The National Credit Union Foundation (the Foundation) and VIDA STYLE are collaborating to launch “Re-Gowned To Give,” a new initiative at this year’s 2023 Foundation Dinner Presenting the Herb Wegner Memorial Awards. Guests at the event will be invited to consign their gowns and donate the proceeds from the sales to support the Foundation’s work to improve people’s financial lives. VIDA STYLE is owned and operated by veteran credit union industry executive Alicia Valencia Erb and is committed to a sustainable economy in which clothing is reused to eliminate waste and pollution. “I am thrilled to partner with the Foundation to raise funds to improve people’s financial lives through credit unions,” said Valencia Erb. “Post COVID, consumers have the desire to make their limited dollars go further and to reduce their carbon footprints. Our collaboration permits them to do both.” “Giving back is at the heart of the Foundation’s work. The collaboration with VIDA STYLE supports a give-back program where our industry can collectively and financially give back and support our mission to serve others,” said Foundation Executive Director Gigi Hyland. Gowns will be collected for consignment on Tuesday, February 28, from 7:30 AM - 12 PM in Salon 15 at the Marriott Marquis. For more information about the give-back program, contact Alicia Valencia Erb at (571) 357-1186 or at hello@vidastyleshop.com.
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Canvas Credit Union and Canvas Foundation, are proud to announce their Annual Grants Update, inclusive of the grants provided in 2022. Established in 2016, Canvas Foundation is committed to organizations that enhance and support Colorado’s schools, families, military and first responders. The Foundation’s goal is to nurture these critical areas, offering financial backing and time to nonprofits that leave a lasting footprint in Colorado communities. In 2022, Canvas Foundation supported 35 organizations with a total of $295,000 in grants and donations. “Canvas Credit Union is passionate about serving our branch communities through our financial education empowerment programs and our volunteerism,” said Malcolm Johnson, Vice President of Community Engagement at Canvas Credit Union. “The remarkable, community-driven accomplishments of this past year are a direct reflection of the hearts and efforts of our Canvas Credit Union employees and our Canvas Foundation, who worked together to support thousands of members and hundreds of nonprofits across Colorado.” The 2022 grants roundup showcases the following milestones accomplished by Canvas Foundation:
“Canvas Credit Union’s generous support has been a game-changer for our athletes,” said Megan Scremin, President & CEO of Special Olympics Colorado. “In addition to their financial sponsorship, which supports inclusive programming in more than 550 schools, Canvas employees have dedicated time and energy as volunteers at our games and events throughout the year. We are so incredibly grateful for their continued partnership.” Canvas Credit Union’s commitment to the communities of Colorado has provided programs and resources to amass over 4,000 hours of Canvas Family volunteer time and more than $225,000 in donations, supporting 100-plus community organizations. At Canvas’ All Family Gathering (annual all-employee meeting), family members collected 21,333 pounds of food and baby items for A Precious Child organization. They have also raised more than $3,100 from Canvas riders in Bike MS, collected over 6,500 pairs of socks for charitable organizations across Colorado, and provided $49,500 in community support through Canvas Cares Branch Donation Program. For more details on Canvas Foundation, visit Canvas Credit Union Community & Foundation LAUNCH CREDIT UNION ANNOUNCES FORMATION OF VYFI, LLC TO PROVIDE CREDIT UNION COMPLIANCE SERVICES2/16/2023 Launch Credit Union in conjunction with Launch CUSO Holdings, LLC is pleased and excited to announce the formation of VyFi, LLC (VyFi). VyFi is a Credit Union Service Organization (CUSO) which specializes in helping Credit Unions audit and identify their cyber threats and meet their information security compliance and assessment mandates from the National Credit Union Administration (NCUA) and state regulatory agencies. Our CUSO will provide premier information security services solutions to credit unions across the country though the delivery of professional information security assessments, regulatory compliance advisory services and assisting in the areas of governance and oversight. In 3rd quarter 2021, Security Compliance Associates (SCA) sold a controlling interest in their financial services division to RedZone Protects (RZP), creating Redzone Protects/ SCA, LLC. In August 2022, that entity was purchased outright by Launch Credit Union (one of the original investors in RedZone Protects). VyFi, LLC was officially launched in November 2022. ABOUT VYFI VyFi is committed to providing services relative to NCUA requirements focused on protecting Sensitive Information including key elements of regulatory-mandated assessments and reviews every credit union is required to perform. We understand and follow the ever-changing landscape of regulatory compliance, technology, and financial segment trends to position each client in a posture of strength, knowing that they are compliant and safeguarded. VyFi currently supports over 170 clients ranging from $50 Million to over $ 15 Billion in asset size. We are positioned to provide your institution with cost-effective services, support, and expertise to help you develop, maintain, and strengthen your information security processes and controls. VyFi services assist you in maintaining appropriate safeguards allowing your credit union to meet or exceed regulatory governance and information security requirements. VyFi assists you with the following: • Being your trusted advisor in the area of NCUA regulations and requirements • Providing discovery services focused on risk and Infrastructure deficiencies • Validating the effectiveness of controls required to provide a solid security landscape • Streamlining your risk management processes and activities What’s New? • New management team • Increased expertise (breadth and depth ofstaff knowledge) • Additional customer service resources • New website (www.vyfi.com) • Office location • Phone number • Email addresses What didn’t Change? • Core staff • Services portfolio • Commitment to our credit union clients • Commitment to credit union industry VyFi Services Our services focus on key elements of NCUA and state regulatory mandated assessments and reviews related to the examinations every institution is required to perform. We understand and track the ever-changing landscape of regulatory compliance, technology, and financial segment trends to position your institution in a posture of strength, knowing that you are compliant, secure and PROTECTED. VyFi provides credit unions with regulatory governance and information compliance support. Quarterly Larky Lowdown Report Reveals Best Days and Times to Distribute Push Notifications2/16/2023 Larky, a fintech provider helping financial institutions proactively connect with their audience in the right place and at the right time, today announced the release of the third issue of The Larky Lowdown report. This quarterly report centers on push notification use within the financial services industry and shares actionable data insights to enhance push notification strategies among financial institutions. “This issue of the Larky Lowdown informs bank and credit union leaders how to leverage push notifications to earn the most attention from their account holders at the right moments throughout the week,” said Kurt Schaldenbrand, Chief Technology Officer and VP of Product at Larky. “Not all messages are received equally by the account holder, which means financial institutions must determine which delivery times are the key to unlocking optimal engagement.” Account holders’ push notification responses, as seen via tap-through rates, indicated several engagement trends that ranged depending on the distribution time of day and day of the week. Report findings include:
Schaldenbrand added, “A crucial takeaway from this report is that understanding engagement patterns should be an important consideration when scheduling future communications. If financial institutions can be flexible with the day and time of their push notification distribution schedule, it makes a significant difference to do so. While some alerts may have a firm distribution time, such as operational announcements, others should be strategically sent during optimal response times to maximize account holder engagement.” Each issue of the Larky Lowdown report focuses on a particular area of push notification usage among both banks and credit unions. The quarterly report is freely available for download from the Larky website. Registration is now open for the 2023 Advanced Leadership Program, the transformational leadership course that equips the next generation of leaders with the tools, skills, and resources needed to increase their strategic impact. This intensive, hybrid program is offered through a partnership between GoWest Credit Union Association and DDJ Myers. Previously known as the Emerging Leaders Program, the course is now in its 11th year and is designed for experienced leaders in mid-level manager, leader, and director roles as well as those with previous leadership development training. Due to unprecedented demand for in-person programming, Advanced Leadership is expanding this year with a second cohort in Phoenix in addition to Seattle/Portland. Each cohort includes three in-person group learning sessions, 3 virtual group learning sessions, monthly calls, one-on-one executive coaching and more. Program participants will graduate with sustainable leadership practices, new thinking, and a clear understanding of their unique development path moving forward, as well as a network of industry peers. “We’re thrilled to be entering our 11th year and expanding the program to meet growing credit union needs,” says Peter Myers, Senior Vice President, DDJ Myers, An ALM First Company. “Not only do participants share the immediate positive impacts this course has on their professional lives, but we’re also seeing the long-term results firsthand with several past attendees becoming CEOs and many alumni now serving in other c-suite roles throughout the industry.” Early tuition is available for those who register before March 1, 2023 and special pricing is available for credit unions who send multiple attendees. Cohorts tend to fill up quickly, so credit union professionals interested in attending are encouraged to register as soon as possible by visiting gowestassociation.org/event/advanced-leadership-program/. Those interested in bringing DDJ Myers’ Advancing Leadership program directly to their organization may learn more at ddjmyers.com/services/advancing-leadership/. ValleyStar Credit Union CEO Mike Warrell and representatives from the Board of Directors presented a $10,000 donation to the Virginia Credit Union League (VACUL) in Richmond, Virginia on Credit Union Day to help fund the League’s efforts to advocate on behalf of Virginia’s credit unions. The VACUL works to build a supportive network of lawmakers who can create a positive legislative and regulatory environment for Virginia’s credit unions. The VACUL counts on credit union advocates, such as ValleyStar employees, to help educate state lawmakers about the “Credit Union Difference” and fight for credit union-backed legislation. “President of the Virginia Credit Union League, Carrie Hunt, has made a significant impact in her two years with the league by getting important bills passed with State legislators,” Mike Warrell stated on Credit Union Day. “Our donation will help strengthen their dedication to shape and protect credit unions throughout the Commonwealth.” ValleyStar employees will also join Carrie Hunt and the Virginia Credit Union League in February at the Governmental Affairs Conference in Washington, D.C., to help educate Federal lawmakers about the “Credit Union Difference” and our impact on their constituents throughout Virginia. Mahalo Banking, a CUSO that provides online and mobile banking solutions for credit unions, today announced the launch of its next-generation digital banking platform. The modernized digital banking platform is engineered to deliver neurodiverse functionalities intended to improve accessibility and better accommodate the cognitive needs of all credit union members. According to the National Library of Medicine, approximately 15-20% of the world’s population lives with some form of a neurodiverse condition. Mahalo’s redesigned platform features numerous new functionality options that are targeted to cater to these neurodiverse abilities and cognitive distinctions such as dyslexia, autism, ADD, ADHD, epilepsy, visual sensitivity, ASD and more. Among the platform’s new features are left- and right-hand use modes, font options for those with dyslexia or visual impairments and the ability to disable animations for individuals affected by epilepsy. These neurodiverse functionality options demonstrate just a few of the innovations and levels of commitment Mahalo’s team have made in their efforts to create an online banking solution that is inclusive to everyone. The platform also enhances common banking functions including easy account opening, quick transfer and pay options and direct deposit allocation features to ensure an easy, comprehensive banking experience. "Never before has our industry developed a banking platform for credit unions that is engineered to incorporate the neurodiversity of our memberships,” said Denny Howell, COO of Mahalo.“As a credit union member and one who is color-blind, I know first-hand what it is like to leverage digital banking channels that lack functionality. Mahalo’s goal in reimagining our platform was to deliver digital banking humanized – a robust, high-quality experience for all members, regardless of their unique conditions. We are proud of our next-gen banking platform, but we are equally excited as we continue to enhance our solution to build out more user-centric features that enable additional diverse groups of credit union members to have better digital banking experiences.” This platform modernizes online and mobile banking solutions exclusively for credit unions. Driven by an appreciation of the credit union movement, Mahalo’s team consists of credit union industry veterans with first-hand experience addressing the common challenges that credit unions and their members face. Jim Stickley, president and CEO of Mahalo, said, “Up until now, credit unions have not had the ability to truly support their entire member base. While the world continues to move online, up to 20% of credit union members have been unable to properly use existing online banking solutions due to the solution’s lack of support for neurodiversity. These limitations often leave members feeling forgotten and marginalized. When creating our next-generation solution, a primary goal of Mahalo was to embrace the credit union philosophy of ‘people helping people’ Our platform has been designed to embrace and support the diverse traits that make up each credit union member and consistently offer a pleasant experience regardless of who they are or what their needs may be.” The Mahalo platform is built on a superior architecture designed to help all credit unions, regardless of size, achieve a technological advantage. Mahalo’s technology leverages deep integrations into credit union cores that provide security and a robust feature set across all delivery channels. Built with intuitive digital features designed to deliver inclusive accessibility, the platform enables credit unions to strengthen member engagement, increase the use of the application and enhance the banking experience. Lodestar Technologies, a leader in financial services analytics, is excited to welcome its newest client to the community. Healthcare & Municipal Employees’ Credit Union (HMECU) is a $325 million financial institution based out of Hamilton, Ontario, where they operate 6 branches in the competitive landscape. Through a thorough and collaborative evaluation period, HMECU and Lodestar have defined an aggressive roadmap that will generate a positive return on investment quickly and over the life of the relationship. In addition to the Lodestar Enterprise Data Store (LDS), which includes a data lake as well as a simplified data warehouse designed for both technical and non-technical users, HMECU has selected several off-the-shelf data connectors, workflow modules, and advanced analytics models. Among those leading the initiative at HMECU is Kim Stoddart, Chief Operations Officer. “As a financial institution, we understand the value of the data we hold,” shares Stoddart. “Bringing all of that data together into a single data warehouse will empower us to make better decisions, streamline processes, and fully understand each member’s unique relationship with HMECU—including personalized ways we can support their financial wellbeing.” The Lodestar team is honored to partner with HMECU on their journey to become data-driven. “The team at HMECU has been a joy to work with, because they have a vision for their analytics journey,” says Steve Mott, VP of Sales for Lodestar. “As our clients’ trusted partner, we understand that every financial institution is at a different place in their journey and they each share their own goals and initiatives. We couldn’t be more excited to see how HMECU leverages Lodestar’s technology and resources to bring their vision to life.” The Lodestar technology stack, along with the technical and strategic services provided, will be leveraged across all areas of the credit union. Immediate initiatives for HMECU include:
Jason Moran is the newly appointed CEO at HMECU, and is a driving force for the data initiative at the credit union. “Our members are at the heart of everything we do here at HMECU, and we owe it to them to invest in our technology in order to provide a better member experience,” explains Moran. “We feel a strong strategic alignment with the Lodestar team, and we trust them to provide us with the technology and guidance needed to support our members.” With an average implementation time period of 12-16 weeks, HMECU looks forward to seeing results from the partnership in the near future. And with the connectors, workflows, and machine learning models HMECU has selected, the partnership will continue to grow. Last month, the Identity Theft Resource Center (ITRC) reported that the overall number of publicly reported data breaches in 2022 remained at a steady high (1,802 incidents), coming up just shy of the record-high of 1,862 incidents reported in 2021. Further analysis of the ITRC data by Sontiq, a TransUnion company, reveals the number of entities compromised by those 2022 breaches reached 3,495* — nearly twice the number of publicly reported breaches. Jim Van Dyke, senior vice president of innovation at Sontiq, explains that Sontiq’s calculation is based on how the company’s proprietary algorithm accounts for breaches at third-party vendors, also known as supply-chain attacks. Of the publicly reported incidents, half were third-party breaches that gave attackers access to the data of companies served by the breached vendor. Sontiq’s analysis shows 3,495 compromised entities in 2022, of which 1,745 originated from a third-party data breach. This is a nearly 45% increase over the 2,417 compromised entities Sontiq analyzed in 2021 and a year-over-year increase in third-party breaches of more than 220%. Van Dyke, who has served as an expert harms witness in some of the country’s largest data breach litigations, noted that cybercriminals are pursuing supply chain attacks for a higher return on effort. “By focusing attacks on the accounting, payroll or administrative firms that serve multiple clients, a single breach can give an attacker access to the data of multiple organizations at once, including customer and employee records,” he said. Third-Party Breaches Getting More Severe Van Dyke noted that the severity of third-party data breaches, as measured by Sontiq’s BreachIQ AI algorithm, is also trending higher. BreachIQ analyzes more than 1,300 factors to assess the severity of a data breach and assigns a unique Breach Risk Score on a scale of 1 to 10 for each incident. The algorithm also identifies the primary risks associated with a breach, as well as recommended protective action steps specific to that breach. In examining the average Breach Risk Score year over year, the severity of third-party breaches increased 10% in 2022. Meanwhile, the severity of primary breaches increased a mere 2%. Higher-Risk Data Breaches Warrant Quicker Action by Consumers According to Van Dyke, individual data breaches that score higher than 4 warrant stronger action from those affected due to the potential risks. (Consumers can check on the severity of any publicly reported breach on the Sontiq website.) “When a data breach reaches a score greater than 4, typically several pieces of sensitive personal information have been compromised,” said Van Dyke. “This greatly increases the odds of serious identity theft and fraud scams, which give criminals direct access to a victim’s workplace or personal financial, medical and social accounts.” That said, Van Dyke added that even low-scoring breaches can be dangerous because cyber thieves are willing to work harder to access a victim’s financial accounts. When criminals obtain less-sensitive information in a data breach, they often use social engineering techniques to extract more personal information to gain direct account access or commit payments card and peer-to-peer (P2P) payment fraud. A free online tool is available at www.sontiq.com/breachiq/#search-breached-organizations for anyone who wants a risk score and recommended actions for a particular data breach. * The ITRC’s figure is based on the number of initially breached organizations, while Sontiq includes entities whose data was exposed by the initial breach. Both are considered valid breach counts by the industry. Sontiq believes its approach provides more value to protecting organizations and consumers from potential data compromise. “NAFCU thanks Senators Scott and Crapo and Representative Ferguson for reintroducing important legislation to protect consumers from invasive IRS surveillance of their financial data that could compromise their privacy," said NAFCU Senior Vice President of Government Affairs Greg Mesack. “The Prohibiting IRS Financial Surveillance Act has broad support as Americans have made it clear the government should not be tracking their daily finances. We look forward to working with lawmakers to get this legislation enacted this Congress.” |
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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