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August 2012
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FOCUS is the monthly eNewsletter of the Office of Small Credit Union Initiatives (OSCUI). It focuses on helping small credit unions achieve success by providing news and highlighting opportunities. Click here to subscribe to FOCUS. |
 Featured this Month (Click on a heading to go to the article.)
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Record-breaking year for grants
Congratulations to the 2012 NCUA grant awardees! More than 100 credit unions will share $1.4 million in grants from NCUA this year. Click here to view the list of awardees.
OSCUI received 331 grant applications this year, totaling a little over $5 million in funding requests. In recent years, total funding requests has run approximately $2.5 million, only once exceeding $3 million. OSCUI attributes the increased interest to a new, automated grant system that allows credit unions to apply for multiple initiatives under one application and increased marketing.
The high volume of applications and funds requested made for a competitive funding round. If your credit union was not successful in receiving a grant, consider the tips we offer under "Improving your grant application: Insider tips" in this issue. Then, consider applying in a future funding round.
NCUA's loan program has also experienced strong demand. So far in 2012, loan applications have increased from 0 over the last two years to 13 pending applications. Loan applications are still being accepted. Effective May 22, low-income designated credit unions may apply online for a loan with a 0.40% rate, 5-year maturity, and balloon note (principal due at maturity).
For more information about these programs and to access the loan application, go to: http://www.ncua.gov/Resources/CUs/Dev/Pages/Loans.aspx or contact us at oscuiapps@ncua.gov.
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Over 1,000 new Low Income Designation credit unions identified
If you are a credit union official who is receiving this e-newsletter for the first time, your credit union was probably one of a select group that NCUA recently notified were eligible for low-income designation (LID). As your notice states, the LID status permits your credit union access to benefits and resources unavailable to other credit unions. One of the resources is the services of NCUA's Office of Small Credit Union Initiatives (OSCUI). In addition to publishing this monthly e-newsletter, OSCUI offers:
- free training to credit union board members and staff;
- access to grants and loans like those mentioned in the previous article;
- on-site consulting services; and
- links to programs and opportunities of other federal government agencies and non-profit organizations.
To learn more about OSCUI services, contact us at oscuimail@ncua.gov.
For more information on becoming a LID go to http://www.ncua.gov/News/Press/NW20120807LICUFAQ.pdf or http://www.mycreditunion.gov/about-credit-unions/Pages/Low-Income-Credit-Unions.aspx.
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OSCUI in the News
Small Credit Union Examination Program Changes
NCUA Letter to Federal Credit Unions 12-FCU-03
In a letter to federal credit unions with assets under $10 million, NCUA explained changes in the Small Credit Union Examination Program. "...Much of the guidance and direct assistance examiners previously provided smaller credit unions during the examination process will now be provided by NCUA's Office of Small Credit Union Initiatives (OSCUI)..."
www.ncua.gov
"We at NCUA will give you all the support we possibly can. NCUA's Office of Small Credit Union Initiatives provides services to support small credit unions, including training, grants and loans, consulting services, partnerships and resources"
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Read onImproving your grant application: Insider tips
The 2012 grant round set records: 331 grant applications totaling over $5 million in funding requests. The high volume of applications was a result of marketing to low-income designated credit unions that have not received funding in the past. The entire grant program was revamped to improve the ease of application and the impact of the program. Read on for advice from NCUA staff who read the applications.
Financial Analyst Ikenna Nwankpa
With input from: Charee Champ, Kari Covington, Matthew Pagos,Thomas Penna, and John Roderick
OSCUI will host a webinar to share more advice and its insights with past and prospective awardees. Stay tuned for announcement of a date and time.
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Marketing tips and techniques - Part III
This is the third of four articles to help improve your credit union's marketing strategy.
OSCUI Economic Development Specialists (EDS) work one-on-one as consultants with credit union management to ensure their operation prospers. The EDS offer ideas to credit unions that promote operational growth. In recent issues, we shared ideas on publicity and public relations strategies. In this issue, we focus on strengthening communications with your members. See the list below for our recommendations.
EDS Marketing Tips
Strengthening Member Communications
- Thank you notes may be old fashioned but they are still appreciated; birthday, baby and wedding acknowledgements, too.
- Understand the expectations of Generation Yers, Baby Boomers, Seniors and Generation Xers. Take a class in generational marketing.
- Change your phone message to highlight monthly credit union promotions.
- Learn more about member needs by conducting a survey.
- Send welcome letters to new members.
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Credit unions secure $17 million from CDFI
Twenty-four credit unions were among the awardees recently announced by the Community Development Financial Institutions (CDFI) Fund under its 2012 funding rounds. Credit unions were the second largest category of award recipients. According to a news release by the CDFI Fund, it awarded more than $186 million, the largest amount in its history.
Click here to view a list of credit union awardees and the amounts awarded to each.
NCUA and the CDFI Fund are partner agencies due to the complementary missions of OSCUI and the CDFI Fund. NCUA supports the CDFI Fund's programs by providing input on the financial condition of credit union applicants. This information sharing allows eligible credit unions to apply for CDFI funding without having to supply additional financial reports and information to the CDFI Fund like non-regulated applicants. Also, OSCUIs Economic Development Specialists have aided CDFI awardees by encouraging their participation in CDFI programs, and assisting with their applications to become CDFIs and with other funding applications.
We congratulate the awardees on securing the competitive funding and recognize the impact these needed funds will have on your ability to better serve your low-income and economically disadvantaged members and communities.
22 (92%) of the credit unions awarded by the CDFI Fund are designated as low-income credit unions by NCUA. NCUA's low-income designation (LID) means that such a credit union is likely to meet the requirements to become a CDFI and be eligible for funding from the CDFI Fund. Click here to learn more about (NCUA's) LID. Click here to learn more about the CDFI Fund.
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Happening in OSCUI
- We reviewed the entire group of 2012 grant applications. The awards were announced August 15. Click here to view the press release announcing the awards.
- We conducted four training workshops last month. Approximately 351 credit union officials and board members attended the workshops. To view the upcoming events, the agenda, dates, locations, and to register please visit: http://www.ncua.gov/Resources/CUs/Dev/Pages/Events.aspx OR call OSCUI's automated training line at (703) 518-1620. From the phone line you can also receive instruction on requesting travel reimbursement.
Got a good story? Email us! Tell about your credit union's experience with an OSCUI program at oscuitraining@ncua.gov.
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Announcements
Studies / Research
In-Depth Report - Credit Unions: Focused on Financial Capability Across the Nation. The National Credit Union Foundation (NCUF) offers this free report online. The report and companion resource guide are the result of a nearly yearlong data collection effort by the NCUF and state credit union leagues to illustrate how the credit union movement is making a difference through financial education and counseling. The guide should help credit unions and others access resources, information and curricula already created to help them offer even more financial literacy programs. Click the links to download these documents:
Training
August 30 (webinar): Green Business Development for Latino & Native American Entrepreneurs: This free webinar will address how small business CDFIs are helping Native Americans and Latinos capture opportunities in the Green Economy. Representatives from the Latino Economic Development Center in Minneapolis, MN and Four Bands Community Fund in Eagle Butte, SD will be among the presenters. Click here to register.
September 13 (webinar): Exploring the Final Frontier of Volunteer Return Preparation. Iowa State University Extension and Outreach hosts a panel presentation on virtual Volunteer Income Tax Assistance (VITA). The panel, in conjunction with the U.S. IRS, will discuss alternative VITA preparation methods. Click here to register.
September 19 - 21 (Washington, DC): The Corporation for Enterprise Development hosts its Assets Learning Conference (ALC). The ALC will convene assets practitioners, policymakers, and researchers working to explore asset-building strategies. Click here for details.
Money Smart for Small Business (CD-Rom): This is a new instructor-led training curriculum developed jointly by the Federal Deposit Insurance Corporation and the U.S. Small Business Administration. The curriculum consists of 10 modules that provide introductory training for new and aspiring entrepreneurs on the basics of organizing and managing a business. Click here for details.
Other
Chicago Credit Building Coalition: Sponsored by the Chicago Urban League and 10 other Chicago-area non-profits. The partners have access to credit building tools to help clients restore their credit. For details, contact Donna Rockin of the Illinois SBDC at 312-673-3430 or click here.
Financial Advancement Network (FAN) Clubs: This Urban Affairs Coalition's financial education and peer support program. The groups of 5-20 people commit to meeting on a regular basis to improve their money management habits, rectify troubled financial situations, and pursue their financial goals. Groups may be formed by those who share a place of employment, school, church or temple, an association, or a social service agency. Click here for details.
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NATIONAL CREDIT UNION ADMINISTRATION
The Office of Small Credit Union Initiatives
1775 Duke Street, Alexandria, VA 22314 |
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