Credit union managers meet to discuss current issues (01/17/99)

Credit union managers meet to discuss current issues

by Roman Stelmach

VALLEY FORGE, Pa. - Twenty-one managers representing 11 Ukrainian credit unions met recently near the historic Valley Forge Park to discuss credit union issues. The two-day conference, sponsored by the Ukrainian National Credit Union Association (UNCUA) and facilitated by the Ukrainian Selfreliance Federal Credit Union in Philadelphia, began on Friday morning, October 16, 1998, with a welcome from Ihor Chyzowych, CEO and treasurer of the hosting credit union, Vsevolod Salenko, chairman of the board of the UNCUA, and Ilarij Mazepa, chairman of the board of the hosting credit union.

The three morning speakers, coordinated through the Pennsylvania Credit Union League (PACUL), were: John Kilduff, compliance and information specialist, PACUL; Mike Dougal, human resource specialist, PACUL; and Brad Stewart, vice-president, investments, Mid-Atlantic Corporate FCU.

The speakers addressed issues important to credit unions, such as: the year 2000 problem (Y2K); compliance in advertising; human resource issues; and asset and liability management.

The afternoon speakers consisted of agents from the Federal Bureau of Investigation and the U.S. Secret Service. Special Agent Kevin Bosch, FBI, highlighted the threat of financial scams, non-adherence to established procedures and credit union security. Special Agent Robert O'Donnell, U.S. Secret Service, discussed and displayed the various methods of counterfeiting and the measures that the government has undertaken with the printing of new currency.

The closing speaker for Friday's session, was James Nally of Manor Junior College. His presentation dealt with cross-selling credit union products.

Saturday was devoted to a roundtable discussion of common Ukrainian credit union problems and issues, including: dealing with an aging membership; new Ukrainian immigration; expanding membership; and marketing and credit union technology.

After four hours of exchanging ideas, a committee was formed to provide a platform that could be used by all credit unions to share ideas and problems. One of the primary functions of the committee is to provide follow-up to the conference and input to the UNCUA.

The following credit unions were represented at the conference: Rochester Ukrainian FCU; Selfreliance (N.J.) FCU; Selfreliance NY FCU (New York City); Selfreliance Ukrainian American FCU (Newark, N.J.); SUMA (Yonkers, N.Y.) FCU; Ukrainian CU (Minneapolis); Ukrainian Fraternal FCU (Boston); Ukrainian Future Credit Union (Detroit); Ukrainian Orthodox FCU (New York City); Ukrainian Selfreliance Hartford FCU; and the hosting credit union, Ukrainian Selfreliance FCU (Philadelphia).

The Ukrainian Selfreliance FCU (Philadelphia) is a 46-year-old federal credit union with over 5,000 members in the greater Philadelphia area and over $92 million in assets.

The UNCUA is an association of 23 Ukrainian credit unions in the United States that represent over $1.2 billion in assets. The UNCUA promotes interest and cooperation between Ukrainian credit unions in the U.S.; fosters the formation of new credit unions; furthers the development and progress of Ukrainian credit unions in the U.S.; and manages all central business functions for and on behalf of member credit unions.

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