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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Governmental Affairs Update

This December, as we all start to turn our gaze toward the new year and all that it brings with it for our lives and for our Credit Unions, the League & Fort Knox FCU closed out the year with one final Legislator Meet & Greet of 2019.

This time we hosted State Representative Chad McCoy (HD-50) at their Bardstown branch. In addition to being a State Representative, McCoy also serves as a member of State House leadership in his role as Majority Whip. During the visit, Rep. McCoy learned about the Credit Union industry, how we function and all about the credit union difference. He heard from members, volunteers, and staff about many of the community initiatives that Fort Knox FCU supports as well as many stories illustrating the focus on members and serving them as member-owners rather than simply customers.

Events with our local leaders are a great way to educate our elected officials on what credit unions are, why they function in certain and specific ways, and the community impact of the credit union model. Your League will continue these meet & greets throughout 2020 and we look forward to working with all of you to engage your local officials and share the credit union difference with them.

Also coming in the new year is the 2020 State Legislative Session, which is a 60-day budget session this year. From January through April, the state legislature will be primarily focused on crafting a 2-year budget for the state. This is no easy task, but be rest-assured that your League is, and will, remain fully engaged throughout the process.

As always, please reach out to Kyle Hagerty at [email protected] with any questions or ideas regarding Governmental Affairs.



CUNA Board elections conclude, members take office at CUNA GAC

The voting period for two contested CUNA Board positions has ended. Directors elected will take office upon the adjournment of CUNA's Annual General Meeting in Washington, D.C., Feb. 24, 2020, during CUNA’s Governmental Affairs Conference. 

The following individuals have been elected: For District 4, Class A: Patrick Drennen, President, 1st Gateway CU, Camanche, Iowa. For Class C (2 positions), Brian Best, President, GTE Financial CU, Tampa, Fla. and Tony C. Budet, President, University FCU, Austin, Texas. 

Last month, the following individuals were elected by acclamation to the CUNA Board:

  • District 1, Class A
    • Elizabeth A. Hayes, President/CEO, Infinity FCU, Westbrook, Maine
  • District 2, Class B
    • Dallas W. Bergl, President/CEO, INOVA FCU, Elkhart, Ind.
  • District 6, Class B
    • Teresa Y. Freeborn, President & Chief Executive, Xceed Financial FCU, El Segundo, Calif.
  • Class D (2 positions)
    • Scott Earl, President/CEO, Mountain West Credit Union Association, Denver, Colo.
    • Charles Elliott, President/CEO, Mississippi Credit Union Association, Jackson, Miss. 

Districts and classes are defined as follows:

  • District 1—Connecticut, Maine Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Puerto Rico and Virgin Islands:
    • Class A:  Credit unions having less than 38,000 natural-person members.
  • District 2—Delaware, District of Columbia, Indiana, Kentucky, Maryland, Ohio, Virginia and West Virginia:
    • Class B: Credit unions having at least 38,000 but not more than 141,000 natural-person members.
  • District 4—Illinois, Iowa, Michigan, Minnesota, Missouri and Wisconsin:
    • Class A:  Credit unions having less than 38,000 natural-person members.
  • District 6—Alaska, California, Hawaii, Idaho, Nevada, Oregon, Washington, American Samoa, Guam, Johnston Atoll, Midway Atoll, Northern Mariana Islands, Palmyra Atoll and Wake Atoll:
    • Class B: Credit unions having at least 38,000 but not more than 141,000 natural-person members.
  • Class C – credit unions having more than 141,000 natural-person members, elected at-large nationally.
  • Class D – leagues CEOs, elected at-large nationally. 



Haley to Keynote 2020 CUNA GAC 

CUNA announced that Nikki R. Haley, U.S. Ambassador to the United Nations (2017-2019), will be the Tuesday keynote speaker at the 2020 CUNA Governmental Affairs Conference (GAC), February 23-27 in Washington, D.C. Haley is the former United States Permanent Representative to the United Nations. She served as a member of President Donald Trump’s Cabinet and as a member of the National Security Council from 2017-2019.

At the United Nations (UN), Haley was widely respected as a champion of human rights. She hosted the first-ever session devoted solely to promoting human rights and bravely challenged oppressive regimes around the world. Haley also oversaw critical reforms that helped make the UN more efficient, transparent and accountable.

“We’re excited to have Ambassador Haley join us at CUNA GAC,” said Todd Spiczenksi, chief products and services officer at CUNA. “We look forward to hearing more about her personal and professional journey and how they’ve shaped her vision.”

Credit union compliance issues aren't just a headache, they're expensive. Credit unions spend $6.1 billion per year* trying to keep up. The operational cost is a burden your shop shouldn't have to take on alone. That's why CUNA, in alliance with the Leagues, teamed up to deliver a solution to credit unions.



Best-selling author Marcus Buckingham to speak at 2020 CUNA GAC

CUNA is pleased to announce Marcus Buckingham, author of StandOut, a New York Times and Wall Street Journal best seller, will speak at the 2020 CUNA Governmental Affairs Conference (GAC), Feb. 23-27 in Washington, D.C. CUNA GAC is the credit union system’s premier advocacy event and will be attended by more than 5,000 credit union leaders from all 50 states.

Buckingham has dedicated his career to understanding and challenging entrenched preconceptions about how to best leverage employee strengths to drive organizational success. He spent nearly two decades at Gallup Organization and is the author/co-author of seven internationally renowned books, including StandOut, a New York Times and Wall Street Journal best seller.

Buckingham is an in-demand expert who’s worked with some of the country’s top companies including Toyota, Facebook, Coca-Cola, Microsoft and Disney. He’s been profiled by The New York Times, FORTUNE, Fast Company, Harvard Business Review, USA Today and The Wall Street Journal and appeared on the Today Show and the Oprah Winfrey Show

“Marcus is an exciting addition to the CUNA GAC speaker lineup,” said Todd Spiczenski, chief products and services officer at CUNA. “His work highlights game-changing ways to improve an organization’s retention, productivity, and profitability. We’re excited to connect credit unions to his visionary insights.”



Small Credit Unions Can Win a Full Scholarship to the 2020 GAC

Sponsored by Association business partner CUNA Mutual Group, the Small Credit Union GAC Scholarship Contest is back for 2020. Two credit unions will win full scholarships, including registration, airfare, and hotel to the credit union movement's largest advocacy event.

To enter, participants must (1) sign up for the Daily Digest of the CUNA Small Credit Union Community, and (2) answer at least one DESIGNATED Contest Question, posted in the Community each Monday during the contest period which ends January 24th.

Participants can earn additional entries by responding to more Contest Questions (maximum of 8 entries) and CUNA will announce the winners to the Community on January 27th. Click here to download the full contest rules and instructions (421k PDF) on how to sign up for the Small CU Community’s Daily Digest. 



Mark these 2020 dates in your calendar!

Mark your calendars for these 2020 education and training opportunities! 

IRA/HSA Training
February 11, 12, & 13 | League Office

Bankruptcy & Collections Training
March 10 | League Office 

*NEW* CEO Forum
April 16 | NCM Motorsports

Chapter Officials Symposium
May 19 | League Office

Mid-Level Management Workshop
June 3 | League Office 

Compliance Training
June 10 | League Office

Annual Meeting & Convention
August 26-28 | Omni Louisville Hotel

Business Account Half Day Training
September 21 | League Office

Mortgage Lending Training
September 22 & 23 | League Office

Board & Supervisory Committee Conference
October 15 – 17 | Gatlinburg Convention Center




Registration for the Emerging Leaders Program is now Open

Are you ready to LEAD?

The Emerging Leaders Program is an extensive leadership program focused on developing credit union professionals who demonstrate leadership potential. 

About the Emerging Leaders Program

  • 9-month commitment
  • 6 one-day leadership development face-to-face workshops
  • 1 community service-learning group project
  • Limited to 25 leaders

Why apply?

  • Develop and build leadership skills.
  • Share and grow with peers.
  • Learn from nationally recognized presenters and industry experts.
More Information 

For questions or additional information regarding the Emerging Leaders Program, contact Eileen Burden at [email protected].



2020 IRA/HSA Training 

The best way to show your commitment and success in an ever-changing retirement and health savings plan industry is to continue learning.

Look to your League for your retirement and savings plan education.  Whether you are interested in learning the fundamentals or want to explore more advanced topics, our training covers all aspects of retirement and health savings plans. 

February 11th: IRA Essentials
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. 

February 12th: Advanced IRAs
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.

February 13th: IRA Frontline Fundamentals 9:00 a.m. - 12:00 p.m.
IRA Frontline Fundamentals is a half-day workshop that gives attendees a basic foundation of IRA knowledge. Exercises are included to help participants apply information to job-related situations. Attendees will leave this session able to confidently process basic IRA transactions. This is a beginner’s session; no previous IRA knowledge is assumed.

February 13th: HSA Frontline Fundamentals 1:00 p.m. - 4:00 p.m.
HSA Frontline Fundamentals is a half-day workshop that gives attendees a basic foundation of HSA knowledge. Exercises are included to help participants apply information to real-world scenarios. Attendees will leave this session able to confidently process basic HSA transactions. This is a beginner’s session; no previous HSA knowledge is assumed.




Fort Knox Federal raises money for Wreaths Across America

Fort Knox Federal raised more than $4,000 for Wreaths Across America. Roz Starry, in this photo, raised $1,100 all on her own. As a credit union, Fort Knox rounded up to $6k to give to Wreaths Across America. This money will go back to the mission to purchase wreaths across the country to place at thousands of headstones.

Each December on National Wreaths Across America Day, the mission to Remember, Honor and Teach is carried out by coordinating wreath-laying ceremonies at Arlington National Cemetery, as well as at more than 2,100 additional locations in all 50 U.S. states, at sea and abroad.

Fort Knox Federal carried out their mission at the local Kentucky Veterans Cemetery on Saturday, December 14th




Service One CU Promotes Sneed

Service One Credit Union is pleased to announce the promotion of Lisa Sneed to Assistant Vice President of Marketing and Advertising. 

Sneed joined Service One in 2002 as a full-time teller. Since that time, she has served the credit union in several different capacities, including Head Teller, Marketing Coordinator, and most recently, Marketing and Member Development Specialist. 

In her new role, Sneed will lead the marketing team focusing on digital content, social media, public relations, and creation of the credit union’s marketing and advertising efforts. 

“I’ve always been passionate about the credit union movement,” Sneed said. “I’m super excited for the opportunity to continue to share our credit union’s strategic vision and make a difference in the lives of our members and those in the community.” 

Sneed is a graduate from Western Kentucky University and has 14 years of marketing experience. 

Sneed is originally from Campbellsville, KY, and has lived in Bowling Green since 2002. She and her husband, Josh, enjoy traveling and attending sporting events with their sons, Alex and Jaxson.



Retirement Plan Contribution Limits Increase

The Internal Revenue Service has announced that the contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 to $6,500. The limitation regarding SIMPLE retirement accounts for 2020 is increased to $13,500, up from $13,000 for 2019. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver's Credit all increased for 2020. Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or his or her spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor his or her spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.)



Free credit monitoring for some members of the military

The FTC reported earlier this summer that, starting October 31, many members of the military will have access to free electronic credit monitoring to help them spot identify theft. The nationwide credit reporting agencies—Equifax, Experian, and TransUnion—are providing free electronic credit monitoring services to some active duty service members who are assigned to service away from their usual duty station and all active duty National Guard members. Credit monitoring services can alert consumers to mistakes or problems with their credit reports that might stem from the unauthorized use of their personal information to obtain credit.

There is a limitation on coverage for active duty service members to those assigned to service away from their usual duty stations, due to the wording of the Fair Credit Reporting Act amendments made by the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). That limitation was not applied in the EGRRCPA amendments to National Guard members.

Source:  FTC



NMLS renewal period ends soon

The NMLS has posted a reminder that the annual renewal period for registered mortgage loan originators (MLOs) (organizations and individuals) ends December 31. Failure to renew an institution's registration may impact its MLOs’ ability to engage in mortgage loan origination activity, just as failures of individual MLOs to complete their renewal process will prevent them from legally acting in that role after year-end. For complete information, visit the Renew-Reactivate page of the NMLS Federal Registry Resource Center.

Source:  NMLS



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