More than 80 industry leaders from nearly 30 credit unions and affiliates attended this year’s 15th Annual Shapiro Summit at JW Marriott Anaheim Resort in Anaheim, CA from Aug. 19 – 20, which provided a wealth of information designed to help credit unions under $200 million in assets solve real-life issues — including staffing, succession planning, due diligence, risks, safety, and so much more. (View this year's Shapiro Summit photo gallery, organized by the Shapiro Group Advisory Committee and hosted by the California and Nevada Credit Union Leagues). Headlining this year’s conference was National Credit Union Administration (NCUA) Board Chairman Todd Harper. The chairman said he was honored to engage with small credit union leaders as the industry remains focused on serving all types of communities across the nation. He applauded the hard work, due diligence, and innovative decisions those in the audience were facing each year as they continue serving their members. Topics for Shapiro Summit were created by credit unions, for credit unions. They included economic and interest rate insights, interactive collaboration solutions gaming on real-world issues and scenarios, what's ahead in federal government affairs, innovative lending solutions geared specifically for credit unions, CEO retirement succession strategy at all levels, and more. Attendees also heard from California and Nevada Credit Union Leagues President and CEO Diana Dykstra, who thanked small credit union leaders for taking the time to come engage with their peers, as well as gained insights during a federal legislative update by Leagues Senior Vice President of Federal Government Affairs Jeremy Empol. Additionally, a special panel graced the conference with a discussion surrounding the importance of succession planning at all levels of a credit union. With more than 100 years of combined experience, the panel was comprised of Upward CU CEO Linda White, Kaiperm CU CEO Karen Introcaso, and Humanidei + O'Rourke CEO Jill Nowacki. At the culmination of the event, the Shapiro Advisory Committee honored White and Introcaso on their upcoming retirements, which gained a standing ovation. Introcaso also provided her strategic succession plan to all Shapiro Summit attendees. Other presenters (and a few insights from their discussions) included:
The Leagues would like to thank all corporate sponsors of this year’s Shapiro Summit: Catalyst Corporate FCU (Diamond Sponsor); CUNA Mutual Group (Gold Sponsor); American Share Insurance (ASI) (Copper Sponsor); CU Northwest (Copper Sponsor); Co-op Solutions (Bronze Sponsor); RMJ Foundation (Bronze Sponsor); Cotribute (Bronze Sponsor); and Origence (Bronze Sponsor). Shapiro Summit, hosted annually by the California and Nevada Credit Union Leagues and the Leagues’ Shapiro Group, is THE exclusive gathering of small credit union minds and the only event on the West Coast designed for credit unions that are $200 million assets and under. Boasting a 98 percent average approval rating, this unique annual conference is one of the most anticipated events of the year.
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African-American Credit Union Coalition Leverages Experts to Propel Small Credit Union CEOs’ Success8/24/2022 Joined by CUNA Mutual Group, Inclusiv and the National Credit Union Administration (NCUA) and PRO Found Recovery Solutions, the African-American Credit Union Coalition hosted the inaugural Small Credit Union Summit, exclusively for executives at small credit unions with less than $100M in assets, during its 24th Annual AACUC Conference, leaving CEOs empowered to tackle running their small credit unions with HR, Compliance, Lending, Board and Supervisory Governance strategies and best practices. Leading experts from within and outside the credit union industry provided fundamental concepts and new ways of thinking to deliver impactful outcomes in the areas of board governance and supervisory committee matters, digital marketing, compliance (people and processes), lending, risk, financials, human resources and recovery solutions. The summit was also an opportunity for the NCUA to share invaluable resources specifically geared towards small credit unions including training, grants, loans, minority deposit institutions, chartering and field of membership expansion. “While at an Inclusiv conference in Puerto Rico, mutual members asked for more intense support. Cathie Mahon, President/CEO of Inclusiv and the Honorable NCUA Chairman Todd Harper agreed to hold a summit to laser focus on small credit unions to ensure their viability and sustainability,” said Renée Sattiewhite, AACUC President/CEO. “By banding together, we felt strongly that we could meet small credit unions where they are and equip them with the tools and connections that would help them overcome their most pressing barriers to success. Small credit unions play a distinct role in the credit union movement, and we believed it was our responsibility to address this gap so that small credit unions could not only survive but thrive.” Predicated on the concept of joining together to solve three compelling problems facing small credit unions, CEOs and Board Members were able to ask questions and interact with the experts. Beyond these three solutions, participants expressed overwhelming gratitude for the attention given to their most critical needs. “I am so thankful for this summit. I feel seen and heard,” said Alexandria Currie, President of FAMU Federal Credit Union. “To know that so many people and organizations are invested in the success of small credit unions like mine means so much to me and my peers. We can walk boldly and confidently knowing that the unique communities that we serve – who are often low-income or minority communities – are just as valuable, and meeting their needs is equally as important.” In addition to the participating organizations, the Small Credit Union Summit was successful in large part to AACUC’s Chairman Circle partners. These top-tier donor partners play an integral role in helping fund the operations and programming for AACUC, including sponsoring Small Credit Union CEOs to attend this inaugural summit as well as the AACUC annual conference. The Lab at Filene takes the next step in innovation by testing new products and ideas to help credit unions grow and make a positive impact on their members and communities. At the first ever Lab Symposium held this month in Visa’s San Francisco innovation center, credit union sponsors and stakeholders convened to set Filene’s 2023 testing agenda, share perspectives on emerging innovation opportunities and establish connections among the group of innovation-minded organizations. "Being a founding sponsor of The Lab at Filene provides ELGA Credit Union an opportunity to work with other forward-thinking credit unions. Together we can support and shape future solutions that have the potential to improve the financial well-being of our membership,” said Terry Katzur, CEO/President of ELGA Credit Union. “We are honored to be part of such an innovative group of credit unions and partners and look forward to working with them." Sponsors of The Lab voted on which ideas they wanted to pursue further testing on from a menu of options identified through Filene’s ecosystem of academic talent, communities and strategic partners. Five ideas rose to the top as having high potential to fuel growth and maximize member and community impact while addressing key yet-unanswered questions:
“We’re thrilled to reach this milestone and excited to work on these tests. We also look forward to continuing our work with The Lab sponsor community,” said Filene’s Senior Director of Incubation, Josh Sledge. “We have some fantastic leaders, innovators, and supporters in the mix.” The Lab at Filene’s founding sponsors include:
“Filene is an incredible partner in helping us gain knowledge, insight and innovative direction through the research and testing they do on behalf of credit unions,” said Tonita Webb, CEO of Verity Credit Union. "This type of work sets credit unions up for success, pairing resources (that none of us have time to build out individually) with actionable results that enable us to better serve our members. We’re excited to utilize The Lab on ‘rethinking physical space’ to look at our own branches and implement updates that address the needs and concerns of every member in our community.” Next steps for The Lab at Filene entail creating detailed plans for each of the five test concepts and assessing which Lab Sponsor organization will test which concepts. From there, The Lab will conduct tests and produce actionable insights for credit unions to adopt proven solutions and expand their capacity for innovation. "Visions Federal Credit Union is excited to be a sponsor of The Lab at Filene because we are passionate about the betterment of all credit unions,” said Chad Williams, Director of Enterprise Project Management, Visions Federal Credit Union. “Having a central hub for ideas to be tested and vetted will help all credit unions support members. In the end, that is what we are all here for, the members we support and serve." Each test identified through The Lab’s first round of testing opportunities provided a solution within one of four categories: new and expanding relationships, new ways to open credit access, remixing the value proposition, or competing for share of wallet. “Royal Credit Union appreciates the opportunity to work in partnership with Filene and other leaders in the credit union movement to advance The Lab’s 2023 agenda and positively impact the financial well-being of our Members,” said Colin Boone, Vice President-Digital Experience at Royal Credit Union. “I am inspired by the opportunity to collaborate with this amazing group of credit unions and stakeholders. The initial meetings of The Lab group left me feeling energized and excited about the tremendous results that will be produced for our Members.” Credit union and system partners can still get involved in The Lab at Filene by becoming a sponsor. Visit filene.org/innercircle to learn more, or email Josh Sledge at joshs@filene.org. Credit Union National Association applauded a new report from the Department of Defense (DoD) that undercuts for-profit banks’ rationale for seeking rent-free access on military bases. The 2022 National Defense Authorization Act (NDAA) required the DoD to report on the availability of financial services on military installations. “It’s time to put to rest the notion that Wall Street banks offer the same support to our military members as do credit unions,” said CUNA President Jim Nussle. “Our bottom line lies in enhancing the financial well-being for all we serve. That means higher rates, lower fees, and the flexibility to design services and solutions to meet the unique needs of our service members.” The report found that “the Department has not received any comments from military installation commanders or their respective Military Service Secretaries that Service members do not have adequate access to financial institutions.” Additionally, the report stated, “there are no domestic DoD installations identified by the Military Services as lacking adequate access through on-installation and off-installation means.” CUNA has worked closely with the Defense Credit Union Council (DCUC) and National Association of Federally Insured Credit Unions (NAFCU) to preserve the Department of Defense’s discretionary authority to exempt credit unions from the costs associated with land leases on military bases. Each agreement is the result of specific negotiations between the base commander and credit unions. The joint trades sent letters to both the House Armed Services Committee and Senate Armed Services Committee in June. Groundbreaking online discussion series CUES RealTalk! is set to tackle The Double Bind at its next session, on September 21. CUES RealTalk! covers important, but often hard to discuss, issues impacting the credit union industry and is focusing on the theme Women in the Workforce: Because $0.82 is NOT Enough. “The Double Bind refers to the competing demands of work/life balance that most of those in the workforce contend with—but that is often more complicated for women,” said Dawn Abely, CUES’ SVP/Chief Sales & Member Relations Officer. Attendees will hear from a panel of experts, moderated by Laurie J. Maddalena, MBA, CSP, CPCC, CEO, Envision Excellence. She’ll be joined by Alyssa Guillory, CCM, VP/Marketing, Unity One Credit Union; Lynn Heckler, EVP/Chief Talent Officer, PSCU; and Deedee Myers, Ph.D., MSC, PCC, CHIC, Founder & CEO, DDJ Myers. Session talking points include:
“Like our previous sessions, attendees will walk away with actionable ideas and practical solutions that can put to use immediately,” said Abely. Because the topics CUES RealTalk! covers are so important, this event is being offered at no charge, and all industry professionals are encouraged to attend. The first three sessions, covering The Great Resignation, The Gender Pay Gap and The Confidence Gap are available for playback here. You can learn more at cues.org/realtalk. Learn more about CUES at cues.org. Constellation Digital Partners, LLC, announced today that it has entered into an agreement to acquire WalletFi, a subscription management solution and Analytics-as-a-Service provider that unlocks the intelligence within transactional data and delivers insights to expand customer relationships and boost non-interest income for financial institutions. The acquisition further solidifies Constellation’s commitment to digital innovation and serving its partners by providing access to new and differentiating services. Transactional data intelligence is a natural extension of the Constellation platform and highlights data's critical role as an enabling capability. This acquisition will enhance Constellation’s digital service offerings and empower Constellation to have an increased opportunity to work with community-based financial institutions in new and exciting ways. “WalletFi has been a fantastic partner from the beginning, and we’re elated to expand on our relationship with their team through this acquisition,” said Kris Kovacs, Constellation President, and CEO. “Pairing WalletFi’s technology with the power of our Digital Banking Services will enable our clients to offer truly unique and intuitive services that engage and delight their users. We’re also pleased to be adding the leadership and experience of the WalletFi team to our own.” “WalletFi is extremely excited to be coming together as one with Constellation,” said Marc Miller, WalletFi CEO and Co-Founder. “We look forward to accelerating Constellation’s vision to free community financial institutions from the limitations of legacy systems, allowing them to move ahead with next-generation innovations from an entire ecosystem of fintechs and developers.” As part of this acquisition, Constellation will retain the entire WalletFi team. The National Association of Federally-Insured Credit Unions (NAFCU) has named eight winners in its 2022 Annual Awards Competition, which honors member credit unions and credit union professionals and volunteers for excellence and achievement in the industry. Award winners will be recognized during NAFCU's Annual Congressional Caucus, Sept. 12-15, 2021. “The 2022 award winners have shown their dedication to the credit union mission,” says NAFCU Awards Committee Chair Frank Mancini, president and CEO of Connex Credit Union. “Over the past year, they provided extreme service to not only their members, but also their communities at large. NAFCU is honored to recognize these winners for their exceptional representation of the credit union industry by providing unwavering support to their communities.” This year's Annual Awards Competition recognized the CEO of the Year, Professional of the Year, Volunteer of the Year and Credit Union of the Year in each of two asset-size categories: $250 million or less, and more than $250 million. CEO of the Year Steve Foley, Bragg Mutual Federal Credit Union ($250 million or less) Ron D. Collier, Indiana Members Credit Union (more than $250 million) Professional of the Year Melissa Gehl, Chief Marketing Officer, Fulda Area Credit Union ($250 million or less) Berenice Villarreal, Senior VP & Chief Risk Officer, Randolph-Brooks Federal Credit Union (more than $250 million) Volunteer of the Year Jamilee Jimenez, Public Relations Committee, Kaua'i Federal Credit Union ($250 million or less) Arland White, Jr., Board of Directors Chairman, Tower Federal Credit Union (more than $250 million) Credit Union of the Year Labor Credit Union ($250 million or less) Abound Credit Union (more than $250 million) The winners will be featured in the upcoming September-October issue of The NAFCU Journal magazine. For more information about the awards, visit https://www.nafcu.org/annualawards. NAFCU’s Annual Awards competition is open to NAFCU member-credit unions, their staff, and volunteers. Winners are chosen by a committee of peers based on entries exemplifying above-and-beyond achievements, dedication, service in the community and leadership. Alliant Credit Union (Alliant), a nationwide digital credit union and one of the largest "challenger financial institutions," announced the launch of its Socially Responsible Checking Account promotion. New and existing Alliant members are eligible to participate in this promotion, which provides qualifying members with a $100 bonus deposit and a matching $100 charitable donation from Alliant when they open a new Alliant High-Rate Checking account between Aug. 22 and Oct. 7, 2022. After opening the account, members will be prompted to select one of three non-profit organizations to benefit from Alliant's matching donation, including Alzheimer's Association, American Cancer Society or Easterseals. Alliant has pledged up to $500,000 in combined charitable contributions from this promotion. "One of Alliant's three company pillars is social responsibility. This promotion is a great way for us to not only demonstrate our commitment to our members, but also to the non-profit organizations and resources that are available to support them and their communities," said Meredith Ritchie, Alliant Foundation board member and SVP, general counsel and chief ethics & government affairs officer. Alliant's focus on social responsibility has been emphasized through various initiatives, including its digital inclusion initiative to support the need for broadband access, technology equipment and technology education, overdraft fee elimination for checking and savings accounts, and higher interest rates on certain deposit products. "At Alliant, we really do pride ourselves as being a members-first organization. Our goal with this promotion is to increase awareness of our High-Rate Checking Account and its many perks while simultaneously giving back to these vital organizations," said Chris Moore, director of deposits and payment strategy at Alliant. Alliant's High-Rate Checking Account provides members with no monthly service fee, no overdraft fees, no monthly minimum balance requirements, and a competitive high-rate of 0.25% Annual Percentage Yield (APY). Account owners also receive up to $20 per month in ATM fee rebates, and have $0 liability on fraudulent charges. To be eligible for the Socially Responsible Checking Account promotion, consumers must open their account by applying online at myalliant.com/good22 and funding the account with $100 or more. In addition, each month after opening the account and through February 28, 2023, members must: (i) maintain a minimum daily balance of $100; and (ii) qualify for High-Rate Checking by opting into eStatements and having at least one monthly electronic deposit to the account. The bonus will be provided 4-6 weeks after requirements have been met. Detailed terms and conditions for the promotion. Credit union mortgage services provider, CU Members Mortgage , a division of Colonial Savings, F.A. NMLS 401285, has launched an on-time closing guarantee to help credit unions compete in the incredibly competitive mortgage market. The new CU Members Mortgage Home Promise is a pledge to close the member’s loan to purchase a home on or before the contract closing date. If the closing date is missed, the member will receive $500 after closing. If the closing date is missed by more than seven days past the designated closing date, $1,000 will be issued to the member after closing. Eligibility terms and conditions do apply to this program. “The housing market is very volatile at this time and competitors are fighting to win every loan. CU Members Home Promise will help credit unions remain competitive by ensuring their members continue to have a streamlined and timely mortgage experience by working with CU Members Mortgage,” said Steve Hewins, Senior Vice President at CU Members Mortgage. “We are eager to support credit unions’ efforts to win business and our pledge is to provide the very best member experience we can along the way.” Credit unions interested in learning more about our pledge to member service may contact CU Members Mortgage directly through the website www.cumembers.com or via email at marketing@homeloancu.com. In a considerable effort to increase the availability of safe, low-cost transactions for millions of unbanked and underbanked consumers, the California and Nevada Credit Union Leagues is partnering with the Cities for Financial Empowerment Fund (CFE Fund) by encouraging credit unions to begin offering Bank On certified deposit accounts. “Displaying a ‘Bank On’ certification is the right thing to do for the communities our credit unions serve. It aligns with our philosophy of financially empowering unbanked and underbanked individuals who don’t have any other local options,” said Diana Dykstra, president and CEO of the Leagues. “Our industry has an opportunity to show state and federal legislators and regulators real numbers on local credit union involvement in this important endeavor, which policymakers are increasingly monitoring.” Once a credit union applies for and receives the Bank On certification for a transactional product, it possesses an important tool to uniquely change a member’s life. Credit unions can welcome local underserved consumers into the financial mainstream to help them save money, potentially build credit history, and transact funds under their historically acclaimed and trustworthy banking services and philosophy. Additionally, local Bank On coalitions, elected officials, and other community stakeholders can confidently refer consumers to Bank On certified accounts, especially as they integrate banking access into large-scale public programs and payment streams. Many credit unions are already doing this. However, from a data-collection perspective, obtaining the Bank On account certification is a powerful way of aggregating the industry’s footprint in this area and showcasing to elected officials and local leaders that underserved banking communities can count on credit unions to manage their financial transactions, savings, and proactively educate them. Credit unions receiving this account certification will be able to spotlight the member-centric philosophy they are already proving each day in the communities they serve. “Our state and federal political leaders across both states are examining multiple avenues to address the challenges faced by these consumers,” Dykstra said. “There is a heightened focus and interest by policymakers to ensure low-income and rural and unbanked communities are being served. While some credit unions already offer these types of accounts, becoming Bank On certified can help solidify and measure the safe and affordable banking options our industry offers local communities.” The CFE Fund worked closely with financial institutions, federal regulators, community organizations, and other key stakeholders to develop Bank On National Account Standards. These standards provide local programs with a benchmark for account partnerships with financial institutions. Bank On certified accounts provide safe, affordable, and functional banking that allows consumers to build or rebuild a relationship with a mainstream financial institution. “Bank On certification signals to local Bank On coalitions, elected officials, and community organizations that these accounts are affordable, safe, and fully functional,” said Jonathan Mintz, president and CEO of Cities for Financial Empowerment Fund (CFE Fund). “We’re proud to partner with the California and Nevada Credit Union Leagues to encourage even more credit unions to join the almost 250 institutions already offering a certified account, and bring more vulnerable consumers into the financial mainstream so they can thrive.” Dykstra said the Leagues look forward to proactively encouraging credit unions to obtain the Bank On certification seal of approval for their accounts to help showcase what many of them are already doing for their communities. “We are asking our industry to publicly demonstrate the good financial practices that we exemplify as legislators and regulators increasingly look to address unbanked and underbanked communities.” |
Author: Mike LawsonMarried to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple. Archives
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