2016 CU Survivor Challenge Recap

Posted by on Sep 28, 2016 in News, Social Responsibility |

  Watch the entire highlight video on the Insurance Trust Vimeo Channel   The Insurance Trust 2016 CU Survivor event took place on Sunday, September 11, 2016, at Maine Forest Yurts “Survivor Camp” in Durham, ME.  ‘Castaways’ from Insurance Trust credit union clients were chosen following a 3 month GAP promotion to compete in a series of fun challenges. The challenges determined which “Credit Union Castaway” would win the grand prize of a weekend stay on Chebeague Island, Casco Bay, Maine. The proceeds from T-Shirt sales, donations, and a 50/50 raffle were donated to Maine Special Olympics. Actually, two of their athletes – Della Lippincott and Brandon Mullen made an appearance for the day. Both athletes were invited to participate with Brandon playing a major role on the Orange Team. The Challenges and Tribes Blue Tribe Led by Jim Tenhundfeld, (President of FROST), with tribe members: Kim Hebert of Norstate FCU, Dilia Kasimova of Five County CU, Bryan Carle of PeoplesChoice CU and Angela LaRoche of York County FCU. Orange Tribe Led by Jon Taylor, (VP of Sales & Marketing at Insurance Trust), with tribe members: Marianne Wise of Rainbow FCU, Cait Gamache of TruChoice FCU, Hillary Greenleaf of Gardiner FCU & Brandon Mullen of Maine Special Olympics The day began with an impressive parade of Credit Union ‘Castaways’ holding individual tiki torches to the area where the challenges were held.  After four “Tribe Teamwork” challenges, the BLUE team held a slight lead. Even though it rained for about an hour, it didn’t dampen our spirits as the challenges safely continued mostly under cover. A delicious lunch was served by Tacos Del Seoul. There were many enthusiastic spectators cheering for their respective ‘Castaway’. There was an especially large group of kids and adults from northern Aroostook County rooting all day for Kim. In the second half of the day, all the ‘Castaways’ competed on their own. Five of them were eliminated in the next four challenges resulting in 3 finalists, Kim Hebert of Norstate FCU, Cait Gamache of TruChoice FCU and Bryan Carle of PeoplesChoice CU. At the final Tribal Council, the five who were eliminated were asked to vote for one of the 3 finalists. When all was said and done, Kim Hebert from Norstate FCU was chosen the Grand Prize Winner – and was given a weekend at a cottage on Chebeague Island. So, in essence, she actually got voted ONTO the island. Each ‘Castaway’ was applauded numerous times during the competition and received a handsome plaque noting their participation in this fun and memorable event. A special thanks goes out to the following sponsors – Frost, Tricorp FCU, Equinox, Allied Solutions – for helping to make this event a real success. Watch the entire highlight video on the Insurance Trust Vimeo Channel...

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Military Lending Act and MAPR Addendum to Loan Forms Solution

Posted by on Sep 21, 2016 in Compliance, News |

As you know, the new mandatory compliance requirements under the expanded Military Lending Act (MLA) take effect October 3, 2016 (except for credit card accounts). The final rule for credit card accounts will be effective October 3, 2017.  Some of our credit union partners have contacted us with questions regarding MLA and its impact on the lending process.  The questions have been centered around the changes to consumer loan forms necessary to comply with the changes under the MLA. Insurance Trust has researched this unique issue and has provided answers to the below questions your credit unions may have as well.   Do I need to re-map my consumer loan forms to comply with MLA? It depends on your forms provider.  One of our credit union forms partners has (with the guidance of legal counsel) prepared an addendum to work with current consumer lending forms.  This addendum not only provides the required MAPR statement, it also disclaims and waives language in existing loan agreements that is not consistent with the MLA for loans to covered borrowers. Using an addendum to loan protects the credit union from prohibited terms in existing loan documents and eliminates the costs associated with a separate set of loan documents.   Do all forms providers share equivalent compliance rulings? Our forms provider has confirmed that this addendum to loan will meet the requirements necessary to comply with the expanded MLA.  However, each forms provider in the marketplace has a unique ruling based on their forms program.  Our provider is willing to supply this document to our credit union partners, regardless of your forms provider, at the discretion of the credit union.  To clarify, the advocacy of this addendum to loan is ultimately up to the credit union to assume, based on the differing legal opinions of two highly respected credit union forms providers. If your credit union would like to utilize the addendum to loan, please let us know. If your credit union decides to follow your current MLA forms solution but would like a competitive quote for lending forms, please let us know. Additionally, if your credit union would like to exercise the option to use any of Insurance Trust’s three forms providers, please note that we cover 100% of the cost of consumer lending forms for our Credit Life & Disability / Debt Protection program clients. Contact Form Name* First Last Email* PhoneWhat would you like to learn more...

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Employer Shared Responsibility Payment

Posted by on Sep 13, 2016 in Benefits Update, News |

I wanted to make a recommendation to you for future new hires and open enrollments.  If you are not already doing so, you may want to consider having employees complete waivers if they choose not to take medical coverage and keeping a copy of the waiver on file.  You will want to get an updated waiver each renewal as proof that you offered them coverage in the event that they apply for a subsidy for individual coverage through healthcare.gov.  This is particularly important if you have more than 50 employees or may in the next year as it can help protect you from potentially paying the employer shared responsibility payment as you will have documented that you did offer the employee coverage and have something to share with the IRS in the event that they ask.   As always, please let me know if you have any questions regarding the Affordable Care Act or employee benefits. Elizabeth Ingram Account Manager, Employee Benefits Insurance Trust Phone: 800-287-3379 x 312...

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