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Cubus Solutions Newsletter: March 2017


Nobody is making any predictions yet, but with a Trump administration that is looking for revenue wherever it can find it, the credit union federal tax break may prove to be low-hanging fruit politicians can't ignore. The CEO of the Florida Banker’s Association took advantage of the opportunity and wrote an adverse op-ed for American Banker calling for reform. That same week, NAFCU released a study measuring the benefits of the CU tax exemption to consumers and businesses and how it affects the U.S. economy.

The study proved what you probably already know: credit unions save America money.

  • Credit union members realized $56.7 billion in benefits over the 10-year span of the study due to credit unions’ lower interest rates on loans and higher rates on savings.
  • Bank customers realized an estimated $102.2 billion in benefits over the same period as competition from credit unions forced banks to offer consumers more favorable rates.
  • The total benefit to U.S. consumers from credit unions’ presence in financial markets was $159 billion from 2006 to 2015 - or $16 billion per year.

According to NAFCU, removing the credit union tax exemption would actually cost the federal government $38 billion in lost income tax revenue over the next 10 years. GDP would be reduced by $142 billion, and nearly 900,000 jobs would be lost over the next decade as well.

~John-Ashley Paul, President/CEO

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Success Involves Collaboration

Vince Lombardi said: The achievements of an organization are the results of the combined effort of each individual. We believe in collaborating with our customers. It’s one of our core values.

We love working with credit unions that aren’t afraid to roll up their sleeves and are as committed to doing the hard work as we are. To that end, we are holding our third Cubus Collaboration meeting with our Cubus One customers next month. Cubus One is the future of our company and the success of our customers. We look forward to presenting all of you with the results of the two-day event.

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America’s Savings Habits

Not enough people save for the basic emergencies of day to day life, let alone sock away money for retirement. Now comes a fresh and painful analysis from the Consumer Federation of America and American Savings Education Council. After a decade of annual surveys, the country's savings habits are still continuing to erode. Experts assumed that savings trends would rebound after the recession and during this recovery back to the levels seen in 2008, but it has not happened. Get the word out to your members on how they can save using this great resource.

America Saves

The fee story - This article confirms that banks are fee’ing their customers to death and is a great reminder to members and potential members of why credit unions are the only choice.

Read The Article

Facebook sharable - A real-life story from a credit union evangelist who makes a passionate case for being a CU member.

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Fraud is on the rise, how about being pro-active versus reactive? Cubus One customers have the ability, through a Marketing Campaign splash screen, to verify a member’s residential address and/or home phone number, or have them change their password. These are a few examples of canned campaigns that are already setup for you in Cubus One Administration to help you save time and get updated information from your members.

Follow Us On Facebook - We’re ramping up our presence on Facebook in 2017. Follow us now to get product updates, webinar notifications, sharable posts and more. Just click on the FB logo above to follow us!

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