Articles

Residents Deceived into Paying Scammers via Western Union Can Apply for Compensation from Settlement Fund

TRENTON, N.J. – Attorney General Christopher Porrino announced last week that New Jersey residents who were deceived into sending payments to scammers using Western Union’s wire transfer service can now apply for compensation from a $586 million fund related to a multi-state settlement with Western Union in which New Jersey participated.

in Legislative & Political News
Frelinghuysen’s District Moved to “Toss-up”

WASHINGTON -- The Cook Political Report has moved New Jersey’s 11th congressional district from "Leans Republican" to "Toss-up" signaling a potential problem for 12-term incumbent Congressman Rodney Frelinghuysen (R-11).

in Legislative & Political News
Much-improved Payday Rule Published in Federal Register

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) published its final short-term, small-dollar loan rule in the Federal Register Friday, with an effective date of Jan. 16th. The final rule is much-improved over the proposed rule, CUNA believes, and CUNA’s Final Rule Analysis of the rule is available with details.

in Legislative & Political News
47 CU Professionals Become Certified CU Development Educators (CUDEs)

MADISON, Wis. – 47 credit union professionals became Credit Union Development Educators (CUDEs) after being guided by dedicated program facilitators and mentors through the intensive Credit Union Development Education (DE) Training from the National Credit Union Foundation (the Foundation). The DE training was held November 1 - 8, 2017 at the Lowell Center in Madison, Wis.

in Industry News
CUNA Lending Council Announces Awards, Executive Committee

NASHVILLE, Tenn. -- CUNA Lending Council presented its 2017-2018 executive committee and the 2017 CUNA Lending Council Award winners at its 2017 CUNA Lending Council Conference on November 12-15.

in Industry News
CUNA Raises ADA-web site Concerns in Letter to House Judiciary Committee

WASHINGTON -- CUNA raised its concerns over Web site compliance with the Americans with Disabilities Act (ADA) in a letter to the House Judiciary Committee for its Department of Justice (DOJ) oversight hearing. CUNA has been strongly pushing for guidance in this area as credit unions are facing legal threats due to confusion over how the ADA applies to Web sites.

in Legislative & Political News
House Financial Services Committee Passes CU-backed Regulatory Relief Bills

WASHINGTON -- The House Financial Services Committee completed its markup of 23 bills Wednesday, passing three credit union-supported bills that would offer regulatory relief.

in Legislative & Political News
Tax Reform Passes Full House, Senate Version Passes Committee

WASHINGTON – Thursday afternoon the U.S. House passed the Republican tax reform bill, the Tax Cuts and Jobs Act (H.R. 1). Later in the evening the Senate Finance Committee passed its version of tax reform. Both bills leave the credit union tax exemption fully intact.

in Legislative & Political News
NCUA Board Approves 2018-2019 Budget

New, Simpler Methodology Yields 61.5 Percent Overhead Transfer Rate

ALEXANDRIA, Va. – The National Credit Union Administration Board held its tenth open meeting of 2017 at the agency’s headquarters here Thursday and unanimously approved three items:

in Legislative & Political News
Chuck Purvis Recognized for Innovation and Dedication to the Credit Union Philosophy with 2018 Herb Wegner Memorial Award

Foundation Recognizing Purvis with Award for Outstanding Individual Achievement

MADISON, Wis. –  In recognition for his almost forty years of service to the credit union movement and innovative spirit pushing the movement forward, the National Credit Union Foundation (the Foundation) is pleased to announce Chuck Purvis, President/CEO at Coastal Credit Union, as the recipient of a 2018 Herb Wegner Memorial Award for Outstanding Individual Achievement.

in Industry News
Lt. Gov. to Head Community Affairs, Long-time Codey Aide as Named as Chief of Staff

TRENTON, N.J. – Governor-elect Phil Murphy has announced his lieutenant governor will head the N.J. Department of Community Affairs (DCA) and he named long-time aide to Gov. Richard Codey to be his chief of staff.

in Legislative & Political News
House Votes to Reauthorize Flood Insurance Program

WASHINGTON -- The House passed legislation to reauthorize the National Flood Insurance Program, including changes that could limit future coverage and discounts for high-risk properties, modify premiums and surcharges paid by policyholders, and expand opportunities for private insurers to sell policies.

in Legislative & Political News
Cordray to Step Down, CUNA/Leagues Look Forward to ‘New Era’ at CFPB

WASHINGTON -- CFPB Director Richard Cordray announced Wednesday that he plans to step down by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rule-makings.

in Legislative & Political News
Sen’s Announce Agreement on Financial Regulatory Reform, Call-to-Action Issued

WASHINGTON -- CUNA issued a call-to-action for its membership to contact their U.S. senators in support of the Senate Banking Committee's bipartisan financial reform bill, legislation that benefits America’s credit unions. 

in Legislative & Political News
Today’s NCUA Agenda Includes 2018-19 Budget, OTR Methodology

ALEXANDRIA, Va. – NCUA’s 2018-19 budget and the overhead transfer rate (OTR) methodology are highlights of today’s NCUA board meeting, according to the agenda released last week. The meeting is scheduled to begin at 10 a.m., and a live video stream will be available.

in Legislative & Political News
Credit Union of New Jersey Brings Back the Financial Reality Fair to Ewing High School for the New School Year

EWING, N.J. – Credit Union of New Jersey held it's first Financial Reality Fair at Ewing High School for the 2017/2018 school year yesterday, reaching more than 100 students. The credit union sponsored two Reality Fairs last school year, reaching over 200 students total.

in Credit Union News
Budget Briefing Video Available Online

ALEXANDRIA, Va. – The video recording of the Oct. 18th public briefing on the National Credit Union Administration’s proposed 2018-2019 budget is now available online here.

in Compliance & Regulatory News
Loans, memberships continue historical growth rates according to monthly CUNA estimates

Credit union loans and memberships continue to grow at historically high rates, based on the results CUNA's September Monthly Credit Union Estimates.

in Industry News
CUNA Engaged With Tax Reform Bills, Reg Relief Markup​

CUNA will be engaged with tax reform legislation in both chambers of Congress this week, as well as a House Financial Services committee markup of several CUNA-supported regulatory relief bills. The House is also expected to consider the 21st Century Flood Reform Act (H.R. 2874).

in Legislative & Political News
Credit union reg relief included in Senate package

A bipartisan group of Senate Banking Committee members have released a bill that could offer credit union regulatory relief.

in Legislative & Political News
“Consumer Financial Health Check-ups” Funded by National CU Foundation

MADISON, Wis. – The National Credit Union Foundation (the Foundation) recently wrapped up a year-long grant funding effort to conduct consumer financial health check-ups with the Center for Financial Services Innovation (CFSI). This work, generously funded and supported by CUNA Mutual Group, included financial health check-ups for: Affinity Plus Federal Credit Union in St. Paul, Minn.; BECU in Tukwila, Wash.; Community Financial Credit Union in Plymouth, Mich.; IH Mississippi Valley Credit Union in Moline, Ill.; University FCU in Austin, Texas; and Virginia Credit Union in Richmond, Va.

in Industry News
CUNA unveils analysis of Senate tax reform bill

CUNA unveiled its analysis Monday of the Tax Cuts and Jobs Act (TCJA), released Nov. 9th, by the Senate Finance Committee. The tax reform bill cuts taxes by approximately $1.5 trillion over 10 years, and makes significant changes to America’s tax laws.

in Legislative & Political News
In Memoriam: Former Campbell EFCU President/CEO and NJCUL Board Member Martin Banecker Passes, Services to be Held Saturday

MEDFORD, N.J. – Martin J. Banecker, a prominent figure of the credit union industry and movement and dedicated family man, passed away on Friday, November 10, 2017, at the age of 66, surrounded by his loving family. Banecker was the former President/CEO of Campbell Employees Federal Credit Union for 25 years and served on the NJCUL Board as well as the Federal Reserve Bank of Philadelphia Advisory Council.

in Credit Union News
Reality fair technology expands with National CU Foundation grant

Thanks to a grant from the National Credit Union Foundation, students attending reality fairs can use their mobile phone or tablet in place of pen and paper.

in Industry News
Compliance: Six Months Until FinCEN’s CDD Rule is Effective

Credit unions now have less than six months to come into compliance with the Financial Crimes Enforcement Network's (FinCEN) Customer Due Diligence (CDD) rule, effective May 11, 2018. CUNA has developed a number of tools to assist credit unions, including a CDD checklistfinal rule summary, and CDD compliance chart

in Compliance & Regulatory News
Financial Services Committee to Markup Three Regulatory Relief Bills

WASHINGTON -- The House Financial Services Committee will markup three CUNA-supported regulatory relief bills starting Tuesday as part of a larger markup that includes 20 other bills. The markup is scheduled to begin at 10 a.m. and will be streamed live on the committee’s website.

in Legislative & Political News
‘Tis the Season…For Fun CMNH Fundraisers!

As the weather changes and we roll into the fall and holiday season, check out some new and fun seasonal fundraising campaigns benefiting Children’s Miracle Network Hospitals that you can offer to your employees and members.

in Industry News
House Tax Bill Passes Committee, Senate Version Unveiled

WASHINGTON -- The House Ways and Means Committee approved the Tax Cuts and Jobs Act (H.R. 1) Thursday afternoon, concluding its four-day markup of the tax reform legislation. The bill retains the credit union tax exemption.

in Legislative & Political News
Leadership for New Legislature Takes Shape as Senate Dem’s Select Team, Republicans Re-elect Kean and Incumbent Speaker Prieto Endorses Coughlin

TRENTON, N.J. – Leadership for the upcoming 218th Legislature began taking shape Thursday when the Senate Democrats selected their leadership, the Senate GOP caucus re-elected its leader and the incumbent Assembly speaker bowed out and endorsed his challenger.

in Legislative & Political News
Ambassador Phil Murphy Elected 56th Governor of New Jersey, Legislature Picks Leaders

TRENTON, N.J. – Tuesday voters elected Democrat Phil Murphy New Jersey's 56th governor. They also decided who will represent them in the state Legislature with the state’s 40 Senate and 80 Assembly seats on ballots across the state, as well as candidates for various county and local offices.

in Legislative & Political News
Garden Savings FCU Holding Clothing Drive Supporting Big Brother Big Sisters of Northern NJ

PARSIPPANY, N.J. – Garden Savings will be accepting clothing donations between Monday, November 13 and Saturday November 25 at all of its branch locations.

in Credit Union News
NCUA 2018/2019 budget, OTR Methodology on Nov. 16 Meeting Agenda

NCUA’s 2018-2019 budget and the overhead transfer rate (OTR) methodology are highlights of NCUA’s Nov. 16 board meeting, according to the agenda released Thursday. The meeting is scheduled to begin at 10 a.m. (ET) Nov. 16, and a live video stream will be available.

in Compliance & Regulatory News
New Jersey Credit Union League Room Block Open for 2018 CUNA GAC

The Credit Union National Association's 2018 Governmental Affairs Conference is set for Feb. 25 – March 1, in Washington, D.C. The New Jersey Credit Union League is excited for another year of advocacy on the Hill and encourage all credit unions from our state to attend this event. Once again the League has secured a hotel block for League-affiliated credit unions at the Renaissance Hotel located at 999 9th St NW, which is directly across from the Washington Convention Center. Our rate is $324 plus tax per night.

in League News
Federally Insured Credit Unions Serve More Than 14 Million Service Members and Veterans, NCUA Marks Veterans Day 2017

ALEXANDRIA, Va. – National Credit Union Administration Board Chairman J. Mark McWatters and Board Member Rick Metsger issued statements Thursday on the eve of Veterans Day (observed).

in Industry News
CUNA Mutual Group Hosting Emerging Risks Webinar for Smaller Cus and Board of Directors

Join CUNA Mutual Group's Risk & Compliance Consultants as they share the latest risks, trends, and losses impacting credit unions. By recognizing existing risk and anticipating the new, emerging ones, your credit union can minimize losses and confidently safeguard your organization.

in Compliance & Regulatory News
Senators Say National Data Security Standard Needed

WASHINGTON -- During another congressional hearing on consumer data security in the wake of the Equifax data breach, members of the Senate Commerce, Science, and Transportation Committee yesterday indicated their support of a national data security standard, something CUNA and the state leagues have been advocating for some time.

in Legislative & Political News
NJ DNA Group Discusses Diversity in the Board Room

HIGHTSTOWN, N.J. – The last NJ DNA directors meeting of the year was held at the League Office on Wednesday. The meeting facilitator was credit union veteran Scott Butterfield who shared his passion for credit unions, especially smaller ones, and presented tactics for growth within the industry by having a diverse board.

in League News
Senate Judiciary Committee Looks at Frivolous ADA Lawsuits

WASHINGTON -- The Senate Judiciary Committee held a hearing Wednesday on "The Impact of Lawsuit Abuse on American Small Businesses and Job Creators” during which lawsuits filed under the Americans with Disability Act (ADA) was mentioned.

in Legislative & Political News
House Passes CUNA-backed NRSRO Reg Relief Bill

WASHINGTON -- The House voted in favor Tuesday of the CUNA-backed Risk-Based Credit Examinations Act of 2017 (H.R. 3911). The bill was introduced by Rep. Ann Wagner (R-Mo.) and Bill Foster (D-Ill.)

in Legislative & Political News
CUNA Urges Senate Judiciary Committee to Push for ADA Clarity

WASHINGTON – CUNA brought its concerns about frivolous lawsuits brought under the Americans with Disabilities Act (ADA) to Senate Judiciary Committee leadership Tuesday. A letter was sent for the record of the committee’s hearing on lawsuit abuse and its effect on small businesses.

in Legislative & Political News
Congressman LoBiondo Won’t Seek Re-election Next Year

MAYS LANDING, N.J. -- Credit union supporter and 12-term incumbent Congressman Frank LoBiondo (R-2) announced Tuesday that he won’t run for re-election next year.  He cites the dysfunctionality of Washington as his reason for retiring. The news sent shockwaves across South Jersey, and The Cook Political Report moved the race from "Solid Republican" to "Toss Up."

in Legislative & Political News
Senate President Sweeney Weathers Unprecedented Challenge, Wins by Largest Margin of Career

WEST DEPTFORD, N.J. -- Despite facing an unprecedented challenge from the N.J. Education Association (NJEA), Senate President Steve Sweeney garnered 59% of the vote Tuesday to win re-election with the largest victory margin of his career. NJEA’s record spending of $10 million not only didn’t defeat Sweeney, it failed to lift its candidate above Sweeney’s 2013 opponent.

in Legislative & Political News
All About Mortgages Workshop Gives CUs Knowledge and Tools to Get in the Game

EAST WINDSOR, N.J. – The League held an impactful workshop on Tuesday at the East Windsor Holiday Inn for credit unions looking to get into the mortgage game and build a robust and successful mortgage program.

in League News
Ambassador Phil Murphy Elected 56th Governor of New Jersey

TRENTON, N.J. – Yesterday, voters elected Democrat Phil Murphy as New Jersey's 56th governor. They also decided who will represent them in the state Legislature with the state’s 40 Senate and 80 Assembly seats on ballots across the state, as well as candidates for various county and local offices.

in Legislative & Political News
Nearly 150 Comments Uploaded on CUNA’s TCPA Petition

WASHINGTON -- Nearly 150 comments were uploaded to the FCC's Web site on CUNA’s Telephone Consumer Protection Act (TCPA) petition during the 30-day comment period, which closed Monday. CUNA filed its petition with the Federal Communications Commission last month, outlining ways the agency could provide relief to credit unions confused about compliance with the TCPA.

in Legislative & Political News
Concerns with Report on Overdraft Practices Outlined in Letter to CFPB

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) should not base decisions on overdraft protection rule-making on the current 2011-2012 data it uses, nor should it conflate credit union overdraft products with those of big banks, CUNA told the bureau in a letter last week. CUNA sent the letter in response to the CFPB’s release of prototypes of an overdraft disclosure form and report on overdraft practices.

in Legislative & Political News
CUNA Engaged with Tax Markup, Flood Insurance Bills this Week

WASHINGTON -- CUNA will be engaged in this week’s four-day markup of tax reform legislation, House consideration of a flood insurance bill and several hearings this week. The House introduced its tax reform bill last week, leaving the credit union tax status untouched.

in Legislative & Political News
Analysis of House Tax Reform Bill Available

WASHINGTON -- CUNA unveiled its analysis Monday of the Tax Cuts and Jobs Act (H.R. 1), released Nov. 2nd by the House Ways and Means Committee. The 439-page tax reform bill cuts taxes by approximately $1.5 trillion over 10 years, and makes significant changes to America’s tax laws.

in Legislative & Political News
Today is Election Day, Polls Open until 8 p.m.

TRENTON, N.J. -- Voters will decide today whether Democrat Phil Murphy or Republican Kim Guadagno will become New Jersey's 56th governor. They will also decide who will represent them in the state Legislature with candidates for the state Senate and Assembly on ballots across the state, as well candidates for various county and local offices. There are also two questions on the ballot, a $125 million bond for library funding and a constitutional amendment to ensure monies paid by polluting companies be used solely for environmental remediation.

in Legislative & Political News
CUs Featured Among “The Best” by MONEY

Credit unions, and one of their key system partners, were well represented in a recent MONEY feature, “The Best Bank in Every State.”

in Industry News
Nussle Named a Top Lobbyist by The Hill, Again

WASHINGTON -- In its annual list of Washington's top lobbyistsThe Hill newspaper has once again named CUNA President/CEO Jim Nussle to its recognition. 

in Legislative & Political News
President Announces Jerome Powell as Nominee to Head Federal Reserve

WASHINGTON – Before leaving on his 12-day, five-nation trip to the Far East, President Trump announced Thursday that he will nominate Federal Reserve Governor Jerome Powell to be chairman of the central bank.

in Legislative & Political News
Push for National Data Security Standard Continues

WASHINGTON -- CUNA joined other financial trade associations last week to urge Congress to move forward on legislation that would put a strong national data security standard in place. The letter was sent to House Financial Services subcommittee on financial institutions and consumer credit for the record of its hearing entitled “Data Security: Vulnerabilities and Opportunities for Improvement.”

in Legislative & Political News
Deadline Today for Comments on CUNA's TCPA Petition

WASHINGTON -- CUNA is urging credit union stakeholders to submit comments to the Federal Communications Commission supporting its Telephone Consumer Protection Act (TCPA) petition. CUNA filed its petition last month, and the FCC opened it for comment a week later, with comments due today.

in Legislative & Political News
Jersey Shore FCU Raises $700 in Candy Bar Sales for the Marianne DiNofrio Pancreatic Cancer Research Foundation

NORTHFIELD N.J. – On Thursday, October 26th, Jersey Shore Federal Credit Union’s Social Action Committee presented a check for $700 to Mr. John DiNofrio, President of the Marianne DiNofrio Pancreatic Cancer Research Foundation in memory of Credit Union Pioneer Marianne DiNofrio, to help raise awareness and funding for pancreatic cancer research. All five of the credit union’s branches sold candy bars for $1.00 each.

in Credit Union News
Rutgers FCU Hosts Second Reality Fair at Rutgers University

NEW BRUNSWICK, N.J. – Rutgers Federal Credit Union hosted its second Reality Fair at Rutgers University on the college’s Cook Campus on Friday.

in Credit Union News
Cybersecurity Workshop Exceeds Expectations

HIGHTSTOWN, N.J. – Last Thursday’s Cybersecurity Workshop sponsored by Vizo Financial featured speakers from one of their CUSOs – The Sollievo Group – and delivered relevant content that resonated with the group.

in League News
Tax Bill Unveiled, CU Exemption Untouched

WASHINGTON – U.S. House Republican leaders Thursday introduced their long-awaited tax reform bill. The bill leaves the credit union tax exemption intact.

in Legislative & Political News
NCUA Encourages CUs to Submit the Voluntary Diversity Checklist by Dec. 30

ALEXANDRIA, Va. – NCUA’s Voluntary Diversity Checklist checklist is designed to help credit unions assess existing diversity and inclusion policies and practices, and identify opportunities to implement best practices in diversity and inclusion.

in Compliance & Regulatory News
Federal Overtime Rule Issue Takes an Ironic Turn

WASHINGTON -- Since Donald Trump became president, the Department of Labor (DOL) has been expected to oppose the Obama administration rule that doubles the minimum salary someone must earn to be exempt from overtime. It was a surprise Monday when the DOL filed a notice to the U.S. 5th Circuit Court of Appeals to appeal the ruling that threw out the regulation this summer.

in Legislative & Political News
Bill Hampel Recognized for Dedication to Cooperation & Education with 2018 Herb Wegner Memorial Award

Foundation Recognizing Hampel with Award for Outstanding Individual Achievement

MADISON, Wis. – In recognition of his decades of service as a dedicated advocate of the credit union movement and a mentor and inspiration to industry luminaries, the National Credit Union Foundation (the Foundation) is pleased to announce Bill Hampel, retired Chief Policy Officer and Economist at Credit Union National Association (CUNA), as the recipient of a 2018 Herb Wegner Memorial Award for Outstanding Individual Achievement.

in Industry News
Monday Deadline for Comments on CUNA's TCPA Petition

CUNA is urging credit union stakeholders to submit comments to the Federal Communications Commission supporting its Telephone Consumer Protection Act (TCPA) petition. CUNA filed its petition last month, and the FCC opened it for comment a week later, with comments due Nov. 6.

in Compliance & Regulatory News
State of New Jersey Requests Information from FIs on Tax Payers

It will soon be mandatory for financial institutions (FIs) to comply with the State of New Jersey Department of the Treasury Division of Taxation’s order to implement its Financial Institution Data Match (FIDM) program as outlined in its October 17, 2017 letter to financial institutions in the State, including credit unions. According to the State’s letter: New Jersey Statute N.J.S.A. 54-50-37b(2) allows the Division to develop a system for the exchange of data with financial institutions for the purposes of identifying the accounts of debtors owing past due New Jersey state taxes.” Click here to view instructions from the State for compliance and here to view the Memorandum of Understanding that financial institutions are expected to complete.

in Compliance & Regulatory News
CUNA Prepared for House Ways and Means Tax Reform Bill

WASHINGTON -- CUNA is prepared to closely analyze today’s release of tax reform legislation by the House Ways and Means Committee. CUNA President/CEO Jim Nussle, who has served as chair of the House Budget Committee and director of the Office of Management and Budget, said CUNA staff will examine the legislation once released by the committee.

in Legislative & Political News
President Signs Arbitration Rule Repeal, a Victory for the Campaign for Common-Sense Regulation

WASHINGTON -- President Donald Trump signed the joint resolution nullifying the Consumer Financial Protection Bureau’s (CFPB) arbitration rule (H.J. Res. 111) Wednesday. CUNA and the leagues supported the repeal and engaged in active advocacy during the process as the House and Senate voted to overturn the rule via the Congressional Review Act.

in Legislative & Political News
October was National Cybersecurity Month, NJ Released Annual Statistics on Cyber Breaches for the First Time

TRENTON, N.J. -- October was National Cybersecurity Month and Attorney General Christopher Porrino and the New Jersey State Police announced Monday that 676 data breaches were reported to the State Police in 2016 affecting more than 116,000 New Jersey account holders. The announcement is the first release of annual statistics on data breaches in the state and included advice and resources for residents to protect their sensitive personal information. The Attorney General’s Office also highlighted legal actions taken this year by the Division of Law and Division of Consumer Affairs to address data breaches.

in Legislative & Political News
CUNA Leaders Meet with DOJ on ADA Guidance

WASHINGTON -- CUNA leadership met with senior officials at the Department of Justice (DOJ) Tuesday to continue CUNA’s push to see guidance on how the Americans with Disabilities Act (ADA) applies to Web sites. CUNA President/CEO Jim Nussle, Chief Advocacy Officer Ryan Donovan, Chief Compliance Officer Jared Ihrig and Senior Director of Advocacy and Counsel Leah Dempsey, as well as CUNA Mutual Group Senior Consultant for Corporate and Legislative Affairs Joe Luedke, attended the meeting.

in Legislative & Political News
Rep. Bonnie Watson Coleman among Lawmakers Signing Call for ADA Web site Guidance, Rep. Tom MacArthur adds Co-sponsorship to Bill

WASHINGTON -- Sixty-one bipartisan members of Congress have written to the Department of Justice requesting guidance on how the Americans with Disabilities Act (ADA) pertains to Web sites. CUNA and the state leagues urged Reps. Eric Swalwell (D-CA) and Ron DeSantis (R-FL) to support credit union efforts to address ambiguities in Web site accessibility requirements that are spurring frivolous class action litigation.

in Legislative & Political News
House Financial Services Committee Chair to Retire, Rep. Hensarling Won’t Seek Re-election in 2018

WASHINGTON -- House Financial Services Committee Chairman Jeb Hensarling (R-TX) announced yesterday that he will not seek re-election next year. Hensarling has been a strong supporter of credit unions. He authored the Financial CHOICE Act (H.R.10), which includes numerous credit union-supported regulatory relief measures.

in Legislative & Political News
Pending Regulatory Comment Calls

NJCUL wants your voice to be heard! Help your League and CUNA get the message through. For comment letters to have the greatest impact, we need to hear from you. Please consider whether and how these proposals would affect your credit union, then take action! Contact NJCUL Vice President of Compliance & Regulatory Affairs, Nicola Foggie, at nfoggie@njcul.org, for information on interpretation of the changed or new regulation. Click here to send your own letter through PowerComment.

in Compliance & Regulatory News
Most Consumers Satisfied With How FIs Handle Account Fraud, New Survey Shows

OTTAWA, Canada – While 15% of U.S. consumers spotted fraudulent activity on their accounts last year, banks and credit unions responded successfully, with 85% of those consumers saying they were satisfied with how their financial institution handled the incident, according to a new survey commissioned by the Ottawa, Canada-based March Networks.

in Industry News
Final Supervisory Review Committee, Appeals Rules Published, Effective Jan.

ALEXANDRIA, Va. – The NCUA published its final rules on the supervisory review committee (SRC) and appeals procedures in the Federal Register Monday, both rules will be effective Jan. 1. The NCUA board finalized the rules at its October board meeting.

in Compliance & Regulatory News
CUNA Engaged with Tax Reform Bill, Various Hearings this Week

WASHINGTON – CUNA will be paying close attention to the unveiling of a tax reform proposal, and will be engaged in a number of hearings on Capitol Hill this week. The House Ways and Means Committee is expected to release its tax reform legislation Wednesday, with a markup to follow next week and full House consideration the following week.

in Legislative & Political News
CUNA Weighs-in on NCUA Budget Strengths, Suggests Additional Changes

WASHINGTON -- CUNA followed up last week’s NCUA budget briefing by submitting a letter to the agency as part of its commentary on the agency’s proposed 2018-19 budget. The NCUA is expected to take comments into consideration and vote on a final budget at its November meeting.

in Legislative & Political News
NCUA Reminds CUs Planning and Testing Are Key to Being Able to Recover from a Disruption

As discussed in the May issue of The NCUA Report, business continuity planning is essential for all credit unions. No matter the size, every credit union is responsible for ensuring members have access to money and services. Being prepared for a possible interruption before it occurs is critical to your credit union’s ability to recover.

in Compliance & Regulatory News
NCUA: Protect Your Systems Against the EternalBlue Vulnerability

Credit unions need to ensure they aren’t vulnerable to ransomware like Petya or WannaCry that can exploit the security vulnerability EternalBlue found on Microsoft’s Windows-based systems.

in Compliance & Regulatory News
South-Central Chapter Donates to CUAid Disaster Relief

The South-Central Chapter of Credit Unions made a donation of $200 to the National Credit Union Foundation’s (Foundation) CUAid disaster relief fund to help credit union people affected by Hurricanes Harvey, Irma, and Maria, and those affected by the wildlife in California.

in Credit Union News
HMDA, Fair Lending Interagency Webinar Set for Nov. 16

WASHINGTON – The Home Mortgage Disclosure Act (HMDA) and other fair lending issues will be discussed by representatives from seven federal agencies, including the NCUA, during a live Webinar scheduled for Nov.16 at 2 p.m. There is no charge for the Webinar but registration is required.

in Compliance & Regulatory News
House Passes Budget, Disaster Relief Funding Legislation with CU-Backed Items

WASHINGTON – Credit unions saw several victories this week with the House passing a Congressional Budget Resolution and emergency disaster funding legislation that contains several CUNA/League-supported items. The House voted in favor of the Senate-passed budget resolution and approved the Additional Supplemental Appropriations for Disaster Relief Requirements Act of 2017 (H.R. 2266).

in Legislative & Political News
CU Professionals Receive Free HR Management Training at Credit Union of New Jersey Through Second Round Of League’s Rutgers Training Grant

EWING, N.J. – Credit union professionals gathered at Credit Union of New Jersey this week for free HR management development training. This two-day “Supervisory Symposium” training is available to NJCUL member credit unions through a partnership with Rutgers University, underwritten by an $89,000 educational grant from the State of New Jersey secured by the League earlier this year.

in League News
Congressman Norcross was Guest of Honor at NJ CU Advocate Appreciation Reception

ATLANTIC CITY, N.J. – Congressman Donald Norcross (D-1) was the guest of honor Sunday afternoon at a private, invitation-only gathering during the NJCUL’s 83rd Annual Meeting and Convention in Atlantic City, the first-ever N.J. Credit Union Advocate Appreciation Reception.

in Legislative & Political News
Freddie Mac Survey Finds Affordability Driving Demand for Rental Housing, Preference for Renting Increasing Among all Demographics

MCLEAN, VA – The share of American renters who believe it's more affordable to rent than own is rising, according to the results of a Freddie Mac survey released yesterday. The survey shows 76% of renters view it as the more affordable option, compared to 68% when the survey was conducted in March.

in Economic News
CUNA, Other Trades Back Bill to Allow TRID Clarity for Consumers

WASHINGTON – CUNA joined with other organizations this week to write House members urging support of a bipartisan bill, the TRID Improvement Act of 2017 (H.R. 3978), to provide regulatory relief via the Consumer Financial Protection Bureau’s (CFPB) Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule.

in Legislative & Political News
CUNA Asks for TCPA Consideration Prior to FCC Hearing

WASHINGTON – CUNA asked a House and Energy subcommittee to consider the issues it has raised regarding the Telephone Consumer Protection Act (TCPA) in advance of the subcommittee’s oversight hearing of the Federal Communications Commission (FCC).

in Legislative & Political News
NCUA Webinar Will Discuss Benefits of Diversity for Credit Unions

Annual Diversity Self-Assessment Survey Now Under Way

ALEXANDRIA, Va. – Credit unions can learn about the many benefits of promoting diversity in their workforces and their membership on an upcoming webinar hosted by the National Credit Union Administration.

in Compliance & Regulatory News
XCEL FCU Board Announces Retirement of CEO Linda McFadden, CFO Arlene Bernard to Serve as Interim

BLOOMFIELD, N.J. – The XCEL Federal Credit Union Board of Directors announced Friday the retirement of President/CEO Linda McFadden. The Board thanks McFadden for her contributions to XCEL FCU and the credit union industry, and wishes her an enjoyable retirement.

in Credit Union News
Duties of Directors and Indemnification of Directors and Employees with Drew Edwards

ATLANTIC CITY, N.J. – Drew Edwards spoke with attendees Tuesday morning at this year’s NJCUL Annual Meeting and Convention about NCUA’s Regulatory Standards, including Duty of Loyalty, Duty of Care, Business Judgement Rule, Indemnification, and more. Edwards provided directors with the knowledge of what they are liable for, what insurance is out there for their protection, and how to best serve their membership.

in League News
Convention Coverage: Building a More Corporate Social Media Strategy in the Mortgage Industry with Ben Smidt

ATLANTIC CITY, N.J. – Digital Marketing Manager of MGIC, Ben Smidt, spoke to Convention-goers about the effectiveness of social media and the way to best use social media to address regulatory compliance and creating a road map for employees to maximize social media efforts on Tuesday morning. In this breakout session, Smidt provided insights for crafting an effective social media strategy, content that will further brand reach and engagement, the importance with reputation management, and how to mitigate risk and minimize the impact of negative feedback.

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Convention Coverage: Lending and Sales Expert Don Arkell Leads Two Breakout Sessions on How Credit Unions can use the Digital Revolution to Provide the Best Services in Lending, and How to Lower Expense Ratio While Increasing Loan Volume

ATLANTIC CITY, N.J. – Lending and sales expert Don Arkell led a session Monday afternoon and Tuesday morning on how credit unions can learn how they can maximize remote delivery to increase sales, and how CUs can organize their loan department to maximize success, the difference between direct and indirect lending, motivating employees to achieve better results, the loan delivery channel that is best suited for you, and how to maximize efficiency and consistency.

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Convention Coverage: Plexcity and Revolutionizing Associations with Shared Services

ATLANTIC CITY, N.J. – The President of Plexcity, Tony Kitt, joined the League at their 83rd Annual Convention and Meeting to talk about the benefits to oursourcing as a method to control costs and to allow your focus to be on your members.

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Convention Coverage: Ancin Cooley Leads Two Breakout Sessions: What Your Audit Reports are Telling You and Setting Your Risk Appetite

ATLANTIC CITY, N.J. – Founder and Principal of Synergy Credit Union Consulting, Inc., Ancin Cooley, spoke with Convention attendees Monday afternoon and Tuesday morning in two breakout sessions about how to achieve the most desired risk management results by understanding the information provided by auditors and consultants, and about developing a risk management program around your credit union's own risk appetite.

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CUNA Reiterates Housing Finance Reform Principles

WASHINGTON -- As a House Financial Services subcommittee is conducts a hearing on housing reform today, CUNA reiterated its support ensuring credit union access to a functioning, well-regulated secondary mortgage market. CUNA submitted a letter to a previous Senate hearing on housing finance reform.

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Convention Corner: Building the Foundation of Your Authentic Brand with Your Marketing Company’s Frank Allgood

ATLANTIC CITY, N.J. – Your Marketing Company’s very own Relationship Development Leader, Frank Allgood, spoke with attendees Tuesday morning about how credit unions can identify and establish their unique value proposition and authentic brand.

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Senate Votes to Repeal Arbitration Rule, Victory for CUs

WASHINGTON -- In a victory for CUNA, the league system and credit unions, the Senate voted last night in favor of a resolution to repeal the Consumer Financial Protection Bureau’s (CFPB) arbitration rule under the Congressional Review Act. With the House approving the resolution of disapproval in July, H.J. Res. 111 will now go to President Donald Trump for his signature, expected in the coming days.

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Convention Coverage: NJCUL Holds Annual Business Meeting; Election Results Announced

ATLANTIC CITY, N.J. – On Tuesday morning, at the close of its Convention, the New Jersey Credit Union League held its 83rd Annual Meeting, which included reports from the Board of Directors as well as Board election results.

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Ensuring the Future of Your Leaders through Competency-Based Succession Planning with Lauren Bethea

ATLANTIC CITY, N.J. – NCUA’s Lauren Bethea spoke to Convention attendees Monday evening about “Competency-Based Succession Planning” and how it is important to ensure your business builds a safety net in case key people leave, especially someone within a leadership role.

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Income Opportunities Session: Lendkey, LSC, and SimplyCredit Present Turnkey Solutions that Grow Membership and Loans

ATLANTIC CITY, N.J. – Three NJCUL Services Corporation Business Partners, Lendkey, LSC, and SimplyCredit presented new income opportunities for credit unions to take full advantage of to drive and increase profit.

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CO-OP’s Tonya Sieracki Tackles Chip Card Technology and the Challenges that Come with it

ATLANTIC CITY, N.J. – CO-OP Financial Services’s Tonya Sieracki joined attendees as they discussed EMV Card roadblocks and what could be done about it as the landscape of payments continues to get more complicated day-by-day.

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The Vitality of Growth and How to Achieve the Best Results with John Dearing

ATLANTIC CITY, N.J. – Capstone Strategic, Inc. partner and managing director John Dearing led a breakout session discussing the credit union market, the challenges credit unions face when it comes to internal and external growth, and what could be done to achieve the best results possible.

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NCUA & NJ DOBI Reps Discuss Regulatory Front in Annual Panel Discussion

ATLANTIC CITY, N.J. – Thomas Hunt and Christopher Lopes from the NJ Division of Banking and Insurance (NJ DOBI), along with Marcus Vander Wall and Terry Adam from NCUA led a roundtable discussion Monday afternoon to address what credit unions can expect on the regulatory front.

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CUNA Mutual Group’s Blesson Abraham Demonstrates How CUs Can Transform the Way They Do Business with the Power of Data & Analytics

ATLANTIC CITY, N.J. – Blesson Abraham from CUNA Mutual Group led a breakout session Monday afternoon on the power of data and analytics on transforming the way credit unions do business.

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Management Consulting Skills for Executives with Michael Taylor

ATLANTIC CITY, N.J. – Michael Taylor spoke to attendees Monday afternoon about Core Management Consulting skills. SchellingPoint has trained leaders in the same management consulting core skills as used by the competitive forces that are currently hiring. Credit unions are now able to bring more to their management role with analysis, diagnosis and strong solutions.

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CUCollaborate and EverSafe Lead Solutions Theater Sessions in Sold-Out Exhibit Hall

ATLANTIC CITY, N.J. – Two Solutions Theater sessions were held in the Convention Exhibit Hall Monday morning. Credit union leaders learned about a new field of membership expansion tool from CUCollaborate that is available to NJCUL member credit unions and technology available from EverSafe that allows CUs to protect their members’ personal and financial information in the age of cyber attacks.

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NJCUL Honors 2017 Award Winners at Dinner Banquet; All SOULed Out Band Back by Popular Demand

ATLANTIC CITY, N.J. – NJCUL’s 83rd Annual Meeting and Convention finished off Monday evening with a cocktail hour, awards dinner and performance of the band All SOULed Out, who graced the stage at the League’s Convention two years ago.

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CUs and Exhibitors Mix and Mingle in Sold-Out Exhibit Hall During Wine & Cheese Welcome Reception Sponsored by Your Marketing Co.

ATLANTIC CITY, N.J. – Convention attendees gathered in the sold-out Exhibit Hall Sunday evening to mix and mingle and also network and discuss solutions with the 53 exhibitors on display during the Wine & Cheese Welcome Reception Sponsored by Your Marketing Co. They also had the chance to purchase tickets for the Foundation’s popular Wine, Lose or Draw fundraiser and learn about two new business partners in the League’s new Solutions Theater (see related story below).

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Three Young and Seasoned CU Professionals Bridge the Generation Gap During Second Annual YP Panel Discussion

ATLANTIC CITY, N.J. – Young credit union professionals, including members of the League’s Young Professionals Committee, held their second annual Convention roundtable Sunday afternoon. A panel of three young professionals and a panel of seasoned professionals discussed finding success and building a lasting career in the industry.

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The Unbanking of America: CUNA Mutual Group-Sponsored Keynote Speaker Lisa Servon Provides a Look at her Undercover Research on Alternative Financial Services and the Consumers that Rely on Them

ATLANTIC CITY, N.J. – CUNA Mutual Group-sponsored Keynote Speaker Lisa Servon took the stage Monday morning, giving attendees an extensive look into alternative financial services and the continuous debate about financial inclusion that she researched first-hand by working behind the counter of a check casher.

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NJCUL President/CEO David Frankil and Lt. Governor Kim Guadagno Kick Off League’s 83rd Annual Meeting and Convention at the Golden Nugget in Atlantic City

ATLANTIC CITY, N.J. – New Jersey Credit Union League President/CEO David Frankil kicked off the NJCUL’s 83rd Annual Meeting & Convention at the Golden Nugget in Atlantic City Monday morning during the Opening Session, which also featured Lieutenant Governor Kim Guadagno and CUNA Mutual Group-sponsored Keynote Speaker Lisa Servon (see related story).

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New to the Exhibit Hall: Solutions Theater; Biz Lending and PW Campbell

ATLANTIC CITY, N.J. – New to the Exhibit Hall this year was four Solutions Theater sessions, which gave attendees the chance to hear directly from NJCUL Services Corporation Business Partners on various products and services they have to help business and membership grow. On Sunday evening two business partners, Biz Lending and Insurance Center, Inc., and PW Campbell, kicked off the solutions theaters.

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NJ Herald Column Outlines CU Difference, Defends CUs’ Not-for-Profit Status

In a Q&A in its “Dave Says” column this week, the NJ Herald outlined the stark differences between banks and credit unions as well as the benefits of credit union membership.

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