TDECU Training rocks
Check out the recent award given to our training department – many congrats to Diana and staff!
TDECU has been awarded the coveted WOW Merit Award by the Credit Union National Association (CUNA).
The award was presented to TDECU at the seventh annual ELLy Awards held recently in Tempe, Arizona. The ELLy’s (Experience Learning Live Training Awards) were created to recognize the achievements of credit unions in the educational and professional development of their staff….
The WOW Merit Award is presented to the credit union with the best overall training curriculum or event – one that inspires learning, teaches skills that go beyond the classroom, and empowers employees.
Branch Opening and Groundbreaking
Our Board Chairman just finished addressing a crowd of about two hundred outside our newest branch.
We’re in Yoakum until two today for the festivities (which include a polka band, yes a polka band) and then we’re going to Port Lavaca for a new branch groundbreaking.
Time for some TDECU love
Featured on Time Magazine’s website (and right now, the fourth most popular story there) is a must-read article titled “Bad Times for Banks Mean Boom Times for Credit Unions.” Recognize the name below?
Business is booming for Ed Speed, which is a little odd, considering he lends money for a living. But that’s the story of credit unions nowadays, including the one in southeastern Texas that Speed runs, where real estate lending has doubled over the past five weeks, and auto loans are on track to grow 40% to 60% in October.
My favorite part of the article:
Members-only nonprofit credit unions are having their turn in the sun as years of sticking to boring, old-fashioned banking practices — they typically hold the mortgages they make on their own books and only dabble in subprime — put them in a position to grab market share while national banks, auto finance companies, credit-card outfits and private student-loan firms cut back on loans.
We’re beaming from ear to ear here.
Share Insurance now $250,000
We just got word from CUNA that:
Today’s passage of the Emergency Economic Stabilization Act of 2008 will require the National Credit Union Administration (NCUA) to immediately increase share insurance protection to $250,000 on all types of accounts until Dec. 31, 2009.
President George W. Bush this afternoon signed the economic rescue package passed by the House today.
NCUA Chairman Michael Fryzel has released the following statement:
Today’s passage of the Emergency Economic Stabilization Act is the culmination of a month-long series of significant and beneficial legislative changes for credit unions. This bill, combined with the enactment of the law that removes the CLF borrowing cap, will assist NCUA in mitigating some of the current and potential difficulties facing the credit union industry.
In addition to the highly-publicized increase in share insurance coverage, I am particularly pleased that Congress included important last-minute changes recommended by NCUA.The final version of the Act incorporates language that allows NCUSIF insurance level to be increased while recognizing the unique elements of the fund that make it different from FDIC, and it also provides for NCUA to act in a consultative role with other regulators in determining how the Troubled Asset Repurchasing Program (TARP) will work.
This last aspect is crucial, as it will enable NCUA to have input on the rules under which assets are accepted by the federal government. Earlier drafts of the legislation did not include NCUA, and I was adamant that NCUA be able to consult so that credit unions, if they choose, can fully and fairly participate in the program.
Viewed in their totality, I firmly believe that these actions will add important dimensions of financial and regulatory assistance to NCUA, credit unions and the entire financial services industry. I will move forward expeditiously and with a sense of purpose as we employ the new tools at our disposal.”
The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of nearly 89 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars.
Winds of Change
Yesterday, we sponsored the Winds of Change Brazoria County economic symposium in Lake Jackson. Ed emceed the event, and you can check out the full coverage in The Facts.
Among the speakers were Lt. Col. Oliver North, former CIA National Intelligence Council vice chairman Herbert Meyer, and Rice University economics professor and Perryman Group founder Ray Perryman.
Nice to see some CU love over at Lifehacker
Lifehacker teaches, well, life hacks (i.e. tips for making your life better).
Without this indispensible website, I wouldn’t know that a wad of aluminum foil is a great grill cleaner, how to wrap headphone cords neatly, or that a free Excel plug-in can give you recommendations on the best ways to present data (nerd alert!)!
And yesterday they made a timely post called “Why Choose a Credit Union Over a Bank.”
Well worth the read.
Employee Update: Ike Impact
Just got this email from Ron:
Based on information we have received, CenterPoint is estimating most of Lake Jackson and surrounding areas (over 95%) will have electricity restored by Monday. Therefore beginning Monday, 9/29, we will stop serving daily meals, snacks, and drinks to employees at our affected branches.
However, until every employee has electrical power, we will do the following:
Meal Allowance
- An employee without electricity at their residence will be paid $15.00 per day meal allowance.
Temporary Housing
- As long as there is a need, we will continue to coordinate the temporary living quarters (motel room or RV).
Employers affected by Ike
The Greater Angleton Chamber of Commerce has forwarded a message from the Texas Association of Business:
Employers affected by Hurricane Ike: To report temporary layoffs due to Hurricane Ike, please call the Texas Workforce Commission at 1-866-367-1332 or email hurricaneike@twc.state.tx.us. TWC representatives on this special employer hotline will expedite unemployment claims for you and your employees. Disaster-related unemployment benefits are available to the self-employed.
The effects of Ike are lingering and widespread – and we know it’s hit our members in the wallet. For TDECU members, if you need to use skip-a-pay on your loans with us, please contact us. More details on the offer are on our website.
United Way of Brazoria County resources
The United Way of Brazoria County has uploaded a PDF to their website complete with resources, information, and referrals for Hurricane Ike in Brazoria County.
Definitely worth the download if you’re in Brazoria County.
Beta version of TDECU website launches
In our first break from Hurricane Ike updates in a few weeks, we’d like to let you know we’ve released the beta version of the new tdecu.org.
We’re asking our users to help us improve the site. Let us know where it can be made better – we’ll be making steady changes between now and our official launch at the end of the month.
