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
If your credit union would like to share an announcement, please email your article to Janet Garrett.
Compliance Updates
Career Opportunities
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A Message from the President
It’s hard to believe we are halfway through 2020. What a year this continues to be! A month ago, credit unions were starting to think about re-opening and wondering, “What does re-opening look like?” “Will telework and remote work be the ‘new norm’?” “How do we keep our employees and members safe?” “Do we downsize our physical space due to employees working from home and more members using technology?” These are just a few questions that are keeping CEOs up at night. Personnel and Operating policies have been re-drafted, lobby furniture has been moved out, plexiglass has been installed and frontline/member-facing staff are wearing face coverings. Things have changed.
But, there is one thing that remains constant – credit unions were built to serve. Millions of dollars have been put back into members’ pockets by way of payment deferrals, fee waivers, lower loan rates and other creative solutions.
We, at the League, want to take this time to salute all of our credit unions on the tireless commitment you have shown through these most challenging, unprecedented times. You are financial first responders and heroes. While the crisis isn’t over, and even tougher challenges still lie ahead, we know your mission to serve will not waiver.
Thank you again for all you do.
Sincerely,
Debbie Painter
League President
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Governmental Affairs Update
While June can be counted as the fourth month of the ongoing COVID-19 pandemic, it can also be counted as a productive month in the world of government. At both the State and Federal levels, policymakers have been working to chart the way forward.
On the Federal level, Congress has been back at work in Washington. They have been working on many things including preparations for another potential stimulus package. The House passed the HEROES Act in this effort, but that bill has not been, and likely will not be, taken up by the Senate. Congress has also been working on oversight of the administration’s efforts to implement the CARES Act and the PPP loan program being run through SBA. In addition to this oversight, Congress passed the PPP Flexibility Act and it was signed by the President on June 5th. This legislation modified the PPP in a few significant ways, providing borrowers with additional time and flexibility in the terms of their PPP loans so that they would be better able to achieve maximum forgiveness of those loans. This was achieved by extending the “Covered Period” or the period of time during which a borrower must spend their PPP loan proceeds in order to qualify for forgiveness from June 30th to December 31st, as well as by extending the “Rehire/Salary Restoration period.” Of note, however, is the fact that the bill did not extend the June 30th authorization date for new PPP loans – meaning that potential borrowers still must have their applications submitted and approved by the end of June.
On the State level, the legislature has worked with the administration of Governor Andy Beshear to avert the need for a special legislative session and has begun to hold interim committee meetings in preparation for the 2021 legislative session. These committee meetings have, so far, been able to focus on a diverse set of issues including both continued responses to the COVID-19 pandemic, and the effects of our efforts to flatten the curve, as well as unrelated policy issues.
One of the most important aspects of the work the State legislature is now doing is that they are preparing again for a budget session to take place in 2021 in a so-called “short session”. This will be a challenge for the legislature, and it is a challenge that your League remains actively engaged in with state policymakers. During this time, it is also very important that we all continue to engage and to “Tell Our Stories” to those policymakers. Many of you have submitted videos to movekentuckyforward.com over the past year, and especially the past months, detailing the efforts that you are all making to go above and beyond to serve your members and help them to weather this storm. We need to continue telling these stories and cannot afford to let policymakers at any level forget the great work that you all do for your members.
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Last Call for Kentucky Award Nominations!
Deadline is June 30th
The Kentucky Credit Union League is proud to recognize and award the professionals, volunteers, chapters, and credit unions that have made outstanding contributions to the development and growth of the Credit Union Movement.
Nominating an individual, credit union, or chapter for a Kentucky Recognition Award is a wonderful opportunity to honor those in the movement who demonstrate a sincere passion for the cause and recognize their commitment to the “people helping people” philosophy.
SUBMIT NOMINATIONS BY JUNE 30, 2020.
MORE INFORMATION ABOUT EACH AWARD CATEGORY
If you have any questions, please contact Katie Means at kmeans@kycul.org.
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Save the Date for the VISION 2020 EXPO!
August 27, 2020 | Virtual Event
The Kentucky Credit Union League is excited to announce a re-imagined, innovative tradeshow experience - VISION EXPO 2020!
We understand that a virtual event isn’t quite the same as an in-person event, but we are committed to providing you with the opportunity to connect and engage with vendors offering innovative solutions for your credit union.
VISION 2020 EXPO will be a LIVE virtual event and will feature minute-to-minute facilitation using the Whova event app. Our event will also feature a COMMUNITY where attendees and vendors can join in virtual discussions, organize live “meet-ups” and post messages and announcements. In the exhibit hall, you can visit with exhibitors using Zoom video.
AGENDA
9:00 a.m. – 11:00 a.m. – Exhibit Hall
12:00 p.m. – 1:00 p.m. – Lunch Keynote
2:00 p.m. – 3:00 p.m. – Happy Hour & Door Prizes
The Kentucky League is offering this event to our Affiliated Members as a FREE Member Benefit.
Please stay tuned for more information!
This virtual event is made possible in large part by
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We are now offering credit union members the opportunity to purchase deeply discounted tickets online to Kentucky Kingdom!
Kentucky Kingdom and Hurricane Bay is bigger, better, and wetter than ever! With more than 70 thrilling rides - including six world-class roller coasters, two wave pools, water slides, and lots of children's rides, plus food, games, and shows - Kentucky Kingdom has something for everyone!
CLICK THE BUTTON BELOW TO SAVE 56% OR MORE OFF YOUR GENERAL ADMISSION TICKET!
BUY TICKETS
THIS PROGRAM IS FREE FOR YOUR CREDIT UNION: Please click here to download marketing materials for your website and branch locations.
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Kentucky Financial Empowerment Commission (KFEC) Hires First Executive Director
The KFEC has hired Joshua Barrett to serve as the Commission’s first Executive Director. Mr. Barrett is a native of Madison County and served most recently as a legislative liaison for the Kentucky Personnel Cabinet. Prior to joining the Personnel Cabinet, Mr. Barrett was a business owner focusing on real estate properties and home construction.
The Commission was created by the Kentucky Financial Empowerment Bill that passed both the House and the Senate in the 2019 session of the General Assembly. Kentucky’s credit unions have stepped up to the plate and have made a 3-year financial commitment to support the Commission.
“I am excited to join the Kentucky Financial Empowerment Commission and lead the mission to bring critical financial tools to every corner of Kentucky. Every Kentuckian should have the confidence and knowledge to budget, save, and plan for the future. I am excited to work with the commission members, who each have a passion for financial literacy and wellness.” Joshua Barrett
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CUNA-League System Small CU Webinar Series
We all want to do more to preserve small credit unions. That’s why we’re thrilled to announce that CUNA and every State League in the U.S. has committed to create a new series of free webinars just for you.
Starting Tuesday, August 4, CUNA and Leagues will be hosting weekly FREE webinars tackling the most important issues and subjects facing small credit unions today: new member growth, technology best practices, succession planning, marketing, board engagement, the list goes on.
With every League and CUNA committed to hosting a weekly webinar, we will have sessions through Spring 2021, allowing us to record and create a library of 30+ sessions packed with ideas and actionable information.
This is a fantastic opportunity to learn new strategies for the success of your small credit union and engage with peers from across the nation. We look forward to seeing you on Tuesdays at 2 PM CT starting August 4! Thank you to our sponsor CUNA Mutual Group.
LEARN MORE AND REGISTER TODAY >
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Nominee named for NCUA Board Member
Credit unions are uniquely positioned in financial services with our own regulator. NCUA has a vested interest in our movement's success, and while we don't always agree on every issue, the administration is a critical stakeholder in our efforts to support credit union members.
This week, President Trump announced the nomination of Kyle Hauptman to the NCUA board, taking the place of J. Mark McWatters. We're grateful for a nominee and will be watching closely as Hauptman goes through the nomination process. If confirmed, he would sit on the board until August 2024.
An important part of CUNA's relationship with NCUA is our engagement with its Board Members. Just this week, Board Member Todd Harper spoke to our Consumer Protection Subcommittee about COVID-19-related challenges. I also spoke with him directly about CUNA's commitment to financial inclusion in the wake of calls for social justice. The bottom line is that we will achieve more if we all work together and that certainly includes our regulator.
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Board & Committee Leadership Conference (formerly Volunteer Leaders Conference)
October 15-17, 2020 | Gatlinburg Convention Center | Gatlinburg, TN
Gatlinburg Convention Center
234 Historic Nature Trail
Gatlinburg, TN 37738
Make plans to join your peers for an education conference designed just for credit union volunteers. The 2020 Board & Committee Leadership Conference (Formerly Volunteer Leaders Conference) is set for October 15-17 in beautiful Gatlinburg, TN and features a full range of informative sessions on critical, timely issues, with first-rate speakers.
REGISTER TODAY!
Discovery 2020
Join thousands of credit union leaders across the country online, Thursday, August 13 for a day of Discovery! This free conference is designed to help boost your strategic planning with innovative ideas and key insights.
Don’t miss this valuable opportunity. Check out the Agenda and Register Today!
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Updates to the Education Calendar
We have been closely monitoring the latest developments and guidelines surrounding the Coronavirus (COVID-19). The health and safety of our employees and our member credit unions are a top priority for us. As the impact of COVID-19 grows, we are taking the following steps to protect our members and staff:
- Emerging Leaders Program. Day 4 of the Emerging Leaders Program will be held on July 14th as scheduled. The location of the meeting, whether in-person or virtual, will be announced soon. Class participants will be notified of all updates.
- CEO Forum. The new date of the CEO Forum is Tuesday, November 10th at NCM Motorsports Park in Bowling Green, KY.
- Mid-Level Management Workshop. This workshop has been postponed to 2021.
- Compliance Mini-Workshop. This workshop has been postponed.
- Board & Committee Leadership Conference. As of now, the Board & Committee Leadership Conference (formerly Volunteer Leaders Conference) will go on as planned in Gatlinburg, TN. Please save the dates of October 15 through October 17.
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Are you the trainer at your credit union? Want to connect with other trainers?
The Trainer’s Network is an online “circle” of credit union trainers and education specialists who come together to have open discussions and share resources. It’s a great way for those involved to connect, grow and learn so we can all develop meaningful training.
If you are a trainer at your credit union, or you are the person responsible for training, and you would like to join the Trainer’s Network, please contact Eileen Burden at [email protected] for further instructions.
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Your Webinars: More Locations, Faster Delivery
The Credit Union Webinar Network is excited to announce two changes to how you can view our relevant, reliable, and cost-effective webinars.
Two big changes to our Live and Recorded webinars:
- Each Live Webinar registration allows your credit union to access the live webinar from up to 3 locations.
- All Recorded Webinars will be available for viewing and download 2 business days after the Live Webinar date. Effective March 30th
We hope these changes will make your training easier and more efficient, as well as even more accessible while we all navigate the current COVID-19 situation.
Both changes come at no additional cost to you. In fact, you can buy any two webinars and get one free for all of April with our Spring Webinar Special.
We will continue to monitor the financial services industry to bring you new and relevant topics. As always, all our webinars can be accessed from wherever you are. We’re here for you, and will continue to be.
Find more than 150 webinars here
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Abound Credit Union Welcomes Mark Philpott, Expands Investment Team
Abound Credit Union (formerly Fort Knox Federal Credit Union) is pleased to welcome Mark Philpott as a new Retirement & Investment Advisor through its partnership with CUNA Brokerage Services, Inc. Mark will have his home office in Bardstown and will work with our current Financial Professional, Jeff Schriner, to assist members throughout our service area with their retirement and investment planning needs.
“The Abound Retirement & Investment Services Program has grown tremendously since it’s inception four years ago,” says Marc Prasch, Chief Member Experience and Operations Officer for Abound Credit Union. “Our membership has found great value in the investment expertise offered, which is why we’ve expanded the team to increase the program’s availability and serve more of our members.”
Mark brings vast knowledge and more than 25 years of experience to Abound Credit Union. He is a highly skilled professional who is well known for his extensive work providing various financial services like Mutual Funds, Annuities, Retirement & Investment solutions, and Insurance. He holds Series 7, 63, 65, 24 licenses and Kentucky Life, Accident & Health, Variable Life & Variable Annuity Insurance Licenses.
“I’m thrilled to join the Abound team and put my passion for helping people to work,” says Mark Philpott, Retirement & Investment Advisor. “The Credit Union’s culture and core values reflect my own and I look forward to conducting each interaction with integrity and an ‘always do what is right for the member’ approach to their investment needs.”
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Commonwealth CU is Continuing to Support Local
When many local businesses moved to delivery and curbside service to limit the spread of COVID-19, Commonwealth Credit Union stepped up to support these businesses by partnering with local caterers to provide meals for front-line workers. Now, even though the doors to our communities’ businesses are re-opening, Commonwealth Credit Union is remaining true to their cause to Support Local.
A page on the credit union’s website is dedicated to supporting the communities that we call home. During the early stages of our social distancing and staying healthy at home, they provided a centralized page where these businesses who were still open could be located, sorted by community. This page is now home to the Back to Business campaign, featuring videos from local business owners explaining the steps they’re taking to keep people safe and sharing their reopening plans.
“Small businesses are the heart and soul of our communities,” said Jordan Cohen, Community Relations Supervisor. “Seeing the impact we had on the community by partnering with local caterers for our meal delivery service was really the catalyst to keep this campaign moving forward.”
To help support this cause, Commonwealth Credit Union will be sharing select videos on their social media channels.
“Our webpage is called, Support Local, and that is what’s really at the heart of this campaign,” added Jared Sieberkrob, Community Relations Coordinator. “Even as we transition from Healthy at Home to Healthy at Work, our commitment continues with the same goal of supporting and uplifting the communities we call home.”
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Greg McFarlin poses with the grand prize of a
$1,000 check in front of the final clue and
location of the Scavenger Hunt.
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Credit union’s Treasure Hunt engages members on social media
Members Choice Credit Union hosted its first-ever Hometown Treasure Hunt that began on June 1. Participants were given the chance to win a grand prize of $1,000.
Clues were given on Members Choice Credit Union’s social media networks, including Facebook, Twitter, and Instagram. Participants were encouraged to follow all of Members Choice Credit Union’s social media pages in order to receive all possible clues for the Treasure Hunt. The first person to arrive at the correct location won the prize.
The $1,000 check was presented to Greg McFarlin, who was the first participant to decipher the last clue and upload a selfie to the credit union’s Facebook page with the hashtag #weCUhunt #MCCUHometownHunt2020.
“The Treasure Hunt was a great success,” said Tiffany Black, Business Development/Marketing Manager at Members Choice Credit Union. “We were able to bring individuals and family together for lifelong memories during a time when separation is key. The hunt is just a small part of our philanthropic activities as well as financial literacy which reflects the interest of our membership and the communities we serve.”
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MCCU Mentorship Program
Members Choice Credit Union is providing a few area residents with the opportunity to gain the skills they need to be successful in a career. The MCCU Mentorship Program, entering its third year, teaches the mentees the inner workings of a financial institution and helps them refine the soft skills applicable to any job they may pursue.
Starting with books like What Color is Your Parachute? and 7 Habits of Highly Effective People, most of the mentorship is hands-on learning. While learning the basics of banking they are held to the same standards as MCCU’s award-winning workforce with a vigorous pre-mentorship screening and evaluated throughout the program in areas such as daily workplace readiness, accuracy, self-initiative, and leadership in collaborative work. To maximize their chances of being hired, they are given assistance with creating a resume and cover letter. Human Resources Manager Perry Blake also conducts several mock interviews, workshopping, and critiquing after each round. In line with Members Choice’s “People Helping People”, each mentee also completed several hours of community service, working with The Neighborhood, Hope Central, and Pathways to give back to the area.
Although this program is set within the financial sector, the managers in charge of the program individualize it to each mentee. Each of them is given an individual project that reflects their own interests and the career path they hope to go down.
As a final project, the group will collaboratively design a capstone presentation under MCCU President Cheryl Deborde. They will then have the opportunity to present and defend their project during an executive presentation in front of the MCCU Board of Directors. “This program is a feel-good moment for our community when we can work together with all these different organizations and make a real impact on our community,” according to President Cheryl Deborde.
You can see a detailed description of the Mentorship Program by visiting https://youtu.be/Fgf9xARiSzM.
If your credit union would like more information on how to get this program started in your area please contact Tiffany Black at [email protected] or 606-329-7876 x277.
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Service One CU Announces Promotions
Service One Credit Union, voted Best Place to Work in Bowling Green, announces the promotions of Justin Morris and Brad Brown.
Justin Morris promoted to Senior Vice President and Chief Financial Officer. Justin, a native of the Glasgow, Kentucky area, has been with Service One for 15 years and has served in many roles in his tenure. He joined the Credit Union team as a part-time teller in 2005 after graduating from Barren County High School. He later served six years in the Credit Union’s Accounting Department as Administrative Assistant to the CFO, Accountant, and Senior Accountant. Justin served four years as the Credit Union’s Assistant Vice President of Compliance and Security. For the past two years, he has served as Vice President of Enterprise Risk Management. Justin is a two-time graduate of Western Kentucky University with a Bachelor of Science degree in Accounting and Finance and a Master of Business Administration. He was designated a Credit Union Compliance Expert in April 2014, became a Certified Public Accountant in September 2014, and was designated a Credit Union Enterprise Risk Management Expert in December 2018. Justin currently serves as Treasurer for the Bowling Green/Warren County Habitat for Humanity Affiliate. As Senior Vice President and Chief Financial Officer, Justin will direct all financial-related activities of the Credit Union, collaborate with the Credit Union’s Executive Team and Senior Leadership Team on issues of strategy, tactics, and execution, and will provide executive-level oversight and direction over financial performance, strategic planning, risk management, compliance, and audit functions.
Brad Brown promoted to Vice President of Enterprise Risk Management. Brown has over 15 years of experience in the financial industry, he joined Service One in January of 2012 as the Branch Manager at the Bypass Branch. Brown has also served as Branch Coordinator, Assistant Vice President Member Support and Security Officer.
Brad completed Leadership Bowling Green in 2011 and served as Chair of the Chamber Small Business Appreciation Committee. Brown received Credit Union Enterprise Risk Management Expert certification. He is a Graduate of Vanderbilt University with a Bachelor of Science degree in Mathematics.
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News Alert: NCUA to Begin Phase One of the Resumption of On-site Exams
Beginning July 6th, the NCUA will begin “Phase One” moving toward the resumption of on-site examinations. In the NCUA’s Letter to Credit Unions, 20-CU-20, the Agency stresses that there is some flexibility in the date, and that staff would be limited in numbers.
If you have any questions, contact your NCUA Regional office.
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