Published on 04-11-2017
Categories: Letters from Chuck
I’m fresh off of watching my favorite basketball team win another championship, and couldn’t be more thrilled with the result. I thought a bit about how hard the players worked throughout the tournament, and how much joy their effort brought to their fans.
It gave me another reason to appreciate all the hard work our team at Coastal does to bring enjoyment to our members. There are a lot of exciting things happening at the credit union, and I’m eager to share them with you:
Digital Banking at Your Fingertips
You don’t even have to wait to begin enjoying the first thing on my list. In March, we quietly rolled out the Touch ID® feature in our Digital Banking app for iOS. You can now quickly sign into your account using only your fingerprint. You can activate Touch ID® by logging in to the app, clicking the menu and then visiting the solution center. Fingerprint Authentication Management is the first option in that section.
The Future of Digital
Touch ID® is just one more step on our path to constantly improve our digital services. In early May, Coastal will be announcing a new partnership with six other credit unions to bring forth the next generation digital services platform. The partnership is in the process of creating a new company which will be based right here in the Research Triangle market. The partnership has already secured a patent for a technology that will be the basis for the new platform. Look for more information in the coming weeks!
Share Coastal, Earn Cash
As we celebrate our 50th Anniversary, I’m looking forwarded to presenting opportunities for our members to celebrate with us. One way you can participate, and earn a reward, is by sharing the benefits of credit union membership with your family, friends and coworkers.
Watch your email inbox and your local branch for announcements about upcoming Join Days. On your branch’s designated Join Day, simply bring a new member to Coastal and you can both earn $50 if they join, and also open a checking account, get a credit card or refinance an auto loan.
As a reminder, our 50th Annual Meeting and Board of Directors election is coming up on April 24th at 7pm. The meeting will take place at our headquarters at 1000 St. Albans Dive in Raleigh. All members are invited to attend and hear about our 2016 highlights, and what we have planned for 2017.
Coastal Music Park
We’re about to kick off our second season as the naming sponsor of the Coastal Credit Union Music Park at Walnut Creek and are increasing our presence at the venue during the 2017 concert season.
Coastal members will continue to be able to enjoy the benefit of using the Coastal Fast Lane to gain early and expedited admission into the park at no extra cost. This year, we’ve also committed to giving members access to presale tickets before they’re made available to the general public.
We're excited to become an official partner of the Durham Bulls for the 2017 baseball season! Our sponsorship includes some wonderful member benefits. Simply show your Coastal debit or credit card and receive 10% discount at the Bulls’ retail store. Members can also receive a Bulls branded giveaway item at Fan Assistance, while supplies last.
How Much Capital is Enough?
Turning to more serious matters, a member recently submitted an excellent question in reaction to news that the president of the Federal Reserve Bank of Minneapolis had called for a large increase in the capital requirements for large banks .
The member asked for reassurance that Coastal was well-capitalized and in a safe and secure position against future economic downturns. He enjoyed our response and thanked Coastal for being transparent and continuing to uphold his confidence in the credit union. He suggested we share the letter with the entire membership. We loved hearing that a member followed both financial news and was up to speed on Coastal’s financials enough to ask that kind of question. If you have an interest in either, you may enjoy reading our full response.
Common Sense Regulation
While changing our capital requirements isn’t likely, we have spent a lot of time recently discussing the idea of common sense regulation. Last month, I spent time in Washington with close to 5,000 other credit union staff and volunteers. During our meetings with Senators and Representatives, we talked about the unintended negative effects and undue burden of otherwise well-intended regulations.
For example, did you know that a new mortgage disclosure requirement has left would-be homeowners temporarily homeless and having to spend up to three nights in a hotel? It sounds outrageous, but it happens more often than I’d ever find acceptable.
We asked Congress to take a fresh look at these regulations to ensure they are meeting their intended goals without harming consumers and small community financial institutions. While it’s too early to tell what new legislation might come from those discussions, I was encouraged to hear that Congress and the White House are serious about taking a look at many of the regulations that affect credit unions and community banks, and the people we serve.
When the time comes, I’ll ask for your support in reaching out to encourage passage of regulatory relief bills. In the meantime, I hope to see you at one of the above events, or perhaps during a concert or ballgame.
President & CEO