 Troy Stang Confirmation of Tanya Otsuka:
The Credit Union Movement will be well-served by Tanya Otsuka’s service to the NCUA Board of Directors. Ms. Otsuka has a distinguished career in public service and is a proven financial services industry thought leader. We look forward to collaborating with her in the pursuit of policies in the best interests of credit unions and the more than 130 million consumers they serve. Appreciation of Rodney Hood’s service: Nominated by two Presidents for a position on the NCUA Board of Directors, Rodney Hood went above and beyond in fulfilling the agency’s mission of protecting the cooperative, member-owned charter. During his time as a director and as Chair of the Board, Mr. Hood guided effective regulatory advancements, looked out for the best interests of members of credit unions, and advanced policies that helped credit unions to best serve those members. We hope that in his next chapter, Mr. Hood will continue to be a part of the Credit Union Movement where he has left such a remarkable footprint. Appreciation of Lenwood Brooks’ service: Regulatory agencies’ effectiveness is driven not only by their leaders but by the expertise of their teams. In his service to the NCUA, both as a Senior Advisor to Rodney Hood and as NCUA’s former Chief of Staff, Lenwood Brooks provided exemplary strategic insights and was always available to meet with credit union leaders to discuss policies that would help them best serve their members. We wish Mr. Brooks well in his new role as Vice President, Director of Government & Industry Relations for the Federal Home Loan Bank of Dallas, and thank him for his dedicated service to NCUA from 2019-2023.
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 Kelly Botti TruMark Financial Credit Union was delighted to make its annual toy delivery to St. Christopher’s Hospital for Children, which took place on Wednesday, Dec. 13, 2023. The credit union, known for its commitment to community engagement, distributed toys collected from its headquarters and 24 branch locations.
St. Christopher's Hospital for Children, a leader in pediatric care since 1875, was the recipient of this festive generosity. The hospital is celebrated for providing exceptional care to children from throughout the Greater Philadelphia area and around the world. As part of its longstanding tradition of giving back during the holiday season, TruMark Financial encouraged community members to join in the spirit of giving. The drop-off event was a heartwarming occasion, embodying the true essence of the season. "We were thrilled to continue our partnership with St. Christopher's Hospital and contribute to the well-being of the children in our community," said Kelly Botti, CEO and President at TruMark Financial. "The annual toy delivery is a reflection of our commitment to making a positive impact on the community we serve." The donations of toys generously contributed by employees and credit union members and a monetary donation of $20,000, aimed to bring joy and comfort to the young patients at St. Christopher's Hospital during the holiday season.  This holiday season AmeriChoice Federal Credit Union rallied its employees and partnered with several area police departments to support Shop with a Cop. For this community-centered charitable effort, AmeriChoice made donations to help children referred to the Shop with a Cop program. Participating children were paired with police officers who took them on a spending spree at the local Walmarts for holiday presents with donated funds.
The credit union raised funds internally, launching a “Thankful Gram” campaign, which inspired employees to purchase grams and write notes of encouragement or gratitude for their coworkers. Altogether, AmeriChoice employees raised enough money to support three police departments and brighten the holidays for 42 children and their families. All proceeds from the campaign were donated to Silver Spring Township Police Department, Lower Allen Township Police Department, and York County Regional Police Department to benefit local children. In addition to providing funds, AmeriChoice employees assisted Silver Spring Township Police Department with wrapping gifts selected by participating children at the local Walmart, working alongside officers at New Kingston Fire Hall. For the Lower Allen Township Police Department, AmeriChoice employees had the opportunity to interact and spend time with the children and police officers. For these kids, the Camp Hill Walmart provided both the setting for the shopping spree as well as additional donations and snacks. “It is no secret that AmeriChoice is passionate about our community involvement focus on first responders and those who provide support for our community,” said Ken Dyer, AmeriChoice CEO. “The Shop With a Cop program provides the extra bonus of being able to benefit children during the holidays. We were thrilled to be able to support this heartwarming initiative and are extremely grateful to our employees for their impressive efforts.” (PHOTO Caption: From Left to Right: Chief Tim Damon, Kerri Gilbert, and Allison Janosko.)  Teachers Federal Credit Union, one of the largest credit unions in the United States with $9.7 billion assets and more than 460,000 members, proudly concludes its third annual Season of Giving campaign, donating $50,000 to three non-profit organizations. The campaign, which launched on Giving Tuesday, brings the credit union’s total 2023 charitable giving contribution to more than $800,000 across 75 non-profit organizations.
Between November 28 and December 4, Teachers turned to its members and community to vote on the distribution of its Season of Giving funds. With thousands of votes from across the nation, Teachers is thrilled to announce the results of this year's campaign:
“Closing out a year highlighted by record-breaking charitable giving and volunteerism, Teachers is proud to donate $50,000 to three incredible non-profit organizations,” said Brad Calhoun, President and CEO of Teachers Federal Credit Union. “Aligned with our guiding principle of building a strong community, this initiative reinforces our credit union’s dedication to making a positive impact in the lives of our members, and the communities we serve.” The Season of Giving campaign is just one of the ways Teachers gives back to the communities it serves throughout the year. Committed to its community stewardship year-round, Teachers shares its time and resources with non-profit organizations that promote education, health and human services, research, and economic development. Throughout 2023, Teachers donated over $800,000 to more than 75 non-profit organizations across the country. For more information on Teachers community initiatives, please visit teachersfcu.org/about/community.  Travis Goodman ALM First, a strategic partner for depositories offering commission-free, fee-based advice, served as a consultant for Space Coast Credit Union, the third-largest credit union in Florida with over $9B in assets, throughout their recent auto loan securitization process.
This is the Credit Union’s first asset-backed securities issuance. The deal, which closed last week and is listed as SCCU Auto Receivables Trust 2023-1 (SCCU 2023-1), got upsized to $422.25M and its average spread tightened in to 112.6 basis points. This is the eleventh public securitization to be completed in the entire industry since the NCUA’s June 2017 Opinion Letter affirming credit unions could conduct securitizations. It marks the fifth time ALM First has served as an advisor on such a transaction, and the seventh securitization the firm has assisted with from a capital markets perspective. “In our role as a trusted advisor, we help credit unions gain access to a broader investor market and profitably access liquidity,” says Travis Goodman, Principal of ALM First. “In half of all industry securitizations to date, our team has helped credit unions strategically navigate the process, provided insights regarding where to price new loans for sale and executed strategies to lock in margin.” “At Space Coast Credit Union, we prioritize our members and their financial needs with every decision and partnership we make,” said Timothy M Antonition, CEO of Space Coast Credit Union. “This securitization will benefit our members and our community by allowing us to continue offering affordable financing options for current and future members.” Union Credit Provides Customer Acquisition Strategies for Community Financial Institutions in 202412/20/2023  Barry Kirby Union Credit, the only marketplace for credit unions to make firm pre approved, one-click credit offers at the point of purchase, reveals strategies for forward-looking community financial institutions to position for account holder growth in 2024 and long-term success.
As thousands of community and regional institutions battle over a finite amount of deposits, interest rates are growing increasingly competitive and fintechs are acquiring customers through lending. The "Buy Now, Pay Later" (BNPL) model exemplifies how consumers prioritize staying within their existing experiences, even opting for less attractive products to maintain their current paths. For credit unions and banks, success lies in adapting to this shift, focusing on aligning with consumer desires and needs. This strategic approach, emphasizing accessibility where consumers are actively engaged, is key to acquiring new customers and sustaining growth in the evolving financial services sector. Barry Kirby, Co-founder and Chief Revenue Officer of Union Credit, emphasizes the imminent need for change in community financial institutions. He states, "Industry visionaries have long sounded the alarm, and now, a shifting economy will act as the catalyst, compelling these institutions to take decisive action." Here are three strategies community financial institutions can leverage today to acquire new relationships and position for growth:
Kirby explained, "Lending fintechs have set a new bar for consumers. Community financial institutions can no longer operate under a siloed thinking model that necessitates consumers to seek them only during times of need; instead, they need to proactively connect with them in those moments. Local lenders have a distinct advantage in terms of trust, service, and local impact. The next generation expects connectivity; they prefer shopping local and having trusted providers. Credit unions and banks that can break through the old ways to meet them where they are will forge lasting relationships within their communities."  Michael Duncan Leading digital banking provider Bankjoy has achieved record growth in 2023, expanding its client base in the last year, adding several new credit unions and community banks, as well as neobanks to its platform. The company has also released several new product enhancements in the last 12 months and established new partnerships with industry-leading providers, including Plaid and Fraud.net, among others.
Company Expands Client Base with No Churn Demand has grown for modern, intuitive digital banking tools and as a result, Bankjoy has significantly expanded its client base in the last 12 months, now serving nearly 70 banks and credit unions nationwide. The company continues to grow its market share with the credit unions, but has also partnered with community banks and neobanks in 2023. Half of Bankjoy’s newest clients are credit unions while the balance were community banks, such as First Federal Savings & Loan of San Rafael and neobanks, like Panacea Financial. In addition, Bankjoy maintained strong relationships with its existing clients and experienced no churn in 2023 thanks to the company’s commitment to ongoing product innovation and value-added partnerships. Bankjoy Rolls Out Multiple Product Enhancements The company has released several new product enhancements and updates in the last 12 months, further deepening client engagement and product adoption. In 2023, Bankjoy rolled out several major new products and enhancements, including:
Bankjoy saw rapid adoption among clients for its newest products. Since launching Online Account Opening 2.0 earlier this year, nearly half of the company’s client base has gone live with the product, with many more planning to implement in early 2024. Bankjoy’s Business Banking 2.0 platform has also gained significant traction, more than doubling the number of clients using the platform to serve businesses in their local communities. The latest clients to implement Bankjoy’s Business Banking platform include Live Life Credit Union, ValleyStar Credit Union, United State Bank and several others. Bankjoy Announces New Value-Added Partnerships & Integrations In addition to this year’s product innovations, Bankjoy now supports more integrations and third-party partners than ever before, ensuring banks and credit unions can deliver a feature-rich digital banking experience for their account holders. In the last 12 months, Bankjoy has established new integrations and partnerships with leading fintech companies while strengthening relationships with existing partners, which now total over 100 and counting. Among Bankjoy’s newest partners are:
More Banks & Credit Unions Achieve Digital Transformation with Bankjoy Established partnerships with leading fintech providers and direct integrations with core processing platforms means that financial institutions can quickly and easily implement Bankjoy’s digital banking platform. In many cases, Bankjoy’s clients have gone live with the platform in 35 days or less. Over the last year, the company has supported integrations with the major core systems, including Corelation’s KeyStone, CU Prodigy, Jack Henry’s Symitar and Fiserv’s Portico. Additionally, because Bankjoy integrates with hundreds of third parties and layers them under a modern user-interface, financial institutions can offer an intuitive and feature-rich digital banking experience for account holders via multiple channels. As a result, Bankjoy’s clients have an average rating of 4.8 for their mobile banking app in app store reviews. “This year was a milestone year for our team here at Bankjoy. Demand for digital transformation shows no sign of slowing down and our growth trajectory is a testament of that. We are proud to work with renowned financial institutions like NET Credit Union and United State Bank, as well as newer disruptors and neobanks, such as Panacea Financial,” said Michael Duncan, CEO of Bankjoy. “We expect to continue our growth momentum in 2024 and have several exciting updates planned for the year ahead.” To stay up-to-date on the latest news and updates from Bankjoy, and to discover what’s coming for 2024, visit https://bankjoy.com/subscribe/.  Nathanael Tarwasokono Allegacy Federal Credit Union’s Board of Directors has selected Nathanael Tarwasokono as its next President/CEO after a comprehensive search process. He was placed by DDJ Myers, the well-known leadership development firm that offers a broad range of solutions to help clients optimize their greatest assets - their people.
Allegacy’s current President/CEO, Cathy Pace, will retire on January 1, 2025, after serving the cooperative for more than 45 years. Pace and Tarwasokono, who will officially join Allegacy on February 15, 2024, will be working together closely to ensure a smooth transition over the coming months. “We’re excited to welcome Nathanael to Allegacy,” says Lisa Marshall, Board Chair. “His proven experience as a credit union CEO and ability to focus on forward-looking strategies, along with his personal desire to be rooted in North Carolina make him the best fit as we plan for our cooperative’s purpose-filled future.” Tarwasokono is a seasoned executive with more than 20 years of experience in financial services. Over the last eight years, he has served as President/CEO of the $1B+ Firstmark Credit Union in San Antonio, TX. Previously, he served for nearly eight years as President/CEO of Pima Federal Credit Union, the 3rd largest credit union in southern Arizona. “I’m thrilled to be coming home to North Carolina and I’m humbled to be joining such a wonderful, well-respected credit union,” says Tarwasokono. “Allegacy has a dedicated board and leadership team, a great culture, and strong financials. Succeeding a visionary CEO like Cathy Pace is truly an honor, and I’m excited to continue her legacy of ‘doing the right thing’ for our members and communities.” Tarwasokono has a Bachelor of Science in Accounting and Business Management. He is a Certified Public Accountant (CPA) and a Chartered Global Management Accountant (CGMA). He has a long history of community and industry involvement, including serving on both local and national boards. “I thoroughly enjoyed working with the team at DDJ Myers,” says Tarwasokono. “I appreciated Deedee’s honest communication and her commitment to learning about me and ensuring I was the best fit for Allegacy.” Tarwasokono is married and has two boys. His wife grew up in North Carolina and is looking forward to returning home. In his spare time, he enjoys building Legos, a favorite childhood activity he rediscovered as an adult.  Tony Boutelle Origence, the leading credit union lending technology company in the U.S., and Tesla, the largest EV manufacturer in the world, announce a partnership to offer credit union financing to EV buyers through the Tesla website. This partnership will provide Tesla buyers seeking affordable monthly payments with more options through credit union financing.
By making credit union financing available at the point of purchase, EV buyers will have easy access to competitive rates and extended financing terms—both important factors in providing consumers with options to lower their monthly payments. Consumers shopping for Tesla vehicles are provided financing options when reserving or purchasing a Model Y, Model 3, Model X, Model S, or Cybertruck vehicle through Tesla’s website or mobile app. The addition of credit union financing makes convenient point-of-sale financing available to millions of credit union members and consumers seeking low-rate financing options. Origence will leverage its new licensed subsidiary, FI Connect, to purchase and place retail contracts with partner credit unions nationwide. When a consumer finances their vehicle through FI Connect on the Tesla website, the contract will be purchased and serviced by a credit union. “Tesla is making their cars more affordable for credit union members with price adjustments,” said Tony Boutelle, president and CEO of Origence. “With FI Connect and Tesla coming together, EV buyers can receive affordable financing through credit unions.” To learn how credit unions can become an FI Connect partner and expand their EV lending channels, visit FIConnectLending.com.  Norm Patrick PSCU – the nation’s premier payments CUSO and an integrated financial technology solutions provider – published the December edition of the PSCU Payments Index, the goal of which is to provide information and insights to help financial institutions navigate the evolving financial landscape to make informed, strategic decisions for their organizations and members.
As we approach the end of the holiday shopping season, December remains a crucial time for holiday spend. According to Gallup, about half (49%) of holiday shoppers will do most or all of their holiday shopping in December. In the December 2023 edition of the PSCU Payments Index, we present the second installment of our three-part Deep Dive series on holiday spending, which includes the results of the Black Friday through Cyber Monday shopping period. According to the National Retail Foundation, a record 200.4 million consumers shopped on Thanksgiving Day through Cyber Monday. Card spending growth for November increased year over year for debit, while credit activity held steady, largely driven by digital spending. The Consumer Confidence Index increased to 102.0 in November following a consecutive three-month decline, up from a downwardly revised 99.1 in October. November’s increase in consumer confidence was focused primarily among households ages 55 and up, while confidence among households ages 35-54 declined slightly. Consumer sentiment around the expected financial situation over the next six months also rallied in November following a downward trend in the two months prior. In the Labor Department’s Dec. 12 update, the Consumer Price Index (CPI) increased 0.1% in November, bringing the 12-month rate of inflation to 3.1%, a slight decline from October. Decreases in the cost of gas and long-lasting goods offset increases in prices for housing and transportation. Core CPI, which excludes food and energy sectors, rose 4% year over year, up 0.3% from October. On Dec. 13, the Federal Reserve voted to leave interest rates unchanged at their current 22-year high. The next Federal Open Market Committee (FOMC) meeting is scheduled for January 30-31, 2024, with three interest rate cuts possible next year. The U.S. Bureau of Labor Statistics reported total jobs increased by 199,000 in November 2023, with most job gains occurring in health care and government. Additionally, manufacturing bounced back with the return of striking workers. The overall unemployment rate for November dipped to 3.7%, or 6.3 million people. The stopgap government action approved in November extended funding for some government agencies through January 19, 2024, and others through early February. Additional funding requests and discussions will take center stage as we enter 2024, along with requests for funding for border protection and the wars in Israel and Ukraine. As substantial economic impacts are typical byproducts of government shutdowns, we will continue to monitor these developments closely. “With retailers launching holiday promotions earlier each year, the longer promotion cycle has contributed to an overall slower pace of holiday spending. This year, the important Black Friday through Cyber Monday shopping weekend delivered positive year-over-year growth in consumer purchases and transactions in the Goods sector,” said Norm Patrick, vice president, Advisors Plus Consulting at PSCU. “As we approach the final stretch of the holiday shopping season, we will keep a watchful eye on whether consumers continue to spend or pull back, a key indicator of consumer financial health.” A sampling of key takeaways from the December report includes:
The full report is available for download here or can be shared as a PDF upon request. Please let us know of any questions or additional needs, or if you’d like to coordinate an interview. |
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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