Articles

CFPB Proposal Would Allow for Remittance Fee Estimates

Under a proposal issued by the Consumer Financial Protection Bureau (Bureau) this week some credit unions and banks could estimate certain remittance fee and exchange rate information instead of disclosing exact amounts in certain circumstance.  The proposal would also increase the “safe harbor” threshold to 500 or fewer annual transfers (from 100 transfers or less) for determining whether a financial institution is subject to the rule.

CUNA Provides Warnings for Credit Card Issuers as the Holiday Shopping Season Ramps Up

The Credit Union National Association (CUNA) shared an eye-opening piece Thursday, on information from the Consumer Financial Protection Bureau Supervisory report that may be revelatory to credit card issuers.  CUNA wrote that as “consumers everywhere are whipping out those plastic cards to purchase gifts for friends and family, card issuers are easily tempted to begin offering various promotions to entice cardholders to use their card products this holiday season.  With this in mind, it is important to be aware of common compliance pitfalls that can accompany credit card promotions.”

Our New Competition Aims To: Save our Small Credit Unions

CUImpossibleYou don’t get to be a thriving credit union if you don’t start small. But many small credit unions today find it hard to compete and grow. We get it. We’re a team of consultants, marketing pros, communications experts and more who’ve seen it – and we want to see small credit unions thrive.

From Wish List to Reality

Using contract negotiation savings to transform your financial institution

 By: Kelly Flynn, National Director 

In today’s financial landscape of big banks and online banks, credit unions and community banks must be more innovative than ever before to remain competitive. However, “innovation” usually requires funds. If your financial institution doesn’t have any money left in its budget to add services, hire staff or support new marketing initiatives (which most credit unions plan to do in 2020), how can you keep up with the competition?

NCUA Urges Credit Unions Beware DDOS Attacks Are a Growing Threat

The National Credit Union Administration (NCUA) is urging credit unions, banks and other financial institutions about the potential effects distributed denial of service, or DDoS, attacks can have on information technology systems and websites. Over the last year NCUA has seen credit unions, banks and other financial institutions have increasingly seen similar DDoS-style attacks that have left Automated Clearing House systems nearly incapacitated by massive amounts of fraudulent transactions.

CUT: ICBA Endorses NCUA Board Member Harper’s Consumer Protection Plan

The Credit Union Times (CUT) Wednesday reported that while the Independent Community Bankers of America (ICBA) has taken the position that the National Credit Union Administration (NCUA) neglects its consumer protection responsibilities, last week, according to CUT’s report, the trade group endorsed NCUA board member Todd Harper’s plan to focus more attention on the issue.

Check Out InfoSight for the Latest in Compliance Hot Topics: Backup Withholding

The Backup Withholding topic was updated to reflect the correct statutory and code sections where the law may be found, and to correct minor deviations in terminology.  Check out InfoSight for access to the latest in compliance and regulations.  Looking for a specific Topic?  Perhaps a checklist to help you track compliance tasks?  Then you’ll want to register for InfoSight today!

Credit Unions: Your Voice Matters!

Credit unions play a vital role in the regulatory commenting process.  When regulators issue proposed, changed, or new rules, credit unions must participate in writing comment letters to let regulators know what’s working, what’s not, and what might be unintended consequences from those agencies’ proposed actions.

Check Out InfoSight for the Latest in Compliance Hot Topics: Backup Withholding

The Backup Withholding topic was updated to reflect the correct statutory and code sections where the law may be found, and to correct minor deviations in terminology.  Check out InfoSight for access to the latest in compliance and regulations.  Looking for a specific Topic?  Perhaps a checklist to help you track compliance tasks?  Then you’ll want to register for InfoSight today!

North Central Chapter Meeting Dec. 9

Chapter: North Central Chapter of Credit Unions         

Date:   Monday, December 9, 2019 

Time:  Networking 11:30am, 12:00 – 2:00pm Lunch and Presentations       

Cost:   $35.00

Speakers: 

Patrick Conway, President & CEO – PA Credit Union Association

David Frankil, President & CEO – NJ Credit Union League

Andrew Okolski, Director of Credit Union Municipality Strategies, The Baker Group 

Topic Description:     

The Future of the Credit Union Chapters and the Importance of Liquidity Management 

Come join the North Central Chapter of Credit Unions for their final NJ Chapter Meeting prior to the new CrossState Credit Union Association on January 1, 2020.    An open forum of questions and answers for both Patrick Conway and David Frankil regarding what they have in store for the chapter system come 2020.

Inconsistent Data Security Standards Put Financial Health at Risk

Credit unions are deeply concerned that Americans’ financial wellness is compromised by inconsistent privacy and security standards applied to businesses that possess, process or transport consumers’ nonpublic personal information (NPI), CUNA wrote to the Senate Commerce Committee Wednesday. The committee conducted a hearing to examine legislative proposals to protect consume data, and CUNA submitted a letter for the record.

Wells Fargo Requests Stay in RDC Award

Wells Fargo has filed a motion with a U.S. District Court seeking a stay of the recent decision that awarded USAA $200 million in damages for the bank’s infringement of USAA's remote deposit capture (RDC) patents. In June 2018, USAA filed a patent infringement lawsuit alleging Wells Fargo Mobile deposit infringed on certain USAA patents related to mobile check capture.

Earn Your Financial Counselor Certification--Deadline to Register is Dec. 15

The New Jersey Credit Union Foundation wants to help you and your staff become more confident in helping members build a stronger financial future. CUNA’s Financial Counseling Certification Program (FiCEP) is designed for credit union staff who work in the financial counseling, collections, and loan departments, or any other staff members who are committed to helping members gain control of their financial future. Staff successfully completing the program will earn the Certified Credit Union Financial Counselor (CCUFC) designation.

Looking for Ways to De-Stress the Holiday Season?

JMFA

A compliant overdraft program can make the holidays merrier and create goodwill for the New Year 

By: Richard Miller, Senior Executive Vice President of Sales

 With Thanksgiving falling six days later this year than in 2018, consumers will lose almost a full week of holiday shopping. But thanks to advance retail promotions, the buying season began much earlier this year. Information from the National Retail Federation (NRF) predicted that 39 percent of consumers would begin their shopping in October. And many subscribers to online shopping services kicked off their holiday season in July, with digital events like “Prime Day” that featured mid-year, “can’t miss” holiday deals.

Enhanced FiCEP Recertification

If you completed FiCEP and earned your Financial Counselor certification in 2017, it’s time for you to renew passing a single, 40 question recertification exam which is designed to keep your skills sharp and your counseling knowledge up to date.

FinCEN Realigns Division to Increase Strategic Capabilities

The Financial Crimes Enforcement Network (FinCEN) has announced the realignment of its Liaison Division as the Strategic Operations Division (Strategic Ops), effective November 24, 2019.  Strategic Ops will be responsible for designing and implementing FinCEN’s strategic partnerships across industry, with state, local, and U.S. Government colleagues, as well as with counterparts in foreign jurisdictions.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

CFPB Proposed Amendments to the Remittance Transfer Rule

The Consumer Financial Protection Bureau (Bureau) issued today a Notice of Proposed Rulemaking (NPRM) relating to the Remittance Rule (Rule). The Rule generally requires companies that provide remittance transfers in the normal course of business disclose to consumers certain fees and the exchange rates that apply to transfers. The Rule also includes an exception that allows certain banks and credit unions to estimate certain fee and exchange rate information instead of disclosing exact amounts in certain circumstances, but this exception expires by statute in July 2020. 

Scammers Pretend to be the FTC

The Federal Trade Commission’s (FTC) Associate Director, Consumer Response and Operations, Monica Vaca, asks, Did you recently get an official FTC letter from “me”? That’s in quotes because it wasn’t actually from her.  And the letter wasn’t official, or even from the FTC at all. In fact, scammers have been faking official-looking letterhead to write scary messages to people, threatening them. But, again: it’s not real.

Embrace Change for 2020 to Experience Greater Outcomes

JMFA

3 steps to increasing outreach and improving performance 

By: Mark Roe, Executive Vice President of National Sales 

A quick peek into what lies ahead for credit unions in 2020 reveals some formidable challenges, but also exciting opportunities for institutions that embrace change and remain focused on putting members first. By keeping an eye on the internal and external conditions that impact your service delivery capabilities and utilizing proven resources to implement consumer-friendly, compliant services, you can make the most of the opportunities that exist and improve the overall service experience for your members.

Credit Union Employees can Make a Difference this ‘Giving Tuesday’ by Simply Registering for THINK 20

Think 20

CO-OP Will Donate $200 Per Registration to CUAid to Support Industry’s Disaster Relief Efforts;

 Computer Scientist and Entrepreneur Rana el Kaliouby Added to Conference Speaker Roster

RANCHO CUCAMONGA, California – In honor of Giving Tuesday, CO-OP Financial Services will donate $200 to CUAid for every registration for its THINK 20 conference now through December 3, 2019.

Marijuana HR Policy & Best Practices: Handling Employee Medical & Recreational Use

Join NJCUL for a webinar to find out if your human resource policies adequately address marijuana use and impairment - on and off the job.  Is your credit union prepared for legalized marijuana? While marijuana use remains illegal on the federal level, states are swiftly legalizing medical and recreational use. To date, 33 states and Washington, D.C. have legalized medical use, and 11 states have approved recreational use. Regardless of where your state stands, now is the time for HR professionals and employers to address the challenges of employee marijuana use.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

History Made as Assemblywoman Dunn Takes Oath

History was made last week when Assembly Speaker Craig Coughlin (D-19) administered the oath of office to Asw. Aura Dunn (R-25). Dunn was selected by a special convention to fill the Assembly seat vacated when Anthony M. Bucco (R-25) moved to upper chamber to fill the vacancy that resulted from his father’s (Sen. Anthony R. Bucco) unexpected passing in September.

Our New Competition Aims To: Save our Small Credit Unions

CUImpossible

You don’t get to be a thriving credit union if you don’t start small. But many small credit unions today find it hard to compete and grow. We get it. We’re a team of consultants, marketing pros, communications experts and more who’ve seen it – and we want to see small credit unions thrive.

Manville High School Held First Financial Reality Fair

Manville Photo

Manville High School was the site of its first Financial Reality Fair held on November 20 and hosted by Manville Area FCU.  Over one hundred students participated in this interactive life skills training experience that walks students through the process of making true-to-life budget decisions.

Happy Thanksgiving!

Wishing you a happy and safe Thanksgiving.  The Daily Exchange will resume its regular publication schedule on Monday, December 2.  

 

Learn, Network, and Relax at CEO Summit

As you anticipate the chilly, winter weather, mark a bright spot on your January calendar for CEO Summit. Spend three days in beautiful Key West, Florida, learning, networking, and relaxing with your colleagues from the mid-Atlantic region.

Spring FiCEP! Help Your Members Build a Strong Financial Future

The New Jersey Credit Union Foundation wants to help you and your staff become more confident in helping members build a stronger financial future. CUNA’s Financial Counseling Certification Program (FiCEP) is designed for credit union staff who work in the financial counseling, collections, and loan departments, or any other staff members who are committed to helping members gain control of their financial future. Staff successfully completing the program will earn the Certified Credit Union Financial Counselor (CCUFC) designation.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

CFPB Settles with Military Travel Lender and Servicer

The Bureau found that Easy Military Travel and Edmiston misrepresented the true cost of credit in violation of the Consumer Financial Protection Act of 2010 (CFPA). Specifically, Easy Military Travel charged a fee to consumers who obtained financing through Easy Military Travel above the fee that it charged to consumers who paid in full. Easy Military Travel failed to include that fee in the finance charge or the annual percentage rate for consumers who obtained financing, even though it was a cost of credit. Easy Military Travel representatives, at the direction of Edmiston, also quoted falsely low monthly interest rates over the telephone to consumers.

CUNA's November Economic Update Examines Rural America

CUNA has released the November 2019 edition of the Economic Update, sponsored by the CUNA Finance Council. In the November edition, Chief Economist Mike Schenk explores the disconnect between continued economic success national and the actual results of that success for everyday people.

Credit Union Employees can Make a Difference This ‘Giving Tuesday’ by Simply Registering for THINK 20

CO-OP Will Donate $200 Per Registration to CUAid to Support Industry’s Disaster Relief Efforts;

 Computer Scientist and Entrepreneur Rana el Kaliouby Added to Conference Speaker Roster

For Release on November 18, 2019:

RANCHO CUCAMONGA, California – In honor of Giving Tuesday, CO-OP Financial Services will donate $200 to CUAid for every registration for its THINK 20 conference now through December 3, 2019.

Laying the Foundation for Transformational Digital Experience

Nearly 70% of digital transformation initiatives do not achieve their intended goals. While technology may be the tool, meaningful change requires strategy alignment, goal clarity, process refinement, and an unwavering commitment to fundamentally transforming the experiences your members and your teams have today. In this session at CEO Summit, speaker Brian Hamilton briefly considers emerging technologies that enable transformation, but acknowledges that the foundation must be laid first for the organizational change and alignment for any investment in technology to be worthwhile.

Financial Crime Fighters

Based on 40 years of experience as a prosecutor, FBI agent, and bank security officer, Chris Swecker did not mince words in acknowledging the importance of Bank Secrecy Act (BSA) officers in helping law enforcement fight crime.

North Central Chapter Meeting, December 9

Chapter: North Central Chapter of Credit Unions         

Date:   Monday, December 9, 2019 

Time:  Networking 11:30am, 12:00 – 2:00pm Lunch and Presentations       

Cost:   $35.00

Embrace Change for 2020 to Experience Greater Outcomes

JMFA

Embrace Change for 2020 to Experience Greater Outcomes

3 steps to increasing outreach and improving performance

 By: Mark Roe, Executive Vice President of National Sales

 A quick peek into what lies ahead for credit unions in 2020 reveals some formidable challenges, but also exciting opportunities for institutions that embrace change and remain focused on putting members first. By keeping an eye on the internal and external conditions that impact your service delivery capabilities and utilizing proven resources to implement consumer-friendly, compliant services, you can make the most of the opportunities that exist and improve the overall service experience for your members.

Congress Should Move Beyond GLBA to New Data-security Laws

Credit unions are deeply concerned that Americans’ financial wellness is compromised by inconsistent privacy and security standards applied to businesses that possess, process or transport consumers’ nonpublic personal information (NPI), CUNA wrote to the House Financial Services Committee Task Force on Financial Technology last week. The task force conducted a hearing on the role of “big data” in financial services, and CUNA’s letter was sent for the record.

CMG Emerging Risk: Lending Oversight

CUNA Mutual Group (CMG) offers a video and resources to solid, sound, prudent practices to identify emerging risk in the lending oversight process. CMG offers, these are basic components to lending program governance – weighing need for growth and opportunity versus proper security and controls. Risks related to a lack of diversification, loan concentrations, Board reporting, and the resurgence of internal fraud can impact your portfolio performance.

Senate President Sweeney Opposes Public Bank Proposal

State Senate President Stephen Sweeney (D-3) said Wednesday that he has no intention to support the public-owned state bank proposed by Governor Phil Murphy. As Senate president, he controls what bills are posted for a vote in the upper chamber rendering a bill dead on arrival without his support, or at least consent. 

Rep. Sherman Leads Bipartisan Letter on USAID Procurement Reforms

A letter composed by Rep. Brad Sherman (D-Calif.) and signed by nine other members of Congress from both parties urged the U.S. Agency for International Development (USAID) to complete its procurement reform process in a manner that ensures a fair and substantial proportion of awards and contracts made by USAID are awarded to small, U.S.-based, not-for-profit, and civil-society based organizations, including credit unions. The lawmakers delivered the letter to USAID Administrator Mark Green this week.

Financial Regulators Revise Business Continuity Management Booklet

The members of the Federal Financial Institutions Examination Council (FFIEC) recently emphasized that examiners understand how management of banks and other regulated entities, including depository financial institutions, nonbank financial institutions, bank holding companies, and third-party service providers, have prepared their operations to avoid disruptions and to recover services.

CUNA Filed Amicus Brief, TCPA Case

The Credit Union National Association (CUNA) filed an amicus brief in support of Facebook’s petition seeking the Supreme Court’s review of a Ninth Circuit decision in the TCPA case, Duguid vs. Facebook, Inc.  As part of the amicus brief, CUNA emphasized the need for the Supreme Court to resolve the conflicting definitions of an autodialer in the TCPA and expressed concern about the Ninth Circuit’s overly broad definition of the term.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

Our New Competition Aims To: Save our Small Credit Unions

CUImpossible

You don’t get to be a thriving credit union if you don’t start small. But many small credit unions today find it hard to compete and grow. We get it. We’re a team of consultants, marketing pros, communications experts and more who’ve seen it – and we want to see small credit unions thrive.

NJCUL Webinar: Securing Collateral; UCC-1 Filings

Extending a loan with collateral that needs to be secured?  Register for this Dec. 18 webinar on filing a UCC-1 Financing Statement, which is the most common method to perfect a security interest in collateral. However, completing the UCC-1 Form and determining the appropriate filing office can be tricky. An improperly completed or filed UCC-1 will result in loss of your institution's perfected security interest. This webinar will explain how to correctly complete each section of the UCC-1 Form and where to file it for every type of consumer and commercial debtor situation. You'll also learn how to correct an inaccurate or improperly filed UCC-1 Form in this Dec. 18 webinar.

FTC Shares Tips for Happy Holiday Shopping

The holidays are known as a happy time, typically spent with family, friends, perhaps some relaxation time away from work ---- and don’t forget lots of shopping!  The Federal Trade Commission wants you to have a safe, enjoyable holiday season of shopping so here are a few tips from the FTC.

North Central Chapter Meeting

Chapter: North Central Chapter of Credit Unions         

Date:   Monday, December 9, 2019 

Time:  Networking 11:30am, 12:00 – 2:00pm Lunch and Presentations       

Cost:   $35.00

Let Us Help You Help Your Members

The New Jersey Credit Union Foundation wants to help you and your staff become more confident in helping members build a stronger financial future. CUNA’s Financial Counseling Certification Program (FiCEP) is designed for credit union staff who work in the financial counseling, collections, and loan departments, or any other staff members who are committed to helping members gain control of their financial future. Staff successfully completing the program will earn the Certified Credit Union Financial Counselor (CCUFC) designation.

CUs Beware! New ADA Class Action Suits Emerge for Lack of Braille on Gift Cards

The CUNA Mutual Group (CMG) is alerting credit unions to new Americans with Disabilities Act (ADA) class action lawsuits filed recently. Class action lawsuits were filed in October in the U.S. District Courts in New York against retailers, restaurants and other businesses. The suits alleged violations of the ADA and similar state laws for failing to include Braille on private label (closed-loop) gift cards. Plaintiff attorneys contend it denies individuals with vision impairments equal access to the products and services offered by the places of public accommodation. We are not aware of any current impact to credit unions; CUNA Mutual Group will continue to monitor these lawsuits and will provide updates if warranted.

Credit Union Employees Can Make a Difference This 'Giving Tuesday’ By Simply Registering for Think 20

CO-OP Will Donate $200 Per Registration to CUAid to Support Industry’s Disaster Relief Efforts;

Computer Scientist and Entrepreneur Rana el Kaliouby Added to Conference Speaker Roster

For Release on November 18, 2019:

RANCHO CUCAMONGA, California – In honor of Giving Tuesday, CO-OP Financial Services will donate $200 to CUAid for every registration for its THINK 20 conference now through December 3, 2019.

IRS: Retirement Plan Contribution Limits Increase

The Internal Revenue Service has announced that the contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 to $6,500. The limitation regarding SIMPLE retirement accounts for 2020 is increased to $13,500, up from $13,000 for 2019. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver's Credit all increased for 2020. Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions.

FinCEN Issues Advisory on the FATF-Identified Jurisdictions

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions regarding the Financial Action Task Force’s (FATF) updated list of jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies and relevant actions by the U.S. Government. These changes may affect U.S. financial institutions’ obligations and risk-based approaches regarding relevant jurisdictions. The advisory also reminds financial institutions of the status and obligations involving these jurisdictions.

SBA Hosting a Twitter Chat on Holiday Marketing Tips for Small Businesses

Are you looking for holiday marketing tips for your small business?  Credit unions might want to take advantage of a Twitter chat the U.S. Small Business Administration (SBA) is hosting Nov. 19, 3:00 pm (ET).  The SBA will be sharing tips and tricks to help you succeed during the holiday shopping season, including how to make the most of Small Business Saturday.

FFIEC Revises IT Examination Handbook - Business Continuity Management Booklet

The Federal Financial Institutions Examination Council (FFIEC) revised its Business Continuity Management Booklet, which is part of the FFIEC Information Technology Examination Handbook. The booklet replaces the Business Continuity Planning booklet issued in February 2015.  The revision stresses to examiners the value of resilience to avoid disruptions to operations.

Understand the Latest Trends at CEO Summit

CEO Summit

Some trends are simply unrealistic while others show a true shift in the financial tech space. At CEO Summit, January 19-22, find out which ideas the trendsetters are following in the session, “2020 Trends that the Most Aggressive FIs are Following.”

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

Embrace Change for 2020 to Experience Greater Outcomes -- 3 Steps to Increasing Outreach and Improving Performance

JMFA

By: Mark Roe, Executive Vice President of National Sales

A quick peek into what lies ahead for credit unions in 2020 reveals some formidable challenges, but also exciting opportunities for institutions that embrace change and remain focused on putting members first. By keeping an eye on the internal and external conditions that impact your service delivery capabilities and utilizing proven resources to implement consumer-friendly, compliant services, you can make the most of the opportunities that exist and improve the overall service experience for your members.

Our New Competition Aims To: Save our Small Credit Unions

CUImpossible

Tuesday, October 8, 2019 – You don’t get to be a thriving credit union if you don’t start small. But many small credit unions today find it hard to compete and grow. We get it. We’re a team of consultants, marketing pros, communications experts and more who’ve seen it – and we want to see small credit unions thrive.

Announcing the Virtual Credit Union Ambassador Contest

A virtual contest will be held for individuals whose credit union is in a region with an inactive chapter or which does not a hold a Credit Union Ambassador Contest. Each contestant must submit a three-minute pre-recorded speech as a video link (YouTube, Facebook, etc.), along with a signed form with supervisor approval. The contestants may introduce themselves briefly before starting their speech. The timer will start when the speech begins. The video link and form may be sent to Jessilyn Kumpf.

CFPB Releases Financial Well-Being Report, State-by-State Comparisons

The Consumer Financial Protection Bureau (Bureau) issued a report Wednesday with state-by-state comparisons of financial well-being scores. The scores are based on Bureau analysis of the Financial Industry Regulatory Authority Foundation’s 2018 National Financial Capability Study. The report shows that the average financial well-being scores for all adults (ages 18 and older) in the United States ranged from a low of 50 in Mississippi to a high of 54 in California, the District of Columbia and Hawaii. For the United States, the average financial well-being score was 52.

CMG: Digital Workplace Apps Drive Engagement and Class Action Lawsuits

CUNA Mutual Group (CMG) issued a Risk Alert alerting credit unions that digital workplace apps can assist employers in facilitating engagement among employees. The apps strive to funnel employee relations and development into an accessible and efficient, single portal – providing a unique alternative to workplace productivity and employee enrichment. However, some employees have filed class action lawsuits that fall into categories like expense reimbursement, off-the-clock work, interruption of meal or rest periods, and content-based claims.

North Central Chapter Meeting

Chapter: North Central Chapter of Credit Unions         

Date:   Monday, December 9, 2019 

Time:  Networking 11:30am, 12:00 – 2:00pm Lunch and Presentations       

Cost:   $35.00

Spring FiCEP! Help Your Members Build a Strong Financial Future

The New Jersey Credit Union Foundation wants to help you and your staff become more confident in helping members build a stronger financial future. CUNA’s Financial Counseling Certification Program (FiCEP) is designed for credit union staff who work in the financial counseling, collections, and loan departments, or any other staff members who are committed to helping members gain control of their financial future.  Staff successfully completing the program will earn the Certified Credit Union Financial Counselor (CCUFC) designation. 

Spring FiCEP! Help Your Members Build a Strong Financial Future

The New Jersey Credit Union Foundation wants to help you and your staff become more confident in helping members build a stronger financial future. CUNA’s Financial Counseling Certification Program (FiCEP) is designed for credit union staff who work in the financial counseling, collections, and loan departments, or any other staff members who are committed to helping members gain control of their financial future.  Staff successfully completing the program will earn the Certified Credit Union Financial Counselor (CCUFC) designation. 

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

FinCEN Reissues Real Estate Geographic Targeting Orders for 12 Metropolitan Areas

The Financial Crimes Enforcement Network (FinCEN) announced recently the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The purchase amount threshold remains $300,000 for each covered metropolitan area.

Minimum Wage-related Bills Slated for Senate Committee Consideration

Two minimum wage-related bills are scheduled for Senate Labor Committee consideration on Thursday. One would suspend or delay the minimum wage increase enacted last Spring in the event of an economic downturn. The other would create a task force to study the effect the minimum wage increase has on businesses, including their ability to hire new workers, whether they needed to cut hours or lay off workers to make ends meet, and whether they have switched to automation.

State Legislative Leadership to Remain Unchanged Following Last Weeks’ Elections

While last week’s state legislative elections offered a few surprises with Republicans picking a Senate seat and at least two Assembly seats, with two other potential pick-ups that have yet to be called officially, Thursday’s legislative leadership elections offered no such drama or surprises with both the Democratic and Republican caucuses re-electing their current leaders for the 219TH Legislature that will convene in January, Senate President Sweeney (D-3), Senate Republican Leader Tom Kean, Jr. (R-21), Assembly Speaker Craig Coughlin (D-19) and Assembly Republican Leader Jon Bramnick (R-21).   

Temporary Spending Measure, Financial Services Markup This Week

U.S. House lawmakers are expected to begin work on a temporary spending measure this week with a goal of passing it before current government funding expires November 21. The White House said it will support a month-long extension. Appropriators are also continuing discussions on a dozen fiscal year 2020 spending bills, including the National Defense Authorization Act (H.R. 2500; S.1790).

Small CU Leaders Register for a Virtual and Live Session: Elder Financial Exploitation Common Scams and Frauds

Click here to register for Free!

In February 2019, the Consumer Financial Protection Bureau (CFPB) released a study on elder financial abuse, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends. The CFPB reports that since 2013, financial institutions have reported to the federal government over 180,000 suspicious activities targeting older adults, involving a total of more than $6 billion. These reports indicate that financial exploitation of older adults by scammers, family members, caregivers, and others is widespread in the United States.

NJCUL: Robbery Preparedness Meeting Your Annual Compliance Requirement

Register today to attend a webinar titled, Robbery Preparedness: Meeting Your Annual Compliance Requirement, Wed., Nov. 20.  With robbery, the best defense is always proper preparation. The goal and focus should be implementing procedures and training that deter robbers. In this fast-paced webinar, you will learn ways to protect yourself and your workplace from multiple robbery methods and how to make your institution a less desirable target. Learn the latest FBI robbery statistics, how to best assist law enforcement, and which details are important to investigators. You must understand the actions employees should and shouldn't take during a robbery.

Nov. 11 is Veterans Day! Join Credit Unions Celebrating Veterans, ‘Send a Veterans Day eCard’!

Credit unions have long supported and served retired and active duty members of the military, and their family members, while consistently showing appreciation for their service to our country.  NCUA helps credit unions with that cause by offering information tailored for the needs of members of the military and their families(opens new window) on its consumer website, MyCreditUnion.gov. Veterans currently make up 17 percent of NCUA’s total workforce and 8 percent of its senior staff. The NCUA also supports an employee resource group for veterans, Veterans at NCUA Serving, which provides an environment for veterans on staff to share experiences, build community, and foster professional development.

USAA Awarded $200M from Wells Fargo in RDC Lawsuit

A U.S. District Court jury has awarded USAA $200 million in a patent infringement lawsuit against Wells Fargo yesterday involving remote deposit capture (RDC). USAA filed suit in June 2018 against Wells Fargo alleging that the bank infringed on certain USAA RDC patents, specifically patents related to mobile check capture.

Spring FiCEP! Help Your Members Build a Strong Financial Future

The New Jersey Credit Union Foundation wants to help you and your staff become more confident in helping members build a stronger financial future. CUNA’s Financial Counseling Certification Program (FiCEP) is designed for credit union staff who work in the financial counseling, collections, and loan departments, or any other staff members who are committed to helping members gain control of their financial future.  Staff successfully completing the program will earn the Certified Credit Union Financial Counselor (CCUFC) designation. 

Happy Veterans' Day

The Daily Exchange will resume its regular publication schedule on Tuesday, November 12. Thank you to all who served or are serving to protect our country.

Senate Committee Holds Hearing on Affordable Housing Access and Safety Nov. 7

The Senate Committee on Banking, Housing and Urban Affairs met Nov. 7 at 10:00 am to conduct a hearing entitled “Examining Bipartisan Bills to Promote Affordable Housing Access and Safety.” The witnesses will be: Ms. Ivory N. Mathews, Interim Executive Director, Columbia Housing; Mr. Mark J. Yost, President and CEO, Skyline Champion Corporation, on behalf of the Manufactured Housing Institute; and Ms. Peggy Bailey, Vice President for Housing Policy, Center on Budget and Policy Priorities.

North Central Chapter Meeting

Chapter: North Central Chapter of Credit Unions         

Date:   Monday, December 9, 2019 

Time:  Networking 11:30am, 12:00 – 2:00pm Lunch and Presentations       

Cost:   $35.00

Learn, Network, and Relax at CEO Summit

CEO Summit

As you anticipate the chilly, winter weather, mark a bright spot on your January calendar for CEO Summit. Spend three days in beautiful Key West, Florida, learning, networking, and relaxing with your colleagues from the mid-Atlantic region.

CFPB Director Kraninger Addresses Small Business Lending Concerns

Wednesday, the Consumer Financial Protection Bureau (Bureau) held a symposium focused on Section 1071 of the Dodd-Frank Act, which requires the bureau to collect data related to small business lending.  Bureau Director Kathy Kraninger’s remarks acknowledges these concerns as she emphasized the need to better understand small business lending.

CUNA, Foundation Participates in NCUA’s Diversity Summit

CUNA and National Credit Union Foundation staff presented at Wednesday’s NCUA summit on diversity, equity and inclusion (DEI) in Alexandria, Va. CUNA Senior Policy Analyst Samira Salem and National Credit Union Foundation Chief Financial and Operations Officer Hannibal Brumskine both presented, and CUNA Chief Engagement Officer Greg Michlig, Deputy Chief Advocacy Officer Elizabeth Eurgubian, Media Relations Manager Lauren Williams and American Association of Credit Union Leagues Executive Director Brad Miller were in attendance, in addition to League and credit union personnel.

Comment Call for CFPB Tech Sprints RFI Due Nov. 8

The Consumer Financial Bureau (Bureau) is tasked with facilitating innovation in the consumer financial services market as part of its statutory mission. In fulfilling this objective, the Bureau has sought to strengthen its collaboration with stakeholders in order to develop solutions to shared problems.

The FTC Sounds the Alarm on Real Estate Scams

Credit unions should warn their members, if it sounds too good to be true, it probably is.  For the second time in about a month, the Federal Trade Commission (FTC) sued a company that falsely promised it would show people how to earn money in real estate to get them to pay thousands of dollars for seminars.

Credit Unions and MLO Officers NLMS Review is Underway!

The Nationwide Multistate Licensing System (NMLS) Annual Renewal Period began on November 1 and ends on December 31. According to federal regulations, both institutions and most individual mortgage loan originators (MLOs) must be renewed through NMLS annually. If the renewal process is not completed prior to December 31st, the MLO is placed in an “Inactive” registration status both on NMLS and NMLS Consumer Access.

Inactive registrations must be reactivated in order to have an “active” registration status. NMLS requires a $30 processing fee for each MLO seeking to renew or reactivate a registration. MLOs who are submitted for renewal but did not complete renewal attestation prior to December 31 need to be reactivated, incurring an additional $30 processing fee at the time of reactivation.

CMG Cautions Mobile Devices: The Next Frontier of Risk

According to CUNA Mutual Group, mobile devices have transformed the way we live and work, which has made it challenging to protect sensitive data. Whether it’s using a personal cellphone for work related purposes or using a cellphone at work for personal related purposes – mobile devices have become a growing threat to organizations.

FTC Acts to Shut Down Companies Operating Real Estate Seminar Scheme

The Federal Trade Commission and the Utah Division of Consumer Protection sued Nudge, LLC and affiliated companies, alleging that they make empty promises about earning money by “flipping” houses, to convince consumers to buy real estate training packages that cost thousands of dollars. In a filing today, the FTC and the Utah Division of Consumer Protection requested that a court prohibit Nudge and its affiliates (Nudge) from selling the packages.

Republicans Pick-up Seats in NJ Legislative Elections

As a result of yesterday’s elections, the Republicans will gain as many as four seats in the Assembly and one in the Senate for the 2020-2021 legislative session. Despite an expectation that Democrats would pick up a few seats, conventional wisdom that suggests the minority party generally gains seats in off-year elections prevailed.

Completing BankSafe Training Saves Consumers, FIs Nearly $1M

AARP released a study this month on the impact of training financial professionals to prevent financial exploitation. AARP collaborated with CUNA to launch the BankSafe program in May, designed to empower financial institution employees with the ability to identify signs of exploitation of older Americans.

CUs Difference is Investment in Financial Inclusion, Health, Security

One hundred and fifteen million Americans have chosen to become member-owners of a not-for-profit credit union because credit unions put members ahead of profit, CUNA Chief Advocacy Officer Ryan Donovan wrote to congressional offices Tuesday. This week’s communication is the latest in CUNA’s continued engagement with all Capitol Hill offices on the benefits of the credit union difference around the country.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

Enhanced FiCEP Recertification

If you completed FiCEP and earned your Financial Counselor certification in 2017, it’s time for you to renew passing a single, 40-question recertification exam which is designed to keep your skills sharp and your counseling knowledge up to date.

Our New Competition Aims To: Save our Small Credit Unions

CUImpossible

Tuesday, October 8, 2019 – You don’t get to be a thriving credit union if you don’t start small. But many small credit unions today find it hard to compete and grow. We get it. We’re a team of consultants, marketing pros, communications experts and more who’ve seen it – and we want to see small credit unions thrive.

Effective Date of NACHA’s ACH Debit WEB Entries Rule Pushed to 2021

In response to the growing losses from fraudulent ACH debits, NACHA is making a rule change for validating debit WEB entries - the types of ACH debits members can initiate through online banking using A2A / external transfer service, a service offered by card processors, or a web payment service. The new rule enhances the screening process by requiring an “account validation” process.

Gift Cards Used in Business Email Compromise Scam

Business email compromise (BEC) is one of the most common scams with fraudsters targeting employees who have access to company finances. By creating a sense of urgency, fraudsters typically convince employees to wire funds to them. However, a new twist targets purchasing gift cards instead of wires. By using gift cards, fraudsters eliminate the need to recruit a money mule to receive and redirect stolen funds. This BEC variation is anticipated to grow significantly.

NCUA / SBA to Host Second Webinar, Nov. 13

Credit unions that participate in U.S. Small Business Administration programs or that are interested in those programs can get valuable information on a Nov. 13 webinar hosted by the SBA and the National Credit Union Administration.

New Overtime Rule Changes - Effective January 1, 2020

On September 24, 2019, the Department of Labor issued final rules on overtime pay under the Fair Labor Standards Act that become effective on January 1, 2020. Virtually all financial institutions will be impacted, so you must prepare now! The salary level test for the "executive, administrative, and professional" overtime exemption will increase from $455 to $684 per week. Therefore, as of January 1, 2020, employees must be paid at least $35,568 per year to satisfy the salary level test for the overtime exemption and must also satisfy the specific duties test. Any employer that violates these new rules will be liable for back pay, interest, damages, and attorney fees.

Today’s Election Day, Don’t Forget to Vote!

Election DayWhile most of the country is focused on next year’s presidential election, today voters in Kentucky and Mississippi will elect governors and voters in four states will elect various state lawmakers. Louisiana has a gubernatorial run-off election on November 16.  

Rep. Pascrell Leads Bi-partisan Group Demanding Changes to National Flood Insurance Program

Last week NJ Congressman Bill Pascrell, Jr. (D-9), together with House colleagues Reps. Garret Graves (R-LA), Charlie Crist (D-FL), David Rouzer (R-NC), Debbie Mucarsel-Powell (D-FL), and Francis Rooney (R-FL) led a letter signed by 64 members of Congress demanding affordable insurance rates in a long-term National Flood Insurance Program (NFIP) reauthorization. In the letter addressed to congressional leadership, the members cite a failure to address expected NFIP premium increases under the Federal Emergency Management Agency’s (FEMA) new methodology for assessing risk, which will become effective next year.

Final Wendy’s Settlement Approval Set for November 6

The U.S. District Court for the Western District of Pennsylvania will hold a final approval hearing Nov. 6 for the settlement in the Wendy’s data breach lawsuit. CUNA, state leagues and a number of credit unions are among the plaintiffs in the lawsuit, which stems from a 2016 data breach at the restaurant chain.

North Central Chapter Meeting, December 9

Chapter: North Central Chapter of Credit Unions         

Date:   Monday, December 9, 2019 

Time:  Networking 11:30am, 12:00 – 2:00pm Lunch and Presentations       

Cost:   $35.00

CUNA Calling for Nominations for Credit Union Hero Program

Nominations are open for the Credit Union Magazine’s Credit Union Hero Awards. The credit union movement is full of unsung professionals who devote their talent to shaping a brighter future for members and their community. Credit Union Magazine’s Credit Union Hero Award honors these credit union leaders who demonstrate their commitment to the longstanding people-helping-people credit union philosophy.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

FTC Files Case Against Stalking Apps

The Federal Trade Commission (FTC) has announced it has filed a complaint barring the developers of three “stalking” apps from selling apps that monitor consumers’ mobile devices unless they take certain steps to ensure the apps will only be used for legitimate purposes. The settlement resolves allegations that these apps compromised the privacy and security of the consumer devices on which they were installed.

New Strategic Plan for Fannie and Freddie

The Federal Housing Finance Agency has released a new Strategic Plan for the conservatorships of Fannie Mae and Freddie Mac and a new 2020 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions. The Strategic Plan provides a framework for how FHFA will guide Fannie Mae and Freddie Mac to fulfill their statutory missions, focus on safety and soundness, and prepare for a responsible end to the conservatorships.

InfoSight Highlight on Board Responsibilities, Fidelity Bonds

Check out InfoSight’s updated topic on ‘Director Responsibilities‘ to reflect the recent changes made by the NCUA related to fidelity bond requirements for federally insured credit unions. These requirements are located under the Board Responsibilities channel since there are new requirements for the Board to follow in the review and approval of fidelity bond insurance for the credit union.

Understand the Latest Trends at CEO Summit

Some trends are simply unrealistic while others show a true shift in the financial tech space. At CEO Summit, January 19-22, find out which ideas the trendsetters are following in the session, “2020 Trends that the Most Aggressive FIs are Following.”

Fed Cuts Rates, Third Time This Year

The Federal Open Market Committee (FOMC) cut interest rates by 25 basis points yesterday at the conclusion of its regular two-day monetary-policy setting meeting. The federal funds target rate is now set at a range of 1.5 to 1.75 percent.

Announcing the Virtual Credit Union Ambassador Contest

A virtual contest will be held for individuals whose credit union is in a region with an inactive chapter or which does not a hold a Credit Union Ambassador Contest. Each contestant must submit a three-minute pre-recorded speech as a video link (YouTube, Facebook, etc.), along with a signed form with supervisor approval. The contestants may introduce themselves briefly before starting their speech. The timer will start when the speech begins. The video link and form may be sent to Jessilyn Kumpf.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

Bill Would Enhance Federal Regulators’ Cybersecurity Programs

Protecting Americans’ financial and other personal information no matter what entity possesses it is of utmost importance to credit unions, CUNA wrote to House Financial Services Committee leadership Tuesday. The committee conducted a markup of several bill starting Tuesday, including the CUNA/League-supported Cybersecurity and Financial System Resilience Act of 2019 (H.R. 4458).

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

FHFA Releases New Strategic Plan and Scorecard for Fannie Mae and Freddie

The Federal Housing Finance Agency (FHFA) yesterday released its 2019 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac and a new 2020 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions. The Strategic Plan provides a framework for how FHFA will guide Fannie Mae and Freddie Mac (the Enterprises) to fulfill their statutory missions, focus on safety and soundness, and prepare for a responsible end to the conservatorships. The Scorecard aligns the Strategic Plan with the Enterprises’ tactical priorities and operations, serving as an essential tool to hold the Enterprises accountable for the effective implementation of the Strategic Plan. 

Embrace Change for 2020 to Experience Greater Outcomes

JMFA

3 steps to increasing outreach and improving performance

 By: Mark Roe, Executive Vice President of National Sales

 A quick peek into what lies ahead for credit unions in 2020 reveals some formidable challenges, but also exciting opportunities for institutions that embrace change and remain focused on putting members first. By keeping an eye on the internal and external conditions that impact your service delivery capabilities and utilizing proven resources to implement consumer-friendly, compliant services, you can make the most of the opportunities that exist and improve the overall service experience for your members.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

Our New Competition Aims To: Save our Small Credit Unions

CUImpossible

Tuesday, October 8, 2019 – You don’t get to be a thriving credit union if you don’t start small. But many small credit unions today find it hard to compete and grow. We get it. We’re a team of consultants, marketing pros, communications experts and more who’ve seen it – and we want to see small credit unions thrive.

Today, we are launching Credit Union Impossible, a competition where one credit union with less than $100 million will be selected for a once-in-a-lifetime opportunity to get one-on-one strategic, executive, marketing and public relations advice and services, for free. Credit unions can apply at CUImpossible.com. We want to help your credit union grow.

“The community still has underserved and underbanked. Payday lenders prey on those that do not know better, but still the credit union loses members or struggles to grow assets,” said Bo McDonald, CEO of Your Marketing Co., which specializes in helping credit unions. “With small credit unions going away, rural communities and underserved markets are in jeopardy of losing their financial advocates.”

Each member of our team comes with a different skill to help your small credit union act like a big credit union”

  • “Leverage Point helps credit unions think strategically about their communications and we want to help small credit unions tell their stories to their communities to make an impact,” said Dan Mayfield, Public Affairs Director at Leverage Point Inc., a lobbying and public affairs firm Albuquerque, New Mexico
  • “A small credit union can and should have an online presence that is compelling, convenient, and speaks to their members’ lifestyle. At uncommn Marketing Partners, we develop websites that allow organizations of all sizes to look and function their absolute best on any device,” said From Marne Frankilin, CEO of uncommn.
  • “Your Credit Union Partner exists to help leaders identify practical strategies that support growth, profitability and relevance. Our guidance comes from decades worth of “hands-on, in the trenches” credit union experience. Many of our clients are among the most profitable and fastest growing credit unions” Alison Carr MBA, CUDE, I-CUDE Chief Strategic Officer

One credit union under $100 million in assets will be chosen for all industry partners involved in this project to receive services free of charge. A holistic plan will be produced specifically for the chosen credit union and each partner will work together to create a strategic plan and individually as needed to fulfill the project scope.

The Basics:

  • Applications accepted October 8 - December 6, 2019
  • Finalists announced January 13, 2020
  • Final credit union announced January 27, 2020

The Goodies:

Find out more at CUImpossible.com where you can learn the detail of the competition, find application forms, learn about our team, and the specifics of what you’ll win.

NCUA Finalizes Nonmember Deposit Rule, Issues FOM Proposal

The NCUA Board Thursday finalized a nonmember deposits rule, proposed field of membership changes to align with the recent victory in the D.C. Circuit Court of Appeals, and received a briefing on cybersecurity. Representatives from the Heartland Credit Union Association and member credit unions were in attendance at the meeting, being acknowledged by NCUA Chairman Rodney Hood.

ComplySight Custom Reports and Free Trial Offer!

ComplySight now includes a Custom Report Wizard which allows users to design and save their own custom reports!  While some pre-designed system reports are still available, the Custom Report Wizard allows users to create their own reports so they can select the exact fields and filters they want to see.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

Our New Competition Aims To: Save our Small Credit Unions

CUImpossible

Tuesday, October 8, 2019 – You don’t get to be a thriving credit union if you don’t start small. But many small credit unions today find it hard to compete and grow. We get it. We’re a team of consultants, marketing pros, communications experts and more who’ve seen it – and we want to see small credit unions thrive.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

CUNA Partners with FASB for Dec. 19 CECL Webinar

CUNA will partner with the Financial Accounting Standards Board (FASB) for a Dec. 19 webinar on the current expected credit loss (CECL) standard, one of several CECL implementation workshops hosted by credit union organizations. FASB recently approved delaying CECL implementation for credit unions to January 2023. CECL is a new accounting standard that uses an “expected loss” measurement for the recognition of credit losses.

Register for NJCUL’s Financial Education Webinar 1099 Reporting

Financial institutions are required to file Form 1099-A and/or Form 1099-C when they foreclose or repossess collateral or forgive or cancel debt. For example, Form 1099-A must be filed when the financial institution forecloses on collateral (but there are many exceptions you need to know), and Form 1099-C must be filed when the institution cancels a debt (even if you haven't actually forgiven the debt). Join us for a line-by-line review and learn how, when, and what to report on Forms 1099-A and 1099-C.

FHFA Director Warns of Potential Fannie/Freddie Failures Without Needed Reforms

Warning that "in their current condition, Fannie and Freddie will fail in a downturn," Federal Housing Finance Agency (FHFA) Director Mark Calabria stressed the importance of reforming the government-sponsored enterprises (GSEs). Calabria said the agency will know soon whether it needs to re-propose the GSEs' capital rule, which he described as "the most important rulemaking" he will make while at the FHFA.

Secondary Mortgage Market Should Meet Needs of Smaller Lenders, CUNA Writes

CUNA and its member credit unions remain committed to working with Congress and the administration to refine and build upon housing finance reform proposals to ensure a strong and sustainable secondary mortgage market that ensures the availability of affordable housing. The House Financial Services Committee conducted a hearing Tuesday reviewing the administration’s housing finance reform plans.

Enhanced FiCEP Recertification

If you completed FiCEP and earned your Financial Counselor certification in 2017, it’s time for you to renew passing a single, 40 question recertification exam which is designed to keep your skills sharp and your counseling knowledge up to date.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

Our New Competition Aims To: Save our Small Credit Unions

Our New Competition Aims To:
Save our Small Credit Unions

CUImpossible

Tuesday, October 8, 2019 – You don’t get to be a thriving credit union if you don’t start small. But many small credit unions today find it hard to compete and grow. We get it. We’re a team of consultants, marketing pros, communications experts and more who’ve seen it – and we want to see small credit unions thrive.

Concerns with Bill Granting NCUA Third-party Vendor Authority Outlined for House Task Force

The House Financial Services Committee Taskforce on Artificial Intelligence will convene a hearing today to address the growing number of data and cybersecurity attacks targeting the financial services industry. As policymakers seek to patch several cybersecurity policy holes, CUNA anticipates that legislation will be put forth that would extend to NCUA the authority to oversee credit union service organizations (CUSOs) and other third party vendors, and expand credit unions’ ability to invest in CUSOs.

As the financial services industry becomes increasingly reliant upon third-party vendors and their service providers to provide cutting-edge digital services, Congress has become increasingly concerned that bank regulators do not have sufficient authority to supervise these vendors. Congress is further concerned that the NCUA does not currently have any authority to regulate and supervise CUSOs. 

CFPB Issues Final HMDA Rule to Provide Relief to Smaller Institutions

The Consumer Financial Protection Bureau has announced its approval of a rule that finalizes certain aspects of its May 2019 Notice of Proposed Rulemaking under the Home Mortgage Disclosure Act (HMDA). It extends for two years the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA. The rule also clarifies partial exemptions from certain HMDA requirements that Congress added in the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

ITIN Expiration Alert

The IRS has issued a reminder that taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) can get their them renewed more quickly and avoid refund delays next year by submitting their renewal application now. An ITIN is a tax ID number used by taxpayers who don't qualify to get a Social Security number. Any ITIN with middle digits 83, 84, 85, 86 or 87 will expire at the end of this year. In addition, any ITIN not used on a tax return in the past three years will expire.

InfoSight Highlight: FFIEC Cybersecurity Assessment Tool

In June 2015, the Federal Financial Institutions Examination Council (FFIEC) launched their Cybersecurity Assessment Tool to help institutions identify their risks and assess their cybersecurity preparedness. NCUA encourages all credit unions to use the FFIEC tool to manage cyber security risks. While the use of the tool is not mandatory, NCUA examiners are incorporating the tool into their examination process. 

NCUA and Other Federal Financial Regulatory Agencies Seek Comment

Four federal financial regulatory agencies, including the National Credit Union Administration (NCUA), today requested comment on a proposed Interagency Policy Statement on Allowances for Credit Losses. This proposed policy statement is intended to promote consistency in the interpretation and application of the Financial Accounting Standards Board's (FASB) credit losses accounting standard, which introduces the current expected credit losses (CECL) methodology.

FASB Agrees to Delay CECL Implementation until 2023

The Financial Accounting Standard Board agreed to delay the current expected credit loss (CECL) standard until January 2023 at its Wednesday meeting. CUNA and the state leagues support the delay, but continue to have concerns about CECL, which would use an “expected loss” measurement for the recognition of credit losses.

Do Your Data "Bytes” Have a Bad Aftertaste... By Rich Jones

Data Bytes

We all know how important data is to our credit union. Let's face it; we are report addicted. We love our reports. We like to compare day to day, month to month, year to year, and peer to peer. Let's get real, we run two reports side by side and, oh the horrors; the numbers don't match the general ledger or the neighboring report. The math doesn't balance. The result is, we get many numbers to look at that we can't trust. So, we fall back on our gut, instincts, and intuition.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

Designing For Change: A Practical Guide To Branch Transformation

Credit Unions today are faced with many challenges. They need to prove their relevancy in an age where members have endless choices on where and when to conduct their business and can choose whether to do it in person or online from the comfort of their own surroundings. Credit Union branches can no longer just be transaction hubs but have to be multi-faceted experience centers capable of satisfying the demanding needs of today’s multi-generational consumer base.

Support the New Jersey Credit Union Foundation Through the Upcoming Wine, Lose, or Draw Fundraising Event

NJCUL Convention attendees and exhibitors, their colleagues, friends, and family members can purchase tickets for $20.00.  For each ticket purchased, the ticket holder is guaranteed to win a bottle of wine or spirits.  It may be worth $15 or it may be worth $250!  Be sure to find a Foundation board member to buy a ticket or visit the Wine, Lose, or Draw booth in the Exhibit Hall.

Funding CDRLF at $2M is Critical to Credit Unions, CUNA Tells Appropriators

NCUA’s Community Development Revolving Loan Fund (CDRLF) is a critically important program and should be fully funded at $2 million in fiscal year 2020, CUNA wrote to House and Senate appropriators Tuesday. The House-passed Financial Services and General Government (FSGG) Appropriations Act for fiscal year 2020 (H.R. 3351) provides $2 million for the CDRLF, but the FSGG bill passed by the Senate Appropriations Committee in September does not.

Hear Jill Nowacki present at the NJCUL Convention

Should I stay or should I go? It’s a question often asked from executives pondering their professional lives. Sure, it comes with different variations: Does leaving now make me look like a job hopper? If I stay and hope for the next promotion, will I still seem ambitious enough? Will I regret turning down this definite offer for the promise of potential?

CFPB Announces Taskforce on Federal Consumer Financial Law

The Consumer Financial Protection Bureau (CFPB) announced Friday that it will establish a taskforce to examine the regulatory environment and recommend ways to improve federal consumer financial laws. The taskforce will work independently from the Bureau to conduct new research and legal analysis of consumer credit with a goal of addressing gaps, simplifying and modernizing consumer protection laws.

Our New Competition Aims To: Save our Small Credit Unions

CUImpossible

Tuesday, October 8, 2019 – You don’t get to be a thriving credit union if you don’t start small. But many small credit unions today find it hard to compete and grow. We get it. We’re a team of consultants, marketing pros, communications experts and more who’ve seen it – and we want to see small credit unions thrive.

NCUA Posts Final Rule on Audits and Verifications

The NCUA has published [84 FR 53303] a final rule amending its regulations governing the responsibilities of a federally insured credit union to obtain an annual supervisory committee audit of the credit union. The final rule implements recommendations outlined in the agency's Regulatory Reform Task Force's Regulatory Reform Agenda and will provide additional flexibility to FICUs.

Check Out Compliance Connection Videos!

Compliance training educates your staff on the laws and/or regulations applicable to their role in the credit union. A proper understanding of compliance helps to minimize risk, maintain the credit union’s reputation and provides a better environment for your staff and members. Our Compliance Connection channel is a great resource to bring everyone up to speed  changes to laws and regulations, including when the changes take effect and what your credit union needs to do to be in compliance.

Leaders of CFTC, FInCEn , SEC Issue Joint Statement on FI’s AML/CFT Obligations

The leaders of the U.S. Commodity Futures Trading Commission, the Financial Crimes Enforcement Network, and the U.S. Securities and Exchange Commission (the “Agencies”) today issued the following joint statement to remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT) obligations under the Bank Secrecy Act (BSA).

CFPB Issues Final HMDA Rule to Provide Relief to Smaller Institutions

The Consumer Financial Protection Bureau (CFPB) today issued a rule which finalizes certain aspects of its May 2019 Notice of Proposed Rulemaking under the Home Mortgage Disclosure Act (HMDA). It extends for two years the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA. The rule also clarifies partial exemptions from certain HMDA requirements which Congress added in the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

CMG Alert: Felony Lane Gang Uses Stolen IDs to Cash Stolen Checks at Credit Unions

CUNA Mutual Group (CMG) recently issued an Alert to all credit unions that a burglary and identity theft ring, dubbed the “Felony Lane Gang,” continues to hit financial institutions throughout the country by cashing fraudulent checks using someone else’s identity. The Felony Lane Gang gets its name from using the farthest drive-thru lane from the teller to cash the stolen checks. Authorities report that suspects usually rent vehicles and wear wigs to commit their crimes as most victims are women.

Join WOCCU in Celebrating International Credit Union Day! Oct. 17

The World Council of Credit Unions (WOCCU) will celebrate International Credit Union Day’s 71st anniversary on Oct. 17 with a daylong social media promotion of ICU Day activities and events spanning multiple continents.

International Credit Union Day® is held annually on the third Thursday of October to celebrate the spirit of the global credit union movement. Through ICU Day festivities worldwide, credit unions raise awareness through outreach and volunteering in the community, organizing contests, charitable fundraisers and open houses.

As the international trade association and development platform for credit unions worldwide, World Council plans to showcase ICU Day 2019 celebrations from across the globe on  FacebookTwitterInstagram and LinkedIn pages throughout the day.

 “This year’s theme for ICU Day is ‘Local Service. Global Reach.’ What better way to emphasize our role in that effort than to highlight the local service credit unions from around the world are providing to their members and staff,” said Brian Branch, World Council president/CEO.

In addition to promoting what credit unions across the globe are doing, WOCCU professionals will also provide ICU Day 2019 messages from different corners of the world.

Credit unions who would like to have their ICU Day 2019 activities or events featured on World Council’s social media pages can email communications@woccu.org before Oct. 17, or simply tag their social media posts on ICU Day 2019 with the hashtags #ICUDay and #WOCCU.

ICU Day logos and posters—as well as celebration ideas and other tips to create unique, memorable member experiences to help celebrate ICU Day—are available at CUNA’s ICU Day page and WOCCU’s ICU Day page.

Resources:

IT SCC and DHS Release Small and Midsize Businesses Cybersecurity Survey

Wondering what small and midsize businesses (SMBs) think about cybersecurity? Or maybe you would like to tell someone what you think. Well, here’s your chance. The Information Technology Sector Coordinating Council (IT SCC) and Department of Homeland Security (DHS) just released a voluntary survey about SMB cybersecurity practices – and we are helping to get the word out.

NCUA Posts Final Rule on FCU Bylaws

The National Credit Union Administration (NCUA) Board has published [84 FR 53278] a final rule to update, clarify, and simplify the federal credit union bylaws. The final rule updates and conforms the bylaws to legal opinions issued by the NCUA's Office of General Counsel and provides greater flexibility to federal credit unions (FCUs). The final rule also makes other changes that are designed to remove outdated or obsolete provisions.

Looking for Information on Creating a Board / CEO Succession Plan? Check Out ‘Topics of Interest’ on InfoSight

Looking for help on creating a Board or CEO Succession Plan?  Look no further!  In September, InfoSight got a new look for NJCUL credit union members.  Take a peek at the newly redesigned InfoSight!  Our goal with the new website was to create a more interactive and user-friendly experience for our member credit unions. The design is more modern, streamlined, and much easier to navigate. 

Do Your Data "Bytes” Have a Bad Aftertaste... By Rich Jones

Data Bytes

We all know how important data is to our credit union. Let's face it; we are report addicted. We love our reports. We like to compare day to day, month to month, year to year, and peer to peer. Let's get real, we run two reports side by side and, oh the horrors; the numbers don't match the general ledger or the neighboring report. The math doesn't balance. The result is, we get many numbers to look at that we can't trust. So, we fall back on our gut, instincts, and intuition.

Peter Sullivan CUNA Mutual Group at Convention Monday, Oct. 21, 4:00 5:00 PM

The Transformation of Executive Benefits: What it Means for Your Next Executive Search

Using an increased universe of investments to counteract continued low returns—and the rising costs of employee benefits. Hear how your credit union can strategically invest in funding solutions such as business-owned life insurance, annuities, and even stocks and bonds to substantially increase return on assets—as long as earnings are earmarked for an employee benefits program. Learn how to safely structure your program, so it’s not subject to the investment limitations of parts 703 and 704, how to ensure your plan remains in compliance and performs as it was designed.

Meet us on the Boardwalk!  Registration is OPEN for the 85th NJCUL Annual Convention and Meeting, at the brand-new Hard Rock Hotel & Casino in Atlantic City. Click HERE for more info and to register.

NJCUL Room Block for 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

Register Today for Tomorrow’s NJCUL Free Webinar! Steps to “Successful” Succession Planning

Join us for a free compliance webinar hosted by the New Jersey Credit Union League that discusses the basics of credit union succession planning.  Succession planning plays a role in good corporate governance.  As such, it is a component of the Board’s responsibility to ensure they have a plan for CEO succession and the plan is reviewed annually.  In reality, credit unions know that the CEO’s role, while critical, is not the only role at a credit union that should be included in a sound succession plan.

Enhanced FiCEP Recertification

If you completed FiCEP and earned your Financial Counselor certification in 2017, it’s time for you to renew passing a single, 40 question recertification exam which is designed to keep your skills sharp and your counseling knowledge up to date.

Wine, Lose, or Draw Fundraising Event at NJCUL Convention

NJCUL Convention attendees and exhibitors, their colleagues, friends, and family members can purchase tickets for $20.00.  Foreach ticket purchased, the ticket holder is guaranteed to win a bottle of wine or spirits.  It may be worth $15 or it may be worth $250!  Be sure to find a Foundation board member to buy a ticket or visit the Wine, Lose, or Draw booth in the Exhibit Hall.

Nominate a "Realtor with Heart" Winners to be Announced at the North Jersey FCU 9th Annual Business Summit

North Jersey Federal Credit Union Seeks Nominations for its

2019 North Jersey Heroes Award

 Winners will be Announced at North Jersey FCU 9th Annual Business Summit

Totowa, New Jersey – North Jersey Federal Credit Union announces their 9th Annual Business Summit will take place on Wednesday, November 6, 2019 from 6:00 pm to 8:00 pm, at NJFCU’s Main Branch in Totowa NJ.  This is a free event open to the business community.

Cross Valley FCU Hosting Small CU Roundtable Discussion Senior Financial Scams and Fraud

Cross Valley FCU is hosting its 2nd Compliance Roundtable discussion with Stacey White from the Lackawanna County Area Agency on Aging. She will review with us some common scams and fraud that they are seeing in the local areas as well as how we can play a part in protecting our members and neighbors.  We will also address how some have been reporting suspected incidences in compliance with the Senior $afe Act.   If you have any specific questions you would like addressed on this topic, please email them to me ahead of the session and I will forward them on to Ms. White.

Our New Competition Aims To: Save our Small Credit Unions

CUImpossible

Tuesday, October 8, 2019 – You don’t get to be a thriving credit union if you don’t start small. But many small credit unions today find it hard to compete and grow. We get it. We’re a team of consultants, marketing pros, communications experts and more who’ve seen it – and we want to see small credit unions thrive.

Hear Jill Nowacki Present at the NJCUL Convention

Should I Stay or Should I Go?

Should I stay or should I go? It’s a question often asked from executives pondering their professional lives. Sure, it comes with different variations: Does leaving now make me look like a job hopper? If I stay and hope for the next promotion, will I still seem ambitious enough? Will I regret turning down this definite offer for the promise of potential?

ComplySight Regulatory Alerts

ComplySight helps you stay on top of regulatory changes with Regulatory Alerts. When a regulation changes or new guidance is introduced you will be notified and provided customized guidance for the associated content to assist with compliance reviews. You determine if the new content is added to your system or if it is not relevant. You can also delay acceptance of new changes until you have had some time to do some additional investigation. Visit our website to take a video tour of ComplySight!

Is Your Overdraft Partner Proactive or Reactive? By Richard Miller, Executive Vice President

We schedule routine inspections for our cars. We protect our homes against unforeseen events. We visit the doctor and dentist regularly for checkups. And we attend parent-teacher conferences every school year. We all engage in preventive and proactive measures in our personal lives to avoid expenses, worries and problems down the road—so why should you expect to do otherwise when it comes to your overdraft program?

NJCUL’s Free Webinar, Oct. 10 Steps to “Successful” Succession Planning Coming Up!

Join us for a free compliance webinar hosted by the New Jersey Credit Union League that discusses the basics of credit union succession planning.  Succession planning plays a role in good corporate governance.  As such, it is a component of the Board’s responsibility to ensure they have a plan for CEO succession and the plan is reviewed annually.  In reality, credit unions know that the CEO’s role, while critical, is not the only role at a credit union that should be included in a sound succession plan.

NLRB Extends Time for Submitting Comments on Proposed Election Protection Rule

The National Labor Relations Board (NLRB) is extending the time for submitting comments regarding its proposed amendments to Part 103 of its Rules and Regulations for an additional 60 days beyond the current deadline of October 11, 2019. The proposed amendments concern the Board’s blocking charge policy, voluntary recognition bar, and Section 9(a) recognition in the construction industry.  

Call-to-Action Shifts into High Gear, Help Protect Defense Credit Unions

The CUNA/League-system Call-to-Action urging credit unions to contact their members of Congress to ensure a harmful provision is excluded from the final language of the National Defense Authorization Act (NDAA) shifted into high gear this week with new blast emails to credit union advocates. The provision would expand to banks an exception that credit unions currently have granting rent-free access to military installations.

Senate ILLICIT CASH Act Addresses Need for BSA/AML Relief, CUNA Says

CUNA is encouraged by the Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings (ILLICIT CASH) Act (S. 2563) it wrote to the bill’s sponsors Wednesday. CUNA wrote a letter of support Wednesday to bill sponsors Sens. Mark Warner (D-VA), Tom Cotton (R-AK), Doug Jones (D-AL), Mike Rounds (R-SD), Bob Menendez (D-NJ), John Kennedy (R-LA), Catherine Cortez Masto (D-NV) and Jerry Moran (R-KS).

October is Cybersecurity Awareness Month, Data Security Call-to-Action Continues

Most us remember from our school days that every October is National Fire Prevention Month, the time for an annual nationwide campaign to increase awareness of how to protect ourselves from fire. Fast forward to the internet age and October now has the added designation as National Cybersecurity Awareness Month, a time to promote the importance of cybersecurity and protecting ourselves against online privacy attacks and data breaches.

NJCUL BSA Staff and Volunteer Trainings

Staying current on the latest compliance information and regulatory changes is one of the best ways credit unions can stay in compliance. Compliance education and training set the foundation for a low-risk environment that will ensure your credit union's opportunity for sustainability.

NJCUL Room Block at the 2020 CUNA GAC

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

Do Your Data "Bytes” Have a Bad Aftertaste... By Rich Jones

Data Bytes

We all know how important data is to our credit union. Let's face it; we are report addicted. We love our reports. We like to compare day to day, month to month, year to year, and peer to peer. Let's get real, we run two reports side by side and, oh the horrors; the numbers don't match the general ledger or the neighboring report. The math doesn't balance. The result is, we get many numbers to look at that we can't trust. So, we fall back on our gut, instincts, and intuition.

2020 CUNA GAC Room Block

NJCUL is holding a room block at the Renaissance Washington DC Hotel for the 2020 CUNA GAC, Sunday, February 23, 2020 through Thursday, February 27, 2020.  Below is the information you need to make your hotel reservations online.  Note:  The housing link is currently live.

FHLBs Instructed to Begin Transitioning Away from LIBOR

The Federal Housing Finance Agency (FHFA) last week sent a letter to the 11 Federal Home Loan Banks (FHLBs) instructing them that, as of December 31st they should stop purchasing investments in assets tied to the London Interbank Offered Rate (LIBOR) with a contractual maturity beyond December 31, 2021.  As of March 31, 2020, the FHLBs should no longer enter into all other LIBOR-based transactions involving advances, debt, derivatives, or other products with maturities beyond December 31, 2021, with only very limited exceptions granted by FHFA. 

Congressman Kim Confirmed for Advocacy Appreciation Reception at NJCUL Convention

Congressman Andy Kim (D-3) will be this year’s Special Guest of Honor at the NJCUL’s 4th Annual Advocacy Appreciation Reception during the League’s 85th Annual Meeting & Convention later this month in Atlantic City. The complimentary reception is scheduled for Sunday afternoon, October 20 from 2:00 to 3:00pm and is open to all convention registrants.

NJCUL Financial Education Webinar Coming Up Oct. 30 on 1099 Reporting

Financial institutions are required to file Form 1099-A and/or Form 1099-C when they foreclose or repossess collateral or forgive or cancel debt. For example, Form 1099-A must be filed when the financial institution forecloses on collateral (but there are many exceptions you need to know), and Form 1099-C must be filed when the institution cancels a debt (even if you haven't actually forgiven the debt). Join us for a line-by-line review and learn how, when, and what to report on Forms 1099-A and 1099-C.

Still Time to Register for NJCUL’s Free Compliance Webinar, Oct. 10 Steps to “Successful” Succession Planning

Join us for a free compliance webinar hosted by the New Jersey Credit Union League that discusses the basics of credit union succession planning.  Succession planning plays a role in good corporate governance.  As such, it is a component of the Board’s responsibility to ensure they have a plan for CEO succession and the plan is reviewed annually.  In reality, credit unions know that the CEO’s role, while critical, is not the only role at a credit union that should be included in a sound succession plan.

Bipartisan BSA/AML Bill Introduced in Senate

A bipartisan group of Senate Banking Committee members, four from each side of the aisle, last week introduced the Illicit Cash Act (S.2563) to require companies to register their owners with the Financial Crimes Enforcement Network (FinCEN) and modernize and improve Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) efforts. 

Designing For Change: A Practical Guide To Branch Transformation

Credit Unions today are faced with many challenges. They need to prove their relevancy in an age where members have endless choices on where and when to conduct their business and can choose whether to do it in person or online from the comfort of their own surroundings. Credit Union branches can no longer just be transaction hubs but have to be multi-faceted experience centers capable of satisfying the demanding needs of today’s multi-generational consumer base.

Wine, Lose, or Draw Event at the NJCUL Convention

“NJCUL Convention attendees and exhibitors, their colleagues, friends, and family members can purchase tickets for $20.00.  For each ticket purchased, the ticket holder is guaranteed to win a bottle of wine or spirits.  It may be worth $15 or it may be worth $250!  Be sure to find a Foundation board member to buy a ticket or visit the Wine, Lose, or Draw booth in the Exhibit Hall.”

Hear Jill Nowacki present at the NJCUL Convention

Should I Stay or Should I Go?

Should I stay or should I go? It’s a question often asked from executives pondering their professional lives. Sure, it comes with different variations: Does leaving now make me look like a job hopper? If I stay and hope for the next promotion, will I still seem ambitious enough? Will I regret turning down this definite offer for the promise of potential?

CUNA Files Comment Letter Supporting NCUA’s Proposed IRPS

Friday, CUNA filed a comment letter in support of the NCUA’s proposed interpretive ruling and policy statement (IRPS) regarding Exceptions to Employment Restrictions under Section 205(d) of the FCU Act (referred to as the Second Chance IRPS). Section 205(d) requires a credit union to obtain approval by the NCUA Board prior to hiring an individual convicted of certain criminal offenses. The proposed IRPS replaces an existing IRPS from 2008 that provides guidance on Section 205(d).

NJCUL Hosting a Free Compliance Webinar, Oct. 10 Steps to “Successful” Succession Planning

Join us for a free compliance webinar hosted by the New Jersey Credit Union League that discusses the basics of credit union succession planning.  Succession planning plays a role in good corporate governance.  As such, it is a component of the Board’s responsibility to ensure they have a plan for CEO succession and the plan is reviewed annually.  In reality, credit unions know that the CEO’s role, while critical, is not the only role at a credit union that should be included in a sound succession plan.

CUNA Participates in SAFE Banking Act Recognition, Attention Now Turns to Senate

CUNA President/CEO Jim Nussle and Chief Advocacy Officer Ryan Donovan joined Reps. Ed Perlmutter (D-CO), Steve Stivers (R-OH) and Earl Blumenauer (D-OR), co-sponsors of the CUNA-backed Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595), at the U.S. Capitol Thursday to recognize the historic vote on the bill. The House passed the bill with a bipartisan 321-103 vote.

Call-to-Action to Protect Defense Credit Unions’ On-base Facilities Continues

The CUNA/League-system Call-to-Action urging credit unions to contact their members of Congress to ensure a harmful provision is excluded from the final language of the National Defense Authorization Act (NDAA) continues. The provision would expand to certain banks an exception that credit unions currently have granting rent-free access to military installations.

Reminder CUs Don’t Forget to file Your Annual Report of Blocked Property

Federal Regulation Reports on blocked and unblocked property, 31 C.F.R. § 501.603, requires holders of blocked property to provide the Office of Foreign Assets Control (OFAC) with a comprehensive list of all blocked property held as of June 30 of the current year by September 30.  Persons that do not hold blocked property as of June 30 do not need to file an Annual Report of Blocked Property (ARBP).  Please note that the term ‘blocked property’ only applies to property that is blocked pursuant to OFAC regulations.

NJCUL InfoSight Has a New Topic in Loans and Leasing Channel Chattel Lien Non-Filing Insurance

League InfoSight has a new hot topic, Chattel Lien Non-Filing Insurance has been added to the Loans and Leasing channel.  This policy insures the credit union against monetary loss caused by the credit union's legal inability to repossess mortgaged chattel property solely because of the failure to file or record the Security Agreement or lien instrument.  The non-filing insurance usually can be used when the borrower is a legal resident of another state. 

FFIEC Recently Updated HMDA Website

The Federal Financial Institutions Examination Council (FFIEC) recently updated its Home Mortgage Disclosure Act (HMDA) website.  The updated website also includes the 2020 HMDA Filing Instructions Guide.  HMDA was enacted by Congress in 1975 and was implemented by the Federal Reserve Board's Regulation C. On July 21, 2011, the rule-writing authority of Regulation C was transferred to the Consumer Financial Protection Bureau (CFPB). Regulation C requires lending institutions to report public loan data.

Senate Passes Continuing Resolution Bill to Fund Federal Government through Nov. 21

Thursday, the Senate passed the continuing resolution bill to fund the government through Nov. 21, a move that follows last week’s House passage of the bill. The bill maintains funding levels for fiscal year 2019 for several credit union-related funds, including the Treasury’s Community Development Financial Institutions Fund, NCUA’s Community Development Revolving Loan Fund and the Small Business Administration’s 7(a) and 504 loan programs.  The bill also continues funding for the National Flood Insurance Program through Nov. 21.

Mark Your Calendars for Warm, Sunny Days at CEO Summit

As you anticipate the chilly winter weather, mark a bright spot on your January calendar for CEO Summit. Spend three days in beautiful Key West, Florida, learning, networking, and relaxing with your colleagues from the mid-Atlantic region.

CMG is Hosting a Webinar on Loan Fraud and Scams, Oct. 16

CUNA Mutual Group is hosting a Live webinar, October 16, 2:00 pm (EST) titled, Don’t Fall Victim: Loan Fraud & Scams.  CMG says fraudsters continuously plot ways to con your credit union, your employees, and your members. Join our expert panelists as they discuss spam, shams, and other scams that could be impacting your lending operations. 

Bureau Publishes Four FAQs on the SAFE Act

Today, the Consumer Financial Protection Bureau (CFPB) has published 4 FAQs on the SAFE Act and the impact of the amendments to the SAFE Act made by § 106 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The questions and answers pertain to compliance with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) as of November 24, 2019, the effective date of the 2018 amendments to the statute.  

CUNA: 2019-2020 CU Compensation Tools Now Available

CUNA announced today the 2019-2020 CUNA Staff Salary Report and CUNA Compensation Analytics are now available.  The association touts that both tools have been a data source to inform salary and budget decision-making for credit union professionals for over 30 years.

FTC Testifies before House Appropriations Subcommittee on Work Efforts

Today, the Federal Trade Commission (FTC) testified before House Appropriations Subcommittee on the Agency’s work to Protect Consumers and Promote Competition. In testimony before the House Appropriations Subcommittee on Financial Services and General Government, the FTC described its work to protect consumers and promote competition through vigorous enforcement, education, advocacy, and policy work, and by anticipating and responding to changes in the marketplace.

Do Your Data "Bytes” Have a Bad Aftertaste... By Rich Jones

We all know how important data is to our credit union. Let's face it; we are report addicted. We love our reports. We like to compare day to day, month to month, year to year, and peer to peer. Let's get real, we run two reports side by side and, oh the horrors; the numbers don't match the general ledger or the neighboring report. The math doesn't balance. The result is, we get many numbers to look at that we can't trust. So, we fall back on our gut, instincts, and intuition.

CMG Risk Alert: Settlement Message on Collection Notices

CUNA Mutual Group (CMG) issued a Risk Alert that shared information on a settlement in a United States District Court, District of Massachusetts ruling against American Honda Finance, Corp. that resulted in approximately $1.9 million for class members and attorney fees along with $20 million of eliminated deficiency loan balances.

U.S. Dept. of Labor Issues Final Overtime Rule

Today, the Wage and Hour Division of the U.S. Department of Labor (DOL) announced a final rule to make 1.3 million American workers newly eligible for overtime pay. The final rule updates the earnings thresholds necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act’s (FLSA) minimum wage and overtime pay requirements and allows employers to count a portion of certain bonuses/commissions towards meeting the salary level. The new thresholds account for growth in employee earnings since the thresholds were last updated in 2004.

NJ DOBI Issues Notice to Readopt Banking Development District Rules

The New Jersey Department of Banking and Insurance (DOBI) issued notice to readopt, without change, the rules at N.J.A.C. 3:36, Banking Development Districts.  The rules encourage the establishment of bank, savings and loan association, and credit union branches in areas where there is a demonstrated need for banking services in New Jersey and provides for the designation of such areas as banking development districts.

CFPB, State Regulators Launch American Consumer Financial Innovation Network

Earlier this month, the Consumer Financial Protection Bureau (Bureau) announced it’s working in partnership with multiple state regulators, launched the American Consumer Financial Innovation Network (ACFIN), a network to enhance coordination among federal and state regulators to facilitate financial innovation. The Bureau invited all state regulators to join ACFIN, and the initial members of ACFIN are the Attorneys General of Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee, and Utah. 

NJCUL Members, Get Registered and Start Using the NEW InfoSight

The NEW InfoSight is ready and waiting for New Jersey Credit Union League members to access.  The newly redesigned InfoSight!  was launched in August. The site is even more interactive than before with a host of hot topics and resources that are routinely updated.  The new site also includes quick and easy access to CU PolicyPro and ComplySight. The design is more modern, streamlined, and much easier to navigate. 

CFPB Announces Changes to Consumer Complaint Database

The Consumer Financial Protection Bureau (CFPB) announced that it will continue the publication of consumer complaints, data fields and narrative descriptions through the Bureau’s Consumer Complaint Database while making several enhancements to the information available to users of the database. The enhancements include: modified disclaimers to provide better context to the published data; integrating financial information and resources into the complaint process to help address questions and better inform consumers before they submit a complaint; and information to assist consumers who wish to contact the financial company to get answers to their specific questions.