Toss It or Tune It? By Tim Harrington and Kevin Smith

We're going to call this a "newsletter" just for this month.

Toss It or Tune It?

Toss it or Tune It: Credit Union Strategic Planning in 2020

COVID has undoubtedly impacted your 2020 strategic plan. But don't fall for the Devil's easy temptation to skip planning in 2020. Planning in a time like this is far too important. You should consider though whether to

Toss it or Tune It.

Toss It: throw out the original strategic plan, temporarily, and replace it with a shorter-term Tactical Plan to get you through.

Tune It: Look at your strategic plan in light of the current turmoil for what you can modify and capitalize on.

Strategically, only one thing is certain: your members have become fully digital and they'll expect their credit union to fill their digital needs. This is not a year to pull back from planning. The board and senior management still need to be on the same track with the same goals and expectations. Even if those expectations are greatly scaled back from your original 2020 plan.

The TEAM Resources approach for 2020:

Think Long, Act Short, and Preserve Capital

1. Think Long: continue to focus on what is good for the credit union in the long-term;

2. Act Short: create short term solutions

to meet the urgent and important issues constantly arising, but always keep the short-term actions closely aligned to the Long-term plan; and

3. Preserve Capital: do all that you can to hold on to your Capital to Assets ratio and not allow it to sink perilously.

We can work with you virtually, or in person, like the good old days. We have done virtual planning sessions for over five years and they are a terrific way to meet and discuss the future of the credit union.

May Blog:

How to Spot a Board in Trouble

(An Incomplete Listicle)

By Tim Harrington and Kevin Smith

This is not a comprehensive list. In fact, we'd like to hear from others the things that they've seen or what they look for. We're sure our smart readership has some things to add. This is also not a checklist. We're not suggesting that once you've identified all eight of these you've found your troubled board. (Notice that some of these are countervailing.) But these are things that show up regularly and have been present when dealing with troubles.

Read more ...

Coming Soon:

New Board Governance Video Series episodes
Expanded online training content and videos, including options for understanding credit union financials (one of Tim's particular specialties)

While you wait, check out our most recent Board Governance Video:

How are you Adapting?

SEE MORE

Tim Harrington, CPA

CEO, TEAM Resources

Kevin Smith

Consultant/Publisher, TEAM Resources

www.forteamresources.com

TEAM Resources, 7049 E. Tanque Verde Rd PMB 136, Tucson, AZ 85715

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Comments

A Perfect Example - What Makes Credit Unions Different from Banks!

When the government shutdown hit in October and paychecks stopped, thousands of federal employees were left wondering how to make ends meet. Credit unions across the country stepped up—but Keesler Federal Credit Union went above and beyond. No loans, no hassle—just your paycheck Instead of making members apply for emergency loans, Keesler Federal launched its Paycheck Relief Program. Revolutionary in its simplicity, it worked like this: if you were a federal employee with direct deposit at Keesler Federal, your paycheck kept coming—interest-free, fee-free, and stress-free. Each qualified member could receive up to $6,000 per pay period for as long as 90 days. No hoops, no headaches. From October 1 until the shutdown ended, Keesler Federal advanced more than 5,000 paychecks totaling $6.5 million to 1,710 members. For non-members, they even offered zero-interest loans up to $6,500 with a year to pay it back. This proactive approach meant that before the first missed paycheck, Keesler Fed...

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Sunday Reading - What's the point of a consumer electronics show?

What's the point of a consumer electronics show? Consumer electronics shows are large convention-type events where companies debut new technologies and products. The largest and most notable shows are CES in Las Vegas, a trade show every January, and IFA Berlin, which takes place annually in September. The events have historically introduced novel, cutting-edge products that later became household standards, like HDTVs, VCRs, DVDs, and gaming consoles ( see list ). Over time, these shows evolved from product showcases ( see last year's coolest gadgets ) into complex industry ecosystems, serving as a meeting ground for startups, multinational technology companies, investors, and the media. Hardware launches, keynote speeches, and...

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Eight Credit Unions Pay $42 Million in Special Dividends to 1.1 Million Members

By Jim DuPlessis | January 05, 2026 at 04:00 PM So far this season, CU Times has tallied 19 credit unions, which have announced $160.3 million in special dividends for members. Eight more credit unions have reported special dividends, paying their 1.1 million members $42.1 million in December and January. The bulk of the dividends came from Police and Fire Federal Credit Union of Philadelphia and Eastman Credit Union of Kingsport, Tenn., which each announced $16 million in rewards approved by their boards. The late January payout from Eastman ($9.7 billion, 356,492 members) will bring its total special dividends to $225 million since 1998. A news release from the credit union said “the Extraordinary Dividend is never guaranteed, but the strong financial performance of ECU in 2025 enabled the Board of Directors to approve this year’s $16 million payout.” Eastman’s $16 million payout represents about $47 per member and 19 basis points of its averag...

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Syracuse Fire Department Credit Union

Congrats, Tonia, on your promotion! ================================================= Remember, you're not alone with NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Blog Job Board

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Sunday Reaing - Can the seasons really make you depressed?

Can the seasons really make you depressed? Seasonal affective disorder is a form of depression that repeats during predictable seasonal shifts, impacting an estimated 5% of the global population—predominantly women. Symptoms of the condition occur with significant cyclical changes in daylight hours, with prevalence increasing in regions north of 40 degrees latitude (less commonly in the Southern Hemisphere). Its etiology—or root cause—remains unclear to researchers. Though “winter blues” are commonly reported, SAD is a distinct, diagnosed subtype of major depressive disorder first formally described in 1984 ( see criteria ). Key symptoms—lasting roughly four months each year—resemble common depression: fatigue, increased sleep, carbohydrate cravi...

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NAFCU is offering a free webinar today on PPP

ARLINGTON, Va.—NAFCU is offering a free webinar today to help credit unions better understand the process for offering loans through the Small Business Administration's new Paycheck Protection Program (PPP). Just a day ahead of the launch of the program itself, the SBA last week released an interim final rule to implement the program. In response, NAFCU developed an FAQ document answering 22 questions credit unions are likely to face as they consider participating in the program (see related story). Previous guidance from the Treasury Department indicated all federally-insured credit unions will be able to offer loans under the program, but those that are not currently SBA-approved lenders must submit an application to become one. During today’s webinar, set to begin at 4 p.m. ET, credit unions will hear from Steve Meirink, executive vice president and general manager of compliance solutions in the Governance, Risk & Compliance division a...

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What Could Tokenized Deposits Mean for CUs?

WASHINGTON—Noting that the FDIC has expressed support for tokenized deposits as insured bank liabilities, not experimental digital assets, a new analysis offers some insights into what that could mean for financial institutions, credit unions and the market in 2026 and beyond. As PYMNTS Intelligence pointed out in its report, regulatory clarity reduces risk for banks moving from pilots to live deployments, and large banks and infrastructure providers are already testing real-world tokenized deposit use cases. “At its simplest, tokenization converts an existing claim into a digital representation on a distributed ledger,” the report explained. “The underlying asset does not change, but the infrastructure that tracks ownership and settlement does. In banking, that distinction is critical. Tokenized deposits do not create new money. They represent traditional bank deposits, issued and redeemed by regulated institutions but designed to operate on modern, programma...

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Auto Link, Home Link, and CalcuLink Unite Under New Parent Brand: Centergy Solutions

Auto Link, Home Link, and CalcuLink Unite Under New Parent Brand: Centergy Solutions Auto Link announced a major rebrand that unifies its three established product lines- Auto Link, Home Link, and CalcuLink- under one cohesive parent brand. The transition marks a strategic evolution designed to simplify the company’s ecosystem, strengthen product synergy, and enhance the overall experience for credit unions and the members they serve. The new Centergy Solutions brand reflects the company’s mission to deliver a more connected and integrated suite of digital tools across auto and home lending, auto and home buying, and financial decision-making. From an operational perspective, the unified brand also allows Centergy Solutions to accelerate innovation and improve platform alignment. Under the new parent brand: • Auto Link continues to support financial institutions with industry-leading digital auto lending tools that boost member engagement and loan volume. • Home Link provides consume...

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Fed Raises Rates to Highest Point Since 2001; Here's What CU Economists Are Saying

WASHINGTON—Emphasizing it remains “highly attentive to inflation risks,” the Federal Resoerve has moved to hike interest rates by 25 basis points, setting the target range for federal funds at 5.25 to 5.5%--their highest level since 2001. The Federal Open Market Committee made the announcement Wednesday at the close of its July two-day meeting here, and suggested it may not yet be done with rate increases. “Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated,” the Fed stated in a release. Tighter Conditions “Tighter credit conditions for households and businesses are likely to weigh on economic...

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Consumers Want More and More from Mobile Banking. If You Don’t Keep Up, They Could Walk

Research by MX reports that consumer expectations for your banking app just keep getting higher. And dissatisfied users will likely jump to another app (and another bank) that ticks more boxes. How can you stay ahead in the app game? Mobile banking apps have become table stakes for banks and credit unions, especially among Millennials and Generation Z. Research from MX earlier this year indicated that a decent mobile banking app is a must-have for nearly one in four consumers starting a relationship with a financial institution. MX research also shows that 80% of consumers have a payment app, such as Venmo, PayPal or Cash App on their phone. In addition, 77% have a bank or credit union mobile banking app, 48% have a credit card app, 25% an investment or retirement savings app, and 17% an independent app to help manage their finances. Nearly half maintain three or more financial apps on their devices. Now a new round of MX research indicates that the quality of the ...

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