The Boardcast

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.

Video Vote

Recently my friends at Forum Solutions and Trabian opened a competition for a position as a guest speaker at their yearly conference, Partnership Symposium '08. The conference sponsors sent out a call for auditions for this coveted spot on the schedule by asking those interested to develop a video which covered one of two themes from the Federal Credit Union Act. The announcement stated:

Themes: The Federal Credit Union Act gives this definition for a Credit Union:

...the term ‘‘Federal credit union’’ means a cooperative association organized in accordance with the provisions of this chapter for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes;

That statement of purpose is good news, good news we aren’t always good at sharing or remembering. So maybe you can help us get excited and refocused by speaking to one of these two core ideas.

• Promoting Thrift
• Loans for Provident and Productive Purposes

How to Audition It’s pretty easy, just make a video of why you’d make a good Guest Speaker and tell us which of the two topics you’d like to speak on and why.

I enjoy a good challenge and, since this is a wonderful conference that I'd love to attend, I entered and submitted a video. My video is one of 4 entries and it's now time to cast your vote for the one you think best illustrates the theme. The more votes the merrier so cast your ballot, here, at the Forum Solutions Site. The deadline is July 11th.

 

Board of Directors Meeting - June 17, 2008

The UFirst Board of Directors met for their monthly board meeting at the operations center on Rugar St. on Tuesday, June 17th. We conducted the regular board business of the month. This included reviewing the credit union financials, a discussion of the current interest rates, updates and reaffirmations of the policy manual as well as scheduling our semi-annual planning meeting which will be held on June 27th and 28th.

Board meetings often include CEO Linda Bourgeois updating the board on reactions and feedback she or credit union employees have received from members during the month. This meeting was no different. Linda told us about a recent incident at UFirst. Member Leo Wells stopped at the credit union after he had purchased a car and negotiated a loan at a used car dealership in Vermont. Leo has been a UFirst member for over 6 years. He needed UFirst's routing number in order to arrange an automatic withdrawal to make his payments. Marketing Director Jody Carpenter saw Leo waiting and asked if she could help him. They began to chat about his new purchase. He had the loan file with him and she asked if he would like her to review it. She was shocked to discover that his interest rate was 15.9%.  Jody knew Leo could get a much lower loan rate through UFirst and asked him if he would like to speak with a loan officer. She escorted him to the office of Loan Officer Lois Nichols. Lois reviewed Leo's loan documents carefully. She discovered that we could cut his interest rate by more than half. Lois also noticed that the dearlership had charged him $800 for the Gap Premium Insurance (loan repayment insurance). The cost of this insurance at UFirst is $85. Leo's trip to UFirst had indeed been fortuitous. Leo left UFirst grateful for Jody's quick action and Lois's thoroughness and expertise. Thanks to Leo Wells for allowing us to share his story with others through the Boardcast. This story is a perfect example of the ways in which UFirst staff puts our motto "Helping You Get There" into practice on a daily basis. 

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.

Board of Directors Meeting - 5/28/2008

The UFirst Board of Directors had their regular monthly meeting in the board room of our Rugar St. operations center on Wednesday, 5/28. I was unable to attend this meeting and so I cannot give my usual report to members. However, there is an item that appears on each monthly agenda that I would like to discuss in depth. UFirst Directors and Management review a section of the policy manual. We discuss and either approve or reaffirm policies which are at the heart of our credit union operation

Developing and setting policies for the credit union is one of the most important responsibilities of a director. According to the Dorothy A. Johnson Center for Nonprofit Leadership:

"Policies are guiding principles designed to influence decisions and actions. Policies are intended to help boards govern within a set of agreed-upon standard guidelines. Governance policies can help keep a system of checks and balances in place and help board members hold each other accountable."

Ufirst Board Members and Management set aside a portion of each board meeting to review a section of the policy manual. In some instances, committee members have worked on the policies and bring the finished product to the table to discuss, revise and approve. Credit Unions are unique in that policies that make up the underlying structure of the credit union are developed and approved by volunteer board members who are elected by and represent the credit union members. NCUA, which is the regulatory agency for all credit unions, sends examiners to each credit union on a regular basis. They spend a portion of each examination reviewing policies and comparing them to the actions taken by the board and described in the board minutes. Reviewing, updating and adhering to our credit union policies is integral to a well run credit union.

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.

 

Board of Directors Meeting - 4/15/2008

The UFirst Board of Directors met for our regular monthly meeting at 4:15 on Tuesday afternoon. CEO Linda Bourgeois reported on our membership growth in March. Linda reported that our Campus Branch has been remodeled and will be open to members as of Wednesday, April 16th. The repairs to our drive-through are expected to be completed by the end of April. The board and management appreciate how understanding the members have been with this inconvenience. We also appreciate the flexiblility of the staff in changing lobby hours in order to compensate for the drive-through closure.

CEO Bourgeois, Ginny Brady and supervisory committee member, Jaimie Trautman, will be attending the New York State Credit Union League Governmental Affairs Conference in Albany in May. Credit Union staff and members will be in Albany to speak with legislators about the benefits that credit unions provide to members as well as the contributions we make to the state and national economy.

The UFirst Board voted to become a charter participant in the North Country Scholarship program. This is a new scholarship program which matches local business leaders with local student leaders. The North Country Scholarship program will support the North Country economy by retaining high achieving young people in the region for their higher education. It is hoped that this will increase the likelihood that they will be North Country leaders in the future. UFirst's participation in this initiate furthers our goal of being the premier education credit union in the North Country. In addition to our elementary and high school educational programs we also contribute to the Community Service Scholarship, the UFirst Endowment at SUNY Plattsburgh as well as our own UFirst FCU scholarship given to deserving member scholars each year.

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 for board discussion are welcome to contact Linda Bourgeois, a member of the Board of Directors or email the Boardcast at ufirstbod@gmail.com.

A Brief Video Tour of America's Credit Union Museum

Thank you to Peggy Powell, the Executive Director of America's Credit Union Museum, for a wonderful tour of an inspiring facility.

A Brief Tour of America's Credit Union Museum - Part One

A Brief Tour of America's Credit Union Museum - Part Two

A Brief Tour of America's Credit Union Museum - Part Three

Board of Directors Meeting - 3/25/2008

The UFirst Board of Directors met for our regular monthly meeting at 4:15 on Tuesday afternoon. CEO Bourgeois reported that our membership continues to grow at a steady pace.

Jody Carpenter, UFirst Marketing Director, gave her quarterly report on our marketing initiatives over the last 3 months. UFirst has set youth financial education as a priority. Jody's activities over the last quarter reflect this goal. Jody participated in the state-wide LifeSmarts competition in Albany joining students from Saranac Lake HS who competed from our area. UFirst continues to participate in the NEFE program which has been in full swing at Plattsburgh HS and Saranac Central School. Jody also presented a financial education session to 7th and 8th graders at Seton Catholic School and will be partnering with Peru Central School Federal Credit Union in April in presenting the Cash Kit & Caboodle program to K through 5th graders. In addition, UFirst employees and members have shown their generosity by making contributions to community organizations like Plattsburgh State University, the American Heart Association and the American Cancer Society. Jody remains active in the business community. She will be serving on the New Membership Committee at Rotary and will be organizing and staffing a booth at the Business Expo in June. Jody reported that we have 14 member applicants for the New York State Credit Union League Scholarship program. Members of the board commended Jody for her hard work.

The board had a lengthy discussion on the Hannaford credit card compromise which affected a number of our members. Hannaford announced a network compromise affecting 4.2 million credit and debit cards on March 17th. This breach primarily affected card holders in the northeast including northern NY. Ufirst received a list of member credit and debit cards which were determined by Visa to be affected by the breach. UFirst personnel began calling these members immediately in order to communicate the necessity of blocking these cards and reissuing new cards. UFirst personnel made sure that all members affected by this problem received personal contact and an explanation of the process initiated to protect members and the credit union. Members are being encouraged to carry more than one method of payment, especially when they are on trips. This could include cash, travelers checks, Visa gift cards, or a credit card from a major issuer like Discover. The board complimented the credit union staff and management for handling this problem with their usual high level of professionalism.

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 for board discussion are welcome to contact Linda Bourgeois, a member of the Board of Directors or email the Boardcast at ufirstbod@gmail.com.