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Cubus Solutions Newsletter: November 2016

 

Big Dog CU Fail

In a consent order issued Tuesday, October 11, CFPB presented a litany of offenses by Navy Federal, including violating the law by blocking debit cards, ATM machines and online accounts, and making empty threats to contact clients’ military superiors about overdue debts. The credit union also intimidated customers with false threats to garnish wages. The CFPB ordered Navy Federal to pay its victims $23 million and a $5.5 million penalty for shady debt collection activities. Credit unions aren't perfect or untouchable. But they do stand for something greater than the rest of the financial world – your members and your cooperative values. Just a couple of weeks ago we were talking about Wells Fargo's massive and ugly practices that were uncovered and how credit unions could capitalize on the Wells Fargo bad press. And now something similar has been uncovered in our industry.

Being a credit union requires a perpetual and public education to members and potential members about how you are different. You have some great rates and incredibly low fees. But if you don't have trust then you’re just another Wells Fargo.

This isn't the 1980s where it's easy to hide your errors. This is the digital age where people share everything, from what they ate to hey my credit union sucks. Not only does this tarnish Navy Federal’s reputation, it paints a bad light on the industry.

Consent Order

~John-Ashley Paul, President/CEO

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It's Tax Reporting Season again, can you believe it? Where has 2016 gone?

We have reviewed the IRS changes and we are making the appropriate changes where necessary. As usual we are planning to hold webinars to review the changes with you. We will notify each Tax Reporting customer of their assigned installation date. Save the webinar dates and log-on information will follow later.

Webinar Dates:
Tuesday, November 29, 11am PST
Wednesday, November 30, 11am PST

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Secure File Transfer Protocol (SFTP)

SFTP support for file transfers between D+H Core and Cubus App Servers is now available. If interested in deploying this feature, contact support by logging a case using our support portal or by emailing us at support@cubussolutions.desk-mail.com, to schedule your upgrade.

Email Support

New FOM Rules - The NCUA board last Thursday approved revised Field of Membership rules to provide credit unions with more flexibility to define the areas they serve. See below for the nice wrap up of what that means from the CUTimes.

See the Wrap Up

CUES Next Top Credit Union Exec - Each year CUES names the next top credit union exec at the CEO/Executive Team Network meeting. All 25 applicants presented great ideas and stories, but this one by Ali Fett at Verve CU in Oshkosh, Wisconsin, was particularly interesting in its approach to build team culture. Leverage this (mostly) free treasure chest of marketing to engender your credit union to this up-and-coming consumer.

Read About It
ICYMI: Cubus is now servicing two new Cores - We’ve added two new cores to our list: Symitar and Corelation. If your credit union is thinking about changing to either of these cores, talk to us. We can provide the same great Cubus products with these excellent core systems.
 

Upcoming Webinars

Thurs., 11/10 Quick Pay - UltraData
Tues., 11/15 Alerts for Symitar
All webinars are held at 11am Pacific Time.
Sign Up Now  

 


Contact Us

855-394-3969
info@cubussolutions.com
www.cubussolutions.com

Holiday Closures

Thanksgiving: 11/24 and 11/25