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Guest Blogger: Cole McCollum


Have you ever considered how many “special agents” you have walking around your Credit Union on a day-to-day basis?

Perspective changes everything. It adds color and life to the black and white and mundane. In the words of John Keating, the famous English teacher of The Dead Poets Society, “Just when you think you know something, you have to look at it another way. Even though it may seem silly or wrong, you must try.”

You may know your Credit Union like the back of your hand. Maybe you’ve worked there for decades. Or perhaps you are just now getting your hands into the rich soil of Credit Union-Land. Regardless, perspective changes everything. So consider this:

  • According to the FBI, approximately 18% (if not more) of international terrorism cases are directly related to BSA filings.

  • According to the Office of Homeland Security, the only way to stop ISIS and other terrorist organizations is to cut off their money supply.

  • BSA - the Bank Secrecy Act - is intended to combat illicit transactions and directly connects local financial institutions with anti-terrorism efforts abroad.


From the perspective of the Bank Secrecy Act, reconsider the opening question: Have you ever considered how many “special agents” you have walking around your Credit Union on a day-to-day basis? 

Each and every Credit Union employee has a role in fulfilling BSA requirements, and thus combating terrorism. One need only view pictures from 9/11 - or for that matter, the evening news - to be reminded of how important this fight is. Want to make a personal, immediate difference? Want your work to matter in the fight against ISIS and other terror organizations? Champion BSA compliance!

Certainly, the Compliance Officer is the most direct contact for all things BSA. However, each and every Credit Union employee has a role and responsibility to leverage their position for the keeping of BSA requirements. Ensuring transactions over $10,000 are reported on CTRs, notifying appropriate management in regards to suspicious actions or individuals...all have the potential to directly impact the war on terror, in all its forms. There is no such thing as an unrelated Credit Union role, in this fight. BSA compliance is directly impacted by all Credit Union staff, from the front-line to the back office. Attentiveness, communication, and an eye for the odd...all are important characteristics for Credit Union Special-Ops. 

Want your job with your local Credit Union to make a difference in the war on terror? Look no further than the BSA. Know it, keep it, champion it! For the sake of our communities, our country, and our world. It’s one reason why I’m acquiring my BSA certification through CUNA. Regardless of the route you take, realize your part to play in the BSA!

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We are hAPPy to reveal the new Sharetec Users Conference app!  

 
Be sure to download the app and create your user account by June 8th to be entered to win one of three spots on the VIP tour at Knibbe Ranch.

Email us at This email address is being protected from spambots. You need JavaScript enabled to view it. if you missed the invitation and would like to receive it again.

Charlie NSP

Guest Blogger, Charlie Yenni, President/CEO, NSP Credit Union

Last month, I attended a person-to-person event focused on Data and Analytics. Much to my surprise, I was the smallest credit union in the room. But what I found out really excited me. If enough Sharetec users express interest in using data and analytics to strengthen their business model, there may be foundation where one of our current strategic partners would work with Sharetec to build a connection to the data, so that all of us could use the data to report things that have value to the members. As an example, Delta Airlines has the ability to communicate to its customers where their lost luggage was last seen. This is done with data and analytics. This is a step beyond dashboards as the process is forward looking in that we would be able to anticipate members’ needs before they do. I will be working with our trade association’s CUSO to give more information about what this could be for Sharetec clients, so stay tuned to the PowerUsers email.

 

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Sharetec’s Ultimate Checking
allows credit unions to boost their revenue with an increase in interchange income. Ultimate Checking is a unique product that differentiates credit unions from competitors and doubles revenue compared to a standard share draft account. Not only will this product attract new members, current members will embrace it.

Gas & Electric Credit Union, located in Rock Island, IL, took advantage of Sharetec’s powerful Ultimate Checking module to launch a successful high yield checking account. "This was a product that we felt we had to have in order to compete. We pay 4% interest when various requirements are met and our members have really embraced it," remarks CEO, Daryl Empen. "Our debit card revenue grew 19% our first year and over 27% our second year. We have enjoyed 7% growth in checking accounts directly tied to this service, which has lead to more loans and other services."

To read more click here.

Painesville CU image

We’d like to congratulate and thank our friends at Painesville Credit Union (PCU) for their 20-year loyalty as a Sharetec customer! Located in Painesville, Ohio, PCU has been serving the needs of community members since its humble beginnings in 1942. 

PCU is a member-owned, not-for-profit organization whose objective is to meet the needs of its members through professional, prompt, courteous service with a personal touch. They are committed to the philosophy of helping each member in a responsible, caring and professional manner, and strive to provide innovative solutions to the present and future financial needs of their members. 

With May marking PCU’s 20th anniversary as a Sharetec user, we are pleased to celebrate their two decades of success as a key financial institution in the Painesville region. And we are proud to be playing an active role in helping them reach their productivity, efficiency and membership/customer service goals. Congratulations, Painesville Credit Union!