Archive for david murphy

Day 1 at the Governmental Affairs Conference in Washington D.C.

David is attending the CUNA Governmental Affairs Conference (GAC) meeting in Washington D.C. this week and shared this video with Tom Sakash, Manager of Small Credit Union Initiatives with CUNA.

GAC Day 1 from Tom Sakash on Vimeo.

Message From David:

I was selected through a contest through CUNA’s Small Credit Union Initiative to receive a scholarship to attend this week’s GAC meeting.  As an employee of a small credit union, I had the opportunity to attend a roundtable discussion this past Sunday to kick off the GAC.

This event provides employees and directors of small credit unions the opportunity to network, to share ideas other small credit unions have implemented, and to hear from industry leaders to address the unique needs small credit unions have within the industry.

It’s harder for smaller credit unions to send staff out to events like GAC because it limits the ability to serve the members back at the office.  However, attending these events and meeting with our legislators is important to let our Representatives and Senators know how current proposals will impact how we serve our members and what statutory changes could be made to help alleviate the regulatory burden our industry faces.

From Wisconsin alone, we have approximately 60 credit union advocates out here sharing member stories and how we continue to serve our members and our communities, and legislators appreciate the candor and the impact our industry has on so many Americans who need a financial partner.

Tax Planning for Retirement Workshop to be Held at MMCCU (Rescheduled)

Members Encouraged to Attend Workshop “Tax Planning for Retirement”

Marshfield Medical Center Credit Union (MMCCU) will host a “Tax Planning for Retirement” workshop in partnership with Neufeld Capital Management on February 19 at MMCCU.

The workshop will begin at 4:30pm and feature speaker Chris Neufeld, Investment Advisor Representative and Tax Consultant. Anyone within 10 years of retirement or already retired is encouraged to attend.

Neufeld will educate members on new tax laws, help members make informed decisions and capitalize on tax savings, and explain income and distribution planning.

“As members make the transition from working to retirement, there are many changes that can impact your financial situation. While you may think it’s best to go it alone, meeting with a qualified financial advisor can help understand all the nuances within tax law and financial planning,” said David Murphy, MMCCU VP of Finance & Risk. “We are happy to make this workshop available to our members to be better equipped to make this transition.”

Other financial workshops will be held in the upcoming months, each featuring a different topic. Visit www.mmccu.com to learn more.

To register for this event, please call 715-316-4832.

Gift Card Fundraiser Supports Grant Elementary School

Each year during the holidays, we like to use our gift card sale as an opportunity to give back to the community. This year, we raised funds for our neighbor Grant Elementary School. On Friday, VP of Finance and Risk David Murphy visited Grant Elementary to deliver a check in the amount of $59.50.

Thank you to everyone who participated in the gift card fundraiser!

What to Know About Paying For College

Paying for college can be challenging, but the team at Marshfield Medical Center Credit Union is there to help. (Read some college savings tips HERE.)

“Depending on the year in school, students are capped at how much they can borrow from the Federal Government for student loans,” said David Murphy, VP-Finance & Risk. “Private student loans can help fill in the gaps between tuition costs and the amount a student and their family can cover through Federal student loans, grants and scholarships, and their own savings.”

As with all student loans, borrowers must analyze whether private student loans are a good option for helping cover these costs or if the terms and conditions of a private student loan are not helpful to the student in the long run.

MMCCU partners with Sallie Mae’s Smart Option Student Loan program to help provide an option to students who are in need of student loans in addition to what is available through the Federal Government.

“While we are presently unable to offer student loans to our members, we acknowledge our members are in need of student loan options, and the Smart Option Student Loan program is a responsible option for students and their members to consider,” said Murphy.

Once students have exhausted funds from grants and scholarships and available borrowings from Federal student loans and savings accounts, the Smart Option Student Loan fills in the gaps between tuition costs and the amount available to the student.

The student (or parent if they are applying for one of their Parent loans) would be referred over to Sallie Mae and would apply for a student loan through the program.  If approved, Sallie Mae would receive certification from the school the student is attending as to the cost of tuition, as borrowers are eligible to borrow up to 100% of the cost of attendance.

Once certification has been transmitted, Sallie Mae would remit funds directly to the school to cover the outstanding tuition balance, and the student would work with Sallie Mae to pay back the borrowed funds.

“The product offers competitive advantages over other private student loan programs with competitive rates and little to no fees charged,” said Murphy, adding that students and their families need to consider the long-term effects of borrowing to pay for schooling.

“In some situations, borrowing through student loans to pay for college is a feasible option to students and can provide an opportunity to advance their career prospects at a reasonable cost.  In other situations, the career trajectory doesn’t line up with the cost to attend the school the student is considering,” he said. “As always, we caution students and their families to weigh all options available before applying for student loans and to remain fiscally responsible in these decisions.”

What To Know About Saving for College

College tuition has seen exponential increases in the past few decades despite freezes placed on tuition for Wisconsin-based universities.  Depending on the program a student is considering, the school they plan on attending, and whether the student will be attaining an undergraduate degree or needing to go for their masters in a graduate program, the cost for college can be across the spectrum.

Marshfield Medical Center Credit Union encourages members to set savings goals as early as possible.

“There’s never a bad time to start saving for college, but the sooner in a child’s life you can begin saving, the better off you’ll be once your child is through high school,” said David Murphy, VP-Finance & Risk. “If I was personally setting a goal for how much to save for my child’s secondary education, I would target what an in-state 4-year undergraduate program is averaging today and add an arbitrary total to account for inflation.”

Depending on an individual’s financial situation, they may need the student to work to supplement the amount saved.

“I would not assume a percentage of the tuition would be covered by scholarships; rather, I’d prefer to save more and need less to cover tuition than vice versa,” said Murphy. “There are tax-sheltered savings products available in the marketplace that allow you to set aside money for certain educational purposes, but you’ll want to consult with a tax consultant to determine what amounts you’re eligible to save or what happens to the money if your child decides not to attend college.”

Murphy recalls his own college experience – without a large savings set aside, he was able to put off having to rely on student loans through scholarships he was awarded and by working summer jobs and outside of school.

“While I did have to take out student loans to get through the rest of my college, I was able to pay for the first 2-3 semesters from money I had saved up from working,” he said. “If you know what field you plan on studying in college, whether it’s a 4-year program or a technical school, I would encourage you to meet with your guidance counselor to see what scholarship opportunities are available to you.”

MMCCU provides its members with an education fund savings account that offers a higher dividend rate than their regular savings accounts and allows parents to earmark certain money for their child’s education.

“The funds can be used for any level of schooling, so if you send your child to a private elementary school, you can use the funds in this account to pay for the tuition of these schools,” explained Murphy. “As your child ages and is no longer attending school, no matter what level of schooling it may be, the funds will be turned over into a regular savings account and can be used for whatever purpose the accountholder wishes.”

Murphy added that it’s always a good idea for students and parents to be realistic about the career path a student has chosen to determine if the projected earnings for a particular career justify the costs with attending school.

“Even if a student drops out of school, any amounts borrowed for student loans must still be paid back,” he said. “Depending on the student loan program a student borrows from, these loans may not be dischargeable in bankruptcy, so no matter how dire the financial situation gets for a borrower, they may still be liable for the outstanding principal and interest of their student loans. We do not want to see students be saddled with student loan debt for their entire life post-college.”

MMCCU’s David Murphy Joins Titletown Showdown for Special Olympics

Corporate Central and Special Olympics Wisconsin have teamed up once again to bring the Titletown Showdown, a flag football extravaganza challenges credit unions to form flag football teams that compete against each other to raise money for Special Olympics Wisconsin. David Murphy, MMCCU’s VP of Finance & Risk, is joining forces with Simplicity Credit Union’s team this year to compete.

“The Titletown Showdown is yet another opportunity for credit union staff to come together to raise money for a good cause,” said Murphy. “The flag football tournament presents an opportunity for friendly banter and cooperation between different credit unions, and the money raised supports a great cause in the Special Olympics.”

The one-day event will be held on Saturday, October 19, 2019 at City Stadium in Green Bay, WI, which was the former home turf of the Green Bay Packers from 1925 through 1956. This is Murphy’s second year participating in the event and he enjoys supporting the cause.

“The Special Olympics bring opportunities to a great group of individuals who work hard to succeed in sports to achieve accomplishments in all they do.  These athletes inspire others to work hard and to set goals to push ourselves to achieve greatness,” he said. “Learning disabilities can affect any of us, and we all know someone in our lives who may have a disability, but these individuals strive to make the most of their opportunities.  The organization also works hard behind the scenes researching and working to find ways to better the lives of those impacted by intellectual disabilities.”

All proceeds collected by the flag football teams benefit Special Olympics Wisconsin athletes and help foster the Special Olympics mission: “To provide year-round sports training and competition in a variety of Olympic-type sports for children and adults with intellectual disabilities, giving them continuing opportunities to develop physical fitness, demonstrate courage and experience joy while participating in a sharing of gifts, skills and friendship with their families, Special Olympics athletes, and the community.”