By Dane Coalson

United Federal Credit Union, $794 million, St. Joseph MI, started a complementary budget counseling service in 2003. Judy Baker initially started working with distressed members to help prevent bankruptcy filings. Due to its initial success, the program was expanded to include those who recently lost their jobs, requested budgeting assistance, or any member or non-member experiencing financial distress.  According to Baker, “Many people don’t communicate with creditors when they are financially challenged. I tell them that this is not the answer and encourage them to contact their creditors and to utilize the counseling service.”

Publicizing the Program 

It actually started internally with credit union employees. Once the program was explained to the staff, they were excited, and took it upon themselves to spread the word. Employees started to listen and pay attention for signs that a member was financially distressed, and they would refer them to the Budget Counseling Service. News about the service has spread by word-of-mouth in the community. Many heard about it from family members and friends, but local news media also picked up on it.

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By Dane Coalson

State Employees’ Credit Union (SECU) of Raleigh, N.C., ($15.9 billion) introduced a Million Dollar Sweepstakes in 2007 to encourage member checking account holders to convert from paper statements to e-statements. The Sweepstakes was intended to educate members on the cost to their credit union each month to print and mail paper statements and how members directly benefit when SECU is able to improve efficiency. The Million Dollar Sweepstakes began in January 2007 and ran through December 7, 2007. In order to dissuade members from switching to e-statements to become eligible for the contest and then switching back, the contest was scheduled to last a full year. Over the course of 2007, one hundred members won $5,000 a piece and 20 lucky members won $25,000 each. The first drawing was held in February, and eleven subsequent drawings were held through December 2007, resulting in $1,000,000 in member awards. 

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By Dane Coalson

Altura Credit Union ($940 million) is located in Riverside, Calif., at the epicenter of the housing crisis. Despite the difficult economic environment, Altura grew in 2007 while maintaining a high level of service and reaching out to members in distress.

Addressing the Housing Crisis:
At the end of 1Q 2008, NCUA examiners wrote Altura: “Try to keep your members in their homes if at all possible.” The examiners suggested loan extensions as a way to alleviate the financial strain on distressed members.

In February, Altura and their CUSO, Patrion Mortgage, held a public seminar for persons in the community who were having trouble meeting their loan payments. About 100 members and non-members attended. At the seminar, the credit union gave a presentation covering various options individuals could pursue to manage their debt and mortgage payments. Afterwards, some attendees asked for assistance; they answered questions from Altura loan officers and filled out loan applications. The loan officers then appraised the properties, evaluated the information, and presented loan proposals to the credit union.

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By Leigh Anne Terry

You can call him a visionary. You can call him one of Silicon Valley’s “leading egomaniacs.” No matter on which side people may fall, there is no denying the important contributions that Apples’ Steve Jobs has made to the worlds of technology and media.

The man Fortune acknowledged as the “Most Powerful Businessman of 2007” has been a driving force in the personal computer industry and the digital music revolution. His entrepreneurial style and success has created may devotees in the business world – from CEOs sporting the all-black clothing look to the spectacle-style introduction of new electronic media products. There are many business models that would benefit from a few peeks inside the Jobs’ playbook.

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