Check Out League InfoSight Compliance Videos Posted by Association of Vermont Credit Unions on 1:48 PM

As part of our Association's compliance resources provided on League InfoSight, a quarterly compliance video is posted that typically reviews upcoming compliance deadlines and issues.  The latest edition, embedded below, reviews changes from the 2nd quarter of 2018 and previews what's ahead in the 3rd quarter. It also provides a detailed review of the requirements for FinCEN Customer Due Diligence that became effective in May of this year.

All of the League InfoSight compliance videos posted since 2016 can be found at the Compliance Connection channel on YouTube.

Postal Banking Proposal A ‘Terrible Idea,’ Says Congressman Posted by Bryan Kent on 10:04 AM

Postal Banking Proposal A ‘Terrible Idea,’ Says Congressman
http://www.cutoday.info/Fresh-Today/Postal-Banking-Proposal-A-Terrible-Idea-Says-Congressman?utm_source=Fresh+Today+062918&utm_medium=email&utm_campaign=Fresh+Today+062918

Data of Most Americans Potentially Exposed Posted by Association of Vermont Credit Unions on 3:10 PM

As reported by MSN today, a little-known Florida company may have exposed the personal data of nearly every American adult.  On Wednesday the publication Wired reported that Exactis, a Florida marketing and data-aggregation company, had exposed 2 terabytes of data, containing nearly 340 million individual records, on a public server. That included records of 230 million consumers and 110 million businesses.

The data does not appear to include credit-card or social security numbers, but does include:

• phone numbers
• email and postal addresses
• over 400 personal characteristics, such as whether a person is a smoker, if they own a dog or cat, their religion and a multitude of personal interests. 

Even though no financial information was included, the breadth of personal data could make it possible to profile individuals or help scammers steal identities.

On its website, Exactis said it maintained 3.5 billion consumer, business and digital records, including “demographic, geographic, firmographic, lifestyle, interests, CPG, automotive, and behavioral data.” The company said it has data on 218 million individuals and 110 million U.S. households.

There are about 325 million residents in the U.S., with about 244 million adults and 126 million households, according to the U.S. Census Bureau.

Exactis did not immediately respond when asked to confirm the breach.  If confirmed, the data leak would be one of the largest in history, and far bigger than the Equifax data breach last year that exposed the personal information of about 148 million consumers.

Free Share Insurance Webinars by NCUA Posted by Association of Vermont Credit Unions on 11:22 AM

Learn more about how your credit union's share insurance works in 2 upcoming webinars hosted by the National Credit Union Administration.

• July 18, 2 PM - “Looking for a CURE for Share Insurance?” Online registration is now open.
• August 15, 2 PM - “We’re Giving YOU the Share Insurance CURE”  Online registration is now open.

The July 18 webinar will provide a basic understanding of Share Insurance. The Aug. 15 webinar will discuss share insurance coverage in greater depth. Both webinars will have panels of staff from the NCUA’s Office of Credit Union Resources and Expansion.

Registrants can submit questions in advance at WebinarQuestions@ncua.gov.  NCUA will offer live Twitter updates during both webinars on @TheNCUA. Questions may be submitted via Twitter anytime during the presentation. Both webinars will be closed captioned and then archived online here approximately three weeks following the live event.

NCUA’s Office of Credit Union Resources and Expansion supports low-income-designated credit unions and credit unions interested in a low-income designation; minority credit unions; credit unions seeking changes in their charters, bylaws, or fields of membership; and groups organizing to start new credit unions.

CUs Generate $17B in Tax Revenues Posted by Association of Vermont Credit Unions on 11:06 AM

CUNA again issued statements this week correcting banker falsehoods about their claims regarding the credit union tax status.  In response to banker statements that credit unions pay no taxes, CUNA illustrated how credit unions’ presence in the marketplace generates $10.7 billion in federal tax revenue and an addition $6.4 million in state and local tax revenue.

Tax revenue contributions from credit unions include:

• $4.2 billion in direct federal and $2.4 billion in state and local taxes from credit unions and employees through FICA, personal income and excise taxes, among others;
• $3 billion in federal and $1.3 billion in state and local indirect taxes generated by credit unions through purchases of third party contracting goods and supplies; and
• $3.5 billion in federal and $2.7 billion in state and local taxes generated by credit union employee spending in local communities.

Additionally, CUNA notes that credit union members paid $1.6 billion in state and federal income taxes in the most recent federal tax year.

Mobile Wallet Use Case Is Still Lacking, Apple Pay Usage Down, Says Report Posted by Bryan Kent on 10:23 AM

Mobile Wallet Use Case Is Still Lacking, Apple Pay Usage Down, Says Report
http://www.cutoday.info/Fresh-Today/Mobile-Wallet-Use-Case-Is-Still-Lacking-Apple-Pay-Usage-Down-Says-Report?utm_source=Fresh+Today+062818&utm_medium=email&utm_campaign=Fresh+Today+062818

5 questions on Trump’s plan to reform Fannie, Freddie Posted by Bryan Kent on 10:07 AM

5 questions on Trump’s plan to reform Fannie, Freddie
https://www.cujournal.com/list/5-questions-on-trumps-plan-to-reform-fannie-mae-freddie-mac?utm_campaign=daily%20briefing-jun%2028%202018&utm_medium=email&utm_source=newsletter&eid=b8e560b215b5002cc1ece8de6eca8143

Supreme Court: Retailers Can’t Offer Incentives To Use Less-Expensive Cards Posted by Association of Vermont Credit Unions on 11:19 AM

The Supreme Court has ruled in favor of an American Express policy that prevents retailers from offering customers incentives to pay with less-expensive cards. The ruling was immediately blasted by retailers.

The court’s decision is a loss for a dozen-plus states and the Justice Department, which had brought the challenge to American Express’ policy  prohibiting retailers and other businesses from offering consumers discounts or incentives for using a card from a different issuer.

In the 5-4 opinion, the court ruled that government antitrust enforcers were unable to meet their burden of proving that the AmEx anti-steering rules harmed consumers.  The decision split the court along ideological lines with conservative justices in the majority.

Retailers that accept AmEx cards won’t be able to ask customers to use other cards for purchases.

Following the ruling, the National Retail Federation said the decision will . . .

". . . perpetuate a system that costs merchants and consumers billions of dollars a year" and that the American Express rules in question have amounted to "a gag order on retailers’ ability to educate their customers on how high swipe fees drive up the price of merchandise.  By denying merchants the right to simply ask for another card or offer an incentive for using a preferred card, the Supreme Court has undermined the principle of free markets where one company should not be allowed to dictate the practices of an entire industry in order to protect its business model.”

Read the report in entirety on CU Today. 

Leahy Speaks Out in Senate Move to Block Cannabis Banking Amendment Posted by Association of Vermont Credit Unions on 11:11 AM

Late last week, the U.S. Senate Appropriations Committee tabled an amendment that would have protected financial institutions complying with state laws when they open accounts for cannabis businesses.  Current federal laws force many marijuana businesses to operate on an all-cash basis, which presents an opportunity nefarious activities. The House Appropriations Committee previously defeated a similar proposal.

Several Democratic members of the committee support the ability of marijuana businesses in a growing number of states to access financial services, but objected to the amendment on procedural grounds, with Vermont Senator Patrick Leahy among them.  Leahy said he wants to keep spending legislation "free of new controversial policy riders" and that a more appropriate forum would be an authorizing committee that sets banking laws. Still, Leahy has sponsored amendments to prevent the Justice Department from interfering with state medical cannabis laws instead of insisting that those measures go through the authorizing Judiciary Committee.

Legalization advocates were upset by the committee's move.

Ongoing federal marijuana prohibition and related money laundering laws have made many banks reluctant to work with cannabis businesses.

Nonetheless, new Treasury Department data first reported last week shows that a steadily increasing number of financial institutions have been opening accounts for marijuana growers, processors, retailers and related outfits even as Attorney General Jeff Sessions makes anti-cannabis moves and comments.

The House of Representatives passed a cannabis banking amendment in 2014 by a vote of 231 to 192, but the provision was not included in final spending legislation that year. Congressional Republican leadership has since blocked floor votes on cannabis measures.

Several Trump administration officials have indicated they would like to see a resolution to the issue.

See the full article on Forbes.com 

Lending Grows at CUs, But Pace of Membership Cools Posted by Bryan Kent on 9:52 AM

Lending Grows at CUs, But Pace of Membership Cools
http://www.cutoday.info/Fresh-Today/Lending-Grows-at-CUs-But-Pace-of-Membership-Cools?utm_source=Fresh+Today+062718&utm_medium=email&utm_campaign=Fresh+Today+062718

NCUA Community Development Grant Round Opens 7/1 Posted by Association of Vermont Credit Unions on 11:32 AM

Low-income credit unions interested in applying for Community Development Revolving Loan Fund grants can begin submitting applications July 1.

The NCUA will administer approximately $2 million in CDRLF grants to the most qualified applicants, subject to the availability of funds. Credit unions may apply for a grant in one of three categories:

• Digital Services and Security (maximum grant $10,000): Helping credit unions create digital relationships with members.
• Leadership Development (maximum grant $10,000): Promoting career development within the credit union industry.
• Underserved Outreach (maximum grant $20,000): Assisting credit unions in improving the financial well-being of individuals in underserved areas.

Applications for funding must be received no later than Aug. 18 at 11:59 p.m. Eastern time.

Grant requirements, application instructions, and other information are available in the 2018 Grant Round Application Guideline.

Federal law requires that credit unions have an active registration with the federal government’s System for Award Management prior to applying for funding. Credit unions interested in applying for CDRLF grants are encouraged to register in SAM.gov or recertify existing SAM.gov accounts as soon as possible. SAM.gov is an official U.S. government website that collects, validates, stores, and disseminates business information about the federal government's trading partners in support of contract awards, grants, and electronic payment processes.

The U.S. General Services Administration is implementing new processes to verify the identity of both new and existing registered entities. This may affect how long it takes the GSA to activate or recertify SAM.gov accounts. Credit unions registering a new account in SAM.gov or recertifying an existing SAM.gov account must now submit a notarized letter to SAM.gov stating that they are the authorized Entity Administrator within 30 days of account activation.

Scott Blinks in Vermont Budget Battle, Will Allow Third Bill to Become Law Posted by Bryan Kent on 8:45 AM

Scott Blinks in Vermont Budget Battle, Will Allow Third Bill to Become Law

 

https://www.sevendaysvt.com/OffMessage/archives/2018/06/25/vermont-legislature-sends-scott-a-third-budget-proposal?utm_source=Seven+Days+Email+Newsletters&utm_campaign=692364b72b-KnowItAll&utm_medium=email&utm_term=0_24eb556688-692364b72b-296169913

 

 

 

 

 

 

 

 

 

Is your credit union’s website really ADA compliant? Posted by Bryan Kent on 1:34 PM

Is your credit union’s website really ADA compliant?
https://www.cuinsight.com/is-your-financial-institutions-website-really-ada-compliant.html?utm_source=CUinsight+Email+List&utm_campaign=c459fb3821-EMAIL_CAMPAIGN_2018_06_25_05_02&utm_medium=email&utm_term=0_601789497f-c459fb3821-307447917

Another judge says CFPB structure is unconstitutional Posted by Bryan Kent on 9:33 AM

Another judge says CFPB structure is unconstitutional
https://www.cujournal.com/news/cfpb-is-unconstitutional-new-york-federal-judge-rules?utm_campaign=bulletin-c-Jun%2022%202018&utm_medium=email&utm_source=newsletter&eid=12a6d4d069cd56cfddaa391c24eb7042

How Vermont’s Nonprofit Sector Became a $6.8 Billion Industry Posted by Bryan Kent on 9:22 AM

How Vermont’s Nonprofit Sector Became a $6.8 Billion Industry 
https://www.sevendaysvt.com/vermont/how-vermonts-nonprofit-sector-became-a-68-billion-industry/Content?oid=17146475&utm_source=Seven+Days+Email+Newsletters&utm_campaign=14017203bc-KnowItAll&utm_medium=email&utm_term=0_24eb556688-14017203bc-296169913

Free 60 Minute Webinar Line Up Posted by Association of Vermont Credit Unions on 11:39 AM

Free learning opportunities abound from the comfort of your office chair. Join us for these 60-minute informational sessions. While CUNA Strategic Services providers certainly have useful products and services for credit unions to use, they pride themselves in presenting webinars that are first and foremost educational and enlightening.

June, 2018

• Jun 21: LendKey and the Future of Digital Lending
• Jun 21: Video Banking Demonstration
• Jun 21: Elder Financial Exploitation: Protecting Your Vulnerable Customers
• Jun 26: New FFIEC CDD Exam Procedures
• Jun 28: The Impact of Driverless Cars on Financial Institutions
• Jun 28: Detection & Reporting of Elder Financial Abuse

July, 2018

• Jul 10: Benefits of Automating Your CDD Processes with Verafin
• Jul 12: A Vidyo Case Study: BluCurrent Credit Union
• Jul 19: LendKey and the Future of Digital Lending
• Jul 26: Demo: Learn how CU RateReset is Transforming the Mortgage and Auto Loan Industry with their Retention, Acquisition and, Recapture Solutions

August, 2018

• Aug 16: LendKey and the Future of Digital Lending

September, 2018

• Sep 6: Demo: Learn how CU RateReset is Transforming the Mortgage and Auto Loan Industry with their Retention, Acquisition and, Recapture Solutions

November, 2018

• Nov 13: Demo: Learn how CU RateReset is Transforming the Mortgage and Auto Loan Industry with their Retention, Acquisition and, Recapture Solutions

Free: CU Trends Report Posted by Association of Vermont Credit Unions on 11:32 AM

The latest issue of the Credit Union Trends Report is out, produced monthly by the CUNA Mutual Group and Chief Economist Steve Rick. Here's a snapshot of the May 2018 report:

• Credit union loan balances rose over the $1 trillion milestone in March, doubling the $500 billion set back in August 2006.
• Credit union loan balances rose 1.1 percent in March, faster than the 0.9 percent pace reported in March 2017.   
• During the last 12 months, the number of credit unions fell by 246, slightly above the 222-annual decline set one year ago.

Get the scoop on this information and so much more, or go directly to the May 2018 Credit Union Trends Report.

Free Online Conference: CUNA Mutual Discovery 2018 Posted by Association of Vermont Credit Unions on 10:55 AM

CUNA Mutual has announced the 2018 version of its popular online Discovery Conference. The entirely online event takes place on Thursday, August 16th, starting at 10 AM.  The event features the following headline speakers:

• Scott Bales - Discovery Keynoter and global futurist and digital strategist.
• Seve Rick, CUNA Mutual chief economist
• Susan Hochsprung, VP of Sales for CUNA Mutual
• Anne Legg, Director of Market Strategy for CUNA Mutual
• Carlos Molina, Rick and Compliance Senior Consultant for CUNA Mutual
• Colleen Woggan, DEO of Oakdale Credit Union
• Chris Hollen, CEO of Diversified Credit Union
• Courney Angley, Impact Director at Filene Institute
• Bob Larson, Financial Consultant for CUNA Mutual
• Mark Sievewright of Sievewright & Associates
• Elry Armaza, Impact Director at Filene Research

This year’s event theme, “Drive Innovation, Today & Tomorrow” will help credit unions create an innovative and agile strategy that puts them on a course for sustained growth.  There is no cost to attend, no travel expenses and no time out of the office.  More session details will be announced in July. Keep checking online for details and to register for free.

The five emerging technologies that matter for credit unions Posted by Bryan Kent on 9:23 AM

The five emerging technologies that matter for credit unions
https://www.cujournal.com/news/the-five-emerging-technologies-that-matter-for-credit-unions?utm_campaign=technology-jun%2019%202018&utm_medium=email&utm_source=newsletter&eid=b8e560b215b5002cc1ece8de6eca8143

Another class-action suit against credit unions is brewing Posted by Bryan Kent on 1:23 PM

Another class-action suit against credit unions is brewing
https://www.cujournal.com/news/lawyers-seek-plaintiffs-in-overdraft-class-action-suit?utm_campaign=bulletin-c-Jun%2018%202018&utm_medium=email&utm_source=newsletter&eid=12a6d4d069cd56cfddaa391c24eb7042

CUNA urges CUs to share reg burden stories Posted by Bryan Kent on 9:29 AM

CUNA urges CUs to share reg burden stories
http://news.cuna.org/articles/114318-cuna-calls-on-cus-to-share-reg-burden-stories-w-cfpb?utm_source=real_magnet&utm_medium=email&utm_campaign=Compliance%253A%2520S%252E%25202155%2520changes%2520to%2520reporting%2520HMDA%2520data

What's a Chatbot & Why Your CU Should Use One Posted by Association of Vermont Credit Unions on 12:56 PM

Got an urgent question? Forget Google. Soon a chatbot might come to the rescue. Chatbots are computer applications that engage in simple "conversations" with uses, powered by artificial intelligence. They supply answers and respond to requests for help.

More and more banks and credit unions are using chatbot solutions to reduce costs and serve  increasingly tech-savvy consumers. In many examples, chatbots facilitate two-way communication, replacing channels such as phone, email or text. The objective is to provide quick service and transactional support.  Most basic tasks such as balance inquiry, bank account details, loan queries etc. can be handled by a bot efficiently, allowing customer service representatives time for complex issues … leading to a more positive banking experience. Over time, artificial intelligence (AI) and new digital technologies will provide the banking industry with expanded forms of engagement, potentially moving beyond bots to digital voice interactions.

According to a report released by Juniper, chatbots will be responsible for over $8 billion annual cost savings by 2022. Gartner says that chatbots will be handling no less than 85% of all customer service interactions by 2020.

Here are some samples of chatbots already at work in banking:

• Bank of America's mobile banking app is home to Erica, a chatbot that sends notifications to customers, provides balance information, suggest how to save money, provides credit report updates, pays bills and helps users with simple transactions.  Erica also sends educational videos on finance.
• JP Morgan's chatbot is for streamlining its back-office.  COIN analyzes contracts more quickly and proficiently than human lawyers. It also screens messages for employees, handles basic IT requests like resetting passwords.
• Capital One's Eno is a text-based chatbot that learns consumer behavior over time. Users get information about balances, transaction history, and credit limit as an instant message and can pay bills instantly. Eno understands emojis and the meaning of thumbs given by customers.

Read this Financial Brand article with more details on banking chatbots, the benefits and limitations, and more examples. And here's a long list of related articles by BankInnovation.

And be sure to watch the innovative video below for a great example of what it might be like for your member communicating with your CU chatbot on their mobile phone

Vermont AG Issues Weed Law Guidance for the Workplace Posted by Bryan Kent on 8:56 AM

Vermont AG Issues Weed Law Guidance for the Workplace
https://www.sevendaysvt.com/OffMessage/archives/2018/06/14/vermont-ag-issues-weed-law-guidance-for-the-workplace?utm_source=Seven+Days+Email+Newsletters&utm_campaign=df0708defb-KnowItAll&utm_medium=email&utm_term=0_24eb556688-df0708defb-296169913

Student Debt Really Is Hurting Your Bottom Line Posted by Bryan Kent on 1:39 PM

Student Debt Really Is Hurting Your Bottom Line
https://www.raddon.com/raddon-report/student-debt-really-hurting-your-bottom-line

Sievewright: Find the future and secure it Posted by Bryan Kent on 9:03 AM

Sievewright: Find the future and secure it


https://www.cuinsight.com/sievewright-find-the-future-and-secure-it.html?utm_source=CUinsight+Email+List&utm_campaign=d924b6b40e-EMAIL_CAMPAIGN_2018_06_14_12_26&utm_medium=email&utm_term=0_601789497f-d924b6b40e-278262461

Wegner Award Nominations Open Posted by Association of Vermont Credit Unions on 12:08 PM

The Herb Wegner Memorial Award is among the highest presented in the U.S. credit union industry.  Its sponsor, the National Credit Union Foundation (the Foundation), has now announced that nominations are open for 2019 winners.

Winners will be honored at the Foundation’s annual awards and fundraising gala on 3/11/19 in conjunction with the CUNA Governmental Affairs Conference (GAC) in Washington, D.C.

Nominations need to be made by Friday, 8/10/18 for the following awards:

• The Outstanding Individual Achievement Award honors an individual who is dedicated to promoting the credit union philosophy, has created innovative concepts, and provided leadership that has had a significant and lasting impact on the local, regional, national and/or international credit union movement with measured results.
• The Outstanding Organization/Program Award honors an organization, program or business for their innovative concepts, products, and services that have had a significant impact on the local and/or national and/or international credit union movement with measured results. 

Nominations can come from individuals and/or organizations. The following are the three steps needed to make a nomination:

1. Complete the Wegner Awards nomination form.
2. Gather at least five personal recommendations citing examples of the nominee’s achievements relevant to the award criteria.
3. Send the nomination form and recommendation letters electronically to the Foundation by August 10, 2018. 

CO-OP Roadshow Coming to Boston Posted by Association of Vermont Credit Unions on 11:32 AM

CO-OP Financial Services is bringing strategic and tactical learnings to help credit unions on their digital transformation journey through six, single-day Roadshow events running July to October in locations across the country.

Each CO-OP Roadshow will feature industry thought leaders, both within and beyond CO-OP, sharing hands-on strategies credit unions can put to work immediately. CO-OP has identified and is pursuing seven strategies and recommends credit unions follow to accelerate the digital transformation process.

Roadshow speakers will share insights and guidance on topics including:

• The latest consumer and fintech trends that will impact credit unions now and in the future.
• How to respond to these trends with seven strategies to accelerate digital transformation.
• The vital role data plays in fueling growth and how to establish an effective data strategy.
• Why integration is the key to innovation, empowering credit unions to deliver excellence.
• How CO-OP is evolving to become a world-class ecosystem, enabling the company to serve as a strategic partner to credit unions on their path towards digital transformation.

2018 CO-OP THINK Roadshow Schedule

• July 17: Boulder, Colo.
• Aug. 21: Detroit, Mich.
• Aug. 23: Des Moines, Iowa
• Sept. 26: Irvine, Calif.
• Oct. 2: Philadelphia, Pa.
• Oct. 4: Boston, Mass.

There is no cost for credit union personnel to attend, and each event will include breakfast and lunch. Online registration is now open.

What’s Coming In Credit Card Debt Is ‘Not Pretty’ Suggests Analysis Posted by Bryan Kent on 11:31 AM

What’s Coming In Credit Card Debt Is ‘Not Pretty’ Suggests Analysis
http://www.cutoday.info/Fresh-Today/What-s-Coming-In-Credit-Card-Debt-Is-Not-Pretty-Suggests-Analysis?utm_source=Fresh+Today+061318&utm_medium=email&utm_campaign=Fresh+Today+061318

Trump Supports Bill Allowing CU Service to Cannabis Industry Posted by Association of Vermont Credit Unions on 10:05 AM

Last Friday President Trump said that if it passed Congress, he'd likely sign a bill by Sen. Elizabeth Warren (D-Mass) that would enable banks and credit unions to do business with cannabis-related companies in states where marijuana is legal. Warren, one of the harshest critics of Trump and the banking industry, co-sponsored the legislation with Cory Gardner, R-Colo. The bill would exempt persons complying with state marijuana laws from the federal pot prohibition under the Controlled Substances Act.  The Strengthening of the Tenth Amendment Through Entrusting States (STATES) Act of 2018 (S. 3032) would provide financial institutions accepting deposits from, extending credit or providing payment services to an individual or business engaged in legal marijuana-related commerce with legal protections if they are compliant with all other applicable laws and regulations. It also clarifies that compliant financial transactions do not constitute trafficking, or result in proceeds of an unlawful transaction;The bill likely won’t pass the current Republican-controlled Congress, despite the fact that it only affects states that have legalized marijuana for medical or recreational purposes. 

Meanwhile, two similar bills have been introduced in the Senate:

• The Secure and Fair Enforcement (SAFE) Banking Act of 2017 (H.R. 2215), introduced by Reps. Ed Perlmutter (D-Colo.) and Denny Heck (D-Wash.). It is narrowly targeted to provide financial institutions accepting deposits from, extending credit or providing payment services to an individual, or business engaged in legal marijuana-related commerce with a safe harbor, if it is compliant with all other applicable laws and regulations. It also provides safe harbor to credit unions and their employees who are not aware if their members or customers are involved in such businesses; and
  
• A Senate SAFE Banking Act (S. 1152), introduced by Sens. Jeff Merkley (D-Ore.) and Rand Paul (R-Ky.). S. 1152 specifies that a depository institution shall not, under federal law, be liable or subject to forfeiture for providing a loan or other financial services to a legitimate marijuana-related business. It also prohibits a federal banking regulator from:
  
• Terminating or limiting the deposit insurance or share insurance of a depository institution solely because the institution provides financial services to a legitimate marijuana-related business;
  
• Prohibiting or otherwise discouraging a depository institution from offering financial services to such a business;
  
• Recommending, incentivizing, or encouraging a depository institution not to offer financial services to an account holder solely because the account holder is affiliated with such a business; or
  
• Taking any adverse or corrective supervisory action on a loan made to a person solely because the person either owns such a business or owns real estate or equipment leased or sold to such a business.

CUNA wrote letters of support to the Senate for all 3 of the above bills. Read more details on them in American Banker and CUNA News.

1/1/20: Every Vermonter Health Insurance Deadline Posted by Association of Vermont Credit Unions on 2:17 PM

Last month, Governor Scott signed legislation mandating that every Vermonter have health insurance by January, 2020. Failure to have insurance will result in a penalty. The legislation creates a commission to work out the details.  The mandate is an effort to spread insurance risk across as many people as possible, keeping health insurance
as affordable as possible.

In 2014, Vermont dropped its pursuit of the nation's first statewide single-payer health care system in favor of participating in the federal Affordable Care Act, which requires individuals to have health insurance or pay a penalty.  Last year, Congress repealed that mandate effective 2019.

Two states have a similar mandate and about 5 others are considering it. Read the full article as reported by NBC 5. 

Applications Open: Global Women's Leadership Summit Posted by Association of Vermont Credit Unions on 12:38 PM

The Global Leadership Network will be holding its 2018 Executive Readiness Summit in Chicago 11/12-14. The Executive Readiness Summit is a dynamic, experiential, and inspiring workshop designed specifically for U.S. credit union women working in mid to high-level positions. This unique platform will focus on building critical competencies, networking, and expanding knowledge in order to support and equip executive-track women in their career journey and inspire new insights and action.

Few credit unions have a focus on developing mid-tier ranks where people often need information and the most support. The Summit invites women working in mid to high-tiered credit union positions to participate in an intimate two-day workshop designed to inspire new insights and action.  The event focuses on critical competencies, networking, and expanding knowledge; increasing the number of women in the ready-now or ready-soon pool.  Prior to the Summit, participants receive a self-assessment tool to evaluate their strengths, weaknesses and development areas. 

Applications to attend the conference are open through 9/7 and acceptance will be communicated in early September. Full event details including lodging and eligibility can be found on the Global Women's website.

CU Adds DMV Service to Branch Posted by Association of Vermont Credit Unions on 10:34 AM

A Connecticut credit union has struck an arrangement with its state's Department of Motor Vehicles to provide DMV services at the credit union's branch. Nutmeg State Financial Credit Union this week debuted its newest branch.  It's staffed exclusively by credit union employees, but provides both CU services on one side of the building and DMV services on the other. 

Nutmeg State employees are trained to use DMV software. Consumers can enter the credit union, use a DMV kiosk — equipped with technology designed by the credit union — to make an appointment or set their place in line, and then wait until their scheduled time or leave the branch and return later.  Members use the DMV facility for free, while non-members pay a $5 convenience fee, though that fee is waived if they choose to join.  The credit union's branch can handle driver's licenses and ID card renewals, name changes, duplicate licenses, learner's permits and more, though vehicle registration and other services are not available.

Read more details of the credit union's DMV venture on CU Journal.

Lending, membership growth lead CUNA’s April MCUEs Posted by Bryan Kent on 10:27 AM

Lending, membership growth lead CUNA’s April MCUEs
http://news.cuna.org/articles/114338-lending-membership-growth-lead-cunas-april-mcues?utm_source=real_magnet&utm_medium=email&utm_campaign=CUNA%2520engaged%2520with%2520FSGG%2520markup%252C%2520other%2520approps%2520bills

Reminder: 1/14/20 ATM OS Upgrade Deadline Posted by Association of Vermont Credit Unions on 10:23 AM

Old news now for people in the know, but for everyone else another deadline faces credit unions in the form of Microsoft discontinuing support for Windows 7 on January 14, 2020.  ATMs not running on a newer version of the operating system will be subject to the standard risks associated with running unsupported operating systems including:

• Discontinued security patches
• Added vulnerability to cyber-attacks, malware, etc.
• Fees associated with non-compliant PCI standards
• Detriment to the overall security of terminals

The path to Windows 10 upgrades for ATMS brings built-in security, designed to detect and prevent emerging cybersecurity threats. If the Windows 7 deadline for ATMs is still news to you, there are a lot of online resources, starting with this basic overview by Payments Journal.

Many Potential Risks For Issuers Posted by Bryan Kent on 10:21 AM

Many Potential Risks For Issuers
https://www.cuinsight.com/many-potential-risks-for-issuers.html?utm_source=CUinsight+Email+List&utm_campaign=1fa073560f-EMAIL_CAMPAIGN_2018_06_08_12_26&utm_medium=email&utm_term=0_601789497f-1fa073560f-307447917

CUNA calls on CUs to share reg burden stories w/ CFPB Posted by Bryan Kent on 9:06 AM

CUNA calls on CUs to share reg burden stories w/ CFPB
http://news.cuna.org/articles/114318-cuna-calls-on-cus-to-share-reg-burden-stories-w-cfpb?utm_source=real_magnet&utm_medium=email&utm_campaign=CUNA%2520calls%2520on%2520CUs%2520to%2520share%2520reg%2520burden%2520stories%2520w%252F%2520C

CUNA continues FOM support as NCUA, ABA appeal court ruling Posted by Bryan Kent on 9:46 AM

CUNA continues FOM support as NCUA, ABA appeal court ruling
http://news.cuna.org/articles/114313-cuna-continues-fom-support-as-ncua-aba-appeal-court-ruling?utm_source=real_magnet&utm_medium=email&utm_campaign=CUNA%2520continues%2520FOM%2520support%2520as%2520NCUA%252C%2520ABA%2520appeal%2520cou

New Auto Loan Research: What You Need to Know Posted by Bryan Kent on 9:22 AM

New auto loan research: What you need to know
https://www.cuinsight.com/new-auto-loan-research-what-you-need-to-know.html?utm_source=CUinsight+Email+List&utm_campaign=c80674464d-EMAIL_CAMPAIGN_2018_06_05_12_33&utm_medium=email&utm_term=0_601789497f-c80674464d-278262461
 Know

Compliance: S. 2155 regulatory relief effective dates Posted by Bryan Kent on 9:38 AM

Compliance: S. 2155 regulatory relief effective dates
http://news.cuna.org/articles/114298-compliance-s-2155-regulatory-relief-effective-dates?utm_source=real_magnet&utm_medium=email&utm_campaign=Compliance%253A%2520S%252E%25202155%2520regulatory%2520relief%2520effective%2520da

Comments on CFPB RFIs, reassigned numbers due in June Posted by Bryan Kent on 9:02 AM

Comments on CFPB RFIs, reassigned numbers due in June
http://news.cuna.org/articles/114290-comments-on-cfpb-rfis-reassigned-numbers-due-in-june?utm_source=real_magnet&utm_medium=email&utm_campaign=Comments%2520on%2520CFPB%2520RFIs%252C%2520reassigned%2520numbers%2520due%2520in%2520J