"Stop the Data Breaches" MAP Campaign Launched Posted by Association of Vermont Credit Unions on 12:20 PM

Earlier this week CUNA launched its latest Member Activation Program (MAP) campaign, “Stop the Data Breaches,” focused on educating and activating members to call on members of Congress to enact data breach legislation.

A free, members-only Stop the Data Breaches webinar will be held on Tuesday, July 31 at 3 p.m. (ET).

MAP is a program designed for credit unions to get members engaged in credit union advocacy. Participating credit unions receive customizable content geared around a particular campaign.  The credit union delivers it to members, and members discover ways to play a role in the future of their credit union.

Credit unions that sign up for the MAP data breaches campaign have access to sample long- and short-form email templates for use in communicating with members. The templates can be customized to match credit unions’ existing marketing materials and format.

Members will be directed to the consumer-facing Stop the Data Breaches website, which provides resources about data breaches, information on how to protect members, the latest data breach news and a way to write an e-mail and/or tweet to members of Congress.

Credit unions can also use CUNA’s newly launched MAP community to ask questions, get feedback and share results and resources with credit unions around the country.

Houses passes 4-month flood insurance program extension Posted by Bryan Kent on 10:15 AM

Houses passes 4-month flood insurance program extension
http://news.cuna.org/articles/114613-houses-passes-4-month-flood-insurance-program-extension?utm_source=real_magnet&utm_medium=email&utm_campaign=FASB%2520to%2520propose%2520CUNA%252Dbacked%2520change%2520for%2520CECL%2520clarit

The Check's In The Mail: NCUSIF Equity Disbursements Posted by Association of Vermont Credit Unions on 3:09 PM

Over 5,700 NCUSIF-insured credit unions should start seeing share insurance fund distributions this week.  CUNA supported a transparent and equitable method for repaying credit unions and pushed for a temporary increase of four basis points in the fund's normal operating level while the share insurance fund holds corporate legacy assets. CUNA also insists the increase adopted by NCUA be temporary and phased down to 1.3% by 2021, as the relative exposure of the legacy assets diminishes.

CUNA advocated for equity disbursements this year and submitted a comment letter to NCUA providing suggestions on how the agency should amend its share insurance rule to provide for equity distributions.

 "We commend the NCUA Board for making the decision to start issuing refunds and see this as a victory for credit unions," said CUNA President/CEO Jim Nussle. "CUNA was the only national trade association advocating for refunds to begin in 2018, and more than 90% of credit unions who commented on NCUA’s proposal supported our position. Credit unions look forward to getting their money back and putting it to work for their members." 

House passes reg relief for credit unions Posted by Bryan Kent on 9:30 AM

House passes reg relief for credit unions
http://news.cuna.org/articles/114581-breaking-news-reg-relief-passes-house-cuna-fights-for-cdfi-funds?utm_source=real_magnet&utm_medium=email&utm_campaign=Need%2520for%2520BCFP%2520oversight%2520commission%2520stressed%2520at%2520Kra

Bill Delaying NCUA's RBC Rule Passes House; CU-Backed Candidate Wins Race Posted by Bryan Kent on 9:10 AM

Bill Delaying NCUA's RBC Rule Passes House; CU-Backed Candidate Wins Race
http://www.cutoday.info/Fresh-Today/Bill-Delaying-NCUA-s-RBC-Rule-Passes-House-CU-Backed-Candidate-Wins-Race?utm_source=Fresh+Today+071818&utm_medium=email&utm_campaign=Fresh+Today+071818

NCUA to Distribute $736m to Insured CUs Posted by Association of Vermont Credit Unions on 2:42 PM

NCUA announced today its intent to distribute $736m in dividends to 5,700 credit unions eligible for the share insurance distribution.  Statements will be mailed this week indicating the amounts to be received. An institution that filed a quarterly Call Report as a federally insured credit union for at least one reporting period in calendar year 2017 will be eligible for a pro rata distribution.

This is the largest share insurance distribution in the agency’s history. It was approved at the NCUA Board's February 2018 meeting, and comes about as result of the Board closing the Temporary Corporate Credit Union Stabilization Fund and transfering the Stabilization Fund’s assets and obligations to the National Credit Union Share Insurance Fund, as required by law.

More information on the Share Insurance distribution, including the method the NCUA used to determine each institution’s share and how a credit union should account for it, can be found online.

CO-OP Announces Cardless ATM Withdrawals Posted by Association of Vermont Credit Unions on 10:45 AM

In a press release today, CO-OP Financial Services announced the introduction of card-less withdrawals from ATMs driven by the provider.  The new Cardless Cash Access allows members to withdraw cash faster and more securely at the ATM by using their phones, rather than a plastic card, to initiate and complete a transaction.

CO-OP is the first credit union fintech provider to offer cardless cash access as part of ATM network and terminal driving services.

Cardless Cash Access works when the credit union adds the feature to its mobile banking app. Accountholders then log-in to the app and stage the cash withdrawal. Once at the ATM, the accountholder selects the Cardless Cash Access option, leading the ATM to display a dynamic token or QR code. The accountholder then scans the QR code with the mobile app and when authentication is complete, the cash is dispensed.

Cardless Cash Access can be used on Diebold Nixdorf and NCR ATMs within the CO-OP ATM network, and managed by CO-OP Terminal Driving services. 

Cardless transactions are expected to reduce fraud because they make card skimming impossible. By removing the card from the transaction all together, the technology eliminates the risk of mag-stripe data compromises at the terminal.

Bitcoin: Russian Hackers' Preferred Currency Posted by Association of Vermont Credit Unions on 10:38 AM

According to an American Banker article, bitcoin was the currency of choice among the Russian intelligence officers indicted for hacking offenses related to the 2016 presidential campaign. The conspirators primarily used the virtual coins when buying servers, registering domains and making other payments related to the cyber breaches, according to the indictment. Many of the transactions were processed by U.S. companies.

The defendants laundered the equivalent of over $95,000 through a web of transactions structured to capitalize on the perceived anonymity of cryptocurrency.

The 12 intelligence officers indicted by Special Counsel Robert Mueller are members of the GRU, a Russian intelligence agency. They are accused of stealing usernames and passwords of volunteers in Democrat Hillary Clinton's campaign, including its chairman, John Podesta. They also hacked into the computer networks of the Democratic National Committee and the Democratic Congressional Campaign Committee, in an operation starting around March 2016.

Read the full article on American Banker.

Nation’s Biggest Banks Report Big Profits, But Also Say Lending Has Slowed Posted by Bryan Kent on 9:22 AM

Nation’s Biggest Banks Report Big Profits, But Also Say Lending Has Slowed
http://www.cutoday.info/Fresh-Today/Nation-s-Biggest-Banks-Report-Big-Profits-But-Also-Say-Lending-Has-Slowed?utm_source=Fersh+Today+071718&utm_medium=email&utm_campaign=Fresh+Today+071718

Free Facebook Live Event: Avoiding Military Scams Posted by Association of Vermont Credit Unions on 11:59 AM

NCUA and the Federal Trade Commission are hosting a Facebook Live event July 17 at 2 p.m. that will explain how military consumers can protect themselves from common scams.  Members of the military, veterans, and their families lost more than $25 million last year to imposter scams, and this event is part of the NCUA’s activities during Military Consumer Month, which runs through the month of July. No registration is required, and there is no charge. See details and link to the live broadcast via the Vermont Credit Unions Facebook page, linked below.

Bureau Says It Is Prioritizing Supervision of Credit Reporting Agencies Posted by Bryan Kent on 9:40 AM

Bureau Says It Is Prioritizing Supervision of Credit Reporting Agencies
http://www.cutoday.info/Fresh-Today/Bureau-Says-It-Is-Prioritizing-Supervision-of-Credit-Reporting-Agencies?utm_source=Fresh+Today+071618&utm_medium=email&utm_campaign=Fresh+Today+071618

Law Firm Files Potential Class Action Against Alliant CU Over Overdrafts Posted by Bryan Kent on 9:05 AM

Law Firm Files Potential Class Action Against Alliant CU Over Overdrafts
http://www.cutoday.info/Fresh-Today/Law-Firm-Files-Potential-Class-Action-Against-Alliant-CU-Over-Overdrafts?utm_source=Fresh+Today+071318&utm_medium=email&utm_campaign=Fresh+Today+071318

Preparing for life after LIBOR Posted by Bryan Kent on 2:16 PM

Preparing for life after LIBOR
https://www.cuinsight.com/preparing-for-life-after-libor.html?utm_source=CUinsight+Email+List&utm_campaign=fcf395daa7-EMAIL_CAMPAIGN_2018_07_12_04_07&utm_medium=email&utm_term=0_601789497f-fcf395daa7-307447917

Get Latest Vermont DFR News Via Email Posted by Association of Vermont Credit Unions on 12:22 PM

If you don't receive it already, check out the email newsletter from the Vermont Department of Financial Regulation. The July 11, 2018 edition, below, is the latest. It covers news and developments of all areas of the state's financial regulatory agency.  Subscribe online.

New Online Community Enhances CU Advocacy Posted by Association of Vermont Credit Unions on 12:12 PM

CUNA launched a new online community this week for credit unions participating in the Member Activation Program (MAP).  Its a forum where participants can discuss advocacy issues, communications, best practices, and exchange ideas and resources to better advocate for credit unions. The MAP Community is a free community for CUNA/League members.

The MAP Community is designed as a resource for credit union advocates to:

• Learn about advocacy efforts;
• Connect with their peers;
• Seek advice;
• Ask questions;
• Aid others;
• Participate in discussion topics;
• Search a collaborative file library for on-the-go resources; and
• Share ideas and resources.

CUNA's new MAP Community is the only forum in the credit union industry providing a place to discuss member advocacy efforts and communications as well as advocacy best practices for credit unions.

Explore the MAP Community here. and watch the video below to learn more about MAP.

CUNA launches MAP community to enhance advo coordination Posted by Bryan Kent on 9:36 AM

CUNA launches MAP community to enhance advo coordination
http://news.cuna.org/articles/114530-cuna-launches-map-community-to-enhance-advo-coordination?utm_source=real_magnet&utm_medium=email&utm_campaign=CUNA%2520launches%2520MAP%2520community%2520to%2520enhance%2520advo%2520coordi

CUNA backs BCFP, Foundation partnership for fin. ed. Posted by Bryan Kent on 9:57 AM

CUNA backs BCFP, Foundation partnership for fin. ed.
http://news.cuna.org/articles/114519-cuna-backs-bcfp-foundation-partnership-for-financial-education?utm_source=real_magnet&utm_medium=email&utm_campaign=CUNA%253A%2520CUs%2520brought%2520%252415B%2520in%2520value%2520to%2520marketplace%2520in%2520

BCFP’s English resigns, ends leadership challenge Posted by Bryan Kent on 8:58 AM

BCFP’s English resigns, ends leadership challenge
http://news.cuna.org/articles/114518-bcfps-english-resigns-ends-leadership-challenge?utm_source=real_magnet&utm_medium=email&utm_campaign=Nussle%2520at%25202018%2520ACUC%253A%2520CUs%2520need%2520to%2520%253Fcontrol%2520our%2520dest

Sanders Tops Predicted Presidential Democrat Contenders for 2020 Posted by Association of Vermont Credit Unions on 4:49 PM

Vermont U.S. Senator Bernie Sanders, a 2016 contender for the Democratic Presidential nomination, tops the list of likely Democratic nominees for at least the 3rd time in a row, as reported by MSN and the Washington Post.

The start of the 2020 Democratic presidential primary race is just 4 months away for all intents and purposes. As soon as the 2018 mid-term election has been held, prospective candidates will start making moves or even launching campaigns to challenge President Trump.

Each quarter, the The Washington Post updates its forecast on what the candidates have been up to and where they stand in the likely rankings of potential contenders. Sanders has been in the number 1 spot for at least the past 3 quarter updates.  Most recently, it was reported that Sanders announced his intent to seek the Democratic nomination, but also that if he were to win he’d turn down the nomination.  That's based on the fact of Sanders insisting he won’t become a Democrat in spite of clear interest in seeking the Democratic presidential nomination in 2020.

Other high profile contenders include Sen. Elizabeth Warren (Mass.), former vice president Joe Biden, former New York mayor Michael Bloomberg and about 16 others.

NCUA issues CUNA-requested update on S. 2155 HMDA changes Posted by Bryan Kent on 8:47 AM

NCUA issues CUNA-requested update on S. 2155 HMDA changes

http://news.cuna.org/articles/114514-ncua-issues-cuna-requested-update-on-s-2155-hmda-changes?utm_source=real_magnet&utm_medium=email&utm_campaign=NCUA%2520issues%2520CUNA%252Drequested%2520update%2520on%2520S%252E%25202155%2520HMDA%2520

Confessions of a white male CEO Posted by Bryan Kent on 9:24 AM

Confessions of a white male CEO
https://www.cuinsight.com/confessions-of-a-white-male-ceo-5-steps-to-inclusive-mentoring.html?utm_source=CUinsight+Email+List&utm_campaign=3b4d295bea-EMAIL_CAMPAIGN_2018_07_05_12_30&utm_medium=email&utm_term=0_601789497f-3b4d295bea-278263821

Reg CC & Remote Deposit Capture Posted by Association of Vermont Credit Unions on 12:08 PM

In his blog this week, Henry Meier, General Counsel for the New York Credit Union Association, reminds credit unions that a new warranty by credit unions became effective in Regulation CC on July 1, 2018.

The change to Reg CC clarifies that the obligations of financial institutions which send and receive checks via Remote Deposit Capture have expanded.  Depository institutions offering Remote Deposit Capture must now warrant that the original check will not also be deposited by the accountholder. By way of example in the updated commentary for Regulation CC:

1. Depositary Bank A offers its customers a Remote Deposit Capture service that permits customers to take pictures of the front and back of their checks and send the image to the bank for deposit. 
2. Depositary Bank A accepts an image of the check from its customer and sends an electronic check for collection to Paying Bank. Paying Bank, in turn, pays the check. 
3. Depositary Bank A receives settlement for the check. 
4. The same customer who sent Depositary Bank A the electronic image of the check then deposits the original check in Depositary Bank B. There is no restrictive indorsement on the check. 
5. Depositary Bank B sends the original check (or a substitute check or electronic check) for collection and makes funds from the deposited check available to its customer. 
6. The customer withdraws the funds. 
7. Paying Bank returns the check to Depositary Bank B indicating that the check already had been paid.
8. Depositary Bank B may be unable to charge back funds from its customer’s account. 
9. Depositary Bank B may make an indemnity claim against Depositary Bank A for the amount of the funds Depositary Bank B is unable to recover from its customer.

Institutions are now also making warranties regarding the quality of electronic check images. See this ABA Business Law Journal article for suggested changes you may want to make to your account agreement.

Read Henry Meier's full article on his blog.

86% of Millennials Would Trade Pay for Values Posted by Association of Vermont Credit Unions on 11:34 AM

Nearly 90% of millennials (ages 22 to 37) would consider taking a pay cut to work at a company whose mission and values align with their own, according to LinkedIn’s latest Workplace Culture report. By comparison, only 9% of baby boomers (ages 54 to 72) would do the same.

LinkedIn surveyed a nationally representative sample of just over 3,000 adult full-time workers in the U.S. to better understand the factors companies need to prioritize to attract and keep the most talented workers, and it finds near consensus on some key issues. Nearly 90% of employees think it matters that they're able to be proud of the company at which they work.

Similarly, one of the top reasons workers say they would stay at their jobs for more than five years is benefits like having access to paid time off, parental leave and health insurance.

LinkedIn pointed out generational differences between millennials, Generation X and baby boomers. Millennials feel it most acutely when they don't have strong, inspiring leadership at their companies.  At the same time, millennials are the least likely to leave their current job if their employer asked them to do something morally or ethically questionable. Only 31% would feel compelled to quit under those circumstances, compared to 40% of Gen X professionals and 51% of baby boomers.

Read the full article as reported on CNBC.

CUNA's $100 million plan to grow the credit union movement Posted by Bryan Kent on 9:35 AM

CUNA's $100 million plan to grow the credit union movement
https://www.cujournal.com/news/cunas-100-million-plan-to-grow-the-credit-union-movement?utm_campaign=daily%20briefing-jul%203%202018&utm_medium=email&utm_source=newsletter&eid=b8e560b215b5002cc1ece8de6eca8143

Forbes Names VTFCU Among Best in State Posted by Association of Vermont Credit Unions on 3:28 PM

Forbes partnered with market research firm Statista to produce its first-ever look at the Best-In-State Banks and Credit Unions. Instead of measuring financial data, Statista surveyed over 25,000 financial institution customers in the U.S. for opinions on current and past banking relationships. The banks and credit unions were rated on overall recommendations and satisfaction, as well as trust, terms and conditions, branch services, digital services and financial advice. Institutions with branches in 15 or more states were eliminated, which excluded 13 banks and 1 credit union.  Between one and five institutions were awarded Best-In-State designation, based on the number of responses in each state.

In total, 124 banks and 145 credit unions made the final cut. Credit unions outpaced banks with an average score of 80 versus 75.2.  “Customers prefer credit unions because they themselves are the shareholders,” says Statista CEO Friedrich Schwandt. “This is somewhat in keeping with the motto ‘Small is beautiful.’”

Vermont Federal Credit Union earned Forbes' Best in State designation among Vermont credit unions.  The credit union holds over $530m in assets and serves approximately 39,000 members from its 6 locations.  Meanwhile, Mascoma Bank in White River Junction earned the designation among for-profit institutions.

See all of the Best in State results for credit unions and banks, and read the Forbes article.

Nussle: Awareness initiative urges 'Open Your Eyes to a CU' Posted by Bryan Kent on 10:40 AM

Nussle: Awareness initiative urges 'Open Your Eyes to a CU'
http://news.cuna.org/articles/114470-nussle-cu-awareness-program-to-raise-100m-over-next-3-years?utm_source=real_magnet&utm_medium=email&utm_campaign=Nussle%2520at%2520ACUC%253A%2520Awareness%2520initiative%2520tells%2520consume