Lending

Vehicle Titles Go Electronic

April 27, 2009

One upside to the current credit crunch plaguing the financial industry is that car buyers are turning to their local credit unions to finance both new and used vehicles.

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Welcome to the Housing Trough

April 27, 2009
Mike Schenk After hitting bottom, real estate shows signs of turnaround. Did you hear that “thud”? I’m pretty sure it was the housing market hitting bottom. Actually, hitting bottom will be a process rather than an event. But recent real estate news is much more positive: Housing affordability is very... READ MORE

Skittish Lawyers Net Reaffirmation Woes

April 27, 2009
Michael McLain Some attorneys balk due to concerns about liability or clients’ ability to pay. Ease the anxieties of debtors’ attorneys, and your reaffirmation agreements are more likely to stick. Ordinarily, when a debtor’s attorney participates in reaffirmation agreement negotiations during a Chapter 7 bankruptcy, the reaffirmation must contain a... READ MORE

Rev Up Auto Lending

April 27, 2009
Sharyn Alden CUs accelerate back-to-basics approaches to boost auto loan programs. How do you encourage auto loans during a down economy? While no one formula fits all situations, CEOs agree: You must approach auto lending differently. You must work smarter to attract members who may be interested in, and qualify... READ MORE

Beat the Repo Blues

April 24, 2009
Mary Mink Underwriting changes and loan workouts avert some vehicle repossessions. But when CUs must take back vehicles, remarketing recoups some losses. With unemployment at record levels and property values down, credit union members across the country every day face the unthinkable choice between a car to drive or a... READ MORE

Let's Get Down To Business

March 30, 2009
Mike Schenk CUs could lend an additional $10 billion to the nation’s small businesses. Small businesses are noticing the credit union difference. While other lenders have tightened or curtailed business lending, credit unions have increased it. Federal Deposit Insurance Corp. statistics show banking industry business loans increased only 8% in... READ MORE

Unforeseen Consequences Of Black Swans

March 30, 2009
Bill Klewin It’s time to rethink all your old lending assumptions. In my April 2008 column, I wrote about black swans. To refresh your memory, a black swan is a highly improbable event with three principal characteristics: 1) It’s unpredictable; 2) it carries a massive impact; and 3) after the... READ MORE

What Next for Card Fraud?

March 27, 2009
Dianne Molvig The cat-and-mouse game of card fraud has CUs and vendors scrambling. Fortunately, CUs can take steps to reduce fraud risk. In August 2008, the Justice Department indicted 11 people for allegedly stealing millions of consumers’ credit and debit card information from TJX, BJ’s Wholesale Club, OfficeMax, Boston Market,... READ MORE

New Card Rules Spark Review

February 20, 2009
Michael McLain NCUA changes prohibit certain credit card practices for FCUs. The National Credit Union Administration (NCUA), Office of Thrift Supervision, and Federal Reserve Board issued final rules in December 2008 to better protect credit card users. The rules prohibit certain unfair and deceptive acts or practices, and improve consumer... READ MORE

Want to Help Members? Take a 'Clean Sheet' Approach

February 20, 2009
By Bill Vogeney The economic conditions credit unions are experiencing today are unprecedented. Unemployment is climbing. Interest rates are falling. Home values and construction starts are declining. Weak sales threaten every auto manufacturer in the world. This being the case, why would you think the same old approach to managing... READ MORE

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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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