Conference 7.286::dcu

420.0. "DCU POSTING: PRESIDENT'S ADDRESS" by STAR::CANTOR (Have pun, will babble.) Mon Jan 20 1992 11:24

                   DIGITAL EMPLOYEES' FEDERAL CREDIT UNION
                             PRESIDENT'S ADDRESS
        
        The following article appeared in the January issue of 
        NETWORK:
        
        As President of DCU, I am very exciting about the many 
        opportunities ahead for the Credit Union.  We are fortunate to 
        begin 1992 with all the ingredients for success.  We are 
        financially safe and sound, our parent company, Digital 
        Equipment Corporation, provides us with great support, our 
        members show high interest and involvement and we have a 
        dedicated staff.  As a member-owned financial institution, our 
        obligation is to you, our members, to listen and respond to 
        your needs.
        
        
        Over the past several months, DCU management has made an 
        extensive analysis of the Credit Union and its membership.  
        Specifically, we have conducted member surveys, interviewed 
        staff and visited site locations to gather a better 
        understanding of our members' needs.  We have also spoken with 
        experts in the areas of pricing, product design and expense 
        reduction.  To date, we have made enhancements to our lending 
        program, increased the ways to access the Credit Union, 
        strengthened internal controls and improved our communications 
        with members.
        
        LENDING
        During October, 1991, we lowered our vehicle loan rates and 
        expanded our terms to give members a better variety of 
        financing options.  Plus, we offered members an opportunity to 
        reduce their rate an additional .5% by choosing an automatic 
        repayment method (loan drafting or payroll deduction).
        
        To make our Visa credit card more competitive and attractive, 
        we're making it easier to waive the VISA annual fees.  
        Beginning February 10, 1992, new and existing VISA cardholders 
        can waive their annual fees when they maintain $6,000 in 
        outstanding DCU loan balances, or keep at least $3,500 in 
        total savings/investment balances for the year.  And, all new 
        cardholders will have their first calendar year's (Jan-Dec) 
        annual fee waived. The waiver based on net purchases has been 
        eliminated for the future. 
        
        We're currently analyzing the credit limits available to 
        members with VISA credit cards and Lines of Credit.  Over the 
        next several months, we will increase some existing credit 
        lines as well as offer a new credit line product with a higher 
        limit and a lower rate.
        
        We are also streamlining our application process and 
        centralizing our lending so we can provide 24 hour response 
        time on all consumer loans and improve member servicing by our 
        branch staff while reducing our expenses.
        
        MORE WAYS TO ACCESS THE CREDIT UNION
        Throughout 1992, we'll provide you with alternative ways to 
        make banking with the Credit Union more convenient.  In 
        particular, a Phone Center will be implemented before 
        mid-year.  This will give our members a Credit Union resource 
        to answer questions from 8:00 a.m. to 8:00 p.m.  An 800 number 
        will be provided.
        
        The Phone Center's goals will be to increase your 
        accessibility to the Credit Union while providing 
        cost-efficient service for those DCU members without a branch 
        in their immediate area and to reduce the number of incoming 
        call to the branches.  This will provide our branch staff with 
        more time for personal service.
        
        We also plan to add ATM's at various Digital facilities, 
        enhance our EasyTouch audio response system and renovate our 
        Merrimack branch so our members are better served.
        
        STRENGTHENED INTERNAL CONTROLS
        As I begin my first full year as President/CEO, I will be 
        working closely with a new Supervisory Committee.  The 
        Supervisory Committee is appointed by the Board of Directors 
        for a three year term to ensure that a system of adequate 
        internal controls is established and effectively maintained.
        
        Our current Supervisory Committee includes Jeff Gibson, 
        Manager Product Group Corporate Public Relations for Digital 
        and present DCU Board Member; Steve Behrens, Assistant 
        Corporate Controller for Digital and Supervisory Committee 
        Chairman; and Dick Stewart, Accounting Research Manager for 
        Digital.  As new committee members, Mr. Behrens and Mr. 
        Stewart bring outstanding credentials to the Credit Union.
        
        Furthermore, our outside independent auditing firm, O'Rourke & 
        Clark, and our new internal auditor, James Regan, will work 
        directly with the Supervisory Committee and me to ensure that 
        DCU remains a financially strong institution.
        
        IMPROVING COMMUNICATIONS
        As pricing, product and delivery system changes occur at the 
        Credit Union, we will take advantage of the following mediums 
        to update our membership: Direct Mail, VAX NOTES, Electronic 
        Mail as well as our branch network.
        
        In addition, we will keep you informed about the pending 
        litigation against our former president, Richard Mangone, 
        through a report detailing the facts and information relating 
        to the fraud.
        
        As the largest credit union in Massachusetts and the 50th in 
        the nation, DCU is a strong and tremendously successful 
        organization.  This year will present many challenges to the 
        Credit Union and I am extremely confident that we will provide 
        our members with the quality of products and services they 
        expect and deserve, while offering a financially sound 
        institution to meet all of your financial needs.  We look 
        forward to your continued support.
        
        Best wishes to you and your family for a safe and healthy 
        1992.
        
        
        Chuck Cockburn
        President/CEO

I thought that DCU was totally separate from DEC. What does Chuckie mean by:

	"our parent company, Digital Equipment Corporation"?

-Glenn-

	I noticed that as well. I assume that he means that in the sense
	that DCU was started by and for Digital employees.

			Alfred