Registration is now open for October’s Discovery™ webinar from CUNA Mutual Group. Steve Heusuk, Senior Manager of Competitive and Market Intelligence at CUNA Mutual Group, will talk about recent research that looks at how organizational culture affects how well credit unions perform. He will talk about what parts of talent management have been hardest because of things like the “Great Resignation,” rising inflation, and rising interest rates, and what parts have been easiest. “Last year CUNA Mutual Group’s research focused on the strategic choices credit unions were making to be successful,” said Heusuk. “This year because of the tight labor market and strong credit union interest in talent management and culture issues, we thought it made sense to take a look at some of those same strategic choices credit unions are facing but apply a talent management lens.” Those who are interested in attending can register here for the upcoming webinar(opens in a new window). There is no cost to participate. This webinar will take place on Thursday, October 13, 2022. It begins at 2:00 PM CT and runs 60 minutes. This webinar is the first of five, bi-monthly, no-cost events to take place between now and June of next year. This webinar comes on the heels of CUNA Mutual Group’s 13th annual Discovery Conference. The no-cost all-day event is designed to help credit unions prepare for their upcoming annual business planning. About CUNA Mutual GroupBuilt on the principle of “people helping people,” CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit cunamutual.com.
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Talent development leader CUES is set to celebrate its members and honor CUES Awards winners during the CUES Member Appreciation & Awards Event, happening October 20 online. The event is free and open to all CUES members. Comedian Meghan Handley will kick off the show, followed by singer, songwriter and music producer Claude Kelly. Kelly is a four-time Grammy Award nominee, and has written or co-written songs for the likes of Michael Jackson, Whitney Houston, Britney Spears, Ariana Grande, Bruno Mars, Kelly Clarkson, Christina Aguilera, Jennifer Lopez, Kesha, Brandy, and One Direction. Kelly will share his humble beginnings, the obstacles he overcame, and how he stayed true to his own development to become who he wanted to be. He will also take questions from the audience in an interactive Q&A session. SongDivision is also set to make a return to this event. A people engagement company, they'll bring the fun and help our members strengthen their connections with each other through the power of music. The CUES Award celebration will follow, where we’ll announce the winners in each of the following categories. Nominees for CUES DEI Catalyst For Change Award are:
Nominees for CUES Emerging Leader Award are:
Nominees for CUES Exceptional Leader Award are:
Nominees for CUES Distinguished Director Award are:
NAFCU Chief Economist and VP of Research Curt Long issued the following statement on the September Jobs Report: "The September employment report was more of the same as jobs expanded at a strong clip, the unemployment rate declined, and wages grew at a modest rate. There were no signs of easing labor force strains as the participation rate ticked down while average hours worked increased. This report is a clear green light to the FOMC to proceed with another 75 basis point hike next month." -NAFCU Chief Economist and Vice President of Research Curt Long equipifi, a fintech company providing banks and credit unions with a white label Buy Now, Pay Later (BNPL) solution, announced its partnership with Member Access Processing (MAP), the nation's leading provider of the Visa DPS Debit, Credit, ATM, Prepaid, and Mobile Processing platform for credit unions. By partnering with equipifi, MAP's credit union clients will be able to offer BNPL solutions on their credit and debit transactions. MAP serves more than 100 credit unions across nearly 30 states. In total, MAP's clients have more than 10 million members and over $100 billion in assets. Partnering with equipifi, MAP's credit union clients will be able to increase the value of their banking experience and grow member engagement. By leveraging their existing data and digital banking platforms, credit unions will be able to extend BNPL offers that are in alignment with their members' financial goals. Credit unions will also be able to grow existing lines of revenue and open new ones. "Consumer financial needs are changing and so is the way they engage with their credit unions," said Cyndie Martini, president and CEO of MAP. "Buy Now Pay Later provides credit unions a strategic capability as well as a huge benefit to members. Members gain from the convenience and security of using their credit unions for BNPL in a safer and more reliable transaction." "There's no denying the growing popularity of BNPL as an alternative form of payment for consumers looking for financial flexibility," said Bryce Deeney, CEO and cofounder of equipifi. "With 60 percent of American consumers having used BNPL at least once, and 70 percent preferring a solution from their primary financial institution, we're past due for a BNPL solution from credit unions." The National Credit Union Foundation (the Foundation) has committed up to $225,000 from its CUAid program in response to the catastrophic destruction left by Hurricane Ian. The grant will be made to the Southeastern Credit Union Foundation, which has identified over 350 credit union employees and volunteers who were impacted by the storm—although that number is expected to rise. “CUAid was made for moments like this. We manage the fund in such a way as to position us to provide support, even when multiple disasters happen in quick succession. But we are seeing environmental disasters wreak more havoc, more often. In light of that, and following both Hurricanes Fiona and Ian, the Foundation is calling on our credit union and system partners to continue to donate to CUAid,” said André Parraway, the Foundation’s chief financial and operations officer. The Foundation has already committed up to $250,000 of CUAid funds to Inclusiv, which is managing individual donations to credit union employees and volunteers in Puerto Rico, affected by Hurricane Fiona. This latest grant will be managed similarly. The commitment is made to the Southeastern Credit Union Foundation, which will then work on the ground across Florida to identify and provide financial support to affected credit union colleagues. “Hurricane Ian has leveled entire communities to the ground. This was the fifth strongest storm to ever hit the USA, and a week later, it’s still hard to take in the sheer scale of damage and destruction,” said Bobbi Grady, executive director at the Southeastern Credit Union Foundation. “Many of our colleagues have lost everything. The support we can provide through CUAid is one of the first steps in what will be a long road to recovery and repair.” Individuals or organizations can contribute to CUAid at any time. The restricted nature of the fund ensures every penny donated goes directly to supporting credit unions and their people recover from catastrophic events. Lodestar Technologies, a leader in financial services analytics, is excited to welcome its newest client to the growing community. DUCA Financial Services Credit Union Ltd. (DUCA) is a $6 billion financial institution based in Toronto, Ontario. As the 13th largest Credit Union in Canada (excluding Quebec) by asset size and with 17 branches across Southern Ontario, DUCA proudly serves over 86,000 Personal and Business Members with the full range of banking, lending, and financial services. After an extensive evaluation period, DUCA chose the robust Lodestar Enterprise Data Store (LDS) as the foundation for its analytics journey. In addition, DUCA will work with Lodestar to implement several purpose-built workflow modules along with integrations to multiple data sources in use at the credit union. The partnership will empower DUCA with both a streamlined path towards a quick return on investment, along with a multi-year roadmap to ensure long-term success. “We couldn’t be more excited about our engagement with DUCA as we feel the strengths of both parties are perfectly aligned. Between Lodestar’s in-depth knowledge of credit union systems and processes, and DUCA’s strategic vision and commitment to innovation, the potential is unlimited,” said Steve Mott, VP of Sales for Lodestar. 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 DUCA include:
Aron Rogers, Chief Technology Officer at DUCA, is among those leading the data strategy for the credit union. Rogers is optimistic about the value DUCA will gain by implementing the Lodestar technology. “Our team is thrilled about the partnership with Lodestar. We recognize the need for a robust data warehouse and all of the technology that surrounds it. We are confident the Lodestar solution will meet our needs now and into the future.” In addition to the sophisticated business intelligence technology, the technical and strategic support provided by Lodestar were a deciding factor for DUCA. Rogers shared: “We have really been impressed with all of the work the Lodestar team put in to the relationship as we navigated through the sales process. We recognize that launching a data warehouse initiative is a significant undertaking. We feel confident that the Lodestar team will guide us along our data journey and ensure we are maximizing the return on our investment.” SavvyMoney Continues Accelerated Growth With the Signing of Its 900th Financial Institution Client10/6/2022 SavvyMoney, a company powering innovative, market-leading credit score solutions, recently celebrated the signing of its 900th financial institution client, Community Financial Credit Union. SavvyMoney has almost doubled its employee headcount and signed 155 clients this year, and the company is on track to reach 1,000 financial institution clients by the end of 2022. SavvyMoney’s credit score solution integrates with over 35 digital banking platforms and provides banks and credit unions with the ability to deliver real-time credit scores to their online users, as well as the digital engagement tools and marketing support required to strengthen their customer relationships. Bank and credit union customers can access highly personalized loan offers and actionable recommendations that help elevate the user’s financial health. SavvyMoney’s rapid growth and market adoption are primarily attributed to the solution’s benefits to both financial institutions and their customers. “The SavvyMoney solution is a true win-win, driving strategic, profitable loan growth for the financial institution and delivering value to the financial institutions’ customers with personalized loan offers and content,” said JB Orecchia, president and CEO of SavvyMoney. “Consumers are seeking contextual information and real-time personalization more than ever, resulting in banks needing innovative fintech that can offer those features.” Innovative fintech with highly attuned personalization was exactly what Tansley Stearns sought out as the new president & CEO of Community Financial. She came to the position with a clear, simple focus: to help members reach their goals by offering tools, transparency and unwavering support. Stearns turned to SavvyMoney to realize her vision, becoming the solution’s 900th customer. “Creating impact is the cornerstone of the cooperative finance model and will always be our guiding force at Community Financial. I’ve been evaluating the ways I can add impact in my role as CEO, and I knew that I could trust the entire SavvyMoney team to get operations running quickly and immediately help our members actively manage their credit scores and confidently navigate complex financial decisions,” said Stearns. “Innovation is critical to the future of the credit union industry. We must continually transform in order to meet evolving consumer expectations. Finding the right partner to elevate our members’ personalized digital experience is a priority for us, and only the start of what’s to come.” To learn more about Community Financial Credit Union and SavvyMoney’s partnership and why Stearns trusted the solution early on, read this SavvyMoney blog. To learn more about SavvyMoney, please visit https://www.savvymoney.com/. Town & Country FCU is expanding its partnership with Co-op Solutions, now engaging Co-op to provide Debit processing as well as Full-Service Credit processing, and newly participating in the nationwide Co-op ATM network. By joining Co-op ATM, Town & Country members have surcharge-free access to more than 30,000 machines across the United States. Earlier this year, Co-op announced a major expansion of the network in Maine, adding 60 ATMs in Hannaford Supermarkets, bringing the total count in the state to 150 locations. Town & Country’s participation adds another 10 ATMs to the Co-op network in Maine. “Town & Country values and appreciates the partnership we have enjoyed with Co-op Solutions for credit cards for many years,” said David Libby, President/CEO for the South Portland, Maine-based credit union. “Co-op Solutions shares a similar commitment to innovation and opportunities to integrate new technology to improve and strengthen member service and convenience. We believe that utilizing Co-op for debit processing will build upon that partnership and enable Town & Country to deliver a better debit card experience and solutions for our members long-term. In addition, being part of the Co-op ATM network will vastly expand access and convenience for Town & Country’s members.” Town & Country (www.tcfcu.com) is the second largest credit union in Maine, with about 40,000 members and total assets of about $515 million. The credit union was founded in 1953 and took its present name in 1986. Town & Country is also a long-standing participant in Co-op Shared Branch, enabling members to enter credit unions throughout the country and conduct business as if they were in their own home branch. “We view this new and expanded partnership with Co-op as an opportunity to be better prepared and positioned to meet the expectations of our members with access to the latest, cutting-edge credit and debit products and services,” said Libby. “With the pace at which the payment services marketplace is changing, we expect that this new relationship with Co-op will allow us to respond more rapidly and efficiently with products and services that meet and exceed the needs of our members both now and in the future.” “Consolidating debit and credit processing with Co-op Solutions will help Town & Country deliver better member experiences as well as enhance operational efficiencies,” said Matt Kardell, Chief Revenue Officer for Co-op. “Maine has long been one of the most active areas in the country for shared branching, and our increased ATM footprint now makes accessing Co-op ATM equally convenient for Town & Country members. We are looking forward to many years of helping Town & Country maintain its well-deserved reputation for providing innovative products and services that improve and enhance the member experience.” For more information on the Co-op ecosystem of financial technology products and services visit www.co-opfs.org/Solutions. The Federal Reserve yesterday issued a final rule on Regulation II, which covers debit card interchange fees and network routing exclusivity – requiring all debit card issuers to enable and allow merchants to choose from at least two unaffiliated networks for card-not-present (CNP) transactions, such as online purchases. NAFCU President and CEO Dan Berger issued the following statement in response to the final rule: “The Fed’s final rule on Regulation II fails smaller financial institutions, the credit union industry at-large and ultimately consumers. The Fed’s rule mandating debit card issuers to enable at least two payment networks for debit transactions will force small issuers to allow transactions over riskier networks, increasing fraud costs for our nation’s community financial institutions. NAFCU and its member credit unions have seen little good come out of Reg II or the Dodd-Frank Act for that matter – including the failed Durbin Amendment. Imposing this final rule would increase implementation and fraud costs for smaller financial institutions, on top of everything else they’re battling with inflation, all for the benefit of big box stores and big online retailers such as Amazon. NAFCU and our members will continue to engage the Fed and Congress to underscore the negative impacts of this rule.” – NAFCU President and CEO Dan Berger Cornerstone League last week drafted and issued a letter to all members of the Texas delegation opposing legislation that seeks to create new routing mandates that would affect the way financial institutions issue credit. Cornerstone’s Texas advocacy arm, Texas Credit Union Association, joined Independent Bankers Association of Texas, Credit Union Coalition of Texas, and Texas Bankers Association in presenting a unified opposition to the Credit Card Competition Act of 2022. In the letter, the trades say that the legislation is “anti-free market legislation that creates a government-mandated system for private contracting entities,” countering claims by the legislation’s supporters that it will lower credit card processing fees, saving merchants and consumers money. The Credit Card Competition Act was introduced in July by Senators Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.), followed by the late September unveiling of the House companion to the bill by Representatives Peter Welch (D-VT) and Lance Gooden (R-TX). The letter points out shortcomings of the 2010 iteration of Sen. Durbin’s amendment to the Dodd-Frank Act: “…we now have more than 10 years of experience showing that all banks and credit unions – regardless of asset size – have been negatively impacted by the Durbin amendment’s transfer of debit routing decisions from banks and consumers to merchants.” “The Credit Card Competition Act and the Welch-Gooden Bill are misguided pieces of legislation that will do much more than hurt consumers,” said Jim Phelps, Cornerstone League EVP and chief advocacy officer. “The legislation not only will lead to retailers choosing less secure networks and putting consumers’ data privacy at risk, but it will also place unnecessary burdens on financial institutions.” Since July, financial institutions – especially the credit union industry – have been vocal about their opposition. In a recent op-ed published on CUInsight, Cornerstone League President/CEO Caroline Willard said: “In a world where they’re [financial institutions] already burdened with quickly changing compliance and regulation laws, forcing this untested strategy upon them is unnecessarily risky.” Resource One Credit Union President/CEO Mary Beth Spuck said in a recent Dallas Morning News op-ed that the legislation can cause banks and credit unions to incur significant expenses. “Those costs can be substantial — and in our case, come directly out of the pockets of our more than 67,000 member-owners in the Dallas area and north Harris County. Last year, we reported losses due to fraud of nearly $500,000. A less-secure card processing network could send those losses higher,” she wrote. View the letter. |
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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