The economy has undergone significant change in the fourth quarter of 2007 and the first quarter of 2008, as evidenced by perturbations in the stock market, the rapid response of the Federal Reserve in rate reductions, capital availability and market intervention – plus what we’ve all been reading in the papers! This podcast features an interview with an expert in the field who will take a look back at the first quarter of 2008 and try to understand what it all means. Helping us read the proverbial tea leaves is Hillary Elder, Vice President and Director for Money Market Strategies with the National Investment Fund for Credit Unions (NIFCU$).
The NIFCU$ fund was the genesis of NAFCU Services Corporation nearly a quarter century ago, as a joint venture with Highmark Capital, and it provides credit unions with a triple-A rated option for overnight and short-term investments. Hillary has been manager of NIFCU$ since joining the firm in 1995, and in total her team manages over $6 billion in assets, and she has extensive experience in the credit union space, and in understanding macro trends in the economy.
Contacts: Hillary Elder, Hillary.Elder@uboc.com, www.nifcus.com, (415)-705-7580.
References: www.nifcus.com, www.nafcu.org/nifcus
NIFCU$ 1st Quarter 2008 report (.pdf)
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Every credit union is looking for ways to increase the productivity of their teller operations and enhance member service, all while maintaining high levels of security. By one estimate, a banknote is often counted by hand at least six times on its journey from the vault through the branch, with normal Member transactions, trips to the vault, end-of-day reconciliation. This podcast features an interview with Mark Shonebarger from NCR Corporation discussing how cash recycling technology that automatically authenticates, counts, stores and makes available deposited currency notes can reduce teller processing time by as much as two-thirds.
Contacts: Mark Shonebarger, MS100007@ncr.com, (937) 445-9488
Local NCR representative — NCR - 800 - CALLNCR (800-225-5627) - prompt 1, then 2.
References: www.nafcu.org/ncr
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The science of branch design has evolved significantly in recent years, away from a ‘cookie-cutter’ approach to one more tailored to business strategy. The layout of your branch should be integrated with your growth strategies. Your branch can (and should) reflect the specific mix of products and services offered at a given location.This podcast features an interview with Dan Robinette and Rebecca Butler, both from KDA, a leading credit union location, design and construction firm. Dan is vice president of sales with KDA, and Rebecca is a design/build professional, both with twenty-plus years of experience in the banking and construction industries. Dan and Rebecca discuss recent trends in branch design, and key success factors in adapting design to strategy. KDA is also the NAFCU Services Preferred Partner for location, design and build services.
Dan and Rebecca will be speaking in more detail on this topic at the NAFCU Strategic Growth and Lending Conference, March 11-14, 2008 in Scottsdale, Arizona. This is the third in a series of podcasts featuring speakers from the NAFCU Strategic Growth and Lending Conference.
Contacts: Dan Robinette, Vice President of Sales at KDA, www.kdaholdingsinc.com, drobinette@kdaholdingsinc.com, (770) 422-3984.
Rebecca Butler, Financial Industry Consultant, www.kdaholdingsinc.com, rbutler@kdaholdingsinc.com, (770) 422-3984.
References: NAFCU Strategic Growth and Lending Conference, Scottsdale, Arizona, March 11-14, 2008, www.nafcu.org/growth. Open to both NAFCU Members and non-Members.
www.nafcu.org/KDA
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For those of you that think you’re the best at protecting your credit union from hackers, we’ve finally figured out a way for you to prove it! The NAFCU Technology and Security Conference (February 25-28, 2008, in Las Vegas) will feature a new approach to learning about evolving hacker tactics, hosted by Tom DeSot from Digital Defense. Traditional hacker labs tend to be passive, showing (for example) compromised credit card information being traded live online, but what is even more useful is to show how the information was compromised in the first place. Once you understand how to play offense, your approach to defense may change – especially when you see that it takes just a few keystrokes on a command line to compromise a network.
On the podcast we interview Tom DeSot to learn how the Credit Union Hacker Challenge works. Following a background briefing, participants will break up into teams for a ‘capture-the-flag’-type competition running off of a local network, with increasingly difficult targets. In essence, attendees will have a chance to – legally – be hackers for a day. In addition to bragging rights, there will be also be prizes for the top competitors. This is the second in a series of podcasts highlighting NAFCU Technology and Security Conference speakers.
Contact: Tom DeSot, Chief Compliance Officer, Digital Defense, www.digitaldefense.net, tom@digitaldefense.net, (210) 822-2645
References: NAFCU Technology and Security Conference, Las Vegas, NV, February 25-28, 2008, www.nafcu.org/technology. The conference is open to both NAFCU Members and non-Members.
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The legal issues surrounding cyber-security sometimes get lost amidst all of the focus on the technology of security for credit unions. This podcast features a conversation with Adam Palmer, General Counsel and Chief Cyber-Security Counsel for Cyveillance on what credit unions need to do from a legal perspective to be prepared for cyber-crime, including when and how to involve your legal team in the process, and covers everything from security breaches to the importance of monitoring your brand online. Adam will be presenting a more detailed presentation on this topic at the upcoming NAFCU Technology and Security Conference in Las Vegas, February 25-28, 2008, and this is the first of a series of podcasts highlighting Conference speakers.
Contact: Adam Palmer, General Counsel and Chief Cyber-Security Counsel, Cyveillance, www.cyveillance.com, apalmer@cyveillance.com, 703 351-2459
References: NAFCU Security and Technology Conference, Las Vegas, NV, February 25-28, 2008, www.nafcu.org/technology. Open to both NAFCU Members and non-Members.
www.nafcu.org/cyveillance
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This podcast focuses on CEO and Board Liability for 401(k) and Retirement Plans. Nearly every credit union has these plans in some form, and for every one someone – usually the CEO – serves as what is called the plan fiduciary. That role carries with it significant responsibilities and, as you will find out, significant personal (not corporate) liability as well. The podcast features Rich Rausser, Vice President of Consulting Services for Pentegra, which was founded in 1943 as a not-for-profit cooperative to provide retirement benefits and today manages nearly $4 billion in qualified plan assets, and is a NAFCU Services Preferred Partner.
Contact: rrausser@pentegra.com, www.pentegra.com, (914) 821-9415
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Structuring an institutional portfolio to minimize risk and maximize return is a good thing. The problem, of course, lies in figuring out what an optimal allocation mix looks like, given a particular credit union’s asset base and risk profile, growth strategy, risk tolerance, and many other limits or constraints that all together make up an investment policy.
Today you’ll hear from Bob Lindner, who is a Director in the Asset Management area for CUNA Mutual’s MEMBERS Capital Advisors, who provide objective advice and institutional trade execution offered by seasoned investment professionals, and NAFCU Services’ newest Preferred Partner.
Contact: robert.lindner@cunamutual.com, (608) 231-8158, www.memberscapitaladvisors.com
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Making the decision to expand with new branches can be deceptively simple, especially if your credit union is growing. But choosing the right location and selecting the right expansion model in a highly competitive market is by no means a simple process. This podcast features an interview with an expert in the field, Ms. Rebecca Butler, from KDA Holdings, Inc., NAFCU Services Corporation Preferred Partner for location, design and build services.
Contact: rbutler@kdaholdingsinc.com, www.kdaholdings.com
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