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April 3 2009 (DOC)

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					President’s Report
April 3, 2009
From the desk of Tracie Kenyon, President/CEO, Montana Credit Union Network
This is an internal publication of the Montana Credit Union Network intended for affiliated CEOs and their
official family. For more information, call us at 1-800-745-5546.


       Corporate Credit Union Update I am attaching a press release from NCUA
        regarding this week’s happenings – simply too much to list in this message.

        The NCUA Board has also responded positively to CUNA’s call for greater
        transparency and has agreed to release information on the distressed securities to
        members of US Central and WesCorp.

       Offering Payday Loan Alternative Products More and more REAL Solutions
        Credit Unions are expressing interest in providing their members an affordable
        payday loan product. To help them, the National Credit Union Foundation
        has released a Payday Loan toolkit to help credit unions build a sustainable payday
        loan product that provides low cost options for consumers. Montana credit unions
        Missoula FCU and Kootenai Valley FCU are highlighted in the report. The report
        authored by Nancy Pierce is available for free download on the REAL Solutions
        Impact Center or http://realsolutions.coop/.

       It’s Not Too Late To Register for Regional Training Near You! Montana Credit
        Unions for Community Development (MCUCD) is offering regional training in your
        area this April – Train-the-Trainer: Making Financial Education Effective and
        Engaging.

        This seminar is for anyone at the credit union with member interaction. The seminar
        will not only cover the various ways financial education can be delivered, it will
        include the following:
             o Psychology of Money
             o Effective and Engaging Facilitation
             o Financial Education Essentials
             o Grab Bag of Ideas

        This is a full-day workshop – 9:00 a.m. to 4:00 p.m. It is being held in the following
        locations:
            o Missoula - Tuesday, April 7, MSU-Missoula County Extension Office
            o Great Falls - Thursday, April 9, Sletten Cancer Institute

        Click on the location you are interested in for information and registration. The
        registration fee is $150 per person, which includes lunch. Please contact Karen
        Smith at karen@mcun.org or (800-745-5546 ext 124) with your questions.

       ‘In Compliance...’ On March 17, the Montana Supreme Court issued an important
        opinion regarding credit card change of terms notices. In Kortum-Managhan v.
        Herbergers, the Court held that a “bill stuffer” did not provide sufficient notice to add a
        new arbitration clause to the credit card agreement. The original agreement allowed
        Herbergers to change terms of the agreement (future modification) by giving notice. The
    cardholder could terminate the agreement and pay off the balance if he/she did not
    accept the change. Continued use of the card constituted acceptance of the change. The
    Court said the bill stuffer arbitration clause was ambiguous because it was “blended into
    the end of a document when bold type, capital letters and larger fonts are used to draw
    attention to other clauses.” The Court distinguished and did not overturn Shimsky v.
    Valley Credit Union (1984), which upheld the use of future modification agreements and a
    change in interest rate notice. The Court made much of the fact that the arbitration clause
    was a wholly new term and “not a mere change in the interest rate” and, most
    importantly, that arbitration waives the fundamental constitutional right to jury trial and
    access to the courts. The conclusion or statement of holding is stated broadly, however,
    and is not literally restricted to arbitration clauses. What does this mean for credit
    unions? For arbitration clauses, they should be included in the original agreement if at all
    possible. If such a clause must be added pursuant to a future modification clause, the
    addition should come in the form of a separate letter to the consumer. For change of
    interest rate and other typical Reg Z change in terms, there is arguably no new
    requirement. But given the tenor of the 5-1 decision, it is advisable to make sure that
    notices are very clear and conspicuous and either sent separately or at least not included
    with a significant amount of other materials in periodic statements.

   Share Insurance Campaign Unveiled NCUA unveiled a media campaign that will
    run for the next several months to educate the public about share insurance
    coverage at credit unions. Nationally respected finance expert, Jane Bryant
    Quinn, is promoting National Credit Union Share Insurance Fund (NCUSIF)
    coverage and reminds consumers that federally insured credit unions are a safe
    place to keep your money at a time of market turmoil. During a 5-month video, print
    ad, and electronic campaign, television, Internet, and transit buses will spread the
    word that member accounts in federally insured credit unions are safe and secure.

    The first 30 second TV ad can be viewed here.

   Do Your Members Know? Do you have members who are receiving text messages
    purporting to be from the “Montana Credit Union” and are asking for credit card and
    PIN information. The text message "informs" members that their card has been
    deactivated and directs them to call a Montana phone number to reactivate them.
    These calls are fraudulent attempts to collect your personal financial
    information.

    Take this opportunity to share this information with your members who may be
    recipients of these messages. Find out more by viewing this week’s ‘Consumer Tip
    of the Week’ on the MCUCD website at www.montanacreditunions.coop.

    If you would like more information on providing consumer education for your
    members, please contact Karen Smith at MCUCD – karen@mcun.org.

   Have you tried registering for education on our newly designed website? We
    think you will like it so much - that we are giving you a BONUS for registering online.
    If you register online for an event/web you will be entered in a drawing for a $100
    VISA Gift Card. Only the person registered for the event will be entered in the
    drawing. All registrations between March 18 & April 30 will be entered in the drawing.
    Give it a try!

   To accommodate the continually changing financial and regulatory
    environment we have added two SPECIAL EDITION webcasts
    4/23/2009
    FFIEC Guidance on Risk Management of Remote Deposit Capture:
    A Practical Guide to Examiner Interpretation, David Peterson, Goldleaf Financial
    Solutions
    Register here now!

    4/28/2009
    Implementing Mortgage Refinance & Modification Procedures Under the New
    Federal Making Home Affordable Program, S. Wayne Linder & Linda Young,
    Young & Associates, Inc.
    Register here now!

   Annual Convention & Exposition Registration is
    now available online for our annual convention. This
    Hollywood-style gala is being held May 13 – 15 at the
    Hilton Garden Inn in Missoula. In Montana in May -
    Credit Unions Steal the Show!

   MCUCD Silent Auction! Montana Credit Unions for
    Community Development is looking for donations to
    the Silent Auction during the Annual Convention on
    Thursday, May 14. Every dollar contributed at the Silent Auction will support
    MCUCD’s mission to improve the social and economic well-being of Montana
    families.

    We are encouraging both credit unions and individuals to donate an item for the
    auction. Donate one item or combine several items together to create a fun basket.
    Please contact Dan Veale at (406) 442-9081 ext. 140 or dan@mcun.org to arrange
    your donation to the Silent Auction.

   Invest in America Update Despite recent newsworthy announcements and
    predictions, Michigan CUcorp reports that Invest in America’s relationships with GM
    and Chrysler remain steady and unchanged. “The U.S. Government has said they
    will stand behind GM and Chrysler warranties, and we know that Chrysler is
    aggressively pursuing a partnership with Fiat to satisfy government requirements.
    We remain confident that GM and Chrysler will emerge from these challenges and
    with their brands remaining attractive to consumers to support and purchase,” wrote
    CUcorp President Drew Egan in a Tuesday e-mail.

    Invest in America continues to work closely with GM and Chrysler to expand and
    improve the offers for credit union members. On Friday, Invest in America published
    an April Newsletter with lots of information. I’m attaching it as a .pdf file to this
    document. A few highlights:

    GM has agreed to continue the credit union discount program nationally through
    2009 and along with it’s seven divisions (Chevy, Buick, Pontiac, GMC, Saturn,
    Cadillac, and Hummer) has rolled out a new Total Confidence Program that
    dovetails nicely with the supplier pricing credit union members receive.

    For the month of April, Chrysler will be providing credit union members a $500
    incentive on the following 2009 model year vehicles: Chrysler 300C & 300 SRT8,
    Grand Cherokee (all models including SRT8), Commander, Sebring Convertible, and
    Ram 1500 SLT/Sport/TRX & Laramie models. And, because Chrysler has
    discontinued its bonus cash programs for Chase and Chrysler Financial, this
    program remains the best in the marketplace for credit union members.


   NCUA Corporate Stabilization Please remember to have your ANPR comments to
    NCUA by Monday, April 6, 2009. You can review CUNA’s communication on our
    website’s NCUA Corporate Stabilization Page.

   Philosophy in Action I am excited to tell you about two of “our own” who’ve
    recently received some nice appointments – Chris Sisco (CEO, Montana First CU)
    has been selected as chairman for the Montana Komen Foundation. This is a
    wonderful honor and we know that Chris will be outstanding in this poisition. Tom
    Boos (CEO, Billings FCU) was asked this week to serve on a steering committee for
    the National Credit Union Foundation’s new project MashUp (a program designed to
    increase opportunities for low-wealth family’s to access affordable car loans through
    credit unions). Tom is an excellent choice and will represent Montana’s credit unions
    very well. Please help me extend congratulations to both of these deserving folks!

   Parting Shot Folks, I just couldn’t resist this one…"Obama was on TV saying
    Americans are angry. We are angry, but we don't want a press conference. We want
    to see Obama pelting AIG executives with a sock full of quarters shouting, "Here's
    change we can believe in!" --Craig Ferguson

				
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