CU Student Lending LLC
Board of Managers Meeting Agenda
Wednesday, April 10th, 2013 2:00pm (EST)
Conference Call
Minutes
Approve February and March Board Meeting Minutes
Report from Fynanz
1. Portfolio Performance
a. March Report
2. March Call Center Service Level Stats
CUSO Business
1. Loan Portfolio Analysis – Update on Visible Equity – User Administration and Total Portfolio File Load – Transition to Linda McFadden as Project Manager
2. Review Financials from the League, Budget Review – Treasurer’s Report
3. Dissolution of the old CUSO in NJ
4. Website for CUSO – MemberStudentLending.org and .com
Phase 1: LendKey
- Creation of a marketing WordPress site promoting the CUSO:
· Homepage
· About section
· Contact
· Board members/bios
· Participating credit unions
· Opportunities in student lending
Phase 2: Website Developer
- Creation of a back-end system with login capabilities and document sharing:
· Due diligence materials (LendKey, ReliaMax, ECSI, and CUSO)
· CUSO by laws
· Program manuals
· Visible Equity reports
· NCUA and Larsen Allen audit reports
· CUSO board communication section where announcements and program updates are posted
· CUSO board member "DropBox" and file posting for internal board communication
5. Recap meeting with Reliamax and LendKey concerning forbearance – Discuss update
6. Margaret Frey resignation
7. Open Board seats
8. Update on Loan Sale – Meeting with Wayne Johnson of Reunion Financial Services Corp.
9. Income Requirements Table for Consolidation Loans
Open Discussion Items – March Meeting
1. Lendkey Participation at 2:30pm
- Vince’s reporting
- Accounting Reporting
- File upload for Visible Equity
- Website Development
2. Review notes of strategic planning meeting held 2-22-2013
3. Update Servicing practices changes requested from Lendkey: 1) Allow Lendkey staff to waive late charges without consulting the credit union first, LendKey will generate a monthly report for the Board to review 2) Institute a rate discount to encourage borrowers to choose ACH (25 bps suggested). LendKey can monitor changes on a monthly basis to apply the appropriate interest rate if payment method changes are made. Should we reconsider a discount to incent ACH – even lesser amount.
4. Due Diligence Package for 2013-2014 lending year
· CUSO Tax Return – most recent year
· CUSO Financials – year end or all year?
· Attorney Opinion Letter from Guy Messick that the CUSO is legal
· Articles of Incorporation
· Registration in PA
· Attorney Opinion on Indirect Lending?
· Attorney Opinion on TDRs
· Clifton Larson Allen audit
· Reliamax Audited Financials
· Reliamax sample Surety Bond
· Reliamax Reinsurance Agreement
· LendKey Audited Financials and SAS70/SSAE16
· LendKey Backup Servicing Agreement
Dial in number for the conference call: 877-719-0690 Guest Code: 816508