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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Tax revenue contributions from credit unions include:

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

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

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

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

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

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

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

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

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

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

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

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

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

Read the report in entirety on CU Today. 

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

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

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

Legalization advocates were upset by the committee's move.

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

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

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

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

See the full article on Forbes.com 

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

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

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

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

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

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

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

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

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

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

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

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

 

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

 

 

 

 

 

 

 

 

 

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

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

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

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

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

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

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

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

June, 2018

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

July, 2018

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

August, 2018

• Aug 16: LendKey and the Future of Digital Lending

September, 2018

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

November, 2018

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

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

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

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

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

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

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

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

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

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

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

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

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