Articles

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.

Financial Trade Groups Urge House to Pass the Safe Banking Act

The SAFE Banking Act (H.R. 1595) Act is expected to be considered by the House this week. Four financial trade associations urged lawmakers to pass the bill, which would allow depository institutions to serve the needs of customers in states where cannabis is legal.

‌“The SAFE Banking Act of 2019 provides a mechanism for the cannabis industry and its service providers to deposit their cash in regulated financial institutions, which allows our members to meet the needs of their communities and helps those communities reduce cash-motivated crimes, increase the efficiency of tax collections and improve the financial transparency of the cannabis industry,” the groups wrote.

The bill was introduced by Reps. Ed Perlmutter (D-Colo.), Steve Stivers (R-Ohio), Denny Heck (D-Wash.) and Warren Davidson (R-Ohio), the bipartisan bill is supported by more than 200 cosponsors.

The financial trade groups signing the letter were the Credit Union National Association, American Bankers Association, Independent Community Bankers of America, and National Bankers Association.

Click here to read the letter. 

 

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.

Quarterly Report Share Insurance Fund

The NCUA Board meeting also included the report on the Share Insurance Fund indicated total income of $81.2 million and net loss of $79.1 million for the quarter ending 6/30/2019. The balance sheet showed total liabilities and net position of $16.09 billion, a decrease of roughly $112 million from 3/31/2019. The Fund’s equity ratio stands at 1.33% as of the end of the last quarter. The number of CAMEL Code 4/5 credit unions increased slightly from the preceding quarter to 204; CAMEL Code 3 credit unions decreased to 872. So far in 2019 there has been one credit union failure.

NJCUL InfoSight Channel Update Board Responsibilities

A new topic, Property Casualty Insurance, has been added to the NJCUL InfoSight’s Board Responsibilities Channel.  Insurance provides indemnity against certain losses, protection against claims, and defenses in lawsuits.  Since a credit union is legally a corporation, a judgment for damages against a credit union for accidents involving bodily injury and/or property damages may be enforced by court order to seize any or all of the credit union's assets to satisfy the judgment.  Therefore, it is most important that every credit union have its own liability coverage.  Check out this topic today!

NJCUL’s NEW InfoSight is Here!

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. 

NCUA Board Rules on Updating Supervisory Committee Guide and Regulations

The NCUA Board held its September meeting today.  The meeting agenda included ruling on the agency’s Part 715, Supervisory Committee Audits and its regulations, with approval of the final rule 7535-01-U.  The Board final rule would replace the outdated Guide with a simplified appendix to the regulation.  The final rule would also update provisions of the regulation and provide added flexibility to federally insured credit unions with assets less than $500 million. 

Conference Committee to Begin Work on NDAA

The conference committee established to reconcile differences between the House and Senate versions of the National Defense Authorization Act for Fiscal Year 2020 (NDAA) is set to hold its first meeting today. CUNA and the state leagues will continue work to oppose a provision (Section 2821) in the Senate’s version (S.1790)  of the bill that would treat big banks the same as local, not-for-profit credit unions when it comes to nominal leases on military bases.

Limiting Arbitration Impairs CUs’ Ability to Solve Member Disputes

Credit unions have a proven track record of protecting interests of their members, because they are the owners too, CUNA wrote to House leadership this week, and the hallmark of any member-owned institution is establishing a dispute resolution process. CUNA wrote to oppose a bill (H.R. 1423) on the House floor that would prohibit the use of a pre-dispute arbitration agreement.

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?

Peter Sullivan CUNA Mutual Group at Convention - Monday,October 21

The Transformation of Executive Benefits: What it Means for Your Next Executive Search, Peter Sullivan CUNA Mutual Group

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.

CFPB 2019 Consumer Credit Card Market Report Available

Last month, the Consumer Financial Protection Bureau (CFPB) released its fourth biennial report on the state of the credit card market for the period 2017-2018.  In 2009, the Credit Card Accountability Responsibility and Disclosure Act (Act) made substantial changes to the legal requirements applicable to the credit card market, with Section 502 of the Act also requiring that a report be issued every two years with respect to the market.   

NJCUL’s NEW InfoSight is Here!

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. 

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.

Wine, Lose, or Draw Fundraising Event

“Support the New Jersey Credit Union Foundation through the upcoming Wine, Lose, or Draw fundraising event.  You can help again make this fun event a success by:

  • Donating wine or spirits
  • Donating cash or becoming being sponsor
  • Joining us at the NJ Credit Union League’s 85th Annual Convention and purchase a ticket to blindly select a bottle.  It may be worth $15 or it may be worth $250!

Questions?  Contact Kathleen Fey at Kathleen.fey@pcua.org or call 1-800-932-0661, Ext. 2244.”

Federal Reserve Corrects Recent Changes to Reg. CC

On August 29, 2019, the Board of Governors of the Federal Reserve System issued a rule correcting dollar amount adjustment in the Board’s final rule published July 3, 2019, in the Federal Register. The July final rule amended Regulation CC, which implements the Expedited Funds Availability Act to adjust the dollar amounts under the EFA Act for inflation, incorporate provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act, and make other technical amendments.

Large Fraud Losses Involving Peer-to-Peer Payments Reported

CUNA Mutual Group’s latest Risk Alert stated that credit unions offering out-of-band authentication leveraging one-time-passcodes (OTPs) for online banking logins are being targeted by fraudsters. Their members are being scammed into providing fraudsters with their debit card details, online banking login credentials as well as OTPs transmitted for online banking logins.

Changes are Coming to NCUA’s ESM Platform

Changes to NCUA’s Enterprise Solution Modernization (ESM) platform were presented to the NCUA Board at its June 2019 meeting.  ESM supports continuous monitoring and virtual examinations in 2019. The agency awarded a contract to Deloitte, a consulting firm, to provide system development and technical support products and services for the Examination and Supervision Solution project. The project is aimed at modernizing technology and procedures to improve the examination process and ease burdens on credit unions and on agency staff by reducing the amount of examination and supervision time spent in credit unions.

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.

Asw. McKnight Kicks Off Financial Literacy Lessons as New Mandate Takes Effect

As the new school year commences across the Garden State, it is the first time New Jersey law requires middle school students in grades six through eight be taught financial literacy in the classroom. Asw. Angela McKnight (D-31), the prime sponsor of the bill, along with Lt. Governor Sheila Oliver held the bill signing at President Barack Obama School in Jersey City in January.

ComplySight

2019 has been a big year for ComplySight! We’ve gotten great feedback from our users on the Custom Report Wizard. If you’re a current ComplySight client and have not had a chance to create your own custom report, login today and check it out!

FinCEN Expects Credit Unions to up Their Game to Combat Cyber Crimes

FinCEN is cautioning financial institutions to report all cyber-crime indicators, as described in the agency’s 2016 FAQs, and expect your examiners to ask about your efforts to combat this growing criminal trend.  To assist in this reporting, FinCEN updated the SAR form to have fields allowing you to report cyber-indicators ranging from source and destination information, file information, subject usernames, system modifications, and account information.  FinCEN receives about 80,000 cyber-related SAR filings per year.

NJCUL Held Cybersecurity Workshop

With cyberattacks increasing, credit unions need to show that they're properly safeguarding their members' information. Credit union membership is growing, with consumers looking to these nonprofit banking options for better interest rates, lower fees, and less overhead than traditional, large, for-profit banking institutions. But, despite their smaller size and tighter margins compared to banks, credit unions still face the same data and malware threats and require the same high level of security.

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.

Leggett: Groups Call for Changes to QM Framework Ahead of GSE Patch Expiration

Wednesday, Keith Leggett wrote in his Credit Union Watch that a broad coalition of financial industry stakeholders, civil rights groups and other advocacy organizations wrote the Consumer Financial Protection Bureau (CFPB) on September 9 offering feedback on the expiration of the temporary “GSE patch,” which grants Qualified Mortgage (QM) status to loans eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac.

InfoSight Highlight: ANNUAL SURVEY Final Reminder!

A big THANK YOU to everyone who has already taken the survey! For those who haven’t, we would love your input! The thoughts and opinions you provide in our annual survey are used to guide our product development. We want to hear what you think are the critical elements for InfoSight and CU PolicyPro!

CUNA: Increased FCU Loan Limits Would Remove Barriers to Member Service

CUNA strongly supports legislation that would provide the NCUA board the flexibility to increase federal credit union loan maturity limits, it wrote to the House Financial Services Committee Tuesday. The committee conducted a hearing on student loan debt, and CUNA’s letter highlights the ways credit unions could support student borrowers if certain barriers were removed.

Increased FCU Loan Limits Would Remove Barriers to Member Service

CUNA and the state leagues strongly support legislation (H.R. 1661) that would provide the NCUA board the flexibility to increase federal credit union loan maturity limits. CUNA wrote to the House Financial Services Committee Tuesday and the issue is among those discussed during the NJCUL’s in-district meetings with members of New Jersey’s congressional delegation.

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

Peter Sullivan CUNA Mutual Group at Convention – Monday, October 21 – 4:00 – 5:00 PM 

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.

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?

Six Steps to Prepare for a Credit Card Breach

Creditunions.com wrote an article about six steps credit unions can take to prepare for a credit card breach.  The author wrote about a nightmare scenario: An ex-Amazon employee is arrested for stealing credit card application data for 106 million people, plus 140,000 Social Security numbers and 80,000 bank account numbers — and then brags about it online. 

CUs Back Greg Murphy in Tuesday’s N.C. Special Election

The Credit Union Legislative Action Council (CULAC) and the Carolinas Credit Union League are supporting Dr. Greg Murphy (R) in today’s special election in North Carolina’s 3rd Congressional District. Currently a state representative, Murphy is running for the seat left open by the passing of Rep. Walter Jones (R-N.C.) in February.

Your Opinion Matters: Annual InfoSight Survey Available!

It’s that time of year again!  InfoSight is moving into strategic planning and budget time!  Every year, InfoSight uses the feedback that you provide in the annual survey to determine next steps in product development.  The goal is to rebuild CU PolicyPro next year, but what should it contain?  What are the critical elements from the user’s perspective?

FinCEN Welcomes AnnaLou Tirol to Lead Its Liaison Division

The Financial Crimes Enforcement Network (FinCEN) welcomed AnnaLou Tirol today as its new Associate Director to lead its Liaison Division.  This division designs and implements strategic partnerships across the financial industry, with partners in the U.S. government, and with foreign counterparts.  It conducts operational information sharing among domestic and foreign partners, including in crisis situations, and conducts training and inspections to ensure effective use and protection of the sensitive Bank Secrecy Act data that FinCEN collects, protects, analyzes, and shares. 

See Your Name in Lights!

Name in Lights Flyer

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.

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.

Cybersecurity Workshop Tomorrow, Still Time to Register

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

With cyber attacks increasing, credit unions need to show that they're properlyWith cyber attacks increasing, credit unions need to show that they're properlysafeguarding their members' information.

CU Membership Breaks 118M, Assets Grow to $1.52T

Federally insured credit unions have added 4.3 million members over the year and total membership is now 118.3 million, according to the NCUA's second quarter call report data. In addition, assets grew $91 billion over the year resulting in $1.52 trillion in total assets.

Fintech Charter Lawsuit Dismissed

Last week the U.S. District Court for the District of Columbia again dismissed the Conference of State Bank Supervisors’ (CSBS) lawsuit against the Office of the Comptroller of the Currency's (OCC) over its decision to allow non-bank institutions, including fintech companies, to apply for a Special Purpose National Bank Charter (SPNB).

CFPB Updates HMDA Webinars

Wednesday, the Consumer Financial Protection Bureau (CFPB) announced it updated its Home Mortgage Disclosure Act (HMDA) webinars. The CFPB updated its HMDA Webinars to reflect amendments to HMDA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act, and the interpretive and procedural rule issued by the Bureau in August 2018. In addition, the Bureau issued a new HMDA Webinar that provides an overview of the data points not covered in the first two webinars.

It’s That Time of Year! Disaster Recovery and Business Continuity - Is Your Credit Union Ready?

It literally is that time of year! The disastrous effects of Hurricane Dorian unleashed weather never before seen on the Bahamas, sadly causing a number of deaths, as well as extreme structural damage that businesses and residents may take years to recover from.  As I write this, Dorian is still raging and making its way up the east coast of the United States, creating havoc as it travels.

CUNA, State Leagues Continue Opposition to Senate NDAA Provision

Congress must pass the National Defense Authorization Act (NDAA) for fiscal year 2020 before September 30, and each chamber has passed its own version. The differences will be sorted out in conference committee, and CUNA and the state leagues will continue their engagement in the process to keep a provision contained in the Senate version out of the final bill.

Treasury, HUD Release Housing Finance Reform Plans

The Treasury Department yesterday released the Trump Administration’s plan to reform the government’s housing finance system which proposes to remove Fannie Mae and Freddie Mac from federal control. The Department of Housing & Urban Development (HUD) also released its plan for housing finance reform.

Congressional Hearing Needed on SBA’s Cooperative Lending Report

CUNA joined dozens of fellow National Cooperative Business Association CLUSA members Wednesday to request a hearing on the Small Business Administration’s recent report on cooperative lending. The letter was sent to leadership of the House and Senate Small Business Committees, Sens. Marco Rubio (R-FL) and Benjamin Cardin (D-MD) and Reps. Nydia Velazquez (D-NY) and Steve Chabot (R-OH).

SAFE Banking Act Needed as Public Safety Measure

As Congress returns from its August recess, one of CUNA’s and the state leagues’ top legislative priorities is advancing the Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595/S. 2100), a bill that would provide protections to financial institutions serving legal cannabis-based businesses. Leagues and credit unions highlighted the bill during their summer advocacy meetings with lawmakers, and with Congress back in session, CUNA will continue its engagement.

Fidelity Bond Coverage

NCUA finalized changes to its fidelity bond rule back in July with the changes going into effect October 22, 2019.  The Federal Credit Union Act requires that certain credit union employees and elected officials have fidelity bond coverage.  Implementing requirements can be found in Parts 704 (federally insured natural person credit unions) and 713 (corporate credit unions) of NCUA’s Rules and Regulations.

FinCEN launches investigations division

FinCEN has announced the launch of its Global Investigations Division (GID), which will be responsible for implementing targeted investigation strategies rooted in FinCEN’s unique authorities under the Bank Secrecy Act (BSA) to combat illicit finance threats and related crimes, both domestically and internationally. GID will leverage FinCEN’s BSA authorities, including Section 311 of the USA PATRIOT Act, to investigate and target terrorist finance and money laundering threats, and GID will work more closely with foreign counterparts to coordinate actions against such threats when appropriate.

NJCUL: ANNUAL INFOSIGHT SURVEY Reminder!

It’s that time of year again!  InfoSight is moving into strategic planning and budget time!  Every year, InfoSight uses the feedback that you provide in the annual survey to determine next steps in product development.  The goal is to rebuild CU PolicyPro next year, but what should it contain?  What are the critical elements from the user’s perspective?

NJCUL Financial Education Webinar: Mitigating a Data Breach, Sept. 24

Register today to attend this important webinar on Mitigating a Data Breach: Forensics & Incident Response. As data breaches continue to make the headlines, financial institutions are challenged to maintain consumer confidence in their ability to recognize, react, and respond to intrusions to safeguard accountholder financial information and transactions. A core component of cybersecurity risk management is a well-designed incident response program that supports the institution's needs. This session will summarize the latest information about cybersecurity risks and breaches and explore regulatory guidance and current practices, so institutions can define and manage an incident response program. 

Your Opinion Matters: Annual InfoSight Survey Available!

It’s that time of year again!  InfoSight is moving into strategic planning and budget time!  Every year, InfoSight uses the feedback that you provide in the annual survey to determine next steps in product development.  The goal is to rebuild CU PolicyPro next year, but what should it contain?  What are the critical elements from the user’s perspective?

NCUA Board Meeting Sept. 19

NCUA's open Board meetings are broadcast live via livestream video. You may access the livestream beginning an hour before the scheduled start of the meeting by going to the agency's homepage and clicking the provided livestream link. Click here to access past meeting videos, agendas and results.

NJCUL FINANCIAL EDUCATION WEBINAR: MITIGATING A DATA BREACH, SEPT. 24

Register today to attend this important webinar on Mitigating a Data Breach: Forensics & Incident Response. As data breaches continue to make the headlines, financial institutions are challenged to maintain consumer confidence in their ability to recognize, react, and respond to intrusions to safeguard accountholder financial information and transactions. A core component of cybersecurity risk management is a well-designed incident response program that supports the institution's needs. This session will summarize the latest information about cybersecurity risks and breaches and explore regulatory guidance and current practices, so institutions can define and manage an incident response program. 

FFIEC Announces Availability of 2018 Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 5,683 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released today are loan-level HMDA data covering 2018 lending activity that were submitted on or before August 7, 2019.

Your Opinion Matters: ANNUAL INFOSIGHT SURVEY AVAILABLE!

It’s that time of year again!  InfoSight is moving into strategic planning and budget time!  Every year, InfoSight uses the feedback that you provide in the annual survey to determine next steps in product development.  The goal is to rebuild CU PolicyPro next year, but what should it contain?  What are the critical elements from the user’s perspective?

Still Time to File Wendy’s Data Breach Claims, September 30 Deadline

Financial institutions affected by the data breach at Wendy’s restaurants have until September 30 can file their claims and find additional information at a website established as part of the settlement of that case, wendysfidatabreachsettlement.com. It contains a mechanism for filing claims, as well as additional information, frequently asked questions, a list of important deadlines and court documents.

CU Advocates to Meet with Congressman Van Drew

Credit union advocates will meet Wednesday afternoon with Rep. Jeff Van Drew (D-2) in his Mays Landing district office. Topics to be discussed will include data security, cannabis banking, the National Defense Authorization Act for Fiscal Year 2020 and housing finance reform.

Cybersecurity Workshop Sept. 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

With cyber attacks increasing, credit unions need to show that they're properlysafeguarding their members' information.

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.

Appeals Court Rules that OD Class Action Lawsuit Can Proceed

Keith Leggett reported yesterday that the 11th U.S. Circuit Court of Appeals reversed the 2017 dismissal of a potential overdraft (OD) fee class action against LGE Community Credit Union (Marietta, GA) and remanded it back to the lower court for further proceeding consistent with the opinion. Leggett went on to write that the lawsuit alleges that the credit union assessed OD fees when there was enough money in the account to cover the transaction. The plaintiff alleged that the credit union agreed to only impose an OD fee when the ledger balance was not sufficient to cover the transaction.

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.

CMG Risk Alert: Spike in Overdraft / NSF Fee Demand Letters

CUNA Mutual Group’s recent Risk Alert reports that the number of Overdraft / NSF Fee demand letters sent to credit unions has recently spiked, according to CUNA Mutual Group’s Third-Party Litigation team. The demand letters target alleged deceptive practices and excessive overdraft / NSF fees. According to CMG it’s imperative for credit unions to review member account agreements and disclosures to ensure the documents properly disclose how and when overdraft and NSF are assessed.

InfoSight Highlight: ANNUAL SURVEY

It’s that time of year again!  InfoSight is moving into strategic planning and budget time!  Every year, InfoSight uses the feedback that you provide in the annual survey to determine next steps in product development.  The goal is to rebuild CU PolicyPro next year, but what should it contain?  What are the critical elements from the user’s perspective?

CU Advocates Meet with Congressman Pallone

Credit union advocates met Thursday with Rep. Frank Pallone (D-6) in his Long Branch district office. Rep. Pallone chairs the House Energy and Commerce Committee which, in addition to having jurisdiction over telecommunications matters, shares jurisdiction over many financial services issues including privacy and data security. He introduced the Stopping Bad Robocalls Act (H.R. 3375) which passed the U.S. House in July with 237 cosponsors including every member the New Jersey delegation.

Designing For Change: A Practical Guide To Branch Transformation (6)

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.

CU Advocates Meet with Congressman Malinowski

Credit union advocates met Wednesday afternoon with Rep. Tom Malinowski (D-7) in his Somerville district office. Malinowski is serving his first term in Congress. A newcomer to New Jersey politics and elective office, Malinowski unseated five term Rep. Lance in last year’s mid-term elections when Democrats overturned four seats in the New Jersey delegation leaving one lone Republican standing.  

CFPB Settles with Asset Recovery Associates

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced a settlement with Asset Recovery Associates, Inc. (ARA), a debt-collection company headquartered in Illinois. ARA, also known as Financial Credit Service, Inc., collects debts from consumers throughout the United States.

FFIEC Encourages Standardized Approach to Assessing Cybersecurity Preparedness

The Federal Financial Institutions Examination Council (FFIEC) members today emphasized the benefits of using a standardized approach to assess and improve cybersecurity preparedness. The members note that firms adopting a standardized approach are better able to track their progress over time and share information and best practices with other financial institutions and with regulators.

PCUA FALL LEADERSHIP CONFERENCE IS ONE-OF-A-KIND

Featuring a dynamic and inspiring combination of learning, networking, and fun, the Fall Leadership Conference will be held September 5-7, 2019, at Seven Springs Mountain Resort located in the beautiful Laurel Highlands, Pennsylvania.

Another Appeals Court Rules in Favor of CUs in Frivolous ADA Suit

CUNA, Leagues and credit unions achieved their third victory at the appellate level Tuesday as the Sixth Circuit Court of Appeals dismissed a frivolous lawsuit alleging website noncompliance with the Americans with Disabilities Act (ADA). CUNA and the Michigan Credit Union League (MCUL) filed an amicus brief in support of the two credit unions in the lawsuit, Aeroquip CU and Belle River Community CU.

CUs Must Read! NCUA’s Risk Alert on Business Email Fraud

In case you missed it, two weeks ago, NCUA issued an alert 19-Risk-01, its first since 2013, describing the increasing frequency of and losses related to business email compromise fraud schemes. Credit unions can take steps to prevent this type of fraud and should report such fraud, when it occurs, to the FBI’s Internet Crime Complaint Center. Credit unions that report incidents to the Internet Crime Complaint Center promptly increase their opportunity to recover funds that have been wired under fraudulent pretenses. 

CUs: CFPB Has an Offer Right Up Your Alley

For the past five years, the Bureau’s Office of Community Affairs has supported organizations committed to helping people manage their money and work toward their goals using a suite of financial empowerment tools called Your Money, Your Goals. If your organization serves economically vulnerable populations and you are interested in gaining more intensive support, such as training and technical assistance for your consumer financial empowerment efforts, you can apply for the Your Money, Your Goals 2020 cohort

5M Cards Exposed in Latest Breach

A data breach involving gas pumps, coffee shops and restaurants operated by Iowa-based Hy-Vee may have led to more than 5 million credit and debit accounts belonging to consumers from 35 states being compromised and sold online. Hy-Vee operates more than 245 supermarkets throughout the Midwest. The breach impacts consumers from 35 states.

CU Advocates Meet with Congressman Pascrell

Credit union advocates met Monday with Rep. Bill Pascrell, Jr. (D-9) in his Paterson district office. Pascrell serves on the House Ways and Means Committee and has been an outspoken supporter of the credit union tax exemption as well as other credit union positions.

NJCUL Financial Education Webinar: Mitigating a Data Breach, Sept. 24

Register today to attend this important webinar on Mitigating a Data Breach: Forensics & Incident Response. As data breaches continue to make the headlines, financial institutions are challenged to maintain consumer confidence in their ability to recognize, react, and respond to intrusions to safeguard accountholder financial information and transactions. A core component of cybersecurity risk management is a well-designed incident response program that supports the institution's needs. This session will summarize the latest information about cybersecurity risks and breaches and explore regulatory guidance and current practices, so institutions can define and manage an incident response program. 

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.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

With cyber attacks increasing, credit unions need to show that they're properlyWith cyber attacks increasing, credit unions need to show that they're properlysafeguarding their members' information.

Credit union membership is growing, with consumers looking to these nonprofit bankingoptions for better interest rates, lower fees, and less overhead than traditional, large,for-profit banking institutions.

But, despite their smaller size and tighter margins compared to banks, credit unions stillface the same data and malware threats and require the same high level of security.

Locations:

NJCUL Education Center

299 Ward Street

Hightstown, NJ 08520

  --or--

Online via Zoom

Time: 10:00 am to 3:15 pm

Cost: $85 per person

-- NJCUL and PCUA Members Only --

Topics:

Regulatory Compliance Expectations

Presented by: Marcus Vander Wall, NCUA & Barbara Littleton, NCUA

Take the Challenge out of ERM

Presented by: Belinda Mumma, Vizo

Examiner Requirements for Cybersecurity Compliance

Presented by: Steve Powers, Redstone Consulting Group

ACET Collaboration Portal and Demonstration

Presented by: Steve Powers, Redstone Consulting Group

Register Cybersecurity

CUs: Be on the Alert for the Red Flags of Elder Financial Abuse

Financial exploitation of the elderly is a serious problem that is hard to recognize but important to address. It can have a large financial impact, on average costing each victim thousands of dollars. Credit unions can play an invaluable role on the front lines of the fight against elder financial exploitation when employees are properly trained to know how to spot such crimes.

Welcome to the New NJCUL InfoSight!

The New Jersey Credit Union League is excited to announce the launch of our newly redesigned InfoSight!  Our goal with the new website is 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.

Welcome to the new NJCUL InfoSight!

The New Jersey Credit Union League is excited to announce the launch of our newly redesigned InfoSight!  Our goal with the new website is 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.

CMG Risk Alert Remittance Transfer Errors

According to CMG’s recent Risk Alert, some financial institutions failed to refund fees and, as allowed by law, taxes to consumer-senders when remittance transfers were made available to designated recipients later than the date of availability stated in the remittance transfer disclosure. According to the Consumer Financial Protection Bureau (CFPB), these institutions may be in violation of the error resolution procedures of the remittance transfer rule under Subpart B to Regulation E.

CFPB Payday Payment Provisions and Recording Requirements

August 19 was the compliance deadline for many of the requirements for credit unions seeking to provide loans under the Bureau of Consumer Financial Protection (CFPB)’s payday lending rule.  On June 6, 2019, the CFPB delayed the compliance date for the mandatory ability-to-repay (ATR) provisions to November 19, 2020, while the CFPB works to rescind this part of the rule. As for the other aspects of the rule, including the payment transfer restrictions and recordkeeping requirements, the mandatory compliance deadline would also have been today; however, the U.S. District Court for the Western District of Texas recently issued a stay of this compliance deadline, meaning it may not go into effect before the underlying lawsuit is resolved or the stay is lifted.

Telecom’s, AGs Reach Deal on Robocalls

Fifty-one attorneys general and twelve major telephone companies have pledged to combat illegal robocalls by implementing call-blocking technology at no cost to consumers and a new caller identification protocol known as SHAKEN/STIR, acronyms for Signature-based Handling of Asserted Information Using toKENs (SHAKEN) and the Secure Telephone Identity Revisited (STIR) standards.

NJCUL 2019 AWARDS

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

Checkout our InfoSight Highlight: Board of Director Liability

A credit union director (or officer) is referred to as a fiduciary by law. This means a director holds a position of trust. A director has an affirmative duty to care for the property of others and can be held liable for failing to perform that duty. Because the members of a credit union are too numerous to handle any but the most basic decisions for the credit union, the law provides for them to elect directors/fiduciaries to act on their behalf.

Welcome to the New NJCUL InfoSight!

The New Jersey Credit Union League is excited to announce the launch of our newly redesigned InfoSight!!  Our goal with the new website is 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.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

 

 

With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

See Your Name in Lights!

If you or a colleague are celebrating 25 years or more in the credit union industry, we want to celebrate with you during our Annual Convention!

Reminder: Delegate Registration Forms are Due Sept. 2

New Jersey Credit Union League (NJCUL) member credit unions have until Monday, September 2nd, close of business, to select their delegate representative. It is once again time to elect those who will represent credit unions from across the state as members of the NJCUL Board of Directors. Pursuant to the NJCUL Board of Directors Nomination and Election Rules we issued the call for nominations July 30, 2019.

CUNA: The BSA today What are Compliance Experts Saying?

Today, CUNA wrote how the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws can sometimes be a double-edged sword.  The Association’s article went on to say how on one hand, the laws intended purpose—to prevent serious crimes including fraud, money laundering and even human trafficking, is critical. On the other, with regulatory scrutiny falling even on credit unions unwittingly connected with these activities, it can sometimes feel like your organization might take the fall for something you couldn’t prevent.

N.H. Supreme Court Dismisses Defamation Lawsuit Brought by Patent Troll

Yesterday, Keith Leggett wrote in his Credit Union Watch that in a unanimous decision, the New Hampshire Supreme Court on August 16 upheld a lower court ruling that dismissed defamation claims brought by a patent assertion entity against the American Bankers Association (ABA), the Credit Union National Association (CUNA) and other defendants who labeled the company and its operator a “patent troll.”

PCUA Fall Leadership Conference Is One-Of-A-Kind

Featuring a dynamic and inspiring combination of learning, networking, and fun, the Fall Leadership Conference will be held September 5-7, 2019, at Seven Springs Mountain Resort located in the beautiful Laurel Highlands, Pennsylvania.

NJ Named One of Least Friendly States

According to a Big 7 Travel survey released this week, New Jersey ranks 46th when it comes to friendliness. So how does the home to HBO’s series “The Sopranos” stack up against its neighbors? “Fuhgeddaboudit.” New Jersey came in just four spots higher than New York, which ranked dead last, and two spots higher than Delaware which ranked 48th. Pennsylvania, home to the City of Brotherly Love, ranked 18th besting the Garden State by 28 spots. 

Former Intern Wants to Unseat Her Old Boss, Rep. Smith

A former intern for Rep. Chris Smith (R-4) is expected to announce her candidacy for the Democratic nomination to challenge him next year in his bid to win a 21st term. The “dean” of New Jersey’s congressional delegation, Smith is also the delegation’s lone Republican after Democrats captured four additional House seats in last year’s mid-term elections.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019
10 am to 3:15 pm
NJCUL Education Center and via Zoom

 

With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

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.

Welcome to the New NJCUL InfoSight!

The New Jersey Credit Union League is excited to announce the launch of our newly redesigned InfoSight!  Our goal with the new website is 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.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

NJCUL 2019 Awards

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

CFPB Appoints Private Education Loan Ombudsman

The Consumer Financial Protection Bureau (CFPB) announced the appointment of Robert G. Cameron to serve as the Bureau’s private education loan ombudsman. Mr. Cameron is a Colonel and Staff Judge Advocate for the Pennsylvania Army National Guard. He has served in the United States Army for 29 years. Mr. Cameron also joins the Bureau from the Pennsylvania Higher Education Assistance Agency where he was a high-ranking official responsible for litigation, compliance, and risk mitigation efforts.

FOMC’s Annual Retreat This Week

The Federal Reserve's monetary policy-setting body, the Federal Open Market Committee (FOMC), is scheduled to meet this week for its annual retreat. The FOMC will meet Thursday through Saturday in Jackson Hole, WY.

Democratic Councilman to Seek GOP Nomination to Challenge Rep. Watson Coleman in CD12

Old Bridge Democratic Councilman Mark Razzoli announced Friday he has decided to run for Congress as a Republican, a decision that was “not made in haste, but a necessary one for anyone with a conscience” said Razzoli. “The Democratic Party that I knew has abandoned the American way of life, rule of law, and common sense, in favor of exaggerated, socialist ideology”, he added.

State’s Unemployment Rate Falls to 3.3 Percent in July, Below National Rate

New Jersey’s unemployment rate, which set a record low of 3.5 percent for June, fell another 0.2 percentage point in July to 3.3 percent, the lowest monthly rate since statewide records began in 1976 and 0.4 percentage point below the national rate of 3.7 percent, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics. Employment levels were essentially unchanged over the month, as total nonfarm wage and salary employment in the state decreased by 500 in July to a seasonally adjusted level of 4,202,000.

Will Seth Grossman Pursue a Rematch in CD2?

With a few of the state’s 2020 congressional races beginning to take some shape, many have their eye on the outspoken and controversial Seth Grossman wondering whether the 2018 Republican nominee in the 2nd Congressional District will pursue the party’s 2020 nomination to challenge Rep. Jeff Van Drew’s (D-2) bid for a second term. 

NJCUL 2019 Awards

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

CFPB: Equifax Settlement Steps You Can Take

Last month, the Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC), and 48 states, the District of Columbia, and Puerto Rico announced a global settlement with Equifax over its 2017 data breach. The settlement provides a way to submit claims for services and for compensation to approximately 147 million people whose data were impacted.

CFPB: Equifax Settlement Steps You Can Take

Last month, the Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC), and 48 states, the District of Columbia, and Puerto Rico announced a global settlement with Equifax over its 2017 data breach. The settlement provides a way to submit claims for services and for compensation to approximately 147 million people whose data were impacted.

If you are hearing from your members or employees that they have been impacted, learn more how they can find out if they are eligible and about the benefits they may be entitled to. 

Claims may be submitted online or by mail, and a telephone help system is available.

Benefits include compensation for money lost as a result of the breach, compensation for time and money spent working through issues as a result of the breach, free credit monitoring, free credit reports over a period of years, and identity restoration services.

Read more information and check whether you were impacted by the breach.

NJCUL’s League InfoSight: Business Continuity Planning

Has your compliance department planned for worst-case scenarios? With all of your daily responsibilities and trying to keep on top of current regulatory changes, planning for potential problems may be on the backburner. However, this year’s extensive flooding across the Midwest demonstrates the need to prioritize preparation for unfavorable situations.  Make sure you’re compliant with the Business Continuity Planning information! 

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.

See Your Name in Lights!

If you or a colleague are celebrating 25 years or more in the credit union industry, we want to celebrate with you during our Annual Convention!

NY Fed Releases Quarterly Report on Household Debt

The Federal Reserve Bank of New York Center for Microeconomic Data’s Quarterly Report on Household Debt and Credit for 2Q 2019 released Tuesday showed total household debt reached a new high of $13.86 trillion – $1.2 trillion (in nominal terms) more than the previous peak reached in the third quarter of 2008.

PCUA Fall Leadership Conference Is One-Of-A-Kind

Featuring a dynamic and inspiring combination of learning, networking, and fun, the Fall Leadership Conference will be held September 5-7, 2019, at Seven Springs Mountain Resort located in the beautiful Laurel Highlands, Pennsylvania.

NJCUL 2019 AWARDS

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

Rep. Gottheimer Visits 1st Bergen FCU to Announce Legislation to Help Jersey Families Check and Boost Credit

Congressman Josh Gottheimer (NJ-5) Tuesday announced two bipartisan bills to fix two significant pillars of our credit system that are in dire need of an upgrade: how credit scores are calculated and how our credit is reported. Gottheimer’s Accurate Access to Credit Information Act will create a single, easy-to-use portal providing free access to a credit score and all three major credit bureau reports, with the ability to identify errors and initiate disputes, lift security freezes, and information on who has accessed your report over the prior two years.

June CU Membership Growth Doubles from May

Credit union membership growth in June doubled compared to May, as year-over-year membership growth hit 3.51% in June, according to CUNA’s Monthly Credit Union Estimates for June. Monthly credit union loan growth increased by 0.68% in June, the slowest June since 2012, and as is the norm, second quarter loan growth (1.76%) was higher than first quarter growth (0.43%).

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and Register via Zoom 


With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

CUNA, Ohio League Attend Arguments in Appellate-level ADA Case

CUNA, along with the Ohio Credit Union League, attended Thursday’s arguments before a three-judge panel of the U.S. Court of Appeals for the Sixth Circuit in Cincinnati. The cases are Brintley v. Aeroquip CU and Brintley v. Belle River Community Credit Union, two Michigan-based credit unions hit with frivolous lawsuits claiming website noncompliance with the Americans with Disabilities Act (ADA).

ComplySight Custom Reports are Here!

We have recently released a big enhancement which allows our clients to view the exact information they want to see! Custom reports can be saved, copied and shared with other staff members! Specific instructions will be communicated soon, but the ability to create custom reports is available now!

Bureau reopens comment period on HMDA rule amendments

The CFPB has published a notice [84 FR 37804] reopening the comment period for the proposed rule published May 13, 2019, at 84 FR 20972, but only with respect to the proposed changes relating to the permanent coverage thresholds for closed-end mortgage loans and open-end lines of credit in §§ 1003.2(g)(1)(v) and (g)(2)(ii) and 1003.3(c)(11) and (c)(12) and related commentary. Comments must be received by October 15, 2019.

Three Regulations CU Collectors Should Keep an Eye On

Creditunion.com wrote an article about three regulatory policies its collections team ought to know whether internal or outsourced. Credit union collections can oftentimes be a thankless task.  But if you outsource, no credit union wants to be at reputational risk if the member files a complaint because of a lack of training of the outsourced collections personnel, you could ultimately be held liable.

See Your Name in Lights!

Name in Lights Flyer

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.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

With cyber attacks increasing, credit unions need to show that they're properlyWith cyber attacks increasing, credit unions need to show that they're properlysafeguarding their members' information.

Rep. Smith Confirms He’ll Seek Re-Election

Rep. Chris Smith (R-4) told the New Jersey Globe this week that he will “enthusiastically” seek re-election to a 21st term in Congress next year. “I’ve never been more enthusiastic about a job in my life,” Smith said.  “I hope to have another decade here. I love it that much.”

“Wage Theft” Legislation Signed into Law

State legislation (S1790, now P.L.2019, c.212) intended to protect workers against wages theft was signed into law Tuesday by Lieutenant Governor Sheila Oliver. Oliver has been serving as acting governor while Governor Phil Murphy was vacationing in Italy. Gov. Murphy is expected to return to the Garden State this afternoon.

PCUA Fall Leadership Conference Is One-Of-A-Kind

Featuring a dynamic and inspiring combination of learning, networking, and fun, the Fall Leadership Conference will be held September 5-7, 2019, at Seven Springs Mountain Resort located in the beautiful Laurel Highlands, Pennsylvania.

NJCUL 2019 Awards

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

CMG Risk Alert Increased Off-Premise ATMs Currency Storage Attracts Criminals

ATMs now provide more cash-holding cassettes which increases the currency capacity. While this makes it easier for your credit union to ensure off-premise ATMs are operational with cash-on-hand, it also increases your risk exposure at those ATMs. To minimize risk, off-premise ATMs must not exceed $200,000 in cash storage and must be alarmed in a specific way.

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.

Do Your Data "Bytes” Have a Bad Aftertaste...

Data Bytes

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.

FinCEN Issues Statement on Risk-focused BSA/AML Supervision

Federal financial regulators, along with the Treasury’s Financial Crimes Enforcement Network (FinCEN), have issued a statement on risk-focused Bank Secrecy Act/Anti-Money Laundering (BSA/AML) supervision. The statement does not include any new requirements but is intended to improve transparency into the risk-focused approach used for planning and performing BSA/AML examinations.

NCUA Risk Alert: Business Email Compromise Fraud

Monday, the NCUA issued an alert that describes the increasing frequency of, and losses related to, business email compromise fraud schemes. Credit unions can take steps to prevent this type of fraud and should report such fraud, when it occurs, to the FBI’s Internet Crime Complaint Center. Credit unions that report incidents to the Internet Crime Complaint Center promptly increase their opportunity to recover funds that have been wired under fraudulent pretenses.

CFPB: New Proposed Rule Posted QMD

Friday, a new proposed regulation has been posted by the Consumer Financial Protection Bureau (CFPB) on the Qualified Mortgage Definition. With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay any residential mortgage loan, and loans that meet Regulation Z’s requirements for ‘‘qualified mortgages’’ obtain certain protections from liability.

CFPB: New Proposed Rule Posted QMD

Friday, a new proposed regulation has been posted by the Consumer Financial Protection Bureau (CFPB) on the Qualified Mortgage Definition. With certain exceptions, Regulation Z requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay any residential mortgage loan, and loans that meet Regulation Z’s requirements for ‘‘qualified mortgages’’ obtain certain protections from liability.

NJCUL 2019 Awards

Get Recognized...the 2019 New Jersey Credit Union League Awards Program is underway!  This awards year acknowledges achievements that have occurred between July 31, 2018 to June 30, 2019.

Cybersecurity Workshop Sept 10

Cyber Security Workshop Sell Sheet

Tuesday, September 10, 2019

Tuesday, September 10, 2019

10:00 am to 3:15 pm

NJCUL Education Center and via Zoom

With cyber attacks increasing, credit unions need to show that they're properly safeguarding their members' information.

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.

Adjusted Requirements for Cash-out Loans Announced by HUD, FHA, Ginnie Mae

The U.S. Department of Housing and Urban Development (HUD) Thursday announced joint policy actions designed to reduce risk associated with cash-out refinance lending. The changes are intended to preserve homeowners’ ability to convert home equity to cash via a government-sponsored mortgage but also improves the risk profile of HUD’s housing finance programs.

Debt Collection Comment Deadline Extended to September 18

The Consumer Financial Protection Bureau (CFPB) has extended the comment period for its proposal on debt collection to September 18, from the original August 19 deadline. According to the CFPB, this will allow “interested persons more time to consider and submit their comments.”