services regulation for 23 years, is the new chief examiner of the Division of Credit Unions of the California Department of Financial Institutions.

McLane, a NASCUS-certified supervisor, has worked on the oversight of credit unions in California since 1990. Before that he was a thrift and loan examiner.

Since 2002, he has been a manager within the division.

He will report to the deputy commissioner of credit unions, who is appointed by the governor.

NCUA Web Site Offers Hurricane Coping Advice

WASHINGTON — If a hurricane strikes–or if people want to prepare for any eventuality–credit unions and their members can find information through NCUA.

On the agency's Web site (www.ncua.gov), there are links to information on disaster preparation and money management.

Information from the National Hurricane Center is available at http://www.nhc.noaa.gov.

Credit unions that want information on dealing with the financial aspects of the aftermath of hurricanes can go to www.ncua.gov/hurricane.

"This educational resource not only contains useful and important financial information, it could also actually save lives," said NCUA Chairman JoAnn Johnson. "I encourage the credit union community to continue playing an active role in equipping Americans with the information they need to protect their families and finances in the event of hurricanes and other natural disasters."