Member Student Lending, LLC

Board of Managers Meeting

October 9, 2013

Conference Call

The meeting was opened at 2:13 p.m.

Board Members Present

Alice Stevens – First Financial FCU

Linda McFadden – XCEL FCU (exited at 2:41 pm)

Mick Olson – TopLine FCU

Julie Kreinbring – Alliance Catholic Credit Union (joined at 2:18 p.m.)

Harry Jacobson – Pinnacle FCU

Administrator Present

Cindy Rashkin - New Jersey Credit Union League

Approval of Minutes

September minutes were presented with no comments. Harry Jacobson made a motion to approve the minutes; it was seconded by Mick Olson and approved.

Report from LendKey

·  Portfolio Performance

a.  September Report – No questions or comments. Alice stated no negative trends and looks steady.

b.  September Call Center Service Level Stats – Did not receive from Christian at LendKey, Alice has not heard any negative comments. Will review next month along with October’s report.

CUSO Business

1.  Loan Portfolio Analysis/update on Visible Equity – Alice spoke to Margaret Frey, who stated that Ray created a file put under sign on instead of through individual credit union sign on. Alice was able to login and get the loan level detail reports and upload them to Visible Equity. Margaret spoke to Derek Weimer and will set up a time to go in, set up customization, and finalize.

2.  Update on Loan Sale – Alice reported that Jim Merrill sent her a list of several credit unions that did not want to participate causing the loan sale to not go through. Alice made a last attempt to try and save the sale. Alice was able to get 5 out of the 7 who weren’t joining to join. Raymond will put in the final numbers and hopefully close within the next few weeks. Discuss second sale after the 1st of the year.

3.  September Financial Statement Review – Not available for the meeting. Corrections need to be made; will review at the October meeting.

4.  Review NCUA CUSO Review –

a.  Delinquency reports are not available in an Excel format to easily review reports and utilize. Vince Passione explained it is in development and should be available end of November.

b.  Formalize things and have descriptions written up. Harry suggested hiring someone for assist with review items and then have the Board review the work. This would allow for quicker response to NCUA. Harry made a motion to pursue finding someone with right expertise to perform follow up work on the NCUA audit. Julie seconded. 0 opposed. Approved. All Board members will give recommendation to Alice who will follow up.

5.  2013-2014 CUSO Board Election – Working to get super majority for addendum to add seats to the Board. Have not received any negative comments. Alice will keep the board updated.

LendKey Participation

Vince Passione joined at 2:31 p.m.

1.  New product proposal – Vince discussed a proposal for a premier MBA school product development. Vince will put together an addendum to see what the program manual will look like, and review lending criteria. A special board meeting will take place when program manual is available. Board agreed to move forward.

2.  Vince reviewed portfolio, call center, and service center – stated all are doing well. Only 1 credit union had an error on the loan that was resolved.

3.  LendKey is getting ready to complete work on minor modifications that needed to be made after conversion took place. Once complete can make reports available in real time.

Vince exited the meeting at 3:15 p.m.

Open Discussion Items

None

Julie Kreinbring made a motion to adjourn and Harry Jacobson seconded. Meeting was adjourned at 3:16 p.m.