By Frank J. Diekmann
From not practicing what you preach to pulling back the tab on a great new CU name, here are some leftover items from the Reporter’s Notebook.
- I received a press release recently from a credit union in the Midwest announcing its new name and logo. In fact, you can even find that very same announcement and press release on its website. But what does that very same website containing the press release about the new name and logo also feature? The CU’s old name and logo. I’d like to say this is 100% the credit union’s fault, but I also recently spoke with a CEO who was describing how maddeningly difficult it was to get simple graphic changes made to his CU’s site without filling out a ticket. So I’ll just say it’s 90% the credit union’s fault.
- Thanks to all the breaches, when checking into a hotel moving forward I’m left wondering how much longer it will be before they dispense with the complimentary bottle of water and simply say, “And with your stay we’re also offering complimentary credit monitoring services.” (Your latest hotel breach news can be found here.)
- Let’s pull back the tab on a cold-filtered can and congratulate a credit union on one of the best name changes to come along in a while.
The former Coors Credit Union is now On Tap Credit Union, a name that obviously toasts its heritage while at the same time is also fun, edgy and makes for some great branding opportunities. I wasn’t present at the board meetings (I’ll pause while you go ahead and insert your joke here about the drinking that must have taken place), but I’m sure there had to be at least a little discussion about the risk being taken. Congratulations to On Tap CU for taking it.
- Observed by Jim This during the recent Rochdale Paragon Volunteer Leadership Institute meeting during a session on succession planning: “What is very interesting is that we will work with large and small CUs, but we primarily work with medium-size credit unions. With smaller credit unions, very often their answer to succession planning is merger.”
- This later observed that most credit unions’ job descriptions could use some Lysol and a refreshing. He said he was working with one CU whose job description for a CEO position included this: “Ability to use a 10-key calculator.”
- Also speaking to an audience made up almost entirely of directors at the VLI meeting, Filene’s James Marshall said, “I won’t ask any of you if you have an ineffective director, because if you think you don’t, you’re probably it.”
- Later, Marshall said one survey of CU board members asked the question, “To whom do you owe a duty as a director?” to which 13% said, “To the CEO.” “I think this comes from the lack of guidelines from NCUA on the duties of a director,” said Marshall.
- One CU board member at the Volunteer Leadership Institute meeting who is from the Sacramento, Calif., area said the decision by the Golden 1 Credit Union to buy the naming rights to the home of the NBA’s Sacramento Kings, now known as the Golden 1 Center, “has been a big boon to all the credit unions in our area,” thanks to increased awareness.
- It’s always interesting to see what trade groups are meeting in the same hotels simultaneously with credit unions. During the VLI meeting it was three different groups made up of surgeons of various specialties. While Jim This was speaking, for instance, directly across the hall were sessions titled “Economics of Making Microsurgical Breast Reconstruction Successful,” and “Salvage after Recurrence or Failure in Head and Neck Reconstruction.” And you thought you had problems after a meeting with regulators didn’t go as planned.
- (Squeamishness Alert: You might want to skip the following.)
Speaking of professional medical diagnoses, here isn’t one. While in Hawaii one woman at the VLI conference wearing open-toed shoes accidentally kicked a lava rock at night, ripping her toenail nearly off so that it was standing straight up at a 90-degree angle. Responding to the scene was the hotel security guard/valet/EMT, who was asked by the woman what the name was of the tender area below the toenail. To which the security guard/valet/EMT responded, and this is a direct quote, “Oh, that’s the meat.”
- Here’s a hint: if you’re going to gouge your customers on overdraft fees, you probably shouldn’t draw too much attention to yourself by naming your boat this.
- On a recent flight from Atlanta to Honolulu it was announced that onboard Internet service would be “spotty” during part of the trip. And by spotty they meant the 2,612-mile “spot” between San Diego and Honolulu.
- And just prior to boarding that same flight it was announced, “Ladies and gentleman: Honolulu is part of the United States and you do not need a passport.” Because they actually get that question a lot.
- Here’s a stunning discovery recently released by the CFPB: More than 40% of consumers who said they were approached about a debt in collection requested that a creditor or collector stop contacting them. Who knew?
Frank J. Diekmann is Cooperator in Chief at CUToday.info and can be reached at Frank@CUToday.info or @FrankCUToday.