CURRENT Newsletter | 22 April 2021 - Virginia Credit Union League

Join us on April 28 for a free compliance/regulatory update with attorney Jay Spruill. The hour-long webinar (10 a.m. start time) will cover frequently asked questions on the League compliance hotline, key federal regulatory issues, and any recently enacted state laws that might affect your operations.

Also, feel free to send your questions prior to the webinar to your League’s Mary Amyx at mamyx@vacul.org. She’ll gladly forward them to Jay to ensure they are covered during the webinar.

Learn more and register here.

CU PolicyPro Training Set for May 4 & 11

Learn how to get the most from CU PolicyPro, an online resource with more than 230 credit union-specific model operations policies. Because your credit union is unique, CU PolicyPro not only includes the model policy content, but a full policy management system that lets you customize any model policy to fit your credit union’s individual operations.

Many credit unions have already registered for CU PolicyPro and have accessed the model policies.

Our May 4 session is designed to help users to take full advantage of CU PolicyPro’s policy management system. Take this time to learn how to customize the model policies for your credit union including defining key fields, best practices for formatting, and how to publish policies to share with your staff, board members, and examiners.

The session will also include a question and answer session to allow you to ask your questions about specific ways to best use CU PolicyPro in your credit union. This is a great workshop for users new to the policy management system or those who need a refresher on adding and editing policies in CU PolicyPro.

Ready to take the next step in managing your policies? The hour-long May 11 session focuses on the tools available in CU PolicyPro to keep them up to date. Covered in this session are best practices for using editor notes effectively, and understanding the available data fields.

We will also take an in-depth look at the content update process and how to use the CU Policies Report to audit your policies and keep them up to date. Please note: this session does assume that users have a good working knowledge of the CU PolicyPro system and attending the New User Training course is recommended.

Register for the May 4 session
Register for the May 11 session (NOTE: You’ll want to attend the May 4 session if you don’t already possess a working knowledge of PolicyPro to get the most out of this session.)

Marketing Mixer Set for May 5

The Marketing and Business Development Council of Virginia will be hosting a FREE Marketing Mixer on May 5 from 4 p.m. – 5 p.m.. Join your peers to discuss timely and relevant topics including Strategies for Growing Loans and Getting Back to Normal and Showing Up at the Office!

Marketing Mixers are designed to be informal discussions, and we encourage you to grab your drink of choice (a margarita in honor of Cinco De Mayo is fitting) and join your peers for an hour of professional networking and fun.

If you have additional discussion topics, please email them to Nicole Widell and we will add them to the agenda.

Join and get a chance to win one of two $25 Grub Hub Gift Cards. Must be present to win.

Online Training for Supervisory Committees

Popular credit union consultant Ancin Cooley has created a web-based course for supervisory committee members, offering the most comprehensive overview of the role, duties, responsibilities and resources available to committee members. The five modules offer you a fun, interactive learning experience with bonus content and even quizzes to test your content retention.

Learn more
Register Now (Your League is offering volume discounts for multiple registrations from the same credit union. Use our registration to ensure you receive the discount.)

IGNITE 2021, League Annual Meeting Registration Now Open!

We’re excited to announce the return of IGNITE, the League Annual Meeting! Now slated for Nov. 10-12, 2021 in Virginia Beach, we’ve secured the new Marriott Virginia Beach Oceanfront as our host hotel.

Registration for the event is now open! Register here.
Want to book your hotel stay now? You can do so here!

Filene Launches Survey to Benchmark DEI in Credit Union Industry

Filene Research Institute launched a Center of Excellence for Diversity, Equity, and Inclusion (DEI) built for and sponsored by credit unions at the start of 2020. One of the Center's aspirations is to fortify DEI research in the credit union space.

Dr. Quinetta Roberson of Michigan State University will serve as the DEI Center Fellow and lead research on a project to measure the DEI advancements of the credit union industry and identify which practices correlate to improved firm performance.

This early research seeks to create a baseline around DEI practices and policies in credit unions. It is not at all like, or in any way related to, NCUA's Voluntary DEI Assessment, according to Filene.

All survey participants will immediately receive a download of Filene’s complete DEI Road Map—a research-backed actionable guide for advancing DEI personally, operationally, and organizationally—as well as a customized index of where credit unions fit in the big-picture benchmark of DEI policies and practices across the industry once the research is complete in June.

Filene will host a DEI research event June 22-23 with a first look at the results of this research study.

CUNA Mutual Group Navigates, Thrives in Historically Difficult 2020 While Aiding Leagues, CUs

2020 was a trying, challenging and difficult year for our nation. Credit unions stepped up in a big way to meet those challenges head-on, addressing a myriad of health, economic and social issues, while remaining focused on our members and their needs.

I’m proud to say League/League Service Corporation partner CUNA Mutual Group proved once again to be a vital support and resource to credit unions in serving members.

While we’re seeing light at the end of the tunnel as we begin to think of life post-pandemic, credit unions can take comfort in knowing CUNA Mutual Group is a rock-solid, financially resilient, service-oriented partner ready and able to help see credit union members through the worst of times.

Compliance / Regulatory Affairs

FHFA Announces Extension of COVID-Related Loan Flexibilities

The Federal Housing Finance Agency (FHFA) announced Wednesday that Fannie Mae and Freddie Mac (the Enterprises) will extend some temporary loan origination flexibilities until May 31, 2021. All temporary flexibilities were originally set to expire on April 30, 2021.

Alternative appraisals on purchase and rate-term refinance loans are among the flexibilities that will now be extended through May 31, 2021.

Those temporary flexibilities related to employment verification, condominium project reviews, and expanded power of attorney are being allowed to expire as scheduled on April 30, 2021.

Due to low usage of the temporary flexibilities, FHFA expects to retire all temporary selling flexibilities on May 31, 2021.

Learn more

CUNA Concerned w/ Bill’s Changes to Debt Collection

CUNA wrote to the House Financial Services Committee Tuesday with concerns over provisions in a debt collection bill prior to its markup by the committee. Language in the Comprehensive Debt Collection Improvement Act (H.R. 2547) would prohibit medical debt to be included in credit reporting.

“Restrictions on the reporting or consideration of certain debt prevents lenders from seeing borrowers’ complete debt circumstances and clouds lenders’ ability to fairly assess borrowers’ creditworthiness,” the letter reads. “An incomplete view of borrowers’ credit history reduces lender confidence in credit reports and scores, impacting pricing decisions and credit availability.”

The letter also expresses concerns with the precedent this could set which would ultimately damage credit underwriting, thus making it harder for lenders to make safe and sound credit decisions.

CUNA is also concerned with a section that would expand Fair Debt Collection Practices Act coverage of non-judicial mortgage foreclosures.

Learn more

News About Credit Unions

‘A Watershed Moment’: CDFIs Hope to Capitalize on Federal Funding Boost

A recent infusion of billions of dollars of federal aid is being hailed as a game-changer for community development financial institutions.

The assortment of funding assistance includes $1.25 billion that Congress added in December to the new Rapid Response Program, which the Treasury Department's CDFI Fund administers to provide automatic grants to CDFIs if they meet certain criteria. The $1.9 trillion American Rescue Plan enacted in March also included $10 billion for state small-business lending programs that benefit CDFIs.

CDFIs say the new funding — which is on top of aid they receive from banks and other corporations — will multiply their capacity by several times, shifting focus away from what is often just an effort to stay sustainable toward expanding their community development activities.

“CDFIs always could have been bigger, larger, more impactful,” said Ed Sivak, executive vice president of policy and communications of Hope Credit Union and the loan fund Hope Enterprise Corp., both certified CDFIs. (American Banker, April 20)

News From Credit Unions

1st Advantage Earns Two Prestigious Awards for Outstanding Marketing Achievements

1st Advantage was recently honored with two Diamond Awards. The annual competition, presented by the Credit Union National Association (CUNA) Marketing & Business Development Council, included 35 categories with over 1200 entries.

1st Advantage was awarded in two different categories, Annual Report, and Brand Awareness, with a “Category’s Best” in Brand Awareness for our most recent commercial series.

Learn more

BayPort Wins Three CUNA Diamond Awards for Marketing Campaigns, Financial Education

BayPort Credit Union is pleased to announce it was honored with three Diamond Awards by the Credit Union National Association (CUNA) Marketing and Business Development Council. BayPort won two Diamond Awards in the Complete Campaign category for its Credit Score and Home Equity promotions and one Diamond Award in the Financial Education category for its Credit Checkup Challenge campaign.

Learn more

45 Industry Leaders Complete Inaugural DEI Certificate Course from CUES® and Cornell University

Talent development leader CUES recently announced 45 credit union leaders have received their Diversity, Equity and Inclusion Certificate, earned by taking the Diversity, Equity and Inclusion Certificate Program from CUES and Cornell University.

“A hearty congratulations goes out to everyone who participated in this vital and timely program,” said John Pembroke, CUES President/CEO. “We’re pleased so many industry leaders embraced this opportunity, in turn demonstrating their commitment to making the world a better place through equity and inclusion.”

Congrats to Raquel Aedeona Crossley (Northwest Federal Credit Union) and Janine Williams (UVA Community Credit Union) on earning the certificate.

Learn more

Chapter News

Tidewater Chapter Charity Golf Tournament Tees Off June 4

The Tidewater Chapter will hold its 8th Annual Charity Golf Challenge on June 4 at Sewells Point Golf Course in Norfolk. ALL credit unions – regardless of location - are invited!

Format will be four-man captain’s choice. The cost will be $100 per player. Proceeds will benefit Children’s Hospital of the King’s Daughters, our local Children’s Miracle Network Hospital! Please join us for this exciting event, which has raised more than $100,000 for CHKD during the past seven years.

Learn more / Register

Pandemic Response

President Biden to Call on All Employers to Provide Paid Time Off for Employees to Get Vaccinated

President Biden announced that he expects we will meet his goal of 200 million shots administered in 100 days — a goal he doubled after meeting his original goal of 100 million shots by day 58 of the Administration.

President Biden also called on employers across America to do everything they can to help their employees – and their communities – get vaccinated, including full pay to employees for any time off needed to get vaccinated and for any time it takes to recover from the after-effects of vaccination.

Learn more

Financial Services / Marketplace

Hispanic Homeownership Surged in 2020

Hispanic homeownership in the U.S. climbed significantly in 2020 – there are now 8.8 million Hispanic homeowners in the country, according to a report released this week by the National Association of Hispanic Real Estate Professionals. That’s 725,000 more than in 2019.

The report, citing U.S. Census data and its own research, now pegs the Hispanic homeownership rate at between 48-49%, which is an uptick of a full percentage point from one year before.

It marks the sixth year in a row that the Hispanic homeownership rate has increased. But 2020’s jump was several hundred-thousand homeowners more than in prior years.

Learn more

Sticker Shock: Average New Car Price Up 8% From One Year Ago, And Headed Higher

The average new car price was $37,200 in the first quarter, up 8.4% from the same period just a year ago, according to JD Power.

About half of car buyers are paying within 5% of the sticker price, according to JD Power, with some even paying above sticker. About two million more car buyers this year will end up paying that close to sticker price than a couple of years ago, the company said.

Meanwhile, wholesale prices for used cars sold at auction are up 26% since the start of this year, according to other data from JD Power. Retail used car prices are up a more modest 7% in the same period.

“That's also a significant jump for this time of year, and the higher wholesale prices are pointing to bigger increases on the way,” noted CNN in its analysis.

Learn more

Education & Training

How Solid is Your Disaster Recovery Plan?

CUNA Business Continuity eSchool is focused on complying with business continuity plan requirements, including business impact analysis, risk/threat assessment, recovery action and time objectives and disaster recovery. Check out the agenda; the eSchool begins May 3.

Learn more

Operations

1-in-4 Workers is Considering Quitting Their Job after the Pandemic—Here’s Why

In 2019, workers were quitting their jobs at record rates, with labor experts saying workers did so in order to secure the pay raises and promotions they weren’t getting from within.

Then, beginning in March 2020, the labor market shed 20.5 million jobs in the first few weeks of the coronavirus pandemic. Now, a year later, there are still nearly 7.9 million fewer Americans counted as employed than in February 2020, while the labor force is down 3.9 million.

But with signs pointing toward recovery in many economic sectors, workers are feeling the itch to job-hop yet again. By some estimates, 1 in 4 workers is planning to look for opportunities with a new employer once the threat of the pandemic has subsided, according to Prudential Financial’s Pulse of the American Worker survey.

Workers who want to quit overwhelmingly say they’re looking for a new job with more flexibility. Indeed, even among those who aren’t considering changing jobs, half of people currently working remotely say if their current company doesn’t continue to offer remote-work options long-term, they’ll look for a job at a company that does.

Learn more

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