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

• A Message from the President

• Governmental Affairs Update

• Kentucky Recognition Awards are due JUNE 10th 

• Save the Date for the 2022 #ILoveMyCreditUnion Campaign

CUNA Announcements

• Foundation releases 2021 Impact Report

• Transformative leadership starts with effective coaching

Educational Opportunities

• VISION 2022 – Annual Meeting & Convention

• Board & Committee Leadership Conference

• The Kentucky Credit Union League is excited to announce the Enhanced Financial Counseling Certification self-study program!

• Kentucky Directors’ College – New Date is December 13, 2022

• Last Chance to Register for the 2022 Southeast CUNA Management School!

• Registration opens for 2022 Southeast Regional Directors’ Conference  

Credit Union News

• Abound Credit Union Brings Sammy Rabbit to Local Schools to Help Kids Learn About Saving 

• Commonwealth Credit Union Provides Free Shred for the Community

• Commonwealth Credit Union awards four $1,000 scholarships to graduating high school seniors 

• Service One CU Welcomes Two New Associates

• Service One Credit Union Announces Paul Buhrmester at Campus Branch

Compliance Updates

• Check your credit union’s compliance with new CFPB rules

• CISA issues emergency directive on VMWare vulnerabilities

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A Message from the President 

This year continues to fly by. 

Your League just hosted their 2^nd annual Executive Forum in Lexington.  What a great event!  Thank you to everyone who attended and/or sent representatives.  We are already looking forward to next year. 

Although the summer vacation swing is gearing up, your League is busy with education and events. 

The Annual Report has been uploaded to the website and can be accessed now.  We will also be mailing out hard copies so be on the lookout for your copy.  

Your League and KYCUL Services, Inc. Boards are scheduled to meet on July 22^nd at the League office.   

I know this seems impossible, but our Annual Meeting and Convention is coming up soon! 

Just a reminder that the days of the week for the convention is different this year.  The Annual Meeting and Convention is scheduled for August 8 – 10, Omni Hotel, downtown Louisville, which is a Monday through Wednesday.  This is a big shift from our Wednesday through Friday schedule.  We have moved our banquet to Monday evening to accommodate those who may have to leave early.  The social event will be on Tuesday with our Governmental Affairs Breakfast and Annual Meeting convening on Wednesday. 

Your Emerging Leaders will also be graduating on that Wednesday.  They are working hard on the program and their community project and we hope you will be able to attend their presentations. 

One more important note, the hotel registration block ends on July 10^th.

It’s also time to get your hotel accommodations for our September Hike the Hill taking place September 28 – 30.  We are excited to be partnering with the Tennessee League for the event. In conjunction with our Hill visits, we will be taking the group to a Washington Nationals game and hosting a reception at the Credit Union House for members of our delegations.  Please contact Kyle ([email protected]) if you are interested in attending or sending staff/volunteers. 

Finally, our Board and Committee Leadership Conference registration will be opening soon.  We will be in Asheville, NC this year so be on the lookout for additional information. 

As you can see, there is a lot going on here at your League.  If we can be of assistance in any way, please do not hesitate to reach out to me or any member of our staff. 

Your Vision is Our Purpose.

Sincerely,
Debbie Painter
League President

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Governmental Affairs Update

In the last month, the advocacy landscape has been undergoing an expected shift that occurs at this time of year both in Frankfort and Washington. 

In Frankfort, with the Legislature ending mid-April, May brings a focus shifting back to legislating with the start of interim committee meetings and legislators returning from their post-session time away. 

In Washington, the opposite is taking place as primary elections across the country take place and the final states conclude their redistricting process, the focus is shifting squarely on the elections taking place this fall.  Most frequent observers of the action in our nation’s Capital can tell you that this year with each passing day, more focus is placed on the election.

What this means for advocacy is twofold, in Washington, we must simultaneously engage with our “Credit Union Friends” and meet them where their focus lies while still working on policy and remaining connected with their staff and other key stakeholders.  In Frankfort, this shift means that the work of educating elected officials on who we are, what we do and why Credit Unions are vital members of their communities begins again in earnest as their focus shifts back to policy and their policy goals for the year ahead.

You can trust that your League is actively engaged with lawmakers in both locations and will remain so to ensure that all Kentucky policymakers understand fully how important Credit Unions are to the people and communities they serve.  Please reach out with any questions or if you would like to get more involved in the advocacy activities that we undertake throughout the year, I would love to help ensure your voice is heard and share your story.

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

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Kentucky Recognition Awards are due JUNE 10^th

Kentucky’s credit unions do amazing things every day for their members and their communities.  Each year, we recognize those achievements at a banquet during our Annual Convention. 

We are currently accepting nominations for the Kentucky Recognition Awards.  These awards recognize the achievements of individuals, credit unions, and chapters in Kentucky.  There is no fee to submit an award. All affiliated credit unions, their employees, and volunteers are encouraged to participate.  

Learn more about the award categories.  Submit nominations by June 10th.

If you have any questions on awards, you may contact Sabrina Orkies at the League Office at [email protected].

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Save the Date for the 2022 #ILoveMyCreditUnion Campaign

After an enormously successful inaugural launch in 2021, the #ILoveMyCreditUnion initiative will return to make an even greater impact in 2022! Credit unions, leagues, associations, and industry partners all joined together to proclaim their credit union love on a single day last July through social media, reaching more than 22 million people in 9 countries. Keeping this momentum going, the Illinois Credit Union League (ICUL) has already begun plans to pull together organizations from throughout the credit union industry to raise awareness worldwide about the incredible impact credit unions have on their members and communities! 

ICUL is calling for everyone in the credit union movement to save the date for the next Social Media Blitz on July 29, 2022! 

Campaign materials and other resources will again be made available online to help credit unions inspire widespread, high-energy conversation among staff, members, and communities about why they love credit unions. Participants are also encouraged to prepare for the big day by creating their own materials for members, employees, volunteers, friends, and family to post using the common hashtag: #ilovemycreditunion. By working together, those within the movement can help more people recognize the amazing ways credit unions partner with their members to help turn dreams for the future into reality. 

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Foundation releases 2021 Impact Report

The National Credit Union Foundation released its 2021 Impact Report this week, highlighting its commitment to Financial Well-being for All. The Foundation engaged with credit unions through convenings, virtual experiential sessions, and other outreach while igniting a deeper understanding of the financial challenges credit union members and employees face and how to address those needs.

Read the report here >

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Transformative leadership starts with effective coaching

Effective leaders run successful organizations, and CUNA’s Coaching Leadership Virtual School is designed to provide everything you need to become a great leader. Attendees will learn how to foster meaningful relationships, better engage staff, and explore the latest coaching strategies. The virtual school will take place across four Thursdays, July 21 through Aug. 11.

Register here >

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VISION 2022 – Annual Meeting & Convention

August 8-10, 2022 | 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 2022 – 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

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Board & Committee Leadership Conference

November 3-5 | Doubletree by Hilton Hotel Asheville-Biltmore | Asheville, NC

DoubleTree by Hilton Hotel Asheville - Biltmore
115 Hendersonville Road
Asheville, NC 28803

Make plans to join your peers for an education conference designed just for credit union volunteers. The 2022 Board & Committee Leadership Conference (Formerly Volunteer Leaders Conference) is set for November 3-5 in iconic Asheville, NC and features a full range of informative sessions on critical, timely issues, with first-rate speakers. 

MORE INFORMATION

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The Kentucky Credit Union League is excited to announce the Enhanced Financial Counseling Certification self-study program!

The Enhanced Financial Counseling Certification Program (FiCEP) enables all credit union staff to become more confident in helping members build a stronger financial future. The program is designed for credit union staff who work in the financial counseling, collections, and loan departments, or any other staff members who are committed to helping members gain control of their financial future.

Modeled after the CUNA Certified Financial Counselor Schools, FiCEP includes two parts of four learning modules each.  Each participant who successfully completes the proctored exams for both parts is granted the Credit Union Certified Financial Counselor designation and is ready and able to assist your members in reaching their financial goals.

Program Participation Benefits

• Proven financial counseling skills that become part of the credit union's culture. 
• Written for all staff so anyone can offer financial counseling during every member interaction.
• Certification that satisfies members' needs as they rely upon the value of their credit unions.
• Differentiates a credit union by having certified financial counselors on its team.
• Helps members transform the way they deal with money through real-world counseling.

MORE INFORMATION

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Kentucky Directors’ College – New Date is December 13, 2022

You are invited to join NASCUS, the Kentucky Department of Financial Institutions, and the Kentucky Credit Union League for a day of learning on December 13, 2022, at the Kentucky Directors’ College. This day-long hybrid event offers a unique learning opportunity on a variety of essential, industry-based topics. 

Sessions include:

• Things that Keep Boards Up a Night;  Supervisory Committee Overview: Laws, Rules, Regulations, and Best Practices;
  and Board Level Policies: What is Required and Why? with David Reed, Partner, Reed & Jolly, LLC
• Top 5 Ways We Hack Credit Union Networks with David Anderson, OSCP, Principal, Cybersecurity
• Understanding a Credit Union’s Audit Report with Tanya Medgaarden, CPA, CliftonLarsonAllen LLP

Who should attend: Credit union board members, committee members, management, and staff are encouraged to participate in this excellent training opportunity.

Please feel free to share this invitation with your teams.

Registration: Click here or visit https://www.nascus.org/event/kentucky-directors-college/  

In-person Location: University of Louisville Event and Conference Center 
ShelbyHurst, Room 162/163, 450 N Whittington Pkwy, Louisville KY 40222

Cost to attend: $199 for NASCUS Members and $299 for Non-Members (in-person or virtual options)

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Last chance to register for the 2022 Southeast CUNA Management School! 

Registration for the 2022 session of the Southeast CUNA Management School is open! The school, which is hosted by Southeast Regional Credit Union Schools (SRCUS), is being held from Sunday, June 12, 2022 through Friday, June 17, 2022 at the University of Georgia Hotel & Conference Center, 1197 South Lumpkin Street, Athens, GA.

The premier learning opportunity for credit union professionals in the southeast, SE CUNA Management School provides students with the skills and knowledge to meet the leadership challenges that arise in the credit union industry. Over the course of this three-year program, students receive advanced academic instruction on a variety of topics including management, leadership, and financial analysis. Students also apply the knowledge gained from the on-site sessions to projects that require strategic analysis of their credit unions and research of relevant issues facing the credit union industry.

Upon successful completion of the program, students receive a graduation diploma issued in conjunction with the University of Georgia Center for Continuing Education. Graduation from Southeast CUNA Management School is recognized throughout the credit union industry as a prestigious mark of achievement.

Tuition is $2,095. Please click here to register online. Scholarships and financial assistance is available through the Kentucky Credit Union League.  To apply, please click HERE.

For questions or requests for additional information, contact Janet Garrett at (502) 855-8203 or [email protected].  To stay up to date with the latest news and information, follow SRCUS on Facebook.

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Registration opens for 2022 Southeast Regional Directors’ Conference

Calling all credit union directors, supervisors and volunteers! Meet your peers in Alabama for the 2022 Southeast Regional Directors’ Conference, set for July 31 – August 3 at the beautiful Grand Hotel Golf Resort and Spa in Point Clear, AL.

Over the course of two-and-a-half days, enjoy a full range of informative educational sessions designed for credit union volunteers and led by expert presenters.

Annually, the conference location rotates among the seven Southeastern states, giving each state an opportunity to host their fellow credit union volunteers and showcase the best of what their state has to offer. This year’s conference is hosted by the League of Southeastern Credit Unions.

REGISTER TODAY! 

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Abound Credit Union Brings Sammy Rabbit to Local Schools to Help Kids Learn About Saving 

As an educational gift to local schools, Abound Credit Union is offering no-cost assemblies on May 9 -10, 2022 featuring Sammy Rabbit and author of, “It’s A Habit, Sammy Rabbit!” Sam Renick, to teach children how to be financially responsible through songs and storytelling.   

The Credit Union is well-known as a local leader in financial education and has been recognized nationally for its youth financial literacy efforts. In addition to sponsoring the educational assemblies at Woodland, Heartland and Radcliff Elementary Schools, free copies of the “It’s A Habit, Sammy Rabbit” children’s activity book will be distributed at Abound’s Annual Meeting and Financial Education Expo on May 10, 2022. 

More information about the upcoming annual meeting and Abound’s many financial education resources may be found at aboundcu.com. For more information on Sammy Rabbit, visit www.sammyrabbit.com.  

Abound Credit Union has no affiliation with Sammy Rabbit or Sam Renick. 

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Commonwealth Credit Union Provides Free Shred for the Community

On Friday, April 22nd (Earth Day), Commonwealth Credit Union hosted a free community shred day at the newly reopened Louisville Road Branch. People throughout Frankfort and the surrounding areas were encouraged to bring up to 5 boxes of their personal documents to be shredded. Almost 400 cars came through the event and over 13,000 pounds of paper were shredded.

Additionally, Commonwealth Credit Union also collected donations for the Backpack Snack Program of Franklin County. This program provides weekend meals to school-aged children throughout the county who might otherwise go without. Commonwealth Credit Union collected an entire truckload of non-perishable food items and over $600 in monetary donations.

This is just another example of how Commonwealth Credit Union gives back and continues to better lives in the communities we serve.

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Commonwealth Credit Union awards four $1,000 scholarships to graduating high school seniors 

Every year, Commonwealth Credit Union awards four $1,000 scholarships to graduating high school seniors to help them with the cost of continuing their education. High school seniors who are current members of the credit union are encouraged to submit a 5-minute video answering questions about how they are bettering lives in their communities and what they are looking for in a financial institution. A panel of judges who are professionals from Central Kentucky and the Louisville Metro Area views each video submission and chooses the top four scores as that year’s winners.

CCU then surprises the winning students at their high schools with a big celebration, including confetti poppers and a giant check presentation. To truly celebrate this accomplishment, Commonwealth Credit Union hosts the winners and their families at a Scholarship Night with the Louisville Bats. They are recognized on the field before the game, and get to enjoy a night full of food, fun, and baseball. Commonwealth Credit Union’s scholarships have helped fund the educational dreams of students who are national merit finalists to first-generation college students. 

To check out this year’s winning videos, visit us at https://www.ccuky.org/my-campus/high-schools/scholarships.

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Service One CU Welcomes Two New Associates

Service One welcomes two new associates, Lisa Graham as Human Resources Generalist and ReaAnn Holmes as Director of Talent Development.

RaeAnn Holmes previously worked for 15 years in higher education at Western Kentucky University (WKU) and Southcentral Kentucky Community and Technical College (SKYCTC).  She has experience in Financial Aid and Academic Advising and extensive presentation experience and a long history of working one-on-one with students and families.  During her time at WKU, she worked with various colleges including the College of Education and Behavioral Sciences, the College of Health & Human Services, and Ogden College of Science & Engineering.  RaeAnn has a Bachelor of Science in Business Management, Human Resources from WKU and a Master of Science in Human Development & Leadership from Murray State University.  She grew up in Rockfield and graduated from Warren East High School. She enjoys taking care of her pet and houseplants and gardening.

Lisa Graham has over five years’ experience working Distribution and Customer Service Rep for a large manufacturing company, 12 years’ experience in Human Resources and Benefits at a global corporation, and four years in the education field with Bowling Green City Schools. She obtained her bachelor’s degree from Western Kentucky University. Lisa is a member of SKY SHRM, national SHRM, and SHRM-PHR. She is a Bowling Green native and serves as Secretary on the PTO board at her children's school. Lisa reports to Amy Goodson, VP Human Resources and Talent Development.

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Service One Credit Union Announces Paul Buhrmester at Campus Branch

Service One Credit Union announces Paul Buhrmester has been named to manage Service One Credit Union’s WKU Campus branch. He previously managed the Bypass branch.

Buhrmester, who began working for Service One while a student, has been with the credit union for 14 years. He is a 2007 graduate of WKU.

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Check your credit union’s compliance with new CFPB rules

Credit union collectors need to be aware of the impacts of important new Consumer Financial Protection Bureau (CFPB) regulations which took effect last November.

The Fair Debt Collections Practices Act (FDCPA) focuses on debt collection communications and related practices by debt collectors. Two new final rules took effect in November.

The first rule focuses on debt collection communications and clarifies the FDCPA’s prohibitions on:

• harassment and abuse
• false or misleading representations
• unfair practices by debt collectors when collecting consumer debt

The second:

• clarifies disclosures debt collectors must provide to consumers at the beginning of collection communications
• prohibits debt collectors from suing or threatening to sue consumers on time-barred debt
• requires debt collectors to take specific steps to disclose the existence of a debt to consumers before reporting information about the debt to a consumer reporting agency

Attorney Eric North will address these rule changes and their impacts in detail during his “What the New CFPB Regulations Mean to Credit Union Collectors” session at CUNA Collections & Bankruptcy School Sept. 19-22 in San Antonio.

Any credit union professional whose job involves the collection of consumer debts – whether as a collector or as one who supervises collectors – needs to understand these new rules, which affect:

• telephone communications
• electronic communications
• time-barred debt
• credit reporting and transfer of debt
• debt validation notices
• record retention

At the September event, North will fully explain what the new rules say, how they affect credit unions and individual collectors, and the steps that should have already been implemented to comply with them.

North’s session will provide a chance for collection professionals to check their understanding of the rule changes and review their compliance efforts.

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CISA issues emergency directive on VMWare vulnerabilities

The Cybersecurity and Infrastructure Security Agency (CISA) issued Emergency Directive 22-03 (ED 22-03) Mitigate VMware Vulnerabilities, requiring federal civilian executive branch agencies running specific VMware products to apply VMware updates or remove the products from agency networks until the update can be applied.

Although ED 22-03 is only directed to federal agencies, CISA encourages public and private sector organizations to review it, along with our cybersecurity advisory, and take steps to mitigate these vulnerabilities before they can be exploited by malicious cyber actors. 

The emergency directive is in response to observed or expected active exploitation of a series of vulnerabilities in the following VMware products:

• VMware Workspace ONE Access (Access),
• VMware Identity Manager (vIDM),
• VMware vRealize Automation (vRA),
• VMware Cloud Foundation,
• vRealize Suite Lifecycle Manager (impacted VMware products).

Successful exploitation one of the four vulnerabilities permits attackers to execute remote code on a system without authentication and elevate privileges.

In addition to ED 22-03, CISA also published a cybersecurity advisory, Threat Actors Chaining VMware Vulnerabilities for Full System Control, with additional details on the exploitation, detection methods, incident response recommendations, and mitigation guidance.

VMware released updates for CVE-2022-22954 and CVE-2022-22960 on April 6, 2022, and, according to a trusted third party, malicious cyber actors were able to reverse engineer the updates to develop an exploit within 48 hours and quickly began exploiting the disclosed vulnerabilities in unpatched devices.

Based on this activity, CISA expects malicious cyber actors to quickly develop a capability to exploit newly released vulnerabilities in the same affected impacted VMware products.

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