• CORPORATE UPDATE: VolCorp Stands Ready in 2010!
• Core Conversion a Success!
• Two of VolCorp’s Own Celebrate 25-Year Milestone
• Social Media 101 Webinar January 20th
• The Elimination of Nonlocal Checks
• VolCorp’s ezcapture Now Includes Merchant Capture

Open January 2010 Newsletter...

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Facebook and Twitter seem to be all the buzz lately. Everywhere you go you hear someone talk about The Twitterverse, Facebook, Social Media, and/or Web 2.0. Oxford Dictionary even declared “unfriend” the word of the year for 2009!

Has all this made you wonder if your credit union should jump on the social media bandwagon? Then view VolCorp’s special Social Media 101 webinar where we will tell you why your credit union can’t afford to ignore social media. You will learn:

• How to set up your credit union’s fan page on Facebook.
• How to create an event on Facebook.
• How to set up a Twitter account.
• Ways to use Facebook and Twitter.
• Social Media Tips, Do’s, and Don’ts.

You’ll also come away from this webinar with lots of social media resources to ensure your credit union has a good understanding of social media before you determine the best social media marketing strategy for your credit union.

This webinar requires Flash Player to view.
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• Watch our Social Media 101 Webinar Now!
      Webinar Slides (Acrobat File)
      Social Media Resources (Acrobat File)

NOTE: Please, make sure your speakers work on the computer in which you view the webinar.




To address the further consolidation of check processing operations the Federal Reserve Board has approved amendments to Regulation CC, which governs availability of funds and check collection. Part of Regulation CC addresses certain situations in which your credit union is allowed to hold funds availability on items deposited into transaction accounts. Currently, in certain situations you are allowed hold the funds for two separate timeframes. The shorter timeframe is for local items and the longer timeframe is for non local items. After the consolidation of check processing into a single location in Cleveland, Ohio, effective February 27th 2010, for the purposes of Regulation CC there will no longer be any checks that are considered nonlocal.

Regulation CC was created to standardize and regulate holds on funds availability. The Check Clearing for the 21st Century Act (Check 21 Act) allowed the recipient of a paper check deposit to create a legal digital copy. This allows us to expedite processing, lower risk, and lower costs. As of 2/27/10 when the Federal Reserve has a single processing region you can no longer place the longer, nonlocal holds. All items will be local items! You must evaluate your current check collection methods to ensure you have the fastest available collections of checks, and thus the lowest possible return risk.

The goal must be to present deposit items to the paying institution as quickly as possible. Are you holding paper check deposits until the end of day at your branch, and then physically delivering them to another institution for collection? Are you taking these items the afternoon they are deposited by your member or the following day? From that point, when and how is this other institution collecting these items? Our suite of image capture products, ezcapture, allows your deposit items to be submitted to the Federal Reserve or to image clearing houses the same business day that the items are deposited. VolCorp’s use of image clearing houses enables us to participate in direct presentment with many large institutions. Bottom line, our ezcapture line is one of the fastest presentment options available.

The latest amendment of Regulation CC could impact your operations, policies, and return item risk. For more information on the amendments to Regulation CC please see the links below.

http://www.federalreserve.gov/newsevents/press/bcreg/20091231a.htm
http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20091231a1.pdf

For additional information on VolCorp’s ezcapture products, please contact Marketing/Business Development at extension 3.




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VolCorp just received notification from the Office of Corporate Credit Unions (OCCU) that NCUA extended the Temporary Corporate Credit Union Share Guarantee until March 31, 2012. According to the OCCU, "With this new extension, new investments with maturities of two years or less in participating corporate credit unions made before March 31, 2010 will be fully covered by the guarantee program. This is in addition to the existing deposits already covered."



On May 20th and 21st, VolCorp’s CEO, Rick Veach, and CFO, Jeff Merry conducted a webinar concerning VolCorp’s financial strength followed by a Question and Answer session at the end. During these webinars, they discussed VolCorp's current financial strength, the impact of the U.S. Central conservatorship, and VolCorp’s future direction.

If you or any of your staff or Board Members were unable to attend these webinars, click below to view a recording of the session in Flash format (Download Flash Player now) along with the presentation slides in PDF format.

PLEASE NOTE: In order to view the webinar and/or slides, you will need to enter your VolCorp Online username and password when prompted.

• View VolCorp's Financial Review Webinar
  
  Webinar Slides