CURRENT Newsletter | 9 June 2021 - Virginia Credit Union League

It’s June, which means it’s time for our annual $30 by the 30th campaign supporting CULAC. This is one of the best ways to support one of our movement’s strongest advocacy tools – by donating $30 or more to CULAC by June 30.

As the 117th Congress continues their work, the credit union movement is facing threats on multiple fronts, including attempts to apply new CRA-like rules to credit unions, expand regulations and even place new limits on interchange and our ability to fight fraud and data breaches impacting our members.

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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.

We’ve now posted an event schedule, information on our educational offering and details on our keynote speakers. Learn more!

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

AACUC Annual Conference: League Providing Scholarships

Your League is providing scholarships to the African American Credit Union Coalition (AACUC) Annual Conference, slated for Aug. 16-21.

The virtual AACUC conference has special pricing for the members, small credit unions and young professionals. We’re providing upward of $2,000 in scholarships for the event, so there’s a good chance we’ll be able to accommodate several scholarship requests!

Here’s how you can apply for a scholarship:

Contact the League’s Nicole Widell at nwidell@vacul.org.
Let Nicole know why you want to attend (a short paragraph or two will suffice). Please provide your credit union, phone number and current job title. NOTE: Your credit union must be an affiliate or associate member of the League to qualify.
Note the scholarship for which you’re applying:

AACUC or National Association of Latino Credit Unions & Professionals (NLCUP) Members - ($200)
Small Credit Union (less than $100 million in assets) & Minority Depository Institutions – ($99)
Emerging Leaders / Young Professionals – ($99)

Please apply for a scholarship no later than July 30. We’ll notify scholarship winners beginning Aug. 2. Once you’re notified, register for the conference at https://www.aacuc.org/22nd-annual-conference and we’ll reimburse you for the registration fee.

Learn more about the conference (including full schedule) here.

CUNA Mutual Group to Host Webinar on Employee/Workplace Safety

CUNA Mutual Group (CMG) will host a live webinar on June 16, at 2 p.m. for credit unions with questions for a risk consultant on employee and workplace safety. Join CMG for this live question-and-answer session where industry experts will address your top-of-mind concerns.

Learn more

Registration Opens for CUNA Mutual Group’s Discovery Conference

Registration is now open for CUNA Mutual Group’s 12^th annual, online Discovery Conference, set for Aug. 12.

CUNA Mutual said the conference brings together subject matter experts covering an array of topics and gives credit union leaders the opportunity to learn first-hand what other credit unions are doing to support their members, teams and communities.

The meeting has been timed to help credit unions kick off their strategic planning process and is free to attend, CUNA Mutual added.

“We are inspired by credit unions’ display of courage, compassion, and unwavering support for their members across the nation, and we look forward to helping create a brighter financial future for all,” said Robert N. Trunzo, president and CEO of CUNA Mutual Group. “Discovery presents an opportunity to connect with thousands of our industry colleagues and share experiences, ideas and resources as credit unions embark on strategic planning.”

The full agenda and registration are available at www.cunamutual.com/discovery. Content will be available on-demand after the conference ends.

Social Responsibility Awards: Get Recognized for Your Good Works!

The League-CUNA Social Responsibility awards are a way for you to showcase the extraordinary efforts you are taking to serve your members. The deadline is June 30!

There are four entry categories:

Desjardins Youth Financial Education Award for excellence in youth financial education
Desjardins Adult Financial Education Award for excellence in adult financial education
Louise Herring Philosophy in Action Award for excellence in member service.
Dora Maxwell Social Responsibility Award for excellence in community service and outreach.

Start your entry here. The time period covered for your application should be the calendar year through June 30, 2021. If you have additional questions after reading this FAQ, please don't hesitate to contact your League’s Mary Amyx - 800.768.3344, ext. 630.

Financial Education Boot Camp July 20

Looking to whip your credit union's financial education program into shape? Stumped on where to start? The Virginia Credit Union League's Financial Education Committee is here to get the program at your credit union into tip-top shape!

Date: July 20, 9:30 a.m. – 11:30 a.m.
Format: Virtual Workshop
Cost: $20. $10 of each registration fee will be donated to support the good work of Feed More!

Whether you are new to providing financial education or consider yourself a pro, this low-cost, high-impact workshop is guaranteed to provide tools and tips you can use immediately at your credit union. Now, more than ever, financial education can demonstrate the Credit Union Difference -- building member loyalty and providing an important opportunity to serve your community.

Advocacy / Governmental Affairs

CUNA-Backed Bill ‘Solid Step Forward’ to Financial Inclusion

CUNA wrote to House Financial Services Committee leadership Tuesday in strong support of the Expanding Financial Access for Underserved Communities Act. The committee discussed the draft legislation during a hearing last month, and CUNA submitted comments of support.

“The Expanding Financial Access for Underserved Communities Act is a market-based solution that would make three changes to the Federal Credit Union Act to enable and encourage credit unions to serve underserved and abandoned communities and promote financial inclusion to all at no cost to the taxpayer,” the letter reads.

The bill would:

Allow all federal credit unions to add underserved areas to their field of membership;
Exempt business loans made by credit unions to businesses in underserved areas from the credit union member business lending cap; and
Expand the definition of an underserved area to include any area that is more than 10 miles from the nearest branch of a financial institution.

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Compliance / Regulatory Affairs

CFPB Issues FAQs on Escrow Accounts, Regulation E

The Consumer Financial Protection Bureau (CFPB) recently issued sets of frequently asked questions on Electronic Fund Transfer Act and Regulation E requirements, as well as servicing escrow accounts under Regulation X.

The Regulation E FAQs address situations in which a consumer is fraudulently induced by a third party to provide their account information or private network rules conflict with the regulation, among others.

The Regulation X FAQs are broken down into four categories:

General;
Escrow account analysis;
Deficiencies, shortages, and surpluses; and
Public guidance documents.

In addition to restating the regulation, the questions describe the CFPB's approach to the public guidance documents and their relationship to the Department of Housing and Urban Development's prior guidance.

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FCC Should Ensure Standardized Call Blocking Notifications

The Federal Communications Commission (FCC) should maintain a standardized requirement for voice service providers to provide notifications of blocked calls, CUNA and other organizations said in comments filed with the FCC. The comments were filed in response to a petition from USTelecom asking the FCC to permit a flexible range of notification methods when calls are blocked.

Specifically, CUNA’s comments call on the FCC to maintain the requirement that providers use SIP/ISUP Codes, which is present in the FCC’s December 2020 order. The comments note a standardized notification method is critical for credit unions to be able to receive it and recognize their calls are being blocked.

The SIP/ISUP codes are required to be finalized by Jan. 1, 2022. USTelecom has requested that the implementation date be delayed, as well.

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Pandemic Drove Up Costs of Complying with Anti-Fraud Rules: Report

Financial institutions saw an 18% jump in the cost of complying with anti-financial crime rules last year, as firms hurried to deal with an uptick in fraud stemming from the coronavirus pandemic, according to a new report.

Compliance costs rose $33 billion from 2019, totaling $213.9 billion last year, LexisNexis Risk Solutions found in its annual True Cost of Financial Crime Compliance Study published Wednesday.

North American respondents to the study reported that sanctions screening was one of their top three biggest challenges, followed by customer risk profiling and “know your customer” onboarding. (American Banker, June 9)

Education & Training

Credit Union Philosophy Workshops

The National Credit Union Foundation has three upcoming Exploring Why™ Workshops, each tailored to important audiences within the credit union movement. These workshops provide a cooperative learning environment that builds an understanding of the credit union difference and how we can leverage that difference to improve our organization’s culture and service. The audiences and workshop dates are:

Thursday, June 24 - Young Professionals - REGISTER
Wednesday, July 14 - CUSO Employees - REGISTER
Tuesday, July 27 - New Employees - REGISTER

The Credit Union Difference is about building a connection to our roots, our purpose, our values and how we live those values every day. The Foundation believes that credit unions only grow stronger when all people across the movement and within our organizations have a deeper understanding of what the credit union difference is and how they connect to it.

CUNA to Offer HR Compliance Training with Real-World Insights

Credit union HR professionals can learn to apply the latest complex, evolving human resources regulations at CUNA HR Compliance Certification Virtual School with CUDoctor Aug. 3 and 5.

“This training is focused on the credit union industry and the everyday challenges that its HR professionals face,” said Jess MacLagan, instructional design manager at CUNA. “It provides a complete understanding of changing labor regulations, allowing attendees to perform their role optimally and with confidence.”

The school also provides an opportunity to earn or recertify a CUNA Credit Union HR Compliance Professional (CUHRCP) designation.

Developed by and for HR professionals, CUNA HR Compliance Certification Virtual School with CUDoctor addresses the intricacies of HR laws with real-world case studies and approaches. Sessions will cover HR compliance requirements, hot topics, regulatory developments and skills to stay ahead of HR legal issues.

Diane Reed, presenter at the school and owner of CUDoctor, previews the event and shares what to expect: "This year's school is chock full of HOT HR topics including the application of analytics in HR and conducting HR Audits. I know attendees will not only gain a better understanding of their role at the credit union but will enjoy interacting with their peers throughout the world as they join us for CUNA's 2021 HR Compliance School."

To learn more, visit cuna.org/hrcc.

CUNA Leadership Development eSchool Led by Organizational Change Expert

Credit union employees seeking to become better leaders will hear from Dr. Brandi Stankovic at CUNA Leadership Development eSchool taking place Mondays in August.

“Dr. Brandi Stankovic will help you set goals to succeed, build your personal brand and hone key communication strategies,” said James Carrick, VP of learning events at CUNA. “You’ll leave empowered to implement meaningful takeaways at your credit union.”

Dr. Stankovic – chief strategy officer for CU Solutions Group – is an organizational change expert, motivational speaker, artist and mother who inspires firms globally with her models of leadership, engagement and award-winning education. She is the co-author of “The Strategic MVP,” a book of 52 growth and leadership tools, and the host of the energizing podcast, The Strategic Hotbox, designed to help executives reach their greatest potential.

The five one-hour sessions will be held Aug. 2, 9, 16, 23 and 30 from 1:30 to 2:30 p.m.

Learn more

Financial Services / Economy

CUNA Environmental Scan Highlights Need-to-Know Industry Trends

Every year, CUNA conducts extensive research on trends affecting the credit union industry. These findings are then compiled into a comprehensive report, CUNA Environmental Scan (E-Scan), a strategic planning resource that gives credit unions an insight into trends, topics for board meeting discussions and future-focused industry knowledge.

This year’s E-Scan report is now available. The report’s information on what’s happening inside the credit union industry as well as the peripheral environment helps keep credit unions competitive in their markets.

Learn more

Millennials Are Running Out of Time to Build Wealth

In almost every way measurable, millennials in the U.S. at 40 are doing worse financially than the generations that came before them.

Fewer millennials own homes than their parents did at their age. They have more debt — especially student debt. They simply aren’t as wealthy.

Now, if predictions of a long, post-Covid economic boom are to be believed, this may be the last opportunity an entire generation has to build wealth before heading off into retirement.

Boomers Keeping Millennials Out of the Housing Market, Study Shows

Members of the Me-ist generation (ages 57 to 75) are approaching their dotage in homes bought when they viewed “Thirtysomething” as the television show of their peers. Today they are sitting on high equity, growing home values and a lingering defiance of expectations — in this case moving.

Meanwhile, many of their millennial sons and daughters (ages 25 to 40) are scrambling to find the down payments to compete for the trickle of houses coming on the market at escalating prices.

The CoreLogic Home Price Insights report released Tuesday showed U.S. home prices in April, including distressed sales, were 13% higher than April 2020 and 2.1% higher than March 2021. It forecast prices will rise another 1.1% from April to May.

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News From Credit Unions

BayPort Credit Union Celebrates 60 Years Awarding More Than $1 Million in Scholarship Assistance

For the past 60 years, BayPort Credit Union has supported funding student educational pursuits. And over that time, it has awarded more than $1 million in scholarships. Today, the credit union's philanthropic arm, the BayPort Foundation, continues the focus of educational scholarships by providing over $90,000 in scholarships annually to member students in surrounding local communities.

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Credit Union Awards $27,000 to Area High School Seniors

UVA Community Credit Union announced the 2020-2021 recipients of its annual scholarship program during its virtual Annual Meeting. Eighteen high school seniors were awarded $1,500 each.

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InFirst, FedStar Credit Unions Announce Merger

InFirst Federal Credit Union and FedStar Federal Credit Union are excited to announce that the two credit unions merged on June 1, 2021. The organization will operate under the InFirst Federal Credit Union name with combined assets of approximately $224 million, 8 branches, and serving nearly 14,000 members nationwide.

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