Tag Archives: Banking

International Credit Union Day

Happy International Credit Union Day !

Credit Unions are an important feature of Canadian Life

Co-operative financial institutions are owned & democratically controlled by their members & Canada has a long history of having a strong co-operative financial services sector with Credit Unions playing a significant role. Indeed, Canada has the world’s highest per capita membership in the credit union movement, with over 10 million members, or about one-third of the Canadian population belonging to one. That makes them 100% Canadian owned. In over 380 Canadian communities, they are the only financial institution, offering essential financial services for those local economies. However, all Canadian Credit Unions pride themselves on having a local focus:

  •  More than 736 credit unions (and caisses populaires) in more than 3,100 locations
  •  Over 10.2 million members
  •  $303 billion in combined assets
  •  More than 27,000 employees

The Canadian credit union system contributed more than $49.3 Million through direct donations, financial services, sponsorships, scholarships and bursaries in 2013 (up from $35.6 Million the year prior)

The 2014 Ipsos® Best Banking Awards for the 10th consecutive year has reported that Canadians have ranked credit unions first among all Canadian financial institutions for:

  • Overall Customer Service Excellence
  • Branch Service Excellence
  • “Value my Business”

Credit unions tied for first among all financial institutions for :

  • Financial Planning & Advice
  • Automated Telephone Banking Excellence and
  • Live Agent Telephone Banking Excellence

Read more about the Ipsos® Best Banking Awards here 

According to the Canadian Federation of Independent Business,  Credit Unions also outperform all banks in serving small and medium-sized enterprises. Credit Unions have been ranked #1 by CFIB members in 4 of the last 5 of their triennial surveys (2000,2003,2009 & 2012) . Read more here 

Credit unions also boast a very rich history of innovation.

Thank a Credit Union for many of these “Firsts” that for the most part, we all now take for granted:

  •  First financial institutions to lend to women in their own names (in the 1960s)
  •  First to offer daily interest savings
  •  First full-service ATMs
  •  First fully functional online banking
  •  First loans based on borrower character
  •  First payroll deduction service for deposits and loan payments
  •  First open mortgages
  •  First home equity lines of credit
  •  First debit card service.
  •  First registered education plans.
  •  First branchless bank (Citizens Bank)
  •  First cheque imaging service

So Happy International Credit Union Day ! A day that internationally, is a day to recognize the positive impact that Credit Unions make in their communities around the world. ICU Day. Have a good one.

Credit Unions across Canada matter. You can read more of the facts behind recent changes announced in the 2013 Federal Budget here 

CUNA_ICU_Logo_Final_WC

US Banking survey

Banks are searching for revenue growth and technology to deliver it

Building revenue is a critical priority for the Banking Industry

The above statement may not perhaps be BIG news in most industries but it is in US Banking. That’s because the emphasis in the US Banking industry is now in high gear after years where the priority (after the financial crisis) was all about managing risk, cutting costs & meeting regulatory requirements.  But now it seems, the focus or refocus is on Revenue Growth in a big way and they are turning to technology to help deliver better relationships with clients & account holders who will help their revenue grow.

The KPMG 2014 Banking Industry Outlook Survey of 100 senior banking executives reports that revenue growth is expected to be delivered by concentrating on relationship building & technology investments that provide better customer experience(s).  

Building better relationships with customers is key to exceeding customer expectations & driving revenue.

  1. Keep customers at the heart of decision-making
  2. Maintain a dedicated focus on understanding customer needs in various customer segments
  3. Deploy an omnichannel approach that offers superior and consistent client experience

The KPMG survey also highlights the areas where most US banks will look for this additional revenue growth. There is a clear eye on wealth management and lending. That means the wealth management sector is going to see competition really heat up.

 

2014 KPMG Banking Survey

Here’s the survey for your reference KPMG_Banking Industry Survey 2014

 

LegacyTracker

Personal Financial Management tools offer big benefits

Banks already know:

Personal Financial Management tools offer BIG benefits …

Other financial service providers can benefit as well

An article recently from Finextra notes that the number of banks adopting Personal Financial Management (PFM) tools to their clients has doubled in the last 3 years.  Why are banks adopting personal financial management tools and what kind of justifications are there in choosing a particular PFM ? A study of a large number of banks highlighted the following 3 benefits for offering personal financial management tools to clients:

  1. Banks want to defend their market position. Banks see PFM as a tool to differentiate their brand & create a new valuable service for their customers
  2. Banks want to increase customer satisfaction, to create loyalty and retention-Banks see the convenience, control & simplicity & organization that benefits their customers. PFM can help customers succeed in achieving their goals (that’s good for everyone)
  3. Banks see PFM as a strategic tool for revenue generation-PFM creates cross-and-up-sell opportunities and provides the marketing staff with better insight into customer needs

The author of the study sums up PFM as being a lucrative revenue generator.. We agree. But it’s a Win/Win offering with a lot to offer users & providers.

Read more from the Finextra article by Artak Vardanyan of Misys  here 

LegacyTracker helps consumers and clients simplify, safeguard & share their important financial/legal and estate information & documents. LegacyTracker helps provide a 360 degree view of finances with reminders & alerts for what needs to be worked on next. In this way, LegacyTracker is a personal financial management tool & can deliver the benefits noted in the article (plus some others).

PFM Offerings should not just be exclusive to Banks 

The benefits of offering a PFM to clients or account holders is not restricted to banks. Wealth Management firms, Credit Unions, Asset managers, Professional service providers like lawyers/Accountants or Estate executors or Member Based organizations have much to gain when clients are better organized, less stressed and more engaged with their financial/estate information.

Connect with us to learn more

 

Customer Advocacy beats Free Coffee

Of course, I`m a bit biased since I have never actually tasted coffee (Long story involving a pact made with best friends when we were 7).

However, there is a lot of talk about Customer Advocacy of late and the impact that being a Customer Advocate can have on confidence and loyalty (retention) for providers. Loyalty…is priceless it leads to retention, praise, cross selling, referrals etc.

Partnering with customers on managing their finances, making them feel confident about their financial future, and taking the lead when necessary helps them see that you are on their side and looking out for their best interests,” so says Beth Youra, Senior Consultant for Gallup.

This comes by way of a Gallup survey reported in April of 2014:  Banks: To Earn Customer Confidence, Make the Conversation About Their Financial Well-Being

”This manifests itself in customers feeling like you are looking out for their financial well-being, which, in turn, makes you seem more selfless and gives customers the confidence that you are in it for them and not yourself.”

Wise words. Loyalty is hard-earned. LegacyTracker, our branded personal financial organizer can help your clients simplify, safeguard and share their important financial/legal/estate information with loved ones and advisors. We think that’s better than free coffee or even a toaster.

 

 

the Millennial Mind

Millennials rising: With the power to be disruptive (in a good way)

This interesting infographic on the (mysterious?) Millennial Mind highlights how Millennials have a devotion to Authenticity, Community and Giving & comes by way of PSCU : The Millennial Mind

PSCU initiated a Make your Money Matter Movement recently to help leverage what they know about the Millennial generation to attract, engage & move millennials to Credit Unions.  Based on what we know about Credit Unions and what we are learning about Millennials, that makes good sense. It seems to be paying off based on the results that PSCU has posted. It’s an interesting and insightful read.

There’s no question: Millennials (born between 1976 & 1994) think differently than older generations and they definitely have the buying power to be disruptive especially with their fresher attitudes towards living life in a friendlier manner and their preference for using technology to manage that life. PSCU summarizes it as “Millennials are drawn to business models in which extending the life and value of good s is a core tenet”

We like the way millennials think .

We can help financial service providers attract millennials with a technology offering to help them manage their busy financial lives going forward.

 

 

 

Customer Advocacy is a Competitive Advantage

Forrester Research is a global research and advisory firm that provides insight and guides clients on business, technology, marketing & strategy decisions in a few different industries including Financial Services, Retail and Healthcare.  They are well considered and well sought after thought leaders. 

Customer Advocacy

For the past 10 years Forrester has been highlighting the importance of Customer Advocacy — as being critical in the eyes of Customers of retail financial services. They define Customer Advocacy as being the perception held by Customers that the firm they do business with does what’s best for Customers & not just what’s right for the firm’s own bottom line. Forrester considers Customer Advocacy as being the key driver of loyalty at retail financial services firms which in turn, yields the most sustainable revenue growth for financial services firms. Last year, in their most recent report Forrester suggested that while Customer Advocacy, has always been a smart strategy it has now become an imperative. Demonstrating Customer Advocacy and showing an obsession while both serving and delighting customers is an unbeatable source of competitive advantage Forrester believes, which can survive technology-fueled disruption and provide disproportionate growth. 

Customer Advocacy when demonstrated, makes clients and account holders feel that their financial services provider truly acts in their best interest and that makes those customers want to invest more, borrow more and buy more from that firm. Free Cappuccino or Free Pens will Not have the same impact.

LegacyTracker is all about showing and providing Client Advocacy – for your Client but also their families.

You can get their report here 

2013: How US Customers Rate Their Financial Services Firms

For 10 years Forrester has shown that customer advocacy — the perception on the part of customers that their firm does what’s best for them, not just the firm’s own bottom line — is the key driver of loyalty at retail financial services firms

2012: How US Customers Rate Their Financial Services Firms

When customers feel that a financial services firm acts in their best interest, they are willing to invest more, borrow more, and buy more products from that firm. We call this corporate trait “customer advocacy” — the perception on the part of customers that a firm does what’s best for them, not just what’s best for the firm’s own bottom line

2011: How Financial Services Firms Win Loyal Customers

Marketing leaders at top-ranked financial services firms have found the secret to loyal customers. Forrester calls it customer advocacy: customers’ perception that a firm does what’s best for them, not just what’s best for the firm’s own bottom line.

2010: How Canadian Customers Rate their Banks

Forrester’s research shows that a key driver of customer retention and deeper customer relationships is a trait we call “customer advocacy,” the perception by customers that a firm does what’s best for them, not just what’s best for its own bottom line. When Canadian customers rate their primary banks on customer advocacy, credit unions come out on top, followed by President’s Choice Financial. Four of the big five banks get below-average scores from their customers. 

 

Co-operative Banking makes sense

Facts, Firsts & Future Prospects for Canadian Credit Unions

In 2013, for the 9th consecutive year, Canadians ranked Credit Unions First in Overall Customer Service Excellence among all financial institutions based on the annual Ipsos Best Banking Awards Survey which is based on various key performance indicators.

That’s a pretty good indicator that Credit Unions are doing Customer Service “Right” And that’s just one reason that I think they have a really large & bright future ahead. There are a lot more. 

This statement has nothing to do with the fact that we think Credit Unions are a perfect partner provider for Legacy Tracker (they are). But rather, the fact that they ARE a perfect prospect for LegacyTracker is because their fundamental approach to how and what they do is similar to our goals for LegacyTracker.  We also wish many more businesses could operate in the same way, but that’s a BIG wish. It’s also a BIG challenge for those where their stock price is always expected to go higher.

However, the fundamental approach that Credit Unions operate under is a quite a bit different than Big Banking. For Credit Unions and other co-operatives, it’s more about …

Profits for a higher purpose and Banking for a higher purpose

Credit Unions and other Co-operative financial institutions are non profits that have a dedication instead to the people and the communities they serve . That dedication, guides and shapes their operations, their business decisions and their governance. That makes for a critical difference. 

The Credit Union Difference makes a Difference in Service

This fundamental difference in the way Credit Unions & Co-operatives operate can be sourced back to the very first Credit Union or Caisse Populaire that was founded in Levis, Quebec in 1900 by Alphonse Desjardins . Mr Desjardins launched a new type of financial entity in response to what he saw as outrageous interest rates being charged to labourers and farmers. A movement towards what was termed co-operative banking where a financial institution was owned & run by members caught on;  particularly by  those who were  being “underserved” by larger financial institutions. Today, approximately 1 out of every 3 Canadians belongs to a Credit Union or Caisse Populaire giving Canada the world’s highest per capita membership in Credit Unions. With over 330 different Credit Union Brands and over 1,700 locations, they are easy to find and easy to join.

Account holders in Credit Unions today, continue to be considered as the shareholders members, or owners  of each Credit Union. As such and in the spirit of any good democracy, each of those owners is provided with 1 Vote (regardless of the size of their wallet) to decide help guide the Credit Union’s direction and to determine who will lead that direction or form the Board of Directors. Those members can also put their name forward for to serve on the Board of Directors.

By comparison, our much larger, federally chartered/publicly held banks are required to operate in the best interest of their shareholders but those shareholders may or may not include account holders unlike Provincially chartered Credit Unions where the shareholders are also the account holders/customers. That makes for a really BIG difference.

Operating in the best interest of their members means Credit Unions will redistribue profits on a regular basis to members and also give back in a BIG way to the local communities where those members live. In 2012, Canadian Credit Unions contributed more than $35.6 million to communities in the form of direct donations, sponsorships, scholarships & bursaries and donations-in-kind. It’s a pretty nice Win/Win that makes paying interest or fees a lot more palatable, knowing that they contribute to profit which you or your community will benefit from down the road.

Having said that, Credit Unions do tend to charge lower fees while offering higher rates of interest on your savings.

The fact that it’s not all about BIG profit for Credit Unions may also account for the very rich history of innovation that Credit Unions can boast about:

  • First financial institutions to lend to women in their own names (in the 1960s)
  • First full-service ATMs
  • First fully functional online banking
  • First loans based on borrower character
  • First payroll deduction service for deposits and loan payments
  • First open mortgages & home equity lines of credit
  • First debit card service
  • First registered education plans
  • First cheque imaging service
  • First to offer branchless banking (Citizens Bank)

If you are looking for just a few Good examples of the Good Work that Credit Unions are doing in the Community, follow along just below. If you happen to work with a Credit Union and wish to find out how LegacyTracker can help your Credit Union provide even greater value to your members, please get in touch !

FirstOntario Credit Union recently partnered with the New Hamilton Innovation Hub/Collaborative workspace that traditional lenders turned down Read about it here

Libro Credit Union offers Community builder Grants to help youth develop leadership and career skills in the Communities they serve. In 2014, those grants total approximately $560,000  Read more here   They also offer Money School online 

DUCA Credit Union who recently launched Canada’s first 100% online service to members, including New Members sign/up (via “SNAPP”), donates 4% of profits to the community and commits an estimated $500K to the Ontario Credit Union Charitable Foundation Read more here

Doing good for Members & Doing good for Others makes a difference for many of us when we are looking for who to do Business with ourselves. & that should make the future very bright for Credit Unions

We do think that LegacyTracker is a perfect fit for Credit Unions to offer to their members/account holders; so if you work with a Credit Union or are a member of one…pass our name along or Connect. (Please)

The 5th Annual Global study of “Innovation in Retail Banking” by Efma &  Finacle by Infosys studied 148 banks from 66 countries focusing on ‘simplifying technology to innovate’ & global innovation trends. There was a particular emphasis on identifying how banks can overcome any barriers to innovation and how they can work to improve their innovation capabilities,

According to the survey, Banks clearly recognize the need to improve innovation in order to protect existing markets & profitability given growing ca landscape of growing competition as well as ever changing consumer and technology trends.  

Of particular interest:

There is a big emphasis for Banks on increasing “Customer Centricity” which is about focusing on products & services that are right for their Best Customers.

Also, whereas only 37% of Banks surveyed in 2009 had an actual Innovation Strategy, 60% of those surveyed in 2013 had an Innovation Strategy. Overall, 77% of Banks surveyed, indicated that they were increasing investment in order to be more innovative. Approximately 26% of that investment being targeted for Channels, 21% for Products , 18% for Process Innovation and 16% for Customer Service and Experience Innovation.

The biggest barrier to innovating,  regardless of their size was noted as “IT Systems” delaying time to market for a new offering most often because those same “IT Systems” often are involved in other changes relating to mergers or compliance changes etc.

We take that to mean that those Banks will be looking “afield” to source out Innovative technologies which seems to be supported with the 4.2 out of 7 that “Partnering with IT companies and other suppliers” received when Banks were asked about the effectiveness of several methods of Open Innovation Techniques.

Read the entire report on Innovation in Retail Banking from Efma and Finacle from Infosys  here

Innovation-in-Retail-Banking-2013 Infosys

Canada needs Unclaimed Property Legislation

Common Types of Unclaimed Property

Unclaimed property is property that has been abandoned, lost or forgotten by its rightful owner. There are many reasons property can become Unclaimed including often, the death of the rightful owner.

The most common types of financial assets that have become unclaimed are:

  • Bank accounts/Credit Union accounts
  • Over payments made to businesses or deposits such as Utilities
  • Stocks, mutual funds, bonds, and dividends
  • Funds reserved (undeposited) certified cheques, drafts or money orders
  • GICs or Certificates of deposit
  • Pensions
  • Insurance policy proceeds, Insurance refunds and amounts payable resulting from Demutalizations of mutual insurance companies
  • Education Savings plans
  • Prepaid Funeral deposits
  • Tax refunds
  • Mineral interests and royalty payments, trust funds, and escrow account
  • Contents of Safety Deposit Boxes-which may include valuables and sentimental items
  • Uncashed payroll cheques
  • Unused Gift Card balances

And here are some tips on how not to lose these types of financial assets:

  • Cash all incoming deposits promptly and/or setup direct deposit
  • Keep up to date records of all of your financial accounts & contacts like banks, brokers, credit unions, Utility companies etc. Make sure to include the ones you deal with online.
  • Make a separate list of all of the financial organizations you deal with to share with your family
  • Make contact with your financial organizations at least once per year and always ensure that you notify them of any address changes promptly or any changes in ownership of your assets due to death/divorce
  • Make copies of your important documents and ensure that your family knows where to find them and knows about all of your financial assets
  • Provide all of your financial organizations with a secondary contact or beneficiary name and contact address
  • Pay annual fees on items like safety deposit boxes or memberships  on time to ensure that your account does not become inactive

And yes. LegacyTracker will help you keep track of all of these assets and help you share that information with loved ones or advisors so it does not become unclaimed.

 We think we are a good fit !

Credit Unions Core Values

Credit Unions Core Values

 

 

 

 

 

 

 

Today in Canada there are approximately :

326 Credit Unions working with approximately 5.3 million members in approximately 1,741 different locations who also happen to contribute approximately $35.6 million in the form of financial donations, scholarships in kind donations and volunteerism to the communities they work with.

The Brand Attributes & Values that Co-operative Banks and Credit Unions all share that make them a little different have to do with the importance they give: Community, Participation, Social Responsibility, Customer Service, Ownership, and ..Profits for a higher purpose.

It’s a “here to serve attitude” which we both appreciate and share. 

Co-operatives and Credit Unions ensure members are front and centre given that those members are also the Shareholders which also explains why most often… fees are a little lower, interest on savings are a little higher, Giving Back to the local Community is a Bigger priority and those who might be under-served elsewhere are often served very nicely…thank you. 

Not unlike many financial organizations today, however, the challenges are many for     Co-operatives and Credit Unions: 

  • How to Differentiate in a very busy marketplace
  • How to attracting younger generations (including heirs/next generations)
  • How to maintain or improve member retention by meeting member needs
  • How to show innovation
  • How to continue to show relevance and value
  • How to do more/be more with existing clients

Unlike their larger competitors, Canadian Credit Unions also have to work hard to maintain that higher member/customer satisfaction rate that the Annual Ipsos Best Banking Awards Survey has bestowed upon them for 9 years straight by being First in Overall Customer Service Excellence. The Pressure !

LegacyTracker offers many benefits for users (and their families) which all centre on simplifying, safeguarding and sharing important information that can make a difference. It’s a Personal Financial Management Tool that goes beyond Finance and into Estate Planning and being prepared for a What if scenario that no one wants to think about. It’s about working towards reducing the alarming growth in Unclaimed Financial Assets that are estimated to be somewhere in the neighbourhood of $63 Billion + in North America.

That’s why we think offering LegacyTracker to Members would be another Big way that Credit Unions can demonstrate Customer Advocacy.

Customer Advocacy as defined by Foresters  is shown when customers feel that their firm does what’s best for them, not just the firm’s own bottom line 

Customer Advocacy is a really BIG deal that many of us are looking for today. Foresters for the last 10 years has indicated that it’s a key driver of customer relationships and loyalty in the retail financial service market which yields the most sustainable revenue growth. In their most recent report, Foresters has suggested that Customer Advocacy is not just a strategy but an imperative now and a necessary competitive advantage.

 

 

Dear Bank of Canada: Some concerns about your Annual Report 2013

The Bank of Canada released their Annual Report for 2013 today. Perhaps you missed it. Perhaps you have not had the time yet to read it. I certainly don’t want to ruin your fun hence, I have noted this post with the far too popular Identifier: Spoiler Alert

After reading the report, (where do I find the time?) I have to say that I’m glad I took the time because I have 2 BIG concerns & I thought they were both worthy of sharing and worthy of a response from the Bank of Canada.

If you guessed that they have something to do with Unclaimed Balances by now ; You would be correct; because yes; I’m a little more than obsessed about this issue for the sake of Canadians and their families.

Reference Page 14 of 97

The 2 items that concern me come right after the explanation of what Unclaimed Balances are and where they come from. For your convenience I have flipped it around, so that part is copied below

Concern 1: Other Unclaimed amounts like Matured Canada Savings Bonds ($420M) and unclaimed bank balances held in a foreign currency 

The report notes: “At the end of 2013, the Bank was the custodian of 1.4 million of these accounts”  (in reference to unclaimed accounts transferred from federally chartered banks after 10 years of inactivity) “which had a total value of approximately $533 million.” 

That’s a very big and sad number and unfortunately, correct per the database noted on their website. But what about Unclaimed but Matured Canada Savings Bonds ? 

According to recent email Correspondence I have from the Bank of Canada, the balance of Unclaimed Canada Savings Bonds was $420M at the end of Dec 2013.

I see the $532.7 in unclaimed balances specifically referred to on the Balance Sheet (Page 69) but there is no explanation about Canada Savings Bonds; the ones that individuals and families for the most part, could really use. Are they included in the $774.2M in “Other” liabilities immediately under “Unclaimed Balances” ?

I am also curious about what the value of Unclaimed bank balances that are held in foreign currency might be given that the value of those accounts are not included in the $532.7M nor on the Bank of Canada website. I’m not sure why that would be given that it seems reasonable that the Bank of Canada could convert these balances into a Canadian equivalent but nevertheless…I would very much appreciate your insight on the value of such accounts and where that amount is included in the Annual Statements.

As an accountant, I have to say that $774.2M seems like a really BIG number to define as “Other” I think it’s reasonable to have more insight into what this value of $774.2M is comprised of. Perhaps it includes  the Unclaimed balances referred to above; but I would also appreciate more insight into this balance of $774.2M.

Concern 2: The Bank of Canada inappropriately paid out $1.6M in error (?) during 2013 ?

“During 2013, the Bank discovered that $1.6 million had been inappropriately paid
to an organization as a result of multiple claims submitted by that organization.
The Bank has taken action to recover the funds, and the accounts have been
reinstated on the UCBS registry.”

“As a result, the Bank undertook a review of its processes for administering claims
for unclaimed balances. Procedures have been strengthened, particularly those
related to the processing of complex multi-account claims made by corporate
entities, which have a greater risk of error.”

So the Bank of Canada, the Head of all of our Banks; the lead in promoting stability and efficiency in our financial systems & the necessary control policies for our banking system (and us essentially) and the Bank that works on behalf of all Canadians to reduce their risk. ….made an error of $1.6M ?

Doesn’t ANYONE know how to do their job anymore? This is not a confidence builder…

My inquiry into these concerns has been sent to the Bank of Canada…I will of course share any/all insight when they follow-up and I hope they certainly do.

Oh Yes. Here’s the explanation that is standard fare in explaining what Unclaimed Balances are according to the Bank of Canada (And the Bank of Canada does not look at Matured but Unclaimed Canada Savings Bonds as just that)

An “unclaimed balance” is a Canadian-dollar deposit or negotiable instrument,
issued or held by a federally regulated bank or trust company, which has been
inactive for a period of 10 years and whose owner cannot be contacted by the
institution holding or administering it. It can be in the form of a deposit account,
bank draft, certified cheque, deposit receipt, money order, GIC, term deposit,
positive credit card balance or traveller’s cheque.
These balances are turned over to the Bank of Canada, which acts as custodian
on behalf of the owners. Balances are transferred to the Bank of Canada once a
year, on 31 December.
Under its unclaimed balances service (UCBS), the Bank of Canada holds unclaimed
balances of less than $1,000 for 30 years after they have been transferred to the
Bank. Balances of $1,000 or more will be held for 100 years. If the balance remains
unclaimed at the end of the prescribed custody period, the Bank of Canada transfers
the funds to the Receiver General for Canada.
Owners of these accounts can claim their money if they are able to provide
proof of ownership. Over the past 10 years, the Bank has paid out approximately
$135 million to claimants representing about 75,000 unclaimed balances, the
largest account being $600,000. In addition, during this time frame, the Bank
transferred $15 million to the federal government.

Annual-Report-2013