Now celebrating 35+ years of experience in the Credit Union Industry, Oak Tree is a leading provider for compliant lending documents and forms for Credit Unions. We provide all types of forms, (all types of formats), data linking services, training, compliance support, legal opinion letters, marketing services, spanish forms, preprinted brochures and documents, as well as web-based forms.
When it comes to lending documents, Oak Tree Business Systems, Inc. is the premier credit union forms provider! Please let us know how Oak Tree can be of benefit to your credit union! See for yourself why Oak Tree truly is: The ONLY Credit Union Forms Company You'll Ever Need!
Are You Ready for Budget Planning Season?
It`s almost budget planning season again. That means you are probably making plans for planning season. That’s a really horrible pun, but the message is clear. Nothing happens very well at a credit union without planning. With that said, let’s look at a few elements to include in your strategic plan.
With the rise in technology and forward thinking, electric cars are starting to make a solid footprint on the automobile industry. They have been around for ages, though. Look at history; one of the very first cars was electric. It was produced in 1934 while Andrew Jackson served as our 7th president. It did not gain traction because the technology was decades ahead of its time and therefore, too costly. Things are different now.
Electric cars are making a difference, with cars like Tesla and the Chevy Volt already gaining a sizable portion of market share. Furthermore, Volvo is set to ditch gasoline completely and go all-electric by 2020. Countries like Sweden are dispensing with fossil fuels, and it seems that the rest of the world is starting to follow suit. Los Angeles’ transportation system is preparing to shift its entire 2,200-bus fleet to zero-emissions models by 2030. Other cities such as Dallas and New York are testing the market for electric buses. Limousine companies are also purchasing and borrowing to purchase electric cars. Incentives like income tax credits may encourage your members to finance an electric vehicle sooner than expected. Is your lending department ready for the automobile revolution? Be ready to help your members finance electric bikes, electric motorcycles, electric golf carts, electric cars, or electric boats.
As of now, traditional automobiles still remain in control. Electric cars have a few years to go before they become a mainstay in the marketplace. Most owners prefer to lease them, since the technology improves every few years. For instance, battery life is extended every year between 5-10 miles. Once the technology evens out, expect buyers to seek more traditional financing for electric vehicles. It does them no good to finance a vehicle that will be obsolete in terms of efficiency two years down the road. Millennials and other generations have a choice to make.
This is the same type of mindset we use when purchasing our smartphones. The technology changes so rapidly that purchasing one outright makes little sense. It`s easier to upgrade every few years to the latest model. And to think, we are just talking about electric cars. Driverless vehicles have not even entered the discussion yet!
Is your credit union ready with compliant forms as new finance terms become available? Does your forms and disclosures package keep pace with incentives, tax cuts, and any new regulations that may come down the pike as they relate to all electric vehicles? Offer your members applications that meet member demands and follow regulatory changes.
When regulatory changes come, rest assured, we will be here. Whether your member needs financing for a gas, electric, or hybrid car, our forms and disclosures are the answer. Fully compliant, easy to use, multiple delivery methods, and able to integrate on any data platform, Oak Tree Business Systems is the answer for quality forms and disclosures. Contact us today and see how our forms can help you with automobile lending. Thank you for your business. We look forward to speaking with you.
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Are you doing everything to stay compliant? If not, it could cost you. The lesser end of the consequence spectrum could mean a fine of several thousand dollars. More serious offenses could involve restricting your membership growth field, and in severe cases, loss of charter. Even if you are diligent, something could still be overlooked and end up costing you, should a compliance officer walk through your door. That can sour a good day.
To keep that from happening, it is important to periodically review your policies and processes. It’s a great practice to keep and can spare you from unfortunate events. Make sure your forms are part of that review process. All of your forms should be safe, secure, and compliant. To be sure, let us be your forms provider. We have been serving the industry for 30+ years; keeping pace with the ever-changing regulation landscape. Our forms can be customized and seamlessly integrated with your data processor. In addition, they can be themed to match your credit union. Finally, we offer pre-printed and print-on-demand form options should you need them, and a free newsletter, “The Oak Tree Advantage,” to keep you on track and compliant.
Each package is designed to give your staff the necessary tools to meet customer demand, while giving your members an easy platform to complete an application. When you use one of our forms packages you can rest assured that no matter the format, compliance is covered. The next time a compliance officer walks through your doors you can rest easy knowing your forms are not an issue. Now is the time to review your forms to make sure you are not at risk. Compliance can be a constant threat. Periodic review of operations, filing dates, and processes is a great preventative measure. Forms will always be a part of that mix. Contact us today to make sure your forms are not putting you at risk. Check our Compliance Support Here.
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42645 Moonridge Road
P.O. Box 6967
Big Bear Lake, CA 92315-6967
