ValleyStar Credit Union proudly announces the appointment of Kevin B. Laine, Executive Vice President, to the Board of Directors of New College Institute (NCI). Virginia Governor Glenn Youngkin’s office officially announced Laine’s appointment to the position in a formal press release on March 15, 2024. With over 35 years of experience in the financial services industry, Laine brings invaluable expertise to New College Institute's Board of Directors. Having held various leadership positions at ValleyStar Credit Union, including Vice President of Facilities and Security, Vice President of Human Resources, and Vice President of Branch Operations, Laine's proficiency spans across collections, consumer lending, indirect lending, and mortgage lending. His wealth of knowledge and understanding make him a valuable asset to the board. "Kevin's appointment is a testament to his exemplary leadership skills, unwavering dedication, and extensive expertise," said Mike Warrell, President and CEO of ValleyStar Credit Union. "We’re confident that his strategic vision and commitment to excellence will greatly contribute to the mission and objectives of The New College Institute." “Education and learning are pillar number one (1) of our overall corporate strategy here at ValleyStar," continued Warrell. "Everything we do at ValleyStar Credit Union is built on education and helping our employees become lifelong learners. Kevin is a lifelong learner and currently serves on the Foundation Board for Patrick and Henry Community College, where he was instrumental in implementing and expanding our annual academic scholarships for the college, which now total over $60,000. This has helped numerous students achieve their individual foundation of education, thus bettering their lives today and well into the future.” In addition to his professional accomplishments, Laine holds an MBA from Averett University and a Bachelor of Social Work from Ferrum College. He is actively involved in community service and currently serves on the board of directors for the Patrick & Henry Community College Foundation. Laine is also a 2001 graduate of the Southeast Regional Credit Union National Association Management School and has been an active participant in Virginia Credit Union League events and the Piedmont Chapter of Credit Unions. "I am honored by this opportunity," said Laine. "I look forward to collaborating with my fellow board members to advance the mission of NCI and support its initiatives to provide innovative educational opportunities to the community."
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The Defense Credit Union Council (DCUC) hosted its fourth annual Hawaii Sub-Council luncheon on Wednesday, March 20, 2024, at the Pacific Club in Honolulu, Hawaii. The Hawaii Sub-Council was formed in 2020 and created to support the interests of DCUC member credit unions serving the financial needs of servicemembers and veterans across the Hawaiian Islands. Hawaii remains home to more than 100,000 military personnel, veterans, dependents, and DoD personnel from all branches of the U.S. armed forces. In addition to hosting the annual luncheon, DCUC visited with several of its member credit union CEOs including Aloha Pacific FCU, Hickam FCU, Pearl Hawaii FCU, Hawaiian Financial FCU, HOCU, Ko’olau FCU, and Schofield FCU. “We value the support Tony Hernandez provided us to address some challenges we had with our on-base branch facility,” said Scott Kaulukukui, Hickam FCU president/CEO. “During his visit to Hawaii, as part of the sub-council meeting, we were able to discuss and see firsthand what those challenges were and the impact it would have to our credit union.” During the Hawaii Sub-Council luncheon, DCUC and the group of credit union leaders discussed current advocacy priorities, potential and emerging concerns, and how DCUC will be continuing to lay the groundwork for this unique sub-council. “The Hawaii Sub-Council meeting continues to be an important annual event for DCUC and its member credit unions,” said Anthony Hernandez, DCUC president/CEO. “Not only is it great to meet with our members face to face, but we can discuss in more detail evolving needs and concerns and celebrate ways these credit unions are making a difference in their local communities.” Cooperative CUSO CU*Answers recently announced that Bonifii’s state-of-the-art biometric authentication technology will soon be available to CU*BASE ® core credit unions. The successful integration of the Bonifii solution, known as MemberPass ® , was concluded in December 2023. The rollout will offer all CU*Answers credit unions the seamless capability to incorporate Bonifii’s biometric authentication solution into their suite of member authentication and fraud prevention tools. encourage Financial Network Credit Union (EFNCU), a valued client of CU*Answers, is poised to be the pioneer, offering the integrated solution to their members in March 2024. The Bonifii solution with CU*BASE empowers credit unions to:
Geoff Johnson from CU*Answers remarked, "Bonifii's biometric authentication solution will provide our credit unions with a significant leap forward in enhancing the security and efficiency of user authentication. We are excited to continue working with Bonifii in providing our credit unions with excellent options in ensuring the security of their data." In addition to introducing biometric authentication in lieu of legacy knowledge-based authentication, the Bonifii solution also delivers a digital credential, or token, to the member's smart device. This token undergoes cryptographic verification each time the member engages with the credit union, providing an additional layer of security. The solution not only mitigates potential fraud associated with in one-time- passcode (OTP) solutions, but also complements other biometric solutions such as voice recognition, adding an extra layer of security for the member and the credit union. Importantly, the Bonifii solution excels in providing robust authentication in mobile and online channels where voice biometrics may not be applicable. Michael Abraham from encurage Financial Network Credit Union states, "The Bonifii solution aligns perfectly with our commitment to providing advanced security measures for our members, addressing safety concerns, and enhancing their overall satisfaction." The next project CU*Answers will be working on with Bonifii will be to integrate the solution into the It’s Me 247 online and mobile banking platforms. This strategic move allows CU*Answers credit unions to deploy the solution seamlessly today across various channels, including branches, drive-thrus, ITMs, and contact centers, with subsequent integration into online and mobile banking channels. John Ainsworth from Bonifii emphasizes, "This alliance represents a significant step forward in redefining authentication standards in the credit union industry. Bonifii values the leadership of CU*Answers in the credit union industry, and we’re most grateful for EFNCU’s’s role in being the first CU*BASE client to deploy MemberPass." In conclusion, the alliance between CU*Answers and Bonifii ushers in a revolutionary biometric authentication solution for credit unions, elevating security, reducing authentication time, and garnering high praise from members. PSCU/Co-op Solutions, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider, has announced the appointment of Vel Davidov to executive vice president, chief financial officer and Michael Summers to executive vice president, chief culture officer. As PSCU/Co-op Solutions’ chief financial officer, Davidov will lead the company’s Financial Planning and Analysis (FP&A), Mergers and Acquisitions (M&A), Treasury, Accounting, Tax and Settlement operations. He will report to Brian Caldarelli, the company’s chief administrative officer. Davidov has more than 27 years of experience in the financial services industry. Since joining PSCU in 2002, he has played a key role in developing the Financial Planning, Analysis and Proposal support groups, in addition to leading the company’s Mergers and Acquisitions (M&A) function. Under his leadership, the M&A program has added over $500 million in annual revenue since its inception in 2014, completed eight targeted acquisitions and formed key strategic alliances. Davidov holds a B.S. in Accounting from the University of Economics – Varna (Bulgaria) and an M.B.A. from the University of South Florida. “With his extensive expertise and proven track record, Vel brings a wealth of strategic insight and leadership to the team, and he will play a vital role in guiding our financial strategies,” said Caldarelli. “I am confident that Vel’s contributions will continue to fuel growth for our combined organization and accelerate innovation for our credit unions.” Summers will play a pivotal role in shaping and sustaining the combined organization’s culture to support employees alongside the company’s key initiatives and core business strategy. He will oversee the company’s learning and organizational development, facilities and real estate, industry engagement and diversity, equity and inclusion (DEI) teams. Summers will report to Chuck Fagan, president and CEO of PSCU/Co-op Solutions. “A people-focused culture is part of the foundation of PSCU/Co-op Solutions, recognizing our employees as our greatest asset,” said Fagan. “Michael’s dedication to our diversity, equity and inclusion (DEI) program since its inception reflects his genuine passion and commitment. As a talented leader, he not only delivers exceptional results, but also embodies the values essential for our combined organization’s future success. We are confident Michael will challenge our organization to uphold our values and lead ongoing company culture enhancements.” Summers previously served the company as senior vice president, Learning and Environment since March 2021. He joined PSCU in March 2001 and has progressed through roles of increasing scope, leadership and responsibility across several business units, including Knowledge Management, Implementations, Learning & Organizational Development (L&OD) and Environment & Office Services (E&OS). Summers holds a B.S. in Workforce Education and Development from Southern Illinois University and a D.B.A from the University of South Florida. He is a certified Credit Union Development Educator (CUDE). SRM (Strategic Resource Management), a trusted advisor with more experience negotiating contracts than any other firm in the industry, announced the launch of its ContractMAP service to help financial institutions see a clearer picture of their existing vendor commitments in the coming months and years. Navigating a financial institution's complete footprint of vendor contracts – including their back-end technology, card network and other payment partners, and operational providers – is cumbersome and often results in missed opportunities that impact the bottom line. ContractMAP alleviates that concern for banks and credit unions, providing a visualization and impact assessment of existing vendor contracts. ContractMAP is unique because it offers an 8-to-10-year outlook on key contracts and considers how vendor decisions in one operational area can impact others across the organization. "Vendor sourcing, RFP management, and contract negotiation services have defined SRM in our first three decades," noted Ben Mrva, SRM's Chief Revenue Officer. "ContractMAP is the next evolution of our expertise, giving clients the power to navigate competing priorities and better evaluate contracts critical to their operations and sustainability. We continue to look for ways to deliver value, and ContractMAP will do just that." SRM's management team noted that financial institutions will also benefit from the efficiency and agility that ContractMAPSM brings. It frees up vital internal resources, allowing them to focus on their primary activities while empowering the institution to respond quickly to changing market conditions and risks. Existing SRM clients are already onboarding to ContractMAP during the first quarter of 2024. Community Financial Credit Union has launched its latest financial product, CloseEnuff™, Michigan’s first checking account of this kind. Designed to empower women and alleviate critical financial hardship caused by gender inequity, this innovative account represents Community Financial’s ongoing commitment to advancing the financial health of their communities. Three quarters of Americans are living paycheck to paycheck, so an unplanned expense or fee can result in significant financial setbacks. This barrier is compounded for women, as they face financial inequities. While 95% of women are directly involved in their households’ financial decision-making, the financial services industry has largely ignored their needs and the pervasive inequities that exist in the United States. For instance, women on average are earning 82 cents to every dollar men earn. Such disparities are exacerbated for women of color, with Black women earning only 64 cents to every dollar, and Latinas earning 54 cents. Reflective of societal inequities, a 2023 Consumer Financial Protection Bureau report found that overdraft and NSF fees disproportionately affect women, particularly single women, women with children, Black and Hispanic women and women who earn less than $60,000 per year. CloseEnuff™ addresses the pervasive issues of financial barriers disproportionately impacting these demographics. “When we make the world a little better for women, we make the world better for everyone,” said Tansley Stearns, president and CEO of Community Financial Credit Union. “Through the introduction of CloseEnuff™, we’re helping close the gap for the two-thirds of Michiganders who identify as financially insecure, while raising awareness around the importance of cash flow as consumers adapt to changing economic conditions.” CloseEnuff™ covers members who go over their account balance up to $50. Additionally, the account eliminates overdraft transfer fees and reduces NSF fees from $25 to just $9, saving Community Financial members an estimated $1.2 million collectively. The new account also offers members the advantage of Early Pay, granting them early access to their direct deposit funds. Depending on the depositor, members may receive their funds up to two days earlier, enabling them to address immediate financial obligations to plan with confidence. In response to the evolving needs of its members, Community Financial was also the first credit union in Michigan to launch EquipFI’s Buy Now Pay Later option and a key feature of CloseEnuff™. This innovative post-purchase split payment option on debit card purchases provides members with increased flexibility in managing their expenses. Community Financial is championing financial equity and inclusion across the state. The credit union is committed to addressing the tough issues confronting Michiganders and walking with them toward their impossible dreams. CloseEnuff™ is a testament to this commitment, providing tangible relief and support to financially vulnerable members in their journeys. For more information on the CloseEnuff™ and how Community Financial Credit Union is empowering women, visit cfcu.org/CloseEnuff for more information. As a League-owned business subsidiary, Envisant is a for-profit organization that operates with the credit union philosophy of giving back to members and communities. For Envisant, with nearly 2,000 credit union customers across the country, the community is the credit union system and the many organizations helping to take on the variety of challenges facing credit unions and their members. “I’m proud of the way Envisant has been able to financially help the wonderful organizations in the credit union movement that are focused on improving the lives of employees, members, and communities,” said Tom Kane, CEO of Envisant. “I’m especially pleased our contribution to the Illinois Credit Union Foundation enabled the Illinois Credit Union League to launch an Association Health Plan in 2023 for 29 small credit unions. We look to expand that plan in the coming years to include many more Illinois credit unions that are challenged to offer this critical benefit to their employees.” Envisant contributed more than $1.1 million in 2023 to the credit union system and community organizations with donations, memberships, and sponsorships of credit union organizations. These include:
“Together, ICUL and Envisant demonstrate the power of collective action,” said Libby Calderone, President/COO of Envisant. “These contributions are a testament to the strength of the credit union movement and our unwavering commitment to making a positive impact.” Collaboration is a central principle of the credit union movement. These contributions support industry associations, educational initiatives, community development, and children’s advocacy. The Illinois Credit Union System remains dedicated to fostering a spirit of social responsibility and building a brighter future for all. Eltropy, the leading AI-powered unified conversations platform for community financial institutions, will showcase its latest innovations and customer success at the upcoming National Credit Union Collections Alliance (NCUCA) Conference, taking place April 2-4, 2024 in Las Vegas. A premier event for credit union collections and lending professionals, the NCUCA Conference explores trends and strategies in loan servicing, delinquency management, and enhancing the borrower experience. Ashish Garg, Co-founder and CEO of Eltropy, will deliver a keynote on "AI in Collections: The Impact of ChatGPT-style AI on Community Financial Institutions" on Thursday at 1:45 p.m. “It's almost mind-blowing how quickly AI capabilities are advancing,” said Garg. “In this session, I'll dive into how game-changing generative AI technologies like ChatGPT can transform CFI collections and cut costs with intelligent automation, rock-solid compliance, and reimagined experiences for all stakeholders.” In a featured session on Thursday, April 4 from 12:00 to 1:30 p.m., Jenn Quinn, Customer Success Manager at Eltropy, will host “See How Text Messaging Can Help Your Loan Servicing.” This interactive demo highlights how Eltropy's text messaging capabilities enable more efficient collections outreach and better borrower communications from loan origination to payoff. “Attendees will see firsthand how unified conversations can improve loan servicing,” said Quinn. “Text messaging allows loan teams to connect proactively with members on their preferred channel, streamlining resolution for delinquencies. I'm looking forward to demonstrating these practical capabilities with the audience.” Eltropy's platform unifies digital channels like text, video, co-browsing, screen sharing, secure chat and chatbots, allowing credit unions to engage members with personalized conversations anytime, anywhere. Purpose-built for community financial services, Eltropy’s unified platform combines security, compliance and analytics. Visit Eltropy at the NCUCA Conference. To learn more about Eltropy’s offerings for collections visit eltropy.com/solutions/collections-via-digital-conversations. Texans Credit Union (Texans), a leading credit union based in North Texas, proudly announces the promotion of Mike McWethy to executive vice president (EVP), formerly chief experience officer (CXO). Prior to joining Texans, he dedicated over 15 years in the financial services industry, where he held various leadership roles, including EVP and COO. His educational background includes degrees in business administration, computer science and a Lean Six Sigma certification. As EVP, McWethy will continue to oversee key areas, including IT, marketing, lending and retail operations, guaranteeing operational excellence for stakeholders and alignment with the credit union's mission and goals. David Frazier, president and CEO of Texans Credit Union, hired McWethy in 2020 with the vision to create a unique organizational structure prioritizing Texans’ member experience. McWethy’s career experience and dedication to ‘service through process’ makes him uniquely qualified to direct each of these areas, with the ability to collaborate and communicate under this structure. “I knew Mike’s passion and knowledge of credit union operations could align our teams toward a single priority – a first-class member experience,” said Frazier. “While most credit unions have C-suite management direct their singular specialty and attempt to collaborate at the top level of the organization, our unique structure allows for a focused strategy executed with increased efficiency and collaboration.” McWethy's commitment to enhancing member interactions, irrespective of the scale, complexity or simplicity, has remained steadfast over the past four years. “I am passionate about the moments that make a lasting impression,” said McWethy. “Creating these powerful moments requires ongoing strategic focus and the technology to support an elevated experience for every Texan." Last year alone, Texans impacted over 25 member touchpoints of varying degrees. From implementing new products to improved communication channels, to increased automation, his ability to take a deep dive into each process has allowed for huge advances toward the strategic vision for Texans. “We still have a way to go in elevating Texans to even greater heights,” said McWethy. “Team Texans continues to impress with the ability to adapt and innovate, and I am honored for this promotion but even more optimistic about Texans' ability to exceed industry expectations.” CU Leadership Convention announces partnership with African-American Credit Union Coalition3/19/2024 The CU Leadership Convention is proud to announce that it has entered into a partnership with the African-American Credit Union Coalition (AACUC). AACUC will hold its annual conference with the 47 th CU Leadership Convention to be held July 30-August 2, 2024 at Caesars Palace in Las Vegas. AACUC will host the DEI Summit, the annual Pete Crear Lifetime Achievement Award, a welcome reception, and closing party for AACUC members and much more at this year’s CU Leadership Convention. For the first time, the CU Leadership Convention will host AACUC members, allies and partners at this year’s convention making it the largest event of its kind for credit union leaders from across the country to gather and share innovative solutions, inspiration, and practical guidance to help better their credit unions and their communities. “Every year, we work hard to make the CU Leadership Convention bigger, better and bolder. And this year, we are excited to welcome AACUC members,” says Dennis Sullivan, Chairman of the CU Leadership Convention. “We’re looking forward to more diverse thinking and thought-provoking solutions to the challenges facing credit union leaders. If there was ever a time that we need to come together, it is now!” “Joining forces with CU Leadership Convention is a no-brainer,” says Renée Sattiewhite, AACUC President/CEO. “Our partnership enables us to deliver another exceptional conference experience at scale for our members and hopefully new members. The depth and breadth of the summit topics, the exciting entertainment, and the infusion of diversity and inclusion throughout the event amplifies our mission and could not be a better match for AACUC. We look forward to bringing our special AACUC spirit to our special events.” Attendees and AACUC members participating in the 47 th CU Leadership Convention will get access to more than 70 speakers from across the country, 65 thought-provoking sessions, world-class entertainment, and an opportunity to connect with colleagues, friends and share ideas while making new connections with more than 1,000 credit union leaders. |
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
May 2024
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