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.

League Updates

CUNA Announcements

Educational Opportunities

Credit Union News

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A Message from the President 

Kentucky is officially in re-opening mode.  As we begin to bring employees back, open our doors to members and start rebuilding our normal, this is a good time to reflect on what we’ve learned over the past 15 months or so.  

We learned that credit unions, members and employees are strong and resilient and can weather pretty much anything.  How many times did you hear, or even say yourself, “Credit Unions were built for this.”?  We are an industry that stood up and responded to an unknown with grace and class.  Now what?  

Now it’s time to focus on the rebuilding.  Rebuilding of our lending portfolios, our capital and maybe even our internal culture.  It’s also the time to look at our operations and see what is most likely going to stick.  A lot of our members were pushed into doing business digitally and, most likely, from home.  A lot of our employees were pushed into remote work, telework or a combination of scenarios.  As always, there are challenges ahead but there are also opportunities.  

What has the last 15 months taught you about your members and their expectations?  What have you learned from your employees and volunteers?  No one wants to go back and do the last 15 months again, however, the lessons learned will be of value for years to come.   Please know your League is here to assist you along the way.  Don’t hesitate to reach out. 

Thank you again for everything you do.

Sincerely,
Debbie Painter
League President

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Governmental Affairs Update

This month in Government Affairs has been an interesting and productive time.  On the state level, your League has engaged directly with the County Clerk Modernization Task Force including being present at their first meeting on the 16th where the legislators were able to hear from a group of County Clerks as well as representatives from impacted industries to outline the issues and reinforce the need for changes.

In addition to the developments at the state level, your League remains engaged with Federal lawmakers and, just this month, took advantage of opportunities to engage with both of our Senators and two of our Members of Congress directly and in-person. 

We look forward to continued engagement with policymakers of all levels throughout the summer and into the fall. Additionally, we are excited to work with many of you to engage policymakers in their local communities over the coming weeks and months.”

Sincerely,

Kyle Hagerty, CUCE
Director of PR & Governmental Affairs

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Credit Unions Participate in Local Meet & Greet

On Monday, June 21st, we had the opportunity to meet with Sen. Paul at Vincenzo’s in downtown Louisville.  Sen. Paul is a big supporter of credit unions and our cooperative structure.  We discussed pending legislation regarding credit interchange that would be extremely harmful to consumers and financial institutions.  He expressed his support for our position and will be stepping up with a letter to his colleagues explaining the negative consequences seeking their support in opposing any such language. Thank you Senator Paul.

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A positive message worth going viral!

Help inspire AUTHENTIC, HIGH-ENERGY CONVERSATION on why we love our credit unions on July 30, 2021 

Too often, the unique value credit unions bring to their members and communities is the financial industry’s best-kept secret. On July 30, 2021, the Illinois Credit Union League is calling on all credit unions to lead a digital ‘wave’ of authentic, high-energy conversation across social media platforms and Kentucky is joining the mission!

We believe the CU Difference is worth sharing and should be promoted at every opportunity. The purpose is to create a synchronized, collaborative effort showcasing the amazing ways credit unions serve their members and communities every day. We need everyone in our industry to call upon their own teams, members, and families to share what’s best about their CU experience using the common hashtag: #ilovemycreditunion. 

A SIMPLE STEP
This social media blitz is a big idea with the potential to leave a giant-sized digital footprint for the credit union movement. The amount of participation on July 30th will determine its ultimate success. Fortunately, joining is easy! The Illinois Credit Union League team has created a resource hub with everything needed to plan for and engage members in this exciting, nationwide collaboration. Credit unions and leagues are welcome to personalize these materials with their own branding, design their own specialized content, and add those unique touches that will speak to their membership. 

THE START OF A DIGITAL ‘WAVE’
Several leagues and fellow collaborators have already signed up to start this digital ‘wave’ on July 30th. In addition to the Kentucky Credit Union League, early joiners include Alaska Credit Union League, California and Nevada Credit Union Leagues, Cooperative Credit Union Association, CrossState CU Association, Dakota Credit Union Association, Hawaii Credit Union League, Minnesota CU Network, Montana CU Network, New York Credit Union Association along with collaborators at the American Association of Credit Union Leagues, CUNA, and CU Awareness. 

To make the biggest impact, we all must post on the same day, Friday, July 30, 2021, with the same hashtag: #ilovemycreditunion. This is a turnkey project, so we encourage all credit unions to sign up and make the most of it!  For questions about how to participate, contact the Illinois Credit Union League at [email protected].

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Credit union membership just got sweeter!

Members can now purchase discounted Kentucky Kingdom tickets through their credit unions

As the weather begins to warm up, more and more will be looking forward to enjoying outside activities.  This is the perfect opportunity to remind you of our partnership with Kentucky Kingdom & Hurricane Bay.  

We are happy to be able to work with Kentucky Kingdom & Hurricane Bay once again to help your credit union offer another “perk” to credit union membership.  With in-branch flyers and online web banners already available for your use, your members can simply click and purchase their deeply discounted tickets.      

PLUS:

  • This service is of NO CHARGE to your credit union.
  • It drives TRAFFIC to your credit union's website.
  • It is a great VALUE-ADD to credit union membership.
  • It is LESS labor-intensive with no physical tickets to count. 

For more information, or to start marketing this partnership to your members, visit https://www.kycul.org/e-consignment-store-marketing or contact Andrew Barr at (502) 855-8208 or [email protected].

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CUNA Marketing Compliance eSchool

Credit union advertising and marketing campaigns are integral to your success. The campaigns you share are constantly under scrutiny by both examiners and consumers. This exposure can lead to a higher risk for your credit union. Take action to mitigate your credit union’s risk by joining other credit union compliance and marketing peers at this eSchool. 

Who Should Attend
This eSchool is beneficial for marketing and compliance professionals as well as individuals responsible for their credit union’s go-to-market strategies. 

MORE INFORMATION

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Join Us August 12 for CUNA Mutual Group’s 12th Virtual Conference

After a year of rapid change and unanticipated challenges, gaining the insights needed to move your credit union forward is crucial. Our annual Discovery conference will deliver relevant topics and reveal new ideas and inspiration from industry leaders. Attend Discovery2021 and walk away with information and tools to immediately help serve your credit union and your members, charting a course toward a brighter future.

With so many virtual conferences, why attend Discovery2021?

  • It’s free!
  • No travel
  • Network with peers
  • Hear from industry leaders
  • Different topics throughout the day
  • Attend based on your schedule
  • Multiple employees can attend

Agenda topics include:

  • CU Industry Trends
  • Economy
  • Lending
  • Leadership and Development
  • Member Experience
  • Post-Pandemic Recovery
  • And many more 
PRE-REGISTER

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Mortgage Loan Originator Training 

Kentucky Credit Union League Office
5111 Commerce Crossings Drive, Suite 210
Louisville, KY 40229  

Choose from two dates: 
Wednesday, September 29 OR Thursday, September 30

Time: 9:00 a.m. - 4:00 p.m. 

Educational Investment: $249 per participant 

Join Regulatory Compliance Counsel Michael Christians for a comprehensive overview of the mortgage loan origination process. 

MORE INFORMATION

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Save the Date for these Signature Events

The Kentucky Credit Union League is closely monitoring the latest developments related to COVID-19 and is following guidance from the Centers for Disease Control (CDC) and information from local government and health authorities. At this time, the following events are scheduled to happen in-person. 

 

VISION 2021 – Annual Meeting & Convention

August 25-27, 2021 | Omni Louisville Hotel | Louisville, KY 

The Kentucky Credit Union League is proud to provide our credit unions with this distinguished opportunity for improvement, growth, and knowledge. 

Vision 2021 – the League’s Annual Meeting and Convention features a comprehensive agenda on top-of-mind issues, the Members’ Business Meeting, a golf scramble, an awards banquet, entertainment and an extensive showcase of business partners and exhibitors. 

Whether you are a credit union professional or volunteer, from a small or large credit union, you will find useful information geared towards your needs.

ATTENDEE INFORMATION
EXHIBITOR INFORMATION 

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Board & Committee Leadership Conference

October 14-16, 2021 | Gatlinburg Convention Center | Gatlinburg, TN 

Make plans to join your peers for an education conference designed just for credit union volunteers. The 2021 Board & Committee Leadership Conference (Formerly Volunteer Leaders Conference) is set for October 14-16 in beautiful Gatlinburg, TN and features a full range of informative sessions on critical, timely issues, with first-rate speakers.  

MORE INFORMATION

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Three KY credit unions announced as 2021 Partners in Philanthropy honorees 

Louisville Business First's Partners in Philanthropy is an annual recognition program spotlighting local businesses in Greater Louisville and their donations and partnerships with charities. 

This year, they are recognizing 30 area companies for their cash contributions to nonprofits in 2020.  Among these companies was one local credit union, Class Act Federal Credit Union

Additionally, Louisville Business First will recognize innovative partnerships between Louisville-area and nonprofits.  

  • Abound Credit Union with their efforts with USA Cares.
  • Park Community Credit Union, Oxmoor Auto Group, Apprisen and Goodwill Industries with their partnership on the Goodwill Cars to Work program. 

These companies also will be honored at a virtual awards ceremony on August 5 with more details to come. 

Congratulations to these Kentucky credit unions!

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ECTC, Abound Partnership Expands to Teach More Students About Money Management  

Elizabethtown Community & Technical College (ECTC) and Abound Credit Union are continuing to provide valuable financial education to a growing number of students through a series of engaging, virtual events and interactive, online modules.  

This summer, Abound will be included in freshman orientation to share how students and faculty can access no-cost financial education resources. ECTC’s financial education portal, mobile-friendly 5-minute financial tips and YouTube videos will help students create a budget, learn about credit cards, credit scores, taxes, debt management and much more. To date, over 3,700 ECTC users have accessed Abound’s online financial education program.  

Abound Credit Union experts kicked off the Adulting 101: Managing Your Money series this fall with three interactive webinars including a Financial Education Bootcamp. In addition to the educational webinars, First Year Experience 105 students and Business students at ECTC completed Abound’s financial education modules this academic year. The online modules prepare college students to make smart financial decisions and adopt responsible money management habits that can benefit them for life.   

“Our partnership with ECTC is important because we’re giving young adults the tools they need to change their financial lives and make more possible for their families for years to come,” says Ray Springsteen, President & CEO of Abound Credit Union.  

In addition to the financial education and training provided for youth and young adults, Abound Credit Union offers free online learning tools and resources for Kentuckians of all ages at www.aboundcu.com

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Commonwealth Credit Union Opens Region's First Make-A-Wish Toy Closet 

Giving a critically ill child hope, optimism, and joy in place of uncertainty, fear, and sadness is exactly what Make-A-Wish does every time a wish is granted. To help ease those feelings, children are paired with a volunteer to help them walk through the process. To serve as an ice breaker, the volunteer brings a special toy to give to the child that they can keep with them throughout their journey. 

To help aid with this, Commonwealth Credit Union has opened the region’s first Make-A-Wish Toy closet at their Hamburg branch. The credit union collected over 400 donated toys to stock the closet. To celebrate this momentous occasion, Commonwealth Credit Union hosted a ribbon-cutting and invited 4 Wish Kids to attend. 

They were so excited to see the toy closet, and each child left with a giant gift basket of toys and games.  

“To watch a child, enter the Wish program, receive treatment, and then graduate to lead a life where they are not only surviving but thriving, is what Bettering Lives is all about,” said Karen Harbin, Commonwealth Credit Union President/CEO. “As the 2021 Wish Chair, I am thrilled that we can provide a home for the toys that start these children on their Wish journey.” 

Faith Hacker, Make-A-Wish Ohio, Kentucky & Indiana Senior Development Officer said, “Our relationship with Commonwealth Credit Union is especially meaningful because we are united in our passion to inspire hope in the lives of these special young children. At Make-A-Wish, we believe that when a wish is granted, it creates hope and strength not only for the wish child but also for the wish family and the community.”

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Park Community CU Awarded CDFI RRP Grant 

Park Community Credit Union is excited to announce that they have been awarded $1,865,265 in COVID-19 relief funds through the CDFI Rapid Response Program (CDFI RRP). 

U.S. Treasury Awards $1.25 Billion to Support Economic Relief in Communities Affected by COVID-19
On June 15, 2021, the U.S. Department of the Treasury awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs). The awards were announced by Vice President Kamala Harris at the White House with Treasury Secretary Janet L. Yellen. The grants will be made through Treasury’s CDFI Rapid Response Program (CDFI RRP) and will provide necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities. 

“In serving places that the financial sector historically hasn’t served well, CDFIs lift our whole economy up. We know that for every dollar injected into a CDFI, it catalyzes eight more dollars in private-sector investment, meaning that today’s announcement might lead to an additional $10 billion in investment,” said Secretary Janet Yellen. “The President and the Vice President ran on a very ambitious agenda – ‘Build Back Better,’ unwinding systemic racism, creating an economy that works for everyone. I believe this is what that looks like in practice. By channeling more capital into CDFIs, we are translating those ideals into reality.”  

The CDFI RRP grant funds will be used to support eligible activities such as financial products, financial services, development services, and certain operational activities, and to enable CDFIs to build capital reserves and loan-loss reserves. The CDFI Fund designed the program to disburse the funds rapidly in light of the nationwide economic impacts of the COVID-19 pandemic. The CDFI RRP was authorized by the Consolidated Appropriations Act, 2021 (Pub. L. 116-260).  

“These awards provide CDFIs with an unprecedented level of flexible capital to help distressed and underserved communities across the country take meaningful steps towards recovering from the debilitating economic impacts of the COVID-19 pandemic,” said CDFI Fund Director Jodie Harris. “CDFI RRP awards will enable CDFIs to help businesses keep their doors open, help families make ends meet, and help maintain important community facilities during this difficult time.” 

CDFI RRP awards will reach a wide variety of low-income communities across the United States impacted by the COVID-19 pandemic. The awardees include CDFIs that serve rural, major urban, and minor urban markets. 

A full list of the $1.25 billion in awards announced nationwide today is available here.

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Compliance Bulletin: Responding to a Power of Attorney Agent’s Request

To Add or Change a Right of Survivorship or Beneficiary Designation

Credit unions sometimes are asked by an agent under a power of attorney (POA) to have a person added as joint owner to the account of a member (the principal under the POA). Or a POA agent may seek to add or change a payable-on-death or other beneficiary designation on the member’s account. In some cases, the agent may seek to add himself or herself, or a family member, as joint owner or beneficiary on the account. What is significant in all these situations is that the agent is seeking to act in a way that will create (or take away) a right of survivorship in the member’s account upon the member’s death. Naturally this raises concerns. How should the credit union respond?

The Uniform Power of Attorney (KRS 457.010 et seq.), as adopted in Kentucky, has rules that address whether an agent may create or change a right of survivorship or beneficiary designation.  See KRS 457.245. It is helpful to break down these rules through a step-by-step process, focusing on: i) what the POA says, and ii) the relationship of the POA agent to the member on whose behalf the agent purports to act:

  1. In all cases, the POA must expressly grant the agent the authority to create or change rights of survivorship or beneficiary designations. The first question is whether the POA has language granting such authority to the agent. If it does not, then the agent is prohibited from creating or changing survivorship rights or beneficiary designations for anyone. If it does contain such language, then the following rules apply.
  2. Even if the POA contains the grant of authority to create or change rights of survivorship or beneficiary designations, if the agent is not an ancestor, spouse, or descendant of the member, such agent may not create in the agent, or a person to whom the agent owes an obligation of support, any survivorship or beneficiary rights, unless the grant of authority expressly says the agent may create such survivorship or beneficiary rights in himself or herself or in a person the agent supports. In other words, if the POA merely says the agent shall have the authority to create or change rights of survivorship and beneficiary designations, without more, the agent may not rely on that authority to make any such change that will benefit the agent personally or someone the agent supports. But if the POA says the agent may exercise such authority by creating a right of survivorship or beneficiary designation in the agent or someone the agent supports, the agent may do so.
  3. But if the agent is an ancestor, spouse, or descendant of the member, the general grant of authority described in 1 above is sufficient to give such agent the authority to create in the agent, or someone the agent supports, a right of survivorship, whether as joint owner or beneficiary. Thus, the POA does not need to expressly state that the agent has the right to name himself or herself (or someone he or she supports) as joint owner or beneficiary as long as the agent is: i) authorized under the POA to create or change rights of survivorship or beneficiary designations, and ii) the agent is an ancestor, spouse, or descendant of the member. 

It may be helpful to follow a process like this when confronted with such a request. Please direct any questions or comments to the Compliance Hotline.

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NCUA to Host 2021 Diversity, Equity, and Inclusion Summit for Credit Union System Stakeholders

The National Credit Union Administration will host credit union leaders, credit union trade and support organizations, and diversity and inclusion professionals during the NCUA’s second Diversity, Equity, and Inclusion (DEI) Summit. This three-day event will take place virtually Nov. 2–4, 2021. 

The NCUA’s 2021 DEI Summit will provide credit union industry professionals who are committed to advancing diversity, equity, and inclusion a forum to share best practices, address challenges to advancing diversity, and learn how the NCUA can support the industry in its efforts. To address today’s most pressing diversity, equity, and inclusion issues, the theme of this year’s event is “From Intention to Action.” 

“This will be a powerful and thought-provoking conversation on the business case for diversity, equity, and inclusion within the credit union system and beyond,” NCUA Chairman Todd M. Harper said. “Embracing the principles of diversity, equity, and inclusion is vital to the continued health and success of the credit union system because it leads to better consumer protection, greater innovation, improved solutions, and increased membership. I look forward to joining in this timely and critical conversation.” 

Chairman Harper, along with Vice Chairman Kyle Hauptman, Board Member Rodney Hood, and other prominent keynote speakers will address attendees. Summit topics include: How to Get Started in the DEI Journey; How to Increase Gender Diversity in the C-Suite; Facilitating Courageous Conversations Around Tough Topics; Diversity in the Boardroom; and Economic Equity and Justice. 

There is no charge for this event, and formal registration will begin soon. Interested participants can sign up online to receive notifications about the Summit on the NCUA’s website. 

To learn more about the NCUA’s DEI Summit 2021, please visit the NCUA’s website.

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