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 News

CUNA Announcements

Education Opportunities

Featured Article

Credit Union News

Compliance Updates


State Governmental Advocacy at Work

On July 11, 2018, Debbie Painter, League, Chris Brown and Tim Root, L&N FCU, had an opportunity to attend a legislative reception hosted by Speaker of the House David Osborne.  Speaker Osborne gave a quick update of items accomplished in the 2018 Legislative Session and an overview of the expectations for the 2019 Legislative Session.  It was a great opportunity to network and talk with several legislative officials from across the state.

 JULY Advocacy 

Pictured (l-r): Chris Brown, Debbie Painter,
Speaker Osborne, and Tim Root

 Speaker of the House, David Osborne



Best In-State Credit Unions Identified by Forbes

Three Kentucky credit unions have been identified by Forbes as one of America’s Best Credit Unions in Kentucky (see link below for results).  Forbes partnered with Statista to survey more than 25,000 U.S. financial consumers on their prior and current banking relationships.  Banks and Credit Unions were rated on customer satisfaction and overall likelihood of customer recommendation, as well as the following five criteria:  trust, terms and conditions, branch services, digital services and financial advice.

Congratulations to Commonwealth CU, L&N Federal CU, and University of Kentucky Federal CU!




TRGroup:  Helping Credit Unions Prosper

Seven Leagues joining forces to offer best-of-class services to credit unions.

The Raiffeisen Group, LLC (TRGroup) is a collaboration of seven state leagues utilizing our collective strength to bring the best-of-class products, services and service to credit unions at the lowest possible cost.  TRGroup’s mission is to empower credit unions to better serve their members, build loyalty, expand market share, realize savings on certain operational functions, and grow revenue.  They are committed to providing credit unions with state associations where they have the greatest level of input, ownership and control.


TRGroup was formed by the trade associations serving credit unions in Indiana, Kentucky, Louisiana, Mississippi, Tennessee, Virginia and West Virginia.  Affiliated credit unions in those seven states boast a combined 10 million members, $100 billion in assets, and 25,000 employees.




It’s Time for the Kentucky Recognition Award Nominations!

Each year, your League hosts an Awards Banquet to recognize the achievements of individuals, credit unions, and chapters who have made an impact in the credit union movement.   We are now accepting nominations for the following categories: 

Steve Brody Outstanding Volunteer Award

The purpose of the Steve Brody Outstanding Volunteer Award is to recognize the outstanding accomplishments, time and effort in support and promotion of the credit union idea put forth by volunteers in the Commonwealth of Kentucky.  Deadline is August 31st.

Frank Moore Outstanding Professional Award

The purpose of the Frank Moore Outstanding Professional Award is to recognize the outstanding accomplishments, time and effort in support and promotion of the credit union idea put forth by the credit union professionals in the Commonwealth of Kentucky.  Deadline is August 31st.

Richard Zimmerman Outstanding Young Credit Union Leader Memorial Award

The Richard Zimmerman Outstanding Young Credit Union Leader Memorial Award is presented to recognize the accomplishments of young people who have made significant contributions to the support and promotion of the credit union idea.  Deadline is August 31st.

Wayne R. Woodward Philosophy in Action Award

The Wayne R. Woodward Philosophy in Action Award was established to recognize an individual, group of individuals, or organization that by act or deed, above and beyond the norm, personifies the credit union philosophy of "People Helping People."  Deadline is August 31st.

We are also accepting submissions for Most Effective Chapter and Chapter in Attendance awards.

For further information on these categories and to submit a nomination, please click HERE.

If you have any questions you can contact Vicki Hall at the League office at 502-855-8202 or This email address is being protected from spambots. You need JavaScript enabled to view it. .



House Passes Reg Relief for Credit Unions

On July 19th, the House approved H.R. 6147, the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019. CUNA supports the legislation as it continues to build upon CUNA’s Campaign for Common-Sense Regulation.   

The bill would delay the effective date of National Credit Union Administration's (NCUA) risk-based capital rule to January 2021 and provide funding for the Treasury's Community Development Financial Institutions (CDFI) Fund, which is used for grants and awards to foster growth, achieve sustainability and revitalize communities.   

"We thank House leadership for passing regulatory relief measures that will greatly benefit credit unions," said CUNA President/CEO Jim Nussle. "CUNA has maintained since NCUA first proposed the risk-based capital rule that it is a solution in search of a problem, so we support any legislative means to reduce the rule’s impact on credit unions."   

CUNA sent a letter to House Speaker Paul Ryan and Democratic Leader Nancy Pelosi in support of the legislation and also urged the House of Representatives to increase the bill's $216 million allocation to the Community Development Financial Institutions (CDFI) Fund.  CUNA's efforts led to increase funding levels to $248 million in the final bill. The CDFI Fund was fully funded at $250 million in H.R. 1625, the Consolidated Appropriations Act for Fiscal Year 2018.   

"Certified CDFIs, including credit unions, are able to turn the awards and grants from the fund to leverage significant amounts of private and non-federal dollars in support of vital community investments," Nussle added. "CUNA will continue our advocacy to push for full funding of the Treasury's CDFI Fund as it is an important investment by the federal government."   

Some additional provisions that would benefit credit unions include:   

  • Placing the Bureau of Consumer Financial Protection (BCFP) under the appropriations process;  
  • Give the president the authority to remove the BCFP director; and  
  • Enhancing Congressional review of BCFP rulemaking.  

The bill also includes languages from several CUNA-supported bills, such as:   

  • Mortgage Choice Act (H.R. 1153), which would remove certain premiums and title insurance from the points and fees calculation;  
  • Privacy Notification Technical Clarification Act (H.R. 2396), would “provide credit unions sufficient flexibility to ensure that members have access to the privacy policy pertinent to their relationship with the credit union;  
  • TRID Improvement Act of 2018 (H.R. 5078), which would amend the Real Estate Settlement Procedures Act to require the Bureau of Consumer Financial Protection to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers;  
  • Common Sense Credit Union Capital Relief Act (H.R. 4464), which would delay NCUA’s risk-based capital rule;  
  • Bureau of Consumer Financial Protection–Inspector General Reform Act, which would create an independent inspector general at the CFPB.  

An in-depth look at the bill and its credit union-friendly provisions can be found on CUNA’s Removing Barriers Blog. 



NCUA to Start Issuing Share Insurance Refunds

Starting the week of July 23, credit unions began receiving checks from NCUA's Share Insurance Fund instead of cutting them. CUNA pushed for disbursements this year and submitted a comment letter to the agency outlining how it could provide equity distributions—now NCUA is issuing $735.7 million to 5,700 eligible credit unions



CUNA Councils Launch 2018 All In Campaign

06-15-18 cuna-councils-all-in 1200

CUNA Councils has officially launched their 2018 All In campaign. Starting in 2015, the annual campaign encourages credit unions to unlock the full value of CUNA Councils by signing up one credit union professional for each Council. 

“CUNA Councils each provide an incredible professional development platform to individual members, yet credit union with staff participating in all Councils gets compounded value,” said Jason Osterhage, CUNA Councils executive committee chair and senior vice president of lending at Alliant CU, Chicago.  

“They can be confident that leaders of every critical functional discipline are equally encountering new and relevant ideas, connecting with other accomplished credit union executives, and taking full advantage cross-Councils content and resources,” Osterhage continues. “The ‘All In’ campaign celebrates the wealth of opportunities CUNA Councils provide for credit unions to learn, network, collaborate, and grow together.” 

Credit unions represented in all 7 CUNA Councils by Aug. 17 will be entered to win a choice of two prizes, valued up to $10,000.



2018 IRA Training

September 18-19 | League Office

Educational Investment: $239 per person per day


The Only Sure Thing about IRA Change.

Day 1: IRA Essentials
9:00 a.m. – 4:30 p.m.

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.

Introduction and Establishing IRAs

  • Identify the tax differences of a Traditional and Roth IRA
  • Examine the process for establishing an IRA and the required documents
  • Differentiate between the types of beneficiaries 

IRA Funding

  • Learn about the Traditional and Roth IRA eligibility requirements
  • Identify the contribution limit and deadline
  • Communicate contribution reporting deadlines

IRA Distributions

  • Identify federal income tax withholding requirements
  • Examine IRS penalties and penalty exceptions
  • Summarize the tax consequences of IRA distributions
  • Communicate distribution reporting deadlines

IRA Portability

  • Differentiate between a rollover and a transfer
  • Recognize rollovers between IRAs and employer- sponsored retirement plans

Who Should Attend?

You should attend this seminar if you:

  • need to learn the basics of Traditional and Roth IRAs or
  • want an updated, general refresher on IRA rules.

Day 2: Advance IRAs
9:00 a.m. – 4:30 p.m.

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.

IRA Update

  • Explain the recent changes affecting IRA owners.
  • Discuss the 2017 Roth modified adjusted growth income limits.
  • Recognize how recent changes may affect your financial organization. 

Required Minimum Distributions

  • Calculate a required minimum distribution (RMD).
  • Discuss the RMD rules and reporting requirements.

Beneficiary Options       

  • Describe beneficiary distribution options.
  • Recognize the differences for spouse, nonspouse, and nonperson beneficiaries.
  • Explain beneficiary payment deadlines.

Advanced Portability

  • Summarize the restrictions on the movement between IRAs.
  • Recognize the options available when moving from an employer-sponsored retirement plan to an IRA.
  • Explain the result of violating the portability restrictions.
  • Roth IRA Conversion Contributions
  • Describe a conversion.
  • Explain the effect of withholding on a conversion.
  • Report a conversion.
  • Define the consequences of an ineligible conversion.

IRA Owners Tax Forms and You

  • Determine which tax forms an IRA owner must complete when certain IRA activity occurs.
  • Understand which IRS penalty taxes may apply to IRA owners.

Who Should Attend?

You should attend this seminar if you:

  • are an IRA administrator or member service representative who has working knowledge of basic IRA operations and wish to expand your expertise;
  • are a compliance specialist with procedural oversight of IRA policies and practices; or
  • are support personnel responsible for promotional materials that describe the services provided by your credit union.



HR University


September 25-26, 2018 | Nashville City Club

20th Floor, ServiceSource Building
201 4th Ave N
Nashville, TN 37219

Educational Investment: EARLY BIRD SPECIAL is $699 for TRG Members

Mark your calendar!  Your League (as part of the TRGroup) and Woods Rogers Attorneys are teaming up to offer credit union professionals a two-day Human Resources Seminar in exciting Nashville, TN.

8:30 a.m. - 5:00 p.m. 

Undergraduate Courses

8:15 a.m. - 12:00 p.m. 

Graduate Level Courses

  • Finding the Right Employee
  • Proper Worker Classification
  • Recognizing and Avoiding ADA/FMLA Mistakes
  • Keeping Records and Minimizing Risks in Discipline and Termination
  • Day One Summary Problem-Solving: Exercise
  • Employment Law & Regulations
  • Harassment and Discrimination
  • Employee Handbooks: Your Best Tool for Managing
  • Employees
  • Day Two Summary Problem-Solving: Exercise








Hotel: $289/night

Noelle Nashville
200 Fourth Ave N
Nashville, TN 37219 



The Raiffeisen Group, LLC (TRGroup) is a collaboration of seven state leagues utilizing our collective strength to bring the best-of-class products, services and service to credit unions at the lowest possible cost. Our mission is to empower credit unions to better serve their members, build loyalty, expand market share, realize savings on certain operational functions, and grow revenue. We are committed to providing credit unions with state associations where they have the greatest level of input, ownership and control.


TRGroup was formed by the trade associations serving credit unions in Indiana, Kentucky, Louisiana, Mississippi, Tennessee, Virginia and West Virginia. Affiliated credit unions in those seven states boast a combined 10 million members, $100 billion in assets, and 25,000 employees.





Marketing Image - TRGroup Cybersecurity

Cyberattack is one of the most notable threats for credit unions and the number one concern for credit union regulators.  TRGroup, a collaboration of seven credit union Leagues, has joined forces with Virginia-based Radford University’s IMPACT Lab to provide online award-winning IMPACT cybersecurity training to credit union staff responsible for keeping your data safe.

The Award-Winning Cybersecurity Training Is:

  • A competency-based education workforce development program focused on cybersecurity. 

  • An online program designed for busy professionals, delivered in an asynchronous, self-paced manner and credit union professionals have up to twelve months to earn 18 credit hours.

  • Helping to prepare students for industry-aligned certification exams and teaches them theory, problem solving, analytical thinking and understanding computational logic.

  • Aligned with industry workforce standards (e.g., NIST) and employs research-based practices from cognitive science, analytics, simulation-based learning and gamification to ensure it is highly effective and engaging.

  • Delivered by Radford University, who has been designated a National Center of Academic Excellence in Cyber Defense Education by the National Security Agency and Department of Homeland Security.

Now is the time to expand your knowledge and skills and help further protect your credit union’s assets! Learn more at



Make it Happen Make it Matter - Ad

84th Annual Meeting & Convention

October 10-12, 2018 | Louisville Marriott Downtown

Every day, you make a positive difference in the life of a member and in your communities. Across the State, we are all working toward one shared vision in which Kentuckians choose credit unions as their financial partner.  In October, let’s celebrate how credit unions make things happen and how we make it matter!

The 84th KCUL Annual Meeting and Convention features a comprehensive agenda on top-of-mind issues, the KCUL Business Meeting, a golf outing, 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.

For more information, please visit   



Conference Bundle  Includes 2-day conference, Wednesday Opening Dinner, and Thursday Awards Banquet. 

$499 – until 8/31 

$549 – after 8/31

Wednesday Golf Outing $85








Small Businesses Deserve the Credit Union Model

by Jeff Rendel, Certified Speaking Professional

It’s a given that the credit union business model has served retail consumers well: few fees, lower loan rates, and higher savings rates tell the story. But, what about small businesses in your geographic market? Recent research shows that the $300 billion small business loan market has an unmet need of $80 billion to $120 billion because traditional lenders are ignoring this sector. Further, the administrative costs associated with a $100,000 loan are, approximately, the same as a $1,000,000 loan, but with less profit, which has led traditional lenders to larger loan opportunities. The opportunity for credit unions is that about 70% of small businesses want loans below $500,000.

Credit unions have material advantages in serving the small business lending market, which should not be undervalued. Credit unions’ cost of funds is usually less than that of banks, and much less than banks’ external costs of capital. And, where online lenders present a threat; their capital costs can be higher than ten percent, often obtained from institutional investors and venture capital. Further, digital business models can substantially reduce the cost of lending during every stage of the process, making small business members even more profitable for credit unions.

Credit unions have more substantial pluses in that small business owners are wanting a local source and atmosphere to financing, as well as the same kind of experiences that have been developed for retail consumers. Small business owners and executives are beginning to desire banking services that have appealing mobile user experiences, much like the technologies they use in their personal lives. In recent surveys, more than half of small businesses indicated a desire for improved digital banking tools and experiences that can be managed digitally from start to finish.

Credit unions can use their locally-owned, low-cost, and high-service strengths to build real competitive advantages in business lending. Current member-friendly loan application processes can be effortlessly applied to the small business market. Why visit the branch when small business borrowers can complete online and mobile applications from their device at any hour, minding their enterprises on their time and terms? Approval times can be condensed to hours or minutes, rather than  weeks or days, powered by data-driven structures that swiftly pre-qualify borrowers based on a handful of data points such as personal credit scores, deposit account information, and tax returns.

More important, the business model and culture of credit unions – serving and advancing underserved markets – is a legitimate extension into the small business market space and worthy of credit unions’ strategic consideration. In a world where the most successful businesses make purposeful choices about where to play – and win – credit unions can build a clear competitive advantage in serving small businesses. Done right, business lending is a financial win for both parties – credit union and small business – and a philosophical win for the original and time-honored purpose that credit unions exist.

Jeff Rendel, Certified Speaking Professional and President of Rising Above Enterprises, works with credit unions that want entrepreneurial results in sales, service, and strategy. Each year, he addresses and facilitates for more than 100 credit unions and their business partners.  Hear Jeff at this year’s Volunteer Leaders Conference.


Commonwealth CU Takes on the Duty of Protecting Those Serve to Protect

Bettering the lives of Louisville Metro Police Officers as of June 29, 2018

Commonwealth Credit Union steps up to protect the members of the credit union established for Louisville Metro Police Officers. Since December 15, 2017, the credit union had been placed into conservatorship by the National Credit Union Administration, in cooperation with the Kentucky Department of Financial Institutions.

During the conservatorship, Commonwealth Credit Union was chosen as the credit union that would take on the duty of protecting those who serve to protect us. Exemplifying the credit union motto of people helping people, the members of Louisville Metro Police Officers Credit Union can be rest assured that they’re in good hands. Commonwealth Credit Union has the financial strength, expertise, and stability to maintain their membership and take them to the next level with products and services to improve their financial lives.

“At Commonwealth Credit Union, we exist to better lives through our passion to serve, which couldn’t align more perfectly. We welcome our new credit union owners to the family, and I want them to know they are in good hands. We are here to ensure that no credit member loses any money or access to valuable credit union services. Security is the number one priority at Commonwealth Credit Union,” says Karen Harbin, President and CEO of Commonwealth Credit Union.

This is Commonwealth Credit Union’s second acquisition in 2018.



Tim Hagan Serves as New Board President for Feeding America, Kentucky’s Heartlandtim hagan

Tim Hagan, Financial Analyst for Fort Knox Federal Credit Union, recently stepped in to serve as the new President of the Board of Directors for Feeding America, Kentucky's Heartland (FAKH).
“We are very excited to have Tim Hagan take over as the Feeding America, Kentucky’s Heartland’s Board President,” says Gary Miles, Executive Director of FAKH. “Tim has been a member of our board for several years and now, as President, is ready to lead the organization to new heights in our battle to fight hunger throughout our region of Kentucky.”
Hagan has held several roles during his seven years of service to the local charity, including serving as FAKH’s Treasurer and Finance Committee Chairperson. With his CPA background and dedication to the organization’s mission, Hagan was a natural fit for these previous finance roles and his current position as Board President.
“For me personally, I can think of no greater service than making meaningful progress toward ending hunger in our 42-county service area,” says Hagan. “Our goal is to have no one go to bed hungry and with the continued support of the communities we serve, we are confident we can continue making great strides toward achieving that goal.”
The mission of Feeding America, Kentucky’s Heartland Food Bank is to serve those in need by acquiring and distributing donated food, grocery items and government commodities to those in need in 42 counties in central, south central and western Kentucky.  This is done through a member network of approximately 200 partner agencies (food pantries, soup kitchens, shelters, etc). Since establishment in 1982, FAKH has distributed almost 300 million pounds of food and grocery items, or 336 million meals through its various programs. FAKH’s vision is that no one will go to bed hungry in their 42 county service area, and they strive daily to make that vision a reality.



PCCU’s Kate McKune Recognized as Louisville Leader

Park Community Credit Union is pleased to announce that General Counsel Kate McKune has been included in the Leadership Louisville Class of 2019 and Louisville Business First’s 20 People to Know.

Both recognitions underscore McKune’s commitment and passion for the credit union movement through her experience with Park Community Credit Union and her prior 12 years in litigation for financial institutions.

Louisville Business First’s 20 People to Know introduces a select group of achievers to the local business community. Already a success in her field, the program will better connect Kate with other leaders for the benefit of the Louisville business community.

The Leadership Louisville program selects established community leaders for a ten month active learning experience to help them better innovate and influence change. Kate is a member of the 40th anniversary class, following thousands of other civic leaders committed to promoting positive change in Louisville.



Park Community Credit Union Announces New Vice President Marketing

Park Community Credit Union is pleased to announce Andy Dickhut as their new Vice President of Marketing. Dickhut comes to Park Community with more than 15 years of integrated marketing experience including brand development, digital, traditional, sponsorship, analytics and social media.

Andy was most recently the owner of the specialty running store chain Louisiana Running + Walking Company in New Orleans, Louisiana. He was also the former Brand Manager at Mazuma Credit Union in Kansas City, Missouri where his team earned several industry awards for their work. His experience also includes several advertising agencies that included financial clients such as USAA. Andy earned his Masters of Business Administration from the University of Missouri Kansas City.

He is replacing Carolyn Riggs, Park’s current Vice President of Marketing for the past 15 years who is preparing for retirement.

“It’s great to have Andy on the team. He has a great reputation for new ideas in the credit union industry. We’re looking forward to taking Park’s brand to the next level”, said CEO Jim Spradlin. “We can’t thank Carolyn enough for her many years of service to the credit union. She started many of the successful programs we have here. She will be greatly missed and we all wish her a happy retirement. She’s definitely earned it.”



Service One CU Announces Business Development Commercial Lending OfficerGreg 1

Service One Credit Union is pleased to announce the appointment of Greg Seaton as Business Development/Commercial Lending Officer for the Credit Union. Greg has 30 plus years of experience in banking and finance with most of that time spent in South Central Kentucky working with small businesses.

Greg is a graduate of Western Kentucky University and a graduate of Leadership Bowling Green. He has served on the board for Leadership Bowling Green Alumni Association and on the Board for the Housing Authority of Bowling Green. He is a long-time member of the Kiwanis Club of Bowling Green and has served as Secretary/Treasurer and is presently serving as Treasurer of the club.



NCUA Highlights Helpful Share Insurance Resources during Webinar

In Case You Missed It:  This week NCUA held a webinar entitled “Looking for a CURE for Share Insurance, Part 1”, in which agency staff discussed how credit union employees can help their members maximize NCUSIF share insurance coverage. Some of the accounts discussed included:  

Individual Ownership Accounts. As a general rule, all funds owned by a single individual and deposited in one or more accounts are insured up to $250,000 in the aggregate. IRA and Keogh accounts are separately insured up to $250,000.

Joint ownership accounts. Joint accounts are opened when funds are to be held in the names of two or more persons. Each co-owner of one or more joint accounts at the credit union is insured up to $250,000. Joint accounts are insured separately from single ownership accounts because both joint owners have an ownership right to the money (that is, owned in a “different right and capacity” than the individual account).

D.B.A.s:  If there is no unique ITIN, the funds are added to single ownership and aggregated to $250K.

IRAs:  Adding beneficiaries to an IRA account does not increase share insurance coverage.

Trust Accounts: Revocable trusts are accounts which document the owner’s intention to have the funds pass on to a named beneficiary after the owner dies. The funds in such accounts are insured for the owner up to $250,000 for each beneficiary separately from any other individual accounts of the owner. If the beneficiary is not a natural person or charitable organization or other non-profit entity, the funds in the account that are attributable to that beneficiary are treated as an individually owned account of the owner, aggregated with any other individual accounts of the owner, and insured to the up $250,000.

NCUA staff also addressed some of the more confusing aspects of the rule, which CUNA has covered in past Blog posts:

Joint Accounts and Share Insurance

Q&A: Share Insurance & CU Membership

Resource Tools

Additionally, the agency shared several resource tools to help credit unions and their members understand share insurance benefits and calculate whether a member’s accounts are fully insured.  These resources can be linked on credit unions’ websites to be offered to your members.

The agency encourages credit unions to visit to review their share insurance estimator, video series, share insurance FAQs and a variety of available brochures.

NCUA will be offering another share insurance webinar on August 15, when staff will provide a deeper dive into the complexities of calculating share insurance for accounts with multiple owners and/or multiple beneficiaries.  You can register for this webinar here.

Both webinars will be closed captioned and then archived online here approximately three weeks following the live events.



FCRA Changes in S.2155 (P.L. 115-174)

Q: Does S. 2155 (now Public Law 115-174) impose any additional FCRA obligations on credit unions?

A: The compliance obligations contained in the new law directly impact credit reporting agencies, not credit unions. However, credit unions as users of credit reports will experience changes in the way certain information is reported and/or restricted by credit bureaus.

The Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA) of 2018 (S. 2155, P.L. 115-174), signed into law on May 24, 2018, enhanced consumer protections under the Fair Credit Reporting Act in the following ways:

Section 301:

  • Requires credit bureaus to provide fraud alerts on consumer credit reports for at least one year (up from 90 days) when notified by an individual who believes he or she has been or may become a victim of fraud or identity theft; and
  • Provides consumers the right to place (and remove) a security freeze on their credit reports free of charge (in the case of a minor, the parent or authorized representative may request the credit freeze).

Section 302:

  • Mandates that certain medical debts incurred by a veteran be excluded from the veteran's credit report until one year has passed from when the medical service was provided (credit bureaus had already implemented a 6-month delay);
  • Requires the removal of veterans' delinquent medical debts from credit reports once they are fully paid or settled;
  • Establishes a dispute process and verification procedures for veterans' medical debts contained in consumer credit reports;
  • Requires the Veterans Administration to establish a database within one year to allow consumer reporting agencies to verify whether a debt furnished to a consumer reporting agency is a veteran's medical debt subject to these new protections; and
  • Requires free credit monitoring to active duty military members that would alert them to material changes in their credit scores.

Section 602:

  • Allows consumers to request information related to a default on a qualified private student loan be removed from a credit report if the borrower satisfies the requirements of the lender's loan rehabilitation program (as approved by the lender's regulator).

This is just a brief snapshot of these provisions – more details will follow in the coming days, weeks and months as the financial services industry and regulators work through all of the various changes.



Low Income Credit Unions

The NCUA began accepting applications from low-income designated credit unions (LICUs) interested in receiving Community Development Revolving Loan Fund (CDRLF) grants on July 1, 2018.

Each LICU may apply for funding under one of three initiatives:

Applications for funding must be received no later than August 18, 2018.

Click here for more information.



Credit Unions Begin Using New Rules “For Mobile Deposit Only”

New Federal Reserve Board rules that took effect July 1 now have many credit unions scrutinizing what’s written on the back of checks they deposit, and credit unions that aren’t doing so could face more indemnity claims, according to one compliance expert.

The new rules are part of the Federal Reserve Board’s Regulation CC, which governs things such as check collection and funds availability, and they reflect the country’s growing digitization of check collection processes.

Learn what 4 things you should now be doing to comply here.


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Kentucky Credit Union League
3615 Newburg Rd.
Louisville, KY 40218

Call: 502-459-8026 or 800-333-5285
Fax: 502-459-0189