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

As the Greek philosopher, Heraclitus, observed: “There is nothing permanent except change.” And as my father once told my son, who had been complaining about changes happening around him at school, “Deal with it. The world doesn’t care how you feel.” Brutal, but honest, advice.

And I don’t know about you, but frankly I am tired of waiting for what will happen when change affects us. It’s time we stop wringing our hands and fretting about “the good old days” and instead, get busy shaping our own future. Yes, it’s never been this difficult to run financial cooperatives. The industry is shrinking and changing. Legislative overreach is not going away. Consumer expectations will not decrease. Our competition will grow stronger and more diverse every day. And so on, ad nauseum.

Deal with it.

To do this, change is not only permanent, but also downright necessary. The way the League has advocated for credit unions, even the way we define advocacy, must evolve. The way the League has supported credit unions, and their employees must evolve. The partnerships we have established with service companies must evolve. Our very business model must evolve, as must the way we demonstrate value to our stakeholders.
We are doubling down on our ability to serve Kentucky’s credit unions better than any other trade association. Hard stop.

I’m guilty of insisting we move at a fast pace, and fortunately, our team is up for the challenge. In the last six months, this team has begun executing a new five year strategic plan, rebranded both the League (Kentucky’s Credit Unions) and KYCUL Services (Thoroughbred Business Services), renegotiated our administrative lease to relocate to a more favorable location in our complex at a significantly lower cost, committed itself to reducing the League’s reliance on credit union dues by launching the Relationship Rewards program, embarked on a leadership development journey for our entire team, established relationships with more than a dozen new high-value service partners who are committed to serving credit unions of all sizes, and expanded our compliance support with additional headcount.

We look forward to continuing this work in 2024 and beyond. As much as we have accomplished already, we have just as many new enhancements planned. Some minor, some major, but all important.
I don’t mean to say we should ignore our history and the legacy we’ve built around our role to help Kentuckians improve their lives through meaningful, affordable, and available financial services. We are justly proud of what we have accomplished in the last 100 years. We are also rightfully confident in our ability to shape the next 100 years the way we want, as an independent trade association committed to your success.

I can’t promise it’ll always be easy, or without its challenges. I can’t promise that everything will work out exactly as we planned. However, we are confident in our direction, and we’re tired of waiting for stuff to happen to us. We’re going to shape our own future.

We’re dealing with it.

Sincerely,
Jim Kasch
League President

 

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Governmental Affairs Update

Spring is here and April is quickly giving way to May and summer weather and an end to “April Showers” isn’t the only thing I am thankful for as we look at our transition from April to May. As usual, April was a busy month for Advocacy as it represents the end of the General Assembly’s Legislative Session. If you didn’t know, this ending is actually stated in the state constitution and the chambers must adjourn “Sine Die” by midnight on April 15th. As we have discussed in detail in previous newsletters, this was a busy session, but the Credit Union Movement is strong and through continued engagement and advocacy we were able to protect our model and ensure we can all continue to better the lives of our members and communities.

Outside of Frankfort, we saw some very notable activity this month in Washington, DC. Republicans and Democrats were able to come together and compromise on legislation that would deliver aid to a trio of American allies along with a few other provisions such as sale/ban of TikTok.

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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Advocacy On Track

NCUA Board Member Tanya Otsuka Set to Address Advocacy on Track Event

We are thrilled to announce that NCUA Board Member Tanya Otsuka will be a keynote speaker at our upcoming event, Advocacy on Track.

Tanya F. Otsuka was nominated by the President to serve on the NCUA Board on September 21, 2023. The U.S. Senate unanimously confirmed her by voice vote on December 20, 2023, and she was sworn in as a member of the NCUA Board on January 8, 2024.

Prior to joining the NCUA Board, Tanya served as Senior Counsel for the majority staff of the U.S. Senate Banking, Housing, and Urban Affairs Committee under Chairman Sherrod Brown (D-OH), where she has handled the Committee’s work on banking and credit union issues since March 2020.

We look forward to hearing her thoughts and engaging in meaningful discussions at the event.

REGISTER HERE

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Financial Management School

May 13-16, 2024
Location: Raleigh, NC

Learn financial management skills and latest trends your credit union should know before you have to make those tough financial decisions. Credit union finance experts will walk through the details and decisions involved in running a financially successful credit union. Experience the hands-on environment of working with a team through financial scenarios in a simulation game to help apply these learnings outside of the classroom.

Fundamentals: Master key credit union finance fundamentals. Learn about financial basics, such as balance sheets and financial ratios to be better informed at your credit union.

This track is appropriate for people beginning their career in finance, have brief or no financial background and/or credit union employees/managers who work infrequently or indirectly with financials.

Advanced: Advance your financial knowledge for better-informed decisions. Take your career to the next step by building upon your finance background to discuss topics such as Asset Liability Management (ALM) and risk at your credit union.

This track is for people with a solid understanding of finance and/or are responsible for making financial decisions at their credit union.

Who should attend?

Fundamentals: New credit union professionals (finance, marketing, IT, operations), past attendees of Credit Union Finance eSchool

Advanced: Experienced finance professionals, non-financial managers, branch managers, past attendees of FMS: Essentials or Financial Management eSchool: Essentials

REGISTER HERE

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Regulatory Compliance School On-Demand

May 15th – September 30, 2024
Register now for the upcoming on-demand event! Sessions open May 2024.
 

Understand Credit Union Compliance From A-Z

Get a comprehensive understanding of the regulations that impact your day-to-day responsibilities with in-depth training from the industry's leading compliance experts. 

Our Regulatory Compliance School On-Demand will provide you with the necessary core compliance knowledge you need to be effective in your role. You'll master foundational know-how from the legislative and regulatory process to organization, bylaws, and field of membership rules. Plus, you'll conquer essential regulations like the Truth in Savings Act, special mortgage rules and more.

You'll learn everything you need to earn your NCCO compliance credential when you pass the four exams (additional fees apply). 

The Regulatory Compliance School On-Demand is available for purchase through September 30, 2024. After purchase, you’ll have through October 31, 2024 (firm deadline), to review the content and complete the 4 NCCO exams. 

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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iLead at 11

We recognize leaders are looking to accelerate their own performance through a leadership development program. iLead@11 is a virtual leadership program comprised of three main sections via two tracks, specifically curated for your leadership journey.  

Take control of your development, learn more about yourself and push yourself further than you imagined.

Registration is always open! Select dates and times convenient to you!

Use promo code KCU for exclusive Platinum Partner Reward pricing!

Have questions? Contact Janet Garrett or Jenna Dye.

*The iLead@11 Emerging Leaders track differs from our existing Emerging Leaders Program.

MORE INFORMATION

 

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Vision 2024 - Celebrating 90 Years!

As we gear up to celebrate 90 years of credit unions in Kentucky, excitement is building for what promises to be a truly memorable event.

From insightful speakers and top-of-mind topics to an elegant awards banquet and a nostalgic 90s-themed welcome dinner, this year's event is set to be a celebration of the rich history of Kentucky’s Credit Unions and a glimpse into the future of our industry.

Insightful Speakers

Our conference boasts a lineup of distinguished speakers who will share their expertise and insights on a range of topics relevant to our industry. From industry trends to strategies for sustainable growth, these speakers will inspire, educate, and challenge attendees to think innovatively and strategically.

Top-of-Mind Topics

The agenda for our 90th Annual Conference is carefully curated to address the most pressing issues facing our credit unions today. 

Awards Banquet

One of the highlights of our conference is the prestigious awards banquet, where we will recognize and celebrate the achievements of outstanding credit unions and individuals. From innovation and leadership to community impact, these awards showcase the best of the best and inspire others to reach new heights of excellence.

90s Theme Welcome Dinner

To kick off our conference in style, we're hosting a fun and nostalgic 90s-themed welcome dinner. Dust off your flannel shirts, grab your scrunchies, and get ready to relive the glory days of the 90s! This welcome dinner is sure to set the tone for an unforgettable conference experience.

Registration Details

Registration will be opening soon!  

MORE INFORMATION 

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Service One Credit Union Promotes Seven Associates

Service One Credit Union is proud to announce a strategic update in our leadership structure: with seven dedicated associates stepping into new pivotal leadership roles. These significant moves reinforce our commitment to our foundational principles of sales and service, member engagement and excellence, and operational efficiency. Deepening our understanding of members’ unique needs allows Service One to deliver superior financial solutions, foster the spirit of prosperity, and support the well-being of our communities.

 

Brad Brown was named Senior Vice President and Chief Operations Officer.  Brown joined SOCU in 2012. Brad has a Bachelor of Science in Mathematics from Vanderbilt University and is a Credit Union Enterprise Risk Management Expert. He has been in the financial industry for 19 years. In his new role, Brown will have executive oversight of our loan portfolio, deposit operations, loan support, loan servicing, and collections. Brad will continue to maintain strategic oversight over facilities.

 

Matthew Hutcheson was named the Senior Vice President of Finance. Matt has an Associate degree in Accounting from Elizabethtown Community and Technical College and a bachelor’s degree in accounting from WKU. Hutcheson has been with SOCU since 2010. Hutcheson will provide financial leadership for the credit union. Matt will continue to lead our Finance Department with responsibilities and elevate the direction for accounting and finance. He will oversee all aspects of financial management and accounting, including asset and liability management, budgeting, forecasting, liquidity, investments, and capital planning.  

Michelle Dyer will be moving to the role of Senior Vice President and Chief Experience Officer. Dyer, who joined SOCU in 2017, will be laser-focused on all aspects of member engagement, member experience, sales, and service. She graduated from WKU with a BS in Human Resource Management and holds a masters’ degree in human resources and organizational development from the University of Louisville.

Elizabeth Lindsey assumes the new role of Vice President of Member Experience. She has a Bachelor of Arts degree and is a Certified Credit Union Financial Counselor. Lindsey joined SOCU in 2019. Elisabeth will continue to lead with excellence as she takes on the responsibility of overseeing our digital branch. She will focus on refining the digital relationship sales process and further developing our digital branch to ensure a seamless and user-friendly experience for our members across all touchpoints. She will also maintain her role as Champion collaborating with the Member Advocacy Committee, ensuring members have a voice in their credit union and reinforcing commitment to member excellence.

Mindy Fabian will take the role of Assistant Vice President of Loan Support. Fabian has been in banking with a focus on lending for 22 years and joined SOCU in 2022. Mindy will lead the daily operations of the loan support, underwriting, and mortgage lending departments, overseeing all aspects from origination to funding. She will serve as the primary administrator for various loan origination software systems, ensuring their optimal functionality and compliance with regulatory requirements.

   

Nate Dalrymple assumes the new role of Vice President of People and Compliance. Dalrymple joined SOCU in 2023. Nate has a Bachelor’s degree in Political Science and Religious Studies and a Master’s in Public Administration. Nate has over 10 years of experience in Human Resources and over 5 years in leadership roles in various industries. For his new role, he will continue to provide oversight of all people functions including human resources, training, development, and culture. In addition, he will provide oversight over compliance and audit. Nate is also a SHRM-certified professional.

RaeAnn Holmes assumes the new role of Assistant Vice President of Talent and Development. RaeAnn has a Bachelor’s degree in Business Management with a concentration in Human Resources and a Master’s of Science in Human Development and Leadership. Holmes joined SOCU in 2022. RaeAnn will continue to serve as key architect of our talent development strategy, collaborating closely with internal stakeholders to design and implement training programs that not only align with our organizational goals but also yield tangible, measurable outcomes. She will also take on the role of mentor and coach to many of our associates.

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Commonwealth Credit Union wins Prestigious Governor’s Service Award

 

On April 16th, 2024, Commonwealth Credit Union received a prestigious Kentucky Governor's Service Award in the Business Service category, underscoring their commitment to community involvement, innovation, volunteerism, and financial support. This accolade served as a testament to the dedication and passion of every member of the CCU team, whose efforts toward service propel the organization forward each day.

One notable initiative that exemplifies CCU's dedication to community empowerment is their partnership with the Metropolitan College program. This collaboration, highlighted in their Governor’s Service Award nomination, is geared towards providing financial education and support to college students, enabling them to navigate their educational journey with confidence and financial security.

Since its inception, the program has positively impacted the lives of over 2,700 college students, providing not only financial stability but also imparting essential life skills crucial for their future endeavors. This program stands as a testament to CCU's unwavering commitment to fostering a brighter, more secure future for the next generation of leaders in Kentucky.

As CCU accepted the Governor's Service Award, they expressed deep gratitude for the incredible honor bestowed upon them. Moreover, they extended heartfelt appreciation to the communities they serve, whose resilience and determination continually inspire them to make a meaningful difference each and every day. 

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“Cover the Cruiser” hosted by Audubon Federal Credit Union

The Kentucky State Police are gearing up for their annual "Cover the Cruiser" events around the Commonwealth and there's one scheduled in Owensboro. That event will be hosted by Audubon Federal Credit Union.

2024 marks the fifth consecutive year that the Kentucky State Police have raised money for Special Olympics Kentucky and this year's "Cover the Cruiser" fundraiser in Owensboro will feature some Special Olympics athletes hanging out on site.

It's going to be a day of celebration. Cindy Tong, with Audubon Federal, has been busy organizing an action-packed day. The popular traveling beverage truck Kingdom Coffee will be on site in the morning with coffee and specialty energy drinks. The Meat Train will roll into the parking lot for lunch. Plus, the Owensboro Fire Department will be on hand, as well as members of the U.S. Air Force.

Joining in the fun will be local realtors, representatives from Sam's Club, Healthy Spaces and more.

You can help "Cover the Cruiser" in stickers for a donation. You can purchase your sticker for $1 and a KSP trooper will literally "stick it on the cruiser." It's the one time a year you can 'graffiti' a KSP cruiser and not go directly to jail. By buying your sticker and having it plastered across the cruiser, you are investing in a team of Special Olympians here in Kentucky. All the donations will help fund the mission of SOKY. Last year, the Owensboro event raised roughly $1800. Statewide, the Kentucky State Police raised $20,000.

The 2024 Cover the Cruiser event in Owensboro took place on Thursday, April 25th.

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Abound’s Chief Strategy Officer Shares Insights on Future of Digital Finance

Shelley Mitchell, CPA, Chief Strategy Officer of Abound Credit Union, recently served as a panelist at the 2024 Future Digital Finance conference in New Orleans, Louisiana. 

Her panel focused on the art of balancing efficiency and convenience with high-touch and relationship-building digital solutions. Specifically, the panelists shared how they are rethinking the nature and delivery of financial services in a digital landscape, investigating what member desires are for high-touch banking in their digital touchpoints along the banking journey, expanding avenues for member engagement, and maximizing the potential of self-service technologies.

Mitchell shared her insights about the evolving landscape of Member interactions and the challenges faced in translating digital personalization to branch interactions. “At Abound, we want to ensure a seamless Member experience across digital and branch channels,” says Mitchell. “Participating in future-focused industry events like this one help us share what we’ve learned, broaden our perspective and gain from networking with other leaders.”

In addition to ensuring Members have access to easy-to-understand resources and equipping branch staff with personalized data to better serve Members in person, on the phone or digitally, she also shared key learnings from Abound’s continuing journey toward embracing emerging technology and emerging ideas while also listening to the voice of the Member. “Leaders must understand when something is not working, when team members or Members are not embracing it the way you thought they would, and where to go from there,” she says.

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Registration Open for May 2 NCUA Webinar Covering the 2024 CDRLF Grant Round

Low-income credit unions that want to apply for 2024 Community Development Revolving Loan Fund grants can get valuable information from a National Credit Union Administration webinar on May 2.

Online registration for this webinar(Opens new window), “Applying for the CDRLF Grant,” is now open. The webinar is scheduled to begin at 2 p.m. Eastern and is expected to run one hour.

Credit unions are encouraged to review the Notice of Funding Opportunity(Opens new window), which describes the 2024 grant initiatives. On the webinar, staff from the NCUA’s grants team will discuss the grant application process in detail, including:

  • CDRLF eligibility requirements.
  • Overview of available funding initiatives.
  • The components of a grant.
  • Demonstration of the grant application.
  • Examples of successful grant and loan applications.

This webinar will be close captioned, and there is no charge. Participants will be able to log in and view the event on their computers or mobile devices using the registration link. They should allow pop-ups from this website.

Participants are encouraged to submit questions in advance by emailing [email protected]. The email’s subject line should read, “CDRLF Grants.” Please email technical questions about accessing the webinar to either [email protected] or [email protected].

REGISTER HERE

Source: www.ncua.gov

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Are you AWARE of all the resources available to you and your CU crew?

As a member of the League – your Credit Union and all its employees receive FREE access to several different resources. Members of your Board of Directors have access to these resources as well! One of my first goals in this new role is to make sure we’re all putting them to good use! Some of the most valuable are:  

Woods Rogers Regulatory Compliance Hotline 

Woods Rogers HR Hotline

InfoSight

CUPolicyPro

Credit Union Compliance Management System

If your or your staff are not already aware of and using these vital resources, please contact me so tha t we can get you the access you need! If you already have access, but don’t feel like you’re taking full advantage of what they have to offer, please contact me so we can set up some time to chat and get you the training you need! I’m only a click or call away – [email protected] or (502)797-2350 – anytime!

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Exciting Updates Taking Place at InfoSight & CUPolicyPro

Regarding the last article – please make sure you’re especially aware of the amazing updates that are taking place at InfoSight & CUPolicyPro! The letter below, from CEO Glory LeDUe, describes the upcoming improvements and how you can be of help to them in making sure they’re of as much benefit to you as possible… 

League InfoSight Highlights: Product Combination Underway

Development has started on the combination of our products into one advanced and easy-to-use platform! There are many changes we are confident you will love! For example, the ability to search for answers using artificial intelligence derived from content across all our systems and resources! The new system will present a comprehensive answer in just one click, citing all content within the system (compliance information, model policies, procedures, model business continuity planning content, and the credit union’s customized content).

The new system will have a clean look and easy navigation, helping you access the tasks and tools most needed by our users and administrators. In order to assist us in this development phase, we are asking that our credit union users take a few moments to answer this quick survey regarding dashboard content and what they would find most relevant for their use! We do plan to have different options for customization based on the type of user access, but we want to make sure we are also featuring the most relevant information most prominently.

We are so excited about this extensive development, and we know you will be too! Compliance expectations are increasing, and resources are becoming more constrained. In partnership with your League/Association, we are doing everything we can to save you valuable time, by ensuring our tools are keeping pace with technology, and our content is keeping pace with rapid compliance changes. 

Glory LeDu,
CEO, League InfoSight and CU Risk Intelligence

PLEASE take the time to complete the survey or at least pass it along to your impacted staff for them to complete. The more feedback our KY Credit Unions can provide to InfoSight & CUPolicyPro – the better the resources InfoSight & CUPolicyPro can provide to our KY Credit Unions!

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FinCEN FYI

Please know that I’ve got my eyes on the FinCEN update! Migration to the new site that was due to occur on Friday, April 19, 2024, was cancelled. FinCEN has yet to set a new date for the release of the new URL. Please continue to keep me posted on any issues that arise as far as accessing reports. I’m tracking these to be sure they cause no detriment to any of our credit unions on their next examination.

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