The Boardcast

UFirst Staff and Board Travel to Albany

Once a year representatives from the UFirst Staff and Board of Directors travel to Albany for the Credit Union Association of New York’s Governmental Affairs Conference. This year the conference took place May 18th to May 20th a block from the state capitol. UFirst joined other credit unions from throughout the state to discuss legislation which would benefit credit union members and New York State residents and municipalities.

Attendees were briefed on the 2009 Legislative Agenda which includes initiatives that would open credit union services and products to more New York State residents. One piece of legislation that was discussed was opening deposit services to local municipalities and school districts. Many volunteer organizations, municipalities and school districts have expressed a desire to be able to use credit union for deposits and other services. According to the Credit Union Association of NY, “Currently, only commercial banks are permitted to accept municipal deposits. The fiscal crisis in for-profit banking makes the depository choice more urgent.” The Association is working with credit unions, lawmakers and potential depositors to change this law.

The current fiscal crisis has been at the forefront of debate and legislative action. Legislators like Senate Banking Committee Chair Senator Brian Foley (District 3 - Suffolk County), Assembly Banking Committee Chair Darryl Towns (District 54 - Kings County) and Minority Leader Senator Dean Skelos (District 9 - Nassau County) commended credit unions for maintaining and continuing their high standards of member services. Credit Unions have been recognized as being part of the solution to help solve the nation’s economic problems. These legislators joined their colleagues in the senate and assembly in celebrating the work of credit unions with a special citation and day in our honor on May 18th, 2009.

Representatives from UFirst and other North Country credit unions were very pleased to have the opportunity to speak with our own representatives and their staff. Senator Betty Little took time out of her busy schedule to meet us outside the Senate Chamber. We provided her with information on the work and concerns of credit unions in her district. Assemblywomen Janet Duprey and Teresa Saywood welcomed us to their offices through staff people who took notes and received briefing information on the legislative agendas of credit unions in their districts.  Later in the evening Senator Little and Assemblywomen Duprey and Sayward met us at a reception held at the Empire State Plaza.

U First Credit Union members,staff and board appreciate the support our legislators give to credit unions in their service to the North Country.

 

Plattsburgh/North Country Chamber of Commerce Legislative Forum 2009

NYS Senator Betty Little and Representatives Janet Duprey and Teresa Sayward attended a legislative forum sponsored by the Plattsburgh/North Country Chamber of Commerce. Our state legislators discussed the economic and political environment in NYS and the anticipated federal stimulus funding for state projects.

 

A View From The Credit Union Board Room - Part Two

A Future Focused Outlook

Part I of A View From the Credit Union Board Room traced how credit union board activities and duties have changed in the recent past. One of the board's major duties is to hire the credit union CEO who oversees and directs the operation of the credit union. The board and the CEO work cooperatively to formulate our strategic plan. The plan builds on the past but is future focused. Specific goals and objectives flow from the strategic plan. This provides the CEO with a framework within which staff, resources and programs are directed. 

 

Refocusing the Board Meeting

UFirst Board of Directors is in the process of redesigning the board governance process to reflect a change in focus. The board took the first step in this process at our last meeting which was held on Feb. 17 at our Rugar St. operations center. The board examined an alternative to our traditional meeting structure at our Strategic Planning Session. We've decided to implement a "consent agenda" which means that routine items like approval of the minutes will be discussed only if there is a concern. Adopting this practice is designed to streamline the board meeting agenda. The new structure puts more responsibility on the board to review minutes and reports outside of the meeting so that less time is spent on routine monthly action items. This allows the board to devote more meeting time to strategic planning and other board duties and responsibilities.

 

What's Next?

The Ufirst Board will begin using the "consent agenda" at our March, 2009 meeting. The time we save will be devoted to a discussion on revamping the directors' job description. Updating this job description will help us to articulate the directors' responsibilities designed to meet the challenges of the 21st century.

A View From The Credit Union Board Room - Part One

Introduction

Early in December I attended the Credit Union Executive Society’s (CUES) Directors' conference in Palm Desert CA. I was fortunate to receive an invitation to speak at this conference from Christopher Stevenson, the CUES Professional Development Manager. The conference featured wonderful speakers from throughout the credit union industry. One of the presenters was John Gregoire, President of the Pro Con Group in Madison, Wis. John is a voice of authority in the credit union movement. He is a founding member of the Filene Institute which spearheads research within the credit union world. He is also a contributing writer for Credit Union Directors a publication which our board reads each month. As a result of listening to John’s insights on Board Excellence, I began to rethink the role of boards of directors in credit unions.  Sharing these reflections here on the Boardcast provides me with an opportunity to give them voice. John’s presentation focused on how boards functioned in the past and how this model has changed through the years. He observed how the function of the board has been transformed over time. He encouraged us to examine this transformation and relate it to the way we, as a board, develop and fulfill our responsibilities. In the next 3 posts I’d like to examine John’s model and how our board has been changing and developing. I’ll be exploring what I think the role of the board has become as well as the qualities, training and insights required for an active board member. Finally, I’d like to share what I have gained as a board member and why I think the role of a director is an excellent volunteer experience.

Early Boards

Our credit union is not unlike many. We grew from the vision and determination of a small group of people. In our case, these individuals all shared a common employer. SUNY Plattsburgh FCU (now UFirst FCU) was chartered in the early 1970’s. This was a period of high inflation and stagnant economic growth. The time was ripe to organize a financial cooperative which would focus on providing members with dependable savings rates and access to affordable credit, the two lynch pins of service to members. Early boards of directors were actively involved in the operation of our fledgling credit union. Board meetings revolved around how the credit union had functioned in the previous month. The board took part in the management of the credit union by brainstorming and approving new programs, systems and procedures. Meeting agendas usually involved discussing and approving a series of actions which directed the day to day running of the credit union. The board was involved in decisions that ranged from personnel issues to how the office would be furnished.  The largest portion of the board meeting was often devoted to reviewing the credit union financial reports. Each month this report was reviewed page by page. Month to date and year to date assets, liabilities, income and expenses were examined in detail. Board members would sometimes ask questions which would, in turn, lengthen this portion of the agenda. Most new board members learned board duties and processes by reading past minutes and attending meetings. A board member was expected to attend the meetings, give the manager feedback and suggestions and vote on actions and policies. Board members were also asked to serve on committees, like the loan committee. This committee made decisions related to member loans, deciding how loans were distributed. Other committees, like marketing, would craft the TV, radio and print campaigns for credit union products and services. Many of us who are veteran board members have grown into our board positions in this model. We were accustomed to being called upon to make day to day decisions for our credit unions. Board membership, orientation and expectations were less organized and more accidental. As Bob Dylan says, “The Times, They Are A Changin”. This model of board governance is being transformed into one which focuses on the future of our credit union. Concentrating on the future does not mean that we ignore what happens in the daily operations of Ufirst. It does, however, call upon our board to set a new direction by clarifying and restating our responsibilities. Gradually, board expectations and meeting structure will change to reflect this new model. We will find better ways of measuring board and CEO performance and finally we’ll develop a succession plan which encourages members to consider board service and prepares new board members to assume their responsibilities. 

Part Two of A View From the Credit Union Board Room will explore what a new board structure may involve.

Board of Directors Meeting - January 20, 2009

The UFirst Board of Directors met for our first board meeting of 2009 at the operations center on Rugar St. on Tuesday, January 20th. UFirst Directors welcomed over 20 new members in December and accepted them into the UFirst family. 

CEO Bourgeois circulated a letter she sends to UFirst members who use courtesy pay on a regular basis to meet their expenses. This letter is designed to invite frequent courtesy pay users to receive money management counseling from the UFirst staff. The board has been monitoring courtesy pay use since it was offered to UFirst members in 2008. CEO Bourgeois spoke about the ways in which she and the credit union staff reach out to members who appear to be facing economic challenges in their households. The board voiced their support for CEO Bourgeois's leadership in providing assistance to members.

Credit Union Consultant Phil Frani will be moderating the board's mid-year planning meeting on Tuesday, January 21st. This year the board will be focusing on ways that we can improve the strength and leadership of the board. Look for more on these activities in future Boardcast posts.

 

Board of Directors Meeting - November 25, 2008

The UFirst Board of Directors met for their monthly board meeting at the operations center on Rugar St. on Tuesday, November 25. CEO Linda Bourgeois reported that approximately 1900 members are using the Ufirst Home Banking service and 612 members receive e-statements. Seventy-one members are now using mobile text banking. UFirst continues to see increases in our membership.

UFirst continues to make regular contributions to the community in Clinton County. Marketing Director Jody Carpenter gave a detailed report on Ufirst activities supporting many worthy causes in the North Country. They included:

• A leadership role in this year's American Heart Association Heart Walk. Members of the UFirst Board and Staff donated their time along with $200.
• Toiletry donations to Stop Domestic Violence as part of Violence Provention Month in October.
• Participation in the Alzheimer's Walk held on October 26th.
• Sponsorship and staffing a booth for the 5th annual Halloween on Safety Street.
• Collecting hats, gloves, mittens and scarves drive for Champlain Valley Family Center clients. 

UFirst values it's roots in our community and believes that it is important to be a part of activities that benefit the community.

Jody also reported on an exciting new educational initiative which will provide more local students with the opportunity to increase their financial knowledge. Business Management and Administration cluster teacher, Betsy Morrow, has approached Jody to help her launch the NEFE program for students at CV-Tec. CV-Tec provides valued vocational training to local high school students. Mrs. Morrow spoke with Jody about the commitment that this school has to providing students with training for the "real world". Incorporating the NEFE (National Endowment for Financial Education) curriculum into these classes would give students the tools to learn to manage their finances. UFirst is looking forward to adding CV-Tec to the schools with whom we partner. 

Board of Directors Meeting - August 19, 2008

The UFirst Board of Directors met for their monthly board meeting at the operations center on Rugar St. on Tuesday, August 19. CEO Linda Bourgeois reported that UFirst had an increase in membership during the month of July. We have also had an increase in Home Banking, Bill Pay and Mobile TXT Banking use. Each month the board gets a report on member use of the Campus Branch of UFirst FCU. Many members who work on campus find the College Bookstore Branch a convenient location to complete transactions. They are always greeted by the efficient and friendly service of Account Representative Donna Miller.

UFirst Board of Directors received a report from CEO Bourgeois on the 0% Home Fuel Loan special we have been offering to members during the month of August. Linda told us that 14 members have completed applications for these loans. A little over half of the amount allocated for this special product has been committed to these members. UFirst FCU was complimented on our efforts to assist members cope with the increase in home heating fuel costs by the online Credit Union Journal as well as Mr. Fred Becker, the President and CEO of the National Association of Federal Credit Unions. 

CEO Bourgeois reminded the board that UFirst FCU will be hosting the Chamber of Commerce After Hours for area business people on Thursday, August 21st at our Rugar St. Operations Center. The UFirst FCU Annual meeting will be held at the Burgundy Room on Rte 3 at 11am on Sunday, September 21st. The reservation form can be accessed online or at the credit union. All members are welcome and asked to make their reservation no later than September 12th. 

Ufirst FCU Board Member Ginny Brady Featured on Current Issues in Credit Unions Podcast

Current Issues in Credit Unions is a monthly podcast that explores "...credit unions and the issues they face daily..." It is hosted by attorneys who work with credit unions and are advocates of the credit union movement. Rob Rutkowksi, of Weltman, Weinberg & Reis Co., L.P.A., was the host of this month's show. He asked me to join Faith Anderson of American Airlines Credit Union and Guy Messick of Messick & Weber P.C. to discuss the place of social media in the credit union world. CIiCUs has been online for over two years and is a wonderful source of information on credit union regulations and new practices that have an impact on credit unions on a daily basis. I was honored to be included in this episode and would like to thank Rob, Faith and Guy for their questions and interest in the Boardcast. Rob experimented with a new format for the podcast in this episode. He used a webcam to videotape a "behind the scenes" view of the discussion as it was happening. Here is the video and the interview:

 

Current Issues in Credit Unions #28 Behind the Scenes. from Rob Rutkowski on Vimeo.

If you are unable to see the video on your computer and you would like to listen to the interview go to CIiCUs and use the "pod" player in the post.

Board of Directors Meeting - 7/15/2008

The UFirst Board of Directors met for their monthly board meeting at the operations center on Rugar St. on Tuesday, July 15th. Our meeting began with a report from Director of Marketing Jody Carpenter who reviewed the Ufirst community promotions and activities for the first two quarters of the year. Jody has been very busy launching and overseeing the UFirst Youth Progams. Ufirst FCU is committed to providing financial education to all age groups and in 2008 special emphasis has been placed on youth. The NEFE (National Endowment for Financial Education) program implemented at Plattsburgh High School had a successful conclusion on June 16th which featured a presentation by Jody on Identity theft. Students received UFirst bags in recognition of their accomplishments. Jody has already made contacts in other area schools in order to expand the reach of financial literacy.

Jody was pleased to report that the new Youth Share programs have become popular among our young members. A combined 33 new share accounts were opened through the Burghy's Kids, Teen Cardinal and College Savings initiatives.

Jody has also been busy at local elementary schools where she has spread the credit union message of thrift. UFirst FCU and Peru School FCU joined forces to provide students with over 1000 Cash Kit & Caboodle Kits designed to make saving fun. Jody hopes to bring other area schools on board next year to extend the credit union ideal of thrift to more area students.

The winners of our 2008 UFirst Scholarships were announced and the board extends congratulations to PHS graduate Morgan McKinney who will be using her award at Wellsey College, PHS graduate Kimberly Jones who has enrolled in the nursing program at PSU and Saranac graduate Kevin Cross who is headed to the State University of New York at Brockport. UFirst FCU is proud of the achievements of these graduates.

UFirst FCU will be hosting the Chamber of Commerce After Hours at our operations center on Rugar St. on Thursday, August 21st. This is the first time that UFirst has hosted a Chamber gathering and we are excited to welcome members of the business community to our credit union. UFirst FCU will also be participating in additional community activities this summer like cleaning up Rugar St. through the Adopt-A-Highway program.

Concern over the rise in heating oil costs has filled the local news. The Town of Plattsburgh is hosting an Alternative Heating and Energy Fair at the Plattsburgh Town Hall on Banker Rd. on Saturday August 2nd. The board is excited to announce that UFirst will be joining other local businesses and governmental agencies to provide critical information on alternative heating sources and ways to cut the cost of home heating this winter. 

The UFirst Board of Directors congratulated Jody and Office Manager Shari Seney for completing the rigorous training offered by Jim Aho at the CUNA Financial Management School.

Members are encouraged to post comments to the Boardcast. This is your chance to have a dialog with the UFirst Board of Directors about your credit union.

Members who would like to propose items to be placed on the meeting agenda are welcome to contact Linda Bourgeois, a member of the Board of Directors or email the Boardcast at ufirstbod@gmail.com.

Education and Strategic Planning - Vital Board Responsibilities

Twice a year the UFirst Board of Directors spends an extended period of time meeting with the management team and a professional facilitator. This semi annual planning and educational sessions took place last week on Friday afternoon and evening, 6/27 and Saturday morning 6/28. The UFirst Board is a volunteer group of people who come from a variety of backgrounds (see Board Profiles). Each of us brings our own areas of expertise, gifts and talents but we are not experts in financial institutions. Each member takes our board responsibilities seriously and so we spend time reading information provided by our NCUA examiners, the management team, our consultants and other credit union professionals.  This material along with educational and planning sessions help us to develop the knowledge we need to fulfill our role as responsible board members. We have been fortunate to have Phil Frani to assist us. His background in bank management and knowledge of credit union operations through his work with the Credit Union Association of New York has provided us with invaluable guidance for over five years. This year Phil provided us with an outline for understanding the concept of Asset Liability Management as well as helping us to formulate our strategic plan.

NCUA, the government regulator for all credit unions, recently revamped their examination process to emphasize areas that they believe are critical to credit union operation. One of these areas is Asset Liability Management. All credit unions are required to have an ALM Committee made up of both board members and credit union management. This committee is requred to report to the board on a regular basis, so the entire board must have a clear understanding of ALM. As you might imagine, this is not an easy concept to grasp. It requires an understanding of how all parts of the credit union operation work together in balance: Capital, Income, Loans, Shares, Assets and Liabilities. It is in this balance and the management of each component separately and together that our credit union remains on firm financial footing. The board spent Friday afternoon and evening reviewing these concepts as they apply to UFirst.

Saturday morning was spent reviewing our strategic plan which has become a working document for our credit union. We began by reviewing the credit union financial reports. In addition we examined and discussed a variety of products and services which we plan on initiating during the next year. I'm certain if you asked each member of the board they would tell you that we emerge from these sessions revitalized in our commitment to the success of UFirst and the financial health of our members.