Corporate Connection is our quarterly e-magazine that features information on our latest happenings and hottest services. If you want an insider look at what’s going on at Vizo Financial, Corporate Connection is a must-read! Check it out now!
Credit unions, #ILoveMyCreditUnion day is almost here and we’re calling on you to spread the word on social media!
What is the #ILoveMyCreditUnion campaign? It’s a grassroots social media blitz that combines the power of cooperation and the reach of social media to raise awareness about credit unions. The inaugural launch in 2021 was an astounding success, reaching more than 22 million people in a single day!
Yeah…go ahead and take a minute to cheer for yourselves!
We’re excited to announce that on July 29, 2022, an even bigger, worldwide credit union effort will inspire authentic, energetic credit union conversation with this hashtag: #ILoveMyCreditUnion! Get ready to share your credit union love story, and encourage your members, family and friends to do the same!
The goal is simple – to raise awareness about credit unions and share stories about the amazing things we do! We’re taking this positive message to all social platforms.
The idea may be big, but making it happen is simple! Visit the resource hub to access everything you’ll need to make plans for engaging your members in this exciting, nationwide collaboration. You’re welcome to personalize these materials with your own branding, design your own content and add those unique touches that will speak to your membership.
To make the biggest impact, we all must post on the same day, with the same hashtag! Mark your calendar for Friday, July 29, 2022, and get ready to have fun raising credit union awareness with #ILoveMyCreditUnion!
Now that you’re in the know, visit the resource hub and check out more details about the marketing plan and timeline! If you have any questions about ways your credit union can participate, contact email@example.com.
We can’t wait to see your #ilovemycreditunion posts!!
Sound the drums…we have your complete recap from our 2022 Annual Meeting! View a recording of the virtual Annual Meeting or visit our website at www.vfccu.org and click on the Annual Meeting website banner.
It was held as an entirely virtual event on June 15, 2022, and it featured no board election, as the Corporate received just three nominations to fill three open seats on the board. The following individuals were approved during the meeting for three-year terms: Jeff Chelius (incumbent), Riverfront FCU, Wyomissing, Pa.; Derek Fuzzell, PAHO/WHO FCU, Washington, D.C.; and Scott Woods (incumbent), South Carolina FCU, North Charleston, S.C.
The following officers were appointed during the board reorganization meeting: chair, Scott Woods, president/CEO of South Carolina FCU, North Charleston, S.C.; vice chair, Jeff Chelius, CFO of Riverfront FCU, Wyomissing, Pa.; treasurer, Daniel Berry, CEO of Duke University FCU, Durham, N.C.; and secretary, Genice DeCorte, CEO of HealthShare Credit Union, Greensboro, N.C.
In addition, the board appointed Sue DeStephano, president/CEO of First Capital FCU, York, Pa. and Brian Hedgepeth, president/CEO of Bronco FCU, Franklin, Va. to serve as non-voting associate directors. This is a new program adopted by the board of directors to provide a greater opportunity for diverse representation at the governance level.
Other committee appointments included:
Supervisory Committee: Richard C. Burtnett, Belco Community CU, Harrisburg, Pa.; Michal Parker, Secured Advantage FCU, Simpsonville, S.C.; and Amy Lichwa, Norwin Teachers FCU, North Huntingdon, Pa.
With that said, let’s meet your board of directors!
Scott Woods, chair
president/CEO of South Carolina FCU, North Charleston, S.C.
Jeff Chelius, vice chair
CFO of Riverfront FCU, Wyomissing, Pa.
Daniel Berry, treasurer
CEO of Duke University FCU, Durham, N.C.
Genice DeCorte, secretary
CEO of HealthShare Credit Union, Greensboro, N.C.
Derek Fuzzell, director
chief financial and strategy officer of PAHO/WHO Federal Credit Union, Washington, D.C.
Paul Hughes, director
president/CEO of Greenville FCU, Greenville, S.C.
Jerry King, director
president/CEO of DEXSTA FCU, Wilmington, Del.
Mark Volponi, director
president/CEO of U$X FCU, Cranberry Township, Pa.
R. Scott Weaver, director
president/CEO of Carolina Foothills FCU, Spartanburg, S.C.
Have you ever heard the phrase “house poor?” You know, when a person buys a house – part of the basic human need for shelter – that ties up a lot of their income so they aren’t able to partake in other activities? It’s not a fun situation, but it happens all the time.
Sadly, the same is true of core processing for credit unions. It’s a basic necessity for your operations, but it can be quite costly and lead to what we know as “core poor.” That’s not what we want for our members, nor do we believe institutions should have to make a choice between a good core system and a stable balance sheet.
In order to avoid the “core poor” lifestyle of many institutions, we did our research and looked for a partner that could meet the needs of our credit unions with a more reasonable price point. We decided upon CU*Answers, a CUSO who knows the needs of credit unions, and we joined forces to create CUaxis, our community of core users.
CUaxis is where we encourage credit unions to go so “core poor” is no more. It’s a place where common core users pool their resources for more resources, better support and, ultimately, a lower cost for core processing. Because while core is a necessity, so are collaborative relationships with credit union organizations who understand the delicate balance between operations and money management.
The truth of the matter is, core systems do what core systems do. There are variations in the amount of bells and whistles you get depending on your provider. But ultimately, it needs to process your work and not break the bank. There IS a better way, and it’s through CUaxis.
Want to see for yourself the benefits of core through CUaxis? Want to know you can leverage the support of your peers and the partnership between Vizo Financial, MY CU Services and CU*Answers? Want to hear how we can save you money and avoid the “core poor” trap? We can show you…
Do you know the name of the most famous hot dog eating contest in the country? If you ask just anyone, they’ll probably tell you that Nathan’s Hot Dog Eating Contest at Coney Island is the most famous.
But in the credit union movement, we’re proud to say our annual Hot Dog Eating Contest benefiting Children’s Miracle Network (CMN) Hospitals is the top dog – at least we think so!
For the ninth year in a row, Vizo Financial will be holding our Hot Dog Eating Contest on National Hot Dog Day – July 20, 2022 – to raise money for CMN Hospitals at Penn State Health Children’s Hospital. We’re thrilled to support an organization dedicated to providing care and support for children and their families, and the donations and support we receive through the Hot Dog Eating Contest help them continue serving children in need.
What does that mean for you? Well, that depends…are you willing to be a contestant or a sponsor, or would you rather lend your support in another way? Regardless of how you choose to participate, and no matter where you are, we are welcoming credit unions across the country to join in the fun for our virtual, fun-filled contest to help raise money and awareness for CMN Hospitals at Penn State Health Children's Hospital!
Credit union employees are welcome to enter the competition as contestants to duke it out for the spot of top dog. If you think you can down the most hot dogs, then this is definitely the contest for you. Simply sign up and get ready to compete virtually on July 20 at 3:30 p.m. ET through an online video conference platform. And there’s even better news because we’re offering three prizes this year:
That’s just fine with us! We’ve got a couple options for Hot Dog Eating Contest sponsorships:
Step aside, Nathan’s…Vizo Financial’s 2022 Hot Dog Eating Contest is officially the hottest competition happening this July, because it has all the fun PLUS the goodness of raising money for the patients and families of CMN Hospitals.
MIC DROP! But seriously, we hope you save your appetite for the credit union world’s most famous Hot Dog Eating Contest with Vizo Financial on July 20!
By Ryan Harbry, regional director of sales and consulting, StrategyCorps
Customer loyalty is a big deal: repeat revenue, predictable profitability, sustainable customer satisfaction, just to name a few. So, how then does a banking organization get a higher percentage of customers to frequent them again and again? Choosing to remain faithful even when there are so many other places offering the same thing?
Think about it. What keeps you loyal to your airline, your credit card or your preferred coffee shop? Each of these industries has an abundance of competition, plus the product or service they provide is commoditized.
Maybe a family member works there. Maybe you prefer to support local businesses. Many reasons could be behind the choice to stick with one business over another. However, I would suggest that these represent only the tip of the iceberg. Underneath the surface, there is another reason that far outweighs everything else to a large degree – rewards.
Rewards engage the consumer with value, enticing them into an experience, encouraging and rewarding behavior in a way that has a meaningful psychological impact.
For example, I fly Delta. Apart from their rewards program, I would otherwise choose Southwest (who seems more fun and less stuffy to me) or comb the internet for the cheapest flight I could find. However, their rewards, which I have spent years investing in, have me so locked into the company that I never look elsewhere. This exact scenario also plays itself out in my life regarding Hilton Hotels. I just automatically seek them out, as I’m a travelin' man, after all.
Starbucks has me returning again and again due to their rewards program. I otherwise would be inclined to buy my cup of Joe from somewhere more local. Nevertheless, my Starbucks App has so many reward stars…an entire galaxy exists.
If we're honest, community financial institutions are late to the game when it comes to offering relevant rewards. They should consider implementing rewards for two major reasons: to attract, engage and retain customers and to minimize attrition of your most profitable customers. This is important because, on average, the top 10 percent of customers command approximately two-thirds of a financial institution's overall relationships and revenue.
"With big relationships come big rewards" is a message that will ring loudly in the ears of your financial institution’s account holders. This strategy will increase engagement, enhance and differentiate their user experience and keep a higher percentage of customers doing business with your institution, knowing that there exists little loyalty in financial services.
Don't bank on the outdated belief that since switching institutions is hard, more people will lazily stay and not pursue other banking relationships. Today, opening an account elsewhere, especially with very large banks, is easier than ever (go try it at banks like Chase or Capital One). Their technology and marketing/acquisition budget requires community financial institutions invest in rewards to grow loyalty, hopefully at levels similar to airlines, hotels and coffee shops.
In the world of enterprise risk management (ERM), risk isn’t just risk. There are so many ways to describe your credit union’s risk stance, and there are lots of risk-related terms that play a role in determining that stance. The trick is trying to keep them all straight – yikes!
But never fear, because we have a list of some of the risk terms you should be familiar with as an ERM and/or risk management professional. Think of it as your risk dictionary!
Risk Appetite: The amount of risk your organization is willing to accept as part of their strategies for doing business while taking into consideration core values, policies and strategies, member needs and risk capacity.
Risk Capacity: The amount of risk your organization can withstand while still meeting strategic objectives.
Risk Profile: Identifies the most prominent risks to your credit union and mitigations for those risks. Use this information to come up with policies and procedures that support your risk appetite.
Risk Target: Establish your ideal level of risk specific to your goals and performance in a particular area such as compliance, payments, operations, etc.
Risk Assessments: Perform analysis that takes into account both quality and quantity of risks so you can best prioritize and categorize risk, establish controls and set hard limits on amounts related to risks.
Risk Limit: Limits are determined based on actual risk exposure. They are set to ensure the exposure does not deviate too much from the risk target and stays within your credit union’s risk appetite spectrum. If the limits are exceeded, management will likely need to step in and take action, which can be laid out in policies and procedures.
Risk Tolerance: The maximum amount of risk your credit union will support in its operations to achieve its goals. This is NOT interchangeable with risk appetite, as it shows the point of most resistance, or the line that decisionmakers should not cross to remain within the set risk appetite spectrum.
If you have any questions about ERM and areas of risk, please contact our risk management team at firstname.lastname@example.org.
Vizo Financial continues to make a positive difference in our local communities. Here’s what we’ve been doing over the past few months:
Dozens of employees from our Middletown campus volunteered their time at the Central Pennsylvania Food Bank in Harrisburg, Pa., throughout the spring. The teams spent their days sorting food and packing boxes for the organization, which serves 27 counties and feeds over 152,000 people in need each month. The Central Pennsylvania Food Bank’s mission is all about fighting hunger, improving lives and strengthening communities.
Employees from our Middletown campus volunteered at various financial reality fairs that were hosted by credit unions in the Central PA area. A financial reality fair is an interactive financial education event for students. This hands-on experience allows students to identify their career choice and starting salaries, then complete a budget sheet requiring them to live within their monthly salary while paying for basics such as housing, utilities, transportation, clothing and food. Additional expenditures such as entertainment and travel are factored in as well.
Employees from our Greensboro campus recently volunteered at the Second Harvest Food Bank of NC in Greensboro. They sorted and packed boxes of food to be distributed to people in the local area. The mission of the Second Harvest Food Bank is that, with their community and partners, they will increase food security and create pathways that build a stronger Northwest North Carolina.
With our staff, families and friends, Vizo Financial joined together to walk for Children’s Hospital of Pittsburgh Foundation’s Walk for Children’s event on June 4, 2022. Walk for Children’s is an annual family walk event that benefits Children’s Hospital of Pittsburgh of UPMC – a Children’s Miracle Network (CMN) Hospital – by bringing the community together and raising money for patient care, and Vizo Financial was pleased to support the event again. We were a Patron Sponsor of Walk for Children’s, and with employees and their families, we contributed $5,640 in support of the event! Collectively, the 2022 Walk for Children’s event brought in $899,217.43!
Vizo Financial served as a Miracle Match sponsor for the Children’s Miracle Network (CMN) Hospitals Telethon to benefit the Penn State Health Children’s Hospital in Hershey, Pa. The Telethon was broadcast from Monday, June 6 through Thursday, June 9, with segments highlighting stories of children who have received life-saving care at the Children’s Hospital.
As part of the National DE Day of Service, credit union development educators from Vizo Financial and credit unions in the Central Pennsylvania area volunteered at the Hershey Gardens on June 8, 2022. DEs and credit union employees gathered together to tend the gardens on this annual day of DE recognition to demonstrate credit unions’ dedication to community and to come together with fellow DEs for a unique opportunity that strengthens bonds.
On June 22 and 23, eleven employees from our Middletown campus volunteered with Caitlin’s Smiles in Harrisburg, Pa. Caitlin’s Smiles delivers arts and crafts activities to children in hospitals, clinics, emergency departments and other medical offices throughout Pennsylvania and surrounding states. Caitlin’s Smiles encourages children with serious health challenges to explore their uniquely creative talents by taking part in arts and crafts activities. The Middletown campus also held a donation drive in the weeks leading up to these volunteer days to collect art supplies in support of this organization.
Vizo Financial’s Hot Dog Eating Contest is back and better than ever, especially because this year, we’re pulling out all the stops! For the ninth year in a row, we are thrilled to support Children's Miracle Network (CMN) Hospitals at our local Penn State Health Children's Hospital in Hershey, Pa., an organization dedicated to providing care and support to children and their families. Our donations and support help them continue serving children in need.
Since our contest is virtual, we are welcoming credit unions across the country to join in the fun as contestants, sponsors and supporters of CMN Hospitals on July 20, 2022. And we are pleased to announce there will be three prizes available to take home this year. So, save your appetite and tune in to watch contestants battle it out in this fun-filled event to help raise money and awareness for CMN Hospitals at Penn State Health Children's Hospital!
Vizo Financial’s education sessions for the third quarter of 2022 are:
Joe Terry, solutions architect, Ncontracts
July 13 at 10:00 a.m. ET
Board directors are successful and smart businesspeople, but they aren’t typically bankers. They need help understanding the intricacies of financial services—everything from the regulatory environment and expectations to risk management and audit. How can credit union executives effectively work with the board to ensure everyone has the necessary knowledge and resources? Find out during this deep dive into how to work with the board of directors.
Mike Umscheid, president/CEO, ARCSys
July 19 at 2:00 p.m. ET
Troubled debt restructuring (TDR) accounting is changing, as well as disclosures for CECL. On March 31, 2022, the Financial Accounting Standards Board (FASB) issued an accounting standards update, which eliminates the TDR accounting model for creditors that have already adopted the current expected credit loss (CECL) model. The decision to eliminate the TDR accounting model is in response to feedback that the allowance under CECL already incorporates credit losses from loans modified as TDRs. So, what does all this mean for your credit union? Join Mike Umscheid as he explains what TDR disclosures are and their new requirements.
John Dearing, CFA, partner & managing director, Capstone
July 27 at 2:00 p.m. ET
We all know growth is vital to the success of our organizations, but achieving growth in today’s environment can be challenging. Credit unions today face many issues such as declining fee income and interest income, regulatory hurdles, industry consolidation, economic and political uncertainty and tough competition. In such an environment, how can you continue to provide value to your members? Fortunately, there are many options for growth for credit unions to consider. In this session, learn how to swiftly implement your growth strategy and position your organization for success.
Jeanne Heath, learning & engagement champion, Vizo Financial
Back by popular demand, Vizo Financial will be offering the “Onboarding in a Box” webinar series in 2022!
August 3 at 2:00 p.m. ET
Session one will give you plenty of ideas, examples and templates that can help you hit it out of the park from the moment a candidate interacts with your website to the end of the first day!
August 10 at 2:00 p.m. ET
Session two will include a roadmap for setting expectations and providing regular feedback. Checklists and suggested training plans, as well as tips for a successful virtual onboarding program will also be included. Attention to the details makes all the difference!
August 17 at 2:00 p.m. ET
Session three will include information on continuing to keep employees engaged, the importance of feedback and measurement as well as the “secret sauce” that leads to sustained success! This session will also include tips for making your onboarding program virtual.
Mike Bechtel, information security analyst, Vizo Financial
September 20 at 10:00 a.m. ET
When it comes to cybersecurity, a hammer and saw aren’t going to cut it. While there are a multitude of tools available to aid your credit union with cybersecurity, you may be wondering what are they, where do I find them and how much do they cost? They certainly won’t be laying in a dusty metal box in your garage, but we know just where to look and what will be most useful in different situations. Vizo Financial’s information security analyst, Mike Bechtel, will lead this session on low and no-cost tools credit unions can utilize to enhance their cybersecurity posture. That way, you’re not left wondering what’s in your cybersecurity toolbox, but, rather, what tools you already have that you can leverage to better protect your organization.
Vizo Financial will be hosting the following events for credit unions. Please register for any of our events on the Upcoming Events page of our website.
July 20, 2022 - Virtual Event
It's time to get ready again for the one, the only...Vizo Financial virtual Hot Dog Eating Contest! As always, all proceeds will be donated to one of our local Children's Miracle Network (CMN) Hospitals, Penn State Health Children's Hospital.
For the ninth year in a row, Vizo Financial is thrilled to support an organization dedicated to providing care and support to children and their families. Our donations and support help them continue serving children in need. So, will you join us?
No matter where you are, we are welcoming credit unions across the country to join in the fun as contestants, sponsors and supporters of CMN Hospitals. Save your appetite and tune in to watch contestants battle it out in this fun-filled event to help raise money and awareness for CMN Hospitals at Penn State Health Children's Hospital!
August 8-9, 2022 - Virtual Event
Good things come in small packages, so the saying goes. Small credit unions are no exception! And to ensure all those good things your institution has to offer continue to flourish, Vizo Financial is excited to hold our Small Credit Union Workshop on August 8-9, 2022.
With this workshop designed for credit unions $25 million in assets and under, our focus is centered around helping your credit union navigate challenges you may be facing. This exclusive event provides you the opportunity to fulfill your required BSA/AML compliance training, discover suitable investments for your credit union, learn ACH tips and tricks, a panel discussion on risk and security issues and more!
This two-day event will be packed with opportunities to learn how to make your small but mighty credit union successful!
August 23-24, 2022 - Virtual Event
School’s out for summer, but TechCon is back! This event will showcase the products and services of Vizo Financial, MY CU Services and our partners.
Join your peers and credit union experts for our Summer TechCon on August 23-24, 2022, where we’ll see demonstrations on products like ALM, investments, payment services and more! In addition to learning more about the products and services available to your credit union through Vizo Financial, you’ll also have the chance to ask questions directly to the service expert during each session!
September 14-16, 2022 - The Ballantyne Hotel, Charlotte, N.C.
Grab your hiking boots and get ready for one heck of a journey, because the current financial landscape is full of rugged terrain. In fact, credit unions are facing an uphill battle of rising interest rates, record inflation and an economy in turmoil. It won’t be easy to move mountains, but we’ve got to start somewhere and that place is Vizo Financial’s much-anticipated 2022 Financial Conference!
With unprecedented obstacles in our way, the 2022 Financial Conference may just be the most important financial education event in years. It’s also one of many reasons we’re inviting you and credit unions everywhere to attend! From regulations updates and the political impact on finances to cryptocurrency, lending and investment strategies, there’s something for every credit union CEO, CFO, financial analyst, ALM specialist and all the financial management employees out there.
There may be a mountain of financial challenges ahead of us, but we can embark on this uncertain journey together at the 2022 Financial Conference on September 14-16 in Charlotte, N.C. Gain the knowledge to face your institution’s financial hurdles, enjoy time with credit union peers and financial experts, experience luxury at its finest with your choice of golf or spa activities and bask in the beauty of the lovely Ballantyne Hotel – no hiking boots actually required! It’s an educational experience you won’t soon forget!
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