The Boardcast

Financial Literacy For Younger Savers

Teaching young savers about the importance of wise management of money is a priority at UFirst FCU. Jody Carpenter, Marketing Director, added another school to the list of those which have benefited from UFirst Financial Education programs when she went to Morrisonville Elementary School and spoke with 400 students and their teachers. Jody gave students Cash Kit and Caboodle Kits. These kits are designed to teach children the concepts of saving, spending and sharing.  They include a moneybox, family guide and passbook, poster, activity book, glossary and letter to parents. The kits are made available in cooperation with the New York State Credit Union Foundation.

Members who are interested in arranging to have Jody introduce Cash Kit and Caboodle in their school districts should contact Jody Carpenter at UFirst.

Senator Betty Little Tours UFirst Federal Credit Union

New York State Senator Betty Little visited UFirst FCU at the invitation of CEO Linda Bourgeois and Marketing Director Jody Carpenter on Thursday, October 23. The UFirst management team, staff and board members Bill Laundry and Ginny Brady welcomed Senator Little. Senator Little served in the NYS Assembly for seven years and was elected to the State Senate in 2002. She has been at the forefront of many legislative initiatives which affect the North Country and has taken the lead in introducing legislation related to property tax reform in New York State.

Senator Little received a tour of the credit union and was introduced to UFirst's front line staff. In addition to being briefed on the history of UFirst, she was introduced to the products and services offered to members. Following the tour Senator Little met with UFirst board members and management staff. Jody described the activities and services which make credit unions unique. She was particularly interested in the financial literacy programs which have been developed for area students and adults. She was introduced to the National Endowment for Financial Education program which UFirst has brought to schools in cooperation with local teachers and other area credit unions. Senator Little was given a packet of information and educational materials for use with the constituents she represents.

UFirst thanks Senator Little for taking the time to visit us and learn about the ways that our credit union is helping members meet current fiscal challenges.

Giving Youth The Credit Union Choice - Part Two

DeAndré Uphaw's recent video interview of students at Baylor University in Waco, Texas drew attention to the fact that many young people are unaware of credit unions. One of the students interviewed by DeAndré even associated credit unions with "older people" like his parents. These students seemed to believe that credit union membership was not a credible option in selecting a financial institution. UFirst FCU is trying to change this view. Partnering with local schools and credit unions, UFirst is introducing students to credit union philosophy and services. The Financial Savings Program was launched in 2007 in cooperation with Plattsburgh Teachers Federal Credit Union Credit Union and Plattsburgh High School in order to support financial education and introduce students to the power of saving and the benefits of local credit union membership. UFirst FCU hosted the start of another program year with a visit from students who are in the Accounting & Internship and Business Law classes at PHS. Students were accompanied by their teachers, Mrs. Karen Rock and Mr. Everleth, who are spearheading this program at PHS. Twenty-one students opened new accounts at UFirst FCU. Jody Carpenter, UFirst Marketing Director, and CEO Linda Bourgeois described the credit union difference and introduced the students to the products and services offered to members. They also answered questions posed by students on current economic challenges that face all Americans today. Students had questions and observations about the safety of financial institutions and, in particular, credit unions. They discussed how the credit crisis might have an impact on getting student loans in the future and what they can do to improve their credit and their opportunities for fiscal security. Jody Carpenter will be visiting these students at PHS throughout the year to be a guest instructor as part of the NEFE program. 

Thanks to Matt Smith, the program's website moderator, for adding information about the visit to the PHS website. Those of us at UFirst hope that these new members will continue a long association with UFirst and become ambassadors for credit unions introducing their friends and families to the credit union choice.

Giving Youth The Credit Union Choice - Part One

Through the Boardcast I have become a fan of many credit unions throughout the US and Canada. Online contacts with Trey Reeme and Tim McAlpine have called my attention to a new program being initiated by Texas Dow Employees Credit Union. Young & Free Texas was launched earlier this month and is in the process of recruiting a spokesperson who will be able to spread the credit union message to those who are under 25. The competition has resulted in three finalists who are in the running for this position. I've enjoyed viewing the videos produced by the candidates as they ask for votes. This weekend Young and Free finalist DeAndre' Upshaw from Waco, Texas posted a video challenge entry entitled "Credit Unions Are For Old People". DeAndré interviewed 4 young adults, some students at Baylor University, and asked them what they want from a financial institution. He also quizzed them on their knowledge of credit unions. Their responses are an eye-opener for all credit union fans. These young adults make it clear that credit unions have done an abysmal job in offering young people a credible choice in their search for a financial institution that meets their needs. One of the interviewees, Kevin Satterfield, said that he associated credit unions with his parents. He said that credit unions are for "older people" not for him and his friends or other young people. The impressions these young people have make it clear to me that credit unions are going to need to work harder to change their image. It is vital that we become more inclusive in our message so that credit unions become a credible choice for young people. Since most community credit unions have a local flavor and focus, each credit union will have to discover how to retool their message to attract the youth in their particular area. I also believe that Kevin's comments point to another reality that credit unions need to acknowledge. Everyone who values their membership in UFirst should be an ambassador for credit unions. Young people are often influenced by their parents in their selection of financial institutions. This influence can open up the credit union choice for the next generation of members. The young people DeAndré spoke with also described what they value in a financial institution. This included transparency, accountability, security and open communication. These are all values that credit unions say are priorities in their service to members. Credit Unions bear the responsibility to get this message out to all potential members including young people so that they will have the choice of turning to credit unions for their financial needs. Tomorrow's post will feature a description of how UFirst is working in cooperation with area schools to give young people the knowledge and options they need to meet the fiscal challenges of the future. In the meantime, here is DeAndré's interview in full:

International Credit Union Day - October 16, 2008

UFirst FCU will celebrate International Credit Union Day with 11,000 other US Credit Unions on Thursday, October 16, 2008. Jody Carpenter, Director of Marketing, has organized the festivities which include donuts and cider. Students from Mrs. Karen Rock's Career and Financial Management Class at Plattsburgh High School will be visiting UFirst to learn about credit unions. These students have begun the NEFE (National Endowment for Financial Education) program which will include presentations by Jody Carpenter and an opportunity to open accounts at our credit union.

Here are some credit union statistics for International Credit Union Day

70 million Americans belong to credit unions.
There are 8224 Credit Unions throughout the United States.
536 of them are in New York State.
There are 10 credit unions in Clinton County.

2008 Partnership Symposium - Innovations in the Credit Union World

Posting on the Boardcast has opened a virtual world for me. I have had access to credit union innovators and their work throughout the US and Canada. Last week I was invited to travel to Fishers, Indiana to Forum Credit Union Conference Center for the 2008 Partnership Symposium sponsorsed by Forum Solutions and Trabian. This gathering provided a spotlight on the web based technology that has become part of the credit union world.

One of the unique aspects of the forum was a moderated format. Ron Shevlin of Aite Group introduced each speaker and led a challenging question and answer period at the close of each talk. Ron is the consummate professional. He is well read and insightful and he encouraged a dialogue that provided speakers with an opportunity to go deeper into their content. Each presenter provided their own unique vision of credit union innovations. I'd like to share two of them with UFirst members.

Recognizing and encouraging the leadership potential of young credit union members was a theme that ran through many of the presentations. Tim McCalpine of Currency Marketing gave attendees an update on the Young & Free marketing initiative his company launched for Commonweatlh Credit Union in Alberta last year. The work of Larissa Walkiw has been featured on the Boardcast in the past. Larissa's year at Commonwealth is coming to an end and they have started their search for a new spokesperson. Tim has also brought Young & Free to Texas. There are 11 Gen Y candidates vying for the spokesperson position at Texas Dow Employees Credit Union. Video entries for this coveted position can be viewed here.

The Credit Union National Association Alliance Committee developed 7 cooperative principles which provide a philosophical foundation for credit unions. Principle # 7 highlights the responsibility credit unions have in showing concern for communities. This social focus was the centerpiece of a presentation by William Azaroff on the work of Vancity Credit Union in Vancouver BC. Vancity's values become clear in a quote used at the start of his talk, "We make a profit because we do good things. We don't just do good things to make a profit." William went on to describe the website, Change Everything.ca, which he and his staff at Vancity have developed. This site has become the focal point for change in the city of Vancouver. William described how Vancity has gathered a community of people together through this site who are focused on changing their local community for the good. The social action represented on Change Everything ranges from help for people in need to intelligent and prudent use of resources. As Ron Shevlin said on his blog, " Vancity's story is compelling and inspiring."

The 2008 Partnership Symposium provided me with a wonderful opportunity to meet credit union professionals whose dedication and spirit of innovation are making credit unions shine in the world of financial institutions. I'd like to thank Forum Solutions and Trabian for inviting me to attend this conference. The quality of the speakers and the opportunity to meet with these professionals made the trip to Indiana valuable indeed.

Letter to the UFirst FCU Membership

UFirst CEO Linda Bourgeois issued a letter to the membership of UFirst FCU on Thursday, October 2, 2008. Below is the full text of CEO Bourgeois's letter:

UFIRST FEDERAL CREDIT UNION
STRONG & SECURE

Dear UFirst FCU Members,

In the wake of the most turbulent financial times facing our nation since the Great Depression, the Management and Board of Directors of UFirst Federal Credit Union want to reassure our membership of the strength and stability of your credit union.

You can be confident in our commitment to you and our financial strength because:

•    We are well capitalized.  The regulator’s “well capitalized” level is 7.00%.  As of September 30, 2008 we maintain a capital ratio of 12.28%.
•    We do not engage in sub-prime mortgages and do not carry any on our books.
•    Deposits at UFirst FCU are insured up to $100,000 (or $250,000 for IRA accounts) by the National Credit Union Share Insurance Fund (NCUSIF).  The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal governments.  This fund is backed by the full faith of the U.S. Federal Government.
•    The credit union follows a conservative lending and investment policy approved by the Board of Directors.

As a member of UFirst Federal Credit Union you can be assured that we will continue to meet the needs of our members by applying the values and principles that have always remained a part of our culture.   As the national financial services sector continues to struggle, we want to assure you that UFirst FCU is exceptionally strong and well positioned to serve you.

Sincerely,


Linda Bourgeois
CEO

Subsequent to CEO Bourgeois's letter The Emergency Economic Stabilization Act of 2008 was passed by Congress and signed into law by President Bush. This legislation temporarily changes the amount of the National Credit Union Insurance Fund for member deposits from $100,000 to $250,000.