The National Credit Union Foundation (the Foundation) the national charitable arm of the credit union movement, today announced that Gigi Hyland, Executive Director, plans to retire on December 31, 2024.

Hyland joined the Foundation in 2013. Under her leadership, the Foundation doubled in asset size and substantially expanded its signature fundraising event, the Foundation Dinner presenting the Herb Wegner Memorial Awards, into an annual “must-attend” during the America’s Credit Unions Government Affairs Conference.

During her tenure, Hyland spearheaded research, catalytic grants and convenings on financial well-being for all and the link between health and wealth, expanded cooperative values offerings to include virtual and self-study options, and co-founded the CU DEI Collective with many credit union system partners.

“I’ve loved serving the credit union movement as Executive Director of the Foundation. It’s been an amazing journey of collaboration and cooperation to focus on placing the financial well-being of all our members and employees at the heart of credit unions,” said Hyland. “Nothing of consequence in life is done alone. I am so grateful to the Foundation Board, our donors and supporters, and to the talented and dedicated Foundation team for their hard work. I know the Foundation will continue to thrive after I retire, and I am dedicated to helping with a smooth transition.”

“There is no doubt the entire credit union industry has benefited from the passionate, dedicated work of Gigi Hyland,” stated Jim Nussle, President and CEO of America’s Credit Unions.  “Propelling our movement into the future, Gigi’s influence is seen not only through her philanthropic work leading the Foundation, but her focused leadership on the Board of the NCUA. A trailblazing advocate for increased financial education and wellness, Gigi’s role in elevating Financial Well-being For All has driven real impact for credit unions across the country and undoubtedly transformed the lives of so many American families. Gigi’s leadership and grace will truly be missed, and we wish her all the best in her retirement.”

John Sackett, the Foundation Board Chair, stated, “Gigi has been the face of, and the driving force behind, the Foundation for the past 11+ years. Her commitment to the credit union movement has been a shining example to many of us who have had the privilege of working with her. She will certainly be missed. Speaking for the Board of Directors, I want to thank her for all she’s done.”

The Foundation Board is working with Hudson RPO and the America’s Credit Unions human resources team to conduct the national search for Gigi’s successor.

Hyland’s career in the credit union system spans 33 years – as an advocate, attorney, federal regulator, and philanthropist. She is a Credit Union Development Educator (CUDE). She served on the America Saves® Advisory Board, the Credit Union Network for Financial Literacy Board, and is currently a board member of the National Cooperative Bank (NCB).

In September 2022, Gigi was inducted into the America’s Credit Union Museum inaugural “Herstory” exhibit which highlights a range of credit union women and their achievements throughout the history of the credit union industry. In July 2023, she received the Maurice R. Smith DEI Leadership Award from the African American Credit Union Coalition (AACUC). Hyland will remain in her role through the end of December 2024.

Nook (www.nook-inc.com), a pioneer of niche experiences, is excited to announce Living50+, a member engagement platform for the 50+ demographic.  As a result of growth and the shift to digital, credit unions’ core differentiator as relationship-based financial institutions is quickly fading away. With Living50+ and Nook’s Niche Experience Platform, credit unions can re-establish their roots as relationship-driven partners in their members’ lives. 

Nook’s end-to-end platform allows credit unions to build trusted relationships with their members by providing valuable resources that help guide members through their current stage of life. Living50+ offers relevant lifestyle content, including topics related to money, housing, travel, health, and more, to credit union members in their 50s and 60s. Offering timely, relevant resources to members not only increases engagement but also helps credit unions cross-sell and upsell more effectively by encouraging members to envision the positive impact that credit union solutions have on their lives. 

“A common misconception in the credit union industry is that our average member age of 55 is a bad thing and that we need Gen Z and Millennials to replace that group as soon as possible,” said Austin Wentzlaff, Nook Co- Founder and CEO. “While we agree that acquiring new, younger member groups is important, we believe credit unions are ignoring the gold mine right under their feet: The 50+ age group. We see this lack of focus on our existing members as a serious risk to the industry and something that needs to be addressed quickly. Living50+ creates an opportunity for credit unions to build deep relationships with that core member group and enables them to capture market share in the most significant demographic by consumer spending.” 

Nook selected the 50+ age demographic as its first Niche Experience for several key reasons: 

• As of 2023, consumers 50 and older contributed over half of all consumer expenditures in the US, while only 5–10% of marketing budgets go toward winning them over. 
  • Examples of consumer spending within this group that require a financial partner and represent a massive opportunity for credit unions include purchasing second homes, investing in CDs, planning for retirement, acquiring new insurance, and purchasing recreational vehicles such as boats and RVs.
• According to AARP, people over 50 control 78.1% of the country's wealth and have a significant demand for both loans and deposit products. In fact, older Americans held nearly half of the total outstanding debt and had the largest deposit account balances. 
• The best way for credit unions to attract younger generations is by building strong relationships with their parents, who will, in turn, refer them to their trusted credit unions. 

Click here to watch Nook CEO, Austin Wentzlaff, discuss Living50+ and the golden opportunity for credit unions
on the Banking on Digital Growth Podcast.

ValleyStar Credit Union proudly announces the promotion of Misty Reed to the position of Chief Credit Officer. Misty's extensive career, spanning over 22 years across banks and credit unions, reflects her remarkable dedication and expertise in the financial sector.

Having previously served as Senior Vice President of Credit Administration at ValleyStar, Misty brings a wealth of experience in Commercial Lending, Underwriting, Operations, and Credit Administration to her new role. Her professional journey has seen her excel in various capacities, including as Chief Commercial Credit Officer, at a previous employer.

Misty's commitment to excellence, coupled with her extensive experience, has garnered her numerous accolades, including the prestigious 2017 Lending Officer of the Year award presented by Credit Union Times. She has made significant contributions to the industry by spearheading financial analysis courses in partnership with the Risk Management Association and local Small Business Development Centers. Additionally, Misty's leadership extends beyond these achievements, as she has served as the past President of the Southwest Virginia Chapter of the Risk Management Association.

With academic credentials including an MBA from King University and a BA in English from Lenoir-Rhyne University, Misty is well-equipped to lead ValleyStar Credit Union's credit operations into the future. Outside of her professional endeavors, Misty is deeply involved in community service, serving as the Chair of the Blue Ridge Council of Make-A-Wish Greater Virginia, former Audit Chair of the Girl Scouts Skyline Council, and volunteering with AFSP (American Foundation for Suicide Prevention).

Misty resides in Roanoke with her husband Michael and their two cats.

"We are delighted to announce Misty Reed's promotion to Chief Credit Officer," said Mike Warrell, President & CEO at ValleyStar Credit Union. "Her exceptional leadership skills, comprehensive experience, and dedication to our community make her the perfect fit for this role as we continue to prioritize the financial well-being of our members."

Please join us in congratulating Misty Reed on her well-deserved promotion within ValleyStar Credit Union.

The USAID/World Council of Credit Unions’ (WOCCU) Credit for Agriculture Producers (CAP) Project in February presented the findings of its survey that asked Ukrainian credit unions to estimate their costs associated with regulatory compliance and prudential requirements. 

The CAP Project initiated the study in light of the new Laws of Ukraine “On Credit Unions” and “On Financial Services and Financial Companies” that went into effect on January 1, 2024.

According to the provisions of these laws, the National Bank of Ukraine (NBU), the country’s credit union regulator, shall supervise the operations of credit unions by applying a risk-based approach and the principle of proportionality, which may either increase or reduce credit unions’ regulatory costs depending on how the new rules are adopted. 

The survey, which looked at a one-year period from July 2022 to June 2023, produced several key findings, including that: 

• The regulatory compliance costs of Ukrainian credit unions account for 30% of their total operating expenses and nearly 7% of their total assets. 
• Smaller credit unions incur the largest relative costs for regulatory compliance, at 47% versus 30% on average in the sector. 
• Almost half of credit union employees’ working hours are spent on fulfilling these regulatory requirements. 
• Almost one-third of all regulatory compliance costs account for prudential risk management (compliance with licensing terms, financial ratio calculation, preparation and submission of reports and information per requests from the regulator, internal and external audits). 

The survey results show the costs that Ukrainian credit unions incur for regulatory compliance are quite significant and often exceed both the capabilities and needs of individual credit unions. This may result from a lack of proportionality applied in credit union regulation and supervision. 

"Regulatory requirements for credit unions are constantly changing, so it‘s important to assess their impact on day-to-day business. The survey allowed us to see how it affects small and large credit unions and identify the costliest areas," said Ivan Vishnevskiy, Deputy Chief of Party for the CAP Project. "Some solutions to reduce compliance costs are proportional and risk-based regulation, as well as the introduction of standardized and automated procedures across the sector."

The CAP Project will leverage the results of the study to continue advocating in front of the Ukrainian Parliament (Verkhovna Rada), NBU and other government authorities in Ukraine, as well as with international partners to implement a more balanced approach for ensuring both effective prudential supervision and compliance cost reduction for credit unions in Ukraine. 

For more updates on credit unions in wartime Ukraine, visit WOCCU's Ukrainian Crisis Response Blog.

​As part of a growing partnership and focus on serving the Hispanic community on Long Island, Molloy University,  Ocean Financial Federal Credit Union (Ocean Financial) and 100 Hispanic Women announced The 100 Hispanic LI Scholarship program to young Hispanic women across Long Island on March 21.

The 100 Hispanic LI Scholarships will be awarded to young Hispanic women who are attending or will attend Molloy University in the coming academic year. The initial $5,000 funding will be divided into three scholarships: two $1,250 undergraduate scholarships and one $2,500 graduate scholarship. The recipients will be chosen by 100 Hispanic Women.
 
The program expands the relationship among Molloy, Ocean Financial and 100 Hispanic Women to further the education of young Hispanic women across Long Island.
 
“Everyone needs help getting to college and this collaboration will help fund scholarships and other programs that we will be developing for Hispanic students,” said James P. Lentini, President of Molloy University.  
 
“It is proven that students on scholarships finish their education,” said Alicia McGrath, President of 100 Hispanic Women. “With these scholarships, we are giving members of the Hispanic community the additional advantage of completing their education and getting those necessary credentials to be competitive in this world.”
 
In the last several years, Ocean Financial, 100 Hispanic Women and Molloy University have collaborated on several initiatives that serve the Hispanic population across Long Island.
 
“One of the things that Ocean Financial is focused on is financial literacy. We hope to continue to take that initiative to the next level through these educational opportunities,” said Joseph Tedesco, President and CEO of Ocean Financial.
 
In 2023, Ocean Financial pledged $500,000 over a five-year period to Molloy University that aims to improve the financial literacy of Molloy students, the largest corporate gift that the University has received. This includes the sponsorship of the Mentoring Latinas Program at Molloy, a program that is specifically designed for Latina students at participating high schools to expose them to university life and engage them in relevant activities, including visits to academic departments, financial workshops, and athletic and cultural events.
 
Wendy Espinosa, Program Coordinator for Experiential Learning at Molloy University and coordinator of the Mentoring Latinas Program, shared her story of how she was first involved in the program as a mentee when she was in high school, followed by a mentor when she became a Molloy student. She now helps orchestrate the program for the next generation of Latinas.
 
“The Mentoring Latinas Program holds a special place in my heart because I feel that I have found a place where I am represented,” said Espinosa. “The mentors and mentees look like me, speak the same language and have similar cultural backgrounds.”
 
Today’s announcement included remarks from James P. Lentini, President of Molloy University; Edward Thompson, Vice President of Advancement at Molloy University; Joseph Tedesco, President and CEO of Ocean Financial Federal Credit Union; and Alicia McGrath, President of the Long Island Chapter of 100 Hispanic Women.
 
Photo attached, credit Molloy University/Ocean Financial Federal Credit Union/100 Hispanic Women.

​Pulsate, provider of mobile-first engagement solutions that deepen digital banking relationships and cut through noise in consumers’ moments of need, today announced that it has joined the Jack Henry™ Vendor Integration Program (VIP). Participation in the program will provide Pulsate with access to Jack Henry’s technical resources to enable its personalized consumer engagement platform to integrate with the Symitar® core platform. The Vendor Integration Program is designed to help ensure that Jack Henry’s customers can easily deploy third-party products.
 
Pulsate’s mobile-first engagement platform integrates with Symitar via SymXchange™, a services-based programming interface that enables third-party vendors and credit unions to access the platform’s core data and business rules. The integrity of data is maintained throughout any data exchange because access to business rules and data is managed through a service layer which governs these interactions.
 
Pulsate allows community financial institutions to ensure they are providing personalized, timely and relevant outreach to their account holders in their time of need. By leveraging data-driven, personalized engagement with account holders via digital channels, community financial institutions can deepen those banking relationships while driving meaningful deposit growth through targeted communication. Pulsate’s inclusion in the Vendor Integration Program empowers Jack Henry’s customers to stand out in today’s competitive banking landscape and respond to dynamic market fluctuations, positioning themselves as their account holders’ primary institution.
 
"Following our recent integration with the Banno Digital Platform™, we are pleased to deepen our relationship with Jack Henry by becoming a VIP member, helping to further provide their customers with quick deployment of personalized digital banking services,” said Sarah Martin, CEO of Pulsate. “A recent survey of Pulsate’s customers revealed 60% of participants noted deposit growth as the top priority this year. Pulsate aids in ongoing efforts to attract and retain deposits by leveraging data-driven, personalized engagement across the digital channel to create effective interactions that boost loyalty and retention.”
 
Jack Henry’s VIP takes the customer out of the middle, providing vendors with direct access to Jack Henry’s technical resources and test systems. VIP inclusion is not an endorsement of the vendor’s product.

​Cetera Financial Group, the premier financial advisor Wealth Hub, announced that Cetera Financial Institutions has launched a groundbreaking new Credit Union Council, aimed at providing Cetera’s participating credit union partners with a forum to share ideas, best practices and other thought leadership for the betterment of their wealth management programs. The inaugural council is comprised of seven members, who held a successful meeting in early March 2024. Members include representatives from: Numerica Credit Union, Meriwest Credit Union, A+ Federal Credit Union, Rogue Credit Union, Langley Federal Credit Union, GTE Financial Credit Union and Achieva Credit Union.
 
“Credit unions fill a vital role in the financial services space and in their local communities. We are being intentional in helping our credit unions meet the needs of their members through our growing partnerships with them. We understand and take seriously our duty and commitment to serving our credit union partners to the best of our ability,” said Cetera Financial Institutions President and CEO LeAnn Rummel. “In addition to providing credit unions a place to collaborate, this council will also serve as a litmus test to show us how we can continue to optimize the already excellent service we offer our valued credit union clients. Watching these talented credit union leaders put their heads together in the kickoff meeting was inspiring and productive – I look forward to seeing what comes from this council in the future.”
 
“I am profoundly grateful for the opportunity to contribute to the Credit Union Council’s mission of elevating, enhancing, and empowering credit union investment programs to perform beyond their perceived limitations,” said Aaron Persons, vice president of Wealth Management for A+ Federal Credit Union. “Cetera’s core values and culture are perfectly aligned with the credit union principle of ‘cooperation among cooperatives’ and together, we pave the path towards a future of unparalleled success.”
 
“We are delighted to be part of the inaugural Credit Union Council established by Cetera Investment Services; a collaborative platform dedicated to elevating the credit union experience,” said Ian K. Foo, AIF, president of Meriwest Wealth Advisors, part of Meriwest Credit Union. “By fostering innovation and knowledge-sharing, this initiative underscores our commitment to empowering credit unions to thrive and deliver exceptional value to their members. Together, we’re shaping the future of financial services, ensuring that credit unions within Cetera continue to set the standard for excellence in member service and satisfaction.”
 
Foo serves as chair of the newly-formed council while Najib Khan, a leader from Langley Investment Services within Langley Federal Credit Union, serves as vice-chair. The launch of the credit union council builds the recent momentum displayed by Cetera Financial Institutions, including its affiliation of Hawaii State Federal Credit Union and its innovative partnership with Wealth Access, the leading customer data insights platform unifying and enriching data to power hyper-personalized experiences for financial institutions and investment clients. Click here to learn more about Cetera’s resources and support for financial institutions.