June 11-12: National YP Conference Posted by AVCU on 4:00 PM

Young credit union professionals can explore the unique and rewarding experience that comes from building a lifelong career in the credit union movement while growing their leadership skills at CUNA National Young Professional Conference, presented with The Cooperative Trust, June 11-12, 2020, in Madison, Wis.

“Run, do not walk, RUN to sign up for this conference,” says Christian Hartley, branch manager at Keesler FCU. “Every credit union young professional looking to grow in their career needs to attend this conference. You WILL walk away invigorated, excited, motivated and PROUD to be a part of the amazing "people helping people" movement.”

“It is an active couple of days filled with learning, networking, professional and personal development amid other passionate and energetic CU professionals!” says Megan Francois, mortgage/consumer lending consultant at Dupaco Community Credit Union. “It far exceeded my expectations and left me eager to get more involved!”

The continued growth of the credit union movement depends on engaged credit union leaders who understand how to advance the credit union movement and are connected with professionals from across credit union disciplines. This training lays that foundation—from networking and mentoring to leadership development—for future leaders to make their mark.

Conference attendees will explore:

• What the credit union difference means
• Credit union advocacy in action—why it matters and ways to get involved
• Leadership development strategy
• Career insights from industry experts
• How to network effectively and have a successful mentorship
• Strategies to elevate the member experience

Learn more details and register online.

Click the graphic above to watch the video.

Encourage Member Saving w/America Saves Week Posted by AVCU on 4:19 PM

America Saves Week 2020  is a little over one month away.  AVCU was an inaugural partner in the initial Vermont version of the promotion.   America Saves is an initiative of the Consumer Federation of America (CFA), a non-profit, pro-consumer organization  of over 270 consumer education, advocacy, and cooperative members dedicated to advancing consumer interest.

Since 2007 America Saves Week has been an annual celebration as well as a call to action for everyday Americans to encourage individuals and families to take the America Saves pledge, a tool  that empowers them to commit to save successfully with a plan. Thousands of non-profit, government, and corporate organizations partner with America Saves through local, regional, statewide, and national campaigns both year-round and during America Saves Week.

(Click the graphic to watch the video)

Use the freely available America Saves Week digital toolkit on your credit union's social media channels. There's a different theme each day of the week:

• Monday, February 24th | Save Automatically
• Tuesday, February 25th | Save with a Plan
• Wednesday, February 26th | Save for the Unexpected
• Thursday, February 27th | Save to Retire
• Friday, February 28th |  Save by Reducing Debt
• Saturday, February 29th | Save as a Family

Your credit union can sign up as a no-commitment participant in America Saves Week. Doing so gets you the America Saves Week 2020 participation graphic for websites and in materials, get helpful emails from America Saves Week staff to help plan successful activities,  be listed as a participant, and access the social media materials to help educate your members.

Find all of the details at https://americasavesweek.org/

Banker Group's New Campaign Wants Congress to "Wake Up" to "Risky, Tax-Subsidized" CUs Posted by AVCU on 9:51 AM

On Monday, the Independent Community Bankers of America (ICBA) launched a nationwide campaign calling on policymakers and the public to “Wake Up” to the “risky practices, costly tax subsidies, and irresponsibly lax oversight of the nation’s credit unions.”

Both credit union trade groups have responded, with CUNA  clarifying the reason for the credit union tax exemption and issuing a statement citing the more than a quarter-trillion dollars paid by banks in fines over the last decade, and NAFCU saying the real issue is big banks "eating community banks' lunch." (CU Today, 10/21/19)

The ICBA said the Wake Up campaign (click here for video) will encourage policymakers to “open their eyes to the growing threats posed by these financial firms’ abandonment of their founding mission facilitated by their captive federal regulator,” the National Credit Union Administration.


“ICBA and the nation’s community banks are calling on Washington to stop pressing the snooze button and wake up to the risks of aggressive, growth-obsessed credit unions and the costs of their taxpayer-funded subsidies,” says ICBA President and CEO Rebeca Romero Rainey repeatedly while berating the viewer to "Wake Up!".

“With credit unions abandoning their founding mission in the name of expansion and risky lending, it is long past time for Congress to level the playing field between community banks and credit unions while reining in the National Credit Union Administration’s expand-at-all-costs agenda.”

Read more on CUToday.info

Video: August Economic Update Posted by AVCU on 10:56 AM

Earlier this week, CUNA released the August 2019 edition of its Economic Update, sponsored by the CUNA Finance Council. Deputy Chief Advocacy Officer and Chief Economist Officer Mike Schenck discusses the possibility of an economic recession and looks beyond the now inverted yield curve for significant signs of weakness.

“Uncertainty and volatility have increased dramatically over the past several weeks – mostly due to increasing concern about tariffs and the risk of full-blown trade war,” Schenk said. “As a result, many bond investors migrated to Treasuries – the safest investments on the planet. The resulting big increase in demand pushed Treasury prices higher.”

The August video also features:

• The cause of an inverted bond yield curve for 2019
• Discussion of a variety of leading economic indicators & what they’re now implying
• The likely near-term path for credit union operating results

“Consumers are likely to be more cautious in the current environment but there isn’t a lot of compelling evidence that they’ll be retrenching, Schenk adds. “Against this backdrop, it seems reasonable to expect credit unions will continue to see decent, though slower, loan growth, high asset quality and healthy bottom-line results over the next 12 to 18 months.”

Watch Schenk's Economic Update in the video below:

8/14: Free NCUA Liquidity/Interest Rate Risk Webinar Posted by AVCU on 1:19 PM

Information about how NCUA examines for liquidity and interest-rate risks will be covered in an 8/14 webinar.  Registration is open for the free webinar, titled “Liquidity and Interest-Rate Risk Management” and scheduled to begin at 2 p.m. and run approximately one hour.

Liquidity and interest-rate risks are supervisory priorities for the NCUA in 2019.

John Nilles and Robert Bruneau, senior capital market specialists with NCUA’s Office of Examination and Insurance Capital Markets Division, will be joined on the webinar by Charles Valenti, chief executive officer of Del Norte CU, Santa Fe, N.M.; and Jeremy Ebert, vice president and treasurer of Wings Financial CU, Apple Valley, Minn.

Topics will include:

• Interest-rate risk supervision;
• Management’s ability to meet current and prospective liquidity needs;
• Regulatory requirements for liquidity and contingency funding plans; and
• How different credit union business models require customized approaches towards achieving financial objectives while effectively managing risk.

Participants can submit questions over Twitter anytime during the presentation and in advance by emailing WebinarQuestions@ncua.gov.  The email’s subject line should read, “Liquidity and Interest Rate Risk Management.” Please email technical questions about accessing the webinar to audience.support@on24.com.  This webinar will be closed captioned and archived online approximately three weeks following the live event.

Vermont Ranks 3rd for Average Credit Card Debt Posted by AVCU on 4:17 PM

A recent study by WalletHub ranked each state according to the credit card debt consumers are racking up.  At the beginning of 2019 Americans owed a total of over $1 trillion in card debt. That number is only projected to increase by the end of the year. The study analyzed credit card data from TransUnion to calculate costs and required time to pay off a median card balance per state and Washington, D.C.

Vermont ranked 3rd highest average credit card debt among all states. The median credit card debt in the Green Mountain State is $2,227, which would take 15 months and 14 days to pay off.  Only the District of Columbia and Alaska ranked higher, at 2nd and 1st respectively. In DC, median credit card debt is $3,242, which would take consumers 17 months and 12 days to eradicate.  Alaska's median credit card debt is $4,144, and would take a consumer 19 months and 11 days to pay off.

Watch the video below and see the Wallet Hub study for all of the details.

100 Million Capital One Credit Card Applications & Accounts Exposed Posted by AVCU on 10:57 AM

Yesterday Capital One announced a data breach from March where a 33-year old software engineer gained access to more than 100 million customer accounts and credit card applications, with intent to sell the information online.

Various news outlets report that Paige Thompson is accused of breaking into a Capital One server and gaining access to 140,000 Social Security numbers, 1 million Canadian Social Insurance numbers and 80,000 bank account numbers, in addition to an undisclosed number of people's names, addresses, credit scores, credit limits, balances, and other information.

Thompson tried sharing the information with others online by posting the information on GitHub, using her full first, middle and last name and boasting on social media that she had Capital One information. She even In a channel explained how she accessed Capital One on Slack, a chat service used by businesses as well as other groups, using a special command to extract files in a Capital One directory stored on Amazon's servers.

Thompson made little effort to disguise her identity, using the screen name "erratic" on Slack, which was the same handle she used on a Twitter account and a Meetup chatroom page. Thompson also reportedly tweeted that she wanted to distribute Social Security numbers along with full names and dates of birth.

Thompson previously worked as a tech company software engineer for Amazon Web Services, the cloud hosting company that Capital One was using.  Thompson was arrested on Monday of this week.  Capital One indicated it fixed the vulnerability and that it is "unlikely that the information was used for fraud or disseminated by this individual."

Watch the CBS News video below for the full story.

Free: CUNA Mutual Online Discovery Conference 8/15 Posted by AVCU on 2:52 PM

Join hundreds of credit unions from across the country online on Thursday, August 15th for a day of Discovery! This free conference is back and better than ever – loaded with insights available at your fingertips.

This year’s event theme is “Know More. Grow More,” and the conference is packed with fabulous speakers and valuable content to help credit unions jump-start their strategic planning. Check out the Agenda!

There is no cost to attend, no travel expenses and no time out of the office. With sessions scheduled throughout the day, you can participate based on your own schedule – all day, or a portion of the day.

Don’t miss this valuable opportunity. Register Today!

Equifax Reaches $700m Settlement Posted by AVCU on 11:49 AM

Equifax, one of the biggest credit reporting agencies in the United States, has reached a $700 million settlement over its history-making massive security breach of 2017.  That's the largest data breach settlement amount in history.  Personal data of about 56% of American adults, or 145 million consumers, was exposed in the data breach . . . including names, addresses and social security numbers. Watch the NBC Today show video below for the details

Affected consumers will receive:

• $25 for each hour spent safe-guarding their information
• reimbursement for certain credit monitoring programs
• 10 years of free credit monitoring

Watch the embedded video below for the whole story and advice to consumers.

New Videos Added to AVCU InfoSight Compliance Posted by AVCU on 3:45 PM

Two new videos have been added to AVCU's InfoSight Compliance channel on YouTube. InfoSight is an online state and federal compliance service provided by AVCU to member credit unions. The latest videos are:

• Compliance Outlook from the 2nd and 3rd Quarters of 2019 - This presentation provides an overview of regulatory changes that may be impacting credit unions effective in the 2nd and 3rd quarters of 2019.
  
• S. 2155 Economic Growth, Regulatory Relief, and Consumer Protection Act (Part 2) - This is presentation is the second of a two-part update covering the changes resulting from the passage of S.2155 that may impact credit unions. Part 1 of the video update was posted a few months earlier.

Besides being a compliance resource, AVCU's League InfoSight and related videos can serve as a training tool for non-compliance staff, executive management and volunteers board member.

Access to AVCU's League InfoSight requires credentials. Contact John Cote at AVCU for more information.

CM's Free Virtual Discovery Conference on 8/15 Posted by AVCU on 11:40 AM

Registration is now open for CUNA Mutual Group’s virtual Discovery Conference, taking place on August 15.

The theme for this year’s event is Know More. Grow More. The conference agenda is packed with knowledgeable speakers and valuable content to help credit unions jump-start their strategic planning for 2020.

There is no cost to attend, no travel expenses, and no time out of the office. With sessions scheduled throughout the day, you can participate on your own schedule – all day, or a portion of the day.

View the agenda and register for free online. 

2.9 Million Canadian CU Account Holders Breached Posted by AVCU on 11:39 AM

In what is being billed as a breach of the largest financial co-operative in all of North America, a rogue employee of Desjardins Group, based in Montreal, illegally exposed the personal information of some 2.9 million credit union members.  The affected information includes names, birth dates, social insurance numbers, email addresses, phone numbers, street addresses and details on banking habits. Passwords, security questions and personal identification numbers reportedly weren’t compromised.  The incident was not billed as a “cyberattack.” 

The data breach also affected 173,000 businesses, for whom Desjardins provides merchant processig and other services.

The francophone credit union system in Quebec is different than in other provinces, and different than that of the United States.  Desjardins Group (Mouvement des caisses Desjardins in french) is a cooperative that is the largest federation of credit unions in North America, and is regarded as among the world's strongest banks according to the Banker magazine.  It was founded in 1900 in Levis, Quebec by Alphonse Desjardins, an often cited influence in U.S. credit union history.

Although there are approximately 293 credit unions (caisses populaires in french) with 1,032 locations mostly throughout Quebec serving over 7 million members, they share common data processing, branding, marketing and other centralized resources provided by Desjardins.

In addition to retail banking, Desjardins has over 20 subsidiaries providing products and services related to insurance, real estate, venture capital and brokerage. Desjardins Group provides technical assistance and various investments in over 50 developing countries.

Watch the embedded CBC video below for more details.

Ara Penny: Vermont's Newest Development Educator Posted by AVCU on 4:22 PM

A Vermont credit union employee was among the 47 most recent credit union leaders being designated as Credit Union Development Educators (CUDEs) after completing the National Credit Union Foundation’s (the Foundation) Credit Union Development Education (DE) Training.

Ara Penny, of Heritage Family CU in Rutland, attended the May DE Training on May 15-20 in Madison, Wisconsin.  The 46 other participants comprised employees and volunteers from credit unions and system partners across the United States and the globe.

DE Training is a unique experiential training program that provides lessons in credit union structure, purpose and the “why” that differentiates credit unions from other financial institutions. During the Foundation’s signature program, participants are involved in group exercises, field visits and interactive speaker sessions that provide insights into how credit unions can leverage their unique business model to help their members and communities overcome the financial and developmental issues they face.

Ara is a trainer in her credit union's HR Department, was named Heritage Family’s Employee of the Year in 2017.  She has worked at HFCU for 5 years and hails from Connecticut. To hear from Ara directly check out her short YouTube video below, created for the 2016 GAC Crash Program.

Video: Intl. Development by the World Council of CUs Posted by AVCU on 2:01 PM

TheWorldwide Foundation for Credit Unions has released a new video highlighting the international development projects, learning initiatives and disaster relief efforts World Council for Credit Unions (WOCCU) administers through the global credit union movement.

The video supports the Worldwide Foundation’s efforts to grow its base of Champions who support the vision of expanding financial inclusion to more than 1.7 billion people who remain outside the global financial system.

“We wanted people to be able to sit down for just a few minutes and learn about all of the great work we’re doing and find out how they can be a part of it,” said Mike Reuter, Executive Director for Worldwide Foundation for Credit Unions. “This video shows exactly how we put our motto—Do Global Good—into practice every day throughout the world.”

View the video below, or on the Worldwide Foundation’s website, where visitors can donate to various projects or subscribe to Field Notes: A Blog of the Worldwide Foundation. The website also  features a Global Good Toolkit—a range of business development tools credit unions and individuals can leverage to both achieve their strategic objectives and be part of growing the global credit union movement. Visitors also can find a link to World Councils’ new Digital Transformation Lab.

Watch the video below:

Video: CU Impact of Chinese Tariffs Posted by AVCU on 1:52 PM

In the May edition of the CUNA Economic Update, sponsored by CUNA Finance Council, CUNA Chief Economist Mike Schenk explores President Donald Trump’s decision to increase Chinese tariffs from 10% to 25% and its impact on the U.S economy.

“Trade wars are not good and generally very hard to win,” says Schenk. “Ultimately, free trade is good for economic growth in the long run and it increases efficiency.”

The May video also features:

• A U.S. labor market update – 263,00 jobs created in April and the unemployment rate reaches historic lows
• Credit union loan growth will begin its typical seasonal acceleration
• The long-term deficit problem and its impact
• State-level bank attacks

The May 2019 CUNA Economic update is freely available to CUNA members. Watch the May update below.

Open: 2020 Wegner Award Nominations Posted by AVCU on 3:32 PM

Now's your chance to nominate individuals and organizations for the annual Herb Wegner Memorial Awards, to be presented by the National Credit Union Foundation at its annual awards and fundraising gala on 2/24/20, held in conjunction with CUNA's Governmental Affairs Conference (GAC) in Washington, D.C.

Nominations are due by Friday, July 26, 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, 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, national, or international credit union movement with measured results.

In 2005, Vermont's Opportunities Credit Union received the award for Outstanding Organization.  Watch the video about Opportunities below, used at the event that year. 

Wegner Award Nominations can come from individuals or organizations. Here are the three steps to make a nomination:

• Complete the Wegner Awards nomination form on the Foundation website (ncuf.coop).
• Gather at least five personal recommendations citing examples of the nominee’s achievements relevant to the award criteria.
• Send the nomination form and recommendation letters electronically to the Foundation by July 26, 2019.

The awards are named in honor of the late Credit Union National Association CEO Herb Wegner, whose tireless dedication, innovative ideas and deeds truly revolutionized the ways that credit unions serve their communities.  The awards that bear Wegner’s name recognize his spirit of “innovative, creative, risk-taking” leadership. View past award recipients here. Questions about the Wegner Awards can be directed to Jennifer Speth at jspeth@ncuf.coop or 608-231-4979.

Video: Should Your CU Offer Student Loans? Posted by Association of Vermont Credit Unions on 12:23 PM

Student loan debt is now the second largest component of household debt, coming in second to mortgages. In this month's CUNA Economic Update, CUNA senior economist Jordan van Rijn takes an in-depth look at rising student loan debt and the opportunities credit unions may have to assist student borrowers. In this 10-minute video, you'll receive a breakdown of topics including:

• Growing Household Debt 
• How the Typical Family Pays for College 
• Credit Unions Offering Student Loans 
• Unemployment Rate by Educational Attainment
• Student Loan Default Rates 

Watch the video below:

Video: 2018 Impact Report of CUNA/League Advocacy Efforts Posted by Association of Vermont Credit Unions on 11:16 AM

CUNA has been recognized as the most influential financial services association for the 3rd year in a row. See how CUNA and the Leagues are making a difference for credit union members by viewing the 2018 Impact Report below.

CUNA 2018 Impact Report from CUNA on Vimeo.

Video: DFR Deputy Commissioner on Investment & Securities Fraud Posted by Association of Vermont Credit Unions on 2:02 PM

William Carrigan, Deputy Commissioner of the Vermont Department of Financial Regulation, was interviewed about investment and securities fraud insights recently by Elliott Greenblott of Greater Northshire Access Television (GNAT).

Bill was appointed Deputy Commissioner of the Securities Division in July 2016 and has been at DFR since 2007.  He's a Certified Fraud Examiner, and worked closely with the FBI and IRS to expose the $28 million ponzi scheme involving hundreds of investors.  He also was a member of the team investigating the Jay Peak EB-5 case resulting in federal and civil lawsuits. Carrigan also spearheaded the inquiry that led to the recent $5.9 million settlement with Raymond James and Associates.

GNAT cablecasts public, education and government programming to 7000 homes in 11 towns in Southwest Vermont.

Watch Bill's interview below:

Exec Compensation: CUs vs Banks Posted by Association of Vermont Credit Unions on 12:45 PM

Bankers have decried credit unions for supposedly "excessive" compensation, but what do the facts say?  In this month's CUNA Economic Update, sponsored by CUNA Finance Council, CUNA senior economist Jordan van Rijn walks you through the hard data, shedding light on the truth with his expert analysis. In just 10 minutes you'll receive a thorough synopsis of the following economic topics:

• U.S. Economic Growth 
• Credit Union Loan Growth 
• Executive Compensation 
• Components of Compensation: Credit Unions vs. Banks 

Watch the video below.