MECHANICSBURG, Pa. — As an avenue to provide credit unions access to business loans for sale, Members 1st Federal Credit Union has launched a new loan participation Web site.

Through the site participants will be able to download all of Members 1st's due diligence information as well as view a list of loans for sale. Each loan record will also include a description of the loan, original loan date, terms, amount available to purchase and yield to participant. From that list, users will be able to request loan packages to view. They will then be given access to download the entire loan file for complete underwriting.

Launched on Sept. 22, the Web site was officially unveiled at the Mid-Atlantic business services workshop in Gettysburg, Pa., Approximately 60 attendees representing 25 credit unions and CUSOs were able to view the new site.

–msamaad@cutimes.com

CUNA Mutual Group Upgrades Its Choice 401(k) Program

MADISON, Wis. — CUNA Mutual Group said it has upgraded and repackaged its Choice 401(k) program to provide retirement plan sponsors with more choices of institutional investments for employees.

Using a group annuity platform, the product now offers more than 75 different subaccount choices from a variety of well-known investment managers, said Tom Eckert, CUNA Mutual vice president of retirement plan services. Accounts now include investment managers Vanguard, PIMCO, Oppenheimer, MFS, T. Rowe Price, BlackRock, Morgan Stanley, Neuberger Berman, Lord Abbett, Putnam, Aim, Franklin Templeton, MEMBERS Capital Advisors and Dreyfus.

The Choice 401(k) also includes target risk and target date allocation options that use multiple investment managers within the subaccounts and a principal guarantee benefit rider that, if selected, guarantees no loss of principal on the conservative or moderate allocation subaccounts when held for at least 10 years.

CUNA Mutual's 401(k) product portfolio also includes the Trustee product, featuring a national board of trustees responsible for the plan's investment selection and oversight. The trustees have focused on building a unique plan featuring broad-based, low-cost, institutional-style portfolios. This plan is designed for plan sponsors that do not have the expertise or time to select and monitor the investment accounts of a 401(k) plan, according to the company.

–msamaad@cutimes.com

NY Association Sells 'CU Traditions' Cookbook to Raise Money for PAC

ALBANY — The way to the coffers of the Credit Union Association of New York's political action committee is through the stomach.

The association is selling a cookbook, Credit Union Traditions, contains more than 200 recipes from credit unions throughout the Empire State. The association has printed 3,000 copies and is selling them for $10 each.

The proceeds will help fund the activities of the Credit Union Political Action Committee, which provides contributions to Democratic and Republican pro-credit union New York State and local candidates.

To order a copy e-mail governmental.affairs@cuany.org or call (800) 342-9835, ext. 8207.

–cmarx@cutimes.com

Dow Louisiana Federal CU Taps New Commercial Services Executive

PLAQUEMINE, La. — Shawn Zenon has joined Dow Louisiana Federal Credit Union's senior management team as vice president of commercial services.

Zenon previously worked at International Bank of Commerce, located in Austin, Texas, where he served as first vice president. His career experience includes credit administration, secondary marketing, underwriting, sales and operations, according to the $150 million credit union.

“With Shawn's extensive experience in the commercial services industry, he is the ideal person to lead DLFCU within the business and professional community, particularly in the new markets we're entering,” said Jeff Hendrickson, president/CEO.

–msamaad@cutimes.com

Experian Unveils B2B Credit Score

COSTA MESA, Calif. — Experian has launched Intelliscore Plus, a new business-to-business credit score that aims to minimize risk provide an assessment of future business delinquency.

Utilizing key information entered in an inquiry, Intelliscore Plus returns a score “highly predictive” of business payment, according to Experian. The user can inquire on the business only, the business owner only, or a blend of information on both the business and the business owner.

Experian said for identifying risk in small businesses, blended data has proven the most predictive in the industry, adding research has shown that blended scores capture 46% more small business deterioration than commercial data alone. The new credit score also features an approach to evaluating large businesses that significantly improves targeting of large-business risk.

The new score employs statistical techniques and combines more than 800 commercial and owner variables, including trade line and collections information, recent credit inquiries, public filings, new account activity, and key financial ratios. Intelliscore Plus also offers the ability to include up to four business owners or guarantors on one report.

–msamaad@cutimes.com

Michigan First CU Launches EZ Scan&Deposit Online Service

LATHRUP VILLAGE, Mich. — Michigan First Credit Union launched EZ Scan&Deposit, an online service that allows consumers and businesses to scan checks from home or the office and directly deposit them into a Michigan First savings or checking account.

EZ Scan&Deposit allows members to log into their Michigan First account online and scan the check using any TWAIN-complaint scanner. The scanned check image is then uploaded into the Michigan First secure database. The check is verified and deposited directly into the selected account.

“We're committed to providing high-tech products that make the lives of our members easier,” said Michael Poulos, president/CEO of Michigan First. “With our new EZ Scan&Deposit' service, you can enjoy being part of a trustworthy credit union without ever stepping foot in one of our branches.”

A step-by-step video tutorial about EZ Scan&Deposit is available on the Michigan First Web site at https://www.michiganfirst.com/video/ezscan_video.html.

–lsiegriest@cutimes.com

Marketer Says Obstacles to Business Services Are Not Insurmountable

KANSAS CITY, Mo. — The objections to moving into the business services marketplace are as varied as the credit union industry itself. However, the returns may have more leverage.

Lisa Renner, CEO of Beyond Marketing LLC, a marketing services CUSO subsidiary of Mazuma Credit Union, said there are three messages to overcoming objections to business services: marketing is very similar to marketing to nonbusiness owner members; a credit union's differentiation, like their ability to build relationships; and every credit union has at least one demographic pocket of opportunity.

“Business services cannot be just a loan officer sitting behind a desk,” Renner said. “It must be someone who is engaged in the community and actually getting involved in the local chamber of commerce, building a network through business fairs, building a network of CPAs, attorneys and other resources they can use to help and support their business clients.”

Renner said the demographic pockets that will experience the fastest growth in the next 10 years are the women business owners, young entrepreneurs, immigrants and baby boomers. Differentiation for credit unions from banks can start with built-in strengths, she explained. Known for building relationships with members, small business owners are looking for the same type of connection.

The $358 million Mazuma CU followed that lead when it transitioned its relationship piece from the member-consumer side to the businesses side. For example, a business services architect was hired, not just a business development representative out in the marketplace.

“The business services architect builds blueprints of belief. They work with the small business owners, listen to the owners outline their current situation and where they want to go in the future,” Renner said. “It's really about that listening and saying, 'We believe in you, we're your partner, your credit union, and we're going to be here working with you.'”

–msamaad@cutimes.com

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Members 1st FCU Introduces Loan Participation Web Site

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