NEWSLETTER - communitycu.ie … · CCU Connect Issue 8 Winter 2013 Web: Email:...
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NEWSLETTER CCU Connect Issue 8 Winter 2013 Web: communitycu.ie Email: [email protected] In Focus CCU News Our Community Message from Our CEO Youth Zone Competition LOANS – LOANS – LOANS Loans appear to be the main topic on everyone’s mind at present for various reasons so; I would like to provide some information and clarifications on this area in this issue of our newsletter. Are we lending and is it harder to get a loan than before? We have heard the comment that some members believe that it is harder to obtain a loan from the credit union than before and that “the credit union is not lending”. Nothing could be further from the truth. One of our main purposes is to lend to our members, on favourable terms, for “productive and provident purposes” and this has not changed. We have strong cash reserves and a dedicated team constantly working on loan applications so our purpose has not changed. Dealing with loan applications has always involved making sufficient enquiries to ensure that the member is willing AND able to repay the loan and that also has not changed. What has changed is the recession! This has put many people in a difficult financial position and unfortunately, they are struggling to meet their commitments. Where this is the case, it is not appropriate for the credit union (or any lender) to put more debt on their shoulders as this would not help. Where we cannot grant a loan application, we will clearly explain the reasons why and, as we all hope that the current difficult situation will pass, we hope that we will be able to grant loans in the future to those members. Happily, however, we are still able to grant the requested loan in the vast majority of cases so, if you require a loan, you can apply in any of our three offices, by phone or on our website (if you have registered for CU ONLINE) – Talk to your credit union FIRST! Christmas is coming! There is still a lot of work to do for mothers and fathers as preparations for Santa’s arrival get underway. Christmas is an exciting, but expensive time, and many of us choose to spread the cost of this over the year. We are here to help you with this but I recommend that you plan ahead, and talk to us as soon as you have worked out what you will need, so that we have plenty of time to deal with your application. The Credit Union Loan Process In our last newsletter we flagged that we would be making some changes to our loan processes. Some of these were done to improve service, others to improve our lending procedures and some to comply with Central Bank directives to all lenders. There was quite a lot of change internally and some extra information had to be requested from members to process their application. Overall the process has gone well but we are aware that some misunderstandings may have arisen and I would like to clarify the position on some aspects of how we work. Information required with loan applications. In most cases, the information required is exactly the same as in the past EXCEPT in the case of covered loans. Under a Central Bank directive issued in March, all lenders must treat covered loans in the same way as loans that are not covered by shares. This is difficult for credit union members to understand as, there is no risk to the credit union from a covered loan and, previously we have been able to deal with this type of application with the minimum amount of paperwork. This directive is, however, not about risk to the credit union but risk to the wider economy. It has been identified that members have a huge loyalty to their credit union and sometimes repay credit union loans before loans to other lenders. The Central Bank, therefore, wants lenders to consider each borrower’s full financial commitments before advancing any loans. Applying for a loan and getting a decision on covered loans in one visit. In our Navan Road and Laurel Lodge offices we have always provided a “walk-in” service for loan applications and, if the member brings the required information, we would also try to fully process covered loan applications in the one visit. In our Blanchardstown Centre office, due the large number of members using the office, we attempted a different approach which we believed would work better, and provide less delay for members. Having tried this for a few months, however, it is clear that members prefer a “walk-in” service, rather than an appointment system, even if there is a delay in dealing with them. We have listened to you and have reallocated resources to be able to provide service in this way. You can now apply in the office during normal opening hours and we will look after you as quickly as possible. TOP-TIP – if you are planning to apply for a loan in the office, enquire beforehand by phone or in the office, to find out the exact documents that you will require. This will greatly speed up the time it takes to deal with your request. Or visit our website where these details are outlined. ICB (Irish Credit Bureau) This new step in our loan approval process has been very helpful to us in improving our loan decision response time, particularly for new borrowers, and has protected your credit union from potentially poor lending decisions where we may not have had full information. The check only takes five minutes and is conducted completely by us so it does not place any extra work on the member. Consent to use and hold personal information. Under Data Protection legislation, credit unions (and all financial institutions) must have the consent of the owner for the provision of personal information before they can collect process, or store that information. Where the member is providing their own information this is straightforward but, in many cases, the member also wishes to provide us with personal information relating to their spouse, or partner in support of their loan application. We are happy to include this but; we must obtain the written consent from that person before using their information. Please note that this does not mean that the consent of the spouse, or partner, is required to obtain the loan. Annual Report & AGM We will shortly be issuing our Annual Report, which will provide lots of information about what we have done on your behalf over the past year and some of our plans for next year. I encourage everyone to read it to keep informed. It will also include details of the Annual General Meeting and I encourage members to attend, meet the Board and give us your views on any issue. Aidan O’Brien - CEO Message from Our CEO ,,,,,, Aidan O’Brien CEO
Transcript of NEWSLETTER - communitycu.ie … · CCU Connect Issue 8 Winter 2013 Web: Email:...
NEWSLETTERCCU Connect Issue 8 Winter 2013
Web: www.communitycu.ie Email: [email protected]: communitycu.ie Email: [email protected]
In Focus
CCU News
Our Community
Message from Our CEO
Youth Zone
Competition
LOANS – LOANS – LOANSLoans appear to be the main topic on everyone’s mind at present for various reasons so; I would like to provide some information and clarifications on this area in this issue of our newsletter.
Are we lending and is it harder to get a loan than before?We have heard the comment that some members believe that it is harder to obtain a loan from the credit union than before and that “the credit union is not lending”.Nothing could be further from the truth. One of our main purposes is to lend to our members, on favourable terms, for “productive and provident purposes” and this has not changed. We have strong cash reserves and a dedicated team constantly working on loan applications so our purpose has not changed.Dealing with loan applications has always involved making sufficient enquiries to ensure that the member is willing AND able to repay the loan and that also has not changed. What has changed is the recession! This has put many people in a difficult financial position and unfortunately, they are struggling to meet their commitments. Where this is the case, it is not appropriate for the credit union (or any lender) to put more debt on their shoulders as this would not help. Where we cannot grant a loan application, we will clearly explain the reasons why and, as we all hope that the current difficult situation will pass, we hope that we will be able to grant loans in the future to those members.Happily, however, we are still able to grant the requested loan in the vast majority of cases so, if you require a loan, you can apply in any of our three offices, by phone or on our website (if you have registered for CU ONLINE) – Talk to your credit union FIRST!
Christmas is coming!There is still a lot of work to do for mothers and fathers as preparations for Santa’s arrival get underway. Christmas is an exciting, but expensive time, and many of us choose to spread the cost of this over the year. We are here to help you with this but I recommend that you plan ahead, and talk to us as soon as you have worked out what you will need, so that we have plenty of time to deal with your application.
The Credit Union Loan ProcessIn our last newsletter we flagged that we would be making some changes to our loan processes. Some of these were done to improve service, others to improve our lending procedures and some to comply with Central Bank directives to all lenders. There was quite a lot of change internally and some extra information had to be requested from members to process their application. Overall the process has gone well but we are aware that some misunderstandings may have arisen and I would like to clarify the position on some aspects of how we work.
Information required with loan applications.In most cases, the information required is exactly the same as in the past EXCEPT in the case of covered loans. Under a Central Bank directive issued in March, all lenders must treat covered loans in the same way as loans that are not covered by shares. This is difficult for credit union members to understand as, there is no risk to the credit union from a covered loan and, previously we have been able to deal with this type of application with the minimum amount of paperwork. This directive is, however, not about risk to the credit union but risk to the wider economy. It has been identified
that members have a huge loyalty to their credit union and sometimes repay credit union loans before loans to other lenders. The Central Bank, therefore, wants lenders to consider each borrower’s full financial commitments before advancing any loans.
Applying for a loan and getting a decision on covered loans in one visit.In our Navan Road and Laurel Lodge offices we have always provided a “walk-in” service for loan applications and, if the member brings the required information, we would also try to fully process covered loan applications in the one visit. In our Blanchardstown Centre office, due the large number of members using the office, we attempted a different approach which we believed would work better, and provide less delay for members. Having tried this for a few months, however, it is clear that members prefer a “walk-in” service, rather than an appointment system, even if there is a delay in dealing with them. We have listened to you and have reallocated resources to be able to provide service in this way. You can now apply in the office during normal opening hours and we will look after you as quickly as possible.TOP-TIP – if you are planning to apply for a loan in the office, enquire beforehand by phone or in the office, to find out the exact documents that you will require. This will greatly speed up the time it takes to deal with your request. Or visit our website where these details are outlined.
ICB (Irish Credit Bureau)This new step in our loan approval process has been very helpful to us in improving our loan decision response time, particularly for new borrowers, and has protected your credit union from potentially poor lending decisions where we may not have had full information. The check only takes five minutes and is conducted completely by us so it does not place any extra work on the member.
Consent to use and hold personal information.Under Data Protection legislation, credit unions (and all financial institutions) must have the consent of the owner for the provision of personal information before they can collect process, or store that information. Where the member is providing their own information this is straightforward but, in many cases, the member also wishes to provide us with personal information relating to their spouse, or partner in support of their loan application. We are happy to include this but; we must obtain the written consent from that person before using their information. Please note that this does not mean that the consent of the spouse, or partner, is required to obtain the loan.
Annual Report & AGMWe will shortly be issuing our Annual Report, which will provide lots of information about what we have done on your behalf over the past year and some of our plans for next year. I encourage everyone to read it to keep informed. It will also include details of the Annual General Meeting and I encourage members to attend, meet the Board and give us your views on any issue.
Aidan O’Brien - CEO
Message from Our CEO
,,,,,, Aidan O’Brien CEO
Congratulations to Supervisors Audrey Carr and Charlene Hynes who got married this year! Marianne Kinirons commenced a career break to explore new interests and we look forward to welcoming her back in early 2014.Tom Brady joined us as Head of Risk & Compliance.Louise Walshe is now Credit Control Supervisor and is joined by Deirdre Murphy and Marie Murray in our Credit Control department.Emma Duffy is one of our newest members of staff. Two additional staff members, Emma Grange and Lorraine Reid, joined us in early November.
Training & EducationEmma Carson, a part-time member of staff has completed her Degree in Social Studies from Dublin Business School. Natasha Ryan-Moyles and Gillian Lawless completed their Certificate in Credit Union Studies (Pathways Program). Aoife Barron and Sinead Murray are currently enrolled in a Diploma in Credit Union Studies (Pathways Program) and Tom Brady is studying for the Certificate in Credit Union Studies. Tom is also studying the Professional Certificate in Credit Union Compliance and the Certificate in Corporate Governance.
A number of our staff completed the Advance Certificate in Credit Union Practice (ACCUP). In order to maintain this qualification, they must complete 15 CPD (Continuing Professional Development) hours. Staff involved in CPD are – Camilla Deasy, Louise Walshe, Karen Lynch, Margaret Higgins, Audrey Carr, Emelie Gorman, Sinead Murray, Aoife Barron and Deirdre Finn. Our CEO, Aidan O Brien and our Head of Finance, Maureen Brogan, have both successfully completed the LIA in the Professional Certificate in Credit Union Management Control & Supervision. Deirdre Finn our Operations Manager completed a Level 6 FETAC Course on Training the Trainer. All staff are involved in in-house training, which takes place on a regular basis.
WE LOOK AT THINGS DIFFERENTLY
CCU News
Date for Your Diary
The Annual General Meeting will be held in the Draíocht Theatre, Blanchardstown Centre, Dublin 15, on Monday, 9th December 2013 at 8.00pm sharp.
A shuttle bus service will be available from the car park of the Credit Union Office, Navan Road, at 7.30pm to bring members to the meeting and will return to that point after the meeting at approximately 10.00pm. A member of staff will be present. We look forward to seeing you there!
Prize Draw Regular readers of CCU Connect and visitors to our website will be familiar with the monthly list of lucky members who have won great prizes in our Members’ Prize Draw. This draw, which is open to members over 18 years of age, is very popular and offers the chance to win great cash prizes.
• The draw is held each month. • The subscription fee is €5 per member. • The list of winners is posted to our website, Facebook page and office signs each month.
Entry Forms and the (current) Draw Rules can be downloaded from communitycu.ie and are available in our offices.
Staff NewsWe would like to take this opportunity to let you know about staff changes that took place during the year.
Annette Brennan retired in October 2013. Annette was the first staff member to join Clonsilla Credit Union in 1990. Over the past 23 years, Annette served selflessly in the true spirit of the credit union, being a huge support to our members and fellow staff alike. She will be missed and we wish her every happiness and success in her retirement.
Web: communitycu.ie Email: [email protected]
“The executives and members of Igbo Union Dublin would like to express a great appreciation to Community Credit Union for your myriad support during our Inaugural Igbo National Convention in September 2013. We are extremely grateful, especially for your financial and technical support in the area of media. It was very helpful and sincerely appreciated.”JK Kelechi Onwumereh – Leader – IGBO Union Ireland
Next NewsletterIf you have any information you would like to see included in our next Newsletter, we would encourage you to [email protected].
Navan Road (10am – 12.30pm Monday 23 December & 2pm – 5pm) Town Centre (10am – 5pm) Laurel Lodge (Closed)Tuesday 24 December CLOSED (all offices)Wednesday 25 December CLOSED (all offices)Thursday 26 December CLOSED (all offices)Friday 27 December CLOSED (all offices)Saturday 28 December TOWN CENTRE (10am-5pm) LAUREL LODGE (10am-12.30pm & 2pm-5pm)Monday 30 December NAVAN ROAD (10am – 12.30pm & 2pm – 5pm) TOWN CENTRE (10am – 5pm)Tuesday 31 December CLOSED (all offices)Wednesday 1 January CLOSED (all offices)Thursday 2 January BUSINESS AS USUAL (all offices)
Christmas and New Year Opening Hours
Our Community
As you know, in each issue of our Newsletter, we profile Community groups, local charities, individuals and upcoming events. In this issue, we are delighted to introduce Crosscare Blanchardstown. As part of the wider Crosscare social support agency of the catholic archdiocese of Dublin, Crosscare Blanchardstown provides a comprehensive list of services to the community.Crosscare Food Bank – as a key part of Crosscare Blanchardstown, the Crosscare Food Bank was originally established in 1989 to work with those most in need. The recession has hit people hard and statistics from Safe Food highlight that 1 in 10 families are now suffering from food poverty. We have seen this first hand in many of our outreach centres throughout Dublin. We find families are now making decisions about how to feed themselves and their children often with children missing breakfast and parents going without so they can make sure their children are fed. We have met elderly couples suffering from malnutrition so that they can keep their home warm. It has been truly heart-wrenching so, we decided to
take a proactive role in developing a new initiative and the Community Food Banks were born. These banks find a space quietly within a community and do not seek to promote themselves, the idea being that individuals accessing the service feel no stigma, everyone accessing the service is treated with the utmost respect. It is about helping people but, at the same time, making sure they retain their dignity. In the past 12 months, 6 new Food Banks have been opened throughout the east coast and Crosscare has plans to open a further 6 by the end of 2013. These Community Food Banks work to mobilise communities to help people locally. Each bank is run completely by volunteers who carry out Food Drives and work with local businesses to ensure that they have enough food each week to help the families in desperate need.
We would like to help you promote your club or group. If you have an event that is coming up, have achieved success in your area of activity, or would simply like to let other people in the community know who you are and where to contact you, please let us know and we will include information about you in our next Newsletter and on our website. You can send your email and/or photographs to [email protected].
Crosscare Connections – befriending people living at home alone or in a caring role – this service is geared to reduce isolation and loneliness in our community. It is available to anyone who would like a friendly visitor to call once a week for a chat or to go for a walk. We especially support older people, or a family carer who would like a break. If you know someone who could benefit please contact us or if you would like to volunteer to visit someone please call Jean at 087 7737232 or Margaret at 01 836 0011/086 8367426
Teen Counselling Service – our teen counselling service helps teenagers and their families with the difficulties they experience. This free and confidential service is for 12-18 year olds and their parents / guardians. If you would like to know more or make an appointment, contact 01 462 3083.
Community Meeting Room, Counselling Rooms & Training Room – day and evening availability for community and voluntary groups and activities, suitable for training courses/events. Contact 01 821 9892 for booking details and/or to view the room.
For more information on any of these servicescontact: Crosscare Blanchardstown, Jean Martin,Main Street, Blanchardstown, Dublin 15Telephone 01 821 9892Email [email protected]
Web: communitycu.ie Email: [email protected]
For more information on our services throughout Dublin visit www.crosscare.ie
Social Activities for people with learning disabilities – art and dance classes take place every Thursday – Art 10.30am-12.00pm and Dance 1.30pm-3.30pm.
Carers Support Service for Parents of Children with Special Needs – are you a parent caring full-time or part-time for a child who may have a special need,disability or long term illness? You are welcome at our support group meeting, for a chance to chat, to listen and meet other parents, which takes place on the second Monday of each month 10.30am-12.00pm. Contact our Carer Support Programme at 01 836 0011 or 086 8269977 for more information on any aspect of this service.
Crosscare Drug and Alcohol Counselling Service – this is a free one-to-one counselling service available to people over 18 years of age with any concerns arising from drink or drug use. If you are concerned about your own substance use or about drink or drug use by another person, this service is open to you. Counselling is available in Blanchardstown by appointment. Call 01 836 0911 to book.
Social Support Agency of the Catholic Archdiocese of Dublin
“People like me can only volunteer with the support of organisations like the Credit Union for which I am most grateful. Go raibh mile maith agaibh!”Aoife O’Riordan – Member – Primary School Teacher – Volunteered for Vencentian Lay Missionaries, Ethiopia
Your Credit Union is still the best place for loans and our loan book is very much open! Our rates are very competitive and we have not seen the extra benefits offered by credit unions being matched by any other lender. If you think that the time is right for you – why not come and talk to us? When you borrow from Community Credit Union, you not only get value for money, you also get a range of benefits not available in other financial institutions, including:
The recent budget has introduced a tax break for people carrying out work on their homes in 2014 so now could be great time to improve your home, particularly in the area of energy saving!
In Focus
Loan Application Process – The FactsHow long does the process generally take?We strive for a quick turnaround on all loan applications. It generally only takes 24 hours from receiving all your relevant supporting documentation to provide the member with a decision.
How do I apply?You can now apply for your loan by calling into any of our 3 offices, phoning us (we can also call you back), or by logging into your online account.
What documents do I need to give my credit union?When applying for a loan you will be required to provide some documentation to evidence your income and expenditure. The amount of documentation required can vary depending on whether you provide ICB (Irish Credit Bureau) consent or not. We need less documentation where ICB consent is provided.
How can I submit my supporting documentation?You can submit the requested supporting documents dropping them into any of our offices, emailing them to [email protected] (if you decide to email, you do so at your own risk as email is not the most secure way to send your documents - please ensure that the documents are in a PDF format), or by faxing them. Please quote your credit union account number on all submissions.
What happens after I submit the required documentation?Once we have received all your documents, we will review them. In some circumstances, we may have a few queries and will phone you. As soon as our review is complete, we will contact you with our decision. If the loan has been approved, you can at this stage nominate an office to collect your loan so that we can quickly arrange to have all paperwork available for you to sign in that office.
ClarificationsWhat does ICB mean?Community Credit Union has joined the Irish Credit Bureau (ICB). The Board of Directors has a responsibility under Credit Union and Consumer Credit Legislation to safeguard the assets of the credit union and to ensure that members do not become over-indebted. This means minimising bad debts and other costs of credit and ensuring that as much information as possible is obtained to assess a member’s ability to repay a loan. When applying for a loan, members will be asked to sign an ICB consent form in order for us to seek a credit report from ICB detailing their credit history in other financial institutions. Full details of consent forms are discussed with members when applying for a loan. We have compiled information on the ICB on our website to save you time and to answer the most frequently asked questions so, please read carefully.
Loan Application Process ExplainedWe will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merit. In February 2013 the Central Bank directed that we must adhere to specific “Prudent Lending” requirements, so, while we always assess a loan application on the basis of a member’s willingness and ability to repay a loan, this directive requires us to modify the way we take and make decisions on loan applications (including covered loans) to ensure that a member is not in arrears with their mortgage (with no arrangement in place with the bank) and that they can afford all existing debts during the term of the loan application we are reviewing. These changes include the use of the ICB. Many people think that by introducing ICB checking that the credit union has shifted its focus from lending to not lending. This is simply not the case. We continue to actively lend to all our members, and the ICB checking has merely sought to complement our lending decisions and best insulate all our members against poor lending decisions and bad debt losses now and into the future.For more information on our current loan product range, please visit our website, contact us or enquire at the offices.All loans are subject to approval. Terms and conditions apply. Community Credit Union Limited is regulated by the Central Bank of Ireland.
Web: communitycu.ie Email: [email protected]
✔ Low rates of interest ✔ No hidden fees or charges ✔ Flexible repayment terms ✔ Free life insurance
Youth Zone
CU School Quiz
Calling all budding journalists… write a piece for our newsletter!!
Would you like to write a piece for ‘Youth Zone’ in the next issue of our Newsletter? If so, send us an email to [email protected] with your name and no more than 100 words on why you think your credit union is the best place for you to save your money. We will select what we think are the top 3 entries and you will see them printed in the next issue, on our website and our Facebook page!
Web: communitycu.ie Email: [email protected]
It’s that time of year again! Many local primary schools will be taking part in the first exciting stage of the nationwide 2014 Credit Union Schools Quiz competition. The event will be organised by Community Credit Union and take place at St Peregrines GAA Club, Blakestown Road, in early February 2014. We expect parents, teachers, friends and family to come along and support the hundreds of pupils who participate. The second stage – Chapter Stage – will take place in March 2014, followed by the National Final at the RDS in April. We will post regular updates to our website.
“I am writing on behalf of SharingPoint Board of Directors to thank you most sincerely for your recent sponsorship of Robbie Mooney doing the El Camino walk in August on our behalf. The trek was very successful on a number of fronts. Many thanks for your most generous donation and support.”Finbarr Fay, Secretary – SharingPoint
“Thank you very much for coming on board to support our Strictly Dancing Fundraiser event.”John O’Leary – Castleknock Celtic FC
Visit us at communitycu.ie and join us on Facebook! Just click on the Facebook icon which is located at the bottom of every page and LIKE us! And ask your friends and family to like us too!
We will be running regular competitions and updating you with lots of news on your CU, our products and services with great tips on how to save your money!
MONSTER QUIZScream and shout,
the schools quiz is back!CREDIT UNION SCHOOLS QUIZ 2014
CU Art Competition 2013Such budding Picassos we have on our doorstep! We were absolutely delighted to be again inundated with entries to the CU Art Competition. The judging took place at our Blanchardstown Centre Office and the three judges assigned to the challenging task of selecting the winning entries were: Susan King from Phoenix FM, Board Director, Paul Rice, and Deirdre Walsh (Promotion & Development). Hundreds of entries were submitted by individuals and schools and it was very difficult to pick any winners as all the entries were again of such a high standard! We would like to congratulate all those who participated.
Those selected at Credit Union Level have been sent to Chapter Level and the Competition will culminate in a Prize Giving ceremony taking place in February 2014. Best of luck!
Terms & conditions apply: Answer the questions and enter your contact details. Closing date: Friday, 10th January 2014. The draw is open to members only. One entry per member. Decision of the Board of Directors shall be final as to the winning entry.
Terms & conditions apply: Answer the questions and enter your contact details. Closing date: Friday, 10th January 2014. The draw is open to members only. One entry per member. Decision of the Board of Directors shall be final as to the winning entry.
Competition
Web: communitycu.ie Email: [email protected]
You could win a fantastic prize to the value of €250 by visiting our website communitycu.ie and answering 3 simple questions!
Our NewsletterCompetition!
Enter Competition
COMPETITIONPrize
Congratulations to the winner of the last Newsletter Competition:Anne Danaher
If you have any questions, please feel free to ask a member of staff.
Best of luck to everyone!
For those members who would prefer to submit your entry in person, please read this issue of our Newsletter and answer the following 3 questions:
1. It generally only takes 24 hours from receiving relevant supporting documentation to provide a member with a decision on their loan application. True or False? ______
2. The subscription fee for the monthly Prize Draw is €8. True or False? ______
3. Community Credit Union is on Facebook. True or False? ______
Name:
Account Number:
Email Address:
Please tear at the dotted line and drop your entry into the Newsletter Competition Box located in each of our 3 offices.
