Podcast: Speak Your Members' Language Posted by AVCU on 1:06 PM

Mia Perez, Chief Administrative Office of Louisiana FCU, offers guidance in how to effectively communicate with member in print, social media, and more.  Scrap acronyms in favor of clear, simple terms exemplified by words such as bank, borrow, and invest, and aspirational pathways such as “I’d like to buy a car or lower my payment.”

Listen to CUNA's podcast interview below, and click on the other podcast for more great interviews.

NCUF Accepts President's Volunteer Service Award for CUs Posted by Association of Vermont Credit Unions on 12:39 PM

NCUF Executive Director Gigi Hyland receives the U.S. Gold President’s Volunteer Service Award on behalf of America’s credit unions from Junior Achievement President/CEO Jack Kosakowski.

On behalf of America’s credit unions, the National Credit Union Foundation (NCUF) accepted the U.S. Gold President’s Volunteer Service Award for the 2015-2016 school year, presented by Junior Achievement at its 2017 Volunteer Summit on March 7, 2017. The award recognized over 15,000 volunteer hours dedicated to Junior Achievement programs by America’s credit unions.

The President’s Volunteer Service Award is a U.S. presidential recognition program for individuals and organizations who contribute a significant amount of time to volunteer service. Junior Achievement USA bestows the honor on organizations with a U.S. presence that provide volunteers to teach JA programs anywhere in the world. Gigi Hyland, Executive Director of the NCUF had this to say about the aware . . . .

“The Foundation is humbled to accept this prestigious award on behalf of credit unions around the country who have dedicated significant volunteer time and support to foster youth financial capability through Junior Achievement. Credit unions’ sole mission is to improve the financial well-being of their members. This award is testament to that dedication and commitment to improve the financial futures of the next generation and strengthen the financial well-being of all Americans.”

Junior Achievement is a volunteer-delivered, kindergarten-12th grade program that fosters work-readiness, entrepreneurship and financial literacy skills, and uses experiential learning to inspire students to dream big and reach their potential. Credit unions across the country support their local JA program to work collaboratively towards impacting the future leaders of business and their communities.

Compliance: What is the Consumer Compliance Rating System? Posted by Bryan Kent on 9:49 AM

Compliance: What is the Consumer Compliance Rating System?

http://news.cuna.org/articles/111865-compliance-what-is-the-consumer-compliance-rating-system?utm_source=real_magnet&utm_medium=email&utm_campaign=Compliance%253A%2520What%2520is%2520the%2520Consumer%2520Compliance%2520Rating

State of VT Announces ABLE Savings Accounts Posted by Association of Vermont Credit Unions on 11:23 AM

In a statehouse press conference on 2/22, Vermont State Treasurer Beth Pearce announced that Vermonters with disabilities can now start saving and investing in tax-advantaged VermontABLE accounts, making Vermont one of a handful of states to offer the accounts since they were made possible with enactment of the Achieving a Better Life Experience (ABLE) Act into law in December 2014. The Treasurer was joined by Governor Phil Scott, Lieutenant Governor David Zuckerman and representatives of many other involved parties for the press conference.

VermontABLE accounts will allow individuals with disabilities the opportunity to save and invest up to $14,000 per year without being removed from public benefit programs. VermontABLE will also allow eligible Vermonters to receive preferred federal tax treatment as they save for disability related expenses like housing, transportation, employment training, and other important needs.

VermontABLE will allow Vermonters to enroll in a savings plan through a secure web portal at VermontABLE.com. A range of saving plans will be available to eligible Vermonters with user-friendly functionality to allow online electronic funds transfers, easy withdrawals, and a loadable debit card. The goal of the system is to maximize ease of use for VermontABLE plan participants.

The Association of Vermont Credit Unions participated in discussions of the working group formed by the Treasurer to explore administrative options for Vermont's program. Due to the complexity of administrative management of such accounts, Vermont joined forces with Ohio in contracting for administration of their respective programs.

Total Household Debt Approaching An All-Time Peak Posted by Bryan Kent on 8:22 AM

Total Household Debt Approaching An All-Time Peak

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/Total-Household-Debt-Approaching-An-All-Time-Peak?utm_source=Fresh+Today+022217&utm_medium=email&utm_campaign=Fresh+Today+022217

5 payments trends to watch in 2017 Posted by Bryan Kent on 10:18 AM

5 payments trends to watch in 2017

http://news.cuna.org/articles/111657-payments-trends-to-watch-in-2017?utm_source=real_magnet&utm_medium=email&utm_campaign=CUNA%2520Payments%2520Blog%253A%2520Highlights%2520from%2520Finovate%2520Londo

Arby's Data Breach Exposes 335k Cards Posted by Association of Vermont Credit Unions on 12:17 PM

The Arby’s restaurant chain, based in Atlanta, experienced a data breach involving a number of its corporate-owned locations. The breach occurred between 10/25/16 and 01/19/17.  According to reports, the breach involved malware placed on payment systems only at corporate locations, which are approximately one-third of the company’s more than 3,330 locations. An Arby’s official says not all of the corporate locations were affected, but more than 355,000 card numbers may have been exposed. Arby's first learned of this incident in mid-January but waited to alert the public by FBI request.

In response, Fort Wayne, Indiana-based Midwest America FCU hit Arby's Restaurant Group with a proposed class action alleging that the company failed to beef up its cyber security, allowing the data breach negatively impacting thousands of issuers of credit and debit cards nationwide. The lawsuit seeks damages for the costs of investigating and refunding fraudulent charges and replacing cards affected by the breach.

A similar data breach hit fast-food chain Wendy’s in 2016, which Krebs also first reported last January. Wendy’s then said in June that the data breach was bigger than it first thought and that it could have impacted more than the 300 stores.

CUNA and the Association of Vermont Credit Unions support strong data breach legislation that includes a strong, scalable security standard for merchants, as well as a notification standard in the event of a breach. Credit unions that have questions can email databreachlawsuit@cuna.coop to communicate with outside counsel who are working with CUNA to address merchant data breaches.

Live Webinar: Card Fraud Trends Posted by Association of Vermont Credit Unions on 11:37 AM

With ever-evolving card fraud, you must utilize the best defense tactics to minimize credit union losses. These can include implementing EMV; building a strong organizational risk culture; developing keen awareness of risks and fraud tactics; and integrating consumer efforts. With card fraud impacting credit unions nationwide, the time is now to better understand what you can do to control payment card losses.

On 2/22/17 at 11 AM eastern time CUNA Mutual is hosting a live one hour webinar on this subject. See more details and register online.

NCUA Opens CDFI Certification for 2017 Posted by Association of Vermont Credit Unions on 10:33 AM

The National Credit Union Administration has begun the first of three periods in 2017 during which federally insured low-income credit unions can apply to become certified as community development financial institutions. This first period is open through March 17.  The second round runs from May 1 through May 26, and the third round runs from Aug. 7 through Sept. 1.

With access to CDFI funding and resources, credit unions can extend their reach and expand access to affordable financial services. In the streamlined application process, low-income credit unions submit data on loan originations and their target markets to NCUA’s Office of Small Credit Union Initiatives. NCUA then analyzes the credit union’s products and services and other indicators to determine its likelihood for certification. If the credit union is qualified to use the streamlined process, NCUA will provide an application form and the data necessary to complete it. The credit union then completes the application and sends it to the CDFI Fund for final determination.

See NCUA's CDFI page for more details.

Brain Hacks to Get Americans to Save Posted by Association of Vermont Credit Unions on 12:31 PM

Americans, and that includes credit union members, are bad at saving. Statistics bear out that 60% of Americans aren't saving enough to maintain even their most basic living needs in retirement. One scientifically determined reason, reportedly, is that consumers have a hard time giving up something today for some uncertain benefit far down the road.

Below is an interesting podcast that aired on NPR's Marketplace that talks about tricking consumers into saving by cutting up the challenge into bite-sized pieces, so to speak. Pretty interesting experiment. It leads to why some employers automatically enroll employees in their 401K, etc.

January CU Trends Report Posted by Association of Vermont Credit Unions on 12:00 PM

The Credit Union Trends Report for January 2017 from CUNA Mutual economist Steve Rick is out.  His report is a monthly "pulse check" on the state of the credit union marketplace, often placed in a historical context.  Highlights for January 2017 include:

• Credit union loan balances rose 0.9% in November, greater than the 0.7% pace reported in November 2015.
  
• Over the last 12 months, total credit union loan balances rose more than 10.8%, the fastest pace since 2005.
  
• Year-to-date the number of credit unions fell by 208, slightly lower than the 238 reported in the first eleven months of 2015.

Download the report here.

Directors should embrace 3 key responsibilities Posted by Bryan Kent on 8:31 AM

Directors should embrace 3 key responsibilities

http://news.cuna.org/articles/111243-directors-should-embrace-3-key-responsibilities?utm_source=real_magnet&utm_medium=email&utm_campaign=CUNA%2520tracking%2520Yellen%2520testimony%252C%2520senior%2520scam%2520and%2520cy

Hensarling Pressing Forward With Plans To Neuter The CFPB Posted by Bryan Kent on 2:15 PM

Hensarling Pressing Forward With Plans To Neuter The CFPB

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/Hensarling-Pressing-Forward-With-Plans-To-Neuter-The-CFPB?utm_source=Fresh+Today+021317&utm_medium=email&utm_campaign=Fresh+Today+021317

Accounting for Split-Dollar Life Insurance Plans Posted by Association of Vermont Credit Unions on 10:58 AM

Cheryl Ehmann, AVP Staff Analyst, Credit Union Resources, Inc, wrote the following guidance on accounting for split dollar life insurance arrangements in credit unions on 2/8/2017. 

Collateral assignment split dollar life insurance arrangements are becoming more common in the credit union arena.  This is one of many forms of deferred compensation benefits, and is an arrangement between the credit union and a key employee in which a life insurance policy is shared (or “split”).  The various aspects of the policy that can be divided include cash values, premiums, death benefits, ownership and dividends.

Normally a loan is made to the employee for the total of the premiums to be repaid with the death benefits from the policy.  However, there can be numerous variations in the contracts.
Accounting Standards Codification Topic 715-60 states that if the credit union has an obligation – either stated or implied – to maintain the policies in the post retirement period or to cover experienced losses of the insurance contract or company, the premium loan must be accounted for as a retirement benefit expense.

In the case of these obligations, the following accounting treatment would be required (retirement benefit expense treatment):

• Asset.  The credit union records an asset for the cash surrender value of the life insurance policy owned and controlled by the employee and collaterally assigned back to the credit union for security.
• Liability.  The credit union estimates and records liabilities for the obligation to the employee.
• Gain or loss.  A gain or loss is recognized for the difference between the net obligation of the previous deferred compensation plan and the new split-dollar plan, if this plan replaces another.

In the absence of these obligations, the following accounting treatment would be required (loan treatment):

• Asset.  The credit union records a receivable amount for the loan provided to the employee to fund the insurance policy. 
• Liability.  No liability is recorded because the credit union isn’t obligated to provide additional loans to fund the policy premiums or to guarantee the retirement benefit.
• Gain.  The credit union recognizes a gain for the amount of the previous plan liability that was rescinded, if this plan replaces another plan.
• Other income.  Interest receivable on the loan accumulates, and the credit union recognizes it as other income on the income statement.

Because there are so many plan variations out there, it is essential you work with the plan administrator to understand all aspects of the plan before it is adopted.  Due diligence is the key here.  The sales representative may or may not understand the accounting implications – if they don’t, ask to speak to someone else at the company who does.

Split dollar life insurance is one of many deferred compensation options available to key credit union employees.  Be sure to weigh all your options before making a decision!

Paper Based Auto Inspections Disappear on 3/20/17 Posted by Association of Vermont Credit Unions on 10:42 AM

On March 20th Maine will be the only state remaining still using paper-based vehicle inspection systems.  On that date Vermont will bring all other states in bringing its Automated Vehicle Inspection Program online.  As a result, some small repair shops fear they’ll be pushed out of the inspection business due to the $1,600 up front cost they have to incur to purchase the specialized computer tablet, the need for internet access, and the $2.21 per inspection fee to the State.

The new State system will create a centralized database with data submitted by the tablet from each inspection, along with pictures of the vehicle.

Listen to this Vermont Public Radio podcast explaining how the new system will work, and its impact on consumers and inspection facilities.  The Vermont Department of Motor Vehicles also has a page dedicated to an explanation of the new system.

Poll: Voters Favor More Financial Institution Regulation Posted by Association of Vermont Credit Unions on 10:17 AM

By a margin of 50-37 percent, consumers favor increasing government regulation of financial institutions. That's according to a recent Quinnipiac University National Poll conducted February 2 through 6.  The was conducted among 1,155 voters nationwide with a margin of error of +/- 2.9 percentage points. Live interviewers called landlines and cell phones.  Other interesting consumers opinions from the poll include:

Americans say 2-1 that President Trump should:

• not cut regulations on businesses or to combat climate change;
• not repeal Obamacare
• not build a wall on the border with Mexico
• not restart the Keystone XL or the Dakota Access pipelines 

60% of those polled support "renegotiating major trade deals with other countries, even if it means paying more for the products you buy,"

89% support increasing federal spending for roads, bridges, mass transit and other infrastructure.

But voters oppose 59-38% building a wall along the border with Mexico. Opposition to the wall rises to 63-35% if the U.S. has to pay for it.

A total of 72 percent of American voters are "very concerned" or "somewhat concerned" about climate change. Only 17 percent of voters say the U.S. is "doing enough to address climate change," while 18 percent say the U.S. is "doing too much," and 59 percent think "more needs to be done to address climate change."

Voters say 56-33% that U.S. Senate Republicans were wrong to prevent for 10 months a vote on President Barack Obama's nomination of Judge Merrick Garland to the Supreme Court. But these same voters say 65-25% that Senate Democrats should allow a vote on the new Gorsuch nomination.

American voters don't believe, 61-28%, that 3 to 5 million non-citizens voted in the 2016 presidential election. The biggest problem in presidential elections is voter suppression, 33% of voters say, while 30% say voter fraud is the biggest problem and 29% point to outside interference.

Read more from the poll. 

And The Number-One Complaint To CFPB Remains Posted by Bryan Kent on 9:12 AM

And The Number-One Complaint To CFPB Remains

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/And-The-Number-One-Complaint-To-CFPB-Remains?utm_source=Fresh+Today+020917&utm_medium=email&utm_campaign=Fresh+Today+020917

Video Report: Consumer Borrowing Intent Low Posted by Association of Vermont Credit Unions on 11:49 AM

In the video below, George Hofheimer of the Filene Research Institute interviews Ignacio Luri, Doctoral Student, Department of Marketing at the University of Arizona, to explore the latest results from Filene's national survey exploring consumer confidence.  The survey report, “Confidence in Borrowing: Survey 2016,” examines consumer borrowing attitudes based on data collected in September 2016. The survey reveals extremely low confidence.  93% of respondents aged 18 and older “do not plan on borrowing” over the next six months. More than 80% report being worried about current debt.

To learn more, watch the video below and download the report from Filene’s Center for Consumer Decision Making, which uncovers consumer preferences, trends, and behaviors in money management. The research is sponsored by CUNA Mutual Group.

Research Author discusses Confidence in Borrowing from Filene Research on Vimeo.

Reminder: Key ATM Fraud Liability Shift Dates Posted by Association of Vermont Credit Unions on 11:39 AM

Credit unions should remind their business and retail members of key fraud liability shift dates for EMV (Europay, MasterCard, and Visa) compliance.

MasterCard set October 1, 2016, as the deadline for making ATM units compliant with chip-embedded units that can read MasterCard data.

Visa intends to shift fraud burden from card issuers to ATM owners by October 1, 2017, but both Visa and MasterCard have postponed the deadline for activating the EMV liability shift at gas stations’ automated fuel dispensers until October 1, 2020.  That's based on the premise that due to their dependence on volume sales and narrow operating margins, gas stations must make a more gradual shift to EMV compliance.

If retailers’ point-of-sale units rely on magnetic stripes as their sole means of confirming a transaction, those retailers—not the financial institution that issued the card—carry the burden of paying out of pocket for the dollar amount of fraud on units skimmers have compromised.

Estimates based on merchant surveys showed that 86% of merchants expected to have systems up and running by the end of 2016.

Video: Disaster Recovery Using NCUA’s Incident Management System Posted by Association of Vermont Credit Unions on 11:33 AM

NCUA's Incident Management System automates many of the manual tasks associated with getting your credit union back up and running after being impacted by a natural disaster.  To get a better understanding of how NCUA's system works, Mike Lawson of CU Broadcast interviewed former United States Marine and NCUA Emergency Management Specialist Ben Cates. Ben explained the genesis of NCUA's new and improved system, how it answers credit union pain points with their disaster recovery efforts, and the tool's future plans. Watch the video below.

How NCUA's Incident Management System Improves Disaster Recovery Response Time...

from CUbroadcast on Vimeo.

What’s On Tap In Congress This Week Posted by Bryan Kent on 9:01 AM

What’s On Tap In Congress This Week

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/What-s-On-Tap-In-Congress-This-Week?utm_source=Fresh+Today+020717&utm_medium=email&utm_campaign=Fresh+Today+020717

Executive order directs delay of DOL’s fiduciary rule Posted by Bryan Kent on 9:10 AM

Executive order directs delay of DOL’s fiduciary rule

http://news.cuna.org/articles/111768-executive-order-directs-delay-of-dols-fiduciary-rule?utm_source=real_magnet&utm_medium=Email&utm_campaign=Compliance%253A%2520Looking%2520at%2520commercial%2520loans%2520under%2520MBL%2520

Trump Orders Review of Dodd-Frank, & More Posted by Association of Vermont Credit Unions on 2:06 PM

Around noon today, President Donald Trump signed an executive order calling for a full review of Dodd-Frank and to halt the fiduciary rule.  CUNA thanked the new administration for acknowledging the importance of tailoring regulations based on risk profile, in contrast to rulemaking institutions have come to expect from the CFPB.  Today's NewsLines Express from the Association provided more insight on this development. Watch for more details as they become available.

Separately, CUNA President Jim Nussle issued the brief video below as an update on meetings being held by CUNA with members of Congress in advance of CUNA's Governmental Affair Conference.

Jim Nussle's February 1, 2017 Nussle Report from CUNA on Vimeo.

CUs a $68B Benefit: In its annual update on tax expenditures, Congress' Joint Committee on Taxation noted the credit union tax status would cost the government $14.4 billion over the next five years. But the report omits the benefits credit union create for the economy, which far outweigh the "cost." For the year ending Sept. 2016, credit unions provided $9.7 billion in direct benefits to members--not including the $3.9 billion bank customers saved through increased competition, per CUNA data. That means over the next five years, credit unions will create $68 billion in direct benefits to the economy.

CUNA reiterates MLA concerns to DOD, federal regulators Posted by Bryan Kent on 9:47 AM

CUNA reiterates MLA concerns to DOD, federal regulators

http://news.cuna.org/articles/111775-cuna-reiterates-mla-concerns-to-dod-federal-regulators?utm_source=real_magnet&utm_medium=Email&utm_campaign=CUNA%2520reiterates%2520MLA%2520concerns%2520to%2520DOD%252C%2520federal%2520regul

Report highlights New England CUs’ success Posted by Bryan Kent on 8:20 AM

Report highlights New England CUs’ success

http://news.cuna.org/articles/111760-report-highlights-new-england-cus-success?utm_source=real_magnet&utm_medium=Email&utm_campaign=CUNA%2520backs%2520CFPB%2520bill%2520consistent%2520with%2520reg%252E%2520relief%2520c

Download: Study on Strength & Economic Impact of New England Financial Services Posted by Association of Vermont Credit Unions on 12:30 PM

The New England Council released a new study on the impact of New England’s financial services industry on jobs and economic growth.  The report, entitled “The New England Financial Services Industry: Around the Corner and Around the World,” demonstrates the importance of this major sector to quality of life and employment in the region, identifying the total number of direct, indirect, and induced jobs in each of the six New England states, and broken out by sector – banking, asset management, and insurance.

New England is home to 375,460 direct jobs in the financial services industry, which totals the 7th most of any industry in New England.  The insurance sector is the largest at 175,870 jobs, followed by banking with 146,570 jobs and asset management with 53,020 jobs.  In addition, the industry also supported 247,050 indirect and 390,020 induced jobs, equaling a total contribution of 1,012,510 jobs, greater than 10% of total regional employment.  Furthermore, the report finds that the financial services industry accounts for 15.0% of the New England economy’s GDP and 13.7% of total output, providing a large tax base for state and local government income, wage and property taxes.

Within the banking sector, the study found that in 2015:

• New England's 3,951 bank branches and 1,200 credit union branches held a combined $643 billion in deposits in 2015.
• Banks in New England originated more than $133 billion in residential mortgages and home loans, and supported small businesses in the economy with $11.7 billion in small business loans.
• New England credit unions originated nearly $23 billion in first mortgage loans in 2015.
• New England credit unions are key drivers of growth for small businesses, with more than $1 billion in small business loans originated in 2015 and approximately $3.5 billion in small business loans outstanding.
• New England credit unions spent an estimated $543 million on small business-related goods and services  in 2015.

Download the 41 page report here.

Registration Open: Development Educator Training Posted by Association of Vermont Credit Unions on 10:22 AM

Registration is now open for the second Credit Union Development Education (DE) training of 2017, which takes place May 31-June 7, in Madison, Wisconsin. Participants in the six-day total immersion experience learn critical lessons in cooperative principles, credit union philosophy and international development issues while incor
porating challenges credit unions face today.

DE training sessions are limited to 48 attendees. The registration fee includes seven nights of single-room lodging, training materials and meals.  DE training is open to everyone from new employees to seasoned executives who need to recharge.  Graduates cite many benefits of DE training:

• acquire skills in credit union outreach initiatives, problem solving, technical assistance, team building, and public presentations.
• join a networking group including over 1,600 graduates across America and over 35 other countries.
• realize that local issues are indeed global – and that global issues are local.
• understand that credit unions grow stronger by working cooperatively.
• return to your job with a new understanding of how to promote cooperative principles and credit union values as distinct advantages in today’s competitive financial services marketplace.
• become passionate advocates of the credit union philosophy, which boosts employee motivation, creativity and a deeper commitment to their credit union organization and the movement

DE Training, hosted by the National Credit Union Foundation, takes place four times per year, in April, June, September and November.  All four are held in Madison, Wisconsin.

Find more details and registration information online.
.

Free Webinar: New NCUA FOM Rule Posted by Association of Vermont Credit Unions on 10:11 AM

NCUA will host a free webinar on Wednesday, 2/1 at 2 p.m. that will focus on the agency’s new field of membership rule.  The 90 minute webinar will feature staff from NCUA’s Office of Consumer Financial Protection and Access, and will cover:

• Regulatory changes to modernize options available for:
• Community charters,
• Rural districts,
• Underserved areas,
• Multiple common-bond expansions,
• Trade, industry, or profession groups, and
• Credit unions serving a branch of the United States’ armed forces;
• The type and extent of information a federal credit union should submit to support an application to expand its field-of-membership; and
• NCUA’s internal procedures for implementing the new field-of-membership rule.

Read more details and register online.

Dismantling Of Dodd-Frank Front And Center At GOP Retreat Posted by Bryan Kent on 8:53 AM

Dismantling Of Dodd-Frank Front And Center At GOP Retreat

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/Dismantling-Of-Dodd-Frank-Front-And-Center-At-GOP-Retreat?utm_source=Fresh+Today+013117&utm_medium=email&utm_campaign=Fresh+Today+013117

Compliance: Do new CDD reqs need updated BSA procedures? Posted by Bryan Kent on 8:37 AM

Compliance: Do new CDD reqs need updated BSA procedures?

http://news.cuna.org/articles/111746-compliance-do-new-cdd-reqs-need-updated-bsa-procedures?utm_source=real_magnet&utm_medium=Email&utm_campaign=Compliance%253A%2520Do%2520new%2520CDD%2520reqs%2520need%2520updated%2520BSA%2520proce

CUNA congratulates McWatters on being named NCUA chairman Posted by Bryan Kent on 9:05 AM

CUNA congratulates McWatters on being named NCUA chairman

http://news.cuna.org/articles/111738-cuna-congratulates-mcwatters-on-being-named-ncua-chairman?utm_source=real_magnet&utm_medium=Email&utm_campaign=CUNA%2520congratulates%2520new%2520NCUA%2520Chairman%2520McWatters

Free Webinar: Social Media Strategies for CUs Posted by Association of Vermont Credit Unions on 12:20 PM

The Filene Research Institute will host a free webinar on 2/1/17 at 3 p.m. addressing social media strategies for credit unions. This session will cover how credit unions can connect with audiences on social media through story telling and real examples of member success. And then tapping into the power of employees and their personal social networks as ambassadors for the credit union.

Participants will learn effective strategic approaches for this style of communication and then discuss how social media sharing tools can turn this strategy into action for busy credit union employees. You'll walk away with several ideas that can be implemented right away to amp up your social presence.

Register online for this free webinar.

Risk Alert: Tax Refund Fraud Detection Tips for CUs Posted by Association of Vermont Credit Unions on 12:14 PM

The Internal Revenue Service reported a decrease in ID theft-related tax refund fraud through the first nine months of 2016, stopping 787,000 confirmed ID theft tax returns totaling more than $4 billion. Credit unions should remain vigilant as they are in prime position to identify tax refund fraud impacting members based on the methods for issuing refunds – via ACH credit or check.

ID theft-related tax refund fraud involves fraudulently filing tax returns under another person’s name and Social Security number. Each year, credit unions and credit union members report these schemes impacting them even though the IRS has made significant progress in combating this type of fraud.  Despite the encouraging trend, credit unions should not become complacent as taxpayer identities continue to be stolen in a number of ways including through data breaches and phishing scams. Since you are on the receiving end of the transaction, you can help combat this fraud by watching for these red flags:

• Multiple tax refunds deposited to a member’s account
• Incoming tax refunds via ACH credit where the name does not match the
• account number
• Suspicious presentment of refund checks (e.g., double-endorsed checks), or
• a large number of refund checks deposited to a business member’s (e.g., a
• check cashing business) account

With many tax refund fraud cases involving ACH (direct deposit), you should also
be familiar with the rules and guidance on ACH transactions, particularly:

• Credit unions are allowed to post incoming ACH tax refunds only using the account number (there is no requirement to match the name on the account)
• If you become aware of an ACH tax refund being misdirected to the wrong account, you are required to notify the government, which can be accomplished by returning the ACH entry using the return reason code, R03 (No Account/Unable to Locate Account)

Read CUNA Mutual's recommended Risk Mitigation measures and resources for credit unions online.

Free: NCUA Consumer Compliance Webinar Posted by Association of Vermont Credit Unions on 11:49 AM

NCUA is scheduled to host a few webinar to educate credit unions about the new reporting requirements under the Home Mortgage Disclosure Act (HDMA) and recent rule changes for prepaid accounts.  The webinar takes place on Tuesday, 2/8, beginning at 2 pm EST.

The first half of the 90-minute event features staff from the Consumer Financial Protection Bureau (CFPB) discussing requirements, implementation dates and which credit unions are now covered under HMDA.

The second half features staff from NCUA's Division of Consumer Compliance Policy and Outreach outlining important provisions for the recently approved prepaid account rule that credit unions must comply with starting 10/1/17.

More details and free registration are available online. 

Judge Denies Banker Lawsuit Over MBL Posted by Association of Vermont Credit Unions on 11:23 AM

This week a federal judge dismissed the lawsuit filed by the Independent Community Bankers of America (ICBA) against NCUA over its 2016 member business lending rule (MBL). The ICBA claimed that revisions to the NCUA MBL rule weakened the statutory MBL cap and made it easier to exclude non-member loans from the cap calculation.
 
Judge James C. Cacheris said that the ICBA failed to demonstrate harm from the 2016 regulatory changes. In an unusual move, Cacheris ignored precedent that directs judges not to rule on the merits of the case if standing is not granted.  Instead, he found that NCUA's interpretation of "member business loan" was reasonable. The court also held that the challenge to the MBL rules was time-barred by the six-year statute of limitations because the underlying 2003 rule was not sufficiently "re-opened" in 2016 to allow the challenge. He went on to state that even if the ICBA had established standing and timeliness, the court still would have found the rules satisfied the requirements established by the Administrative Procedures Act and existing case law.

NCUA Chairman Metsger said that the court's dismissal of the banker suit affirms that NCUA acted within its authority in issuing the final MBL rule.  Board member McWatters said that the court's dismissal is a "victory for small businesses throughout the country."

The ICBA reiterated that it will continue to pursue efforts to level the tax and regulatory playing fields between community banks and credit unions through all avenues. The American Bankers Association (ABA) stated that it remains supportive of the ICBA legal effort and will closely monitor any appeals and developments in the case.

Another lawsuit by the ABA over NCUA's field of membership final rule is pending.



 

New I-9 Form Now Required of New Employees Posted by Association of Vermont Credit Unions on 10:52 AM

A new I-9 form went into effect on January 22nd, required for employers to use with new employees.  The U.S. Citizenship and Immigration Services released the new form in November of 2016.  It was created to verify the identity and legal work status of all individuals hired after November 6th, 1986. Prior versions of the form are no longer valid, and the current form will expire Aug. 31, 2019.

Employers must retain employees' completed I-9 forms for three years after the date of hire or one year after the employment relationship ends, whichever is longer.

Among changes in the form, Section 1 asks for “other last names used” rather than “other names used,” and streamlines certification for certain foreign nationals.  Other changes include:

• the addition of prompts to ensure information is entered correctly;
• the ability to enter multiple preparers and translators;
• a dedicated area for including additional information rather than having to add it in the margins; and
• a supplemental page for the preparer/translator.

More details are available on the U.S. Citizenship and Immigration Services (USCIS) website U.S. Citizenship and Immigration Services (USCIS) website.

Court rules to dismiss MBL lawsuit against NCUA Posted by Bryan Kent on 9:20 AM

Court rules to dismiss MBL lawsuit against NCUA

http://news.cuna.org/articles/111730-court-rules-to-dismiss-mbl-lawsuit-against-ncua?utm_source=real_magnet&utm_medium=Email&utm_campaign=Court%2520rules%2520to%2520dismiss%2520MBL%2520lawsuit%2520against%2520NCUA

In First Week of New Administration, CUs Seeking to Forge Path Posted by Bryan Kent on 9:12 AM

In First Week of New Administration, CUs Seeking to Forge Path

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/In-First-Week-of-New-Administration-CUs-Seeking-to-Forge-Path?utm_source=Fresh+Today+012417&utm_medium=email&utm_campaign=Fresh+Today+012417

Your Input Sought: CFPB Rules Impact Survey Posted by Association of Vermont Credit Unions on 11:06 AM

CUNA is conducting a brief survey to determine the impact of CFPB rules on credit unions, as part of the nation-wide league and CUNA effort to reduce burdensome regulations.  The 10 question survey asks asks which CFPB rules have caused the most harm to your credit union. This information will directly influence how advocacy resources are prioritized on Capitol Hill.

The deadline for the survey is Tuesday, January 24th. Complete the online survey here.

14 Minute NCUA Board Meeting Posted by Association of Vermont Credit Unions on 10:05 AM

Yesterday's first meeting of the NCUA Board for 2017 may have been its shortest meeting ever at less than 14 minutes long.

There were only two items on the agenda -  an Advanced Notice of Proposed Rulemaking (ANPR) on alternative capital and a briefing on the recent inflation adjustment for civil money penalties.  Most of the time was spent on alternative capital

For purposes of the ANPR, alternative capital includes two categories of capital – secondary and supplemental.   Secondary capital is the only form of alternative capital authorized under the Federal Credit Union Act and it is only permissible for credit unions with a low-income designation.

Secondary capital is included in the statutory definition of net worth and counts towards the net worth ratio and the risk-based net worth requirement.  The NCUA Board is considering changes to the existing secondary capital regulation and whether federally insured credit unions should be authorized to issue supplemental capital instruments that would only count toward a credit union's risk-based net worth requirement.   In addition to providing background on secondary and supplemental capital, the ANPR has broad range of questions that touch on the following:

• Associated regulatory changes that would be necessary; 
• Potential tax implications related to issuing alternative capital, particularly for state-chartered credit unions;  
• Potential director and management liability issues from issuing alternative capital; 
• Investor protection issues and whether the sale of secondary capital, like supplemental capital, should be restricted to knowledgeable institutional investors; 
• The impact of alternative capital on the mutual ownership structure of credit unions; and 
• The application of securities law to both supplemental and secondary capital.

The ANPR seeks comments from all credit unions, not only those interested in issuing alternative forms of capital.  The comment period will be open for 90 days once the ANPR is published in the Federal Register.  CUNA's Removing Barriers Blog will monitor the latest information on the comment period.

CUNA urges stakeholder feedback for NCUA’s alt. cap. ANPR Posted by Bryan Kent on 8:48 AM

CUNA urges stakeholder feedback for NCUA’s alt. cap. ANPR

http://news.cuna.org/articles/111721-cuna-urges-stakeholder-feedback-for-ncuas-alt-cap-anpr?utm_source=real_magnet&utm_medium=Email&utm_campaign=CUNA%2520urges%2520stakeholder%2520feedback%2520for%2520NCUA%253Fs%2520alt%252E%2520ca

December Trends Report Released by CUNA Mutual Posted by Association of Vermont Credit Unions on 1:11 PM

The latest issue of the Credit Union Trends Report is out, produced monthly by the CUNA Mutual Group and Chief Economist Steve Rick.

• Credit union loan balances rose 0.9 percent in October, faster than the 0.6 percent pace reported in October 2015.
• Credit unions originated $41.7 billion in first-mortgage loans during the third quarter of 2016, 22 percent more than the third quarter of 2015.
• Credit union new auto loan balances rose 1.1 percent in October, faster than the 1.0 percent pace set in October 2015, and increased 16.3 percent during the last year.

Get the scoop on this information and so much more. Access the December Credit Union Trends Report.

Double Digit 2017 Loan Growth Predicited Posted by Association of Vermont Credit Unions on 1:04 PM

The economists at CUNA are predicting a double-digit increase in lending growth this year.  Overall, the U.S. economy grew by 2% in 2016 and will continue to expand by 2.5% in 2017, CUNA economists said.

We expect loan growth to stay upbeat, rising 10% this year.  As labor markets continue to strengthen, household consumption will stay strong. While auto lending could be marginally weaker than last year, technological enhancement in new vehicles will continue to generate healthy auto demand.  The housing market is still in recovery mode, but housing demand remains strong. Both factors will continue to support healthy auto and mortgage lending at credit unions in 2017.  A strong driver of economic growth in 2017 will be the turnaround in business investment spending.  If government spending in infrastructure materializes, it will contribute to economic growth in the long run. Both higher business investment spending and government spending will push the unemployment rate lower. However, the global economic climate will continue to influence the rate of U.S. economic growth.     Perc Pineda, CUNA senior economist 

CUNA economists expect the Federal Open Market Committee (FOMC) to raise the federal funds interest rate three times this year to 1.4% by year-end. Rising output, tighter labor markets, and higher inflation in 2017 will cause the FOMC to continue monetary policy normalization.

Membership in credit unions will increase in 2017 by 3.5% due primarily to recognition of their positive value proposition. Membership growth in 2017 will be marginally lower than 2016 as the auto lending boom begins to slow and indirect borrower memberships decline.

As the economy continues to expand, CUNA economists expect higher household consumption in autos, furniture, and appliances throughout the year. Credit quality will remain healthy in 2017. The improving job market and fast loan growth (the denominator of the loan quality ratio) will keep the delinquency ratio down to 0.75% in 2017. Net charge-offs will likewise decline to 0.5% in 2017.
Credit union savings balances will grow by 5.5% in 2017, CUNA economists said. “Our credit union savings growth forecast for 2017 is lowered marginally from 6% to 5.5%,” Pineda said. “This is primarily due to changing interest rate environment and other economic fundamental factors such as higher inflation and moderate economic growth, which will cause members to be cautiously optimistic and seek higher returns.”

Supplemental Capital Tops Agenda At Today’s NCUA Board Meeting Posted by Bryan Kent on 9:44 AM

Supplemental Capital Tops Agenda At Today’s NCUA Board Meeting

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/Supplemental-Capital-Tops-Agenda-At-Today-s-NCUA-Board-Meeting?utm_source=Fresh+Today+011917&utm_medium=email&utm_campaign=Fresh+Today+011917

New NCUA MBL Rule: Board & Mgmt Responsibilities Posted by Association of Vermont Credit Unions on 1:34 PM

CUNA’s compliance staff took a look at NCUA's new member business lending rule, now in effect, to determine expectations of credit union boards and management. Since Vermont defers to NCUA's MBL rule, state chartered credit unions are subject to the new provisions along with federals.

Under the new rule, all Vermont credit unions involved in business lending must have their board review and approve its MBL policy, ensure the lending program is appropriately staffed and understand the nature of risk in the commercial loan portfolio.  NCUA provides some guidance on this:

• The board should review its MBL policy annually, and ensure that its business lending program is staffed with appropriately experienced personnel.
• The board must receive periodic updates from management on the performance of the portfolio.
• Senior management must:
• Understand the credit union’s commercial activities;
• Have a comprehensive understanding of the role of commercial lending in the credit union’s overall business model; and
• Establish risk management processes and controls necessary to safely conduct commercial lending activities.

NCUA's guidance points out that any staff involved in a commercial loan program must have sufficient expertise, and provides a little more detail on expectations for managers that are responsible for commercial lending.

Credit unions must also employ “qualified lending personnel” with experience in the following areas:

• Underwriting and processing for the types of commercial lending in which the credit union is engaged;
• Overseeing and evaluating the performance of a commercial loan portfolio, including rating and quantifying risk through a credit risk rating system; and
• Conducting collection and loss mitigation activities for the types of commercial lending in which the credit union is engaged.

Examiners will evaluate staff experience primarily by focusing on the overall type and relevance for those involved with the commercial loan program, with an emphasis on experience in commercial loan risk management.  Credit unions can meet these requirements by:

• training and developing existing staff;
• hiring experienced professionals;
• using a third party, such as a credit union service organization or third-party contractor.

Additional details can be found in CUNA's CompBlog.

Retail Fraud Up by 1/3 During 2016 Holidays Posted by Association of Vermont Credit Unions on 12:30 PM

As reported by CU Times, the growth of retail fraud surpassed the growth of e-commerce transactions over the 2016 holiday season, according to a new survey by ACI Worldwide.  The data, based on hundreds of millions of transactions from global merchants, revealed that fraud attempts grew by 31% in the period between Thanksgiving and 12/31 for the 2016 holiday shopping season versus the same period in 2015. The number of e-commerce transactions grew by 16% during that time.

Attempted fraudulent transactions are those in which merchant verification confirms the transaction is fraudulent, the transaction data matched information being sold online or reported as fraudulent by an issuer, or are transactions that match a pattern of confirmed fraudulent behavior.

Read the full story with more details online.

Student Debt Affects Staggering Number of Elderly Americans Posted by Association of Vermont Credit Unions on 12:06 PM

As reported by the Washington Post, the number of older Americans assuming student debt responsibility on behalf of their children (and grandchildren) has quadrupled in the past decade, with consumers over 60 now holding $66.7 billion in student loan debt, according to a new report by the Consumer Financial Protection Bureau.

The skyrocketing cost of college has placed a particular burden on older Americans, many of whom are struggling to pay back growing debts in their retirement years, according to the report. Nearly 40 percent of federal student loan borrowers over age 65 are in default, the highest rate for any age group, the data show.

Americans owe nearly $1.4 trillion in outstanding student loans. A slow job market recovery, growing income inequality and stagnant wages have made it difficult for younger Americans to be economically independent, and now there are signs that those financial struggles are dragging down their parents and grandparents as well.  A growing number of borrowers over age 65 also said their Social Security benefits - often the only source of regular retirement income for older Americans - had been seized because of unpaid student loans, accor
ding to the report. Those with student loan debt also had less money saved for retirement than their counterparts without student debt did.

President-elect Donald Trump has said he would reduce the burden on borrowers by capping federal student loan payments at 12.5 percent of their income. After 15 years, their debts could be forgiven entirely.

Read more on the rapid growth of student loan debt carried by older Americans online. 

Apply for CFPB CU Council & Advisory Boards Posted by Association of Vermont Credit Unions on 11:50 AM

The Consumer Financial Protection Bureau (CFPB) is accepting applications for its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. These advisory groups provide the CFPB with information about emerging trends and practices in the consumer financial marketplace and ensure the organization hears directly from small financial institutions.

Applicants must have be among the following eligible persons:

• Experts in consumer protection, community development, consumer finance, fair lending, and civil rights
• Experts in consumer financial products or services
• Representatives of banks that primarily serve underserved communities
• Representatives of communities that have been significantly impacted by higher priced mortgage loans
• Current employees of credit unions and community banks
• Academics (experts in consumer finance markets and underserved populations)

How many seats are available?

• 7 seats on the Consumer Advisory Board will become vacant in the fall of 2017.
• 2 seats on the Community Bank Advisory Council will become vacant in the fall of 2017.
• 6 seats on the Credit Union Advisory Council will become vacant in the fall of 2017.

For more information on how to apply to serve on the Consumer Advisory Board or one of these Advisory Councils you can:

• Review instructions on how to submit an application for membership
• Apply online (Applying online is highly encouraged, however a paper application is available for download)
• Learn more about CFPB Advisory Groups
• Visit CFPB Frequently Asked Questions for more information. 
• Applications will be accepted through 3/1/17.

Free Video Training: Financial Statement for Board Members Posted by Association of Vermont Credit Unions on 1:57 PM

Reading financial statements is an essential job for any credit union board member, and a new video series from the National Credit Union Administration (NCUA) makes doing so easier.

"Understanding Financial Statements," available on NCUA's YouTube channel, is a five-part series that discusses the balance sheet and income statement, key line items in each and the relationship between the documents. The videos help you know what questions, you, as a board member, need to ask your staff about your credit union's performance.

NCUA regulations require that federal credit union directors have a working familiarity with basic finance and accounting practices, including the ability to read and understand the federal credit union's balance sheet an income statement and to ask, as appropriate, substantive questions of management and the internal and external auditors. Directors at state-chartered credit unions should know the same information as well.

There is a quiz at the end of the series, and viewers who pass that will receive a certificate of completion.

Understanding Financial Statements is part of a comprehensive series of educational videos developed for credit union board members by NCUA's Office of Small Credit Union Initiatives.

We've embedded the video in a playlist below for ease of access.

Free FOM Webinar Posted by Association of Vermont Credit Unions on 1:48 PM

The National Credit Union Administration (NCUA) has announced a free webinar on Wednesday, 2/1/17 at 2:00 PM eastern time, to cover its new field-of-membership rule. Credit unions can register for the webinar here.

During the webinar, staff from NCUA’s Office of Consumer Financial Protection and Access who were involved with developing the new final rule will cover the regulatory changes to modernize options available for:

• Community charters, 
• Rural districts, 
• Underserved areas, 
• Multiple common bond expansions, 
• Trade, industry, or professional groups, and 
• Credit unions serving a branch of the United States armed forces; 

Staff will also cover the type and extent of information a federal credit union should submit to support an application to expand its field-of-membership; and NCUA’s internal procedures for implementing the new field-of-membership rule.

Register online for the event.

NCUA Exam Focus in 2017 Posted by Association of Vermont Credit Unions on 1:42 PM

The National Credit Union Administration (NCUA) recently issued Letter to Credit Unions 17-CU-01 which covers the Administrations supervisory focus for 2017.  The letter assists credit unions in preparing for their upcoming examinations. In general, the examinations in 2017 will focus on the following:

• Cybersecurity - For the third year in a row, cybersecurity is the top supervisory focus.  The NCUA will continue to evaluate each credit union’s cybersecurity risk management policies.  The NCUA encourages credit unions to use the FFIEC Cybersecurity Assessment Tool as a way to and bolster the credit union’s security and risk management processes.
• BSA Compliance - The NCUA will review credit unions for compliance with the Bank Secrecy Act and the related examination questionnaire.  In addition, the NCUA will focus on credit unions with relationships to money service businesses (MSBs) and other accounts that may pose a higher risk for money laundering.  Credit unions that provide services for MSBs, MRBs, or other types of high-risk businesses need specialized procedures in place to appropriately classify risk and determine the depth and intensity of monitoring that is necessary.
• Internal Controls/Fraud Prevention - The NCUA will evaluate the adequacy of a credit union’s internal controls, as well as overall efforts to prevent and control fraud.  The letter highlights that credit unions with limited staff may have inherent challenges in maintaining adequate separation of duties.
  
  
• Interest Rate and Liquidity Risk - Additional items that have been of NCUA supervisory focus for the last several years.  NCUA field staff will begin using the revised IRR supervisory tool and new examination procedures to assess interest rate risk management practices in credit unions.  The NCUA will also focus on the relationship between IRR and liquidity risk.
• Commercial Lending - NCUA field staff will evaluate a credit union’s commercial loan policies and procedures and assess the risk management processes associated with managing a commercial loan portfolio. Credit union officials should be prepared to provide documentation to support management’s ability to effectively monitor and manage its commercial loan portfolio.
• Consumer Compliance - The letter to credit unions highlights that examiners will begin evaluating credit unions compliance with the Military Lending Act requirements that had the mandatory compliance date of October 3, 2016.  Per Letter to Credit Unions 16-CU-07 these first examinations will focus on:
• Ensuring that a credit union is aware of amendments to the rule and determining the applicability of the amendments;
• Ensuring that a credit union is making progress in complying with the rule, if applicable; and
• Assessing the quality of a credit union’s compliance risk management systems and its policies and procedures for implementing the program.

Compliance: Board, mgmt responsibilities under new MBL rule Posted by Bryan Kent on 9:27 AM

Compliance: Board, mgmt responsibilities under new MBL rule

http://news.cuna.org/articles/111701-compliance-board-mgmt-responsibilities-under-new-mbl-rule?utm_source=real_magnet&utm_medium=Email&utm_campaign=Compliance%253A%2520Board%252C%2520mgmt%2520expectations%2520under%2520new%2520MBL

Small credit unions – the silent majority Posted by Bryan Kent on 9:36 AM

Small credit unions – the silent majority

https://www.cuinsight.com/small-credit-unions-silent-majority.html?utm_source=CUinsight+Email+List&utm_campaign=fd835f3d5a-EMAIL_CAMPAIGN_2017_01_13&utm_medium=email&utm_term=0_601789497f-fd835f3d5a-278263821

Time to Burst Your Own Bubble Posted by Bryan Kent on 8:25 AM

Time to Burst Your Own Bubble

https://www.linkedin.com/pulse/burst-your-own-bubble-eric-gagliano-cfmp

CUNA reg. relief campaign aims for more favorable environment Posted by Bryan Kent on 9:03 AM

CUNA reg. relief campaign aims for more favorable environment

http://news.cuna.org/articles/111683-cuna-reg-relief-campaign-aims-for-more-favorable-environment?utm_source=real_magnet&utm_medium=Email&utm_campaign=CUNA%2520reg%252E%2520relief%2520campaign%2520aims%2520for%2520more%2520favorable%2520

NSA Surveillance Software for Sale Posted by Association of Vermont Credit Unions on 9:13 AM

That's right! the hackers who stole National Security Administration Surveillance software are now saying they're selling the agency's package of Windows hacking tools to others. Like all Shadow Brokers wares, the stolen NSA tools are at least three years old. But codes used to pass through security hardware that the Shadow brokers released in August worked when tested at that time, sparking concerns.  The code being sold by the Shadow Brokers appears to be genuine. A tracking code found in code released by the group used a tracking
code found in previously unreleased Edward Snowden files.

Read the online story in entirety on The Hill.

Annual CUSO Registration Due 3/31 Posted by Association of Vermont Credit Unions on 8:37 AM

As reported in CU Journal and elsewhere, credit unions are reminded that their credit union service organizations have from February 1 to March 31 to complete their annually required re-affirmation with the NCUA's CUSO Registry.

Registration is free, required of all CUSOs and can be completed online at https://cusoregistry.ncua.gov/

To help CUSOs complete the annual registration process NCUA will host a free training webinar on Wednesday, 1/25 at 2:30 p.m. Eastern. Online registration for this 90-minute webinar is now open.

The CUSO Registry requirement began in 2016 and is part of NCUA's enhanced credit union service organization rule approved by the agency's Board in November 2013. CUSOs are required to report financial and regulatory information to NCUA on an annual basis through the registry.

CUNA present for SCOTUS surcharge case oral arguments Posted by Bryan Kent on 8:33 AM

CUNA present for SCOTUS surcharge case oral arguments

http://news.cuna.org/articles/111679-cuna-present-for-scotus-surcharge-case-oral-arguments?utm_source=real_magnet&utm_medium=Email&utm_campaign=CUNA%2520present%2520for%2520SCOTUS%2520surcharge%2520case%2520oral%2520argume

Compliance: Changes in NCUA exam procedures for 2017 Posted by Bryan Kent on 7:47 AM

Compliance: Changes in NCUA exam procedures for 2017

http://news.cuna.org/articles/111674-compliance-changes-in-ncua-exam-procedures-for-2017?utm_source=real_magnet&utm_medium=Email&utm_campaign=Compliance%253A%2520Changes%2520in%2520NCUA%2520exam%2520procedures%2520for%252020

Why to never use sliders in credit union website design Posted by Bryan Kent on 9:08 AM

Why to never use sliders in credit union website design

https://www.cuinsight.com/never-use-sliders-credit-union-website-design.html?utm_source=CUinsight+Email+List&utm_campaign=b8e3912d3b-EMAIL_CAMPAIGN_2017_01_06&utm_medium=email&utm_term=0_601789497f-b8e3912d3b-278262461

Call to Action: Campaign for Common-Sense Regulation Webinar Posted by Association of Vermont Credit Unions on 12:54 PM

Vermont credit unions are encouraged to learn about Association and CUNA efforts to curb excessive regulation in the 2017 session of Congress.  Washington’s excessive, one-size-fits-all regulations are inappropriate for credit unions and the consumers they serve. We want to insure that all members of Congress get the message that excessive Washington regulations are squeezing an already-burdened American Middle Class and the credit unions that serve them.

The free webinar will outline the issues and the nation-wide strategy to lighten the regulatory burden on credit unions.  Join CUNA President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan Chief Political Officer Richard Gose as they launch the Campaign for Common-Sense Regulation and learn how your credit union and members can help.

Date:     January 10, 2017
Time:    2:00 PM - 3:00 PM ET

Register for free!

How Does Your Exam Experience Compare to Others? Posted by Association of Vermont Credit Unions on 12:27 PM

Any idea how your CU's exam experience compares to others?

An on-going exam survey of CUs by CUNA and leagues lets CUs share exam experiences anonymously.  The survey provides a vehicle for feedback on recent exam by NCUA or state regulators. It covers topics such as the length of an on-site exam, satisfaction with the exam and the results, and problems areas--if any--noted by the examiner.

Survey replies are confidential, and identifying information from individual credit union respondents is not seen by individuals outside of CUNA's Market Research Department.  Only summary results are reported. The report is divided into summary results by asset categories, and by state vs. federal charter. A few finding from the most recent survey reveal that:

• More CEOs are satisfied with their exams (65%) than dissatisfied (21%), which is the highest level of overall satisfaction in the four years the study has been conducted.
  
• Exam duration for all CUs averages 9.2 days
  
• 30% of CUs report being under one or more Documents of Resolution (DORs), compared to 40% the prior year.
  
• Exams by state examiners are less likely to include DORs than exams in which NCUA is involved.
  
• Satisfaction with examinations conducted solely by state examiners are rated similarly to NCUA-only exams, but joint exams are rated lower than either.
  
• As expected, CUs whose CAMEL rating declined during the exam are not very positive about the experience. 

To maximize the benefit of survey results for CUs, its important they all participate. See the resutls of the last 3 surveys and learn how to participate at  https://www.cuna.org/survey/

Retailers Already Opposing Interchange Repeal Posted by Association of Vermont Credit Unions on 11:36 AM

According to CU Journal, the big changes for the CFPB and repeal of Dodd-Frank financial reform law predicted for the new Congress have retailers strongly opposing support by the financial industry to repeal the cap on debit interchange fees.  The cap on "swipe" fees was  part of the Dodd-Frank financial reform law and was intended to be a boon to consumers. But card issuers claim that rather than putting money into  consumer pockets it has been a boon to retailers.

Merchant associations claim that the cap only applies to financial institutions over $10 billion in assets and that banks are still making a triple digit profit off debit card transactions.

Banks and credit unions say the lost revenue hamstrings the types of products they are able to offer customers because they have to make up the revenue in other ways.