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CECL

Callahan & Associates
is a great resource for credit unions. CECL is a BIG thing for the credit union industry and Callahan's recently shared some resources to help study CECL online.

* American Institute of CPAs - Credit Union Implementation
Presentation

* Financial Accounting Standards Board - Credit Losses
Website

* NCUA, Fed, OCC, FDIC - Interagency FAQs on CECL
(April 2019)

Reach out to Sharetec and see how we can help your credit union be CECL ready!

Simplify STlogo

Most, if not all, Credit Unions are familiar with the woes and hassles posed by government reporting. Getting all of your necessary forms in order and then meeting the submission deadlines can be lengthy and challenging tasks that are certain to detract from your staff’s invaluable member services duties.

Thankfully, Sharetec offers a Government Reporting solution that can eliminate those pressing issues and allow you to complete your required reporting worry free. With Sharetec’s Government Reporting filing service, everything will be reported automatically without you having to lift a finger! The system does an excellent job of handling multiple types of forms including:

• 1099-div
• 5498
• 1099-c
• 1098

All relevant forms are sent directly to the appropriate members of your staff, and are then filed electronically to the government. This simple and effective process is sure to take the burden off of your shoulders, enabling your Credit Union to devote more time to vital membership services.

laramie
Through ProPay, Sharetec offers credit unions an online portal that is secure, user-friendly and affordable. This is a great solution for members who are increasingly mobile and demand the use of technology to perform their financial transactions.

Laramie FCU wanted to find an affordable solution that would streamline operations for the credit union and create a self-service, online portal for members.

“We process an average of 21 transactions each day on non-Laramie Plains FCU debit cards and credit cards. Before using ProPay with its tight integration to Sharetec, this was a manual process handled mainly by front-line staff over the phone. The time saved is now focused on building deeper relationships with members,” comments Tyler Valentine, President of Laramie Plains FCU. “We have transitioned all payments made by non-Laramie Plains FCU debit cards or credit cards to this portal. Additionally, members that don’t sign our form for ACH payments can use this portal to pay from a savings or checking account at another financial institution. We processed 488 transactions through ProPay.”

To read more of this case study, click here.

Cash winner LCULsm

Be sure to stop by Sharetec Booth #113 to learn more about the CORE that offers more at the Corner Stone Leadership Summit & Executive Forum.

Also make your guess with how much cash is in the jar and you can take it home with you like this lucky winner!

When: September 5th

Where: San Antonio Marriot Rivercenter

Time: All Day Starting at 8am

eServicesTN
$77 million CU sees 500% growth in eStatement & eNotices penetration
Sharetec’s unique functionality saves CU over $14,000

Sharetec’s Auto-Enrollment allows credit unions to provide their members an easy to use, secure and user-friendly option to view and print eStatements and eNotices from the convenience of any device with internet access. Winnebago Community Credit Union in Oshkosh, WI, has had great success with Sharetec’s Auto-enrollment. Tony Tiede, President of WCCU, comments, “We pride ourselves on our sales and service culture. The benefit to our members is a secure and timely receipt of their statements. We have benefited by saving money due to the lower cost of the electronic delivery”.

Before WCCU switched to Sharetec’s Auto-Enrollment, only 32% of their members were using Online Banking, and only 16% of those members were using eStatements and eNotices. There are currently 96% of WCCU’s Online Banking members using eStatements and eNotices. That is a 500% growth and an annual savings of $14,500.

“With Sharetec’s Auto-Enrollment, Winnebago CCU has the peace of mind that their statements and notices are being delivered to their members securely and more efficient than before. It has proven to show a true return on investment for WCCU, as well as many other Sharetec customers,” remarks Keane Kulak, Regional Director for Sharetec System.

To read the full case study, click here.