Articles

Reality Check Coverage: Allison Fett Reveals the Contents of the Life-Changing Jar

ATLANTIC CITY, N.J. – The financial performance is four times better in organizations with fully engaged employees/team members and these fully engaged employees/team members are 87% less likely to quit. This is why engagement matters, said AVP Talent Development for Verve a Credit Union Allison Fett as she closed out the Reality Check conference on Wednesday.

in League News
CUNA Seeks Implementation of EGRPRA Report Recommendations

WASHINGTON – CUNA hopes NCUA works to implement the recommendations released this week in a report from Federal Financial Institutions Examination Council (FFIEC) agencies, part of a review of the agencies’ rules. The review was conducted as part of the Economic Growth and Regulatory Paperwork Act (EGRPRA), and while the NCUA was not required to participate, it did so voluntarily.

in Industry News
Revised 'Kill-Switch' Measure Signed into Law, First CU Exits Market

TRENTON, N.J. – Governor Chris Christie yesterday signed legislation (A756) that regulates the use of remote ignition disabling or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. Christie had conditionally vetoed the initial bill sent to him in December of last year.

in Legislative & Political News
Guilty Verdicts in HOPE FCU-Bitcoin Scheme

NEW YORK – The former HOPE FCU board chair and CEO and a board member face lengthy prison sentences for their roles in taking control of the credit union and using it to conceal an illegal Bitcoin operation that ran tens of millions of dollars in ACH transactions.

in Credit Union News
Reality Check Coverage: Sundeep Kapur Stresses Innovation and Personalization to Meet Members Needs

ATLANTIC CITY, N.J. – Consumers are looking for both personalization and ease when it comes to their transactions. They want automation for quick and easy access, but they also want to feel like the processes are personalized to them. Personalization equals trust, said Sundeep Kapur, chair of Digital Advisory Strategy Council, during his session on Wednesday.

in League News
Reality Check Coverage: Wharton Marketing Professor Jonah Berger Discusses the Psychology Behind ‘Word-of-Mouth’ Marketing and How to Make it ‘Contagious’

ATLANTIC CITY, N.J. – “Find your people and turn them into your advocates.” This is how Wharton Business School Marketing Professor and best-selling author Jonah Berger opened his presentation on Wednesday morning. Only 7% of all word-of-mouth is done online. Social media is not enough. You need to tap into your greatest resource, your members, and make them your brand advocates.

in League News
CUNA Shares TCPA Concerns with FCC Chairman’s Staff

WASHINGTON – CUNA staff outlined some of the onerous requirements of the July 2015 Telephone Consumer Protection Act (TCPA) order in a meeting this week with the staff of Federal Communications Commission (FCC) Chairman Ajit Pai. CUNA explained how these requirements are making it difficult for credit unions of all sizes to communicate with members on their cellphone and via text message.

in Industry News
CFPB Leading to Rising Costs, Fewer Choices, CUNA Says

WASHINGTON – A Consumer Financial Protection Bureau (CFPB) led by a single director is not working for credit unions and has created a rigged system benefitting large banks, CUNA wrote to the House Financial Services subcommittee on oversight and investigations Tuesday.

in Industry News
Reality Check Coverage: David Peterson Challenges Attendees to Survive a Shipwreck and Be a Black Swan

ATLANTIC CITY, N.J. – The average human makes 35,000 decisions a day. How can we ensure we’ll make informed, impactful decisions? Best-selling author and shipwreck survivor David Peterson gave attendees the tools to display grounded leadership, even in the face of crisis.

in League News
Reality Check Coverage: Filene’s Tansley Stearns Asks CUs ‘What If’

ATLANTIC CITY, N.J. – Remember the question “if a tree falls in the woods, and no one was there to hear it, does it make a sound?” Filene’s Chief Impact Officer Tansley Stearns presented this question to credit unions in a different way at Reality Check on Tuesday: if your credit union disappeared, would someone notice if you were gone?

in League News
Reality Check Coverage: CUNA Mutual Group’s Ken Otsuka Gets Real About the Fraud You Should Know About, But Don’t

ATLANTIC CITY, N.J. – Fraudsters know just as much about your credit union’s transactions than you do. Or they know more.

in League News
Financial Counselor Certification Program Available Through the League

Credit Union Employees Have Opportunity to Become Certified Financial Counselors at Discounted Price

The New Jersey Credit Union League has once again partnered with the National Credit Union Foundation to create a program for New Jersey credit unions to affordably have their staff trained as financial counselors through CUNA’s FiCEP program.

FiCEP is designed for credit union staff who work in the financial counseling, collections, and loan departments, or any other staff members who are committed to helping members gain control of their financial future.

in League News
Banking Agencies Issue Joint Report to Congress Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996

WASHINGTON – Continuing their efforts to reduce regulatory burdens while ensuring the safety and soundness of the nation’s financial institutions, member agencies of the Federal Financial Institutions Examination Council (FFIEC) issued a joint report to Congress detailing their review of rules affecting financial institutions.

in Compliance & Regulatory News
Reality Check Coverage: Fannie Mae’s Doug Duncan Gives an Informative Economic Forecast and a Realistic View on the Housing Market

ATLANTIC CITY, N.J. – Opening his presentation by polling the audience on their outlook on taxes, mortgages, healthcare, and more, Doug Duncan, chief economist for Fannie Mae, gave an eye-opening economic forecast for the next four to eight years as we slowly climb out of the recession under the current administration.

in League News
Reality Check Coverage: CUNA Mutual Group Keynote Speaker Jeffrey Hayzlett Challenges Attendees to ‘Adapt, Change, or Die’

ATLANTIC CITY, N.J. – People and companies fail to change. Why? Reality Check’s CUNA Mutual Group keynote speaker Jeffrey Hayzlett broke it down for attendees on Tuesday morning, challenging them to “adapt, change, or die” no matter what the cost.

in League News
Poll Finds Murphy Holds Substantial Lead, Guadagno Ahead of Piscopo, Christie Should Head to Sports Radio

HAMDEN, Conn. – The latest Quinnipiac poll on politics in the Garden State found that Democratic former U.S. ambassador and Goldman Sachs executive Phil Murphy is holding onto his early lead in New Jersey’s gubernatorial contest, Republican Lieutenant Governor Kim Guadagno is coming in ahead of comedian Joe Piscopo, her chief rival for the GOP nod, and voters believe Governor Chris Christie should head to sports radio when his term ends.

in Legislative & Political News
CUNA to Highlight CFPB Impact on CUs, Members for Hearing

WASHINGTON – CUNA will show the House Financial Services oversight and investigations subcommittee how the Consumer Financial Protection Bureau’s (CFPB) structure impacts credit unions and their members. The subcommittee is conducting a hearing Tuesday at 10 a.m. examining the bureau’s structure.

in Industry News
DOBI Publishes Long-Awaited Proposed Prize-Linked Savings Rules

TRENTON N.J. – The NJ Department of Banking and Insurance yesterday published the long-waited proposed implementation rules for NJCUL-requested legislation that authorizes New Jersey credit unions, banks, and thrifts to offer savings promotions, also known as "prize-linked savings accounts." Signed into law in January 2016, the measure had an effective date of July 19, 2016 to allow for necessary rulemaking.

in Legislative & Political News
February 2017 NCUA Board Meeting Video Available

ALEXANDRIA, Va. – The video recording of the Feb. 23, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s Web site.

in Compliance & Regulatory News
Learn Best Practices for Financial Literacy and Youth Marketing

Are you looking for financial literacy curriculum? Want to learn about Reality Fairs? Student branches? How to reach the college audience? Or just want some fresh ideas to add to your financial education outreach? Then you should be at the 2017 NYIB conference!

in Industry News
Bankers, CU Reps Cry Foul on Proposed Cuts to CDFI Fund

Article originally featured in CU Journal.

WASHINGTON – In a budget that was otherwise relatively short on specifics, the Trump administration on Thursday called for eliminating the Treasury Department’s grant programs for community development financial institutions, a popular industry feature that helps impoverished communities access financial services.

in Industry News
4Q 2016 Customized Performance Reports Available for NJCUL Member CUs

HIGHTSTOWN, N.J. – Fourth quarter 2016 customized performance reports are now available for download for New Jersey Credit Union League member credit unions. The League provides these quarterly reports to credit unions as a free benefit of membership

in League News
CUNA Seeks CU Consideration in Assessment of Remittance Rule

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) announced Friday it is seeking comment on a bureau plan to assess its rule on international remittances. CUNA has long believed the rule, which took effect in October 2013, is overly broad, and feedback from member credit unions is that this rule has harmed consumers by forcing them out of this market.

in Compliance & Regulatory News
Treasury’s CDFI Fund in Danger of Being De-Funded

Last week the president’s budget FY2018 budget called for the funding of the Community Development Financial Institutions (CDFI) grant program to be cut altogether from the U.S. Department of the Treasury’s budget. Credit unions and other financial institutions can be certified CDFIs by the U.S. Treasury, if they meet certain requirements.

in Compliance & Regulatory News
CUNA Pledges Support for Fully-Funded CDFI Fund

WASHINGTON – As a strong supporter of programs that help credit unions better serve their members, CUNA pledged to support funding for the U.S. Treasury’s Community Development Institutions (CDFI) Fund, funding for which was eliminated in President Donald Trump’s budget proposal released last week.

in Industry News
Bay Atlantic FCU Holds St. Patrick’s Day Bake Sale to Benefit CMN at CHOP

VINELAND, N.J. – On St. Patrick’s Day, Bay Atlantic FCU held a bake sale to benefit Children’s Miracle Network Hospitals at CHOP (Children’s Hospital of Philadelphia).

in Credit Union News
CUNA Launches Small CU Community

MADISON, Wis. – In an effort to support the movement’s small credit unions, CUNA recently created the CUNA Small Credit Union Community, an online platform where small credit union leaders from across the country can share ideas, collaborate and solve problems collectively.

in Industry News
CUNA Calls for 180-Day Fiduciary Delay, Research on Impact

WASHINGTON – The Department of Labor (DOL) should delay its fiduciary rule by at least 180 days, CUNA wrote in a letter to the agency Thursday. In the letter, CUNA also called for additional efforts and research to ensure that credit union members are not harmed by unintended consequences of overly broad rules.

in Industry News
NCUA Files Response to FOM Lawsuit, CUNA Plans Support

WASHINGTON – The NCUA filed a response to the lawsuit against its final field-of-membership (FOM) rule brought by the American Bankers Association (ABA). CUNA is tracking the lawsuit, and plans to support the NCUA in its defense of the rule.

in Industry News
Two More Interest Rate Raises Anticipated this Year, CUNA Says

WASHINGTON – The Federal Open Market Committee decided Wednesday to raise the federal funds interest rate range from 0.75% to 1%. CUNA says the action was expected, and CUNA anticipates similar actions later this year.

in Industry News
Revised 'Kill-Switch' Measure Passes Senate, Sent to Governor

TRENTON, N.J. – Governor Chris Christie conditionally vetoed legislation (A756) that would regulate the use of remote shut-off or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. On Monday, the state Senate voted 34-2 on the revised measure which the Assembly approved in February. The measure now goes to the governor, who is expected to sign it into law.

in Legislative & Political News
CFPB Publishes CUNA-Backed Proposed Delay of Prepaid Rule

WASHINGTON – The Consumer Financial Protection Bureau published its proposed delay of its prepaid accounts rulemaking Wednesday in the Federal Register. The delay would shift the implementation date to April 1, 2018, from Oct. 1, 2017, a request CUNA made when commenting on the proposed prepaid rule in March 2015.

in Compliance & Regulatory News
Fourth-Quarter 2016 State Credit Union Data Show Growth Trends Continuing

​ALEXANDRIA, Va. – Federally insured credit unions saw continued improvement in nearly every category during the fourth quarter of 2016, according to state-level data compiled by the National Credit Union Administration.

in Industry News
The Latest on Federal Overtime Regulations

WASHINGTON – There is a lot of wait and see when it comes to employment and labor issues on the federal level with the new administration but that doesn’t mean there isn’t a lot going on with the new overtime regulations proposed under the Obama Administration and the Affordable Care Act.

in Legislative & Political News
CDFI Webinar Today

NEW YORK – The National Federation of Community Development Credit Unions will host a Webinar to explain the latest changes to the community development financial institution (CDFI) application process. The Webinar will be held at 2 p.m.

in Industry News
N.J. Family Leave Act Increase Introduced

TRENTON, N.J. – Senate President Steve Sweeney has introduced legislation (S3085) that would expand the weekly amount and duration of New Jersey Family Leave Insurance (FLI).

in Legislative & Political News
Andy Jaeger Among Select Group that Briefed Vice President Pence’s Chief Economist on CUs

WASHINGTON – Credit Union of New Jersey President/CEO and NJCUL Board Chairman Andy Jaeger was among a small group of credit union CEOs selected to brief Vice President Mike Pence’s Chief Economist Mark Calabria on the credit union industry and the need for common sense regulation.

in Legislative & Political News
March 30 CUAC Meeting to Look at Alternative Data, Record Access

WASHINGTON – Alternative data and consumer access to financial records are on the agenda March 30 for a meeting of the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC). The bureau announced the meeting Monday, and details were published Tuesday in the Federal Register, and the bureau will publish the official agenda Wednesday.

in Legislative & Political News
Flood Insurance, Monetary Policy Hearings Set this Week

WASHINGTON – The Senate and House are both in session this week, and while most of their schedules will consist of non-financial services legislation in the House and nominations in the Senate, CUNA will be closely monitoring several hearings.

in Legislative & Political News
Deadline Approaching for Biz Kid$ Financial Ed Grants from the National CU Foundation

Grants Extend Reach of Award-Winning Financial Literacy Series

MADISON, Wis. – Credit union organizations have until March 31, 2017 to apply for a Biz Kid$ Financial Education Grant from the National Credit Union Foundation (the Foundation). The Foundation is looking to distribute up to $75,000 in grant funds to credit union organizations as part of this effort.

in Industry News
NCUA Issues 2016 Annual Report

ALEXANDRIA, Va. – The National Credit Union Administration released its 2016 Annual Report, highlighting the agency’s activities, policy initiatives, and accomplishments for 2016.

in Industry News
CUNA Urges Rejection of TCPA Petition Harming Communications

WASHINGTON – CUNA urged the Federal Communications Commission to reject a petition seeking adoption of a rule that would change the definition of “prior express consent” regarding the Telephone Consumer Protection Act (TCPA). CUNA filed the letter with 5 other trade associations Friday, requesting the FCC reject the petition because it fails to prove the FCC has exceeded its authority.

in Legislative & Political News
CUNA, Trades File Amicus Brief in Case on CFPB Structure

WASHINGTON – CUNA joined other trade organizations Friday in filing an amicus brief in a court case that questions the Consumer Financial Protection Bureau’s (CFPB) structure. The case, PHH v. CFPB, gained attention last year due to an October ruling from the D.C. Court of Appeals calling into question the CFPB’s constitutionality.

in Legislative & Political News
Save the Date: Garden Savings FCU Hosting 7th Annual Golf Outing July 17th

BEDMINSTER, N.J. – Garden Savings Federal Credit Union has announced that it will host its 7th annual golf outing on Monday, July 17th at the beautiful Fiddler’s Elbow Country Club in Bedminster, N.J.

in Credit Union News
Correction: News from CUNA: ICBA has Until March 27 Deadline for MBL Rule Appeal

The Independent Community Bankers of America (ICBA) has until March 27 to appeal U.S. District Court Judge James Cacheris’ granting of National Credit Union Administration’s motion to dismiss the banking trade's lawsuit against NCUA and its member business lending rule. CUNA and NAFCU previously reported that that the appeal was due February 23.

in Legislative & Political News
Could a NCUA Refund Be Coming Your Way?

The NCUA Corporate Stabilization Fund has reached a multi-billion dollar surplus, and its plans to return it to credit unions are well underway. Learn the preliminary details of the returns—and the conditions that created a surplus—in the new CUNA Economic Update hosted by CUNA Chief Policy Officer Bill Hampel. 

in Compliance & Regulatory News
7th Annual NJ CU Foundation Night Was a Sure Bet!

ISELIN, N.J. – Thursday’s 7th Annual New Jersey Credit Union Foundation Casino Night fundraiser brought together credit union industry leaders, volunteers, and friends from around the state for a Texas Hold ‘Em Tournament and casino table games, all for a great cause! The final numbers aren’t yet available, but it looks like the 7th Annual Casino Night was a success for the New Jersey Credit Union Foundation.

in Industry News
Motor Vehicle Sales/Repairs Tops NJ’s 2016 Consumer Complaints List, Banking/Financials Institutions Rank 8th 

NEWARK, N.J. – Attorney General Christopher S. Porrino and the N.J. Division of Consumer Affairs commemorated National Consumer Protection Week by announcing New Jersey’s top 10 consumer complaints from 2016 and highlighting the Division’s initiatives to protect consumers from fraud.

in Economic News
CUNA Pushes for Improvements in Government-Guaranteed Lending

WASHINGTON – CUNA encourages Congress to improve credit unions’ ability to offer Small Business Administration (SBA) 7(a) loans, as well as other government guaranteed loans, CUNA President/CEO Jim Nussle wrote to leadership of a U.S. House Small Business subcommittee Thursday. SBA 7(a) and other government-guaranteed loans are important to credit unions because the guaranteed portions of the loan do not count against the member business lending cap.

in Industry News
Guadagno Racks Up Wins in Ocean and Passaic Counties, Piscopo Meets with Operative

HIGHTSTOWN, N.J. – Lieutenant Governor Kim Guadagno (R) this week won the Republican lines in Ocean and Passaic counties.

in Legislative & Political News
MBL Rule Vindicated as ICBA Does Not Appeal Dismissal

WASHINGTON – CUNA and the National Association of Federally-Insured Credit Unions (NAFCU) issued a statement Thursday on the Independent Community Bankers of America (ICBA) not filing any appeal, which was due Feb. 23, over U.S. District Court Judge James Cacheris’ granting the NCUA’s motion to dismiss the banking trade's lawsuit against NCUA and its member business lending rule.

in Industry News
CUNJ’s Paul Bertuccini and Jersey Shore FCU’s John DiNofrio Inducted in Credit House ‘Hall of Leaders’

WASHINGTON – Two dedicated New Jersey credit union volunteers were recently inducted into the Credit House “Hall of Leaders”. Credit Union of New Jersey Vice Chairman Paul Bertuccini and Jersey Shore FCU Chairman John DiNofrio were honored during CUNA’s GAC for their commitment to the credit union movement.

in Credit Union News
NCUA: Q4 2016 Credit Union System Financial Performance Data Now Available

ALEXANDRIA, Va. – The National Credit Union Administration released the new credit union system financial performance figures based on Call Report data submitted to and compiled by the agency for the quarter ending Dec. 31, 2016.

in Industry News
XCEL FCU CEO Linda McFadden Receives Credit Union Times Trailblazer Award for Outstanding Political Action

WASHINGTON – XCEL FCU President/CEO and NJCUL Board Member Linda McFadden recently received the Credit Union Times Trailblazer Award for Outstanding Political Action. McFadden accepted her award during the CU Times’ 2017 Trailblazer Award reception on Tuesday, February 28, at the Renaissance in Washington, DC, during CUNA's Governmental Affairs Conference.

in Credit Union News
Senate Poised to Re-Pass 'Kill-Switch' Measure with Governor’s CV Recommendations

TRENTON, N.J. – Governor Chris Christie conditionally vetoed legislation (A756) that would regulate the use of remote shut-off or “Kill-Switch” devices used by auto lenders and dealers to enforce payments. The Assembly re-passed the measure with the governor’s recommendations. The state Senate is scheduled to vote on the revised measure on Monday after which the governor is expected to sign it into law.

in Legislative & Political News
Settlement Proposed in Home Depot Data Breach Lawsuit

ATLANTA – A proposed settlement was submitted to the court for approval Wednesday which would conclude the data breach lawsuit brought against Home Depot stemming from a 2014 data breach. CUNA, state leagues, and a number of credit unions are among the plaintiffs.

in Compliance & Regulatory News
Visions FCU Contributes $5,000 Grant to Help Students with Behavior Issues

WASHINGTON TOWNSHIP, N.J. – Visions Federal Credit Union and their “Visions Loves Teachers Classroom Program” recently contributed a $5,000 grant to Benedict A. Cucinella School’s “Seeing is Believing” program. This program teaches students positive behavior changes across all areas of childhood development.

in Credit Union News
The National Foundation Accepts President’s Volunteer Service Award on Behalf of America’s CUs

CUs Awarded for Support of Junior Achievement USA

NEW YORK – On behalf of America’s credit unions, the National Credit Union Foundation (the Foundation) accepted the U.S. Gold President’s Volunteer Service Award for the 2015-2016 school year. This award was presented by Junior Achievement (JA) USA, an official certifying organization for this award, at JA’s 2017 Volunteer Summit on March 7, 2017 for the over 15,000 volunteer hours dedicated to Junior Achievement programs by America’s credit unions.

in Industry News
Core Processing Workshop Covers the Ins and Outs as Well as the ‘Ifs’, ‘Ands’, and ‘Buts’ of Converting

EAST WINDSOR, N.J. – When is it time to change? What are the first steps? Which core is the right fit…and how do I know? What should be considered in the due diligence process? What should I look for in my current contract? 

The diverse speaker lineup at the New Jersey Credit Union League’s Core Processing Workshop held on Tuesday reviewed the answers to these questions and more related to the process of converting your credit union’s core.

in League News
Bill Would Allow CUs ‘Appropriate Ability’ to Raise Supplemental Capital

WASHINGTON – CUNA President/CEO Jim Nussle wrote Tuesday in support of a bill that would allow credit unions to accept supplemental capital. The Capital Access for Small Businesses and Jobs Act (H.R. 1244) was introduced by Reps. Steve King (R-Iowa) and Brad Sherman (D-Calif.).

in Legislative & Political News
CUNA Represents CU Perspectives at Faster Payments Meeting

WASHINGTON – CUNA continued its efforts to achieve faster payments last week, participating in a two-day meeting of the Federal Reserve’s Faster Payments Task Force in Atlanta. The task force released the first part of its final report in January, and last week’s meeting discussed the forthcoming second half of the report.

in Industry News
CUNA Engaged with FCC, SBA, Cybersecurity Hearings This Week

WASHINGTON – Both chambers of Congress are in session this week, and CUNA will be tracking a number of hearings of interest for credit unions.

in Legislative & Political News
Bill to Exempt Financial Institutions Under $50B from CFPB Gains CUNA Support

WASHINGTON – CUNA wrote Monday in support of a bill that would exempt financial institutions with under $50 billion in assets from Consumer Financial Protection Bureau (CFPB) rulemakings. Rep. Roger Williams (R-Texas) introduced the bill.

in Legislative & Political News
UBS’s Gary Tantleff Ranked as #1 Advisor in New Jersey

BEDMINSTER, N.J. – Gary Tantleff, UBS Financial Services Managing Director - Investments, has once again been named Barron’s #1 Financial Advisor in New Jersey.

in Industry News
Guide to Preparing Short Form Disclosure for Prepaid Accounts Now Available

WASHINGTON – The Consumer Financial Protection Bureau has made a guide to preparing the short form disclosure for prepaid accounts available on its Web site.

in Compliance & Regulatory News
NJ Joins Annual GAC Hike-the-Hill

WASHINGTON – Nearly 5,000 credit union representatives, with an advocacy strategy of visiting each of the 535 U.S. Senate and House offices, descended on Capitol Hill during CUNA’s annual Governmental Affairs Conference (GAC) and Hike-the-Hill last week.

in Legislative & Political News
Extended Exam Cycle Updates From CUNA GAC

WASHINGTON – During one of the GAC breakout sessions, NCUA staff outlined where the agency is at regarding extending the examination cycle.

in Compliance & Regulatory News
Nussle Talks National Budget on CNBC

WASHINGTON – CUNA President/CEO Jim Nussle continued to spread the message he’s been sending to attendees at CUNA’s Governmental Affairs Conference all week: Use the power of your voice to make an impact.

in Compliance & Regulatory News
Comments on 'Fiduciary' Delay Due March 17

WASHINGTON – The Department of Labor (DOL) has proposed a 60-day delay of the agency’s fiduciary (“conflict of interest”) rule. The rule, which currently requires compliance by April 10, 2017, would impact anyone who provides investment advice or recommendations for a fee or other compensation with respect to ERISA-covered retirement plans or IRAs.

in Compliance & Regulatory News
XCEL FCU’s Stacey Walker Receives Credit Union Times Volunteer of the Year Trailblazer Award

WASHINGTON – XCEL FCU Board Member Stacey Walker recently received the Credit Union Times Volunteer of the Year Trailblazer Award. Walker accepted her award during the CU Times’ 2017 Trailblazer Award reception on Tuesday, February 28, at the Renaissance in Washington, DC, during CUNA's Governmental Affairs Conference.

in Credit Union News
CUNA Economic Update Focuses on NCUA Stabilization Program

MADISON, Wis. – Hosted by CUNA Chief Policy Officer Bill Hampel, the latest edition of CUNA Economic Update provides a summary of CUNA’s latest white paper, which offers an update on the NCUA Corporate Stabilization Program, an initiative to keep corporate credit unions solvent in the wake of the 2008 financial crisis.

in Economic News
CUAC, CAB Application Deadline Extended to March 8

WASHINGTON – The Consumer Financial Protection Bureau has extended the application deadline for its Credit Union Advisory Council (CUAC) and Consumer Advisory Board (CAB) through March 8. According to the bureau, the extension is as a result of a Web outage affecting file uploads and downloads.

in Legislative & Political News
Americans are Moving at Historically Low Rates, In Part Because Millennials are Staying Put, According to Pew Charitable Trust

Americans are moving at the lowest rate on record, and recently released Census Bureau data show that a primary reason is that Millennials are moving significantly less than earlier generations of young adults.

in Economic News
GAC Roundup: Veteran Reporter Schieffer and Various Legislators Address Gathering of CU Advocates

WASHINGTON – On the final day at the Washington Convention Center, CUNA Governmental Affairs (GAC) attendees heard from veteran CBSNews reporter Bob Schieffer and a parade of legislators.

in Legislative & Political News
Registration NOW OPEN for our 29th Annual Golf Tournament on May 23rd!

MONROE TOWNSHIP, N.J. – Register today for the NJCUL’s 29th Annual Golf Tournament on May 23rd! The tournament will be held at the beautiful Forsgate Country Club in Monroe Township. The day will consist of a continental breakfast, a 10 a.m. shot gun start, lunch at the turn, and a cocktail hour/awards ceremony at 3 p.m.

in League News
Stabilization Fund Earns Clean 2016 Audit

ALEXANDRIA, Va. – The Temporary Corporate Credit Union Stabilization Fund has received a seventh consecutive clean audit opinion, the NCUA announced Tuesday.

in Industry News
McWatters Outlines Plan for 'Thoughtful Loosening' of Regulation

​NCUA Acting Chairman Discusses Possible Stabilization Fund Closure in 2017

WASHINGTON – In his first address since his designation as Acting NCUA Board Chairman, J. Mark McWatters informed credit unions they can anticipate a “thoughtful loosening” of regulations, a streamlined agency budget, and the possible closure of the Temporary Corporate Credit Union Stabilization Fund in 2017.

in Compliance & Regulatory News
Metsger Marks a 'Very Productive and Rewarding Nine Months' as Chairman

​“Cooperative Spirit,” Board Member says, “Truly Makes America Great”

WASHINGTON – Modernized rules and a more efficient and responsive agency have been part of a “very productive and rewarding” turn at the helm of the National Credit Union Administration, NCUA Board Member and former Chairman Rick Metsger said Tuesday.

in Compliance & Regulatory News
Iowa League's Pat Jury Elected as CUNA Chair

WASHINGTON – Incoming CUNA Board Chair Pat Jury pledged to spend his year as chair leading with “strength and determination” in his remarks Tuesday at CUNA Governmental Affairs Conference.

in Industry News
GAC Roundup: Colin Powell Gives Keynote, Nussle Introduces CUNA’s Engagement Officers

WASHINGTON – Tuesday morning, the Honorable Colin L. Powell reflected on his nearly six decades of public service, exploring themes such as leadership, confidence, and American optimism during his keynote speech at CUNA GAC.

in Legislative & Political News
Hollen, Martinez , The Cooperative Trust Honored by National CU Foundation

WASHINGTON – The National Credit Union Foundation (the Foundation) presented three Herb Wegner Memorial Awards at its annual dinner Monday night at the Marriott Marquis in conjunction with the Credit Union National Association (CUNA) Governmental Affairs Conference (GAC) in Washington, D.C. Denise Gabel, Chief Operating Officer of the Northwest Credit Union Association, served as the night’s emcee.

A record-breaking group of over 900 credit union leaders and supporters attended the dinner. The awards ceremony celebrated the highest national honors in the credit union movement:

  • Outstanding Individual Achievement: Stan Hollen, retired President/CEO of CO-OP Financial Services;
  • Outstanding Individual Achievement: Maria Martinez, President/CEO of Border Federal Credit Union; and
  • Outstanding Program: The Cooperative Trust from Filene Research Institute. 
in Industry News
Nussle at GAC: Tell Your CU Story to Legislators in DC and Back Home

CUs Must Build on the Progress made in 2016, Says CUNA CEO and Chair

WASHINGTON  To leave a lasting impression on lawmakers during this week’s visits on Capitol Hill and back on the home front, credit union leaders must be ready to tell their story, CUNA President/CEO Jim Nussle said.

in Legislative & Political News
Reminder: First CDFI Certification Round Now Open

NCUA’s Streamlined Application Process Aims to Certify More Credit Unions

ALEXANDRIA, Va. – Federally insured low-income credit unions can now apply for certification as community development financial institutions through the streamlined application process developed by the National Credit Union Administration (NCUA) and the Community Development Financial Institutions Fund (CDFI).

in Compliance & Regulatory News
Over Past Decade, Savings Habits Eroded, According to Tenth Annual Savings Survey

WASHINGTON – The tenth annual America Saves Week survey revealed that fewer than two-fifths (38%) of American households report good or excellent progress in meeting their savings needs, with over one-quarter (27%) indicating no progress at all. The survey findings were released on the first day of the eleventh annual America and Military Saves Weeks. More than 1,500 nonprofit, government, and business organizations at the national, state, and local levels have joined to promote personal savings.

in Economic News
XCEL FCU Director of Marketing and NJ PLAN Chair Tom Quigley Talks the CU Difference with Lt. Governor Kim Guadagno

POMPTON, LAKES, N.J. – Tom Quigley, director of marketing at XCEL Federal Credit Union and chair of the League’s Political and Legislative Action Network (PLAN), recently met with New Jersey Lt. Governor Kim Guadagno.

in Credit Union News
NCUA Seeks Comments on Alternative Capital

ALEXANDRIA, Va. – During its first meeting of 2017, the NCUA Board unanimously approved an advance notice of proposed rulemaking to solicit comments on alternative forms of capital federally insured credit unions might use to meet capital standards required by statute and regulation.

In addition, the Office of General Counsel briefed the Board on the inflation adjustments to civil monetary penalties, which are required by federal law.

in Compliance & Regulatory News
Cybersecurity, Bank Secrecy Act Among 2017 Supervisory Priorities

NCUA’s primary mission is to ensure the safety and soundness of America’s federally insured credit unions and preserve the National Credit Union Share Insurance Fund that protects members’ deposits. To accomplish this, the NCUA uses a risk-focused examination program that allocates agency resources to credit unions and areas exhibiting the greatest potential risk.

in Compliance & Regulatory News
McWatters Plans Full Reg. Review

ALEXANDRIA, Va. – In his first NCUA Report column as NCUA Acting Chairman, J. Mark McWatters says he plans a “full regulatory review” with the goal of “empowering credit union innovation while lifting unnecessary regulations and streamlining others.”

in Compliance & Regulatory News
2017 GAC Underway in D.C.

WASHINGTON – The nation's largest credit union conference is underway in the nation’s capital. A record 5,000 attendees arrived in Washington, D.C., for CUNA's Governmental Affairs Conference, which kicked off Sunday and runs through Thursday.

in Legislative & Political News
The NCUA Report to be Published Quarterly, February 2017 Issue Now Available Online

ALEXANDRIA, Va. – The National Credit Union Administration’s NCUA Report newsletter is moving to a quarterly publication schedule, the agency announced Friday. The February 2017 issue is now available online. The next issues in 2017 will be available in May, August, and November.

in Compliance & Regulatory News
Maria Solorzano Appointed New President/CEO of Liberty Savings FCU

JERSEY CITY, N.J. – Liberty Savings FCU has announced the appointment of Maria Solorzano as their new President/CEO. She assumed responsibilities as of January 1, 2017, succeeding James J. Miller, Sr., who has resigned as President/CEO after many years of dedicated service as he embarks onward towards a well-deserved retirement.

in Credit Union News
2017 GAC: Schieffer Address, Congressional Visits Wednesday

WASHINGTON – The 2017 CUNA Governmental Affairs Conference (GAC) will wrap Wednesday with a half-day of sessions, and then hundreds of credit union leaders will head to Capitol Hill to speak to their elected officials. Wednesday’s speakers include a number of elected officials, including chair of the House Financial Services Committee Jeb Hensarling (R-Texas) and others.

in Legislative & Political News
CUNA Webinar Examines Using MAP for Reg. Relief Campaign

MADISON, Wis. – With the launch of CUNA’s Campaign for Common-Sense Regulation earlier this year, CUNA hosted a Webinar highlighting how CUNA’s Member Activation Program (MAP) fits in with the campaign. MAP is a program designed to inform and educate credit union members about credit union issues and to activate them to call on lawmakers to support the industry’s priorities.

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League, CU Advocates Meet with Congressman MacArthur

TOMS RIVER, N.J. – Representatives of the NJ Credit Union League met yesterday with Rep. Tom MacArthur (R-3). A former insurance industry executive, MacArthur is serving his second term in the U.S. House of Representatives, his first elective office.

in Legislative & Political News
CUNA Mutual Group’s Carlos Molina Facilitates Fraud Roundtable

HIGHTSTOWN, N.J. – CUNA Mutual Group’s Carlos Molina, a risk management consultant, discussed what fraudsters know that credit unions need to know at Wednesday’s Fraud Roundtable session.

in League News
NCUA Board Action Bulletin: Board Extends 18 Percent Interest Rate Cap

ALEXANDRIA, Va. – The National Credit Union Administration Board held its second open meeting of 2017 at the agency’s headquarters Thursday and unanimously approved a staff recommendation to maintain the current 18% maximum loan interest rate for most loans made by federal credit unions until Sept. 10, 2018.

The Board also received a briefing from the Chief Financial Officer on the performance of the National Credit Union Share Insurance Fund, which ended 2016 with a net position of $12.7 billion.

in Compliance & Regulatory News
Corporate System Resolution Costs Show Continued Improvement

ALEXANDRIA, Va. – Updated questions and answers about the Corporate Resolution program costs and projected future Temporary Corporate Credit Union Stabilization Fund assessments are now available online, the National Credit Union Administration said Thursday.

in Compliance & Regulatory News
Marketing/Business Development Roundtable Delves into Media Consumption Stats and Digital Marketing Best Practices

HIGHTSTOWN, N.J. – The average American adult spends 12+ hours a day consuming media. Rachel Ricords, Brian Kiskis, and Sosa Rossell from Target Media, an NJCUL Business Partner, opened Tuesday’s Marketing/Business Development Roundtable with this staggering statistic and many more.

in League News
2017 GAC: Colin Powell Keynote, 2017 Outlook Sessions Tuesday

WASHINGTON – Following the first full day of 2017’s CUNA Governmental Affairs Conference (GAC), Tuesday’s events include a keynote speech from a former secretary of state, as well as another slate of breakout sessions. A complete list of speakers and sessions can be found at cuna.org/gac.

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NCUSIF, Loan Interest Rate Ceiling on Today’s NCUA Agenda

ALEXANDRIA, Va. – It’s a brief agenda for today’s NCUA meeting, with just two items scheduled. The meeting will start at 10 a.m. (ET), with a link to the live video stream available shortly before at NCUA.gov.

in Compliance & Regulatory News
North Jersey FCU Opens New Branch in Elmwood Park and Dedicates Building to it's Late Former Chairman Frank Migliaccio

ELMWOOD PARK, N.J. – On a beautiful, cool, sunny day, North Jersey Federal Credit Union (NJFCU) commemorated the addition to its latest group of branches by dedicating the building to its former Chairman, Frank Migliaccio.

Beloved by many who knew him, Frank passed away on January 22, 2017. During his 30 years of service on NJFCU’s Executive Board, Frank was wholeheartedly committed to serving the credit union and the North Jersey community.

in Credit Union News
Influential Policymakers Scheduled to Speak at CUNA GAC

WASHINGTON – With this year’s CUNA Governmental Affairs Conference (GAC) less than a week away, a number of key policymakers have been confirmed to address the more than 5,000 credit union leaders in attendance. A complete list of CUNA GAC keynote speakers and breakout sessions can be found at cuna.org/gac.

in Industry News
2017 GAC: A Look at Speakers, Sessions for Sunday and Monday

WASHINGTON – The 2017 CUNA Governmental Affairs Conference (GAC) kicks off Feb. 26, and will see more than 5,000 credit union leaders come to the nation’s capital for the credit union movement’s premier advocacy event. Registration starts Sunday and leads into that evening’s ED (Filene) Talk, and continues Monday with the kickoff of the general session and a number of breakout sessions.

in Legislative & Political News
Substance Abuse/Addiction Treatment Coverage Expansion Signed into Law

TRENTON, N.J. – Legislation expanding health insurance coverage for substance abuse and opioid drug addiction received final legislative approval on February 15th, and was signed into law by Gov. Chris Christie. The Governor had announced the addiction recovery reforms during his 2017 State of the State address in January, and it was passed in a month by the Legislature.

in Legislative & Political News
Picatinny FCU Collects Coats for Veterans

BASKING RIDGE, N.J. – Picatinny FCU (PFCU) held a Coat Drive for Veterans from Jan. 9 through Feb. 10. Collection bins were set up in each of their branch locations.

in Credit Union News
Second Installment of NJCUL’s 'Leaders Series': CUNJ CEO and NJCUL Chairman Andy Jaeger Takes Personal Finance Questions On-Air on NJ 101.5 FM

TRENTON, N.J. – The second installment of the New Jersey Credit Union League’s “Leaders Series” was broadcast on 101.5 FM Tuesday morning, which featured a conversation with Credit Union of New Jersey President/CEO and NJCUL Chairman Andy Jaeger.

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13 Steps to BSA Exam Preparation

Ensure your risk assessment is current, and check policies for completeness.

From willful violation to maintain an Anti-Money Laundering (AML) program to failure to conduct risk assessments, the growing number of Bank Secrecy Act (BSA) and AML enforcements can strike fear in the hearts of even the most compliant credit union.

As with any anxiety, though, the path to squelching that fear is paved with preparation.

Taking the following steps in the weeks and months prior to a BSA/AML exam will go a long way toward increasing staff—and examiner—confidence in your credit union’s compliance.

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CUNA CompBlog: What Is the Consumer Compliance Rating System?
By: Nancy DeGrandi

The Consumer Compliance Rating System (CCRS) is an interagency framework developed by FFIEC member agencies for evaluating an institution's ability to manage consumer compliance risk and to prevent harm to consumers. NCUA integrates the current rating system into its existing CAMEL structure.

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Judge Recommends Denying Dismissal of Wendy’s Breach Suit

PITTSBURGH – A magistrate judge in the Wendy’s data breach lawsuit has recommended denying the restaurant chain’s motion to dismiss, according to an interim ruling released this week. CUNA urged the court to reject the motion to dismiss in a brief filed in September with the U.S. District Court for the Western District of Pennsylvania.

in Industry News
CUNA Raises Issues with Third-Party Access to Consumer Data

Allowing third-party access to consumer financial data leads to concerns about liability and unauthorized access, CUNA told the Consumer Financial Protection Bureau (CFPB) Wednesday in response to a request for information. The bureau requested input on consumer access to financial records and account-related data in electronic form, in order to potentially help develop best practices and address potential harms.

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