By The Way

The By The Way newsletter is a great way to keep Kentucky credit unions informed of the latest updates in governmental affairs, compliance and regulations, education and training.  In addition, By the Way highlights the difference credit unions are making on a daily basis.

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President's Update

Introducing Relationship Rewards!

Your league is dedicated to providing unmatched value to your credit union, which is why…

I’m excited to announce our new Relationship Rewards program that gives your credit union cash back when you use eligible service partners!

The team is busy curating a roster of service partners that provide access to valuable products and services for credit unions of all sizes. Now, when your credit union engages with eligible partners, you will earn CASH BACK on what you pay the partner.

When they engage with Kentucky’s Credit Unions, service partners can participate in this program. The level at which they participate determines the cash back you receive. The table below shows how much you could earn.

Here’s an example: One service offered by new service partner Eleven Performance Group is member surveys, including annual engagement surveys and post-event surveys. Eleven Performance Group is a PLATINUM level partner, which means you will receive 10% of whatever you pay them on your surveys. So, if your contract is for $3,000 per year, you’ll earn $300 cash back!

Those using QwikRate will be pleased to know they are participating in the program at the SILVER level. So, if you pay QwikRate $4,000 in 2024, you’ll earn $120 cash back.

The cash back rewards could really add up! The more business you do with eligible service partners, the more cash back you’ll earn.

You don’t need to do anything extra to earn this cash back. We’re monitoring everything on our end, and at the end of the year we will send you a statement that details your cash back rewards. You will receive a check from us by the end of March the following year.

We’re rolling out this program right now, but you’ll earn cash back for whatever you paid eligible service partners for the entire year of 2024.

If you are currently working with a vendor that you think should be a part of the Relationship Rewards program, contact Jenna Dye: [email protected].

Look for more information on this valuable service soon!

Sincerely,
Jim Kasch
League President

 

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Governmental Affairs Update

Hello and thanks for taking the time to read this update.

I find that February is one of the most fun months of the year and not just because it includes my birthday, but also because it’s a time of year when some of the most consequential events in local and national politics take place and some of the most important work is done.

In Frankfort, February is when most of the new bills are introduced each year and when the final dash to introduce legislation ends as the deadline approaches and legislators work to get their proposed solutions to all kinds of problems introduced for consideration.

In Washington this month we have seen the pressure continue to build as Congress approaches dual funding deadlines (March 1st and March 8th) and both parties jockey for position and inclusion of their priorities in any eventual funding mechanisms. This February we have also seen the beginning stages of our next Presidential Election taking place and have seen the field of contenders winnow as the month passed and more states have held their nominating contests. To top it all off, this month has ended with one of the biggest announcements in years in terms of its impact on Kentucky politics, that being the announcement of Sen. McConnell’s plans to step away from leading the Senate Republican Caucus this November. Sen. McConnell has led the Senate Republicans since 2006 and will step away with a firm grip on the record for the longest tenured Senate party leader.

With such an eventful February, I am looking forward to seeing what March holds and I look forward to sharing that with you as well.

As always, please reach out with any questions or if I can be of service to you or your Credit Union in any way.

Sincerely,

Kyle Hagerty, CUCE
VP, Governmental Affairs & Compliance

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Marketing & Business Development Council Conference

March 17-20, 2024

Gain fresh marketing perspectives and collaborate with your peers.

CUNA Marketing & Business Development Council Conference is the perfect environment to reconnect with other credit union marketing and business development peers who understand challenges you face. Conference content is driven by the CUNA Marketing & Business Development Council, so you can be sure we are hitting relevant and trending impacting your role. We will also celebrate and honor the winners of the prestigious Diamond Awards, as well as the 2023 Recognition Awards. Return to your credit union with a fresh perspective, new insights and enthusiasm for the industry and movement.

REGISTER HERE

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HR & Organizational Development Council Conference

April 21-24, 2024
Location: St. Pete Beach, FL

Reconnect and grow with your credit union industry peers during HR & Organizational Development Council Conference. Collaborate with credit union professionals facing similar challenges while exploring relevant and trending topics curated by the Conference committee. Celebrate and honor the winners of the HR & Organizational Development Council Awards. Return to your credit union with a fresh perspective, new insights, and enthusiasm for the industry and movement. 

REGISTER HERE

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Regulatory Compliance Certification School

April 15-19, 2024
Location: Fort Lauderdale, FL

Be a credible voice of compliance.

Well-informed credit union compliance professionals are better positioned to keep operations running smoothly at their credit union. Keeping your foundational knowledge current while staying up to speed of shifting regulations is easier said than done. 

Whether you're new to the field or an experienced compliance professional, we offer two schools, Introduction and Update, to fit your experience level. 

Introduction: This covers the fundamentals of credit union compliance in an easy-to-follow approach for newer compliance professionals. There’s plenty to learn for anyone looking for a refresher in understanding regulatory complexities. Attendees can earn their Credit Union Compliance Expert (CUCE) designation.  

Update: Building upon the foundational knowledge gained at Introduction, this school incorporates a risk approach to handling compliance and focuses on learning by asset size for greater insights. Current CUCE designees can recertify their designation.

This event is endorsed by Compliance & Risk Council.

Who should attend?

All levels of compliance professionals, branch and retail managers, operations leadership, small credit union CEOs, internal auditors, and risk managers.

REGISTER HERE 

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SRCUS Management School

Start Your Journey!

Meeting Dates: Sunday, June 16, 2024 through Friday, June 21, 2024
Location: UGA Georgia Center for Continuing Education, 1197 South Lumpkin Street, Athens, GA.

Why Attend?

First-Rate Learning

Enjoy academic teaching that has direct credit union applications. The three-year program, which takes place one week per year in person, will help you develop your operational, managerial and leadership skills.

Collaboration

Engaging activities in class, on campus, and via team projects foster a collaborative atmosphere for you and your classmates. Form life-long bonds while benefiting from shared successes, resources, challenges, and solutions.

Shaping Leaders

This program is NOT a conference but a commitment we invite you to make toward a better future for yourself, your team, and your organization. For more than 50 years, we’ve seen alumni go on to hold leadership positions at their credit unions, in their local chapters, and with community-based organizations.

REGISTER HERE

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Executive Forum – Registration Now Open!

April 22-23, 2024 | Marriott Lexington City Center | Lexington, KY

Marriott Lexington City Center
121 W Vine Street
Lexington, KY 40507

The Kentucky Credit Union League is proud to host an executive-level gathering for credit union leaders across the state. 

The Executive Forum is a one-day event with insightful presentations, timely updates and open discussion among your peers who are all facing similar challenges and looking to share best practices and experiences.

WHO SHOULD ATTEND:

Attendance is limited to League-affiliated and associated credit unions. This conference is a special occasion for CEOs and their Executive Teams to come together for valuable education and networking opportunities. 

MORE INFORMATION HERE
RESERVE YOUR ROOM HERE

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2023 Class Act Federal Credit Union's Chairman's Award

The recipient of the Chairman’s Award this year goes to someone who has been truly dedicated to Class Act Federal Credit Union since joining our staff in 2015 and exemplifies the spirit of the Credit Union movement of “People Helping People.”

It is an honor to recognize James Clark as this year’s recipient of the 2023 Chairman’s Award.
James started in September of 2015 as a Contact Center Representative at our e-Branch. The following April, he was promoted to a Member Relations Officer at our Main Branch. In both positions James demonstrated his compassion for assisting our members to the best of his ability.

In August 2018, James was promoted to our first assistant e-Branch Manager position and was then promoted a year later to e-Branch Manager. It was at this time that James truly demonstrated his leadership abilities as he led our online banking conversion to Alkami during our 2019 data processing core conversion. James served as one of our Subject Matter Experts during the entire conversion process. He worked closely with Alkami’s implementation team to ensure a seamless transition to our new online banking platform and mobile app. James was also involved with setting up our online membership account opening process, assisting with oversight on testing, establishing procedures, compliance requirements, and reporting. James has been very involved with updates to the online banking platform since conversion and was instrumental in adding our latest features like the Credit Report Card and Spending Report Card widgets. Because of his involvement with Alkami since its inception, we’ve moved managing the Alkami relationship with James in his last two positions with Class Act. James served for a short time as our Marketing Director before moving into his current role as our Desktop Support Engineer.

James has also been an integral part of several other projects like our Account-to-Account ACH transfer implementation, updating our call center technology, and most recently our conversion to a new text messaging platform.


In closing, I thought I’d share several comments from some of James’ coworkers that truly reflect the type of person (and employee) James is:

“James has a passion for helping others. He is very intentional about making sure people have the knowledge and support needed to be successful in whatever they are pursuing.”

“James has always gone the extra mile to help through various projects. He always makes sure everyone is on the same page when we’re implementing a new program.”

“James doesn’t back down from a challenge, he always gets things done and is ready to help.”

“James never hesitates to jump into an issue “feet first” to get it resolved. He obviously loves to learn new things and sees them through to fruition.”

“James does an amazing job at managing projects. His knowledge of our core system has proven to be extremely helpful and a critical factor in how well those projects went."

And last, “James is a great team member. He’s very easy to work with and is willing to help even if he’s not asked to do so. His contributions to the credit union are invaluable.”

Please join me in congratulating James Clark as this year’s recipient of the 2023 Chairman’s Award.

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Locals Food Hub & Pizza Pub Announces Partnership with Expree Credit Union

 

Locals Food Hub & Pizza Pub is excited to announce a newly formed partnership with the not-for-profit financial cooperative, Expree Credit Union, that will directly benefit Locals’ in-house food access program, Local Food Forward. Through this partnership, Expree has generously committed to match each donation to the Local Food Forward program, dollar for dollar, up to $10,000. Community members can donate by visiting www.localsfoodhub.com, then clicking About.

All money raised through this program will help facilitate a variety of food access initiatives, with the goal of providing local, nutrient-rich food to underserved members of the community. Aiming to have a deep and lasting impact, Locals plans to implement these initiatives, made possible by Expree Credit Union, throughout 2024.

In an effort to continue increasing access to local food, a majority of these funds will be allocated to launch the Expree Triple Dollars program at Locals Food Hub, where 100% of the grocery items available for purchase are sourced from Kentucky producers. This program will be designed to further extend the purchasing power for SNAP users who are already utilizing the Kentucky Double Dollars program. When community members use their SNAP card to purchase at least $20 worth of local groceries at Locals, they will receive $20 in free groceries through the Kentucky Double Dollars program, and an additional $20 in free groceries through the Expree Triple Dollars program. This initiative will provide $60 worth of local, nutrient dense food for only $20 spent.

“Expree Credit Union is focused on building better communities and promoting the well-being of our members. The credit union philosophy is “people helping people.” The efforts extend beyond financial stability to the well-being of their lives as a whole and building a better future. Partnering with Locals to provide underserved families the opportunity to access fresh, healthy, local food and promote healthier eating habits is perfectly in line with our philosophy. Helping combat health issues and establishing a healthier community overall benefits everyone in Franklin County,” explained Andrea Giusti, Chief Marketing Officer at Expree.Local businesses and community members are invited to match Expree Credit Union’s generosity, in an effort to raise $20,000 to further the impact of these important local food access programs. To contribute, visit www.localsfoodhub.com and click About.

A project of Birch Bragg, Michelle Bragg, Joseph Fiala and Taylor Marshall, the Locals Food Hub & Pizza Pub concept is designed to increase the community’s access to local foods, to support the region’s hard-working food producers, and to help contribute to a stronger local food economy. The original Locals Food Hub & Pizza Pub location is at 863 Wilkinson Boulevard, in Frankfort, Kentucky, and an additional location is slated to open in the Smoketown neighborhood of Louisville in 2024. Learn more at www.localsfoodhub.com, or on Facebook and Instagram.

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Commonwealth Credit Union Recognized In Newsweek's List Of America’s Best Regional Banks and Credit Unions 2024

Commonwealth Credit Union proudly announces its inclusion in Newsweek's list of the Best 250 Regional Banks and Credit Unions in America for 2024. CCU stands out as the sole credit union from Kentucky to be recognized on this esteemed list.

“Regional banks and credit unions play a pivotal role in meeting the needs of communities across the nation.  Newsweek and market-data research firm Plant-A Insights are proud to introduce “America’s Best Regional Banks and Credit Unions 2024,” highlighting local lenders that are committed to the needs of their communities.” – Nancy Cooper – Global Editor in Chief – Newsweek.

This recognition is a testament to Commonwealth Credit Union’s unwavering commitment to excellence in financial services and its dedication to enhancing the lives of its members. Newsweek's evaluation process included a survey of over 35,000 individuals and over 140,000 reviews of regional banks and credit unions.

Karen Harbin, CEO of Commonwealth Credit Union, expressed her gratitude for this honor, stating, "At Commonwealth Credit Union, our goal is to better lives. This recognition from Newsweek motivates us to continue our mission of empowering our members with the tools and resources they need to achieve their financial goals. We are deeply committed to fostering strong relationships, building trust, and providing innovative solutions that make a positive impact on the communities we serve."

Newsweek is a comprehensive guide for consumers seeking reliable and community-focused financial institutions. The inclusion of Commonwealth Credit Union reaffirms its position as a trusted partner in the financial well-being of its members.

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Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending

February 12, 2024

The Federal Financial Institutions Examination Council (FFIEC),1 on behalf of its member entities, is issuing this statement to communicate principles for the examination of supervised institutions’ (institutions) residential property appraisal and evaluation (valuation) practices to: (i) mitigate risks that may arise due to potential discrimination2 or bias3 in those practices, and (ii) promote credible valuations.4 Real estate valuations are a critical underwriting component in residential real estate lending, both from a consumer compliance and safety and soundness perspective. Therefore, as part of their examination processes, examiners assess institutions’ compliance management systems and risk management practices for identifying and mitigating potential discrimination or bias in residential property valuation practices.

Institutions are required to comply with laws and regulations, including anti-discrimination laws. When examiners identify instances or patterns or practices of discrimination in valuation practices, these findings should be reflected in the ratings assigned to an institution pursuant to the FFIEC’s Uniform Interagency Consumer Compliance Rating System.5 From a safety and soundness perspective, each of the federal prudential regulators has appraisal regulations that address appraisal practices at institutions. Evidence of valuation discrimination or bias that negatively affects an institution’s safety and soundness should be reflected in an institution’s ratings assigned under the Uniform Financial Institutions Rating System (UFIRS).

Read More Here: FFIEC_Statement_on_Exam_Principles_Related_to_Valuation_Bias.pdf

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Fees for Instantaneously Declined Transactions

This proposed rule is for financial institutions as defined within Regulation E (so no asset size threshold here). The rule would prohibit a financial institution from assessing a nonsufficient funds fee in connection with any covered transactions. A covered transaction is when a consumer attempts to withdraw, debit, pay, or transfer funds from their account and the transaction is declined instantaneously due to insufficient funds.
Examples would include one-time debit card transactions that are not pre-authorized, ATM transactions, and certain P2P transactions – generally those transactions that are authorized in real time.

What can we learn from this example? Pay very close attention to the communications and guidance coming out of the CFPB as this most likely will foreshadow proposed rulemaking and focus from our regulatory agencies. Recently, we’ve seen a tremendous focus on the Fair Credit Reporting Act and Fair Lending/Regulation B. Take the time now to review the guidance and see if there are opportunities to adjust your policies, procedures, and processes. Being proactive and integrating changes (if needed) now, will save more time in the long run and have your credit union one step ahead with compliance.

Make sure to leverage the resources from your League/Association! InfoSight, CU PolicyPro, and RecoveryPro are frequently reviewed and actively updated based on regulatory guidance and expectations.

Glory LeDu
CEO, League InfoSight and CU Risk Intelligence

Read more from Glory LeDU https://ky.leagueinfosight.com/resources/newsletter

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