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

Compliance Updates

 

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A Message from the President 

I can’t believe the month of January is already behind us.  Time is flying too fast.  As you are looking at and updating your calendars I wanted to put some events top of mind.  First, thank you to everyone who is supporting our 2023 Emerging Leaders Program.  It is off to a great start with 26 participants and 10 credit unions participating.  We have IRA Essentials and Advanced training, CUNA’s Governmental Affairs Conference, and our CEO and Executive Forum swiftly approaching. 

As most of you know, we partner with the Southeast Regional Credit Unions, a 10-state coalition that offers two main events each year:  Southeast Regional CUNA Management School, being held June 18 – 23 in Athens, GA and the Southeast Regional Directors Conference being held July 23 – 26 in Memphis, TN.  These are two outstanding programs and we encourage you to take advantage of the learning opportunities available. 

I know it’s early but I would be remiss if I didn’t mention our 89th Annual Meeting and Convention being held August 14 – 16 at the Omni Downtown Louisville.  We will also be promoting a joint TR Group Compliance Conference and Women’s Conference again this year. Look for more details soon.

Also, keep in mind that we have consulting, advocacy and customized training available upon request.

I want to take this opportunity to thank you again for all your support of your League.  These events would not be possible if it were not for you.  Don’t hesitate to reach out if we can help in any way.

Sincerely,
Debbie Painter

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Governmental Affairs Update

Hello and welcome to February and to the start of the longest and fastest paced stretch of action in the state legislature.  January only saw 5 official days of legislative activity, but February kicks off the final 25 “legislative days” and signals the beginning of the sprint to the finish.  While this hustle and bustle is taking place in Frankfort, we have a great opportunity to make Credit Union voices heard during the annual Credit Union Day in Frankfort. 

Credit Union Day in Frankfort is our yearly breakfast event where Credit Union leaders gather from across the Commonwealth to share their stories and the stories of the Credit Union movement with policymakers.  As part of this event, those gathered also have an opportunity to hear directly from some of the most influential lawmakers about their priorities and share our own.  This year, Credit Union Day in Frankfort takes place the morning of February 23rd, all are welcome but please reach out to me with questions, or to rsvp. 

As always, please reach out with any questions or if there is anything I can do to be of service to you or your Credit Union.

Sincerely,
Kyle Hagerty, CUCE
Director of PR & Governmental Affairs

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Charles Vice Named Director, Financial Technology and Access

The National Credit Union Administration named Charles Vice to be Director of Financial Technology and Access.

In this role, Mr. Vice will serve as the principal advisor to the NCUA Board on agency policy with respect to fintech, and fintech developments and transformation initiatives in the financial services sector, including cryptocurrency, blockchain, and distributed ledger technology. Initiatives include exploring methods to enhance the virtual examination and supervision process and promoting the development and deployment of technologies and innovations that can expand financial inclusion and equitable and affordable consumer access within the credit union system.


“Charles is not only a forward thinker, but he’s also a dedicated public servant bringing a wealth of experience in finance and supervision to this new role,” Chairman Todd M. Harper said. “I am looking forward to working with him on developing and implementing fintech policies and procedures, most especially those that expand economic equity and help to close the wealth gap.”

“I am honored and blessed to join the NCUA team as the Director of Financial Technology and Access,” Mr. Vice said. “Technological innovations have permeated almost every aspect of our lives, and this has resulted in the financial services industry changing rapidly over the past few years. The credit union industry plays an important role in the economic success of the United States and is adopting innovative solutions to offer services and connect to members. I look forward to working with the credit union industry to adopt innovative solutions and with all stakeholders to promote fair and equitable access to financial services for existing, new, and potential credit union members.”

Read Full Press Release


 

National Credit Union Youth Month

Unleash the Power of Saving at Your Credit Union™

This April, celebrate the spirit of the credit union movement with younger members during National Credit Union Youth Month. During this industry-wide celebration, you can help plant the seeds of financial well-being. 

Here’s how some credit unions celebrate Youth Month: 

  • Contests and giveaways (coloring or writing contests)
  • Special incentives and promotions (for opening a new account) 
  • Financial literacy workshops for young members 
  • Special savings match programs for youth accounts 
  • Branch parties 

You and your credit union are part of a support system that can help kids understand the importance of saving and developing good financial habits. Together, let’s Unleash the Power of Saving at Your Credit Union™!

Request Materials Here

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CUNA Marketing & Business Development Council Conference

Gain fresh marketing perspectives and collaborate with your peers

March 26-29, 2023 // Orlando, FL

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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IRA Training

February 14 & 15, 2023
Virtual Learning Experience
 

Educational Investment: $275/attendee per session
Investment includes a unique link for each attendee registered and session workbooks. 

Day 1: IRA Essentials
9:00 a.m. – 4:30 p.m.

IRA Essentials gives attendees a solid foundation of IRA knowledge.  Exercises are included throughout the day to help participants apply information to job-related situations.  Attendees will leave this session able to work with IRA owners and process basic IRA transactions with confidence.  This is a beginner’s session; no previous IRA knowledge is assumed. 

Day 2: Advance IRAs
9:00 a.m. – 4:30 p.m.

Advanced IRAs builds on the attendees’ basic knowledge to address more complex IRA issues their financial organizations may handle.  This is an advanced session; previous IRA knowledge is assumed.  The instructor uses real-world exercises to help participants apply information to job-related situations.

REGISTER

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2023 Southeast CUNA Management School

Registration is now open for the 2023 session of Southeast CUNA Management School!

Meeting Dates: Sunday, June 18, 2023 through Friday, June 23, 2023
Location: UGA Georgia Center for Continuing Education, 1197 South Lumpkin Street, Athens, GA.

Southeast CUNA Management School is the premier learning opportunity for credit union professionals in the southeast, providing students with the skills and knowledge to meet today’s leadership challenges. The three-year program features advanced academic instruction on a variety of topics including management, leadership, and financial analysis. Students apply what they learn from the on-site sessions to projects that require strategic analysis of their credit unions and research of relevant issues facing the industry.

“SRCUS has provided me with the tools to be a better leader in my credit union,” said Eric Bennett, 2022 graduate and Hugh Watson Award recipient, Southeastern CU. “I was able to meet and make lifelong friendships with fellow credit union leaders. I am thankful for the opportunity to attend SRCUS.”

Start or continue your SRCUS journey

Tuition: $2,195 if paid on or before April 22, 2023

Need financial assistance? Contact your state league or association to learn more about available scholarships and how to apply.

REGISTER

 

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Advancing DEI in the Workplace Certification Program

ABOUT THE PROGRAM

Drawing on the latest research in the discipline, the Advancing Diversity, Equity, & Inclusion in the Workplace Certificate Program will equip diversity and HR professionals with the competencies required to craft effective and sustainable diversity and inclusion strategies that align with HR and business objectives.

Throughout the program, participants will read a case study on implementing diversity and inclusion policies in an organization and present their findings as part of a case study team project. By the end of the program, participants will not only be able to analyze, diagnose, and deal with diversity and inclusion challenges in the workplace but also be prepared to effect positive change in their credit unions.

Learning Objectives

Upon successful completion of the program, participants should be able to:

Prepare a solid business case for diversity and inclusion, and identify measures to prove the return on investment of diversity and inclusion initiatives.
Develop strategies and programs to attract and engage diverse talent, and achieve HR and business goals.
Measure the progress and impact of diversity and inclusion programs and initiatives, using appropriate metrics and benchmarks.
Communicate about diversity and inclusion solutions, initiatives, events and progress to diverse audiences and stakeholders.

Begins March 23, 2023

Deadline to register is March 17, 2023

More Information

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Abound’s $25,000 College Scholarship Program Now Accepting Applications 

As part of its ongoing commitment to community, Abound Credit Union will award a total of $25,000 in college scholarships to 10 hardworking high school seniors in the Class of 2023.  

The program, designated the Howard Roush Memorial Scholarship, provides an opportunity for eligible high school seniors to earn one-time $2,500 scholarships from Abound Credit Union. 

Applications are being accepted now and are due by March 31, 2023. Eligibility requirements and application forms may be found at aboundcu.com

“At Abound, we’re invested in building brighter financial futures for the Kentuckians we serve,” said Ray Springsteen, president and CEO of Abound Credit Union. “This scholarship program is just one example of our commitment to community. We’re looking forward to helping ten more hardworking high school seniors make their college dreams a reality this year.” 

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Service One Credit Union Promotes Four Associates

Four Service One Credit Union (SOCU) associates have been promoted to new
positions.

Brad Brown was named Chief Administrative Officer. Brown joined SOCU in 2012. In his new role,
Brown adds responsibility for the initiatives undertaken in connection with the Community
Development Financial Institution program and SOCU’s Proper Foundation. He will continue his
responsibility for compliance, risk management, and facility planning.

Mathew Hutcheson is Vice President of Finance. Hutcheson assumes a leadership role in the credit
union’s accounting and finance organization and will assist in guiding the strategic direction of
the department and the organization. He has worked in SOCU’s accounting department for the past 12
years.

Jason Ross is Vice President of Loan Development and Sales. Ross, who joined SOCU
in 2018, will be responsible for promoting a strong service culture while managing the sales of
mortgage, commercial, small business, and consumer loans. He has 19 years of experience in banking
and lending.

Elizabeth Lindsey assumes the new role of Assistant Vice President of Member Experience. Lindsey
joined SOCU in 2019. Lindsey’s new responsibilities include assuring a strong service culture and a
positive member experience across the organization. This includes gathering member feedback,
finding solutions, and using the information to improve processes and ensure exceptional member
experiences.

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Stephanie Smith selected as a GAC Crasher

The Governmental Affairs Conference (GAC), hosted by the Credit Union National Association (CUNA), is the premier event for political impact in the credit union industry. Thousands of industry leaders gather annually and raise their voices to remind legislators and regulators why credit unions are Americans' best financial partners. One of the keystone events of this conference is known as the GAC Crashers. It is a career-changing opportunity for young professionals that allows them to build industry knowledge and connections they may not otherwise form. 

At Commonwealth Credit Union, we are honored to announce that Stephanie Smith, Digital Services Specialist, has been chosen as one of the 58 crashers at this year's event. Applicants had to be nominated by their Manager and submit a video application detailing why they wanted to participate and what they hoped to learn from the experience. Stephanie was selected from more than 230 applications and will represent CCU in Washington this February-March. 

Stephanie entered the banking industry in 1997 as a teller at a financial institution in Michigan. She then moved to Kentucky and joined Commonwealth Credit Union in 1999 as a Financial Service Representative in the Contact Center. She grew in that role and became a department trainer, moving into an Education Coordinator position within the Career Development department. Stephanie later returned to the Contact Center and assisted that department through one of the credit union's most significant growth periods after their merger and acquisition of two other credit unions.

She now is the Digital Services Specialist and helps members with all their digital banking needs, all while cultivating the technical foundation of her position and growing her leadership abilities. 

Stephanie resides in Frankfort, Kentucky, and is a mother of three and a grandmother of two grandchildren. She enjoys time at home, but you will often find her in the Franklin County High School stands cheering on her son, a football player, wrestler, and track and field member, or her daughter, who plays softball. 

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CDFI Fund announces CUNA-sought delay to consider application changes

The Treasury’s Community Development Financial Institutions (CDFI) Fund announced Tuesday it will delay proposed changes to its certification application to carefully review all public comments. This comes after CUNA, Leagues, credit unions, and joint trades engaged with the Fund and Congress with serious concerns that the proposed changes would inappropriately exclude a significant number of mission-focused credit unions.

“We thank the CDFI Fund for hearing our concerns that the proposed changes would significantly undermine efforts of CDFIs to meet the needs of low-income and distressed communities,” said CUNA President/CEO Jim Nussle. “We are pleased they are open to making changes to the application in response to the significant feedback the Fund received. However, such drastic policy changes deserve a transparent and open formal rulemaking process, and we look forward to engaging with the CDFI Fund as this process continues.”


The CFDI Fund proposed new guidance in November under the Paperwork Reduction Act, but CUNA called for the changes to go through the standard notice and comment process, as the changes were significant changes in policy.

CUNA met with Congressional committee staff earlier this month, and detailed the concerns in official comments filed with the CDFI Fund in December.

The CDFI Fund’s scheduled pause on certification applications will remain in effect, and the Fund is expected release an updated timeline in the near future.

Source: cuna.org

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NCUA board maintains 18% FCU interest rate cap

The NCUA Board maintained the 18% federal credit union loan interest rate cap Thursday, setting it in place through September 2024 unless the board acts before that date.

CUNA requested the board consider raising the cap or using a floating rate ceiling, and the board agreed to begin exploring issues related to a floating cap and revisit the discussion at its April board meeting.

The board also approved the agency’s 2023 Annual Performance Plan, which provides specific direction and guidance toward achieving the mission and the strategic goals and objectives outlined in NCUA’s 2022 – 2026 Strategic Plan.

The 2022 – 2026 Strategic Plan includes the following strategic goals:

  • Ensure a safe, sound, and viable system of cooperative credit that protects consumers.
  • Improve the financial well-being of individuals and communities through access to affordable and equitable financial products and services.
  • Maximize organizational performance to enable mission success.

Additional details on the meeting can be found on CUNA’s Removing Barriers Blog and CompBlog.

Source: cuna.org

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CFPB must convene SBREFA panel for credit card fee rulemaking

CUNA and other organizations called on the Consumer Financial Protection Bureau to comply with its statutory obligations under the Small Business Regulatory Enforcement Fairness Act (SBREFA) as part of a planned rulemaking concerning credit card penalty fees. SBREFA requires the CFPB to convene and chair a Small Business Review Panel if it is considering a proposed rule that could have a significant economic impact on a substantial number of small entities.

“The Associations want to reiterate comments made in our comment letter to the ANPR, which demonstrated that any reduction in or elimination of the late fee safe harbor would have a significant adverse impact on a substantial number of financial institutions with less than $750 million in assets (the threshold having been raised to $850 million since in the time since)," the letter reads. "Accordingly, if the Bureau proceeds with rulemaking, as is suggested in the Unified Agenda, it must comply with its statutory obligations under SBREFA."


CUNA responded in August to the CFPB's Advance Notice of Proposed Rulemaking regarding credit card late fees and late payments, saying any reduction in or elimination of the late fee safe harbor would have a significant adverse impact on a substantial number of credit unions.

The CFPB’s Unified Rulemaking Agenda issued earlier this month indicates the bureau lists a Notice of Proposed Rulemaking on these fees, and the organizations note, “due to the potential significant impact on a substantial number of small institutions of the rulemaking announced in the Unified Agenda, the Bureau must convene a SBREFA panel to consider the effect of any proposed amendments on small entities.”

Source: cuna.org

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