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.
- CUNA HR & Organizational Development Council's Excellence Awards
Credit Union News
Our hearts are heavy with the tragic event that took place at Marshall County High School on January 23rd. We stand in support of Marshall County.
The Rotary Club of Marshall County has set up a special account for the victims at First Kentucky Bank in Benton, KY. Donations will be tax deductible and will go to the families with various expenses associated with this tragedy. Proceeds will also be used towards the formation of two scholarship funds at the high school in memory of Bailey Holt and Preston Cope.
Donations can be mailed to:
First Kentucky Bank
c/o Youth Services Fund of Marshall County Rotary Club
PO Box 910
Benton, KY 42025
Please make checks out to Youth Services Fund of Marshall County Rotary Club. This is a tax-deductible donation as MCRCYS is a 501(c)(3) non-profit organization.
On Wednesday, January 24th the Kentucky Small Business Caucus held their annual breakfast at the Governor’s Mansion in Frankfort. The keynote speaker was House Appropriations Chairman Steven Rudy. Topics of discussion included pending pension reform, budget and tax reform.
Tom Underwood, Chairman/Kentucky Small Business Caucus, also gave an update on pending issues that the Caucus would be working on this legislative session to include Workmen’s Compensation, Centralized Electronic Collection of Local Payroll and Business Taxes, Independent Contractor/Employee Misclassification and Drug-Free Workplace legislation.
The Kentucky Small Business Caucus was formed in 2003 to provide a vehicle for coordinated action on behalf of all types of small business owners. Currently, over 40 trade and professional associations participate actively on behalf of their small business members.
We are so excited to announce that Eileen Burden has joined the League as the Professional Development & Training Manager.
Eileen, born and raised in Louisville, KY, comes to the League with over 13 years of dedication to the credit union movement. She received her Bachelor of Science in Communications from the University of Louisville. In her 13 years, she has worked as a member service representative, a business development specialist, a branch manager, and, most recently, a training specialist.
"I'm beyond excited to enter into a position where I can offer my knowledge, experience and enthusiasm for the credit union movement to others. Training and speaking is certainly my niche so I look forward to using those skills to help others find theirs! I truly believe that as ambassadors of the Credit Union movement 'we have the power to change lives everyday' and I hope that I get to help instill that in others, in this new role!"
We are happy to announce the CUNA awards websites are ready and open for your submissions. Nominations are open from now until June 30.
Administered by the Kentucky Credit Union League & Affiliates and CUNA, the Louise Herring, Dora Maxwell and Alphonse Desjardins awards programs are a wonderful way for credit unions to showcase all the great things they do for their members and their communities.
Below you'll find a brief description of each of the programs:
Louise Herring Award
The purpose of this award is to promote credit union philosophy by formally recognizing credit unions that demonstrate in an extraordinary way the practical application of that philosophy for their members.
Dora Maxwell Award
The purpose of this award is to promote social responsibility among credit unions by formally recognizing their community service achievements.
Alphonse Desjardins Award
Alphonse Desjardins was a credit union pioneer who was instrumental in forming the Canadian and U.S. credit union movements. Besides helping to found the first credit unions in Canada and the U.S., Desjardins pioneered youth savings clubs and in-school "banks", known as caisses scolaires. This award honors leadership within the credit union movement on behalf of youth and adult financial literacy.
In an effort to streamline the submission process for our member credit unions and to reduce financial and human resources spent on the submission process, CUNA and the Leagues have collaborated to produce one standardized format and online submission process for our member credit unions.
You will automatically establish an account when you create an application to submit your first project by clicking on the designated link below. You may save your work and return to the submission site as often as needed as long as you complete and submit all parts of the project submission by the due date of June 30, 2018. State winners will advance to national competition for judging.
Your League is pleased to announce that Clark Duncan (Fort Knox Federal CU) and Justin Webb (Commonwealth CU) have been selected to attend Crash the GAC 2018 by The Cooperative Trust and Credit Union National Association!
“I had the privilege of Crashing the CUNA Marketing Conference in 2015, Lending Conference in 2016 and representing the Crashers as a breakout session speaker at the Lending Conference in 2017, so I know how much of an impact the program can have. I am looking forward to being a part of a group of like-minded people advocating as disruptors in the financial industry and being examples of the Credit Union Movement. We truly are People Helping People, and I can’t wait to take what I learn, and share it with others to make a bigger impact on our communities.” – Clark Duncan
“I am honored to be selected as Kentucky’s representative at Crash the GAC. My experience in the Credit Union industry has really given me the opportunity to better lives through my passion to serve. Commonwealth Credit Union has allowed me to do this in a multitude of ways and I would like to extend that passion even further. This is why crashing the GAC is so important to me. Being given the chance to lobby, share, and learn from these talented individuals will not only help me but most importantly, contribute to my Credit Union and the members we so passionately serve.” – Justin Webb
Crash the GAC is a career-changing program for credit union young professionals that allows them to experience CUNA’s Governmental Affairs Conference in a dynamic way with exclusive networking opportunities and mentoring sessions with industry leaders, previously from organizations such as Filene Research Institute, National Credit Union Foundation, Credit Union National Association, and CUNA Mutual Group.
“The Crashers program is great for young credit union professionals, for GAC, and for the entire movement,” said CUNA CEO and President Jim Nussle. “The Crashers get to network and participate in the premier event of the credit union industry, the GAC benefits from their enthusiasm and fresh perspectives, and the movement is invigorated by a new generation of fired-up advocates who have learned how to reach out to legislators to effect change.”
Credit Union National Association provides Crashers with a complimentary registration fee to attend the conference, and many state leagues and associations provide scholarships or other financial assistance. This year 78 Crashers will attend Crash the GAC representing all 50 states and the District of Columbia.
“Congratulations to Clark and Justin for being selected as our Crasher representatives,” said Debbie Painter, EVP. “We are excited that they will have an opportunity to experience advocacy in action. The Crasher program is an excellent program enabling our younger potential leaders to lobby, learn and network.”
“As we continue to grow The Cooperative Trust and Crash opportunities, we’re always challenging ourselves to elevate and advance the program to provide the most impact for young professionals and the credit union system,” says Lauren Culp, Manager of The Cooperative Trust. “We know that it’s more important than ever that young people have a voice and are included in the conversation as we look to the future of our industry. This year, thanks to the generous donations of several forward-thinking credit unions, we’re thrilled to provide the Crash the GAC opportunity to an additional 26 young professionals.”
The Crash the GAC is brought to you by The Cooperative Trust and CUNA, in association with Credit Union Leagues/Associations.
The 2018 session of the Southeast CUNA Management School will be held Friday, June 8, 2018 – Friday, June 15, 2018 at the University of Georgia Center for Continuing Education in Athens, GA. Registration is now open for the 2018 session; click here to register online.
Through collaboration with CUNA and Affiliates, the first SRCUS Management School was established in 1970 and has a long history of providing quality programming to credit union professionals. The two-week school was initially held at Oglethorpe University in Atlanta had an original first-year class of 30 plus students.
Since the school’s formation, it has graduated over 1,200 credit union management professionals from 21 states and the District of Columbia. The curriculum is reviewed and revised each year to continue meeting the ever-changing needs of today’s credit union professionals. The program provides a well-rounded curriculum and experiential opportunities for professional and personal growth, challenging each participant to achieve their highest potential by engaging them in learning activities that stimulate critical thinking and increase confidence. The school is currently held each year in June at the University of Georgia, Georgia Center for Continuing Education in Athens, GA.
During the three years of SRCUS, participants focus on coursework that helps develop their operational, managerial and leadership abilities. The curriculum addresses the following topics:
25th Annual CUNA Marketing & Business Development Council Conference
March 11 – 14, 2018 | Hilton San Francisco Union Square | San Francisco, CA
At CUNA Marketing & Business Development Council Conference, you and hundreds of your peers will gather to gain new ideas, high-impact strategies and powerful insights that will spark change in your credit union—and yourself.
Skateboarding Legend, Entrepreneur, Philanthropist
Authenticity Above All Else
In the world of skateboarding, nothing is held in higher esteem than authenticity. So, how does the sport’s most famous face walk the fine line between authenticity and “selling out?” Legendary skateboarder Tony Hawk walks the walk every day as he continues to be the face of the sport he loves while managing his successful business empire and award-winning charitable foundation.
The CUNA HR & Organizational Development Council's Excellence Awards recognize and honor credit unions that exemplify excellence in the human resources and organizational development and serves to promote credit union philosophies through people leadership.
The distinction is reserved exclusively for the credit union HR & Organizational Development elite. Those who in all aspects of their chosen profession, consistently excel for the benefit of their credit union, uphold the standards of the HR & Organizational Development professional ethics and contribute to the credit union movement.
Overview of the Excellence Awards
The CUNA HR & Organizational Development Council is comprised of professionals who work at credit unions with a variety of roles and responsibilities. In recognition of this diversity, the awards will focus on “best practices” in three distinct areas of the HR & Organizational Development disciplines. See details for the list of sub-categories.
- Employee Engagement
- Management Practices
- Innovative Staff Development
Winners of the Excellence Awards will be announced at the annual CUNA HR & Organizational Development Council Conference. To honor the recipients of the Excellence Awards, recipients will receive the following:
- Recognition at the annual CUNA HR & Organizational Development Council Conference (Note: award recipient or designee's attendance is required at the conference).
- Complimentary registration to the annual conference
- Profile on the HR & Organizational Development website
- Recognition in an industry press release after the conference
Entry Process, Fees and Details
Start by reviewing the details, fees and entry process
How to Enter
The entry form must be completed and submitted online. The steps below outline exactly how to enter.
- Register an Account
- Create Your Entry
- Upload Digital Files
- Submit Entry
LOGIN – to begin entry process
Your entry and payment must be received no later than February 16, 2018, to be considered.
An intense focus on succeeding at managing others
March 20-21, 2018 | Kentucky Credit Union League
3615 Newburg Road
Louisville, KY 40218
Educational Investment: $239 for BOTH days!
You don’t master the art of supervision through luck, you master it with training, experience, self-learning, and staying on top of best practices. As a new manager, you must have the attitude, aptitude, skill set, confidence, persistence, and commitment to excel in this multi-tasking, challenging role. New Manager Boot Camp will help you build essential traits such as leadership, professional maturity and emotional IQ.
Fast-Paced * Information Packed * Hard Working Results Oriented * Dynamic * Interactive * Engaging
With this in mind, we have designed a compelling, two-day dynamic, interactive workshop just for you! The program includes exploring the coaching and leadership skills that lay out a plan for your success as a highly effective manager.
You will find this experiential training opportunity invigorating, motivating and applicable to managing and supervising others.
This two-day program is exactly what you are looking for if your credit union strives to keep managers on the competitive edge!
You will work and learn, share and listen and go back eager to implement and make a difference.
Motivating Yourself & Others
Assessing Your Supervisor Effectiveness
Excelling at Leading, Supervising & Coaching
Building Performance Plans
The Emerging Leaders Program is an extensive leadership program focused on developing credit union professionals who demonstrate leadership potential.
About the Emerging Leaders Program
- 8-month commitment
- 4 one-day leadership development face-to-face workshops
- 1 community service-learning group project
- Limited to 25 leaders
|March 13||League Office|
|April 24||Bluegrass Indoor Karting|
|August 14||League Office|
|September 5||Kentucky State Capitol|
|October 12||Louisville Marriott Downtown|
*Participants will be required to work on a group project, which may require additional hours and/or travel outside of your credit union’s normal work hours. Group project may require coordination among credit unions.
The cost for the program is $599 and includes program materials, meals and refreshments on meeting days, and 1-day registration to the Annual Meeting & Convention. Travel expenses are not included.
- Develop and build leadership skills.
- Share and grow with peers.
- Learn from nationally recognized presenters and industry experts.
Your Credit Union’s Best Investment? Talent.
Employees with leadership skills will strengthen your credit union, improve your bottom line, and ensure a successful future.
Organizations that invest in their employees are 50 percent more likely to see these employees outperform expectations.
Invest in talent. Invest in your people.
For information regarding the Emerging Leaders Program, please visit http://kycul.org/index.php/education/emerging-leaders-program.
February 8, 2018 | Indiana Credit Union League
5975 Castle Creek Parkway North Drive
Indianapolis, Indiana 46250
Educational Investment: $100 - Small CU discount applies!
Registration Deadline: February 1, 2018
Space is limited with only 20 spots available for this workshop.
This workshop is open to members of the Indiana and Kentucky Credit Union Leagues and affiliates.
Join us for a hands-on workshop that will help you refine your credit union's brand message and better connect with your community.
Spend some time with other credit union professionals clarifying your brand message. Through storytelling, coaching and collaborative exercises, you’ll learn how to distill your message, increase your reach and transform the outcomes of your credit union's marketing efforts.
Identify Your Value — Determine how you can resolve the needs and objectives of your credit union’s customers.
Clarify your message — The financial services industry is notorious for talking over consumers’ heads. Start speaking their language, thus improving communication between you and your members.
Burnish Your Brand — What are the components of an excellent brand? Clear messaging, value propositions and calls to action are just a few methods that will increase customer engagement with your credit union’s brand.
9 a.m. – 9:30 a.m.
9: 30 a.m. – Noon
Noon - 12:45 p.m.
12:45 p.m. - 2 p.m.
Michael Reynolds is President/CEO of Capital Point Marketing, the premier marketing agency for banks and credit unions. His love of the internet started in 1996 when he founded the company and grew it over time to the modern dynamic digital agency it is today serving clients throughout the U.S.
Prior to earning degrees in both Cello Performance and MIS from Ball State University, Michael studied the cello with a real live Klingon.
Michael is a sought-after professional speaker on the subject of digital marketing. He was the featured speaker at the League's 2016 Marketing Roundtable. He has also presented to sold-out crowds at prominent events such as HubSpot's INBOUND Conference.
Michael enjoys playing tennis, spending time with his awesome wife and son, playing the cello, using only one space after a period and eating lots of sushi.
Garrett Curry is Brand Strategist at Capital Point Marketing, the premier marketing agency for banks and credit unions. His approach is both artful and empathetic, quickly identifying where a financial institution’s highest value intersects with people’s deepest needs.
His core competencies include messaging, corporate naming, identity development, web strategy and branded environments. His professional background is within both the non-profit and for-profit sector. There, he designed and consulted for several social initiatives that addressed issues, such as human trafficking, food insecurity, pediatric prosthetics, poverty, and literacy.
His branding work has appeared internationally and his experience includes extending brands into interior design and online assets alike.
Who Should Attend:
This workshop is for credit union professionals responsible for marketing, public relations, or communicating the value of membership to current and potential members.
Registrations canceled less than five working days before the session date will be subject to a 50 percent cancellation fee.
Mark your calendars for these 2018 education and training opportunities! Stay tuned as we confirm dates for our other popular events.
New Manager Boot Camp
BSA/AML Regional Workshop
Bankruptcy & Collections Workshop
Volunteer Leaders Conference
84th Annual Meeting & Convention
An MSR at Every Desk
by Jeff Rendel, Certified Speaking Professional
In 2015, "A CEO at Every Desk" in CUES' Skybox Blog explained how front-line leaders – in our members' eyes – are the CEOs of every "moment and transaction." When our members meet our front line more often than they visit with our executives, it makes sense that leadership for members is local. Many credit union leaders designed training sessions and systems to create an executive presence through all levels of their credit unions.
Fast forward one year later where a feature in one credit union's Statement of Values read, "We all hold the title of Member Service Representative." This credit union realized that "the MSR in all of us" must appreciate that every member adds to a credit union's success and we must value that contribution in how we go about our daily duties. "Regardless of how often we actually see members," the credit union's CEO said, "We must design our day around the question, 'How will I serve my member?'"
How do the various levels and departments of a credit union integrate this MSR presence of mind in daily duties? Here are some recommendations.
Front-Facing Leaders. For tellers, call center agents, loan officers, branch managers, and any credit union leader who works with members every hour of the day; your mission is simple: Serve your members, build great relationships with your members, and increase your members' financial well-being. In the end, we want our members to profit as a result of their relationships with our credit unions. Always be on the lookout for ways to be good news for your members, building their financial security one experience at a time.
Behind-the-Scenes Leaders. While deposits and loans build the business base for our credit unions – accounting, human resources, card processing, IT, and more keep the gears in motion. These leaders serve members with their skills that ensure a seamless member experience. Accuracy, staff expertise, and uptime are just a few ways that service to members extends beyond the branch. Some might argue – with much success – that behind-the-scenes leadership is increasingly important in a mobile world where fewer members visit our branches.
Executive Leaders. While everyday interactions with members are less common, vice presidents and C-Level leaders have great influence on how a credit union serves members. Frequently, schedule time to visit branches and meet some of your members. Often, some old-fashioned "lobby talk" can reinforce or clarify what management reports divulge. Also, meet with your front-facing and behind-the-scenes leaders and describe how their roles benefit members and your credit union. It's encouraging for them to understand that front line and back office operations are significant. Lastly, consider adding "How does this affect our members?" to every meeting agenda. A few credit unions even arrange for an empty seat at every meeting, representing "the member," a reminder for executives as they plan for their credit union's success.
Our members own our credit unions; they are the investors in our enterprises. Regardless of our titles, the results of our jobs all flow to delivering economic value to members. "We all hold the title of Member Service Representative," says one credit union. As leaders, may we always remember – and act upon – the drivers of success for all of our credit unions – our members.
Jeff Rendel, Certified Speaking Professional and President of Rising Above Enterprises, works with credit unions that want entrepreneurial results in leadership, sales, and strategy. Each year, he addresses and facilitates for more than 100 credit unions and their business partners.
Putting into practice the “Three R’s” of recycling- Reduce, Reuse, Recycle- Commonwealth CU employees have reduced plastic waste through the installation of water refilling stations at almost all 10 branch locations.
Summer 2017 marked the first use of these new water fountains, which include handy filling stations for reusable bottles, as well as digital counters to mark the number of disposable plastic bottles saved. After just 6 months of use, team members had saved the equivalent of over 26,000 plastic bottles. This number represents not only the reduction in plastic waste but also a health initiative to increase water intake. Commonwealth CU holds a company-wide water challenge, encouraging team members to replace soda and other beverages with water.
Fort Knox Federal Credit Union recently welcomed Eldon Tilley as Vice President of Marketing. Eldon provides oversight for brand, marketing and public relation functions at the credit union and helps ensure effective communication to a membership of over 100,000 individuals.
Prior to joining Fort Knox Federal, Eldon gained 15 years of experience in retail banking with the majority of that time spent in credit unions. He previously served as the VP of Marketing for Whitefish Credit Union in Montana and as Director of Marketing for East Idaho Credit Union and Scenic Falls Federal Credit Union.
Eldon has extensive market research and branding experience and enjoys helping credit unions better serve their members through advanced data analysis and effective communications. As an outdoor enthusiast, he enjoys spending most of his free time exploring the lakes and rivers of Kentucky with his family, which includes five children. Eldon is also an avid college basketball fan and looks forward to having his first experience at Rupp Arena, Diddle Arena and the KFC Yum Center.
“I’m so pleased to be part of the Fort Knox Federal team and the North Central Kentucky community,” says Eldon Tilley, Vice President of Marketing. “Seeing how the credit union improves the financial lives of its member-owners every day – and helping ensure that we continue to expand to help even more Kentuckians – is a privilege.”
Eldon has a bachelor of science in business management from Brigham Young University – Idaho with a double emphasis in Marketing and Organizational Communication. Eldon is also a Credit Union Certified Marketing Executive (CUCME), having completed a three-year certificate program through the Credit Union National Association.
“Eldon brings a wealth of experience to Fort Knox Federal and is quickly adding value,” says Becky Ates, Executive Vice President of Fort Knox Federal. “Everything we do is for our members so having a leader like Eldon ensures that the local community understands all of the ways that the credit union can help them is critical.”
Members Choice Credit Union and the Ashland Chapter of Credit Unions are hosting the 17th Annual Jonathan Ferguson Memorial Golf Tournament. The annual Jonathan Ferguson Memorial Golf Scramble has raised more than $65,000 for the Jonathan Ferguson Memorial Fund. This fund supports Oncology and Pediatric patients, Children’s Special Needs Christmas Party, and the Benevolence Fund.
The tournament is scheduled to take place on May 18, 2018, at the Hidden Cove Golf Course in Olive Hill, KY.
The Kentucky Chamber of Commerce and the Kentucky Society for Human Resource Management (KYSHRM) announced the 100 companies (in alphabetical order) that made the 14th Annual Best Places to Work in Kentucky list. The winner rankings will be announced at an awards dinner Tuesday, April 17, 2018, at Heritage Hall in the Lexington Convention Center.
Winners from across the state have been selected in three categories: small companies of 15-149 employees, medium companies of 150-499 employees and large companies consisting of more than 500 employees (categories based on number of U.S. employees, only Kentucky employees surveyed). The selection process, managed by Best Companies Group, is based on an assessment of the company’s employee policies and procedures and the results of an internal employee survey.
L&N Federal CU, Park Community CU, and UK Federal CU were all named in the Medium Category. Congratulations to all three credit unions!
Kentucky SHRM consists of 14 local chapters that provide ongoing education and leadership opportunities for over 2,700 human resource professionals throughout the Commonwealth.
For the full list, please click here.
In case you missed it, NCUA released its letter to credit unions highlighting the agency's areas of examination focus for 2018: cybersecurity, bank secrecy (customer due diligence), internal controls and fraud prevention, interest rate and liquidity risk, auto lending, commercial lending, consumer compliance (HMDA, MLA, and overdraft policies). Read on for more details from Letter 17-CU-09...
Cybersecurity – NCUA will start using the Automated Cybersecurity Examination Tool (ACET). The tool will assist NCUA in assessing the level of cyber preparedness across financial institutions. Examiners will first use the tool to assess credit unions with over $1 billion to establish a baseline. ACET will be used throughout 2018 as a test comparison among institutions to ensure that measures/scales are appropriate for smaller less complex institutions. In the Letter, NCUA encourages credit unions to continue to self-assess cyber preparedness using the FFIEC's Cyber Assessment Tool (CAT).
BSA – In the second half of 2018 examiners will evaluate a credit union's compliance with the customer due diligence (CDD) regulations that are effective May 2018. See CUNA's checklist on CDD.
Internal Controls and Fraud Prevention – Examiners will look to see if there are adequate internal controls practices in place and will assess a credit union's efforts used to control/prevent fraud.
Interest Rate Risk and Liquidity Risk – The interest rate risk supervisory tool was new in 2017 but not all credit unions were examined (because of changes to the exam cycle) so for those credit unions not examined in 2017 the IRR Supervisory Tool will be new. See 16-CU-08 for guidance. As for liquidity, there will be an increased focus on liquidity risk management practices.
The CFPB announced amendments to the agency's 2016 prepaid accounts rule on Thursday, January 25. The changes:
- Extend the overall effective date of the rule by one year. The effective date of the Prepaid Accounts Rule has been extended to April 1, 2019.
- Adjust error resolution requirements. The amendments revise the error resolution and limited liability provisions of the prepaid rule in Regulation E to provide that financial institutions are not required to resolve errors or limit consumers' liability on unverified prepaid accounts. For accounts where the consumer's identity is later verified, financial institutions are not required to limit liability and resolve errors with regard to disputed transactions that occurred prior to verification.
- Provide more flexibility concerning credit cards linked to digital wallets. The changes create a limited exception to the credit-related provisions of the prepaid rule in Regulation Z for certain business arrangements between prepaid account issuers and credit card issuers that offer traditional credit card products.
This exception is designed to address certain complications in applying the credit provisions of the prepaid rule to credit card accounts linked to digital wallets that can store funds where the credit card accounts are already subject to Regulation Z's open-end credit card rules in circumstances that appear to pose lower risks to consumers. This final rule also expands the situations in which prepaid account issuers are permitted to run negative balances on prepaid accounts, provided certain conditions are met.
The CFPB also finalized certain other clarifications and minor adjustments to aspects of the prepaid rule in both Regulation E and Regulation Z. More information is available http://www.consumerfinance.gov/prepaid-rule.
The final rule is available at: http://files.consumerfinance.gov/f/documents/cfpb_prepaid_final-rule_2018-amendments.pdf
NCUA's CURE opened for business last week and held its first webinar, "Welcome to CURE" highlighting the office's mission and focus of assisting credit unions in areas of growth and expansion. CURE combines most functions of the former Office of Small Credit Union Initiatives but is also responsible for the field of membership and chartering responsibilities that were under the Office of Consumer Protection and Access. In addition, CURE also manages NCUA's Minority Depository Institution Preservation Program and is charged with developing resources and training for credit unions through the Learning Management Service (LMS).
If you have specific questions for NCUA about growth/expansion opportunities or if you have questions about NCUA's training initiatives please see below for an email contact list:
NCUA announced its Supervision Priorities via Letters to Credit Unions for 2018. Below is a summary of the areas highlighted by NCUA in their Letter.
#1 – Cybersecurity Assessment
#2 – BSA
#3 – Internal Controls and Fraud Prevention
#4 – Interest Rate and Liquidity Risk
#5 – Automobile Lending
#6 – Commercial Lending
#7 – Consumer Compliance
It's hard to believe that January is coming to a close; 2018 is already shaping up to be quite a busy year.
HMDA implementation alone is enough to cause compliance heartburn, and the new leadership at the CFPB has made things even more confusing than usual. Then, right before Christmas, the CFPB announced that it would not be assessing penalties for 2018 HMDA data collections and that it plans to reconsider various aspects of the 2015 updates to the rule, such as institutional and transactional coverage tests and the rule's discretionary data points (see that blog post here). This announcement led to a collective sigh of relief among industry compliance people struggling to get ready for the January 1st implementation date, and we have certainly noticed HMDA-related compliance questions tapering off a bit. However, this is no way means we can forget about HMDA!
Keep in mind that back in 2010, the Dodd-Frank Act transferred rulemaking authority for HMDA from the Federal Reserve to the Bureau. The statute also expanded the volume of data that lenders are required to collect under HMDA, adding the following 13+ new categories of data fields:
- the age of applicants,
- total points and fees of the loan,
- the difference between the Annual Percentage Rate (APR) of the loan and a benchmark rate,
- the term in months during which any prepayment penalty may be imposed,
- the value of the property pledged as collateral,
- the term in months of any introductory period,
- any loan terms that prevent full amortization,
- the term in months of the mortgage,
- the channel through which the application was made,
- a unique identifier for the loan originator (lending officer),
- a unique identifier of the loan,
- the parcel number of the real property,
- applicant credit score, and
- such other information as the Bureau requires.
So before we celebrate a potential rollback of HMDA too soon, keep in mind that the Dodd-Frank mandated data points are not going anywhere unless Dodd-Frank is repealed! Please pay extra special attention to these data points as they are probably here to stay. We know that the CFPB really took #14 and ran with it when making the 2015 revisions to the rule, and that is likely where we will see any more future changes to HMDA. Until then...keep on fighting the good fighting when it comes to HMDA compliance and reach out to us if you have any questions!