The Boardcast

Board of Directors Meeting - 01/29/2008

The UFirst Board of Directors and staff were busy on Tuesday, January 29th. The afternoon began with 3 members of the board and the senior management team attending a webinar entitled Key Examination Issues of 2008. The webinar was sponsored by the National Credit Union Administration (NCUA) and was moderated by Gigi Hyland, a member of the NCUA Board of Trustees. The National Credit Union Administration (NCUA) is an independent federal agency which regulates and charters federal credit unions throughout the United States. It's similar to the Federal Deposit Insurance Corporation in that through its insurance fund it insures the savings of all federal and some state chartered credit unions. NCUA Administrators, Dominick Nigro and Debra Tobin gave a two part presentation. Mr. Nigro spoke about the importance of evaluating and monitoring the business arrangements that all credit unions have with businesses that provide services to members through the credit union.  Ms Tobin's presentation was of particular interest to Peter Zielinski, Bob Gertsch and Ginny Brady, the board members present. She discussed the new process that NCUA will be using to evaluate the fiscal soundness of individual credit unions. This new protocol includes a detailed and well documented strategic planning process involving all aspects of credit union operation.

UFirst is in the forefront of credit unions. We have already developed an ongoing strategic plan. This process has resulted in changing our credit union charter to open membership in UFirst to those who live, work, worship or attend school in Clinton County. It is through our planning process that we changed our name from SUNY Plattsburgh Federal Credit Union to UFirst Federal Credit Union. One of the most significant outcomes of the strategic planning process has been the relocation of our operations center to the current location on Rugar St. The UFirst board and management team will be continuing this process at a planning session which will be held next Wednesday, February 6th. The board takes our planning responsibilities seriously. Watch for a report on this meeting in a post which will appear in the Boardcast next week.

The board met for our regular monthly meeting at 4:15 on Tuesday afternoon. CEO Bourgeois reported that our membership has grown to include over 300 new share accounts since June, 2007. UFirst continues to meet the lending needs of members with our loans growing again in December.  The board also approved a new auto loan marketing initiative which will be launched in the near future. Members of the board congratulated CEO Bourgeois upon her graduation from Clinton Community College. Linda graduated with high honors in Business Administration and will be continuing her education by enrolling in the Certified Credit Union Executive Program sponsored by the Credit Union National Association.

Members who would like to propose items for board discussion are welcome to contact Linda Bourgeois, a member of the Board of Directors or email the Boardcast.

Do You Know The Difference?

A few months ago Common Wealth Credit Union In Alberta BC launched Young and Free Alberta membership and checking account campaign. As part of this campaign Commonwealth held a contest for a spokesperson who fit the Young and Free Alberta spirit. Larissa Walkiw a 19 year old native of St. Albert, Alberta was chosen. Larissa has been hard at work on her Blog, Facebook and Twitter telling the Alberta community about the credit union difference. Recently Larissa wrote produced and starred in a You Tube video giving one of the best explanations I've ever seen of the difference between credit unions and banks. The video has already had almost 3000 views and it's one I know UFirst members will love.

Follow-Up - Message from Our CEO

Linda Bourgeois, UFirst CEO, emailed me to add her perspective to my last post. Linda wanted me to assure all UFirst members that senior management, the loan officers and member services representatives are all available to assist members who may be experiencing financial challenges, recently.

Linda said,

We are trying to be proactive with members that we know are beginning or have been “treading water financially”.  If they call needing to add on to an existing personal or debt consolidation loan, we are offering to help them with a budget as well.

Linda also mentioned the fact that members who are reorganizing their finances with debt consolidation loans are being encouraged to put a small amount from the loan aside into savings. This provides for that "cushion" we all need to face future financial crises.

Our UFirst motto, "You belong to UFirst and UFirst belongs to You" is not just a slogan to the staff and board of UFirst. Our intention is to live this motto through out commitment to the financial health of our membership.

Recession in 2008? What Does it Mean for You?

The last two months have brought regular media reports on the threat of recession. Pundits argue whether or not we are in or are headed for a recession in virtually every newscast. The problem is that recession is an economic term that has a definite meaning. A recession has occurred when there have been two consecutive quarters of negative growth, as measured by the country's gross domestic product. The definition requires that we live in a recession for about 6 months before we can actually say that it has occurred. According to a recent article in the Economist, the Economic Cycle Research Institute (ECRI) has had the most accurate index, having predicted recessions accurately in the last two downturns.  Reading and understanding any report that comes from the ECRI is likely to be hard and so most of us have to rely on translations that come from the media (TV, radio, print and online). The Economist's own R-word index measures the number of times the Washington Post and the New York Times use the word "recession" in a quarter. The Economist points to the success of this index in the past, predicting the start of recessions in 1981,1990 and 2001. As you may have realized, the R-Word index has soared in the last three months. We're left with the question. How does recession translate into our lives?

One sector that feels a recession keenly is business. During a recession less money is changing hands and less business is being done. This usually means that businesses attempt to reduce costs by spending less themselves and by cutting jobs and employee benefits. This reality is nothing new in Clinton County. Many large area employers have begun to rely heavily on temporary employees to handle large jobs and special projects. These employees are usually paid at a lower rate without benefits. In addition, we've seen large employers close or reduce production causing lay offs that have displaced large numbers of workers. Despite the hopeful signs of new businesses opening and employers relocating to our area, this phenomenon is likely to continue. News reports in the last two weeks have been full of anticipated lay offs in the financial and real estate sector. In addition, it's rumored that Yahoo will be laying off thousands of their employees. A key concern for consumers in a recession is losing their jobs. Debt run rampant also hits hard in a recession.

The subprime mortgage crisis and its consequences threaten all of us during a recession. It has become a general practice to count on the growing value of our homes to fund our retirement as well as to be able to bail us out of a financial emergency.  Recession along with the shockingly high number of mortgage and consumer loan defaults has lowered real estate values. In addition, some of us with high debt are finding that our interest rates are being increased. High debt is becoming a way of life for many of us. Loss of a job combined with impossible debt is a formula for catastrophe for many of our North Country neighbors.

Recession may be an economic term which is bandied about between economists on news shows but it seems that it does have consequences for those of us who live in our little corner of Northern NY.  The  board and staff of UFirst wants you to know that if you've been affected by the consequences of recession the credit union is here to help. Please use the resources available through the credit union to assist you with consolidating credit card debt and lowering rates, negotiating payment plans that will work for you and your family and receiving the comfort of knowing that there's someone on your side to help in a recession-induced crisis.

 

   

Adirondack Young Professionals - A New Group in Town

This is an unusual post for the Boardcast but I thought the topic was important enough to change our blog focus today.

A forum was held last night in Plattsburgh organized by The Adirondack Young Professionals. This group grew out of an effort which was begun eariler this year designed to draw together young professionals who live and work in the North Country. Last night's gathering was impressive by any standard with about 75 people attending. The purpose of the forum was to begin a dialog about encouraging young professionals to remain in and come to our area. The Adirondack Young Professionals has published the following mission statement:

To create opportunities for young professionals to network, socialize, and serve the great Adirondack community.

The vision of this group is that:

Our membership will lead the region's diverse cultural and economic renaissance.

The organizers chose the relaxed atmosphere of Olive Ridley's restaurant on Court St. where participants could enjoy hors d'oeuvres provided by the local law firm of Whiteman, Ostermann & Hanna. Invited guests included Bernie Bassett, Town of Plattsburgh Supervisor; Sara Rowden, Clinton County Legislator and Don Kasprzak, Mayor of the City of Plattsburgh. Paul Sands of WPTZ was the moderator. The topics discussed included the economic problems facing the North Country and the efforts that have been made to meet these challenges as well as the need for jobs, better transportation and a greater variety of cultural events to draw interest to the area. The governmental leaders were challenged with questions on City/Town Merger; the status of the downtown federal building and creative ways to use Lake Champlain to increase tourism and the quality of life of residents. The enthusiasm of the group was evident. The Adirondack Young Professionals is using their Facebook Group as a networking tool to announce events, encourage conversations among members and recruit new members.

The growth of UFirst FCU and other area non profits and businesses depends on supporting and encouraging groups like The Adirondack Young Professionals. These are the community leaders of the future. It's clear that we'll be hearing more about the activities and accomplishments of this group in the future. If you're interested in membership or following their progress join their Facebook Group or email the group's secretary, Keri Mack, at keri@ncworkforce.com.   

Financial Literacy Quiz - Test Your Knowledge

2008 may be fiscally challenging for many of us. The economy is unpredictable and each of us may be prodded to take control of our own financial well being. One way to begin preparing ourselves for this challenge is to assess our personal knowledge. AARP has developed an online quiz which is designed to test knowledge of personal finances and social security. The Financial Literacy Quiz provides a basic benchmark for our financial literacy. This 14 question quiz can be finished in 5 minutes or less. Begin 2008 by taking this quiz for a measure of your financial literacy.

 

Director Profile - Bill Laundry

William (Bill) Laundry is the first in the Boardcast series of Director Profiles. Ginny Brady spoke with him at his office on January 9th, 2008.

Having served the Plattsburgh State University community for almost 39 years, Bill Laundry is a well known figure on campus. Bill's story began in the mountain hamlet of Hawkeye, NY  where he was born in a small, close knit community.  He attended Ausable Forks High School and went on to get a BA and MS degree in History from the State University of NY at Albany. Bill returned to Clinton County in 1969 and began his career at PSUC as the Housing Director. Through the years, he has held several positions of responsibility culminating with his appointment as the Vice President of Student Affairs in 2003.

Bill remembers the founding of our credit union. He mentioned how much we owe to the college and the members of the college community whose foresight and dedication led to SUNY Plattsburgh Federal Credit Union's success and growth. He reminded me that our credit union began operation out of the briefcase of our founding director, Clara LaRose. Credit union services in those days consisted of savings and small loans. PSUC then offered the credit union the first of two office spaces which provided opportunities for growth in staff and services. Bill is proud to be a member of the Building Committee, overseeing the planning, construction and opening of UFirst FCU, our new Rugar St. operations center. Bill has enjoyed serving on this committee but, he said, that he has learned most from  his membership on the Asset Liability Management (ALM) Committee. Bill observed that his membership on the board and this committee has given him an opportunity to learn more about the importance of fiscal balance for the operation of our credit union.

Bill mentioned that he is proud of the personal level of service provided by the staff of UFirst. Bill related a story from his own life that illustrates how he has benefited from this superior level of service. He said that, not long ago, he was driving in Plattsburgh and hit a raised manhole cover and broke the frame of his car. He was faced with having to buy a car quickly and unexpectedly. The first place Bill turned for help was UFirst. He said that the loan staff helped him choose the loan that was best for him, facilitated processing the loan quickly and explained the loan documentation thoroughly. Bill reflected that, "There aren't many institutions that treat individuals in such a personal, respectful way".

Bill mentioned that he knows that UFirst faces many challenges in the years to come. He reminded me that strategic planning is crucial if we are going to retool old services in new ways, provide new and improved services and remain competitive.

In closing, Bill wanted to speak to members, personally. Here is his message:

The Local Blogosphere

I recently read an interesting book called "Citizen Marketers" by Ben McConnell and Jackie Huba. The authors describe the growth and influence of social networking. Actually, for good or ill it's clear that blogs, podcasts, rss feeds, Twitter, Facebook, You Tube and all the faces of Web 2.0 are influencing our culture.This stimulated my thinking about bloggers who may be "out there" in cyberspace and may, literally, be our neighbors. A quote from "Citizen Marketers" highlighted this influence for me:

If people are expressive beings and they find that a blog is a fundamental tool for expression, the growth in blogs would seem to be very much in its early stages.

In fact, I thought that if I searched I would be able to find local bloggers who are giving self expression to ideas and passions in the same way that I am. I didn't have to look far. The Online Plattsburgh Press Republican features two blogs that, I discovered, have a wide readership. On The Sly is written and moderated by Foxy Gagnon. Most of Foxy's posts are in story form. They remember Plattsburgh as it was in the past as well as examining what is of interest in Plattsburgh today.  A recent post included a moving memorial to many of the local "celebrities" who died in 2007. Foxy calls those who participate in On The Sly "Blogoteers" and the number of comments he gets to each post points to a large community following.

The second blog featured in the online version of our local paper is written and moderated by a Plattsburgh State Professor, J. W. Wiley. JW's blog is called Wiley Wandering. Professor Wiley's specialty is philosophy and many of his posts challenge readers to think about and react to issues relating to diversity, belief systems and tolerance. Wiley Wandering also has a faithful group of commenters who participate in discussions on topics such as "Hillary and Barack:Who are We Kidding?"

These are only two of the local blogs I found in my exploration of the local blogosphere. I found 5 blogs having "Adirondack" in their names as well as at least an addtional 20 whose authors blog about everything from politics to travel tips to personal and religious experiences. The focus of the Boardcast has provided me with opportunity to meet and interact with bloggers throughout the US and Canada. It's also exciting to be a part of the hyperlocal world of blogs that focus on the news and items of interest that form the core of our lives in the North Country.   

Ufirst in the News

CURIA Update - 2008

CURIA (Credit Union Regulatory Improvement Act) has gained 142 congressional supporters and cosponsors during 2007. This legislation is very important to credit unions (and credit union members) throughout the US. Credit unions have been at the forefront of assisting members to meet the challenges of our uncertain economic times. Credit unions are working hard to reduce the hardships of those affected by the subprime mortgage scandal and the resulting consumer credit crisis. CURIA will allow credit unions to achieve regulatory modernization. CURIA would also expand the ability of credit unions to offer small businesses  additional competitive sources of credit to help them succeed in the market place. The Credit Union National Association will be working with credit unions throughout the US to  encourage Congress to vote on this  important legislation in 2008.

Below is the updated Boardcast CURIA map showing the current House of Representative CURIA Cosponsors.

View Larger Map