CU Insurance Solutions is delighted to announce its 54th annual meeting that will take place at 2:00 pm on Friday, April 28, 2017 at the DoubleTree Hotel in South Portland, ME. Join us as we celebrate more than half a century of service to the Maine credit union community.
Posts Categorized: News
Turn a Total Loss into a Fresh Start for Your Credit Union Members
One of the biggest financial risks that both members and credit unions face is the fact that vehicles experience significant depreciation the minute they are driven off the lot. We know that GAP Waivers offer members protection against some of the risk of depreciation by helping to waive any remaining loan balance after the primary insurance settlement in the event of a total loss. However, GAP Waivers do not always help the borrower get back into a vehicle comparable to the one they originally purchased. A few reasons for this are diminished market value, inflation and that primary insurance carrier settlements are often under book value. Our partners at Frost have recently introduced a GAP enhancement that can increase the value of your GAP offering called the TotalRestart – Loyalty Membership Program.
CU Insurance Solutions Announces New Partnership with Dale Carnegie Maine
CU Insurance Solutions is proud to announce its new partnership with Dale Carnegie Maine. The partnership will provide our Maine credit union partners with access to a Platinum discount on Dale Carnegie’s core programs.
ACA Update – 1095B Tax Form Deadline
It’s tax time again, and we have received several questions about 1095-B forms.
Offsetting Used Vehicle Loan Delinquencies with Auto Loan Protection
Over the past year, credit unions have seen an increasing trend in used vehicle loan delinquencies. In a December 2016 article, S&P Global explained; at the end of the third quarter of 2016, used vehicle loans were the largest delinquent category for credit unions and accounted for $3.70 billion, or 28.41 percent of total delinquencies. As a result of increased delinquencies, charge-offs and vehicle repossessions tend to go hand in hand.
Spring Lending School with Brett Christensen Returns to Portland Maine – Register Now
CU Insurance Solutions is pleased to announce our Spring Lending School presented by renowned credit union industry speaker, Brett Christensen. This informative workshop will take place on April 5-6, 2017 at Holiday Inn by the Bay in Portland, ME. The lending school is split into two 1-day sessions. Day 1 is designed for CEOs and executive management and day 2 will focus on lending management and loan staff related topics. This event is part of our ongoing ‘CU Insurance Solutions University’ training initiative and semi-annual live lending school workshop.
New Account Executive for Member Products
CU Insurance Solutions is excited to announce the newest member of our team, Tim Dalton. Tim has been chosen for the position of Account Executive for Member Products. Experience With 8 years of credit union industry experience in various roles, ranging from financial services, operational management and departmental leadership, Tim comes to us with… Read more »
How to Fight Identity Theft in the Workplace
Employers collect and store vast amounts of personally identifiable information from job candidates and employees: Social Security numbers, birth dates, driver’s licenses, protected health information, financial and investment account information, emails and passwords, and more.
Used Vehicle Depreciation Rates on the Rise Increasing GAP Risk
For a decade prior to the recession, used vehicles depreciated an average of 16% per year (NADA Q2 2015
Vehicle Equity). During the recession, vehicle depreciation dropped to a low of 5% annually in 2010-2011,
thanks to the Cash for Clunkers program and plummeting new car sales numbers, and then rose back to
13% in 2012-2014, 14% in 2015, and 18% in 2016. Overall, depreciation rates are expected to average around
18% annually through 2017 as used vehicle supply continues to increase rapidly. However, as we saw with
trucks and SUVs in the peak of the recession, compact and subcompact cars are seeing significantly worse
depreciation. In fact, according to Black Book®, sub-compact cars have depreciated 26.1% over the past
12 months. This represents the largest 12-month drop of any segment over the past 10 years.
Special Olympics Maine Fundraising Update
For 21 years, CU Insurance Solutions and Maine Credit Unions have supported Special Olympics Maine with unwavering dedication. Each year, we collectively pull together to share an hour, a day or a weekend to volunteer for a Special Olympics event. Credit unions are always finding creative and heartfelt ways to raise funds. Regardless of the level, every contribution is welcomed and appreciated.